Federal Reserve Bulletin, 1927-11

J • • . • • - ••• •• FEDERAL RESERVE BULLETIN NOVEMBER, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates Abroad and in the United States Business Conditions in the United States Earnings and Expenses of State Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLFH G. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary, WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A, GOLDENWBISER, 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. 9 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. WETMORB, 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 EESEEVE BANES Federal Reserve Bank of— Chairman Governor Deputy governor C ashlar Boston . .— Frederic H. Curtiss. W. P. G. Harding. W* W. Paddock. W. Willeti. New York...., G. W. McGarrah ...... Benj. Strong... J. H. Case........ A. W. Gilbart.s L. F. Sailer ... . .. J. W. Jones.* \. G. L. Harrison............. Ray M. Gidney.i E. R. KenzeL..—. L. R. Rounds.» Philadelphia............ R. L. Austin.. ..„«,„.. Geo. W. Norris Wm. H. Hutt ......... 0. A. Mcllhenny. W. G. McCreedy.* Cleveland. „_„ George DeCamp.. E. R. Fancher M. J. Fleming......... H. F. Strater. Frank J. Zuriinden Richmond.*. ..._.„„ Wm, W. Hoxton........... George J. Seay... C. A. Peple.—_..„...„... Geo. EL 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. C. R. McKay.—......—. W. 0. Bachmaxs*2 John H. Blair.............. K. C. Childs.i J. H. Dillard.i B. A. Jones.i 1 0. J. Netterstrom.a j St. Louis Wm. McC. Martin... D. C. Biggs ............. 0. M. Attebery. 0. M. Attebery. Minneapolis.... __...• John R. Mitchell... W. B. Geery.. H B. a V rry . M Y o a o eg re e r ........ G Fr r a a n y k W C a . n D -e u n n . lop.2 Kansas City.. ...... M. L. McClure........ W. J. Bailey...... C. A. WortbingtozL,. .. J. W. Helm. Dallas 0. C. Walsh............... Lynn P. Talley... R. R. Gilbert :.„—... Fred Harris. R. B. Coleman.. „„. San Francisco.... Isaac B. Newton..... .. J. U. Calkins Wm. A. Day — W. No Ambrose. Ira Clerk.——..— L. 0. Pontious............. * Controller. 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, Cincinnati branch........... C. F. McComb3. 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. DeSanssure. San Antonio branch-... .. M. Crump. Birmingham branch......... A. E. Walker, San Francisco: Nashville branch ....... J. B. Fort, jr. Los Angeles branch ....... Wm. M. Hale. Chicago: Portland branch „ H. 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. Spokane branch D. L. Davis. Memphis branch .... W. H. Glasgow. Little Rock branch,... A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RBSEEVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Money rates abroad and in the United States 749 Earnings and expenses of State member banks in the first six months of 1927 751, 794 National summary of business conditions 752 Financial^ industrial, and commercial statistics: Reserve bank credit- Reserve bank credit in use 754 Discounts and deposits of Federal reserve banks 754 Gold imports and exports and money in circulation 755 Money rates in New York City 756 Federal reserve bank rates 756 Open-market rates 756 Rates charged customers by banks in principal cities 757 Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks 758 Loans, investments, and deposits of reporting member banks 758 Bankers' balances in Federal reserve bank and branch cities . 759 Commodity prices, security prices, and security issues 760 Industrial production 761 Factory employment and pay rolls 762 Building _, 763 Commodity movements. 764 Wholesale trade 764 Retail trade. 765 Bank suspensions and commercial failures 766 Foreign banking and business conditions: Currency and banking reform in Poland 767 Description of wholesale price indexes 769 Financial statistics for foreign countries: Condition of central banks__. 771 Condition of commercial banks 773 Discount rates of 32 central banks 773 Money rates in foreign countries 774 Gold exports and imports of principal countries 775 Foreign exchange rates_ _ > ; 776 Price movements in principal countries— Wholesale prices 777 Retail food prices and cost of living . 779 Changes in national and State bank membership . . 780 Fiduciary powers granted to national banks - . _ _ 780 Detailed banking statistics for the United States 781 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 13 NOVEMBER, 1927 No. 11 REVIEW OF THE MONTH In Germany the rate at the Reichsbank had been reduced in January to 5 per cent, the Increased demand for bank credit in recent lowest rate since 1922. This weeks carried the volume of loans and invest- ^ Credit condi- d ti.on was made largely as ments of member banks in tions in Ger- a r n e a u d c justment to the prevailing Bank credit October to the highest level on many level of open-market rates. andmoneyrates ^^ ^ _ The growth mem Demand for credit, however, increased rapidly ber bank credit has been composed in part of after the early weeks of the year, owing to the increases in loans for commercial and agrigrowing financial requirements of industry and cultural purposes, as is usual at this season of trade, as well as to the large volume of activity the year, but in larger part it has reflected an in the security market. At the Reichsbank increase in investments and especially in loans the demand for additional funds was reflected on securities. The increase in commercial in a constant growth of notes in circulation, loans since midsummer has been smaller than partly to replace rentenmarks which were being for the same period last year, while the rapid retired, but chiefly to supply the increased growth of loans on securities is in contrast to currency needs of the public. At the same a decline in this Jjrpe of loans in the autumn time there was a large demand for foreign bills, of 1926. Deposits of member banks, and both to pay for goods purchased abroad and to particularly their demand deposits, have also transfer. funds for temporary investment in increased, and consequently there has been a foreign markets. These demands gave rise to considerable increase in the member banks' a. large increase in the volume of domestic bills reserve balances at the reserve banks. Indiscounted by the commercial banks at the creased reserve requirements of member banks Reichsbank. Changes in the position of the and some seasonal demand for currency have Reichsbank between January 22 and May 7 are resulted in a growth of reserve bank credit, and shown in the table below: there has also been an export of gold. As a consequence, the volume of reserve bank GERMAN REICHSBANK credit outstanding in October was larger than [In 'millions of dollars] at any time since January. Conditions in . Increase the money market, however, have continued Jan. 22, May 7,(+) or de- 1927 1927 crease (—) to be easy, and open-market rates for money, though some of them have had slight seasonal Gold reserves 437 441 advances in October, are considerably lower Foreign exchange reserves- 119 30 Bills and checks 329 460 +131 than in midsummer. In foreign money mar- Notes in circulation 709 835 +126 kets there has been a more pronounced rise in money rates, reflecting the influence of The growing demand for credit at the seasonal requirements superimposed upon the Reichsbank arising in part out of a continuous large volume of loans continuous strong demand for bank credit. Credit re- [ w commercial banks on During October two of the important European mac e strictions and ,-, , -, -, i i ^ central banks, the German Eeichsbank and the rate advances tlle stock exchange lea to an Netherlands Bank, established higher rates for announcement on May 12 by their discounts and advances, and on November these banks, supported by the Reichsbank, J the Bank of Norway also raised its rate. that by mid-June the}^ would reduce their loans 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927 on the stock exchange by 25 per cent. The statement of the Netherlands Bank between purpose of this measure was to limit loans on January 24 and October 10 are shown below: the stock exchange and thus to increase the NETHERLANDS BANK volume of bank credit available for trade and [In millions of dollars] industry. But, notwithstanding the fact that t th he is R p e r i o c g h r s a b m a n w k a c s o n c t a i r n r u ie e d d o to u t, g r d o e w m , a it n s d s f o u re p i o g n n Ja 1 n 9 . 2 2 7 4, Oc 19 t. 2 1 7 0, c ( I r + n e ) a c s r o e e r a ( s — d e e- ) exchange reserve declined further, and there Gold reserves. 167 155 -12 Foreign bills__ 78 50 -28 was a rapid rise in open-market money rates. Loans and discounts. 81 124 +43 Notes in circulation. 319 331 +12 Consequently, on June 10 the Reichsbank advanced its discount rate from 5 to 6 per cent. The movement of funds out of the Nether- This measure was followed by a slowing down lands increased further after the advance in In the rate of growth of the Reichsbank's the Reichsbank rate, and the exchange value domestic portfolio and in some growth of its of the guilder declined close to the gold export reserves. But the demand for circulation con- point. On October 13 the rate at the central tinued, and between June 15 and October 7 bank on bills was advanced by one full per changes in the principal items of the Reichsbank cent from 3 y% to 4 3^ per cent, the level prestatement were as follows: vailing at the Bank of England. In Great Britain the rate at the Bank of GERMAN REICHSBANK England, which had been maintained at 5 per [In millions of dollars] cent since December, 1925, was Ju 1 n 9 e 2 1 7 5, O 1 c 9 t 2 . 7 7, Increase Money rates reduced to ±y per cent on m EEnnggllaanndd aanndd . . ,, . r . Gold reserves - - - - 430 441 11 n ni mi Foreign exchange reserves 18 37 19 France April 21 of this year. I his re- N Bi o l t ls e s a i n n d c c i h rc e u ck la s t ion - 7 5 9 0 6 4 620 1 1 1 5 6 8 duction was made possible by the growth in the bank's gold holdings and by This growth in Reichsbank credit was acthe relatively easy condition in the short-term companied by an advance in open-market money market in the spring. On the day folrates, the rate on acceptances rising from 5 to lowing the reduction of the bank rate, the Bank 6 per cent. In these circumstances the Reichsof France, out of its holdings of London balbank on October 4 advanced its discount rate ances, repaid a debt of about $160,000,000 to from 6 to 7 per cent and its rate for advances the Bank of England and thus regained control from 7 to 8 per cent. of $90,000,000 in gold which had been held This rise in central bank rates in Germany under pledge as partial security for this debt. was followed by rate advances at the Neder- The gold thus released was acquired by Amerilandsche Bank. The discount can interests, and $30,000,000 of it was ex- Rate ad« Netherlands at 3}^ per rate m ported to New York on private account, while !n, the cent had been much lower than Netherlaannddss ... $60,000,000 was purchased by the reserve the level prevailing at other banks and temporarily kept on deposit abroad. European central banks, with the exception of Subsequently the reserve banks sold this gold the Swiss National bank, and the open-market in Europe. In the meantime the strength of rates in Amsterdam had been correspondingly French exchange, and expectations of its below the rates in other international money further rise, attracted a large volume of foreign markets, as will be seen from the chart. This funds to Paris, and since the foreign exchange condition caused a movement of funds out of bills arising from the movement were sold to the the Netherlands, resulting in an increased Bank of France its holdings of foreign currencies recourse by the commercial banks to the increased rapidly. The accompanying abuncentral bank and a decline in the gold and dance of short-term money in Paris put the foreign exchange holdings of that bank. Bank of France, which maintained a discount Changes in the principal items in the condition rate of 5 per cent, out of touch with the market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDEEAL KESERVE BULLETIN 751 At the same time an increasingly large propor- from 4 to 3^ per cent and the corresponding tion of the central bank's portfolio was con- reduction of the reserve banks7 buying rates verted into foreign bills. These developments for bankers' acceptances. The decline in the caused the Bank of France to convert a part rate on bankers' acceptances is shown on the of its exchange holdings, in London and else- chart. The reductions of discount rates at the where, into gold. The consequent withdrawal reserve banks were accompanied by purchases of gold from the London market was an of United States securities, and money rates in influence in tightening money conditions there, the open market declined to the lowest level and rates for bankers7 bills advanced sharply since the spring of 1925. The reserve system's to within a small margin of bank rate, and have policy of rate reduction and open-market pur-9 remained near this level since that time. chases adopted in July and its relation to domestic Movements since the beginning of 1926 in and international credit conditions was disopen-market rates for bankers' acceptances in cussed in the review of the month for Septemthe principal foreign money markets and in ber. The increased holdings of Government in New York are shown on the chart. securities by the reserve banks have enabled the member banks to meet the seasonal demands for credit and currency without mate- MONEY BATES IN INTERNATIONAL CENTERS rially increasing their borrowings at the reserve banks, with the consequence that the volume of discounts for member banks was smaller in October of this year than at the same period of either of the two preceding years. The smaller indebtedness of the member banks at the reserve banks, together with the lower level of discount and bill rates of these banks, has been an important factor in maintaining an easy condition in the money market during the autumn. The relatively lower level of rates in this country than abroad has also had the effect of strengthening sterling and other foreign exchanges and thus facilitating the financing of our exports. At the same time the 1S2S . 1927 movement of gold, which had been into the Eates shown are open-market rates for bankers' acceptances, and United States in considerable volume earlier in figures are on a weekly basis the year, changed in direction, and during the In the United States money rates in the past six months there has been a small decrease spring and early summer were at a fairly con- in the country's stock of monetary gold. stant level, slightly higher than Rate policy dmg year. This in the prece in the United -, , . , : -, -, , T EARNINGS OF STATE MEMBER BANKS *. level was maintained largely by A statement showing the earnings and exthe continuous growth in the penses of State member banks during the first demand for bank credit from the securities half of 1927 is given on page 794. Correspondmarket, since there was no considerable growth ing figures for the first half of last year were of commercial loans owing to the somewhat reduced rate of industrial activity. Toward given in the BULLETIN for last November, and the end of July, however, and during the month for the last half of 1926 in the BULLETIN for May, 1927. Annual figures for the period of August open-market money rates declined 1919-1926 are given in Table 96 of the board's sharply following upon the reduction of the latest annual report. discount rates at the Federal reserve banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDEKAL RESEKVE BULLETIN NOVEMBER, 1927' NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial and trade activity increased less Crop conditions improved in September, in September than is usual at this season of and the Department of Agriculture's estimates the year and continued to be in smaller volume for October 1 indicate larger yields of most grain than a year ago. The general level of whole- crops than were expected a month earlier. sale commodity prices showed a further rise, The estimate for the corn crop was increased reflecting chiefly price advances for agricul- by 148,000,000 bushels and was only 43,000,000 tural commodities. bushels smaller than the yield in 1926. Wheat Production.—The Federal Reserve Board's production is expected to be 34,000,000 bushels indexes of both manufacturing and mineral larger than last year, while the estimated cotton production, in which allowance is made for crop of 12,678,000 bales is more than 5,000,000 usual seasonal variations, decreased between bales below last year's yield. August and September. Production of iron Trade.—Trade of wholesale and retail firms and steel was in smaller volume in September increased in September by somewhat less than the usual seasonal amount. Compared with a PER CENT PER CENT year ago, sales of wholesale firms in nearly all tso 150 lines, except shoes and drugs, were smaller. Sales of department stores were in about the same volume, and those of mail-order houses and chain stores were somewhat larger. In- 100 100 ventories of merchandise carried by reporting wholesale firms in leading lines were reduced in September and continued smaller than last year. Stocks of department stores, on the other hand, increased slightly more than is usual in 50 50 September and at the end of the month were somewhat larger than a year ago. INDUSTRIAL PRODUCTION Freight-car loadings were in smaller volume during September and the first week of October than in the corresponding period of last 37ear 1923 1924 1925 1926 1927 for all groups of commodities, except grain Index number of production of manufactures and minerals and grain products, of which loadings were combined, adjusted for seasonal variations. (1923-1925 aver- larger than in the same period of any previous age =100.) Latest figure, September year since 1924. than in any month since 1925. There were Prices.—Wholesale commodity prices adalso decreases from August to September in vanced in September for the fourth consecuthe output of nonferrous metals, automobiles, and rubber tires, while the textile and shoe PER CENT PER CENT 1501 1150 and leather industries continued active. The production of bituminous coal showed about the usual seasonal increase in September and October, but continued in smaller volume than during the same period of other recent years. 100 The output of anthracite was considerably reduced during September and the first half of October, following an increase in August, and the weekly output of crude petroleum has decreased slightly since the early part of August. 50 50 The value of building contracts awarded continued somewhat smaller during September and the first three weeks of October than during WHOLESALE PRICES the corresponding period of 1925 or 1926; declines occurred in contracts for residential, 1923 1924- 1925 1926 1927 commercial, industrial, and educational build- Index of United States Bureau of Labor Statistics. (1926 = 100, ings, while contracts for public works and pub- base adopted by bureau.) Latest figure, September lic utilities were larger in September than in tive month, and the Bureau of Labor Statistics the corresponding month of any previous year. all-commodities index rose to the highest level Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEJDEBAL BE-SERVE BULLETIN 753 since last January, There were large increases reflected chiefly an increase in member-bank between August and September in the prices reserve requirements and an export demand of livestock, meats, and cotton, and small for gold. advances in the prices of leather, coal, and chemicals, while prices of grains, building BILLIONS OV OOLLAr BILLIONS OF DOLLARS materials, and rubber declined. During the 10 10 first three weeks in October the prices of spring wheat, corn, cotton, coal, and iron and steel declined, while prices of livestock, raw wool, and rubber advanced. Bank credit.—Total loans and investments of member banks in leading cities showed a further increase for the four weeks ending October 19 and on that date were about $660,000,000 larger than in midsummer. Of this growth in member bank credit about $325,000,000 represented an increase in com- - 2 mercial loans, a considerably smaller increase than for the same period last year, and about $335,000,000 increase in investments and loans 1923 1924- 1925 1926 1327 on. securities. Monthly averages of weekly figures for banks in 101 leadfng cities. : At the reserve banks total bills and securities Latest figures are for October increased during the four weeks ending October 19, as is usual at this season, but were on the Some seasonal firmness in the money market average about $60,000,000 below the level of in October was reflected in an increase from 3 Y% the corresponding period last year. The to 334 P^r cent in rates on 90-day bankers' increase, which was largely in the form of addi- acceptances. The rate on commercial paper tions to the banks' holdings of acceptances, remained unchanged at 4 per cent. FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE Y m ea o r n a th nd p " I r n t t o r i d o i d a u n u l s c - i - " P t t m i u r o f o a r a n d e n c s u u o - c 1 - f - P m ti r a o o i l n n d s e ^ u o r c - f - B U j u u i n s l a t a d e w d i d n - a g r d c e o j d u n A s t * r t d e a - d cts i l R r n o c o g a a a a i d s r d l - - 1 e F m m ac p e t l n o o t r y y - Factory W tr s h a a o l d e l e e- D j U e u p n st a a e r d d t s - m ale e s n j t u * - A s s t t d o e - d re D U j e u p n s a t a e r s d d t t - m o c e k n s j t u - A l s s t d t o e - r d e o o d C B Y f u e t i a o N b s t n y i r i e d t k k s w e i . Monthly average 1923-1925=100 Monthly average 1919-100 1926 June.---.-_ 107 107 106 133 125 109 95 109 84 130 130 131 138 127 July—„„_ 107 107 107 126 124 108 93 104 82 99 133 125 133 136 August 111 111 109 146 129 108 94 108 88 105 134 130 130 126 September.,- 112 112 111 137 130 109 96 108 97 131 144 142 132 126 October. _„_ 111 110 115 126 126 109 96 112 94 158 139 153 137 126 November.. 108 106 118 119 130 108 95 109 86 156 138 156 138 123 December.. 105 103 119 131 136 106 94 108 78 234 146 128 137 126 1927 January. = „„ 107 105 116 • 94 123 105 92 102 75 114 130 124 139 125 February. __ 109 107 118 96 131 109 94 109 73 107 139 131 139 133 March..... 111 110 118 151 131 109 94 110 83 129 129 142 140 134 April--.— 108 109 104 147 128 108 93 108 78 143 140 143 139 137 May....... 111 111 108 135 126 107 93 108 79 131 127 138 138 133 June.,..-... 108 108 104 154 144 104 92 106 81 130 130 129 136 134 July........ 106 106 100 130 128 101 91 101 77 97 130 124 133 132 August __.__ 107 107 106 135 119 104 91 104 88 113 143 130 130 133 September, _ 106 106 105 127 121 104 92 104 91 130 143 143 133 138 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. 68914—27—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDEKAL EESEKVE BULLETIN NOVEMBER, 1927 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE BILLIONS OF DOLLARS BILLIONS OF DOLLARS [Monthly averages of daily figures. In thousands of dollars] 2 2 Month cr b u e a d s n e it 1 k in B m c b o i e l a u l f m o s n n r k b t d e s e i d s r - b B ou il g ls h t I I s U S e t n t c i a e u i t t s r e e i s d - 1926—April .-... 1,158,891 539,594 235,956 369,779 May 1,155,191 514,559 230, 555 June _—_. 1,139,808 476,044 244,038 408,776 July -I 1,166,564 231,132 379,745 August.. 1,158,264 555,799 245,094 353,90S September . „ 1,225,236 641,797 263,992 315,747 October _ 1,269,356 665, 566 294,296 306,413 November 1,270,057 618,367 346,859 302,30& December... 1,380,571 671,722 321,446 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 May—. 999,504 472,984 233,224 291,495 June 1,033,123 428,563 205,273 397,754 July ..._... 1,026,152 453,997 189,774 381,081 August... 1,021,830 4Q9,439 173,122 438,511 1923 1924 1925 1926 1927 September........... | 1.139,342 422,192 215,926 500, 637 Monthly averages of daily figures for 12 Federal reserve banks. October.... 1,213,155 424,426 281,903 506,128 Latest figureslare averages for October i 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 Ne o w rk - d P e h lp il h a i - a C la le n v d e- m K o ic n h d - la A n t t - a Chicago I jj S jj t j . jig M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Discounts: I 1926—April _. 539,594 28,450 129,202 53,295 56,207 45,068 44,354 75,266 28,236 6,386 19,044 7,400 46,688 May. ... 514,559 27,068 136,767 49,722 52,071 46,637 35,183 66,311 26,662 6,920 20,149 9,8S2 47,237 June 476,044 24,816 117,785 49,243 43,977 47,366 38,384 62,547 28, 536 5,254 18,472 11,921 37,743 July 648,966 34,629 165,983 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 47,586 i54,691 35,196 13,076 12,693 20,139 48,161 September 641,797 45,493 182,447 46,224 44,966 46,359 55,345 I67,736 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 j42,163 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 6,606 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 April 447,286 23,201 121,628 43.744 53,890 22,506 34,140 56,281 16,202 6,058 11,902 4,403 53,331 May. _.__.._ 472,984 37,129 137,765 45,841 43,624 25,450 34,625 52,679 24,024 6,737 17,333 4,670 43,107 June _._. 428,563 33,843 91.932 45,227 41,801 22,374 32,618 63,917 26,253 6,514 16,524 6,172 41,390 July ........ 453,997 29, 689 122,892 46,791 21,839 36,273 59,685 29,818 5,952 12,460 7,374 45,831 August 409,439 29,854 118,418 39, 566 27,804 19,671 34,671 40,470 24,749 6,109 9,330 12,742 46,055 September 422,192 28,377 142, 360 38,240 34,762 26, 251 31.085 31,414 27,992 4,435 10,698 10,981 35, 597 October 424,426 33,290 126,862 38,425 43,720 28,888 25,999 36,483 21,484 2,672 15, .730 7,151 43,722 Deposits: 1926—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 62,934 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 82,917 51,638 92,651 67,478 168,376 August 2,253,350 145,625 847,061 136,602 188,314 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 . 2,280,180 163,231 853,359 139,637 185,945 72,240 74,640 83,745 51,574 92,848 60,984 175,334 November 2,279,135 155,409 856,416 139,260 184,749 72,626 72,938 332,040 82,771 53,070 91,393 61,148 177,315 December.-. 150,252 879,596 139,419 181,215 71,010 71,802 329,801 82,823 52,550 91,127 62,902 177,13S 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 Marach 2 2, , 3 2 0 8 1 4 , , 1 8 2 0 0 9 1 1 4 4 6 8 , , 1 3 7 9 7 4 8 8 8 7 2 8 , , 3 2 8 8 6 5 140, 451 1 1 8 8 8 8 , , 4 1 2 2 7 2 7 71 0 , , 2 4 1 84 1 7 7 1 2 . , 1 76 3 6 4 328,167 8 8 2 3 , , 7 82 8 7 0 5 5 1 0 , , 4 3 8 7 4 1 9 9 0 0 , , 7 8 8 3 9 2 6 6 3 2 , , 1 5 7 8 0 7 1 1 7 7 5 7 , , 0 8 1 1 8 0 ay_ 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 July 2,339,478 152, 568 918,918 137,993 189,620 74, 262 68, 471 337,875 82, 622 50,607 90,916 60,209 175,417 August 2. 331,452 151,977 902,138 138,571 192', 145 74,478 67,482 345,465 81,589 49,714 91,611 59,759 176,523 September. 2, 350,875 153,393 911, 090 140,911 190, 489 74, 618 343,955 81, 575 52,578 90,155 63,044 180, 219 October. __ 157,165 921,315 141,539 190,085 74,666 70,827 346, 798 84, 745 55,623 90, 542 66, 381 181,122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

