Federal Reserve Bulletin, 1927-07

FEDERAL RESERVE BULLETIN JULY, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Mid-Year Summary of Banking Developments Earnings and Expenses of Member Banks Condition of All Banks in the United States 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... Benj. Strong .... J. H. Case A. W. Gilbart.i New York L. F. Sailer J. W. Jones.i G. L. Harrison.. Ray M. GidneyJ E. R. Kenzeh „____. L. R. Rounds.1 Philadelphia R.L.Austin Geo. W. Norris... Wm. H. Hutt....... 0. A. Mcllhenny, W. G. McCreedy.i Cleveland __..„_. George DeCamp E. R. Fancher M, J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond „..» Wm. W. Hoxton. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta _ Oscar Newton... M. B. Wellborn... Hugh Foster M. W. Bell. Creed Taylor Chicago Wm. A. Heath... J. B. McDougal j C. R. McKay W. C. Bachman.i John H. Blair. K. C. Childs.i J. H. Dillard.i D. A. Jones,* 0. J. Netterstrom.i St. Louis Wm McC. Martin. D. C. Biggs..... 0. M. Attebery J. W. White. JohnR. Mitchell... R. A. Young W. B. Geery Gray Warren. Minneapolis B. V. Moore... Frank C. Dunlop.1 Harry Yaeger» Kansas City _„_ M. L. McClure.. W. J. Bailey ..._..__. C. A. Worthington., J. W. Helm. Dallas. „ •_ C. O.Walsh Lynn P. Talley R R . . B R . . C G o i l l e b m e a r n t....... Fred Harris. San Francisco.... Isaac B. Newton. J. U. Calkins ....__„__ Wm. A. Day. W. N. Ambrose. Ira Clerk. L. C. Pontious.. 1 Controller. »Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch...... W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch... C. F. McCombs. Omaha branch...„_„___ L. H. Earhart. Pittsburgh branch J.C. Nevin. Denver branch _ J. E. Olson. Richmond: Oklahoma 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 Antonio branch ... M. Crump. Birmingham branch A. E. Walker. San Francisco: Nashville branch -...._ J. B. Fort, Jr. Los Angeles branch... R. B. Motherwell. Chicago: Portland branch R. B. West. Detroit branch W. R. Cation. Salt Lake City branch W. L. Partner. St. Louis: Seattle branch.._ C. R. Shaw. Louisville branch W. P. Kincheloe. Sookane branch.. „__ . D. L. Davis. Memphis branch. _„ W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. 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 Review of the month—Mid-year review of banking developments 455 Treasury finance 458 Earnings and expenses of member banks 460, 549-553 Statistical work of the Federal Reserve Board and banks 464 Foreign balances of member banks 465 Condition of all banks in the United States 466, 543-548 Changes in membership in the Federal reserve system 466 Annual report of the Federal Reserve Board 467 Mid-year summary of banking statistics 527-542 National summary of business conditions 468 Financial, industrial, and commercial statistics: Reserve bank credit— Reserve bank credit in use 470 Discounts and deposits of Federal reserve banks 470 Gold imports and exports and money in circulation . 471 Money rates in New York City 472 Federal reserve bank rates 472 Open-market rates 472 Rates charged customers by banks in principal cities 473 Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks 474 Loans, investments, and deposits of reporting member banks 474 Bankers' balances in Federal reserve bank and branch cities 475 Commodity prices, security prices, and security issues 476 Industrial production 477 Factory employment and pay rolls 478 Building 479 Commodity movements 480 Wholesale trade 480 Retail trade 481 Bank suspensions and commercial failures 482 Foreign banking and business conditions: Currency and banking reform in Ecuador 483 Currency and banking reform in Estonia 485 Annual report of the National Bank of the Kingdom of Serbs, Croats, and Slovenes 487 Financial statistics for foreign countries: Condition of central banks • _• 491 Condition of commercial banks 493 Discount rates of 32 central banks - ; 493 Money rates in foreign countries 494 Gold exports and imports of principal countries 495 Foreign exchange rates 496 Price movements in principal countries— Wholesale prices 497 Retail food prices and cost of living 499 : Rulings of the Federal Reserve Board—Location of branches of State member banks 500 Law department— Revision of Regulation K—Foreign banking corporations 501 Opinion of trial court in suit against Federal Reserve Bank of Atlanta, check collection transaction 505 Suggested change in standard form of trade acceptance 510 Regulations by the Comptroller of the Currency defining "investment securities" 511 Changes in national and State bank membership , 512 Fiduciary powers granted to national banks 513 Detailed banking statistics for the United States 514 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 13 JULY, 1927 No. 7 REVIEW OF THE MONTH banks it was 3 per cent. This is the first time since 1924 that the volume of credit extended Continued growth of bank credit, particuby New York City banks has shown a conlarly in financial centers, a sustained volume siderable growth, the level of loans and investof production and trade, and ments of these banks having been fairly con- Business and k nce of further declines in a se stant both in 1925 and in 1926. During these credit at midthe general level of commodity year years, and particularly in 1926, the increase in prices are the outstanding charthe total of member bank credit in use w^as acteristics of the credit and business situation almost entirely at banks outside of New York at the close of the first half of 1927. Between City. the seasonal low point in February and the month of June loans and investments of mem- The growth of bank credit during the first ber banks in leading cities increased by more six months of 1927, as already indicated, conthan $900,000,000. Demand for credit to pro- sisted almost entirely of an vide for the current requirements of trade and Character of increase in the banks7 holdings growth industry has been at a constant level, and the of investments and in their growth of member bank credit has been in loans loans on securities, while the volume of all other on stocks and bonds and in holdings of invest- loans, representing largely bank credit used to ment securities. Conditions in the money finance the current operations of trade and market have been fairly easy, and money rates industry, showed but little change. The folhave moved within a narrow range. The vol- lowing table show^s the increase in the different ume of reserve bank credit in use has fluctu- classes of loans and investments of reporting ated since the end of January around the member banks between February, when the $1,000,000,000 level, current changes being seasonal liquidation had come to a close, and influenced chiefly by international gold move- the month of June: ments and by temporary conditions incident to large-scale Treasury operations. REPORTING MEMBER BANKS Member bank credit, as indicated by weekly [Monthly averages of weekly figures. In millions of dollars] reports of member banks in leading cities, was in larger volume at mid-year Feb 1 r 9 u 2 a 7 ry, J 1 u 9 n 2 e 7 , Increase Growth of ^ £ y previous time. an a an c Y r o e r d k it C In it y N a e n w d oS . mce t ,i h e early i part ° , f t£ h , e - , year Loans and investments, total_ __ __ 19, 749 20,682 933 outside there has been a rapid increase Loans on securities _ 5,600 5,990 390 All other loans _ _ __ 8,562 8,648 86 in member bank loans and in- Investments ______ _ __ 5, 587 6,044 457 vestments in most parts of the country, but the rate of growth has been greatest at member The large increase of investments, which is banks in New York City. Between February and reported for city banks throughout the coun- June the percentage of increase of loans and in- try, reflects a growth of the volume of loanable vestments at reporting banks in New York City funds which have not been absorbed by an was 8 per cent, while at the other reporting increase in the commercial demand for bank 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDEKAL RESEKVE BULLETIN JULY, 1927 credit. That the banks have employed these There has been a growth during the period funds in the purchase of securities, including in brokers' loans of all three classes, though obligations of the United States Government the largest increase has been in loans placed by and other securities, may be ascribed in part the New York banks for their own account. to the large volume of flotations, amounting This large growth of New York bank funds in since the beginning of the year to about the market is accounted for in part by the $3,500,000,000, and to the steady rise of secu- increased use of their ordinary deposits for rity prices, which has made it profitable for this purpose, and represents also the use of banks to purchase and hold securities. Bank funds placed on deposit with them by banks funds, however, have also been utilized in throughout the country. Balances held for increasing volume in the extension of loans on other banks by New York City banks have stocks and bonds, which have also increased in increased considerably since the early part of nearly all the sections of the country, but have the year and have been the source of a part of shown the largest growth at banks in Chicago, the growth in the New York banks' stock Cleveland, and New York City. exchange account. But with call-money rat^s constantly at a much higher level than the rate In this growth of loans on securities the paid on bankers' balances, the out-of-town principal factor has been the increase in loans banks in many instances have instructed their extended to brokers and to Growth of dealers in securities by member New York correspondents to place their funds brokers'loans ^ on the street, as is indicated by the growth of bankg New York City for brokers' loans for account of these banks. their own account and for account of their Finally, a part of the increase in the funds correspondents. Funds not immediately reloaned to brokers and dealers has come from quired locally and not invested in securities funds deposited in New York by foreign banks have flowed in large volume to the New York and by corporations, which have made this banks and have been placed by them as coluse of temporarily idle funds at their disposal. lateral loans on the stock exchange. The con- These brokers' loans, carried in the table under stantly rising level of security prices and the the caption "For account of others," have continued activity on the exchange have shown an almost continuous growth from about resulted in a growing demand for bank funds $500,000,000 in May, 1926, to about $850,to finance the operations on the exchange, and 000,000 in June of this year. This rapid inthe volume of brokers' loans, after increasing crease in the figures may represent in part an by nearly $400,000,000 si nee February, was in increase in the accuracy of the reports, as they June at the highest level since the publication have become more familiar to the reporting of the reports at the beginning of 1926. Inbanks, but it also appears to indicate an crease in the different classes of brokers' loans increasing volume of funds at the disposal of between February and June are shown in the corporations available for temporary investtable below : ment. It is primarily the growth in this class of loans that has carried the total of brokers' LOANS TO BROKERS AND DEALERS IN SECURITIES loans to a higher level than the peak of 1926, [Monthly averages of weekly figures. In mill ions of dollars] since loans by the New York banks for their February, June, 1927 Increase own account and for account of their banking 1927 correspondents, though showing a rapid growth Total _._ 2,733 3,115 382 For own account 841 1,078 237 this year, are still in considerably smaller vol- For account of out-of-town banks. 1,127 1,180 53 For account of others 765 857 92 ume than in the early weeks of 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL EESEKVE BULLETIN 457 Accompanying the increase in member bank At the reserve banks the increase in member loans and investments since last Frebruary bank deposits has been reflected in a growth of there has been a large growth member bank reserve balances, the course of their de Osits The chart f o? * P - which since the beginning of 1922 is shown on reserve bal- shows the course of loans and the chart. In 1922, in 1924, and again in 1927, ances investments and of net demand when the liabilities of member banks on deand time deposits of reporting member banks mand deposits increased, this has resulted in an since 1922. The growth in time deposits has increase of their reserve requirements much been continuous throughout the period of more larger than that caused by a growth of time than five years covered by the chart, and the deposits against which only a 3 per cent reserve is required. For the entire year 1924 this BILLIONS OF DOLLARS BILLIONS OF DOLLARS increase amounted to about $300,000,000, and 22 1 1 •• 22 REPORTING MEMBER BANKS from February to June of this year it was about $90,000,000. An additional factor in 20 20 Loans & Investment* the growth of reserve requirements, and, there- -—> fore, of reserve balances, has been the fact 18 18 that much of the growth in demand deposits _^XC Net Demand in 1927 has been at banks in the central •^^ / plus TrVne Deposits 16 reserve cities, New York and Chicago, where a 13 per cent reserve is required against de- Net Demard Deposits mand deposits. At the New York banks this 12 / 12 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2400 MEMBER BANK RESERVE BALANCES 2400 10 10 2200 2200 8 Time Deposijs^..——- 2000 2000 ^^ K 1800 1800 ••2 0 .1922 1923 1924- 1925 1926 1927 1600' 1600 1922 1923 1924 1925 total of this class of deposits has doubled during year's growth of demand deposits has followed that time. Net demand deposits, on the upon two years during which the volume of this other hand, after a rapid rise in 1924, showed class of deposits, though fluctuating seasonally, but little growth in 1925 and 1926. Since the has persistently trended downward. early part of this year there has been a large The growth of member bank deposits, and increase in net demand deposits, but it is still of their reserve requirements, has not given rise too early to determine whether this growth to an increased demand for represents a temporary fluctuation or a definite Constant level because the of reserve bank reserve bank credit rise in the level of this class of deposits. There member banks were able to credit has been a correspondence, however, between build up their reserve balances the growth in demand deposits and the increase through the deposit with the reserve banks of of short-term loans on stock-exchange collateral. gold received from abroad and of currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN JULY, 1927 returned from domestic circulation. During maturities with reference to the convenience the first half of 1927 the member banks have of the Treasury in effecting retirements in the future at its regular quarterly financing. While received a considerable volume of funds arising the new- issue was made in part to provide for out of gold movements as well as out of the decash requirements, interest attaches principally crease in the demand for currency, the volume to the offering in exchange for second Liberty of which in June was only slightly above loan bonds. the low point following upon the seasonal The refunding of these bonds at this time was optional wTith the Treasury, since they decline at the turn of the year. Consequently, had not been called for payment, and while the volume of reserve bank credit, notwithredeemable at the option of the Government on standing the growth in the demand for reserve six months' notice on or after November 15 of balances, showed little increase between Feb- this year, they would not mature, except under ruary and June of this year and was at midsum- call, until November, 1942. Since, however, the bonds were running at a comparatively mer $100,000,000 below the level of a year ago. high rate of interest—4 3^ Per cen^ for all of the second Liberty loan bonds outstanding, excepting a small block of some $21,000,000 of uncon- TREASURY FINANCE verted 4 per cent bonds of the original issue— Large-scale refunding, debt retirement by the opportunity presented itself for refunding payment at maturity and by purchase of at a rate nearer current yields on other securisecurities direct from holders prior to maturity, ties. The call for redemption in November was sale of long-term bonds for cash, receipts under accordingly issued (on May 9), and later (on foreign debt settlements, and receipt of the May 31) the offering of new bonds in exchange quarterly tax payments are items in the Treas- was announced. ury's June financing, which in the aggregate The exchange offering in March, which gave rise to an exceptionally large volume of effected a conversion of some $1,360,000,000 of transactions. Eeceipts and disbursements re- the second 4 Y/i per cent bonds into 3-5 year ported by the Treasury on all accounts for the 31/2 per cent Treasury notes, appealed prinsingle day, June 16, exceeded $1,300,000,000— cipally to holders of comparatively large blocks receipts running above $760,000,000 and ex- of the second Liberty bonds, more than half of penditures above $550,000,000, resulting in an the exchange subscriptions being received increase in the Treasury's net cash balance by through the New York Federal Reserve Bank more than $200,000,000 on this day. and a large proportion of the bonds tendered The June exchange offering.—It will be in exchange being of high denominations. Of recalled that in March holders of second Liberty the coupon bonds tendered in exchange at this bonds were offered in exchange 3-5 year 3 3^2time, over 88 per cent were in the denomination per cent Treasury notes; in May they w^ere of $10,000 and less than 2 per cent in denomioffered a 16-20 year 33/g per cent bond, and in nations of $50, $100, and $500. Of the coupon June the Treasury invited holders who did not bonds in denominations of $10,000, which were elect to accept the Treasury's exchange offer to outstanding in the amount of about $1,366,submit proposals for sale of their bonds direct 000,000, some $1,026,000,000, or about 75 per to the Government. As a net result of these cent, were exchanged for the new notes; of the operations, including retirements on all accounts, $1,000 bonds, only about $115,000,000 out of the amount outstanding of the second Liberty $605,000,000, or less than 20 per cent, were loan was reduced from $3,104,000,000 on Feb- exchanged, and of bonds in smaller denominaruary 28 to about $1,274,000,000 on June 30, tions less than $17,000,000 out of $316,000,000, the reduction amounting to $1,830,000,000. On or about 5 per cent, came in. May 9 the Treasury announced that all second These figures indicate that the proportion Liberty bonds still outstanding on November as well as the aggregate amount of large 15 of this year will be redeemed on that date. individual holdings in the bonds left outstand- The Treasury procedure in June, of issuing a ing w^as materially reduced by the March long-term security to provide for its immediate exchange operation. For coupon bonds the cash requirements and for refunding a portion proportion outstanding in the $10,000 denomiof the short-dated debt, was in line with its nation was reduced approximately from 60 to established policy of debt retirement, reduc- 30 per cent, and a similar or even greater tion of interest rates, and arrangement of reduction, it is stated, was probably effected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 459 in the proportion of large holdings for registered In addition to the second Liberty loan bonds bonds. left outstanding, which mature under call in The condition of wide distribution of the November, over $1,000,000,000 of Treasury remaining second Liberty bonds in relatively notes and certificates mature during the present small holdings made unlikely any quick general fiscal year; the third Liberty loan, of which response to the new offering in exchange, an- over $2,100,000,000 is outstanding, comes nounced in May. It was believed, however, payable without option on September 15, 1928; that some small as well as large holders of the the $1,360,000,000 of notes issued in exchange second Liberty bonds, who had not elected to for second Liberty's in March of this year exchange their bonds for notes in March, will be redeemable in March of 1930; consols of might accept the offering of a long-term bond 19oO, outstanding in the amount of nearly in exchange for a bond which, under the notice $600,000,000, will be redeemable after April 1, of call for redemption, had in the meantime 1930; the first Liberty loan, outstanding in the become definitely payable in November. The amount of some $1,939,000,000, will be redeembonds offered in exchange for second Liberty able from June 15, 1932, to June 15, 1947; and 4?s and 4Jkfs, par for par, were to be dated the fourth Liberty loan, outstanding in the June 15, bear interest at 3% per cent, mature amount of nearly $6,300,000,000, will be on June 15, 1947, and become payable on four redeemable from October 15, 1933, to October months7 notice on and after June 15, 1943. 15, 1938. The offering in exchange was held open until The offering for cash.—In part, the offering June 30, when subscriptions received amounted of bonds announced on May 31 was for*cash in the aggregate to $245,000,000. subscriptions in addition to those in exchange Purchases under proposals submitted by of second Liberty bonds. The offering for holders.—Holders of second Liberty's were also cash was at 100 3^4 and it was proposed to : given an opportunity to submit proposals for allot some $200,000,000 of bonds, accepting the sale of their bonds direct to the Govern- in part payment Treasury certificates maturing ment, with the understanding that the Treasury June 15. The offering for cash was largely might, if acceptable terms were submitted, oversubscribed, total subscriptions amounting purchase a limited amount of the bonds. In to $617,600,804. Allotments of these subresponse to this invitation, a total of $72,- scriptions were considerably in excess of the 000,000 bonds were tendered for sale to the amount originally proposed to be allotted, Government, and proposals were accepted for totaling $250,000,000, distributed to the reserve $63,000,000, for the most part AM per cent banks as shown in the table given below. bonds taken at prices averaging $100.48. Summary of second Liberty loan operations.— SUBSCRIPTIONS FOR 3% PER CENT TREASURY BONDS Operations affecting the amount of the second OF 1943-1947 Liberty loan bonds outstanding may be sum- [In thousands of dollars] marized as follows: Subscriptions for cash O Re ri d g e in m a p l t i i s o s n u e t , o N M ov a . r 1 . 5 1 , 5 1 , 9 1 1 9 7 2 7 $3,8 7 0 0 7 3 , , 8 3 6 4 5 5 , , 0 0 0 0 0 0 Federal reserve district Received Allotted S in u b e s x c c r h ip a t n i g o e rs Refunded into 3J^ per cent notes, Total $617, 605 $249, 598 i 245, 057 operation of Mar. 15, 1927 1, 360, 456, 000 Refunded into 3% per cent bonds of Boston 68, 537 29, 536 11, 764 1943-1947 to June 30, 1927 1 245, 000, 000 N Ph e i w la d Y e o l r p k hia 11 9 8 2 , , 5 3 9 5 1 0 4 3 1 9 , , 4 6 5 7 2 5 2 5 4 4 , , 6 2 1 2 1 0 Purchased direct from holders under Cleveland i 54, 558 20,986 31,134 tenders for sale, June 16-22, 1927_ 1 63, 000, 000 Richmond __ _ 22,053 9,867 5,109 Other redemptions, Mar. 15-June 30, A Ch tl i a c n ag ta o 3 7 9 2 , , 0 3 1 6 4 1 3 1 1 9 , , 4 4 4 3 0 1 34 3 , , 6 5 1 3 7 5 1927 163, 000, 000 St. Louis 13, 540 6,443 11, 633 Balance left outstanding June 30,1927 11, 274, 000, 000 Minneapolis __ - _ _ 9,179 4,539 8,774 Kansas City 8,009 4,005 17, 410 Outstanding debt maturities.—One effect of Dallas 23, 858 11,318 4,633 the recent operations has been to reduce the San Francisco. 95, 556 30, 908 9,826 amount of the debt payable at the option 1 Includes $27,791,000 of exchanges effected at the Treasury. of the Government during the period from Debt reduction.—Since the June exchange November 15, 1927, to November 15, 1942, offering was at par, bond for bond, the principal but considerable amounts of the debt will amount of the debt was not affected by these nevertheless mature or become payable during operations. Reduction in the amount of the this period. debt was effected in June, however, by payments in redemption of Treasury certificates i Preliminary. 52215—27 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN JULY, 1927 maturing June 15. Certificates of this issue 000,000, distributed by sources as shown in the were outstanding at the end of May in the table following: amount of $379,000,000, and cash subscrip- DEBT RETIREMENTS, CLASSIFIED BY SOURCE tions for the new bonds were allotted for a [In thousands of dollars] total of $250,000,000, giving a net reduction on these accounts of some $129,000,000. A further Fiscal years 1920-1927 reduction of $138,000,000 was effected By Total 1927 i 1920-1926 purchases of second Liberty bonds. Retirements during the month were made from Total ! 6,972,599 1,13.1,309 5,841,290 foreign debt repayments amounting to $85,-Chargeable against ordinary re- | ceipts, total ! 3,262,884 519, 555 2, 743,329 271,300, and from other funds available in the Sinking fund i 2,074,080 333, 528 1, 740, 552 Treasury amounting to about $275,000,000. Foreign debt repayments 2 i9, 777 179, 216 . 790,561 Received for estate taxes.. 66, 088 On all accounts debt retirements for the month Franchise taxes 141, 024 1,232 139, 792 Forfeitures 11,914 5,578 6,336 amounted to $362,000,000, bringing total Surplus 2, 692,108 635, 810 2, 056, 298 retirements for the fiscal year above General fund in the Treasury. 1, 017, 606 3 24, 055 1,041, 663 $1,100,000,000. 1 Preliminary figures. 2 Includes purchases from foreign debt repayments and cancellations During the past eight years the amount of of securities secured from foreign governments under foreign debt the debt has been reduced by about $7,000,- settlements. 3 Increase in general fund. EARNINGS AND EXPENSES OF MEMBER BANKS All member banks in the Federal reserve for six-month periods since June 30, 1925, are system are required to submit semiannual summarized in the following table: reports of earnings, expenses, and dividends, State member banks reporting to the Federal EARNINGS AND EXPENSES OF ALL MEMBER BANKS, Reserve Board and national banks reporting JUNE 30, 1925, TO DECEMBER 31, 1926 to the Comptroller of the Currency. Figures [In thousands of dollars] based on reports in 1926 are presented in summary form in the following tables, and in Last 6 mon b t a h n s k o s f ) 1926 (9,251 considerable detail in tables on pages 549 to First 6 Last 6 553 of this issue of the BULLETIN. Statistics I a n s c c r o e m as p e a o re r d d e w c i r t e h a — se m of o n 1 t 9 h 2 s 6 m of o 1 n 9 t 2 h 5 s showing the results of operations of national (9,372 (9,482 banks during the last six months of 1926 were Amount First 6 Last 6 banks) banks) months months furnished by the Comptroller of the Currency of 1926 of 1925 for separate publication in the BULLETIN in Gross earnings _.1,033,816 +37,769 +46, 646 996,047 987,170 order that more timely use might be made of Expenses 738,276 +32, 696 +34, 751 705, 580 703, 525 them than should they become available only Net earnings.__ 295, 540 +5,073 +11,895 290,467 283, 645 Total losses 110,849 +14,168 +1,893 96,681 108,956 with publication of the comptroller's annual Recoveries 23,731 -5, 544 -12, 928 29, 275 36, 659 report at the end of the year.1 Net losses l 87,118 +19, 712 +14,821 67,406 72,297 last half of 1926.—During the last half of Net addition to profits__ 208,422 -14, 639 -2,926 223,061 211,348 1926 member banks had combined net profits of $208,422,000. This amount, representing i Total losses less recoveries on assets previously charged off. an annual rate of return of about 8.52 per cent on the banks7 capital funds,2 was nearly Gross earnings of member banks, at $1,- $15,000,000 smaller than the figure reported 034,000,000 for the last half^ of 1926, were for the first half of the year, when the banks nearly $40,000,000 larger than in the preceding had profits at the rate of about 9.34 per cent. six months—in fact, they were larger than in Earnings and expenses of all member banks any six-month period during the past four years for which semiannual figures for all mem- 1 Statistics tabulated from the reports of member State banks are ber banks are available. Expenses, however, published from time to time in the FEDERAL RESERVE BULLETIN (see showed an increase of more than $30,000,000, p. 383 of the issue for May, 1927); national bank figures are published in the Annual Report of the Comptroller of the Currency (see pp. 42 to 54 owing largely to increase in the amount of inand 527 to 544 of the report for 1926); and all member bank statistics, together with some analytical material, have been published in previous terest paid to depositors and in expenditures issues of the BULLETIN (see pp. 402 to 405 of the issue for June, 1925, pp. for salaries and wages. Net losses showed an 869 to 873 of the issue for December, 1925, pp. 409 to 414 of the issue for June, 1926, and pp. 22 to 28 of the issue for January, 1926). increase of about $20,000,000 as a result of in- 2 Capital funds include capital, surplus, and undivided profits exclusive of reserves for taxes, interest, etc., accrued; averages of amounts crease in total losses, amounting to $10,000,000 shown by abstract of condition reports for June 30, 1926, and December for member State banks and $5,000,000 for 31,1926, were used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 461 national banks, and decline in recoveries, Interest paid on deposits.—Of the total amounting to approximately $3,000,000 for amount of interest received that was fully both classes of banks. classified, $610,000,000, or about 73 per cent K"ew data.—Important changes were made was derived from the banks' loans; $214,000,in the form in which earnings and expenses 000, or about 25 per cent, was interest and were reported for the last half of 1926. Of the dividends received on investment holdings; and new items of information supplied for the $20,000,000, or about 2 per cent, was interest first time in the reports for this period prob- received on balances with other banks. Comably the most significant are those providing a parison of these amounts with the volume of classification of interest, discount, and divi- the banks' loans and investments and the dends received to show separately amounts aggregate amount of balances due from other received on loans, on investments, and on banks, as reported at the end of December, balances with other banks, and items provid- 1926, indicates in a general way the average ing a classification of interest paid on deposits rates at which income was earned on these to show separately interest paid on time assets. Interest and discount on loans repredeposits, on demand deposits, and on balances sented an annual rate of return of somewhat due to other banks. less than 5.5 per cent on loans as reported for Interest received.—Member bank earnings December 31, 1926; the corresponding ratio consist, for the most part, of interest received. for investments was about 5 per cent and for During the last half of 1926 gross earnings balances with other banks about 2 per cent. amounting to $1,034,000,000 included interest It should be borne in mind that to calculate received amounting to $867,000,000, or nearly accurately the average rates of income on the 85 per cent of the total; this was largely interest various classes of assets would necessitate comreceived on loans and investments, but in- parison between amounts of income and the cluded in addition a relatively small amount average volume of the assets from which income of interest received on balances with other was derived. Such averages are not at present banks. Owing to the form in which some of the available and are only approximated by the banks had kept their records during the period, amounts shown by reports of condition for some of them were unable to supply the classi- December 31, 1926. fication of interest received and interest paid Interest paid on deposits by member bankswhich was called for on the new form of report; during the last six months of 1926 totaled however, since more than 97 per cent of the $343,000,000. Of this total, about $312,000,total amount of reported interest received was 000, or nearly 91 per cent, was fully classified completely classified, the distribution of the in the banks' reports of earnings and expenses. classified portion according to the sources from The distribution of classified deposit interest which it was derived, as shown in the following as between interest paid on time, on demand, table, shows the relative importance of the and on bank deposits is shown in the following different classes of earning assets and serves table, together with approximate rates at as a means of approximating the relative rates which interest was paid on the three classes at which income was earned upon each class: of deposits. INTEREST RECEIVED BY MEMBER BANKS DURING THE INTEKEST PAID ON DEPOSITS BY MEMBER BANKS DURING LAST SIX MONTHS OF 1926 THE LAST SIX MONTHS OF 1926 A ( s d i a m n o n l o t d l h a u s o r n o s u t ) f s - t P r a o i e g f b r e u t c o d e ti t i n o a s t l - n - A r r e p m a t p t u a e r r t o n o e x f 2 i- A ( s d i a m n o n l o t d l h a u s o r n o s u t ) f s - t P r a o i e g f b r e t u c o e t d t i n i a o s t l n - - ra A t i e p m p p a r a o te i x d - 2 Per cent I I n n v t t e e e r r s e e t s s m t t e a a n n n t d d s d d is iv c i o d u e n n t d r s e c r e e i c v e e i d v e o d n o lo n a n i s n _ - _ 2 6 1 0 3 9 , , 8 8 5 6 6 6 2 7 5 3 5 5 . . 0 5 I I n n t t e e r r e e s s t t p p a a i i d d o o n n d ti e m m e a d n e d p d o e si p t o s sits 1 10 7 1 4 , , 4 2 9 8 5 3 3 5 3 6 Per ce 3 n 1 . . t 5 5 Interest received on balances with other Interest paid on balances due to other banks 19,854 2 2.0 banks 35, 752 11 2.0 Total, classified interest received *_ 843,576 100 5.0 Total, classified interest paid 1 311, 530 100 2.0 1 Of total interest, discount, and dividends received, amounting to $867,477,000 for the half year, $23,901,000, or 2.8 per cent, was not classi- 1 Of total interest paid amounting to $343,321,000 for the half year, fied in the banks' reports of earnings and expenses. $31,791,000, or 9.3 per cent, was not classified in the banks' reports of 2 Unclassified interest, discounts, and dividends received were appor- earnings and expenses. tioned (for each class of bank in each district separately) between the 2 Unclassified interest paid was apportioned (for each class of bank three classes indicated, on the basis of the distribution of the classified in each district separately) among the three classes of deposit interest amounts; the approximate rates of return were estimated by dividing on the basis of the distribution of classified interest; the approximate the resulting totals by the amounts of the respective assets as reported rates charged were estimated by dividing the resulting totals by the for December 31,1926. amounts of the respective deposits as reported for December 31, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDEEAL RESERVE BULLETIN JULY, 1927 The table shows that interest paid on time EARNINGS AND EXPENSES OF MEMBER BANKS DURING deposits amounted to $174,000,000 and con- 1926 stituted about 56 per cent of the total amount [In millions of dollars] of classified deposit interest; interest on demand deposits amounted to $101,000,000, or Increase or decrease in about 33 per cent of the total; and interest on 1926 as compared with b o o o o a r n f f l a a a t t b n p i i m o m c p e u r e e s t o x d 1 d d i u 1 e e m e p p p a o t o e o t s s r e i i b l c t t y s s a e n n 3 r r t k e e . s o 5 p p f r a o e p m t r s h e t e o e r e n d u t c t n o e e t d t o n e a n t d l . a o t n D o n I e $ a n t c 3 n h t e 6 e n e m , r u 0 e b a a 0 s e m l 0 t r , o p 0 r 3 a 0 u a t i 0 1 n e d , , t b m a b A e n e m l k r l s - b t m i N a b o e n e n a m r k a - s - l b m S a b t e n a e m k t r e s - b m a b A e 1 n e 9 m l k r l 2 s - 5 b t m i N a b o e n e n a m k r a - s - l b m S a b t e n a e m k r te s - 1926, and interest paid on demand deposits and on balances due to other banks represented Gross earnings. 2,030 1, 213 817 +112 +53 +58 annual rates of approximately 1.5 per cent and Total expenses 1,444 859 585 +77 +37 +40 2 per cent on the amounts of these two classes Net earnings._ 586 354 232 +35 +17 +18 of deposits. Again, it should be noted that Total losses. 208 146 62 + 14 + 10 +5 these ratios are based on amounts of deposits Recoveries 53 37 16 -9 -6 -2 at the end of 1926 rather than on averages for Net losses! 155 109 45 +23 +16 • +7 the six months' period and, since the volume of Net addition deposits fluctuates considerably from month to profits 431 245 187 +12 +1 +11 to month, the ratios represent only approxi- Loans and investmations of average rates paid; furthermore, Ca m p e it n a t l s f 2 u . nds 2 3 31 4 , , 8 3 2 8 0 9 1 3 9, , 0 2 7 6 7 2 1 1 2 , , 7 1 4 2 3 7 +1 + , 2 4 3 7 1 3 + + 1 69 0 7 7 + +1 7 2 7 4 5 the rates are arrived at by comparing interest paid with the total volume of the several classes 1 Total losses charged off, less recoveries on assets previously charged off. of deposits which, particularly in the case of 2 Averages of amounts from reports of conditions for four call dates during year. demand and bank deposits, include certain 3 Capital, surplus, and undivided profits (exclusive of reserves for taxes interest, etc., accrued which of necessity have been included in undivided amounts on which little or no interest is paid. profits as used in previous compilations of member-bank earnings and expense statistics). Year 1926.—Net profits for the entire year ending December 31, 1926, at about $431,000,- During 1926 gross earnings of national and 000, w^ere larger than in any of the past four of State member banks showed approximately years for which earnings and expense figures equal increases. Total expenses of both for all member banks are available by calendar classes of banks also increased in about equal years, and were only slightly smaller than for amounts, and as a result the increase in net the year ending June 30, 1926, when net profits earnings, amounting to about $35,000,000 for at $434,000,000 were larger than in any pre- all member banks, was about equally distribceding fiscal year. Profits during the calendar uted between national and State members. year- 1926 were $12,000,000 larger than the However, the net losses of national banks year before. The increase was the net result increased by about $16,000,000 as against of a growth of $112,000,000 in gross earnings, only $7,000,000 for State member banks, so accompanied by an increase of $77,000,000 in that the increase of $12,000,000 in the net total expenses, an increase of $14,000,000 in profits of all member banks reflected largely total losses, and a decline of $9,000,000 in the increased profits of State member banks. recoveries on assets previously charged off. Analysis of earnings and expenses.—In the Earnings and expenses of member banks in preceding table the comparisons relate to abso- 1926, together with increases and decreases lute amounts of earnings and expenses and are from the year before, are shown in the follow- affected by variations in the volume of opering table, by class of bank: ations of the different groups of banks. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

463 JULY, 1927 FEDERAL RESERVE BULLETIN following table earnings and expenses are increases for both national and State member expressed as amounts per $100 of earning banks. Both classes of banks had higher rates assets3 in order to eliminate from the com- of expenses and of net losses in 1926, however, parisons the direct effect of differences in the and the margin of net profits per $100 of earning volume of the banks' operations. assets, in the case of national banks, declined from $1.32 to $1.27 and, in the case of State ANALYSIS OF MEMBER BANK-EARNINGS AND member banks, remained at $1.54. EXPENSES DURING 1925 AND 1926 Comparison of the volume of earning assets and of capital funds as in 1925 and in 1926 All member banks shows that, for national banks, capital funds increased at about the same rate as earning Total National State assets, the banks having $6.26 of earning assets for each dollar of capital funds in 1926 and 1926 1925 1926 1925 1926 1925 $6.25 in 1925. Since the margin of profit per $100 of earning assets decreased from Amounts per $100 of earning assets $1.32 to $1.27 per $100 of earning assets, the rate of net return on the banks' invested Gross earnings $6.47 $6. 41 $6.30 $6. 25 $6.74 $6.68 funds declined from 8.22 4 per cent in 1925 Total expenses 4.60 4.57 4.46 4.43 4.82 4.80 to 7.96 per cent in 1926. The increase in Net earnings.- 1.87 1.84 1.84 1.82 1.91 1.88 earning assets of State member banks was Total losses .66 .65 .76 .73 ,51 .50 proportionately smaller than the increase in Recoveries ._. .17 .21 .19 .23 .13 .16 the capital funds of these banks, so that the Net losses1 .49 .44 .57 .50 .37 .34 rate of return on invested funds declined from Net addition to prof- 10.83 per cent in 1925 to 10.70 per cent in 1926, its 1.37 1.40 1.27 1.32 1.54 1.54 notwithstanding the fact that the margin of profit per $100 of earning assets was the same Other ratios in both years. Earning assets per $1 The higher rate of return on the capital Ne o t f c p a ro p f i i t t a s l p fu e n r d $ s 100 6.51 6,52 6.26 6.25 6.96 7.01 funds of State member banks, as compared of capital funds2.. 8.95. a 14 7.96 8.22 10.70 10.83 with national banks, is explained in part by the fact that these banks had a larger volume 1 Total losses charged off, less recoveries on assets previously charged off. of earning assets in relation to the amount of 2 Obtained by dividing net profits by capital funds; equivalent to the their invested capital than did the national product of the two preceding rates. banks and in part by the fact that the margin It is worth noting that the larger part of the of profits per $100 of earning assets was larger increase in the gross earnings of member banks for the State banks than for national banks. between 1925 and 1926 was due to the increase The larger margin of profits earned by State of $1,500,000,000 in their earning assets, and banks is due largely to their higher rates of that only $20,000,000 of the total of $112,000,- earnings derived from other sources than 000 of increase was due to the rise from $6.41 interest and dividends received. Among to $6.47 in the rate of return per $100 of these other sources of income are profits on earning assets. securities sold, trust department receipts, com- Increase in the rate of gross earnings of all missions, and exchange. The amount of exmember banks from $6.41 per $100 of earning penses per $100 of earning assets was somewhat assets in 1925 to $6.47 in 1926 reflected higher for State than for national banks and the rate of net losses somewhat lower. s Earning assets as here used Include only the principal assets from which direct income was derived; averages of the amounts of these assets from condition reports for four call dates during the year were * Obtained by dividing the amount of net profits by the amount of used as a basis for the ratios. capita] funds; equivalent to the product of 1.32 and 6.25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN JULY, 1927 STATISTICAL WORK OF THE FEDERAL RESERVE BOARD AND BANKS IN 1926-27 The principal developments in the statisti- Studies of the interrelated changes in money cal work of the Federal reserve system during rates, currency in circulation, international and the past year have been in the direction of in- interdistrict movements of funds, volume of creasing the amount of attention given to those reserve bank credit in use, and the loans, inproblems of the system that relate to general vestments, and deposits of member and noncredit conditions. The work done on these member banks have been continued. These problems, which has been primarily for the have shown, in some cases, the need for better current use of the Federal Reserve Board basic data, more accurate or more detailed, and and the officers and directors of the Federal teps have been taken, in cooperation with the reserve banks, has been reflected in the Treasury, the Comptroller of the Currency, annual report of the board for 1926, in the and the banking authorities of the several FEDERAL RESERVE BULLETIN, and in the States, to achieve the necessary improvements. monthly reviews of the various Federal reserve Among the new figures which have recently banks. Reference to the BULLETIN for May, become available are those showing on a weekly June, and July of this year will show that the basis bankers' balances held by member banks statistical material carried has been rearranged in about 90 cities, also a semiannual classificannd elaborated with a view to presenting more tion of interest, discount, and dividends readequately, as explained in the May BULLETIN, eived by member banks and of interest and the data which relate most directly to the use discount paid. The form in which the board's of reserve bank credit and the general banking Member Bank Call Report is published was and credit situation in the United States. revised during the year, with the effect of Among new features included have been a table making the detailed call data for member showing currently the reserve bank buying banks, including both national and State rates on acceptances, which apply to about members, more readily available. one-fourth of the total volume of reserve bank At the end of June arrangements were made credit in use, and a table showing the monetary to advance the date of release for publication gold stock of the United States, changes in of the board's weekly statement of condition which are one of the three factors influencing for reporting member banks in New York the demand for reserve bank credit, along with and Chicago. These figures, which relate to changes in the demand for currency and Wednesday of each week, are now released the for member bank reserves. More infor- next day (Thursday) instead of on the following mation is also currently presented in the BUL- Monday. LETIN with reference to gold imports and ex- Construction of the boarcPs new index of ports of foreign countries, and their available industrial production was finished during the stocks of monetary gold, which influence and year, and the index was presented in the are influenced by the policies of foreign central BULLETINS for February and March, 1927. banks, and to the annual reports of these This index has a broader and more recent base banks, which describe their policies and the (1923-1925) than the one which it supersedes economic developments which have given rise (production in basic industries), is more comto these policies. The BULLETIN has shown prehensive, and has been constructed by imcurrently since January, 1924, the official disproved methods. Similar revisions of other count rates of about 30 central banks; since indexes used by the board and indexes used last November it has also shown the money by the various Federal reserve banks have also rates for the principal kinds of paper in the been made or are under way. The board's open market in foreign financial centers. The monthly statements to the press regarding the course of these rates, in comparison with rates condition of wholesale and retail trade have in New York City, has also been shown from been reorganized and simplified. time to time by charts published and discussed The foregoing statement of developments in the BULLETIN. The prevailing rates charged during the present year is to be considered in customers by representative banks in various connection with the similar and more comprecities in the United States, as distinguished hensive surveys that were published in the from so-called open-market rates, have been BULLETIN for July, 1926, and July, 1925, and given in the BULLETIN since 1918; the accu- with the following notes, referring to selected racy and representativeness of these rates has developments at the Federal reserve banks. been increased by the adoption of new methods Statistical work of the reserve banks.—The of reporting, and they are now shown in statistical work of the system has comprised the BULLETIN in more easily usable form. during the year an increased amount of analy- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL RESERVE BULLETIN 465 sis of the financial history of individual mem- Chicago.—Elaboration of methods for hanber banks, as shown by series of their financial dling data relating to failed banks. Study of statements and files of the official reports of selected individual banks with reference to examiners. One of the objects of these analy- trend of different classes of deposits in relation ses has been to develop significant statistical to reserves. Study of earnings and expenses of ratios that can be used by the reserve banks member and nonmember banks. Revision of in following currently changes in the position all index numbers to 1923-1925 base. and financial strength of the individual mem- St. Louis.—Construction of several addiber bank. Several of the reserve banks, among tional index numbers. Survey of flood conthem St. Louis and Minneapolis, are develop- ditions in the district. ing such ratios, some of which are now being Minneapolis.—Development, largely from subjected to experimental test. The problems examination reports, of series of financial ratios, to which this work chiefly relates are of differ- with special reference to credit policy. Study ent order from those which have usually con- of changes (1923-1926) in rates paid by nafronted the central banks of Europe or the tional banks on time and savings deposits. reserve banks in the larger financial centers of Trend of deposits, loans, and investments over this country, and the statistical work now be- a period of years, for all banks in the district. ing done on these problems is essentially new Survey of distribution of bank deposits among in character. principal regions of district. Revised methods Boston.—Continued study of seasonal in- of estimating cash value of grains and potatoes fluences affecting money rates and the money marketed monthly (1923-1927). Surveys of market. Organization of New England bank- selected agricultural and business developments. ing data by localities. Annual analysis of mem- Kansas City.—Extension of reporting service ber bank earnings and expenses. Revision of in- relative to wholesale and retail trade. dexes of business activity. Further analysis of Dallas.—Elaboration of studies of earnings data for department stores, especially depart- and expenses of selected groups of member mental data, and extension of reporting service. banks. New York.—Further analysis of current con- San Francisco.—Construction or revision ditions in the New York money market, with spe- (1923-1925 base) of trade indexes—wholesale cial reference to the volume and cost of reserve trade, by lines; department-store sales, by bank credit in use. Study of the growth of time cities; bank debits, by cities. Extension of deposits. Periodic analyses of profits of about reporting services—wholesale trade, retail 400 industrial and mercantile corporations and trade, employment. Tabulation of data showabout 300 other corporations. Revision of in- ing relative importance of different industries dexes relating to prices, production, and trade. in each State or district. Continued study of Philadelphia.—Current analysis of member earnings and expenses of member banks. bank borrowings in 20 cities. Abbreviated condition reports received monthly since Jan- FOREIGN BALANCES OF MEMBER BANKS uary, 1927, from about 80 member banks in 17 cities not on the weekly reporting list. Analy- For several years the condition statements sis of member bank earnings and expenses submitted by member banks on call dates published. Preparation of additional or re- have included information relative to the balvised indexes of production and trade for indi- ances due from banks in foreign countries, and vidual cities (1923-1925 base). Addition to on the occasion of the latest call, that for Philadelphia employment survey of data for March 23, 1927, all member banks were reman-hours worked. Collection of data relative quested to report also balances due to foreign to employment and wages in New Jersey trans- banks. The figures have now become available ferred to department of labor of New Jersey. and they show that the total deposits held by Cleveland.—Periodic analyses of corpora- foreign banks with members of the Federal tion earnings. Construction of district index reserve system amounted on March 23, 1927, of car loadings. Analysis of departmental data to about $375,000,000, of which more than 85 for department stores. per cent was with member banks in New Richmond.—Analysis of member bank earn- York City. There were five other cities in ings and expenses. Collection of figures on ac- which member banks reported as much as counts receivable from certain reporting stores $4,000,000, either due to foreign banks or due initiated in October, 1926. from foreign banks—Boston, Chicago, San Atlanta.—Revision of varous index numbers Francisco, Pittsburgh, and St. Louis. The under way (to 1923-1925 base). figures for the member banks in the six cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN JULY, 1927 mentioned, and for all other member banks, increase reflected a growth of about $690,000,are given in the following table: 000 in the banks' investments, for the most part in the holdings of member banks, and a AMOUNTS DUE FROM AND DUE TO FOREIGN BANKS, decline of nearly $300,000,000 in loans; the MARCH 23, 1927 loans of member banks showed a decline of [In thousands of dollars] $375,000,000, while the loans of nonmember Due from Due to banks increased somewhat. Member banks in- foreign foreign banksi banks1 LOANS AND INVESTMENTS OF ALL BANKS IN THE New York City 181, 742 323,314 UNITED STATES B C o h s ic to ag n o _. _. . __ . 2 24 2 , , 8 5 4 29 5 15 9 , , 3 7 7 0 3 7 [In millions of dollars] San Francisco 10, 703 9,188 P A Pt i l t l t L o sb t o h u u e i r r s gh. _ _ 23 6 4 , , , 2 5 O 1 8 i 4 5 l 15,1 5 2 6 6 5 8 4 9 ba A n l k l s M b e a m nk b s er m b N e a m o n n k b - s er Total _ 273, 633 373, 590 Mar. 23, 1927: Loans 36,297 22, 532 13. 765 1 Including foreign branches of American banks. Investments _ 16,355 ; 9,622 6,733 Total „ _ _ 52, 652 32,154 20,498 CONDITION OF ALL BANKS IN THE UNITED Change from Dec. 31,1926: STATES I L n o v a e n s s tments + -2 6 9 9 6 3 + -3 6 7 3 4 2 + + 6 7 1 8 At the end of the first quarter of 1927 all Total +397 +258 +139 banks in the United States, including both members of the Federal reserve system and Figures showing the principal resources and nonmembers, had loans and investments aggre- liabilities of all banks on March 23, 1927, are gating about $52,650,000,000, about $400,- given in detail elsewhere in this issue of the 000,000 more than at the end of 1926, as BULLETIN, both by Federal districts and by shown by the table, which gives separate fig- States, with comparative figures for preceding ures for member and nonmember banks. The call dates. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM During the first quarter of the year there was During the period 33 banks joined the a decline of 116 in the number of member system and 29 withdrew from membership; banks in active operation in the Federal reserve there was thus a net voluntary accession of system, as indicated by the number of banks 4 banks. Of the banks that joined the system, submitting the required reports of condition 16 were new^ly organized national banks, 12 on December 31, 1926, and on March 23, 1927. were former nonmember banks that joined the The decline, which represented decreases of 84 system, 8 converting into national banks and in the number of national banks and of 32 in 4 being admitted to membership in the system the number of member State banks, is ac- with the status of State institutions. There counted for largely by losses in membership were in addition 5 banks which, having precaused by mergers among member banks and by viously suspended, resumed operations. The suspensions, as is shown in the following table: 29 banks that relinquished membership in the system included 8 State member banks that CHANGES IN THE NUMBER OF MEMBER BANKS IN THE withdrew after advance notice to the Federal FEDERAL RESERVE SYSTEM, JANUARY 1 TO MARCH Reserve Board, 2 that were succeeded by 23, 1927 nonmember banks organized for that purpose, Number and 19 member banks that were absorbed by of banks existing nonmember banks. As against the net voluntary accession of Active member banks, Jan. 1,1927 9,260 4 banks to membership in the system, there Banks joining the system . 33 Banks withdrawing from the system 129 was a loss of 120 banks resulting from causes not related primarily to the banks' choice in Net increase from banks joining and withdrawing 4 Banks lost to membership through mergers between member the matter of membership in the system. banks and suspensions 120 There w^ere 55 suspensions during the period Net decrease for the year_ - _. 116 and 65 mergers between member banks. Active member banks, Mar. 23,1927 9, 144 Changes in membership for the first quarter of the year are summarized in the following i Includes 19 withdrawals which were incidental to the absorption of table by class of member bank: member banks by existing nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 467 JULY, 1927 CHANGES IN THE NUMBER OF MEMBER BANKS IN THE tions for the year 1926, was issued during FEDERAL RESERVE SYSTEM, BY CLASS OF MEMBER, June. It contains, in addition to the text of JANUARY 1 TO MARCH 23, 1927 the report issued in March, tables and charts relating to Federal reserve banks, member and Number of member banks nonmember banks, foreign central banks, Class of change Total National State money rates at home and abroad, gold hold- Active member banks, January 1,1927— 9,260 7,906 1, 354 ings of principal countries, and general business Additions to membership: conditions in the United States. It also gives C O o rg n a v n e i r z s a i t o i n o n o o f f n n o a n t m io e n m al b b er a n b k a n _ k _ to ._ 16 16 in full the recommendations of the Federal national. ___ 8 8 Advisory Council during 1926. Admission of State bank 4 4 Resumption following suspension.__ 5 4 1 The report contains considerably more infor- Conversion within the system i 1 12 mation on foreign countries than did earlier Total additions 33 29 7 reports. It gives data on the condition of Losses to membership: central banks in principal foreign countries, Merger between member banks— Intraclass 52 2 46 6 money rates prevailing in foreign financial Interclass 13 3 7 6 Suspension and insolvency 40 centers, and gold holdings of foreign coun- Absorption of member bank by 55 15 tries. In the data on domestic banks the nonmember bank 18 Conversion of member bank to 19 1 principal innovation is the publication both nonmember bank Withdrawal of State bank _ 2 2 for Federal reserve banks and member banks Conversion within the system - 8 i 2 i 18 of figures representing daily averages rather Total losses 149 113 39 than conditions on a given date. There is Net change :_ _ -116 -84 -32 also a table showing the classification of Active member banks, March 23,1927_-_ 9,144 7,822 1,322 loans and investments of all member banks 1 Succession between members of one class and members of the other on June 30, 1925 and 1926. Part II of the wi 2 t h In o c u l t u d ef e f s e c 2 t 6 o b n a n th k e s n th u a m t b w e e r re o f a b b a so n r k b s e d in b t y h e n o sy n s m te e m m . ber banks which report, which gives figures for individual were in turn immediately absorbed by a national bank. Federal reserve districts, has been considerably 3 Includes two national banks which, together with a State member bank, were succeeded by a single State member bank organized for the expanded, chiefly by giving more information purpose. for individual cities in the districts. Some of the principal series of figures in ANNUAL REPORT OF THE FEDERAL RESERVE the annual report are carried forward for the BOARD first six months of 1927 in the mid-year The complete edition of the annual report statistical summary appearing elsewhere in of the Federal Reserve Board, covering opera- this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDEKAL RESERVE BULLETIN JULY, 1927 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production increased in May and high April level. Compared with May of last continued at a higher level than a year ago, year, department-store sales were about 4 per while distribution of commodities was in cent smaller, while those of mail-order houses smaller volume than last year. The general were slightly larger. Value of wholesale trade level of wholesale commodity prices has of all leading lines, except groceries and meats, changed but little in the past two months. was smaller in May than in April and in the Production.—Output of manufactures in- corresponding month of 1926. Inventories of creased considerably in May, while production merchandise carried by department stores showed slightly more than the usual seasonal decline in May and at the end of the month were somewhat smaller than a year ago. Stocks of wholesale firms were also smaller than last year. Freight-car loadings increased 100* in May by less than the usual seasonal amount, and for the first time in over a year daily average loadings were in smaller volume than in the corresponding month of the preceding 50 50 year. Loadings of all classes of commodities, except livestock, ore, and miscellaneous prod- PRODUCTION OF MANUFACTURES AND MINERALS ucts, were smaller than last year. Prices.—The general level of wholesale com- 1923 1924- 1925 1926 1927 modity prices has remained practically un- Index of production of manufactures and minerals. (1923-1925 average = 100.) Latest figures, May PER CENT PERCENT of minerals was maintained at the April level. 200 [200 Increased activity was shown in cotton and woolen mills, in meat packing, and in the 150 production of lumber; the output of iron and steel, nonferrous metals, automobiles, and building materials, after allowance for usual 100 seasonal variations, was maintained at practically the same level as in April. Since the latter part of May, however, production of 50 50 steel and automobiles has declined. The total WHOLESALE PRICES value of building contracts awarded continued slightly larger in May and in the first two weeks 1923 1924 1925 1926 1927 of June than in the corresponding period of Index of United States Bureau of Labor Statistics. (1913=100, base last year. Production of winter wheat was adopted by bureau.) Latest figures, May estimated by the Department of Agriculture changed since the middle of April. Prices of on the basis of June 1 condition at 537,000,000 grains, cotton, and hides and skins have adbushels, or 90,000,000 bushels less than last vanced, but these advances have been offset year. The indicated rye production was in the general index by declines in the prices placed at 48,600,000 bushels, which is 20 per of livestock, wool, silk, metals, and rubber. cent larger than the crop in 1926. Bank credit.—Demand for bank credit to Trade.—Sales of retail stores in May showed finance trade and industry remained at a more than the usual seasonal decline from the constant level between the middle of May Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN" 469 and the middle of June, and the growth in the bonds. Loans to brokers and dealers in securivolume of credit extended by member banks ties by reporting member banks in New York in leading cities during the period was in City increased rapidly and on June 15 were in holdings of securities and in loans on stocks and larger volume than at any previous time covered by the reports. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 | At the Federal reserve banks there was AllOther Loans little net change in the volume of bills and ( Largely Co^mmerSci'~al *) 8 8 securities between May 25 and June 22, the fluctuations during the period reflecting largely the effects of Treasury operations. Discounts 6 6 Invyestmen^ts for member banks toward the end of June —-^ were in about the same volume as a month 4 Loanson earlier, while there was a decline in the reserve SecuritieS banks' holdings of acceptances and an increase in their portfolio of United States securities. 2 MEMBER BANK CREDIT Conditions in the money market were fairly I I stable throughout the period, with slight ad- 0 0 1923 1924- 1925 1926 1927 vances in the rates on commercial paper and Monthly averages of weekly figures for banks in 101 leading cities. more recently on bankers7 acceptances. Latest averages are for first four weekly report dates in June 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 o d d i n u a u l s i c - - P m t t r i u o f o a r a n d e n c s u - u o c - * f - P m t r i a o o i l n n d s e u o i r c - f - B U j u u i n s l t d a a e w d i d n - a g r d c e o j d u n A s t * t r d e a - d cts e F m m ac p e t l n o o t r y y - Fa r p c o a t l y o ls ry l R r o c o a a a a i d r d l - - W tr s h a a o d le l e e- D j U u e n s p t a a e d r d s t - m ale e s n j 1 t u - A s s t t d e o - d re D j U u e n s p t a a e d s r d t t - m oc e k n j s t u l - A s s t t d e o - d re o o d C B Y f u e i a N o t b t s n y r i e i k t k d w s i 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 97 112 127 76 104 135 131 140 128 March. .... 108 108 108 146 128 97 I 113 126 85 130 130 142 141 131 April. 108 108 107 139 120 96 l 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 111 112 109 146 129 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 78 234 146 128 137 126 1927 January 106 105 117 94 123 102 122 75 114 130 124 139 125 February... 109 107 120 96 131 109 132 73 107 139 131 139 133 March 112 110 122 151 131 110 131 83 129 129 142 140 134 April 109 109 106 147 128 108 134 78 143 140 143 139 137 May 111 112 108 135 126 108 125 79 131 127 138 138 133 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

470 FEDEKAL KESEKVE BULLETIN JULY, 1927 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE [Monthly averages of daily figures. In thousands of dollars] BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 2 Bills dis- Reserve counted United Month cr b e u a d s n e it k 1 in m b e a f m o n r k b s er b B ou il g ls ht s S e t c a u t r e i s - 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 April. 1,038,857 447,286 248,429 341, 081 1923 1924- 1925 1926 1927 May 999,504 472, 984 233,224 291,495 Monthly averages of daily figures for 12 Federal reserve banks. Latest June 1,033,123 428,563 205,273 397,754 figures are averages for June 1 Total holdings of bills and securities by all Federal reserve banks 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 Boston Y N o ew rk d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F S r a a n ncisco Discounts: 1926—January 526,042 31,895 163,247 48,172 59,208 38,035 26,953 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 17,063 5,841 25,307 March 558,795 35,151 140,813 59,901 56,611 43, 558 40,006 75,507 26,126 17,499 6,641 50,283 April 539,594 28,450 129,202 53,295 56,207 45,066 44,354 75,266 28,236 19,044 7,400 46,688 y 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 38,384 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 42,011 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 38,031 134,908 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 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 A J M u p a n r y e i _ l. _ 4 4 4 7 2 4 2 8 7 , , , 9 2 5 8 8 6 4 6 3 2 3 3 3 3 7 , , , 8 1 2 4 2 0 3 9 1 1 1 9 2 3 1 1 7 , , , 9 6 7 3 2 6 2 8 5 4 4 4 5 3 5 . , , 8 7 2 4 4 2 1 4 7 4 5 4 3 3 1 , , , 6 8 8 2 9 0 4 0 1 2 2 2 2 5 2 , , , 5 4 3 0 7 5 6 4 0 3 3 3 4 2 4 , . , 1 6 6 4 1 2 0 8 5 5 5 6 2 6 3 , , , 6 2 9 7 8 1 9 1 7 2 2 1 4 6 6 , , , 0 2 2 2 0 5 4 2 1 6 6 6 , , , 5 7 0 1 3 5 4 7 8 1 1 1 7 6 1 , , ,9 3 5 0 3 2 2 3 4 4 4 6, , , 1 6 4 7 7 0 2 0 3 4 5 4 3 1 3 , , , 1 3 3 0 9 3 7 0 1 Deposits: 1926—January 2,289,298 148,192 872,556 137,443 177,700 70,956 83,104 327,433 55,560 91,912 64,389 173,249 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 2,241,415 145,362 865,577 135,361 181,333 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 82,092 49,787i 94,619 57, 595 169,442 September 2,273,205 147,447 862,912 137,152 70, 061 72, 718 338,071 80,937 50,099I 93,706 58,913 173,141 October .. 2,280,180 153, 231 853,359 139,637 185,945 72, 240 74, 640 336,643 83,745 51, 574 92,848 60,984 175, 334 November.. 2,279,135 155,409 856,416 139,260 184,749 72,626 72,938 332,040I 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 52,550j 91,127 62,902 177,IU 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 i 82,780 51,484 .90,789 63,170 175,018 April 2,301,120 148,394 882,386 140, 451 188,122 71,211 72.766 332,363i 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! 83,19349,156 89,378 61, 645 177.188 June | 2,355,428 149,846 941,867 137,874 190, 247 71,679 68,810 338,545 I 82,434 49,678 88,342 59,765 176, 341 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESEEVE BULLETIN 471 JULY, 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5555000 5500 GOLD IMPORTS AND EXPORTS MONE\" IN CIRCULAT10N i 5000 5000 • v w • • / 4500 4500 40 Bars above base line represent imports i Sars beJow base line represent Exports Black portions represent excess Imports or Exports 60 80 4000 J t 4000 1921 1922 1923 1924- 1925 1926 1927 1923 1924 1925 1926 1927 Based on averages. Latest figure, June, $4,765,000,000, average of GOLD STOCKi figures for June 1 and July 1 [First of month figures. In millions of dollars] MONEY IN CIRCULATION Month 1922 1923 1924 1925 1926 1927 January 3,657 3,933 4,247 4,547 4,409 4,502 [First of month figures. In millions of dollars] 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 A M p a r y il ., 3 3, , 7 7 5 6 1 7 3 3 , , 9 9 8 6 2 9 4 4 , , 4 3 1 6 7 8 4 4 , , 3 4 9 0 4 5 4 4 , , 4 4 9 9 7 5 4 4 , , 6 5 0 9 9 9 Month 1922 1923 1924 1925 1926 1927 June.- 3,774 4,023 4,460 4,396 4,494 4,608 July 3,786 4,049 4,491 4,390 4,500 4,588 August 3,825 4,079 4,517 4,391 4,519 January... 4,605 4,733 4,951 4,993 5,008 5,001 September- 3,859 4,, 109 4,531 4,400 4,511 February.. 4,353 4,509 4,682 4,752 4,740 4,713 October 3,874 4,135 4,548 4,399 4,499 March 4,402 4,611 4,808 4,804 4,814 4,779 November. 3,902 4,168 4,554 4,442 4.491 April 4,413 4,656 4,813 4,776 4,806 4,758 December. _ 3,909 4,210 4,570 4,426 4,495 May 4,385 4,668 4,760 4,725 4,854 4,784 June 4,370 4,706 4,815 4,774 4,871 4,786 1 Gold coin and bullion held by United States Treasury and Federal J A u u ly gust 4 4 , , 3 3 7 3 4 7 4 4 . , 6 7 9 2 6 9 4 4 . , 7 6 5 6 5 5 4 4, , 7 7 2 3 0 6 4 4 , , 8 8 3 5 5 8 4.745 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 Cou o n r tr d y est o in f ati o o r n igin May January-May Calendar year KINDS OF MONEY IN CIRCULATION [In millions of dollars] imports ExportsImportsExportsImportsExports F E r n a g n l c a e nd.. . 26 054 --- 3 2 9 1 ,0 3 0 7 0 2 6 1,2 3 1 5 2 1 18 First of month figures Averages l Germany. . ~13,~857~ 1 47, 550 Kind of money Canada 528 38 45,812 3,262 82, 543 42,392 Central America 137 566 3 1,516 3 855 May June July May June Mexico 484 510 2, 654 2,833 23,913 6,202 Chile 36 3,681 21,180 Colombia 106 570 1,001 1,663 2,019 Gold coin and bullion...__ 389 387 386 388 387 Ecuador 344 1,307 6 Gold certificates._ 1,019 1,004 1,007 1,012 1,006 Peru 241 1,176 2,644 Standard silver dollars 49 49 49 49 49 Venezuela 21 143 100 647 1,700 Silver certificates. 377 379 376 378 377 Australia 2 433 7,307 51 119 Treasury notes of 1890.. . 1 1 1 1 1 British India . . 78 5 578 Subsidiary silver 273 275 276 274 275 British Malaya 150 1,527 3,342 United States notes 293 293 292 293 292 China and Hong Federal reserve notes, _ 1,724 1,734 1,703 1,729 1,718 Kong 1,027 665 1,673 2, 555 6,540 4,495 Federal reserve bank notes. . 5 5 5 5 5 Dutch East Indies.. 241 57 •717 333 1,707 2,221 National bank notes 654 659 650 656 655 Japan 2,000 20,000 14,000 60 Philippine Islands.- 121 688 1,990 Total 4,784 4,786 4,745 4,785 4,765 All other countries.. 781 20 1,058 1,475 1,166 1,270 Total . 34,212 1,510 146, 761 27, 031 213, 504 115, 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

472 FEDERAL RESERVE BULLETIN JULY, 1927 MONEY RATES IN NEW YORK CITY t - 1922 1923 1925 1926 1927 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate Average rate Average yield on— on— Rate in | Previous U.S. Federal reserve bank ef J f u e l c y t o 1 n Date established I rate Prime Prime T u re r a y s- Month or week com- bank- notes per mercial ers' Call Time and cent B N Ph o e i w s l t a o Y d n e o l r p k hia. A N N u o o g v v . . . 1 2 1 3 0 0 , , , 1 1 1 9 9 9 2 2 2 6 5 5 . . . m p o a 4 p n -6 e th r, s a 9 a c 0 n c c d e e a p s y t , - s loans * loans s c c e a 3 r t - t e i 6 f s i , - b L e o r i n t b y d - s Cleveland Nov. 17, 1925. months Richmond June 14,1924. Atlanta June 18,1924. 1926 Chicago June 14, 1924. April 4.06 4.29 3.08 3.94 St. Louis June 19,1924. May 4 3.81 4.05 3.17 3.93 K M a i n n s n a e s a p C o it l y is ._ .. J O u c ly t. 1 1 5 , , 1 1 9 9 2 2 4 4 . . . . . J J u u l n y e 4 4 4 . .2 1 7 5 4 4 . .2 3 0 9 8 3 2 .1 .9 1 0 3 3 . . 9 9 3 0 D Sa a n l la F s r ancis ._ co _ J N u o ly v . 1 2 6 3 , , 1 1 9 9 2 2 4 5 .. . A Se u p g t u e s m t ber.._ 4y 4 5 . . 5 0 2 2 4 4 . .7 8 6 8 8 3 3 .2 .4 7 7 3 3 . . 9 9 5 6 October 4.75 4.99 3.58 3.95 November... 4.56 4.70 3.35 3.91 BUYING BATES ON ACCEPTANCES December 5.16 4.70 3.83 [Buying rates at the Federal Reserve Bank of New York] 1927 January 4 -4; 4.32 4.52 3.23 3.80 February 4.03 4.42 3.29 3.80 Maturity e R f J f u e a c l t y e t o 1 in n Date established Pre ra v t i e ous A M M p a a r r y i c l h 4 4 - - 4 1 H % 4 4 4 . . . 1 1 2 3 8 6 4 4 4 . . . 3 4 4 9 5 0 8 3 3 3 . . 3 3 .2 9 3 1 3 3 3 . . . 8 8 8 0 7 6 4 -4H / 3.04 June 4.33 4.49 \ 3.09 3.84 3 9 4 1 1 6 1 1 6 - 6 1 1 - - - - - 1 3 4 6 9 5 2 0 5 0 0 d 0 d d d d a d a a a a y y a y y y s s y s s s . _ s - . . . . . . . . . 3 3 3 3 3 ^ ^ 3 } M /. S A e u p g t d d d d . . o o o o 2 1 3 , , 1 1 9 9 2 2 _ 6 6 . . . . Wee J J J J k u u u u n n n n e e e e e n 2 1 4 d 1 5 8 1 in . . g- 4 4 4 4 . . . . 5 1 3 0 0 9 5 0 4 4 4 4 . . . . 4 4 4 4 4 6 8 8 3 3 3 3 3 . . . . . 1 0 0 0 1 2 4 8 8 1 3 3 3 3 . . . . 8 8 8 8 2 4 6 4 121-180 days Aug. 16,1926 1 Stock exchange call loans; renewal rate. 1 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. 2 Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 473 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 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Sa c n i F sc r o an= Prime commercial loans 1926—June 4K"434 5>^-6 5 -6 5 -6 434-5 5 434-6 July 6 5 5 -6 434-5 5 ~5A 5 -6 August 6 5 -6 5 -6 434-5 5 -5J^ 4^-5 S O e c p to te b m er ber. 6 6 5 53 3 4 4 - -6 6 5 5 - - 6 6 43/4-5i 5 g - - 5 53 3 ^ ^ 2 4 5 H - - 6 6 November. 5 -0 5J4-6 5 -6 5 -5A 5 -5A 5 -6 December. 6 534-6 5 -6 434-53*6 5 -51^ 414-6 1927—January... 5 -6 5^4-6 5 -6 4J4-53/<2 5 -53^ 4i^_g February.. 5 -6 5 -6 5 -6 434-53*^3 5 5 -6 March 4^-4 4H-6 434~53^ 5 4H-6 April 5 -6 5 -6 4A-5A 5 434-6 May 5 -6 5 -6 4^-51^ 5 4^-6 June 4^-5 5 -6 434-5^ 5 4M-6 Loans secured by prime stock exchange collateral 1926—December. 5 5 434-5 6 53^-6 5 -6 5 -5lA 5 -53^ 5 -6 5 -6 6 -7 5 -6 1927—January. _ -5 434-5 434-5 6 5J4-6 5 -6 434-5 5 -5H 5 -6 5 -6 5 -7 5 -6 February. 4?4 43^-5 434~§ 6 5 -6 5 -6 4M-5 5 -5H 454-6 5 -6 6 -7 5 -6 March..... 4% 434-5 43^-5 6 5^-6 5 -6 434-5 5 -53^ 434-6 5 -6 6 -7 5 -6 April 4*4-5 43^-5 43^-5 6 5 -6 5 -6 41^-5 5 -51^ 4i^-6 5 -6 5 -7 5 -6 May... 4^-5 4^-5 6 6 5 -6 41^-5 5 -53^ 434-6 5 -6 6 5 -6 June 434-4M 6 6 5 -6 4H-5 5 ~vA 5 -6 5 -7 5 -6 Loans secured by warehouse receipts 1926—December. 4?4-5 5 -5H 5 -6 5^-6 5 -6 4M-5H 434-6 434-5H 5 -6 5 -7 1927— F J e a b n r u u a a ry r . y _ .. _ 5 5 5 5 - - 5 5 3 J ^ ^ 5 5 - - 6 6 6 6 5 5 - - 6 6 4 43 ^ 4 - - 5 53^ 4 4 ? 5 ,i i - - 6 5A 4^-5i 5 5 - - 6 6 5 5 - - 6 6 5 5 - - 6 6 March..... 5 53^-6 5 -6 5)4-6 5 -6 43^-5 4-5X4 4X'2~5A 5 -6 5 -6 5 -6 April...... 5 5 -6 6 6 5 -6 5 4)4-5 5 -6 5 -7 5 -6 May _ 434-5 5 -&A 6 5 -6 5 -6 41^-51^ 5 5 -6 5 -6 5 -6 June 434-5 5 -6 6 5 -6 5 -5 4M-53^ 5 4>|-6 5 -6 5 5 -6 Interbank loans 1926—December VA-5 5 5 434-5^ 5 -6 5 5 -5}4 5 -6 6 5 5 -53 1927—January.. VA 43^-5 5 5 -534 5 -6 5 5 -53^ 5 -6 6 5 5 -6 February. 43^-5 5 5 5 -6 5 5 -5V£ 5 -6 6 5 5 -6 March 43^ 5 5J4~5/^ 5 -6 5 -53^ 5 -53^ 5 -6 6 5 5 -6 April 43^ 434-5 5 5 5 -6 5 -5H 5 -53^ 5 -6 6 5 5 -6 May 4^-5 43^-5 5 5 5 -6 5 5 — 5V£ 5 -6 6 5 5 -6 June 43^-5 4M-5 5 5 5 -6 5 5 -5Yz 5 -6 6 5 5 -6 FEDERAL RESERVE BRANCH CITIES [1927] Loans secured by prime Loans secured by warehouse Prime commercial loans stock exchange collateral receipts Interbank loans City April May June April May June April May June April May June Buffalo. 5 -6 5 -6 5 -6 5 -6 5 -6 6 5 5 5 Cincinnati 53^-6 -7 53^-7 5 -6 5 -6 5 -6 Pittsburgh 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 5 -6 5 -6 5 Baltimore. 5 -5} 5 -5?, 5 -5> 534-6 53^-6 5 -53' Birmingham 5 -6 5 -6 5 -6 6 6 6 6 5 -6 5 -6 5 -6 Jacksonville.«.. 5 -6 5 -6 5 -6 6 -8 6 -8 6 -8 -8 6 -8 6 -8 6 6 6 Nashville- 6 6 6 6 6 6 53^-6 534-6 53^-6 53^-6 New Orleans 534-6 534-6 53^-6 534-6 5 -6 5 -6 5 -5> 5 -53^ 5 -5 Detroit 434-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 Little Rock 5 -6 5 -6 5 -6 6 -7 6 -7 6 -7 5 -7 5 -7 6 5 -6 5 -6 Louisville 6 5 -6 5 -6 5 -6 6 6 5 5 5 Helena 8 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 D O e k n la v h e o r m a City- 5 -6 4 5 3 4 - - 6 6 4 5 - - 6 6 5 6 - - 6 7 5 -8 6 5 -6 6 5V2-7 6 -6 6 Omaha 4M-6 6 5M-6 6 El Paso__ 8 8 8 8 8 7 -8 7 -8 6 Houston „ 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 5 -7 5 -53* Los Angeles 6 6 -7 6 -7 6 -7 7 7 6 Portland 6 6 6 6 -7 6 Salt Lake City. 6 6 6 7 7 6 Seattle.™ 5 -7 5 -7 6 6 -7 6 -7 -7 6 -7 6 -7 6 -W2 6 -7 Spokane—----- 6 -7 6 -7 6 -7 6 7 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDEEAL EESEKVE BULLETIN JULY, 1927 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 member Total member Total New C i Y ty ork le O c a i t d t h i i e e n s r g Total banks New C i Y ty ork le O c a i t t d h i i e e n s r g Total banks 1926—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 June.. 775, 900 973,318 1, 749, 218 592, 650 2, 341, 868 51, 485 ' 219,307 270, 792 163, 753 434, 545 LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING MEMBER BANKS [Monthly averages of weekly figures. In thousands of dollars] Loans and investments Net demand, time, and Government deposits Month Loans Invest- Net Govern- Total On securi- ments Total demand ment Total ties All other In New York City: 1926—May 6,209,147 4,395,058 2,033, 603 2,361, 455 1,814,089 5,916,976 5,055,300 824, 886 36, 790 June.... 6,271,298 4,436,270 2,121,717 2,314, 553 1,835,028 5,995,281 5,133, 643 829, 646 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 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 29,973 March 6,349,701 4,525,865 2,026,633 2,499,232 1,823,836 6,063,771 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 June 6, 692, 243 4, 767,162 2, 208, 984 2, 558,178 1, 925,081 6, 421,358 5, 389, 740 1,009, 999 21, 619 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 6,105,622 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, Oil, 731 5,179,428 83,615 June _. 13, 990,132 9, 870, 964 3, 781, 252 6,089, 712 4,119,168 13,324,838 8,034,314 5,174, 294 116, 230 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 8,389,386 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 8,640,684 5,522,075 19,076,168 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 20.234,306 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 June 20, 682,375 14, 638,126 5,990, 236 8, 647, 890 6,044,249 19,746,196 13, 424,054 6,184, 293 137, 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