755 FEDBBAL RESERVE BULLETIN NOVEMBER, 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MH.U0NS OF DOLLARS MILLIONS OF DOLLARS US OF DOLLARS MILLIONS 8F DOl 5500 5500 GOLD IMPORTS AND EXPORTS .MONEY IN CIBCULAT10N 5000 5000 A / 4500 4500 i Bars above base line represent Imports -Bars below base line represent Exports • Black portions represent excess Imports or Ex 60 80 4000 4000> 1921 1922 1923 1924- 1925 1926 1927 B23 1924. 1925 1S26 .1327 GOLD STOCK i on averages. Latest figure, October, $4,847,000,000, averagela [First of month figures. In millions of dollars] figures for October 1 and November 1 Month 1922 1923 1924 1925 1926 1927 MONEY IN CIRCULATION 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 April 3,751 3,969 4,368 4,405 4,495 4,599 May 3,767 3,982 4,417 4,394 4,497 4,609 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 4586 January 4,605 4,733 4,951 4,993 5,008 5,001 September. 3,859 4,109 4,531 4,400 4,511 4,593 February.. 4,353 4,509 4,682 4,752 4,740 4,713 October 3,874 4., 135 4,548 4,399 4,499 4,582 March 4,402 4,611 4,808 4,804 4,814 4,779 November. 3,902 4,168 4,554 4,442 4,491 4,548 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 4,708 4,815 4,774 4,871 4,786 i Gold coin and bullion held by United States Treasury and Federal July 4,374 4,729 4,755 4,736 4,835 4,745 reserve banks (including gold held abroad) and gold coin in circulation. August 4,337 4,696 4,665 4,720 4,858 4,744 September 4,394 4,778 4,774 4,784 4,864 4,750 GOLD IMPORTS AND EXPORTS, BY COUNTRIES October. __ 4,521 4,850 4,806 4,827 4,906 4,850 [In thousands of dollars] N D o ec v e e m m b b e e r r . 4 4, , 6 5 1 7 7 0 4 4 , , 8 9 3 2 5 3 4 4, , 9 8 9 8 4 0 4 4 , , 9 9 0 7 1 2 4 4, , 9 9 4 3 9 3 4,844 1927 1926 Cou o n r t d ry e sti o n f a ti o o r n igin September Jan t u e a m ry b - e S r ep- Calendar year KINDS OF MONEY IN CIRCULATION [In millions of dollars] Imports Exports Imports Exports Imports Exports England 39,391 14 1,212 First of month figures Averages 1 France 21,016 351 18 Germany. _ 1 13,994 1 47,550 N C C a e e n n th a tr e d a r a l l a A nd m s erica 8 1 5 0 5 6 87 5 1 2 5 , , 9 0 9 5 7 5 2 5 2 4,5 2 1 5 1 3 82 1 , , 5 5 4 1 3 6 4 3 2 , ,3 8 9 5 2 5 Kind of money Se b p e te r m- O b c e t r o- No b v e e r m-Se b p e te r m- O b c e t r o- Mexico „.. 574 4,724 5,173 23,913 6,202 Argentina 23,140 23 23,249 9 438 Chile.. 34 21,180 Gold coin and bullion 387 392 389 389 390 Colombia 164 1,134 ""17661" 1,663 Gold certificates 1,045 1,062 1,068 1,053 1,065 Ecuador 1,085 1,925 1,307 Standard silver dollars 48 48 49 48 48 Peru 110 1, 2,644 Silver certificates 379 390 392 385 391 Venezuela 62 410 647 1,700 Treasury notes of 1890 1 1 1 1 . 1 Australia 9,739 21,912 51,119 Subsidiary silver 277 280 282 279 281 British India 37 119 5 578 United States notes.. ..„ 299 304 298 302 301 British Malaya 300 2,316 3,342 Federal reserve notes.__ 1,657 1,715 1,711 1,686 1,713 China and Hong Federal reserve bank notes-_ 4 4 4 4 4 Kong 110 1,674 4,302 6,540 4,495 National bank notes 651 653 648 652 651 Dutch East Indies._ 133 180 1,232 1,707 2,221 20,000 14,000 60 Total 4,750 4,850 4,844 4,800 4,847 Philippine Islands __ 117 1,229 1,990 All other countries.. 78 17 479 1,441 1,157 832 Total 12,979 24,444 192,966 57,642 J213,504 115, 708 m 1 o n A t v h e . rages of figures for first of given month and first of following Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL "RESERVE BULLETIN NOVEMBER, 1927 MONEY SATES IN NEW YORK CITY 3 - 1 - - 1 0 1922 1923 192*+ 1925 1926 1327 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT KATES [Rates on all classes and maturities of eligible paper] Prevailing rate on- A ver o a n g — e rate Aver o a n g — e yield Rate in Federal reserve bank e N ffe O c T t . o 1 n Date established Call loans 1 T U r . e a S s . - Month or week Time n u o r t y es Treas- - N B e o w st o Y n o . r .. k 3H A A u u g g . . 5 5 , , 1 1 9 9 2 2 7 7 ... I l d o a a 9 y n 0 s s 2 , New n R ew e- al c c e a a r n t t e i d s fi ,, - bo u n ry ds5 Philadelphia.. Sept. 8, 1927. \ 3 to 6 Cleveland. Aug. G, 1927..—-J months Richmond. Aug. 16, 1927 Atlanta.. _ Aug. 13, 1927.. Chicago. ___._„ Sept. 7, 1927....._ 1926 St. Louis...... Aug. 4, 1927.. August..__..__. 4.58 4.52 3.27 3.75 Minneapolis... Sept. 13, 1927 September...... 5.05 5.02i «3.47 3.74 Kansas City...... July 29, 1927.. October __ 4.70 4.75! 3.58 3.73 Dallas Aug. 12, 1927 November 4.60 4.56 3.35 3.68 SanTrancisco. 1 Sept. 10, 1927.. December.. 5.16 5.16 < 3.11 3.64 1927 January. .„_„ 4.27 4.32 3.23 :3.60 BUYING BATES ON ACCEPTANCES February 4.06 4.03 3.29 3.58 March 4.13 4.13 4 3. 21 3.48 [Buying rates at the Federal Reserve Bank of New York] April........ 4.21 4.18 3.39 3.47 May 4.27 4. 26 3.33 3.44 June... 4.26 4.33 3.47 Maturity e R N ffe a o c t v e t . i o 1 n n Date established Pre ra v t i e ous J A S O u e u c l p t g o y t u b e . s e . m t r .. b . e .. r . . . _ . ..... 3 3 3 3 . . . . 8 6 8 9 8 6 4 5 3 4 3 3 . . . . 9 8 6 0 0 0 8 5 4 2 2 3 2 . . .7 .8 0 1 3 3 3 3 . . . . 4 4 4 4 8 5 4 3 Week ending— Oct. 1 3.92 4.00 3.03 3.44 1-15 days... Aug. 5, 1927.. Oct. 8 4.18 4.20 3.06 3.44 16-30 days.. Aug. 22, 1927.. Oct. 15 4.10 4.00 3. 3.44 31-45 days.. ......do Oct. 22 3.75 3.90 3.10 3.44 46-60 days __ Aug. 5, 1927.., Oct. 29 3.50 3.50 3.09 3.43 81-90 days. . do .... 91-120 days. do 121-180 days July 29, 1927 _. 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. 3 Three issues—3%, 4, and 4M per cent; yields calculated on basis of NOTE.—Rates on prime bankers' acceptances. Higher rates may be last redemption dates—1956, 1954, and 1952. charged for other classes of bills. * Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

757 NOVEMBEE, 1927 FEDERAL EESSEYE BULLETIN 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 s F c r o an- Prime commercial loana 1926—October 5 -6 0- 5}4\ 5 „ 5 -6 November—. 5 -8 4N-5 5 -5%! 5 ~5M 5 -6 December 534-8 5 -6 tyi-^Al 5 -51 1927—January _„ 5^-6 5 -6 4*4-534 5 -5,- February.. 5 -6 5 -6 4M5K| 5 5 -6 March 414-5 5 43^-6 April 5 4-6 5 -6 434-5 5 May j 5 -6 5 -6 5 June 5 -6 4iJ-5 5 43^-6 July..— 5 -6 5 -6 4^-5 5 43^-6 August.. _ 5^-6 o -6 4^-5 5 September _ 5 -5> 5 -6 4 -5 5 October -4K 4^-4 5 -b1/ 5 -4M Loans secured by prime stock exchange collateral 1927—April 4M-5 t43m^-5 6 5 -6 5 -8 434-5 5 "~^A 434-6 5 -6 5 -7 5 -8 May— ty'l 6 6 5 -6 5 -6 6 5 -6 June.—. 6 6 5 -6 434-5 5 -oj^ 41I-6 5 -6 6 -7 5 -6 July 43^ 6 4^-6 5 -6 4^-5 5 ~~b\^2 4K-6 5 -6 5 -7 5 -6 August 434-4^ 4%-5 41^-5 534-6 5 -6 5 -6 5 -5H 4^-6 5 -6 5 -6 5 -6 September. 43^-4^2 434*5 4/^-4^ 6 5 -6 5 -6 43/2~5 5 434-6 5 -6 5 -6 5 -6 October 43^-434 4^-5 4M-4M 6 4M-6 5 -6 4M-5 43/2--r>3/2 5 -6 5 -7 5 -6 Loans secured by warehouse receipts 1927—April 5 5 -6 6 6 5 -6 4^-5 5 May.— 4M-5 5 -5H 6 5 -6 5 -6 434-534 5 June 4^4-5 5 -6 6 5 -6 5 -6 4^-534 5 July 4^|-5 5^-6 6 6 •5 -6 4^-5 4M-5 August 4^-5 5 -6 5 -5 4^-5 4H-5 September.. 4H-5 4H-6 6 6 5 -6 4H-5 4M-5 October 4M-5 5 -6 6 5 -6 5 -6 . 4K2-5 434-5 Interbank loans 1927—April_-> 4H 43^ 4.%-b 5 5 5 ~6 5 -&H 5 -53^ 5 -6 6 5 5 -6 May.. „ Q/2 4^.-5 4^-5 5 5 5 -6 5 5 -534 5 -6 6 5 5 -6 June 4M 5 5 5 -6 5 5 ~~h /2 5 -8 6 5 5 -6 July -._- 4^ 41^-5 43^'"5 5 5 -5H 5 -6 5 5 -51/2 5 -6 6 5 5 August.. -4M 4 -5 434-5 5 5 5 -6 5 5 ~b}/2 5 -6 6 5 5 -6 September 43^-43/2 434-5^ 5 5 5 -6 5 5 -5y2 5 -6 6 5 5 -6 October 4 4 -4M 4^-5 5 5 -6 5 4M-5M 5 -6 6 5 -6 5 -G FEDERAL RESERVE BRANCH CITIES Prime commercial loans s L to o c a k n - s e s x e c c h u a r n e g d e b c y o l p la r t i e m ra e l Loans secu r r e e c d e i b p y ts warehouse Interbank loans City August Se^e e r m" October August Segfr m- October August SePt e e r m" October August Jm" October Buffalo—----------- 5 -6 434-8 5 -6 5 -6 5 -6 6 6 5 5 5 Cincinnati— 534-6 5 sy oM-Q 6 -7 G -7 5 -5H 5 -5K2 5 -534 Pittsburgh . 5 -6 5 5 -6 5 -6 6 6 5 -£ o -8 £ -6 J N B B a a a c ir l s k t m h i s m v o in i n o l g l v r e h e i l a l m e ..- » . — --. 5 5 5 - ~ -6 5 6 H 5 5 5 - - - 6 6 5 6 4 5 5 ^- - - 5 6 8 34 5 5 5 - - - 6 6 8 6 4 5 >2 - '- 8 6 6 5 5 8 3 3 ^ 4 - - - 8 6 6 6 6 -8 6 6 -8 6 6 5 5 M - - 6 6 6 5 5 - - 6 8 6 5 5 - - 6 5 6 H New Orleans.„ 5 -6 6 6 V2 5 -6 5 -6 5. -6 5 -5 5 5 -6 Detroit 5 -8 5 -6 5 -6 5H-6 4M-6 5 -6 5 -6 5 -6 5 -6 5 -hY Little Kock— 5 -6 5 -6 5K-6 5 -6 6 -7 6 -7 6 -7 6 2-7' 5H-6 5 -6 53-2-6 Louisville - 5 -6 5 -6 5 -6 6 -7 5 -6 6 0 5 5 Helena — S 8 8 5 -6 8 6 -8 6 -8 6 -8 6 -8 6 -8. Denver. 5 -6 4 -6 6 8 53-^-6 534-8 5M-7 6 -6> 6-6H Oklahoma City 5 -6 5 -6 5 -6 6 -7 6 6 6 -8 6 6 6; Omaha 4K-6 5 ~6 5K-6 5 -6 6 -6M 6 -6> El Paso.--. - 8 8 6 -8 6 -8 7 -8 7 -8 7 -8 6 6'- Houston 5 -6 5 -$ 5 -6 5 ~6 5 -6 0 -6 5 -7 5 -7 5 -6 5 5- San Antonio..- 6 -8 6 -8 6 -8 7 -8 6 -8 6 -8 5 -6 5 -6 Los Angeles..-. 6/4-8 6 -7 6 -7 6 -7 6 -7 7 6 -7 6 -7 6'. Portland - 6 6 6 6 , 6 6 --7 6 -7 6 -7 6 Salt Lake City 6 6 6 7 7 7 6 Seattle „...„..- 6 6 6 6 -7 6 -7 i 6 -7 6 -7 6 -7 5 -6M; Spokane 6 -7 6 6 ! 6 -7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN NOVEMBEK, 1927 MEMBER BANK CREDIT MEMBER BANK RESERVE BALANCES AND BOKROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In thousands of dollars] Reserve balances Borrowings at Federal reserve banks Reporting member banks Reporting member banks Month Other Other New C i Y ty ork le O c a i t t d h i i e e n s r g Total m b e a m nk b s er Total New C i Y ty ork le O c a i t t d h i i e e n s r g Total m b e a m nk b s er Total 1926—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 ._ 672,948 983,186 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— F J e a b n r u u ar a y ry 6 7 8 1 2 7 , ,3 0 1 2 0 6 9 96 6 2 0 , ,2 6 3 9 9 1 1 1 , , 6 6 4 7 4 7 , , 5 7 4 1 9 7 5 58 8 4 7 , ,6 6 4 1 7 2 2 2 , , 2 2 6 2 5 9 , , 1 3 9 2 6 9 7 5 5 9, f 9 8 0 9 7 4 2 1 2 7 3 2 , , 2 9 5 8 9 6 2 2 3 9 2 9 , , 8 1 9 5 3 3 1 15 7 8 7 , ,1 7 4 9 1 1 4 3 7 9 6 1 , , 2 6 9 8 4 4 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 lune. „ 775,900 973,318 1,749, 218 592, 650 2, 341, 868 51,485 219,307 270, 792 163, 753 434, 545 Inly....- 728,491 967,062 1,695,553 603,200 2,298,753 59,383 213,252 272, 635 160,970 433, 605 August 724,240 983,241 1,707,481 605,427 2,312,908 73,865 182,027 255,892 156,838 412,730 September..... 726,262 982,785 1,709,047 613, 709 2,322, 756 90, 420 176,509 266,929 150,495 417,424 October 728,171 996,927 1,725,098 629,976 2,355, 074 74, 502 208,435 282, 937 145,245 428,182 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 Total Total On t s ie e s curi- All other I m n e v n es t t s - Total de N m e a t nd Time Go m v e e n r t n- Im"iNew York City: 1920—September 6,237,607 4,484,084 2,108,290 2,375,794 1,753,523 5,908,909 5.025,387 43,878 October .„ 6,179,229 4, 472,159 1,992,107 2, 480,052 1,707,070 5,863,058 4,978, 784 833,852 50,422 November... 6,174,250 4,464,416 1,912,580 2,551,836 1,709,834 5,858,635 4,959,046 872,198 27,391 December 6,308,886 4,575,021 2,018, 731 2,556,290 1,733,865 6,030,809 5,093,951 901, 789 35,069 &9I7—•January.... 6,341,114 4,593,379 2,097,907 2, 495, 472 1,747, 735 6,080,894 5,127,308 917,608 35, 978 February. ..... 6,189,052 4,436,661 1,981,261 2, 455, 400 1,752,391 5,894, 478 4,935,006 929, 499 29,973 March — 6,349,701 4,525,865 2,039,033 2,486,832 1,823,836 6,063,771 5,068,281 929,103 66,387 April.————,. 6,421,165 4,570,029 2,100, 079 2,469,950 1,851,136 6,079,869 5,066,081 950,045 63,743 May 6,534,882 4,628,567 2,140, 562 2,488,005 1,906,315 6,169, 518 5,179,092 956, 334 34, 092 June — 6,692, 243 4,767,162 2, 270,984 2,496,178 1,925,081 6,421,358 5,389,740 1,009,999 21,619 July.... 6,601,841 4, 720,139 2,225, 781 2,494,358 1,881, 702 6,268,844 5,264,543 992,370 11,931 August 6,578,660 4,748,052 2,228, 610 2, 519,442 1,830,608 6,229,475 5,213,235 1,010,441 5,799 September 6, 705,170 4,910,943 2, 268, 660 2,642,283 1,794,227 6,291, 879 5,224,056 1,003,913 63,910 October... 6, 782,502 5, 009, 556 2,331,157 2, 678,399 1, 772,946 6,371, 720 5, 254, 646 1,014, 507 102,567 In other leading cities § ~ 1926—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 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 3,857,805 6,124, 694 4,030,642 13,226,693 7,977,523 5,091,851 157,319 May 13,911,812 3, 701,027 6,125,8S7 4,084,948 13,274, 774 8,011, 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 July „ 13,948,103 9,820,407 13,772,074 16,048,333 4,127,696 13,317,083 8,017,612 5, 204,050 95, 421 August 13,965,603 i 3, 799,286 i 6, 069,534 4,096,783 13,360,070 1 8,073,474 1 5,239,981 46,615 September.. 14,118, 660 9,927, 355 1 3,845,801 i 6, 081,554 4,191,305 13, 507, 556 8,102,176 5, 289,126 116, 254 'October. 14,336,762 10,042,416 3,909,278 6,133,138 4,294,346 13, 694, 015 8,165,308 5,351,448 177,259 totals 1926—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 5,693,986 5,829,884 19,284,680 13,042,228 6,011,481 230,971 April „ .. 20,234,300 14,352,528 5, 757,885 8,594,643 5,881,778 19,306,562 13,043,604 6,041,896 221,062 May . 20,446,694 14,455,431 5,841,589 8,613,842 5,991,263 19,444, 292 13,190, 823 6,135, 762 117,707 June - 20,682,375 14,638,126 6,052,236 8,585,890 6,044,249 19,746,196 13,424,054 6,184, 293 137,849 July 20,549,944 14,540, 546 i 5,997,855 1 8, 542,691 6,009,398 19, 585,927 13,282,155 6,196,420 107,352 August 20.544,263 14,616,872 16,027,896 1 8, 588,976 5,927,391 19, 589, 545 113,286, 709 1 6,250,422 52,414 September — 20,823,830 14,838,298 i 6,114,461 i 8,723,837 5,985, 532 19, 799, 435 13,326. 232 6,293,039 180.164 October 21.119,264 15,051,972 6,240,435 8, 811, 537 6,067,292 20, 065, 735 13,419, 954 6,365,955 279,826 i Revised figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDERAL RESERVE BULLETIN 759 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 a i p n o n l e is - Ka C n i s ty as Dallas Sa c n i s F c r o an- Dae from banks: 1926—April 44,456 108,123 69,635 28,615 16,426 13,049 153,225 28,663 21,829 38,373 22,962 60,132 May.. 42,592 101,225 63,658 27,117 16,538 14,037 165,357 30,210 21,679 39,537 22,668 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 22,658 46,989 23,372 63,980 August 88,732 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 12,274 151,708 25,582 20,264 44,939 24,415 53,917 October. __ 36,983 111,081 63,385 27,646 16,341 14,420 155 681 28,037 22,264 43,654 28,166 53,016 November. 41,031 102,636 56,828 27,057 18,465 12,688 154,680 29,503 22,794 50,466 29,069 50,606 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 21,632 44,621 27,975 60,798 February.. 39,050 93,479 58,036 23,250 7,520 13,323 139,348 29,850 20,017 41,884 20,241 62,112 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, 516 July 45,947 92,480 50, 668 22,948 6,847 11,675 143,247 25,626 21,744 36,041 15,162 52,269 August.... 44,126 85,330 52,333 24,156 6,214 10,867 142,140 26,995 19,844 33,086 13,406 53,313 September- 43. 066 95, 323 51, 233 26, 380 6,444 12.578 147, 293 25, 581 27,654 32,942 18,152 58,846 October 52, 594 110,715 52,330 24, 880 6,237 12, 874 145,935 27,958 29,302 36, 058 19,211 56,817 LIU 1 © 9 t 2 O 6 — Di A lll p K r S i . l. 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 32,764 107,216 November. 128,262 1,052,188 165,589 46,647 33,067 18,363 349,234 78,936 52,698 97,038 33,771 105,774 December. 126,533 1,078,048 163,054 45,143 33,095 18,257 347,137 79,495 50,771 96,657 32,340 107,583 1927—January... 136,801 1,107,405 173,041 48,845 33,256 19,413 370,264 88,533 53,080 101,170 32,575 105,868 February.. 135,794 1,090,437 173,142 53,578 33,585 18,623 362,476 88,347 55,471 95,337 33,234 127,068 March..... 134,562 1,118,300 172,512 54,017 33,460 17,063 371,986 87,039 53,586 90,268 31,913 104,055 April..— 142,243 1,104,366 170,573 55,613 31,223 15,427 362,808 86,085 50,934 86,741 28,624 94,916 137,294 1,116,781 169,109 55,089 29, 585 15,544 372,351 81,810 47,521 82,551 27,036 98,387 J M un a e y .. ....... 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 July 160,660 1,164,095 169,079 60,290 30,359 15,394 361,439 81,920 46,463 91,837 24,801 108,422 August.-.. 152,083 1,159,580 167,855 60,420 31,266 14,872 361,869 78,639 45, 525 91,238 24,222 107,400 September- 141,354 1,177,091 168, 581 61,395 32, 428 18, 682 369, 798 78, 697 57, 555 87,872 32,023 105, 736 October 146,826 1,208, 959 172, 928 61,232 33, 786 20, 058 374,500 78, 930 63, 751 83,780 37,433 110, 056 FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weekly figuresf or 1927] [In thousands of dollars] Due from banks Due to banks City June July August Sep b t e e r m- October City June July August Se b p e te r m- October Buffalo . 12,864 12,893 14,341 12, 834 13, 244 Buffalo 23,593 25, S80 24,510 25,175 24, 886 Cincinnati — 14,94.9 14,042 14,685 14,013 16,387 Cincinnati,-. 33,703 34,863 38,047 36,454 Pittsburgh. __— 40,852 36,096 39,674 38,310 41, 016 Pittsburgh.. _.„. 121,277 125,049 128,467 127, 284 130, 753 Baltimore . -. 14,406 14,333 14,687 13, 837 15, 648 Baltimore „. 35,787 38,346 40,449 38, 644 35,806 Birmingham „_.. 8,085 9,988 9,181 10, 481 12,331 Birmingham 6,092 7,479 7,224 9,123 11,800 Jacksonville 11,325 11,236 10,836 10, 632 11, 377 Jacksonville 13,366 12,942 18,559 18,048 17, 707 Nashville - 5,095 5,753 4,337 5,287 6,977 Nashville . 11,153 12,507 10,851 11,114 12,872 New Orleans _. 15,495 15,363 15,489 18, 833 21, 552 New Orleans 37,977 37,384 36,782 42, 629 46, 041 Detroit..- 37,256 34,705 33, 378 34,237 34,004 Detroit 44,516 41,897 41,88C 43, 650 38, 847 Little Rock.-..- 3,484 3,450 3,029 3,761 4,349 Little Rock _«...„ 10,585 10,489 9,417 9,832 12, 589 Louisville.._— 9,150 7,410 6,534 7,227 7, 425 Louisville..—— 24,134 27,085 26, 450 27, 795 Memphis 13,085 13,268 11,392 11, 825 15, 526 Memphis _„ 12,909 12,303 10,870 12,888 18,584 Helena - — 1,410 1,891 1,878 2,172 2,468 Helena. 2.379 2,381 2,406 3,862 Denver . 14,884 14,074 14,436 15, 465 16,411 Denver 14,531 13,836 16,792 17,958 20, 764 Oklahoma City 11,454 12,219 10,161 10,023 13,263 Oklahoma City- 17,011 18,639 16,29C 15,990 21,103 Omaha .__ 15,448 17,978 17,396 17, 526 19,482 Omaha 32,199 33,298 40,604 38,142 35,349 El Paso — 2,532 2,742 2,397 2,275 3,024 El Paso 2,115 2,173 2,091 1,977 2,566 Houston -_ 16,571 15,951 16,286 19,105 17,654 Houston 24,730 22,659 34,484 35, 757 San Antonio ...... 6,968 7,137 8,082 8,077 7,350 San Antonio..— 7,598 7,017 8,403 9,086 7,801 Los Angeles 53,645 54,264 54,476 52, 682 55,124 Los Angeles 55,518 59,987 56,718 44,688 48,061 Portland . 9,802 10,131 10,586 11,108 10,643 Portland 15,339 15,863 17,098 20,467 Salt Lake City „ 5,171 4,959 4,561 4,909 5,457 Salt Lake City.. 10,288 10,007 9,418 10, 464 12,890 Seattle..— 16,433 16,638 17,646 18, 514 18, 243 Seattle 16,379 16,790 18,010 19,464 19,094 Spokane.... 3,778 3,912 4,857 4,840 4,637 8,316 7,783 10,124 10,304 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 PEDEEAL EESEEVE BULLETIN NOVEMBER, 1927 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926=100] Month ' A m l o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t a in n g d p M r m o a e d e n t t u d a a c l l s ts m B a u t i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - in f R u g o r n g u i o s s o e h - d - s l M an is e c o e u l- s 1926 July 99.5 98.6 98.8 99.0 98.5 99.5 100.7 99.4 100.4 97.5 August..,.. 99.0 97.2 97.5 99.7 98.5 100.6 101.0 99.5 99.8 95.4 September- 99.7 99.3 99.8 98.8 98.9 101.5 101.2 99.5 100. 2 99.5 94.2 October 99.4 97.9 100.8 101.0 97.7 101.3 101.0 99.5 99.1 99.4 93.4 November. 98.4 94.7 100.5 100.4 96.3 102.5 100.8 100.1 98.6 99.1 90.8 December.. 97.9 94.9 100.7 100.4 95.2 99.4 100.4 99.2 98.8 98.8 1927 January 96.5 96.9 101.0 94.3 97.7 98.8 97.5 97.6 97.9 90.3 February._ 95.9 95.4 95.9 100.2 94.6 95.8 98.0 96.2 97.6 97.9 90.6 March...... 94.5 94.2 94.5 100. 5 94.0 90.0 98.2 95.3 97.1 97.8 90.9 April 93.7 94.3 94.6 101.7 94.2 84.9 97.8 95.0 97.8 97.8 91.3 May -. 93.7 102.1 94.4 103.7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 June 93.8 100.2 94.4 107.3 94.3 84.2 98.2 94.6 95.8 98.0 90.2 July 94.1 101. 2 93.9 111.7 94.3 84.2 97.7 93.7 95.3 98.0 89.3 August..... 95.2 102.2 94.2 111.7 96.2 84.1 98.0 92.9 95.4 98.6 89.9 September. 96.5 105.9 96.5 112.5 98.5 84.2 97.6 92.1 96.4 89.2 1 New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Common stocks i Bonds: Month r c i n o t 3 o i m 0 e d s * « Grains t F v a a e r b n u g 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 s t 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 d s - i- Month or week s i t n t o 1 r d c 9 i u a k 8 s l s - a r s a t i o l 3 c r 1 o k a s* d s T t o o 2 t c 2 a k 9 l s , A i p v o s r s e f i u r c 4 a e e 0 s ge 1926—October... 155.4 129.6 147.9 94.93 November. 157.5 132.4 150.2 | 95.66 1926 December. 161.7 135.2 153.9 96.05 July 136 125 195 152 131 126 85 S A e u p g t u em st. ber - 1 1 3 3 4 3 1 1 2 2 8 1 1 1 6 3 6 6 1 1 4 4 4 8 1 1 3 3 0 9 1 1 3 3 0 4 8 9 1 3 1927— F J e a b n r u u a a r r y y . - .. 1 16 5 3 8 . . 0 4 1 1 4 3 2 6 . . 1 7 1 15 5 6 3 . . 9 5 9 9 6 6 . . 4 4 3 4 October 130 123 136 148 144 94 97 March 165.7 143.1 159.0 96.63 November . 130 121 142 142 157 88 97 April 165.1 147. 4 166.2 97.24 December.. 127 120 137 140 161 81 91 May 174.5 150.5 167.5 97.55 1927 J J u u n ly e _. 1 1 7 7 9 5 . . 0 4 1 1 5 5 3 1 . . 9 9 1 1 7 6 1 8 . . 7 5 9 9 7 7 . . 0 0 6 3 January 126 120 140 140 152 85 87 August 189.0 156.0 179.3 97.76 February— 127 122 142 143 142 94 84 September. 197.0 157.1 191.1 98.00 March...... 126 121 140 144 133 102 81 October... 197.5 158.9 186.2 98.62 April 125 119 147 143 133 101 80 Week ending— May 126 127 158 137 130 113 79 Oct. 1 - 203.1 160. 2 190.5 98.39 J J u u l n y e 1 1 3 3 0 0 1 1 4 3 0 9 2 1 0 9 1 5 1 1 3 2 1 9 1 1 2 2 4 5 1 1 2 1 4 9 8 8 1 2 O O c c t t . . 1 8 5 2 2 0 0 0 1 . . 9 4 1 1 6 5 0 9 . . 9 2 1 18 8 9 9 . . 2 0 9 9 8 8 . . 6 61 9 August 132 138 172 136 127 136 81 Oct. 22 191.8 157.8 182.0 98.69 September.. 140 134 145 142 137 179 87 Oct. 29 190.3 156.6 180.5 98.70 October.... 139 128 138 145 146 169 83 1 Index numbers of Standard Statistics Co.. 1 Index numbers of Department of Agriculture. * Average of 1917-1921 prices=100. 3 Average of yearly high and low prices, 1913-1922=100. DOMESTIC CAPITAL ISSUES [In millions of dollars] FOREIGN CAPITAL ISSUES [In millions of dollars] January-September January-September September, September, 1927 1927 1926 Class of issue 1927 1927 1926 Class of issue Gov- Cor- Gov- Cor- Gov- Cor- • New fu R n e d - - New fu R n e d - - New fu R n e d - - m er e n n - t r p a o te - m er e n n - t r p a o te - m er e n n - t r p a o te ing ing ing Total 58.3 58.0 701.2 388.0 477.7 405.6 Total 413.3 76.4 4. 512. 3 1,363. 5 4,010. 8 524.6 New E i u s r s o u p es e 3 7 1 . . 0 8 5 1 4 2 . . 3 5 6 1 1 9 3 1 . . 2 4 3 1 4 2 8 3. . 2 1 3 13 8 4 5 . . 0 2 3 1 2 5 5 4 . . 7 4 Canada and New- Corporate issues 296.1 75.2 3, 360.7 1,248. 4 2, 919. 9 470.2 foundland 12.0 21.8 97.5 73.1 61.7 114.1 Bon L ds o n a g n - d t e n r o m tes— 184.9 71.8 2,166.0 1,017. 2 1, 846. 8 410.3 L U a n t i i t n e d A S m t e a r t i e c s a insular 12.8 2.0 204.0 63. 6 178.7 23.9 F M a u rm n S i t c l o i o c p a S k a n h s l o i i s s r s s t- u u t e e e s s rm 1 1 0 1 4 3 6 3 . . . . 5 5 7 7 ! .— 2 1 . . 5 - 2 9 1 1 , , 0 1 0 9 6 5 3 0 7 4 3 . . . . 1 6 7 8 1 4 2 9 8 2 2 2 9 . . . . 0 2 8 3 1,0 8 1 0 8 7 9 4 6 3 9 . . . . 5 6 4 6 3 2 4 1 0 6 3 4 . . . . 2 8 1 0 Refu M nd p is i o c n s e g s l e l s a is s n s i e o u o n e u s s s __ 26.5 1 2 3 5 . . . 4 7 6 1 8 1 5 8 4 . . . 3 0 8 7 3 1 5 9 2 . . . 6 9 5 9 1 2 0 . . 7 4 3 7 1 1 9 . . . 3 9 9 Total new and Total, Government refunding 485.7 5,875. 9 4,535.4 and corporate lit .3 1, 089. 2 88?.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESERVE BULLETIN 761 NOVEMBEK, 1927 INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average=100] Index of Industrial Production Month Total Manufactures Minerals 1922 1923 1925 1926 1927 1922 1923 1924 1925 1926 1927 1923 1924 1925 1926 1927 January . „ 73 100 100 105 106 106 73 100 106 109 105 77 101 102 104 92 116 February.... ____ 75 100 102 105 107 109 75 100 102 106 108 107 85 100 104 100 96 118 March 80 103 100 104 107 111 78 103 101 106 108 110 92 103 99 96 106 118 April 77 107 95 103 107 108 81 107 95 103 107 109 53 109 92 98 106 104 May 81 106 89 103 106 ill 86 106 88 103 107 111 54 108 93 104 104 108 June 86 105 85 102 107 108 90 104 84 102 1G7 108 59 108 92 101 106 104 July 86 103 83 103 107 106 91 102 82 103 107 106 57 111 92 104 107 100 August 84 102 89 103 111 107 87 100 102 111 107 62 110 92 108 109 106 September. 88 100 94 102 112 106 89 101 104 112 106 81 98 97 90 111 105 October. __ 94 94 105 111 94 98 95 107 110 90 104 89 91 115 November. 97 97 106 108 98 96 97 109 106 94 105 96 94 118 December. 100 101 108 105 100 101 110 108 97 99 100 119 Annual index. 85 101 95 104 108 87 101 94 105 108 74 96 107 Index of Production of Manufactures, by Groups Month Total s I a t r n e o d e n l Textiles p F u r o c o o t d s d - p P ri a a n n p t d i e n r g Lumber m A o u b t i o le - s L s e a h a n o t d h es er a C n b e d r m i g c e k l n a , t s , s f m e N r e r o t o a n u l - s s re P l f e e i u n tr m i o n - g R t u i b re b s er T f m a o c b a tu n a r c u e c - s o 1926 July 107 113 99 113 100 106 101 118 110 126 117 110 August 111 120 105 102 115 95 128 101 118 110 128 128 113 September.. 112 117 109 103 116 124 105 117 112 128 132 113 October 110 115 110 102 137 105 106 114 112 129 126 116 November... 106 104 110 98 116 88 99 107 119 133 108 115 December—. 103 102 110 96 113 65 100 95 118 135 112 111 1927 January 105 105 108 112 95 101 116 135 118 114 February 107 113 108 113 99 102 107 112 134 117 113 March 110 114 114 100 113 104 119 108 135 123 116 April 109 115 112 114 104 109 112 134 131 122 May 111 116 116 103 113 105 100 108 111 132 127 122 June. 108 104 121 102 112 93 105 109 108 134 131 116 July _." 106 102 118 113 83 113 111 106 136 124 109 August 107 101 119 111 88 106 115 108 136 119 119 September,.. 106 97 118 113 81 113 116 107 139 113 123 Index of Production of Minerals, by Products Month Total n B o i u t s u m co i a - l Ant c h o r a a l cite C ttl r r o u l d e e u m ppe- sh Ir hi o p n mi t o e r n e ts Copper Zinc Lead Silver 1926 July 107 106 119 103 110 111 111 113 90 August 109 107 118 105 126 108 120 116 96 September 111 109 127 108 116 113 121 117 96 October 115 112 125 113 132 113 121 118 93 November _. 118 124 114 117 97 116 120 116 93 December.... 119 121 115 121 112 119 122 107 1927 January..... 116 119 101 120 114 113 113 97 February 118 125 95 123 111 113 112 95 March 118 131 88 123 100 114 115 90 April 104 87 108 119 106 110 120 90 May 108 94 117 120 120 107 108 113 90 June......... 104 91 102 120 101 105 114 112 93 July.._. 100 87 75 124 99 101 109 116 94 August 106 92 107 123 99 101 114 112 94 September 105 92 100 124 87 104 111 114 89 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 daU and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927 68914—27 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESEBVE BULLETIN NOVEMBER, 1927 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL IJNES Septem- August, Septem- Septem- August, September, 1927 1927 ber, 1926 ber, 1927 1927 ber, 1926 Iron and steel: Leather and products: Pig iron 100 108 Leather, tanning— Steel ingots. _ 102 118 Sole leather i 101 97 87 Textiles: Upper leather— Cotton consumption _ 129 137 Cattle 85 87 105 Wool- Calf and kip_. 107 107 88 Consumption 99 92 Goat and kid.. 135 130 118 Machinery activity 1 91 Boot;; and shoes 116 108 110 Carpet and rug loom activity 1 _ 85 Stone, clay, and glass: Silk— Cement 120 123 114 Deliveries.._ __ 142 124 125 Bride— Loom activity 1 104 110 105 Face brick 110 103 110 Pood products: I aving brick 89 80 Slaughtering and meat packing- Plate glass 122 137 Hogs 33 95 Nonferrous metals: Cattle 96 103 113 Copper 104 105 112 Calves 91 99 104 114 112 113 Sheep 109 110 112 Zinc 111 114 121 Flour .-- 93 88 99 112 110 101 Sugar meltings 111 103 129 Chemicals and allied products: Paper and printing: Petroleum refining— Wood pulp and paper- Gasoline * 155 152 139 Newsprint __ 100 114 Kerosene ._ 95 106 Book paper _ __ 107 107 111 Fuel oil i 122 124 115 Fine paper 117 124 116 Lubricating oil!___ __ 120 115 114 Wrapping paper 103 104 Coke production- Paper board 114 116 By-products 120 113 122 Wood pulp, mechanical 92 128 Beehive. 52 59 101 Wood pulp, chemical 112 113 116 Rubber tires and tubes: Paper boxes 121 122 139 Tires, pneumatic 116 134 Newsprint consumption _ 129 120 122 Inner tubes. __ . 11.9 Lumber: Tobacco products: Lumber, cut.. 97 94 96 Cigars 105 97 Flooring 112 107 133 Cigarettes 140 139 126 Transportation equipment: Manufactured tobacco and snuff. 95 Automobiles 124 Locomotives 57 83 Shipbuilding _. 165 57 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 t o p a d l u s c a I a t r 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 ro P d u r u c o t c d s t - 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 h s e i d l s i - - m A o u b t i o le - s P pr i a n i p n g e t- r F p u o r c o o t d d s - s L p e u r a c o t t d h s e - r S c g a t l l o n a a n d y s e s , , p u T r c o o t d - s - C p i u a h c r n c o a e t d l m d s s ' steel Employment; 1926—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 90.8 100.2 83.9 119.9 109.8 90.4 90.6 126.6 82.7 78.2 November- 65.2 91. 7 91.6 93.6 97.0 89.4 99.4 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 97.3 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 92.9 79.8 104.2 108.8 85.1 88.5 109.6 73.5 77.6 February.- 93.6 90.1 90.1 96,9 98.5 94.7 91.8 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 91.2 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 • 91.0 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 91.6 78.5 123. 7 107.3 83.7 82.6 124.0 78.2 75.3 June 92.4 87.8 87.5 93.1 96.3 88.9 91.8 78. 9 117.2 106.9 87.6 82.2 124. 2 80.3 75.9 July ._ „ 90.7 85.7 85.4 91.0 94.8 86.2 91.2 78.2 109.9 106.3 86.7 85.3 119. 5 80.3 75.0 August 91.2 85.4 85.0 92.3 95.6 88.2 92.4 76.7 114.3 106.9 85.8 88.2 120.2 74.4 75.3 September 91.9 85.1 84.7 93.9 96.5 90.5 93.0 76.1 111.0 107.8 88.7 88.5 119. 3 83.5 76.9 Pay rolls: 1926—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 112.4 102.6 102.2 105.3 108.2 101.7 117.8 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 95.5 116.4 92.1 131.3 152.3 102.9 90.4 154.6 90.6 108.6 December.. 107.8 99.3 99.1 106.3 109.8 102.0 112.9 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. 6 101. 6 84.6 94.0 150.3 99.3 90.0 129.5 76.2 107.0 February 108.5 99.1 98.7 111.0 111.7 110.3 103.4 89.3 140.2 150.8 99.3 95.6 136.8 79.2 108.9 March 109 9 100.7 100.1 110.8 111.3 110.3 104.6 87.0 153.4 152.2 99.1 93.2 144.9 80.9 111. 7 April 108.4 99.5 99.1 305.1 108.1 101.4 103.2 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 98.1 105.3 89.8 158.7 150.3 100.7 84.4 157.6 83.6 107.0 June 105.8 95.2 94.7 102.8 107.0 97.6 104.8 87.9 131.4 148.2 104.6 85.1 154.5 86.7 109.1 July -. _. 101. 0 87.4 86.7 99.1 102.8 94.6 101.1 83.0 125.2 145.4 103.1 90.2 143.7 85.7 103.6 August 104.4 90.4 89.8 102.7 105.8 98.9 105.8 85.4 136.3 147.2 101.7 97.5 149.0 79.7 105.2 September. 103.8 87.8 87.3 104.8 107.3 101.9 107.3 81.3 128.7 148.9 104.4 95.2 145.7 90.5 105.7 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 lor September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

763 NOVEMBER, 1927 FEDEBAL EESEEVE 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 __ 48 61 76 75 111 94 70 85 101 101 146 123 February 52 71 78 76 99 96 70 97 101 104 136 131 March 85 94 109 120 146 151 83 87 99 107 128 131 April 102 101 121 138 139 147 82 79 96 112 120 128 May 105 109 108 124 134 135 85 89 95 115 125 126 June - « . 100 93 101 137 133 154 82 81 91 125 125 144 July 102 79 87 133 126 130 92 76 84 128 124 128 August 93 75 89 149 146 135 86 72 85 135 129 119 September 79 73 87 138 137 127 81 . 76 90 135 130 121 October 73 91 103 129 126 137 71 88 100 129 126 137 November 71 80 95 116 119 82 90 103 127 130 December 62 76 83 129 131 77 90 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 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 1926 J A S N D O u e u c e o l p t y c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . 4 5 6 5 5 5 0 8 1 6 1 3 0 7 2 8 5 7 , , , , , , 0 3 7 3 9 8 7 1 9 2 3 0 1 3 6 7 2 9 4 3 4 2 3 3 4 2 9 2 9 1 , , , , , , 0 2 4 2 5 5 9 9 2 2 7 8 8 7 8 7 0 4 2 1 1 1 1 1 5 1 2 2 1 5 8 8 8 7 0 1 , , , , , , 1 6 2 0 6 7 7 7 5 2 0 5 6 1 1 1 8 7 3 3 3 2 3 9 7 9 8 1 , , , , , 4 1 6 0 7 8 8 0 1 6 9 3 9 8 7 6 3 4 5 5 5 8 6 1 7 5 5 , , , , , , 2 2 7 7 7 3 2 3 3 4 6 9 6 6 3 9 1 5 3 2 2 3 4 2 9 4 8 5 2 5 , , , , , , 0 2 3 7 2 5 0 5 1 0 9 5 9 0 8 4 6 2 4 4 3 3 3 2 1 2 0 7 4 8 , , , , , , 7 0 1 9 2 6 1 8 9 7 3 5 5 4 4 9 2 6 1 1 1 1 1 9 0 2 0 1 1 2 6 8 8 4 0 , , , , , , 6 2 1 9 4 7 6 1 5 4 1 6 1 3 6 4 3 0 3 4 4 3 3 2 0 0 8 4 5 2 , , , , , , 9 7 7 1 5 5 8 4 8 5 0 8 1 3 7 2 4 6 1 1 1 9 1 2 3 , , , , 8 7 9 7 3 5 5 1 9 5 2 2 2 2 2 1 1 1 3 1 1 2 1 8 , , , , , , 9 9 4 5 5 5 7 3 4 5 2 5 9 5 5 9 0 6 2 2 2 1 1 1 8 9 0 1 9 5 , , , , , , 7 2 0 4 1 3 1 4 3 3 5 7 6 2 9 3 5 4 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 J J F M A M A S u u e e p u n a l a b p r y g y r e i t r c - u l e u h s m a t r b y e _ - r - _ . - . . 5 6 6 3 5 5 5 3 3 2 9 0 5 5 1 3 4 2 4 2 2 , , , , , , , 3 3 4 3 6 5 4 9 9 7 4 1 8 8 1 0 8 9 1 3 8 2 4 4 3 3 2 3 3 0 9 2 2 3 7 9 0 , , , , , , , , 6 8 5 0 2 8 6 4 0 6 5 2 9 6 4 6 6 9 8 3 8 3 9 1 1 1 1 1 1 1 1 1 5 6 7 0 0 5 4 4 7 7 8 5 3 5 7 1 , , , , , , , , 9 1 9 8 1 5 9 0 9 5 7 7 7 9 6 8 1 8 0 3 7 7 9 8 4 3 4 5 3 3 5 4 2 3 7 7 5 3 6 2 , , , , , , , , 6 3 0 1 5 9 2 4 3 5 8 7 7 2 3 3 2 1 8 2 8 5 7 3 5 4 6 7 7 7 6 7 4 5 2 1 2 4 2 1 , , , , , , , , 7 2 7 7 3 7 4 6 4 6 0 3 6 8 9 5 1 6 7 3 6 2 4 1 3 3 3 3 3 2 5 3 4 5 1 4 9 4 1 7 , , , , , , , , 5 6 1 7 9 4 2 8 0 9 3 4 9 6 4 1 2 4 6 4 2 4 1 3 2 4 3 3 3 3 3 2 8 5 1 1 1 0 1 8 , , , , , , , , 0 9 9 0 1 1 1 9 9 2 2 0 8 0 7 1 3 1 8 4 8 0 6 7 1 1 1 1 1 1 1 0 6 3 1 0 0 2 0 5 9 7 8 2 3 1 4 , , , , , , , , 1 6 0 4 2 0 0 5 8 9 2 2 7 1 7 5 7 8 6 6 0 5 0 4 3 4 4 3 2 3 3 3 2 4 5 4 2 1 2 4 , , , , , , , , 2 1 7 5 3 1 6 8 0 7 0 7 4 3 9 8 5 1 4 3 4 4 7 8 1 1 1 1 1 1 1 5 3 4 5 2 6 0 4 , , , , , , , , 1 5 9 1 3 4 9 5 3 4 9 0 1 6 4 2 4 8 9 7 9 3 4 1 2 2 1 1 1 1 2 1 2 6 7 1 7 2 6 9 , , , , , , , , 5 5 2 1 6 0 3 2 9 2 0 7 4 4 6 5 8 8 3 3 4 2 1 3 2 2 2 2 2 1 1 1 7 2 2 2 3 4 8 9 , , , , , , , , 2 5 5 5 2 3 7 8 4 1 3 1 6 5 8 1 0 7 9 0 2 1 0 1 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING PERMITS ISSUED, BY FEDERAL RESERVE BUILDING i DISTRICTS [Value of contracts in thousands of dollars] Public [Value of permits in thousands of dollars] Month d R en es ti i a - l In tr d ia u l s- m C e o rc m ia - l u p w t u i a o l n b i r d t l k i i e s c s E ti d o u n c a a l - ot Al he l r Federal reserve district N of u m cit b ie e s r b S e e r p , te 19 m 27 - Au 1 g 92 u 7 st, b S e e r p , t 1 e 9 m 26 - 1926 July.. 184,940 62,764 67,219 111,448 42,016 50,545 United States. 168 236,071 281, 726 272,519 August 223, 292 88,279 81,343 125,683 42,124 60,088 September. 225, 516 49,113 97, 378 98,167 34,531 57,666 Boston 14 7,602 12,874 10,857 October 226, 794 46,465 63, 601 103,757 23, 567 51,543 New York 22 81, 823 100,695 99,435 November. 229,821 64, 781 59, 657 50,129 34, 572 48,053 Philadelphia.. 14 16, 031 18,040 13,843 December.. 51,181 75,196 120, 290 22,178 64, 585 Cleveland 12 13,402 23,781 16,214 J M A F a e p n a b r r u i r c l a u h r a y 1 r 9 y 2 . 7 . 2 2 1 1 5 6 6 6 0 7 7 3 , , , , 0 0 4 8 8 1 7 6 8 7 8 6 4 4 2 4 1 7 4 8 , , , , 0 2 8 6 7 4 7 0 7 7 5 2 1 8 6 8 13 0 0 7 , , , , 7 1 8 7 5 1 9 6 4 6 6 6 1 1 1 0 5 5 6 6 8 2 , , , , 9 1 2 8 5 8 6 2 5 0 4 7 3 2 3 1 5 6 7 2 , , , , 0 6 0 5 4 7 1 2 6 8 2 2 4 5 3 6 9 2 5 7 , , ; , 1 6 4 6 2 3 6 7 6 1 8 6 A R S C t i h t . c l i a h c L a n m o g t u o a o i . n s d 1 1 1 5 5 5 9 5 1 2 7 7 0 , , , , 5 4 4 4 7 2 9 9 0 3 6 6 5 1 1 0 8 7 , , , , 4 6 6 2 2 3 0 1 1 4 5 9 5 1 1 7 6 1 4 , , , , 6 6 0 9 7 7 5 8 7 8 6 7 J J M A S u u e u n l a p y g y e t u e s m t ber. 1 2 2 2 2 8 3 0 0 1 9 9 6 9 2 , , , , , 8 9 9 8 4 1 3 8 7 5 4 5 0 7 6 3 4 3 4 4 0 3 4 8 1 , , , , , 8 0 3 8 5 8 3 0 7 4 9 9 3 9 6 8 8 7 7 5 3 6 8 2 9 , , , , , 1 5 6 0 9 2 4 1 1 1 2 1 7 0 5 1 1 1 1 1 4 5 1 1 2 3 9 1 1 6 , , , , , 9 3 3 2 7 1 9 6 3 4 6 9 8 0 1 4 3 2 3 4 4 6 2 9 1 , , , , , 4 1 2 0 5 3 2 4 3 4 4 2 4 5 5 5 6 7 5 6 3 4 9 7 5 , , , , , 7 0 1 0 3 9 2 4 9 0 2 6 2 7 2 D M K Sa a a i n l n n l s a n F a s e r s a a n p C c o i i l s t i c y s o . . . . . 2 1 9 9 0 4 2 3 5 6 3 , , , , 0 8 9 4 0 3 5 3 3 8 0 7 28 5 5 8 , , , , 2 7 5 9 1 0 8 5 2 3 5 7 2 2 6 6 6 , , , , 9 3 0 3 8 8 8 1 0 6 8 8 1 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjusted indexes by months from. 1910 to date given in the BULLETIN for August, 1927, p. 563. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL EESEEVE BULLETIN NOVEMBER, 1927 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES 1 AGRICULTURAL MOVEMENTS! [Index numbers, adjusted for seasonal variations. 1923-1925=1001 [Indej numbers, without seasonal adjustment. 1919-100] Mer- Grain chan- Ani- Total p g a r r n o a d i d n - s L t i o v c e k - Coal F p u o r c o r t e d s s - t I d a .C n is . d e I. Total s L t i o v c e k - p u m r c o a t d s l - Grains C to o n t- t V ab e l g e e s -Fruits b T a o cc - o ucts miscellane- 1926—July... 107 80 152 170 12 134 177 2 ous August 106 88 118 158 48 101 204 66 September- 144 102 104 124 213 186 295 192 1926—August 108 101 95 111 98 109 October 190 113 96 125 375 251 435 261 September 109 92 103 114 100 109 November.. 165 107 117 99 343 135 204 286 October 109 104 97 113 100 110 December.. 138 95 126 82 251 98 104 344 November 108 93 90 128 94 106 1927—January „... 115 99 86 86 152 118 99 404 December 106 99 86 124 90 106 February.-. 104 81 95 84 118 113 97 383 1927—January 105 96 88 114 94 108 March 103 91 118 71 117 146 100 212 February 109 102 87 121 95 109 April. 85 82 137 50 74 146 128 31 March 109 98 92 122 91 110 May 94 95 161 63 58 140 174 8 April 108 97 92 107 90 110 June 94 91 169 84 32 162 127 1 May 107 100 95 103 93 108 July 95 79 149 135 13 133 140 June 104 105 93 96 91 108 August 123 93 129 195 80 119 142 50 July „_ 101 97 89 89 94 107 September. _ 165 87 102 207 205 233 267 255 August 104 98 91 102 95 109 September 104 108 87 102 95 108 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the BULLETIN for October, 1925. i Revised. For description and early figures see p. 562 of August BULLETIN. WHOLESALE TRADE SALES, BY LINES C KANGES IN SALES AND STOCKS—Continued [Index numbers,1 without seasonal adjustment. Mo. av. 1919=100] Sales: September, Stocks: September 1927, compared 1927, comp Month Total c G er ro ie - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs Line and d F is e t d ri e c r t al reserve with— with— August, Septem- August, Septem- 1926—August 88 82 81 102 73 99 115 1927 ber, 1926 1927 ber, 1926 September 97 92 86 114 84 112 124 October. 94 91 85 102 76 114 133 Dry goods: November... 86 87 76 91 67 104 117 United States. -2.4 -7.0 -6.0 -2.6 December... 78 80 73 71 60 99 110 New York -15.0 -20.8 1927—January 75 74 77 72 46 80 112 Philadelphia- 23.9 -8.4 2.6 -19.7 February 73 69 73 78 53 82 104 Cleveland—... 3.8 -5.5 2.2 -10.3 March. 83 79 71 90 73 107 130 Richmond 3.4 0.1 -6.6 4.6 April 78 77 71 75 68 102 122 Atlanta 9.8 8.7 -5.4 -24.5 May . . 79 81 74 71 56 99 113 Chicago 5.0 -18.3 -3.1 -15.0 June 81 85 72 74 58 102 115 St. Louis .. -20.8 -7.9 -6.0 13.6 July 77 78 72 75 53 94 118 Kansas City.. -13.5 -2.2 -8.6 13.0 August 88 83 75 108 79 99 126 Dallas -13.8 8.0 -9.3 -3.7 September. _ 91 85 80 106 87 109 131 San Francisco. 2.5 3.1 -7.4 -1.5 Shoes: United States. 9.7 4.0 -1.9 3.7 t For description of wholesale trade index see BULLETIN for April, 192 3 Boston 3.6 6.6 —7.9 -3.8 New York 5.2 7.6 -12.6 40.8 Philadelphia- 4.1 -17.1 -8.5 -20.4 CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS Cleveland 7.9 -16.1 -13.9 -4.6 Richmond -3.7 0.6 -14.2 -11.7 [Increase or decrease (—), per cent] Atlanta 8.4 5.0 Chicago -7.4 -13.4 7.3 8.2 Line and Federal reserve Sa w 1 l 9 e i 2 s t 7 h : , — Se c p o t m em pa b r e e r d , Sto 1 w c 9 i k 2 t 7 h s: , — S c e o p m te p m a b r e ed r, Hard S M S w a t. i n n a L r n F o e e r u : a a i n p s c o i l s i c s o .. . - -6 1 3 . . . 0 1 9 - — 17 0 1 . . . 0 6 4 -1 — -0 4 7 . . 6 0 .8 - - - 2 4 3 9 . . . 6 5 0 district Au 19 g 2 u 7 st, b S e e r p , t 1 e 9 m 2 - 6 Au 19 g 2 u 7 st, b S e e r p , t 1 e 9 m 2 - 6 U N P C h l n e e i w i v l t a e e d Y d la e o n S l r p d t k h at i e a s .. . 1 1 8 6 0 4 . . . . 3 9 0 0 - - - - 2 4 6 2 . . . . 5 5 8 0 - - -3 0 1 3 . . . . 7 5 1 3 -1 - - 3 3 6 0 . . . . 0 3 6 7 Richmond 9.9 3.0 1.9 -1.8 Atlanta 8.4 —8. 6 0.2 -12.9 Groceries: Chicago 6.6 -9.0 -5.0 —1.9 United States 3.5 -7.1 2.4 -6.2 St. Louis 6.2 -1.0 -5.6 -20.9 Boston .... _.» ... 1.8 -6.4 7.5 —2 5 Minneapolis.. 8.0 .4.0 -1.0 -1.0 New York 6.3 -3.2 9.4 -4.9 Kansas City.. 7.1 -3.2 -0.6 1.7 Philadelphia 2.4 -11.8 2.9 -4.1 Dallas 27.0 4.5 -1.3 -1.6 Cleveland •...<...,.••._„. 7.1 -9.7 0.8 1 5 San Francisco. 6.0 -0.8 -4.0 Richmond - . .- 9.3 -5.2 10.4 —0.1 Drugs: Atlanta 8.1 -12.6 -0.6 -14.1 United States. 3.9 5.5 -1.3 -4.8 Chicago - . .... 2.5 -8.1 -0.1 -14.2 New York.... 27.7 4.1 -1.9 -12.2 St. Louis 17.1 —16.5 4.1 —2.8 Philadelphia.. 2.0 -1.9 3.5 25.8 Minneapolis . —1.0 6.0 -1.0 -6.0 Cleveland 5.4 0.4 Kansas City . -5.2 -9.9 1.5 -2.7 Richmond.... 7.6 2.5 Dallas 11.2 -6.2 7.8 -2.6 Atlanta 9.4 6.0 San Francisco 1.0 -5.8 25.2 -6.6 Chicago 8.7 4.4 -1.5 I 0.7 St. Louis 14.4 4.2 f f o ir r N m t O s h T e w E U . h — n ic i C h te h d h a n a S g v t e e a s t r e e i s n p o a s r r t t o e e c d w k s e r e i a g g r h e u t l e c a d o rl m y a p v s u e in r t a e c g d e e J a s a s n c o o u f m a e r p y n u . d t 1 e 9 o d 2 f 3 o m . n o t n h t e h ; b f a i s g i u s r o e f s - K D Sa a a n l n l s a F a s r s a n C c i is ty co .. . 4 6 5 . . . 4 3 3 - 1 1 6 3 . . 2 . 8 5 - - 2 4 , . 9 6 -9 3 1 . . . 6 2 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

765 NOVEMBER, 1927 FEDERAL RESERVE BULLETIN RETAIL TRADE SALES OF DEPARTMENT STOKES, MAIL-ORDER HOUSES, AND CHAIN STORES [Index numbers.^ 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 ( c 3 o e 5 r n 9 e t ) s ho ( u 4) ses G c ( e 2 r r 7 o y ) - 1 5 0 - ( - a 5 c n e ) d n - t D ( r 9 u ) g C ( i 3 g ) ar S ( h 6 o ) e M ( u 4 s ) ic Ca (5 n ) dy m s (3 to e 59 r n e ) t s ho (4 u ) ses G c ( e 2 r r 7 o y ) - 1 5 0 - ( - a 5 c n ) e d n - t D m rag C ( i 3 g ) ar S ( h 6 o ) e M ( u 4 s ) ic Ca ( n 5) dy 1926 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 129 132 392 213 224 153 125 108 216 129 113 361 222 222 158 126 120 213 April 143 128 385 244 223 157 198 104 257 140 125 380 261 230 163 170 122 257 May 132 106 383 224 206 157 143 88 216 127 119 382 236 209 154 124 106 224 June 130 114 399 224 210 151 155 87 215 130 135 405 244 213 155 145 109 229 July 97 100 373 221 217 153 145 80 211 130 135 388 243 214 154 159 107 215 August.... 113 113 382 237 215 147 132 98 208 144 150 401 249 215 150 168 110 207 September. 130 126 384 232 210 146 140 126 223 143 134 404 250 214 146 146 125 226 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 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 M ap in o n li e s - Dallas Fra S n a c n isco Sales (unadjusted): 1926—July 87 100 80 115 81 79 124 August 105 97 89 108 93 82 121 84 91 151 September. 131 122 136 116 123 110 92 164 103 114 158 1927—July 97 90 85 98 89 79 114 76 72 127 August 113 106 106 92 116 97 87 138 89 83 160 September. 130 124 138 110 118 109 101 160 97 109 161 Sales (adjusted) : 1926—July ... 133 131 141 128 129 131 104 151 99 112 148 August 134 129 145 123 132 130 105 148 93 128 155 September. 144 135 155 143 138 129 103 172 102 114 168 1927—July 130 126 137 125 127 122 104 151 92 102 152 August 144 141 156 127 141 135 112 167 99 117 164 September. 143 137 157 136 133 128 113 169 97 109 172 Stocks (unadjusted): 1926—July 125 111 124 171 118 119 108 136 94 110 129 August. ___ 130 111 128 175 122 118 109 152 97 117 134 September. 142 125 142 180 136 135 122 163 103 126 143 1927—July 125 115 122 171 117 117 107 143 88 95 134 August 130 114 128 175 122 117 113 152 92 106 141 September. 143 127 142 194 134 132 126 165 99 115 146 Stocks (adjusted): 1926—July 133 121 135 184 124 127 115 146 99 118 135 August 130 116 132 177 122 120 109 147 98 111 133 September. 132 118 133 168 126 122 111 152 99 112 136 1927—July 133 125 133 184 124 125 113 153 94 102 140 August.—. 130 120 132 178 122 119 113 146 93 100 139 September. 133 120 133 181 125 119 116 154 95 103 139 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