475 JULY, 1927 FEDEKAL BESERVE BULLETIN 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 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 St. Louis M ap in ol n i e s - K C an it s y as Dallas Sa c n i s F c 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 June 45,846 94,870 56,374 24, 499 6,718 10, 511 145,323 26, 503 19,932 33, 445 15, 795 53, 515 1926—January... 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 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 11,118,300 172,512 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 June 143,113 1,170, 711 164,173 56,135 30,346 14,113 346,052 81,401 47, 514 82, 674 24, 894 99, 877 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 March April May June March April May June Buffalo 14, 511 13,047 13,465 12, 864 Buffalo 22, 447 23,263 23,214 23, 593 Cincinnati 15,710 16, 338 15, 555 14, 949 Cincinnati 36, 665 36,747 35, 481 33, 703 Pittsburgh 43,157 36, 836 38,402 40, 852 Pittsburgh 128, 770 128, 754 124,289 121, 277 Baltimore. 14.348 13, 298 13,271 14,406 Baltimore 37,070 37, 534 36, 570 35, 787 Birmingham 8,112 7,873 7,610 8,065 B irmingham 7,246 6,925 6,593 6,092 Jacksonville 14, 285 14,118 13,411 11,325 Jacksonville 14,452 14, 878 14,746 13,366 Nashville 4,304 4,218 5, 335 5,095 Nashville 11, 760 11,994 12,400 11,153 New Orleans— 19,078 15,826 15,438 15, 495 New Orleans 39, 938 40, 733 38,391 37, 977 Detroit 37, 754 37, 779 36,231 37, 256 Detroit. ___ 43, 590 43, 499 41,013 44, 516 Little Rock 3,511 3,573 3,325 3,484 Little Rock 10,875 10, 673 10, 617 10, 585 Louisville 10, 548 10,410 8,307 9,150 Louisville 29,994 28,386 27,892 24,134 Memphis 16,036 13, 771 13, 923 13,085 Memphis 17,138 14,793 13,628 12,909 Helena.... 1,561 1,488 1', 377 1,410 Helena 3,031 2,720 2,359 2,379 Denver 18,019 15,264 14,083 14, 884 Denver 18,131 16, 255 15,681 14, 531 Oklahoma City 14, 635 13,005 11,842 11,454 Oklahoma City- 22,674 20, 678 18,203 17,011 Omaha. __ 17, 683 15, 314 14,486 15, 384 Omaha 33,730 30,693 29,981 31,906 El Paso 3,048 2,850 3,078 2,532 El Paso. 2,140 2,136 2,231 2,115 Houston 16.349 16, 664 16,116 16, 571 Houston 28,076 25, 618 26,680 24, 730 Los Angeles 50,859 53,001 52, 742 53, 645 Los Angeles 58, 595 60,488 60,455 55, 518 Portland. 10, 782 10,967 10, 776 9,802 Portland.._ 15, 632 16,690 18, 258 15, 339 Salt Lake City. 5,255 5,062 4,924 5,171 Salt Lake City- 11,249 10, 799 10, 576 10, 288 Seattle 16, 544 16, 502 16,010 16, 433 Seattle 17, 416 17, 661 16, 728 16, 379 Spokane 4,289 3,778 Spokane... 8,812 8,173 8,014 8,316 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN JULY, 1927 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS * [1913=100] Month m Al o l d c it o i 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 l r s e u m a g n s i d - n H g i f s o o u h o u r i d - s n s e g l M an is e c o e u l s - cu A lt g u r r i- al cu N a l g t o u r n i r - - al 1926 January . 156 152 156 186 177 129 178 133 165 135 154 158 February.. 155 150 153 184 179 128 177 132 164 133 152 157 March 152 144 151 181 175 128 176 132 164 128 148 155 April » 151 145 153 177 174 127 173 130 163 127 149 153 May 152 144 154 176 179 125 172 131 162 125 149 153 June— J-> 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 Nnvp.mhfir 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 May 144 137 148 170 158 121 166 122 157 120 144 144 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 * 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 l t d d r t s y r - y c C o s a o e t n t t e t o 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 - J r s a t i o l 3 c r 1 o ks a d 3 s T t 2 o o 2 c ta 9 k l s , a B i v p o s o e r s f n i r u c 4 a d e e 0 g s s e : 1926 1926 June . 147.4 125.5 141.0 95.32 April 140 131 253 146 133 135 83 July. — „ 152.7 128.3 145.6 94.87 May 139 131 240 148 131 130 82 August . 159.2 131.4 151.1 95.03 June_>_ 139 130 216 154 130 132 81 September 159.8 134.6 152.5 95.03 July 136 125 195 152 131 126 85 October _. ... > 155.4 129.6 147.9 94.93 August 133 128 166 144 130 130 81 November . 157.5 132.4 150.2 95.66 September. 134 121 136 148 139 134 93 161.7 135.2 153.9 96.05 October.. „_ 130 123 136 148 144 94 97 1927 N D o e v ce e m mb b e e r r .. . 1 1 3 2 0 7 1 12 2 0 1 1 1 4 3 2 7 1 1 4 4 0 2 1 1 5 6 7 1 8 8 8 1 9 9 7 1 J F a e n b u ru ar a y ry .. .. 1 1 6 5 3 8 . . 0 4 1 1& 42 6 . . 1 7 1 15 5 6 3 . . 9 5 9 9 6 6 . . 4 4 4 3 1927 March 165.7 143.1 159.0 96.63 January.. „_ 126 120 140 140 152 85 87 A M p a r y il 1 17 6 4 5 . . 5 1 1 1 4 5 7 0 . . 4 5 1 1 6 6 6 7 . . 2 5 9 9 7 7 . . 2 5 4 5 February. __ 127 122 142 143 142 94 84 June 175.4 151 9 168 5 97 06 March 126 121 140 144 133 102 81 Week ending- J M A u p a n r y e il 1 1 1 2 2 3 6 5 0 1 1 1 4 1 2 0 9 7 2 1 1 0 4 5 1 7 8 1 1 1 3 2 4 7 9 3 1 1 1 2 3 3 4 0 3 1 1 11 0 1 9 1 3 7 8 8 9 0 2 J J J u u u n n n e e e 4 1 1 1 8 1 1 1 7 7 7 5 6 6 . . . 5 8 0 1 1 1 5 5 5 2 2 2 . . . 4 5 1 1 1 1 6 6 6 9 8 9 . . . 6 7 1 9 9 9 7 6 7 . . . 3 0 9 2 6 5 June 25 173.1 150.6 166.5 96.90 i Index numbers of Department of Agriculture. DOMESTIC CAPITAL ISSUES i Index numbers of Standard Statistics Co. » Average of 1917-1921 prices=100. [In millions of dollars] » Average of yearly high and low prices, 1913-1922=100. May, 1927 April, 1927 May, 1926 FOREIGN CAPITAL ISSUES [In millions of dollars] Class of issue Re- Re- Re- May,1927 April,1927 May 1926 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 __ 623.3 267.9 458.6 231.2 554.9 13.6 Corporate issues. 414.9 265.8 314.1 131.6 415.3 12.2 Total 19.7 32.1 162.3 73.8 51.3 25.8 Bonds and notes— New issues 19.7 32.1 160.3 68.2 51.3 9.8 Long-term 267.9 248.1 222.2 113.0 207.6 9.9 Europe 15.7 15.1 77.5 14.5 5.8 6.3 Short-term.... 22.1 17.2 10.4 27.2 2.3 Canada and Newfound- Stocks . 124.8 .5 81.5 18.6 180.4 land . __ __ 17.0 26.9 12 7 12.5 Latin America 4.6 31.7 41.0 31.5 3.5 Farm loan issues . 2.5 13.1 92.8 3.5 United States insular possessions 1.5 Municipal issues 205.9 2.2 131.4 6.8 136.1 1.3 Asia and Oceania 23 7 Refunding issues 2.0 5.6 16.0 Total new and refunding 891.2 689.8 568.3 Total, Government and corporate 51.8 23(5.2 77.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

477 JULY, 1927 FEDEKAL KESERVE BULLETIN INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average=1001 Index of Industrial Production Month Total Manufactures Minerals 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 January.... . . 74 100 99 105 106 106 73 100 99 105 108 105 76 100 103 105 93 117 February. __._„__„ 76 100 102 105 107 109 75 100 102 106 108 107 87 100 106 101 98 120 March ._„ .... 81 104 101 105 108 112 78 103 101 106 108 110 97 106 101 98 108 122 April 77 107 95 103 107 109 81 106 95 103 108 109 53 112 92 99 107 106 May.......... 81 107 89 103 107 111 86 107 88 103 107 112 53 108 93 104 103 108 June.. 85 105 85 101 107 90 104 83 101 107 58 107 91 99 104 July 84 103 83 103 107 89 102 82 103 107 56 109 90 102 105 August ...... 83 102 89 103 111 87 101 89 103 112 62 110 92 107 109 September ..... 88 100 94 102 113 89 101 93 104 113 82 98 97 90 111 October 94 99 95 105 111 94 98 95 107 110 91 105 97 91 116 November....... . 97 97 97 106 108 98 96 97 108 106 94 104 96 94 118 December.. . 100 96 100 108 105 100 95 101 110 103 99 99 100 94 120 Annual index....... 85 101 95 104 108 87 101 94 105 108 74 105 96 99 107 Index of Production of Manufactures, by Groups Month Iron i Food Paper Leather Cement, Non- Tobacco Total and Textiles prod- and Lumber Auto- and | brick, ferrous manusteel ucts printing mobiles shoes and glass metals refining factures 1926 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 92 116 135 117 114 February..... 107 114 107 92 114 98 99 100 108 112 135 114 113 March... 110 116 114 100 113 91 103 97 121 107 135 122 118 April..... 109 115 1113 114 87 103 196 109 111 134 1131 122 May 112 118 118 103 113 95 105 97 108 110 132 129 122 Index of Production of Minerals, by Products Month Total n B o i u t s u c m o i a - l Anth c r o a a c l ite C tr r o u l d e e u p m e- sh Ir i o p n m o e r n e ts Copper Zinc Lead Silver 1926 April....... 107 107 126 109 113 . 112 93 May....... 103 100 120 98 95 108 112 116 92 June 104 101 124 99 103 106 110 108 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. _. 120 124 111 112 119 122 109 1927 January. 117 122 98 115 116 113 100 February.. 120 130 95 124 111 114 113 March......... 122 139 89 124 100 114 115 93 April._ 106 93 109 119 1105 109 1122 188 May . 108 91 119 120 120 106 107 113 i Revised. 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

478 FEDERAL EESERVE BULLETIN JULY, 1927 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES May, April, May, Mav, April, May, 1927 1927 1926 1927 1927 1926 Iron and steel: Leather and products: Pig iron 109 112 112 Leather, tanning- Steel ingots 119 116 116 Sole leatherl _ _ 104 106 81 Textiles: Upper leather- Cotton consumption 125 116 104 Cattle 84 83 90 Wool- Calf and kip 89 105 Consumption .. 107 98 89 Goat and kid _ _ 108 109 124 Machinery activity * 84 82 79 Boots and shoes 96 95 90 Carpet and rug loom activity i__ 91 91 78 Stone, clay, and glass: Silk- Cement 115 110 113 Deliveries 143 150 109 Brick- Loom activity 1 . 111 104 Face brick _ 104 102 100 Food products: Paving brick 81 84 71 Slaughtering and meat packing- Plate glass 113 118 129 Hogs . _ _ 98 87 81 Nonferrous metals: Cattle 107 105 107 Copper 109 2 108 116 Calves 103 102 101 Lead 113 2122 116 Sheep 103 101 100 Zinc 107 109 112 Flour 108 112 98 Tin i 110 114 110 Sugar meltings 101 100 97 Chemicals and allied products: Paper and printing: Petroleum refining— Wood pulp and paper— Gasoline * 145 149 133 NewsDrint 100 102 110 Kerosene 100 98 111 Book paper 104 108 110 Fuel oil i 122 120 110 Fine paper 113 115 116 Lubricating oil1. _ 110 113 119 Wrapping paper . 104 2 108 100 Coke production- Paper board 112 2 113 119 By-product > 123 119 120 Wood pulp, mechanical 91 92 108 Beehive 64 67 90 Wood pulp, chemical- 114 2 107 116 Rubber tires and tubes: Paper boxes 136 128 129 Tires, pneumatic -- _. 130 2 132 108 Newsorint consumption 129 129 123 Inner tubes 117 2127 107 Lumber: Tobacco products: Lumber cut 94 2 86 102 Cigars *_ 98 91 94 Flooring . _ _ __ 102 94 106 Cigarettes 142 147 123 Transportation equipment: Manufactured tobacco and snuff 97 96 101 Automobiles 105 103 114 Locomotives ._• 69 91 Shipbuilding 164 74 1 Without seasonal adjustment. 2 Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Month Total G M ro p u e r p t o a d l u s c a l a t i n s n o d d n G T r e o x u t p iles F a a b n r d i c p s rod P u u r c o c t d t s s - L p u a b r u n c o e m t d d r s - - R v r c o e a l a h e i d l s i - - m A o u b t i o le - s P p a r i a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s - er S c g a t l l o n a a n d y s e s , , b p u T a r c o c o t c d - s o - C p i u a h c r n o c a e t d d l m s s -, steel Employment: 1926—April. 96.4 94.3 93.7 94.9 95.8 93.8 100.2 88.1 132.1 106.8 82.5 83.9 121.8 79.8 77.3 May 95.5 93.1 92.8 92.6 93.7 91.3 100.1 87.8 127.1 106.9 83.6 82.6 127.4 79.4 76.0 June 95.1 92.7 92.5 91.0 91.8 90.0 100.1 86.7 125.2 106.8 85.5 82.4 129.7 82.1 76.3 July 93.5 91.4 91.1 87.0 88.2 85.6 99.4 85.7 122.0 106.4 85.7 85.5 127.3 79.1 75.1 August 94.4 91.9 91.7 88.4 88.6 88.0 100.3 84.9 125.1 106.6 86.0 89.5 129.7 76.7 75.6 September . 95.8 92.9 92.7 91.3 92.8 89.5 100.0 85.0 124.6 108.4 88.6 90.9 129.3 80.6 77.4 October 96.3 93.3 93.0 93.7 95.9 90.8 100.1 83.9 119.9 109.8 90.4 90.6 126.6 82.7 78.2 November— 95.2 91.7 91.5 93.6 97.0 89.4 99.3 83.0 110.2 111.1 88.6 89.0 123.9 82.3 78.2 December— 94.1 90.5 90.4 95.0 97.5 91.9 97.1 82.3 104.0 110.7 86.7 87.1 117.9 81.8 77.8 1927—January 92.4 88.9 88.7 95.2 97.6 92.2 92.6 79.8 104.2 108.8 85.1 88.6 109.6 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 May 92.6 88.7 88.4 93.6 96.5 89.9 91.5 78.5 123.7 107.3 83.7 82.6 124.0 78.2 75.3 Pay rolls: 1926—April 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 May 108.9 100.5 100.1 99.1 100.7 97.2 111.8 95.1 157.3 147.1 99.5 81.2 158.3 81.7 103.7 June 108.8 100.6 100.3 97.4 98.2 96.4 112.9 96.2 147.7 146.9 101.6 85.4 162.9 87.1 105.0 July 103.6 94.8 94.5 91.6 92.7 90.2 107.5 89.6 136.7 144.0 100.8 90.3 152.9 83.6 101.7 August 107.6 97.0 96.7 96.5 96.0 97.0 112.6 93.1 152.7 144.4 100.6 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 May 108.1 96.8 96.2 103.3 107.6 98.1 104.5 89.8 158.7 150.3 100.7 84.4 157.6 83.6 107.0 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

479 JULY, 1927 FEDERAL RESERVE BULLETIN BUILDING BUILDING CONTRACTS AWARDED 1 [Index numbers based on value of contracts. Monthly average, 1923-25=100] 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 June _. 97 93 101 137 133 154 80 80 91 125 125 144 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 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 1926 January.,... 457,159 24,256 195, 564 20,322 29,905 30,855 50,841 51,122 22,255 6,363 9,946 15,730 February... 407,900 18,494 104, 568 43, 536 35,033 25,969 53,848 23,551 12,736 19,714 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... 549,815 144, 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 44,318 40,084 114,458 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 27,776 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 34, 888 13,944 22, 644 22,539 May 552,349 39,023 141,177 36,172 72,782 39, 736 31,100 103,226 31,344 12,999 21, 528 23,262 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING PERMITS ISSUED, BY FEDERAL RESERVE BUILDING i DISTRICTS [Value of contracts in thousands of dollars] Public Month d R en e t s i i a - l In tr d ia u l s- m C e o rc m ia - l p w u a o n b r d l k i s c E ti d o u n c a a l - o A th l e l r [Value of permits in thousands of dollars] utilities 1926 Federal reserve district N of u m cit b ie e s r M 19 a 2 y 7 , A 1 p 9 r 2 i 7 l, M 19 a 2 y 6 , 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 March 262,644 48,677 108,812 100,603 29,080 48,063 United States 168 294,311 318,203 312, 671 April.. 265,331 45,653 89,333 79,228 38,480 52,589 May 244,587 45,977 70,892 100,961 39,710 47,688 Boston 14 12,999 10,134 10, 590 June 237,725 54,515 67,960 98,200 40,753 48,639 New York.... 22 98, 833 112,220 108, 039 July 184,940 62,764 67,219 111, 448 42,016 50, 545 Philadelphia.. 14 18, 272 18,238 16,198 August 223,292 68,279 81,343 125,683 42,124 Cleveland..... 12 21, 477 21, 237 21, 496 September. 225,516 49,113 97,378 98,167 34, 531 57,666 October 226,794 46,465 63,601 103,757 23,567 51,543 Richmond..-. 15 11,141 13,166 14, 904 November. 64,781 59,657 50,129 34,572 48,053 Atlanta 15 8,845 12,773 14, 235 December. 203,966 51,181 75,196 120,290 22,178 64,585 Chicago 19 58,390 70,862 65, 652 1927 St. Louis 7,632 8,065 J . A F M M a e p n a a b r u r y i r c a l u h . r . a y r . y .. . . . 2 2 2 1 1 1 6 5 6 6 9 7 0 7 3 , , , , , 4 9 0 8 0 1 8 7 6 8 7 0 8 6 8 4 4 4 4 2 4 4 1 8 7 , , , , , 8 2 0 8 6 8 4 7 7 0 9 7 7 5 2 1 8 7 8 6 1 0 2 0 7 3 , , , , , 7 5 1 8 7 5 4 1 9 6 4 1 6 6 6 1 1 1 1 5 1 5 0 1 6 2 8 6 , , , , , 2 1 8 3 9 6 8 6 2 5 4 8 0 7 5 3 3 2 3 1 5 4 6 2 7 , , , , , 0 0 6 5 5 4 1 7 4 2 6 2 8 5 2 5 6 4 3 6 9 9 7 2 5 , , , , , 0 1 6 4 6 2 3 2 6 7 6 1 6 8 6 D S M K a a a i n n n l l s n F a a e r s s a a . . n p C c o i i l s t i c y s o . . . . . 3 8 8 5 5 , , , , 0 2 3 1 1 4 0 6 2 0 3 7 3 4 6 6 3 , , , , 8 9 2 4 1 4 5 8 6 9 5 8 28 8 9 5 , , , , 3 8 8 7 0 3 0 3 1 4 4 1 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

480 FEDERAL RESERVE BULLETIN JULY, 1927 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES AGRICULTURAL MOVEMENTS llndex numbers, adjusted for seasonal variations. 1919=1001 [Index numbers,i without seasonal adjustment. 1919=1001 Ani- Grain Total s L to iv c e k p m ro a d l - Grains C to o n tt V ab e l g e e s -Fruits b T a o c co Total g a r n a d m s L t i o v c e k - | | pu oal , ucts products 1926— M A a p y ril.„_ _ _ 8 7 5 5 8 8 7 3 1 13 1 7 9 5 5 2 4 5 4 2 3 12 9 1 5 17 8 3 9 5 1 8 6 June 91 88 168 84 20 170 115 30 July 107 80 152 170 12 134 177 2 1926—April.... 132 121 August 106 88 118 158 48 101 204 66 May___ 126 118 September- 144 102 104 124 213 186 295 192 June 127 128 90 October 190 113 96 125 375 251 435 261 July 130 135 97 November.. 165 107 117 99 343 135 204 286 August 126 115 94 December.. 138 95 126 82 251 98 104 344 September 128 109 106 1927—January 115 99 86 86 152 118 99 404 October ___ 127 122 97 February... 104 81 95 84 118 113 97 383 November. 132 115 90 March 103 91 118 71 117 146 100 212 December 132 120 April 85 82 137 50 74 146 128 31 1927—January 122 108 May 94 95 161 63 58 140 174 8 February 132 122 March 131 112 1 For description and early figures see BULLETIN for March, 1924, and April 134 121 for certain revisions see page 739 of the BULLETIN for October, 1925. May 125 118 WHOLESALE TRADE SALES, BY LINES CHANGES IN SALES AND STOCKS—Continued [Index numbers,1 without seasonal adjustment. Mo. av. 1919=100] Sales: May, 1927, Stocks: May, 1927, compared with— compared with— Month Total c G er r i o e - 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 1926—April 80 79 76 77 59 103 123 May _.. 82 80 81 78 60 107 111 June 84 86 82 77 59 105 116 Dry goods: July 82 84 77 78 52 99 113 United States. August 88 82 81 102 73 99 115 New York S O e c p to te b m er ber... 9 9 7 4 9 9 2 1 8 8 5 6 1 10 1 2 4 8 7 4 6 1 1 1 1 2 4 1 1 2 3 4 3 P C h le i v la e d la e n lp d hia.. November... 86 87 76 91 67 104 117 Richmond 1927— D Ja e n c u e a m ry ber... 7 7 8 5 8 7 0 4 7 7 3 7 7 7 1 2 6 4 0 6 9 8 9 0 1 1 1 1 0 2 A Ch tl i a c n ag ta o St. Louis M F A e p a b r r r i c l u h _ ary 8 7 7 3 3 8 7 6 7 9 9 7 7 7 7 1 1 3 7 9 7 8 0 5 7 5 6 3 3 8 1 1 8 0 0 2 2 7 1 1 1 3 0 2 C 4 2 D K a a l n l s a a s s City.. May 79 81 76 72 56 99 113 San Francisco Shoes: United States. i For description of wholesale trade index see BULLETIN for April, 1923 Boston. New York.... Philadelphia.. CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS Cleveland Richmond [Increase or decrease (—), per cent] Atlanta Chicago St. Louis Minneapolis.. Sales: May, 1927, Stocks: May, 1927, San Francisco. compared with— compared with— Hardware: Line and Federal reserve United States. district New York April,- May, April, May, Philadelphia.. 1927 1926 1927 1926 Cleveland Richmond Atlanta Groceries: Chicago. U Bo n s it to ed n States. 1 5 1 . . 4 2 2 0. .0 0 —1.9 -4.9 M St. i n L n o e u a i p s olis. _ New York 6.7 0.4 8.4 7.2 Kansas City.. Philadelphia— 7.6 2.4 -3.5 —5.0 Dallas Cleveland 3.0 -2.6 -2.1 -5.7 San Francisco. Richmond. 6.5 -3.1 —1.0 4.5 Drugs: Atlanta 8.9 -5.8 —1.6 2.9 United States. Chicago 5.9 3.7 -2.2 -9.3 New York S M t. i n L n o e u a i p s olis.. 1 2 3 . . 0 6 — 6 1 . . 0 9 -3 3 . . 7 0 -7 7 . . 4 0 P C h le i v la e d la e n lp d hia.. Kansas City -0.2 16.6 -4.7 -18.4 Richmond Dallas 5.2 2.6 —5.5 -6.8 Atlanta San Francisco -1.6 4.8 1.6 -6.1 S C t h . ic L a o g u o is Kansas City.. NOTE.—Changes in stocks are computed as of end of month; figures Dallas for the United States are weighted averages computed on the basis of San Francisco. firms which have reported regularly einoe January, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 481 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 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 ) 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 o 7 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- 107 107 332 191 201 137 110 98 194 139 118 346 256 222 162 164 119 230 March _• 129 132 386 213 224 153 125 108 216 129 113 357 222 222 158 126 120 213 April 143 128 381 244 223 157 198 104 257 140 125 376 261 230 163 170 122 257 May — 131 106 382 224 206 157 143 88 216 127 119 380 236 209 154 124 106 224 i 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—March 130 119 131 138 127 130 103 145 94 111 158 April 133 133 138 128 133 126 114 147 107 108 ! 150 May 137 134 139 137 137 129 114 159 102 115 ! 152 1927—March 129 121 132 123 124 119 100 151 93 no! 159 April 143 144 148 133 147 134 114 162 103 166 May 131 130 134 124 132 123 108 151 92 114 j 152 113 ! Sales (adjusted): 1926—March 130 118 129 149 125 126 109 145 96 105 i 160 April 130 126 134 116 129 123 111 144 103 114 156 May 132 126 136 132 131 128 109 152 100 113 147 1927—March 129 121 130 133 123 115 101 150 95 103 160 April 140 136 145 121 143 131 111 159 99 119 173 May -_ 127 122 131 120 127 122 103 144 90 111 147 Stocks (unadjusted): 1926—March 142 124 142 201 137 128 122 160 110 128 141 April „ 143 125 142 201 134 131 125 159 110 130 "145 May 138 123 138 184 133 132 116 153 106 125 139 1927—March 142 127 140 205 135 132 127 160 100 112 145 April 143 129 142 200 134 132 130 161 101 112 147 May 138 127 137 191 130 131 120 155 97 108 139 Stocks (adjusted): 1926—March 141 124 139 197 136 123 121 161 106 127 138 April....._. 139 122 137 198 129 128 122 153 107 129 140 May 138 123 138 189 132 134 119 154 102 123 139 1927—March 140 128 138 201 132 126 125 161 96 111 143 April 139 125 137 197 129 I 129 127 155 97 112 141 May 138 126 136 195 129 132 123 157 93 107 138 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

482 FEDERAL RESERVE BULLETIN JULY, 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] Member Nonmember All banks banks banks Number Liabilities Num- Total Num- Total Num- Total ber deposits ber deposits ber deposits 1926 Total M fa i c a n t n u g u r- - b A ro e g k t e c e n . r t s s , , Total M fa i c a n t n g u u r- - Tr i a ng d- January.. 65 13,384 3,992 54 9,392 February... 52 11,763 2,861 42 8,902 March.. „_ 51 10,249 710 45 9,539 1926 J J N A S D M A O u u e u o c e p l n a p t c y g r v e o y t i e u e l e b . m s m m e . t . r b b . b — e e e r r r . . . . . 1 1 1 6 5 7 3 4 5 8 5 1 8 6 7 7 0 2 8 4 6 3 4 4 3 1 1 1 1 1 4 8 9 6 2 5 0 2 8 , , , , , , , , , 3 2 6 5 1 0 0 2 9 2 1 2 1 6 0 0 5 8 4 2 9 8 6 1 9 0 3 1 1 4 3 2 5 1 4 6 9 4 , , . . , , , , , 6 1 2 3 5 3 2 3 4 3 1 2 3 1 3 8 1 8 7 8 7 7 4 4 9 3 0 1 1 4 5 6 2 3 5 6 2 3 8 1 9 5 0 9 1 4 2 1 2 2 1 6 4 8 7 7 6 2 8 1 , , , , , , , , , 9 8 9 0 9 7 9 5 7 9 7 8 1 7 2 3 9 5 0 1 1 9 4 8 3 4 3 J J A M A M J S F a u u e e u p n a l n a p b y g r y u r e t i r u e c l a u s m h r a t y . r b y er _ 2 1 1 1 1 1 1 1 1 , , , , , , , , , 7 9 9 5 6 8 7 2 4 3 8 5 9 0 0 0 3 9 0 4 7 3 5 8 1 7 6 , 4 4 4 4 3 5 4 4 3 3 6 4 7 9 4 9 3 1 7 9 9 4 4 7 6 5 0 1 1 1 1 1 1 1 1 , , , , , , , , 4 3 2 1 0 1 9 6 2 2 7 8 2 7 6 5 1 4 8 2 2 1 0 8 6 1 1 | 1 1 9 9 8 8 7 7" 7 0 1 5 0 1 2 7 7 3 5 3 | 2 2 2 2 3 3 3 4 3 9 9 8 9 8 0 4 3 3 , , , , , , , , , 9 1 6 4 6 1 6 5 4 9 3 8 8 2 7 5 4 0 0 0 0 7 3 6 1 3 8 1 1 1 1 1 1 1 1 9 2 6 0 0 6 6 1 0 , , , , . , , , . 8 8 0 0 1 1 0 5 7 6 2 9 9 5 6 9 3 1 2 2 3 4 7 7 2 4 6 1 | ! 2 2 1 1 1 1 1 1 1 1 0 8 1 4 5 4 5 9 , , , , , , , , , 0 7 0 3 6 2 5 6 5 9 1 9 2 1 4 0 1 2 6 0 4 3 7 3 2 4 5 Total 956 272,488 160 68,812 796 203, 676 October •1, 763; 450 1,205 108 33, 231 11, 650 15,874 January 1927 131 36,539 11,836 104 24,703 N D o ec v e e m m b b e e r r _ 1,830; 4 4 4 9 0 4 1 1 , , 2 4 8 7 5 1 1 1 0 0 5 4 45, 620 1 16 6 , , 0 7 9 5 7 82 1 0 4 , , 1 5 5 7 8 9 February 81 32, 709 65 23,814 Total 21, 773 5, 395 15, 268| 1,110 409, 232 158,042 201, 334 March 75 44,893 •8,999 59 35,894 April .-_.... 48 12,492 5,471 38 7,021 1927 May . 46 13, 685 7,172 35 6,513 January 2,465 501 1,842 122 51, 29019, 99624, 530 Total, 5 months 381 110,318 42,373 301 97, 945 February _ 2,035 411 1,508 116 46,941 10, 51823,406 March _. 2,143 1, 468 106 57,891 22, 368 28,191 April 1,968 4921, 342| 134 53,156 25, 27822, 308 BANK SUSPENSIONS,! IN MAY, 1927, BY DISTRICTS May 1,852 1, 292| 116 37,785 13,802 19, 978 [Amounts in thousands of dollars] Total, 5 months-10, 463 2,417 7,452 594,247, 063 91, 962 118, 413 .Member Nonmember All banks banks 2 banks Federal reserve district 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 COMM [ E A R m C o I u A n L ts F in A t I h L o U us R a E nd S s , o B f Y d o D lla IS rs T ] RICTS Boston Number Liabilities New York 1 391 1 391 Philadelphia Federal reserve Cleveland 1 35 1 35 district May, April, May, May, April, May, Richmond 1 309 1 309 1927 1927 1926 1927 1927 1926 Atlanta 1 22 1 22 Chicago 5 1,989 1 1,059 4 930 S S M D K a t a a . i n n l n L l n s a F o a e s r u s a a i p n s C o c i l i t i s y s co.. _- 4 1 1 8 2 4 2 1 2 3 2 1 . , , , 3 8 7 3 6 6 2 8 3 3 3 4 7 2 3 2 1 3 1 , , 0 4 3 6 6 8 1 3 4 3 7 3 2 8 3 . * 1 6 8 2 1 1 1 , , 9 2 8 7 8 9 1 3 5 7 4 0 N B P C T h t o l e i e p i w s l v t h a o e m d Y n la e o o n . l n p r d d k hia 2 3 1 1 0 2 4 2 6 6 5 8 5 1 3 1 1 1 2 6 9 5 2 4 4 1 3 7 2 2 1 1 1 9 4 5 1 0 0 6 5 8 3 5 6 5 , , , , 2 5 7 7 7 2 3 0 9 5 6 7 8 6 3 1 6 6 3 0 2 , , , , , 9 0 8 8 2 1 2 2 0 8 6 9 3 1 8 3 3 4 5 1 , , , , , 9 4 8 0 7 6 7 4 7 4 4 3 8 1 9 Total 46 13,685 11 7,172 35 6,513 Atlanta _. 121 136 54 1,673 3,787 1,280 Chicago . 266 288 222 5,455 9,122 7,177 1 Banks closed to the public by order of supervisory authorities or by St. Louis 81 95 54 539 1,591 234 the directors of the banks on account of financial difficulties. Minneapolis . 88 98 87 998 1,221 677 2 Comprise 9 national banks with deposits of $6,276,000 and 3 State Kansas City __ 103 124 102 2,135 1,527 1,324 me" m\.J\Jb±±eXr±J Lb aIOnC ksO wJ-LiCttlhrlU Jd-LCelXp oILs/CittJs-J- IVoOf $VV8 J9L 6VJ,L0k0 0\J.X.j±J Dallas... . 51 75 91 1,220 1, 685 802 33 FFiigguurreess rreepprreesseenntt ddeeppoossiittss ffoorr tthhee llaattiest available date prior to the San Francisco 277 293 301 3,744 4,366 2,946 suspensions and are subject to revision when information for the dates of "on becomes available. Total 1,852 1,968 1,730 37, 785 53,156 33, 543 Ldes 4 banks for which deposit figures are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 483 FOREIGN BANKING AND BUSINESS CONDITIONS CURRENCY AND BANKING REFORM IN ECUADOR In accordance with the recommendations of period longer than six months class B shares to an American commission of experts under the an amount, at par value, greater than 10 per chairmanship of Prof. E. W. Kemmerer, the cent of its paid-up capital and surplus. Government of Ecuador, on March 19, 1927, Control and management.—The control of passed a series of laws providing for currency the central bank is vested in a board of direcreform and the establishment of a new central tors consisting of nine members. Of these bank. directors, two are appointed by the President Currency reform.—The currency law pro- of the Republic, two are elected by banks vides for the devaluation of the sucre, which holding class A shares, one by holders of class under the new law contains 0.300933 gram of B shares, and one by each of the following fine gold, or one-fifth of the gold content of the organizations: The Chamber of Commerce United States dollar. The new sucre, there- and Agriculture of Guayaquil, the Chamber of fore, has a par value of 20 cents in United States Commerce, Agriculture, and Industries of currency as compared with its former parity of Quito, the National Society of Agriculture, 48.66 cents. Gold coins, 9/10 fine, in denomi- and the labor organizations. Every director nations of 25 sucres or 1 condor, and 50 sucres must reside in Ecuador, and the majority of or 2 condors, will be minted by the central the board must be citizens of Ecuador. bank as agent for the Government. The board elects the president and vice The law abrogates all restrictions upon the president of the bank for a term of one year, free importation and exportation of gold and and a general manager whose term of office is silver, effective on the day on which the new at the discretion of the board. Each branch central bank opens for business. On the same of the Banco Central has its own board of date the moratorium, which has been in force directors, responsible to the general board and since 1914, will be abolished. having only such authority as is delegated by Establishment of central bank.—The bank- that board. ing law provides for the establishment of the Operations of the bank.—The business in Banco Central del Ecuador. The bank is which the bank may engage is clearly defined granted a charter for a period of 50 years. in the law. The bank may deal both with The head office is located in Quito, and pro- member banks and with the public. The relavision is made for a major branch in every tion of the central bank to the member banks city of the Republic with a population of is defined by law as follows: 80,000 or more, and for minor branches in The Banco Central is authorized to make loans and other cities. Branches and agencies may also discounts for member banks, to receive noninterestbe established abroad. bearing deposits from member banks, to carry on Capital and^shares of the bank.—The bank operations with them in the purchase and sale of exchange, the transfer and custody of money, the has a capital of 10,000,000 sucres, which may collection of checks, notes, and bills, and the purchase, later be increased to 20,000,000 sucres. The sale, and shipment of gold. (Art. 44.) shares are divided into two classes, A and B. The Banco Central shall act as a clearing house for Class A shares are subscribed for and held the member banks in Quito and Guayaquil, and in any other city of the Republic in which it has a branch, in exclusively by banks, domestic as well as forcase a majority of the member banks in that city so eign, which conduct a commercial banking desire. (Art 45.) business in Ecuador. They must be purchased In addition to its dealings with the member and held^by every commercial bank now or in banks, the Banco Central is authorized to future operating in Ecuador to a total par carry on the following kinds of business; value equivalent to 15 per cent of its paid-up capital and surplus, and by branches of foreign (1) To buy and sell cable and telegraphic transfers payable within 90 days. banks to 15 per cent of the capital and surplus (2) To buy, sell, and clear drafts and checks payable assigned^to them. Banks holding class A on demand, and drawn on banks and bankers of high shares are known as member banks. Class B standing at home or abroad. shares may be subscribed for and held without (3) To buy and sell gold coin and bullion. (4) To buy, sell, and discount drafts payable in restriction by any individual or corporation, foreign countries, and foreign bills of exchange maturexcept that no member bank may hold for a ing in not more than 90 days * * *. 5221 £—27—3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN JULY, 1927 (5) To buy, sell, and discount bank acceptances of (6) Gold bars of approximately 100 per cent fineness member banks, and domestic commercial bills maturing and of weights not less than 500 grams, according to in not more than 90 days .* * *. their fine gold contents. (6) To receive noninterest-bearing deposits payable (c) Legal weight gold coin of the United States at at sight. the rate of five sucres to the dollar, and legal weight (7) To buy, sell, hold, and accept as collateral British sovereigns at the rate of 24.3325 sucres to the * * * obligations of the National Government and sovereign. . of local governments * * *. (d) Demand drafts or three day sight drafts on (8) To borrow money either at home or abroad New. York or London, pay able, in gold and drawn on * * * for the sole purpose of establishing or main- funds held in banks of high standing located in these taining the gold standard * * *. cities; provided, that on such drafts the bank may (9) To act as agent for the collection of credit charge a premium above the gold parity of the sucre instruments. (Art 46.) with the American dollar and the pound sterling,, respectively, which premium shall not exceed the The board of directors establishes the official amount necessary to cover all expenses involved in rates at which the bank will discount eligible shipping gold bars in substantial quantities from Quito paper for member banks or purchase eligible to the foreign financial center on which such draft is paper in the open market. The rates of dis- drawn. * * * (Art. 57.) count for member banks may be different from The Banco Central, as rapidly as its own rates of discount for the public, and rates may notes are available, will exchange them for differ for paper of different classes or maturi- notes of the former banks of issue and of the ties. But rates for the same kind of paper Caja Central. These notes will thereupon be with the same maturity must be the same at withdrawn from circulation and destroyed. the head office and at all branches. Until their withdrawal, however, they will The bank will act as fiscal agent for the have the same rights of redemption in gold or National Government; and may also act as fiscal gold exchange as the notes of the Banco Cenagent for the various political subdivisions, for tral itself. If the bank should fail to redeem the railroads, Government monopolies, and its notes on demand as provided by law, it will other Government enterprises. The credit be declared bankrupt and will be liquidated. operations of the bank with the Government Reserve requirements.—The reserve requireare restricted and clearly defined. ments of the Banco Central are as follows: Note issues.—The Banco Central has the The Banco Central del Ecuador shall maintain a exclusive right of note issue for the term of its gold reserve of 50 per cent of its notes outstanding, namely, the notes outside of its own possession, and existence. Prior to the establishment of the its deposits, combined. new central bank, the note issue privilege was This reserve shall consist of— enjoyed by a number of banks. In order to (1) Gold coin and gold bars in the vaults of the amalgamate these issues, the note liabilities Banco Central. (2) Earmarked gold coin and gold bars in banks of of the former banks of issue were transferred high standing located abroad. to the Caja Central, created for that purpose by (3) Deposits payable in gold on demand or on three the law of June 23, 1926. In compensation days7 notice in banks of high standing in New York for the note liabilities the Caja took over the and/or London. The reserve may be distributed among the abovemetallic reserves held against these notes, mentioned forms in such proportions as the board of together with Government obligations and directors may consider desirable. (Art. 78.) other assets, which when added to the metallic The 50 per cent gold reserve shall be required also reserves were sufficient to furnish a cover of against the outstanding notes of the former banks of issue and of the Caja Central, for whose redemption 100 per cent against the note liability thus and retirement the Banco Central is responsible in transferred. On the day of opening for busi- accordance with the provisions of the law. (Art. 79.) ness, the Banco Central will take over the Whenever the gold reserve of the Banco Central assets and liabilities of the Caja Central, which * * * shall fall below the legal minimum of 50 per cent, the bank shall be subject to a progressive thereupon will cease to exist. tax. * * * (Art. 80.) The notes of the Banco Central are re- No discount rate of the Central Bank shall be below deemable on demand in any of the following 7 per cent per annum when the bank's reserve shall forms at the option of the bank: have been continuously for one week or more below the above-mentioned normal minimum of 50 per cent (a) Ecuadorian gold coins issued in terms of gold of the bank's note and deposit liabilities combined. sucres. (Art. 81.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 485 CURRENCY AND BANKING REFORM IN ESTONIA On April 29, 1927, the Estonian Government functioned chiefly as a commercial bank in acting upon recommendations of the financial keen competition with the other banks. The committee of the League of Nations, passed new bank law makes the Eesti Pank coma series of laws providing for the creation of a pletely independent of the Government and new currency unit, for the termination of th restricts its operations to those usually perprivilege of note issue by the State, for the formed by a bank of issue. The bank is unification of the currency, and for the reor- endowed with the exclusive note-issue privilege ganization of the bank of issue. in Estonia for a period of 25 years from the Currency reform.—The currency law estab- date on which the law becomes effective, and lished a new monetary unit, the kroon, which its first duty is to insure the stability of the is divided into 100 cents. The kroon has a gold value of its notes. For this purpose the gold content of 0.40323 gram fine and is equal bank is obligated to buy and sell at its head in value to the Swedish crown, or 26.80 cents in office at a certain specified rate the legal tender United States currency. The estmark, which currency of such foreign gold-standard counhas been stable for almost three years at the tries as may be determined from time to time, ratio of 100 to 1 Swedish krona, will be tem- in an amount not less than 5,000 kroon. The porarily retained as the cent. capital of the bank under the new statutes Prior to the reform there were two classes is fixed at 5,000,000 kroon, divided into 100,000 of notes in circulation—treasury notes issued shares of 50 kroon each. The capital may by the State, against which a special reserve be still further increased by the board of was held by the Government, and notes issued directors, subject to the approval of the by the Eesti Pank. The present law provides Government. for the amalgamation of the two forms of The general conduct of the bank is intrusted notes. The Eesti Pank will take over the note to a board of directors, consisting of the presiliability of the treasury, and the latter in dent, who is appointed by the Government, exchange will turn over to the bank the two members of the board of management, reserve held against outstanding treasury notes. who are appointed by the president, and seven For that part of the note liability not covered others elected by the shareholders. Of these by the reserve the bank will be compensated latter, three are to represent the Chamber of through the transfer of the necessary amount Commerce and Industry, two the Central of Government securities or other assets. Agricultural Society, one the Cooperative By means of these measures the currency League, and one the Central Association of and the reserves held against it will be con- New Settlers. The actual conduct of the centrated in the hands of the central bank. work of the bank is intrusted to a board of The notes of the Eesti Pank are made legal management consisting of the president, his tender. During the period, of the existence of deputy, and any number of other members the bank the treasury is obligated not to issue that may be required. Provision is made for pr reissue its own notes; it will, however, mint the appointment by the board of directors of subsidiary coins of various denominations from a discount committee, the members to serve 2 kroon to 1 cent. The 2 and 1 kroon coins for two years. The function of this committee will be of silver of a fineness not less than is to examine all bills presented for discount 5/10. Until these subsidiary coins are put into or as security for loans and advances. circulation the treasury may issue paper The Eesti Pank is to act as fiscal agent for money of corresponding denominations. The the Government and for the State institutions. total nominal value of subsidiary currency of Its loans to the Government, however, are 2 and 1 kroon denominations in circulation definitely restricted. The Minister of Finance may not exceed 6 kroon per head of the popumay appoint a Government commissioner, who lation as shown by the last census; and of the shall have the right to attend the meetings of cent denominations, the total may not exceed the board of directors but not to vote. The 3 kroon per head. This paper money is to business operations in which the bank may be withdrawn from circulation as soon as coins engage are defined in article 51, which reads of corresponding denominations shall have been as follows: issued in adequate amounts. Reorganization of central bank.—Prior to The Eesti Pank may— (1) Make and issue bank notes. its reorganization, the Eesti Pank was entirely (2) Buy and sell gold and silver, coin or bullion. under the control of the Government and (3) Accept money on deposit or current account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDEKAL RESEEVE BULLETIN JULY, 1927 (4) Discount and negotiate internal bills of exchange, vision, the term " foreign exchange" is defined promissory notes, or other commercial paper arising out to mean (1) net balances standing to the credit of a bona fide commercial transaction bearing two or of the Eesti Pank at the central note issuing more good signatures and having a maturity not exceeding three months, agricultural bills not exceeding six bank or other bank of a foreign country; (2) months and timber bills not exceeding nine months, pro- bills of exchange payable in a foreign currency, vided that the two latter categories of bills do not exceed, maturing within three months, and bearing at in the aggregate, 40 per cent of the total bill holding. least two good signatures; (3) treasury bills, (5) Buy and sell, both at home and abroad, telegraphic transfers and checks, and bills of exchange, treasury certificates of indebtedness, or similar drafts, and treasury bills of maturities not exceeding obligations of a foreign government of a matuthree months, payable abroad in a currency with a rity not exceeding six months. stable gold value. The amount of foreign exchange that the (6) Open accounts in foreign countries. (7) Open accounts for foreign banks. bank is permitted to count in its reserve must (8) Grant advances for fixed periods not exceeding be calculated on a net basis, with allowance for six months, arid advances on current account, against offsetting items of corresponding character that the following securities: (a) Gold coin and bullion; figure among the bank's liabilities. (b) stocks, bonds, or bills of or guaranteed by the Estonian Government up to 80 per cent of their The 40 per cent requirement may be suscurrent market value; (c) commercial paper in Es- pended by the Government at the request of the tonian or stable foreign currencies bearing two or more bank, subject to the payment by the bank to good signatures and having a maturity not exceeding the Government of a progressive tax. Before three months; (d) agricultural and timber bills (as in 4 above), provided the amount advanced on them applying for this suspension, the board of direcdoes not exceed 40 per cent of the total advances; tors is required to raise the Eesti Pank rates for (e) one-name promissory notes secured by warehouse discounts and advances by not less thanlper cent. receipts against staple commodities fully insured, For the first three years after the banking having broad and active markets, to an amount in each case not exceeding 60 per cent of the value of such law becomes operative there will be associated commodities at market prices. The rate of interest with the Eesti Pank an adviser nominated by charged on all advances, except those made under (11) the Council of the League of Nations. The below, shall not be less than 1}4 per cent above the bank's current discount rate for three months' bills. adviser w^ill work through and in consultation (9) Accept the custody and management of moneys, with the board of management. The bank is securities and other articles of value. obligated to render the adviser all assistance in (10) Undertake on behalf of third parties the pur- its power and to furnish him with any informachase and sale, collection and payment, of securities, tion which he may desire. currencies, and credit instruments at home and abroad. (11) Make temporary advances to the Government The laws will become operative on the day for expenditure authorized in the annual State budget, on which the bank receives the sum of £1,000,provided that the whole of the advances outstanding 000, as contemplated in the protocol of the at any time does not exceed one-sixth of the estimated revenue of the year, and that all advances are repaid League of December 10, 1926, not later than at the end of the quarter following the Other financial projects.—In connection close of the fiscal year in respect of which the advances with the currency and banking reforms, were made. The rate of interest to be charged on these tw^o other measures were under consideraadvances shall be agreed upon between the bank and the Government. tion, namely, the establishment of an indus- (12) Invest an amount not exceeding the paid-up trial mortgage bank and the flotation of an capital of the bank in securities of or guaranteed by international loan under the auspices of the the Estonian Government having a maturity n~+ League of Nations. To relieve the Eesti Pank exceeding five years. (13) Perform all functions incidental to the trans- of its frozen credits, which the bank under its action of its legitimate business. present statutes could not include among its Reserve requirements.—The bank is re- earning assets, and to take over the long-term quired to maintain a reserve of not less than 40 industrial credit operations hitherto carried per cent against all its demand liabilities, on by the Eesti Pank, the League of Nations including notes in circulation and demand recommended the establishment of a mortgage deposits. The reserve may consist of (a) gold bank. In addition, to provide the Eesti Pank coin and bullion owned by the bank, either in with necessary liquid funds, an international the custody of the bank or deposited in other loan was negotiated. The net proceeds of central banks and earmarked for the Eesti the loan, as provided in the protocol of Pank's account, or in any mint, or in transit to the League, are to be £1,350,000, of which or from the Eesti Pank; (b) foreign exchange £1,000,000 will be placed by the Government at belonging to the Eesti Pank, provided that it the disposal of the Eesti Pank in exchange for shall at all times be convertible on demand into assets which will be turned over to the mortgage exportable gold at the center where the ex- bank. The latter will receive the remaining change is held. Subject always to this pro- £350,000 to be applied as its working capital. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL KESERVE BULLETIN 487 ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS, AND SLOVENES The annual report of the National Bank of not recover their loans, owing to the fact that the Kingdom of Serbs, Croats, and Slovenes, the imperfect functioning of the administrative presented to the annual meeting of shareholders machinery made legal action slow and costly. on February 14, 1927, contains the following For this reason it often happened that sound sections dealing with the operations of the undertakings could not obtain money unless bank and the economic situation of the coun- they were in the hands of propertied persons try during 1926: who could give satisfactory guarantees for Relations with the State.—The relations of money advanced. In spite of all precautions, the bank with the State, which were defined however, greater losses were incurred last year by the national bank law, have remained normal than during the previous 12 months. during the past year. They have been mainly According to the national bank law only along two lines—a joint exchange policy and commercial bills are eligible for rediscount, the functioning of the bank as State treasurer, i. e., bills resulting from completed business and there has been no reason for divergence of | transactions and not bills drawn up purely for opinion in conception or execution. the purpose of obtaining money or to carry on The principle established in 1921 that no business. Earlier reports have indicated what more bank notes should be issued on behalf of has been done for the provision of commercial the State, has never been called in question. bills among the trading classes, who were con- An agreement was made at that time between stantly doing business without eligible paper the Government and the National Bank, and and were contracting loans for business purwas confirmed by the national bank law of poses on finance bills. It was difficult to June 27, 1921, which fixed all the items of obtain proper commercial bills, because our credit under which the State might conclude trade relations were not so highly developed or loans with the National Bank. The law, so clearly classified as in the western countries. which can not be changed in any respect with- This difficulty, however, is not peculiar to this out the consent of the National Bank, guar- country. Austria, Czechoslovakia, and Hunantees that there shall be no currency inflation gary all complain of it, as well as other counby the issue of bank notes on the State's behalf. tries where trade relations are of longer standing These principles have not only been maintained than they are in this country. Since the comby law, but are accepted by the whole business mercial bill in the true sense of the term did world and the authorities concerned. * * * not exist here, it was also difficult for private The credit policy of the bank and the money discount to develop a policy supplementary to market.—The past year was characterized by that of the bank. It is strange that in a counthe great amount of ready cash at the banks, try where private saving is so well developed, as shown by the large current accounts at the and where savings are accumulated in the National Bank and by the increase of savings banks, discount business in the real sense and current accounts at most of the other banks. should be carried on only at the National There was consequently plenty of money to be Bank, while savings banks with deposits had at short term. The great demand for amounting to hundreds of millions should long-term credit could not be entirely satisfied, engage in trade and industrial business. It for the banks were strict in their examinations may be said, however, that the bank's efforts of firms desiring credit. This caution on the to create commercial bills have not been fruitpart of moneylenders began about two years ago less. The Textile Merchants' Union of Belafter too liberal extension of credit had resulted grade has now given up its former business on in losses to the lenders. Many of these losses open accounts and has made it a rule not to were due to the fact that the enterprises had give goods without bills. Thus import trade often reckoned on a fall of the dinar and lost is moving in the right direction and is beginning therefore through its rise. This attitude of to provide proper material for the money caution was more easily maintained because market in the form of bills. All manufacturers the interest paid on long-term credits was high, like the Commercial Union should demand for so that banks could gain as much profit from all goods sold on credit bills which can be easily these smaller sums as from lending larger discounted. amounts at lower interest rates. Money was It can now be stated with satisfaction that a often withheld also because lenders feared large proportion of the bank's discount matethat in the case of legal proceedings they might rial is provided by purely commercial bills, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDEKAL KESERVE BULLETIN JULY, 1927 which are taking a steadily larger place in its banks doing business with it should regard the portfolio. Naturally, such bills can be given small banks as overcharging and therefore reonly by banks, large merchants, and manu- fuse them credit. The problem was a difficult facturers, so that a large part of the bank's one, but the bank could not allow the smaller credits have to go to them. Last year the bank banks among its clients to charge rates of ingave credit to banks of 676,987,000 dinars; terest higher than the average level in the to manufacturers, 361,135,000 dinars; to im- country. It therefore called their attention to porters, 141,753,000 dinars; finally, 103,270,000 these overcharges; then, if necessary, cut off dinars of regular credit and 390,045,000 dinars their credits, and demanded from its other of seasonal credit to exporters and institutions clients that they should not lend to such banks. assisting export. The National Bank has Further than that the National Bank could nevertheless taken care that the smaller mer- not go. chants and business men should also obtain In order to bring about a general reduction credit, as the number of persons receiving- of interest, the National Bank in revising its regular credit shows. During the year these credits always investigated the rate of interest smaller accounts reached 4,200, as against paid by the banks on savings deposits and 3,941 in 1925. The amounts represented by charged on loans and discounts. Clearly if a these discounted bills may also be considered high interest is paid on savings deposits, the satisfactory. * * * rate charged on loans must also be high. The The rate of interest.—The interest rate bank management therefore demanded from its remained unchanged at the National Bank banker clients that they should agree among throughout the year at 6 per cent for discounts themselves upon a rate of interest on savings and 8 per cent on loans on securities. deposits which must not be exceeded. These At the last general meeting of the stock- agreements were made during 1925 in Croatia, holders the difficulties encountered by econ- Slovenia, and Split, but unfortunately not in omic activity as a result of the high rate of Serbia. interest charged in the country were discussed. In dealing with this question of interest rates It was pointed out at that time that the rate last year the National Bank went one step could not be lowered by decrees or by laws, further and demanded from its clients that but only by an increase of capital available for from July 1 they should moderate, the interest business. That some increase of capital did rate on discounts, since it was clear that there take place last year is proved by the larger sav- was plenty of available money in the country, ings deposits at almost all banks and by the and inform the bank regarding the rate which greater total of discounts at the National Bank. they intended to charge thenceforward. The The flow of foreign capital into the country, National Bank at the same time notified its however, remained slow, and such capital as customers that it would be obliged from that did come in was not so cheap as to have any date onward to refuse credits to all those who great influence on the interest rate. For trade continued to charge excessive rates. The and industry some capital was available, answers which the bank received showed that although it was expensive. The farmer and from July 1 practically all banks intended to the peasant, however, as well as the artisan, charge less than hitherto. were altogether without cheap credit. These In order to get complete information once had to go to the small provincial banks and and for all as to the high rate of interest preprivate lenders. While the former granted vailing throughout the country, it was decided credits to peasants at 20 to 30 per cent interest, at the meeting of the chief supervisory comthe private lender charged far more, the rate mittee to arrange an inquiry as to its causes sometimes being such as to be ruinous. The among all the banks which were clients of the small provincial banks with small savings de- National Bank. For this purpose a notificaposits had to apply for credits to the larger tion was sent to all the banks— banks in towns. The interest rate on credit (1) Asking them to prepare all data conwhich they obtained in this way was practically cerning the rate of interest charged and paid never less than 15 per cent, and consequently by them, to explain the reasons forcing them they in turn had to charge a high rate of in- to their present charges, to send such data to terest. The question was whether it was better the bank and to notify the bank as to who would that the peasant or small business man should represent them at the inquiry. pay high interest to the bank and save himself (2) Informing them that the National Bank from the usurer, or that the National Bank and in making this inquiry had no intention of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 489 forcing the banks to charge any particular rate proved possible subsequently to repurchase an of interest, but that the bank reserved to itself equal amount at practically the same rate. the right of choosing whether or not to continue The legal interpretation of article 20 of the to work with, and to credit banks which could national bank law enabled the bank always to not give adequate reasons for their rate of have sufficient notes for the purchase of all interest, or whose rate could not be justified in foreign exchange bills on the market; and by any circumstances. * * * controlling their use the bank saw to it that Interest rates last year were certainly lower they were used to advantage. The obligation in most of the banks of the large towns than in imposed on the exporter to sell one-third of Ms the previous year, but unfortunately the rate bills of exchange to the National Bank on charged by the small banks in the provinces is behalf of the State made it possible to control still intolerably high, although somewhat lower the entry of exchange bills into the country than before. and to limit their use for speculative purposes. The bank's policy in regard to foreign bills.— These measures put us into the unique position The policy with regard to foreign bills which of being able without any foreign loan to obthe National Bank followed last year in agree- tain the amount of foreign exchange necessary ment with the Minister of Finance has fully for the actual stabilization of the dinar. This justified the hopes placed in it. Its effect is best method of building up a reserve of foreign bills seen in the de facto stabilization of the dinar, was adopted by France also in August of last which throughout the year has varied by only a year. few gold centimes, and these small fluctuations The stock of 805,031,000 dinars in foreign have had practically no influence on trade and bills of exchange which was carried over from industry. the previous year diminished during 1926, until The policy had to undergo several tests last on December 31, 1926, it amounted to 615,year. One of the chief of these was the need 161,000 dinars, but it stands at a higher level for more foreign means of payment than were to-day than at the corresponding period of last coming into the country as a result of business year. The stock of foreign bills fell off during transactions. We had more to pay abroad in the period when bills were needed for payments foreign exchange bills last year than the whole abroad but were not available on the market; year's work provided. The deficit was made as soon, however, as exporting revived, their up from the stock of bills of exchange which amount again increased. The largest sum of had been carried over from the previous year. notes spent for the purchase of bills during the In this way the lack of bills of exchange was year was 781,797,000 dinars on January 8. not felt and consequently had no influence on The past year was not bad on the whole, in the value of the dinar. The reserve of foreign spite of the constant alarmist rumors regarding exchange bills had been created from the sur- the political and economic situation. Reports plus of the two preceding years which the concerning the floods were especially exagger- National Bank had bought up as they appeared ated, since not 2 per cent of the cultivated land on the market and had transferred from year was affected, whereas rumors went that a large to year. The system thus introduced in col- proportion of the country was inundated. laboration with the Ministry of Finance enables There was much talk also about tension with us not only to keep during a single year the Italy over the Albanian situation, which surplus accumulated at a time when the influx caused something of a crisis in the cabinet. of bills is greater than the demand, but to Although these reports affected the credit of carry over the surplus for the needs of a suc- the country, they had no effect on the value ceeding year. Twice during the past year the of the dinar. * * * dinar was in danger, and both times it was Currency stabilization.—The question most adequately protected by the surplus stock of under discussion at present is that of the final foreign exchange bills held by the National legal stabilization of the dinar and whether the Bank. In order that the dinar might not time has come for such stabilization. This is fluctuate, and in order that the position which not a question for the bank to decide but for it had gained by gradual stabilization might be the Government, and will have to be settled in preserved, bills of exchange from the bank's Parliament. Stabilization is demanded by all stock had to be sold during the course of the branches of economic life, and is particularly year. Foreign bills to the value of several necessary for the strengthening of State and hundred million dinars had to be sold, but it private credits abroad. But before it can be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL KESEKVE BULLETIN JULY, 192F accomplished the foreign obligations of the more inadequate for the erection of new entercountry will have to be accurately defined; prises. meanwhile it will be necessary to ascertain that The burdens which were undertaken to keep the budget estimates for receipts and expendi- industry in the hands of nationals after the ture are accurate and that the budget is being war were out of all proportion to the economic realized. Both of these measures are necessary power of the banks or the money market. if there is to be any assurance that the inevit- Industries which had depended upon domestic able economic burdens will be endurable and capital were gradually forced to look to foreign that the situation of the country will become capital, and began to pass into foreign hands. better and not worse. Figures published by This process resulted in serious losses to those the Ministry of Finance show that the budget who had tried to foster national industries in for the year 1925-26 was realized in both this sense by buying up enterprises. Thus, in receipts and expenditures. If the budgetary spite of the improvement of the dinar, overyear 1926-27 shows a surplus, the question of expenditure and questionable business transequilibrium will be settled, because former actions brought some banks to a serious crisis deficits will have to be paid by a consolidation which ended either in failure or in excessive of the State debt. The question of definite freezing of assets. These failures frightened stabilization of the dinar requires investiga- depositors into making a run on certain banks. tion, and no time should be lost in undertaking In spite, however, of these sporadic troubles it such a study. can not be said that last year was a year of general crisis for the banks nor that any crisis . Policy with regard to foreign bills must exists now. Nevertheless, banks with large henceforward be directed to the accomplishsavings deposits must always take care to keep ment of two ends—the creation of as large a their funds liquid in order to meet demands for stock of foreign exchange as possible and the repayment at any time. * * * maintenance of the present stabilization of the dinar. In this way the currency will be pro- During 1926 the Government paid all its tected and strengthened. This duty has been current obligations punctually. There are, intrusted to the bank by the provisions of the however, unpaid obligations dating from earlier national bank law. * * *. years which seriously affect industry and trade The economic crisis.—During 1926 the and increase the difficulties of those branches disastrous consequences inherited from the of business which are in any sort of critical period of inflation prior to 1921 had to be situation. The payment of these floating dealt with. New enterprises founded during debts of the State should be the first means the period of inflation could not withstand the undertaken to cure present economic troubles. competition of firmly established undertakings The difficulties with which business has to after inflation had given way to stabilization of contend, such as the high cost of credit, of raw the currency. Thus economic reconstruction materials, and of production, are to a large could be achieved only through an economic extent the result of uncertainty in regard to the crisis, made inevitable by the former policy of services which the State should perform on inflation. * * * behalf of business. First comes the question of Very little money from abroad came into the amount of the budget and the burden which the country, especially for the creation and it places on economic activity. This is now assistance of industry. This was owing to under serious consideration, and a decrease of the many reasons, some general, which always budget and of some burdens has been effected. hinder the entrance of foreign capital into any The abolition of taxes on savings deposits will country; and some special, among which was certainly tend to increase savings and make the idea that industries must employ domestic interest on loans cheaper. The organization, capital in order to prevent their transference into of the services to be rendered by the State must foreign hands. The determining factor, how- be such as to promote economic activity. ever, in deciding the nationality of an industry is Means of communication must be improved, its location rather than the source from which especially by the construction and maintenance its capital originated. In addition to the mis- of roads and railway lines. In short, everytake made immediately after the war, of trying thing must be done to facilitate work and to to keep all industries in the hands of nationals, a assist its completion as quickly as possible. second mistake was made—namely, the exclu- The declarations of the present Government sion of foreign capital, in spite of the fact that show that it intends to do everything in its domestic capital was not only inadequate for power to bring about an improvement of the the maintenance of existing industry, but far present economic disturbance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 491 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 1926 1927 1926 May April March May May April March May Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department- Golds 1,232 1,226 1,218 42 Gold coin and bullion 150.9 152,5 149.1 147.8 Foreign bills, etc .... 271 303 439 351 Notes issued 170.6 172.3 168.8 167.6 Loans and discounts 821 996 1,059 1,261 Ban B k G G i a o o n n l v g d k e r d a n n n e o m d p te e a s s n r il t t v m s e e e r c n c u t o r - i i t n ies__.___. 3 4 4 8 1 . . . 8 5 7 3 47 4 1 . . . 7 7 7 3 3 0 2 1 . . . 0 0 5 4 2 1 7 1 . . . 0 0 2 N A D d o ep v te o a n s c i c i t r e s c s u t la o t i S o t n ate...... •_. 4 3 2 , , , 5 5 7 1 3 5 2 0 1 4 3 2 , , , 5 6 7 1 0 1 2 3 1 4 2 , , 5 4 1 2 2 4 5 3 2 , , , 6 4 6 1 6 8 9 5 1 Other securities _. 50.9 42.2 83.7 71.8 Central Bank of Chile (millions of Public deposits.... 19.8 10.2 33.0 20.2 pesos): B C a u n rr R O k e n a s t ( n h p e t c o i e r e y o t v r r e e n s d c o o e e i t f t n n o p e t g o s c ) d o s i a e r l i n c d t p s u d o . l . a s a c i n t t e i d o r l t n i i a f n i b * o c i t a l e i t t e i r s e e „ . s - _ . 2 3 7 9 9 9 0 8 3 . . . . 6 8 4 6 2 3 8 9 3 1 4 . . 4 . 3 8 28 2 8 9 8 1 4 7 . . . . 1 6 8 5 3 1 2 8 0 0 4 2 0 3 . . . . 3 9 3 0 N D L G G o e o o o a p l l t d d n e o s s c a a i i a b t t r s n r c h o d u o a l m a d d t i e i s o c n ounts. _ . 2 2 5 5 8 2 6 7 0 5 1 3 9 5 2 1 7 4 8 9 1 9 8 5 8 9 2 2 5 2 7 1 8 6 0 0 3 5 3 4 2 1 4 4 1 6 7 7 3 0 4 6 tfank of France (millions of francs): Czechoslovak National Bank Gold reserve2. . 3,683 3,683 3,684 (millions of Czechoslovak crowns): Silver reserve. - 344 342 342 335 Gold and silver 1,053 1,052 1,050 1,058 L G C o r o e a ld d n i , s t s s a i l n a v b d e r r o d , a i a s d n co d u f n o t r s eign exchange- 2 3, ,1 7 4 8 5 0 3 7 4 2 , . 7 0 5 6 0 8 4 7 1 5 , , 9 2 7 5 5 6 0 2 6, 5 8 7 5 7 6 L A Fo o s r s a e e n i t s g s n a o n b f d a b l a a a d n n c v k e a in s n g a c n e o s d f . f _ i c c . u e .. r _ i r n en l c iq y u .. i . - 1,82 7 4 3 1,80 7 5 3 1,89 8 7 5 1,2 1 6 7 3 5 N T A M o o d i t v s t a e c a l e n c d l c i l r e a e c p n s u o e t l o s a o i u t t i t s s o h n a e s s G e o ts vernment 2 5 1 1 6 1 0 9 , , , , 5 0 8 6 8 1 0 0 3 8 0 0 2 5 1 6 2 9 2 , , , , 9 3 2 5 9 1 0 2 1 0 0 6 2 5 1 3 8 2 1 , , , , 8 3 1 1 3 8 0 5 7 5 4 0 3 52 3 3 5 , , , , 5 2 9 7 9 2 0 3 9 7 0 5 D N e o d p t a e o ti s c o i i t n r s culation 6 1, , 2 7 5 3 6 5 7 2 5 1 6 , , 1 8 5 3 3 6 9 8 0 7 1, , 2 0 5 6 2 6 2 8 2 6, 9 9 4 3 0 0 -German Reichsbank (millions of Bank of Danzig (millions of Danreichsmarks): zig gulden): Gold at home.—. 1,746 1,749 1,750 1,232 Balances with Bank of England.. 18 Gold abroad. _-_„_.__ 69 101 101 260 Foreign bills, etc. 19 Reserves in foreign exchange 78 171 203 388 Loans and discounts 13 Bills of exchange and checks..... 2,421 2,068 1,963 1,244 Note circulation..„ 33 Miscellaneous assets 444 452 426 517 Deposits 3 Deposits „ ___ 700 582 616 579 Reichsmarks in circulation 3,719 3,676 3,589 2,878 National Bank of Denmark (mil- Rentenmarks in circulation 1,073 1,100 1,129 1,529 lions of kroner): Ban L A C G k o r d o e a o l v d d n f a i s n r t I e c t a a s a e n n e s l d r d y v t o d e b ( m — i a t s h l c i a l e . o n l i u c o G e n n o s t s v s a . o e b . r f r n o l m i a re d e ) n : t > 7 1 1 , , , 1 2 3 5 5 8 7 9 9 4 1 1 7 , , , , 1 2 2 2 4 0 2 2 9 3 9 0 1 1 6 0 , , , 5 1 8 2 8 3 5 2 1 5 8 7 L N D F G o o e o o r a p l t e d n e o i s g s c i n i a t r s n c b d u il l l d a s i t , s i e o c t o n c u .. n ts . ... 3 1 1 4 6 2 9 3 5 7 7 3 0 3 1 1 4 2 7 3 9 1 1 7 0 3 3 1 1 3 2 6 2 9 6 3 1 9 3 4 12 2 0 6 9 0 Note circulation for commerce.-. 13,349 13,446 10,867 Note circulation for the State. - _. 4,229 4,229 6,857 National Bank of Egypt (thou- I Total deposits....... _ 2,187 2,373 2,481 sands of Egyptian pounds sterling): Ban T A A G G k o d d o o t o v l v v a d f a a e l n n r J a n n c c a t o m e e h p t s s e e o a a o n a m n n n n t e d d b ( f m o a o d d r n n i e i e s l d d i p l c g i s o o o a n s n u b i b r n s t o i t l o l s a i l a f s d b y i e li n ti ) e : s _ .. 2 1 1 , , , 2 5 0 0 3 6 4 7 1 9 3 2 0 2 3 1 1 , , , 2 0 5 0 3 8 8 3 6 8 1 4 3 2 2 1 , , 3 1 5 0 4 1 0 5 5 7 3 9 4 8 1 1 , , 3 3 9 0 4 5 4 0 5 1 4 0 4 8 N E G E G O n g o o t o h g y t v l e e l d p e i r s . r t c . i n h d i . a r m e c n G p u e o G o l n a s v t o i t e t i v d o s r e e n n r p m n o m e s n i e t t s n s t e s c e u c r u i r ti it e . i s . e . . _ s . . . . 2 2 2 1 2 6 3 3 7 1 6 , , , , , , 0 6 8 7 5 6 9 1 5 0 0 5 8 5 8 5 5 5 2 2 2 2 1 3 3 6 1 6 7 , , , , , , 6 8 6 3 5 9 9 4 0 4 6 6 5 5 8 9 3 6 2 1 2 2 2 3 8 3 6 5 2 , , , , , , 2 4 6 9 6 7 6 2 3 5 0 0 1 7 9 4 4 7 Notes issued 1,388 2,037 1,310 1,179 Total deposits....- 1,154 1,047 775 Bank of Estonia (millions of Estonian marks): Au of s N T D G F O t s r o r c o o o t e i h r h l m t a e a d e e i n i s l r e g l u c i s n f N n i r t o r i y g c r b c a e s u i b t i b ) l g l i l : i a i o l s n l l t l n s i o s o b a f n i l l t . l h B s e a r n e k se r ( v m _ e ._ ill _ ions 4 9 1 1 1 1 5 0 7 0 7 6 9 1 6 1 4 4 9 1 1 1 2 5 1 6 7 1 8 9 8 4 4 4 4 8 1 1 5 8 3 8 4 7 9 1 8 3 6 4 4 5 8 1 1 8 9 6 2 8 8 9 5 8 0 3 N D F F L G C o o o a o e o r r s a p t l e e h e d n o i i g g . s s c i i n n n i a t r s n c f b c o d u a i o r l n l r l e a d s r d i t e i g i s o s c n c p n u o o c r u n u re n d r n r t e e s t n n . a t . c s c y ' c a o c u c ^ l o n u ts n . t . . . . 5 1, , 9 8 4 5 8 7 6 2 8 9 0 1 2 6 5 1 2 8 3 5 2 , , 7 0 9 6 5 9 0 1 9 6 2 0 5 7 1 0 0 5 7 5 1 , , 4 2 2 8 8 8 3 2 9 9 3 5 1 1 3 9 6 9 3 6 Deposits _ 25 21 40 Bank of Finland (millions of Fin- National Bank of Belgium (mil- nish marks): lions of francs): Gold... 324 325 331 Gold* - 3,173 3,164 274 Balances abroad and foreign Foreign bills and balances in credits 974 1,096 1,185 948 gold* - 2,163 2,154 2,080 30 Foreign bills 47 41 51 59 Domestic and foreign bills 2,426 2,433 2,266 1,768 Domestic bills 629 592 556 553 Loans to State.. 2,000 2,000 2,002 5,680 State debts 122 133 124 262 Note circulation ___„ 9,308 9,391 9,368 8,346 Note circulation 1,411 1,447 1,473 1,320 Deposits 598 455 1,218 Demand liabilities 251 344 408 410 * Notes issued, less amounts held in banking department and in cur- s Figures previous to July, 1926, are for 8 banks of issue. rency note account. 4 Figures previous to Oct. 25,1926, carried at par. < Not including gold held abroad. 8 Figures previous to 1927 carried at par. 52215—27 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 EEDEKAL EESEEVE BULLETIN JULY, 1927 CONDITION OF CENTRAL BANKS—Continued 1927 1926 1927 1926 May April March May May April March May National Bank of Greece (millions Bank of Portugal (millions of escuof drachmae): dos): Gold and balances abroad 2,330 1,748 Gold 9 Government loans and securities. 3,858 3,826 Balances abroad 177 165 172 321 Loans and discounts 3,786 3,118 Bills 207 212 218 152 Note circulation __ 4,972 4,367 Note circulation 1,755 1,751 1,785 1,786 Total deposits 4,623 3,966 Deposits. 81 64 54 National Bank of Hungary (millions of pengo): National Bank of Rumania (mil- Gold... 169 111 lions of lei): Foreign bills, etc 92 105 129 Gold6.... 146 145 141 Loans and discounts 249 242 209 175 Bills 9,100 8,349 Advances to treasury 117 117 119 152 Advances to State _ 10, 679 10, 679 10, 679 Other assets 221 229 255 246 Note circulation 21,029 21,036 20,988 Note circulation 429 443 418 388 Deposits. _ 8,962 8,948 7,858 Deposits • 249 234 252 204 Miscellaneous liabilities 143 146 159 191 State Bank of Russia (note-issuing Bank of Java (millions of florins): department; thousands of cher- Gold 185 190 195 vontsi): Foreign bills 20 21 21 Gold 16, 685 16, 590 16, 588 14, 653 Loans and discounts. 61 79 53 Foreign currency 8,374 8,374 8,374 5,007 Note circulation 307 304 324 Loans and discounts 64,738 61, 382 59, 733 51,107 Deposits 47 47 Bank notes 90, 550 87, 516 85,731 70,126 Bank of Latvia (millions of lats): Gold National Bank of the Kingdom Foreign exchange reserve. of Serbs, Croats, and Slovenes Bills (millions of dinars): Loans Gold 87 87 Note circulation Foreign notes and credits 397 291 300 Government deposits Loans and discounts 1,238 1,303 1,322 1,311 Other deposits Advances to State 2,966 2,966 2,966 2,966 Note circulation 5,337 5,434 5,476 5,627 Bank of Lithuania (millions of Deposits 1,231 615 701 536 litas): Gold Foreign currency . South African Reserve Bank Loans and discounts (thousands of pounds sterling): Note circulation . Gold _ 8,463 7,560 Deposits Foreign bills 6, 784 6,028 5,265 Domestic bills 1,034 702 1,007 Netherlands Bank (millions of Note circulation 8,599 7,253 8,176 florins): Deposits 8,110 5,568 5,076 Gold 409 419 419 432 Foreign bills.. 141 134 147 195 Loans and discounts... 265 220 227 205 Bank of Spain (millions of pesetas): Note circulation 813 791 782 844 Gold 2,597 2,597 2,588 2,537 Deposits . 32 51 40 Silver 705 701 698 671 Balances abroad ._. 37 37 38 35 Bank of Norway (millions of kro- Bills discounted 573 584 567 778 ner): Checks and drafts . 1,370 1,435 1,430 1,646 Gold 147 147 147 147 Note circulation 4,246 4,283 4,526 4,323 Foreign balances and bills 10 25 45 87 Deposits , 1,006 1,016 975 1,070 Domestic credits 309 353 374 278 Note circulation 315 321 324 335 Bank of Sweden (millions of kro- Foreign deposits _ 9 17 15 6 ner): Total deposits 144 201 240 133 Gold 222 222 222 229 Foreign bills, etc 161 171 179 166 Reserve Bank of Peru (thousands Loans and discounts 297 271 313 oflibras): Note circulation 493 497 525 489 Gold 4,186 4,197 4,087 4,054 Deposits 119 92 148 Gold against demand deposits._. 228 219 329 367 Foreign exchange reserve 669 709 704 685 Swiss National Bank (millions of Bills ..... 1,471 1,626 1,920 2,698 francs): Note circulation 5,819 5,832 5,847 6,528 Gold., 459 459 458 419 Deposits 458 441 663 735 Funds on demand abroad 45 25 41 15 Loans and discounts 359 349 347 Bank of Poland (millions of zloty): Note circulation 815 831 838 781 Gold.... 157 157 152 134 Deposits 124 78 81 85 Foreign exchange, etc 230 237 235 Loans and discounts 414 404 393 377 Bank of the Republic of Uruguay Note circulation 705 694 413 (thousands of pesos): Current accounts- Gold 54,944 54,944 54,938 Private 121 140 175 Loans and discounts 95,362 95, 790 84,142 Treasury 99 83 36 Note circulation 69, 809 62,269 Liabilities in foreign currency 30 33 36 Deposits 71,456 69,460 68, 636 6 Not Including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 493 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 1926 1927 1926 May April March May May April March May Chartered banks of Canada (mil- Four private banks of Italy (millions of dollars): lions of lire): Gold coin and bullion *__ 70 70 72 Cash 1,155 Current loans and discounts 1,298 1,278 1,195 Bills discounted. __ 8,810 Money at call and short notice. _. 400 431 360 Due from correspondents.- 5,510 Public and railway securities 528 510 544 Due to correspondents ..__ 13,093 Note circulation 172 164 164 Deposits - 2,496 Individual deposits 2,319 2,291 2,197 Gold reserve against Dominion Tokyo banks (millions of yen): notes -— 101 93 Cash on hand - 212 143 Dominion notes circulation 182 172 172 Total loans 2,492 2,476 Total deposits.- 1,977 1,949 Joint-stock banks of Denmark Total clearings 3,222 3,165 (millions of krcmer): Loans and discounts... 1,910 1,926 2,029 Joint-stock banks of Norway Due from foreign banks 57 55 61 (millions of kroner): Due to foreign banks 144 140 129 Loans and discounts 1,701 1,705 1,969 Deposits and current accounts... 1,996 2,024 2,211 Due from foreign banks 65 61 149 Due to foreign banks 212 209 312 Nine London clearing banks Rediscounts- _ 150 154 204 (millions of pounds sterling): Deposits - , 1,855 1,870 1,889 Money at call and short notice... 127 124 119 113 Advances and discounts 1,110 1,109 1,106 1,063 Joint-stock banks of Sweden Investments 237 236 239 244 (millions of kroner): Deposits 1,650 1,642 1,632 1,590 Loans and discounts 4,227 4,241 4,319 Foreign bills and credits abroad- 185 187 148 Joint-stock banks of Finland Due to foreign banks .— 120 125 138 (millions of Finnish marks): Rediscounts „ „ 112 115 141 Loans and discounts 7,501 7.376 7,018 Deposits... 3,538 3,555 3,539 Due from abroad.-- - 223 '224 98 Due to abroad 355 354 388 Swiss Cantonal banks (millions Deposits - .—_.__. 6,507 6,481 5,717 of francs): Loans and discounts 1,738 1,750 1,686 Three commercial banks of Mortgages 2,810 2,803 2,693 France (millions of francs): Foreign bills 24 23 22 Bills and national defense bonds. 14,312 14, 065 Due from banks and correspond- Loans and advances._.. 5,021 5,273 ents 292 293 246 Demand deposits -. 24,173 20,749 Commercial deposits „ 691 692 645 Time deposits-.. 363 Savings deposits 1,547 1,551 1,441 Six Berlin banks (millions of reichsmarks): Bills and treasury notes 1,413 2 1,383 Due from other banks 846 2 592 Miscellaneous loans 4,827 2 3,069 Deposits 6,552 2 4, 732 Acceptances 407 2 243 1 Not including gold held abroad. 2 Figures are for April, 1926. DISCOUNT RATES OF 32 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 6 Feb. 5,1927 Estonia... 8 Oct. 1,1926 Japan 5.84 Mar. 9,1927 Portugal 8 July 27,1926 Belgium—. _ 5 June 23,1927 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 7 Mar. 7,1927 Germany - 6 June 10,1927 Lithuania—_ 7 Feb. 1,1925 South Africa &A Nov. 21,1924 Czechoslovakia. 5 Mar. 8,1927 Greece 11 July 7,1926 Netherlands. 3H Oct. 2,1925 Spain 5 Mar. 23,1923 D D En a e g n n l z m a ig n a d rk 5 6 J A J u u p n n r e e . 2 2 2 4 1 1 , , , 1 1 1 9 9 9 2 2 2 6 7 7 I H I n ta u d l n i y a gary- 5 6 7 J J A u u u n n g e e . 2 2 1 6 3 8 , , , 1 1 1 9 9 9 2 2 2 6 7 5 * N P P e o o r l r u a w n a d y . 8 6 A M O p c a t r y . . 2 1 1 7 3 , , , 1 1 1 9 9 9 2 2 2 7 6 3 Y S S w w ug e it d o z e s e n l r a la v n ia d - . 4 VA J A O u p c n t r e . . 2 2 2 3 2 2 , , , 1 1 1 9 9 9 2 2 2 2 7 5 6 Changes :German Reichsbank from 5 to 6 per cent on June 10, 1927; Bank of Danzig from blA to 6 per cent on June 21,1927; National Bank of Belgium from 5A to 5 per cent on June 23, 1927; Imperial Bank of India from 6 to 5 per cent on June 23,1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN JULY, 1927 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Neth s e t r e l r a d n a d m s ) (Am- Sw la i n tz d er- Month B a m a n a c o c n c n e k e s t p e h , t r s 3 - s' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day B d a a e n a l p c n lo e o k 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 - y day 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 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 3; 83 3.00 2.38 July 4.26 4.29 4.54 5.73 4.93 2.74 2.72 2.37 August 4.45 4.55 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 May 3.90 3.84 3.54 4.90 6.95 5.99 3.45 3.78 3.19 Sweden Belgium France Italy Austria (Vienna) Hungary (Stock- Japan (Tokyo) (Brussels) (Paris) (Milan) holm) Month d P i r s r i c a v o t a e u t n e t d P i r s r i c a v o t a e u t n e t d P i r s r i c a v o t a e u t n e t d P i r s r i c a v o t a e u t n e t M m fo o o r n n e 1 th y c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p co b D u i i n l s l - t s e d | | ov m e C o r a n n l i e l g y ht 1926 January..... 6.71 4.57 8.18 7 -10} 6.75-9.13 4. 56-8.03 February 6.59 4.27 8.00 7 -11 6. 57-8. 76 4.38-7. 30 March _. 6.75 4.25 8.00 6. 57-8.40 4. 75-7. 67 April 6.75 4.25 8.00 *" 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 7 7.12-8. 76 5.11-8. 76 July 6.70 6.00 8.50 6 -7 6.94-8.76 5.11-8.03 August 6.75 7.00 8.50 6-7 6.75-8.40 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 5H-7 6. 21-8.40 5.11-7.12 November- 5.77 6.69 9.25 6-7 6.39-8.40 4. 75-7. 48 December-.. 4.34 5.77 9.25 6 -7H 6. 75-8. 76 5.11-8.03 1927 January..-.. 3.90 4.99 9.25 6.39-8. 76 4. 56-7. 30 February 3.99 4.45 9.25 6. 21-8.03 2.92-7.30 March .. 4.19 3.89 9.25 5. 84-7.67 4.38-6. 21 April... 4.33 3.17 9.25 5.84-8.03 4. 38-5.29 May 4.23 2-46 8.50 1 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

JULY, 1927 FEDEBAL EESEKVE BULLETIN 495 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 j j p E o x rt - s im o p r o p r o e 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 o x rt - s im o p r o p r e o t x r s - ts p I o m rt - s p E o x rt - s im o p r o p r e o t x r s - ts 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 1925 I January 5,0381 73,526 19, 737 590 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 3,637 2,559 1,078 -8,361 44,240 March 7,337| 25,104 -17,767 14,912 630 14,282 9,061 14, 672 -5,611 29 253 -224 -26,286 53,957 April. ________ 8,870j 21,604 -12, 734 16,218 616 15,602 5,017 9,694 -4, 677 86 5,049 -4, -14,388 4,746 May.. 11,393 i 13,390 —1,997 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 -9,689 -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 -14,512 -21,363 9,226 August 4,862 2,136 2,726 28, 976 587 28,389 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 28,039 22,702 8,997 1,076 7,921 26,337 49,517-23,180 4,892 731 4,161 -18,322 15, 767 November 10,4561 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| 5,968 1,248 727 812 -85 10,604 21,257-10,653 9,566 41 9,525 -15, 734 7,903 Total- 128,272i 262, 640-134,367 152, 750 143,867 202,004 241, 739-39,735 32,157 42,495-10,338 -198,930 219,000 1926 January „ 19,351 16,264 5,517 823 4,694 22,021 11,913 10,108 6,615 35 6,580 -19,952 8, 619 February... I 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.. 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 1,393 604 789 7,188 3, 699 87 28 59 -29, 737 6,838 May. 2,935 9,343 -6,408 838 693 145 18,687 6,852 11,835 270 200 70 -18,003 12,317 June... 18,890 3,346 15, 544 571 631 -60 16,103 4,881 11,222 1,010 51 959 -21,002 7,241 July 19,820 5,070 14, 750 626 621 5 19,510 6,210 13,300 330 2,014 —22,668 4,076 August 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- 15,987 23,081 -7, 094 23,608 702 22,906 12,137 5,017 7,120 800 656 144 -8,686 4,839 October 8,857 1,156 7,701 36,343 869 35,474 16,916 21,262 -4,346 580 150 430 -29,082 4,004 November.., 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. . 17,004 7,196 18,407 858 17,549 14,531 -4,078 108 2,613 -2, 505 -10, 553 3,530 Total. 213,504 115, 708 97, 796137,987 8,720 129,267j 187,608 132,140 55,468 11,174 6,483 4,691 -212,152 83,627 1927 January - 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 -14,079 6; 543 March 16, 383 5,625 10, 758 6,576 5,736 7,526 632 488 39 449 10,041 April 14,493 2,592 11,902 771 164 24,678 3,735 20,943 281 1,334 -1,053 4,941 May 34,212 1,510 32, 702 16,464 26,580 10,116 47 3,015 -2,968 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 May, April, May, April, destination March, February, March, February, 1927 1927 1927 1927 1927 1927 1927 1927 All countries 16,464 24,678 26,580 3,735 All countries._. 10,052 6,550 n 7 France „ _._ 29 13 82 244 England 1,683 1 434 Netherlands..... __ 730 1,350 69 345 France Russia 142 United States ___ 64 Spain and Canaries 1 241 1,129 Aden and dependencies 82 106 Switzerland... _„„ 1,230 109 Arabia . 125 77 United States 20, 808 Bahrein Islands 129 37 South America. 38 13 49 10 British Oceania.. . British India „ _ 1,704 803 Ceylon _ 10 6 British Malaya __ 123 56 China 10 397 98 Mesopotamia 208 256 Rhodesia... _ 470 590 Straits Settlements I 10 Transvaal _-.„ 14, 605 22,090 Java__ . . West Africa 515 455 7 Egypt 529 567 All other countries __ 77 25 1,870 941 Natal 7,222 4,055 Mauritius and dependencies. 1 Net imports 20,944 10,116 All other countries Net imports.... „ 10,041 6,543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN JULY, 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 (b el 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—June 14.0796 2 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. 5206 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 .7260 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 17230 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 June 14. 0625 13.8900 .7218 2. 9616 26. 7207 485. 6088 2. 5194 3. 9169 23. 6923 1. 3430 17. 4438 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 z r 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 i u a n v g a i o r a - ) 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—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 February 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 June 5. 5819 40. 0515 25.8896 11. 3065 5. 0419 .5964 515. 0000 17.1988 26. 7792 19. 2365 1. 7577 OTHER COUNTRIES Country Unit v P al a u r e J 1 u 9 n 2 e 7 , M 19 a 2 y 7 , J 1 u 9 n 2 e 6 , Country Unit v P al a u r e J 1 u 9 n 2 e 7 , M 19 a 2 y 7 , J 1 u 9 n 2 e 6 , • Canada _ Dollar. 100.00 99.9360 100.0658 100.1027 Venezuela 3 Bolivar... 4 19.30 18. 7620 18.7500 19.4000 Cuba Peso 100.00 99. 9150 99 9606 99. 9317 China Mexican dollar _ * 48.11 45. 5077 45.6136 52.2712 Mexico do 49.85 46.4197 46. 5867 48.8495 Do... Shanghai tael__ * 66. 85 62. 7362 62.1680 72.1704 Hong Kong Dollar__ 47.77 49.0742 49.2716 55.2185 Argentina Peso (gold) 96.48 96.4373 96 2008 91 6635 India Rupee. 48.66 36.1973 36.2332 36. 2946 Bolivia3. Boliviano 38.93 34.4231 34. 0000 34.0962 Japan __ Yen. 49.85 46. 6896 47. 0832 46. 8454 Brazil Milreis 32.44 11.8050 11.8084 15. 5196 Java 3 Florin 40.20 40. 2079 40.1638 40.4315 E C P C c e h o u r i l l o u a e d 3 m o b r i a 3 3 L P S e u i — s b c o r rd a eo . . - -- . . 48 9 4 1 6 7 8 2 . . . . 3 6 1 6 3 7 7 5 3 9 1 7 19 7 2 4 . . . . 4 0 4 6 1 2 2 0 9 3 3 1 6 5 1 9 3 9 1 1 6 7 2 8 4 . . . . 0 4 3 6 2 6 1 4 0 8 2 0 4 8 5 0 3 9 2 1 6 0 8 2 8 . . . . 9 4 0 9 2 2 4 8 7 3 3 5 9 0 8 6 T E St u g m r r y a k e i p t n e t s y t s _ . S . e - ttle- T E Si u g n r y g k p a i t p s i h o a r n p e o p d u o o n u ll d n a d r- 4 49 5 3 4 6 9 . . . 6 7 3 5 8 1 55.9807 49 5 5 7 5 2 . . . 2 9 9 2 8 7 3 9 9 2 6 2 4 5 5 9 3 6 8 . . . 1 2 5 8 0 7 5 6 5 0 9 8 Uruguay. _ Peso 103. 42 100. 3708 100. 7088 101. 7107 1 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. 2 Rate on franc from June to October, inclusive. 8 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 $0.57057 for June, 1927, $0.56592 for May, 1927; and $0.65798 for June, 1926. The corresponding London prices (converted at average rate of exchange) were—$0.57300, $0.56999, and $0.66298. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL EESERVE BULLETIN 497 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 t a 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 - h a o- m D a e r n k - 1 T (B E l r a a o o n n d a f g d e r - d ) l F a i n n d - B S t u t i a c r t e a i a l s- u F a s l e e d r R v e e e r - - ( B m F S t u G e t a i a d r c n e e t a e r i y a l s - r u a - 2 ) l b H ( g a g a u s o r i n l y s d - ) I (B c ta h a l i c y ) - N l e a t n h d e s r- ( N O w o s a l r y o - ) Board 1925 November.., 158 125 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 1,094 634 527 136 127 708 153 214 February 155 120 556 2,899 950 151 149 1,091 636 540 134 125 704 149 211 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 1,081 650 565 133 123 692 143 198 May _. 152 118 692 2,938 141 145 1,070 688 597 132 122 698 143 196 June 152 124 761 2,842 140 146 1,079 739 631 132 122 709 144 195 July 151 126 876 2,838 948 141 149 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 1,101 627 592 137 126 681 147 176 1927 January...... 147 130 856 2,706 979 141 144 1,103 591 136 127 661 145 170 February 146 130 854 2,688 975 140 143 1,103 595 136 129 658 146 165 March 145 133 858 2,649 976 139 141 1,095 641 600 135 128 646 144 160 April.. 144 135 846 2,592 979 138 140 1,093 636 610 135 130 622 143 159 May 144 137 848 988 139 141 1,095 629 618 138 592 145 160 June 990 142 E urope—Continued Asia and Oceania Africa Month la P n o d - 2 Russia Spain Sweden S l w an it d z e i r- Canada Peru t A ra u l s ia - (S C h h h a a i i n n ) g a - D In E 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 land A So fr u ic th a 1925 November.. 175 155 157 161 204 165 158 161 198 161 145 December... 179 187 156 157 164 203 170 158 159 194 160 140 1926 January 154 183 153 156 164 206 161 164 159 192 159 134 124 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 178 196 179 150 148 161 204 168 163 160 149 181 156 133 120 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 "122 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 "l26 November.. 193 178 185 148 147 152 198 155 174 157 146 171 151 130 December. — 195 178 186 150 148 151 199 155 172 156 146 170 153 130 1927 January.—-. 195 177 184 146 147 151 200 154 173 156 146 170 150 126 128 February... 197 179 180 146 145 150 204 153 172 157 148 171 146 124 March 200 179 179 145 147 149 206 150 175 154 146 171 146 124 April 206 177 177 143 147 149 201 151 173 145 170 122 126 May 175 172 145 147 152 207 152 171 146 171 June - 174 147 206 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 commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN JULY, 192T WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE ITALY—CHAMBER OF COMMERCE 1927 1926 1927 1926 May April March Fe a b ry ru- Ja a n ry u- May May April March r F u e a b ry - Ja a n ry u- May All commodities..... 537 565 593 601 603 64a Total food 590 618 640 643 636 694 All commodities 141 140 141 143 144 145 Vegetable foods. 621 642 670 681 683 718 Total food 153 148 147 152 154 158 Animal foods 552 589 603 596 579 664 Cereals - 154 148 148 149 149 150 All industrial prod- Tota I M O l r , o t e h n n a e o t a r t n a f f n o d o o d o s d d t f e i s s e . h . l - . . . . . . . . 1 1 1 1 3 7 2 3 3 2 2 5 1 1 1 1 3 6 3 2 2 3 5 5 1 1 1 1 3 2 3 6 2 6 7 1 1 1 1 1 6 3 2 4 6 7 7 1 1 1 1 1 4 6 3 2 7 3 8 8 1 1 1 1 6 5 3 1 6 7 8 7 uc T M C ts e h i x e n m t e i r l i a e c l s a s . l s and 4 4 5 7 9 1 5 8 6 5 5 5 4 2 0 4 3 1 5 5 54 7 4 6 4 0 5 5 5 5 8 5 2 4 1 5 5 5 5 9 4 0 0 6 6 6 5 5 8 2 2 2 3 O a th n e d r m m e i t n al e s rals 121 126 131 134 138 129 Bu m il e d t i a n l g s mate- 503 546 580 593 . 612 628 C O o th t e to r n t . extiles... 1 1 5 5 0 3 1 1 4 5 1 5 1 1 4 5 1 4 1 1 3 5 7 2 1 1 3 5 4 2 1 1 6 6 4 0 O r th ia e l r s veg „ et a ._ bl _ e _ 601 618 640 653 662 684 Miscellaneous 141 140 141 142 144 140 products 536 559 593 603 611 619 Sundries.. 571 594 612 618 627 603 FRANCE—STATISTICAL BUREAU SWEDEN—BOARD OF TRADE A A l l l l f c o o o m d m s. o . dities — 6 6 2 3 9 0 6 6 4 3 6 6 6 6 4 4 3 1 6 63 3 0 2 6 6 2 1 2 8 610 1927 1926 A V Su e n g g im a e r t a a , b l l f e o c o o f d o f s f o e d e s , . 6 5 7 7 4 4 6 6 7 0 8 3 6 64 2 0 1 6 5 4 8 1 3 5 6 6 3 6 1 5 6 4 4 6 5 April March r F u e a b ry - Ja a n ry u- De b c e e r m- April cocoa 637 650 679 689 688 657 All industrial mate- AU commodities 143 145 146 146 150 150 rial...... — 629 629 641 634 625 751 Vegetable products.. 145 146 147 146 146 144 Minerals 579 588 616 621 614 680 Animal products 128 130 136 136 147 146 Textiles 734 738 742 696 667 990 Fuels and oils __ 116 122 125 127 144 116 Sundries 615 608 612 619 620 681 Raw materials for manufacture in iron and metal GERMANY—FEDERAL STATISTICAL BUREAU industry 119 122 122 124 126 126 Paper pulp and pa- A To ll t a c l o mm ag o r d ic it u ie lt s ural 138 135 135 136 136 132 Ra p w er materials for 163 164 166 168 171 173 products 140 135 136 139 140 ! 123 manufacture in V C e a g tt e le table foods. 1 1 6 1 8 1 1 1 5 0 8 7 1 1 5 0 6 8 1 1 5 1 6 1 1 1 5 1 4 7 1 12 2 0 2 Ra le w at h a e n r d i n m d a u n s u t f r a y c . - .. 116 119 120 122 122 123 A Fo n u i d c m d ts a e . l r .... prod- 1 1 2 5 8 7 1 14 3 6 2 1 1 3 4 9 4 1 1 4 4 7 4 1 14 4 2 9 1 1 3 0 4 9 S R e a t m u w r i e f m i d n a i c s t h e h e r e i d m a ls i m ca a l t s e . - .. 1 13 6 4 8 1 1 6 3 8 5 1 1 7 3 0 8 1 1 7 4 0 0 1 1 7 4 0 7 1 1 7 4 1 1 Colonial goods 127 127 128 128 129 133 rials 145 145 146 145 147 149 Total industrial raw Finished materials.. 148 150 151 151 154 155 materials and Producers' goods 133 134 135 134 140 138 semi-finished Consumers' goods... 152 154 155 157 159 160 products.. -. 131 130 130 129 129 129 Coal 129 131 135 135 135 131 Iron 126 125 124 125 125 123 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Nonferrous H Te m i x d t e i t l e a e s l s s . and 1 1 0 5 7 1 1 1 1 4 0 7 1 1 4 1 4 2 1 1 4 0 1 9 1 1 3 1 9 1 1 1 5 1 2 4 T A M e l e l x t t c a i o l l e s m s a m n o d d c it o i a e l s 1 1 14 8 5 6 0 1 1 1 1 4 5 8 2 0 0 1 1 1 3 8 5 8 0 3 1 1 1 5 3 8 4 3 1 1 1 1 2 8 5 7 1 5 1 1 1 5 7 6 1 3 8 A Ch r l t e e i a f m i t c h i i c e a a r l l s ferti- 1 1 2 2 5 5 1 1 2 2 2 5 1 1 2 2 0 5 1 1 2 2 2 5 1 1 2 2 3 5 1 1 1 2 0 2 A D g a u i r c r i t c y s u . p lt r u o r d a u l cts prod- 1 15 5 0 5 1 1 4 5 5 6 1 1 7 4 0 5 1 14 7 4 8 1 1 8 4 9 1 1 16 8 6 7 Te li c z h e n rs ical oils 84 85 87 87 86 90 Gr b o a c c e c r o ies and to- 170 164 165 166 166 168 R Pa u a p b n e b d r e f r m at a s t . erials 1 5 2 2 9 1 5 2 0 9 1 5 3 1 1 1 4 3 7 3 1 4 3 9 2 1 5 3 8 2 B M C u h e e i a l m d t i i n c g al s mat _ erials,. 1 1 1 5 7 0 3 9 8 1 1 1 4 1 8 8 0 1 1 1 18 4 0 0 7 5 1 1 1 0 8 5 7 0 1 1 1 9 5 8 8 3 0 1 1 1 7 5 4 3 3 8 and paper 149 149 149 149 149 Building mate- 150 INDIA (GALCUTTA)-DEPARTMENT OF STATISTICS rial 160 155 155 151 150 Total industrial 142 All commodities 145 146 148 146 146 149 finished products. 145 143 142 142 142 153 Cereals - 141 141 142 143 133 139 C Pr o od n u s c u er m s' e g r o o s d f s 130 129 129 129 129 134 T Pu ea lses 1 1 5 3 4 8 1 1 5 3 5 8 1 1 5 3 6 8 1 1 5 4 5 0 1 1 6 5 0 3 2 1 0 40 3 goods.--. 156 154 152 151 151 167 Other foods 167 166 167 165 169 153 Oil seeds 144 134 143 141 137 133 SWITZERLAND i—DR. J. LORENZ Raw jute 88 93 91 93 89 146 Jute manufactures... 142 145 139 139 143 155 A A C l o g l n r c i s c o u u m m lt m u e r r o a s d ' l i g ti o e p o s r d o s d . - _. 1 1 4 5 7 5 1 1 4 5 7 5 1 1 5 4 6 7 1 15 4 7 5 1 1 4 5 7 8 1 14 6 7 1 C Ra o tu w t r t e o c s n o tto m n anufac- 1 1 5 4 9 8 1 1 6 4 3 8 1 1 6 5 3 0 1 15 2 6 7 1 1 1 53 9 1 1 4 82 8 In u d c u t s s trial products. 1 1 2 4 8 5 1 1 4 2 6 3 1 1 2 4 4 5 1 14 1 2 8 1 1 1 4 7 5 1 1 0 4 7 5 H M O i t e d h t e e a s r l s a te n x d t i s l k e i s n . s .. 1 1 1 2 1 3 6 6 7 1 1 1 2 1 3 7 9 8 1 1 14 2 28 0 3 1 1 1 2 1 3 2 7 8 1 1 1 3 2 1 4 8 8 1 1 1 1 4 2 8 2 1 Other articles 144 145 150 149 152 133 i First-of-month figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL KESEKVE BULLETIN 499 JULY, 1927 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United Month c S i t t ( a i 5 e t 1 e s s ) ( A V t n r u i i a s e a ) - n-g B iu e m l- g B a u r l i - a l E a n n g d to E n s i - a* F (P ra a n ri c s e )m G a e n r y - - G ( e A r n e t s e h ) c - eI ( l t M a a n l i ) y - N la e e n r t - d h s - N w o a r y - R si u a s 3 - S l z a w e n r d i - t- Can- t A ra 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 1,597 149 215 168 147 157 148 155 119 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 1,849 654 146 198 236 159 149 159 155 149 117 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 1,973 631 146 184 235 159 151 158 149 117 1927 January 156 119 207 2,586 167 131 592 151 625 147 174 208 158 153 158 155 148 116 February. -. 153 119 210 2,569 164 132 585 152 642 147 177 208 157 151 153 152 146 117 March 151 118 201 2,533 162 129 581 151 635 146 173 205 156 149 151 152 146 118 April 151 119 200 2,478 155 130 580 150 617 145 169 203 156 146 151 151 119 May 152 119 196 154 589 151 169 201 156 145 150 121 June 154 153 199 151 COST OF LIVING [Pre-war* 100] European countries Other countries Mas- Month s c s e h a t u t - s - g B iu el m - s C lo ze v c a h k o ia - l E a n n g d - 2 l F a i n n d - ( 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 H ga u r n y -I ( l t M a a n ly i ) - N la e e n r t d - h s - N w o a r y - l P an o d - Spain S d w e e n - S l z a w e n r i d - t- C ad a a n - 2 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 1,228 144 1,547 124 643 152 189 175 168 149 153 132 Nov 162 534 863 176 1,227 141 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 1,166 140 1.673 122 665 170 188 174 167 155 155 131 Feb 163 526 845 173 1,175 139 L, 664 121 661 171 183 165 154 154 131 Mar _ 161 521 832 172 1,172 451 138 [,706 119 647 174 225 169 185 163 154 157 155 131 Apr _. 161 529 832 168 1,163 140 L, 731 119 642 177 187 "173 162 153 153 131 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 :L, 791 116 650 171 218 184 183 160 150 161 155 131 July.. _ - 159 637 876 170 1,183 142 L, 808 117 649 178 186 "I72" 160 150 157 130 Aug 158 681 878 170 1,213 143 L, 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 L.862 114 672 193 190 160 149 155 131 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 1,173 146 651 203 196 170 156 148 153 131 Mav 157 776 931 164 1 166 147 179 156 148 152 132 June 785 163 148 154 1 1921 = 100. 2 First of the month figures. 3 Revised since January, 1927. NOTE.—Information as to the nurnber o ifoods 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

500 FEDEKAL RESERVE BULLETIN JULY, 1927 RULINGS OF THE FEDERAL RESERVE BOARD Location of branches of State member banks. city of the parent bank. The legislative history The Federal Reserve Board has recently of the bill seems to support the view that considered the question whether a State mem- limits means corporate limits rather than ber bank may properly establish a branch in a physical limits; certainly it can not be said to town a part of the corporate limits of which support the contrary view. coincides with a part of the corporate limits of The national bank act makes the population the city, town, or village in which the parent of the "place" in which the bank is located the bank is located. basis for determining the amount of capital This question is governed by that provision of required of national banks. In interpreting the McFadden Act amending section 9 of the this provision of law it has usually been held Federal reserve act, which provides in part as by the Comptroller of the Currency and the follows: Federal Reserve Board that where a bank is No such*State bank may retain or acquire stock in a located within the corporate limits of an Federal reserve bank except upon relinquishment of incorporated city or town the population of the any branch or branches established after the date of "place" in which the bank is located is the the approval of this act beyond the limits of the city ? population of the incorporated city or town, town, or village in which the parent bank is situated. and where a bank is located outside the corpo- The Federal Eeserve Board has reached the rate limits of such city or town it has customconclusion that (in cases where an incorporated arily been considered that the incorporated city, town, or village is involved) the word city or town is not the "place" in which the "limits" as used in section 9 of the Federal bank is located. In construing the meaning reserve act, as amended, refers to the corporate of the word "place," as used in the national limits of the city, town, or village in which the bank act with reference to the capitalization of parent bank is situated. national banks, the Attorney General has held In a consideration of this question it seems in an opinion rendered June 6, 1913, that the appropriate to refer to the legislative history word means "a corporate or quasicorporate of the provision of the McFadden Act with body organized for the purpose of local governregard to out-of-town branches of State memment in a defined territory." In rendering ber banks. As the bill (H. R. 2) first passed this opinion the Attorney General said in part: the House the words "corporate limits" were used instead of merely "limits." The words * * * Once the test of a political community is "corporate limits" were changed in the Senate abandoned and there is no clear principle upon which to define a "city, town, or village," the whole question to "limits," and the Senate also added an would finally come down to the mere opinion of the amendment permitting the Federal Reserve administrative officer that a bank with not less than Board to define the limits of a municipality in $50,000 capital was, or was not, proper or necessary such a way as to include the territory of a in a particular locality. city, town, or village, the corporate limits of The word "limits" as used in a State which coincide at some point with the corpo- statute has been construed to mean incorrate limits of the city or town in which the porated limits. In the case of Borders v. State parent bank is situated. This latter provision (Tex.), 66 S. W. 1102, a statute restricting was subsequently stricken out in the House, gambling within the limits of a city was held but the w^ord "corporate" before "limits" not to apply to gambling which took place at was not again inserted in the bill. The omis- a residence outside of the corporate limits of sion of the word "corporate" can not be taken the city, although the residence was on platted as an indication that Congress intended that ground adjacent to the city and was in a section branches might be located outside the corporate where there was a number of contiguous houses. limits of the city of the home office, because As stated above, it is the view of the Federal the effect which the omission would otherwise Reserve Board that the word "limits" in have is neutralized by the omission of the section 9 of the Federal reserve act, as amended, provision authorizing the Federal Reserve should be interpreted to mean corporate limits, Board to include contiguous territory in the and accordingly a State member bank may limits of a city. The fact that this latter not lawfully establish a branch at any place provision was stricken out indicates an inten- not within the corporate limits of the city, tion to restrict branches (with the exceptions town, or village in which the parent bank is stated in the act) to the corporate limits of the situated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