766 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember All banks banks Number Liabilities Sfum- Total Num- Total Num- Total ber deposits ber deposits ber deposits Total M fa i c a n t n u g u r- - T i r n a g d-b A ro g e k t e c e n . r t s s , , Total M fa i c a n t n g u u r - - T i r n a g d- 1926 January 65 13,384 54 9,392 J J M A M S N D F O A u u e e e c o p u n a l a p b c t y v g r r e o t y r e c e i e u u b m h l . m m s e a . . . t b . r r b b . . y e . . e e . r . r r . . . 1 1 1 5 5 6 7 5 3 8 5 4 5 1 2 1 8 7 6 7 8 2 0 4 6 1 1 3 1 1 4 1 4 3 1 1 4 1 8 0 2 6 2 8 0 5 9 , , , , , , , , , , , 7 2 5 3 0 9 1 2 6 0 2 6 4 1 0 2 8 6 2 1 0 5 3 9 2 1 4 3 6 9 8 9 0 1 1 2 3 4 5 2 4 1 6 4 9 , , , , , . , , , , 8 2 3 5 1 6 3 2 3 7 4 6 1 3 3 3 2 1 8 1 8 1 1 8 4 7 4 7 7 0 0 9 3 1 1 4 6 4 5 4 5 3 2 6 2 8 2 1 5 8 3 0 5 9 9 1 9 2 4 1 2 1 2 8 9 8 6 7 8 6 4 7 2 1 , , , , , , , , , , , 9 5 9 9 8 9 0 7 9 7 5 0 3 1 7 7 8 9 2 3 9 5 2 1 9 1 4 8 0 9 3 4 3 F M M J J A J A S O u u a e e p u c a a n l n b p t y r g r y e o u i r t c u l u b e a h s a m e r t y r ry b 1 . 9 e 2 r 6 .. 2 1 1 1 1V 1 1 1 1 , , , , , , , , , 9 9 2 7 8 5 4 7 " 8 5 9 3 0 9 6 6 3 6 4 7 0 1 0 3 3 7 5 4 4 4 5 4 4 3 4 3 4 6 9 4 4 3 1 3 7 9 5 9 4 9 5 4 7 7 0 6 0 , | ; ! 1 1 1 1 1 1 1 1 , , , , , , , , , 4 3 1 2 1 2 9 0 2 2 7 6 1 2 8 5 0 7 4 8 0 6 2 2 8 5 1 1 1 1 9 9 8 1 7 7 8 7 0 0 7 1 3 7 2 3 5 5 0 8 1 ! i j ; i . 2 3 3 3 4 3 2 2 2 3 3 9 8 0 3 9 9 4 8 3 , , , , , , , , , , 4 9 6 6 1 6 1 4 5 2 8 9 2 3 5 8 7 0 3 4 0 7 0 3 0 8 1 1 3 6 1 1 1 1 1 1 1 1 1 6 9 2 1 6 0 0 6 0 1 , , , , , , , , , , 8 7 8 1 0 0 1 0 6 5 6 3 2 5 6 9 9 9 5 1 2 2 4 4 7 7 2 3 0 6 2 2 1 1 1 1 1 1 1 1 5 1 5 4 0 1 9 8 4 5 , , , , , , , , , , 3 0 5 6 0 8 2 7 5 6 1 9 0 2 9 7 4 1 2 1 7 4 2 3 6 4 3 0 5 4 Total 1 - 927 956272, 488 160 68, 812 796 203, 676 N De o c v e e m m b b e e r r . . . _ , 2 1, , 8 0 3 6 0 9 4 4 4 9 0 4 1 1 , , 2 4 8 7 5 1 1 1 0 0 5 4 3 4 2 5 , , 6 6 9 2 4 0 1 16 6 , , 0 7 9 5 7 8 2 1 0 4 , , 1 5 5 7 8 9 J F a e n b u ru ar a y ry 1 8 3 2 3 3 32 8 , , 9 2 1 9 8 8 11,836 106 2 2 4 6 , , 4 0 6 2 2 3 Total.. 21, 773 5,395 15, 268 1,110 409, 232 158,042 201, 335 M A M J J S A u u e p u a a n l p r y g r y e i t c u l e . h s m _ t ber 7 4 3 4 4 2 3 5 8 8 7 1 7 5 4 2 1 1 1 1 4 2 0 4 4 2 , , , , , , 1 0 0 8 4 1 8 1 7 9 9 1 5 2 2 3 2 1 5 2 7 9 5 1 , , , , , , 4 1 6 4 5 3 7 7 3 2 3 1 2 1 8 1 9 5 3 1 1 7 5 7 0 6 7 1 , , , , , , , 0 0 5 3 3 8 6 1 2 7 5 8 9 7 3 1 4 1 4 4 2 J F M A M J a u e p n a n a b r r u y e i r c l a u h r a y ry 1927 _ 2 2 2 1 1 1 , , , , , , 4 8 0 1 8 9 3 6 3 4 6 5 3 5 3 5 8 2 | i 5 4 4 4 5 4 9 2 1 6 4 0 2 9 7 1 4 1 ! ! ; ! | 1 1 1 1 1 1 , , , , , , 8 5 3 4 3 2 4 0 1 6 4 9 2 8 0 8 2 2 1 1 1 1 1 2 9 0 1 3 1 2 6 6 6 4 6 5 4 5 3 3 5 6 4 1 3 7 7 , , , , , , 1 7 8 2 4 9 5 8 9 9 6 4 6 5 0 1 5 1 2 2 1 1 1 1 5 0 3 3 2 9 , , , , . , 9 3 8 2 5 5 9 6 8 7 0 1 6 8 7 8 8 2 2 2 2 2 1 1 2 3 7 4 8 9 , , , , , , 5 1 9 4 3 8 3 7 9 0 0 5 0 8 1 6 8 6 Total 9 months.. 526197, 680 102 61,286 424 136,394 July 1,756 448 1,187 121 43,150 16,743 16,832 August 1,708 438 1,174 96 39,196 14. 921 14, 702 September.. 1,573 389 1,083 101 32,786 15', 349 12,052 BANK SUSPENSIONS,! IN SEPTEMBER, 1927, BY DISTRICTS Total 9 months 17,333 4,11912,206 1,008 396, 660 152, 562 179,855 [Amounts in thousands of dollars] Member Nonmember COMMERCIAL FAILURES, BY DISTRICTS 1 All banks banks 2 banks [Amounts in thousands of dollars] 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 Number Liabilities Federal reserve Boston district New York Sept., Aug., Sept., Sept., Aug., Sept., Philadelphia 1927 1927 1926 1927 1927 1926 Cleveland 2 423 1 371 1 52 Richmond 1 265 1 265 Atlanta . 3 1,062 1 102 2 960 Boston 157 154 134 2,199 2,675 2,346 Chicago 12 3,912 3 566 9 3,346 New York. _ _ 281 240 242 11,058 14,541 13,299 St Louis 4 664 4 664 Philadelphia 73 54 70 1,295 1,106 1,278 Minneapolis 4 931 4 931 Cleveland _ 149 173 155 3,213 4,276 1,889 Kansas City 7 1,007 1 276 6 731 Richmond 104 143 85 3,740 2,156 1,605 Dallas ._ Atlanta 65 142 75 1,319 3,020 932 San Francisco 2 435 2 435 Chicago . 242 251 197 3,252 3,741 2,905 Total 35 8,699 6 1,315 29 7,384 M St. i n L n o e u a i p s o . lis.. 5 8 3 1 1 8 0 5 3 4 9 8 5 1 53 8 6 5 1,8 7 2 5 0 0 1,1 5 0 4 6 8 Kansas City 82 92 87 852 1,468 1,140 J Banks closed to the public by order of supervisory authorities or by Dallas _ 58 54 44 1,054 897 432 the directors of the banks on account of financial difficulties. San Francisco 228 217 205 4,084 2,746 2,511 2 Comprise 2 national banks with deposits of $504,000 and 4 State member banks with deposits of $811,000. Total.. 1,573 1,708 1,437 32,786 39,196 29, 990 * Figures represent deposits for the latest available date prior to the suspensions and are subject to revision when information for the dates of suspension becomes available. i Figures furnished by R. G. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDEKAL EESEKVE BULLETIN 767 FOREIGN BANKING. AND BUSINESS CONDITIONS CURRENCY AND BANKING REFORM IN POLAND Adoption by the Polish Government of a Currency reform.—The currency reform program of currency and banking reform was measures provide that the Bank Polski shaU announced on October 13. The program pro- have the exclusive privilege of note issue and vides for the legal stabilization of the currency that the Government shall renounce its right at approximately 11.22 cents per zloty; that to issue currency notes. One-half of the outis, on the basis of 5,924.44 zlotys per kilogram standing treasury notes are to be replaced by of pure gold. The actual exchange value of notes of the Bank /Polski and the other half the zloty has been close to the level of its new will be converted into silver coin. The notes parity for more than a year. The program of the Bank Polski are made redeemable in includes also the appointment of an American gold or in foreign exchange. adviser to the Government and the Bank Polski Bank reform.—The Bank Polski, as stated and the flotation of an international loan to above, is given the exclusive privilege of note be known as the stabilization loan of 1927. issue. The stabilization loan.—The stabilization Against both note and deposit liabilities loan, which was floated simultaneously in the the bank is required to maintain a minimum principal money markets of the world, amounts reserve of 30 per cent in actual gold and of 40 to $72,000,000, carries an interest rate of 7 per per cent in gold or foreign exchange. Another cent, and matures in October, 1947. The measure provides that the capital of the bank bonds are direct obligations of the Republic of shall be increased by 50 per cent; that is, to Poland and will be retired by semiannual 150,000,000 zlotys. payments from a sinking fund. For the Budget reform.—The reform program proservice of the loan the Government will vides for balanced budgets and for the control assign the gross customs revenues, which of departmental expenses through the estabwill be paid into a special account of the lishment of monthly budgets. The budget for fiscal agents of the loan with the Bank Polski. the year ending March 31, 1927, according to The proceeds of the loan will be available official figures, showed a surplus of about $17,only for the purposes of the program of reform. 500,000, as compared with a deficit of $26,500,- The American adviser will be elected to 000 during the previous year, while estimates the board of directors of the Bank Polski for the fiscal year 1927-28, based on returns for for three years; at the end of that time he the first five months, indicate that the current may continue for a further period at his year will show a surplus of about $39,000,000. own discretion and with the approval of the The floating debt of the treasury is to be bank. Charles S. Dewey, former Assistant redeemed, and a working fund for the treasury Secretary of the United States Treasury, has of 75,000,000 zlotys is to be created for the been selected as financial adyiser. purpose of enabling the Government to meet In addition to the stabilization loan to the any seasonal or temporary deficits. The Gov- Polish Government, an international credit ernment will not borrow at long term for budghas been extended to the Polish Central Bank— etary purposes. the Bank Polski—by 14 other banks of issue. Unification of the currency.—The present Under the terms of these arrangements the currency reform is the final step in the unifica- Federal Reserve Bank of New York, with, the tion of the currency which began during the participation of the other Federal reserve war. Prior to the war the Russian ruble, the banks, has agreed, if desired, to purchase from German mark, and the Austrian crown cirthe Bank Polski up to a total of $5,250,000 of culated in the portions of Poland under the prime commercial bills. The terms of this control, respectively, of Russia, Germany, and arrangement are similar to those made with Austria-Hungary. When the Germans occuthe Bank of Belgium in 1926. pied the country in 1916, they established Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDEEAL RESERVE BULLETIN NOVEMBER, 1927 the Polish National Loan Bank and authorized accompanjdng chart shows the movement of it to issue paper money in terms of Polish the exchange value of the zlotjT- from June, 1924, marks. Early in 1920 these Polish marks were to September, 1927. declared legal tender and gradually replaced all other currencies in Poland. T^hese marks, CENTS PER ZLOTY CENTS PER ZLOTY 25 25 however, depreciated to such an extent that in 1924, in accordance with the recommendations of the Hon. Hilton-Young, Poland's British adviser, a new currency unit—the zloty—was adopted, having a par value equal to that of the French gold franc, namely, 19.30 cents in United States currency, and Polish marks were made redeemable in zlotys at the rate of 1,800,0.00 Polish marks per zloty. At the same time a new central bank—The Bank 10 Polski—was organized with the exclusive right of note issue.1 Shortly after the opening of the Bank Polski on April 28, 1924, it had a reserve of gold and stable foreign exchange aggregating 286,000,000 zlotys and a note circulation of 245,000,000 zlotys. The fiduciary issues of the Govern- 1925 1926 1927 ment outstanding after the liquidation of the Monthly average of noon buying rates in New York Polish State Loan Bank amounted tol95,000,000 zlotys, and by the end of 1924 their volume had Recovery from the crisis.—Beginning wTith been reduced to 125,000,000 zlotys. For more the summer of 1926, the foreign exchange rethan a year the zloty remained practically at serve began once more to advance, and at the par. end of September, 1927, the foreign exchange holdings of the bank amounted to 243,000,000 The financial crisis of 1925.—During the zlotys. On the same date the gold reserves of latter part of 1925, which was a year of poor the bank were 182,000,000 zlotys, having crops and financial disturbance, the value of the increased steadily from about 70,000,000 zlotys zloty declined rapidly, and the foreign exchange in April, 1924. The fiduciary issues of the reserve of the Bank Polski fell from 259,000,000 Government were reduced by about 50,000,000 zlotys in March, 1925, to 49,000,000 zlotys by zlotys, while the note issues of the Bank Polski the eind of March, 1926. During this period increased considerably. The percentage of the bank withdrew from circulation a congold and foreign exchange reserves against the siderable amount of the notes presented for note circulation of the Bank Polski alone at redemption, reducing its note circulation from the end of September was about 50 per cent, 563,000,000 zlotys at the end of March, 1925, to and against the aggregate circulation of the 389,000,000 zlotys at the end of March, 1926. bank and of the Government, about 35 per During the same period, however, the Governcent. The exchange value of the zloty began ment increased its fiduciary issues from 192,to appreciate during the summer of 1926 and 000,000 zlotys to 460,000,000 zlotys, with the in August of that year reached about 11 cents— result that the total monetary circulation ina level which it has since maintained with creased. The decline in the exchange value of slight fluctuations. the zloty continued until May, 1926, when it reached its low point of 9.03 cents. The A table showing movements of the reserves of the Bank Polski and of currency in Poland since May, 1924, is given on the following page. iSee Federal Reserve Bulletin, June, 1924, p. 486. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

769 NOVEMBER, 1927 FEDERAL. RESERVE BULLETIN GOLD AND FOREIGN EXCHANGE RESERVES AND NOTE request. A brief description of these various CIRCULATION OF THE BANK POLSKI; AND NOTE index numbers—base period, source, number of CIRCULATION OF THE TREASURY commodities, and period of month to which [In millions of zlotys] the figures refer—is given below. United States.—Index number compiled by Reserves of the Bank the Bureau of Labor Statistics, including 550 Polski Notes in circulation commodities or price series; base, average for End of— 1926 = 100; prices are monthly averages, usu- Gold For e e x i - gn Total P B o a l n sk k i Tr u e r a y s- Total ally of weekly quotations. Index numbers change from January, 1923, to July, 1927, for all commodities and for 10 major groups were pub- 1924 May 72 214 286 245 195 440 lished in the October FEDERAL RESERVE BUL- J J u u l n y e . _ 9 8 4 3 2 2 9 5 2 7 3 38 4 6 0 3 3 9 3 4 4 1 13 5 7 6 4 5 9 3 0 1 LETIN, page 699, and the same figures together August _ 98 267 365 430 134 564 with indexes for subgroups, a list of commodi- September... 100 234 334 460 131 591 ties and weights, and information regarding October 101 242 343 504 139 643 November... 103 247 350 498 131 629 methods of computation are given in Bureau of December.. _ 103 269 372 551 125 676 Labor Statistics Bulletin No. 453, September, 1925 1927. January 104 242 346 553 141 694 February 107 206 313 550 187 737 Austria.—Official index number of the Fed- March. 117 259 376 563 192 755 April 117 216 333 567 185 752 eral Bureau of Statistics; 42 price series, base, May 119 173 292 557 209 766 June 120 120 240 503 244 747 average for first six months of 1914 = 100; July. 122 92 214 462 284 746 prices are as of the 15th of the month. August 132 63 195 440 306 746 September... 132 72 204 397 343 740 Belgium.—Official index number of the Min- October 132 61 193 382 380 762 November.. _. 133 60 193 362 383 745 istry of Industry and Labor Statistics; 128 December 133 70 203 381 434 815 price series; base, April, 1914 = 100; prices are 1926 as of the last half of the month. January 134 195 362 436 •798 February 134 194 377 442 819 Bulgaria.—Official index number of the March 134 49 183 389 460 General Statistical Office; 38 price series; base, April __ 134 51 185 393 470 May_ 134 53 187 413 447 860 average for 1913 = 100; the index refers to the June 135 79 214 448 427 875 July 135 91 226 511 451 962 month as a whole. A Se u p g t u e s m t ber.... 1 1 3 3 5 5 1 10 0 9 8 2 2 4 4 3 4 5 58 6 1 0 4 4 4 2 7 7 1 1 , , 0 0 0 0 8 7 Czechoslovakia.—Official index number October 135 114 249 585 451 1,036 published by the Statistical Office of the Re- November.. _. 136 138 274 558 426 984 December 138 165 303 593 428 1,021 public of Czechoslovakia; 69 price series; base, July, 1914 = 100; prices are as of the 1st of the 1927 January 144 187 331 588 407 °995 month. February 149 220 369 634 413 1,047 March 152 235 387 423 1,091 Denmark.—With this issue of the BULLE- A M p a r y il 1 1 5 5 7 7 2 23 3 0 7 3 3 8 9 7 4 727 3 4 9 3 9 4 1 1 , , 1 1 2 2 6 8 TIN, the official index number of the Govern- June 161 219 380 728 394 1,122 ment Statistical Department is substituted for July... 164 221 385 745 384 1,129 August 174 236 410 794 397 1,191 the Finanstidende index formerly published. September... 182 243 425 844 The official index includes 118 price series; base, average for 1913 = 100. Prices are month- DESCRIPTION OF WHOLESALE PRICE ly averages of weekly quotations except for INDEXES certain articles for which quotations are used for the 25th of the month. Monthly index Thirty index numbers of wholesale commod- numbers are available from January, 1925. ity prices in 29 countries are published regu- England.—Index number of the Board of larly in the FEDERAL RESERVE BULLETIN. Trade; 150 price series; base, average for These index numbers are obtained from cur- 1913 = 100; prices are monthly averages. rent publications or received by letter or cable Finland.—Official index number of the Cendirectly from the various foreign statistical offi- tral Statistical Office; 135 price series; base, ces compiling them. Indexes of commodity corresponding month of 1913 = 100; the index groups for 9 of these 29 countries are currently refers to the month as a whole; gold basis. published in the BULLETIN and for 10 more France.—Official index number of the Statisthey are available in the office of the Division tique Generale; 45 price series. For publicaof Research and Statistics of the Board, from tion in the BULLETIN, the index has been rewhich they may be obtained at any time upon computed from its original base (average, 1901- 68014—27—4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL EESERVE BULLETIN NOVEMBER, 1927 1910 = 100) to a new base, average 1913 = 100. average for 1913 = 100; prices are as of the Most prices are as of the end of the month. 15th of the month. Index number of the Federal Eeserve Board Switzerland.—Index number compiled by compiled by the Division of Research and Sta- Dr. J. Lorenz; 71 price series; base, July, tistics; 98 price series; base, average for 1913 1914 = 100; prices are as of the 1st of the month. = 100; prices are monthly averages of weekly Canada.—Official index number of the Dofigures. minion Bureau of Statistics; 236 price series; Germany.—Official index number of the base, average for 1913 = 100; prices are monthly Federal Statistical Bureau; 400 price series; averages of weekly figures. base, average for 1913 = 100; prices ace monthly Peru.—Official index number of the Direcaverages. tor-General of Statistics; 58 price series; base, Hungary.—Official index number of the Cen- average for 1913 = 100; prices are as of the tral Statistical Office; 52 price series; base, 15th of the month. average for 1913 = 100; prices are as of the end Australia.—Official index number of the of the month. Bureau of Census and Statistics; 92 price Italy.—With this issue of the BULLETIN, series; base, July, 1914 = 100; prices are as of Prof. Biccardo Baehi's revised index number the end of the month. of wholesale prices for Italy is substituted for China.—Official index number of the Buhis old series. The new index is a geometric reau of Markets; 147 price series; base, average average of relatives for 100 series and the for 1913 = 100; prices refer to Shanghai and are base of the index published in the BULLETIN as of the last ¥v7ednesday in the month. is the average for 1913 = 100; prices are as of Butch East Indies.—Official index number of the end of the month. The index is also com- the Statistical Bureau; 92 price series; base, puted by Professor Bachi by means of an average for 1913 = 100; prices are monthly arithmetic average. averages of weekly figures. Netherlands.—Official index number of the India.—Official index number of the Depart- Central Bureau of Statistics; 48 price series. ment of Statistics; 75 price series; base, July, For publication in the BULLETIN, the index 1914 = 100; prices refer to Calcutta and are as has been recomputed from its original base of the end of the month. (average 1901-1910 = 100) to a new base, aver- Japan.—Index number of the Bank of Japan; age 1913 = 100. Prices are as of the end of the 56 price series. For publication in the BULmonth. LETIN, the index has been recomputed from Norway.—0konomisk Revue index number; the original base (October, 1900 = 100) to a 93 price series; base, average for December, new base, average 1913 = 100. Prices refer to 1913, to June, 1914 = 100; prices are as of the Tokyo and are averages for the month. end of the month. New Zealand.—Official index number of the Poland.—Official index number of the Central Census and Statistics Office; 180 price series. Statistical Office; 73 price series; base, Janu- For publication in the BULLETIN the index has ary, 1914 = 100; prices are as of the last week been recomputed from its original base (averin the month. Beginning January, 1926, a age 1909-1913 = 1,000) to a new base, average new series has been used. It is computed from for 1913 = 100; prices are as of the 15th of the average gold prices for the last week of the month. month for 73 commodities. Egypt.—Official index number of the Statis- Russia.—Official index number of the Con- tical Department of the Ministry of Finance; juncture Institute of the State Planning Com- 26 price series; base, average January, 1913mission; 69 price series; base, average for July, 1914 = 100; prices refer to Cairo and are 1913 = 100; prices are as of the 1st of the monthly averages of weekly figures. month. Union of South Africa.—Official quarterly Spain.—Official index number published by index compiled by the Office of Census and the Institute of Geography and Statistics; 74 Statistics; 188 price series. For publication price series; base, average for 1913 = 100; in the BULLETIN the index has been recomputed prices are as of the 1st of the month. from its original base (1910=1,000) to a new Sweden.—Official index number published base, average for 1913 = 100; prices refer to by Kommerskollegium; 160 price series; base, the month as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

771 NOVEMBER, 1927 FEDEBAL KESEEVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 1926 1927 1926 te S m ep b - er August July te S m ep b - er te S m ep b - er August July te S m ep - ier Bank of IBngland (millions of National Baak of Bulgaria (milpounds sterling): lions of leva): Issue department— Gold4 1,266 1,258 1,247 Gold coin and bullion _ 149.5 149.7 150.2 154.3 Foreign bills, etc ~_. 602 526 330 624 Notes issued ___ 169.2 169.4 170.0 174.0 Loans and discounts 1,105 1,015 964 1,519 Banking department- Advances to State 4,516 4,562 4,562 5,558 Gold and silver coin 1.6 1.6 1.6 1.6 Note circulation 4,104 4,086 3,842 3,708 Bank notes 32.7 32.0 32.0 33.5 Deposits 2,719 2,747 2,640 3,151 Government securities 56.3 58.4 50.0 33.6 Other securities 50.9 41.6 47.9 72.0 Public deposits 25.7 22.1 9.9 21.2 Central Bank of Chile (millions of Other deposits 97.5 93.2 103.5 101.2 s): Ratio of gold and note re- Gold at home 60 60 85 146 serve to deposit liabilities Gold abroad 433 486 483 331 (per cent) __. 27.9 29.0 29.6 28.6 Loans and discounts 37 36 35 59 Bank notes in circulation1 80.3 81.2 81.7 84.3 Note circulation.. 268 264 266 369 Currency notes and certificates.. _ 294.8 295.9 298. fi 287.9 Deposits . 117 168 185 107 Bank of France (millions of francs): Gold reserve2 __..,. 3,682 3.682 3,682 3,684 Bank of the Republic of Colom- Silver reserve... 343 343 343 339 bia (thousands of pesos): Gold, silver, and foreign exchange- 2,282 2,245 2,222 7 Gold at home ._. „__„_-. 20,156 20. 214 317,124 Credits abroad 58 53 55 579 Gold abroad ~— 23, 336 22,106 «18,855 Loans and discounts 3,567 3,357 3,382 8,030 Loans and discounts „„.„.->. 12,992 13, 256 * 11,813 Advances to the Government 24, 400 25,050 25, 650 36, 650 Note circulation..., „__„_-. 40, 370 41,040 «36, 512 Miscellaneous assets. _ 23; 733 23, 965 24,551 4,072 Deposits „_ „_„_ ._.. 8,118 «6.096 Note circulation 54,156 52, 672 52,756 55,010 Total deposits 10, 439 12, 524 13,163 2,922 Czechoslovak National Bank German Heichs^auik (millions of (millions of Czechoslovak crowns): reichsmarks): Gold and silver 1,057 1,056 1,056 1,029 Gold at home ._ 1,786 1,786 1,743 1,396 Foreign balances and currency... 2,132 1,895 1,693 1,491 R G e o s ld e rv ab es r o i a n d foreign exchange 1 6 5 7 4 1 6 5 7 7 1 5 7 8 9 2 5 0 2 2 2 L A o ss a e n t s s a o n f d b a a d n v k a in n g c e o s ffice in liqui- 142 105 191 200 Bills of exchange and checks 2,746 2,512 1,384 dation.. 522 529 655 Miscellaneous assets 494 471 556 Note circulation _ 7,650 7,215 7,046 7,510 D Re e i p c o h s s i m ts a .. rks in circulation 4,1 63 8 0 2 3,9 7 3 2 5 4 3, 5 9 5 2 3 8 3,2 5 5 9 1 5 Deposits 699 791 787 902 Rentenmarks in circulation.. 1,041 1,042 1,044 1,497 Bank of Italy (millions of lire): Bank of Danzig (millions of Dan- Gold reserve 1,172 1,170 1,137 zig gulden): L C o re a d n i s t a a n n d d d b i a s l c a o n u c n e t s s abroad.. 6 1 , , 1 4 3 7 2 4 6 1 , 5 5 4 7 7 2 3 8 1 , ,0 7 0 8 8 0 B Fo a r la e n ig c n e s b w ill i s th , e B tc ank of England.. 2 1 1 4 Advances to the Government 4,227 4,227 4,229 Loans and discounts 17 Note circulation for commerce, __ 13, 564 13,617 14,103 Note circulation 36 Note circulation for the State 4,227 4,227 4,229 Deposits . 4 Total deposits 3,322 3,238 2,535 Sank of Japan (millions of yen): National Baiak of Denmark (mil- Gold at home and abroad 1,063 1,063 1,063 1.058 lions of kroner): Advances and discounts 903 933 954 224 Gold. 182 182 182 209 Advances on foreign bills 5 3 3 44 Foreign bills, etc 78 67 64 30 Government bonds 167 167 188 289 Loans and discounts.. 85 102 110 Total note and deposit liabilities.. 2,306 2,345 2,349 1,841 Note circulation... _„ 351 343 353 377 Notes issued 1,163 1,210 1,332 1,125 Deposits.__ ___ 19 19 22 22 Total deposits __. 1,142 1,136 1,017 717 Austrian National Bank (millions National Bank of Egypt (thouof schillings): sands of Egyptian pounds sterling): Gold 84 84 47 Gold 3,676 3,665 3,479 Foreign bills of the reserve. 392 393 410 481 English Government securities... 21,105 20, 505 23,404 Other foreign bills 245 221 194 138 Egyptian Government securities. 22,983 25, 639 27,457 Domestic bills.. ,. 81 113 151 87 Note circulation . 23,840 23, 504 26,195 Treasury bills _ 173 173 174 178 Government deposits 16,627 19, 546 20, 588 Note circulation 946 939 956 865 Other deposits 17,648 16, 729 14,484 Deposits 32 47 34 70 National Bank of Belgium (mil- Bank of Estonia (millions of Estolions of francs): nian marks): Golds _ 3,372 3,291 3,231 274 Gold. _ 511 510 503 Cash in foreign currency 37 39 27 Foreign bills and balances in 2,329 2,225 2,220 Foreign correspondents' account. 450 399 201 golds . 2,525 2,353 2,341 2,250 Foreign bills 86 81 136 Domestic and foreign bills 2,000 2,000 2,000 6,705 Loans and discounts 5. 543 5, 674 5,881 Loans to State... _ 9,982 9, 631 9,507 Note circulation ..-__ i;S66 1,934 1,884 Note circulation 485 353 Total deposits—_„„ ._>-., 4,336 4,494 4,510 Deposits * Notes issued, less amounts held in banking d apartment and in cur- 3 Figures previous to Oct. 25,1926, carried at par. rency note account. * Figures previous to 1927 carried at par. J Not including gold held abroad. • Figures are for August, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 CONDITION OF CENTRAL BANKS—Continued 1927 1926 1927 1926 Sep- Sep- | August July tember temper tember Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold 182 174 164 185 Gold 321 322 323 Foreign exchange, etc . 243 236 221 109 Balances abroad and foreign 329 Loans and discounts---.,... 470 456 447 382 credits __. 1,231 1,095 914 956 Note circulation - 745 581 Foreign bills _. 70 69 104 Current accounts- Domestic bills _ 592 628 686 521 Private 130 122 119 105 State debts 124 124 122 262 Treasury... 125 131 108 12 Note circulation 1,476 1,414 1, 377 1,335 Liabilities in foreign currency 22 21 21 21 Demand liabilities 491 303 392 Bank of Portugal (millions of escu- M&tioeai Bank of Greece (millions dos): of drachmae): Gold.. _. 9 Gold and balances abroad 2,429 1, 946 Balances abroad 171 168 258 Government loans and securities. 3,837 3, 732 Bills... : 221 207 200 Loans and discounts............. 2,924 3,253 Note circulation 1,821 1,791 1, 879 Note circulation...... .--- 4,772 4, 686 Deposits.. 58 80 71 Total deposits _ .--. 4,158 3,947 National Bank of Rumania (mil- National Bank of Hungary (mil- lions of lei): lio G A L n F s o o o d r l a v o d e n a i f s g n p n c a e e n n b s d g i _ t l o l o d _ s ) i , . : t . s r e c e t a o c s u u n r t y s.... —. 