501 JULY, 1927 FEDEEAL EESEEVE BULLETIN LAW DEPARTMENT Revision of regulation regarding foreign banking Fifth. The names and places of business or residences corporations organized under section 25 (a) of theof persons executing the organization certificate and Federal reserve act the number of shares to which each has subscribed. Sixth. The fact that the certificate is made to enable The Federal Reserve Board recently revised the persons subscribing the same and all other persons, Regulation K, series of 1924, relating to bank- firms, companies, and corporations who or which may ing corporations authorized to do a foreign thereafter subscribe to or purchase shares of the capital banking business under the terms of section stock of such Corporation to avail themselves of the advantages of this section. 25 (a) of the Federal reserve act. The text of The persons signing the organization certificate shall the new Regulation K, which became effective acknowledge the execution thereof before a judge of June 8, 1927, is as follows: some court of record or notary public who shall certify thereto under the seal of such court or notary. Thereafter the certificate shall be forwarded to the Federal REGULATION K, SERIES OF 1927 Reserve Board to be filed in its office. (Superseding Regulation K of 1924) SECTION IV.—Title BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS UNDER THE TERMS OF SECTION Inasmuch as the name of the Corporation is subject 25 (a) OF THE FEDERAL RESERVE ACT to the approval of the Federal Reserve Board, a preliminary application for that approval should be filed SECTION I.—Organization with the Federal Reserve Board on F. R. B. Form 150, which is made a part of this regulation. This applica- Any number of natural persons, not less in any case tion should state merely that the organization of a than five, may form a Corporation 1 under the pro- Corporation under the proposed name is contemplated visions of section 25 (a) for the purpose of engaging inand may request ^the approval of that name and its international or foreign banking or other international reservation for a period of 30 days. No Corporation or foreign financial operations or in banking or other which issues its own bonds, debentures, or other such financial operations in a dependency or insular pos- obligations will be permitted to have the word "bank" session of the United States either directly or through as a part of its title. No Corporation which has the the agency, ownership, or control of local institutions word "Federal" in its title will be permitted also to in foreign countries or in such dependencies or insular have the word "bank" as a part of its title. So far possessions. as possible the title of the Corporation should indicate the nature or reason of the business contemplated and should in no case resemble the name of any other cor- SECTION II.—Articles.of association poration to the extent that it might result in misleading Any persons desiring to organize a corporation for or deceiving the public as to its identity, purpose, any of the purposes defined in section 25 (a) shall connections, or affiliations. enter into articles of association (see F. R. B. Form 151, which is suggested as a satisfactory form of arti- SECTION V.—Authority to commence business cles of association) which shall specify in general terms the objects for which the Corporation is formed, and After the articles of association and organization may contain any other provisions not inconsistent certificate have been made and filed with the Federal with law which the Corporation may see fit to adopt Reserve Board, and after they have been approved by for the regulation of its business and the conduct of the Federal Reserve Board and a preliminary permit to its affairs. The articles of association shall be signed begin business has been issued by the Federal Reserve by each person intending to participate in the organi- Board, the association shall become and be a body corzation of the Corporation and when signed shall be porate, but none of its powers except such as are inforwarded to the Federal Reserve Board in whose office cidental and preliminary to its organization shall be they shall be filed. exercised until it has been formally authorized by the Federal Reserve Board by a final permit generally to commence business. SECTION III.—Organization certificate Before the Federal Reserve Board will issue its final All of the persons signing the articles of association permit to commence business, the president or cashier, shall under their hands make an organization certifi- together with at least three of the directors, must cate on F. R. B. Form 152, which is made a part of certify (a) that each director elected is a citizen of the United States; (b) that a majority of the shares of stock this regulation, and which shall state specifically: is owned by citizens of the United States, by corpora- First. The name assumed by the Corporation. tions the controlling interest in which is owned by Second. The place or places where .its operations citizens of the United States, chartered under the laws are to be carried on. of the United States, or by firms or companies the Third. The place in the United States where its controlling interest in which is owned by citizens of home office is to be located. the_ United States; and (c) that of the authorized Fourth. The amount of its capital stock and the capital stock specified in the articles of association at number of shares into which it shall be divided. least 25 per cent has been paid in in cash and that each shareholder has individually paid in in cash at least 1 Whenever these regulations refer to a corporation spelled with a capi- 25 per cent of his stock subscription. Thereafter the tal C, they relate to a corporation organized under section 25 (a) of the .Federal reserve act. cashier shall certify to the payment of the remaining Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN JULY, 1927 installments as and when each is paid in, in accordance evidence as in their discretion they may think necessary with law. in order to determine whether or not the issue or transfer of the stock would result in a violation of the SECTION VI.—Capital stock law. No issue or transfer of stock which would cause No corporation may be organized under the terms 50 per cent or more of the total amount of stock issued of section 25 (a) with a capital stock of less than or outstanding to be held contrary to the provisions of $2,000,000. The par value of each share of stock shall the law or these regulations shall be made upon the be specified in the articles of association, and no Cor- books of the Corporation. The decision of the board poration will be permitted to issue stock of no par of directors in each case shall be final and conclusive value. If there is more than one class of stock, the and not subject to any question by any person, firm, or name and amount of each class and the obligations, corporation on any ground whatsoever. rights, and privileges attaching thereto shall be set If at any time by reason of the fact that the holder forth fully in the articles of association. Each class of of any shares of the Corporation ceases to be a citizen stock shall be so named as to indicate to the investor of the United States, or, in the opinion of the board of as nearly as possible what is its character and to put directors, becomes subject to the control of any foreign him on notice of any unusual attributes. State or foreigner or foreign corporation or corporation under foreign control, 50 per cent or more of the total amount of capital stock issued or outstanding is held SECTION VII.—Transfers of stock contrary to the provisions of the law or these regulations, the board of directors may, when apprised of Section 25 (a) provides in part that— that fact, forthwith serve on the holder of the shares A majority of the shares of the capital stock of any such corporationin question a notice in writing requiring such holder shall at all times be held and owned by the citizens of the United States, by corporations the controlling interest in which is owned by citizens of within two months to transfer such shares to a citizen the United States, chartered under the laws of the United States or of a of the United States, or to a firm, company, or corpo- State of the United States, or by firms or companies the controlling ration approved by the board of directors as an eligible interest in which is owned by citizens of the United States. stockholder. When such notice has been given by the In order to insure compliance at all times with the board of directors the shares of stock so held shall requirements of this provision after the organization cease to confer any vote until they have been transferof the Corporation, shares of stock shall be issuable red as required above; and if on the expiration of two and transferable only on the books of the Corporation. months after such notice the shares shall not have Every application for the issue or transfer of stock shall been so transferred, the shares shall be forfeited to the be accompanied, by an affidavit of the party to whom Corporation. it is desired to issue or transfer stock, or by his or its The board of directors shall prescribe in the by-laws duly authorized agent, stating— of the Corporation appropriate regulations for the In the case of an individual.—(a) Whether he is or registration of the shares of stock in accordance with is not a citizen of the United States and, if a citizen of the terms of the law and these regulations. The bythe United States, whether he is a natural-born citizen laws must also provide that the certificates of stock or a citizen by naturalization, and if naturalized, issued by the Corporation shall contain provisions whether he remains for any purpose in the allegiance of sufficient to put the holder on notice of the terms of any foreign soverign or State; (6) whether there is or the law and the regulations of the Federal Reserve is not any arrangement under which he is to hold the Board defining the limitations upon the rights of shares or any of the shares which he desires to have transfer. issued or transferred to him, in trust for or in any way under the control of any foreign State or any foreigner, SECTION VIII.—Operations in the United States foreign corporation, or any corporation under foreign control; and, if so, the nature thereof. No Corporation shall carry on any part of its busi- In the case of a corporation.—(a) Whether such ness in the United States except such as shall be incicorporation is or is not chartered under the laws of the dental to its international or foreign business. Agencies United States or of a State of the United States. If may be established in the United States with the apit is not, no further declaration is necessary; but if it is, proval of the Federal Reserve Board for specific purit must also be stated (b) whether the controlling poses, but not generally to carry on the business of interest in such corporation is or is not owned by the Corporation. citizens of the United States, and (c) whether there is or is not any arrangement under which such corpora- SECTION IX.—Investments in the stock of other tion will hold the shares or any of the shares if issued corporations or transferred to such corporation in trust for or in any way under the control of any foreign State or any It is contemplated by the law that a Corporation shall foreigner or foreign corporation or any corporation conduct its business abroad either directly or indirectly under foreign control; and, if so, the nature thereof. through the ownership or control of corporations, and it is accordingly provided that with the consent of the In the case of a firm or company.—(a) Whether the Federal Reserve Board a Corporation may invest in controlling interest in such firm or company is or is the stock, or other certificates of ownership, of any not owned by citizens of the United States; and, if so, other corporation organized— (b) whether there is or is not any arrangement under (a) Under the provisions of section 25 (a) of the which such firm or company will hold the shares or any Federal reserve act; . of the shares if issued or "transferred to such firm or (b) Under the laws of any foreign country or a company in trust for or in any way under the control colony or dependency thereof; of any foreign State or any foreigner or foreign cor- (c)~Under the laws of any State, dependency, or poration or any corporation under foreign control; insular possession of the United States; and, if so, the nature thereof. The board of directors of the Corporation, whether provided, first, that such other corporation is not acting directly or through an agent, may, before mak- engaged in the general business of buying or selling ing any issue or transfer of stock, require such further goods, wares, merchandise, or commodities in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL KESEEVE BULLETIN 503 United States; and second, that it is not transacting (a) A statement verified by the affidavit of its any business in the United States except such as is president or a vice president and its treasurer, cashier, incidental to its international or foreign business. or comptroller setting forth— Except with the approval of the Federal Reserve (1) That the requirements of this regulation in Board, no Corporation shall invest an amount in excess respect of the issue of debentures, bonds, notes, or of 15 per cent of its capital and surplus in the stock of other obligations have been complied with in all any corporation engaged in the business of banking, respects. or an amount in excess of 10 per cent of its capital and (2) The aggregate amount of the debentures, bonds, surplus in the stock of any other kind of corporation. notes, or obligations issued under the trust indenture No Corporation shall purchase any stock in any other and the net price received by the Corporation therefor. -corporation organized under the terms of section 25 (a) (3) The various items of the collateral security or under the laws of any State, which is in substantial pledged under the trust indenture and the market competition therewith, or which holds stock or certifi- value, at the time of the issue of such obligations, of cates of ownership in corporations which are in sub- each and every item thereof. stantial competition with the purchasing Corporation. (4) The financial condition of the Corporation This restriction, however, does not apply to corporations and, in detail, all its assets and liabilities (fixed and •organized under foreign laws. contingent) as of the day immediately following such issue. SECTION X.—Branches (b) A copy of the trust indenture pursuant to which such obligations of the Corporation were issued, No Corporation shall establish any branches except certified as correct by the trustee therein named. with the approval of the Federal Reserve Board, and in no case shall any branch be established in the United (c) A certificate of the trustee under such trust States. indenture setting forth— (1) That it has accepted the trust created by such SECTION XI.—Issue of debentures, bonds, and promissory trust indenture and is acting as trustee thereunder; notes (2) The securities and/or cash which have been delivered to it and which it holds as trustee under the A Corporation is not required by law or by this regu- trust indenture; lation to make application to or obtain the approval of (3) The name and address of the counsel for the the Federal Reserve Board before making an issue of trustee. its debentures, bonds, notes, or other obligations, but (d) The latest published balance sheet of the Corcorporations issuing their debentures, bonds, notes, or poration, certified as correct by the president or a vice other obligations, must comply with the rules, regula- president and by the treasurer, an assistant treasurer, tions, and conditions hereinafter set forth: the cashier, or assistant cashier, or the comptroller of (a) General conditions.—All debentures, bonds, the Corporation. notes, or such other obligations issued by a corpora- (e) An opinion of the counsel for the trustee under tion (except notes payable to banks or bankers within the trust indenture to the effect that— one year) shall: (1) The trust indenture has been validly executed in (1) Be payable only in gold coin of the United States pursuance of due corporate action. of the standard of weight and fineness existing at the (2) That all necessary legal formalities have been time of issue; complied with to make such obligations, when executed (2) Be payable not more than 20 years after the date by the Corporation and authenticated by the trustee, of issue; valid and enforcible obligations of the Corporation (3) Be secured by collateral which shall— entitled to the benefits afforded by the trust indenture; (a) Consist of lawful money of the United States (3) That the transfers executed to the trustee of the and/or securities, notes, drafts, bills of exchange, collateral security held by it under the trust indenture acceptances, including bankers7 acceptances, and other are in appropriate and sufficient form. evidences of indebtedness and/or shares of stock in (/) Copies of all prospectuses and other literature which the corporation is authorized by law to invest its issued by the Corporation or its officers or bankers funds; describing or affecting such issue. (b) Have an aggregate market value equal at all In case there shall be any substitution of or change in times to not less than 110 per cent of the aggregate the securities at any time held under any such trust principal amount of the obligations issued or to be indenture securing an issue of debentures, bonds, notes, issued against such securities; and or other obligations the Corporation, each time it makes (c) Be transferred and delivered free of any prior a report to the Federal Reserve Board pursuant to the lien, charge, or encumbrance thereon of any kind provisions of Section XVI, shall file with the Federal whatsoever, to a financially responsible bank or trust Reserve Board a statement, verified by the affidavit of company, which is a member of the Federal reserve the president or a vice president and the treasurer, system, as trustee under a trust indenture executed by cashier, or comptroller of the Corporation— the Corporation as security for the obligations of the (a) Giving the details of such substitution or change, Corporation issued or to be issued thereunder, which and trust indenture shall prescribe the general form of such (6) Certifying that at the time of such substitution obligations and shall require that every such obligation or change the additional collateral transferred to the shall be authenticated by the certificate of the trustee trustee under the trust indenture had a market value at noted thereon, least equal to the market value of the collateral security (b) Requirements after issuance.—Within 10 days released from the lien of such trust indenture. after the issuance of any such debentures, bonds, Such statement shall be accompanied by an acknowlnotes, or other obligations (other than promissory edgment by the trustee under the trust indenture that notes payable to banks or bankers within one year) there has been delivered to it and that it holds as such the Corporation issuing the same shall file with the trustee the additional collateral specified in such Federal Reserve Board— statement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDEKAL RESERVE BULLETIN JULI, 1927 The Federal Reserve Board reserves the right to amount shall be fully secured; or (b) exceeds twice the make public whenever it believes it to be necessary in amount of the subscribed capital and surplus, all thethe public interest any documents filed with it under acceptances outstanding in excess of such amount shall this subsection. be fully secured. (The Corporation shall elect which- (c) Advertisements.—No circular, prospectus, letter, ever requirement (a) or (b) calls for the smaller amount advertisement, or other statement published or issued of secured acceptances.) In no event shall any Corin any form or manner by a corporation shall contain poration have outstanding at any one time acceptances an}^ matter to indicate that any issue of debentures, drawn for the purpose of furnishing dollar exchange ia bonds, notes, or other obligations by such corporation an amount aggregating more than 50 per cent of its or the collateral securing same has in any way received subscribed capital and surplus. the approval of the Federal Reserve Board or that the Reserves.—Against all acceptances outstanding: collateral securing same has been appraised or approved which mature in 30 days or less a reserve of at least 15 in any way by the Federal Reserve Board. This per cent shall be maintained, and against all acceptrequirement will be strictly enforced in order that there ances outstanding which mature in more than 30 days may be no possibility of the public obtaining the a reserve of at least 3 per cent shall be maintained. impression that the Federal Reserve Board has ap- Reserves against acceptances must be in liquid assets proved in any way any such issue of debentures, bonds, of any or all of the following kinds: (1) Cash; (2) balnotes, or other such obligations or the collateral secur- ances with other banks; (3) acceptances of other banks ing same. or bankers, and (4) obligations of the Government of the United States. SECTION XII.—Sale of securities with guaranty or indorsement SECTION XIV.—Deposits Whenever a corporation sells, discounts, or negotiates In the United States.—No Corporation shall receivewith its indorsement or guaranty any securities, notes, in the United States any deposits except such as aredrafts, bills of exchange, acceptances, bankers' accept- incidental to or for the purpose of carrying out transances, or other evidence of indebtedness it shall enter actions in foreign countries or dependencies of the on its books a proper record thereof, describing in detail United States where the Corporation has established each such evidence of indebtedness so sold, discounted, agencies, branches, correspondents, or where it operates^ or negotiated, the amount thereof, the parties thereto, through the ownership or control of subsidiary corthe maturity thereof, and the nature of the corporation's porations. Deposits of this character may be made by liability thereon. Every financial statement of the cor- individuals, firms, banks, or other corporations,, poration submitted to the Federal Reserve Board or whether foreign or domestic, and may be time deposits made public in any way shall show the aggregate or on demand. amount of all such liabilities outstanding as of the Outside the United States.—Outside the Uniteddate on which such statement purports to show the States a Corporation may receive deposits of any kind financial condition of the corporation. from individuals, firms, banks, or other corporations :- Provided, however, That if such corporation has any SECTION XIII.—Acceptances of its bonds, debentures, or other such obligations outstanding it may receive abroad only such deposits a& Kinds.—Any Corporation may accept (1) drafts and are incidental to the conduct of its exchange, discount, bills of exchange drawn upon it which grow out of or loan operations. transactions involving the importation or exportation Reserves.—Against all deposits received in the of goods, and (2) drafts and bills of exchange which United States a reserve of not less than 13 per cent must are drawn by banks or bankers located in foreign coun- be maintained. This reserve may consist of cash in* tries or dependencies or insular possessions of the vault, a balance with the Federal reserve bank of the United States for the purpose of furnishing dollar ex- district in which the head office of the Corporation is. change as required by the usages of trade in such coun- located, or a balance with any member bank. Against tries, dependencies, and possessions: Provided, how- all deposits received abroad the Corporation shall, ever, That no Corporation shall exercise its power to maintain such reserves as may be required by local, accept drafts or bills of exchange if at the time such laws and by the dictates of sound business judgment, drafts or bills are presented for acceptance it has out- and banking principles. standing any debentures, bonds, notes, or other such obligations issued by it. SECTION XV.—General limitations and restrictions Maturity.—No Corporation shall accept any draft or bill of exchange which grows out of a transaction in- Liabilities of one borrower.—The total liabilities to volving the importation or exportation of goods with a a Corporation of any person, company, firm, or cormaturity in excess of six months, or shall accept any poration for money borrowed, including in the liabilities, draft or bill of exchange drawn for the purpose of fur- of a company or firm the liabilities of the several nishing dollar exchange with a maturity in excess of members thereof, shall at no time exceed 10 per cent three months. of the amount of its subscribed capital and surplus: Limitations.—(1) Individual drawers: No accept- Provided, however. That the discount of bills of exances shall be made for the account of any one drawer change drawn in good faith against actually existing in an amount aggregating at any time in excess of 10 values and the discount of commercial or business per cent of the subscribed capital and surplus of the paper actually owned by the person negotiating the Corporation, unless the transaction be fully secured or same, and the purchase of readily marketable bonds, represents an exportation or importation of commodi- notes, and other investment securities offered for sale ties and is guaranteed by a bank or banker of un- in the open market, shall not be considered as money doubted solvency. (2) Aggregates: Whenever the ag- borrowed within the meaning of this paragraph. The gregate of acceptances outstanding at any time (a) ex- liability of a customer on account of an acceptance ceeds the amount of the subscribed capital and surplus, made by the Corporation for his account is not a lia- 50 per cent of all the acceptances in excess of the bility for money borrowed within the meaning of this. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESEEVE BULLETIN 505 paragraph unless and until he fails to place the Cor- An appeal from the decision of the trial court poration in funds to cover the payment of the accept- in this case is now pending in the Court of ance at maturity or unless the Corporation itself holds Appeals of Tennessee. the acceptance. Aggregate liabilities of the Corporation.—The aggregate of the Corporation's liabilities outstanding on LOUISVILLE & NASHVILLE RAILROAD CO. account of acceptances, average domestic and foreign v. deposits, debentures, bonds, notes, guaranties, indorsements, and other such obligations shall not exceed at NASHVILLE BRANCH OF THE FEDERAL RESERVE BANK any one time ten times the amount of the Corporation's OF ATLANTA ET AL. subscribed capital and surplus. In determining the amount of the liabilities within the meaning of this FINDINGS AND OPINION paragraph, indorsements of bills of exchange having not more than six months to run, drawn and accepted by This is a suit to recover of the Nashville Branch of others than the Corporation, shall not be included. the Federal Reserve Bank of Atlanta and the American Operations abroad.—Except as otherwise provided National Bank $3,995, with interest from July 14, 1924. in the law and these regulations, a Corporation may The suit is predicated upon the failure of the two exercise abroad not only the powers specifically set banks to collect three cashier's checks, drawn by and forth in the law but also such incidental powers as on the Peoples Bank of Springfield, Tenn., and indorsed may be usual in the determination of the Federal by the complainant and deposited for collection with Reserve Board in connection with the transaction of the American National Bank, and by that bank delivthe business of banking or other financial operations ered to the Nashville Branch of the Federal Reserve in the countries in which it shall transact business. Bank of Atlanta for collection. In the exercise of any of these powers abroad a Cor- It is alleged that the American National Bank was poration must be guided by the laws of the country negligent in selecting the reserve bank as its agent to in which it is operating and by sound business judgment clear or collect these checks, and that the reserve bank and banking principles. was negligent in sending these checks to the Peoples Bank at Springfield, the drawee, and permitting that SECTION XVI.—Reports and examinations bank to hold said checks without remitting, until its failure. Reports.—Each Corporation shall make at least two The bill further alleges that the regulations of the reports annually to the Federal Reserve Board at such Federal Reserve Board did not alter the responsibility times and in such form as it may require. of the Nashville Branch of the Federal Reserve Bank, Examinations.—Each Corporation shall be examined nor render nonactionable or nonnegligent a practice at least once a year by examiners appointed by the which, under the laws of Tennessee, is negligent, to wit, Federal Reserve Board. The cost of examinations forwarding a check direct to the bank on which it is shall be paid by the Corporation examined. drawn for collection; and that the American National Bank in selecting the Federal reserve bank as its agent SECTION XVII.—Amendments to regulations for handling the checks became responsible to the complainant to the same extent as if the American Bank These regulations are subject to amendment by the had itself forwarded these checks direct to the Peoples Federal Reserve Board from time to time: Provided, Bank of Springfield. however, That no such amendment shall prejudice The defendants deny they were negligent and rely obligations undertaken in good faith under regulations upon certain regulations adopted by the Federal in effect at the time they were assumed. Reserve Board and the Federal Reserve Bank of Atlanta, in force and effect when the transaction complained of occurred, authorizing the defendant banks Opinion of trial court in suit against Federal Reserve to handle the checks in the manner they did, and that Bank of Atlanta alleging negligence in collection these checks were handled in accordance with the uniof check form custom and usage obtaining among banks in Nashville and the regulations of the Federal Reserve There is published below a copy of the opin- Board and the Federal Reserve Bank of Atlanta. They ion recently rendered by the Chancery Court aver that these regulations have the legal force and of Davidson County, Tenn., in the case of effect of Federal statutes, and as such are binding on the complainant with reference to the checks sued on Louisville & Nashville Railroad Co. v. Nashin this case, and that the complainant authorized the ville Branch of the Federal Reserve Bank of American National Bank to follow the general banking Atlanta et al. In this suit, which arose out custom or usage prevailing in Nashville in making colof a failure to collect certain cashier's checks, lection of these checks. The facts material to the determination of the quesit was alleged, among other things, that the tion involved follow: Federal reserve bank was negligent in sending The Federal reserve system was created by an act these checks directly to the drawee bank. The of Congress December 23, 1913. Section 11 of this act Federal reserve bank denied any negligence and expressly empowers the Federal Reserve Board to make all rules and regulations necessary to enable the board contended that Regulation J, series of 1924, to effectively perform the duties, functions or services authorized it to handle checks in this manner. specified in the act, and to exercise a general super- The trial court upheld the Federal reserve bank vision over all Federal reserve banks. Section 16 of in its contention and sustained the validity the act authorizes the Federal Reserve Board to promulgate from time to time regulations governing the and effectiveness of Regulation J, series of 1924. transfer of funds, charges therefor, and in its discretion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDEKAL KESEKVE BULLETIN JULY, 1927 may exercise the functions of a clearing house for such " (4) Checks received by a Federal reserve bank on Federal reserve banks, or may designate a Federal its member or nonmember clearing banks will ordinarily reserve bank to exercise the function of a clearing be forwarded or presented direct to such banks, and house for its member banks. See 38 Statutes at Large, such banks will be required to remit or pay therefor at 251-264. par in cash or bank draft acceptable to the collecting The Federal reserve act (38 Stat. 251), sections Federal reserve bank, or, at the option of such Federal 9785-9805, United States Compilation Statutes 1916, reserve bank, to authorize such Federal reserve bank to and the acts amendatory and supplementary thereof, charge their reserve or clearing accounts; provided, constitute the charter of the Federal reserve system. however, that any Federal reserve bank may reserve The general control and supervision of this system is the right in its check collection circular to charge such lodged in the Federal Reserve Board, consisting of six items to the reserve account or clearing account of any members, appointed by the President with the consent such bank at any time when in any particular case the of the Senate. The Secretary of the Treasury and the Federal reserve bank deems it necessary to do so. Comptroller of the Currency are members ex officio of " (5) Checks received by a Federal reserve bank this board. payable in other districts will be forwarded for collec- The United States is divided into districts, and tion upon the terms and conditions herein provided to there is a Federal reserve bank in every district. The the Federal reserve bank of the district in which such reserve bank for this district was established in 1914 checks are payable. and located in Atlanta, and a branch thereof was estab- " (6) The amount of any check for which payment lished and located in Nashville in 1919, known as the in actually and finally collected funds is not received Nashville Branch of the Federal Reserve Bank of At- shall be charged back to the forwarding bank, regardlanta. The Nashville Branch of the Federal Reserve less of whether or not the check itself can be returned." Bank of Atlanta clears at par and all national banks Circular No. F 5 of the Federal Reserve Bank of are required by law to be members of this system, and Atlanta provides as follows: upon their failure to become members their charters "The Federal Reserve Bank of Atlanta will handle are forfeited. checks and other cash items subject to the following The Federal reserve banks are national, not State, terms and conditions, and each member and noninstitutions, existing and operating under the laws of member clearing bank which sends checks for deposit the Federal Government and those laws provide for a or collection to the Federal Reserve Bank of Atlanta Federal Reserve Board appointed by the President, (and branches) or to another Federal reserve bank with power to make and promulgate rules and regula- direct, for our account, will be understood to have tions for the government of Federal reserve banks and agreed to said terms and conditions and by such action their branches and of all banks which become members shall be deemed (a) to authorize the Federal Reserve of the Federal reserve system. Bank of Atlanta to handle such checks subject to the Regulation J, series of 1924, adopted by the Federal following terms and conditions, (b) to warrant its own Reserve Board, is as follows: authority to give the Federal Reserve Bank of Atlanta such authority, and (c) to agree to indemnify the Fed- " SECTION V.—Terms of collection eral Reserve Bank of Atlanta for any loss resulting from the failure of such sending bank to have such authority. "The Federal Reserve Board hereby authorizes the "(1) The Federal Reserve Bank of Atlanta (and Federal reserve banks to handle such checks subject to branches) will act only as agent of the bank from the following terms and conditions; and each member which it receives such checks and will assume no and nonmember clearing bank which sends checks to any responsibility or liability except for its own negligence Federal reserve bank for deposit or collection shall by and its guaranty of prior indorsements. such action be deemed (a) to authorize the Federal "(2) The Federal Reserve Bank of Atlanta (and reserve banks to handle such checks subject to the branches) may present such checks for payment or following terms and conditions, (b) to warrant its own send such checks for collection direct to the bank on authority to give the Federal reserve banks such which they are drawn or at which they are payable, authority, and (c) to agree to indemnify any Federal or in its discretion may forward them to another agent reserve bank for any loss resulting from the failure of with authority to present them for payment or send such sending bank to have such authority. them for collection direct to the bank on which they "(1) A Federal reserve bank will act only as agent are drawn or at which they are payable. of the bank from which it receives such checks and will "(3) The Federal Reserve Bank of Atlanta (and assume no liability except for its own negligence and its branches) may, in its discretion and at its option, guaranty of prior indorsements. either directly or through an agent, accept either cash " (2) A Federal reserve bank may present such or bank drafts in payment of or in remittance for such checks for payment or send such checks for collection checks and shall not be held liable for any loss resulting direct to the bank on which they are drawn or at which from the acceptance of bank drafts in lieu of cash, nor they are payable, or in its discretion may forward them for the failure of the drawee bank or any agent to to another agent with authority to present them for remit for such checks, nor for the nonpayment of any payment or send them for collection direct to the bank bank draft accepted in payment or as a remittance on which they are drawn or at which they are payable. from the drawee bank or any agent. " (3) A Federal reserve bank may, in its discretion " (4) Checks received by the Federal Reserve Bank and at its option, either directly or through an agent, of Atlanta (and branches) on its member or nonmember accept either cash or bank drafts in payment of or in clearing banks will ordinarily be forwarded or preremittance for such checks and shall not be held liable sented direct to such banks, and such banks will be for any loss resulting from the acceptance of bank required to remit or pay therefor at par in cash or drafts in lieu of cash, nor for the failure of the drawee bank draft acceptable to the Federal Reserve Bank of bank or any agent to remit for such checks, nor for the Atlanta or, at the option of said Federal reserve bank, nonpayment of any bank draft accepted in payment or to authorize said Federal reserve bank to charge their as a remittance from the drawee bank or any agent. reserve accounts or clearing accounts; and the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL KESEKVE BULLETIN 507 Reserve Bank of Atlanta (and branches) reserves the checks, drafts, etc., to the Peoples Bank at Springfield right to charge such items to the reserve account or and exchange them for cashier's checks drawn on that clearing account of any such bank at any time when in bank by its cashier and made payable to the L. & N., any particular case it deems it necessary to do so." and these would be deposited in the American National The agent of the complainant at Springfield would Bank. He continued to do this up to the time the take the cash he had received from the business of the Peoples Bank closed on July 14, and on that date, as L. & N. Railroad at that point to the Peoples Bank at stated, bought a cashier's check with his daily receipts Springfield and get cashiers' checks for it, which checks for $710. Mr. Neel, the only official of the L. & N. he would deposit with the American National Bank at examined as a witness by the complainant, and who is Nashville. Cashier's check 1090, issued by the Peoples assistant treasurer of the home office at Louisville, Bank of Springfield on July 7, 1924, payable to the testified that he had been in the treasurer's office for L. & N. R. R. was for $450, and was indorsed by the about 30 years and knew through the press that national complainant and deposited for collection with the banks were members of the Federal reserve banking defendant American National Bank on July 8, 1924. system. He further testified that no instructions were The American National Bank indorsed this check on given to any of its bank depositaries as to the collection July 8, 1924, and delivered it to the Nashville Branch of checks delivered to them for collection, but it was of the Federal Reserve Bank of Atlanta, which bank left to the general custom of the locality or region where indorsed it under date of July 9, 1924, and forwarded the depositary bank was located to collect the checks in it direct to the Peoples Bank of Springfield, and it was accordance with their custom, as stated. received by that bank on July 10, 1924. Cashier's Since the year 1920 the complainant has deposited check 1091 was issued by the Peoples Bank of with the American National Bank for collection items Springfield July 8, 1924, payable to the order of the on banks, including the Peoples Bank at Springfield, L. & N. R. R. in the sum of $1,425, and was indorsed Tenn., and has left the American Bank free to follow by it and deposited for collection in the American the banking uses and customs at Nashville with refer- National Bank on July 9, 1924, and by that bank on the ence to collecting items of this character. The Nashsame day indorsed and delivered for collection to the ville Branch of the Federal Reserve Bank of Atlanta Nashville branch of the Federal Reserve Bank of was established in Nashville in 1919 and since its estab- Atlanta, and that bank also indorsed the check on July lishment it has been the uniform custom and usage of 9, 1924, and forwarded it for collection direct to the members of the Federal reserve banking system at Peoples Bank at Springfield, and it was received by Nashville, the American National Bank being a memthat bank on July 10, 1924. Cashier's check 1092 was ber, to use the reserve bank for making collections on issued by the Peoples Bank of Springfield, dated July banks outside of Nashville. 9, 1924, payable to the order of the L. & N. R. R. for Springfield is known to the Federal reserve bank at $2,120 and indorsed by that company and deposited for Nashville as a three-day point, as three days represent collection in the American National Bank on July 10, the ordinary time in which items are deposited for col- 1924, and by the American Bank indorsed on July 10, lection until remittances thereon are received. On 1924, and delivered to the Nashville branch of the July 11, 1924, Mr. Stratton, one of the officers of the Federal reserve bank, and that bank on the same day Peoples Bank, was in Nashville, and as that bank had forwarded same for collection direct to the Peoples been rather slow in its remittances, Mr. Fort, one of Bank at Springfield, and the latter bank received it on the officials of the reserve bank, spoke to Mr. Stratton July 11,1924. Two of these checks came into the hands about it and was informed by Mr. Stratton that he of the Peoples Bank on July 10 and the third on July 11, was expecting to get in three large loans from debtors and the Peoples Bank was the drawee in each one of in Robertson County known to Fort and was arrangthese checks. ing for a loan of $50,000 from the American National The Peoples Bank was open for business July 10, 11, Bank of Nashville. The next day, July 12, Mr. Fort 12, and on the 14th, which was Monday, but did not was informed by the officers of the American National open for business on July 15, 1924, and on that day was Bank that a loan for $50,000 to the Peoples Bank at taken over by the State bank examiner about 11 Springfield was pending and would be consummated. o'clock a. m. Sunday, July 13, was a holiday, and This opinion was so satisfactory to Mr. Fort that the Monday, July 14, was observed as such by the Nash- Federal reserve bank at Nashville sent to the Peoples ville banks but was not observed at Springfield. At Bank at Springfield on July 12 items for collection no time prior to July 15, 1924, did the Federal reserve amounting to over $52,000. The banks at Nashville bank at Nashville, the American National Bank, or the observe Saturday as a half holiday, and July 12 came Robertson County Bank & Trust Co., the Springfield on Saturday, and the following Monday, July 14, was bank, and the Commerce-Union Bank, the three banks observed as a holiday by these banks. When the at Springfield, suspect the insolvency of the Peoples Peoples Bank "closed its doors on July 15, it had cash on hand of $15,925.15. Bank, and all did business with the latter bank. The L. & N. agent at Springfield deposited cash and received In July, 1924, there was no member bank of the cashier's checks on July 10, 12, and 14, with and from Federal reserve system at Springfield, Tenn., and the the Peoples Bank. On the 14th he deposited $710 and Peoples Bank at that point and three other banks received a cashier's check for that amount, and on there cleared at par items sent them by the Federal July 14 the banks at Springfield did banking business reserve bank for collection, and the items on the Springas usual with the Peoples Bank, and this was the last field banks had been forwarded directly to the drawee day that bank was open for business. by the Federal reserve bank for collection and remit- The L. & N.'s agent at Springfield had deposited with tance. the American National Bank daily for more than four On July 8, 1924, the Federal reserve bank at Nashyears. The L. & N. had designated the American ville forwarded to the Peoples Bank at Springfield National Bank as its depositary and instructed its items in excess of $33,000. agent at Springfield to deposit his daily receipts with During the week of July 7-12, 1924, the Peoples that bank, together with about 42 local agents through- Bank had remitted to the Federal reserve bank at out Tennessee and Kentucky. The local agent of the Nashville on account of items forwarded it for collec- L. & N. at Springfield would take his receipts, moneys, tion approximately $118,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDEKAL RESEKVE BULLETIN JULY, 1927 The Federal reserve bank at Nashville from July select an agent known to be interested against the prin- 7-14, 1924, continued to send items to the Peoples cipal and put the latter into the hands of its natural National Bank for collection so that on July 14, 1924, adversary. the total amount of such items in the Peoples Bank It has been held in this State that a custom or usage sent by the reserve bank amounted to approximately which violates a settled rule of law can not be given $121,000. force and effect. (R. R. Co. v. Naive, 112 Tenn. 255.) It has been the custom certain and uniform obtaining The case of Savings Bank v. National Bank (98 Tenn. in Nashville to send checks for collection to the drawee 340-341) holds that a party who selects a bank as colbank, and this system has prevailed since the estab- lecting agent and avails himself of the facilities which lishment of the Nashville branch of the Federal reserve it holds out in the absence of special directions, is bank in Nashville in 1919 and is expressly authorized bound by any reasonable usage prevailing and estabby regulations of the Federal Board. lished among the banks at the place where the collec- The Congress may vest in Federal boards the power tion is made, without regard to his knowledge or want to issue rules and regulations and these rules and regu- of knowledge of its existence, and that in choosing such lations have the force and effect of law. (Field v. a bank he impliedly agrees that the collection may be Clark, 143 U. S. 649; U. S. v. Grimaud, 220 U. S. 506; made in accordance with such usuage, where it is not Morrill v. Jones, 106 U. S. 466; Caha v. U. S., 152 in contravention of the general law; but in the instant U. S. 211; U. S. v. Eaton, 144 U. S. 677; In re Kollock, case, the usage is not in contravention of law but in 165 U. S. 526; Buttfield v. Stranahan, 192 U. S. 470; conformity to law, since Regulation J has the force U. S. v. United Copper Co., 196 U. S. 207; Union and effect of a statute, and the complainant was deal- Bridge Co. v. U. S., 204 U. S. 364; Williamson v. U. S., ing with banks established by the Federal Government 207 U. S. 425; American Sugar Ref. Co. v. U. S., 211 and governed by these laws. It can not be said that U. S." 155; U. S. v. Antikamnia Co., 231 U. S. 654; the usage which is in conformity to this regulation is in Mutual Film Corp. v. Ohio, 236 U. S. 230; Oceanic contravention of law, because in strict keeping with it. Nav. Co. v. Stranahan, 214 U. S. 320; Wichita R. Co. It will not do to say that a party dealing with a branch v. Kansas, 260 U. S. —; U. S. v. Mich. Portland Ce- of the Federal reserve bank through a national bank ment Co., 46 Sup. Ct. 395 (decided April 12, 1926); which is required by Federal laws to be a member of Thornton et al. v. U. S., 46 Sup. Ct., 587 (decided the Federal system can plead ignorance of these laws June 1,1926); Tindleet al. v. Heiner, 17 Fed. (2d) 522.) or that the Federal reserve system confers upon the In the case of First National Bank v. Fellows, 244 Federal Reserve Board only administrative functions; U. S. 416, the Supreme Court of the United States, dis- that is, to pass regulations that are binding upon memcussing this subject, said: ber banks and not upon the public dealing with them. " Before passing to the question of procedure we These regulations affect the public because a member think it necessary to do no more than to say that a bank can only deal with or for people in its transactions contention which was pressed in argument which it with a branch of the Federal reserve bank. may be was indirectly referred to in the opinion of the The Massachusetts rules which prevail in this State court below, that the authority given by the section to is after all only a presumption of law as to what the the Reserve Board was void because conferring legisla- parties to such a transaction intended to agree to, and tive power on that board is so plainly adversely dis- may be abrogated by statute or departed from by mere posed of by many previous adjudications as to cause it agreement. (Capitol, etc., Co. v. Federal Reserve to be necessary only to refer to them." Bank, 3 F. R. 2d Ed. 614; Bank v. Malloy, 264 In Tennessee, power is often given to boards to make U. S. 160.) rules and regulations which have the effect of statutes. This rule or presumption of law as to what the parties (Bishop v. State, 122 Tenn. 729; Hyde v. State, 131 to a certain transaction intend to agree to is not based Tenn. 215; House v. Creveling, 147 Tenn. 597.) on public policy and may be varied, modified, or Courts, both Federal and State, take judicial notice changed by contract of the parties, either express or of rules and regulations promulgated by Federal implied. (First National Bank v. Butler, 41 Ohio boards pursuant to the powers vested in them by the St. 519.) Congress. (Caha v. U. S., 152 U. S. 211; Thornton v. It has been pointedly and expressly held in Tennessee U. S., 46 Sup. Ct 595, decided June 1, 1926; State v. that this rule or presumption of law may be changed Southern Ry. Co., 141 N. C. 855.) by contract. In the case of Bank v. Bank (127 Tenn. In the Caha case, supra, the Supreme Court of the 219), the court, speaking through Mr. Chief Justice United States said: Lansden, said: "It may be laid down as a general rule deducible "Nor do we think that the Nashville bank is liable from the cases, that wherever by the express language for not selecting the proper bank to make the collection of any act of Congress, power is entrusted to either of at Sparta. It is shown in the proof that both the the principal departments of government to prescribe holder and drawer of these checks agreed with the rules and regulations for the transaction of business in Nashville bank that remittances might be made directly which the public is interested, and in respect to which to the drawee and they of course can not now complain they have a right to participate, and by which they are that such was done." to be controlled, the rules and regulations prescribed The custom as to collecting out-of-town items is in pursuance of such auhority become a mass of that uniform and well known and practiced by all the banks, body of public records of which the courts take judicial and a party dealing with a bank will be presumed to notice." have contracted impliedly for the collection of the It was held in the case of Milling Co. v. Bank (120 item in accordance with such custom. (Davis v. First Tenn. 225) that a bank was guilty of negligence in National Bank, 118 Calif. 600.) This is true, though sending for collection a check directly to the drawee as a matter of fact he had no knowledge of its existence. bank. The reason for this rule is that the drawee (Savings Bank v. National Bank, 98 Tenn. 336.) bank can not be the disinterested agent of the creditor Of course, the custom must be reasonable and estabto collect the debt, and is not a suitable agent in con- lished among the banks where the collection is to be templation of law to enforce in behalf of another a made. (Sahlien v. Bank, 90 Tenn. 221; Howard v. claim against itself, and it is not reasonable care to Walker, 92 Tenn. 452.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 509 In Sahlien v. Bank (90 Tenn. 229), our Supreme expressed its acceptance of the offer as made, and the 'Court said: ' " result was a contract by the terms of which the defend- "A bank contracts to use diligence in collections, but ant was authorized to send the checks directly to the it is bound only to reasonable care and diligence in the Coffee Creek bank and to accept in payment 'cash or discharge of its assumed duties. In a case of doubt its bank draft'; and when that contract was entered into, "best judgment is all the principal has a right to require, defendant became the subagent for the county, and -especially if the doubt arose by reason of the neglect the county became bound by the contract to the same of the principal to give specific instructions. The bank extent that the Lewistown bank was bound." will be acquitted even if it exercised this discretion The Federal reserve system is a creature of the erroneously." Federal Government and it operates through Federal Mr. Fort, the official of the Nashville Branch of reserve banks and banks becoming members thereof. i^he Federal Reserve Bank of Atlanta, had no cause to Under this act, a national bank is required to become doubt the solvency of the Peoples Bank at Springfield. a member or forfeit or surrender its charter. He knew that the L. & N. agent at that point and other The Federal Reserve Board, which is the governing Springfield banks were doing business with this bank authority of this system, is empowered to make reguas usual, and that the American National Bank was lations for the government of banks operating under to make it a loan of $50,000 and that they had remitted the system. These regulations have the force and collections between July 7 and 12 of approximately effect of statutes, and all persons dealing with that $118,000. He did not hesitate to send them a letter system are chargeable with notice of these regulations. on July 12, 1924, containing items aggregating about These regulations authorize these banks to send $52,000. checks direct to the drawee bank for collection; and a The cases of Malloy v. Federal Reserve Bank of custom and usage certainly prevailing among banks in .Richmond (264 U. S. 160) and City of Douglas v. Nashville since the establishment of the Nashville Federal Reserve Bank of Dallas (XL S. Supreme Court), Branch of the Federal Reserve Bank of Atlanta in 1919, decided June 1, 1926, are not in point. In the Malloy certain and uniform and known to both complainant case the Federal reserve bank was held liable because and defendants either in fact or presumptively, sancit received payment of a check other than in money tioned this practice. which was not authorized, by the Federal regulations It has been held in this State that it is negligence in :at that time; while in the City of Douglas case there a collecting bank to send a check direct to the drawee was no recovery against the Federal reserve bank as bank for collection, and it is insisted that the defendant the deposit of the check in the initial bank, properly banks were guilty of negligence in handling the checks indorsed, made that bank the owner of the paper, and involved in this manner. The complainant in dealing the plaintiff having thus surrendered its right to the with this system is chargeable with knowledge of the paper, the only rights remaining were those arising out aforesaid regulations, and this record shows that if it of its contract with the initial bank. did not have actual it had presumptive knowledge of The case of Fergus County et al. v. Federal Reserve the custom in Nashville which sanctioned the practice Bank (75 Mont. 582) is a case in point. The plaintiff of sending such checks direct to the drawee bank. in that case deposited a check in the Empire State Bank The question presented is not without difficulty. It of Lewistown. This bank was a member of the Federal is true that a custom can not change the law, but in this reserve system. The check was drawn on the First case the custom is strictly in accord with the Federal State Bank of Coffee Creek, Mont., also affiliated with law and the complainant is dealing with Federal instithe Federal reserve system. The defendant Federal tutions and charged with knowledge of these regulations reserve bank forwarded the check direct to the Coffee which had the force and effect of law. Furthermore, Creek bank, and the Coffee Creek bank remitted its with knowledge of this custom and of these regulations, draft for the amount of the check but closed its doors it deposited for collection the checks with the American before the draft could be presented and it was con- National Bank. The principle announced in this State sequently dishonored. When this transaction took that a collecting bank is guilty of negligence in sending place, Regulation J of the Federal Reserve Board, a check to the drawee bank for collection can be waived series 1920, authorizing Federal reserve banks receiving by contract, either express or implied, and certainly it checks for collection to forward them directly to the was waived in this case, if any waiver was necessary, drawee bank, was in force, but there was no regulation by the complainant with full knowledge through Fedof the board authorizing the bank to receive drafts eral law and custom in Nashville, that the defendant instead of cash in payment of checks deposited with it bank would send the checks for collection directly to for collection; but Regulation J provided that each the payee bank, delivered them to the American Federal reserve bank might establish rules governing National Bank, thereby impliedly contracting with it "the details of its collections operations, which rules to collect the checks in such manner. should be binding on all member and nonmember banks When a citizen of the State deals with a Federal clearing through it. Pursuant to this authority, agency and employs that agency to transact any defendant Federal reserve bank issued a circular which business within the scope of its authority, his rights provided that every bank sending checks to the growing out of the contract of employment are governed defendant for collection would be understood to have and determined by the law establishing that agency .agreed that the defendant was authorized "to send and directing its operation. This is true, or otherwise ,such items for payment in cash or bank draft direct a situation would be presented where Federal reserve to the bank on which they were drawTn." This rule banks, though authorized by law to send checks for was upheld by the Supreme Court as being binding on collection direct to the drawee bank, could not follow those making use of the Federal reserve bank's col- such practice in Tennessee without being guilty of lection facilities. The Supreme Court in that case negligence and subjected to suit for doing exactly said: what the Federal law empowered them to do. " (3) When the Lewistown bank, with full knowledge The Federal reserve system can not be shackled in of the conditions imposed by Circular 286, delivered this manner and its member banks rendered impotent the checks to this defendant for collection, it thereby ' to do business according to the law creating the system Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDEKAL RESERVE BULLETIN JULY, 1927 and regulations lawfully adopted for their operation. contract in writing with the Lane Company, with In the case of Davis v. Elmira Savings Bank (161 U. S. reference to the delivery by the Cascade Company to 275), Mr. Justice White said: the Lane Company of a certain number of washing "National banks are instrumentalities of the Federal machines. The contract is set out in full in the ma- Government, created for a public purpose, and as such jority opinion of the court of civil appeals. It is unnecessarily subject to the paramount authority of the necessary to a decision here, that we determine whether United States. It follows that an attempt by a State such contract constitutes a sale contract Or merely an to define their duties or control the conduct of their agency agreement. In September, 1924, the number affairs is absolutely void, whenever such attempted of machines called for in the contract were delivered by exercise of authority expressly conflicts with the laws the Cascade Company to the Lane Company, who of the United States, and either frustrates the purpose declined to accept them but held them subject to the of the national legislation, or impairs the efficiency of order of the Cascade Company. these agencies of the Federal Government to discharge At the time the contract above mentioned was the duties for the performance of which they were made, and as a part of the transaction, the Lane created. These principles are axiomatic and are sanc- Company accepted three trade acceptances or drafts tioned by repeated adjudications of this court.7' drawn by the Cascade Company, each for the sum of The collections involved were not handled by the $378, and payable respectively sixty, ninety, and one defendants in a negligent manner but they used hundred and twenty days after date. The form of reasonable care and diligence in discharging the duties these instruments is such as to make them negotiable assumed by them. instruments, unless the clause appearing in each of The court is of opinion that the bill is without equity them, which is hereinafter stated, renders them nonand should be dismissed. negotiable instruments. Decree accordingly. On October 29, 1924, the Lane Company brought this suit against W. E. Williams and Mrs. B. V. Crum to cancel these three trade acceptances on the ground Suggested change in standard form of trade acceptance that the washing machines were not as represented, and the machines were tendered to the defendants. Mrs. The Supreme Court of the State of Texas Crum answered by a cross action seeking to repover on has recently rendered an opinion in the case of the trade acceptances, alleging that she was an innocent Lane Company v. Crum, in which it is held that holder thereof in due course of trade, for value, before a trade acceptance is rendered nonnegotiable maturity. The cause was tried before a jury and resulted in a judgment being rendered canceling the by a statement contained thereon as follows: three trade acceptances and awarding to Mrs. Crum The obligation of the acceptor hereof arises out of the washing machines. On appeal, this judgment was the purchase of goods from the drawer, maturity being reversed by the court of civil appeals, and judgment in conformity with the original terms of purchase. rendered by that court for Mrs. Crum on the trade acceptances (284 S. W. 980), Associate Justice Stanford A similar decision has also been rendered by dissenting. the Supreme Court of Florida with regard to The contention of the Lane Company is that the trade acceptances bearing an indorsement of following clause of the trade acceptances renders same nonnegotiable and therefore subject to the rights and this kind. equities of said company growing out of its said con- These decisions raise serious doubt as to the tract with the Cascade Company, to wit: negotiability of acceptances containing state- "The obligation of the acceptor hereof arises out of ments of this kind in all jurisdictions where the purchase of goods from the drawer, maturity being in conformity with the original terms of purchase/' the courts of last resort have not yet held such acceptances to be negotiable. The Federal We agree with the conclusion reached, by Associate Justice Stanford in his dissenting opinion as to the Reserve Board considers that it is advisable legal effect of the clause just quoted. In our opinion to change the standard form of trade accept- the clause has effect to render the trade acceptances ances now in use by eliminating therefrom the nonnegotiable under the law merchant as well as clause giving rise to this doubt and by inserting under the negotiable instruments act. The obligation of the acceptor, according to the terms of said in lieu thereof a provision to read as follows: clause, arises not from the instruments themselves, but The transaction which gives rise to this instrument from a collateral transaction. For an instrument to is the purchase of goods by the acceptor from the be negotiable, the obligation of the maker must arise drawer. exclusively from the instrument. No obligation arising from a collateral transaction can be imported into the The following is a copy of the opinion of the terms of the instrument without destroying the nego- Supreme Court of Texas above referred to: tiability of the instrument. (8 Corpus Juris, pp. 113-114.) A negotiable instrument has been termed No. 910-4764 "a courier without luggage/' whose countenance is its passport. This apt metaphor does not fit these trade Commission of Appeals, Section A—From McLennan acceptances, for the reason they are ladened with the County, Tenth District equipment of a wayfarer who does not travel under safe conduct. By their express terms, these instru- THE LANE COMPANY, PLAINTIFF IN ERROR, ments bear burdens whose nature must be sought for v. beyond the four corners of the instruments themselves. MRS. B. V. CRUM ET AL. DEFENDANTS IN ERROR The clause in question is more than a mere " state- On June 24, 1924, W. E. Williams, under the trade ment of the transaction which gives rise to the instruname of Cascade Products Company entered into a ment," as permitted by paragraph 2, section 3, of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 511 article 5932 of the Revised Statutes. So far from being 11 Provided, That the business of buying and selling investment securia mere descriptive reference to the transaction which ties shall hereafter be limited to buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartgave rise to the instrument, the clause, in definite nership, association, or corporation, in the form of bonds, notes and/or terms, points to that transaction as the source of the debentures, commonly known as investment securities, under such acceptor's obligation t'o pay the amount named in further definition of the term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total the instrument. The legal effect of the clause is to amount of such investment securities of any one obligor or maker held render the paper subject to all the rights and equities by such association shall at no time exceed 25 per centum of the amount of the capital stock of such association actually paid in and unimpaired of the parties to the collateral transaction from which and 25 per centum of its unimpaired surplus fund, but this limitation as the obligation of the acceptor arises. (Parker v. to total amount shall not apply to obligations of the United States, or American Exchange Bank, 27 S. W. 1072, 8 C. J. 124.) general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm Loan Act." We recommend that the judgment of the court of civil appeals reversing the judgment of the trial court (2) An obligation of indebtedness which may be and rendering judgment for defendant in error, be bought and sold by national banks, in order to come reversed and that the judgment of the trial court be within the classification of "investment securities" affirmed. HARVEY, Presiding Judge. within the meaning of the proviso of section 5136 above quoted, must be a marketable security as designated Judgment of the court of civil appeals reversed, and by the express language of said proviso. Under ordithat of the district court affirmed, as recommended by nary circumstances the term "marketable" means that the commission of appeals. the security in question has such a market as to render C, M. CURBTON, Chief Justice. sales at intrinsic values readily possible. MARCH 2, 1927. (3) In classifying a given security as marketable the Comptroller of the Currency may in specific cases give consideration to various facts and circumstances, but Regulations by the Comptroller defining "investment he will require in all cases the following: securities" as used in the McFadden Act (a) That,the issue be of a sufficiently large total to The Comptroller of the Currency, by virtue make marketability possible. (6) Such a public distribution of the securities must of the authority conferred by section 2 (b) of have been provided for or made in a manner to protect the act approved February 25, 1927, com- or insure the marketability of the issue. monly known as the McFadden Act, has pre- (c) That the trust agreement under which the sescribed the following regulations (Series I) fur- curity is issued provides for a trustee independent of the ther defining the term "investment securities77: obligor and in the case of securities issued under a trust agreement executed and delivered after 60 days from (1) The business of buying and selling investment the date of the promulgation of these regulations, such securities by national banks is governed by section 5136 a trustee, must be a bank or trust company. of the Revised Statutes of the United States as amended (4) This series of regulations may be modified, by an act to further amend the national banking laws amended, or withdrawn at any time by the Comptroller and the Federal reserve act, and for other purposes, as of the Currency. approved February 25, 1927, as follows: Signed and promulgated this 30th day of June, 1927. (b) That section 5136 of the Revised Statutes of the United States, J. W. MCINTOSH, subsection seventh thereof, be further amended by adding at the end of ;the first paragraph thereof the following: Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL EESERVE BULLETIN JVZT, 1927 Changes in State Bank Membership permitted to act under the laws of the State in which the national bank is located. The following list shows the changes affecting State bank membership during the month ended June 21, 1927, on which date 1,333 State institutions were Location t D ri is c - t Name of bank Powers members of the system: No. granted ADMISSIONS Middletown, 1 Central National Bank 1 to 9. Lynn, Mass 1 State National Bank_. 1 to 9. Capital Surplus Total Windsor, Vt 1 State National Bank 5, 6, and 7.2 Greenwich, Conn_ 2 First National Bank 1 to 9. Fort Plain, N.Y__ 2 Fort Plain National Bank 1 to 9. Kenmore, N. Y___ 2 First National Bank 1 to 9. District No. 2 Bedford, Pa _ 3 Farmers National Bank 1 to 9. Bristol, Pa 3 Farmers National Bank of 1 toft Bank of Avoca, Avoca, N. Y $50,000 $50,000 $754, 707 Bucks County. Hopewell, N. J_._ 3 Hopewell National Bank 1 to 9 District No. 3 Wildwood, N. J__ 3 Marine National Bank 1 to 9. Cynthiana, Ky 4 Farmers National Bank. 1 to 9. Houtzdale Trust Co., Houtzdale, Pa___ 125,000 75,000 1,193, 564 Mount Sterling, 4 Mo.unt Sterling National Bank._ 5 to 9.1 Peoples Savings & Trust Co., Nanti- Ky. coke, Pa 180,000 18,000 997,038 Ashtabula, Ohio 4 Farmers National Bank _. Ito9. Temple State Bank, Temple, Pa 75,000 15, 000 90,000 Dayton, Ohio 4 Winters National Bank and 2, 3, 5 to 8. W Qu W il a k k i e l e k s r e b t s o a - w r B re n a r D r T e e , r p u P o s a s t it C & o . S , a Q vi u n a g k s e r B to a w n n k , , 300,000 700,000 6,347,921 S W p o ri o n s g t f e i r e , l d O , h O io hio. 4 4 W Fir a s y t n N e a C ti o o u n n a t l y B N an at k ional Bank . 1 1 t t o o 9 9 . . Pa 125,000 225,000 1, 396, 913 Meadville, Pa 4 Merchants National Bank _ 1 to 9. Oxford, N. C 5 National Bank of Granville at 1 to 9. District No. k Oxford. Suffolk, Va 5 National Bank of Suffolk 1 to 9, Wright Banking Co., Bellevue, Ohio... 50,000 50,000 1,457, 324 Dothan, Ala 6 Houston National Bank 1. Nashville, Tenn__ 6 Fourth and First National Bank, 9.1 District No. 7 Naperville, 111 7 First National Bank 1 to 9, Wilmette, 111 7 First National Bank 1 to 9, Guardian Detroit Bank, Detroit, Mich. 5,000,000 3, 000,000 8, 010,468 Indianapolis, Ind_ 7 Continental National Bank____. 1 to 9. Port Huron,Mich. 7 First National Bank 5 to 9.i St. Joseph, Mich__ 7 Commercial National Bank 1 to 9. Madison, Wis 7 Commercial National Bank. 1 to 9. Okemah, Okla • 10 First National Bank . _ 1 to8. CHANGES 1 Supplemental. District No. 6 Changes in National Bank Membership Peoples Bank, Mobile, Ala. (closed) 400,000 172, 000 4, 880,000 Bank of Boston, Boston, Ga. (absorbed by nonmember) 25, 000 6,000 120, 000 The Comptroller of the Currency reports the following increases and reductions in the number and capital District No. 7 of national banks during the period from May 21 to Marysville Savings Bank, Marysville, June 24, 1927, inclusive: Mich, (voluntary withdrawal) 50,000 30,000 335,000 District No. 8 Num- Amount Union Bank & Trust Co., Batesville, ber of of Ark. (closed) 100,000 33, 000 1, 005,000 banks capital District No. 12 New charters issued 14 $1,715,000 Peoples Bank, Sacramento, Calif, (ab- Restored to solvency _ 0 0 sorbed by national bank) 800,000 184,000 9,103,460 Increase of capital approved i 23 10,183, 710 Wasco County Bank, The Dalles, Oreg. (absorbed by national bank) 100,000 17,000 741,000 Aggregate of new charters, banks restored to solvency, and banks increasing capital 37 11, 898, 710 Liquidations Iff 1,195, 000 Reducing capital2 1 250, 000 Fiduciary Powers Granted to National Banks Total liquidations and reductions of capital__ 17 1,445, 000 Consolidation of national banks under act of Nov. During the month ended June 21, 1927, the Federal 7, 1918 3 „ 2 1,150,000 Reserve Board approved applications of the national Consolidation of national banks and State banks under act of Feb. 25, 1927 2 4, 200,000 banks listed below for permission to exercise one or more of the fiduciary powers named in section 11 (k) Total consolidations 4 5,350, 000 of the Federal reserve act as amended, as follows: Aggregate increased capital for period 11, 898, 710 (1) Trustee; (2) executor; (3) administrator; (4) regis- Reduction of capital owing to liquidations, etc. 1,445,000 trar of stocks and bonds; (5) guardian of estates; Net increase _ . 10,453, 710 (6) assignee; (7) receiver; (8) committee of estates of 1 Includes three increases in capital aggregating $2,300,000 incident to lunatics; (9) in any other fiduciary capacity in which consolidations of State banks under act of Feb. 25, 1927. State banks, trust companies, or other corporations 2 Incident to a consolidation under act of Nov. 7, 1918. which come into competition with national banks are 3 One of which also included a State bank under sec. 3 of the act of Feb. 25, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 513 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- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas Francisco Gold with Federal reserve agents: June 1 1,610,437 114,899 372,027 112,211 197,040 56,600 157,071 244,078 12,289 55, 591 56,199 23,288 209,144 June 8 1,634,388 1.17, 628 411,944 118,639 195,942 55, 685 153,786 244,050 16,299 54,312 50,645 24,955 190, 503 June 15 1,678,233 125,665 456,944 118,244 195,729 54,631 151,294 244,050 16,387 53,852 50,383 27,581 183,473 June 22 1, 619, 569 123,293 416,821. 116,713 195,843 53,199 148,925 243,999 11,618 53,531 49,825 28,917 176,885 June 29 1, 591,906 121,314 386, 821 114, 779 197,405 52, 253 146, 799243,999 10,454 56, 221 51,463 26, 897 183, 501 Gold redemption fund with U. S. Treasury: June 1 54,626 9,270 13,009 11,089 8,598 2,963 2,209 2,633 1,932 1,867 2,164 1,844 2,048 June 8 48, 765 5,767 11, 649 12,365 3,580 1,983 1,745 2,465 973 2,424 1,223 1,702 June 15 49,272 6,903 10,322 13,325 4,736 %3,•1"'43 1,908 1,055 1,587 1,269 1,458 1,148 2,418 June 22 43, 618 8,571 9,104 5,006 3,529 3,669 2,274 3,229 1,469 1,440 1,777 1,374 2,176 June 29 42,933 9,847 8,003 6,118 2,939 1, 219 2,147 2,491 1,745 1,601 931 3,023 Gold held exclusively against Federal reserve notes: June 1 1, 665,063 124,169 123,300 200,638 59, 563159,280 246,711 14,221 57,458 58,363 25,132 211,192 June 8 1, 683,153 123,395 423, 593131,004 199, 522 58,574 155,769 245, 795 18, 764 55,285 53,069 26,178 192,205 ' June 15 1, 727, 505132, 568 467,266 131, 569200,465 57,774 153,202 245,105 17,974 55,121 51,841 28, 729185,891 June 22 1, 663,187131,864 425,925 121,719 199,372 56,: 151,199 247,228 13,087 54,971 51, 602 30,291 179,061 June 29 1, 634, 839131,161 394, 824120, 897200, 344 53, 472148, 946 246, 490 12,199 57, 822 54, 332 27, 828186, 524 Gold settlement fund with Federal Reserve Board: June 1 601,472 39,076 251,929 36,162 40,118 27,409 8,078 102,242 6,032 25,551 17,895 38,171 June 8 _. 579, 600 49, 762 208,979 41, 784 33,791 24,909 9,733 113,685 17,913 12,462 20,438 13,318 32,826 June 15 531,377 45,415 162,819 36,845 30,447 26,682 8,240 111,365 22,925 8,19, 26,169 13,809 38,466 June 22 591,047 55,807 220, 642 37,841 50, 779 21, 688 88, 538 15,395 11,818 29, 782 16, 529 35,151 June 29 610,477 271,456 34,988 37, 812 7^092 91, 7,199 12, 079 28, 860 13, 240 41,013 Gold and gold certificates held by banks: June 1 726, 503 27,800 477,442 26,819 59,548 5,202 4,381 51,219 16,276 8,172 7,751 32,800 June 8_ 743,138 31,988 485, 704 28, 645 60,837 5,424 3,829 54,513 17,057 6,962 7,731 9,116 31,332 June 15 757, 763 31, 584 500, 737 27, 758 61,174 5,347 3,801 55,131 18,177 7,447 7,728 9,166 29, 713 June 22 774,027 33,599 514,692 26, 998 61,638 5,376 3,976 56, 719 17, 620 7,093 7,: 9,206 29,711 June 29 775,194 34, 387 514, 099 26, 402 62, 339 55, 511 17, 574 7,434 8,480 9,353 30, 726 Total gold reserves: June 1 2,993,038 191,045 1,114,407 186,281 300,304 92,174 171,739 400,172 36, 529 74,439 91, 665 52,120 282,163 June 8 3,005,891 205,145 1,118,276 201, 433294,150 88,907 169,331 413,993 53, 734 74,709 81,238 48,612 256,363 June 15 3,016, 645209, 5671,130,822 196,172 292, C~-89,803 165,243 411,601 59,076 70, 763 85, 738 51, 704.254,070 June 22 3,028,261 221,270 1,161,259 186,558 311, 789 83,932 162, 252392,485 46,102 73,~"~ 88, 783 56, 026 243,923 June 29 3,020, 510202, 5331,180, 379182, 287300, 495 86, 618159, 847 36,972 77, 335 91, 672 50, 421 258, 263 Reserves other than gold: June 1 160, 747 20,239 33,175 5, 697 10,392 14,281 23,108 17,888 3, 5, 324| 7,985 9,877 June 8 ._. 164,010 19,961 35,324 5,617 9,275 8,910 14,856 24, 660 18,082 4,044 5, 607i 7,'~~ 9,979 June 15 168, 713 21, 889 35,103 5,340 10, 576 8,935 14,956 25,241 18,509 5,856 7,667 10,304 June 22 165,466 19,946 34,296 5,637 10, 544 8,581 15, 815 24,561 18,550 4,372 6,0741 7,638 9,452 June 29 163, 299 18, 008 34, 691 5,765 10, 487 8,422 14, 728 24,183 18, 940 4,425 6,127 7,841 9,682 Total reserves: June 1 3,153, 785 211,284 1,147, 582191,978 310,696 101,023 186,020 423,280 54,417 78,371 60,105 292,040 June 8 1 3,169, 901 225,106 1,153, 600207,050 303,425 97,817 184,187 438, 653 71,816 78, 753 5,845 56,307 266,342 June 15 3,185,358 231,456 1,165,925 201, 512302,662 98, 738 180,199 436,842 77,585 75,100 91,594 59,371 264.374 June 22 3,193, 727 241,216 1,195, 555192,195 322,333 92,513 178, 067417,046 64, 652 78,254 94,857 63, 664253.375 June 29 3,183,809 220, 541 1, 215,070188, 052310,982 95, 040 174, 575417, 871 55,912 81, 760 97, 799 58, 262 267,945 Nonreserve cash: June 1 53,222 5,660 12,404 1,531 3,705 5,751 4,454 7,285 3,321 1,344 2,015 2,495 3,257 June 8 61,276 6,480 16,020 1,469 3,675 6,043 4,r~~ 8,468 4,040 1,607 2,182 2,602 3,704 June 15 60, 546 6,330 14,620 1,336 4,872 6,005 4,776 8,426 4,070 1,522 2,531 2,834 3,224 June 22 59,844 5,912 14,116 1,247 4,582 5,895 5,319 9, 512 3,827 1,239 2,620 2,540 3,035 June 29 •. 56,109 5,531 12, 618 1,102 4,204 5,640 5,058 9,212 3,844 lf~ 2,473 2,r~ 2,943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN JULY, 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas F c r is a c n o - Bills discounted: Secured by U. S. Government obligations- June 1 262,819 32 982 79, 622 35,332 34,970 7,004 2,130 37,359 10,059 3,853 5,187 2,279 12,042 June 8__ 203,461 14* i— 54,379 22,944 45,532 6,202 1,382 25,251 8,008 3,894 5,876 1,910 14,053 June 15 190,139 13,660 39,899 25, 561 51,441 5,994 4,068 21,969 8,075 2,599 2,105 2,008 12,760 June 22 234,997 15,346 73,791 32,164 21,831 5,705 5,295 43,525 14,683 3,377 4,823 12,549 June 29 274, 581 27,448 80, 761 39,278 34,134 7,726 3,921 45,832 18,024 781 2,665 2^ 116 11,895 Other bills discounted— June 1 233,688 16,943 37, 505 18,937 11,966 15,244 28,838 40,674 23,048 3,721 21,256 June 8 _-_ 195,822, 14,623 33,834 15,169 12,362 13,172 29,354 21,094 12,640 3,772 , 4,239 23,401 June 15 170,803 9,642 19,045 13, 665 7,677 13, 596 27,406 22,552 8,951 3,553 12,162 3,734 27,488 June 22 _ 203,687 12,596 21,234 14,432 9,582 18,932 27,341 32,207 11,536 3,496 13,494 4,107 35,183 June 29 202, 730 22, 517 22,345 18, 530 9,790 14,395 27,996 26,412 15,346 3,493 13,041 3,802 27, 554 10, 550 Total bills discounted: June 1 496,507, 49,925 117,127 54,269 46,936 22,248 30,968 78,033 33,107 7,574 16,813 6,209 33,298 June 8 399,283 28,653 88,213 38,113 57,894 19,374 30,736 46,345 20,648 7,666 18,038 6,149 37,454 J J u un n e e 1 22 5 3 4 6 3 0 8 , , 9 6 4 8 2 4 i 2 2 3 7 , ,9 3 4 0 2 2 5 9 8 5 , , 9 0 4 2 4 5 3 4 9 6 , , 2 59 2 6 6 3 5 1 9 , , 4 1 1 1 3 8 1 24 9 , , 6 5 3 9 7 0 3 32 1 , , 6 4 3 7 6 4 4 7 4 5 , , 5 7 2 3 1 2 1 2 7 6 , , 0 2 2 1 6 9 6 6 , , 1 8 5 7 2 3 1 1 5 7 , , 5 8 9 6 9 4 5 6, , 0 7 1 4 5 2 4 4 0 7 , , 2 7 4 3 8 2 June 29 477, 311 49,965 103,106 57,808 43,924 22,121 31,917 72,244 33,370 4,274 13,215 5,918 39,449 Bills bought in open market: June 1 23,374 75,302 12,343 18,330 8,139 8,655 26,801 11,908 7,491 8,761 12,566 15,323 June 8 221,635 24,066 64,489 13,009 17,721 8,486 9,403 26,956 12,695 7,534 9,244 10,915 17,117 June 15 182,504 18,652 32,256 13,364 17,701 8,329 9,860 29,079 11,427 7,013! 9,175 8,629 17,019 June 22 183,217 18,606 32,221 13,625 18,181 10,220 28,352 11,123 7,4981 9,330 8,149 17,087 June 29 216,118 16,920 58,262 14,148 19, 862 9,379 10,183 30, 612 11,898 7,494 10,146 10,039 17,175 XL S. Government securities: Bonds— June 1 116,862 3,934 19,116 3,757 14,582 3,549 2,023 29,261 7,05: 13,057 6,991 6,567 June 8 143,104 5,532 23,536 5,150 16,893 4,641 2,738 31,769 6,590 8,186 15,258 12,870 9,941 June 15 147,534 5,701 23,008 5,132 16,941 4,657 2,717 33,023 8,883 8,242 15,536 12,801 10,893 June 22 159,944 25,871 5,652 17,854 5,077 2,862 35,14" 9,693 8,724 16,117 14,393 12,246 June 29 166,119 6,350 30,322| 5,652 18,079 5,077 2,950 35,692 10,193 8,724 16,117 14, 717 12, 246 Treasury notes- June 1 120,953 4,585 25,003 6,819 18,948 2,508 1,374 9,852 11,363 6,101 6,510 10,079 17,811 June 8 139,031 5,309 30,605 8,215 21,238 3,593 2,017 13,412 10,147 7,299 8,665 7,417 21,114 June 15_ 105,857 3,415 17,844 6,664 18,683 2,383 1,327 9,119 11,159 5,959 6,249 5,645 17,410 June 22 83,186 2,194 12,092 5,621 16,891 1,541 877 6,053 9,772 4,991 4,480 3,981 .14,693 June 29 83,985 2,194 12,092 5,620 16,891 1,541 876 6,553 9,772 4,991 4,479 4,282 14, 694 Certificates of indebtedness- June 1 124, 682 5,040 30,654 14,439 11,15' 3,472 5,810 13,449 9,071 4,012 8,458 7,069 12,051 June 8 155,928 7,589 35,241 17,115 11,128 5,183 6,829 19,243 8,498 5,923 11,910 9,924 17,345 June 15 293,833 16, 291 158,172 18,177 10,727 3,302 5,547 33,230 8,788 8,814 12,068 7,970 10,747 June 22 126,211 5,739 27,137 15,487 9,618 3,956 5,843 14,507 9,865 4,565 8,940 7,699 12,855 June 29 :_ 126, 29" 5,741 27,149 15,490 9,652 3,958 5,850 14, 514 4,567 8,945 7,702 12, 861 Total U.S. Government securities: June 1 362,497 13, 559 74,773 25,015 44,687 9,529 9,207 52,562 27,491 17,081 28,025 24,139 36,429 June 8 438,063 18,430 89,382 30,480 49,259 13,417 11, 584 64,424 25,235 21,408 35,833 30,211 48,400 June 15 547,224 25,407 199,024 29,973 46,351 10,342 9,591 75,372 28,830 23,015 33,853 26,416 39,050 June 22 369,341 14,241 65,100 26,76C 44,363 10,574 9,582 55,707 29,330 18,280 29,537 26,073 39,794 June 29 376,40: 14, 285 69, 563 26, 76S 44, 622 10, 571 9,676 56, 759 29, 833 18, 282 29, 541 26, 701 39,801 Other securities: June 1 1,800 1,500 300 June 8 1,800 1,500 300 June 15 1,300 1,000 300 June 22 1,300 1,000 300 June 29 1,300 1,000 300 Total bills and securities: June 1 1,089, 797 86,858 267,202 93,127 109,953 39,916 49,130 157,396 72,506 32,146 53,599 42,914 85,050 June 8 1,060,781 71,149 242,084 83,102 124,874 41,27r 52,023 137,725 58,578 36,608 63,115 47,275 102,971 June 15___ 1,091,970 67,361 290,224 83,563 123,170 51,225 148,972 57,283 36,180 58,627 40,787 96,317 June 22___ 992,542 60,789 192,346 87,981 93,957 52)738 159,791 66,672 32,651 56,731 40,237 104,613 June 29 1,071,130 81,17f 230,931 99, 718108,408 42,07( 52,076 159,61J 75,101 30,050 52,902 42,658 96,425 Gold held abroad: June 1____ 59,548 4,466 16,495 5,717 6,312 3,09: 2,441 8,211 2,561 1,786 2,203 2,084 4,168 June 8 59,548 4,466 16,495 5,717 6,312 3,09^ 2,441 8,218 2,561 1,786 2,203 2,084 4,168 June 15 62,233 4,667 17,354 5,974 6,597 3,23< 2,552 8,588 2,561 1,867 2,303 2,178 4,356 June 22 40,333 3,20: 9,413 4,106 4,533 2,22 1,753 5,902 1,839 1,283 1,582 1,497 2,994 June 29 25, 73' 2, ir 5,369 2,704 2,986 1,46£ 1,155 3,887 1,211 845 1,042 986 1,972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 515 FEDERAL RESERVE BANKS-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 - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an i s ty as Dallas F c S i i s a a e n n o - Due from foreign banks: June 1 660 June 8 661 661 June 15 662 662 June 22 14,118 919 5,263 1,176 1,2981 637 502 1,690 527 367 453 429 857 June 29 26, 610 1,826 2,337 2, 581 1,266 3,360 1,047 730 901 852 1,704 Uncollected items: I June 1 ! 702,734 67,808[ 190,628 65,634 68,092j 53,983 23,942 32,618 11,850j 38,614 24,423 38,212 June 8_. 653,969 '62,995 154,723 56, 270 59,941 58,410 29,819 79,905; 32 805 12,729 41,085 28,404 36,883 June 15_. 839, 940 79,918 220,628 75,359 78,978! 66,987 32,804 111, 723 39,351 14,767 44,026 27,217 48,182 June 22_. 683, 052 66,199 176,061 60,464 69,085 56,086 27,049 84, 214 29,863 13,333 38,646 23,365 38,687 June 29_. 623, 523 62, 634 162,337 56,907 60, 387 51,407 23,493 74,181 27,353 12,04.3] 35, 787 20,414 36, 580 June 1 58,882 3,946 16,276 1,737 7,118 2,302 2, 8,176 3,957 2,774 4,459 1,752 3,487 June 8 3, "•" 16,276 1,738 7,118 2,302 2,898 8,297 3,957 2,774 4,459 1,827 3,502 June 15 59,133 3, 16,276 1,738 7,118 2,336 2,900 8,297 3,957 2,774 4,459 1,827 3,505 June 22 59,136 3, 16,276 1,738 7,119 2,336 2,900 8,297 3,957 2,774 4,459 1,827 3,507 June 29 59,135 3,946 16, 276 1,738 7,118 2,336 2,900 8,297 3,957 2,774 4,459 1,827 3,507 All other resources: June 1 13,898 31 3,617 184 1,226 299 1,640, 1,499 970 1,854 922 415 1,241 June 8 15,007 34 4,594 206 1,217 292 1,620! 1,481 978 1,847 905 597 1,236 J J u u n n e e 2 1 2 5-_-a 1 1 3 3 , , 6 7 1 2 4 4 3 3 6 8 3 3, , 8 6 0 5 1 5 2 1 0 9 7 5 1 1 , , 0 0 5 7 4 5 3 3 0 0 9 4 1 1, , 6 6 0 3 6 2 ] ! 1 1, , 4 5 8 1 0 5' 8 8 7 7 9 9 1 1, , 9 7 7 9 9 8 6 7 9 1 2 7 5 6 8 4 5 9 1 1 , , 2 0 3 1 9 4 June 29 14,217 35 4,050 202 1, < 299 1, 6071 1,491 943 2,245 672 552 1,023 Total resources: June 1 5,132,526 380,053' 1,654,864 359,908 507,102 206,371 270,525 692,784 170,350 130,125 198,801 134,188 427,455 JuneS 5,080,237 374,176j 1,604,453 355, 552 506,562 209,238 277,974 682,747 174,735 136,104 200,794 139,096 418,806 June 15 5,313,456 393,714 1,729,344 369,677 524,451 215,872 276,088] 724,363; 185,686 134,008: 204,257 134,799 421,197 June 22 5,056,476 382,226| 1,612,831 349,114 503,982 204,031 269,934 687,932 172,216 131,880] 200,040 134,208 408,082 June 29 5, 080,267 377, 795] 1,655,659 352, 760 497, 764 199, 529261,862 677,914 169,368 131,533 196,035 127, r- 412,099 LIABILITIES Federal reserve notes in circulation: June 1 1, 740,432; 139,533 421,326 129,425 213,576 64,054 165,081 226,153 41,878 60,729 63,319 35,395 179,963 June 8 1,716,779! 139,473 408,274 125,239 214,052 62,874 163,830 224,852 41,444 59,981 63,991 35,994 176,775 June 15 1,698,294: 140,085 403,807 127,054 211,807 61,880 161,384 221,503 40,922 59,757 63,485 34,959 171,651 June 22 1, 689,347! 138,122 401,780 123,259 210,110 60,749 159,549 225,774 40, 791 59,373 62,893 35,097 171,850 June 29 1, 702, 693 139, 369 402, 226 129, 899 213, 535 60, 374 157, 544 229,417 40,456 58, 883 62,061 34,194. 174, 735 Deposits: Member bank—reserye account- June 1 2,308,140 147,028 931, 794 133,720 186,428 68,978 67,305 333,425 76,170 45,995 86,148 57,764 173,385 June 8 2,331,4601 144,"-- 936,807 140,415 193,754 69,548 67,670 330,071 81,954 51,372 85,835 56,576 172,552 June 15 2,421,163 148,033 997,932 139,020 197,152 70,888 67,137 349,072 88,194 48,587 87,498 57,490 170,160 June 22 2,307,056 147, IIS 925,058 133,360 187,487 69,445 67,907 334,347 81,800 47,726 87,476 58,097 167,238 June 29 2, 341, 519 149, 591 980, 388 134,104 184,324 68, 223 64, 725 319, 537 81, 849 47, 800 86, 682 56,473 167, 823 Government- June 1 25,895 1,568 1,147 2,089 1,894 3,938 2,230 512 2,030 756 552 1,697 7,482 June8_J 27, 591 2,186 3,478 3,027 1,577 2,922 2,328 3,908 1,474 1,684 1,069 1,471 2,467 June 15 5,548 217 561 380 300 142 934 979 392 566 442 300 335 June 22 26,831 4,474 5,645 1,612 1,260 1,655 2,013 1,692 1,838 860 1,642 2,866 1,274 June 29 26, 887 674 5,473 1,355 1,490 1,870 2,446 4,508 1,889 1,730 673 1,384 3,395 Foreign bank— June 1 4,687 337 1,440 431 476 234 184 620 193 135 166 157 314 June 8 5,453 337 2,206 431 476 234 184 620 193 135 166 157 314 June 15 4,378 337 1,131 431 476 234 184 620 193 135 166 157 314 June 22 5,163 337 1,916 431 476 234 184 620 193 135 166 157 314 June 29 5,381 337 2,134 431 476 234 184 620 193 135 im 157 314 Other deposits- June 1 27,857 92 20, 552 161 1,160 88 100 1,323 255 174 129 29 3,794 June 8 . 25, 963 160 18, 720 165 1,305 61 194 1,023 240 227 145 28 3,695 June 15 42,577 1,116 33; 0*4 140 1,889 89 361! 1,128 437 264 262 61 3,786 June 22 25,728 133 18,576 121 1,174 103 76| 1,036! 367 142 157 44 3,799 June 29 25,165 92 18,123 141 869 95 92 1, 261| 324 120 168 95 3,785 52215—27- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Total San Boston Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c r is a c n o - Total deposits: June 1 2,366,579 149,025 954,933 136,401 189,958 73,238 69,819 335,880 78,648 47,060 86,995 59, 647 184,975 June 8 2,390,467. 147,589 961,211 144,038 197,112 72,765 70,376 335,622 83,861 53,418 87,215 58,232 179,028 June 15 _ 2,473.666 149,703 1 032,688 139,971 199, 797 71,353 68, 616 351, 799 89 216 49 552 88, 368 58,008 174, 595 June 22 _ ___2,364, 778 152,059 951,195 135,524 190,397 71,437 70,180 337,695 84,198 48, 863 89, 441 61,164 172, 625 June 29 2, 398,952 150, 694 1,006, US 136,031 187,159 70,422 67,447 325,926 84, 255 49, 785 87,689 58,109 175,317 Deferred availability items: June 1 ___ 653,689 64, 248 174, 683 59,315 64, 502 49,889 20,248 79, 265 33,510 10,805 34, 538 26,167 36,519 June 8 600,724 59,858 130,927 51,398 56,260 54.391 28,359 70 80*8 33 121 11 158 35,605 31,880 36,959 June 15 _ 768,683 76,652 188,592 67,767 73,652 63,444 30,681 99, 331 39,246 13 161 38,422 28,833 48,902 June 22 629,142 64,735 155,709 55,414 64,303 52,637 24, 758 72 592 30 869 12 081 33, 669 24,926 37,449 June 29 584, 827 60, 312 142, 842 51, 922 57, 842 49, 547 21, 419 70, 680 28, 253 11, 308 32, 256 22, 522 35,924 Capital paid in: June 1 _ 129,036 9,139 38,827 12,990 13,849 6,209 5,102 17,001 5,289 3,003 4,217 4,247 9,163 June 8 129,108 9,139 38, 832 13,064 13,856 6,206 5,102 16,995 5,289 3 006 4,221 4, 247 9,151 June 15 _ - 129,365 9,145 38, 843 13,063 13,853 6,206 5,103 17,250 5,289 3,005 4,217 4,247 9,144 June 22 _ 129,375 9,145 38, 859 13,033 13,864 6,204 5,103 17, 245 5,287 3,005 4, 215 4,249 9,166 June 29 129,424 9,145 38,928 13, 033 13, 864 6,204 5,103 17, 245 5,271 3,005 4,212 4,246 9,168 Surplus: June 1 _ _ __- . _ 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 June 8 228, 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 June 15 _ _ _ 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 June 22 228,775 17,606 61,614 21,267 23,746 12,198 9,632 31,881 9,939 7,527 9,029 8,215 16,121 June 29 228, 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: June 1 14, 015 502 3,481 510 1,471 783 643 2,604 1,086 1,001 703 517 714 June 8 14, 384 511 3,595 546 1,536 804 675 2,589 1,081 1, 014 733 528 772 June 15 14, 673 523 3,800 555 1,596 791 672 2, 599 1,074 1,006 736 537 784 June 22 15, 059 559 3, 674 617 1,562 806 712 2,745 1,132 1,031 793 557 871 June 29 15, 596 669 3,931 608 1,618 784 717 2,765 1,194 1, 025 788 663 834 Total liabilities: June 1 5,132, 526 380, 053 1, 654, 864 359, 908 507,102 206,371 270, 525 692, 784 170,350 130,125 198, 801 134, 188 427.455 June 8 5, 080, 237 374,176 1, 604, 453 355, 552 506, 562 209, 238 277, 974 682, 747 174,735 136,104 200, 794 139, 096 418, 806 June 15 _ _ _ 5,313,456 393,714 1, 729, 344 369, 677 524, 451 215, 872 276, 088 724,363 185, 686 134, 008 204, 257 134, 799 421,197 June 22 5, 056,476 382, 226 1,612,831 349,114 503,982 204. 031 269, 934 687, 932 172, 216 131, 880 200, 040 134, 208 408, 082 June 29 _ 5. 060, 267 377, 795 1, 655, 659 352, 760 497, 764 199, 529 261, 862 677, 914 169, 368 131, 533 196, 035 127, 949 412, 099 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): June 1 76.8 73.2 83.4 72.2 77.0 73.6 79.2 75.3 45.1 72.7 64.5 63.2 80.0 JuneS __ __ _ 77.2 78.4 84.2 76.9 73.8 72.1 78.6 78.3 57.3 69.4 57.4 59.8 74.9 June 15 __ _ 76.4 79.9 81.2 75.5 73.5 74.] 78.3 76.2 59.6 68-7 60.3 63.9 76.4 June 22 78.8 83.1 88.4 74.3 80.5 70.0 77.5 74.0 51.7 72.3 62.3 66. 1 73.6 June29___ 77.6 76.0 86.3 70.7 77.6 72.7 77.6 75.2 44.8 75.2 65.3 63.1 76.5 Contingent liability on bills purchased for foreign correspondents: June 1 159, 777 11,995 44,150 15,353 16,952 8,316 6,557 22, 070! 6,877 4,798 5,917 5,597 11,195 June 8 149, 539 11,187 41, 695 14, 320 15, 811 7,756 6,116 20,584! 6,414 4,475 5,519 5,221 10,441 June 15 148, 535 11,187 40,691 14,320 15,811 7,756 6,116 20, 584• 6,414 4,475 5,519 5,221 10, 441 June 22 146, 954 11, 040 40, 529 14,131 15,603 7,654 6,035 20,3141 6,330 4,416 5,446 5,152 10,304 June 29 __ 146, 211 11,040 39, 786 14,131 15, 603 7,654 6,035 20, 314 6,330 4,416 5,446 5,152 10, 304 Own Federal reserve notes held by Federal reserve bank: June 1,_ __ , 365,342 21,853 118, 289 34,386 25, 057 14, 781 30,352 53,488 3,326 5,576 9,857 4,293 44,084 June 8 390,306 25,142 128,952 38,400 24, 683 15, 047 29, 788 56,838 3,769 5, 385 10,131 4,500 47, 671 June 15 . _ 388, 423 22,567 125,775 36,190 26,114 14,987 30, 852 57, 003 3,680 4,112 10,375 5,162 51, 606 June 22 389,529 22,157 124,567 39, 454 27,925 15,186 31,403 53,567 3,542 5,680 10, 409 6,060! 49,579 June 29_ 373, 689 23, 332 120, 590 34,480 22, 863 14, 615 30, 777 53, 369 3,372 4,780 9,879 6,442! 49,190 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JXJLY, 1927 FEDERAL RESERVE BULLETIN 517 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P el h p il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u 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 - Federal reserve notes received from comptroller: June i 2,954, 239, 786 831,695 197, 511 272, 773 102.559 271,973 459, 242 67, 484 84,977 99, 736 58,485 268,44S June 8 „_„_. 2, 951,128 237, 515829, 306 201,139 271,875 101, 645 270, 408 459,190 66,973 101,382 58,151 June 15 2, 954, 967 247, 752 821, 6Cr2199,344 275, 061 100, 591 269, 416 456,106 66, 362 85, 238 108,000 57, 778267,657 June 22 2,949, 476 245,379 818,427 198, 813 275,175 99,159 268, 007 453, 641 66. 573 84, 917 112, 442 57,114 269,829' June 29__ 2,935,967 243,401 814" 198, 879 271, 738 98, 213 266, 021 451, 786 85, 567 111, 080 59,993 268,325 Federal reserve notes held by Federal reserve agent: J J a u n n e e 8 1 844, 043 7 72 8 . 4 9 () 0 i 1 2 2 0 0 2 2 , ( 1 ] ) g 8* ( 1 3 3 7 3 . . 5 7 0 0 0 0 3 3 3 1 , , M H O i! 2 2 3 3 , : 7 7 2 2 1 1 7 7 6 0 ; , 7 5' 9 1 0 0 1 17 7 9 7 , , 5 6 0 0 0 1 2 2 1 2 , , 7 2 6 8 0 0 1 1 9 8 , , 3 6 3 7 2 2 2 2 7 6 , , 2 5 6 6 0 0 1 1 7 8 , , 6 7 5 9 7 7 4 4 4 4 , , 4 4 0 0 0 1 June 15_ 838, 250 55, IOC 292. (18(1 36, 100 37,110 23, 721 77,180 177,600 21, 760 21,369 34,140 17,657 44,400 June 22 870, 600 85, 100292, 08(1 36, 100 37,H0 23, 224 77, 055 174, 300 22, 240 19, 864 39,140 15,957 48,400 June 29 ._._ 859, 585 80, 700292. 080 34, 500 35, 340 23, 224 77, 70t 169, 000 22, 240 21,904 39,140 19,357 44,400 Federal reserve notes issued to Federal reserve bank: June 1 i___ 2,105, 774 161, 386 539, 615 163,811 238, 633 78, 835 195, 433 279, 641 45, 204 66, 305 73,176 39, 688 224,047 J J u u n n e e 8 15 2 2 , , 1 0 0 8 7 6 , , 0 71 8 7 5 1 1 6 6 4 2 , , 6 6 5 1 2 5 5 5 2 3 9 7, , 5 2 8 2 2 6 1 1 6 6 3 3, , 2 6 4 3 4 9 2 2 3 3 8 7, , 9 73 2 5 1 ! 7 76 7 , , 9 86 2 7 1 1 1 9 9 3 2 , , 2 6 3 1 6 82 2 8 78 1 , , 6 5 9 0 0 6 4 4 5 4, , 6 2 0 1 2 3 6 6 5 3 , , 8 3 6 6 9 6 7 7 3 4 , , 1 8 2 6 2 0 i 4 4^0 0 j , , 1 T4 2 Z9? 1 r4£ 1 & 2 2 £ 2 2 j 4 r 3 T , ) , 2 tt 4 r 5 x 4 \ 7 j 6 June 22 2, 078, 876 160, 279 526, 347 162, 713 238, 035 75,935 190, 952 279, 341 44, 333 65,053 73, 302 41,157 221,429 June 29 2, 076, 382 162, 701 522, 816 164, 379 236, 398 74, r" 188, 321 282, 786 43, 828 63, "" 71, 940 40,636 223,925 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- June 1 390, 301 35, 300 215,150 8,780 36, 469 16, 457 7,650 12, 267 18, 228 40,000 June 8 390, 901 35, 300 215,150 8,780 36, •" 17, 058 7,650 12, 267 18, 228 40,000 June 15 390, 901 35, 300 215,150 8,780 36, 468 17,058 7,650 12, 267 18, 228 40, 000 June 22 392,900 35,300 215,150 8,780 36,468 17,057 9,650 12,267 18, 228 40, 000 June 29 392,400J 35, 300 215,150 8,7£~ 36,468 17,017 9,190 12, 267 18,228 40,000 Gold redemption fund- June 1 99, 663 10,599 21,877 11,134 13, 260 6,131 6,114 2,078 1,324 4,339 3,060 June 8 101, 422 18, 328 21, 794 8,962 12,162 5, 217' 4,228 2,050 2,045 3,785 3,227 18, 775 June 15 105, 931 16,365 21, 794 12,167 11,949 4,, 163 9,136 2,050 1,237 1,585 3,523 3,353 18, 609 June 22 _•__. 99,181 13,993 21, 671 •9, 636 12, 063 5, 731 1,999 968 1,264 2,965 3,689 18, 234 June 29 99,231' 12, 014 21, 671 12, 702 13, 625 4,785 4,982 1,999 1,264 954 3,603 3,669 17,963 Gold fund, Federal Eeserve Board- June 1 1,120, 4731 69, 000 135, 000 101, 077 175, 000 14, 000 134, 500242, 000 3,800 42,000 51, 860 2,000 150,236 June 8 1,142,065; 64, 000 175, 000 109, 677 175, 000 14,000 132, 500242, 000 7,r~ 40,000 46, 860 3,500 131, 728 J J J u u u n n n e e e 2 2 1 9 2 5 1 1 1 , , , 1 1 1 8 2 0 1 0 7 , , , 4 4 2 0 8 7 1 8 5 1 : ! 7 7 7 4 4 4 , , , 0 0 0 0 0 0 0 0 0 2 1 1 8 2 50 0 0 , , , 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 7 6 2 , , , 0 0 0 7 7 7 7 7 7 1 1 1 7 7 7 5 5 5 , , , 0 0 0 0 0 0 0 0 0 1 1 i 4 1 i , , , 0 0 o 0 o 0 0 o 0 , ; 1 1 1 2 2 24 4 5 , , , 9 1 8 0 0 0 0 0 0 2 2 2 4 4 4 2 2 2 , , , 0 0 0 0 0 0 0 0 0 7 1, , 0 5 0 0 0 0 4 4 4 0 0 3 , , , 0 0 0 0 0 0 0 0 0 4 4 4 6 6 7 , , , 8 8 8 6 6 6 0 0 0 7 6 5 , , , 0 0 0 0 0 0 0 0 0 1 1 1 1 2 2 8 4 5 , , , 8 6 5 5 6 3 1 4 8 Eligible paper- June 1 703, 2io| 73, 299 186,364 54, 531 63,388 29, 439 39, 104,321 44, 783 14,995 25,468 18,755 June 8 607, 5601 52. 719 147, 222 46, 019 74, 456 27, 775 39, 943 72, 856 33,130 15,134 27,149 17, 033 54,124 June 15__ _ 525,947J 41,954 82, 802 46,187 75, 619 27, 484' 41,183 73,147 28. 301 13,086 24, 646 14,350 57,188 June 22 587, 585! 46, 548 115, 564 46, 801 47,152 30, 5241 42,441 102, 671 36; 898 14,086 26, 852 13, 897 64,151 June 29 647,180; 143.411 54,116 61, 222 28, 654 41, 546 100,970 44, 685 11,410 22,904 15, 565 55, 812 Total collateral: June 1 2,313, 647 188.198 558, 391 166,742 260,428 348,399 57, 072 70, 586 81, 667 42,043 257, 613 June 8 2, 241, 948 170,347 559,166 164,658 270,398 83,460! 193,729 316, 906 49,429 69,446 77,794 41,988 244, 627 June 15 2, 204,180 167, 619 539, 746 164,431 271, 348 82,115 192,477 317,197 44, 688 66, 938 75,029 41,931 240, 661 June 22 2, 207,154 169, 841 532,385 163,514 242,995 83,723 191,366 346, 670 48, 516 67, 617 76, 677 42, 814 241, 036 June 29 2,239,086 188.199 530, 232 168,895 258, 627 80,907 188,345 344,969 55,139 67,631 74, 367 42,462 239,313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN JULY, 1927 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 days days days days 6 months months Bills discounted: June 1__ __ _ 496, 507 381,040 26, 053 43,438 26, 563 18, 687 726 June 8 399, 283 304, 393 23, 463 33, 729 18,484 18, 655 559 June 15 360, 942 268,414 23, 793 30, 695 18,299 19,300 441 June22___ 438 684 330, 475 29, 280 37, 227 21, 951 19, 448 303 June 29 _• .__ _ 477, 311 372, 875 24, 913 36,849 23, 502 18,916 256 Bills bought in open market: June 1_ _. _ _ 228 993 129, 924 50, 757 34,021 11,379 2,912 June 8 221, 635 122, 251 47,147 38. 072 10,046 4,119 June 15 __ 182, 504 84, 555 44, 800 37, 669 12, 261 3, 219 June 22 ._ ___ __. _ 183,217 64,146 51,198 45,481 18, 628 3,764 June 29 216,118 91, 041 50, 539 46,176 22,064 6,298 Certificates of indebtedness: June 1 124, 682 50,186 6,810 27. 073 40,613 June 8 155. 928 19, 991 57, 962 77, 975 June 15 _ _. 293; 833 185, 032 20, 045 88, 756 June 22 126 211 31, 043 95,168 June 29 126, 297 31,172 190 94, 935 _ __ ... _. FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN JUNE AND MAY, 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 June May June May June 'May June May Boston _ _ ._ ___ __ __ 227,332 223, 535 149,846 148, 045 140,076 133, 849 78.4 79.3 New York 1,168, 617 1,100, 454 941,867 908,188 410,679 411,171 86.4 83.4 Philadelphia . _ 199,231 207,042 137,874 138, 961 129, 067 126, 974 74.6 77.9 Cleveland 313, 761 320, 806 190, 247 188, 376 213,188 212, 985 - 77.8 79.9 Richmond _ . _ 94,923 100, 631 71, 679 72, 586 62,240 65, 979 70.9 72.6 Atlanta 180, 675 193,168 68,810 71,126 162,023 170, 319 78.3 80.0 Chicago 429,101 453, 244 338, 545 338, 974 226, 646 224, 219 75.9 80.5 St. Louis - . - 61, 758 67, 846 82, 434 83,193 41,154 42,674 50.0 53.9 Minneapolis 79, 022 82, 303 49, 678 49,156 59, 776 62,167 72.2 73.9 Kansas City - 93, 550 100, 830 88, 342 89, 378 63,350 64, 376 61.7 65.6 Dallas 59, 866 66, 590 59, 765 61, 645 35, 394 36, 365 62.9 67.9 San Francisco 262,360 275,174 176,341 177,188 174,610 179, 577 74.8 77.1 Total 3,170,196 3,191, 623 2, 355, 428 2, 326, 816 1,718,203 1, 730, 655 77.8 78.7 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, MAY 19, 1927-JUNE 22, 1927 [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo cc r o G u o n v t ern- Transit clearing Federa c l le re a s r e in r 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 in Federal reserve bank ings f c u lo n s d e a o t f period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 38,500 1,000 1,154,889 1,215,980 6,032 4,406 21,965 55,808 New York 29,900 192,000 3,965, 052 3,893,580 12,751 20,665 98,552 220, 642 Philadelphia 27,000 1,000 944,373 964,484 6,851 6,387 6,353 37,841 Cleveland 22,000 1,000 926, 585 963,554 9,883 4,045 10,131 50,780 Richmond 20,000 3,700 700,377 712,148 3,588 4,331 3,786 21,688 Atlanta 12,500 372, 909 372,132 5,626 4,954 13,S49 7,077 Chicago 34,000 1,000 1,627, 717 1,610,906 7,895 7,662 50,044 88, 539 St Louis 9,000 17,000 689,767 671,427 1,687 4,284 7,743 15,395 Minneapolis 2,000 3, 500 208, 229 202, 504 1,728 1,716 4,237 11,818 Kansas City 7,000 3,400 508,143 498,695 2,505 2,705 12,848 29,782 Dallas 4,000 1,300 326,295 328, 929 1, 694 1,537 223 16, 529 San Francisco 20,000 1,000 466,389 456,376 4,548 2,096 31,465 35,151 Total 4 weeks ending— June 22, 1927 225,800 225,900 11,890,725 11,890, 725 64, 788 64,788 130, 648 130,648 591,050 May 18, 1927 81, 500 81, 500 11, 690, 591 11,690,591 55,787 55,787 628,498 June 23, 1926 177,300 177, 300 10,880, 794 10, 880, 794 56,856 56,856 ! 662,192 May 19, 1926 46, 000 46,000 11,122, 289 11,122,289 59, 655 59, 655 ! 644,553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