3 1 1 9 1 1 9 3 5 0 7 1 2 1 9 9 1 8 7 0 5 7 1 11 9 5 6 1 1 1 8 5 6 8 1 0 9 2 D A N B G d o o i e l l v t p l d e a s o n . c 6 s . c i . i r t e c s s u . . t l . o a ti S o t n at - e .. . - . . - 2 1 16 9 1 0 , , , , 1 0 0 1 3 8 4 8 2 5 3 8 2 7 9 2 1 8 6 9 1 , , , , 7 1 3 0 3 8 4 0 4 5 8 3 2 4 9 2 1 8 1 8 6 , , , , 6 7 1 3 0 8 4 5 6 5 7 9 9 4 1 2 1 8 8 0 1 , , , , 9 0 1 0 6 9 4 3 4 7 1 2 4 2 9 Other assets 273 286 268 265 State Bank of Russia (note-issuing Note circulation - 477 472 466 441 department; thousands of cher- Deposits- .-. 261 256 226 182 vontsi): Miscellaneous liabilities 224 220 226 195 Gold 17, 363 17,303 17,748 15,335 Foreign currency ,. 7,440 7,285 7,''". 5,120 Bank of Java (millions of florins): Loans and discounts 76, 838 70,419 64,296 Gold _.—_._..— 184 184 185 199 Bank notes 102, 657 95,330 85, 677 Foreign bills.—... 25 27 31 24 Loans and discounts „-„-_ 139 123 100 107 National Bank of the Kingdom Note circulation _.__ __. 321 325 326 329 of Serfos, Croats, and Slovenes Deposits ..... 75 55 67 (millions of dinars): Gold _ 83 Ban B G F L k o o i o l r o a l l e n f d i s g . L . n . a e tv xc i _ a h a ( n m g i e l l - r io es n - e s r v o e f lats): A N F L D o o d o e r a p v t e e n o a i s g n s c n i c i a t r e n s c n s - d u o t l t o d a e t i s i s S o c a t n o a n „ t u d . e . n . _ c t _ s r - edits ._.». 2 5 1 1 , , , , 3 7 5 9 3 4 6 8 6 1 4 3 3 6 0 2 1 1 5 , , , , 4 9 4 6 4 4 6 2 9 3 6 8 2 5 1 1 , , , , 3 5 9 3 5 2 8 1 6 2 4 1 7 6 2 2 1 5> , , 9 5 3 7 6 2 2 1 9 6 0 9 Note circulation South African Sleserve Bank Government deposits. (thousands of pounds sterling): Other deposits._-._„. 52 Gold 7,992 7,636 7,942 7,624 Foreign bills . 6,186 6,184 4,957 7,037 Bank of Lithuania (millions of Domestic bills.. . 1,646 1,645 1,809 180 litas); Note circulation 8,586 7,577 8,562 6,862 Gold Deposits. .. 7,063 7,218 7,043 7,152 Foreign currency N D L e o o p a t o e n s s i c t i a r s n c u d l a d t i i s o c n o unts _ „ . . Ban S B G k i a o l o l v a l f d n e S c . r p . e . . — s a . i . a n . . b . . r r . ( . o m a i d llions of pesetas): 2, 6 5 3 9 7 9 8 8 2, 6 5 3 8 9 8 1 8 2, 6 5 3 8 9 9 1 7 2, 6 5 3 6 5 3 9 7 Ne fl t o h F G r o e i o n r r l e s d l i ) a g : n n d b s ills B ank . (m - illio . ns of 127 3 1 8 3 6 2 3 1 8 2 7 8 4 2 1 1 9 8 N B D C i h o e l p e l t s e c o k d s c s i i i t s r s a c c n u o d l u a n t d t i r e o „ a d n f ts — --._. 4 1 , , 4 2 1 4 6 4 4 1 2 1 4 1, , , 5 0 1 2 5 2 2 3 7 3 3 7 4 1 1 , , , 1 5 0 3 4 4 4 1 6 1 8 4 4 1 1 , , , 6 3 6 0 5 2 5 7 7 9 6 6 Loans and discounts ~- 273 266 291 185 Bank of Sweden (millions of kro- Note circulation ... 768 803 790 824 ner): Deposits — 35 22 52 45 Gold. 231 221 221 226 Foreign bills, etc 216 204 176 177 Bank of Norway (millions of kro- Loans and discounts.. 285 279 287 ner): Note circulation 560 505 499 549 Gold........ - 147 147 147 147 Deposits. 98 119 112 70 F D N T F o o o o o r r t m t e e a e i i l e g g c s d n n i t e r i c c d b p u a o e c l l p s r a a i e o n t t d s i s c o i i e t t n s s s . . . a ._ nd „ bills.. _-. 3 2 2 3 6 9 5 1 5 6 7 2 3 2 8 2 0 5 8 5 2 3 9 9 3 5 6 7 1 1 3 3 2 9 6 2 4 8 6 9 8 5 Sw fr i a s L F G n s u o c o a n N s l n ) d d : a s s . . t . a i o o n n n d d a d e l i m s B c a o a n u n d n k t a s b . ( . r m . oa il d li . ons of 4 3 7 7 2 1 4 6 4 3 4 4 9 4 7 4 4 3 4 4 6 4 8 6 4 3 3 9 1 7 1 9 Re o s f e l r i v b e r a B s) a : nk of Pera (thousands N D o ep te o s c i i t r s c . u lation -_ 8 8 7 4 7 8 1 4 0 3 4 83 8 9 5 8 8 3 6 4 Gold 4.199 4,197 4,097 4,398 Bank of the Republic of Uruguay Gold against demand deposits 217 219 318 1,154 (thousands of pesos): Foreign exchange reserve...._, 750 782 709 684 Gold 55, 419 55,418 54,943 Bills........ 1,724 1,651 1,884 1, 879 Loans and discounts— 97, 829 95, 552 91, 979 Note circulation 5,949 6, 046 6,124 6,505 Note circulation 62, 738 64,930 62,212 Deposits 435 438 637 1,178 Deposits 77, 566 74,059 66,095 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

773 "NOVEMBER, 1927 FEDEKAL BESERVE BULLETIN CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 1926 1927 1926 September August July tember August July June August •Nine London clearing banks Three commercial banks of (millions of pounds sterling): France (millions of francs): Money at call and short notice... 134 138 133 113 Bills and national defense bonds. 12,147 11,127 14, 955 Advances and discounts 1,131 1,123 1,135 1,096 Loans and advances 5, 002 4,927 5, 285 Investments 234 236 237 248 Demand deposits 25, 237 24,045 21,928 Deposits ___ _ 1,668 1, 669 1,682 1,623 Time deposits , 447 424 297 Tokyo foanSss (millions of yen): Sis Berlin banks (millions of reichs- Cash on hand.. 272 216 115 marks): Total loans 1,923 1,931 1,955 2,516 Bills and treasury notes , 1,429 1,373 1,339 Total deposits 1,879 1,807 1,788 1, 918 Due from other banks 880 843 731 Total clearings =_ 1,794 1,647 1,753 2,902 Miscellaneous loans , 4,788 4,660 3,348 Deposits 6,600 6,409 5,102 Acceptances.- 404 1,249 1927 1926 Four private banks of Italy (millions of lire): Cash 1,374 1,205 August July June August Bills discounted _ 9,388 Due from correspondents 5,423 5,321 Due to correspondents... 13, 489 13, 759 •Ctiartered banks of Canada Deposits 2,456 2,313 (millions of dollars): Joint-stock banks of Norway Gold coin and bullion 1 69 71 (millions of kroner): Current loans and discounts 1,288 1,281 1,282 1,207 Loans and discounts _. 1,635 1,655 1,645 1,888 Money at call and short notice... 446 424 446 384 Due from foreign banks 83 75 66 134 Public and railway securities 536 542 534 528 Due to foreign banks 151 149 167 263 Note circulation 167 174 178 167 Rediscounts 133 136 137 186 Individual deposits 2,295 2,267 2,327 2,199 Deposits 1,789 1,792 1,807 1,897 Gold reserve against Dominion notes 106 104 106 110 Joint-stock banks of Sweden Dominion note circulation 186 177 177 181 (millions of kroner): Loans and discounts 4,151 4,172 4,352 4, 338 ••J ( o m i D L n il o t u l - i a e s o n t n o f s r s c o a k o m n f d b k fo d a r r o i n e s n i c k g e o s n r u ) n : b o t f a s n D ks e .. nmark 1,89 5 6 4 1, 9 5 1 6 5 1,91 5 9 6 2,00 5 0 3 D R D Fo e u e r d e p e i o i s t g s c o n i o t f u s o b n . r i . e t l . s l ig s n a n b d a n c _ k r s edits abroad.. 3.5 1 1 1 5 1 9 1 7 9 7 5 3,5 1 1 1 2 5 2 8 7 5 5 2 3,5 1 1 1 1 7 1 7 5 1 7 9 3,5 1 1 9 7 2 4 6 9 4 7 Due to foreign banks 121 124 143 119 Swiss Cantonal banks (millions Deposits and current accounts... 2,011 2,024 2,025 2,151 of francs): Loans and discounts 1,761 1,768 1,755 1,710 •Joint-stock banks of Finland Mortgages 2,841 2,835 2,826 2,727 (millions of Finnish marks): Foreign bills..... 20 23 21 25 Loans and discounts 7,955 7,952 7,823 6,958 Due from banks and correspond- Due from abroad 437 378 215 191 ents 310 291 284 266 Due to abroad _ _ 326 321 359 329 Commercial deposits 708 705 699 650 Deposits.- 7,116 7,033 5,876 Savings deposits 1,560 1,554 1,551 1,457 i Not including gold held abroad. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n in e c f e f — ect Country Rate In si 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 Aug. 25,1927 Estonia. . 8 Oct. 1,1926 Japan 5.48 Oct. 10,1927 Portugal 8 Julv 27,1926 "Belgium 5 June 23,1927 Finland. - m Aug. 11,1927 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France. -- Apr. 14,1927 Latvia 7 Jan. 1,3927 Russia. 8 Apr. —,1924 Chile 7 Mar. 7,1927 Germany _ 7 Oct. 4,1927 Lithuania - 7 Feb. 1,1925 South Africa 6 Sept. 10,1927 Colombia 7 May 15,1924 Greece __ 10 June 6,1927 Netherlands Oct. 13,1927 Spain 5 Mar. 23,1923 Czechoslovakia. 5 Mar. 8,1927 Hungary.. 6 Aug. 26,1926 Norway 5 Nov. 1,1927 Sweden 4 Apr. 22,1927 Danzig 6 June 21,1927 India 5 Sept. 10,1927 Peru 6 Apr. 1,1923 Switzerland. ZlA Oct. 22,1925 Denmark 5 June 24,1926 Italy 7 June 18,1925 Poland 8 May 13,1927 Yugoslavia.. 6 June 23,1922 ^England 4H Apr. 21,1927 Changes: South African Reserve Bank from 53^ to 6 per cent on Sept. 10, 1927; German Reichsbank from 6 to 7 per cent on Oct. 4, 1927; Bank •of Japan from 5.84 to 5.48 per cent on Oct. 10, 1927; Netherlands Bank from 3K to AlA per cent on Oct. 13, 1927; Bank of Norway from 4-H to 5 per cent on November 1, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDEBAL KESEEVE BULLETIN NOVEMBER, 1927' MONEY RATES IN FOREIGN COUNTRIES Switzerland 1926 January February March April May June July-.. August September- October November- December.-. 1927 January February March Aprils. May June July. August September... i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1026. 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

NOVEMBEK, 1927 FEDERAL RESERVE BULLETIN 775 GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands A So fr u ic th a India Month Net Net Net Net Net Net p I o m rt - s p E o x rt - s im o p r o p r 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 o e t x r s - ts p I o m rt - s 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 o e t x r s t - s im o p r o p r o e t x r s t - s im or p o ex rt - s () () 1925 J F a e n b u ru a a ry ry . ____.. 5 3, , 6 0 0 3 3 8 5 7 0 3 , , 5 6 2 0 6 0 - - 6 4 8 6 , , 4 9 8 9 8 7 1 1 9 0 , ,9 7 6 3 9 7 5 66 9 1 0 1 1 9 0 , , 1 3 4 0 7 8 2 1 1 1 , ,0 4 2 8 7 1 2 18 3 , , 3 6 5 0 4 5 -12 2 , , 3 8 2 7 7 6 3 2 , , 6 6 4 3 8 7 2 2 , , 5 2 5 8 9 3 1, 3 0 6 7 5 8 - -8 6, , 3 7 6 6 1 7 2 4 8 4 S , 2 2 4 4 0 1 March __„ 7,337 25,104 -17. 767 14,912 630 14,282i 9,061 14, 672 -5, 611 29 253 -224 -26, 286 53, 957 April 8,870 21,604 -12.734 16,218 616 15, 602 5,017 9,694 -4, 677 86 5,049 -4,963 -14, T" 4,746 May... 11,393 13,390 -1,997 18, 759 658 18,1011 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, 2551 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 j 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 -18,3221 15, 767 November 10, 456 24.360 -13,904 7,990 1,013 6,977 17,062 41,570-24, 508 9,204 7 9,197 -9,479j 11,275 December ,. 7,216 5,968 727 812 -85 10;604 21, 257-10, 653 9,566 41 9,525 -15, 734! 7,903 Total. 128, 272| 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 I January .. 19, 351 3,087 16, 264 5,517 823 4,694 22,021 11,9131 10,108 6,615 35 6,580 -19,952| 8,619 February 25,416 3,851 21, 565 14,030 740 13,290 16, 809 7,611 9,198 156 483 -327 -14,8921 7,062 March 43, 413j 4,225 39,188 9,561 768 6,278 12. 750 -6,472 619 20 599 -8,4791 17,233 April 13,116 17, 884 -4, 768 1,393 604 789 7. -"" 3,489! 87 28 59 -29, 737 May 2, 935 9,343 -6,408 838 145 18, 687 6,852 11,835 270 200 70 -18,003 12,317 June 18,890j 3,346 15, 544 571 -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 -1, 684 -22, 668 4,076 August _. 11,979 29, 743-17, 764 10.631 634 9,997 18,867 8, 959 136 60 76 -15, 723i 4,404 September 15.9S7 23,081 -7,094 23, 608 702 22, 906 12,137 5,017 7,120 800 656 144 4,83? October 8,857j 1,156 7. 701 36,343 i 869 35,474 16,918 21,262 -4,346 580 150 430 -29,082 4,004 November 16, 738 7,727 9,011 16,4621 902 15, 560 18, 561 2-1590 -6,029 464 174 290 —13, 376 3,466 December.... 17,004 7,196 9,808 18, 407! 858 17, 549 14, 531 18, 609 -4,078 108 2,613 -2, 505 -10, 553 3,530 Total,. 213, 504115, 708 97, 796 137,987 • 8,720 129,267 187, 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 15,895 10, 329 659 9,670 15,742 15,480 262 411 411 -14,079 6,543 March _. 16, 383 5, 625 10. 758 6, 576 840 5,736 7,526 6,894 632 488 39 449 -20, 718 10,041 April 14, 503 2,592 11,911 935 771 164 24, 678 3, 735 20,943 281 1,334 -1,053 -23,146 4,941 May 34,212 2,610 31,702 705 673 32 16,464 26, 580-10,116 47 3,015 -2,968 -15,7171 4,890 June 14.611 1,840 12,771 711 662 49 8,435 9,674 -1,239 2, 653 5,190 -2,537 -17,470 7.122 July 10, 738 1,803 8,935 705 685 20 13,071 6,061 7,010 203 4,623 -4,420 5,936 August 7,877 1,524 6, 353 11, 259 680 10, 579 21,469 5,782 15, 687 105 2,477 -2,372 2,860 September 12, 979 24,444 -11,465 8,381 7,637 744 125 47 78 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM INDIA [In thousands of dollars] [In thousands of dollars] 1927 1926 1927 1926 C o o r u n d t e r s y t in o a f t o io ri n gin September S J e a p n t u em ar b y e - r Calendar year C o o r u n d t e r s y ti n o a f t o io ri n gin August J A an u u g a u r s y t - Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- ports ports ports ports ports ports ports ports ports ports ports ports England. 285 9,418 12,833 France 39 2 1,032 France . 123 583 3,714 802 8,257 United States 77 552 Netherlands . 124 2,291 5,728 1,175 14, 704 Aden and dependen- Russia 36 907 7,732 12, 349 5 144 cies . 86 727 1,133 Spain and Canaries. 10 6,347 2,099 Arabia.. 54 661 358 7 Switzerland 486 3,328 4 242 Bahrein Islands 75 535 485 United States 50 28,042 180 1,138 British Oceania 491 1,613 11, 565 South America 74 ' 3,407 1,970 6, 959 168 1,543 Ceylon 97 966 155 4 British India 539 9,752 12,818 China... 45 156 217 British Malaya 18 2,153 7,752 Mesopotamia - 57 1,025 2,737 Egypt 547 2,976 1,199 Straits Settlements. _ 73 3 322 47 339 242 Rhodesia 467 4,892 9,842 Java 144 Transvaal 2 245 104 521 153,240 Egypt 724 5,757 2,865 85 West Africa 277 3,916 18 6,293 36 Natal . _ 877 23, 597 49,837 All other countries.. 5,282 2,384 8,148 23, 278 3,557 73,207 All other countries. . 10 3 14 11 Total . 8,381 7,637 127, 281 100,025 187,607 132,138 Total... 2,863 3 44,905 53 84,123 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE (s A ch u i s l t l r in ia g) B ( e b l e g lg iu a m ) Bu ( l le g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- 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 r r e a m i r c k 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—October 14. 0842 2 2. 7784 .7260 2. 9618 26. 5744 485. 0328 .2. 5211 2. 9404 23.8028 1.2087 17. 5816 1927—March "... 14. 0738 13.9000 .7246 2.9618 26. 6456 485.4025 2. 5205 3.912G 23.7137 1.2898 17. 5074 April 14.0736 13. 9000 .7249 2. 9616 26. 6681 485. 6546 2. 5205 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 July 14. 0695 13. 8980 .7232 2.9626 26. 7276 485. 5056 2. 5196 3.9112 23.7428 1.3232 17.4376 August 14. 0629 13. 9107 .7230 2. 9627 26. 7785 486. 0233 2. 5189 3. 9193 23. 7859 1. 3083 17. 4363 September 14. 0816 13. 9220 .7246 2.9626 26.7680 486. 3528 2. 51S9 3. 9200 23. 8004 1. 3243 17.4688 October 14. 0820 13. 9260 . 7229 2. 9627 26. 7932 486. 9676 2. 5187 3. 9236 23.8624 1. 3262 17.4624 I (l t i 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 n a e y ) P (z o l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m leu a ) nia R (c n u h e s e t s r z i v a ) o 3 - (p S e p s a e i t n a) S (k w ro ed n e a n ) S ( w f l r a i a 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—October 4.1196 40. 0036 23. 6080 11.0892 5.1108 . 5357 * 515.0000 15.1016 •26. 7288 19. 3084 1. 7674 1927—March 4. 5059 40.0137 26. 0474 11. 3703 5.1170 .6128 4 515. 0000 17.4088 26. 7452 19.2359 1. 7593 April.. __ 5. 0204 40. 0023 25.8592 11.4226 5.1138 .6157 4 515. 0000 17. 6385 26. 7788 19. 2323 1. 7581 May 5.4016 40. 0196 25. 8360 11. 3816 5.1220 . 6176 4 515. 0000 17. 5912 26. 7480 19. 2324 1. 7579 June 5. 5819 40. 0515 25.8896 11. 3065 5.0419 .5964 4 515. 0000 17.1988 26. 7792- 19. 2385 1. 7577 July 5.4488 40. 0600 25.8352 11.2500 5. 0008 .6094 4 515. 0000 17. 0856 26. 7784 19,2528 1. 7585 August 5.4396 40. 0719 25. 9374 11. 2240 4. 9574 .6163 4 515. 0000 16. 9000 26. 8203 19. 2759 1. 7596 September 5. 4432 40. 0776 26. 3620 11.2168 4.9288 .6181 4 515. 0000 17.1504 26. 8752 19.2816 1. 7604 October 5. 4616 40.1920 26. 3404 11. 2096 4. 9458 .6193 4 515. 0000 17. 2540 26. 9238 19. 2868 1. 7607 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia 3 Brazil Chile Colombia3 Ecuador 3 Peru3 Uruguay (dollar) (peso) (peso) (peso-gold)(boliviano) (miireis) (peso) (peso) (sucre) (libra) (peso) Par value 100.00 100.00 49.85 96.48 38.93 32.44 12.17 97.33 48.67 486.65 103.42 1926—October 100.0685 99.9252 48.0545 92.7536 33.7500 13. 9768 12.1000 97.6656 18.1875 364.2200 100.2104 1927—March 99.9019 100. 0265 47. 0084 95. 9811 34. 0000 11. 8452 12.0041 97. 5663 18. 3125 366. 5926 101. 2763 April 100.0942 100.0260 46. 8681 96.1738 34.0000 11. 7965 12. 0327 95. 0181 18. 3125 363.3077 101. 9750 May 100. 0658 99. 9606 46. 5867 96. 2008 34. 0000 11.8084 12. 0204 97.4688 18. 3125 364. 6400 100. 7088 June... 99.9360 99. 9150 46.4197 96.4373 34.4231 11. 8050 12. 0235 97.4196 19. 6019 374.4231 100. 3708 July 99. 8520 99. 9288 46. 5383 96. 5540 34. 5950 11. 7916 12. 0224 97. 5345 19. 5750 374. 6000 99.1684 August __ 99. 9404 100.0073 47. 3931 96. 8448 34. 7546 11.8237 12. 0292 98. 2798 19. 3750 374. 9626 100.1381 September... 100. 0497 99. 9524 47. 7219 97.1248 34. 8000 11. 8596 12. 0736 97.9872 19,3750 388. 5600 100. 4052 October 100.1099 99. 9387 47. 6667 97.1572 34. 8000 11.9172 12.1712 97. 4736 19. 3750 384.1600 101.8796 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u e l e i n l v a e a - 3 r) (M C do h e l i x l n a ic a r) a » n (S C h t h a a i e n n l g a ) h 5 ai ( K d H o o o l n l n g a g r 5 ) (r I u n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a i n 3 ) ( P k e r r a s n ia ) (Si S m n e g e t a n tl p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p E g o g y u y p n p d t t i ) an dollar) Par value... 19.30 48.11 66.85 47.77 36.50 49.85 40.20 9.46 56.78 439.65 494.31 1926—October 19.0000 44. 8668 59.9760 47. 7684 36.1496 48. 6612 40.3125 9. 9124 56. 0728 51. 0884 497. 2896 1927—March 18. 7500 44.1341 60.5048 48.6855 36.3004 49.1411 40.1702 9. 5952 55. 9556 50.3122 497.6670 April ____ 18.7500 45.5388 62.0138 49.6865 36.1423 48.3738 40.1503 9. 5946 55. 9535 50.9035 497.8981 May 18.7500 45. 6136 62.1680 49. 2716 36.2332 47. 0832 40.1638 9. 5692 55. 9896 52. 2232 497.9792 June 18.7620 45. 5077 62. 7362 49. 0742 36.1973 46.6896 40.2079 9. 6562 55. 9807 51.9992 497.8950 July ____ 19.1280 44.6004 62. 2760 48. 9772 36.1108 47.1312 40.1963 9. 6976 55. 9600 51.0544 497. 7768 August 19.1552 43. 3807 60.3781 48.1600 36.1252 47.3322 40.1740 9.6375 55. 9711 49. 9774 498. 2844 September 19.1700 43. 9572 61. 2068 48. 4980 36. 3356 46. 8248 40.1675 55. 9908 October 19.1700 44. 7376 61. 8328 48. 8552 36. 4092 46. 5664 40. 2618 56. 0332 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 sec. 522 of the tariff act of 1922. 2 Rate on franc. 3 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 4 Nominal. 5 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 $0.56347 for October, 1927, $0.55757 for September, 1927, and $0.54817 for October, 1928. The corresponding London prices (converted at average rate of exchange) were $0.56533, $0.55988, and $0.55216. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDERAL KESERVE BULLETIN 777 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES Europe United States France Month o ( S B f t L t u i a c a r t s b e i ) s a o - i u r b ( A a t g r u s o i i s a l s - d ) g B iu el m - g B a u r l i - a C v z a s e k lo c ia h - o 2 - m D a e r n k - 3 T (B E l r a a n o o n d g a f d - e rd ) b ( l F a g a i s o n n i l d s - d ) B S u t t i a r c 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 r d c n e e t a e r y i a l - s r u - a 8 ) l b H ( g a g a u s o r i n l y s d - ) ( I B ta a l c y h 3 i) N l e a t n h d e s r- ( N O w o s a l y r o - ) Board 1926 January 104 122 560 2,901 966 172 151 143 634 527 136 127 608 154 214 February 102 120 556 2,899 950 165 149 142 636 540 134 125 604 150 211 March 100 119 583 2,844 938 158 144 141 632 545 133 123 592 145 204 April.— 100 119 621 2,774 923 157 144 141 850 565 133 123 590 143 198 May 101 118 692 2,938 928 158 145 140 688 597 132 122 598 144 196 June . 101 124 761 2.842 926 157 146 141 739 631 132 122 605 144 195 July 100 126 876 2,838 948 158 149 141 836 704 133 123 618 142 196 August . _ _ 99 126 836 2,759 962 162 149 143 770 691 134 122 633 140 196 September. ._ __ . 100 123 859 2,728 973 162 151 143 787 691 135 122 622 140 197 October 99 125 856 2,716 972 178 152 143 752 695 136 125 597 143 188 November 98 128 865 2,739 978 170 152 143 684 662 137 127 594 147 182 December 98 127 860 2,718 978 158 146 144 627 592 137 126 574 146 176 1927 January 97 130 856 2,706 979 157 144 144 622 591 136 127 558 146 170 February _. 96 130 854 2,688 975 156 143 144 632 595 136 129 556 145 165 March 95 333 858 2,649 976 153 141 143 641 600 135 128 545 144 160 April 94 135 846 2, 592 979 152 140 143 636 610 135 130 521 143 159 May „ 94 137 848 2,751 988 152 141 142 629 618 137 133 496 146 160 June 94 142 851 2,823 990 152 142 144 623 605 138 133 473 148 159 July 94 140 845 2,775 992 152 141 144 617 590 133 133 467 150 160 August 95 133 850 2,745 983 153 141 147 618 578 138 133 465 149 161 September . 97 130 837 975 142 148 601 574 140 134 465 150 158 October Europe—Continued Asia and Oceania Africa Month la P n o d - 3 Russia2 Spain Sweden S l w an it d ze s r Canada Peru t A ra u l s ia - ( C S h h h a a i i n ) n a g 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 T y p o o a ) - n N l Z a e e n a w d - ( E C g a y ir p o t ) S A o fr u ic th a 1926 January 154 183 186 153 156 164 206 161 164 159 192 159 134 124 February 158 190 183 152 155 162 205 160 163 154 188 159 134 March. 158 194 183 149 151 160 204 163 164 151 184 157 134 April 178 196 179 150 148 161 204 168 163 160 149 181 156 133 120 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 192 179 179 148 145 151 202 154 171 158 144 174 153 129 126 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 12S 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 206 177 177 143 147 149 201 151 173 154 145 170 146 122 126 May 208 175 172 145 147 152 207 152 171 155 146 171 145 124 June. __ 206 174 171 146 147 154 206 155 169 155 149 173 146 123 July . 207 173 168 146 147 152 205 161 171 153 150 170 146 118 120 August 207 171 168 146 147 152 204 165 171 151 167 117 September - 206 170 148 148 151 205 170 172 150 169 120 October 170 148 200 » New index—1926=100. 8 First of month figures. _ 3 New index. p NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913; 1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages 769-770 of this issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESEEVE BULLETIN NOVEMBER, 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE ITALY—CHAMBER OF COMMERCE 1927 1926 1927 1926 Sep- Sep- Sep- temb'er Au§ust June tember tember August July June May tember All commodities 485 491 509 537 Total food 509 513 534 558 700 All commodities 142 141 141 142 141 151 Vegetable foods. 533 549 563 579 621 727 Total food 153 151 154 156 153 153 Animal foods 480 470 497 531 552 665 Cereals 157 157 156 157 154 148 All industrial prod- Meat and fish.... 142 135 134 137 133 152 ucts . 474 474 475 490 516 Other foods 160 162 171 175 172 158 Textiles.-_ 456 443 436 446 475 701 Total, not food 136 136 135 134 135 150 Chemicals 453 455 455 470 622 Iron and steel_._ 116 117 118 120 122 127 Minerals and Other minerals metals 456 465 471 483 709 and metals 114 115 115 117 121 171 Building mate- Cotton 178 168 160 155 150 163 rials 541 554 566 589 601 Other textiles-.. 159 158 157 154 153 156 Other vegetable Miscellaneous 142 142 . 142 141 141 145 products 465 457 445 494 536 651 Sundries 535 540 540 550 571 FRANCE—STATISTICAL BUREAU SWEDEN—BOARD OF TRADE A A l l l l c f A V S o o u e n o m g g i d m a m e s r t . a a , o . l b d l f i e o ti c o e f o d s o f s f _ o e d _ e s , . . . 6 5 5 5 0 2 6 5 1 9 4 8 6 5 6 5 1 3 1 8 8 7 8 5 5 6 5 6 9 1 2 5 7 7 4 1 6 6 5 6 2 1 5 5 3 1 7 3 6 6 5 6 2 7 7 3 9 4 4 0 7 8 7 5 8 7 1 2 7 6 0 2 A A V R Fu a l n e l e w g i m l c e s o t a a m a m l b n l m p a d e r t o e o p o d r d i r i l i o u a t s i l c d e s t s u s c fo ts r - 1 1 1 1 4 4 4 1 8 7 2 4 1 1 1 1 4 4 3 1 6 8 5 6 1 1 1 1 4 2 5 1 6 7 1 7 1 1 1 1 4 2 5 1 6 8 1 8 1 1 1 1 5 4 2 1 0 5 8 3 1 1 1 1 4 4 4 1 6 1 3 7 All ind co u c s o tr a ial mate- 591 599 622 616 637 825 manufacture in ria T M l e i x n t e il r e a s ls 6 5 8 3 4 1 6 2 3 8 6 5 3 5 4 0 7 5 8 6 5 0 7 4 4 4 0 6 5 7 7 3 6 4 3 7 6 5 7 2 7 3 9 9 4 840 Pa i i r p n o e d n r u s p t u r a y l n p d a n m d e p ta a l - 117 117 117 11 i 8 118 126 Sundries 611 613 606 608 615 Ra p w er materials for 158 159 158 158 162 171 manufacture in GERMANY—FEDERAL STATISTICAL BUREAU leather industry... 130 122 122 119 118 123 Raw and manufac- All commodities 140 138 138 138 137 135 tured chemicals... 167 168 169 170 170 171 Total agricultural Raw materials 137 138 137 138 136 138 products 139 139 138 140 139 134 Semifinished mate- Vegetable foods. 144 150 162 168 169 139 rials 152 151 151 151 148 146 Cattle 121 116 111 112 107 128 Finished materials.. 151 148 148 148 148 151 Animal prod- Producers' goods 137 137 138 137 136 135 ucts 152 138 129 126 128 146 Consumers' goods... 157 154 153 153 153 156 Fodder 142 146 151 157 157 116 Provisions 130 129 130 128 129 132 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Total industrial raw materials and All commodities 170 165 161 155 152 158 semi-finished Metals and coal 178 178 179 178 178 176 products.. 134 133 132 132 131 130 Textiles.. _ 168 155 150 142 145 145 Coal. 130 130 130 130 129 134 Agricultural prod- Iron. 124 126 127 126 126 124 ucts 181 174 167 162 157 189 Non ferrous Dairy products 157 157 161 160 156 140 metals 105 107 106 107 108 118 Groceries and to- Textiles. 166 159 155 153 150 150 bacco 168 169 168 167 167 169 Hides and Meat „. 164 153 139 124 113 104 leather.. 139 136 134 125 124 120 Building materials.. 144 153 152 152 150 154 Chemicals 124 124 123 124 124 122 Chemicals 183 183 183 179 179 180 Artificial ferti- Te li c z h e n rs ical oils 82 81 80 85 84 84 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS and fats. 121 123 125 126 129 131 Rubber 42 45 44 47 51 1927 1926 Paper materials 55 Bu a i n ld d i n p g ap e m r ate- 151 150 151 150 150 147 August July June May April August rial 162 161 161 161 160 Total industrial 147 All commodities 151 150 149 146 145 147 finished products _ 151 148 147 146 144 144 Cereals™ 142 138 140 140 141 148 Producers' goods 131 130 130 130 129 130 Pulses 158 152 155 154 154 148 Consumers' Tea 182 188 179 138 138 173 goods 166 162 160 158 156 155 Other foods 171 169 171 165 167 166 Oil seeds 145 151 155 141 144 138 SWITZERLAND i—DR. J. LORENZ Raw jute . „ 114 108 90 86 88 95 Jute manufactures._. 161 152 139 132 142 133 All commodities 148 147 147 147 147 146 Raw cotton 181 185 169 160 148 162 Consumers' goods. __ 157 157 156 155 155 158 Cotton manufac- Agricultural prod- tures ___ 158 155 154 158 159 170 ucts 123 125 126 128 128 113 Other textiles 124 127 129 126 126 119 Industrial products - 146 144 144 146 145 144 Hides and skins 102 102 110 112 116 112 Metals 130 130 132 137 137 141 1 First-of-month figures. Other articles - _ 180 161 155 154 144 132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

779 "NOVEMBER, 1927 FSDEEAL BESERVE BULLETIN 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 e a s ) n - - g B iu e m l- 1 g B a u ri l a - l E a n n g d - 2to E n s i - a2 F (P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - N la e e n r t - d h s - N w o a r y - R si u a s - 2 S l z a w e n r i d - t- a C d a a n - 2 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 - S A o fr u i t c h a 1926 January 161 119 141 2,773 171 137 480 143 1.7fiO 681 148 216 226 165 157 155 151 154 116 February..-., 158 117 141 2,771 168 138 495 142 L, 738 676 148 212 230 163 155 154 150 153 117 157 114 137 2,719 165 136 497 141 L, 805 654 147 205 234 161 154 159 151 152 118 April 159 114 139 2,652 159 139 503 142 L, 821 645 146 198 241 161 153 163 150 151 119 May 158 113 146 2,808 158 139 522 142 1L, 817 664 146 195 250 159 152 163 150 151 119 June 157 116 155 2,717 158 139 544 143 L, 870 657 146 194 243 159 149 162 152 151 118 July 154 115 177 2,713 161 139 574 145 L, 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. __ 156 116 184 2,641 162 128 590 145 L,890 652 145 193 231 158 147 155 152 148 117 October __- 157 117 194 2, 597 163 127 624 145 L933 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 1,973 631 146 184 335 159 151 158 154 149 117 1927 January 156 119 207 2,586 167 131 592 151 1,975 625 147 180 208 158 153 158 155 148 116 February 153 119 210 2,569 164 132 585 152 1,975 642 146 177 208 157 151 153 152 146 117 March - > 151 118 201 2,533 162 129 581 151 1,975 635 146 173 205 156 149 151 152 146 118 April 151 119 200 2,478 155 130 580 150 1,975 617 145 169 203 156 146 151 151 145 119 May 152 119 196 2,630 154 130 589 151 1,975 565 145 169 201 156 145 152 150 145 121 June 155 122 201 2.699 154 131 580 153 541 145 172 199 157 146 153 151 144 120 July 150 122 205 2,653 159 134 557 156 524 144 175 199 157 147 152 154 144 119 August 149 119 202 2,625 156 130 539 150 518 143 175 199 157 147 155 155 118 September. _ 151 206 157 532 151 143 174 198 147 151 October 152 198 148 COST OF LIVING [Pre-war = 100] European countries Other countries Massa- Month s c e h t u ts - g B iu e m l- 1s C lo z v ec a h k o ia - l E a n nd g- 2 l F a i n n d - F (P ra a n ri c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e H ga u r n y -I ( l t a M a n ly i ) - l N a e e n r t d - h s - N w o ay r- l P an o d - Spain S d w en e- S l z a w e n r i d - t- a C d a a n 2 - A t l r i u a a s - - ( I b B n a o d y m i ) a - S A o fr u ic th a 1926 January. _- 164 138 854 175 1,166 140 1,673 122 665 170 188 174 167 155 155 131 February._ 163 138 845 173 1,175 139 1,664 121 661 171 183 165 154 154 131 March 161 136 832 172 1,172 451 138 1,706 119 647 174 225 169 185 163 154 157 155 131 April _ 161 137 832 168 1,163 140 1,731 119 642 177 187 173 162 153 153 131 May 159 142 837 167 1,159 140 1,741 118 652 185 183 160 152 153 132 June 159 150 861 168 1,175 485 141 1,791 116 650 171 218 184 183 160 150 161 155 131 July _ _-- 159 166 876 170 1,183 142 1,808 117 649 178 186 172" 160 150 157 130 August 158 175 878 170 1,213 143 1,818 116 652 182 178 159 150 155 130 September- 158 174 878 172 1,203 539 142 1,833 114 647 164 217 189 187 159 149 158 155 130 October 158 184 888 174 1,197 142 1,862 114 672 193 190 "l7l" 160 149 155 131 November. 159 191 902 179 1,193 144 1,895 116 657 197 191 159 150 154 131 December . 159 195 912 179 1,197 545 144 1,889 116 657 168 213 199 193 159 151 157 156 129 1927 January 15b 198 914 175 1,187 145 1, 896 119 655 202 196 171 160 152 156 130 February.. 157 200 914 172 1,189 145 1,896 120 667 201 190 160 151 155 130 March 1*6 195 915 171 1,183 524 145 1,898 119 663 166 203 200 194 159 150 156 155 131 Anril 156 195 923 165 1,173 146 1,911 119 651 203 196 170 158 148 153 131 May 157 193 930 164 1,166 147 1,915 P9 612 205 179 159 148 152 132 June 156 196 949 163 1,184 525 148 121 586 367 201 205 179 160 149 154 132 July 155 199 962 166 1,203 150 119 548 199 189 169 160 149 156 132 August 155 198 914 164 1,237 147 119 543 201 221 160 1*9 157 131 September. 155 202 910 165 1,230 147 167 197 202 149 154 October. 150 151 11921=100. The cost of living index for Belgium has been changed from an average of seven provinces, on April, 1914, base, to a workingman's budget in 59 cities, on a 1921 base. 2 First of the month figures. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, .1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN NOVEMBER, 1927' national banks are permitted to act under the laws of Changes in State Bank Membership the State in which the national bank is located. The following list shows the changes affecting State bank membership during the month ended October 21, m 19 e 2 m 7, b e o rs n o w f h th ic e h s y d s a te te m : 1,299 State institutions were Location t D N ri i o c s . t - Name of bank g P r o a w nt e e r d s ADMISSIONS Nashua, N. H -_. Second National Bank St. Johnsville, N. Y_. First National Bank 1 to 9. Capital Surplus re T so o u t r a c l es L W i e tt s l t e N F e a w lls Y , o N rk . J , N. J. L Fi i r tt s l t e N F a a t l i l o s n N a a l t B io a n n a k l Bank.. 1 It t o o 9 9 . . Pemberton, N. J Peoples National Bank 1 to 9. Altoona, Pa Second National Bank 1 to 9. Covington, Ky First National Bank & District No. 2 Trust Co. Waynesboro, Va Waynesboro National Bank! 1 to 9. Trust Co. of Orange, Orange, N. J $700,000 $250,000 $2, 587, 018 Fayette, Ala First National Bank Ito9. Statesboro, Ga First National Bank Ito9. District No. 3 Chicago, 111 Continental & Commercial Ito9. National Bank. Dollar State Bank & Trust Co., Joliet, 111 First National Bank 5 to 9.1 Scranton, Pa 196, 950 40,370 1, 273,162 Sterling, 111 Sterling National Bank Ito9. Tipton, Ind Citizens National Bank 5 to 9.1 Charles City, Iowa_-. Citizens National Bank Ito9. CHANGES Columbus Junction, Louisa County National 1, 2, 3, and! Iowa. Bank. 5. Battle Creek, Mich__ Central National Bank 5 to 9.1 District No. 2 Kenosha, Wis United States National 1 to 9. Bank. Springfield Avenue Trust Co., Calumet, Mich First National Bank __. Ito9. Newark, N.-J. (merged with Fed- Laurium, Mich First National Bank 2, 3, 5, and eral Trust Co., a member) $400,000 $200, 000 $9, 390,000 8. Minneapolis, Minn.. First National Bank Ito9. District No. 6 Bristow, Okla American National Bank... 1 to 9. Abilene, Tex Farmers & Merchants Na- Ito9. Evangeline Bank & Trust Co., Ville tional Bank. Platte, La. (voluntary withdrawal). 150,000 30,000 1,147,000 Bonham, Tex First National Bank 5, 6, and 7.** Pittard Banking Co., Winterville, Ga. Marshall, Tex Marshall National Bank.__. 51 (voluntary liquidation) 25,000 800 54, 639 Wartrace Bank & Trust Co., Wartrace, Tenn. (closed) 25,000 2,000 81,000 1 Supplemental approvals. 2 Powers granted Aug. 17. District No. 8 Changes in National Bank Membership Citv Trust Co., St. Louis, Mo. (title changed to Fidelity Bank & Trust The Comptroller of the Currency reports the follow- Co.). ing increases and reductions in the number and capital District No. 11 of national banks during the period from September 24 to October 21, 1927, inclusive: First State Bank, Seminole, Tex. (withdrawn on account of expiration of charter) ____ 40,000 30,000 179, 700 Num- Amount ber of of banks capital Acceptances to 100 Per Cent New charters issued 8 $550,000 The following-named bank has been authorized by Restored to solvency 1 50,000 the Federal Reserve Board to accept drafts and bills Increase of capital approved * _„ 9 2,490,000 of exchange up to 100 per cent of its capital and surplus: Aggregate of new charters, banks restored to Rhode Island Hospital Trust Co., Providence, R. I. solvency, and banks increasing capital 18 3,090,000 Liquidations _ 7 555,000 Reducing capital2 2 100,000 Total liquidations and reductions of capital.. 9 655,000 Fiduciary Powers Granted to National Banks Consolidation of national banks under act of Nov. 7, 1918 1 1,325,000 During the month ended October 21, 1927, the Fed-Consolidation of a national bank and a State bank eral Reserve Board approved applications of the under act of Feb. 25, 1927 1 1,200,000 national banks listed below for permission to exercise Total consolidations -. 2 2,525,000 one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as fol-Aggregate increased capital for period._ 3,090,000 lows: (1) Trustee; (2) executor; (3) administrator; Reduction of capital owing to liquidations, etc. 655,000 (4) registrar of stocks and bonds; (5) guardian of Net increase 2,435,000 estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capac- 1 Includes one increase in capital of $900,000 incident to the consolidaity in which State banks, trust companies, or other tion of a State bank under act of Feb. 25, 1927. corporations which come into competition with 2 Includes one reduction in capital of $75,000 incident to a consolidation under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDERAL EESEKVE BULLETIN 781 DETAILED BANKING STATISTICS FOE THE UNITED STATES FEDERAL-BESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] RESOURCES Federal Reserve Bank Total Boston Y N o e r w k P p d h h e i i l l - a a- C l l a e n v d e- m R o ic n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e-K C an it s y as Dallas F ci r s a c n o - Gold with Federal reserve agents: Oct. 5 1, 561, 864 132, 295 241,214 128,825 218, 984| 24, 331 163, 531 273,483 37, 019 59,334 55,319 39, 540 187, 989 Oct. 12 1, 604,948 129, 756 281, 214126,191 219,285! 23,250 167,122 273,483 43, 715 58,860 55,264 40, 553 186,255 Oct. 19, .__ _._. 1,632, 507 127, 743 331, 081 134, 399 203, 679 22, 716 164,431 273, 285 37,867 58,651 48,435 38, 592 191, 628 Oct. 26 1, 623,253 124,720 330,536 131, 524 203, 980! 17,904 164,106 273,164 37,839 55,061 47,382 33, 986 203,071 Gold redemption fund with United States Treasury: Oct. 5-.. 45, 695 3,363 16, 768 9,478 2, 222 2,187 1,449 2,054 1, 768 885 2,469 1,132 1,920 Oct. 12 47. 954i 5,126 15,1 11,184 2,671| 2,7r" 1, 828 985 1,379 1,112 2,146 1,245 2,423 Oct. 19 ..._. 40; 528 6,025 12, 959 2,799 4, 111 2, 517 1,352 2,771 1/583 1, 021 2,523 1,321 1,546 Oct. 26 42,028 7,814 11,430 4,245 4,304 2,518 1,399 1,599 1,729 1,395 3,131 1,456 1,008 Gold held exclusively against Federal reserve notes: Oct. 5 1,607, 55911 135,658 257, 982 138,303 221, 206 26, 518 164, 980 275, 537 38, 787 60, 219 57, 788 40, 672189, 909 Oct. 12 1,652,902! 134, 882 296,301 137, 375221, 956 26, 018 168, 950 274,468 45, 094 59, 972 57,410 41, 798 188, 678 Oct. 19 1,673,0351 133, 768 344, 040137,198 207, 790 25, 233 165, ^' 276, 056 39,450 59, 672 50,958 39, 913 193,174 Oct. 26 —. 1,665,281 132, 534 341, 966135,769 2085 284; 20,422 165,505 274, 763 39; 568 56,456 50,513 35,422 204,079 Gold settlement fund with Federal Reserve Board: Oct. 5 -. 704,384 43, 817 290,620i 49,563 42,107 14,463 12,940 134,873 19, 628 14,394 23,843i 19, 111 39, 025 Oct. 12 . 661, 099 43, 500 241,310 47,273 37, 685 10, 266 16, 233140,826 18, 943 15,209 30,1301 18,849 40, 875 Oct. 19 •_. 637, 092 44, 312 277,1721 32, 940 41,219 17, 029 8,466 110, 359' 14, 559 11,887 18,546 14, 837 45, 766 Oct. 26 634, 8851 25,656 289,219 31,626 51, 258 20,649 6,140 21,849 11,580 27,674 17,103 38, 253 Gold and gold certificates held j by banks: Oct. 5 653, 841! 33, 309 413, 5401 27, 651 36,170 21, 044 7,191 53, 304 9,580 6,501 8,014 7,036 30,501 Oct. 12 657,497 j 34, 347 409,323! 27,893 37,137 21, 521 7,552 56, 228 10,423 7,42,_2,j 7,522 7,059 31, 070 Oct. 19 665, 378 37,182 409,032 28,606 37,409 21, 598 7,902 58, 335 12,174 6,854! 7, 695 7, 045 31, 546 Oct. 26 656,886' 39, 643 393,328 28,166 39,128 27,251 7,788 56,932 11,686 6,897 i 7,442 6,998 31,627 Total gold reserves: I I Oct. 5 2, 965, 7841212, 784 962,142 215, 517299,483 62,025 185,111 463,714 67, 995 81,114 89,645 66, 819 259,435 Oct. 12 2, 971,498j212, 729 946,934 212, 541296, 778 57, r- 192, 7351 471, 522 74,460 82, 603 95,062 67, 706 260, 623 Rese O O rv c c e t t . . s 2 1 o 6 9 ther than gold: 2 2 , , 9 9 5 7 7 5 , , 0 5 50 2 5]2 1 1 97 5 , , 8 2 3 6 3 2 1 1 , , 0 0 2 3 4 0 , , 5 2 1 4 3 4 1 1 9 9 5 8 , , 5 7 6 4 1 4 2 2 9 8 8 6 , , 6 4 7 1 0 8 6 6 3 8 , , 3 8 2 6 2 0 1 17 8 9 2 , , 4 1 3 5 3 1 4 4 2 4 5 4 , ,7 5 5 7 0 3 7 6 3 6 , , 1 1 0 8 3 3 7 7 4 8 , , 9 4 3 1 3 3 8 7 5 7 , , 6 1 2 9 9 9 5 61 9 , , 5 7 2 9 3 5 2 2 7 7 3 0 , , 9 4 5 8 9 6 Oct. 5 136,774 14,113 25,6071 8,481 11,099 4,151 11,935 22,170 12,160 4,036 6,135 8,063 8,824 Oct. 12 132,396! 13, 029 24,237 j 9,140 9,391 4,192 11,825 21,352 12,909 3, 886 5, 521 8,268 Oct. 19 136,475 14, 504 24,786 8,440 11, 610! 4,643 11,925 20,921 12,885 4,171 5,202 8,193 9,195 Oct. 26 135,793 14, 232 24,656 7, 976 5,843 12,903 20, 528 12,475 4, 212 5,580 8,298 9,151 Total reserves: r Oct. 5 _. 3.102, 558 226.897 987,749 223,998 310, 582 485,884 80,155 85,150 95,780 74,881 Oct. 12 3.103, r •225, 758 971,1711 221,681 306,169 6661,,197976| 210947,, 054660 492,874 87,369 86,489 100,583 75,974 269,269 Oct. 19 _. 3,111,1 229,766 1,055,030 207,184 298,028i 68, 503 194,076 465,671 79,068 82, 584 82,401 69,988 279,681 Oct. 26 3,092,845 212,065 1,049,169 203,537 308, 6G9J 74,165 192,336 446,101 85, 57" 79,145 91,209 67,821 283,110 Nonreserve cash: Oct. 5_— ... 51,150 5, 737 15,436 1,0 4,129: 3,355; 3, 769 6,493 1,002 2,607 1,754 2,852 Oct. 12 50,328 5,337 15,872 s 2,675 i 2,991! 3,940 6,901 3,302 1,295 2,509 1,817 2,759 Oct. 19__ 59,695 6,753 18, 973 1,092 4,772 3,671? 3,726 8,056 3,591 1,158 2,592 2,209 3,102 Oct. 26 61,137 21, 555 870 3,590 4,141 4, 292 7,399 3,589 1,111 2,546 2,413 2,732 Bills discounted: Secured by U. S. Government obligations— I Oct. 5 242.557 17,397 110,947 18, 509 24,899! 9, 537j 5,663 25, 235 13,198 766 3,297 1,970 11,139 Oct., 12 ________ 192; 753 18,768 36,644 22,348 33, 748J 9,760 4,384 12,134 4,592 2,227 2,035 25,177 Oct. 19 224,821 14,378 54,953 24,537 24,898 12,224 5,096 37,768 17, 782 208 11,727 5,660 15,590 Oct. 26 236,428 28,953 68,34.8 25,089 18,9231 9, 657 4,337 30, 834 16,228 276 5,794 21,184 Other bills discounted— Oct.. 5 219,928^ 14,665 62, 538 12,973 17, 857 20, 212! 21,155 12,639 7,875 2,028 8,826 3,143 36,017 Oct. 12 237,496! 15,164 83,143i 13,056 20,842! 19, 2541 18,121 12,107 6,671 1,901 10, 289 2,762 34,186 Oct. 19 192,7761 13,263 41,920 14,026 18,4081 21,151 20,033 13,361 10,478 1,799 9,980 26, 261 Oct. 26 165,970! 9,429 42,076' 15,197 10, 966 17,922 18,101 13,340 6,682 1,877 10,675 4,192 15, 513 Total bills discounted: Oct. 5 462,485 32,062 173,485' 31,482 42,756! 29,749 26,818 37,874 21,073 2,794 12,123 5,113 47,156 O O c c t t . . 1 1 2 9 4 4 3 1 0 7 , , 2 59 4 7 9 ; ! 3 2 3 7 , , 6 9 4 3 1 2 1 9 19 6, , 8 78 7 7 3 1 33 3 88 5 , , 4 55 0 66 4 33 4 5 3 4 , , 3 5 0 9 6 0 2 3 9 3 , , 0 3 1 7 4 5 2 2 2 5 , , 1 5 2 0 9 5 3 5 3 1 , , 1 0 2 4 9 3 J 18,805 2 6 , , 0 4 0 9 7 3 1 2 12 1 , , 7 5 0 1 7 6 4 7 , , 7 7 5 9 6 7 4 5 1 9 , , 8 3 5 6 1 3 Oct. 26 402,398; 38,382 96,873 40,286 29,889J 27,579 22.438 44,1741 22,910 2,153| 17,480 9r~" 36,697 110,424| Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL KESEKVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] RESOURCES—Continued Federal Reserve Bank Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e - K C an it s y as Dallas F c S i r s a a c n n o - Bills bought in open market: Oct. 5__ 262,165 27,467 104, 528 10,510 16,066 30,252 3,165 23,029 4,416 9,415 10,428 11,674 11,215 Oct. 12 _ 274,361 28,873 111, 125 11,940 16,620 33,251 2,404 25,014 3,866 10,186 9,822 11,672 9,588 Oct. 19 282,503 30,366 102,843 12,601 18, 757 38,053 2,414 30, 533 3,700 11,652 10,656 13, 504 7,424 Oct. 26 301, 111 32,588 99,152 15,537 19,530 43,247 2,281 36, 235 4,174 15, 352 10, 637 16,467 5,911 U. S. Government securities: Bonds— Oct. 5 255, 972 12, 043 42, 561 13,368 32,846 12, 625 6,225 43,817 18,192 11,138 19, 562 17, 519 26.076 Oct. 12____ 258, 780 12,415 44,116 13,395 32,887 12, 625 6,263 44, 496 18,204 11,165 19, 590 17,547 26.077 Oct. 19 255,075 12, 511 43,400 14, 361 33,389 6,196 6,328 44, 098 18, 442 11, 838 20,053 18,188 26, 271 Oct. 26 261,876 12,876 45,233 14,928 33,943 6,345 6,475 45,157 18,752 12,241 20,500 18,673 26,753 Treasury notes— Oct. 5___ 126,624 7,661 29,459 9,207 13, 585 6,215 3,399 14,314 11,: 7,246 7,! 6,995 9,460 Oct. 12 ._ _.. 133,114 7,472 34, 402 9,376 13, 825 6,425 3,481 14,375 11,424 7,369 8,021 7,196 9,748 Oct. 19 „__. 124, 710 7,290 28,636 14, 543 2,641 3,559 14, 598 11,349 7, 580 8,016 7,326 9,483 Oct. 26__ 124,941 8,167 26,912 10,276 14,453 2r~ 3,577 16,065 11,077 7,970 7,869 7,477 8,700 Certificates of indebtedness— Oct. 5_ 122,277 7,354 28,991 13,619 9,113 8,615 3,323 15,263 7,132 4,468 7,673 6,461 10,265 Oct. 12 __. 118, 235 7,162 26, 698 13, 451 8,873 8,405 3,244 15,356 6„,,9„7.2- 4,346 7,471 6,280 9,977 Oct. 19 120, 608 7,791 29, 990 14,122 9,271 3,618 3,483 15,887 7,109 4,812 7,763 6,713 10,049 Oct. 26 123,813 8,323 29,403 14,541 9,627 3,696 3,713 16, 732 7, "~ 5,107 8,044 7,039 10,299 Total U. S. Government securities: Oct. 5_ 504,873 27, 058 101, 011 36,194 55, 544 27,455 12,947 73,394 22,852 35,054 30,975 45,801 Oct. 12 _ 510,129 27,049 105,216 36, 222 55, 585 27, 455 12,988 74,227 36, 600 35, 082 31,023 45.802 Oct. 19 .... 500,393 27, 592 102,026 38,172 57,203 12, 455 13,370 74,583 36,900 24, 230 35,832 32, 227 45.803 Oct. 26.- 510, 630 29,366 101, 548 39,745 58,023 12,439 13,765 77,954 37,118 25,318 36,413 33,189 45,752 Other securities: Oct. 5_ 820 300 Oct. 12 820 300 520 Oct. 19 „.. 620 100 520 Oct. 26 — 620 100 520 Total bills and securities: Oct. 5__ „_. 1,230,343 86,587 379,024 78,186 114,366 87,456 43,230' 134,297! 62,077[ 35, 581 57,605 47,762 104,172 Oct.l2__ „„.. 1,215,559 89,854 336,128 83, 566126, 795 89,""" 38,1971 132, 284 59,271! 40,079 57,420 47,492| 114,753 Oct. 19 1,201,113 85, 599 301, 742 89,436 119,266 83,1 40, 913156,245 68,860; 38,409 68,195 53, 487 95,078 Oct.26__ 1, 214,759100,336 311,124 95,668 107,442 83,265 38,484 158,363! 64,202 43,343 64,530 59,642 88,360 Due from foreign banks: O Oc c t t . . 5 1 _ 2 __ m 5 5 6 6 3 3 | 4 3 1 6 1 2 7 1 2 2 4 5 7 2 5 5 7 1 2 2 8 5 2 2 2 0 7 6 5 7 2 2 3 1 1 1 6 5 2 1 0 8 1 1 9 7 3 3 8 4 Oct. 19__—...___ 563 36 212 47 51 25 20 67 21 15 18 17 34 Oct. 26 564 36 213 47 51 25 20 67 21 15 18 17 34 Uncollected items: Oct. 5. _ -. 724, 370 68,960 187,254 62, 566 64, 639 58, 605 30,414 82, 595 36,193 17,184 44,170 27,205 44, 585 Oct. 12 __. 775,265 67,742 186, 343 59,991 75, 533 34,996 80, 774 55,061 20,807 55, 760 32,116 44,160 Oct. 19 _. 851,251 83,894 210, 008 70, 332 78, 621 71,'"" 35.417 103,108 41, 754 19,934 49, 817 34, 702 52,258 Oct. 26 - _-. 688,277 65,538 166,825 58,779 63,860 61,713 28.418 79,767 33,883 16,239 43,292 29,273 40,690 Bank premises: Oct. 5___._ 59, 609 3,946 16, 276 1,749 7,119 2,465 2,901 8,602 3,957 2,774 4,474 1,827 3,519 Oct. 12 59, 774 3,946 16,276 1,749 7,119 2,564 2,901 3,957 2,774 4,475 1,827 3, 519 Oct. 19 _ 59, 774 3/946 16,276 1,749 7,119 2,564 2,901 8, 667 i 3, 957 2,774 4,, 475 1,827 3,519 Oct. 26 59,774! 3,946 16,276 1,749 7,119 2,564 2,901 8,667 3,957 2,774 4,475 1,827 3,519 All other resources: Oct. 5.... 13,640 120 4, 058 125 1,034 477 1,435 1,484 870 554 611 885 Oct. 12 13, 522 122 4,429 138 1,061 471 1,447 1,486 876 1,496 498 619 879 Oct. 19_.„,_.__ _„. 12, 695 120 4,178 145 1,082 478 1,462 1,065 772 1,459 583 474 877 Oct. 26 13,159 123 4,621 137 1,109 467 1,428 1,160 776 1,444 540 474 Total resources: Oct. 5. -__- 5,182,233 392, 288 1, 589,969367, 704 501, 926 218, 562 278, 817719,430 186,263 143, 694 205,210 154, 060424, 310 Oct. 12 5,218, 905392, 795 1, 530,431368,102 505,852 233, 301 286, 061723, 053209,857 152, 955 221,263 159,862 435,373 Oct. 19 5,297,071 410,114 1,606,419 369, 985 230, 530 278, 515742,879 198,023 146,333 208,081 162, 704434, 549 Oct. 26 5,130,515 388,943 1,569,783 360,787 491, 780 226,340 267,879 701,524 192,006 144,071 206, 610 161.467 419,325 LIABILITIES Federal reserve notes in circulation: Oct. 5 1,717,049 142, 586 368, 536130, 594210,829 66,895 163,339 239,425 47, 501 62,992 64,086 48,507 173, 759 Oct. 12 1, 733,829 143, 513 365, 052136,435 216,124 69,478 162, 898241,182 49,624 62,175 64,985 48,099 174,264 Oct. 19 .„., 1,716, 785143,290 363,236 131,143 210,379 ' 70,800160,551 239,276 51,225 62,467 64,308 49,001 171,109 Oct. 26 1,702,999 140,224 361,972 129,664 211,820 71,232 156,511 235,302 51, 537 62,250 64,247 49,704 168,536 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDERAL RESERVE BULLETIN 783 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] LIABILITIES—Continued Federal Reserve Bank Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e-K C an it s y as Dallas F c S i r s a a c n n o - Deposits: Member bank—reserve account— Oct. 5._ _ 2,360,378 152,339 142,205 188,497 72,754 69,524 350,130 82,193 52,547 87,392 63,025 174,944 Oct. 12__ 2,324,338 155,114 879,142 140,252 187,962 69,992 66,595 351,526 79,816 55,559 87, 616 66,226 184, 538 Oct. 19 2,383, 711 156,885 936, 769 137, 702186,687 72,555 66,822 360,274 84,092 53,629 84,126 63,673 180,497 Oct. 26. ._. 2,351,870 155,347 933,776 139,902 176,597 73,010 65,926 337,474 84,713 54,437 87,928 66,190 176,570 Government— Oct. 5__. 37,215 1,791 22,877 1,406 1,643 1,677 1.635 870 408 1,076 1,316 Oct. 12 .___. 12,806 719 1,223 897 647 1,753 2,097 '492 1,320 757 950 1,033 918 Oct. 19__ ._._. 8,808 166 1,433 367 422 96 967 416 1,337 916 620 982 1,086 Oct. 28 ____. 19,794 45 5,159 284 1,050 2,958 1,802 1,046 1,096 1,290 949 1,829 2,286 foreign bank—• Oct. 5_—_—_._——. 5,382 I,1 490 541 265 209 704 219 153 189 179 357 Oct. 12 5,369 383 490 541 265 209 704 219 153 189 179 357 Oct. 19— _-. 12,383 785 4,817 1,005 1,109 544 429 . 1,444 450 314 387 366 733 Oct. 26 ._ .570 2,863 730 806 395 312 1,049 327 228 281 532 Other deposits— Oct. 5__ _ 23,352 102 15,967 296 974 95 1,052 279 447 170 Oct. 12 „_._ 62,454 105 15,847 174 945 183 9,579 1,092 14,678 6,248 9,575 3,997 Oct. 19_ ___ 24,196 513 15,918 245 988 145 143 1,127 303 237 164 4,368 Oct. 26__ 23,928 435 15,505 961 142 116 1,152 465 123 184 4,218 Total deposits: Oct. 5-..- 2,426,327 154,615 965,365 144,397 190,860 74,757 71,478 353,521 84,359 54,017 88,159 64,317 180,482 Oct. 12. 2,404,967 156,321 897,892 141,813 190,095 72,193 78,480 353,814 96,033 62,717 98,330 67,469 189, 810 r Oct. 19—__~ 2,429,098 158,349 958,937 139', 319189,206 73,340 68,361 363,261 55,096 85,297 65,066 186,684 Oct. 26.. 2,403,951 156,397 957,303 141,479 179,414 76,505 68,156 340,721 86,601 56,078 89,342 68,349 183,606 Deferred availability items: Oct. 5__ — 664,038 67, 569 153,231 57,710 61,013 57,531 28,452 74,629 37,940 15,153 38,958 28,135 43,717 L. Oct. 12 704,844 65,420 162, 562 54,799 60,330 72,223 29,136 76,138 47, 709 16,509 43,919 31,192 44,907 Oct. 19. — 775,545 80,917 179,158 64,460 70,036 66,918 34,064 88,371 44,057 17,218 44,442 35, 544 50,360 Oct. 26 646,615 64,659 144,691 54,506 61,161 59,087 27,646 73,477 37,279 14,193 30,225 40,753 •Capital paid in: Oct. 5 — 131,098 9,466 39, 627 13, 228 13,939 6,253 5,140 17,329 5,291 3,000 4,220 4,281 9,324 Oct. 12 131,171 9,462 39, 697 13, 243 13,939 6,253 5,142 17,310 5,293 3,011 4,220 4,280 9,321 Oct. 19... - 131, 275 9,428 39,813 13, 243 13,938 6,253 5,140 17, 308 5,323 3,011 4,220 4,277 9,321 Oct. 26 131,293 9,428 39,820 13,245 13,953 6,248 5,140 17,301 5,323 3,011 4,225 4,277 9,322 Surplus: Oct. 5 - - 228, 775 17, 606 61, 614 21, 267 23,746 12,198 9,632 31,881 7,527 9,029 8,215 16,121 L Oct. 12 228, 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 " Oct. 19.... - 228, 775 17, 606 61, 614 21, 267 23, 746 12,198 9,632 31, 881 9,939 7,527 8,215 16,121 Oct. 26 -.....