519 JULY, 1927 FEDERAL RESERVE BULLETIN HOLDINGS OF BILLS AND SECURITIES, MAY, 1927 [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 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 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 - HOLDINGS ON MAY 31, 1927 Total bills and securities 1,031,902 91,405 226,400 94,939 108,719 42, 640 50,969 135,388 64,964 31,289 53,664 42,939 88, 586 Bills discounted. 459,086 56,564 87,842 56,068 49,559 25, 260 32, 655 58, 232 25,884 6,696 17,187 6,282 36,857 Bills bought in open market 227, 579 22,325 76, 332 12, 401 18, 204 7,887 8,356 26, 224 11, 648 7,553 8,777 12,455 15,417 United States securities 343, 437 12, 516 62, 226 24, 970 40,956 9,493 9,658 50,932 27,432 17,040 27, 700 24, 202 36, 312 Other securities _. 1,800 1,500 300 BILLS DISCOUNTED Rediscounted bills: Commercial and agricultural paper, n. e. s 147,112 23, 366 9,159 11,163 5,321 12, 760 22,358 26, 052 12,906 3, 727 9,643 2,692 7,965 Demand and sight drafts. _ 49 16 33 Trade acceptances 2, 094 54 324 217 204 111 319 749 18 98 Secured by United States Government obligations... 1,285 259 22 67 130 123 392 222 3 13 8 46 Member bank collateral notes: Secured by United States Government obligations.__ 237, 885 32, 885 56,433 38,419 38,149 7,873 2,106 30, 549 6,913 2,900 5,064 2,365 14,229 Otherwise secured 70, 661 21, 926 6,247 5,818 4,386 7,733 490 5,792 66 2,467 1,217 14, 519 Total discounted bills 459,086 56, 564 87,842 56,068 49,559 25, 260 32,655 58,232 25,884 6,696 17,187 6,282 36,857 BILLS BOUGHT Bills payable in dollars: Bankers' acceptances based on— Imports __ _ _ 68, 559 6,324 23,434 1,819 2,319 2,491 2,985 8, 551 4,570 2,596 3,116 4,643 5,711 Exports 60,957 2,235 16, 808 4, 204 8,611 2,037 2,334 10,031 2,035 2,502 2,659 2,966 4,535 Domestic transactions- 37,943 7,702 9,688 2,602 1,732 2,018 2,076 6,025 1,070 334 518 1,674 2,504 D Sh o i l p la m r e e n x t c s h a b n e g t e ween or 7,472 808 895 1,014 315 63 2 586 1,275 287 431 1,525 271 storage of goods in for- Al e l i g o n th c e o r untries 4 9 1, , 1 7 6 4 7 5 5,23 2 1 5 1 8 6 , , 3 5 1 7 3 2 2,762 4,113 1, 278 959 1,01 2 1 0 2,5 1 9 0 8 0 1,81 1 6 8 2,053 1,647 1 ' . 6 7 9 0 1 5 Trade acceptances based on imports 348 348 Bills payable in foreign currencies. 1,388 274 1,114 1 Total purchased bills 227, 579 22,325 76, 332 12,401 18, 204 7,887 8,356 26, 224 11,648 7,553 8,777 12,455 15,417 UNITED STATES SECURI- TIES United States bonds ._ 111,910 3,934 15,436 3,757 14, 582 3,549 2,018 28, 261 7,057 6,969 12,807 6,973 6,567 Treasury notes _ 117,904 3,595 22,903 6,819 18,948 2,508 1,374 9,742 11,363 6,101 6,511 10,229 17,811 Certificates of indebtedness 113, 623 4,987 23,887 14,394 7.426 3,436 6,266 12, 929 9,012 3,970 8,382 7,000 11,934 Total United States securities 343,437 12,516 62, 226. 24,970 40,956 9,493 9,658 50,932 27,432 17,040 27,700 24,202 36, 312 DAILY AVERAGE HOLD- INGS DURING MAY B To il t l a s l d b is il c l o s u a n n te d d securities 4 99 7 9 2 , , 9 5 8 0 3 3 6 37 9 , , 1 1 2 2 9 2 2 3 4 7 7 , , 7 9 6 9 5 0 4 8 5 1 , ,0 8 5 4 2 1 9 43 8 , , 6 8 2 0 4 1 4 2 1 5 , , 6 4 5 5 4 0 3 51 4 , , 6 2 2 4 5 2 1 5 27 2 , , 6 5 7 0 9 7 2 6 4 3 , , 0 1 2 4 4 2 3 6 2 , , 7 2 3 97 7 5 1 2 7 , , 4 3 9 3 2 3 3 4 8 , , 6 9 7 8 0 1 4 9 3 5 , , 1 2 0 2 6 3 U B O i n t l h l i s e te r b d s o e u S c g t u a h r t t i e t s ie s s ecurities 2 2 3 9 1 3 1 , , , 8 2 4 0 2 9 1 4 5 2 8 3 , , 8 1 6 3 2 1 4 6 9 1 , , 1 1 0 1 8 7 2 1 0 1 3 , , , 5 4 2 0 5 5 1 7 3 3 1 5 9 , , 5 6 0 7 1 6 9 6, , 4 7 7 2 8 6 1 5 0, , 7 3 5 2 0 9 2 0 5 4 2 5 9 , , 7 1 1 1 7 1 2 1 5 4 , , 1 0 0 1 6 2 1 1 0 5 , . 4 0 9 6 4 6 2 1 4 0 , , 4 6 9 6 7 2 2 1 2 1 , , 3 92 8 9 2 3 1 2 9 , , 9 1 9 2 6 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN JULY, 1927 FEDEEAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MAY, 1927 [Amounts in thousands of dollars] Fran- Total volume of operations _ Bills discounted for member banks 1 Bills bought: In open market From other Federal reserve banks United States securities bought: In open market From other Federal reserve banks Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s Demand and sight drafts Trade acceptances Secured by U. S. Govt. obligations Member bank collateral notes: Secured by U. S. Govt. obligations Secured by eligible paper 2 „___ Total. Average rate (365-day basis) per cent Average maturity (in days): Member bank collateral notes. ... Rediscounted bills Number of member banks on May 31 Number of member banks accommodated during month Per cent accommodated Bills Bought in Open Market From member banks From nonmember banks, banking corporations, etc.: Bought outright Bought with resale agreement _ Total.. Rates charged: Q/i per cent 3Jf per cent 3-nr per cent 3J| per cent 3% per cent S\i per cent 3Mper cent V/s per cent 4 per cent 4 Y% per cent 4J4 per cent Average rate (365-day basis), per cent Average maturity (in days) 3 Class of bills: Bills payable in dollars 3— Bankers' acceptances based on— Imports 1 3, 022 4, 070 Exports „ 3, 263 3, 483 Domestic transactions 2, 749 2, 079 Dollar exchange 390 305 Shipments between or storage of goods in foreign countries._. All other__ Trade acceptances based on imports. Bills payable in foreign currencies Total.. United States Securities Bought in Open Market Bought outright: United States bonds. , Treasury notes.__ _ Certificates of indebtedness Bought with resale agreement Total.. 5,847 36,580 5,747 4,165 8,149 10,604 9,604 1 Includes $500,000 discounted for the Federal intermediate credit bank of Berkeley, Calif., and $79,000 discounted for the Federal intermediate credit bank of Spokane, Wash. 2 Includes bills taken under a resale contract. Exclusive of bills bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 521 JULY, 1927 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS ' [In thousands of dollars] Federal Reserve District Total New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas F c r is a c n o - Loans and discounts: Secured by United States Government obligations- June 1 134,982 7,141 44,464 9,768 20,425 4,422 5,255 19,989 4,492 2,933 4,501 2,900 June 8 133,905 6,808 42,489 9,683 19, 557 4,385 5,239 21,480 4,525 4,189 4,659 2,891 8,000 June 15 128,929 6,847 39,840 9,657 19,132 3,590 5, 14 21,262 4,426 4,136 4,348 2,907 7,570 June 22 121,564 6,588 34,990 9,738 18,661 3,564 5,248 20,157 4,514 4,443 2,880 7,173 June-29 118,838 6,517 33,833 10,044 18,368 4,211 5,225 19, 216 4,579 2^599 4,336 2,917 Secured by stocks and bonds- June 1 5,831,177 342,9302,510.283 396,130 623,119 155,676 109,671 906, 221189,943 76,648 113,631 80,224 326,701 June 8 5,832,650 349,138 461,443 407,483 624,215 157,374 105, 904 933, 235190, 504 74,824 118,789 80,481 329,260 June 15 5, 347, 7062,474,621 402,128 622,125 159, 923106,354 943,224 193, 590 75,375 129,665 81, 974 333,313 June 22 5,856,863 344,3472,494,013 394,948 620, 249 155,766 106, 017 940, 765194,598 73,956 122,487 80, 036 329,681 June 29 5,922,274 368, 5542,549,428 403, 712 590,468 153, 756106,870 942,000 199, 555 76, 748 123,465 78, 540 329,178 All other loans and discounts- June 1 8.659,026 645,4372,928,210 386, 512 786,213 355,514 381,025 1L., 248,227285,276 152,736 290,425 229,044 970,407 June 8__. 8i 613,934 637,1522,888,217 385,855 787,433 359,254 381, 136 1L, 244,462288,401 153,835 292,455 228, T - 967,367 June 15 8,648,766 643,1142, 901,071 390,508 780,432 356,527 381,2161., 247, 779295,787 156, 540295, 760231,319 968, 713 June 22 8,640,813 641,5662,904, 201 388,345 776,359 362,367 381,3811., 242, 212997,075 156,459 291,324 231,213 968,304 June 29 8,676,913 637, 762 "2 ,9"3"'1.,836388,592 777, 520362,121 383, 122 1,.253,525 295,935 155,483 291,195 232, 775 967,047 Total loans and discounts: June 1 14,625,185 995,508 5,482,957 792,410 1,429,757 515,612 495, 951 2,174,437479,711 232,317 408, 557312,1681[, 305,800 June 8 14,580,489 "" —5,392,149 , 0211,431,205 521,013 492,279 2,199,177 483,430 232,848 415,903 311,7391., 304,627 June 15 14,647,693 5,415,532 802,2"9""3 11,421,689 520, 040492, 784|2, 212, 265493,803 236,051 4 9. 773316,2001., 309, 596 June 22 14,619,240 992,5015,433, 204 793,03111,415,269 521,697 492,646 2,203,141496,187 234,023 418,254 314,129 1L, 305,158 June 29 14,718.02ol , 012,8335, 515, r~ 802,348 11,,386,356 520,088 495, 217 2,214, 741500,069 234,830 418,996 314,2232 1L, 303, 218 United States Govern- j ment securities: I Junel- 2,529,239! 148, 561 1.,, 016,702 100, 779 265,501 68,138 56, 521 319, 703 61,327 63,646 107,481 61,309 S 59,571 June 8 2,-532,376'ji 136,496 11,056,211 87,747 261,703 65,336 48,721 308,911 79,489 63,402 105,077 59, 727 259,556 June 15 | 2,708,036 158,834 I.!. 115,356 107,154 279,428 69,856 59,968 322, 704. 77, 536 64, 911 103, 852 66, 564 281,873 June 22 i 2,595,009 155,893 1.', 015,847 107,802 276,855 69,812 57,103 322,293 77,349 65,007 101,142 66,477 279,429 June 29 | 2,568,981 155,902 996,333 103,832 285,147 71, 754 58,079 323,891 76,867 62,840 99,096 64,073 271,167 Other bonds, stocks, and securities: June 1 - 3,448,067 284,:, 136 1,.296,018 282,794 402,843 75,943 60,237 465,811 158,177 58,142 101, 544 27,690 234,732 June 8 3,423,589 287,', 965 1, 302,832 281,801 395,698 75,639 59,042 467,581 126,440 57,077 101,145 27,847 240,522 June 15 3, .467,809 289,), 277 I.,!338,094 282, 787 398,836 76,177 61"" 467, 973 125,676 56,651 102,069 28,551 240, 665 June 22 3, 290,535 1, 326,138 284,094 395, 237 77, 248 473,104 125,734 57, 025 103,406 28,653 244,784 June 29 3,481,202 299>,, —07 9 '1, 326,986 288,476 389,232 78,209 61,594 479,195 124,729 56, 730106, 217 27,861 242,894 Total investments: June 1 5,977,306 432,6972,312,720 383, 573 668,344 144,081 lid, 758 785, 514219,504 121, 788209,025 494,303 June 8 5,955,965 424,4612,359,043 369,."" "657,401 140,975 107,763 776,49? 205,929 120,479 206,222 87,574 500,078 June 15 ! 6,175,845 448, 111 %2,453,450 389,941 678,264 146,033 121,0 1 790,677 203, 212121,562 205,921 95,115 522.538 June 22 I 6,061,947 446,4282,341,985 391,896 672,092 147,060 118,083 795,397 203,083 122,032 204, 548 95,130 524, 213 June 29 6,050,183 454,981 ' 323,319 392,308 674,379 149,963 119. 673 803,086 201, 596 119, 570205,313 91,934 514,061 Total loans and investments: June 1. 20,602,491 428,205 7,, 795,677 1,175,9823,098,101 612,709 2,959,951 699,215 354,105 617, 582401, 1671:, 800,103 June 8 20,536,454 417,559 7,, 751,192 1,172,569 661,988 600,042! 2,975,669689,359 353,327 622,125 399, 3131:,804,705 June 15 20,823, 538 445,778 7,, 868,982 1.192,2324,099,953666,073 613,805 3,002,942 697,015 357,613 635,694 411, 315 1•, 832,134 June 22 20,681,187 438,929 7,. 775,189 1,184,927 2,08'7,.361 668, 757610,729 2.998,538 699,270 356,055 622,802 409, 259 1L, 829,371 June 29 20, 467,814 7,, 838,416 1,194,656 2,0610,,735670,051 614,890 3,017,827 701,665 354,400 624,309 406, 1661L, 817,279 Reserve balances with Federal reserve bank: Junel 1,725,229 99,730 819,334 78,638 131,132 41,839 39,985 251, 523 42,597 21,619 53,753 30,114 114,965 June 8 1,735,674 96,446 822,525 86,101 138,287 41, 749 39,659 247,022 47, 773 26,337 53, 584 29,067 107,124 June 15 1,816,002 100,140 881,080 84,705 140,785 42,520 37,948 261,976 52,037 24,267 53,884 29,081 107,579 June 22 1,716,924 98,440 809,776 79,247 133,077 41,741 40,169 251, 808 47,538 22,807 53,985 30,367 107,969 June 29 1,751,259 98,910 865, 271 80,866 128,947 40,858 37,509 235,351 48,577 23,092 53,920 109,075 Cash in vault: Junel 260,199 19,102 70,247 14,848 28,742 13,296 11,326 45,559 8,227 5,914 11,571 9,502 21,865 June8 269,444 19,781 73,483 15,611 31,470 13,628 11,279 46,197 8,325 5,599 12,588 9,737 21,746 June 15 255,272 19,819 67, 556 14,810 29,37 13,038 10,642 44,663 8,012 5,602 11,718 9,434 20,606 June 22 257,914 19, 246 69,609 14,991 30,433 13,396 10,867 43,647 7,373 5,612 12,061 9,346 21,3.33 June 29 270,312 18,381 73,753 15,496 30,004 13,545 11,207 48,625 7,718 5,739 12, 550 10,1601 23,134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDEKAL EESEEVE BULLETIN JULY, 1927 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - 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 - Net demand deposits: June 1 13,413,940 921,402 6,031,810 757,895 1,066,451 377,397 332,224 ,791,492 380.021 209,996 482,996 273,468 June 8 3.344,015 903,914|5,897,255 774,8811,090,225 384,290 328,418 , 815,691402; 013 209, 525 483,124 272,257 782,422 June 15 1 3, 726,629 923, 262 6,154, 754 768, 544 1,109, 982385,965 327,912 ,856,355 423,040 210, 748 494,854 278,343 792,870 June 22 13,254,302! 906,5385,882,354 751,66311,089,057 379,276 324,609 , 786,742403,229 205,155 486,945 272, 225 766,509 June 29 13,381,386 906,512J6,011,368 758,434 1,040,390 382,913 325,263 1, 816,338401, 509 205,252 490,314 269,952 773,141 Time deposits: June 1 6,156,447 436,1771,424,131 259,731 913,679 224,975 236!,, 669, 019,0, 725 233,763 127,018 151,457 108,178 949,944 June 8 6.195,016 437,3681.495,214 259,915 865,781 225,319 241,6651,098,539 230,869 127,166 151,917 108,668 952, 595 June 15 6,171, 570 441,5971^ 467,731 260,827 868,010 225,567 239,0081,100,743 230,801| 127,337 151,574 109,059 949,316 June 22 6,186,335 444,9721,476,489 261, 021 227,202 238,818:, 106,844231,138 127,222 151, 679 109,937 944,169 June 29 6, 212,099 •451,6711,471,696 262, 799 871, 759230,214 240, 043 1.., 105, 257230,968 128,908 151,648 109, 734 957,402 Government deposits: June 1 73, 537 7,465 22, 626 8, 645 i 5,803 2,763 3,925 7,792 2,071 538 524 2,436 JuneS 44, 283 4,486 13, 565 5,186 3,474 1,653 2,394 4,817 1,242 321 315 1,461 June 15 209,100 27, 691 35,162 26, 819 21,985 5,839 15,272 24, 368 3,634 2,555 2,706 10, 598 32,471 June 22__ 200,306 26,880 32,647 25,849 21,177 5,398 14, 808 23,322 3,301 2,48' 2,644 10,329 31,464 June 29 162,021 22, 373 22,980 21,094 17, 766 4,524 12, 374 19,159 2,480 2,072 2,271 8,758 26,170 Due from banks: June 1 1,200, 761 58,120 147,391 68,217 108,232 59, 961 72, 737 250,287 53,820 52, 861 112,342 60, 264 156, 529 June 8 1,126,122 50,874 132,964 60, 599 99,498 56,872 73,491 220, 425 62,262 46, 394 112,941 60, 735 149,067 June 15 1, 216, 662 70, 732 142,459 63, 885 131,110 59, 288 76, 577 248,360 53,026 48,913 114,192 60, 684 147, 436 June 22 1,105,374 58,190 129,038 60,433 107,762 51,531 68,096 215,584 53,388 111,771! 55,802 144,975 June 29 1,086, 297 58,466 124, 76^ 90,801 54,435 65,403 229, 593 47,866 45,840 112,071! 54, 564 143, 533 Due to banks: June 1 3, 297,140 151,466 1,275,145 178, 513 243, 576 115,492 104, 611 496,813 137,088 82,849 201,090 91, 782 218,715 June 8 3,167,984 142,37011,163,913 171, 269 237, 338116,387 112,375 497,112 128,498 86,236 204,047 95, 349 213,090 June 15 3,355, 966 168,773'1,336,957 173,948 244,954 113,191 102, 769 490, 568 138, 392 85,333 201, 784 90, 808 208, 489 June 22 3,115,232 152,095 1,176,007 164,955 231,405 112, 641101, 719 476,922 133, 240 80,908 192,336! 86,748 206,256 June 29 3,197, 364 153, 608 1,220, 279 165,841 235,816 109,066 100, 751 498, 705 129, 781 81,057 195, 502 85, 545 221,413 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations— June 1 190, 775 20,990 64,931 18, 265 28,133 2,975 1,064 27,892 5,746 3,305 4,512 1,710 11,252 June 8 139,464 4,165 40,745 7,489 39,459 2,094 607 16,947 4,816 3,455 5,237 i 1,330 13,120 June 15 124, 737 3,940 27,200 9,775 42, 551 1,782 2,977 13,089 4,971 2,140 1,323! 1,385 13, 604 June 22 170,107 5,365 58,475 15,675 14,93' 2,023 4,177 34,310 11,106 2,925 3,920, 1,235 15,962 June 29 203, 294 15, 700 63,150 21,970 27,144 4,066 2,879 14,996 500 1,860 1,810 12, 352 All other- June 1 139,296 12, 579 24,020 9,580 8,605 4,275 14, 511 29,907 16,244 254 5,771 1,11 12.435 June 8 103,207 10,830 19,882 6,405 8,791 2,237 14,323 10, 528 8,094 212 1,215 14,622 June 15_ 75,291 5,889 6,112 4,795 4,492 2,992 12, 776 11, 224 2,458 146 7, 160 16,881 June 22 102,518 7,785 4,320 6,710 7,780 11,567 21,176 5,744 35 6,842 21,404 June 29 105,271 17, 353 10, 333 7,""" 6,184 3,542 12,419 15,384 10,020 4,552 17,712 Total borrowings from I Federal reserve bank: June 1 330,071 33, 569 88,951 27,845 36, 738 7,250 15, 575 57, 799 21,990 3,559 10.283 2,825 23,687 June 8. 242,671 14, 995 60, 627 13,894 48,250 4,331 14,930 27,475 12,910 3,667 11,305 2,545 27, 742 June 15 200,028 9,829 33,312 14,570 47,043 4,774 15, 753 24,3131 7,429 2,286 1,545 30,485 June 22 272, 625 14,031 66,260 19,995 21, 644 9,803 15,744 55,486; 16,850 2,960 10,762 1,724 37,366 June 29 308, 565 33,053 73,483 29,478 33, 328 7,608 15, 298 52, 25ll 25,016 500 6,412 2,074 30,064 Number of reporting banks: June 1 34 58 June 8 668 34 58 June 15 668 34 58 June22_ 668 34 58 June 29 34 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY., 1927 FEDERAL EESEEVE BULLETIN 523 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y Ne o w rk - d P e h lp il h a i - a C l l a e n ve d - m Ri o c n h d - l A a t n - ta Chicago L S ou t. is M ap in o n li e s - K C an it s y as F c S r i a s a c n n o - Loans and discounts: Secured by U. S. Government obligations— Junel 85,447 5,924 41,798 9,033 6,161 501 1,633 13,529 2,728 665 1,175 423 1,877 June 8 84,939 5,584 39,861 9,042 6,213 491 1,632 15,140 2,792 796 1,167 430 1,791 June 15 82,212 5,615 37,382 8,995 6,256 466 1,633 14.996 2,707 800 1,152 433 1,777 June 22 76,149 5,344 32,528 9,086 6,315 440 1,634 13,916 2,801 831 1,132 408 1,714 June 29 74,598 5,2"" 31, 371 9,387 6,289 543 V 13,117 2,832 825 1,163 426 1,720 Secured by stocks and bonds- June 1 4,075,890 246,123 2,189,798 346, 702 207,462 26,155 11,405 681,115 137, 34,682 24, 516 19,022 150,913 June 8 4,071,284 248,954 2,, 135,,0 97i. 357,142 208, 760 25,840 12,792 709,066 138,428 33,221 30,678 18,994 152,312 June 15 4,106,823 248; 966 2,149,423| 349, 706 210,151 27,371 13,310 716,947! 141,223 33,428 43,638 19,251 153,409 June 22 4,106,376 246,539 2,171,516 3'"4 1,3"7"2 211,392 27, 772 14,126 712,092 141,555 31, 004 37, 383 19, 542152, 083 June 29 4,199,622 271, 541 2, 216,145 350,153 214,823 26, 362 14, 600 713,924 147,611 33,035 38, 541 18,936 153,951 All other loans and discounts- June 1 ir— 5,364,574 491,138 2,576, 064 343, 657 378,215 66,984 54,952 157,254 81,674 80,112 67,057 380, 628 JuneS 5,315,239 486,631 2, 539,3261 342, 637 380,184 67,135 54,752 678,780 159,338 80,981 81,080 65, 747378,648 June 15 5,337,556 491, 671 2, 551,157 346, 584 378, 314 67, 222 52, 639 673,984 167,199 81, 789 84,093 66, 561376, 343 June 22 5,332,948 488, 720 2, 554,379 345, 306 376, 289 67,090 54, 309 669,7371 169,963 81, 854 80, 559 67,315 377,427 June 29_ 5,352, 297 484,4812,569,962 346, 648 376, 311 67,995 54, 754 674,828| 169, 592 81, 382 80,013 68, 581 377, 750 Total loans and discounts: June 1 9,525,911 7431,,185 4:,, 807, 66OI699.392 591, 838 93,640 67,9901,381,4831 297,979 117,021 105,803 86, 502533,418 J J u u n n e e 8 15 , 9 9, , 4 5 7 2 1 6 , , 4 5 6 9 2 1 7 7 4 41 6i , , , , 1 2 6 5 9 2 : =.4 4 , , i . 7 3 7 7. 1 , 4, 284! 7 70 0 8 5 ' , , 2 8 8 2 5 1 5 59 9 4 5 , , 1 7 5 2 7 1 9 9 3 5 , , 4 0 6 5 6 9 J 6 , 7 , 1 5 7 8 6' 2 1 1 , ,4 4 0 0 2 5, , 9 ™ 27 3 3 0 1 0 1 , , 1 5 2 5 9 8 1 1 1 1 6 4 , , 0 9 1 9 7 8 1 1 2 1 8 2 , , 8 9 8 2 3 5 8 8 6 5 , , 2 1 4 7 5 1 5 5 3 3 1 2 , , 7 5 5 2 1 9 June 22 9,515,473 740, 603 4, 758,423 695, 764 593,996 95, 302 70,069 1, 395, 745314,319 113, 689119,074 87, 265 531, 224 June 29 --- 9,626,517 761, 311 4,817,478 706,188 597,423 94,900 70,9901,401,"" 320,035 115, 242119,717 87,943 533,421 U. S. Government securities: June 1 1,574,479 79,489 920, 808 83,634 65,204 4,127 14,312 184,203 33,128 29,216 34,859 20,029 105,470 June 8 1,594,928 67, 924 960, 863 71, 946 63, 811 4,330 12,890 173, 6091 50, 775 29.240 32,480 19,114 107,946 June 15 I 1, 734, 255 89,334400 1, 018,227 90, 614 65,827 4', 213 16,481 183,752 48,892 31, 596 33,046 24, 633 127, 834 June 22 | 1,623,066 86,383 916, 770 91, 645 67,158 3.946 14,164 186, 2781 47,854 31,781 32, 589 24,229 120, 289 June 29 . 1, 593, 749 86, 389 87,633 66,048 3,949 14,219 188, If"' 47, 531 31, 506 32, 554 22, 766 114, 536 Other bonds, stocks, and securities: Junel 1,915,241 125,378 963, 543 233,250 91,367 11,268 9,056 217,1921 111,486 26,840 29,188 5,337 91, 336 June 8 1,894,468 128,696 967,381 232,187 91, 750 11,156 9,298 219,5641 79,876 26,668 27, 780 5,267 94,847 June 15 1,931,914 131,233 997,457 232, 733 95,126 11,143 9,509 220,962 78,356 26,686 27,831 5,750 95,148 June 22 l,930,25l! 132,130 234, 288 93,472 11,141 9,831 225,730 77, 655 26,724 28,233 5,704 97, 256 June 29 1,952,900 140, 562 13, 842 238, 740 94,862 11, 587 9, 797 231, 502 76, 513 26,473 28, 650 5,481 94,911 Total investments: J J u u n n e e 8 1 3 3 , ,4 4 8 8 9 9 , , 3 7 9 2 6 0 1 i 2 1 0 9 4 6, , 6 8 2 6 0 7 ! l 1 , , 9 8 2 8 8 4 , , 2 3 4 5 4 1 i 3 3 1 0 6 4 , ,133 1 1 5 5 6 5 , , 5 5 7 8 1 1 1 1 5 5 , , 4 3 8 9 6 5 23, 368 4 3 0 93 1 , , 1 3 7 9 3 5 j 1 1 4 3 4 0 , , 6 6 1 5 4 1 5 5 6 5 , , 9 0 0 5 6 6 6 6 4 0 , , 0 2 4 6 7 0 2 2 5 4 , , : 381 2 1 0 9 2 8 , , 7 8 9 0 3 6 June 15 3, 666,169 220, 573J2,015, 684J 323,347 160,953 15,356 25^ 990 404,714: 127,048 58,262 60,877 30,383 222,982 June 22 3,553,317 218,5131,904,857 325,933 160,630 15,087 23,995 412,0081 125,509 58, 505 60, 802 29,933 217, 545 June 29 3,546,649 226, 9511,892,271! 326,373 160,910 15, 536 24,018 419,691! 124,044 57,979 61,204 28,227 209,447 Total loans and investments: June 1 13,015,631 948,052 6, 692,0111, 016, 276748,409 109.035 91, 358 1, 782,878! 442, 593 173,077 169,850 111, 868730,224 JuneS 112,960,858 937,7896,642,528 1,012,954 750, 718 108; 952 91,364 1,796,159! 431,209 170,904 173,185 109, 552735,544 June 15 !13,192, 760 966,825 6, 753, 646 1, 028,632755, 674 110,415 93, 572J1, 810, 64l! 438,177 174,279! 189,760 116, 628754, 511 June 22 13,068,790! 959,116 6,663,2801,021,697 754, 626110-389 94,054!], 807,753! 439,828 172,194 179,876 117,198 748,769 June 29 13,173,166 988,262 6,709,749:1,032, 581758, 333 110,436 95,00611,821, 560 444,079 173,221 180,921 116,170 742,868 Eeserve balances with Federal reserve banks: J J u u n n e e l 8 1 1 , , 2 2 3 4 8 6 , , 7 4 3 9 0 8 7 7 8 3 , , 8 O 8 i 3 l ! ! 7 7 6 5 1 7 , , 3 9 6 9 4 6 ! 7 7 1 8 , , 2 3 0 2 3 5 4 38 0 , , 2 7 1 5 9 9 6 7 , , 6 2 7 6 0 0 6 7, , 3 4 1 8 7 5 1 16 7 9 6 , , 2 1 0 5 7 7 J ! 2 30 6 , , 0 7 3 1 8 3 1 1 4 0 , , 9 2 1 12 1 1 1 8 6 , , 4 4 2 1 3 4 7 7 , , 9 0 2 6 3 2 4 3 1 9 , , 2 3 8 9 3 3 J J u u n n e e 2 1 2 5 1 1, , 3 2 1 3 9 3 , , 4 1 9 9 9 8 7 7 5 8 , , 2 7 2 1 6 8 ; ! 8 7 1 4 4 5 , , 9 4 8 1 9 9 | ! 7 7 1 7 , , 9 3 1 7 4 3 3 3 8 9 , , 6 5 4 7 1 3 7 7 , , 5 4 0 9 8 9 6,326 1 1 7 8 6 0 , , 5 1 5 0 4 7 3 3 1 6 , ,2 7 5 1 3 7 1 1 1 3 , , 7 3 8 3 7 0 1 17 8 , , 5 7 6 3 2 0 8 8 , , 2 3 7 4 8 3 4 4 0 0 , , 7 1 7 8 6 8 June 29 1,273,161 75,270' 799,731' 73, 997 37, 708 6,881 6,431 161,211 32,403 11,136 17,966 7,841 42, 586 Cash in vault: June 1 121, 573 7,743 56,498 12,248 8,713 927 1,103 19,774 3,699 1,705 2,360 1,229 5,574 June 8 125, 598 8,165 59,156' 12, 788 8,924 832 1,194 20,140 3,642 1,704 2,569 1,327 5,156 June 15 119, 768 54, 515! 12,184 9,366 1,010 1,079 19,272 3,546 1,601 2,486 1,190 5,058 June 22 119,586 7,757 55, 594; 12,357 8,573 853 1,144 19,356 •3,347 1,707 2,501 1,294 5,103 June 29 126,371 7,604 59,295| 12,616 9,456 902 1,155 20,368 3,579 1,665 2,448 1,217 6,066 Net demand deposits* June 1 9,264,378 689,490 5,414,640; 675,717 281,031 60,462 53,030 1,195,256 242,549 104,883 159,395 76,870 311.055 June 8 9,181,738 675,170 5,292,156! 689,970 272,409 61,877 52,- L, 223,5131 263,753 105,978 160,617 76,030 307,551 June 15 9,498,316 693,048 5,535,228 683,129 280,365 62,636 52, L, 245,685 285,197 105,824 169,900 78,946 306, 251 J J u u n n e e 2 2 2 9 - 9 9 , , 1 3 4 0 4 6 , , 2 5 4 1 2 5 6 6 7 7 9 7 , , 0 9 8 1 8 3 5 5 , , 4 2 1 8 8 8 , , 6 0 4 3 2 4 6 6 6 7 7 5 , , 4 7 3 2 1 8 2 2 6 6 5 7 , , 9 1 6 6 0 5 6 6 1 4 , , 1 6 1 0 3 6 5 5 0 01 , ,, 6 2" 5 1" 2 2 1 1L L ,, ,, 2 2 1 2 3 5 , , 9 0 6 7 9 8 2 2 7 7 2 2 , , 5 0 4 1 2 2 1 1 0 0 2 4 , , 9 0 0 1 3 0 1 1 6 6 5 7 , , 7 0 7 0 8 8 7 7 7 7 , , 6 5 3 7 1 7 2 3 9 0 8 7 , , 0 6 5 4 7 8 Time deposits: June 1 3,009,791 212,784' 970,813 198,007 471, 745 32,990 33,874 532,818! 131,522 57, 731 18,535 17,716 331,256 June 8 3,097,890 213, 509 1,040,349 198,272 472,863 32,845 34,950 539,664j 129,075 57,789 18,635 17,955 341,984 June 15 3,064,225 216,294 1,010,197 472,244 32,943 35,000 536,810 128,672 57, 767 18,489 17,914 339.056 J J u u n n e e 2 22 9 3 3 , , 0 0 7 8 8 9 , , 8 2 6 3 8 4 , 1 ' 2 2 2 2 0 7 , , 3 6 7 3 5 5 1 1 , , 0 0 1 1 0 7 , , 9 7 3 0 5 31 1 9 9 8 9 , , 8 66 3 6 2 4 4 7 7 2 4 , , 3 3 4 3 0 2 3 3 2 3 , , 0 8 2 7 3 5 1 35,155 5 5 4 4 3 4 , , 8 5 9 7 7 4 ' 1 1 2 2 8 8 , , 8 1 5 3 4 4 5 5 7 7 , , 8 6 6 4 4 7 1 18 8 , f 5 5 3 7 6 0 1 1 7 7 , , 9 9 6 4 1 13 3 3 4 4 1 , , 7 0 7 4 6 6 52215—27 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDEKAL EESEEVE BULLETIN JULY, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in lo n i e s - K C an i s ty as Dallas F c S r is a a c n n o - Government deposits: June 1 55,195 7,255 21,357 8, -215 1,093 220 1,040 4,604 1,799 405 414 1,657 7,136 June 8 33, 268 4,358 12, 805 4,928 655 131 645 2,904 1,078 241 249 994 4,280 June 15 146,149 26,691 29,161 25, 521 3,355 109 4,194 15, 236 2,958 2,395 2,128 7,887 26, 514 June 22 139, 785 25, 876 26,784 24, 599 3,231 85 4,066 14, 552 2,756 2,343 2,080 7, 702 25, 711 June 29 _ _ 111, 901 21, 541 17,986 20,077 2,623 363 3,400 12,119 1,970 2,026 1,786 6, 571 21,439 Due from banks: June 1 574, 699 43,041 105, 945 62,508 29, 575 7,565 11,064 160, 537 25, 592 22,368 33,423 15,456 57,625 June 8 509, 835 39, 447 93,481 53,894 24,150 6,373 10, 892 134, 952 27, 518 18,285 33,101 16, 811 50,931 June 15 553,161 55, 751 97, 915 57, 735 22, 818 7,346 11,980 152,303 26, 051 17, 628 35, 300 17,167 51,167 June 22 . 526, 875 46,158 90,611 54,575 24,689 6,345 9,808 137,875 29, 229 22,319 33, 519 16,389 55,358 June 29 502, 081 44,831 86,399 53,159 21, 265 5,960 8,811 140, 948 24,124 19,060 31,881 13,151 52,492 Due to banks: June 1 _ 2,319,631 139,9241, 211,289 171, 542 57,293 30,392 14, 616 354,153 82, 532 48,279 83,910 25,781 99,920 June 8 - 2,186, 072 131,4811,100, 279 164,239 54, 654 31, 954 15,132 351,289 80,399 49,388 82,853 26,159 98, 245 June 15_ 2,381, 700 158, 51017 271, 782 167, 056 58,636 31,347 14,156 342, 732 83,472 47, 945 85, 953 24,823 95, 288 June 22 2-181,654 141,8481,113, 675 158, 601 55,209 29, 509 13,115 337, 812 81, 573 45, 878 80, 644 24,192 99, 598 June 29 __ __ __ _2_, 235, 959 143,8001,156, 532 159,425 54,881 28, 528 13, 547 344,273 79,030 46,082 80,012 23, 513 106, 336 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations— June 1 __ . 120, 242 15,840 59, 650 13, 715 1, 509 14. 870 4,451 100 375 9,732 June 8 62,130 915 34, 600 4,150 1,834 5,033 3,916 1,666 200 10, 482 June 15 _ _ _ __ 51, 726 1,790 21, 400 5,540 1,034 20 4,975 3, 036 1,300 50 580 12, 001 June 22 99, 690 3,015 45,650 11,790 5,250 15,153 5,406 500 430 12,496 June 29 109,142 9,925 39,850 18,890 6,090 47 14, 525 8,224 1,150 1,105 9, 336 All other- June 1 98,130 12,445 24, 020 9,411 2,757 1,510 666 19, 728 16, 244 2,481 800 8,068 June 8 _ _ _ _ 62, 713 10, 702 17, 613 6,268 3,093 160 742 2,424 8,094 2,799 800 10, 018 June 15 _ 36, 253 5,387 3,133 4, 677 351 1,107 587 3,320 2,458 3,884 11,349 June 22 57,107 7,313 4,512 4,172 2,552 3,260 634 10, 848 5, 744 4,274 344 13,454 June 29 _ _ 64, 661 15,702 6,998 7,361 327 692 1,106 6,663 10,020 2,959 119 12, 714 Total borrowings from Federal reserve bank: June 1 218,372 28,285 83, 670 23,126 4,266 1,510 666 34,598 20,695 2,581 1,175 17, 800 June 8 124,843 11, 617 52, 213 10, 418 4,927 160 742 7,457 12, 010 1,000 2,799 1,000 20,500 June 15 - - . - 87, 979 7,177 24, 533 10, 217 1,385 1,127 587 8,295 5,494 1,300 3,934 580 23, 350 June 22 156, 797 10,328 50,162 15,962 7,802 3,260 634 26,001 11,150 4,774 774 25,950 June 29 173,803 25, 627 46,848 26, 251 6,417 739 1,106 21,188 18,244 4,109 1,224 22,050 Number of reporting banks: June 1 221 17 54 36 8 8 5 13 5 13 7 10 June 8 221 17 54 36 8 8 45 13 5 13 7 10 June 15 221 17 54 36 8 8 5 45 13 5 13 7 10 June 22 221 17 54 36 8 8 5 45 13 5 13 7 10 June 29 221 17 54 36 8 8 5 45 13 5 13 7 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

525 JULY, 1927 FEDERAL RESERVE BULLETIN 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 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 o th 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 June 1 3, 061,891 1,076,332 1,134, 018 851, 541 2,349,308 779, 246 813, 523 756, 539 712, 583 297,086 320,495 95, 002 8 3,118,429 1, 034, 772 1,216,934 866, 723 2,396,395 730, 900 896, 675 768,820 722,034 303, 872 320,259 97,903 15 3,159,876 1, 071,158 1, 233, 572 855,146 2,434, 667 764, 814 906, 091 763, 762 725, 209 306,344 327,481 91,384 22... 3,115,870 1,073,847 1,170,133 871,890 2, 377,403 766,293 834, 908 776,202 738,467 307,554 335,225 95, 680 29 3,117,920 1,131, 784 iT 143,736 842,400 2, 368, 550 819,022 805, 928 743,600 749, 370 312, 762 ' 337,808 98,808 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 New York banks and trust Private banks, brokers, foreign companies banking agencies, etc. On 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 75,589 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 2,254,153 713,393 490,323 419,840 70,483 June 30 __ - 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 Feb. 23 Mar. 23 Apr. 27 May 25 May 26 Feb. 23 Mar. 23 Apr. 27 May 25 May 26 Boston 1,359,421 1,357,495 1,388,999 1,395, 009 1,360, 730 876,322 890,769 895,339 906,358 848,206 New York 6, 280, 529 6, 537,120 6,592, 670 6,712, 049 6,451, 092 2, 553,959 2, 593,487 2, 615,989 2,628,743 2,312, 758 Philadelphia 1, 214, 966 1,201,346 1,194, 758 1,191, 239 1,196, 898 972,364 976, 648 986, 065 987,946 892,122 Cleveland 1,510, 744 1, 565,183 1.515,128 1, 521,344 1,494, 535 1, 445,162 1,481,059 1, 534,888 1,553,859 1,406,757 Richmond 621,568 613,307 ' 607,826 607, 942 596,495 536, 799 539,947 548, 611 552, 642 514,118 Atlanta. 637, 019 618,079 614, 672 601, 350 667,815 451,322 453,357 456,010 462, 732 445, 788 Chicago 2,475,340 2,493,431 2,497,190 2,551,378 2,496,751 1, 937,889 1,891, 609 1,956,695 1,979,175 1,904,508 St. Louis 730,377 726, 871 729,554 724,384 733, 091 509, 026 514', 079 514, 784 520,851 481,644 Minneapolis 424, 958 424, 870 405, 767 399,616 424,962 435,250 430, 266 431, 238 431,485 433; 102 Kansas City ___ 873, 212 874,982 854, 225 838,619 852,781 324,452 326,770 328,499 330,823 321, 807 Dallas __ 650,879 645,449 632, 818 613,136 598, 483 176, 503 176,130 175,836 178,895 165,099 San Francisco 1,326,138 1,298,987 1,312,106 1,314,887 1,264,388 1,575,864 1,576,153 1,557,879 1,590,128 1,376,204 Total 18,105,151 18,357,120 18,345,713 18, 470, 953 18,138, 021 11,794,912 11,850,274 12,001,833 12,123,637 11,102,113 Banks in cities and towns having a population of— Less than 5,000.. 1,644,353 1,628, 223 1,613,762 1, 6C8, 719 1,648,122 1,823,250 1,844,336 1,839,547 1, 857, 083 1,782,43- 5,000 to 14,999___. 1,117,287 1,115,408 1,114, 248 1,104, 643 1,129, 570 1, 202,251 1,211,002 1,219, 967 1, 222,435 1,157,379 15,000 to 99,999... 2,346,124 2,353,827 2,358,158 2, 352, 628 2,347,585 2,294,785 2,316,003 2,337,857 2,358,077 2,203, 014 100,000 and over. 12,997,387 13, 259,662 13,259, 545 13,404,963 13, 012, 744 6,474,626 6,478,933 6,604,462 6, 686,042 5,959,286 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN JULY, 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 June 4 June 11 June 18 June 25June 26 Date Federal Joint-stock Direct loans outstanding on- Total land banks land banks Cotton 5,231 4,187 2,999 2,099 14,419 (12 banks) (54 banks) Tobacco 6,312 6,237 6,249 6,187 13,101 Wheat 1,212 1,212 900 450 Canned fruits and vegetables 736 612 572 567 441 J A F M M a e p n a a b r . y r . . . 3 2 3 3 3 1 1 8 0 1 - - - „ - . 1926 1 1 1 1 1 , , , , , 5 6 5 6 6 6 0 8 2 3 6 6 7 0 2 , , , , , 8 0 8 2 4 3 4 1 1 1 0 4 8 4 3 1 1 1 1 1 , , , , , 0 0 0 0 0 1 2 1 3 3 9 7 1 3 8 , , , , , 4 3 0 0 3 8 6 4 8 8 6 1 5 8 5 5 5 5 5 5 6 5 7 8 9 7 5 9 7 4 , , , , , 5 7 4 1 0 5 4 5 6 2 7 4 6 9 8 R A P W R e a l i l o c a i s n e o o i . u n t l . h . s t . e s r 5 1 , ,4 0 3 1 4 0 2 9 8 0 1 8 5 1 , , 3 0 3 1 7 3 0 9 3 2 3 0 5 1 , ,2 0 1 1 0 5 3 0 7 5 1 , , 5 0 0 1 5 6 0 4 4 0 0 7 3, 9 7 2 6 0 4 2 0 6 1 4 9 0 June 30_. 1,644,105 1,043,955 600,150 Total 20,458 19,146 17,529 16, 064 33,441 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- N O De c o c t v . . . 3 3 3 1 1 0 . — . . . 1 1 1 , , , 6 7 6 8 1 9 2 0 2 , , , 2 2 7 8 9 2 3 5 6 1 1 1 , , , 0 0 0 6 6 7 3 8 7 , , , 0 5 8 5 9 1 6 6 9 6 6 6 1 2 3 9 4 2 , , , 2 2 4 1 3 7 7 0 6 N St a p a t o t i e o r a n b t a i a o l n n k b s s anks 29,7 6 2 3 2 7 7 4 29, 6 4 3 3 1 2 5 7 29, 6 2 3 3 4 2 1 8 29, 6 0 3 1 4 2 7 8 29, 52 3 7 Livestock loan com- 495 1927 panies 19,411 19,510 19, 732 19, 643 J F a e n b . . 3 2 1 8 . . _ . 1 1, , 7 7 4 2 5 4 , , 4 8 0 2 4 1 1 1 , , 0 0 9 8 7 5 , , 6 1 4 7 2 0 6 6 3 4 9 7 , ,7 6 6 5 2 1 Sa c v o in m g p s a b n a ie n s k . s and trust 32 78 63 66 12,946 M Ap a r r . . 3 3 0 1 . . . . 1 1 , , 7 7 6 3 5 2 , , 3 3 6 9 5 5 1 1 , , 1 1 0 1 9 7 , , 3 9 5 1 4 4 6 6 5 1 6 4 , , 0 4 1 8 1 1 Total.— 49,831 49,672 49, 706 49,406 43,03190 May 31. 1, 741, 275 1,124,055 617,220 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DISTRICTS [Number of banks at end of May] [In thousands of dollars] Nonmember banks Number of May, April, May, Member banks c te e r n s - 1927 1927 1926 Fede d r i a s l t r r i e c s t erve • Onp ar list Not on par list1 1927 1926 1927 1926 1927 1926 New York City 1 31, 270,139 32,006, 975 26. 570, 853 Outside New York City.-. 140 22, 874, 987 23, 578, 572 21, 449, 469 Federal reserve districts: United States 9,110 9, 400 13, 589 14, 325 3,867 3,971 N Bo ew sto Y n ork _ 1 7 1 3 2 2 , ,1 7 1 24 7 , , 8 3 7 2 0 3 32 2 , , 8 90 2 1 4 , , 6 3 9 9 3 9 27 2 , , 3 55 7 3 4 , , 2 2 6 4 2 9 N Bo ew sto Y n ork 9 4 2 16 8 8 4 9 17 4 4 2 1 44 4 2 3 4 9 5 7 Philadelphia 10 2, 249, 657 2, 275, 692 2, 077, 523 Philadelphia 770 760 515 515 A C R C S M S D K a t l h t i a a e i l n c i l n n a v c L l h s a n n a F e m o a s g e t l r u a a s a o a o n i n p C s n d c _ o d i i _ l t s . i y - c . s o . - - . - 2 1 1 1 1 1 7 5 1 3 5 9 0 8 5 2 1 5 1 3 1 , , , , , , 0 2 1 7 0 6 5 9 5 8 0 1 9 8 5 8 5 7 5 1 1 2 7 9 2 5 6 , , , , , , , , , 4 0 9 7 7 7 0 6 8 9 4 0 4 5 5 7 9 0 0 9 6 0 8 9 9 3 2 2 5 1 1 3 1 , , , , , , 1 1 7 6 6 8 2 8 2 8 4 5 4 9 1 0 5 8 7 5 0 2 8 7 0 2 8 , , , , , , , , , 4 1 1 9 5 5 7 3 8 9 9 3 0 4 2 6 0 9 4 5 1 2 2 9 7 8 5 2 5 1 1 2 1 , , , , , , 2 1 1 7 3 6 5 5 7 0 3 2 2 4 0 4 6 6 9 2 6 6 0 9 0 5 3 , , , . , , , , . 1 9 9 4 8 0 5 8 5 9 9 1 2 8 2 1 0 3 1 3 9 4 9 2 6 3 1 A C C S R M D K Sa t l h i t a a . i e c l n n i l n a v h L c l n s a n F e m a o a e s t l r g s u a a a o a o n i p n n C s . d o . d c i l i t i s . y s - c _ o . _ ._ - 1,3 8 4 5 6 8 6 7 9 1 4 7 6 1 0 7 4 7 2 2 0 3 9 7 1 0 2 1 1 , , 3 0 4 8 5 6 8 8 7 7 1 9 6 9 1 4 2 2 2 5 2 1 0 4 0 4 1 3 1 1 2 , ' , , , 0 7 9 4 6 3 8 7 6 3 3 3 6 6 1 5 3 8 4 9 8 8 3 2 0 1 1 3 1 2 2 1 , , , , , 0 7 0 6 6 3 7 7 0 7 8 6 1 9 5 8 5 4 1 7 8 5 4 2 7 2 2 1 1 , , 0 1 6 1 2 4 2 2 1 8 0 1 0 6 3 2 7 3 1 1 9 0 1 6 9 1 1 , , 1 0 6 2 4 2 1 1 7 6 4 1 1 6 8 0 0 8 1 4 9 0 6 2 1 Total. 141 54,145,126 55, 585, 547 48, 020, 322 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