--.-. 228,775 17,606 61,614 21,267 23,746 12,198 9,632 31,881 9,939 7,527 8,215 16,121 All other liabilities: Oct. 5. -. 14, 946 446 3,596 508 ,5 928 776 2,645 1,233 1,005 758 605 907 Oct. 12 15,319 473 3,614 545 1,618 956 773 2, 728 1,259 1,016 780 607 950 Oct. 19 15, 593 524 3,661 553 1,634 1,021 767 2,782 1,297 1,014 785 601 954 Oct. 26 . 16,882 629 4,383 626 1,070 794 2,842 1,327 1,012 829 987 Total liabilities: I Oct. 5 5,182, 233392, 2881, 589,' 367, 704501,926 218,562 278, 817719,430 186, 263143,694 205, 210 154,060 424,310 Oct. 12.. 5, 218,905392, 7951, 530,431368,102 505,852 233,301 286,061 723,053 209, 857 152, 955 221, 263 159, 862435, 373 Oct. 19 _ 5, 297,071410,114 1, 606,419369, 985 230, 530278, 515742, 879 198,023 146,333 208,081 162, 704434, 549 Oct. 26 - 5,130,515 1,569,783 360,787 491,780 226,340 267,879 701,524 192,006 144,071 206,610 161,467 419,325 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Oct. 5 74.9 76.3 74.2 81.5 77.3 46.7 83.9 81.9 60.8 72.8 62.9 66.4 75.7 Oct. 12 75.0 75.3 76.9 79.7 75.4 43.8 84.7 82.8 60.0 69.3 61. 65.7 74.0 Oct. 19 75.1 76.2 79.8 76.6 74.6 47.5 84.8 77.3 57.5 70.2| 55.1 61.4 78.2 Oct. 26 75.3 71.5 79.5 75.1 78.9 50.2 85.6 77.4 62.0 59.4 57.4 80.4 Contingent liability on bills purchased for foreign correspondents: Oct. 5 189,168 14,119 53,061 18,072 19,955 7,718 25,979 8,095 5, 648| 6,965 6,589 13,178 Oct. 12 ._ 201,956 14, 962 57, 721 19,152 21,147 10,374 8,179 27, 530 8,578 5,985| 7,381 6,982 13,965 Oct. 19. -._._ 198, 810 14, 962 54, 574 19,152 21, 147 10,374 8,179 27, 530 8,578 5,985 7,381 13,965 Oct. 26 ._._ 194,886 14,593 54,206 18,680 20,625 10,118 7,978 26,852 8,367 5,837 7,199 6,810 13,621 •Own Federal reserve notes held by Federal reserve bank: Oct. 5 - 385,370 29, 796 118,017 33, 231 39, 217 7,437 29,915 51,194 9,123 4,974 8,350 6,042 48,074 Oct. 12 372, 042 30, 530 117, 477 26, 756 34, 423 10,473 48, 645 8,536 5,317 7,875 7,239 45, 835 Oct. 19 ._•_. 405, 227 28, 740 131,891 34. 856 38, 863 11, 277 31,182 50,143 6,487 4,816 8,393 7,698 50, 883 Oct. 26 421,787 31,983 135,181 36,460 37,323 11,771 32,067 53,024 7,847 5,843| 9,002 8,907 52,379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston C l l a e n v d e - : ; m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is M ap i o n l n is e- K C a i n t s y as F c S i r s a a c n n o - Federal reserve notes received from comptroller: Oct. 5 2,908, 246, 782 776,633! 205,825 272,0361 104,286 244,484 435,119 74, 804 85, 580 110,336 70,451 282,333 Oct. 12 2, 901,096J 244,243 771,809 207,191 271,537; 103,205 244, 574 433,327 76,260 110, 760 69, 765 280, 599 Oct. 19___.__ 2, 920, 217! 242,230i 778,207 205,399 278,272! 110,171 242,683 438,319 76, 772 87,817 110, 551 69,304 280,492 Oct. 26 2,928,021 239,2071780,233 ^ 206,524 276,973, 114,757 240,358 441,226 78,524 87,227 110,899 72,678 279,415 Federal reserve notes held by Federal reserve agent: Oct. 5 806,250 74,400 292,080! 42,000 21,990: 29, 954 51,230 144, 500 18,180 17,614 37,900 15,902 60, 500 Oct. 12 _ 795,225 70,200 289,080 44,000 20,9901 23,254 52, 740 143, 500 18,100 20, 534 37, 900 14,427 60, 500 Oct. 19 798, 205 70,200 283,080 39,400 29,030 28,094 50, 950 148, 900 19, 060 20, 534 37,850 12, 607 58, 500 Oct. 26 803,235 67,000 283,080 40,400 27,830! 31,754 51, 780 152,900 19,140 19,134 1 37,650 14,067 58, 500 Federal reserve notes issued to Federal reserve bank: Oct. 5 2,102,419 172, 382 484, 553 163, 825 250,046! 74,332 51,780 290,619 56, 624 67, 966 72,436 54, 549 221, 833 Oct. 12__ 2,105,871 174,043 482, 529 163,191 250, 547 79,951 191,834 289,827 58,160 67,492| 72,860 55,338 220,099 Oct. 19 2,122, 012 172,030 495,127 165, 999 249,242 82,077 191, 733 289,419 57, 712' 67,283! 72,701 56,697 221,992 Oct. 26 2,124, 788 172,207 497,153 166,124 249,143 83,003 188,578 288,326 59, 384 68,0931 73,249 58, 611 220,915 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Oct. 5 408, 631 35, 300 215,150 40,000 20,084i 18.117 88,,110000 12. 267 17, 613 40, 000 Oct. 12 406, 332 35, 300 215,150 40,000 20, 084 18.118 8~, 1•00 12,267 17,313| 40,000 Oct. 19 406, 691 35, 300 215,150 40, 000 20, 444 18; 117 8,100 12, 267 17,313| 40,000 Oct. 26 400,994 35,300 215,150 40,000 15,046 18,118 7,800 12,267 17, 313 40,000 Gold redemption fund— Oct. 5 104, 556 17, 995 21,064 10,948 13, 984] 4,247 9,514 .1,483 2,919 2, 067! 3,459 2,927 13,949 Oct. 12 ._.. 103,992 15, 456 21, 064 8,314 14,285! 3,166 7,604 1,483 2,615 1, 593 4,404 3, 240 20, 768 Oct. 19 101, 802 13,443 20, 931 11, 522 13, 679j 2, 272 5,714 1, 2851 3, 767 1.384 3,57 3,779 20,451 Oct. 26 95, 537 10,420 20,386 8,647 13,980| 2,858 1,164 '794 2,522 3,153| 20,186 Gold fund— i Oct. 5 _. 1,050, 677 79,000 5, 000 117,8771 165,000L 135,900 272,000 26,000 45, OOOJ 51,860 19,000| 134,040 Oct. 12 1,094, 624 79,000 45,000 117,877 165,000!. 141,400 272,000 33, OOO! 45, 0001 50,860 20,000i 125,487 Oct. 19 1,124,014 79, 000 95,000 122,877 150,000!. 140,600! 272,000 26,000 45,000! 44,860 17,500 131,177 Oct. 26. 1,126,722 79,000 95,000 122,877 150,000:- 137,600 272,000 27,000 42,000 44,860 13,500! 142,885 Eligible paper— Oct. 5 705, 356 59, 529 266, 463 37, 937j 57, 957; 58,000 29,831 60,840 25, 351 11,953 22,460 16, 731 58,304 Oct. 12 674, 592 62,805 214, 592 38,075 69', 723| 60, 307 24, 772 57,918 22, 531 16, 410 22,253 16,413 Oct. 19 669, 786 58,007 178, 347 46,999 60, 320 69,050 27. 421 81,595 31,843 13, 511 32,255 21,244 49,194 Oct. 26 674,931 70,970 190, 599 50,432 "" •"- 68,212 24, 579 80,333 26,971 17,354 28,028 26,428 42,527 Total collateral: Oct. 5 2, 267, 220 191,824 507,6771 166,762; 276,941! 82, 331 193,362! 334,323 62, 370 71, 287 77. 779 56,271 246, 293 Oct. 12 2, 279, 540 192,561 495,8061 184,266 289,008 83, 557 191,8941 331,401 66,246 75, 270 77, 517 56, 966 255, 048 Oct. 19 2, 302, 293 185,750! 509,428! 181,398! 263,999 91, 766 191,852' 354,880 69, 710 72,162 80, 690 59,836 240, 822 Oct.28 2,298,184 195,690, 521,135 181,956: 252,478 86,116 188,685 353,497! 64, 810 72,415 \ 75,410 60,394 245,59S MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Wi d th ay in s 15 18 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o m O o v n e t r h 6 s Bills discounted: Oct. 5 . . 462, 485 389,835 21,277 30,246 17,960 3,007 160 Oct 12 430, 249 361, 063 19,158 28, 740 17,835 3,267 186 Oct 19 . _ _ 417, 597 344,124 20, 926 29, 579 18, 728 4,035 205 Oct. 26 - -. 402,398 330,843 17,524 31,467 17,276 5,044 244 Bills bought in open market: Oct. 5 262,165 130,133 60, 964 53, 775 14,190 3.103 Oct. 12 274,361 130, 006 63, 966 56,081 21, 263 3,045 Oct 19 282, 503 141,989 57, 474 51, 264 29, 520 2,256 Oct. 26 - -. 301, 111 125,700 66, 361 59,583 45,566 3,901 Certificates of indebtedness: Oct 5 122, 277 1,593 120, 684 Oct. 12 - _ 118,235 45 118,190 Oct 19 120, 608 1.845 118, 763 Oct 26 123,813 '158 123,655 Municipal warrants: Oct 5 20 20 Oct 12 20 20 Oct 19 120 20 100 Oct 26 - - 120 20 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

785 NOVEMBER, 1927 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER AND SEPTEMBER, 1927 [Amounts in thousands of dollars] Total cash reserves Total deposits. Fede in r al c i r r e c s u e l r a v t e io n notes Heserve percentage Federal reserve bank October September October September October September October September Boston. _ _ 224,079 235,978 157,165 153, 393 143, 513 141,908 74.5 79.9 New York . . I 1,001,225 996, 027 921, 315 911, 090 370,137 371,303 77.5 77.7 Philadelphia.. 212, 939 222, 081 141, 539 140,911 134,393 136,708 77.2 80.0 Cleveland 308, 831 325,166 190,085 190,489 213,283 215,119 76.6 80.2 Richmond 66,265 i 72, 644 74,666 74, 618 69,952 i 63, 221 45.8 52.7 Atlanta 196, 780 186,169 70, 827 68,848 161, 520 162,420 84.7 80.5 Chicago __ 474,171 484,897 346, 798 343,955 240, 380 245,327 80.8 82.3 St. Louis 82,147 66,511 84, 745 81, 575 50, 484 43,738 60.7 53.1 Minneapolis. __ 84,121 82, 572 55, 623 52, 578 62, 504 58, 782 71.2 74.1 Kansas City..- 101,853 90, 542 90,155 64, 330 64,134 60.7 66.0 Dallas 71, 476 67, 797 66, 381 63, 044 49,099 45,920 61.9 62.2 •San Francisco. 273, 480 275,367 181,122 180, 219 172, 601 173,146 77.3 77.9 Total., 3, 089, 483 I i 3,117, 0622 |, 380, 808 2, 350.875 1, 732,196 i 1. 721, 726 75.1 76.5 i Revised. GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, SEPTEMBER 22-OCTOBSR 19, 1927, INCLUSIVE [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo c r c o G un o t vern- Transit clearing Federa c l l e re ar s i e n r g ve note o fe f r g s o a l n d d t h c r l o e u a g ri h n g tr s ans- B f a u la n n d c e a t in Federal reserve bank close of period. Debits Credits Debits Credits Debits Credits Decrease Increase Boston 4.500 1,800 880,340 880,334 5,269 4, 565 3,410 44,312 New York 27; 000 21, 500 3,055,588 3,124,470 10,717 17,163 69,828 277.172 Philadelphia 4,000 800 770,970 763,291 6,081 4,960 12,000 32; 940 Cleveland 2,000 3,500 752.165 731, 243 9, 956 3,741 25, 637 41, 219 Richmond- 5,500 3, 500 628; 200 634, 662 2,162 3,290 5,590 17,029 Atlanta 2.500 1, 500 343,118 354, 457 3,386 3,021 9,974 Chicago 1,500 6, 900 1, 314, 291 1, 289,056 8,050 7,958 19,927 110,358 St. Louis... 1,000 3,500 588,040 594,129 1,463 3,143 10,269 14. 559 Minneapolis _ 500 500 206, 615 208. 571 1,711 1,372 1,617 Hi 886 Kansas City 500 8,700 456. 218 421,879 2,425 2,131 26,433 18,546 Dallas _ 2,000 300 380,055 382, 541 1,353 1,251 14,837 San Francisco.... . 5,000 3,500 401,963 392,930 3,023 3,001 ~W~ 555" 45,766 Total, four weeks endin; Oct. 19, 1927 56, 000 56, 000 9, 777, 563 9, 777, 563 55, 596 55, 596 97,962 97,962 637,090 Sept. 21, 1927 178, 900 178,900 9,281.534 j 9,281,534 57,120 57,120 . 614,773 Oct. 20, 1926 28,000 28, 000 9, 320; 737 9,320,737 62,450 62,450 745,617 Sept. 22, 1928 131,000 131,000 8,213,996 I 8,213,996 51, 072 51,072 743, 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN NOVEMBER, 1927' FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES, SEPTEMBER, 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 la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Holdings on Sept. 30,1927 Total bills and securities 1,194,211 84,832 325,074 83,695 113, 704 83,473 46,168 135,647 71,702 34,854 58,482 47,601 108,979 Bills discounted. _ . __ 437,425 33,664 126,212 35, 917 42, 313 29.124 28,863 36,841 30,834 3,531 13,989 5,639 50,498 Bills bought in open market _ 249,836 26,745 92,727 12,099 16,581 26, 822 3,904 24,473 4,470 8,481 9,941 11,012 12,581 United States securities _ 506,130 24,423 106,135 35,679 54,810 27,527 13,101 74,333 36,398 22,322 34,552 30,950 45,900 Other securities 820 300 520 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 115,304 13,631 8,401 8,792 7,685 12.074 19,127 11,899 11,981 2,294 9,197 3,445 6,778 Demand and sight drafts 314 29 61 205 19 Bankers acceptances... 76 76 Trade acceptances 1,852 29 101 75 533 73 297 589 68 87 Secured by United States Government obligation s _ _ _ 766 3 65 68 135 77 44 14 12 261 6 Member bank collateral notes: 82 Secured by United States Government obligations... 229,374 73,759 21,529 26,715 10,831 4,322 23,074 17,065 1,112 4,346 1,332 25,443> Otherwise secured. I . 89,739 19,846 43,951 5,518 7,315 6,078 4,953 1,202 1,615 111 434 396 18,166 Total discounted bills * 437,425 33, 664 126,212 35,917 42,313 29,124 28, 863 36, 841 30,834 3,531 13, 989 5,639 50,498- Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 66,892 9,365 20,834 3,026 4,327 10,000 1,626 6,747 1,328 2,442 3,073 2,118 2,006 Exports 71,989 4,075 29,124 3,189 3,751 8,757 1,154 5,771 1,049 3,135 3,223 4,319 4, 442* Domestic transactions.._ 47,213 7,141 12, 005 3,010 3,008 2,453 623 8,087 1,228 1,037 1,621 2,672 4,328 D ollar exchange 6,672 360 2,942 285 490 789 40 813 30 248 257 93 325 Shipments between or B storage of goods in foreign countries _-- 42,986 5,315 21,703 1,714 2,335 4,349 194 2,156 555 1,153 1,376 1,562 574 All other 4 790 3,515 250 135 270 150 20 450 Trade acceptances based on— Pmnorts 689 689 _ Domestic transactions ... 110 110 i Bills payable in foreign currencies 8,495 489 1,805 625 2,670 339 267 899 280 196 241 228 456- Total bills purchased 249,836 26,745 92, 727 12,099 16,581 26,822 3,904 24,473 4,470 8,481 9,941 11,012 12,581 United States Securities United States bonds 256,751 11,292 44,388 13,340 32,809 12,595 6,422 43, 571 18,168 11,118 19, 531 17,481 26,036 Treasury notes 142,012 6,763 36,862 9,565 14,095 7,330 3,739 17,447 11,885 7,360 8,357 7,614 10,995 Certificates of indebtedness 107,367 6,368 24,885 12, 774 7,906 7,602 2,940 13,315 6,345 3,844 6,664 5,855 8,869 Total United States securities 506,130 24,423 106,135 35,679 54,810 27,527 13,101 74,333 36,398 22,322 34, 552 30,950 45,900 Dally average holdings during September Total bills and securities 1,139,342 73,642 329,759 82,009 103,294 73,154 51,545 128,118 67,461 33,368 52, 709 49, 534 94, 749 Bills discounted 422,192 28,377 142,360 38,240 34, 762 26,251 31,085 31,414 27,992 4,435 10,698 10,981 35, 597 Bills bought 215, 926 22,259 78,899 8,430 14, 718 20,476 6,476 23,327 4,967 6,604 8,024 8,638 13,108 United States securities. 500,637 23,006 108,500 35, 339 53,814 26,427 13,684 73,377 34,502 22,042 33,987 29,915 46,044 Other securities 587 300 287 i Includes $81,000 secured by adjusted service certificates held under discount for nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESEKVE BULLETIN 787 NOVEMBER, 1927 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 1927 [Amounts in thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Total Volume of Operations. 13,744,504 214,803 1,930,592 203,636 317,028 180,77' 73,527 275,177134,899133,132 64,535 62, 111 254,287 Bills discounted for member banks 2 „_. 2,468,430 143,988 1,195,285 169,718 272,358 136,848 58,995 130,098 105,162 3,398 26,814192,079 Bills bought: In open market . 403, 755 47,634 227,136 10,169 12,588 19,523 2,856 27,833 2,359 5,922 6,674 9,712 31,349 From other Federal reserve banks 10,501 3,001 2,000 700 1,800 1,900 1,100 United States securities bought: In open market 851,195 22,670 507,043 20,288 30,395 21,832 11,487 116,,104 24,464 21,186 21,71 23,989 30,020 From other Federal reserve banks 10,123 511 1,128 460 1,687 574 189 1,142 2,214 326 55 496 839 Bills Discounted Rediscounted bills: Commercial and agricultural^ paper, n. e. s 97,760 2,749 6,034 7,400 7,147 5,417 25, 686 12,210 16,228 248 6,318 3,54: 4,781 Demand and sight drafts 797 141 ' 148 488 20 Trade acceptances 1,375 51 71 607 38 367 47 87 Secured by U. S. Govt. obligations.... 1,329 5 8 48 84 67 1,048 2 Member bank collateral notes: Secured by U. S. Govt. obligations 1,734,456 82,247 831,70S 127,754 235i,, 55871,907 10,688 109,939 75,135 2,928 26,401 1133,,777766 146,415 Secured by eligible paper 3 _ 632,713 58,936 357,472 34,505 29,038 59,438 22,029 7,834 13,537 222 968 7,960 40,774 Total 2,468,430 143,988 1,195,285 169, 718 272,358 136,848 58,995 130,098105,162 3,398 33,687 26,814192,079 Average rate (365-day basis), per cent .„ 3.53 3.50 3.50 3.62 3.50 3.50 3.50 3.57 3.50 3.62 3.50 3.50 , 3.68 Average maturity (in days): Member-bank collateral notes......... 5.90 7.23 4.85 7.42 4.13 3.28 12.76 12.63 7.12 12.52 4.83 9.77 8.2S Rediscounted bills. 48.70 47.88 53.80 46.59 51.32 51.02 50.44 54.86 39.16 95.86 60.02 32..59 44.36 Number of member banks on Sept. 30..... 9,088 414 930 773 836 568 466 1,301 597 741 974 818 670 Number of member banks accommodated during month ....._...._. 2,361 141 319 347 204 199 14^ 361 198 56 154 104 131 Per cent accommodated. .„ 26.0 34.1 34.3 44.9 24.4 35.0 31.5 27.7 33.2 7.6 15.8 12.7 19.6 Bills Bought in Open Market From member banks _ 55,348 11,124 10,948 1,: 6,389 4,636 2,324 8,461 971 1,695 2,239 2,155 2,580 From nonmember banks, banking corporations, etc.; Bought outright 95,026j 8,857 25,919 8,343 6,199 14,887 532 7,856 1,388 4,227 4,435 4,883 7,500 Bought with resale agreement 253,381 27,653 190,269 11,516 2,674 21,269 Total 403, 755 47,634 227,136 10,169 12,588 19,523 2,856 27,833 2,359 5,922 6,674 9,712 31,349 Bills payble in dollars: Rates charged— 3 per cent... 122,327 19,054 32,545 7,261 10,764 8,872 445 14,901 1,976 5,464 6,261 5,881 8,903 V/i per cent _ 2,459 291 74 223 323 55 1,346 6 8 10 123 Zl/i per cent. _ _ 261, 724 27,693 191,443 1,850 443 6,836 137 7,819 208 138 3,281 21,813 ZVs per cent ____ 5,928 54 274 141 14 2,943 2,179 27 287 3H Per cent 3,290 788 172 403 ZYs per cent....... _ 14 7 7 3% per cent. __ 166 2 163 3% per cent... __ 8 8 4 per cent 9 9 Average rate (365-day basis), per cent 3.20 3.12 3.24 3.15 3.06 3.26 3.47 3.22 3.06 3.06 3.05 3.14 3.17 Average maturity (in days)4 _. 39.42 37.67 29.50 40.67 38.38 62.07 40.28 38.69 34.69 36.48 35.98 41.29 38.48 Class of bills: * Bankers' acceptances based on— Imports 33, 783 5,017 7,136 2,480 2,686 6,305 2921 2,823 575 1,874 2,088 1,544 963 Exports. _ __ 47, 577 3.727 12,836 2,909 3,724 6,745 1,469 3,878 685 1,403 2,177 2,589 5,435 Domestic transactions 26, 705 4,847 4,348 1,706 2,138 2,004 575 5,146 392 1,021 754 1,061 2,713 Dollar exchange . 4,248 350 1,445 160 145 659 708 50 55 207 94 75 Shipments between or storage of goods in foreign countries 27, 088 5,498 7,fi 1,720 2,213 3,249 224 2, 564 346 1,067 1,026 1,252 38 All other _ 2,454 519 500 185 200 285 155 245 350 Trade acceptances based on— Imports _ 596 596 Domestic transactions 93 93 Bills payable in foreign currencies. _. 7,830 542 2,003 694 1,367 376 296 998 311 217 267 253 506 Total 150,374 19,981 36,867 10,169 12, 588 19, 523 2,856 16,317 2,359 5,922 6,674 7,038 10,080 U. S. Securities Bought in Open Market Bought outright: United States bonds.. _ 76,592 4,573 17,960 4,014 6,202 5, 527 4,274 9,923 3,833 2,956 4,892 4,738 7,700 Treasury notes.... 119,295 7,053 27,619 6,250 9,340 7, 784 3,861 17,952 9,043 4,519 7,765 7,081 11,028 Certificates of indebtedness « 563,577 10,417 398,185 10,024 14,853 8,521 3,352 60, 929 11,588 13,711 9,060 11,645 11,292 B ought, with resale agreement 91,731 627 63,279 27,300 525 Total.. 851,195 22, 670 507,043 20,288 21,832 11,487116,104 24,464 21,186 21,717 30,020 i Includes $500,000 Federal intermediate credit bank debentures for Minneapolis. * Includes $7,000 secured by adjusted service certificates discounted for nonmember banks. 3 Includes bills taken under a resale contract. 4 Exclusive of bills bought under a resale contract. «Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston $3,000,000; New York $367,000,000; Philadelphia $3,500,000; Chicago $45,000,000; St. Louis $4,000,000; Minneapolis $9,000,000; Kansas City $1,000,000; and Dallas $4,500,000; and excludes $95,000,000 of special 1-day certificates sold under repurchase agreement and subsequently repurchased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL KESEKVE BULLETIN NOVEMBER, 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 Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . i s i i M ap in o n li e s - : j K C an it s y as Dallas I i ! F C S r i a s a c n n o - Loans and investments— total: O O c c t t . . 5 1 2 2 2 1 1 , , 1 1 4 0 7 5 , , 8 7 2 8 1 61 1 , , 5 5 0 0 2 5 , , 7 5 7 6 0 4 7 7 , , 8 9 9 6 1 8 , , 2 7 8 0 , , 6 5 2 2 31 13 1. .0 , s , s 55 3 11 8 22 4 2 22 2, , , , 1 1 1 2 7 3 , , 3 0 7 8 7 4 7 70 0 6 2 , ,8 7 7 0 9 9 6 62 1 4 9 , ,9 4 3 0 7 2 3 3 , , 0 0 4 4 7 0 , , 9 7 7 5 0 4 7 71 1 6 2 , ,3 4 4 0 0 8 | 3 3 7 7 0 3 , , 1 4 7 5 7 2 6 6 2 2 5 9 , , 9 52 2 9 8 4 4 2 2 3 3 , , 7 2 2 3 6 3 1 1 L 1 , , 8 8 3 2 5 9 , , 6 8 4 3 7 4 O Oc c t t . . 2 1 6 9 .. 2 2 1 1 , , 1 0 3 8 8 4 , , 7 6 3 5 7 9: 1, , 5 1 5 7 2 , 1 8 , 4 2 6 1 3 7 1 , 7 9 , 1 9 0 0 , 7 1 , 8 9 4 0 5 1 ,1 ,, 22, 2 22 2 0 4 0, ,, 0 0 66 88 77 88 77 22 22 , ,, 0 1 9 2 8 3 , , 9 6 6 0 2 8 "19 > , , 9 4 8 4 6 1| 6 6 1 1 6 9 , , 4 6 1 9 3 4 3 3 , , 0 0 6 5 1 8 , , 8 3 0 6 3 8 7 7 1 1 3 5 ; .9 32 5 5 3 3 3 8 7 0 6 , , 5 15 0 2 1 6 63 2 3 5 , ,8 3 9 0 2 9 4 4 3 3 2 1 , , 4 14 9 4 3 1 i L L;, , 8 8 2 1 7 0 , , 8 6 8 2 6 3 Loans and discountstotal: Oct. 5__ 15,092,192 1,0,42649 ,5i,,, ,747,092813,777 1.., 412, 560 533,134! 501,967 2,248,422 513, 416 250,714 414,144 328,15011,284,547 Oct. 12 .... 15,039,259 1,045, 550 i5,, 666666,, 444400811,., 361 1,, 416, 516 536, 4521 504, 628 2,254, 461 515,076 254, 362 415,106 328,199 1, 291,108 Oct. 19__.._. 15,055,990 1,051,186 5>., 677,980 809,), 397 1.,, 417,245 530. 046) 501,260 2, 262, 642 514,319 255, 635 419,173 335, 809 1, 281,298 Oct. 26. _„ 15,020,446 1,060,623 5. 805, ., 404,337 526,136 498,260|2,258,847 511. 928 258,865 415,358 336,0611, 265, 823 Secured by U. S. Government obligations— Oct. 5 122,817 43,923 8, 620 17, 925 4, 760| 5,162 17, 231! 4, 570 2, 325 4,060 2, 650! 5,109 Oct. 12 125,896 6, 561 44, 764 8 327 17, 711 4, 698| 5, 351 19, 983 4,401 2, 358 3,923 2, 649! 5,170 Oct. 19.___ 121,""" 6,079 40, 633 8,108 17,120 5,093 5,277 20,025| 4,233 2,444 3,955 2,6551 5,980 Oct. 26 119,846 6,536 40,441 8,074 17,182 4, 831 5,272J 18, 847 4, 303 2,384 3,r~ 29, 770044! 5,3"6 3" Secured by stocks and bonds— Oct. 5—... - 6,167,896 391,329 22,, 679, 353416, 208 599, 540 157, 749 118,872 982,719 207,153 80, 086 120,275 331,553 Oct. 12 6,072,353 385,446 25,, 580,863 409,188 602, 265 158,842 113, 994, 943 207, 573 84,117 123, 074 82, 061 330,492 Oct. 19 _ 6,104,716 389, 00778 25,, 600, 984406, 932 600, 015 157, 928 117, 0051., 008,481 207, 656 82,886 123, 560 81,046 329,145 Oct. 26... __,. 6,126,613 394,11994 21,,606,789 403,562 614, 668 155,018J 117; 638 1.014,727 207, 705 81,624 122,063 82,107 326,518 All other loans and discounts— Oct. 5 8,801,479 646,458 3i,, 023,816 795,095 370, 625 377,933 1.,248,472 301. 693 168, 303 289,809 242,441 947,885 Oct. 12 8,841,010 653, 5433 3,i040,813 393,846 796, 540 372, 9121385, 788 1,, 239, 535 303; 102 167,887 288,109 243,489; 955,446 Oct. 19 „ 8,829,672 656; 029 3, 036, 363394,357 800,110 367, 025 378, 978 1,234,136 302, 430 170, 305 291, 658 252,108 946,173 Oct. 26 8,773,987 659, 893 3,030,992 394,350 772,487 366,287 375,350 I], 225,273 299,920 174,857 251,250 933,942 Investments—total: i Oct. 5-_ 6,055,629 461, 295 2, 221, 613416,607 704,817 169, 745| 117, 970 792, 548 198, 924 119,463 211, 784 95, 57 545, 287 Oct. 12 __.. 6,066,527 457. 220 2, 224,846 420,151 706, 568 170, 2571 119, 774 793, 293 201, 332 119, 090 214,423 544, 539 Oct. 19 6,082,797 466,660 2, 232,204 415, 280 706, 363 169, 940 118,434 795, 726 201, 634 120, 517 214,136 95,3351 546, 568 Oct. 26 6,064,213 460,590 2,229, ' 414,102 694, 625 169,305! 118,153 802,956 201,397 121, 636 210, 534 96,432 i 544,800 IT. S. Government securities— Oct. 5 -- 2,601,621 153, 344 984,287 117,024 310,850 80,411 56, 768 313,829 74,726 63,857 100,042 64,859 281, 624 Oct. 12... 2,609,019 152, 004 984, 954 117, 225 314, 090 80, 583 58, 501 315, 792 75,195 63, f" 100, 889 63,290 282,866 Oct. 19 2,619.016! 163, 572 992, 018 112,685 311,356 80,365 56,371 317,523 75, 585 64, 338 100, 346 63, 583 281,274 Oct. 26 2,606,045| 157, 622 994, 836 111, 562 309,081 78,875 55,259 316,182 75, 790 65,265 95, 631 65,058 280,884 Other bonds, stocks, and securities— Oct. 5 ... 3,454,008 307,9511,237,326 299,583 61,202 478,719 124,198 55,606 111,742 30,717 Oct. 12 3,457,508 305,216 1,239,892 302,926 392,478 89, 674 61,273 477, 501 126,137 55,460; 113,534 31, 744 261,673 Oct. 19 3,463,781 303,088 1'..,240,1*86 302, 595 395.007 89,575 62,063 478,203 126,049 56,179i 113,790 31,752 265,294 Oct. 26 3,458,168 302,!, 968 .1,. 234, 847 302, 540 385', 544 90,430 62, T" • 486,774 125, 607 56,371- 114,903 31,374 283,916 Reserve with Federal reserve bank: Oct. 5 ._ 1,712,525 100,962 778,326 84,303! 130,473 43,321 40,814 266,994 48, 096 26,180 53,740 31,832 107,484 Oct. 12 1,704,678 103,867 757,123 85,544 131,532 42,179 39,105 266,068 46,653 28, 864 53. 792 34,227 115,724 Oct. 19 ______ 1,753,868 104,269 813,867 81,8571 127,099 43,233 38, 935 274', 660 48, 613 26, 743 51,156 31,902 111, 534 Oct. 26.. 1,729,319 104,284 811, • 83,896; 119,177 42,647 37, 844 254,315 51,317 27,719! 53, 532 33,928 109,591 Cash in vault: i I Oct. 5 . j 263,909 18,273 73,664 15,410! 29, 13,753 11,427 44,024 7,711 5, 12,291 9,667 21,961 Oct. 12 268,215 17, 946 73,8011 16,444: 30,117 14,244 12, 361 44,878 8,108 6,112; 12, 577 9,758 21,869 Oct. 19 264,761 19, 075 70, 719| 16, 545 31,663 13,420 11, 746 43,106 7,715 5,709 12,255 10,229 22, 579 Oct. 26 267,130 19,065 73,303 16,663. 30,421 13,816 11, 527 43,511 7 "" 6,002 13,002 10,407 21,724 Net demand deposits: ! Oct. 5. ... 13,418,320 958, 965 5, 853, 997 790,434:1,026.46' 395,281 336,323 1,852,511 410,153 234, 598 486,310 290, 510 782, 771 Oct. 12 _13,409, 572 940,742 5, 790,150 783,7991,042,573 395,299 343,4271,875,754 415,440 492,025 296,296 793,084 Oct. 19 !13,449,821 959,825 5,872, 969 779,362jl,040,879 386,370 336,62811,859,473 407,177 4.78,824 295, 919 794,386 Oct. 26 13,402,102 952,890 5,838,489 782,93811,035,446 387,420 332,039 1, 858,480 239,777 482,748 296,310 786,763 Time deposits: Oct.'5.._ 6,356,138 480,4891,499,721 273,472! 920,228 238,755 240,330 1.., 127,195 238,622 125,416 157,944 110,113 943,853 Oct. 12 6,374,855 479,), 472 1, 518,973 273,685! 917,439 241, 83/ 240, 218 1.., 126,046 237,988 125,872! 