527 JULY, 1927 FEDEKAL KESEKVE BULLETIN MID-YEAR SUMMARY OF BANKING STATISTICS TABLE 1.—FEDERAL RESERVE BANKS—AVERAGE DEPOSITS, BY CLASSES, JANUARY, 1926-JUNE, 1927 [In thousands of dollars] Federal Reserve District Month Total xsubton Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c S r is a a c n n o - Total deposits: 1926—January 2, 289, 298 148,192 872, 556 137, 443 177,700 70,956 83,104 327, 433 55, 560 91,912 64, 389 173,249 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, 361 181,333 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, 640 336, 643 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 9i; 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, 394 882, 386 140,451 188,122 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 June 2,355,428 149,846 941,867 137,874 190, 247 71,679 68,810 338, 545 82,434 49,678 88, 342 59, 765 176,341 Member bank reserve • balances: 1926—January 2,235, 986 145,188 854, 341 135, 343 174,197 68,197 80,447 322, 764 83,995 53, 648 89, 562 63,180 165,124 February 2, 208, 272 142,007 837, 749 131, 633 177, 600 67, 980 78, 791 322, 445 81, 919 52, 481 89, 070 62, 789 163,808 March 2,197, 682 140, 842 843,186 130,984 175, 500 66, 716 78, 368 322, 099 80, 729 52, 453 87,434 60,878 158,493 April 2,183,479 142, 891 834,431 133, 915 175,340 66,022 75,140 318, 516 80, 642 51,302 86,195 59, 371 159, 714 May 2,199, 229 143, 851 839,101 134, 757 178, 452 66, 303 73,166 326, 654 81,475 50,402 86,886 57, 977 160, 205 June 2, 205, 974 144, 387 848. 604 134, 315 179,176 65, 510 71, 709 326, 677 80, 321 50,650 87, 379 56, 564 160, 682 July 2, 211, 545 146,173 84i; 229 134, 952 182,120 67, 838 70, 860 330, 251 81,096 49,901 90, 682 56,186 160, 257 August 2, 200,909 143, 553 830, 359 133, 838 184, 915 66,994 70,119 334, 533 79, 687 4% 091 91, 708 55, 908 161, 204 N S O e o c p t v o t e e b m m er b b e e r r 2 2 2 , , , 2 2 2 1 1 1 1 4 9 , , , 4 0 3 4 2 6 1 3 7 1 1 14 5 4 9 0 5 , , , 1 1 7 5 4 7 6 7 8 8 8 8 3 3 3 5 5 5 , , , 8 1 2 6 9 4 3 0 3 1 1 1 3 3 3 4 6 6 , , , 6 0 2 9 1 1 6 1 0 1 1 1 7 8 8 9 4 2 , , , 7 3 4 8 2 4 8 3 5 6 6 7 7 , , 8 0 1 1 0 1 6 7 cD 8 oo 0 , , , 0 Q 7 y1 9 i 4 9 o 3 q 3 0O 3 O 2 0 3 T4 6 1 C J , , 6 Q 2 G^ 6 9 O«O 2 0 8 8 7 0 0 9 , , , 1 8 3 0 9 8 9 7 6 4 5 5 1 8 0 , , , 0 3 7 4 7 2 3 6 9 9 8 89 9 0 , , , 1 8 6 0 4 1 7 0 7 5 5 5 9 6 9 , , , 0 5 5 2 7 2 5 8 8 1 1 1 6 6 6 8 5 6 , , , 8 8 5 4 1 4 1 9 8 December 2, 218,186 145, 545 850, 803 135, 695 176, 477 67, 883 67, 868 323, 836 80,442 50, 735 88, 904 60, 776 169, 222 1927— F J e a b n r u u a a ry ry 2 2 , , 2 2 1 4 2 2 , , 8 2 5 G 4 6 1 14 4 6 4 , , 4 0 8 7 4 4 8 86 3 4 8 , , 3 3 2 0 5 2 1 1 3 3 6 8 , , 9 7 7 1 3 9 1 1 7 7 9 8 , , 8 5 9 9 8 6 6 7 9 0 , , 1 3 0 5 0 4 6 7 9 0 , 5 5 7 0 5 1 9 3 3 2 2 4 4 , , 5 6 9 3 1 4 8 81 1 , , 1 3 6 7 0 8 4 5 9 0 , , 2 5 3 5 8 0 8 8 8 9 , , 1 8 2 9 4 6 6 6 0 2 , , 4 7 1 0 9 2 1 16 6 7 8 , , 1 1 3 4 5 8 March 2, 239, 952 144,091 856, 558 136,902 185, 717 69, 535 325, 088 81,421 50, 251 89, 618 62,190 169, 729 April 2, 248, 302 145, 553 863, 261 137, 391 184, 744 18, 254 69, 388 327, 963 81, 566 48, 917 89, 009 60, 946 171, 310 May 2, 262, 397 146,187 875, 340 136,091 185, 207 68,371 385,120 81,058 47, 744 87,440 59,741 171, 252 Govern . m en J t u n d e eposits: _•_ 2,300', 897 1475 910 913, 319 135,815 187, 231 69, 510 67,071 334, 548 80,848 48,488 87,181 58,497 170,479 1926—January 23, 714 2,235 4, 842 1,052 1,576 2, 245 2,277 2, 583 1, 392 1,433 1,436 879 1,764 February 40, 736 5,838 7,165 1,833 2,311 3, 889 5,691 4,475 2,162 1,467 2,121 1,234 2,550 March. _1 :_ 52, 511 6,835 8,219 2,968 3,876 2,933 5, 737 6,561 2,486 4,714 1,658 2,177 4,347 April 42,143 4, 652 5,863 3,137 3, 598 2,820 5,154 4,828 1,998 2,972 1, 638 1,952 3,531 May 27, 671 1,756 4,400 1,916 1,593 2,677 2, 343 4, 471 1,387 2,177 1,567 1,189 2,195 June 12,193 329 6, 638 334 596 709 473 831 395 655 365 298 570 July 26, 246 1,364 4,255 2,021 2, 296 3, 274 2,287 3, 397 1,348 1, 301 1,585 1,095 2,023 August 1,260 4,945 1,672 1,628 2, 495 1,279 3,573 1,674 1, 247 2, 291 1,311 1,723 September 31, 723 1.423 14, 240 1, 298 1,766 2,403 3,306 1, 358 780 793 1,210 1,969 1,177 October 34, 264 % 837 6,561 2, 892 1,896 3,751 4,072 3, 466 1,925 1,124 1,595 1,698 2,447 November 28, 229 2,609 4,150 1,765 2, 483. 3,193 3,417 2,814 1,777 I 1,177 1, 606 1,121 2,117 December.. 39, 758 3,853 12, 669 2,783 2,748 2, 555 3,437 3,628 1,690 1,353 1,521 1,779 1,742 1927—January 24,132 1,887 4,370 1,067 1,430 2,644 1, 686 4,271 1,218 1,238 1,514 1,007 1,800 February 28.132 2, 919 5,179 2,096 1,708 2,601 2,171 3,666 1, 510 1,190 1,570 1,160 2,362 March 21^ 823 1,380 10,390 1, 245 922 1,207 1,210 1, 265 777 818 737 652 1,220 April 29, 622 2,254 7,784 2,308 1,506 2,518 3,010 2,411 1,651 1,089 1,416 1,393 2,282 May 25,374 1,260 4, 683 2,250 1,581 3,396 2,133 2,215 1,631 1,121 1,635 1,709 1,760 June 20, 660 1,188 5,894 1,432 1,158 1,841 1,424 2, 227 1,012 871 797 1,055 1,761 Other deposits: 1926—January 29, 598 769 13, 373 1,048 1,927 5.14 380 2,086 1,417 479 914 330 6,361 February 25, 720 1,039 10,950 627 L, 419 358 755 1,602 1, 577 326 668 221 6,178 March 2(5, 531 610 11,428 797 L, 832 424 371 1,824 1,346 413 482 260 6,744 April 26t 224 681 11, 384 780 ,743 472 450 2,048 898 389 445 257 6,677 May 26, 394 504 13,196 634 :L, 508 334 624 1, 637 532 355 322 233 6, 515 June__ 23,248 646 10, 335 712 L, 561 337 295 1,683 554 393 411 225 6,096 July ._ 24, 629 476 12,184 648 L, 565 306 306 1, 658 473 336 384 197 6,096 August. 27, 343 812 11, 757 992 L, 771 565 475 2,280 731 449 620 376 6,515 September 30,115 877 12,809 1,158 L,959 647 499 2,377 771 530 1,656 416 6,416 October 26,893 616 11,608 735 L, 604 679 469 1,887 923 407 1,636 261 6,068 November...... 36,465 2,644 17,023 1, 2.84 2,478 759 778 2,564 885 564 680 449 6,357 December 31, 688 854 16,124 941 1,990 572 497 2, 337 691 462 702 347 6,171 1927—January 33, 218 849 16,969 1,155 2,264 591 536 2,310 729 490 470 447 6,408 February 26,122 1,731 12, 549 545 1,429 321 601 1,423 1,084 331 731 184 5,193 March 23,034 706 11,337 747 1,788 425 389 1,814 582 415 434 328 4,069 April 23,196 587 11,341 "752 1,872 439 368 1,989 610 365 407 248 4,218 May- 39,045 598 28,165 620 1,588 344 622 1,639 504 291 303 195 4,176 June.. 33,871 748 22,654 627 ]1,858 328 315 1,770 574 319 364 213 4,101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDEEAL KESEKVE BULLETIN 1927 TABLE 2.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY, DECEMBER, 1926-MAY, 1927 [In thousands of dollars. Figures for last weekly report date in the month] Federal Reserve District Total Month 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- City Dallas F c S i r s a a c n n o - NET DEMAND DEPOSITS All member banks: 1926—December 18,394,549 1,373,855 6,634,4631,211,199 1,481,028 616,159 631,243 2,448,535 736,752 424,095 869,191 632,3911,335,638 . 1927— January 18,120,993 1,384,485 6,404,773 jl, 210, 5381,499,814 629, 631 635,846 2,415,512 7—29 ; _33_2i 419; 319 860,742 633,2081,297,793 February Il8,105,151 1, 359,421 6,280, 529:1,214,9661,510,744 621, 568 637,019 2,475,340 730,377' 424,958 873,212 650,8791,326,138 March i 18,357,120 1,357,495 6, 537,12011,201,3461, 565,183 613,307 618,079 2,493,431 726,871 424,870 874,982 645,449 1,298,987 April 118,345,713 1,388, 999 6, 592,670|l, 194,7581, 515,128 607,826 614,672 2,497,190 729,554 405,767 854,225 632,818 1,312,106 May 118,470, 9531,395,009 6. 712,049 1,191, 2391, 521,344 607, 942 601, 350 2, 551, 378 724,384 399,616 838, 619 613,136 1,314, 887 In cities of 100,000 or more: 1926—December 13,262,727 1,039,373 6,003,620 829, 9871,020,078 283,693 234,2601,758,080 460,076 165,104 307,263 221,890 939,303 1927—January |l3,043,804 1,049,450 5,774,272 845,4791,039,511 296,554 241,207 1, 723,054 455,8431 169,470 310,144 219,246; 919,574 February 112,997,387 1,029,373 5.654,829 848,3201,044,270 291,455 240,994 1, 760,501 456,852! 173,101 308,974 233,6571 955,061 March i Sl3,259,662 1,029,371 5', 910,526 832,7381,104,564! 283,074 231,6381,767,036 452,023 171,961 309,181 235,103', 932,447 April i 13,259,5451,050,987 5,950,833 827,9631,053,006.' 282,671 235; 6691, 763,324 452,997 161,052 302,523j 231,643| 946,877 May 113,404, 9631,057,140 6, 064,348 823, 362 1, 059, 922J 280, 095228,41l! 1,820,862 442,724 158,014 302,963! 222,54li 944,581 In cities of 15,000 to 100,000: 1926—December I 2,342,800 213,937 161,379 195,183 167,059 227,07o! 382,061 98,181 75,403 233,459! 128,780! 150, 384 1927—January | 2,331, 763 213,970 309, 793 153,,"" 194,205 172,937 226,025! 383,7iO 96,788 72,158 230,085' 131,087 147,436 February. 2,346,124 211,724 309,201 152,071 195,653! 169,400 224,8631 396,736 94,734 73,190 243,624 126,837 148,091 March i 2,353,827 210,855 309,112 154,378 192,282 170,902 220,258 404,034 95,544 74,252 246,029 131,348 144,833 April 2,358,158 217, 599 314, 722 154,334 196,814 169,460 219,177 408,612 95,049 72,455 236,3081 128,921 144, 707 2, 352, 628 218, 385 317, 565 155,275 195, 875 171, 295 219,193 406,022 98,756 71,857 228,920 124,737 144, 748 In cities of 5,00olo"l5,bb0:"' 1926—December ., 128,867 73,802 121, 583 76,131 125,038 67,299 83,698 126,693 71,033 79,83S 123,836 98,162 81, 759 1927—January 1,112, 540 73,022 120,043 72,754| 124.296 65, 522 84,610! 124,642] 70,890 77,754 120,602 99,835 78, 570 February 1,117,287 72,067 118,733 74,077 128; 108 65,2341 85,804 j 127,144 72,673 76, 777, 118,741 102,945 74, 924 March 1 1,115,408 71,798 120,145 73, r~ i26,123 64,987 82,355! 130,912 73,546 77,911 118,740 100,327 75,475 April 1,114,248 73,774 125/344 72,122 124,497 64,086 79,087j 134,566 74,672 74,420 119,167 98,496 74,017 : May 1,1(54, 643 72,865 122,156 72,160 125,064 64,493 75,428! 133,051 75, 395 73,794 115,746 96,342 78,149 In places of less than 5,000: 1926—December _. 1,660,155 46,743 199,361 143,702 140, 729 98,108 86,210; 181,701 107,462 103,755 204,633 183,559 164,192 19271—January ;— 1,632,886 48,043 200,665 138,736 141,802 94,618 84,004' 184,106 105,811 99,937 199,911 183,040 152,213 ; February 1,644,353 46,257 197,766 140,498 142,713 95,479 190,959 106,118 101,890 201,873 187,440 148,062 ' March* 1,628,223 45,471 197,337 141,141 142,214 94,344 83,828! 191,449 105,758 100,746 201.032 178,671 146,232 April 1,613, 762 46,639 201,771 140,339 140,811 91,609 80, 739 190,688 106,836 97,840 196; 227 173,758 146,505 May 1,608,719 46,619 207,980 140,442 140,483 92,059 78,318 191,443 107,509 95,951 190,990 169,516 147,409 i TIME DEPOSITS All member banks: 1 1 9 9 2 2 6 7 — — D Ja e n c u e a m ry b er _ _ -. . 1 1, , 6 4 0 3 7 0 , , 1 6 3 3 4 4 8 8 6 7 6 2 , , 4 0 8 8 5 7 1 2 2 , , 4 5 5 2 5 1 , , 7 3 9 5 7 0 9 93 6 6 0 , , 9 9 2 4 8 6 1 1 , , 4 4 4 2 1 3 , , 5 98 08 6; 5 5 2 3 6 7 , , 1 3 4 6 4 8 | 4 4 4 3 3 7 , , 1 3 4 2 2 9 1 1 , , 9 9 2 3 5 8 , , 8 2 0 3 0 3 ; ' 4 4 9 7 8 7 , , 6 9 4 8 0 4 ! | 4 4 3 3 3 1 , , 9 9 2 9 4 8 1 3 3 2 1 2 6 , , 8 2 6 7 5 0 1 16 6 6 1 , , 9 5 1 0 9 3 1 1 , , 4 4 8 5 5 5 , , 0 5 1 5 1 1 February . .1, 794,912 876,3222,553,959 972,36411,445,162 536,799! 451,3221,937,889 509,02Gi 435,250 324,452 176,5031,575,864 ; A M p a r r i c l h 1 1 L2 , , 8 0 5 0 0 1 , , 2 8 7 3 4 3 8 8 9 9 0 5 , , 3 7 3 6 9 92 2, , 6 5 1 9 5 3 , , 9 4 8 8 9 7 9 98 7 6 6 , , 0 6 6 4 5 8 1 1 , , 5 4 3 8 4 1 , , 8 0 8 5 8 9 5 54 3 8 9 , , 6 9 1 4 1 7 1 j 4 4 5 5 3 6 , , 3 O 5 lO 7; l l 1 ,8 ,9 9 5 1 6 , , 6 6 0 9 9 5 | ! 5 5 1 1 4 4 , , 0 7 7 8 9 4 4 4 3 3 0 1 ,2 ,2 6 3 6 8 °3 32 2° 8 "6 , ," 4 7" 9 7" 9 0 1 17 7 5 6 , , 8 1 3 3 6 0 1 1 , , 5 5 5 7 7 6 , , 8 1 7 5 9 3 ; May L2,123, 637 906, 3582,628, 743 987, 946 1, 553,859 552,642] 462,73211,979,175 520,851 431,485 330,823 178,895 1, 590,128 In cities of 100,000 or more: 1926—December 6,207,536 514,7071,478,999 295,116 851,646 147,090 133.8281,096,382 256,10Q 95,827 86,523 69,129 1,182,189 1927—January 6,316,424 514,388 11,520,721 302,154 860,749 154,388 135', 2081,086,929 274,777 95, 760 88,323 70,695 1,212,332 February 6,474,626 512,346 1j,'544,663 308,732 864,772 154,815 140,9171,098,071 282,016 94,706 89,127 76, 5311,307,930 March i 6,478,933 522,"" ., 558,368 308,172 888,938 156,601 141,6911,050,291 285,533 95,119 89,748 73,2681,308,467 April 6,604,462 523, ,583, 554 311.736 940, 915 162,513 141, 5611,108,023 285,403 95, 779 87,699 73,330 1,290,911 May 6, 686,042 531,4631,587,396 310,482 950,122 163, 574 144,027 1,125,691 290,431 99,229 74, 503 1,320, 635 In cities of 15,000 to 100,000; 1926—December 2,238,458 200,829 458,451 241, 565 216, 146,417 175,418 412,927 79,7 72,441 79,034 51,084 103,588 1927—January 2,274,149 205,013 472,304 248,478 219,496 148,1 178,625 413,672 80,470 73,037 81,054 52,433 101,473 February 2,294,785 208, 951 478,171 250.737 218,436 148,011 179, 996 417,366 81, 531 73,437 8.1,393 55,103 101,653 March i ____i»— 2,316,003 211, 570 485,007 251,948 223,769 146,647 180,434 418,498 82,191 73,408 82, 725 56,841 102,965 April — 2,337,857 214,215 488,012 254,693 225,132 149,484 181,025 424,661 81,964 73,843 86,003 55,882 102,943 May 2, 358, 077 215, 703 493,367 256, 567 226, 578 151, " 184,460 426,431 82, 510 74, 636 86, 664 56, 774 103,300 In cities of 5,000 to 15,000: 1926—December 1,182,38C 85, 177,680 136,382 151,180 90,359 66, 777 174, 506 53,190 106, 759 58,690 24,165 57,010 1927—January 1,195,96" 86,624 180, 683 139,132 154,112 91,027 68,262 174,126 53,332 105,179 59,903 25,990 57, 597 February 1,202,25: 88,157 182,129 139,909 154,609 91,080 68.645 174,074 54, 593106,028 60,236 26,""" 56,195 March * 1,211,002 88, 792 183, 749 141,445 156, 551 91,907 69,649 175,30C 55,092 105,313 60,12' 27,142 55, 935 April 1,219,967. 89,835 184,986 141, 74r 156,928 93,948 71,185 176,227 55,984 105,983 60,713 27,415 55,016 May 1,222, 435 90, 505 182,104 142,407 157, 705 93, 943 71,089 177,714 56,017 104,342 61,380 28,064 57,165 In places of less than 5,000: 1926—December 1,801,754: 65,2611 340,667 263,865! 204,224 142,278 61,306 254,413 88.926 158,897 92,023 17,125 112, 764 1927—January 1,821,094! 66,062; 347,642 271,1821 207,151 143,859 61,047 251,073 90,061 158,022 93,585 17,801 113,609 F M A e p a b r r r i c l u h a ry ; 1 - 1 l 1 1 , , , , 8 8 8 8 4 3 2 5 4 9 7 3 , , , , 3 O" 2 3 5 S 5 " i 4 0 S 6 6 6 7 6 8 , , , 6 8 2 7 6 5 0 8 1 : ! ! 3 3 3 3 4 6 6 5 8 6 5 9 , , , , 9 3 8 4 9 6 7 3 6 3 6 7 2 2 2 2 7 7 7 7 2 5 7 8 , , , , 9 0 8 4 8 8 8 9 6 3 9 0 ! 2 2 2 2 0 1 1 1 7 1 1 9 , , , , 4 3 9 8 5 4 1 0 4 5 c 1 1 1 1 1 4 4 4 4 4 4 2 2 , , , , 8 6 7 0 9 6 9 3 3 6 2 8 6 6 6 6 1 1 2 3 , , , , 1 2 5 7 5 3 8 6 6 9 3 4 2 2 2 2 4 4 4 4 7 8 7 9 , , , , 3 5 7 3 7 2 8 3 8 0 4 9 9 9 9 9 1 0 1 1 , , , , 2 8 4 8 6 8 3 9 3 6 3 3 1 1 1 1 5 6 5 5 5 6 1 3 , , , , 4 0 2 6 2 7 7 3 6 9 8 3 9 n 9 9 0 4 4 o 4 0, , , , o 1 0 2 y 7 8 9 o 0 4 0 1 1 1 1 8 8 9 9 , , , , 2 8 5 2 7 7 5 0 . 9 4 9 " 1 1 1 1 1 0 0 0 0 8 9 9 , , , , 0 7 0 0 8 8 0 2 6 6 9 8 May 1 Next to last report date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 529 TABLE 3—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927 [In thousands of dollars] Net demand, time, and Government Date (Wednesday) Total To L ta o l ans a c L O n u o d n r a i t n i i s n s e e- v s estm o A t e h n l e l t r s I m nv e e n s ts t- Total N m e a t d n d e d e p - osits Time G m ov e e n r t n- R F re e b w e s s a d e e i n e t r r h k r v v a e e l s r F r e o b f e B s r w a d o e o n e m i r r n k v r - a g e l D ba u n e k t s o b f D a ro n u m k e s ALL WEEKLY REPORTING MEMBER BANKS 1927 Jan. 5 20, 073,185;14, 585, 347 5, 885, 098 8, 700, 249 5, 487, 838 19, 234,1123.9 219, 52715, 858, 749 155,853 1L., 749, 783 446, 510 12 19, 961, 71314, 418. 745 5, 745, 216 8, 673, 529 5, 542, 968 19,187,11138;i89,240'5,878,283 119, 51'951:1 — 734 305, 249 19 ; 788, 735! 14, 270; 970 5, 659,498 8. 611, 472 5, 517, 765 19, 010,183,f 027,153j5. 864, 219 119, 5-271L; 671, 569247, 747 26 19, 739, 788J 14, 200, 057 5, 622, 5781, 577, 486 5, 539, 729.18, 872, 52132, 878, 603J5, 874, 332 119,5881,L, 606, 111 197,104 Feb. 2 19, 787, 81814, 228,197 5, 664, 306 8, 563, 891 5, 559, 62118, 969, 21922,972,100 5,877,458 119, 734 1, 652,129222.773 3, 330, 763 1,196, 782 9 19, 717, 86114,148,105 5, 577, 715 8, 570, 390 5, 569, 756 18, 852, 01427, 856,' 929'5, 893, 331 101, 787 1, 636, 552123;390 3!,, 280,5351., 127, 251 16 19,727,050 14,123,7755, 571, 385 8, 552, 390 5, 603, 275 18, 942, 1826,0 939, 058 5, 902, 012| 101, 790 1, 701, 423482,429 33,, 335,4451, 191, 337 23 19,761,254 1'4,146', 670 5; 586,297 8, 560, 373 5, 614, 584 18, 877, 355 ,12,818,360 5, 955,426^ 103, 569 1, 588,2 4725,1979 3, 252, 901 ]1,171,490 Mar. 2 19, 958, 93014, 296, 708 5, 690, 470 8, 606, 238 5, 662,22219, 093, 31527, 974, 056:6, 015. 8321!03, 469 1, 641,457278,825 3, 375, 938 1, 246, 862 3 2 1 0 3 6 9 2 2 2 1 0 0 0 9 , . , , 2 3 3 9 7 0 4 4 2 9 7 4 , , , , 1 3 7 7 0 2 0 7 1 9 7 51 1 1 1 4 4 4 4 , , , , 3 3 3 2 8 5 6 8 9 5 1 0 , , , , , 1 7 7 3 0 4 8 9 4 8 3 2 5 5 5 , 5 , , , 7 6 6 1 6 4 8 3 7 3 5 , 4 , , , 3 4 8 8 7 9 6 4 1 4 7 5 8 8 8 , 8 , , , 6 6 8 7 7 6 3 1 6 8 6 , , 4 , , 7 2 9 5 5 3 1 5 4 2 6 1 7 5 5 5 , , 5 , , 9 9 6 5 4 9 6 8 1 6 8 , 3 , , , 9 0 5 6 2 6 4 2 7 6 6 1 1 5 1 9 9 1 9 , 9 , , , 5 3 3 0 8 7 5 1 0 7 3 8 , , , , 0 7 5 1 1 1 1 1 1 6 7 2 3 3 3 2 3 3 32 2 7 6 , , , , 3 0 0 2 0 2 9 3 5 3 0 3 33 36 6 0 6, , , , 1 , 4 4 1 4 9 9 7 79 5 3 6 0 03 6 7 6 6 66 6 6 , ,, , 0 0 , 0 0 0 0 0 0 0 1 00 0 3 1 , 0 9 0 0 ,, 3, , 9 34 0 3 8 3 7 0 93 3 8 83 3 3 8 30 1 4 9 1 3 2 2 1 3 2 4 , , , , 3 7 89 ,9 8 7 6 2 2 3 7 1 1 4 4 1 7 1 1 1 1 1 1 , 1 , , , 6 6 7 6 6 8 8 1 3 7 8 5 2 1 4 1 2 , 1 , , 0 ,3 4 8 6 6 0 7 3 2 6 4 6 0 6 6 6 4 2 3 2 1 9 0 6 8 6 9 6 9 , , , , 4 2 7 "1 7 3 4 3" 8 9 3 71 , 3 3 3 3 3 i 1 i , , , , , , , 3 2 3 3 3 1 2 2 8 2 3 8 9 2 2 2 1 2 7 , 1 ' 0 , , , , , , , 11 4 2 0 2 66 66 24 3 3 3 0 3 C 2 7 S 7 8 1 1 1 1 1 1 , , , , , , 1 1 1 :2 2 0 8 5 8 5 2 2 , , , , 0 4 2 8 6 7 2 6 3 3 1 5 Apr, 6 20/277, 72714, 396, 814 5, 700,480 8, 696, 334 5, 880, 913 19, 336, 31538,042, 483 6, 012. 055' 281, 820; 1, 629, 312451, 783 3, 7901,179,831 2 1 0 3 2 20 0 , . 1 2 8 0 2 0 , , 9 0 0 0 8 71 1144 4 ,; , 3 3 34 4 14 4 5' , ,, 6 8 6 0 90 0 20 5 5 5 , ,; 6 6 6 5 85 8 38 , ,i 3 6 9 73 9 89 9 8 8 , ,8 ;6 6 8 36 6 28 , ,6 ; 2 2 0 12 1 40 15 5 , , 5 ;8 8 6 5 87 5 ,5 . 5, ; 4 0 0 41 7 06 1 71 9 19 . 9, . 3 2 5 34 0 53 , 0, , 7 4 7 77 3 7o3 13. 059, 044 6, 031, 562 260,167 1, 672 2 58 6 ,0 2 .8 , 9 24 5 84 9 8 3 3., , , 206 , , 9 9 4 4 5 6 1 1 , , 1 2 5 0 9 4 , . 2 3 4 3 5 0 27 20, 276, 5841,4., _3.5 2_,. 8_.0_7i 5 , 740, 981 8, 611. 82615, 923, 77719, 295.,_ 6 4i43; 031. 627 8; 035, 670 176,179,1,652,3542~8~6~, 0"3"7' J3,182", 369 1,139,996 May 4 20, 414. 947 13,041,263 6,088, 298 166, 083 jl, 678, 827355, 513J3.344, 582 1, £05i,, 648 1 1 1 8—. 2 2 20 0 0 , , , 4 4 4 9 0 7 1 7 2 , 1 , 4 6 9 7 2 3 0 9 7 | j• 1 ! 1l l 4 44 4 , ,, , 4 4 4 4 8 2 6 4 4 8 0 8 , ,, . 0 69 0 3 18 8 9 61 7 5 55 5 , ,, , 8 77 7 0 74 9 4 12 9 , ,, , 7 7 4 3 4 29 8 9 28 8 8 88 8 , ,, , 6 67 6 7 50 6 9 66 0 , ,, , 4 2 8 6 8 9 93 9 o 4- ' 9 ! f 6 6 5 5 , , , , 0 0 9 9 3 3 45 1 0 48 , , ,, 5 9 05 4 0 91 2 8 21 1 1 11 9 9 99 , , ,, 4 4 4 4 7 3 1 5 7 2 5 1 , , , , 1 8 5 6 1 6 3 6 0 3 1 6 9 0 ,1 J 1 A 9 1 3 1 3 , , ,8 1 1 5 5 9 4 6 7 . , 6 8 7 ,1 8 8 3 5 5 6 0 6 , , , 3 1 1 6 0 2 3 2 4 , , 6 3 0 4 0 2 * 1 1 5 2 6 9, . 0 4 8 7 6 3 1 1 , , 7 6 2 7 3 43 2, 2 , 8 5 0 2 8 7 9 4 9 8 , , , 8 78 7 6 0 0 7 7 7 8 . 3 '3 3 , , , 0 2 2 9 1 3 7 3 5 , , ,4 8 8 7 9 5 5 5 7 1 1 i; ' , . , , . 0 , 1 9 •1 6 • 5 7- 9 , 6 , 2 , 8 1 7 1 7 7 3 9 June • 2 1 8 5 2 2 0 0 , , 5 6 3 0 6 2, , 4 4 9 5 1 4 1 1 •1, 4 4* , , A 5 o6n 8 2 0 5 , n, 4 o1 8 ~8 9 «5r 5 5 , ,™ 9 6 9n 6 6 , 6n ,o 5 1o 5 5 5 o9 8 8a , o,n 6 6 1 5 3 e9 , n, n 9 0 3 a2 4 6 n 5 5o , ,, 9 9 5 =7 5 7„ , , „ 9 3, 6 «0 5 J 6 1 1» 9 9n» , , 5 6, 8 4* 3 3-, ; . 3 9. 1 1 1 13 323 , , 4 4 ,2 3 4 1 4 1 4 6 3 , , , 7 0 9 6 1 4 9 5 0 6 6 6-' . , , 1 1 1 6 5 9 5 6 5 . , , 7 0 4 4 4 ] 2 6 7 !. ! j 4 7 9 94 3 , 4 0, 2 , ,5 6 68 3 5 17 3 0 19|1 1 1 1, , , , 7 7 67 3 0 285 5 1 7. , , , 2 06 2 7 1 02 4 3 59 3 24 3 2 0 , , 0 67 7 1 1 3 3 , , 2 1 9 6 7 7, , 1 9 4 8 0 4 1 1 ,2 ,1 0 2 0, 6 7 ,1 61 22 15 20, 823, 53814, 647, 693 5, 998, 927 8, 648, 766 6,175, 84520,107, 21939, 726, 629 6,171, 570' 209,10011, 816; 002 200, 028 3, 355, 966 1, 216, 662 2 2 2 9 2 20 0 , , 7 6 6 8 8 1 , , 2 1 0 8 8 7 1 1 4 4 , , 7 6 1 1 8 9, > 2 0 4 2 0 5 5 6 , , 9 7 0 8 4 , 1 4 , 2 1 7 12 8 S , , 6 4 6 0 7 , 6 8 , 1 9 3 1 3 6 , 6 0 , 6 1 0 , 5 9 0 4 , 7 1 1 8 9 3 , 1 9 6 , 4 0 7 , 5 9 5 4 , 3 . 1 15 3 30r ,63 2 8 5 1 4 , , 3 3 8 0 6 2 6 6 , ,2 1 1 8 2 6 , , 3 0 3 9 5 9 , 2 1 0 6 0 2, , 3 0 0 2 6 1 1 1 , , 7 7 5 1 1 7 , , 9 2 2 5 0 9 2 3 7 0 2 8 , , 5 6 6 25 5 3 3. , " 1 1 9 1 7 5 ,3 ,2 6 3 4 2 :1 '! , , 0 8 1 6 0 , 5 2 , 9 3 7 74 BOSTON DISTRICT 1927 Jan. 5_. 1, 385,178 1,000, 942|360, 614 640, 328 384. 236 1, 355, 226 914,48i 423, 947 16, 794 92, 851 24,275i_ 12,. 1, 369, 753 981, 747 344, 680 637, 067 388, 0061, 339, 927 905, 231 422, 421 12, 271 94, 460 17, 648J _. 19- 1, 373, 517 985,172 353, 490 631, 682 388, 3451, 345,447 910, 028 423,147 12, 272 90, 417 5,891!. 26- 1, 375. 773 992, 076 351, 022 641, 054 383, 6971, 344,154 907, 04f 424, 842 12, 270 98, 831 9,244!.. Feb. 2.. 1, 380.185 993, 395 350, 914 642,481 386,790 1, 352, 692 916,638 423, 784 12, 270 101,290 11, 840! 155, 013 60,511 9- 1, 377, 950 990,163 347, 010 643,153 387, 7871, 338, 978 906, 814 422, 068 10, 096 97, 005 10, 384j 143, 285 48, 450 16.. 1 1 , , 3 3 7 6 5 6 . , 0 0 4 7 3 8 9 97 8 5 5 , , 3 7 9 9 3 7 3 33 4 7 0 , , 8 6 2 6 2 9 6 6 3 4 7 5 , . 1 5 2 7 8 1 3 3 9 8 0 9 , , 6 2 8 4 5 6 1 1, , 3 3 4 1 2 8 , , 8 8 7 9 1 4 8 9 8 1 7 2 , , 6 5 1 7 9 3 4 42 2 1 0 , , 1 2 5 2 7 6 1 1 0 0 , , 0 0 9 9 5 5 9 9 0 5 , , 6 1 1 0 4 2 18 9 , , 9 4 8 6 3 8! 1 1 4 3 5 6 , , 3 64 3 1 2 5 5 2 0 , , 7 61 5 1 2 23- 1, 378, 750 987, 367 344, 248 643,119 391, 3831, 337, 563 904, 468 422, 999 10, 096 94,116 19, 098 143, 762 54, 788 Mar. 2_. 1, 378,145 "3,017 341, 608 641, 409 395,128 1,335,676 901, 408 425, 631 8,637 97, 240 21,146j 152, 236 61, 696 1, 412, 984 349, 802 649, 006 414,176 1, 374, 844 911,134 428, 772 34, 938 94, 721 12, 576 148,174 54,101 23- 1, 406,947 991, 501 348,016 643, 485 415, 446 1,347, 657 885, 345 430, 870 31, 442 95, 631 17, 367 138, 372 50, 216 30-. 1, 419,135 1, 004, 032 357, 461 646, 571 415,103 1, 343, 863 883,124 430, 240 30, 499 99, 390 32,142 139, 539 46, 779 Apr. 6- 1, 403, 410 349, 292 639, 632 414, 488 1, 358, 930' 902, 076 428, 451 28, 403 98, 248 9, 553! 154, 797 54, 462 2 1 0 3 . - . 1 1 , 3 3 r 7 ~ 2 . - 7 ' 89 9 96 8 2 6 , , 2 9 4 0 0 2 3 3 5 3 3 7 , , 1 9 7 9 4 6 6 6 3 2 2 5 , , 9 0 0 6 6 6 4 4 1 1 0 1 , , 5 98 4 2 91 1 , , 3 3 3 6 9 2 , , 3 73 1 8 2 | 892; 131 4 42 2 9 9 , , 8 24 2 5 9 2 17 6 , , 1 7 7 7 4 6 95, 010 1 12 0 , , 1 4 7 4 4 l! 1 1 5 5 7 2 , , 3 7 7 9 6 8 6 7 2 4 , , 5 3 1 2 1 1 27- 1, 386, 057 967, 302 337, 559 629, 743 418, 7551, 348, 608 901, 557 430, 341 16, 710 99,156 3, 821 146, 953 59, 059 May 4_ 1, 383, 607 963, 973 336. 558 627, 415 419, 6341, 350.438 899, 989 434, 745 15, 704 97, 498 17, 288; 157, 382 69.164 1, 395,151 966, 921 33i; 204 635, 717 428, 2301, 353, 733 906, 429 434, 239 13, 065 22, 482! 148, 221 50, 489 1, 401,154 968,118 336,156 631, 962 433, 0361, 341.145 895, 601 435, 845 9, 699 96, 673 28, 200 144, 934 58, 206 25_. 1, 417,128 981,168 341, 831 639, 337 435, 9601, 355, 273 909, 515 436, 544 9,214 102, 041 30, 372 137, 408 48, 650 June 1_. 1, 428, 205 995, 508 350, 071 645, 437 432, 6971, 365, 044 921, 402 436,177 7,465 99, 730 33, 569 151,' 58,120 8.. 1,417, 559 355, 946 637,152 424, 461 1, 345, 768 903, 914 437, 368 4,486 96,446 14, 995 142. 370 50, 874 15. , 1,445,778 997, 667 354, 553 643,114 448, 111 1, 392, 550' 923, 262 441, 597 27, 691 100,140 9, 829 168, 773 70. 732 22 . I 1,438,929 992, 501 350, 935 641, 566 1, 378,390 906, 538 444,972 98,440 .14, 031 152,095 58,190 29 _ I 1,467,814 1,012,833 375,071 637, 762 454"981 1,380,556 906,512 451, 871 22, 373J 98, 910 33, 053 153, f " 58,466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN JULY, 1927 TABLE 3.—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Date (Wednesday) Loans and investments deposits R F r e e w e s s d e i e t e r r h v v ra e e l s r F o f B e r w d o o e i m r n r - a g l D ba u n e k t s o b f D a ro n u m k e s Total On se- All I m nv e e n s t t s - Total N m e a t n d d e- Time G m ov e e n r t n- bank re b s a e n rv k e Total curities other NEW YORK DISTRICT 1927 Jan. 5 7, 557, 529!5,414, 762 2, 526,184 2,888, 578 2,142, 7677, 263,992:5, 855, 596 13,61, 386 47, 010 840, 296 148, 222 12 7,453, 849,5, 283, 376!2, 419,1282, 864, 248 2,170,4737,173,447; 5, 764,133 1,373.108 36. 206 785, 918 104,417 19 7,314,988; 5,172,490'.2, 344, 737:2,827, 753 2,142,4987,040,008; 5, 641,405 1,362,397 36', 206 773,832 69, 031 26 7, 279, 919 5,124, 967:2, 313,199 2,811, 768 2,154, 9526, 947,100!5, 544,917 1,365, 977 36, 206 718,397 37,148 Feb. 2 7,329, 515 5,164, 977:2,350,301:2,814,676 2,164, 5387,020,930' 5,608,017 1,376, 707 36,206 733,249 52, 623 156, 888 142,169 Qy 7 7 , , 2 2 3 2 2 5 , , 1 6 2 4 4 6 5 5 , , 0 06 6 0 9 , , 8 6 7 6 0 3 : ; 2 2 , , 2 2 7 5 4 8 , , 1 4 2 2 11 8 2 2 , , 7 8 8 1 6 1 , , 2 7 3 4 5 9 2 2 , , 1 1 6 6 2 4 , , 9 2 8 5 3 4 6 6] , , 9 9 2 11 8 , , 8 3 9 6 2 3 : ; 5 5 , , 4 5 9 0 6 5 , , 0 9 2 4 2 4 1 1 , ,3 3 8 9 3 2 , , 8 2 3 3 7 0 3 3 . 1 1 , , 1 1 1 1 1 1 7 7 4 7 8 8 , , 3 34 9 1 8 7 77 6 , , 1 7 3 1 6 9 I 1 ' . ,1 17 0 2 8 , , 1 8 1 7 0 2 ! , 1 1 2 4 5 0 , , 1 6 0 0 2 1 1 23 6 7,231, 951 5, 055, 336j2, 283,192 2, 772,144 2,176, 6165,853,689 5,434, 685 1,387,893 31,111 719, 846 64,015 1,164,654! 128, 280 Mar. 2 7,362, 529 5,178, 643;2, 365, 743 2, 812, 900 2,183, 8876, 005,026 5, 601, 297 1,372, 613 31,116 738, 666 88, 348 'l,189, 688,' 148, 867 Qy 7 7 , , 3 5 3 1 2 8 , , 3 2 9 9 5 6 15 5 , , 1 2 4 1 9 5 , , 8 0 2 5 0 3 12 2 , , 3 3 3 7 1 7 , , 4 2 6 9 3 8 : 2 2 , , 8 8 1 37 8 , , 3 7 5 5 7 5 2 2 , , 1 8 3 2 0 , 3 , 5 7 2 5 4 6 73, , 2 9 3 7 0 6 , , 5 3 0 5 4 3 5 5 , , 5 7 6 2 9 1 , , 3 5 5 2 3 5 1 1 3, 4, 7 03 9 , , 1 0 5 3 6 3 1 2 0 7 6 , , 1 6 1 7 8 2 7 7 4 5 2 5 , , 2 4 9 1 4 4 8 2 9 5 , , 6 7 8 5 4 2 1 1 , ,2 1 1 86 5 , , 8 0 9 6 5 9 ; | 1 1 2 5 8 9 , , 7 6 2 8 6 2 2 1 3 6 7,495,137 5, 236, 316 2, 359, 872|2, 876,444 2, 258,8271,167, 528 5, 880, 700 13,91, 321 95, 507 814, 294 115,1571,147, 063 137, 479 30 7.476, 515 5,227,411 2, 351, 071 2, 876,34012, 249,1047,175,156 5, 677, 235 14,05, 644 92, 277 815, 8631 91,801jl,168, 533] 138, 279 Apr. 6 7, 545, 876 5, 291, 806 2,404, 975|2, 886, 831 2, 254, 0770,123,823 5, 640, 7801,396, 831 86, 212 702,176 78,3561,200, 402 136, 936 13 7.477, 037 5, 224, 947 2, 333, 387J2, 891, 560:2, 252, 079,0129,347 5, 627, 502 14,22, 406 79,439 789,404 120,841|l,135, 354 152, 097 20 7, 510, 393 5, 243, 547 2, 362,134 2,881, 413! 2, 266, 8476,134,393 5, 664,193 1,416, 407 53, 793 738, 292 65,189,1,159, 764 151, 689 27 7,551,123 5, 257, 863 2, 389, 217 2, 868, 646J2,293, 2670,175,468 5, 712, 221 14,12, 538 50, 709 782, 924 90, 786:1,178, 831 149,117 May 4 | 7,650,557!5, 345, 905 2, 450, 036 2, 895, 869 2, 304,6572, 225,139 5,775,3481,402, 305 47,486 803, 378 141, 916 1,, 233, 566 154, 095 11 7,621,487 5, 298,158:2, 382,283'2, 915, 875 2, 323, 3279, 205, 915 5, 785,188 1,401,082 39, 645 770, 543 115, 569 1,, 164, 547 142, 445 18 7,672,470 5, 316, 552 2, 417, 841J2, 898, 711:2, 355, 971,8 263,333 5,813,8131,420.109 29,411 792, 794 93, 954 1,, 175, 213 142, 965 25 7,652,280 5, 298, 6312, 398,167 2,900,464..J2, 353, 6497,250,460 5, 812, 070 14,10,453 27,"" 63, 073 1,, 141, 288126, 885 June 1 ! 7,795)677 5,482, 95712, 554, 747 2, 928,210 2, 3.12, 7270,478, 567 6, 031, 810 14,24,1311 22, 626 819, 334 88, 951 1, 275,145 147, 391 8 I 7,751,192 5,392,1492, 503,932 2,888,217 2,359,043 7,406,034 5, 897, 255 14,95, 214! 13,565 822, 525 60,627 1,163, 913 132, 964 15 ! 7,868,-"" 5, 415, 532 2, 514, 461 % 901, 071 2, 453,4570, 657, 647 6,154, 754 1,467, 7311 35,162 881,080 33,312 1, 336, 957 142,459 22 i 7,775,1891 5, 433, 204 2, 529, 003:2, 904, 201:2, 341, 978,5 391,490 5, 882, 354 14,76,489! 32, 647 809, 776 66,2601,176,007 129, 038 29 j 7,838,416 5, 515,097,2, 583, 26112,931, 836!2, 323, 3179, 506,044 6, Oil, 368 14,71, 696 22,980 865, 271 73,483 1,220,279 124, 767 PHILADELPHIA DISTRICT 1927 Jan. 5. 1.176, 349 819,865 454, 952 364, 913 356,484 1, 052, 893 779, 043 252, 082 21, 768 85, 851 24, 878 12.. 1,190,839 831, 993 451, 721 380, 272 358, 846,1, 076, 351 806, 7011 252, 616 17,034 86, 014 9,474 19- 1,178, 630 816, 868 440, 064 376, 804 361, 762!1, 062, 836 794, 295J 251, 505 17, 036 87, 208 10, 356 26-. 1,169, 966 807, 951 429, 959 377, 992 332, 015i1, 046, 802 778, 520| 251, 246 17, 036 7,914 Feb. 2_. 1,166, 072 803, 521 428, 319 375, 202 362, 551 j1, 042, 529 775, 454! 250, 039 14, 760 84, 844 9,411 188, 2731 68, 454 1,166, 006 801,198 424, 468 376, 730 364, 808;1, 036, 589 773, 820l 248, 009! 14, 759 81, 307 9, 085 174, 473! 60, 376 1.160, 488 791, 954 422, 438 389, 516 368, 534!1, 037, 354 789, 853! 252, 742j 31,111 81,156 10, 503 181, 447: 85, 928 23.. 1,165, 508 798, 833 427,188 389, 647 368, 675,1, 046,101 778,126 253, 216 14, 759 82, 899 8, 446| 170, 995 61, 085 Mar. 2 1.161, 918 793, 020 421, 400| 371, 620 368, 898!1, 037, 963 770, 932 252, 273 14, 758 80,192 9,1871 180, 297 69,139 9.. 1,184, 599 794, 901 418, 016 378,885 369, 698 1,045, 802 780,4211 252, 219 13,162 82, 558 8,355 174,248 56, 031 16.. 1,194, 286 796, 060 416, 305 379, 755 398, 228 1, 074,796 783, 018i 252, 038 39, 740 82, 991 9, 775 195. 359 61, 957 23. 1.194, 075 793, 531 409. 576 383, 955 400, 544 1, 056, 929 765, 694 255, 469 35, 7661 80,178 19, 595 172^ 424 55, 291 30_ 1.195, 028 792, 647 410', 051 382, 596. 402, 381 1, 050,755 758, 746 256, 638 35, 373 72, 551 23, 345 174,431 60, 597 Apr. 1,194, 028 798, 082 411, 582 386, 480 395, 966 1, 073, 910 777, 404 263, 568 32, 938 88,422 10, 731 179, 082 61, 692 13-. 1,192, 779 800, 617 411, 795 388, 821 392,162 1,068,203 776, 286 261, 561 30,356 82, 349 11,011 179, 877 62,428 20_. 1.181, 222 787, 911 404, 251 383, 660 393,311 1, 054, 517 771, 814 262, 050 20, 653 84, 336 13, 374 178, 788 57, 025 27- 1.182, 783 789, 507 406, 512| 383, 995 393, 256 1, 048, 277 766,867 282, 044 19, 366 78, 804 19, 257 171, 249 58, 394 May 4_. 1.177, 597 787,175 404, 820 382, 355 390,422 1, 049, 616 767,481 263, 928 18, 207 85, 538 11, 502 181,171 61,451 11.. 1,180, 539: 789, 978: 399, 689 390* 289| 390, 561 1, 053, 743 774, 080 264, 553 15,110 78, 640 11, 61l! 173,490 60, 579 18.. 1,177, 932 789, 902! 401, 597 388,305| 388, 030 1,041,762 768,432 262, 111 11, 219 82,372 20, 920' 177,530 59, 952 25-. 1,176,835j 787, 895 402,428 385, 467 388, 940 1, 034,151 762, 553 260, 921 10, 677 81, 360 171, 584 53, 405 June 1_. 1,175, 983 792,410 405,898 386, 512 383, 573|1, 026,271 757, 895 259, 731 78, 638 27, 845 178, 513 68, 217 1,172, 589 803,021 417,166 385, 855 369, 548 1, 039, 982 774, 881 259, 915 5,186 86,101 13, 894 171, 269 60, 599 1,192, 234 802, 293| 411, 785 390, 508 389, 941 1, 058,190 768, 544 260, 827. 26, 819 84, 705 14, 570! 173, 948 63, 885 22-. 1,184, 927 793, 0311 404, 686 388, 345 391, 986 1, 038, 533 751, 663 261, 021 25, 849 79, 247 19, 995: 164, 955 60, 433 29.. 1,194, 658 802, 348| 413, 756 388, 5£ 392, 308 1, 042,327 758, 434 262, 799 21, 094 80, 866 29, 478: 165, 841 58, 958 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 531 TABLE 3—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued |Tn thousands of dollars] Net demand, time, and Government Loans and investments deposits Reserves Bor- Date (Wednesday) Total Total L O o n a n s s e- All j I m nv e e n s ts t- Total N m e a t n d d e- Time G m ov e e n r t n- F re b w e s d a e i n e t r h k r v a e l r r F e o b f e s r w a e d o r n e i m v n k r < g al D ba u n e k t s o b f D a ro n u m k e s curities other CLEVELAND DISTRICT 1927 Jan. 5 1, 1,371, 744 583,192 788, 552 617, 0561, 1, 010,946 824, 644 12, 508 120,181 52,619 12 1,982,94: 1,362,307 573, 223 789, 084 620, 0351,840; 895 1, 008, 773 822,441 9,681 125, 754 51, 111! 19 1, 980, 7581,361,085 575, 024 786,061 619, 6731,844,376 1, 015,856 818, 910 9,610 125, 223 40, 580! 26 1,982,756 1,363, 646 578, 024 785,622 619,110 1,858,213 1,025,293 823, 245 9,675 125, 551 34, 708 Feb. 2 1,962,833 1,341,949 571,867 770,082 620,884 1,875,714 1,032,306 833,232 10.176 152,402 36,921 249, 228 109,181 9 1, 980,1771.354, 968 581, 515 773, 453 1,862,221 1,023", 622 830,285 8,314 131,308 33, 622 255,955 99, 226 16 1,974, 235|1,348,8 561, 657 787, 241 625, 3371,860,699 1,024,402 827,983 8,314 127,453 28,992 260, 233 108. 856 23 1, 982, 25011.355, 532 573,387 782,145 626, 7181,862,511 1, 028, 861 825, 348 8,302 126,173 29.857 238,983 101,170 Mar. 2 2, 004, 3491,358,282 578,823 779,459 646, 057 1,919,421 1,019, 539 892, 028 7,854 147,478 22,707 247,1 114, 951 9 2,025,808 1,372,517 592,461 780, 056 653, 291 1,922, 666 1,016,380 898,931 7,355 129,314 17, 737 240,488 101, 683 16 2, 061, 2571, 382,449 602,884 779,565 678,808 1,958. 963 ^,086,086 845,435 27,442 140, 222 25,436 253, 731 115, 321 23 2, 063,358 1,381,080 597,953 783,127 682, 2781,961',"" ., 087, 736848, 675 25, 398 137, 241 24, 555 245,478 106,283 30..... 2, 085,9S9 1,404, 612 601,996 802, 616 681, 377 1,978, 500 , 102,365 852,187 23,948 132,839 21,313 240,432 107, 276 Apr. 6 2,085,724 1,415, 721 603, 740 811,981 670,003 1,967,958 ,093,164 852, 504 22, 290 136,182 32,545 253, 644 111, 680 13.... 2, 038,306 1,384, 845 601,935 782,910 653,461 1,911,443 ., 049, 637841,307 20,499 120,406 37.858 250,832 99,430 20 2, 036, 2811,387,430 607, 759 779, 671 648,851 1,906,504 1, 046, 745 846, 503 13, 256 126,077 38,984 242,893 104, 290 27 2, 071,474 1,418,550 637,032 781,518 652,924 1,947,406 1,033, 070 901,254 13,082 130,392 36,137 244, 217 111, 639 May 4 2, 079, 5931,425, 736 639,189 786, 547 653,857 1,970, 895 1, 051, 681 906,897 12,317 139, 550 34,803 252, 409 106, 231 11 2, 080, 6861,427,125 637. 331 789, 794 653, 561 1,963, 330 1, 049,810 903,316 10,204 131, 547 32, 236 247,132 108, 780 18 2, 090,440 1,433,487 642; 953 790, 534 656, 9531, 968, 6251,051,455 910, 540 6,630 132, 816 38, 521 239,801 25 2,089, 786 1,430,868 642, 919 787,949 658, 9181,966, 027 1,048,460 910,435 7,132 137, 548 40,704 234, 549 107, 902 102,611 Juno 1 2. 098,101 1,429,75' 643, 544 786,213 668,344 1,985, 933 1, 066,451 913,679 5,803 131,132 36,738 243, 576 108, 232 8 2, 088, 606;1, 431, 205 643, 772 787, 433 657,40.1 1, 959,4801,090,225 865, 78.1 3,474 138, 287 48,250 237,338 99,498 15... 2, 099,95311,421, ~~"641,257 780,432 678, 2641,999, 977 1,109, 982 868,010 21,985 140, 785 47, 043 244,954 131,110 22 2,087,361; 1,415, 269 638, 910 776,359. 672, 0921, 977, 0781, 089, 057 866,844 21.177 133, 077 21, 644 231,405 107, 762 29 2, 060, 735j1, 386, 356 608, 836 777, 520 674, 37 1,929, 915 1. 040, 390 871, 759 17, 766 128,947 33,328 235,816 90,801 RICHMOND DISTRICT 1927 Jan. 5... 643,415 509, 750 156, 811 352, 939 133, 665 598, 469 384, 000 210,143 4, 326 43, 329 10,288 12 652,125 519, 291 158,524 360, 767 132,834 608, 304 392,r" 21.1,895 3,443 41,373 6, 310 19 652,453 518,849 155. 782 363, 067 133, 604 608, 084 392,498 212,143 3,443 41, 077 6,217 26 663, 300 527,927 161,864 366,063 135, 373 611, 077 392,954 214," 3,461 41,990 8,106 Feb. 2 656,331 520,860 159,' 361,192 135,471 600,484 384,916 212,1251 3,443 43, 246 9,736 114,898 9 658, 292 520, 674 155, 776 364,898 137, 618 607.134 384,988 219,122 3,024 39,374 9,748 115, 615 56,448 16 656, 665 517, 778 157,111 360, 667 138,887 605, 288 388, 316 213,944 3, 028 44,160 13,109 54, 553 23 660, 403 522, 736 157,131 365, 605 137, 667 601,258 384,: " 214,114 2,875 42,156 10,680 114,475 52,824 110,934 Mar. 2__. 658,877 517. 967 156, 825 361,142 140,910 603, 608 386,459 213,948 3,201 42,400 11,891 116,968 56, 038 9___- . 657, 528 516;929 156, 327 360, 602 140, 599 597, 080 379, 938 214,-— 2.653 41,847 10, Si.4 112, 568 59,134 1Q 666, 262 519,436 157,974 361,462 146,826 610,880 384,327 214,288 12, 265 42,443 7,966 116, 257 56,454 23 661,483 518,359 157, 575 360, 784 143,124 604. 539 377, r~ 214,904 11, 749 41, 732 8,512 112, 275 54, 542 30 660,383 517,400 156,89" 360, 503 142,983 604; 079 376,671 216, 013 11, 395 41,499 7,971 110, 986 54,273 Apr. 6 664, 211 519,060 157, 520 361, 540 145,151 609. 353 381,548 217,197 10, 608 42, 956 7,320 117,390 56,158 13 662,974 520, 300 157, 344 362; 956 142, 674 608; 212 381, 082 217, 321 9,809 40,470 7,278 114,452 53,847 20 661,469 516,377 162, 310 354, 067 145, 092 602,432 376, 316 219, 522 6,594 41,977 13,307 114,120 53,592 27 660, 543 515, 299 156,417 358,882 145, 244 601, 305 373,440 221,670 6,195 8,627 108, 702 54, 021 May 4 659, 790 514,253 156.402 357, 851 145, 537 603,895 377,130 220,942 5,823 45,109 9, 733 117,093 53,811 11 659, 056 513,136 156,142 356,994 145, 920 607,936 381, lof 221,992| 4, 785 40,821 6,993 114, 716 53,951 18 663; 188 515,879 161, 262 354,61" 147, 309 601, 014 374, 069 223,3971 3,548 41, 519 10,186 113, 294 56,81® 25 660, 223 514, 222 160, 556 353, 666 146,001 601,923 374,903 223, 607 3,413 39, 661 6, .132 110,402 57,682 June 1 659, 693 515, 612 160, 098 355,514 144/ 605.135 377,397 224, 975J 2, 763 41,839 7,250 115,492 59,961 8 661, r" 521,013 161, 759 359, 254, 140,975 611,262. 384, 290 225,319| 1,653 41, 749 4,331 116,387 56, 872 15 666, 073 520,040 163,513 356, 527 146, 033 617, 371 385, 965 225, 567 5,839 42, 520 4,774 113,191 59, 288 22 668, 757 521, 697 159, 330 362, 367 147, 060 611, 876 379, 276 227, 202 5,398 41, 741 9,803 112, 641 51, 531 29 670, 051 520,088 157,967 362,121 149,963 617. 651 382, 913 230, 214 4, 524 40, 858 7,608 109, 066 54,435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN JULY, 1927 TABLE 3.—REPORTING MEMBER BANKS IN LEADING CITIES-PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars'] Loans and investments Net demand, time, and Government deposits Bor- Reserves rowing Date (Wednesday) Loans Invest- Net de- Govern- F re w e s d e i e t r h r v a e l F re f e s r d o e e r m v ra e l D ba u n e k t s o b f D a ro n u m k e s Total Ti notrnal l c O ur n i t s i e es - o A th l e l r ments Total mand Time ment bank bank ATLANTA DISTRICT 1927 Jan. 5 611,463 514,958 114, 297 400, 661 96, 505 571, 335 342, 343 219, 663 9,329 44, 044 23, 315 1 1 2 9 6 60 1 0 2 , , 1 8 7 0 6 7 5 5 0 1 4 4 , , 8 6 6 1 6 7 1 11 1 3 6 , , 9 1 7 2 1 8 3 3 9 9 0 8 , , 8 4 9 9 5 1 9 95 7, , 5 9 5 4 9 1 : ! 5 5 7 7 7 7 , , , 5 r 0 ' 2 " 3 3 4 4 4 6 , , 6 6 6 5 8 4 2 22 2 5 3 , , 2 5 3 2 4 6 7 7 , , 6 6 1 1 4 4 4 3 3 9 , , 6 2 8 1 1 0 1 1 5 4 , , 2 9 7 7 0 9 28 600, 574 503, 912 114,438 389, 474 96, 662; 573, 747 340, 642 225, 491 7,614 40, 434 11, 571 Feb. 2___. 597, 634 501,135 114, 023 387,112 96, 499 578, 843 341,! 229, 247 7,611 40, 506 11,423 118, 873 77, 921 9 599, 858 503,146 115, 454 387, 692 96, 712 574, 008 339, 317 227, 965 6, 724 38, 370 126, 641 78, 290 16— 604,115 505, 300 116, 046 389, 254 98,815, 581,22C 344, 463 230,033 6, 724 44, 608 10, 467 117,870 82, 058 23 603, 323 501, 465 115, 361 386,104 101, 8581 580, 72 i 341, 552 232, 448 6,724 41, 492 10, 727 120, 431 74,938 Mar. 2 609, 353 505, 390 115, 391 389, 999 103, 963, 581, 538 341, 073 233, 740 6, 725 41,112 14, 932 119, 287 78, 657 9— 605, 501 504,953 116,081 388, 872 100, 548 583, 373 343, 584 233, 631 6,158 42, 837 13, 508 120, 476 77, 847 16— 623, 451 504, 764 114, 309 390, 455 118, 687 591, 504 338. 543 234, 453 18, 508 40, 203 17, 607 114,171 74, 852 23,,-. 616,055 499, 372 114, 614 384, 758 116, 683 531,216 329, 029 235, 505 16, 882 39, 914 17, 541 110,178 68, 513 30 619, 546 501, 784 115, 714 386, 070 117, 762 584, 030 332, 640 235, 437 15, 953 38, 369 15, 644 101, 387 69, 461 Apr. 6 621,996 506,413 116, 975 389, 438 115, 583 588, 898 338, 776 235, 508 14, 614 40, 398 15, 494 110, 568 77,183 13 621, 337 508, 568 115,038 393, 530 112, 769 592, 544 341, 710 237, 038 13, 796 39,102 13, 997 113,782 71, 997 20 617, 523 502, 966 111,438 391, 528 114, 557 579, 071 334, 6521 234, 745 9,674 41, 145 16, 576 112,437 68,974 27 613, 897 500, 619 111,288 389, 331 113, 278 579, 922 335, 303 235, 845 8,774 40, 900 19, 540 107,158 64, 955 May 4 615, 378 503,174 110, 721 392, 453 112, 204 575,030 328, 760 237, 757 8,513 39, 739i 18, 578 110, 009' 69, 835 11 612, 802 503, 111 111, 120 391, 991 109, 691 581, 433 337,<'" ' 237, 213 6,731 19, 416 114, 86l| 71, 788 18.... 615, 052 500,109 109, 602 390, 507 114,943 577,639 334,134 238,465 5,040 40,139 19, 086 113,136 69, 547 25 606, 797 496, 003 107,994 388,009 110, 794 571, 627 327, 019 239, 794 4,814 37, 453 15, 640 104, 583 68, 625 June 1 612,709 495, 951 114,925 381, 025 116, 758 572,; 332, 224J 236, 669 3,925 39, 985] 15, 575 104, 611 72, 737 8 600, 042 492,279 111, 143 381,136 107. 763 572, 477 323, 418! 241, 665 2, 394 39, 6591 14, 930 112,375 73,491 15 613, 805 492, 784 111, 588. 381,216 121, 021 582, 192 327, 9121 239, 008 15, 272 37, 948 15, 753 102, 769 76, 577 610, 729 492, 646 111, 265 381,381 118, 083 578, 235 324, 609! 238, 818 14, 808 40,169 15, 744 101, 719 614, 890 495, 217 112, 095 383,122 119, 673 577r"" 325, 263J 240, 043 12, 374 37, 509 15, 298 100, 751 65, 403 CHICAGO DISTRICT 1927 Jan. 5 2,885,210 2.174, 111 L, 285, 774711, 099 2, 826, 5381, 755, 747 10,54, 702 16, 089 254, 883 12 ! 2, 882, 6732, 156, 044 883, L, 272, 641726, 6292, 835, 035 1, 770, 027 10.53, 363 11,645 239, 955 46, 284. 19 2,876,626 2, 149,116 883,145 1L, 265, 971727, 5102, 810, 381 1, 748,133 1,052, 603 11V645 244, 433 61, 457 26 2,862,136 2,127,488 876, 339 1L., 251,149 734, 6482, 780, 431 1, 723, 397 1,045, 389 11, 645 237,993 54,932 Feb. 2 2,900,732 2,151, 618 898,4901,253,128 749,114 2, 829, 992 1, 760, 764 10,57, 583 11,645 238,074 49, 731 507,826 223,367 9" _— 2,885,800 2,142, 565 894, 540 1,248, 025 743, 0352, 824, 897 1, 752, 517 062, 938 9,442 235, 495 42, 596 498,034 204, 556 16 " I 2,890,98112,139,240 892, 900 1, 216, 340751, 7212, 851, 895 1, 783, 768 10,58, 685 9,442 257, 236 55,165 507,981 233,347 ' 23 | 2,893,080!2,141,174 879, 237 1, 261, 937751, 9082, 823, 848 1, 758, 689 L055, 715 9, 442 216, 098 45, 511 501,071 227,116 Mar. 2 ... 2,894,893;2,148,110 893, 374 1,254, 736 746, 7832, 832, 886 1, 770,903 1.052, 541 9,442 233, 724 51, 002 535, 674 242, 463 9 2,902,458;2,147, 787 888, 074 1,259,713 754, 6712, 825, 5021, 767, 499 10,50, 029 7,974 237, 604 57, 982 518,113 225, 359 16 — 2,931,771! 2,155, 258 890,9011,264, 357 776, 5132, 881, 419 1, 792, 508 10.52, 313 36, 598 250, 724 43, 097 528, 498 246, 343 23 -- 2,949,807;2,146, 445 889, 071 1,257, 374 803, 3622, 869, 377|1, 774, 790 10,61, 620 32, 967 233, 768 41, 609 533, 586 219, 052 30 - 2,903,813! 2,131, 313 876, 498 1,254, 815 772, 5002, 797, 624 1,728,755 1.038,924 31, 945 222,183 54, 961 499, 546 217,241 Apr. 2, 890, 082'2,119, 546 880, 512 I,259, 034 770, 5362. 841, 909i1,751,818 1.080, 605 29,486 251, 485 41. 379 529, 237, 804 13.. 2, 911, 610!2,137, 322 874,402 1.232, 920 774, 2882, 879, 894 1, 792, 214 10.60, 346 27, 334 243, 887 20! 469 519, 360 243,158 20- 2,911,896; 2,142, 240 883,562 1,255, 678 769, 6562,858,216 1, 771, 943 065. 597 18, 676 255, 568 41, 327 494, 894 227, 877 27. . 2, 925, 6552,139, 648 893, 423 1,243, 223 788, 0092, 859, 8421, 771, 755 I070; 603 17,484 244, 885 44,195 493, 863 229, 438 May 4__ 2, 959, 5202.179, 605 897, 675 1,281, 930 779, 915 2, 903,168 1, 807, 649 1, 079,154 16. 365 217, 858 52, 793 526. 201, 837 ll._ 2, 959, 008 2.180, 679 904, 502 1,276,177! 778, 3292, 911, 449 1,817, 13. 645 250, 542 28, 805 52i; 569 256, 860 18_. 2, 984, 5492.175, 373 914, 238 1,261,135 789,178 2, 925, 877 1, 823, 619 !1,. 087, 691 9; 567 250, 364 27,133 514, 329 256, 500 . 25__. 2, 976,845 2,174,.""" 909, 982 1,284, 925| 801, 958 2, 922, 5571,827', , 51'I0 ,L 085, 629 9,418 253, 411 38,137 498, 843 248, 735 June 1 ' 2,959,951 2,174, 437 923, 210 1,248, 2271 785, 5142, 890, 0091, 791,492 1.., 090, 725 7,792 251, 523 57, 799 496, 813 250, 287 8 —I 2,975,669 2,199,177 954, 715 1,244,462, 776, 4922, 919, 04-7'i1, 815, 6911, 098, 539 4,817 217, 022 27, 475 497,112 220, 282 15 | 3,002,9422,212,285 934, 488 1,247, 779 790, 6772, 931, 458!1, 858, 3551,100, 743 24. 368 281, 97o 24, 313 490,. 588 248, 360 22" ! 2,998,538 2, 203,141 950, 922 1,242, 219, 795, 397 2, 916, 908 1, 786, 7421,106,844 23, 322 251, 808 55, 486 476, 922 215, 584 29 1 3,017,827 2, 214, 741 981, 216 1,253, 525, 803, 086 2, 940, 754'1,816,3"3"8" 1'., 105, "'1-9.159 235, 351 52, 251 498, 705 229, 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL KESERVE BULLETIN 533 JULY, 1927 TABLE 3.—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Reserves Borwith rowing Due Pate (Wednesday) Federal from Due to from Loans reserve Federal banks banks Total I m nv e e n s t t s - Total N m e a t n d d e- Time Go m v e e n r t n- bank re b s a e n rv k e Total c O u n ri ti s e e- s o A th ll er ST. LOUIS DISTRICT 1927 Jan. 5 686,401 501,806 199,392! 302,414 184, 595 630,445 406,034 220, 661 3,750 49,396 14, 565 •12.___ 695,165 507, 673 199,504 308,169 187,492 637, 500 409,056 225,362 3,082 47,602 .10,840 19____ 692,181 504, 542 195,371 309,171 187, 639 638, 618 409,161 226,375 3,082 47,087 6, 316 26____ 690,857 504, 219 197,850 306, 369 186, 638 635, 748 405,686 226, r" 3,082 46,400 2,571 Feb. 2____ 689, 535 503, 317 192, 757 310, 560 186, 218 635, 791 401, 205 231, 504 3,082 44,138 2,062 153, 336 65, 557 9___. 692, 643 503,894 193, 709 310,185 188, 749 641,637 407,016 231,858 2,763 47,482 2,749 152, 568 66,852 16____ 694,210 499,824 191,421 308,403 194,386 647,050 411,872 232,415 2,763 49,890 5,368 145, 657 61, 936 23.___ 495, 539 191,875 3033 664 194,443 640,471 403,851 233,857 2,763 48, 514 7, 665 147, 797 64,816 Mar. 2___, 501,287 195,028 306, 259 195, 302 642, 594 405, 252 234,583 2,759 45,992 8,435 154,899 63, 553 9 696, 555 501, 616 194,810 306, 806 194, 939 645, 934 408,190 235,1921 2, 552 48,151 4,774 151,326 64,060 16_ __ 699, 390 500,062 193, 651 306,411 199, 328 654,186 408,071 236,4061 9,709 51,863 6, 620 154,118 64,570 23 697,386 497, 532 196, 299 301, 233 199,854 639,121 393, 943 236, 440 8,738 47, 498 8, 565 143,795 60, 998 30___- 693,488 494,131 195, 661 298,470 199, 357 638,742 395,865 234,408 8,469 47, 246 8,440 141,800 55,178 Apr.* 6 696, 623 498,342 196, 546 301, 796 198, 281 646, 596 405, 712 232,992 7,892 47, 661 3, 650 150, 572 60,430 13 697, 330 496, 782 297,856 200, 548 646, 571 405,470 233,829 7,272 48,037 5,817 147, 356 61,459 20 697, 255 497,043 198, 298,135 200, 212 642,996 402,451 235, 608 4,937 45,464 6,1,51 141,417 56, 352 27_.__ 493,363 197,725 295, 638 203, 097 639,802 399, 670 235,493 4,639 47,176 9,210 137, 352 53,421 May 4 700, 542 494,927 199,405 295, 522 205,615 643, 731 404, 318 235,053 4,360 47,866 9, 750 143,825| 54,686 11 701,049 494,259 200,064 294,195 206, 790 646,653 406,655! 236,377 3,621 47,669 10, 475 53,882 18____ 711,812 489, 533 196, 571 292,962 222,279 639,908 398,914! 238, 306 2,688 44, 225 15,185 136^ 8771 59, 704 25..._ 711,487 484,133! 192,827 291, 306 227, 354 637,979 395,168- 240, 269 2,552 48,403 13, 354 132, 7851 52, 517 June 1 699, 215 479, 711 194,435, 285, 276 219, 504 615,855 380,021 233, 763 2,071 42, 597 21, 990 137,088! 53,820 8____ 689, 359 483,430; 195,029 288,401 205,929 634,124 402,013 230,869 1,242 47, 773 12,910 128,498 62, 262 15____ 697,015 493,803! 198,016 295, 787 203.212 657,475 423,040 230,801 3, 634 52,037 7,429 138,392 53,026 22 699, 270 496,187! 199,112 297,075 203, 083: 6S7,668 403, 229 231,138 3,301 47, 538 16,850 133,240 53, 388 29.... 701, 665 500, 069| 204,134 295,935 201, 596 634, 957 401,509 230,968 2,480 48,577 25, 016 129, 781j 47, 866 MINNEAPOLIS DISTRICT 1927 Jan. 5 357,199 245, 708, 75,768 169,940 111,491 339, 597 215,070 123,699 828 24,632 l,65oL 12 356, 399 244,845 79,292 165, 553 111, 554 340, 503 215, 281 124, 594 628 23,852 500 L 19 355,284 242, 776 80,002 162, 774 112, 508 338,158 211,180 126, 350 628 25, 283 1,175 26 355,631 241,083 80, 661 160,422 114,548 338,234; 212,240 125,366 628 23,9441 1,345 Feb. " 2 357, 574 242,437 84, 339 158,098 115,137 335, 776! 211,821 123, 294 661 20, 513 1,061 94, 779 53,167 t ••• 1 9 6 3 3 5 5 5 8 , , 9 4 4 3 6 4 2 24 3 1 9 , , 9 7 9 8 5 4 8 8 3 4 , , 4 3 1 4 2 1 1 1 5 5 6 7 , , 6 3 5 7 4 2 1 11 1 6 5 , , 6 95 5 1 0 3 3 3 4 7 0 , , 1 5 0 78 6 ^ ! 2 2 1 1 4 6 , , 6 3 4 1 8 4 1 1 2 2 2 2 , , 9 7 2 3 5 1 5 5 3 3 3 3 2 23 4 , , 6 6 8 3 9 8 1 1, , 6 0 0 5 0 8 9 94 3 , , 9 9 4 8 5 4 4 4 3 6 , , 0 8 0 8 6 7 23 358, 302 239, 681 83, 600, 15G, 081 118, 621 342, 015 216,944 124, 538 533 25, 073 1,154j 93,428 47,446 :Mar. 2 362, 792 242,487 82,431 160,056 120, 305 347,219, 221,188 125,498 533 23,885 632 96, 724 52, 364 9 365, 523 243, 278 82, 571 160, 707 122,245 346,657 220, 586 125,600 471 21,364 430 98,737 52, 574 16 364, 556 244, 344 79,855 164, 489 120,212 345, 026 219,292 125. 263 471 24, 865 900 94, 213 44,146 23 362, 752 240,463 79,222 161,241 122,289 343,955 216,419 125,042 2,494 26, 3301 3,632 94,069 42, 252 30 365, 568 240, 986 •80,088 160, 900 124, 582 341, 578 213,992 125,171 2,415 23, 641 3,407 91, 570 44, 249 Apr. 6 360, 698 240,443 78,196 162, 247 120, 255 343,429 215, 569 125, 622 2,238 25,904 2, 363 96,197 43, 649 13..... 362,046 240,825 79,602 161,223 121, 221 340,912 212, 221 126,634 2,057 22,102 2,279 91, 725 49,108 20 354, 718 233, 778 77, 972 155,806 120,940 334,631 206,795 126,430 1,406 25, 038 3, 704 45,286 27 351, 791 231,046 79, 685 151, 361 120, 745 332, 529 205,492 125, 631 1,406 23, 373 3,364 85,672 46,062 May 4,. _ 347,234 227,075 79,811 147,264 120,159 326, 612 200, 316 [125,059 1,237 24,153 3,808 86, 583 45,826 11 349, 775 228, 304 80, 529 147, 775 121,471 331, 527 204,077 126,424 1,026 22,866 2, 615 83, 546 49, 580 18." 349,842 227,631 79,940 147, 691 122, 211 329,959 202,827 126, 373 759 23,496 4, 534 81,223 44,473 25 347,817 226,102 77, 740 148,362 121, 715 329,438 201,804 126,875 759 23,850 2,858 78,407 42,014 .June 1 354,105 232,317 79,581 152, 736 121,788 337, 552 209,• 127,018 538 21, 619 3, 559 82,849 52,861 8 353, 327 232,848 79,013 153,835 120,479 337,012 209, 525 127,166 321 26, 33" 3,667 86, 236 46, 394 15 357, 613 236, 051 79,511 156,540 121, 562 340, 640 210, 748 127, 337 2, 555 24, 26' 2,286 85,333 48,913 - 22 356, 055 234, 023 77, 564 156, 459 122, 032 334, 864 205,155 127, 222 2,487 22,807 2,960 80, 908 48,804 29 354,400 234,830 79, 347 155,483 119, 570 336, 232 205, 252 128,908 2,072 23,092 500 81, 057 45, 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN JULY, 192 7 TABLE 3.—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued (In thousands of dollars] Net demand, time, and Government Loans and investments deposits Re w se it r h ves ro B w o i r n - g Due Date (Wednesday) Total Loans I m nv e e n s t t s - Total N m e a t n d d e- Time G m ov e e n r t n- F re b e s a d e n e rv r k a e l F re b f e r s a d o e n e m rv k ra e l D ba u n e k t s o b f a ro n m ks Total c O u n r iti s e e- s o A th l e l r KANSAS CITY DISTRICT 1927 Jan. 604,057 412,127 115,474 296,653! 191,930 636,695 489,941 144,536! 2,218 55,392 8,823 12 ._ 606,349 413,431 116, 044 297,387 192,918 639, 488 492,367 145,424 1,697 54, 772 4,712 19 609,555 416,186 119, 242 296,944 193,369 637, 724 489. 789 146, 238 1,697 53,331 4,643 26 611,412 415,412 120, 952 294,460 196, 000 640,450 492, 019 146, 734 1,697 55,138 4,560 Feb. 2 609,240 412,579 115, 550 297, 029 196, 661 642,474 493,572 147, 205 1,697 57, 055 4,339 232,048 135, 229 9 617,572 420,036 120, 645 299,391 197, 536 642,508 493,908 147,153 1,447 51, 599 2,532 231. 651 134, 693 16 620,836 421, 556 118,869 302. 687 199,280 653, 005 503,741 147,817 1,447 56, 757 4,166 23li 513 138, 703 23 617,967 418,698 116,002 302', 696 199,269 651,174 501,973 147, 754 1,447 58,460i 4,657 221,385 134, 891 Mar. 2 623,176 422,112 119,693 302, 419 201, 064 652, 804 502,816 148,541 1,447 53, 578 1,903 241, 889 146,252 9 621,765 421, 668 119, 726 301, 942 200,097 650, 262 500,182 148, 797 54, 252 1,586 231,166 134,646 16 631,166 426', 191 117,469 308,722 204,975 661,353 507,568 149,129 4,656 56,497 3,873 228,645 134,514 23 ! 631,307 426, 024 119, 758 306, 266 205, 283 653,486 499, 838 149,459 4,189 54,353 4,675 218, 635 121,590 30 __| 626,r~ 421,110 115,955 305,155 205, 850 651,331 497,120 150,144 4,067 52, 865 3,362 218,330 129, 000 Apr. 6__ | 617,786 411, < 111, 640 299,848 206,298 649, 244 497, 660 147, 798 3,786 54,337 5,184 219,820 126, 694 13 I 626,254 420,279 118, 066 302,213 205,975 649,816 498, 630 147, 699 3, 487 51,968 5,101 218, 056! 