157,954 109,937 945,438 Oct. 19 6,368,609 476,>,085 1., 512, 531 272,791! 918,106 242,296 241, ,9"5-6- 1., 134,754 237,689 130,196 158,276 110, 537 933,392 Oct. 26 6,364,217 475,>, 490 1, ,522,159 272, 863 j 911,490 242, 380 243,;, 334 L1, 134,727 237,943 130,558 158,331 111, 372 923,570 Government deposits: Oct. 5 _ 336,28' 31, 669 130,491 33,878! 23,14' 11,259 17,242 33,283 7, 1,420| 4, 11, 514 30,212 Oct. 12 337,232 31,669 130,491 33, 879; 24,083 11,268 17,242 j 33,283 7,989 1,420 4,183 11, 513 30,212 Oct. 19. 252,093 23,656 97, 548| 25,327; 17,988 8,518 12, 864| 24,847 5,968 1,057 3,129 8,604 22, 587 Oct. 26... 193,692 18,006 74,896i 19, 504J 13,872 6,508 9, 887 i 19,054 4, 790 744: 2,408 6,628 17,395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1927 FEDERAL JRESERVE BULLETIN 789 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 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 oi n is e- K C a i n ty sas ' ' ; Dallas F c S i r s a a c n n o - Due from banks: Oct. 5 _. 1,285,139 75,602 153,803j 59,749 114,643 67,113 95,584 237,065 57,955 71,3081 115,983! 73,983 162,351 Oct. 12. _ 1,278,258 73,258 161,150| 57, 961 105,068 61,201 99,391 235,179 57,167 73,171 122,129! 68,776 163:807 Oct. 19__ .„ 1,229,125 58, 537 146,062j 58,420 105,940 57,105 93, 792 234, 628 63,947| 128,394! 67,599 157,836 Oct.26__ _ 1,191,660 65,126 140,448 55, 595 113,760 57,536 87,608 218,467 56,310 59,0541 121,799! 68,206 147,751 Due to banks: Oct. 5 ... 3,587,307 159, 360 13,31,574 190,144 265, 952 128,760 141, 844 539,881 144,118 112,654 215,598; 126,943 230,479 Oct. 12 3,447,849 155,3891,229,943 " 179,732 261,052 126,871 140, 627 530,490 142,997 108,921 213,662| 124,""" 233,372 Oct. 19 3,478,974 160,720 1,287,508 179,97f 255,618 125,723 136,342 509,707 142,646 108,446 212,003i 130,041 230,244 Oct. 26 3,375,85r 153, 740 12,44, 873 175,254 247, 292 121, 733 133,360 493, 621 141,435 108,025 208,85o! 129,129 218, 540 Borrowings from Federal reserve bank—total: Oct. 5__ 319,907 20,288 143,118 12,211 32, 758 15,637 11,496 24, 691 11,874 275 6,340! I,1 39,263 Oct. 12 „ 286, 452 20,966 88, 684 15,244 43,538 15, 664 9,539 18, 337 9,955 4,150 6,346! 1,934 52,095 Oct. 19 __. 270,936 17,715 67,152 16,749 31,838 19,827 11,717 33,938 16,227 14,766! 5.721 35,286 Oct. 26 _„ 254,452 29,216 77,770 16,873 18,940 14.695 9,389 27,096 .13,129 9, 725 i 7.572 30,047 Secured by U. S. Government obligations— Oct. 5_. 189,958 9,905 98, 761 5,375 18,065 5,592 3,013 19, 335 9,420 275 2,470 1, 555 16,192 Oct. 12__ ___. 146,935 9,830 36,020 8,416 27,131 5,822 2, 738 13, 764 8,070 4,150 1,130 1,625 28,239 Oct. 19 163,945 8,180 43,670 8,944 17,266| 8,006 2.358 28,269 15,700 4,585 5,375 21,592 Oct. 26__ ___. 169,933 22,450 52,870 8,895 11, 510 5, 866 2,508 21, 584 11,455 3,665 5,425 23, 705 All other— Oct. 5 129,949 10.383 44,3571 6,836 14,693 10,045 8,483 5,356 2,454 3,870 401 23,071 Oct. 12__ ___. 139, 517 11,136 52,664 6,828 16,407 9,842 6,801 4,573 5,216 309 23,856 Oct. 19 106,991 9,535 23,482 7,805 14. 572 11,821 9.359 'o27 10,181 346 13,694 Oct. 26 84,519 6,766 24,900 7,978 7; 430 8,829 6.881 5,512 1,674 6,060 2,147 6.342 Number of reporting banks: Oct. 5__ .... 660 67j 57 Oct. 12__ 660 67| 57 Oct. 19 ___. 36 67! 57 Oct. 26 67j 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F c S r is a a c n n o - Loans and investmentstotal: Oct. 5 13,452,775 017,699 6,840,6661 056,782 797,447 114,327 98,352 864,143 443,978 183,957 173,209 122,067 740,148 Oct. 12 „. 13,387,219 , 014,950 6., 759,. 267 l],058,411 797, 685 11/5,096 99,911 , 870,296446,424 186,429 174,278 122,839 741, 633 Oct. 19 13,403,655 028, 533 6,765,020 1,053,409 796,860 114,200 97, 994 , 876,722443,471 186,390 175,560 126,182 739,314 Oct. 26 13, 381, 472i; 030, 294 6, 765,055 1, 050, 013 782, 696 115, 458 97,181 440.167 185, 403 170,489 128, 659727,971 Loans and discounts—total: Oct. 5 .10,022,608 787,799 5,073,024 712,036 627,209 94,971 74,555 328,290 126,977 109,310 93,067 531,485 Oct. 12 9,949,262 788,169 4, — •" 709, 672628, 617 95, 368 75,064 , 469,318329,967 129,528 108,775 93,844 535,532 Se O O cu c c r t t e . . d 2 1 6 9 b . y U. S. Gov- 9 9 , , 9 9 5 4 9 9 , , 5 4 5 7 6 1 7 80 9 1 3 ,. ,2 ,— 1 6 7 5 4 •7: : ,, , 49 9 8, 9 9 0 , ,1 6 4 5 2 1 7 7 0 0 7 9 , , 7 3 7 7 4 0 6 61 2 7 4 , , 0 5 7 8 0 6 9 95 4 , , 4 3 9 4 5 5 7 7 3 1 , , 5 23 1 3 4 , , 4 7 4 4 7 , 7 5 , 6 6 2 27 3 32 2 4 7 , , 5 7 1 5 9 6 1 1 2 2 9 7 , , 4 9 4 8 1 5 1 1 1 1 1 0 , , 4 3 1 4 6 1 9 99 7 , , 2 6 8 3 7 2 5 5 3 2 4 6 , , 1 1 9 1 5 3 ernment obligations— Oct. 5 80,601 5,025 41,719 8,220 4,861 653 1,654 12,013 2,697 958 439 1,773 Oct. 12 _ 83,295 5,124 42,408 7,927 4,534 656 1, "" 14,631 2,544 618 924 449 1,781 Oct. 19....„ 78,736 4,608 38,302 7,709 4,479 590 1,619 14,991 2,377 614 932 436 2,079 Oct. 26 _ 77,872 5,048 38,156 7,678 4,480 596 1, "~ 13,797 2,431 472 2,063 Secured by stocks and bonds— Oct. 5 _ 4,438,957 288,052 2,361,999 364,296 226,996 22,989 18,130 768,786 148,155 38,063 30,951 21,176 149,364 Oct. 12_. 4,329,755 281,212 2,257,329 358,700 228,946 23,192 13,198 776,767 148,047 41, -r '31,448 21,054 147,893 Oct. 19__ 4,356,532 285,107 2,270,302 356,673 225,021 23,204 17,552 790,951 148,075 40,641 33,513 18,029 147,464 Oct. 26.- 4, 369,297 288,001 2. 274, 414353, 961 227, 301 23,223 17, 542 798, 071 148, 055 37, 700 33,196 21,033 146,800 All other loans and discounts— Oct. 5 5,503,050 494,722 2,669,306 339,520 395,352 71,329 54,771 177,438 88,325 77,401 71,452 Oct. 12 __ 5,536,212 501,833 2,685,671 343,045 395,137 71,520 60,167 677,920 179,376 86,941 76,403 72,341 385,858 Oct. 19... 5,524,288 503,501 2,681,538 394,570 70,701 54,343 668,620 177,067 78,822 384,652 Oct. 26-.- — 5, 502, 302 508, 708 2, 677,081 345, 731385, 805 71, 526 52, 082 665, 759 174, 270 89, 677 76,286 78,127 377,250 Investments—total: Oct. 5__ 3,430,167 229,900 1,767,642 344,746 170,238 19,356 23,797 400, 258115,688 56,980 29,000 Oct. 12 __ 3,437,957 226,7811,773,859 348,739 169,068 19,728 24,847 400,978 116,457 56,901 65,503 28,995 206,101 Oct. 19. 3,444,099 235,3171,774,878 343,635 72,790 19,705 24,480 402,160 115,952 56,949 64,219 28,895 205,119 Oct. 26- _ 3,432,001 228, 537 1,775,404 342, 643 165,110 20,113 25,948 410,459 115, 411 57, 418 60,073 29, 027201, 858 United States Government securities— Oct. 5_ 1,582,786 83,761 882,025 99,540 77,161 5,073 14,247 176,318 43,664 31,007 34,562 23,073 112,355 Oct. 12 1,586,444 82, 535 883,736 99,823 77,167 5,079 15,255 177,721 43,782 31,015 34,963 22,402 112,966 Oct. 19 1,595,806 93,978 887,496 95,273 77,367 5,059 14,276 178,835 44,046 30,936 34,276 22,322 111, 942 Oct. 26. 1, 585,022 87, 424 892,262 94,180 74, 689 5,051 15,275 177,973 44, 286 31. 647 29, 210 22, 552 110,473 Other bonds, stocks, and securities— Oct. 5 1,847,381 146,139 885,617 245,206 93,077 14,283 9,550 223,940 72,024 25,973 29,337 5,927 96,308 Oct. 12 „-- 1,851,513 144,246 890,123 248,916 91,901 14,649 9,592 223,257 72, 675 25,886 30, 540 6,593 93,135 Oct. 19__ —~ 1, 848,293 141,339 887,382 248,362 95,423 14,646 10,204 223,325 71,906 26, 013 29,943 6,573 93,177 Oct. 26_ 1,846,979 141,113 883,142 90,421 15,062 10, 673 232,486 71,125 25, 771 30,863 6, 475 91,385 Reserve with Federal reserve bank: Oct. 5-_ 1,223,263 715,091 75,951 43,403 7,722 6,234 187,847 31,234 13,935 16,274 8,527 38,652 Oct. 12__ -..-.„ 1,211,963 79,704 694,140 77,786 7,231 7,802 185,714 30,791 15,179 16,777 8,595 44, 918 Oct. 19_ _ 1,264,097 80,641 751,463 74,275 41,476 7,532 6,185 192,182 31,083 13,742 14,696 8,415 42,407 Oct. 26__-_ 1, 251,079 78,828 751, 991 75,878 37,227 5,916 179,143 32,886 14, 472 16, 512 10,067 41, 261 Cash in vault: Oct. 5__ 124,200 7,578 59,745 12,717 8,486 805 1,294 19,135 3,184 1,920 2,423 1,401 5,512 Oct. 12__ 125,123 7,659 59,853 13,535 8,716 919 1,278 18,498 3,251 1,919 2,538 1,319 5,638 Oct. 19 _. 123,310 8,161 56,861 13,580 9,358 828 1,278 18,068 3,317 1,712 2,503 1,379 6,265 Oct. 26 125,627 8,079 59,518 13,788 8,821 799 1,190 18,680 3,347 1,805 2,668 1,448 5,484 Net demand deposits: Oct. 5— ,- 9,290,203 718,285 5,268,975 696,439 281,913 55,3751269,205 271,898 119,293 157,105 82,505 307,124 Oct. 12-. — 9,217,386 5,203,021 691,330 279,001 3,446 57, '279,535 275,115 120,705 159,794 83,967 307,199 Oct. 19 9,310,620 716,772 5,285,922j 689,080 275,870 61,425 55,055 1,278,139 271,192 121,309 151,794 85,953 318,109 Oct. 26 9, 296,371 710,066 5,260, 667 692,779 275,826 66,156 53, 678 1, 282, 278270,812 120, 914155,177 88,492 319, 526 Time deposits: Oct. 5- 3,162,05' 252,543 1,,008,167 206,983 504,216 32,012 36,268 565,223 134,918 57,526 19,008 18,130 327,063 Oct. 12_ 3,169,298 252,5961., 018,620207,132 500,535 32,171 36,235 563,195 134,469 57,946 19,087 18,267 329,045 Oct. 19 3,157,861 249,127 1., 011,317206,340 499,819 31,952 36,358 571,385 134,090 58,980 19,197 18,338 320,958 Oct. 26_ - _. 3,149,478 249,154 I,] 019,924 206,757 492, 831 31, 931 36, 509 569,174 134, 784 58,986 19,223 18,334 311, 871 Government deposits: Oct. 5 - 260,212 30,553 123,521 32,573 6,229 1,326 3,689 21,672 7,010 1,054 3,481 7,829 21,275 Oct. 12 260,409 30,553 123,521 32,574 6,425 1,326 3,689 21,672 7,010 1,054 3,481 7,829 21,275 Oct. 19 194,616 22,812 92,339 24,352 4,801 991 2,748 16,194 5,236 784 2,603 5,851 15,905 Oct. 26_ 149,394 17,363 70,885 18,752 3,698 763 2,108 12,430 4,032 603 2,005 4,506 .12, 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB, 1927 FEDERAL RESERVE BULLETIN 791 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 ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - Due from banks: Oct. 5_ _. 592,702 58, 515 115,340 53,104 26,102 6,010 13,824 145,863 29,274 31, 256 35,096 19,673 58, 645 Oct. 12__ _. 587,0381 59,234 118,372 52, 686 24,153 6,776 12,611 146,082 27,855 31,222 33, 514 18, 562 55,971 Oct. 19_ 571,733 41,956 106, 501 53,332 23,035 6,371 12,412 154,405 26,827 28,479 41, 279 20,059 57,077 Oct. 26___, .... 548,168 50, 670 102,648 50,197 26,229 5,790 12,650 137, 390 27, 874 26,251 34,343 18, 550 55, 576 Due to banks: Oct. 5 2,475, 527 148, 5711.., 261,800 181,104 64,125 32, 643 20,912 386,427 80, 535 66, 587 85,917 37,462 109,444 Oct. 12_ 2,354, 594 144:,, 522, 1168,034 170, 698 61,450 34,826 20,369 381, 244 79,932 62,925 85,391 36,424 108, 779 Oct. 19.._ 2,406, 707 1501,,065 1,, 224,125 172,162 60, 546 34,136 19, 985 371,357 78, 505 62, 738 83,100 37,360 112,628 Oct. 26--.. - 2, 332,119 144:,, 14.5, L181,876 167,746 58,807 33, 540 18,964 358,970 76,749 62, 753 80,711 38,487 109,371 Borrowings from Federal reserve bank—total: Oct. 5 222,156 17,120 124,476 11, 586 8,081 7,310 434 10, 245 5,800 275 2,676 192 33,961 Oct. 12..... 186, 560 19,135 70, 732 ' 14, 71912,384 6,316 249 4,226 4,450 4,150 1,993 646 47, 560 Oct. 19_ 152,707 15,015 46, 651 15,904 7,594 7,812 334 12, 859 6,250 7,619 3,650 29,019 Oct. 26 _... 149,496 24,075 56,149 15,453 1,400 4,120 233 11, 583 3.290 2,486 5,495 25,212 Secured by U. S. Government obligations— Oct. 5_ 125,739 7,805 82, 500 4,775 1,000 9,620 3,500 275 1,000 15, 214 Oct. 12__ „.»_. 77,647 8,530 20,100 7,916 3,409 2,900 4,150 300 500 27,123 Oct. 19 81,728 6,855 25,150 8,174 659 200 . 11, 244 5,750 480 3,650 19, 536 Oct. 26- 97,804 18, 450 33,650 7,525 500 100 9,709 2,090 3,695 22,025 All other— Oct. 5 .......... 96,417 9,315 41,976 6, 811 7,081 7,: 434 625 2,300 1,676 192 18,747 Oct. 12 108,913 10,605 50, 632 6,803 8,975 6,286 249 1,537 1,550 1,693 146 20,437 Oct. 19...... 70,979 8,160 21,501 7,730 6,935 7,782 134 1, 615 500 7,139 9,483 Oct. 26-_ 51, 692 5,625 22,499 7,928 900 4,060 133 1,874 1,200 2,486 "1,166 3,187 Number of reporting banks: Oct. 5.—. 219 17 52 36 5 45 13 13 ' 7 10 Oct. 12 219 17 52 36 5 45 13 13 7 10 Oct. 19.. .._,... 219 17 52 36 5 45 13 13 7 10 Oct. 26 219 17 52 36 5 45 13 13 7 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 BROKERS' LOANS LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Demand loans Time loans For For For Total F ac o c r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c F c o o o th u r e n r t s Total j| j F ac o c r o o u w n n t a o o c f f - c t o o o u w u n t n - t o a f c F c o o o th u r e n r t s Total F a o cc r o o u w n n t a o o c f t - c t o o o u u w n t n - t o a f c c F o o o th u r e n r t s banks banks banks Oct. 5_. 3,395,235 1,175,491 ! 1,297,239 922, 505 2, 593, 722 887, 616 900, 441 805, 665 801, 513 287,875 396,798 116,840 Oct. 12. 3, 394,290 1.093,153 ! 1,333,596 967, 541 2, 604,998 806,967 951,107 846,924 789, 292 286,186 382,489 120, 617 Oct. 19. 3,434,107 li 095,947 ! 1,350,201 987, 959 2, 651,025 818,188 967, 797 865, 040 783, 082 277,759 382,404 122,919 Oct. 26. 3, 343, 777 1,048,234 I 1,324,068 971,475 2, 559, 885 766,751 1 946, 859 846, 275 783, 892 281,483 377, 209 125, 200 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 1trust coin- Private banks, brokers, foreign pames banking agencies,etc. Total On demand On time Total On demand On time Total On demand On time 1926—Dec. 31 j 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, 258, 459 2,475,498 780, 981 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. 3, 568, 967 2, 756, 969 811, 998 3, 064, 975 2, 316, 440 748, 535 503, 992 440, 529 63,463 July 30 j 3,641,... 2, 764, 511 877,184 3,144, 977 2, 343, 316 801,661 496,718 421,195 75, 523 Aug. 31 3, 673, 891 2, 745, 571 928,320 3,169, 786 2,330,261 839, 525 504,105 415,310 88,795 Sept. 30 _.._ 3,914,628 3,017, 675 896, 953 3,339, 649 2, 538, 526 801,123 574,979 479,148 95,831 Oct. 31. 3,946,137 3,023,238 3,363,010 2, 548,572 814,438 583,127 474,666 108,461 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposit 1927 1926 1927 1926 June 22 July27 Aug. 24 Sept. 28 Sept. 22 June 22 July 27 Aug. 24 Sept. 28 Sept. 22 Boston _ 1,397,206 1,416,273 1,412, 041 1,425,472 1,399, 250 914,574 941,739 948,368 971,929 871, 559 New York.*. 6.771,542 6, 774,590 6,602,784 6,689, 763 6,340,656 2,682,325 2,739, 420 2,726,305 2,744,296 2, 370,375 Philadelphia 1,177,296 1,173,116 1,194,419 1,219, 643 1,209,239 989,651 1, 007,057 1,005,762 1,023,376 928,265 Cleveland 1,576,897 1,573, 880 1, 571,276 1, 535, 809 1,548,821 1,507,593 1, 532,289 1, 554,030 1, 572,135 1.427,422. Richmond __ . 612,324 633, 759 626,391 636, 223 613, 973 ' 555, 618 572,086 577,094 575,168 528,354: Atlanta 587,188 574,848 579, 772 600, 597 633, 564 460,112 460, 957 456, G19 458,129 438,738 Chicago 2, 517,104 2, 501, 570 2, 573, 432 2, 537, 563 2, 543, 217 2,019, 010 2,024,452 2,040, 586 2, 046,417 1,942,804 St. Louis.. 727,157 722, 073 713,229 7.17,414 718, 580 508,726 514, 589 519,789 518,958 487,071 Minneapolis 409, 701 409,322 406,245 445, 796 420,655 433,219 430,783 434,411 432,851 436, 744 Kansas City 846,366 861,280 871,474 852,161 878,450 330,407 334,955 338,519 340,542 325,290: Dallas 608, 696 603,312 611,818 • 667, 854 612, 834 180, 545 178,368 182,793 183,131 165, 732 San Francisco 1,304,431 1,310,292 1,330,279 1,342,634 1,314,693 1, 577,050 1, 546,054 1, 549,911 1,574,386 1,429,159 Total.... 18,533,908 18,554,295 18,493,160 18, 670,929 18, 233,932 12,158, 830 12,282, 749 12,334, 487 12,441,318 11,351,513 Banks in cities and towns having a population of— Less than 5,000. _ 1, 597,148 1, 609,447 1, 631, 865 1, 691.083 1, 702, 490 1, 855,311 1, 896,838 1,873,396 1, 872,092 1,802,329 5,000 to 14,999— 1, 111, 583 1, 111, 573 1,114,345 1,155, 550 1,144, 075 1, 233, 482 1,242,608 1,252,553 1,274, 815 1,180,084 15,000 to 99,999_._ 2, 335,074 2,340, 440 2,335, 573 2, 356; 595 2, 364, 987 ! 2,363, 066 2,390,221 2,410, 706 2,409, 694 2, 244,200 100,000 and over. 13,490,103 13,492, 835 13, 411,377 1 IS) 467, 701 13.022.3S0 6, 706, 971 6, 753, 082 65 797. 832 6, 884, 717 6,124,900 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

793 NOVEMBER, 1927 FEDERAL BESEKVE BULLETIN BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] All reporting banks 1 Banks in New York City Banks outsi C d i e t y New York End of— 1925 1926 1927 1925 1926 1927 1925 1926 1927 January _ 834,825 788,254 773, 604 588,501 574,042 567, 554 246,324 214,212 206,050 February . 808,359 767,127 562,405 559,731 574,202 245, 954 207,396 211,286 March 800,137 745, 660 809,446 560,007 543, 502 598,536 240,130 202,158 210,910 April 757,074 720, 611 810,966 544, 603 524, 608 604,052 212,471 196,003 206,914 May.__ .___ 680,346 685, 333 774,720 499,509 506,012 579, 698 180,837 179,321 195, 022 June 607,942 621,949 751,270 451,844 461, 508 561,274 156,098 160,441 189, 996 July 569,386 600,487 741,258 425, 725 440, 797 555.262 143, 661 159,690 I 185, 996 August 555,167 582, 635 782,055 404,247 420, 545 573', 019 150, 920 162,090 209,036 September .__ _ 607,025 614,151 863, 823 447,387 442, 999 632,139 159, 638 171,152 231, 684 October 674,168 681, 647 502, 810 500,186 171,358 181,461 November ! 689,768 726,395 507,592 532,166 182,176 194,229 December I 773,736 755,360 579,836 560, 964 193, 900 194,396 1 Figures collected and compiled by American Acceptance Council. 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'] Net amount of loans outstanding 1927 1926 Class of loan Data Oct. 1 ! Oct. 8Oct. lojOct. 22jOct. 29 Oct. 30 Total Direct loans outstanding I on- J F A J J M M A a u u e p u n n a a l b y g r . y r e . . . . 3 3 2 3 3 3 3 3 1 1 0 1 0 1 8 1 . . _ — — . _ _ _ - . . . 1926 1 1 1 1 1 1 1 1 , , , , , , , , 5 5 6 6 6 6 6 6 6 8 0 2 3 4 5 6 6 7 6 0 2 4 3 4 , , , , , , , , 8 0 8 4 2 1 9 1 4 3 1 1 1 0 0 3 4 0 8 3 4 5 2 0 1 1 1 1 1 1 1 1 , , , , , , , , 0 0 0 0 0 0 0 0 1 1 2 3 3 4 4 5 9 1 7 3 8 8 3 3 , , , , , , , , 4 0 3 0 3 1 9 3 8 8 6 4 8 8 3 5 6 8 1 5 5 4 6 5 5 5 5 5 5 6 6 6 5 7 6 8 0 9 1 0 5 9 7 7 0 4 0 5 , , , , , , , , 7 4 5 1 1 7 0 7 5 5 4 6 5 9 2 1 7 6 4 9 0 4 8 8 T C W W A C R R o o a i a l v o h c b l n i t e o e o e s t a n g o i l a t c n e n e h t c d s t e o a r ble fr s uits an . d .. 2 2 1 3 5 1 , , , , , , 3 2 0 9 4 9 6 8 5 6 7 6 0 2 8 5 8 6 6 0 8 4 2 1 3 5 1 , , , , , , 0 2 6 4 4 9 2 7 4 5 3 1 7 4 2 7 6 0 6 4 4 1 4 5 5 2 3 1 1. , , ' , , , 3 8 4 3 4 3 2 2 6 9 9 7 0 1 0 5 9 1 3 2 0 2 1 5 5 2 3 7 1 1 , , , , , , 3 8 0 4 1 3 3 7 7 8 4 4 2 7 6 0 7 1 3 1 7 1 0 0 I 5 3 1 2 1 9 , , , , , , 4 0 7 8 4 1 3 5 1 1 7 0 2 1 6 3 4 5 8 0 5 3 7 8 1 1 3 7 1 3 1 1 5 , , , , , , , 7 0 3 5 2 1 8 6 6 3 8 7 0 9 3 0 6 6 7 9 0 6 5 2 S O e c p t. t . 3 3 1 0 _ . _ _ . _ _ . 1 1 , , 6 6 7 8 1 2 , , 8 2 5 7 6 3 1 i; , 0 0 5 6 7 3 , , 2 05 1 6 7 6 61 1 9 4 , , 2 6 1 3 7 9 Total 17,687 119,062 20,293 122,300 24,450 44, 601 Nov. 30.... 1,692,826 1,068,596 624,230 Dec. 31 1,710,295 1,077,819 632,476 Rediscounts outstanding I for— i 1927 Agricultural credit cor- Jan. 31. _ 1,724,821 1,085,170 639,651 porations 26,391 [25, 738 25,485 25,096 24, 668 1,878 Feb. 28.. 1,745,404 1,097,642 647,762 National banks 32 ! 32 3322 I 25 25 ! 26 Mar. 31.. 1,765,365 1,109,354 656,011 State banks 251 i 233 228 i 273 Apr. 80— 1,732,395 1,117,914 614,481 Livestock loan com- 281 266 May 31.. 1, 741, 275 1,124,055 617,220 panies 17,471 17,171 117,034 12,773 June 30_. 1,738,165 1,130, 648 607. 517 Savings banks and 18, 001 17, 695 ! j J A u u ly g . 3 3 1 1 . - . 1 1 , , 7 7 4 4 2 9 , , 5 7 3 5 93 1 1 , , 1 1 3 3 4 9 , , 8 5 9 0 6 2 6 6 0 0 7 9 , , 6 8 7 9 9 1 trust companies 105 I 103 I 90 I 32 j 32 I 112 Sept. 30_. 1, 752, 665 1,143,130 609, 535 Total 43,329 42,557 ;41,987 40,062 44, 810 143,834 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DISTRICTS [Number of banks at end of September] [In thousands of dollars] Num- Nonmember banks c b e e n r t e o r f s Sep 1 t 9 e 2 m 7 ber, Au 1 g 92 u 7 st, Sep 1 t 9 e 2 m 6 ber, Federal reserve M b e a m nk b s er On par list Not on par list1 bank NewitYork City | 1 33,368,870 31,653,452 25,618, 089 Outside NewYork City.j 140 23, 387,316 22,054,344 21,336,331 1927 1926 1926 1927 1926 Federal reserve district: j Boston I 2, 620, 624 2,427, 251 2,265, 743 United States.. 9,C 9,360 13,430 14,130 3,877 3,924 NewYork. j 34,216, 604 32,449,623 26,367,283 Philadelphia 2,223,059 2, 087,160 2,095,388 Boston 414 415 246 244 Cleveland 2, 521,242 2,468, 506 2,406,948 NewYork 930 907 408 407 Richmond 760,441 747, 566 723,082 Philadelphia 773 764 503 511 Atlanta 1,213,870 1,057,109 1,142,964 Cleveland 836 857 1,030 1,075 10 Chicago 5,852, 904 5,798,321 5, 209,363 Richmond. 568 587 658 691 602 650 St. Louis 1,196,821 1,114, 545 1,165, 929 Atlanta 466 489 319 334 1,018 1,050 Minneapolis 912,323 667, 756 729,468 Chicago 1,301 1,361 3,717 3,736 187 231 Kansas City- 1,263,071 1,283,398 1,249, 597 St. Louis 597 618 1,913 2,023 442 422 Dallas .___ 701,194 577,883 670,203 Minneapolis 741 789 809 1,006 1,126 1,098 San Francisco.„... 3,274, 033 3,028, 678 2,928,452 Kansas City 974 1,006 2,417 2.579 234 205 Dallas__ 818 842 683 741 192 Total. 141 56, 756,186 53, 707, 796 46, 954, 420 San Francisco.._ 670 725 727 783 67 1 Incorporated banks other than mutual savings banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN NOVEMBEE, 1927" STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS ABSTRACT OF REPORTS FOR THE FIRST SIX MONTHS OF 1927, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Federal Reserve District—Continued Total Boston N Y e o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago 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 i r s a a c n n o - * Gross earnings: Interest received— On loans2 _ 222,273 15,352 79, 571 10,885 30,769 5,340 7,401 37,010 9,238 897 1,731 1,428 22,651 On investments 3 80,432 6,374 33,718 6,956 9,859 710 1,132 11,804 3,474 331 987 55 5,032 On balances with other banks. 4,115 268 950 142 591 129 168 807 240 61 117 43 . 599 Unclassified 11, 587 4,458 118 84 128 5,380 613 304 115 387 Domestic exchange and collection charges 1,933 76 239 37 104 64 200 576 287 37 21 35 257 Foreign department 9,323 91 7,386 15 213 100 155 992 24 1 6 340 Commissions received 8,713 590 4,194 157 329 162 231 2,217 570 49 19 9 186 Trust department 18,775 1,263 7,218 2,299 2,077 305 269 2,979 546 15 102 1, 702 Profits on securities sold- 19, 556 762 7,309 1,850 2,090 457 288 4,503 876 8 651 1 761 Other earnings 30, 094 1,032 9,400 924 5,499 501 1,041 6,936 1, 343 64 643 77 2,634 Total earnings 406,801 25, 808 154,443 23,265 51, 649 7,852 11, 013 73,204 I 17,211 1,767 4,277 1,763 34, 54S< Expenses: Salaries and wages -. 81, 536 4,306 30, 951 4,420 9,385 1,516 2,146 15,335 3,467 452 947 535 8,076 Interest paid— On borrowed money2. 4,681 181 1,346 277 468 93 500 756 650 11 40 69 290 On deposits- Bank 9,842 605 3,643 268 1,440 325 526 1,734 459 57 254 30 501 Demand 37, 679 4, 520 13, 011 2,774 5,025 536 1,005 6,616 1,441 110 620 75 1,946 Time 69,310 5,723 14, 522 2,696 13, 520 1,452 1,426 14,710 3,244 535 344 83 n.nfiR. Unclassified 21,433 18, 657 800 350 135 31 1,261 146 38 3 1 12 Taxes 20, 235 905 5,894 1,329 2,854 368 681 5,694 794 52 131 124 1,409 Other expenses 49, 847 2,825 18,423 2,634 5,172 1,001 1,638 9,646 2,464 237 871 317 4,619 Total expenses 294,563 19, 065 106,447 15,198 38,214 5,426 7,953 55, 752 12,665 1,492 3,207 1,236 27, 90& Net earnings . 112, 238 6,743 47, 996 8,067 13,435 2,426 3,060 17,452 4,548 275 1,070 527 6,641 Recoveries on charge d-off assets: Loans and discounts 2,936 161 723 21 494 66 164 602 294 40 40 49 282 Bonds, securities, etc 1,812 386 923 73 220 7 11 146 21 12 1 12 All other 3,293 249 678 207 391 52 115 182 78 5 43 14 1,279- Total net earnings and recoveries .. 120,279 7,539 50,320 8,368 14,540 2,551 3,350 18,382 4,939 332 1,154 590 8,214 Losses charged off: On loans and discounts. . 13, 899 910 4,458 151 2,567 510 656 1,861 964 220 370 153 1, 079 On bonds, securities, etc. 4,488 391 2,022 179 396 63 49 938 172 24 30 4 220* On banking house, furniture, and fixtures 3,898 275 783 78 370 51 28 1,476 95 9 5 3 727 All other losses 2,724 158 342 35 210 18 122 355 110 57 306 76 935 Total losses charged off 25, 009 1,734 7,605 443 3,543 642 853 4,630 1,341 310 711 236 2.961 Net addition to profits __ 95,270 5,805 42, 715 7,925 10.997 1,909 2,497 13,752 3,598 22 443 354 5,253 Dividends declared 54,165 2,984 23,930 4,388 6,437 952 1,364 8,077 2,231 175 457 71 3,099 Capital stock paid in 4_. 800,365 44, 525 315, 506 SI, 899 91, 995 21,099 27,425 128,537 40, 640 4,272 8,715 6,002 59,750 SurDlus fund4 774,252 45,166 294,510 90,213 116, 058 14,786 17,198 129,458 25,188 1,818 3,297 2,259 34,301 Total capital and surplus 4 1,574,617 89, 691 610, 016 142,112 208, 053 35,885 44,623 257,995 65,828 6,090 12, 012 8,261 94, 051 Percentage of net profits to capital and surplus (annual basis): 1927—First six months __ 12.1 12.9 14.0 11.2 10.6 10.6 11.2 10.7 10.9 .7 7.4 8.6 11.2 1926—Last six months... 12.0 8.0 14.7 10.0 11.0 7.1 4.4 13.7 8.6 3.8 9.3 11.3 1926—First six months... 12.5 10.3 14.9 10.4 9.1 10.3 13.1 13.9 12.2 2.8 9.7 10*. 9 15.5 Number of banks 4 1,309 38 166 90 110 52 91 314 114 66 26 107 135 1 In comparing these figures with those for the last half of 1926 and earlier dates it is necessary to allow for the taking out of a national charter by the Bank of Italy, formerly a State bank member. 2 Including discount. 3 Including dividends. 4 As on June 30, 1927. « Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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