129, 064 20 626,326 421, 227 118, 848 302,379 205, 099 649, 564 498, 239 148,959 2,366 56,976 6,273 206,7671 115,150 27 625,701 419, 251 117, 098 302,153 206,450 641, 060 488, 677 150,159 2,224 53,936 9,170 202, 4221 108, 588 May 4 620,215 412, 523 111,710 300, 813 207, 692 637, 507 484, 285 151,114 2,108 53, 707 9,024 206, 840 113,888 11 626,077 419,385 118,405 300, 980 206, 692 642. 527 480, 584 151,193 1,750 54, 013 9,642 204,156! 111, 452 18 624,094 415. 986 117,987 297, 999 208,108 638, 911 486,191 151, 421 1, 299 56, 023 12, 958 197, 070 103,635 25 : 621,083 413,135 117,971 295,164 207, 948 633, 442 481,266 151, 529 647 51, 777 11, 703 190,338 104, 620 June 1 i 617,582 408, 557 118,132 290,425 209, 025 634, 977 482,996 151, 457 524 53, 753 10, 283 201,1 112,342 8 i 622,125 415,903 123,448 292,455 206, 222 635,356 483,124 151,917 31 53, 584 11,305 204, 047 112,941 15 | 635,694 429,773 134, 013 295, 760 205, 921 649,134 494, 854 151, 574 2, 706 53, 884 8,689 201, 784 114,192 22 | 622,802 418, 254 126,930 291,324 204, 548 641, 268 486,945j 151, 679 2,644 54, 981 10,762 192,336 111,771 29 i 624,309 418,996 127, 801 291,195 205, 313 644, 233 490, 314! 151, 648 2, 271 53,920 6,412- 195, 502 112, 071 DALLAS DISTRICT 1927 Jan. 5 38§, 249 313, 465 74, 519 238,946 72,784. 378, 239 271, 353 101,486 5,400 29,945 :,952L 12 386, 803 312,961 74, 013 238,948 73, 842 377, 443 270, 845 102, f • 3,997 29, 482 4, 19 388, 681 316, 487 75, 610 240, 877 72,194 378, 732 271, 749 102, 986 3,997 29, 847 3', 6561 26 384,177 312,165 75, 758 236, 407 72, 012 375,953; 270,195 101, 781 3,977 27,871 2,' 295 Feb. 2 389, 749 318,641 76, 834 241, 807 71,108 377, 421 270, 221 103, 223 3,977 28, 720 2,213 110, 718 73,446 9 399, 686 326,584 79, 014 247, 570 73,102 391, 221 278, 529 109,381 3,311 30,850 1,018 115, 529 69,055 16 406, 592 331,841 82, 610 249, 231 74, 751 399, 858 287, 884 108, 662 3,312 31, 679 955 114, 577 68,440 23 405,393 329, 670 81,125 248, 545 75,723 397, 036 285, 245 108, 479 3,312 31,369 1,738 109, 020 64, 575 Mar. 2 402,382 326, 858 77, 568 249,290 75, 524 391,494' 281,466 106, 696 3,332 32, 702 866 108, 504 71, 641 9 404,939 327, 228 76, 730 250,498 77, 711 397, 687 288, 450 106; 357 2,880 30, 927 679 109, 887 70, 718 16 415, 825 328, 524 79, 769 248,764 87,301 409,812 292, 055 106,347 11,410 31, 859 1,653 106, 008 70, 905 23 415, 7591 325, 890 81, 263 244,627 89, 869 404, 850 287,399 107,185. 10, 266 32, 896 1,463 99, 493 57, 942 30 408, 676; 321, 075 80, 570 240, 505 87, 601 280,965 107,563 9,960 31, 282 1,621 96,606 59, 014 Apr. 6 407, 592 321, 788 81,340 240, 448 85, 804 397, 458 280, 994 107,189 9,275 31, 244 1, 99,344 66, 804 13 406, 891 322,824 81, 734 241, 090 84,067 401,488 286, 509 106, 434 8,545 30, 487 1,870 97, 973 65, 774 20 407, 210 321. 905 82,195 239, 710 85, 305 396,243 283,380 107,132 5,731 31, 436 2,315 94,398 58,449 27 403,964 317', 718 81,105 236, 613 86, 246 394,100 282,116 106,531 5, 453 30, 611 2,705 94, 602 64, 895 May 4 407,130 320, 759 83,769 236,990 86,371 392, 764! 280, 505 107,132 5,127 29,923 2, 025 101, 786 67,819 11 401, 661 315,477 84, 590' 230, 887 86,184 391,823, 279, 723 107, 844 4,256 29, 237 1,320 98, 574 63,364 18 402,107 315, 751 83,946! 231, 805 86, 356 386,299 274, r ' 108,149 3,162 29,592 1, 565 94, 054 60, 740 25 402, 081 315, 569 84,315 j 231,254 86.512 381, 504 270, 400 108, 097 3, 007 29,321 1,980 89, 974 54,187 June 1 401,167 312,168 83,124! 229, 044 384, 082' 273, 468 108,178 2,436 30,114 2,825 91, 782 60, 264 8 399, 313 311, 739 83,372' 228,367 87, 574 382,386 272, 257 108, 668 1,461 29, 067 2,545 95,349 60,735 15 411,315 316, 200 84, 881: 231,319 95,115 3.98, 000 278, 343 109, 059 10, 598 29,081 1, 545 90,1 6a, 684 409, 259 314,129 82, 916! 231, 213 95,130 392,4911 272, 225 109,937 10,329 30,367 1,724 86,748 55, 802 406,166 314, 232 81, 457 232, 775 91, 934 388, 444 269, 952 109,734 8, 758 28, 883 2,074 85, 545 54, 564 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL RESEKVE BULLETIN 535 TABLE 3.—REPORTING MEMBER BANKS IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and in vestments deposits Bor- Re w se it r h vesrowing Due Date (Wednesday) Loans F re e s d e e r r v a e l F f e r d o e m ral D ba u n e k t s o b f a ro n m ks Total On se- All I m nv e e n s t t s - Total N m e a t n d d e- Time G m ov e e n r t n- bank re b s a e n r k ve Total curities other SAN FRANCISCO DISTRICT 1927 Jan. 5_. 1, 791,335 1,306,109 335, 558 970,551 485, 226 1, 732,602 794,989 921, 800 15,833 i 108,383 45,290 12_. 1, 772, 640 1,290,460 329, 558 482,180 1,740,7231 807,202 921, 224 12,297 114,342 33,368 19_. 1, 765, 255 1,282, 533 323, 060 i9, 473 482, 722 1, 728, 727j 800,391 916, 039 12,297 110,150, 24,155! 26.. 1, 763,285 1, 279, 211 322, 505 956, 706 484, 074 1, 720, 614| 785,698 922, 619 12,297 110, 623| 22, 710| Feb. 2_. 1,748,418 1,273, 768 321, 244 952, 524 474, 650 1,6 , 775, 201 889, 515 11, 930, 108,092 31,413 i 249,083 127,381 9.. 1, 751,485 1,275, 219 323,815 951,404 476,266 1, 683,3861 785.140 887,984 10,262. 110,674! 25,503! 264,710 140, 698 18.. 1, 760,347 1,278, 933 329,131 949,802 481,414 1, 695,151! 790,470 894,419 10, 262! 111,388 24, 917| 248, 543 139, 916 23.. 1, 787, 017 1,314,613 340,379 974, 234 472,404 1, 759, 636! 796, 592 950, 838 12,206, 106, 0591 39,546. 237,562j 161, 597 Mar. 2 1,803,322 1,315.185 339, 946 975, 239 488,137 1, 741, 241 768, 663 960, 372 12, 206 • 107, 612 49, 824. 240,364; 148,129 9 1,794,113 1,317', 069 328, 000 989, 069 477, 044 1,726, 544 754, 804 960, 706 11, 034 106, 438 39,412 235,902! 149, 747 16 1,824,857 1,314,190 333,176 981, 014 510, 667 1, 786, 775 792, 238 952, 621 41,916; 110, 264 34,313 227, 994! 170, 020 23 ! 1,813,709 1.305, 235 332,275 972,960 508,474 1, 747, 260 764, 691 944,843 37,726! 107, 531 46,568 205, 792' 134,317 30 .1 1,817,606 1,302, 541 332, 755 969, 786 515, 065 1, 754, 577; 760, 978 957, 039 36,560 107, 742 32,471 214, 4981 143, 716 Apr, 6 I 1,789,701 1,285, 221 328,162! 957.059 504,480 1,734, 850| 756, 982 943, 790 34, 078 110,301 43,342 217,485' 146.334 13 ! 1,804,559 1,300,389 332,1731 968i 216 504,170 1,760,031' 780, f" 947, 742 31,399 108, 824 41, 526 153', 457 20_. ._ i 1,805,826 1,299, 228 334,127 965,101 506, 598 1, 747,173 782, 968 21, 317| 111,035 45, 585 215,272: 146,240 27 1,807.156 1.302, 643 331, 920| 970, 723 504, 513 1,727,325 771, 095 936,189, 20, 041 106, 202 39, 225 211,348J 140,407 May 4.. 1, 813, 784 1.308, 934 334,6531 974, 281 504,850 1, 736, 774 779,421 938, 514| 18,839 108,979 44, 293 226,9531 147.005 11_. 1,820, 202 1,312,448 336,639 975, 809 507, 754 1,761,531 786,475 959, 421 15. 635 110, 084 26,543 223,552; 153, 009 18.. 1,818,"" 1,311,766; 337, 295! 974, 471 507, 223 1, 762, 689 787, 726 963, 335 li; 628 111, 200i 32, 568 226,396| 149,379 25.. 1, 810,345 1.306, 0031 335, 012J 970,991 504,342 1, 748,455 781,196 956, 210 11, 049 113, 692 20, 731 207, 734! 137, 346 June 1.. 1, 800,103 1, 305, 800|335,393' 970,407 494, 303 1, 747, 681 788, 788 949, 944 114, 965 23, 687 218,7151 156, 529 8.. 1, 804,705 1,304, 6271 337, 260; 967, 367 500, 078 1, 740, 386 782, 422 952, 595 5,369 107, 124 27, 742 213, 090; 149, 067 15.. 1,832,134 1.309, 596 968, 713 522, 538 1, 774, 657 792, 870 949,316 32, 471 107, 579 30,485 147, 436 22.. 1,829,371 1,305.158 336, 854! 968, 304 524, 213 1,742,142 766, 509 944,169 31,464 107. 969 37,366 206, 256; 144,975 29.. 1,817, 279 1.303, 218 336,171 967,047 514,061 'I, 756. 713 773.141 957, 402 26,170 109,075 30,064 221,413! 143, 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDEKAL EESERVE BULLETIN JULY, 1927 TABLE 4—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927 [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Re- Borserves rowwith ings Due (We D dn a e t s e day) Loans Gov- er F a e l d re - - f F ro ed m - D ba u n e k t s o b f a ro n m ks Total On se- I m nv e e n s t t s - Total N m e a t n d d e- Time m er e n n - t s b e a r n v k e e s r e a r l v r e e- Total curities All other bank CITY OF BOSTON 1921 Jan. 5__ 933, 522 759, 849' 271,165 488, 684 173, 673 916,285 687, 510 212, 558 16,217 71,2! 21,147 140, 489 38,384 12- 918,402 741,733! 255, 817 485, 916 176, 669 900, 860 678, 581 210, 451 11, r ~ 72, 532 17, 032 137,480 44, 695 19- 920,364 743,085' 263,258 479, 827 177,279 909, 717 687,190 210, 698 11, 829 68, 569 5,233 136, 786 45,138 26- 923, 855 751, 245; 264, 667 486, 578 172, 610 910, 829 686, 960 212,041 11, 828 76, 652 8,586 132, 449 32, 766 Feb. 2.- 926, 739 751, 862! 262, 573 489,289 174, 877 915, 753 693,318 210, 607 11,: 79, 476 10, 790 145, 531 45,128 9- 924,054 749, 542: 257.130 492,412 174, 512 906,078 686, 616 209, 743 9,719 74, 912 9,861 134, 361 37, 552 16- 920, 300 745, 053: 250', 781 494, 272 175, 247 905, 673 688,318 207, 637 9,718 73; 924 8,845 135, 886 35, 487 23- 911, 328 736,1711 248,170 488,001 175,157 881,080 662, 712 208, 650 9,718| 69,302 17, 406 127, 397 38,033 Mar. 2_. 925,359 750,067| 255, 761 494,306 175,292 899, 945 680, 869 209,357 9, 719! 72, 927 17, 741 133, 441 39,037 9_. 921, 957 743, 442! 251,111 492, 331 178, 515 900, 216 681,308 210, 600 8,308 75,331 19, 681 143, 494 51, 551 16- 954,124 756, 614| 254, 754 501, 860 197, 510 933, 605 686,350 213, 297 33, 958 73, 471 10, 786 138,338 38, 543 23,_ 945, 818 748,0951 253, 948 494,147 197, 723 909, 912 665,051 214, 301 30, 560 74,029 15, 847 128,032 38, 761 30- 958, 758 761, 530! 263, 850 497, 680 197,228 908, 959 665, 933 213, 382 29, 644 77, 534 29,390 129, 505 36, 923 Apr. 6— 940,368 742, 988; 250,965 492,023 197,380 914,471 675, 705 211,159 27, 607 76, 527 7,478 143, 730 39, 577 13.- 933, 884 739, 928; 254, 733 485,195 193, 956 912, 512 675, 362 211,711 25, 439 74, 824 10,366 141, 842 46, 894 20- 905, 984 714,444! 236,012 478,432 191, 540 887,221 658,066 211, 879 17,276 73, 242 9,764 146, 527 58, 647 27- 918,494 720,013 239,043 480, 970 198; 481 904,089 675, 623 212, 226 16,240 76,416 3,461 136, 871 47, 668 May 4__ 915, 440 717, 353 236, 734 480, 619 198,087 902,303 674, 558 212, 482 15,263 74, 245 15, 708 147, 6G0 54, 745 11- 925,124 719, 820 232, 614 487,206 205, 304 903, 763 679, 799 211,267 12, 697 75, 050 19, 492 138, 482 37, 261 18.- 931, 853 722, 758 237, 876 484, 882 209,095 893,122 670,074| 213, 622 9,426 74,063 25, 625 135, 252 43, 482 25- 937,165 728,315 240, 510 487, 805 208, 850 899,024 676,235| 213, 834 8,955 79, 422 28, 443 127, 841 35, 772 June 1__ 948,052 743,185 252,047 491,138 204, 867 909, 529 689,490 212, 784 7,255 78,011 28,285 139, 924 43,041 8- 937, 789 741,169 254, 538 486, 631 196, 620 893,037 675,170 213, 509 4,358 73, 883 11,617 131, 481 39, 447 15- 966, 825 746, 252 254, 581 491, 671 220, 573 936,033 693,048 216,294 26, 691 78, 226 7,177 158. 510 55, 751 22. _ 959,116 740, 603 251, 883 488, 720 218, 513 925, 599 679, 088 220, 635 25,876 75, 718 10, 328 141, 848 46,158 29. _ 988, 262 761,311 276, 830 484, 481 226, 951 926, 829 677, 913 227, 375 21, 541 75, 270 25, 627 143, 800 44, 831 NEW YORK CITY 1927 Jan. 5—. 6,499, 570 4, 761,469 2, 224, 8772, 536, 5921, 738,1016,239,968 5, 274, 855 921, 757 43,356 775, 83' 130, 4501,183,040 108,932 12— 6,394, 200 4, 629, f~~ 2,120, 2892, 509, 4001, 764, 5116,147,222 5,191,145! 922, 559 33, 518722, 509 88, 8381,133, 644 99,375 1 2 9 6— 6 6 , , 2 2 2 50 0 , ,0 6 6 1 6 9 4 4 , ,4 5 7 1 0 1 , , 9 4 4 1 0 9 2 2, , 0 0 1 3 0 6 , , 1 6 2 7 9 . 52 2 , , 4 4 7 6 5 0 , , 6 2 4 5 5 2 1 1 , , 7 7 3 4 8 9 , , 6 6 7 4 9 75 6 , ,0 9 1 2 2 4 , , 1 0 2 0 84 5 4, , 9 0 7 6 6 6 ^ . 2 9 8 4 4 9 9 9 1 1 1 4 , , 4 63 8 3 2 3 3 3 3 , , 5 5 1 1 8 87 65 1 8 2 , . 2 6 8 1 0 3 5 28 6 , , 2 0 6 1 9 8 1 1 , , 0 0 7 4 1 1 , , 5 3 7 6 3 3 9 93 9 , ,0 8 5 5 5 1 Feb. 2-. 6, 270,217 4, 515, 410 2,044, 2972, 471,1131, 754, 8075,991,001 5, 031, 796 925, 687 33,518 667,348 44, 540 1,100,362 96, 690 9.. 6,171, 945 4, 421, 844 1,949, 7882,472,056 1, 750,1015, 885, 7784,929,816 927,171 28,791 686,106 70, 232 1,046,887 89,371 16-. 6,151, 541 4, 405,315 1, 959, 7392,445, 5761, 746,2265, 883, 8454, 920, 464 934, 590 28, 791 715, 936 70, 9001,108, 408 99, 769 23.. 6,162,505 4, 404, 076 1, 971, 2232, 432, 8531, 758, 4295, 817, 2854, 857, 947 930, 547 28, 791 658, 714 53, 9541,106,089 Mar. 2-. 6,284, 667 4, 515, 539 2,043, 0982,472, 4411, 769,1285, 963,178 5,018,921 915, 464 28, 793 672, 238 73, 8261,126, 765100, 576 6,247, 645 4, 478,338 2, 002, 3492,475, 9891, 769, 3075, 928,06C 4, 982, 435 919, 983 25, 642680, 559 81, 590 1,122, 445 90,065 16. 6, 417, 717 4, 525, 651 2,035,210 2,490,441 1, 892,0666,168,790 5,128, 805 939, 832100,153 689, 905 20, 311 1,153,112 116,196 23- 6,405,916 4, 555, 868 2, 027, 0892, 528, 7791, 850,0486,119, 663 5,101, 837 927, 688 90,138 751, 479106,081 1,083,518 98,219 30-. 6, 392, 560 4, 553, r~ 2,025,418 2,528, 5121, 838, 6306,139,163 5,109, 408 942, 547 87, 208755,084 83; 780 1,105, 661 96,117 Apr. 6- 6,453,296 4, 610, 565 2,072, 9692, 537, 5961, 842, 7316,077,162 5,059, 594 936,201 81,367 643, 413 71, 8481,136,136 96,322 13- 6, 378, 928 4, 540.312 1, 996, 6552, 543, 6571, 838, 6166,070, 926 5,035, 736 960,211 74, 979725, 347 107,144 1,072, 769110, 449 20__ 6, 409,548 4, 557; 801 2,027, 8242, 529,9771, 851, 7476,067, 352 5, 062,450 954,138 50, 764674, 650 57, 8161,098,048 109, 775 27. _ 6, 442, 888 4, 571, 437 2, 054, 8682,516,569 1, 871, 4516,104,035 5,106, 543 949, 629 47, 863708, 476 77,027 1,110,512 109, 751 May 4__ 6,543,122 4, 662, 227 2,120,362 2, 541, 8651, 880, 8956,167,765 5,171, 922 951, 033 44, 810741,388 125, 8591,167, 828111,197 11- 6, 517,148 4, 616,151 2, 053,2132, 562, 9381,900,997 6,141,382 5,154', 341 949, 614 37, 427708.197 103,724 1,103, 584101, 691 18- 6, 546, 689 4, 624, 333!2,078,716 2, 545, 6171, 922,3566,192, 386|5,196, 938 967, 688 27, 760 729; 528 77, 8501,114, 832103, 856 25- 6, 532,570 4, 611, 557i 2,061, 9562, 549, 6011, 921,0136,176, 535:5,193,166 956, 999 26,370 701, 906 53,234 1,080, 881 89,976 June 1.. 6,692,011 4, 807, 660 2, 231, 5962,576,064 1, 884,3516,406, 810 5, 414, 970, 813 21,357 757, 996 83, 6701,211,289 105, 945 6, 642, 528 4, 714,284 2,174, 9582, 539,3261, 928,2446,345,310 5,292,156 1,040,349 12, 805 761,364 52, 213 1,100, 279 93, 481 15- 6', 753, 646 4. 737, 962!2,186, 8052, 551,1572,015,684 6, 574, 586!5,535,228 _1,,_0_1.0,,_1.9.7 29,161 814,989 24, 533 1,271,782 97,915 22 6.663,280 < 758, 42312, 204,0442. 554. 3791, £04, 8576,332, 521 i5,288,034; 1,017,703 26, 784745,419 50,162 1,113, 675 60,611 29 6,709,749 4, 817, 478 2, 247, 5162, 569^ 9621, 892, 2716, 447, 5635,418,642j 1,010,935 17,986 799, 731 46,848 1,156, 532 86,399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 JULY, 1927 FEDEKAL KESERVE BULLETIN TABLE 4.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Borrow- Reserves ings (Wed D n a e t s e day) Loans Invest- I Net de- Govern- F re w e s d e i e t r h r v a e l F re e f s r d o e e m r r v a e l D ba u n e k t s o b f D r a o n u m k e s Total Total c O u n ri ti s e e- s o A th l e l r ments Total mand Time ment bank bank CITY OF PHILADELPHIA 1927 Jan. 5 1,028,501! 730, 550 404, 525 326,025 297,951 911,236 200,197 20, 350 77,843 23,403 177,864 63,922 12 1,032,149| 732, 295 394,936 337,359 299,854 924,805 710, 695 198,178 15,932 77,937 173,879 51,917 19 1,022, 643| 722,186 385,410 336, 776 300,457 914,161 701, 614 196, 615 15,932 78,332 9,546 171, 575 53, 715 26 1, 014,844 714,674 376,862 337, 812 300,170 903, 529 691, 253 196, 344 15, 932 72, 063 7,129 168,846 51,295 Feb. 2_.__. 1, Oil, 398^ 711,342 375,807 335, 535 300, 056 897, 663 688,800 192, 931 15, 932 77, 335 8,176 182,463 61,049 1, 010,086: 708, 262 371, 534 336, 728 301, 824 891,148 686,967 190, 373 13,808 74,453 7,715 169,063 54,060 1,004,4721 699, 523 369,459 330,064 304, 949 891,937 682, 916 195, 214 13,807 73.480 8.878 176,018 60, 637 23_. 1,010,942 706,181 375,883 330,298 304,761 902, 612 693, 325 195,480 13,807 75; 520 7,275 165S 023 56,403 Mar. 2_. 1,009, lie! 704,296 371, 332, 601 304,820 898,335 688,032 196,497 13,806 73,267 6,741 174,058 63,288 1, Oil, 897i 706, 678 366,856 339, 822 305. 219 905,164 697, 093 195, 761 12, 310 75, 691 7,462 168,413 50,998 1,038, 659! 707, 503 366,895 33i; 156 928, 770 695,. 691 195, 359 37, 720 76,177 8,153 189,067 56,084 23- 1,038,128! 704,431 359, 565 344, 333,697 913,278 680,991 198, 339 33, 948 73, 711 18,131 166,275 50,687 30-. 1, 039,644 j 704,123 360,340 343, 783 335, 521 904,319 671,189 199, 520 33,610 65,283 21, 738 164, 749 55, 753 Apr. 6_. 1, 033, 996 705,808 361, 091 344, 717 328,188 924, 704 691, 008 202,399 31, 297 79,817 9,631 172, 235 55,839 13_. 1,031,274: 706, 813 359,911 346, 902 324,461 918, 001 689,422 199, 737 28,842 75, 581 9,876 173,209 56,910 20_. 1,021,276 695,804 354, 332 341,472 325,472 905, 834 686,144 200,063 19, 627 76, 564 11,944 172,049 51,504 27_. 1,020,406 695, 581 354,462 341,119 324,825 898, 547 681, 327 198,818 18,402 72, 295 18,009 164, 798 53,467 May 4_. 1,015,03li 694, 099 355, 211 320,932 899,952 683, 767 17, 299 77,4i 10,009 174,427 56, 580 11.. 1, 016, 980; 695, 914 349, 096 346,818 321, 066 904, 355 690,819 199,178 14, 358 71, 729 9,287 166, 710 55, 333 18- 1,016,019, 351, 566 345,394 319,059 894,032 686, 562 196,810 10,660 74,946 17,809 170, 669 54,009 26-. 1,014,174 694, 504 352,136 342 \— 319,670 886, 819 680,427 196,247 10,145 74,039 13,663 164,631 47,867 June 1-. 1, 016,276 699,392 355, 735 343,657 316,884 881,939 675, 717 198,007 8,215 71,203 23,126 171. 542 62,508 1,012, 954; 708,821 366,184 342, 637 304,133 893,170 689,970 198,272 4,928 78,325 10,418 164,239 53,894 15-. 1, 028, 632! 705,285 358,701 346, 584 323, 347 907,489 683,129 198,839 25, 521 77,373 10, 217 167,056 57,735 22.. 1, 021, 6971 695, 764 350, 458 345, 306 325, 933 890,862 667,431 24, 599 71,914 15, 962 158, 601 54, 575 29_. 1, 032, 561 706,188 359, 540 346, 648 326, 373 895,471 675,728 199, 666 20, 077 73,997 26, 251 159,425 53,159 CITY OF CLEVELAND 1927 Jan. 5 733, 018 580,452 201,373 379,079 152,566 726,115 261,151 460,579 4,385 38,805 14, 318 49,149 31,470 12 730,432 577,441 195, 663 381, 778 152,991 722, 718 262,092 456, 946 3,680 39, 518 15,328 49,483 28,116 19 726, 056 573,114 192,503 380, 611 152,942 713,691 255,252 454, 759 3,680 40,595 16,067 48, 226 24,491 726, 540 572, 581 192) 377 380,204 153,959 718,034 257,486 456,869 3,679 37, 574 8,455 48, 522 25, 760 Feb. 2_ 726, 680 574,360 194, 995 379,365 152, 320 727, 575 256, 206 467, 690 3,679 44,916 15, 784 52,623 22,440 9-. 728, 538 576, 786 196,696 380,090 151, 752 721,696 255,404 462,957 3,335 40, 593 10,104 52,421 22,105 23-' 7 7 3 2 0 9 , , 1 4 8 3 8 0 5 57 7 6 7 , , 3 7 1 4 0 7 1 1 8 9 9 3 , , 5 0 9 4 4 7 3 3 8 8 7 4 , , 1 2 5 6 3 3 1 1 5 5 3 1 , , 6 8 8 7 3 8 7 72 2 1 2 , , 9 7 9 2 3 3 2 2 5 6 8 0 , , 1 1 7 8 9 3 4 4 6 5 1 8 , , 4 2 7 0 9 5 3 3 , , 3 3 3 3 5 5 4 39 0 , , 1 5 2 0 0 8 8 7 , ,5 3 8 4 3 7 5 5 1 8 , , 1 1 3 3 5 4 2 24 4 , , 0 4 4 0 7 6 Mar. 2_. 722, 587 572,126 190,189 381, 937 150,461 720, 913 260,123 457, 571 3,219 39,157 3,000 53,221 21,493 726, 785 575, 538 192, 780 382, 758 151, 247 722,633 260.204 459, 326 3,103 39, 360 3,899 50,564 19,191 16- 739, 587 580, 550 198,195 382,355 159,037 729,047 26l| 961 461,819 5,267 39,782 8,178 57, 572 25,532 23_. 735, 334 577,154 196, 268 380,886 158,180 725,426 257,374 463,313 4,739 42,641 8,364 54, 575 21,299 30_. 738,698 580, 793 200,110 380, 683 157,905 727,118 257,129 465,393 4,596 37,473 4,925 54,152 24,077 Apr. 6_. 732,349 576. 584 196,925 379,659 155, 765 724,606 258,130 462,197 4,279 44,312 9,310 55,737 22.820 731, 613 576,040 198, 563 379,477 155, 573 727,099 261,683 461,482 3,934 40,016 5,164 57,887 2i; 329 20 V. 731, 396 575, 534 198, 788 376, 746 155,862 723,024 255,904 464, 607 2, 513 40,483 6,429 54,272 21,179 27.. 735, 780 580,127 203,653 376,474 155, 653 723,891 256,495 464,883 2,513 38,237 9,043 54, 557 26,321 May 4_. 739,710 584, 530 204,863 379. 667 155,180 733,935 263, 224 468,349 2,362 42,821 9,665 54, 786 20,069 11- 741,272 585, 699 202, 704 382,995 155, 573 737,435 268, 550 466,935 1,950 41,807 5,778 55, 749 24,454 745,125 589, 399 206,377 383, 022 155, 726 738,362 267, 508 469,432 1,422 40, 793 6,352 55, 287 23,189 25.. 749,058 593,267 213,157 380,110 155, 791 741,847 271, 757 468, 772 1,318 42, 523 6,952 54, 534 22,984 June_-1_- 748,409 591,838 213, 623 378,215 156, 571 753,869 281, 031 471, 745 1,093 40, 219 4,266 57,293 29, 575 750, 718 595,157 214,973 380,184 155,561 745,927 272,409 472,863 655 38, 759 4,927 54,654 24,150 15.. 755, 674 594,721 216,407 378,314 160,953 755,964 280, 365 472,244 3,355 39,573 1,385 58,636 22,818 22.. 754, 626 593, 996 217, 707 376, 289 160,630 741, 531 265, 960 472,340 3, 231 38, 641 7,802 55, 209 758, 333 597,423 221,112 376, 311 160,910 744,120 267,165 474,332 2,623 37, 708 6,417 54,881 21, 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN JULY, 1927 TABLE 4.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927-Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits (We D dn a e t s e day) Loans Invest- Net de- Govern- R F re e w e s s d e e i e t r r h v r v a e e l sB F re o e f i s r n d r o e r g e o m r r s v w a e l - D ba u n e k t s o b f D a ro n u m k e s Total On se- All ments Total mand Time ment bank bank Total curities other CITY OF RICHMOND 1927 Jan. 5 108,164 94,362 24, 314 70, 048 13,802 95, 925 29,506 370 7,912 1,160 34, 338 14, 657 12.... 110,410 96, 962 25, 568 71, 394 13,448 97,493 67, 634 29, 5831 276! 6,621 65 33, 069 13, OSS- 19. __ 110.456 97,233 25,347 71,886 13,223 98, 543 68, 549 29,718 276 7,186 101 31, 530 IS, 846 26— 113, 066 99, 950 27, 567 72,383 13,116 101,330 71,488 29, 548 294 53 34, 085 9,766 Feb. 2...'. 109.225 96,153 28,931 67,222 13, 072 95,982 66, 29,070 276 7,180 708 32,745 7,947 9_._ 109; 758 96,873 26, 409 70,464 12, 885 96, 810 67, 512 29, 048 250 7,184 260 33; 795 6,687 16... 109, 533 96, 233 26,158 70, 075 13.300 96,413 29,164! 250i 8,356 1,750 34, 348 7,580 23_._ 109,250 95,949 25,870 70,079 13.301 95,795 >6,160 29,385 250 7,106 82 33,450 7,867 Mar. 2... 108, 629 95, 239 26,326 68, 913 13,390 95,167 65, 643! 29, 274 250 7,404 737 34, 208 8,073 9... 108,167 95, 011 26,410 68, 601 13,1561 94, 794 65, 358j 29,203 233 7,501 82 33, 616 7,149 16... 108, 551 94,427 26,115 68, 312 14,124 94, 993 64, 574! 29, 383 1,036 7,365 694 34, 927 7,659 23. __ 108, 624 94, 929 25, 855 69, 074 13, 695 94, 986 64, 616 29,438 932 7,061 379 33,463 8,019 30... 107,824 94,134 25,738 68,396 13,690 95,193 • 64,843| 29,451 7,154 23 31,086 6,820 Apr. 6__ 106, 668 24, 683 67, 506 14,479 93, 267 i 62, 752| 29, 677 838 7,578 623 32, 556 7,623 13... 107, 982 93,355 24, 601 68, 754 14, 627 94,818 64, 536 29, 511 771 7,291 23 32, 207 6, 773 20___ 108, 554 93, 687 25,324 68, 363 14,867 93, 009 62,404 30, 082 523 7,789 3,920 31, 203 6,677 27— 109,369 94,398 26, 213 68,185 14, 971 96, 219 62, 855 32; 873 491 7,242 28, 926 6,205 May 4__ 106.457 91,482 24,110 67, 372 14, 9751 93, 569! 60,193 32, 915 461 7,585 640 29, 363 6,344 11.. 107,410 92, 595 25, 212 67, 383 14, 8151 94,329 61, 019j 32, 928 382 6,652 29, 780; 6,925 18... 106,845 92,143 25,115 67, 028 14, 702' 90, 901 57, 700 32, 915 286 6,699 2,400 30, 406! 7,047 25— 109, 276 94, 262 27, 039 67, 223 15, 014] 95, 261 62, 063 32, 927 271 6,194 535 28, 792| 6, 537 June 1__ 109, 035 26,656 66, 984 15, 395 93, 672 60,462 32. 990 220 6,670 1,510 30, 392i 7,565 8... 108,952: 93, 466 26,331 67,135 15,486 94,853| 61,877 32, 845 131 160 31,954! 6, 373 15... 110, 415 95, 059 27, 837 67, 222 15, 356 62, 636 32, 943 109 7! 499 1,127 31, 347| 7,346 . 22., 110, 389 95, 302 28, 212 67, 090 15, 087 94, 566| 61, 606 32,875 85 7,506 3,260 29, 509 6,345 29. _. 110, 436 94, 900 26,905 67,995 15, 536 97,499| 64,113 33, 023 363 6,881 739 28, 5281 5,960 CITY OF ATLANTA 1927 Jan. 5 87, 704 69, 551 15, 595 53, 956 18,153 85, 328; 53, 269 30, 276 1,783 7,898 2, 353 20,113 16, 065 12 92, 793 74, 929 18, 214 58, 715! 17,864) 89, 525! 57, 752 30, 390 1,383 6,124 1,055 19, 767 14,159 19. __ 88,101 70, 315 16, 235 54, 080! 17, 786! 88, 576 56, 222 30, 971 1,383 8,331 1,350 19, 202 15, 206 26.... 90,469 71,891 18, 398 53,4931 18, 578| 87, 846; 55, 517 30, 946 1,383 7,116 906 18, 571 14, 261 Feb. 2... 70,423 17, 345 53, 078 18, 507| 86, 865 54,418 31, 064 1,383 7, 036 690 18, 661 13, 521 9___ 90,129 71,186 18,182 53,004 18, 943; 85, 091 52,374 31, 534 1,183 5,638 634 20, 376 14, 442 16... 89, 957 70, 600 17,838 52,762 19,357; 86,830 54,049 31, 598 1,183 7,518 1,156 17,303 13,255 23.__ 69,115 17,109 52, 006 19, 383 86,823 53, 949 31, 691 1,183 7, 697 603 18,152 12, 072 Mar. 2 69,887 17,718 52,169 19, 462 87,198 53, 906 32,109 1,183 6,747 823 17, 596 13,144 9-_ 91, 542 71,915 17, 839 54, 076 19, 627 88, 698 54, 942 32, 893 1,063 6,958 531 19. 731 12, 624 16— 71, 285 17, 062 54,223 24, 680 91, 539 53, 585 33, 026 4,928 6,995 632 17, 614 11, 286 23.. 94,846! 69, 975 16, 317 53, 658 24,871 90,371 52, 745 33,191 4,435 6,919 714 15,368 11,117 30— 96,120| 71,412 16,183 55, 229 24, 708 91, 544 54,107 33,149 4,288 5,984 183 15, 008 10, 550 Apr. 6— 94,8471 70,189 15,823 54, 366 24, 658 91, 892 54, 074 33,826 3,992 7,534 175 15, 606 11, 530 13-. 95,765 71, 614 15, 932 55,082 24,751 93,450 55, 886 33,868 3,696 5,979 15,093 11,361 20-_ 92, 052 67,179 13,995 53,184 24, 873 90, 890 54,452 33,974 2,464 7,007 15, 700 12, 342 27... 91, 961| 66, 964 14,016 52, 948 24, 997 90,890 54, 647 33, 926 2,317 7,364 15, 309 11, 400 May 4___ 92,997* 67, 903 13, 715 54,188 25,094 90,141 54,146 33,827 2,168 6, 605 15,329 11, 586 11_. 93,989; 69, 782 13, 687 56,095j 24,207 90, 979 55,107 34,048 1,824 6,604 635 16,143 11, 538 18-_ 93,063 68,622 13, 552 55,070! 24,441 89,462 53, 677 34,454 1,331 6.393 1,130 15,968 11, 981 25— 92, 654 68,276 13, 070 55, 206 24,378 88, 386 52, 415 34, 704 1,267 6,619 632 14, 737 10, 761 June 1—_ 91,358 67,990 13, 038 54, 952 23, 368 87,944 53,030 33,874 1,040 6,485 666 14, 616 11, 064 8— 91,364 69,176 14,424 54,752 22,188 88,309 52, 714 34,950 645 7, 317 742 15,132 10,892 15_._ 93, 572 67,582 14, 943 52,639 25, 990 91, 301 52,107 35, 000 4,194 5,888 587 14,156 11, 980 22.__ 94,064! 70,069 15,760 54,309 23,995 89,873 50, 652 35,155 4,066 6,326 634 13,115 9,808 29— 95,006J 70,990 16, 236 54, 754 24, 016 89,043 50, 212 35, 431 3,400 6,431 1,106 13, 547 8,811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL RESERVE BULLETIN 539 TABLE 4.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Borrow- Reserves ings (We D dn a e t s e day) Loans Invest- Net de- Govern- F re e w s d e i e t r h r v a e l F re f e r s d o e e m r r v a e l D ba u n e k t s o b f D a ro n u m k e s Total On se- All ments Total mand Time ment bank bank Total curities other CITY OF CHICAGO 1927 Jan. 5 1, 737,144 1, 864, 460 723, 630 349,054 1,717,1541,185, 586 523, 495 8,073 179, 719 37, 701 373, 899 164. 357 12___. 1, 724, 585 1, 368, 043 659, 914 708,129 356,542:1,719,5921,193, 074 520, 874 5,644 167, 451 8,086 378, 260 146', 391 19___. 1, 717, 267 1, 361, 521 660,812 700, 709 355,74611,703,291 1,178, 835 518,812 5, 644 172, 967 17, 247 367, 062 144, 884 26___. 1,706, 415 1,344, 949 655,147 689, 802 361, 466 1, 687, 6511,164, 593 517,414 5,644 167, 683 7, 063 361, 836 139, 796 Feb. 2___. 1, 747, 645 1, 370, 497 676, 833 693, 664 377,148 1,718,881 187,493 525, 744 5,644 161, 714 15. 824 139,082 9___ 1, 733,152 1, 361,970 673, 495 688, 475 371,182 1,717, 425 182, 111 530,839 4,475 166,151 9; 204 359, 754 128, 741 16___. 1, 733, 613 1, 356, 500 671, 930 684, 570 377,113 1,722, 796 189, 728 528, 593 4, 475 179,120 21, 234 365, 231 146, 017 23__. 1, 740, 291 1, 359, 616 658,396 701,220 380, 675 1,710, 472 178, 414 527, 583 4, 475 150, 884 10, 205 359, 851 143, 551 Mar. 2_._ 1, 740, 969 1, 364, 910 673, 403 691, 507 376, 059 1,714, 231 188, 429 521, 327 4,475 162, 309 20, 300 381, 042 152,243 9.... 1, 746, 005 1, 364, 392 665, 915 698, 477 381, 613 1,714, 690 192, 758 518, 231 3,701 158, 323 14, 510 369, 018 137, 670 16.__. 1, 755, 401 1, 363, 290 666,145 697,145 392, 111 1,728,002 ,,188,280 518, 084 21, 638 172, 917 13, 404 373, 510 153, 921 2 3 3 0 __ — _ 1 1, , 7 7 3 7 3 0 , , 8 5 1 9 1 6 1 1 , , 3 34 3 2 8 , , 3 5 1 1 1 6 6 6 5 4 7 9 , , 1 9 3 0 3 5 6 68 8 8 5 , , 1 6 7 1 8 1 4 3 2 9 8 5, , 0 5 8 0 0 0 1 1, , 730,933 HI,1 1 8 4 9 9 , , 4 8 0 7 1 4 5 49 2 8 1 , , 2 5 1 8 0 8 1 1 8 9 , , 8 4 7 7 3 1 1 1 6 5 3 2 , , 3 3 0 2 6 4 3 1 3 7 , , 4 7 3 3 6 1 3 35 8 5 0 , s 5 7 7 8 0 8 1 1 3 36 8 , , 9 39 9 8 8 Apr. 6_._ 1, 724, 518 1, 331, 339 637,476 693, 863 393,179 1,690, 3051,156, 764 516, 220 17, 321 169, 984 21, 579 374, 709 147.136 13,.. 1, 745, 508 1,349, 284 650, 294 698, 990 396, 224 1,721, 5861,189, 583 515,885 16,118 162, 658 7,562 370, 764 153,731 20—. 1, 743, 279 1, 352, 459 663, 342 689,117 390, 820 1,707, 7551,177,103 519, 676 10, 976 175, 792 25, 684 351, 872 145, 382 27— 1, 761,191 1, 356,735 671, — 685,096 404,456 1,719,231 1,186, 925 521, 978 10,328 169,165 26, 928 144, 401 May 4 1, 787, 766 1, 389, 754 673, 580 716,174 398, 012 1,757,185 1, 220, 073 527, 432 9,679 171, 648 27, 233 380.169 173,178 11.._ 1, 783, 363 1. 387, 052 679, 034 708, 018 396, 311 1,749, 3051,213, 094 528,191 8,020 172,841 12.297 376.170 169,454 18— 1, 792, 522 i; 383, ~~- 686,154 697, 733 408, 635 1,771, 5711,233, 665 532, 299 5,607 176, 026 1< 479 372, 316 172, 093 25. __ 1,802, 600 681, 694 702,134 418, 772 1,772, 5441, 234, 852 532,165 5,527 177,995 21, 589 360, 750 163, 662 1, 383,828 June l.__ 1, 782, 878 694, 644 686, 839 401, 395 1,732, 6781,195, 256 532, 818 4,604 176,157 34, 598 354,153 160, 537 8... 1, 796,159 1, 381. 483 724,206 678, 780 393,173 1,766,081 1, 223, 513 539, 664 2,904 169, 207 7, 457 351, 289 134,952 15___ 1, 810, 641 1,402;-- 731, 943 673, 984 404, 714 I)797, 7311,245, 685 536, 810 15, 236 180,107 8,295 342, 732 152, 303 22___ 1,807, 753 1, 405, 927 726, 008 669, 737 412, 008 1,772. 0951,213, 969 543, 574 14, 552 176, 554 26, 001 337,812 137,875 29... 1, 821, 560 1, 395, 745 727, 041 674, 828 419, 6911,782, 0941, 225,078 544,897 12,119 161, 211 21,188 344, 273 140, 948 1,401, 869 CITY OF ST. LOUIS 1927 Jan. 5 435, 503 316, 086 144, 401 171, 685 119, 417 409, 045 277, 796 127, 750 3,499 32, 672 4,900 77, 957 32, 578 12.... 442, 792 322, 579 144, 763 177,816 120. 213 414, 306 278, 546 132, 835 2,925 31,458 2,965 89, 322 31,119 19—. 442,492 321, 889 141, 334 180. 555 120; 603 414,819 278, 043 133, 851 2,925 32,781 1,165 97,849 34, 536 26.... 443,269 323, 012 144, 235 178; 777 120, 257 411, 534 274, 790 133,819 2,925 30,067 615 89, 002 28, 457 Feb. 2___. 442,906 323, 585 140, 064 183, 521 119, 321 410, 739 273,606 134, 208 2,925 28,183 1,315 90,022 29, 712 9.... 441,108 322, 247 140, 916 181,331 118, 861 412, 720 275, 454 134, 616 2,650 31,111 900 88,284 29,443 16-.-. 440, 531 318, 821 139, 542 179, 279 121, 710 413,835 276,134 135, 051 2,650 31, 049 1,150 90,121 28,934 23—. 436,199 314, 282 140, 016 174, 266 121,917 406, 386 268,110 135, 626 2,650 31, 559 5,790 84,960 31, 310 Mar. 2.... 443,137 318, 320 142, 820 175,500 124, 817 408, 373 269, 741 135, 986 2,646 28,928 7,385 89,726 31, 441 9—. 443, 503 318, 790 142, 774 176, 016 124, 713 411,169 272, 317 136, 384 2,468 31,460 4,674 29,126 16.... 444, 070 316, 968 141, 496 175, 472 127,102 414,958 269, 304 137,225 8,429 32, 864 5,500 89, 766 32, 797 23___. 443,199 316, 093 143, 644 172,449 127,106 406, 623 261, 929 137,108 7, 586 30, 514 8,445 83, 786 29, 765 30-__. 441, 923 314, 607 144, 993 169, 614 127,316 404, 732 261,213 136,167 7,352 30,178 7,240 83,217 26,133 Apr. 6 442, 282 315, 253 143, 661 171, 592 127, 029 411, 687 270, 243 134, 592 6,852 31,211 3,550 89, 899 28,107 13___. 442, 279 314,283 145,157 169,126 127,996 409,599 268, 632 134, 653 6,314 30,804 5,236 87, 537 28, 891 2O.._. 442, 537 314, 591 145, 222 169, 369 127, 946 406,867 267, 319 135,261 4,287 29, 372 5, 310, 84,169 27, 302 27--_. 440, 550 311, 830 144,140 167, 690 128, 720 404, 240 264, 465 135,747 4,028 30, 361 7,500 82, 735 28, 530 May 4 442,991 312.712i 145, 654 167,058 130, 279 405,170 265, 567 135,817 3,786 30, 458 8,075 85,900 27, 963 ll--_. 443, 344 311,64l| 146, 022 165, 619 131, 703 405, 724 266, 299 136, 281 3,144 30, 524 9,285 82, 958 26, 546 18—. 455,102 309, 338 142,814 166, 524 145, 764 399, 995 260, 649 137, 012 2,334 29, 084 14, 645 80, 406 28,184 25-__. 454, 368 302,957 139, 307 163, 650 151,411 398,159 256,870 139, 073 2,216 30, 661 12, 349 77,977 26,489 June 1 442, 593 297,979 140, 725 157, 254 144, 614 375, 870 242, 549 131, 522 1,799 26,038 20,695 82, 532 25, 592 8_._. 431,209 300, 558 141,220 159, 338 130, 651 393, 906 263, 753 129, 075 1,078 30, 713 12,010 80,399 27, 518 15.... 438, 177 311,1291 143, 930 167,199 127, 048 416, 827 285,197 128, 672 2,958 36, 253 5,494 83, 472 26, 051 22-__. 439,828 314,319 144,356 169, 963 125, 509 404,152 272, 542 128,854 2,756 31, 717 11,150 81, 573 29,229 29..-. 444,079 320,035 150,443 169, 592 124, 044 402,116 272,012 128,134 1,970 32,403 18,244 79, 030 24,124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDEKAL EESEEVE BULLETIN JULY, 1927 TABLE 4.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Borrow- Reserves ings (We D dn a e t s e day) Total L O o n a n s s e- All I m nv e e n s t t s - Total N m e a t n d d e- Time G m ov e e n r t n- F re b w e s a d e i n e t r h r v k a e l F re b f e r s a d o e n e m r r v k a e l D ba u n e k t s o b f D a ro n u m k e s Total curities other CITY OF MINNEAPOLIS 1927 Jan. 5 170, 728 124,648 32, 698 91,950 46,080 159,904 105, 656 53, 715 533 12, 270 55, 223 25,242 12___. 171,147 124, 895 36,054 88,841 46,252 161,056 106, 765 53, 876 415 11,442 52,252 23,918 19.... 170, 653 123, 956 36, 559 87,397 46, 697 161, 804 107, 326 54,083 415 13,357 51,949 17,719 26.._. 170,675 123, 699 37,375 86,324 46,976 160,546 107,059 53,072 415 12,088 52,896 19,247 Feb. 2___. 173, 829 126, 558 41,158 85,400 47,271 160,169 106, 612 53,142 415 8,174 55, 467 25,478 9___, 173,459 125, 691 40,280 85,411 47, 768 163, 700 110, 955 52,387 358 13,010 55, 793 16,233 2 1 3 6 . _ _ . . .. 1 1 7 7 4 6 , , 3 2 9 1 5 0 1 1 2 2 6 6 , , 3 4 0 6 8 7 4 4 1 0 , , 1 2 8 2 1 7 8 8 5 6 , , 1 2 2 4 7 0 4 49 8 , , 0 7 8 4 7 3 1 1 6 6 4 7 , , 7 5 1 7 8 6 1 1 1 1 1 2 , , 9 9 8 3 6 4 5 5 2 4 , , 4 2 2 3 6 2 3 3 5 5 8 8 1 1 1 3 , , 9 2 1 2 0 1 5 5 5 5 , , 4 1 6 5 4 9 1 18 9 , , 9 3 9 6 7 1 Mar. 2___. 178,245 127, 880 39, 308 88, 572 50, 365 188,487 110,889 57,240 358 11, 532 55,446 22,677 9___ 177, 714 127,109 39,227 87,882 50, 605 165,931 108,552 57,058 ' 321 8,943 56, 539 24, 841 16_._. 177,016 124,445 35, 865 88, 580 52, 571 165, 803 108,070 57,412 321 12, 724 52,182 18,493 23_._. 176, 731 121, 833 35, 703 86,130 54, 898 169, 699 110, 544 57,201 1,954 14,214 52, 505 15, 823 30___, 176,095 121,231 37, 392 83, 839 54, 864 167,039 107, 856 57,291 1,892 11,919 51,256 17,276 Apr. 6 175,323 120, 619 35, 772 84, 847 54, 704 168, 537 109,232 57, 554 1,751 14,021 54,175 18,267 13.... 175,611 120,757 37,224 83, 533 54, 854 166,131 106,242 58,280 1,609 10,734 50,937 21,934 20.._. 171,136 116,561 35,485 81, 076 54, 575 163, 389 104,056 58,246 1,087 13,307 49, 702 19, 574 27.... 170,097 115,462 37,291 78,171 54, 635 161,443 102,212 58,144 1,087 12,034 48, 920 19,567 May 4 167.018 112,924 36,401 76, 523 54,094 180,095 102,390 56, 749 956 13,260 50,017 19,675 11—. 169, 781 113, 855 37,494 76,361 55, 926 161,951 103,400 57, 758 793 11,748 47, 862 22; 186 18.... 171,418 114, 505 36, 686 77, 819 56,913 161,595l !103,406 57,603 586 12, 359 46, 755 19,990 25.... 168.019 112,168 34, 759 77, 409 55.851 160,477 102,258 57, 633 586 12. 765 45,449 16, 556 June 1___ 173,077 117,021 35, 347 81, 674 56, 056 163, 019 104,883 57, 731 405 10,212 48,279 22,368 8___. 170, 904 114, 998 34,017 80,981 55, 906 164,008 105, 978 57, 789 241 14, 911 1,000 I 49, 388 18,285 15___. 174, 279 116, 017 34,228 81, 789 58,262 165,986 105, 824 57, 767 2,395 13, 330 1, 300 |47,945 17, 628 22__. 172,194 113, 689 31, 835 81, 854 58, 505 162,893 102, 903 57, 647 2,343 11, 787 45, 878 22, 319 29. 173, 221 115, 242 33,880 81, 382 57,979 163,900 i104, 010 57, 864 2,026 11,136 46, 082 19, 060 CITY OF KANSAS CITY 1927 Jan. 5__ 167, 206 114, 044 29, 711 84,333 53,162 173, 341 155, 293 16,121 1,927 16,153 4, 050 104,008 46,407 12.... 166, 755 112, 757 29, 687 83,070 53, 998 174, 507 157, 089 15, 961 1,457 15, 595 926 100, 770 46, 961 19.._. 169, 617 115,010 30, 889 84,121 54, 607 177,292 159, 618 16,217 1,457 15,627 1, 727 100, 867 43, 584 26.... 168,420 113, 734 31, 343 82, 391 54, 686 177, 824 160,000 16, 367 1,457 17, 366 705 99,033 41, 531 Feb. 2... 170,196 116,277 33,407 82,870 53,919 180, 558 162, 692 16,409 1,457 17, 528 630 103,946 42, 890 9... 172, 357 118,055 34, 933 83,122 54, 302 180, 324 162, 546 16, 546 1,232 15,017 635 95, 471 42, 653 16.... 171,007 116,240 33, 529 82,711 54, 767 181,146 162, 595 17,319 1,232 17,198 1,153 94,144 40,903 23_._ 165, 323 110, 597 28, 786 81,811 54, 726 176, 085 157,475 17, 378 1.232 18,803 1,751 87, 785 41, 091 Mar. 2__ 169,084 113, 554 31, 768 81, 786 55, 530 178,020 160,130 16, 658 1,232 16.194 487 94,607 42,891 9_._ 165,350 110,002 28, 300 81, 702 55,348 175, 679 158, 068 16, 529 1,082 I 17.195 369 91,105 40, 997 16... 169,831 110, 968 27, 545 83,423 58, 863 180,412 160,125 16, 623 3,664 17, 298 485 92,107 41,118 23___ 168,662 109,579 26,252 83,327 59, 083 176.198 156,303 16,599 3,296 15, 351 858 86,938 36, 534 30.... 167,305 108,070 25,517 82, 553 59,235 173,404 153, 728 16,477 3,199 18,205 2,579 86, 584 41,691 Apr. 6 164,994 105,462 24,568 80, 894 59, 532 172,849 153, 111 18, 760 2,978 16,121 2,005 89,262 41,037 13... 167, 649 107, 569 25,425 82,144 60,080 173, 515 153, 979 16. 793 2,743 •14, 662 1,360 89,667 41,266 20.... 169, 581 108, 312 25, 084 83,228 61,269 178,025 157,213 18; 950 1,862 15,923 995 84, 692 38,144 27___. 169,102 107,479 24, 883 82,596 61,623 174, 728 154,513 18,464 1,751 16, 334 3,279 83, 344 34,148 May 4.._. 169,494 107,001 24,387 82,614 62,493 176,972 156,812 18,497 1,663 16,348 1,543 86, 332 36,014 11... 173,186 110, 820 28, 071 82, 749 62, 366 179,964 160,072 18, 512 1,380 16,474 2,563 85,059 32,269 18.... 170,481 108,004 25, 579 82,425 62,477 174, 631 155,022 18,584 1,025 17,112 5,760 80, 738 33,075 25_... 170,200 107, 564 25, 753 81,811 62, 636 173,861 154, 846 18, 503 512 15,565 4,259 78,076 32, 600 June l.-_ 169,850 105,803 25,691 80,112 64,047 178,344 159,395 18, 535 414 18,423 2,581 83,910 33,423 8..., 173,185 112,925 31, 845 81,080 60,260 179, 501 160, 617 18, 635 249 16,414 2, 799 82,853 33,101 15..., 189, 760 128,883 44, 790 84,093 60, 877 190, 517 169,900 18,489 2,128 17, 730 3,934 85,953 35, 300 22. __ 179,876 119,074 38, 515 80, 559 60,802 186,394 165,778 18, 536 2,080 18, 562 4,774 80, 644 33, 519 29... 180, 921 119, 717 39, 704 80, 013 61, 204 187,364 167, 008 18, 570 1,786 17,966 4,109 80, 012 31, 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDERAL EESEEVE BULLETIN TABLE 4.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILI- TIES, BY WEEKS, JANUARY 5-JUNE 29, 1927—Continued [In thousands of dollars] Net demand, time, and Government Loans and investments deposits Borrow- Bate Total Total L c O o u a r n i n t s s i e e - s o A th l e l r I m nv e e n s ts t- Total N m e a t n d d e- Time G m ov e e n r t n- R F r e e b w e s s d a e e i n e t r r h r v k v a e e l s F re b f e i r s n a d o e g n e m r s k r v a e l D ba u n e k t s o b f D a ro n u m k e s CITY OF DALLAS 1927 Jan. 5 106, 522 90, 599 17, 613 72, 986 15, 923 94, 775 73,498 17,866 3,411 7,878 248 34, 618 27, 692 12—. 105, 799 89, 876 17,402 72, 474 15,923 92,075 71,087 18, 454 2,534 7,090 1,380 32, 757 30,140 2 1 6 9— ... 1 1 0 0 6 4 , , 1 3 3 7 2 8 9 87 0 , , 1 7 5 5 9 8 1 17 7 , , 3 5 5 9 2 8 7 72 0 , , 4 5 0 8 6 1 1 16 5 , , 9 6 7 2 3 0 9 9 3 2 , , 9 8 7 6 8 9 7 7 2 1 , , 5 6 5 6 9 6 1 1 8 8 , , 7 7 7 7 6 8 2 2 , , 5 5 3 3 4 4 6 6 , , 9 8 2 4 6 0 4 4 0 1 9 4 3 3 1 1 , , 3 5 4 8 2 1 2 2 6 7 , , 1 8 8 8 7 1 Feb. 2—. 107, 255 90, 850 17. 553 73,297 16, 405 94,154 72,044 19, 576 2,534 7,280 350 32,079 21,621 9___. 110,296 93,152 17; 648 75, 504 17,144 97,273 74, 233 20, 926 2,114 7,669 435 34,153 19, 631 16— 111, 749 94, 412 17, 838 76, 574 17, 337 99, 532 76, 755 20, 662 2,115 7,768 442 33, 934 20,113 23.... 112, 520 94,330 17, 974 76,356 18,190 99,116 75, 880 21,121 2,115 7,489 963 32, 769 19, 597 Mar. 2—. 111, 413 92, 839 18,248 74, 591 18, 574 100,336 81,015 17, 206 2,115 9,365 33,054 19, 598 9—. 111, 603 92, 539 18,114 74, 425 19,064 99,360 80,241 17,284 1,835 8,311 33, 962 21, 591 16— 117, 297 92, 896 18, 574 74,322 24, 401 107,319 82,321 17,235 7,763 8,798 33,334 21,232 23.... 115, 550 90, 518 18,800 71,718 25,032 103, 751 79,156 17, 610 6,985 8,288 30,027 16,863 30— 115,049 90,063 19, 729 70,334 24, 986 102,826 78,298 17, 752 6,776 8,214 200 29,186 16,635 Apr. 6— 113, 559 90,255 19, 638 70,617 23,304 102,433 78, 718 17, 405 6,310 8,124 200 30, 527 20, 410 13.... 113, 749 90, 864 19, 570 71,294 22, 885 104,153 81,122 17,218 5,813 8,060 250 28, 782 18,338 20—. 113,020 89,387 19, 541 69,846 23,633 101,039 79,685 17,406 3,948 8,398 500 27, 563 17, 542 27.. _. 112,034 87, 705 19, 551 68,154 24,329 100,734 79, 596 17,428 3, 710 8,147 950 27, 625 18,782 May 4—. 112, 635 88, 455 19, 541 68, 914 24,180 98, 760 77, 847 17. 425 3,488 7,825 30,033 18,482 11—. 105, 603 81, 507 18,046 63, 461 24,096 97,149 76, 428 17, 827 2,894 7,962 75 27,048 16,42C 18.... 110,373 86, 781 19,327 67, 454 23, 592 96, 410 76, 544 17, 714 2,152 7,813 200 25, 732 16,246 25___ 110,195 86,829 19,446 67,383 23,366 94,370 74, 594 17, 730 2,046 7,410 600 25,329 15,294 June 1 111, 868 86, 502 19, 445 67,057 25,366 96, 243 76,870 17, 716 1, 657 7, 923 1,175 25, 781 15, 456 8—. 109, 552 85,171 19,424 65, 747 24, 381 94, 979 76,030 17, 955 '994 7,062 1,000 26,159 16, 811 15___ 116, 628 86,245 19, 684 66, 561 30. 383 104. 747 78,946 17,914 7,887 8,343 580 24,823 17,167 22—. 117,198 87, 265 19, 950 67, 315 29;933 103,' 274 77, 631 17, 941 7,702 8,278 774 24,192 16,389 116,170 87,943 19, 362 68, 581 28, 227 102,109 77, 577 17,961 6,571 7,841 1,224 23, 513 13,151 CITY OF SAN FRANCISCO 1927 Jan« 5 716,149 529,322 157,129 372,193 186, 827 636, 549 317,292 307, 731 11, 526 42,041 37,015 107, 730 50, 496 12— 707, 745 521, 518 154, 405 367,113 186,227 637, 943 322, 698 306, 269 8, 976 43, 551 27, 625 111,148 52, 642 19.__ 700,390 513, 762 147.114 366, 648 186, 628 633,250 321, 716 302, 558 8, 976 41,735 20, 875 103,821 51,039 26... 701,152 514, 047 147; 539 366, 508 187,105 635, 438 317, 422 309,040 8, 976 41,459 19,120 100, 774 49,013 Feb. 2—. 704, 727 519. 472 148, 549 370, 923 185, 255 607, 835 309,250 289, 609 8,976 40, 688 27,065 130, 244 47,488 9___. 705.817 518', 800 151,163 367, 637 187,017 611,365 316, 083 287, 529 7, 753 42,177 21,885 141, 504 47, 603 16—. 709, 853 519, 718 153,272 366, 446 190,135 820,836 318,153 294, 930 7,753 42, 468 20, 740 125, 609 49,218 23___. 718,247 533,125 153, 991 379,134 185,122 651,172 312,250 329,225 9, 697 39, 868 34, 530 110, 916 64,139 Mar. 2___. 725, 729 535, 936 155,198 380, 738 189, 793 642, 467 300,273 332, 497 9, 697 41, 218 42, 203 113,373 55, 645 9_._ 720, 577 541,067 148, 465 392,602 179, 510 627, 559 291,191 327, 545 8,823 38, 813 36, 573 113,291 53,275 16.._. 731, 744 532,181 147,987 384,194 199, 563 669,173 308, 696 327,054 33, 423 39, 622 31, 563 106. 569 63,777 23.... 727,401 529,046 148,056 380,990 198,355 646,707 295,742 320, 883 30,082 38, 686 43,081 90, 826 49, 489 30___. 733,948 528,218 149, 985 378,233 205, 730 667,821 302, 947 335, 695 29,179 40,144 27, 881 96,215 49, 689 Apr. 6 725, 579 523, 561 148,914 374, 647 202,018 651,977 297, 522 327,283 27,172 40,051 39, 678 94,134 51, 589 13—. 724,935 525,022 147,332 377, 690 199,913 650, 537 303,290 322,209 25,038 40,222 38,637 98, 581 51, 754 20—. 726,014 523, 224 148,243 374,981 202, 790 651, 804 305, 909 328, 897 16, 998 40, 521 41,975 94,007 50,771 27... 727,971 527,303 148, 514 378,789 200, 668 642,212 306,251 319,982 15,979 39,758 38,411 92,941 49,212 May 4 731,430 529,120 150,252 378, 868 202.310 643, 346 307,067 321, 258 15, 021 40, 661 39,129 100,382 50, 931 11— 737,032 531,277 151, 519 379,758 205, 755 659,262 306,114 340, 681 12,467 41, 575 23,124 96, 615 49, 892 18— 733,040 529, 997 151,226 378, 771 203.043 653, 729 305, 610 343, 847 9, 272 40,181 28,355 100, 957 53; 203 25_._, 733, 717 531, 644 151, 796 379,848 202; 073 660, 766 312,440 339, 517 8,809 40, 748 15, 750 95, 595 51,275 June 1 730,224 533, 418 152,790 380, 628 196,806 649, 447 311,055 331,256 7,136 39,393 17,800 99,920 57,625 8—, 735, 544 532, 751 154,103 378, 648 202. 793 653,815 307, 551 341, 984 4,280 41, 283 20, 500 98, 245 50.931 15.... 754, 511 531, 529 155,186 376, 343 222', 982 671, 821 306, 251 339, 056 26, 514 40,188 23, 350 95, 288 51,167 22... 748, 769 531, 224 153, 797 377,427 217, 545 659,135 298, 648 334, 776 25, 711 40, 776 25, 950 99, 598 55,358 29— 742,868 533,421 155,671 377, 750 209,447 669, 542 307, 057 341, 046 21,439 42, 586 22, 050 106, 336 52,492 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDEEAL RESEEVE BULLETIN JULY, 1927 TABLE 5.—LOANS TO BROKERS AND DEALERS SECURED BY STOCKS AND BONDS MADE BY WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS, DECEMBER 1, 1926-JUNE 29, 1927 [In thousands of dollars] Loans on demand and on time Loans on demand Loans on time For ac- For ac- For ac- Date (Wednesday) Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c s o - f Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c s o - f Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c s o - f banks banks banks 1926 Dec. 1 2, 646, 653 883, 047 1,026, 355 737, 251 1,960,274 586, 243 721,188 652, 843 686, 379 305,167 84,408 8 2. 638, 528 813,368 1,062, 969 762,191 1, 956,124 523,154 759,148 673, 822 682,404 290, 214 303, 821 88,369 15 2. 692, 450 825, 465 1, 074. 765 792, 220 1, 996, 696 532, 910 761, 970 701,816 695, 754 292, 555 312, 795 90,404 22 2, 723,465 906,973 1, 037; 103779, 389 2, 037, 857 617, 885 727, 674 692, 298 685, 608 ?89, 088 309, 429 87, 091 29. __•___ 2, 787, 761 1, 008, 235 1,021. 747 757, 779 2,108, 872 721, 507 714,474 672, 891 678, 889 286, 728 307, 273 84, 888 1927 Jan. 5 2,818, 561 1, 037, 311 1, 049,246 732,004 2,137, 288 747, 841 741,963 647, 484 681, 273 289,470 307, 283 84, 520 12 2, 791,135 947, 891 1,100, 475 742, 769 2,105,791 652, 781 793,891 659,119 685, 344 295,110 306. 584 83, 650 19 2, 770,172 882, 901 1,140, 604 746, 667 2, 081, 944 587, 207 657, 821 295, 694 303, 688 88, 846 26 2, 731,940 865,183 1,125, 713 741, 044 2, 047, 954 566, 275 822, 810 658, 869 683, 986 298,908 302, 903 82,175 Feb. 2 2, 730, 001 885,123 1,123, 780 721, 098 2, 050, 325 581, 216 832, 434 636, 675 679, 676 303, 907 291, 346 84,423 9... 2, 720, 578 807, 571 1,154, 874 758,133 2, 047, 598 510, 827 863, 806 672,965 672. 980 296, 744 291, 068 85,168 16 2, 718, 634 815,422 1,123, 046 780,166 2, 069, 796 532, 935 846, 538 690. 323 648', 838 282. 487 276, 508 89,843 23 2, 762,154 856,066 1,106, 654 799,434 2,108, 658 567, 212 830,915 710; 531 653,496 288, 854 275,739 88,903 Mar. 2 2, 813,045 922, 050 1, 070,482 820, 513 2,159, 016 634, 380 791, 582 733, 054 654, 029 287, 670 278,900 87,459 9 2, 819, 111 869, 677 1,110, 405 839, 029 2,155, 605 584,982 823, 342 747, 281 663, 506 284, 695 287, 063 91, 748 16 2, 840, 769 888, 271 1,139,113 813, 385 2,171,797 606,119 843,910 721, 768 668, 972 282,152 295, 203 91, 617 23 2, 802,187 881,114 1,087, 758 833, 315 2,142, 398 595, 552 804, 609 742,237 659, 789 285, 562 283,149 91, 078 30 2,803, 312 941, 742 1,045, 707 815, 863 2,144,101 655, 627 760,413 728,061 659,211 286,115 285,294 87,802 Apr. 6 2,840, 238 968, 794 1,072, 575 798,869 2,175, 439 681, 374 782,498 711, 567 664, 799 287,420 290, 077 87,302 13 2, 862, 615 899, 211 1,157,116 806, 288 2,198, 398 615, 733 862, 530 720,135 664, 217 283, 478 294, 586 86,153 20. _ 2,878,123 912, 277 1,150, 982 814, 864 2, 201, 997 625, 231 855, 529 721,237 676,126 287, 046 295,453 93, 627 27 2,882, 994 935, 588 1,143, 294 804,112 2,181, 875 644, 946 819, 319 717, 610 701,119 290, 642 323, 975 86,502 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 11 2,914, 945 909, 632 1, 216, 510788. 803 2,195, 283 612, 729 882,108 700,446 719, 662 296, 903 334,402 88, 357 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 25 2, 964, 650 932,161 1,172, 589 859, 900 2,256,491 634, 671 773, 732 708,159 297,490 324, 501 86,168 June 1 3, 061, 891 1, 076, 332 1,134, 018 851, 541 2, 349, 308 779, 246 813, 523 756, 539 712, 583 297, 086 320,495 95, 002 8 3,118, 429 1,034, 772 1,216, 934 866, 723 2, 396, 395 730, 900 896, 675 768, 820 722, 034 303, 872 320, 259 97,903 15 3,159, 876 1, 071,158 1, 233, 572855,146 2,434,667 ! 764,814 906, 091 763, 762 725, 209 306, 344 327,481 91,384 22 3,115,870 1,073, 847 1,170,133 871,890 2,377,403 ! 766, 293 834, 908 776, 202 738, 467 307, 554 335, 225 95, 688 29 3,117, 920 1,131, 784 1,143, 736 842,400 2,368,550 819, 022 805, 928 743,600 749,370 312, 762 337,808 98,800 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL EESEKVE BULLETIN 543 JULY, 1927 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE 1.—ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY FEDERAL RESERVE DISTRICTS, 1923-1927 [In millions of dollars. Figures are for dates indicated or dates nearest thereto for which figures are available] Federal Reserve District Call date Total Boston Y N o e r w k d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - Atlanta 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 - Loans and investments: 1923—June 30 43, 905 4, 967 12,335 3,198 3,912 2,206 1,412 6,183 1,888 1,666 1,883 954 3,301 Dec. 31 44, 254 5,021 12, 442 3.228 3,927 2,230 1,497 6,200 I 1, 913 1,605 1,827 1,018 3,346 1924—Mar. 31 44, 622 5,031 12, 631 3^ 284 4,010 2,246 1,493 6,271 | 1,899 1,552 1,773 1,010 3,422 June 30 45, 299 5,147 13,237 3,336 4,062 2,242 1,457 6,328 ! 1,883 1,488 1,739 963 j 3,417 Oct. 10 46, 588 5,302 13, 729 3,452 4,173 2,272 1,477 6,539 j 1,908 1,530 1,744 997 I 3,465 Dec.31.. 47,464 5,323 14, 205 3,513 4,177 2,281 1, 536 6,572 I 1,940 1, 564 1,784 1,018 3,551 1925—Apr. 6 48,150 5,476 14,038 3,630 4, 278 2,320 1,652 6,723 ! 1,951 1,574 1,819 1,044 3,645 June 30 49, 014 5,541 14, 521 3,654 4,322 2, 337 1,700 6,846 ! 1, 986 1,571 1,824 1,016 3,696 Sept. 28 50,019 5,664 14,669 3, 759 4,409 2,380 1,889 6.936 i 2,044 1,586 1,846 1,049 3,788 Dec. 31 50, 919 5,738 15,144 3, 815 4,374 2,399 2,002 7^ 011 2,069 1,567 1, 849 1,071 3,880 1926—Apr. 12 51,081 5,788 14,993 3,903 4,472 2,410 1,995 7,062 2,074 1,565 1,840 1,063 3.916 June 30 51, 761 5,908 15, 533 3,923 4,494 2,402 1, 850 7,189 2,077 1,549 1,848 1,044 3; 944 Dec. 31 52, 265 5, 970 15, 910 4,038 4,488 2,398 1,792 7,183 2,052 1,495 1,828 1,030 4,081 1927—Mar. 23 52, 652 6,003 16, 062 4,090 4,601 2,385 1,749 7,236 2,057 1,496 1,839 1, 075 45059 Loans: 1923—June 30 30,189 3,083 7,874 1,808 2, 596 1,677 1,166 4,458 1,429 1,327 1,547 792 2,432 Dec. 31 30,646 3,146 8,040 1,881 2,622 1,715 1,244 4,471 1,464 1,258 1,496 831 2,478 1924—Mar. 31 30,978 3,155 8, 229 1,933 2,668 1,734 1,243 4,522 1,461 1,201 1,457 833 2,542 June 30 31, 218 3,227 8, 540 1,940 2,680 1,742 1,221 4,519 1,456 1,142 1,423 801 2, 527 Oct. 10 31,832 3,347 8,768 2,020 2,714 1,751 1,237 4,593 1,485 1,145 1,407 829 2,536 Dec. 31 32,339 3,371 9,119 2,043 2,729 1,748 1,284 4,600 1,476 1,132 1,421 847 2, 569 1925—Apr. 6 32,856 3,487 9,051 2,142 2,828 1,779 1,373 4,690 1,479 1,108 1,430 852 2,637 June30 33,657 3,548 9,479 2,159 2,879 1,804 1,413 4,822 1,495 1,099 1,429 837 2,693 Sept. 28 34, 621 3,666 9,682 2,294 2,964 1,850 1,565 4,890 1,549 1,104 1,440 865 2,752 Dec. 31 35, 533 3,716 10, 251 2,368 2,963 1,866 1,652 4,949 1,564 1,070 1,432 875 2,827 1926—Apr. 12 .. 35, 530 3,700 10,110 2,445 3,043 1,873 1,638 4,979 1, 567 1,051 1,411 867 2,846 June 30 35, 958 3,796 10, 478 2,438 3,044 1,866 1,519 5,063 1,567 1,031 1,417 855 2,884 Dec. 31 _. 36, 592 3,847 10,976 2,551 3,075 1,868 1,462 5,102 1,535 1,374 841 2,974 1927—Mar. 23 36, 297 3,834 U, 929 2,523 3,095 1,829 1,404 5,042 1,510 1,372 2,933 Investments: 1923—June 30. _ 13, 716 1,884 4,461 1,390 1,316 529 246 1,725 459 339 336 162 Dec. 31 13,608 1,875 4,402 1,347 1,305 515 253 1,729 449 347 331 187 1924—Mar. 31__ . 13,644 1,876 4,402 1,351 1,342 512 250 1,749 438 351 316 177 June 30 14,081 1,920 4,697 1,396 1,382 500 236 1,809 427 346 316 162 890 Oct. 10 14, 756 1,955 4,961 1,432 1,459 521 240 1,946 423 385 337 168 929 Dec. 31. 15,125 1,952 5,086 1,470 1,448 533 252 1,972 464 432 363 171 982 1925—Apr. 6 15, 294 1,989 4,987 1,488 1,450 541 279 2,033 472 466 389 192 1,008 June 30 15, 357 1,993 5,042 1,495 1,443 533 287 2,024 491 472 395 179 1,003 Sept. 28 15,398 1,998 4,987 1,465 1,445 530 324 2,046 495 482 406 184 1,036 Dec. 31 15, 386 2,022 4,893 1,447 1,411 533 350 2,062 505 497 417 196 1,053 1926—Apr. 12 15, 551 2,088 4,883 1,458 1,429 537 357 2,083 507 514 429 196 1,070 June 30. 15, 803 2,112 5,055 1, 485 1,450 536 331 2,126 510 518 431 189 1,060 Dec. 31 15, 672 2,123 4,934 1,487 1,413 530 330 2,081 517 508 454 189 1,107 1927—Mar. 23 16, 355 2,169 5,133 1,567 1,506 556 345 2,194 547 536 467 209 1,126 Deposits (exclusive of bank deposits) : 1923—June 30. 40, 653 4,581 11,393 2,776 3,596 1,927 1,304 5,862 1,727 1,570 1,814 851 3,252 Dec. 31.. 42,143 4,687 11,971 2,898 3,662 2,041 1,410 5,951 1,737 1,538 1,765 i 1,059 3,424 1924—Mar. 31 41,958 4,677 12,023 2,887 3,728 1,992 1,398 5,950 1,707 1,507 1,725 961 3,403 June 30. _ 43, 369 4,867 12, 970 2,971 3, 808 • 1,982 1,363 6,119 1,720 1,481 1,732 917 3,439 Oct. 10 . _. 44,162 5,003 12, 818 3,066 3,870 2,030 1,416 6,254 1,763 1,548 1,809 1,019 3,566 Dec. 31 45, 813 5,032 13, 547 3,166 3,855 2,103 1,553 6,446 1,873 1,596 1,901 1,075 3,666 1925—Apr. 6__ 45, 837 5,108 13,169 3,222 3,962 2,093 1,670 6,486 1,865 1,602 1,902 1,078 3,680 June 30 47, 575 5,218 14,334 3,278 4,042 2,083 1,704 6,737 1,904 1,602 1,922 1, 006 3,745 Sept. 28... 47, 968 5, 286 14,141 3,318 4,087 2,127 1,917 6,747 1,950 1,626 1,935 1,033 3,801 Dec. 31. 49, 202 5,402 14, 398 3,450 4,078 2,217 2,107 6,855 2,031 1,622 1, 950 1,099 3,993 1926—Apr. 12 48, 713 5,427 14,180 3,445 4,121 2,174 2,009 6,844 1,989 1,603 1, 918 1,056 3,947 June 30 _ 49, 693 5,579 14, 971 3,479 4,222 2,170 1,805 7,005 1,987 1,576 1. 920 1,008 3,971 Dec. 31. _. 50,006 5,593 15,153 3,602 4,140 2,222 1,741 6,970 1, 967 1,526 i;924 1,053 4,115 1927—Mar. 23 49, 774 5,583 15,071 3,586 4,276 2,194 1,688 6,906 1,981 1,504 1,916 1,069 4,000 Rediscounts and bills payable: 1923—June 30 1,314 97 239 115 104 125 71 154 69 102 81 59 99 Dec. 31 __ 1,223 110 235 97 79 92 96 175 99 77 86 17 60 1924—Mar. 31 965 70 150 79 64 106 84 133 .. 72 58 56 23 71 June 30 787 36 95 54 49 111 80 106 63 59 52 36 46 Oct. 10 | 663 30 111 40 45 97 71 81 64 43 32 23 27 Dec. 31._ 747 81 176 68 81 80 49 96 36 28 16 10 26 1925—Apr. 6 812 79 235 59 66 86 46 121 34 23 16 7 40 June 30 920 80 220 80 71 119 57 119 53 26 23 20 53 Sept. 28 1,064 71 313 85 92 119 69 106 69 25 23 22 70 Dec. 31. 1,104 104 357 95 103 89 52 155 50 20 31 9 40 1926—Apr. 12 980 56 242 104 91 90 141 52 18 33 19 58 June 30 1,013 73 207 98 85 105 153 59 20 32 37 53 Dec. 31 1,083 91 253 111 120 73 182 19 21 15 43 1927—Mar. 23 804 47 176 83 70 56 69 133 17 22 12 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL EESEEVE BULLETIN JULY, 1927 TABLE 2.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, JUNE 30, 1923, TO MARCH 23, 1927 [In millions of dollars] Federal Reserve District Call date Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - Loans and investments: 1923—June 30 - 26,675 2,051 7,597 1,966 2,749 1,188 922 3,915 1,160 897 1,148 746 2,336 . Dec. 31 I 26,738 2,049 7,656 1,973 2,742 1,210 985 3,909 1,188 864 1,098 812 2,252 1924—Mar. 31 ! 26,832 2,026 7,693 1,994 2,799 1,217 970 3,940 1,181 854 1,059 777 2,322 June 30 j 27,262 2,060 8,121 2,033 2,839 1,198 937 4,014 1,162 825 1,040 733 2,300 Oct. 10 28,451 2,172 8,554 2,139 2,941 1,220 957 4,227 1,187 867 1,059 767 2,361 Dec 31 29,027 2,172 8-849 2,170 2,934 1,228 1,000 4,220 1,226 907 1,081 791 2,449 1925—Apr. 29, 285 2,207 8,638 2,232 3, 007 1,250 1,061 4,290 1,249 907 1,117 814 2,513 June 30.. 29, 702 2,252 8,869 2,251 3,033 , 256 1,085 4,382 1,230 888 ,116 792 2,548 30,369 2,325 8,957 2,312 3,098 1,281 1,201 4,443 1,283 896 ,137 823 2,613 Dec. 31 31,199 2, 395 9,516 2, 341 3, 061 1,297 1,250 4,491 1,312. 893 ,133 833 2,677 1926—Apr. 12 31, 070 2,391 9,213 2,412 3,131 1,298 1,241 4,503 1,335 890 ,139 833 2,684 June 30 31,391 2, 426 9, 477 2,423 3,167 ,282 1,173 4,582 1, 320 881 , 157 808 2,695 Dec. 31__ .._. 31,896 2,458 9,849 2,482 3,139 1,278 1,163 4, 552 1,314 862 ,136 808 2, 855 1927—Mar. 23 32,154 2, 460 9, 743 2,520 3,243 1,290 1,159 4,597 1,332 8S2 :,160 842 2,946 Loans: 1923—June 30 18, 880 1,463 5.114 1,176 1,840 925 738 2, 885 820 691 886 601 1, 741 Dec. 31 19,052 1,471 5,225 1,192 1,843 950 798 2, 878 854 656 849 650 1,686 1924—Mar. 31 19,176 1,458 5,278 1, 220 1,864 959 787 2,922 856 640 823 629 1,740 June 30 19, 264 1,450 5,452 1,241 1,877 954 764 2,952 844 611 800 597 1,722 Oct. 10 19, 820 1, 536 5,625 1,287 1,900 959 780 3,079 874 629 795 625 1, 731 Dec. 31 20,182 1,542 5,901 1,289 1,903 960 816 3,039 885 631 801 646 1,769 1925—Apr. 6 20, 390 1,580 5,771 1,352 1,978 980 862 3,082 892 612 812 651 1,818 June 30 20, 814 1,620 5,970 1,382 2,016 991 878 3,190 878 597 805 638 1,849 Sept. 28 21, 450 1,690 6,104 1.450 2,071 1,019 963 3,252 930 600 817 664 1,890 Dec. 31 22, 275 1,726 6,726 1,489 2, 064 1,033 1,000 3,284 951 586 805 668 1,943 1926—Apr. 12 22,006 1,686 6,380 1,552 2,117 1,030 992 3,295 972 576 794 668 1, 944 June 30 22, 267 1,707 6,567 1,578 2,141 1,017 940 3,377 952 568 811 650 1,959 Dec. 31 22, 906 1,738 7,044 1,620 2,151 1,014 931 3,398 948 554 777 652 2,079 1927—Mar. 23 22, 532 1,710 6,748 1,596 2,170 1,009 907 3,335 934 541 787 669 2,126 Investments: 1923—June 30 7,795 588 2,483 790 909 263 1S4 1,030 340 206 262 145 595 Dec. 31 7,686 578 2,431 781 899 260 187 1,031 334 208 249 162 566 1924—Mar. 31 7,656 568 2,415 774 - 935 258 183 1,018 325 214 236 148 582 June 30 7, 998 610 2,669 792 962 244 173 1,062 318 214 240 136 678 Oct. 10 8,631 636 2,929 852 1,041 261 177 1,148 313 238 264 142 630 Dec. 31 8, 845 630 2,948 881 1,031 ' 268 184 1,181 341 276 280 145 680 1925—Apr. 6 627 2,867 880 1,029 270 199 1,208 357 295 305 163 695 June 30 632 2,899 869 1,017 265 207 1,192 352 291 311 154 699 Sept. 28 8,919 635 2,853 862 1,027 262 238 1,191 353 296 320 159 723 Dec. 31 •__. 8,924 669 2,790 852 997 264 250 1,207 361 307 328 165 734 1926—Apr. 12 9,064 705 2,833 860 1,014 268 249 1,208 363 314 345 165 740 June 30 9,124 719 2,910 845 1,026 265 233 1,205 368 313 346 158 736 Dec. 31 8, 990 720 2,805 862 988 264 232 1,154 366 308 359 156 676 1927—Mar. 23 9,622 750 2, 995 924 1,073 281 252 1,262 398 321 373 173 820 Deposits (exclusive of bank deposits): 1923—June 30 23,837 1,830 6,778 1,657 2,447 988 817 3,562 980 816 1,046 645 2,271 Dec. 31 24,974 1,879 7,418 1,727 2,494 1,044 879 3,618 1,016 807 1,021 779 2,292 1924—Mar. 31 24, 768 1,850 7,425 1,699 2, 536 1,026 855 3,568 1,005 800 997 719 2,288 June 30— 25, 675 1,938 7,925 1,757 2,604 1,018 850 3,762 1,014 805 1, 013 676 2,313 Oct. 10 26, 282 2,041 7,818 1,849 2,659 1,052 877 3,873 1,050 842 1,050 754 2,417 Dec. 31__. 27,814 2,050 8,800 1,894 2,637 1,092 953 4,004 1,121 876 1,082 795 2,510 1925—Apr. 6 27,145 2,023 7,994 1,915 2,730 1,084 1,004 3,986 1,122 875 1,091 796 2,525 June 30 28, 403 2,112 8,838 1,959 2,781 1,090 1,027 4,185 1,097 871 1,113 764 2, 566 Sept. 28 28,172 2,148 8,346 1,986 2,806 1,105 1,127 4,166 1,114 868 1,113 791 2,602 Dec. 31 30,007 2,245 9,453 2,076 2,804 1,157 1,220 4,285 1,182 880 1,140 822 2,743 1926—Apr. 12 29,021 2,228 8,631 2,079 2,856 1,137 1,168 4, 224 1,196 869 1,126 805 2,702 June 30 29, 743 2,296 9,177 2,094 2,929 1,138 1,108 4,340 1,171 861- 1,154 761 2,714 Dec. 31 30,454 2,285 9,686 2,166 2,882 1,164 1,092 4,316 1,186 847 1,148 800 2,882 1927—Mar. 23 29,844 2,260 9,051 2,163 3,002 1,153 1,074 4,246 1,197 827 1,142 815 2,914 Rediscounts and bills payable: 1923—June 30. 943 72 204 85 84 85 44 88 50 43 59 47 83 Dec. 31 808 74 166 69 58 64 65 109 64 27 53 12 48 1924—Mar. 31 615 41 107 51 47 72 59 71 47 18 25 17 59 June 30 443 21 62 33 32 68 47 51 SI 19 23 24 33 Oct. 10. _ 326 10 47 23 29 51 39 35 37 12 10 15 18 Dec. 31._ 408 39 100 43 56 48 27 44 14 6 6 7 19 1925—Apr. 6 486 41 168 40 40 48 25 60 17 6 7 4 June 30 559 56 139 55 48 67 31 71 25 7 9 13 Sept. 28 712 46 231 55 66 69 38 67 48 8 11 16 58 Dec. 31 732 72 258 61 77 55 32 94 29 5 17 6 27 1926—Apr. 12-._. 630 42 156 66 66 53 52 81 30 6 20 12 46 June 30 612 48 111 67 59 59 49 99 35 5 17 25 39 Dec. 31 760 84 212 75 91 37 53 108 36 5 7 10 42 1927—Mar. 23 546 38 161 53 45 27 47 72 19 7 12 8 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEKAL EESEKVE BULLETIN 545 TABLE 3.—NONMEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, JUNE 30, 1923, TO MARCH 23, 1927 [In millions of dollars. Figures are for dates indicated or dates nearest thereto for which figures are available] Federal Reserve District Call date Total New Phila- Cleve- Rich- St. Minne-Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Loans and investments: 1923—June 30-,.- 17, 230 2,916 4,738 1,232 1,163 1,018 490 2, 268 728 769 735 965 Dec. 31 17, 516 2,972 4,786 1,255 1,185 1,020 512 2,291 725 741 729 206 1,094 1924—Mar. 31 17, 790 3,005 1,290 1,211 1,029 523 2,331 718 698 714 233 1,100 June 30 18, 037 3,087 5,116 1,303 1,223 1,044 520 2,314 721 663 699 230 1,117 Oct. 10 18.137 3,130 5,175 1,313 1,232 1,052 520 2,312 721 663 685 230 1,104 Dec. 31 IS! ±37 3,151 5,356 1,343 1,243 1,053 536 2, 352 714 657 702 227 1,102 1925—Apr. 6 _. L8. 85o 35269 5,400 1,398 1,271 1,070 591 2,433 702 667 703 230 1,132 June 30 I9i 312 3,289 5,652 1,403 1,289 1,081 615 2,464 756 683 708 224 1,148 Sept. 28 .__. 19, 650 3,339 5,712 1,447 1,311 1,099 688 2, 493 761 690 709 226 1,375 Dec. 31 19, 720 3,343 5,628 1,474 1,313 1,102 752 2,520 757 674 716 238 1,203 1926—Apr. 12 20.011 3, 397 5,780 1,491 1,341 1,112 754 2,559 739 675 701 230 1,232 June 30 20,370 3,482 6,056 1,500 1,327 1,120 677 2,607 757 668 891 236 1,249 Dec. 31 20, 369 3,512 6,061 1,556 1,349 1,120 629 2,631 738 633 692 222 1,226 1927—Mar. 23 20, 498 3,543 6,319 1, 570 1,358 1,095 590 2,639 725 634 ,679 233 1,113 Loans: 1923—June 3O.__ 11, 309 1,620 2,760 632 756 752 428 1, 573 636 661 191 691 Dec. 31 11, 594 1,675 2,815 779 765 446 1,593 610 602 647 181 792 1924—Mar. 31 . 11, 802 1,697 2,951 804 775 456 1,600 605 561 634 204 802 June 30 11,954 1,777 3,088 803 788 457 1,567 612 531 623 204 805 Oct. 10 12.012 1,811 3,143 733 814 792 457 1,514 611 516 612 204 805 Dec. 31 12,157 1, 829 3,218 754 826 788 468 1,561 591 501 620 201 800 1925—Apr. 6 12, 466 1,907 3,280 790 850 799 511 1,608 587 496 618 201 819 June 30 12,843 1,928 3,509 777 863 813 535 1,632 617 502 624 199 844 Sept. 28 13,171 1,976 3,578 844 831 602 1,638 619 504 623 201 Dec. 31 13, 258 1,990 3,525 879 833 652 1,665 613 484 627 207 1926—Apr. 12 13, 524 2,014 3,730 843 646 1,684 595 475 617 199 902 June 30 13, 691 2,089 3,911 903 849 579 1,686 615 463 606 205 925 Dec. 31 13, 686 2,109 3,932 931 924 854 531 1,704 587 433 597 189 895 1927—Mar. 23 13, 765 2,124 4,181 927 925 820 497 1,707 576 419 585 197 807 Investments: 1923—June 30 5,921 1,296 1,978 600 407 266 62 695 119 133 74 17 274 Dec. 31 5,922 1, 297 1,971 566 406 255 66 698 115 139 82 25 302 1924—Mar. 31 5,988 1,308 1,987 577 407 254 67 731 113 137 80 29 298 June 30 6,083 1,310 2,028 604 420 256 63 747 109 132 76 26 312 Oct. 10 6,125 1,319 2,032 580 418 260 63 798 110 147 73 26 299 Dec. 31 6,280 1,322 2,138 417 265 68 791 123 156 83 26 302 1925—Apr. 6 1,362 2,120 421 271 80 825 115 171 84 29 313 June 30 6,469 1,361 2,143 626 426 268 80 832 139 181 84 25 304 Sept. 28 6,479 1,363 2,134 603 418 268 86 855 142 186 25 313 Dec. 31 6,462 1,353 2,103 595 414 269 100 855 144 190 31 319 1926—Apr. 12 6,487 1,383 2, 050 598 415 269 108 875 144 200 31 330 June 30 6,679 1,393 2,145 640 424 271 98 921 142 205 31 324 Dec. 31 6,682 1,403 2,129 625 425 266 98 927 151 200 33 331 1927—Mar. 23 6,733 1,419 2,138 643 433 275 93 932 149 215 306 Deposits (exclusive of bank de posits): 1923—June 30 16,816 2,751 4,615 1,119 1,149 939 487 2,300 747 754 768 206 981 Dec. 31 17,169 2,808 4,553 1,171 1,168 997 531 2,333 721 731 744 280 1,132 1924—Mar. 31 17,190 2,827 4,598 1,188 1,192 966 543 2,382 702 707 728 242 1,115 June 30 17, 694 2,929 5,045 1,214 1, 204 964 513 2, 357 706 676 719 241 1,126 Oct. 10 17, 880 2,962 5,000 1,217 1,211 978 539 2,381 713 706 759 265 1,149 Dec. 31 17, 999 2,982 4,747 1, 272 1,218 1,011 600 2,442 752 720 819 280 1,156 1925—Apr. 6 18, 692 3,085 5,175 1,307 1,232 1,009 666 2,500 743 727 811 282 1,155 June 30__ 19,172 3,106 5,496 1,319 1,261 993 677 2,552 807 731 809 242 1,179 Sept. 28 19, 796 3,138 5,795 1,332 1, 281 1,022 790 2,581 836 758 822 242 1,199 Dec. 31 19,195 3,157 4,945 1,374 1,274 1,060 887 2,570 849 742 81-0 277 1,250 1926—Apr. 12 19, 692 3,199 5,549 1,366 1,265 1,037 841 2,620 793 734 792 251 1,245 June 30 19,950 3,283 5,794 1,385 1,293 1,032 697 2,665 816 715 768 247 1,257 Dec. 31 19, 552 5,467 1,436 1,258 1,058 649 2,654 781 679 •776 253 1,233 1927—Mar. 23 19,930 3,323 6,020 1,423 1,274 1,041 614 2,660 784 677 774 254 1,086 Rediscounts and bills payable: 1923—June 30 371 25 35 30 20 40 27 66 19 59 22 12 16 Dec. 31 _._. 415 36 69 28 21 28 31 66 35 50 33 5 12 1924—Mar. 31 350 29 43 28 17 34 25 62 25 40 31 6 12 June 30 344 15 33 21 17 43 33 55 32 40 29 12 13 Oct. 10 337 20 64 17 16 46 32 46 27 31 22 8 9 Dec. 31 339 42 76 25 25 32 22 52 22 22 10 3 7 1925—Apr. 6 326 38 67 19 26 38 21 61 17 17 9 3 11 June 30_ 361 24 81 25 23 52 26 48 28 19 14 7 14 Sept. 28 352 25 82 30 26 50 31 39 21 17 12 6 12 Dec. 31 372 32 99 34 26 34 20 61 21 15 14 3 13 1926—Apr. 12 350 14 86 38 25 37 24 60 22 12 13 7 12 June 30 401 25 96 31 26 46 41 54 24 15 15 12 14 Dec. 31 ___. 323 7 41 29 36 36 74 30 14 14 5 1 1927—Mar. 23 258 15 25 29 22 61 29 10 10 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL EESERVE BULLETIN JULY, 1927 TABLE 4.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 23, 1927, AND DECEMBER 31, 1926,2 BY STATES [In thousands of dollars] Loans and investments Deposits (exclusive Rediscounts and Number of of bank deposits) bills payable reporting Total Loans 3 Investments banks March j December March December March December March December March De b c e e r m- Marchce D m e b - er New England: Maine 399,769| 394,636 188,970 187,600 210. 799 207,036 372,944 373,038 3,708 3,783 144 145 New Hampshire. _. 271.484i 270,400 132,275 131, 518 139,209 138,882 245,110 245,146 2,376 2, 327 123 123 Vermont 229,743^ 227,840 150,877 151, 353 78,866 76,487 212,676 215,270 3,564 3,142 105 105 Massachusetts 3,725,057| 3, 729, 562 2, 578,914 2,611,100 1,146,143 1,118,462 3.456,126 3.480, 558 31,739 4 74, 532 444 445 Rhode Island 493,807! 495,026 262, r~ 265,796 231, 504 229,230 477, 357 4 474, 622 460 4 1, 581 37 37 Connecticut 1,142,213: 1.101,072 648, 313 620,148 493,900 480,924 1,062, 983 1,039, 315 7.225 4 6,861 231 231 Middle Atlantic: New York .4,015,989! 413,894,047 9, 665,0784 9, 731, 6014, 350,9111 4,162.446 13,136, 734 413,340,965 154,436 4 223, 646 1,152 3 1,148 New Jersey 2.195,467: 2,175,476 1,424,419 1.412.821 771,048 ' 762', 655 2,059. 825 2,087,2511 37,466 4 44,225 570 562 Pennsylvania 5,409,631 5,287,792 3,184, 544 3,197) 4832,225,087 2,020,309 4', 766,846 4, 6£3, 843 85, 705 4 134,188 1, 6£3 1,668 East North Central: i Ohio 2,4£3,687 2,458,739 1,866, 820 1, 864, 323 626, 867, 594,416 2, 331,403 2,324,586' 5 44,628 4 5 74.165 1,072 1.081 Indiana -"1,712 ""8,762 668, 310 676,224 1-2.402, 192, £38; 810,714 825,108j 45,645 48, 37" 1,083 1,084 Illinois 3.550,1731 3,525.987 2,601.204 2, 660,473 948,969 865, 514 3, 300,761! 3, 393,723i 44,459 4 42,662 1,861 1,873 Michigan i; 774,212 4 i,75i; 728 862,518 4 866, 560 911, 694 4 885,168 1, 719, 713 4 1.688,797 27, 756 4 69.225 739 739 Wisconsin 896,179 876,319 633, 797 625,238 262,382 251)081 893,433 867,779 11,249 4 18; 322 972 West North Central: Minnesota 902,700 902, 551 557,024. 580,251 345, 676 322,300 865, 559 883,686 11,109 11, 6S0 1,205 1,238 Iowa 796.643 791,065 693,451 695,498 103,192 95,567 6 819,075! 6 824,602 14,142 4 16, 644 1,396 1,412 Missouri 1,248; 778 1,237,737 895, 605 906, 514 353,173 331,223 1,173,709 1,173,944 26,375 30,172 1,457 1,481 North Dakota 134,874 135.029 103,162 102, 31,712 32.049 147,287 148.788 2,311 2,102 552 555 South Dakota 121.046 122,941 91,8£-0 94.262 29,156 28, 679 131,770 136,382 2,688 3,184 425 422 Nebraska •__. 413,622 412, 704 345, 313 350,959 68, 309 61, 745 421,811 421,216 8,575 8,905 1,039 1,043 Kansas 394,061 404, 568 310,468 318,432 83, 593 86,136 6 409,903 6 422,999 4,256 5,333 1,180 1,223 South Atlantic: Delaware 129,428 124,054 75, 870 73,409 53,558 50,645 113,467j 111,572 1,504 4 1,467 48 48 Maryland 769, r- 4 770,042 471, "" 4 488,794 297,696 281,248 714,966| 725,028 10.206 410,174 244 244 District of Columbia 233,025 232,752 180,850 174,400 57,175 58,352 231,282 225,179 2,053 6,362 43 43 Virginia 526, 908 533,868 451,092 458,421 75. 816 76,447 440,879 451,616 11,495 4 16,869 498 509 West Virginia 364,447 364,010 300,659 306,491 63,788 57,519 348,401 338,811 6,864 13,977 346 346 North Carolina 385,261 393,081 340,217 353,150 45,044 39,931 361,078 371,259 19, 549 20,855 473 489 South Carolina 178,952 181, 604 145.743 148; 542 33,209 33,062 170,525 181,973 7,216 6,985 283 301 Georgia 348,333 346,510 293; 448 299,093 54,885 47,417 318,733 320,168 10,311 4 11,533 500 512 Florida 427,916 460,670 309,373 343,377 118,543 117,293 456,308 486,765 4 18,336 323 336 East South Central: Kentucky 466,789 458, 520 363,351 365,459 103,438 93,061 414,660 406,964 5,593 4 10,593 613 611 Tennessee 330,277 393,670 332,156 345,599 48,121 48,071 379,808| 375,657 9,698 26,839 519 530 Alabama 270,641 267,311 222,127 219,246 48,514 48,065 6 260,596 6 270,769 10,799 7,642 357 357 Mississippi 214,819 206, or 165,848 160,938 48,9711 45,079 226,189 216.789 4,143 7,431 325 326 West South Central: Arkansas 196,785 198,691 171.311 173,884 25,474 24.807 200,301 201,772 6,928 4 8,040 463 465 Louisiana 405,531 421,461 339, 358,079 65,569 63,382 370,905 399,332 24,072 4 30,138 230 234 Oklahoma 367,199 356,179 246,044 236, 535 121,155 119,644 416,046 399,338 2,653 4 2, 391 701 717 Texas 953,050 905,391 769,318 741,322 183, 732 164,069 941, 373i 913,818 10,297 4 12,474 1,420 Mountain: Montana 128,267 129,268 79,648 81.263 48,619 48,005 139,851 145,491 660 494 211 214 Idaho 74,156 76,705 48,246 49,823 25, 910 26, 882 80,065 86,755 937 538 148 152 Wyoming 51,051 52, 408 36, 700 38.082 14,351 14, 326 55,222 59,196 221 120 89 92 Colorado 266,261 262,353 167,955 166,085 98, 306 96,268 286, 954 293,485 2,671 1,117 300 305 New Mexico 31,148 31,005 20,627 20,700 10,521 10,305 34,019 35,396 152 28 60 61 Arizona 60,161 58, 319 41,461 40,176 18, 700 18.143 6 70,842 6 71,287 7 1,100 ? 1,187 47 47 Utah 142,688 143,406 113,095 114,262 29, 593 29.144 123, 405 129,208 1,495 2,134 108 110 Nevada 34,433 35.267 26,670 27,533 7,763 7,734 36,224 37,694 250 34 34 Pacific: Washington 405, 557 401,079 258,086 260,000 147,471 141,079 417,092 * 418, 747 2,980 4 2,005 368 362 Oregon 250,651 255, 784 159,129 164,208 91, 522 91, 576 259, 4851 270, 307 4,493 4 2,823 257 265 California 3,113, 972 3,132, 3212,3C0,826 2, 332, 698 813,146| 799, 623 3,039, 839j3,126,484 59,058 4 34,90f 554 626 Total 52,652,232 452,255,727,36,297,050 4 36, 592,703 16,355,182 15,663,024149,774,254:450,132,478 803,967 41,082,525 27,032*27,369 1 Includes all National, State, and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Figures for State institutions are taken from the table on p. 548 and represent in some cases the condition of banks as of dates other than Mar. 23, 1927, and Dec. 31, 1926. 3 Includes acceptances of other banks and foreign bills of exchange sold with indorsement by member banks. 4 Revised figures. 6 Includes bonds borrowed. 6 Includes due to banks. 7 Includes all other liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEBAL KESEKVE BULLETIN 547 TABLE 5.—NATIONAL BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 23, 1927, BY STATES [In thousands of dollars] Loans and investments Rediscounts Number of D o e f p b o a s n it k s d (e e x p c o l s u i s t i s v ) e and b a i b ll l s e pay- re b p a o n rt k i s ng Total Loans Investments Decem- Decem- Decem- Decem- Decem Decem- March ber March ber March ber March ber March ber March ber New England: Maine 139,484 135,232 71,133 69, 294 68,351 65, 938 125,892 125,021 1,827 2,128 57 57 New Hampshire 66,828 65, 744 39,835 39,078 26,993 26,666 55,895 55,931 2,319 2,270 55 55 Vermont—— 61,960 61,623 35, 612 35, 771 26,348 25,852 51, 732 52,737 1,896 1, "" 46 46 Massachusetts 1,124, 6361,138,434 796,647 823,501 327, 989 314,933 1,008,518 1,033, 762 21,031 53,138 154 155 Rhode Island 54, 770 54,564 34,060 34,876 20, 710 19, 688 43,285 44,286 260 81 13 13 Connecticut 231,905 227, 575 155,975 153, 775 75, 930 73,800 207, 701 209,883 3,76^ 3,990 64 Middle Atlantic: New York 4,324, 6784,304,955 2,877,153 2,985,7591,447, 5251,319,196 3,825,075 4,053,498 112,30^ 161, 634 550 546 New Jersey 799, 879 814,566 493,481 507,021 306.398 307, 545 746,609 780,254 19,842 22,354 291 290 Pennsylvania. 2, 556,8532, 516,0741,549,006 1,564,5901,007,847 951,484 2,204,94" 2,199,169 43,672 63,467 873 876 East North Central: Ohio 711,009 756,249 473,393 523,648 237,616 232,601 659,493 675,903 14,492 26,940 343 347 Indiana 329,177 337,227 229.771 237, """ 99,406 99,542 297, 544 311,938 4,592 7,326 239 240 I W M ll i i i n c sc h o o i i g s n a s n in 1, 4 3 3 4 7 4 4 3 5 , , , 9 8 1 8 8 2 1 6 7 1, 4 3 3 6 4 3 2 3 1 , , , 7 4 9 9 9 0 6 0 8 9 3 2 0 9 5 4 2 8 , . , 7 7 0 0 7 9 4 2 2 1, 2 3 01 5 1 7 1 5 , , , 4 3 7 7 1 8 1 8 7 3 1 1 5 1 4 5 2 0 , , , 3 2 7 5 7 9 5 7 4 3 1 1 1 1 2 4 1 8 , , , 1 0 4 2 1 7 1 9 8 i, 3 4 4 1 2 4 6 7 0 , , , 4 0 0 0 s 4 0 ir1, 4 3 1 3 3 8 3 8 4 , , , 7 6 0 2 0 4 9 8 9 1 1 6 0 8 , , , 8 1 4 0 7 3 6 0 7 1 1 1 7 0 7 , , , 8 6 4 1 2 3 6 0 0 4 1 1 9 5 3 2 6 2 4 1 1 9 5 3 4 7 4 West North Central: Minnesota 503,115 498,591 319,482 328,509 183,633 170, 455,943 464, 558 4,540 2,496 275 286 Iowa 277,206 273,795 198, Sir 200,105 78,691 73,690 256,960 259,226 5,434 6,275 292 300 Missouri 508,336 490,408 376,035 376, 543 132,301 113, 404,236 12,062 10,333 135 136 North Dakota 74,547 74,702 49,874 49,692 24,673 25, 010 77,821 79,322 759 550 143 146 South Dakota 55,278 55,931 35,399 35,924 19,879 20,007 56, 705 59,236 882 1,070 99 100 Nebraska 170,932 169,371. 128,916 132, 817 42,016 36, 554 150,164 153,168 4,093 3, — 159 160 Kansas 188,039 185,926 135,188 132,170 52,851 53,756 183,260 189,488 1,490 1,597 256 256 South Atlantic: Delaware 21,819 21,84; 12,208 12,236 9, 611 9,609 17, 515 18,513 717 509 19 19 Maryland 244,009 239,552 155,791 159, 862 88,218 79,690 210,081 215,194 5,130 5,571 84 84 District of Columbia.. 122,397 117,348 91,911 86, 638 30,486 30,710 119,066 113,254 826 4,858 13 13 Virginia 319,724 319,977 264,"""" 265, 778 54, 765 54,199 271,622 274,604 5,663 167 170 West Virginia 165, 650 165,065 129,047 132,180 36,603 32,885 155,457 149,431 1,945 6,122 124 124 North Carolina 144,634 146,930 123,662 126,932 20.972 129,339 132,189 6,237 5,810 77 79 South Carolina 98, 702 97,961 77,155 76,833 21, 547 2l' 128 92,293 96,251 4,111 3,257 65 68 Georgia 157,297 149, 674 121,075 120,291 36,222 29,383 144,530 140,667 2,487 1,907 82 82 Florida 227, 597 227,321 149, 996 154, 713 77, 601 72, 608 232, 038 231, 598 8,633 4, 62 63 East South Central: Kentucky 243,902 235,633 176,986 179, i 66,916 56, 539 210,349 202, 653 1,613 6,613 142 140 Tennessee 192,891 190,909 163,014 162,267 29,877 28,642 170,664 169,'" " 3,706 10,260 103 103 Alabama _ 143,307 144,269 106,921 108,479 36,386 35, 790 132,156 139,465 5,303 3,328 104 104 Mississippi 73,762 71,487 51, 690 50,955 22,072 20, 532 72,614 70,640 1,868 2,915 36 36 Wes A t r S k o a u n t s h a s C .. entral: 73, 694 75, 600 57,721 60,294 15.973 15,306 72,188 73, 659 1,039 2,151 79 81 Louisiana 104,044 83,295 91,256 13,303 12, 788 82,631 91,681 5,590 9,064 32 33 Oklahoma 304,166 290,399 200,791 189,455 103,375 100,944 335,118 316,066 2,018 1,686 353 358 Texas 747,011 709,231 590,945 570,937 156,066 138,294 718,457 693,600 5,682 7,589 650 656 Mountain: Montana 66,706 66,077 42,274 41,804 24,432 24,273 71,485 72,823 211 160 74 75 Idaho 44, 727 46,046 30,298 31, 091 14,429 14,955 46, 571 50,258 567 355 55 55 Wyoming 32, 246 33,879 21,428 22, 840 10, 818 11,039 34,100 37,067 9 31 32 Colorado 207,468 204,058 126,457 124, 980 81,011 79,078 221, 667 225,201 2,274 855 127 127 New Mexico.. 23, 079 22, \ 14, 779 14,852 8,300 8,084 24,548 25,925 127 3 29 30 Arizona 19, 597 19,247 13,121 12, 929 6,476 6,318 24,143 23, 691 503 710 15 15 Utah 43,917 43,723 33, 567 33,290 10,350 10,433 38,952 41, 723 140 337 20 20 Nevada 14,936 15,379 10,223 10, 676 4,713 4,703 14,253 14,706 250 10 10 Pacific: Washington.. 245, 590 239,123 153,178 152,583 92,412 86, 540 252,381 248,268 1,846 1,089 107 107 Oregon 169,244 173,258 102, 301 105,943 66,943 67,315 173,286 181,363 2,599 1,101 96 97 California 892,459 995, 078 662, 792 390, 991 229, 667 1,326, 946 850,850 37,280 24,236 242 Total.. .9,973,365 i, 362, 591.3, 654,91413, 577,3143,318,451 785,27/ .8,119,946 , 013,908399,043 530,309 7, 822 7,906 52215—27- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL KESEEVE BULLETIN JULY, 1927 TABLE 6.—ALL STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 23, 1927, AND DECEMBER 31, 1926,2 BY STATES [In thousands of dollars] Loans and investments D o e f p b o a s n it k s ( d e e x p c o lu si s t i s v ) e a R nd e d b i a i s b l c l l s o e p un a t y s - N re u b p m a o n b rt k e in s r g of Total Loans Investments Decem- De- De- March December March December March ber March December March cember Marchcember New England: * Maine 260,285 259, 404 117, 837 118, 306 142,448 141,098 247,052 248,017 1,881 1,655 87 New Hampshire 204, 656 204, 658 92,440 92, 440 112,216 112,216 189,215 189,215 57 57 68 Vermont 167,783 166,217 115,265 115, 582 52, 518 50, 635 160, 944 162, 533 1,668 1. 474 59 59 Massachusetts. 2, 596, 478 2, 586,4171,778,324 1, 782, 888 818,154 803, 5292, 447, 608 2,446, 796 10. 708 21;394 290 290 Rhode Island 439,037 440,437 228,243 230, 895 210, 794 209, 542 434,072 3 430, 336 200 31, 500 24 24 Connecticut 910,308 873, 497 492, 338 466, 373 417, 970 407,124 855,282 829, 432 3,458 2, 871 167 168 Middle Atlantic: New York 9, 598,432 9, 452, 5806, 695,046 6, 609,3302, 903, 386'2, 843, 2509, 311, 6593 9,287, 467 42.129 3 62,012 602 610 New Jersey 1,395, 581 1,360, 865 930, 931 905, 755 464, 650 455,110 1, 313, 216 1,306,997 17; 624 21. 871 279 272 Pennsylvania 2, 852, 778 2, 771, 7181, 635, 538 1,632,893 1,217,240 1,138, 8252, 561, 899 2,494, 674 42,033 70, 721 810 792 East North Central: Ohio 1, 777,107 1, 701,0181,387, 856 1, 339, 203 389, 251 381,815 1, 721, 910 1, 648, 683 30,136 4 47,22; 729 734 Indiana 531, 535 531, 535 438, 539 438, 539 92, 996 02, 996 513,170 513.170 41,053 41,053 844 844 Illinois 2,204, 758 2,189, 5931, 608,144 1, 638,200 596, 614 551,393 2,160, 449 2.209, 674 26,029 25,232 1,369 1,379 Michigan __-. 1,329,231 1,317, 698 557,814 3 551,087 771,417 3 766, 6111,292, 71331,255,068 17, 580 51,409 607 605 Wisconsin 522,293 513, 523 375,705 373, 920 146, 588 139, 603 547,029 529.171 4,442 7,702 816 823 West North Central: Minnesota 399, 585 403,960 237, 542 251, 742 162,043 152,218 409,616 419,128 6,569 9,194 930 952 Iowa 519,437 517, 268 494, 936 495,391 24, 501 21,877 e 562,115 s 565,376 8,708 10,369 1,104 1,112 Missouri 740, 434 747,32t 519, 582 529,971 220, 872 217,358 769,473 765,140 14,313 19, 839 1,322 1,345 North Dakota..1—_ 60, 327 60,327 53, 288 53,288 7,039 7,039 69,466 69,466 1,552 1,552 409 409 South Dakota 65, 768 67,010 56, 491 58,338 9,277 8,67 75,065 77,146 1,806 2,114 326 322 Nebraska. 242, 690 243,333 216,397 218,14: 26, 293 25,191 271, 647 268,048 4, " 5,222 880 883 Kansas 206, 022 218, 642 175,280 186,262 30, 742 32,380 5 226, 643 5 233, 511 2, 766 3,736 924 967 South Atlantic: Delaware 107, 609 101,951 63, 662 60, 915 43,947 41,036 95, 952 93,059 787 958 29 29 Maryland 525, 644 3 530,490 316,166 3 328, 932 209, 478 201, 558 504, 88f 509, 834 5,076 4,603 160 160 District of Columbia.. 115, 628 115, 404 88, 939 87, 762 26, 689 27, 642 112,216 111,925 1,227 1,504 30 30 Virginia _ 206,397 212, 596 185,346 191,348 21,051 21,248 169, 257 177,012 5,832 8,785 331 339 West Virginia 198, 797 198, 945 171, 612 174,311 27,185 24, 634 192, 944 189,380 4,919 7,855 222 222 North Carolina-— 240, 627 246,151 216, 555 226,218 24,072 19,933 231, 739 239,070 13,312 15,045 396 410 South Carolina 80,250 83, 643 68, 588 71,709 11, 662 11, 934 78,232 85,722 3,105 3,728 218 233 Georgia... 190,472 196, 821 178, 787 18,034 174,203 179, 501 7,824 9, 626 418 430 Florida 200,319 233,349 159| 377 188, 664 40,942 44, 685 224,270 255,167 8,064 13,472 261 273 East South Central: Kentucky 222, 222, 88^ 186,365 186,365 36, 522 36, 522 204,311 204,311 3,980 3,980 471 471 Tennessee 187,386 202, 761 169,142 183,332 18,244 19, 429 5 209,144 8 205, 659 5,992 16, 579 416 427 Alabama ___. 127,334 123,042 115,206 110, 76: 12,128 12,275 s 128,440 «131,304 5,496 4,314 253 253 Mississippi 141,057 134, 530 114,158 109, 983 26,899 24, 547 153, 575 146,149 2,275 4.516 289 290 West South Central: Arkansas 123,091 123,091 113, 590 113, 590 9,501 9,501 128,113 128,113 5,889 384 384 Louisiana. ._. 306, 877 315,178 254,611 264, 584 52,266 50, 594 288,274 307, 651 18, 482 21, 074 198 201 Oklahoma 63,033 65, 780 45, 253 47,080 17, 780 18, 700 80,928 83,272 635 705 348 359 Texas 206,039 196,160 178,373 170,385 27, 666 25, 775 222, 916 220,218 4,615 4, 885 770 782 Mountain: Montana 61, 561 63,191 37,374 39, 459 24,18' 23,732 68,366 72, 668 449 334 13' 139 Idaho.- ----- 29, 429 30, 659 17,948 18, 732 11, 481 11,927 33,494 370 183 93 97 Wyoming 18,805 18, 529 15,272 15,242 3,533 3,287 21,122 22,129 221 111 58 60 Colorado 58, 793 58,295 41, 498 41,105 17,295 17,190 65,287 68, 284 397 262 173 178 New-Mexico 8, 069 8,069 5,848 5,848 2,221 2,221 9,471 9,471 25 25 31 31 Arizona 40, 564 39,072 28,340 27,247 12,224 11,825 « 46, 699 5 47, 596 6 597 o 477 32 32 Utah-.. — 98,771 99, 683 79, 528 80, 972 19, 243 18,711 84,453 87, 485 1,355 1, 797 88 90 Nevada _. 19, 497 19,888 16, 44" 16, 857 3,050 3,031 21, 971 22, 988 24 24 Pacific: Washington 159,96: 161,956 104,908 107, 417 55,059 54, 53$ 164, 711 3170, 479 1.13' 916 261 255 Oregon 81,354 82, 480 56, 775 58,219 24, 579 24,26. 86,199 1,894 1,722 161 168 California 1, 723, 738 2,231,813 1, 301, 583 1, 661, 857 422,155 569, 958 1,712,893 2,275, 634 21, 778 10, 669 312 358 Total. 32, 568, 520 332, 743, 44.1 22, 531, 789'22, 856,232 10,036, 73; »9, 887,209 31, 654,308332,118, 570 404,924 3552,216 19,210 19,471 1 Includes all State and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Or dates nearest thereto for which figures are available. 3 Revised figures. 4 Includes bonds borrowed. 5 Includes due to banks. 6 Includes all other liabilities. NOTE.—All figures used in the March columns are as of Mar. 23, except as follows: New Hampshire, June 30; Massachusetts (savings banks), Oct. 30; Rhode Island (State banks), Feb. 28, (savings banks), Dec. 31; Connecticut (savings banks), Mar. 31; New York (savings banks), Dec. 31; Indiana, Dec. 31; Minnesota, Apr. 25; Missouri, Apr. 12; North Dakota, Dec. 31; Nebraska, Mar. 28; Maryland (State banks), Mar. 31, (savings banks), Dec. 31; Kentucky, June 30, 1925; Tennessee, May 18; Alabama, Apr. 15; Arkansas, Dec. 31; Colorado, Apr. 5; New Mexico, Dec. 31; Utah, Apr. 5; Maine, Mar. 26. All figures used in the December columns are as of Dec. 31 except as follows: New Hampshire, June 30; Massachusetts (savings banks), Oct. 30; New York (State banks), Nov. 15; Kentucky, June 30,1925; North Carolina, Nov. 4; Alabama, Dec. 30; Tennessee, Nov. 22; Missouri, NQV,22; Kansas, Dec. 27; Oklahoma, Dec, 30; Georgia, Dec. 27. - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1927 FEDEEAL EESEEVE BULLETIN 549 EARNINGS AND EXPENSES OF MEMBER BANKS TABLE 1.—ALL MEMBER BANKS, BY CLASS OF BANK, 1925 AND 1926 Amounts (in thousands of dollars) Amounts per $100 of earning assets i Total National State Total National State 1926 1925 1926 1925 1926 v 1925 1926 1925 1926 1925 1926 1925 Interest earned 1,713,107 1,615, 595 1,063,204 1,015,352 649,903 600, 243 $5.46 $5.40 $5.51 $5.47 $5.36 $5. 29 Other earnings 316,756 302,499 149,818 144, 243 166,938 158,256 1.01 1.01 .78 .78 1.38 1. 39 Gross earnings ... ._ 2,029,863 1,918,094 1,213, 022 1,159, 595 816,841 758,499 6.47 6.41 6.30 6.25 6.74 6.68 Interest on deposits 675,038 643,158 397,463 382,483 277, 575 260, 675 2.15 2.15 2.06 2.06 2.29 2.30 Interest on borrowed money 31,350 25,954 20,089 17,172 11,261 8, 782 .10 .09 .10 .09 .09 .08 Salaries and wages 396,796 372, 741 235,969 223, 756 160,827 148,985 1. 26 1.25 1.23 1.21 1.33 1.31 Taxes 105,885 102,411 68, 270 66,645 37,615 35, 766 .34 .34 .35 .36 .31 .32 All other expenses. 234,787 223,054 137,085 132,199 97, 702 90,855 .75 .74 .71 .71 .81 .80 Total expenses. _ 1,443,856 1, 367, 318 858,876 822,255 584,980 545,063 4.60 4.57 4.46 4.43 4.82 4.80 Net earnings _ _ 586,007 550,776 354,146 337,340 231,881 213,436 1.87 1.84 1.84 1.82 1.91 1.88 Losses on loans 124,885 128, 774 88,017 92,127 36,868 36,647 .40 .43 .46 .50 .30 .32 Losses on investments 35,909 35,127 26,261 23, 692 9, 648 11,435 .11 .12 .14 .13 .08 .10 All other losses... ______ 46, 736 29,198 31,553 20,450 15,183 8,748 .15 .10 .16 .11 .13 .08 Total losses 207, 530 193,099 145,831 136, 269 61, 699 56,830 .66 .65 .76 .73 .51 .50 Recoveries 53,006 61,806 36, 662 43,122 16, 344 18, 684 .17 .21 .19 .23 .13 .16 Net losses2 154, 524 131,293 109,169 93,147 45, 355 38,146 .49 .44 .57 .50 .37 .34 Net addition to profits 431,483 419,483 244,977 244,193 186,506 175, 290 1.37 1.40 1.27 1.32 1. 54 154 Dividends declared 284,809 272, 686 176,421 171, 324 108, 388 101, 362 Loans3 _ . _-__22, 363,906 21,022,170 13,462,369 12,833,855 8,901,537 8,188,315 Investments3... _ 9, 025,251 8,894,355 5,799, 358 5,730, 475 3,225,893 3,163,880 Total earning assets 3__ 31, 389,157 29,916, 525 19, 261, 727 18, 564, 330 12,127,430 1.1,352,195 Capital funds 3 4 4,820,129 4, 589, 294 3,077,183 2, 970,453 1, 742, 946 1, 618, 841 Other ratios Earning assets per $1 of capital funds 6.51 6.52 6.26 6.25 6.96 7.01 Net profits per $100 of capital funds. 8.95 9.14 7.96 8.22 10.70 10.83 Losses on loans per $100 of loans. .56 .61 .65 .72 .41 .45 Losses on investments per $100 of investments .40 .39 .45 .41 .30 .36 1 These ratios are based upon data taken' from the customary abstracts of reports of conditions and of earnings, expenses, and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for banks reporting on the various dates and such ratios as are included in the tables are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number, in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Total losses less losses on assets previously charged off. 3 Average of amounts from reports of condition for four call dates during the year. 4 Capital, surplus, and undivided profits exclusive of reserve for taxes, and interest, etc., accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEBEKAL EESEEVE BULLETIN JULY, 1927 TABLE 2.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, 1925 AND 1926 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Interest earned. _ . 123,975 114, 044 469,219 429, 767 131,180 121, 363 177, 817 170, 519 74,503 73,134 75,019 69,470 Other earnings 19,989 21,456 115, 088 109, 764 21,836 19, 676 30, 229 30, 863 9,201 8, 312 13,330 14, 217 Gross earnings._ 143, 964 135, 500 584, 307 539, 531 153, 016 141, 039 208, 046 201, 382 83, 704 81, 446 88, 349 83, 687 Interest on deposits 57, 028 51, 260 190,106 177, 340 48, 597 44, 995 78, 728 74, 711 26, 693 25, 753 24, 567 23, 493 tnterest on borrowed money 2,083 1,689 6, 916 6,016 2,580 2,068 2,752 2,497 2,761 3,035 2,779 1,680 Salaries and wages.. 24, 799 23, 402 106, 219 96, 436 26, 320 24, 222 37, 951 36, 531 16, 473 15, 928 17, 941 16,083 Taxes . 5,881 5, 805 26, 439 24, 049 7,658 6,964 10, 945 10,965 5,279 5,449 6,176 5,476 All other expenses.. 14, 768 14, 251 65, 321 60, 055 15, 044 14,014 21, 614 21,545 9,051 8,906 11, 950 10,837 Total expenses 104, 559 96, 407 395, 001 363, 896 100,199 92,263 151, 990 146, 249 60,257 59, 071 63, 413 57, 569 Net earnings 39, 405 39, 093 189, 306 175, 635 52, 817 48, 776 56, 056 55,133 23, 447 22, 375 24, 936 26,118 Losses on loans 8,506 9, 523 23, 880 32, 553 6,222 3,407 9,774 7,272 5,647 6,133 8,431 6,689 Losses on investments 5,465 5.205 12,927 12, 647 2,804 3,087 4, 904 4,267 717 598 657 724 All other losses 3, 55QJ 2, 023 14,158 6,019 2,410 1,491 3,925 2, 904 1,321 1,300 2,041 2,159 Total losses 17, 521 16, 751 50, 965 51, 219 11, 436 7,985 18, 603 14, 443 7,685 8, 031 11,129 9,572 Recoveries _ 4,782 4,402 15, 420 21, 553 3,303 3,866 3,550 3,838 1,353 1,645 2,244 1,894 Net losses1.. 12, 739 12, 349 35, 545 29, 666 8,133 4,119 15, 053 10, 605 6,332 6,386 8,885 7,678 Net addition to profits 26, 666 26, 744 153, 761 145, 969 44, 684 44, 657 41, 003 44, 528 17,115 15,989 16,051 18, 440 Dividends declared. 18, 968 17,889 92, 047 87, 301 25, 277 23, 748 28, 619 26, 875 15, 401 13, 058 12, 545 11, 561 Loans2. _ _ .._ 1, 714,2291, 631,8086, 679,1466, 094, 3551, 559, 4731, 392, 5102.118. 2082, 006, 2581, 023, 795 996, 727 965, 975 903, 927 Investments2- 703,427 638, 5362,834, 6292, 871, 371 855, 047 868, 8011, 006, 2661, 020, 279 265, 078 265, 536 240, 774 215, 642 E arning assets2 2, 417, 6562, 270,3449, 513, 7758, 965, 7262, 414, 5202, 261, 3113,124, 4743, 026, 5371,288, 8731, 262,2631, 206, 7491,119, 569 Capital funds 2 3 363, 388 350, 3451, 432, 8941, 308,454 487, 078 453,967 524, 788 514,170 232, 417 229, 739 185,340 175, 683 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1926 1925 1926 1925 1926 1.925 1926 1925 1926 1925 1926 1925 Interest earned 244,095 234, 367 75,038 71, 591 50,196 51,098 71,865 71, 520 55,440 54,815 164,760 153, 907 Other earnings. _ 48, 570 40,551 11, 640 11, 823 6,144 6,183 10,141 9,734 6,462 6,467 24,126 23,453 Gross earnings. _ 292, 665 274,918 86, 678 83, 414 56, 340 57, 281 82,006 81, 254 61,902 61, 282 188,886 177,360 Interest on deposits 97, 6481 95. 057 26, 969 25, 742 21,067 22, 410 24, 685 25,173 13, 694 14,155 65, 256 63, 069 Interest on borrowed money 3,472 2,628 2, 703 2,026 509 500 964 790 1,503 990 2,328 2,035 Salaries and wages 59,445 55, 048 17,421 16,903 12,390 12, 631 19, 462 19,130 15, 310 14, 803 43,065 41, 624 Taxes 17, 457 17,119 5,619 5,019 2,994 3,440 4,808 5,231 4, 508 4,473 8,121 8,421 All other expenses 36, 388 33,417 10,487 10, 226 6, 772 6,827 11,950 11,942 8,372 8,325 23,070 22, 709 Total expenses 214,410 203,269 63,199 59,916 43, 732 45,808 61, 869 62, 266 43,387 42,746 141,840 137,858 Net earnings. 78, 255 71, 649 23.. 479 23,498 12,608 11,473 20,137 18,988 18, 515 18, 536 47, 046 39, 502 Losses on loans. 15,183 ' 17,148 6,561 7,198 6,238 7,158 11,812 11, 989 8, 356 8,320 14, 275 11,384 Losses on investments 2,913 2,867 87J 733 770 648 1, 315 1, 263 400 318 2,166 2,770 All other losses. 5, 018 3, 234 2,501 1,331 1,280 948 2,681 2,031 1,906 2,092 5,945 3, 666 Total losses 23,114 23, 249 9,933 9, 262 8,288 8, 754 15,808 15, 283 10, 662 10, 730 22, 386 17,820 Recoveries .__ _ ._ 6,674 7, 632 3,226 2, 665 2,107 2,231 3, 670 3,895 2,651 2,638 4,026 5,547 Net losses 1 16,440 15, 617 6,707 6, 597 6,181 6, 523 12,138 11,388 8,011 8,092 18,360 12,273 Net addition to profits 61,815 56, 032 16, 772 16, 901 6, 427 4,950 7,999 7,600 10, 504 10,444 28, 686 27, 229 Dividends declared. 36, 086 34,409 11,971 11, 674 5,652 5, 301 8,146 8,254 8,978 10,434 21,119 22,182 Loans 2 3, 338, 5523,169,291 955,868 907,195 570, 862 604, 988 797, 082 807,924 659, 529 653,284 1,981,187 1,853,1303 Investments2. 1,193, 2571,195, 963 364,478 353,130 310, 579 293, 253 344, 273 308, 701 160, 861 157,120 746, 582 706, 023 E arning assets 2. 4, 531,8094,365, 2541, 320, 3461, 260, 325 881, 441 898, 2411,141,355 1,116,625 820,390 810, 4042, 727, 7692,559,926 Capital funds 2 3 636,121 612,844 202, 250 195, 220 115, 379 118, 218 154,063 156,039 160, 734 157, 276 325, 677 317,339 1 Total losses charged off less recoveries on assets previously charged off. 2 Averages of amounts from reports of conditions for four call dates during year. 3 Capital, surplus, and undivided profits exclusive of reserve for taxes, and interest, etc, accrued. 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JULY, 1927 FEDERAL RESERVE BULLETIN 551 TABLE 3.—RATIOS—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, 1925 AND 1926 Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Amount per $100 of earning assets: Interest earned $5.13 $5.02 $4.93 $4.79 $5.43 $5.37 $5.69 $5.63 $5.78 $5.79 $6.22 $6.21 Other earnings .83 .95 1.21 1.22 .90 .87 .97 1.02 .71 .66 1.10 1.27 Gross earnings 5.95 5.97 6.14 6.02 6.34 6.24 6.66 6.65 6.49 6.45 7.32 7.47 Interest on deposits 2.36 2.26 2.00 1.98 2.01 1,99 2.52 2.47 2.07 2.04 2.04 2.10 Interest on borrowed money _ _ _ _ .09 .07 .07 .07 .11 .09 .09 .08 .21 .24 .23 .15 Salaries and wages 1.03 1.03 1.12 1.08 1.09 1.07 1.21 1.21 1.28 1.26 1.49 1.44 Taxes _ . _ .24 .26 .28 .27 .32 .31 .35 .36 .41 .43 .51 .49 All other expenses .61 .63 .69 .67 .62 .62 .69 .71 .70 .71 .99 .97 Total expenses 4.32 4.25 4.15 4.06 4.15 4.08 4.86 4.83 4.68 4.68 5.25 5.14 Net earnings 1.63 1.72 1.99 1.96 2.19 2.16 1.79 1.82 1.82 1.77 2.07 2.33 Total losses _ _ .72 .74 .54 .57 .47 .35 .60 .48 .60 .64 .92 .85 Recoveries 20 . 19 .16 .24 .14 .17 .11 .13 .10 .13 .19 .17 Net losses ! .53 .54 .37 .33 .34 .18 .48 .35 .49 .51 .74 .69 Net addition to profits 1.10 1.18 1.62 1.63 1.85 1.97 1.31 1.47 1.33 1.27 1.33 1.65 Other ratios: Earning assets per $1 of capital funds 6.65 6.48 6.64 6.85 4.96 4.98 5.95 5.89 5.55 5.49 6.51 6.37 Net profits per $100 of capital funds 2 7.34 7.63 10.73 11.16 9.17 9.84 7.81 8.66 7.36 6.96 8.66 10. 50 Losses on loans per $100 of loans _ _ _ .50 .58 .36 .53 .40 .24 .46 .36 .55 .62 .87 .74 Losses on investments per $100 of investments .78 .82 .46 .44 .33 .36 .49 .42 .27 .23 .27 .34 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Amount per $100 of earning assets: Interest earned $5.39 $5.37 $5.68 $5.68 $5.69 $5. 69 $6.30 $6.41 $6. 76 $6.76 $6.04 $6.01 Other earnings _ 1.07 .93 .88 .94 .70 .69 .89 .87 .79 .80 .88 .92 Gross earnings _. 6.46 6.30 6.56 6.62 6.39 6.38 7.18 7.28 7.55 7.56 6.92 6.93 Interest on deposits 2.15 2.18 2.04 2.04 2.39 2.49 2.16 2.25 1.67 1.75 2.39 2.46 Interest on borrowed money __ __._ .08 .06 .20 .16 .06 .06 .08 .07 .18 .12 .09 .08 Salaries and wages 1.31 1.26 1.32 1.34 1.41 1.41 1.71 1.71 1.87 1.83 1.58 1.63 Taxes . . .39 .39 .43 .40 .34 .38 .42 .47 .55 .55 .30 .33 All other expenses __ .80 .77 .79 .81 .77 .76 1.05 1.07 1.02 1.03 .85 .89 Total expenses 4.73 4.66 4.79 4.75 4.96 5.10 5.42 5.58 5.29 5.27 5.20 5.39 Net earnings 1.73 1.64 1.78 1.86 1.43 1.28 1.76 1.70 2.26 2.29 1.72 1.54 Total losses .51 .53 .75 .73 .94 .97 1.39 1.37 1.30 1.32 .82 .70 Recoveries .15 .17 .24 .21 .24 .25 .32 .35 .32 .33 .15 .22 Net losses1 .36 .36 .51 .52 .70 .73 1.06 1.02 .98 1.00 .67 .48 Net addition to profits 1.36 1.28 1.27 1.34 .73 .55 .70 .68 1.28 1.29 1.05 1.06 Other ratios: Earning assets per $1 of capital funds _ _. 7.12 7.12 6.53 6.46 7.64 7.60 7.41 7.16 5.10 5.15 8.38 8.07 Net profits per $100 of capital funds 2. 9.72 9.14 8.29 8.66 5.57 4.19 5.19 4.87 6.54 6.64 8.81 8.58 Losses on loans per $100 of loans .45 .54 .69 .79 1.09 1.18 1.48 1.48 1.27 1.27 .72 .61 Losses on investments per $100 of investments _ .24 .24 .24 .21 .25 .22 .38 .41 .25 .20 .29 .39 1 Total losses charged off, less recoveries on assets previously charged off. 2 Obtained by dividing net profits by capital funds, equivalent to the product of the two preceding ratios. NOTE.—These ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for banks reporting on the various dates and such ratios as are included in the tables are therefore ratios of aggregates, in which figures for large banks have a statistical influence somewhat disproportionate to their number, in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDEKAL EESEKVE BULLETIN JULY, 1927 TABLE 4.—NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS, JUNE 30, 1926, TO DECEMBER 31, 1926 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Similar information for the first half of 1926, the last half of 1925, and the fiscal year ending June 30,1926, was published in the Comptroller's Annual Report for 1926 on pages 42 to 54 and 527 to 544. [In thousands of dollars] Member national banks, by Federal reserve districts Nonmember All Total B to o n s- Y N o e r w k a P p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - b t a i n o n a n k - a s l s n b at a i n o k n s al Gross earnings: Interest received— On loans * 381, 553 29,049 78, 375 33, 718 33,126 24,075 20,299 51, 274 17,459 17, 624 24,933 20,402 31, 219 249 381,802 On investment2 132,854 12,156 41,708 14,732 15,850 4,587 3,803 12,622 4, 845 5,495 6,083 2,588 8,385 62 132,916 On balances with other banks 15,935 879 5,305 603 1,156 594 930 1,315 644 670 1, 455 1,013 1,371 15,946 Unclassified _ _ 8,146 189 246 539 1,722 562 1,625 759 753 476 666 354 11 8,146 Domestic exchange and 255 collection charges 8,335 258 1,507 268 485 907 1,104 411 818 625 1,045 679 8,354 Foreign exchange depart- 228 19 ment 7,070 464 4,198 221 34 58 920 46 113 12 65 488 7,070 Commissions received 547 28 23 451 11 8 1 102 36 256 40 42 548 Trust department 5,174 508 2,229 218 389 213 225 372 153 57 230 77 503 1 5,174 Profits on securities sold. 17,337 1,835 5,653 2,186 2,728 651 379 1,413 403 553 560 192 784 1 17, 338 Other earnings 37,058 4,282 10,347 1,757 2,793 1,679 2,081 4,678 1,023 1,365 2,610 1,927 2,516 74 37,132 Total earnings 614, 009 49,648149, 591 54,148 57, 081 34, 048 29,245 75,425 25,779 27, 704 37, 024 27, 975 46,341 417 614,426 Expenses: Salaries and wages 122,328 8,472 26. 743 9,388 10,465 6,894 6,532 15,130 5,331 5,786 8,944 7,256 11,389 99 122,427 Interest paid— On borrowed money * 10,330 897 2,119 928 819 994 931 1,068 507 269 398 734 666 10,330 On deposits— Bank- .__.__ 26, 607 1,306 8,- 863 1,173 2,136 1,026 950 3,526 1,362 945 2,162 1,115 2,043 1 26, 608 Demand ___ 63,728 7,380 20, 734 5,192 5,994 2,092 1,862 8,201 2,196 1,330 2.916 2,325 3,506 57 63, 785 Time 103,955 9,792 19,967 11,103 11,831 6,891 5,072 11, 711 4,407 6,579 5,524 2,952 8,126 10 103, 965 Unclassified 8,435 229 952 1,143 1,044 1,155 534 1,177 372 644 321 175 689 21. 8,456 Taxes 36,393 2,590 9,764 2,369 3,359 2,762 2,974 3,209 1,460 1, 013 2,268 2,460 2,165 18 36,411 Other expenses 67, 734 4,788 15,489 4,981 5,844 3,480 3, 595 9,038 2,773 3, 064 4,995 3,836 5,851 57 67, 791 Total expenses 439, 510 35,454104, 629 36, 277 41,492 25,294 22,450 53, 060 18,408 19,630 27, 528 20,853 34,435 263 439, 773 Net earnings 174,499 14,194 44,962 17,871 15, 589 8,754 6,795 22,365 7,371 8,074 9,496 7,122 11,906 154 174, 653 Recoveries on charged-off assets: Loans and discounts 9,214 462 1,323 300 469 317 459 1,308 647 574 1,503 952 900 2 9,216 Bonds, securities, etc 5,482 843 2,587 453 404 61 88 609 82 202 63 18 72 5,482 All other 2,382 125 407 249 288 110 149 203 40 178 23& 137 258 2,382 Total net earnings and ' recoveries 191,577 15,624 49, 279 18, 873 16, 750 9,242 7,491 24,485 8,140 9,028 11,300 8,229 13,136 156 191,733 Losses charged off: On loans and discounts. _ 46, 072 3,933 4,770 2,182 3,856 2, 659 2,964 5,445 1,634 3,113 5,937 4,756 4,823 5 46, 077 On bonds, securities, etc. 14,321 2,799 4,739 971 2,116 340 200 871 195 549 585 250 706 4 14,325 On banking house, furniture, and fixtures 8,939 601 1,352 899 1,239 400 527 1,215 327 325 587 580 887 8,947 On o pe t r r a u ti s o t ns. department 176 17 77 1 1 19 9 3 1 39 7 2 8 176 On foreign exchange 198 85 44 8 26 14 2 1 3 1 1 13 198 All other losses 5,520 211 640 286 658 251 229 767 331 279 824 495 549 5,522 Total losses charged 2 off. 75,226 7,646 11,622 4,346 7,896 3,665 3,941 8,308 2,493 4,268 7,973 6,088 6,980 19 75, 245 Net addition to profits.. 116,351 7,978 37,657 14, 527 8,854 5,577 3,550 16,177 5,647 4,760 3,327 2,141 6,156 137 116,488 Dividends declared 89,988 6,633 24,686 8,569 8,047 5, 506 5,076 10,011 4,142 2,883 3,906 4,715 5,814 67 90,055 Capital stock paid in 4 1,409,923 113,037286,777107, 636130,465 95,035 69,485191,143! 72,580 59, 583 82, 938 89, 675111, 569 8001,410, 723 Surplus fund5 _ 1,216,141 96, 501361,471183,375130, 945 72, 276 46,088122,959 36,346 32, 312 39,467 41,484 52,917 8381,216,979 Capital and surplus 4_2, 626,064 209, 538648, 248291, 011261,410167,311115, 573314,102108,926 91, 895122,405J131,159•164,486 1,6382, 627, 702 Number of banks ._ 7,906 377 750 684 745 527 378 1,015 489 692 965 716 568 6 7,912 1 Including discount. 3 Includes national banks of Alaska and Hawaii. 2 Including dividends. 4 As on Dec. 31, 1926. 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JULY, 1927 FEDERAL RESERVE BULLETIN 553 TABLE 5.—STATE MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, JUNE 30, 1926, TO DECEMBER 31, 1926 [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 l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Gross earnings: Interest received— On loans l 228,313 15,166 74,090 10,971 29,899 4,944 9,132 36,302 9,568 1,158 1,960 1,152 33,971 On investments 2 81, 002 5,543 32,160 6,663 9,743 738 1,113 12, 521 3,287 402 993 63 7,776 On balances with other banks 3,919 : 358 895 130 4.04 87 197 757 206 54 112 39 680 Unclassified 15, 755 5,722 22 323 712 268 6,528 911 414 130 128 597 Domestic exchange and collection charges 2,410 72 291 32 84 77 435 620 385 51 27 78 258 Foreign department 9,178 90 7,265 19 194 95 24.8 545 23 1 9 4 685 Commissions received 8,241 472 4, 033 168 375 152 251 1,822 658 59 23 14 214 Trust department 18, 256 1,218 6,341 2, 653 2,269 250 344 2,908 436 30 130 1,677 Profits on securities sold. 18, 734 608 6,496 1,354 2,509 330 488 4,750 694 15 130 7 1,353 Other earnings 33, 999 878 13,027 965 3,926 490 1,315 6,707 1,786 88 1,043 69 3,705 Total earnings 419, 807 24,405 150, 320 22, 977 49, 726 7,875 13,791 73,460 17, 934 2,272 4, 557 1, 554 50, 916 Expenses: Salaries and wages -_. __ 83,45.1 4,308 29, 079 4,350 9, 283 1, 738 2,808 15, 399 3, 611 503 950 574 10,848 Interest paid— On borrowed money * 6,340 198 1,632 341 665 259 667 885 940 15 51 78 609 On deposits- Bank 9,145 300 3, 347 224 1,117 280 624 1,719 393 54 265 35 787 Demand 37, 767 4, 535 12, 379 2,560 4,488 521 1,056 7,102 1,366 107 714 82 2, 857 Time 70, 328 5,402 13, 310 2,790 13,193 1, 353 1, 756 13,166 3, 008 507 309 81 15,453 Unclassified 23, 356 618 17, 703 1,177 413 278 81 2, 502 234 135 41 10 164 Taxes 19,169 1,191 6, 609 1,064 2, 424. 583 1, 055 3, 043 1, 073 87 258 90 1,692 0 ther expenses 49, 210 2,756 16, 937 2,504 4, 687 976 2, 074 9,445 2,335 248 791 331 6,126 Total expenses 298, 766 19, 308 100, 996 15, 010 36, 270 5, 988 10,121 53, 261 12, 960 1,656 3,379 1,281 38, 536 Net earnings 121,041 5,097 49, 324 7,967 13,456 1,887 3,670 20,199 4,994 616 1,178 273 12,380 Recoveries on charged-off assets: Loans and discounts 3,114 162 1,102 20 190 84 267 484 332 46 59 32 336 Bonds, securities, etc 1,736 481 596 240 50 80 100 135 19 21 5 2 7 All other 1,803 470 333 36 60 10 77 79 450 6 26 15 241 Total net earnings and recoveries _ 127, 694 6,210 51, 355 8,263 13, 756 2,061 4,114 20,897 5, 795 689 1, 268 322 12,964 Losses charged off: On loans and discounts,. 20,280 1,229 5,916 240 924 557 2,440 2,353 1,698 417 510 298 3,698 On bonds, securities, etc. 5,144 805 1,046 730 922 94 135 781 246 41 86 18 240 On banking house, furniture, and fixtures 4,846 189 1,153 238 766 65 311 662 185 37 5 33 1,202 All other losses 5,353 573 1,725 245 232 80 143 481 805 65 103 144 757 Total losses charged off- 35, 623 2,796 9,840 1,453 2,844 796 3,029 4,277 2,934 560 704 493 5,897 Net addition to profits 92,071 3,414 41, 515 6,810 10,912 1,265 1,085 16,620 2,861 129 564 * 171 7,067 Dividends declared. . 57, 272 2,918 23,491 4,263 5,913 1,188 2,025 8,666 2,121 145 493 196 5,853 Capital stock paid in 3 792, 920 41, 525 297, 856 48,855 85, 595 20,837 30, 250 121,407 40,416 4,787 8,765 6,112 86, 515 Surplus fund *___ 738, 910 43, 750 267, 816 86,974 112, 524 14,685 19, 361 121,088 26,053 2,065 3,344 2,274 38, 976 Total capital and surplus 3 1, 531, 8oO 85, 275 565, 672 135,829 198,119 35, 522 49,611 242,495 66,469 6,852 12,109 8, 386 125,491 Number of banks 1,345 39 163 85 110 55 97 318 118 71 27 110 152 1 Including discount. 3 xYs on Dec. 31, 1926. 2 Including dividends. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS IOWA CHICAGO^" IV -L 7 V !•' I ,- —aBOUNDARIES OF FEDERAL RESERVE DISTRICTS .-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis