Federal Reserve Bulletin, 1928-02

FEDERAL RESERVE BULLETIN FEBRUARY, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Reserve Banks, Gold, and Money Rates New Indexes of Department Store Sales and Stocks Business Conditions in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1928 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. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Curtency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Directory 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, f Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations, FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) _ ARTHUR M. HEARD. District No. 2 (NEW YORK) ... > JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L. RUE. District.No. 4 (CLEVELAND).., . HARRIS CREECH. District No. 5 (RICHMOND) JOHN F. BRUTON, Vice President. District No. 6 (ATLANTA) P. D. HOUSTON. District No. 7 (CHICAGO) - FRANK O. WETMORE, President District No. 8 (ST. LOUIS) . . W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) P. W. GOEBEL. District No. 11 (DALLAS) _._ «_• B. A. MCKINNET, District No. 12 (SAN FRANCISCO) ,._.,_.> F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss W. P. G. Harding W.W. Paddock.... W .Willett. New York. O. W. McGarrah Benj. Strong J. H. Case J. W.Jones, i L. F. Sailer Ray M. Gidney.i G. L. Harrison J. E. Crane.1 E. R. Kenzel W. B. Matteson.i A. W. Gilbart L. R. Rounds Philadelphia- R. L. Austin. ! Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy * Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden. Richmond Wm. W. Hoxton George J. Seay C. A Peple Geo. H. Keesee. R. H. Broaddus Johns. Walden,Jr.2 Atlanta Oscar Newton Eugene R. Black., Hugh Foster. M. W. Bell Creed Taylor Chicago .. Wm. A. Heath J. B. McDougal... C. R. McKay W. C. BaehmaD.2 JohnH. Blair K. C. Childs 2 J. H. Dillard 2 D. A. Jones 2 O. J. Netterstroni.2 St. Louis.,..,. Wm. McC. Martin i D. C. Biggs O, M. Attebery A. H. Haill.2 F. N. Hall.? S. F. Gilmore.2 J. W. Rinklefl.2 C. A. Schacht.2 Minneapolis.. John R. Mitchell.... i W. B. Geery.. B. V. Moore Gray Warren. Harry Yaeger Fiank C. Dunlop.2 Kansas City.. M. L. McClure i W. J. Bailey C. A. Worthington—. J. W. Helm. Dallas... C. C. Walsh... | Lynn P. Talley. R. R. Gilbert.. Fred Harris R. B. Coleman...... W. D. Gentry. 1 San Francisco. Isaac B. Newton. I J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk 1 Assistant deputy governor. 2 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 j W. W. Sehneckenburger Helens branch... R. E. Towle Cleveland: ; Kansas City: 1 Cincinnati branch \ C F, McCombs. Omaha branch... . L. H. Earhart, Pittsburgh branch _. J. C. Nevin, Denver branch..... ... J. E.Olson. Richmond; j Oklahoma City branch | C. E. Daniel Baltimore branch... ! A. H. Dudley. Dallas: ; Charlotte branch ' Hugh Leach, El Paso branch _„.! W. O. Ford. Atlanta: • \ Houston branch i D. P. Reordan New Orleans branch.. ! Marcus Walker. San Antonio branch _! M. Crump. Jacksonville branch | San Francisco: ! Birmingham branch.... J A. E. Walker. Los Angeles branch. J Wm. M. Hale. Nashville branch I J. B. Fort, jr. Portland branch i R. B. West. Chicago: j Salt Lake City branch W. L. Partner Detroit branch.. _ \ W. R. Cation. Seattle branch... J C. R. Shaw. St. Louis: ; Spokane branch 1 D. L. Davis. Louisville branch • W. P. Kincheloe. Memphis branch __J W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—The reserve banks, gold, and money rates 109 New indexes of department store sales and stocks 114 Earnings and expenses of Federal reserve banks 112, 164 National summary of business conditions 125 Financial, industrial, and commercial statistics: Reserve bank credit— Reserve bank credit in use 126 Discounts and deposits of Federal reserve banks 126 Monetary gold stock and money in circulation 127 Money rates in New York City 128 Federal reserve bank rates 128 Open-market rates 128 Rates charged customers by banks in principal cities 129 Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks 130 Loans, investments, and deposits of reporting member banks 130 Bankers' balances in Federal reserve bank and branch cities 131 Commodity prices, security prices, and security issues 132 Production, employment, and trade 133 Industrial production 134 Factory employment and pay rolls 136 Building 137 Commodity movements 138 Wholesale trade 138 Retail trade 139 Bank suspensions and commercial failures 140 Financial statistics for foreign countries: Condition of central banks 141 Condition of commercial banks 143 Discount rates of 33 central banks 143 Money rates in foreign countries 144 Gold exports and imports of principal countries 145 Foreign exchange rates 146 Price movements in principal countries— Wholesale prices 147 Retail food prices and cost of living 149 Changes in national and State bank membership 150 Fiduciary powers granted to national banks 150 Detailed banking statistics for the United States 151 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 14 FEBRUARY, 1928 No. 2 once more to the 4 per cent level, which it had REVIEW OF THE MONTH maintained since early autumn. Banking and credit developments since the Among the influences working against an turn of the year have been so much under the easing in money rates was the sale during influence of seasonal move- January of more than $120,000,000 of United Firmer money , ,, , ., . , , , _ ments that it is driimI cuult to States securities by the Federal reserve banks ra+tes determine the underlying less out of the system's investment account. temporary trends. The return flow of currency These sales of securities offset the effect, in from circulation, which always sets in after part, of the return flow of currency, with the December 24, was in approximately the same consequence that member bank borrowings volume this year as usual, the decline in the at the reserve banks declined less than would have otherwise been the case. There were currency demand between that date and also longer-term influences in the direction of January 25 being more than $500,000,000. firmer money rates. Reserve requirements Another seasonal movement has been the of member banks increased rapidly in the flow of funds to New York, arising largely last half of 1927, reflecting a growth in the out of first-of-year dividend and interest disbanks' deposit liabilities, and particularly bursements to security holders all over the in their demand deposits. There was also country, seeking reinvestment in the money a decrease of more than $200,000,000 in the market. The volume of member bank credit, country's stock of monetary gold during which reached its peak on January 4, declined the last four months of the year through by nearly $300,000,000 in the following three exports and through earmarkings for foreign weeks, the decline being largely in loans on account. In January gold exports continued securities, and being accompanied by a decrease on a considerable scale, but were for the most in demand deposits, and consequently in part offset by the usual seasonal flow of gold member bank reserve requirements. Demand from Canada, so that there was little change for reserve bank credit diminished rapidly, in the gold stock for the month. The previous and total bills and securities of the Federal loss of gold during the period of the maximum reserve banks declined from $1,600,000,000 on seasonal currency demand, however, was a December 28 to $1,175,000,000 on January 25. factor in the increased volume of member Notwithstanding these seasonal influences, bank borrowings at the reserve banks, and conditions in the money market continued to be continued to be an influence toward firmer about the same as in December, with a tend- money conditions after the turn of the year. ency at the end of the month toward firmer In view of the fact that the reversal of gold rates. The rate on call money, with fluctumovements in the last four months was one ations, was at about the same average level of the principal financial deas in December, and the rates on time money Gold and Fedit is were somewhat firmer. There was a slight eral reserve pol- velopments of opportune to review briefly advance in the rate for bankers' acceptances, changes in the gold stock durand the rate on commercial paper, after ing the year and the policy of the Federal redeclining slightly at the turn of the year, rose serve system with reference to these changes. 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 During the first four months of the year there purpose purchased large amounts of gold in were large increases in the gold stock arising New York to be earmarked for its account. out of gold imports, which in January of last In June and July the Federal reserve banks year were larger than in any month for about sold the gold held in England, and at first three years. This gold together with the held the proceeds abroad, but later disposed usual seasonal return flow of currency, was of these foreign balances to purchasers in this used by member banks to liquidate their country. During the period from May 1 indebtedness at the reserve banks, and the to September 1, while the decline in gold stock volume of reserve bank credit declined rapidly was small, the reserve banks made considerable to the lowest level in about two years and purchases of Government securities as part remained near this level for several months. of a policy of easing the money situation There were no considerable changes in the adopted by the reserve system in midsummer, system's holdings of Government securities which was reflected also in the reduction of the before May, and the gold imports during discount rates at all the reserve banks from this period were reflected in a growth of 4 to ZYi per cent. member bank reserve balances and exerted The decline of money rates in New York an easing influence on the money market. to the low level which prevailed beginning Beginning with May, however, the stock of with August increased the difmonetary gold began to decline slowly, and de- Reversal of ferential between the rates in gold flow clined almost continuously for the rest of the this country and abroad and year, the decrease between May 1, 1927, and led to a considerable outflow of funds from the January 1, 1928, being about $234,000,000. United States and a consequent rapid advance Net changes in gold stock between May and of sterling and other exchanges in the New September, however, were relatively small, York market. This exchange situation was though large gold operations occurred during an important factor in causing a large export the period, A slight decline in the gold stock of gold from the United States to South in May was the result of a withdrawal of America. Argentina had recently resumed $95,000,000 of gold to be earmarked for foreign gold payment^ and Brazil was carrying out account, offset by an importation of about a program of currency reform. Both of these $30,000,000 of gold and a purchase by the countries had floated large loans in the United reserve banks of $60,000,000 of gold abroad. States and, since they wished to increase their Both the earmarking and the imports during gold holdings, took advantage of the favorable May were largely the consequence of banking exchange situation to convert a part of their developments in France. The Bank of France dollar balances into gold. Thus one of the in the course of the month paid off a debt consequences of easy money in the United to the Bank of England and thereby regained States was that a large part of the demand control of about $90,000,000 of gold which for gold from South America was met by had been pledged as partial security for the withdrawals from New York rather than loan, and had thus not been a part of the from other financial centers. While the world's available stock of monetary gold. exports of gold in the latter part of the year The gold thus released was offered in the were principally to Argentina and Brazil, market, and $30,000,000 of it was exported to Canada also obtained its usual seasonal volume the United States on private account, while of gold in November and December, and there $60,000,000 was purchased by the Federal were smaller exports to Poland, Netherlands, reserve banks and kept in London. Later in France, England, and Belgium. The destinathe month the Bank of France decided to tion of gold exports during the period from convert a part of its rapidly growing foreign September to December is shown in the exchange holdings into gold, and for this following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 11] GOLD EXPORTS, SEPTEMBER-DECEMBER, 1927 gold stock of about $70,000,000 (as measured by averages of figures for the first and the last of Country Amount December of each year), so that reserve funds released through discounts and purchases by the Argentina $61,390, 000 Brazil 33,010,000 reserve banks exceeded the loss of gold, which Canada . 25, 274,000 France __ _ _ 10, 000,000 absorbs reserve funds, by about $60,000,000 dur- England 8, 548, 000 Netherlands 8,055, 000 ing the year. Reserve funds were also released Poland ._ 5,000, 000 Belgium 2, 200, 000 through the reduction of about $30,000,000 in Allother 14, 781,000 deposits held by the reserve banks for the Treas- Total 168, 257,000 ury and other nonmember depositors, and of In addition to the exports of gold in the $90,000,000 in the volume of currency in circuautumn months, there were also gold with- lation. This decrease in the currency demand, drawals for earmarking, so that between Sep- which reflected the somewhat less active contember 1 and January 1 there was a decrease of dition of trade and industry, resulted in an ac- $212,000,000 in the total monetary stock of cumulation of currency at member banks, gold. At first the reserve banks pursued the which deposited this cash with the reserve policy of offsetting the effects of these decreases banks and thus obtained an equivalent amount on the money market through the purchase of of reserve bank funds. These additions to the securities, but such purchases w^ere both abso- funds at the disposal of the member banks were lutely and relatively in much smaller volume absorbed in the member banks' reserve balafter the beginning of November. The larger ances, which increased by $180,000,000 during part of the gold withdrawals, therefore, exerted the year. Thus the increase in member bank its usual influence on credit conditions in this reserve balances, which constituted the basis of country and resulted in an increase of member credit extension by member banks during the bank indebtedness at the reserve banks; it also year, was obtained in part from an increase in contributed to a somewhat firmer situation in the bills and securities held by the reserve the money market. banks in excess of withdrawals of gold and in The system's policy in not offsetting the gold larger part from other sources, notably the exports in the last weeks of the year was due decrease in the country's demand for hand-tolargely to the fact that, in the absence of de- hand currency. mand for additional credit from trade and During the last four months of the year the industry, there was a continued and rapid loss of gold, together with the increased degrowth in the volume of member bank credit mand for reserves and the used for investments and loans on securities. seasonal growth of currency , , Thus, notwithstanding the drain on member requirements, resulted in a rise bank reserves through gold exports, reserve in money rates. In foreign markets money balances of these banks with the reserve banks rates continued firm throughout the autumn increased in the autumn and early winter as a and early winter, notwithstanding the outflow consequence of the growth of the member of gold and of funds from the United States. banks' deposit liabilities. The accompanying chart shows rates on For the year 1927 as a whole reserve bank bankers' acceptances in the principal money credit outstanding showed an increase of about markets of the world. In London the rate $130,000,000, as measured by remained steady after its temporary decline Reserve bank the average volume of bills and and rise during last May. In Germany the funds in 1927 securities held by the reserve bill rate rose almost continuously throughout banks in December, 1926, and December, 1927. the year from 4 per cent in January to about 7 As against this increase in reserve bank credit per cent in December. Rates in other counthere was a decrease in the country's monetary tries also advanced. In recent weeks there Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 has been some easing of money rates in some of to a gold basis, has been modified as regards the the European countries, owing in part to the maximum amount. Originally the total of passing of the credit and foreign exchange bills bought under the agreement was not to requirements of the autumn season. Gold exceed $30,000,000 (given erroneously by misreserves at some of the European banks also print as $50,000,000 in the January BULLETIN) ; showed increases during the period, partly in the final arrangements this amount was as a result of imports from this country and reduced to $15,000,000 on account of additional partly because they acquired some of the new participations by other banks of issue. Exchange on Colombia—a Correction The annual average rate of exchange of the Colombian peso for 1927 at New York City, given as 97.4899 cents on page 56 of the January BULLETIN, should have been 97.6879, and the monthly average for April, 1927, given on page 61 of the January BULLETIN (and in earlier numbers of the BULLETIN) as 95.0181, should have been 97.3258. The revision arises from the use of revised daily quotations for April, 1927. MONEY RATES IN INTERNATIONAL CENTERS EARNINGS AND EXPENSES OF FEDERAL RE- SERVE BANKS 1326 1327 1928 Gross earnings of the Federal reserve banks in Open-market rates for bankers' acceptances on a weekly basis 1927, at $43,024,000, were $4,575,000 below the gold mined in South Africa. As a consequence, preceding year. These earnings were derived the reserve position of some of the European chiefly as interest and discount on bills and central banks is stronger at present than it was securities, and the decline reflected both lower during the autumn, and discount rates at some average rates of return in 1927 on all classes of holdings and also decline in the average volume of these banks have been reduced in recent of bills and securities held, as shown in the weeks. The declines in money rates in foreign accompanying table: centers, together with the recent rise of rates in this country, has brought the levels of EARNINGS ON BILLS AND SECURITIES interest rates here and abroad somewhat closer [In thousands of dollars] together than they have been in recent months. Bills and securities held by all Federal reserve banks United All Ad A v d a v n a c n e c s e s o i f n d D i i s s c c o ou u n n t t R ra a t t e es s f a r n o d m B i 3 ll 3 R ^ a t t o e s 4 per Total co B d u i i n s ll - t s ed b o o B p u i i n l e g l n s ht G s S m e o t c v a e u t e n e r r t i s n - - s o e b a t c i n h l u d l e r s r icent on all classes of paper of all maturities were market ties ties made at the following Federal reserve banks, Daily average holdings: effective on the dates indicated: Chicago, Janu- 1923 1,150,570 738,114 226,548 185,823 85 ary 25; Richmond, January 27; New York, 1 1 9 9 2 25 4 1,1 9 3 5 9 0 , , 5 3 0 1 7 7 3 4 7 8 4 1 , , 8 5 3 1 4 5 2 1 8 7 7 2 , , 3 4 2 2 9 8 4 3 0 5 1 8 , , 3 9 6 6 5 2 1 1 1 , , 6 7 9 0 0 1 February 3; and San Francisco, February 4. 1926 1,209,309 570,613 281,386 349,790 7,520 1927 1,124,538 442,287 263,093 417,480 1,678 Buying rates on acceptances were also ad- Average rate of earnings (per cent): vanced. 1923 4.33 4.46 4.14 4.01 4.50 1924 3.83 4.25 3.31 3.67 3.61 1925 - 3.51 3.67 3.17 3.56 3.59 1926 3.76 3.95 3.55 3.60 4.21 Modification of Italian Agreement 1927 3.60 3.83 3.49 3.41 3.88 Earnings: The agreement to buy bills from the Bank 1923 49,775 32,956 9,371 7,444 4 1924 36,426 15,943 5,710 14,712 61 of Italy, which was made by the Federal re- 1925 39,986 17,680 9,104 12,783 419 1926 45,460 22,552 10,003 12,589 316 serve banks in connection with Italy's return 1927 40,482 17, Oil 9,207 14,206 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 FEBRUARY, 1928 FEDERAL RESERVE BULLETIN Decline in the banks' holdings of bills and Current net earnings remaining after deducsec rities was the result largely of decline in tion of expenses amounted to $15,506,000 in the volume of member-bank borrowing. Dis- 1927, a decline of $4,743,000 from the total counts averaged $442,000,000 for the year, for 1926. However, net charges made by the compared with $571,000,000 for 1926. Aver- Federal reserve banks against these earnings age holdings of acceptances also declined aggregated only $2,458,000 in 1927, as against somewhat from the level of the year before, $3,638,000 for the year before. The decline while average holdings of United States Gov- in charges made against net earnings in 1927 ernment securities increased from $350,000,000 was the result chiefly of a decrease in transfers in 1926 to $417,000,000 in 1927. The average to reserves for probable losses from $1,210,000 in rate of earnings on total bills and securities was 1926 to $103,000 in the later year; other charges 3.60 per cent in 1927 compared with 3.76 per against net earnings in 1927 included $1,777,000 cent the year before. The average rate of added to depreciation accounts for buildings earnings declined for all classes of bills and and premises and $800,000 deducted for furnisecurities, the rate on bills discounted for mem- ture and equipment purchased during the year. ber banks declining from 3.95 per cent in 1926 Net earnings remaining after deduction of to 3.83 in 1927. The table shows daily average expenses and other charges aggregated $13,holdings of each class of bills and securities of all 048,000 and were $3,563,000 smaller than in Federal reserve banks combined, average rates 1926. This balance available for distribution of earnings, and the amount of earnings de- provided for dividend payments to member rived from each class of earning asset, for the banks to the amount of $7,755,000 and transpast five years. fers to surplus accounts to the amount of Current operating expenses of the Federal $5,044,000; in addition franchise taxes amountreserve banks, exclusive of fiscal agency ex- ing in all to $250,000 were paid by the Minpenses reimbursable by the United States neapolis and Kansas City reserve banks to Treasury, aggregated $27,518,000 in 1927. the United States Government. This amount was $168,000, or about six-tenths A detailed statement of earnings and exof 1 per cent, larger than the corresponding penses of Federal reserve banks for 1927 is total for 1926. shown on pages 164 and 165 of this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 NEW INDEXES OF DEPARTMENT STORE SALES AND STOCKS The board's new indexes of department store number than that reporting sales. For the sales and stocks covering the period from 1919 year 1925 as a whole stocks carried by these to 1927, inclusive, which are presented in this firms averaged approximately $570,000,000. INDEX OF DEPARTMENT STORE SALES PER CENT MONTHLY AVERAGE, 1923-25 = 100 PER CENT 200 1 200 •"• With Seasonal Acf/t/sfment 175 175 Without Seasonal Adjustment 150 -150 125 125 100 100 75 50 i~ 1919 1920 1921 1922 1923 1924 1925 1926 1927 article, supersede the old indexes that have Table I shows these data in detail, by Federal been published up to the present time. These reserve districts. new indexes are based upon data reported by a larger number of stores, more widely distrib- TABLE I.—NUMBER OF DEPARTMENT STORES REPORTuted, and have a broader and more recent base ING, AMOUNT OF SALES AND STOCKS, AND NUMBER period (1923-1925 = 100). In addition,. im- OF CITIES, BY FEDERAL RESERVE DISTRICTS. proved methods have been used in construct- [Based on firms reporting in 1925] ing the new indexes, especially the index of sales, which is adjusted to make systematic Sales Stocks allowance for the varying number of business days in different months, and for the variations Num- Num- Federal Num- ber of Num- ber of in the date of Easter, which falls in some years reserve ber of cities ber of cities Monthlyin March and in others in April, with the conse- district firms in Total annual firms in average re- which sales, 1925 re- which stocks in quence that the effect of the Easter retail buy- port- firms port- firms 1925 ing season is felt at different times in different ing are ing are located located years. The new indexes are shown on the accompanying charts and in Tables IV and V Boston 45 21 $176,827,443 41 21 $46,360,186 at the end of this article. New York 69 35 415,682,051 52 24 103,431,074 Philadelphia. . 71 30 236,537,692 .52 23 67, 228,537 Statistics upon which the new index of sales Cleveland 70 21 315,777, 290 65 19 96,895, 753 is based are furnished monthly by approxi- Richmond 32 14 105,876,761 32 14 31,747, 239 Atlanta 48 21 70,807,061 34 15 20, 879, 607 mately 560 department stores located in 250 Chicago - 96 54 238,195, 551 76 38 61,610,069 St. Louis 20 7 108,938,640 20 7 33, 644,964 cities, distributed throughout the United States, Minneapolis-- 22 12 31, 603,390 19 11 7, 364,483 with total annual sales of more than $2,000,- Kansas City_. 33 18 66,866,423 28 14 19,128,149 Dallas _ _ 22 7 54, 538,921 21 7 19,421,126 000,000. Statistics of the value of stocks on San Francisco. 37 13 203,949, 734 32 10 62,327,857 hand at the end of each month are reported by Total—. 565 253 2,025, 600,957 472 203 570,039,044 about 470 of these firms, a slightly smaller 1 Acknowledgment is due to Mr. William J. Carson, of the Division Complete information showing the total of Research and Statistics, for special work in planning the construction volume of department-store sales for the of these indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 115 country as a whole is not available, and it is sections of the country. A few of the leading impossible to ascertain accurately the propor- apparel stores in some of the principal cities tion of total sales that is represented by the similar to department stores and report are firms reporting to the Federal reserve system. regularly to the reserve bank. These stores, On the basis, however, of an estimate made by however, and other specialized retail stores Paul H. Nystrom * that sales of the larger not included with the department stores are department stores in the United States in the indexes. Stores located in cities with a amounted to $5,500,000,000 in 1923, total population of over 500,000 account for approxi- INDEX OF DEPARTMENT STORE STOCKS PER CENT MONTHLY AVERAGE, 1923-25 = 100 125 With Seasonal Adjustment Without Seasonal Adjustment 50 50 1919 1920 1921 1922 1923 1924- 1925 1926 1927 sales of the firms reporting to the Federal mately 55 per cent of the total amount of sales reserve system represent a fairly large propor- of all reporting stores, and those located in tion of total department-store business. For a cities having from 100,000 to 500,000 populafew cities in which a preliminary census of tion account for an additional 32 per cent of distribution has been taken, official figures are total sales. More detailed information as to available for total sales of department stores, the distribution of reporting firms, by size of and a comparison of these figures with those cities, is given in Table II, which shows the reported to the Federal reserve system shows amount of sales of reporting stores in six that in all cases except Chicago, where the groups of cities varying in size from less than sample is exceptionally small, the stores report- 10,000 population to over 1,000,000 population. ing monthly to the Federal reserve banks make at least two-thirds of the sales of all TABLE II.—REPORTING FIRMS AND SALES, CLASSIFIED department stores in each of these cities. In BY SIZE OF CITY AND VOLUME OF SALES a few cases the proportion is over 90 per cent. The firms that cooperate with the reserve system and furnish statistics to the reserve Number banks include such establishments as are Population of city N of u c m it b ie e s r re o p f o f r ir t m in s g To sa ta le l s a , n 19 n 2 u 5 al commonly known in their respective cities as department stores, and the stores covered by Over 1,000,000.. 29 $459,060,915 the indexes are in most cases the larger depart- 500,000-1,000,000. 58 654,943,117 100,000-500,000.. 197 644,856,398 ment stores in the larger cities in different 25,000-100,000... 183 227,334,121 10,000-25,000.... 67 31,943,450 Under 10,000.... 31 7,462,956 ^'Retail Trade in the United States," Harvard Business Review, January, 1925. Mr. Nystrom's estimate for 1926 is $6,600,000,000. (Jour- Total 253 565 $2,025, 600, 957 nal of Commerce, Jan. 28, 1928.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 About one-fourth of the sales reported by the (1) Monthly sales and stocks, as reported by 565 reporting stores, as will be seen from individual department stores, were totaled by Table III, are made by 16 stores with annual Federal reserve districts and the district totals sales of more then $25,000,000 each, and about were combined to obtain totals for the country one-half by 47 stores with sales of more than as a whole. $10,000,000 each. Nearly one-half of the (2) Average monthly sales and stocks were stores reporting have annual sales of more than computed for the year 1925 by districts and $2,000,000 each. A considerable number of for the country as a whole. stores are located in cities with a population of (3) Monthly sales and stocks as reported by less than 25,000, but sales of these stores ac- identical firms for each month of the period covcount for a very small part of total sales of all ered were divided by their monthly averages in firms. 1925 to obtain a series of relatives by districts and for the country as a whole with 1925 as a TABLE III.—REPORTING FIRMS AND SALES, CLASSI- base. For early years, when the number of FIED BY VOLUME OF ANNUAL SALES OF INDIVIDUAL reporting firms was smaller than in 1925, the FIRMS base as originally computed was adjusted by subtracting the 1925 sales and stocks of firms Number Annual sales of re- Total sales, not reporting in the earlier years, leaving in porting 1925 firms the base only the identical firms that reported both in 1925 and in the month for which the Over $25,000,000.. 16 $541,594,126 $10,000,000 to $25,000,000 31 470,851, 226 relatives were computed. $5,000,000 to $10,000,000 50 358, 092,510 $2,000,000 to $5,000,000 115 369,163,828 (4) Averages of these relatives for each $ U 5 n 00 d , e 0 r 0 0 $ 5 to 00 $ ,0 2 0 ,0 0 0 0,000 I 2 1 2 3 3 0 2 3 5 5 0 , , 6 2 1 7 9 9 , , 5 6 9 6 9 8 district and for the country as a whole, for the three years, 1923-1925, were computed and Total 565 2.025,600,957 used as 100 for constructing the final indexes of sales and stocks, which was done by dividing In organizing the statistics of sales and comthe monthly relatives on the 1925 base by the piling index numbers from them, the procedure corresponding average of the relatives for the followed was similar to that used in constructthree years. ing the index of wholesale distribution explained (5) Total monthly sales for each district and in the BULLETIN for December, 1927, pages for the country as a whole were converted to 817-828. The more important differences are average daily sales. (1) that the indexes of department-store sales and stocks, covering only one type of retail (6) An index of average daily sales was then stores, are compiled from aggregate dollar computed by the same process as in the case of figures, whereas the index of wholesale distri- the original index. bution was a weighted average of indexes for (7) Indexes of average daily sales and of several different lines of trade; (2) in addition stocks for each district and for the United to adjustments for ordinary seasonal varia- States on 1923-1925 base were adjusted for tions the index of sales of department stores seasonal variations,1 with allowance in March is adjusted for variations in the number of trad- and April for the special influence of the ing days within the month; and (3) the depart- changing dates of Easter.2 ment-store sales index is also adjusted for 1 The methods used in computing the seasonal adjustment factors variations in sales attributable to the fact that were described briefly in the FEDERAL RESERVE BULLETINS for March, the date of Easter varies from year to year 1927, p. 172, and for December, 1927, pp. 823-824. A more detailed description of these methods has been prepared by the Division of Research between March 22 and April 25. and Statistics and may be had upon request. 2 Details regarding the computation of these special adjustment factors The steps in the computation of the index were described in article "Adjustment for the influence of Easter in are summarized as follows: department-store sales," published in the Journal of the American Statistical Association, December, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 117 TABLE IV.—DEPARTMENT STORE SALES: INDEX OF SALES, 1919-1927, BY FEDERAL RESERVE DISTRICTS [1923-1925 average=100] Without adjustment for seasonal variations U S n ta i t t e e s d 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. LouisM ap in o n li e s - K C a i n t s y a i s Dallas F S r a a n ncisco ANNUAL INDEXES 1919-_ .. . 78 78 76 79 77 84 94 93 98 68 1920 94 91 91 93 98 93 113 105 117 83 1921 87 89 87 89 86 89 96 82 90 97 97 79 1922 88 92 89 91 87 86 90 85 89 93 90 83 1923 98 98 96 101 100 97 100 98 99 99 96 96 1924 99 100 99 99 99 99 98 98 98 99 95 100 99 1925- 103 102 105 100 101 104 102 104 103 102 100 104 105 1926 106 105 109 102 103 107 106 111 105 99 95 109 110 1927 _ 106 106 111 95 104 105 107 112 103 97 95 106 113 MONTHLY INDEXES 1919 January.. . 61 60 57 68 61 67 68 84 78 50 February 55 54 52 63 54 61 71 69 69 44 March 66 66 62 64 66 79 87 93 96 57 April 78 79 75 88 76 87 90 98 89 62 May 75 80 73 70 74 83 92 96 91 64 June 74 76 72 73 74 82 83 95 89 61 July 60 58 56 57 62 63 76 76 71 59 August. 62 62 54 57 67 59 72 81 73 66 September 74 74 73 71 73 78 91 89 103 70 October 94 96 97 92 89 95 108 104 118 83 November 95 93 96 110 91 100 115 98 120 75 December 139 138 142 135 134 150 174 135 177 126 1920 January . 84 84 85 81 85 73 93 96 103 75 February 69 63 68 72 71 65 81 75 90 60 March 95 92 92 93 99 96 112 105 127 79 April. _ . 92 96 88 92 93 91 118 103 116 79 May 100 96 100 107 101 92 122 106 121 84 June 97 98 93 100 101 98 110 110 116 80 July 75 71 69 69 82 74 90 88 89 72 August 74 68 63 67 83 70 90 90 88 82 September 85 84 79 79 92 83 102 105 113 81 October 104 98 103 102 106 105 136 113 135 90 November 109 103 108 118 111 112 130 113 137 85 December _ 145 139 145 139 148 159 175 150 174 130 1921 January 81 84 81 82 88 76 86 71 76 88 91 74 February 71 67 70 76 77 69 83 67 70 75 85 64 March ... 92 95 89 92 97 98 110 86 100 102 110 79 April 89 92 88 93 92 89 95 84 90 110 96 75 May 88 92 85 89 91 88 100 86 101 100 101 79 June 87 96 87 89 87 93 91 81 86 99 97 74 July. 63 62 60 63 63 65 70 66 62 78 70 64 August. 66 64 60 67 65 64 72 67 66 84 69 78 September 73 77 70 69 69 70 79 76 77 92 90 74 October 97 100 105 98 91 101 115 87 102 103 112 85 November 95 96 100 106 87 100 103 87 102 99 103 79 December 138 147 148 145 128 152 148 122 149 131 147 125 1922 January 71 79 75 77 67 64 71 67 69 76 74 67 February 65 65 67 71 62 63 70 59 67 63 71 57 March 81 87 83 84 78 80 81 73 84 83 89 75 April 89 97 90 94 90 89 94 86 87 99 86 76 May. . . _ _ 90 96 89 90 90 87 93 89 92 95 95 89 June 87 97 87 89 86 86 84 84 86 90 86 77 July 63 64 60 60 65 59 66 64 62 73 64 67 August. 70 69 63 68 72 63 71 70 69 83 66 83 September - - 84 89 82 79 82 78 82 87 92 94 101 I 78 October _. 103 105 110 103 102 102 110 95 107 105 102 95 November 105 106 107 118 100 106 107 100 108 102 103 92 December 150 153 154 156 147 158 155 142 151 148 147 142 i Monthly average sales in 1925=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 TABLE IV.—DEPABTMENT STOKE SALES: INDEX OF SALES, 1919-1927, BY FEDERAL RESERVE DISTRICTS— Continued [1923-1925 average=100] Without adjustment for seasonal variations U S n ta i t t e e s d 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 It. Louis M ap in o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - MONTHLY INDEXEScontinued 1923 January 80 82 82 79 75 78 76 83 79 February 72 68 80 74 75 76 69 71 70 March 99 93 105 105 106 101 105 96 97 92 April _.- 94 92 92 99 90 97 96 106 89 85 May 102 102 97 102 106 104 102 100 105 105 101 June 101 106 97 105 106 102 101 102 102 100 91 88 July 71 69 66 68 74 74 71 70 75 67 81 August 79 77 69 75 87 79 88 76 91 68 94 September 89 89 85 83 91 81 91 95 101 97 101 88 October 117 111 121 118 116 118 128 114 117 112 121 110 November 113 112 115 129 109 117 117 109 111 105 111 100 December 161 164 164 166 158 170 162 154 157 148 154 163 1924 January- 87 95 86 84 81 82 81 83 85 91 February 82 79 78 87 86 83 81 82 72 78 83 March ._ 91 90 88 94 93 90 90 94 88 91 92 April __ 104 109 101 108 111 105 103 107 100 111 98 95 May - 100 103 99 99 102 104 99 96 105 105 101 June - 94 101 96 97 96 90 91 92 94 92 87 July - 72 73 71 72 71 70 73 69 78 70 August 74 69 65 78 64 71 79 71 85 73 68 September 93 90 95 84 91 89 91 97 100 98 100 112 90 October 111 110 122 110 103 114 118 100 111 105 107 122 108 November 111 108 116 118 107 118 107 112 110 109 104 111 100 December 168 171 174 172 161 182 165 158 167 157 160 166 167 1925 January 91 90 83 83 79 80 82 83 87 91 90 February 77 81 81 81 78 81 78 76 87 79 March.. 95 91 92 96 96 99 95 94 93 97 104 98 April 106 107 104 105 110 109 104 109 110 112 105 104 102 May. 100 100 100 95 101 99 103 103 95 103 96 105 105 June 99 105 100 99 99 102 93 102 93 99 94 94 95 July 75 75 73 76 76 74 77 71 77 73 71 87 August 78 71 71 80 72 74 83 78 88 81 73 100 September 95 93 97 85 89 88 84 106 100 100 100 103 97 October. 129 124 140 124 124 133 135 128 139 130 123 133 118 November 114 110 121 122 104 124 116 113 113 102 104 110 110 December.. 178 179 188 174 169 194 179 178 177 161 164 173 178 1926 January ._ 101 94 86 83 87 87 85 85 79 91 91 February.. 81 74 83 78 81 78 87 86 85 76 73 90 82 March 102 95 98 103 98 107 103 107 105 93 92 107 109 April 103 104 103 98 102 103 106 107 108 107 94 103 104 May 107 104 106 105 106 108 114 116 105 101 92 112 107 June 101 105 104 98 97 102 101 106 96 92 90 103 99 July 78 77 76 70 78 78 77 84 72 81 72 76 91 August 83 76 78 71 85 77 89 81 84 76 87 107 September 101 97 104 88 97 91 118 105 103 98 109 109 October.- 124 120 134 119 121 127 124 125 126 109 103 127 118 November 121 119 129 124 113 132 123 123 122 101 107 121 116 December 184 182 196 180 177 197 181 183 172 152 164 178 193 1927 January 103 80 85 84 85 84 79 81 87 February 83 78 84 78 78 90 83 76 86 85 March 100 97 99 94 99 108 98 92 97 109 April 111 111 112 103 116 110 109 117 108 104 98 109 115 May 102 100 102 94 105 103 108 108 96 91 112 107 June 101 110 109 97 99 100 99 107 93 91 95 95 July 75 74 74 65 78 73 76 82 68 75 69 83 August 89 84 84 73 93 80 86 99 90 92 83 80 114 September 100 99 106 83 95 91 97 114 97 93 95 105 111 October.. 119 115 128 109 113 121 128 119 127 109 106 125 119 November 122 120 134 120 112 124 119 125 120 100 110 120 121 December 186 182 201 174 176 195 191 185 177 155 165 191 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDEKAL RESERVE BULLETIN 119 TABLE IV.—DEPARTMENT STORE SALES: INDEX OF SALES, 1919-1927, BY FEDERAL RESERVE DISTRICTS— Continued [1923-1925 average=100] Adjusted for seasonal variations 1 U S n ta it te ed s 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 - Dallas Fra S n a c n isco 1919 January 70 64 63 78 72 81 82 98 90 56 February 71 72 67 78 69 82 88 93 86 58 March _ 72 73 69 68 71 85 97 104 103 61 April 74 73 71 83 70 84 85 87 88 62 May 72 77 72 68 70 81 87 91 84 61 June 78 76 76 75 77 85 92 98 97 69 July. 80 79 79 81 82 86 101 94 99 71 August 80 86 79 82 83 86 96 94 104 70 September 80 82 80 83 79 88 100 90 101 75 October 80 84 79 80 77 79 86 91 96 75 November . 87 86 84 91 88 86 105 96 110 76 December 83 82 81 79 82 83 104 87 108 76 1920 January 96 89 94 93 101 89 113 111 119 84 February 89 84 87 90 90 86 101 101 113 78 March 98 ! 96 98 93 101 98 118 112 128 80 April 92 92 89 91 90 91 117 96 120 83 May 100 96 102 108 99 94 118 105 117 83 June 98 93 95 99 100 97 117 109 122 86 July.. 99 98 96 99 107 101 120 110 124 86 August 95 94 92 95 102 102 120 104 126 86 September 92 93 86 93 99 94 112 106 110 87 October. 92 88 86 92 95 91 112 103 114 84 November 95 92 91 94 103 93 114 106 121 82 December 87 82 83 81 91 88 105 97 107 78 1921 January 96 92 93 97 109 96 109 89 96 106 109 86 February 92 89 89 94 97 93 102 85 87 101 106 83 March 91 95 90 89 94 95 110 84 97 103 107 75 April 89 90 89 92 90 91 96 82 90 103 100 79 May 89 92 87 90 90 90 98 84 103 98 97 78 June 88 91 88 89 86 92 97 81 90 98 102 80 July 88 88 88 93 86 92 96 90 91 101 101 80 August 83 86 84 92 78 89 92 81 86 94 95 79 September 79 86 78 81 74 79 87 76 76 93 87 80 October 86 91 88 88 82 87 95 79 88 94 95 80 November . 83 85 84 84 80 83 90 80 89 93 91 77 December 82 86 85 85 78 84 88 75 89 85 90 75 1922 January 85 87 86 92 82 81 89 83 87 91 89 78 February _ 83 87 86 88 79 84 86 75 83 85 89 74 March 85 93 89 85 81 83 87 77 87 89 91 77 April 88 93 89 93 87 88 93 81 84 92 88 78 May 87 92 87 88 85 85 87 84 91 90 88 85 June 88 92 88 88 86 85 89 84 90 90 90 83 July 87 92 88 89 89 84 91 87 91 94 92 84 August 87 93 89 94 85 88 91 86 89 93 91 84 September _ 90 99 90 92 89 88 90 87 90 95 98 85 October 91 95 92 93 91 88 91 86 93 96 87 89 November 92 94 91 93 93 88 94 91 94 96 91 88 December _ 93 94 92 95 94 91 96 91 94 100 93 89 1923 January 91 88 91 93 93 91 95 93 93 97 92 88 February 93 95 87 99 94 91 93 90 94 93 89 90 March 99 97 94 102 104 103 102 95 102 98 95 90 April 97 99 96 95 100 94 100 97 98 102 95 93 May 98 98 96 100 100 98 97 96 98 99 97 96 June. . . _ 102 101 99 105 106 101 107 102 106 100 95 95 July 98 99 96 101 101 97 103 97 104 97 96 101 August 99 103 97 103 103 95 102 107 99 102 93 96 September . .- 100 104 98 102 102 96 104 99 104 102 102 98 October 100 97 98 102 100 98 102 100 97 99 99 10C November - 99 j 100 98 102 101 97 102 100 97 99 98 97 December 100 i 100 97 101 100 98 100 99 98 100 98 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 TABLE IV.—DEPARTMENT STORE SALES: INDEX OF SALES, 1917-1927, BY FEDERAL RESERVE DISTRICTS— Continued [1923-1925 average=100] Adjusted for seasonal variations U S n t i a t te e s d Boston Y N o e r w k d P e h lp il h a i - a I j C l l a e n v d e- m £ o 2 n $ d I | AtlantaChicago Lo S u t i . s M ap in o n li e s - Dallas Fra S n a c n isco 1924 January 99 101 99 100 101 98 98 102 February. - 105 106 100 108 i 109 102 ! 103 103 102 97 108 March 99 99 98 99 ! 100 95 i 100 99 100 97 98 April - 99 100 96 102 ; 102 100 j 97 97 94 97 95 May _. 97 99 97 97 ! 97 97 | 97 94 95 97 97 June .- 100 101 101 100 100 101 99 95 100 97 100 98 July 96 99 100 95 97 i 93 96 99 97 97 97 August 95 95 95 95 93 I 94 100 96 98 97 101 September - 100 101 105 99 | 101 i 100 98 98 100 109 97 October 95 96 98 96 j 95 ! 94 88 92 92 99 98 November. 101 100 102 103 103 ! 98 107 100 106 102 100 December.. 100 101 100 101 101 | 98 98 99 102 102 100 1925 January 98 96 100 95 I 99 96 97 99 101 101 105 101 February-- 103 102 104 100 103 104 100 99 99 103 110 103 March 103 100 102 100 103 105 104 102 105 102 110 103 ApriL..._.- 102 99 100 100 102 105 100 100 104 100 103 102 May _- 101 100 102 96 100 101 101 101 98 102 101 105 June .- 100 100 101 101 99 102 98 99 102 July _- 100 102 102 104 99 101 102 97 104 August 101 98 104 99 98 104 98 105 105 102 104 106 September - 102 104 107 100 96 100 92 106 99 101 100 105 October 1101 108 114 107 107 110 108 113 116 114 108 106 November. 104 102 107 101 99 108 106 108 103 100 101 111 December- 106 105 108 102 103 107 107 110 106 104 106 107 1926 January 106 111 108 102 102 109 108 109 107 102 110 105 February-- 104 98 107 97 103 104 108 109 105 102 112 106 March 101 96 100 100 104 104 106 102 95 104 107 April 103 101 104 98 104 105 102 106 99 107 109 May 107 104 108 107 104 110 111 114 107 100 108 106 June .- 102 101 106 98 97 102 107 106 100 91 108 107 July 104 106 108 100 102 107 103 110 103 101 105 109 August 107 106 115 101 104 111 106 112 110 97 124 113 September. 109 108 114 103 105 104 98 118 103 104 107 117 October 110 108 113 107 108 110 103 114 109 99 108 111 November. 106 106 109 99 104 110 107 112 107 95 106 112 December- 110 107 112 105 108 109 108 113 102 109 116 1927 January 106 113 111 105 106 107 105 100 105 114 February-_ 106 104 108 104 104 109 114 103 103 108 111 March 105 104 107 103 102 105 114 101 99 100 112 April 105 102 107 107 105 103 106 101 92 108 114 May 103 101 104 95 103 105 105 107 98 90 108 106 June 104 105 111 98 99 105 107 97 91 99 103 July -. 103 105 108 96 107 103 105 112 100 97 100 103 August 111 112 119 100 110 112 110 120 117 103 110 116 September. 109 110 117 102 104 107 114 96 95 102 120 October 105 104 107 102 105 106 109 110 99 106 112 November. 107 107 113 95 103 103 104 114 105 94 106 117 December.. 111 107 115 102 108 108 114 115 106 100 117 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 121 TABLE V.—DEPARTMENT STORE STOCKS: INDEX OF STOCKS, BY FEDERAL RESERVE DISTRICTS [1923-1925 average-100] Without adjustment for seasonal variations San U S n ta i t t e e s d 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 ty sa i s Dallas F c r is a c n o - ANNUAL INDEXES 1919 79 83 79 63 77 82 82 90 89 74 1920 105 97 108 77 106 107 113 111 120 96 1921 89 88 92 83 90 88 98 81 82 94 97 85 1922 88 94 92 89 86 90 96 81 82 93 91 88 1923 98 100 98 98 97 101 103 97 93 99 97 97 1924 101 100 99 101 102 100 101 101 103 100 99 102 102 1925 101 100 103 101 101 99 96 102 104 101 100 101 101 1926 103 100 106 100 101 102 98 104 105 96 114 95 104 1927 102 103 104 99 101 102 101 101 100 89 113 87 106 MONTHLY INDEXES 1919 January 65 70 64 66 62 66 75 72 75 61 February - 68 71 66 63 66 66 77 81 79 63 March 72 75 72 64 70 81 78 86 87 65 April 73 77 73 63 71 73 76 86 85 67 May - . . - - « .. 72 76 71 59 70 69 73 95 91 66 June 70 73 69 60 70 68 70 81 86 64 July 72 75 72 60 71 72 72 94 80 70 August 81 82 81 59 80 86 82 94 91 79 September 92 94 92 67 91 102 93 94 99 87 October 97 104 98 68 94 107 100 104 105 92 November. 100 107 103 68 96 106 101 106 102 92 December 87 93 92 64 84 86 87 88 88 81 1920 January 86 84 92 73 80 89 95 95 91 82 February _ - 96 88 101 74 93 101 104 105 101 92 March.. 107 99 113 79 105 114 108 113 109 99 April 110 102 115 79 110 116 110 114 111 105 May - 107 101 109 77 107 114 110 116 120 98 June ,. 103 95 105 77 105 103 107 109 120 98 July 102 91 105 77 104 104 111 110 123 95 August 108 94 110 78 111 108 119 115 139 98 September 117 105 119 83 120 119 133 120 151 104 October 119 108 120 80 125 119 133 121 149 105 November 113 106 115 76 118 109 126 117 135 101 December 90 87 93 66 95 83 94 91 91 81 1921 January. . 78 81 82 71 77 73 89 73 67 79 83 75 February 82 82 86 76 82 79 94 75 76 86 92 78 March 88 88 92 83 89 85 97 81 85 94 97 82 April 90 90 94 83 93 88 99 82 87 93 98 85 May 89 88 92 83 91 86 97 80 84 94 94 85 June _ 85 85 89 80 88 82 91 77 82 92 92 81 July 84 83 86 79 86 80 90 77 77 91 89 83 August 89 84 89 83 91 87 96 84 79 97 103 91 September. . .. 96 93 98 91 98 99 108 87 90 103 110 94 October 100 99 102 95 100 102 113 91 93 106 110 95 November 101 103 104 96 101 106 110 90 92 106 110 96 December 83 87 88 78 83 82 91 75 76 90 83 79 1922 January 80 85 85 89 72 79 87 70 69 84 85 82 February 84 89 86 87 81 86 95 77 77" 91 89 84 March 91 94 95 88 89 93 101 83 84 98 97 91 April . . 91 96 96 84 90 92 100 83 81 93 96 92 May 88 94 92 84 87 88 96 80 82 93 94 88 June _ _ 85 90 89 86 84 84 90 76 77 89 85 83 July 82 87 85 81 80 82 88 75 78 87 83 84 August 86 89 88 84 83 85 94 82 83 91 91 86 September 93 100 97 93 90 96 102 86 88 97 97 90 October 96 105 99 98 94 105 104 90 91 101 100 92 November 100 109 105 104 97 105 106 91 90 102 99 96 December 85 93 89 88 82 87 87 76 77 85 80 84 »Monthly average stocks in 1925-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 TABLE V.—DEPAKTMENT STORE STOCKS: INDEX OF STOCKS, BY FEDERAL RESERVE DISTRICTS—Continued [1923-1925 average -100] Without adjustment for seasonal variations U S n ta i t t e e s d Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco MONTHLY INDEXES— continued 1923 Jjmiicirv 83 89 85 87 77 85 90 77 72 86 80 83 February 89 i 92 88 89 88 94 96 90 88 94 90 87 March _ - 98 j 99 97 100 96 102 103 99 93 104 97 95 April 100 101 100 100 100 105 105 100 96 102 99 100 May - - - 99 101 99 100 98 101 104 98 93 102 97 97 June 93 94 93 94 93 97 98 91 86 96 92 93 July 90 89 90 87 91 92 97 89 89 94 91 93 August - 96 94 94 93 96 96 103 100 95 99 101 98 September .- 105 105 105 104 104 108 112 107 102 105 107 103 October 111 115 112 111 111 117 117 109 105 111 109 107 November 114 118 314 116 114 118 115 114 106 110 108 110 D ecember 94 100 96 96 93 93 94 93 87 90 89 93 1924 JannEtrv 90 90 91 93 86 88 96 85 90 88 89 89 92 February - 97 95 92 96 98 97 102 96 100 96 98 99 90 March 105 105 100 107 107 106 108 108 107 104 105 106 106 April 107 105 104 105 110 106 110 107 110 101 105 108 108 May 104 103 100 101 108 102 107 102 107 103 100 103 105 June 97 97 94 94 100 96 99 97 100 96 93 96 100 July 93 94 90 90 94 91 95 94 98 93 91 94 98 August - 96 93 94 93 96 90 94 98 103 97 97 104 98 September 105 103 105 104 105 103 103 105 107 104 103 110 105 October 111 110 113 112 113 112 110 113 114 111 109 114 111 November 113 115 114 115 112 113 107 108 113 112 109 112 112 December 94 97 97 96 94 92 84 94 93 92 87 89 93 1925 January 90 91 93 92 87 86 91 91 89 90 85 88 93 February • 96 94 95 95 97 94 93 97 96 96 96 98 96 March 104 103 104 108 106 103 98 105 105 106 103 105 102 April - -. 106 104 106 105 108 102 100 105 107 106 104 107 104 May - 102 102 103 101 105 99 97 102 105 103 100 104 101 June 97 97 99 97 99 97 91 96 99 97 94 93 97 July 94 91 94 91 93 91 87 94 98 94 93 93 97 August 98 93 97 95 98 92 96 100 105 100 102 103 101 September __ _ _ 106 102 108 105 106 104 103 107 111 107 107 112 105 October 111 109 113 111 109 115 105 113 113 109 111 113 111 November 115 114 119 117 113 117 105 117 119 111 112 112 112 December. 97 98 101 99 95 96 85 99 99 91 93 88 95 1926 January _ _' _ . 93 91 99 93 87 91 94 95 93 91 100 88 96 February 98 94 99 95 96 97 94 102 97 96 113 95 100 March _ . 107 102 109 106 106 105 103 107 106 104 120 102 106 April 107 103 111 103 104 107 104 107 111 104 119 104 109 May 103 101 107 98 103 102 98 102 104 101 116 99 106 June 98 96 101 94 98 98 92 99 101 95 108 90 100 July 94 91 98 88 92 92 91 92 99 89 107 86 98 August, ._ 97 90 99 93 95 92 92 101 103 92 114 93 101 September 107 103 109 103 106 106 103 108 111 97 119 100 107 October 114 111 116 113 113 117 110 116 118 99 126 103 113 November. 117 117 121 118 117 119 108 117 117 99 125 100 118 December 96 98 101 98 94 96 88 96 96 80 100 79 97 1927 January 92 91 98 91 87 90 90 92 90 81 97 77 97 February ___ 97 95 97 95 96 96 100 97 95 87 109 85 102 March 106 105 107 105 105 106 108 104 102 94 116 89 109 April 106 107 109 103 105 105 110 105 103 95 115 93 109 May 103 106 105 98 102 103 103 101 102 91 112 90 107 June 97 99 98 92 98 96 92 95 96 84 104 83 103 July 94 95 95 89 93 93 91 93 95 83 101 79 101 August- . 97 95 99 91 97 92 96 99 97 87 116 88 103 September 107 106 109 101 107 106 107 108 108 94 123 96 108 October - 113 113 116 111 112 117 112 114 112 97 129 97 115 November - 116 118 117 114 115 121 115 116 112 97 126 98 138 December 96 101 99 95 94 96 90 93 93 80 102 74 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

123 , 1928 FEDERAL RESERVE BULLETIN TABLE V.—DEPARTMENT STORE STOCKS: INDEX OF STOCKS, BY FEDERAL RESERVE DISTRICTS—Continued [1923-1925 average =100] Adjusted for seasonal variations U S n ta i t t e e s d Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta ChicagoSt. Louis M a i p n ol n i e s - Dallas F c S r i a s a c n n o - 1919 January 77 70 72 73 75 82 81 86 66 February. - 76 72 66 70 69 79 84 82 66 March 74 70 60 67 79 76 83 85 64 April 75 70 61 67 70 72 84 81 63 May 75 71 59 68 69 72 92 89 65 June 76 72 64 71 71 74 84 92 66 July 82 78 65 76 79 78 100 87 73 August 88 86 63 83 94 84 94 90 80 September. 90 87 64 87 97 88 90 90 84 October 93 88 62 86 94 90 95 94 85 November. 92 91 59 87 91 92 96 92 85 December— 95 96 66 91 92 98 98 100 89 1920 January 97 92 100 80 94 102 104 107 105 89 February.. 101 94 108 78 98 106 106 109 104 96 March 103 97 111 75 101 111 105 109 106 97 April 106 99 110 76 103 110 105 111 106 100 May 105 100 109 77 103 113 108 113 118 97 June 106 99 109 81 106 107 113 112 127 101 July 110 100 114 85 112 114 121 117 134 99 August 113 101 116 83 115 118 122 116 137 99 September. 113 101 113 80 115 114 125 114 139 100 October 108 97 108 72 114 105 120 110 134 97 November. 100 92 101 67 106 94 114 107 123 93 December— 96 89 97 68 103 88 106 102 104 89 1921 January 89 89 77 90 83 96 82 77 88 96 82 February. - 87 92 80 87 83 96 79 81 90 95 81 March 86 90 80 86 83 94 78 84 90 94 80 April 87 90 80 87 84 94 79 83 90 93 81 May 88 92 83 87 85 96 79 83 92 92 84 June 88 92 85 89 86 96 82 85 95 98 84 July 91 93 87 92 88 98 84 81 97 97 87 August 90 94 88 95 95 98 84 79 98 101 92 September . 90 94 88 94 94 102 82 85 98 101 91 October 89 92 86 91 90 101 82 84 97 99 88 November, 89 91 84 91 91 100 81 83 97 100 88 December.. 89 92 81 90 87 102 81 82 100 94 87 1922 January 90 93 92 96 84 89 95 79 79 95 97 89 February.. 95 92 92 85 90 97 81 82 95 92 83 March 93 94 84 85 90 98 81 83 94 94 89 April 87 93 92 81 84 88 95 80 77 90 92 88 May. 86 93 92 84 84 87 95 79 80 90 92 87 June - 87 94 92 90 85 88 94 81 81 91 91 85 July. 96 92 89 86 90 96 81 83 93 90 87 August 96 93 90 86 92 95 83 83 92 90 87 September. 90 I 96 92 90 86 91 96 81 83 92 89 87 October 88 i 95 89 89 85 92 94 81 82 92 90 85 November. 94 92 91 87 90 98 81 81 93 90 88 December.. 90 j 95 93 91 89 92 98 82 83 94 91 02 1923 January. 98 93 94 91 96 97 86 83 96 92 00 February... 94 97 95 94 93 99 98 95 94 98 92 01 March 95 97 95 95 92 99 100 96 91 100 94 03 April 97 98 96 96 94 100 100 96 92 99 95 05 May 97 100 99 100 94 100 103 97 91 99 95 06 June 96 98 97 99 94 101 103 96 90 99 97 9ft July 97 ! 97 98 95 98 102 106 97 95 101 98 97 August 100 ! 102 99 99 100 104 105 101 95 100 99 98 September. 101 I 101 100 100 100 103 106 101 96 100 98 99 October 100 | 103 101 101 101 103 106 98 95 101 99 99 November.. 101 I 101 100 102 102 102 105 102 96 100 98 101 December.. 100 102 100 100 101 99 106 100 94 100 101 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 TABLE V.—DEPARTMENT STORE STOCKS: INDEX OP STOCKS, BY FEDERAL RESERVE DISTRICTS—Continued [1923-1925 average=100] Adjusted for seasonal variations United States 1924 January. 101 February 102 March _. . ___.«__ 102 April 103 May 102 June _. _ _ . 100 July „ 100 August 100 September _ _ _ 101 October. _ _ _ _ _ 101 November 100 December 100 1925 January 102 February. . . . . .. 101 101 April May June July —_ _ . . . August . . September October - . . - November December .. 1926 January - - . .. February 3VIarch April June July August September - _____ ._ October November December 1927 January Februarv April May - June July ._- - _. August -- - - Seotember October November December ooooc Boston 99 101 103 102 102 101 103 100 99 99 99 99 99 100 101 102 101 102 103 105 103 104 103 101 101 101 101 103 103 104 102 103 102 103 102 101 100 101 101 103 103 103 102 OOOOO 98 98 99 98 inn 222 New York 99 99 98 100 100 98 98 99 100 101 100 101 102 102 109 100 100 100 96 99 100 101 100 101 101 103 104 105 103 104 102 102 102 102 103 §§S§82222 1222 Phila- delphia 101 101 102 101 101 99 99 99 100 102 101 100 101 100 103 101 101 102 99 101 107 106 106 104 103 105 106 105 106 105 105 105 105 103 104 105 103 104 103 103 oooo E Cleve- land 101 103 103 103 103 101 101 100 101 103 101 102 102 102 102 100 101 99 98 99 97 99 99 103 103 102 99 100 100 99 98 97 97 97 97 100 100 99 22222 Rich- mond 102 99 102 104 103 101 102 97 99 99 99 99 102 103 106 103 103 101 101 99 98 99 100 101 103 102 104 102 |||c 101 100 100 98 98 99 98 98 98 99 100 98 98 101 100 100 99 101 101 103 104 HI Atlanta 101 102 102 100 101 102 103 102 102 101 102 100 102 100 102 101 101 103 104 102 2222 Chicago 96 101 105 103 106 101 104 102 103 102 96 99 97 99 99 102 98 97 94 101 99 102 95 102 95 102 95 96 96 95 98 97 95 96 95 102 96 100 99 97 97 98 94 97 100 98 98 97 102 105 105 102 97 99 98 101 101 105 101 2222 2 ooooc San St. Louis M ap i o n l n is e- Dallas Fran- cisco 103 99 102 100 106 100 102 103 105 100 103 104 104 98 103 103 105 100 101 104 104 99 102 103 104 98 102 102 103 98 102 99 101 99 101 101 102 101 103 102 102 102 102 103 102 102 101 102 102 101 101 101 102 100 101 100 103 102 102 100 102 103 102 99 103 100 102 100 104 100 99 100 104 100 102 101 105 101 101 102 105 102 103 101 102 99 101 103 107 101 102 103 108 101 100 104 106 102 101 104 107 103 100 98 104 104 104 100 100 104 103 106 101 99 104 101 102 98 97 105 104 106 98 96 103 100 106 94 94 102 103 103 93 91 102 102 105 93 92 103 104 106 90 93 105 104 105 90 91 108 103 104 89 90 106 104 103 91 89 105 102 101 90 88 106 101 100 91 86 107 101 98 92 88 104 100 100 88 86 106 100 99 87 89 106 101 101 88 85 105 100 97 88 86 104 102 102 90 88 104 103 101 88 88 106 104 101 88 89 109 100 102 89 85 109 TABLE VI.—SEASONAL ADJUSTMENT FACTORS USED IN INDEXES OF DEPARTMENT STORE SALES AND STOCKS Sales Stocks Federal reserve district Jan. Feb. Mar.Apr. May June JulyAug.Sept. Oct. Nov. Dec. Jan. Feb. Mar.Apr.May JuneJulyAug.Sept. Oct.Nov. Dec. Boston- 93 80 92 104 102 103 72 71 92 109 115 167 91 94 102 103 101 96 91 93 104 Ill 116 98 New York... 89 83 91 100 100 97 70 67 93 117 121 172 92 93 102 104 100 96 92 95 105 111 114 96 Philadelphia _ 86 86 96 101 101 99 69 69 87 109 129 168 92 95 105 104 100 95 91 94 104 110 114 96 Cleveland 83 84 94 104 104 99 75 80 95 110 111 161 85 95 104 107 104 99 93 96 104 110 111 92 Richmond 81 80 95 100 100 99 72 68 90 114 123 178 88 95 103 105 101 96 91 92 105 114 116 94 Atlanta 81 86 92 101 105 93 74 74 93 119 117 165 92 98 103 105 101 95 92 98 106 111 110 89 Chicago 82 84 93 105 104 98 75 78 102 108 112 159 89 95 103 104 101 95 92 99 106 111 112 93 St. Louis 81 86 95 102 100 94 69 73 104 114 117 165 87 94 102 105 102 96 94 100 106 111 111 92 Minneapolis- 85 79 91 108 104 99 79 85 101 108 109 152 89 96 104 103 103 97 94 99 105 110 110 90 Dallas __ _ _85 85 95 97 106 94 71 69 105 116 116 161 87 97 103 105 102 94 92 102 109 111 110 88 San Francisco 88 82 95 96 103 91 82 93 95 105 106 164 92 96 102 105 101 97 96 99 104 108 109 91 United States 86 83 93 101 102 97 74 76 95 111 117 165 89 95 104 102 97 93 96 104 110 113 94 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBKDAKY, 1928 FEDERAL RESERVE BULLETIN 125 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial activity continued in December a year earlier, and stocks of dry goods were at a relatively low level, and railroad distribu- slightly larger. Freight-car loadings declined tion of commodities declined further, while the further in December and were in smaller volume general level of prices remained unchanged. during that month and the early part of Janu- Holiday trade at retail stores was in somewhat ary than at any time in four years. The larger volume than in the previous year. decrease in loadings occurred in practically all Production.—Production of manufactures re- groups of commodities. % mained in practically the same volume in Prices.—The Bureau of Labor Statistics December as in November, while output of index of wholesale commodity prices remained minerals, when allowance is made for usual practically unchanged in December and was seasonal changes, showed a slight increase. at the end of the year about 1 per cent lower Activity in the textile, shoe, and tobacco in- thaD a year ago. Prices of grains, hide, and dustries was reduced in December, while the leather products, nonferrous metals, and ruboutput of steel, nonferrous metals, and petro- ber increased in December, while prices of leum increased. Production of automobiles livestock, cotton, and lumber declined. In continued in small volume during December, the first three weeks of January there were but increased considerably in January, and increases in prices of iron and steel, grains, within recent weeks there has been also a and wool, while prices of cattle, hogs, and further increase in the activity of steel mills. cotton declined. Building contract awards were slightly Bank credit.—At the reserve banks the larger in December than in November, but seasonal demand for currency, after reaching smaller than in December of the two preceding its peak on December 24, was followed by a years. Total awards for the year 1927 in return flow of money from circulation, which 37 eastern States, as reported by the F. W. amounted to about $440,000,000 between Dodge Corporation, were valued at about December 24 and January 18. This decline $6,300,000,000, which is slightly less than the in the demand for currency, which was approxi- 1926 total of $6,380,000,000. December mately the same as a year ago, was reflected awards for residential and commercial build- in a decrease for the same period of about ings were larger than in December, 1926, while $360,000,000 in bills and securities of the those for industrial buildings and public works reserve banks. were smaller. During the first three weeks Loans and investments of member banks of January contract awards were in approxi- in leading cities declined during the first half mately the same volume as during the cor- of January but were still at a higher level than responding weeks of last year. at any time last year. The decline of about Trade.—Retail trade of department stores $200,000,000 between January 4 and January and mail-order houses increased slightly more 18 reflected a decrease of about $280,000,000 than is usual in December and were somewhat in the volume of loans on securities, offset in larger than a year ago. Inventories of mer- part by a considerable increase in the banks * chandise carried by department stores were investment holdings. reduced in December and at the end of the Call-loan rates showed the usual seasonal year were slightly smaller than at the end of decline at the turn of the year, but other 1926. Wholesale trade in nine leading lines money rates were slightly firmer. The rate continued smaller than in the corresponding on bankers' acceptances increased during the month of last year. Stocks of groceries, hard- second week of January from 3J^ to 3^g per ware, and furniture carried by wholesale firms cent, and there was also a slight advance in w^ere smaller at the end of December than rates on time money in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE [Monthly averages of daily figures. In thousands of dollars] BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 2 Reserve Bills dis- United bank counted Bills States Month credit in ifro\rr bought securiuse * member ties banks 1925—August 1,158,264 555,799 245,094 353,903 September j 1,225,236 641,797 263,992 315,747 October 1,269,356 665, 566 294,296 306,413 November 1,270,057 618,367 346,859 302,309 December 1,380,571 671,722 384,826 321,446 1927—January 1,146,523 486,875 345, 448 310,637 February 1,007,624 393,636 305,013 306, 707 March ; 1,029,319 427,716 254,618 344,921 April j 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 j 1,026,152 453,997 189,774 381,081 August ! 1,021,830 409,439 173,122 438,511 September ! 1,139,342 422,192 215, 926 500, 637 October | 1,213,191 424,413 281,903 506,177 November j 1,331,008 415,216 335,908 579, 238 December _.| 1,513,119 528,624 377, 712 605,841 1924- 1925 1926 1927 1928 1928—January 1,350,322 465,275 372,538 511,852 Monthly averages of daily figures for 12 Federal reserve banks. i Total holdings of bills and securities by all Federal reserve banks Latest figures are averages for January • including "other securities" and foreign loans on gold. DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve Bank Month Total Boston Y N o ew rk j d P e h lp il h a i - a j C l l a e n v d e- m Ri o c n h d - la A n t- ta M ap i o n l n is e- K C a i n ty sa s j Dallas F c S r i a s a c n n o - Discounts: 1926—July 548,966 34,529 165,983 48,135 I37,221 41,775 42,011 60, 854 30,642 7,556 16,164 16,138 47,958 August- 555,799 36,653 163,270 45,851 ! 33,666 44,918 47,585 54,591 35,196 13,076 12,693 20,139 48,161 September.... 641,797 45. 498 182,447 46,224 | 44,966 46,359 55,345 67,736 43,462 11,212 13,542 25,000 60,006 October 665,566 42,180 164,579 49,918 !70,386 45,664 55,681 89,224 42,163 11,145 12,455 19,451 62,720 November 618, 367 38,031 134, 908 43.826 I 75.602 35, 516 50,455 105, 702 37, 548 8,613 16, 866 17, 223 54,077 December 671,722 55, 726 154,570 60,785 90,051 29, 620 47,553 119,165 37,844 5,101 13,663 10, 320 47. 324 1927—January _.._.. 486,875 34,476 120, 787 44,184 62,107 22,498 34,435 90,847 |19,072 4,146 10,256 5,606 38, 461 February 393,636 I 28,669 90,232 36,158 j39,424 23.409 26. 738 78,297 |14,531 4,324 9,437 3,215 39.202 March 427,716 I 35.538 114.391 41,819 | 31,888 22.221 31, 389 70,691 I14,374 4,609 8,584 3,197 49,015 April . 447,286 23, 201 121.628 43,744 j53,890 22, 506 34,140 56,281 j16. 202 6,058 11,902 4,403 53,331 May__ 472,984 37.126 137. 705 45.841 i43, 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 I26,251 6,514 16, 524 6,172 41,390 July 453,997 ! 29,689 122,892 46,791 I35,393 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 424,413 33, 290 126,862 '38,425 !43.720 28,888 25, 999 36,483 21,484 2,672 15,730 7,151 43,709 November 415,216 : 36. 354 106,511 38,064 !46,833 21,516 32,695 46,887 18,135 2,603 18,116 8,388 39.114 r 1 FT 9 * 2 ** 8 1 — -.;' D Ja e n c u e a m ry ber 5 4 2 6 8 5 , , 0 2 2 7 4 5 j 4 2 0 3 , , 1 4 8 5 9 6 1 1 7 5 1 2 , , 1 9 1 1 4 3 4 4 4 7 , .8 3 5 76 4 I 5 5 8 1 , , 0 M 1 0 7 2 2 4 6 , , 4 9 1 1 2 7 3 29 6 , . 0 3 8 3 4 1 65,040 1 16 9 , , 2 5 9 7 9 2 2 3 , , 9 7 9 2 0 3 1 12 5 , , 1 7 7 2 5 9 4 5 , , 2 39 7 9 9 4 4 2 0 , , 4 99 2 5 8 j ; Deposits: 1926—July 2,262,420 j148,013! 857,668 i137. 621 185,981 71,418 73,453 335, 306 82,917 51, 538 92,651 57,478 168,376 August 2,253,350 145,625I 847,061 '1,36, 502 188,314 70. 054 71, 873 340,386 82,092 49, 787 94,619 57,595 169,442 September 2, 273, 205 147, 447! 862,912 ]137,152 188,048 70, 061 72,718 338,071 80,937 50,099 93,706 58,913 173,141 October 2, 280,180 153, 231j 853,359 139,637 185,945 72,240 74,640 336,643 83,745 I 51,574 92,848 60, 984 175, 334 November 2, 279,135 155, 409 856,416 139, 260 184,749 72, 626 72,938 332, 040i 82,771 53, 070 91, 393 61,148 177,315 December 2, 289, 632 150, 252 879,596 l139. 419 181, 215 71,010 71,802 329,801 | 82,823 I 52,550 91,127 62,902 177,13« 1927— F J e a b n r u u a a ry ry 2 2 , , 3 2 0 6 0 6 , , 2 4 0 6 4 0 1 14 4 8 9 , , 1 8 3 1 4 0i 8 8 5 8 6 5 , , 0 6 5 4 3 1 [ ;1 13 4 9 1 , , 1 3 9 6 5 0 1 1 8 8 2 3 , , 2 0 9 3 0 5 7 73 2 , ,2 3 7 3 6 5 7 72 2t , 7 5 2 3 3 1 3 32 3 9 1 , , 2 6 1 8 5 0 I ! 8 8 3 3 , , 3 7 2 5 5 4 5 52 0 , ,7 2 5 7 9 8 9 9 1 0 , , 8 4 8 2 0 5 6 63 2 , , 7 1 6 5 3 6 1 17 7 4 6 , , 6 3 9 5 « 6 March 2, 284, 809 |146,177I 878,285 ;138,894 188,427 70,484 71,134 328,167s 82,780 51,484 90,789 63,170 175, 018 April 2,301.120 I148,394; 882,386 140, 451 188,122 71,211 72.768 332, 363! 83,827 50,371 90,832 62,587 177,81© Muy 2,326,816 148. 045: 908, 188138, 961 188,376 72, 586 71,126 338,974I 83,193 49,156 89,378 61,645 177.188 June 2,355,428 I149. 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 I137,993 1S9,620 74, 262 68, 471 337, 875! 82,622 50,607 90,916 60,209 175, 417 August 2, 331,452 151,977 902, 138 i138. 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 i140,911 190, 489 74, 618 68,848 343. 955 81,575 52, 578 90,155 63,044 180, 219 October 2,380,856 157, 165 921,315 i141, 539 190, 085 74,666 70,827 346, 798 84,745 55, 623 90, 542i 66,429 181,122 November.... 2,429,976 161, 702 946,306 j142,328 192,759 76,719 70, 412 345, 669 87,920 57,823 94,240I 69,165 184, 933 December 2,435,984 156, 775 959,131 !140,113 188, 794 75, 111 70, 524 350, 010 87,915 56, 427 93, 282i 69,849 1928—January 2,472,424 158, 383• 974,368 |143, 768 192,015 76, 012 72, 594 355, 794 87, 643 55,071 94,328I 70,554 191,894 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

127 FEBRCABY, 1928 FEDERAL RESERVE BULLETIN MONETARY GOLD STOCK AND MONEY IN CIRCULATION INCREASE OR DECREASE (-) IN MONETARY GOLD STOCK MILLIONS OF DOLLARS MILLIONS OF DOLLARS too CHANGES IN 100 [In thousands of dollars] MONETARY GOLD STOCK 801 Month 1922 1923 1924 1925 1926 1927 1928 January 24,689 23,716 45,473 -76,592 12,199 72,268»~2,368 February... 10,864 33,794 -53,500 11,540 21,313 March 36,706 6,873 40,496 -23,245 18,386 11,083 April 4,178 11,380 47,327 3,618 -3,392 12,944 May 7,171 46,185 44,204 11,472 4~"~ -1,427 June 13,217 21,719 33,228 3,398 14,007 -20,943 July 43,966 29,250 22,962 5,488 23,719 -7,465 August... ._ 26,096 32,639 9,611 12,631 2,008 8,527 September.. 18,087 25,021 -1,212 -7,3631 -17,519 October 15,072 30,601 -1,967 25,938 7,688! -30,159 November. _18,142 39,997 17,362 -10,037 3,181 -89,723! December.. 22,801 36,806-27,178 1,985 15,432 -74,690j Total. 268,513 315,051 255,613-100,056 92,637!—115, 791L 1 Preliminary. NET IMPORTS OR NET EXPORTS (-) OF GOLD [In thousands of dollars] Month 1922 1923 1924 1925 1926 1927 1928 1921 1922 1923 1924 1925 1926 1927 1928 January ! 25,708 24,348 44,855 16,264 44,465 -12,861 February... j 27,007 6,984 34,606 -46,997 21,565 19,895 March. ! 32,525 5,559 33,505 -17, 768 39,188 10,758 April 1 10, 665 8,533 44,027 -12,734 -4,768 11,911 MONETARY GOLD STOCK OF THE UNITED STATES i May ! 5,587 45,332 40,481 -1,997 31,702 June. -j 11,376 18,"""" 24,913 -2,287 15,544 12,771 [In millions of dollars] July I 42, 343 27,407 18,507 5,787 14, 751 8,935 August | 18,136 30, 655 15,752 2,726 -17, 764 6,353 September,. 23,066 i,941 2,076 -2,656 -7,094 -11,465 October 3,275 15.577 22,702 7,701 -8, 642 End of month figures November.. 14,877 39,010 13,173 -13,904 9,011 -53,184 Month December..! 23,730!31,930 -29,401 1,248 9,808 -67,418 1922 1925 1926 1927 1928 Total.. |238,295:294,073 258,073'-134,367 97,796 6,080 January 3,685 4,289 4,423 4,412 4,564 * 4,374 i Preliminary. February 3,723 3,963 4,323 4,369 4,423 4,586 INCREASE OR DECREASE (-) IN GOLD STOCK March 3,760 3,970 4,364 4,346 4,442 4,597 THROUGH CHANGES IN GOLD UNDER EAR- April I 3,764 3,982 4,411 4,350 4,438 4,610 MARK FOR FOREIGN ACCOUNT J M u a n y e ..--I | 3 3 , , 7 78 7 5 1 4 4, , 0 0 5 2 0 8 ! 4 4 , , 4 4 5 8 5 8 4 4 , , 3 3 6 6 1 5 4 4 , , 4 4 3 4 3 7 4 4 , , 6 5 0 8 8 7 [In thousands of dollars] July.. | 3,829 4,079 j 4,511 4,370 4,471 4,580 August 3,855 4,111 I4,521 4,383 4,473 4,588 Month | 1922 1923 1924 1925 1926 1927 1928 Sep tember _ _ _ 3,873 4,136 I 4,511 4,382 4,466 4,571 October 3,888 4,167 I 4,509 4,407 4,473 4,541 N D o ec v e e m m b b e e r r J j 3 3 , , 9 9 0 2 6 9 4 4, , 2 2 4 0 4 7 i ! 4 4 , ,4 5 9 2 9 7 4 4 , ,3 3 9 9 9 7 4 4 , , 4 4 7 9 7 2 4 4 , , 4 3 5 7 1 6 J F a e n b u ru a a r r y y . _ .. . -1 4 , , 6 3 2 2 9 9 1 ! . 593 -1 - ,3 8 6 1 6 0 - - 1 6 1 , , 0 0 4 0 3 0 1 3 9 , , 1 48 8 7 0 +5,500 March -2,452 -6,825 -22,988 -1, 502 i Revised figures; see BULLETIN for December, 1927, p. 800. A M p a r y il 1,000! 1 -5 ,0 5 0 8 0 1 12 4 , , 7 8 2 5 5 0 ) — - 9 1 5 , , 0 0 0 0 0 0 * Preliminary. June 2,000 5,075 -580 -500 July -1, 500! -2, 583 -3,901 4,000 184 August -7,984 8,725 19,200 -2, 501 UNITED STATES MONEY IN CIRCULATION i S O e c p to te b m er b er -1,500 -2,0 5 0 0 0 0- -1 1 7 3 , , 0 2 0 2 0 9 2,8 9 7 0 0 1 -2,400 -2 -9 5 , , 0 0 0 0 0 1 November...! -200 -500 2,000 -7, -40,000 [In millions of dollars] December... -2,000 -1,500 -2,000 1,008 -8,500 Total..!-3,700 4-700 -42,213+32,244 -26,297 -160,153 End of month figures Month NOTE.—The country's monetary gold stock is de- 1922 ! 1923 1924 1925 ! 1926 1927 1928 creased by earmarkings of gold for foreign account and increased by withdrawals from earmark. The January.... 4,441 4,614 4,777 4,802 4,841 4,846 *4,679 actual increase or decrease in the monetary gold stock, February... 4,491 4,703 4,887 4,853 4,904 4,885 however, during a given month, as shown in the table March 4,497 4,747 4,899 4,818 4,860 4,862 at the head of this column, does not correspond ex- April 4,468 4,759 4,853 4, 789 4,907 4,891 May 4,455 4,797 4,905 4,841 4,923 4,893 actly with the sum of the figures for that month given June 4,463 4,823 4,849 4,815 4,885 4,851 in the other two tables because (1) some gold imported July 4,424 4,787 4,756 4,795 4,909 4,846 does not reach the Treasury or the reserve banks until August 4,480 4,876 4,859 4,867 4,930 4,854 September.. 4,608 4,945 4,863 4,916 4,978 4,948 a later month, as in the case of gold ore imported from October 4,646 4,925 4,942 4,969 5,021 4,946 Canada, (2) gold earmarked in one month is sometimes November.. 4,704 5,018 5,052 5,044 5,037 4,952 exported in a subsequent month, and (3) the total December.. 4,817 5,044 5,047 5,104 5,095 5,000 change reflecis also domestic production of gold and the movement of gold into and out of use in industry i Revised figures; see BULLETIN for December, 1927, p. 800. and.the arts. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 MONEY RATES IN NEW YORK CITY 1923 1924- 1925 1926 1927 1928 FEDERAL RESERVE BANE RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Average yield Rate in Previous Federal reserve bank ef F fe e c b t . o 4 n Date established rate «-.«. Prime Call loans i Month or week Boston Aug. 5, 1927.... New York.... Feb. 3, 1928 Philadelpbia.. Sept. 8, 1927 4 Cleveland Aug. 6,1927 k Richmond Jan. 27, 1928 Atlanta Aug. 13, 1927 C St h . i L ca o g u o is J A a u n g . . 2 4 5 , ,1 1 9 92 2 7 8. _ 3H 1926 Minneapolis.. Sept. 13, 1927 4 December Kansas City.., July 29,1927 4 1927 Dallas Aug. 12,1927 4 January 4.32 San|Francisco. Feb. 4, 1928 February 4.03 March 4.13 April 4.18 BUYING BATES ON ACCEPTANCES May 4.26 June 4.33 [Buying rates at the Federal Reserve Bank of New York] July 4.05 August 3.68 September 3.80 Maturity e R ff a ec te t i o n n Date established Previous N O o ct v o e b m er ber 3 3 . . 9 6 0 0 Feb. 4 rate December 4.38 1928 January 1-15 days.... Feb. 3, 1928. Week ending- 16-30 days... 3M do Jan. 7 3.33 31-45 days... 3M __._do_ Jan.14 3.33 46-60 days... do.. Jan.21 3.35 61-90 days... do Jan. 28 3.37 91-120 days.. Jan. 27, 1928. 121-180 days. July 29, 1927. 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. i Advanced by one-eighth per cent on Jan. 27. * Three issues—Z%, 4, and AH per cent; yields calculated on basis of NOTE.—Rates on prime bankers' acceptances. Higher rates may be last redemption dates—1956,1954, and 1952. barged 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

129 FEBRUARY, 1928 FEDERAL RESERVE 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 $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston Y N o e r w k d P e h lp iJ h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Sa c n i s F c r o an- Prime commercial loans 1027—January j 434-5 5^-6 5 -6 434-6 February 434-;._ 5 -6 5 -6 5 -6 March i 434-5M 5^-6 43^-6 ApriL I 5 -6 5 -6 May i 5 -6 5 -6 June 4^-5 4 5 -6 July 4 -5 5 -6 5 -6 August i 4 4 -5 5^-6 5 -6 September j 4 4^-5 5 -53 5 -6 October | 4 434-5 5 -b\ 434-6 November—-| 4 5 -b\ 434-6 December 1 4 4 4-6 4^-6 1928—January. 4 4 -5 4M-5 434-6 Loans secured by prime stock exchange collateral 1927—July 4^-6 August 4^-5 5 -6 September 4J4-5 5 -6 October 4H-6 4^-6 November 5 -6 December 4^-5 41^-6 1928—January 4^-5 Loans secured by warehouse receipts 1927—July J4 5 -6 5 -6 5 -6 5 -6 August 5 -6 5 -6 15 -6 5 -6 5 -6 September. 434-6 6 5 -6 434-5 5 -6 5 -6 October 43/6-5 5 -6 5 -6 5 -6 434-5 5 -6 5 -6 November... 5 5 -6 5 -6 4^5 5 -6 5 -6 December.. 5 5 -6 5 -6 15 -6 5 -6 1928—January.-.. 434-5 5 -6 5 -6 4M-5 5 -6 5 -6 Interbank loans 1927—July 434-5 434-5 5 5 -6H 5 -6 5 5 -5H 5 -6 6 5 5 -6 August 4 -5 43^-5 5 5 5 -6 5 5 -5H 5 -6 6 5 5 -6 S O e c p to te b m er ber. 4 43 4 - ~ 4 4 H /^ 43^-5 4^-5 5 5 5 5 5 - - 6 6 5 5 5$ -5H 5 5 - - 6 6 6 6 5 -6 5 5 5 - - 6 6 November 4 ~4J^ 4H 4H-5 4/4-5 5 -6 5 4 4-5H 5 -6 6 5 5 -6 December.. _„ 4 -41^ 41^-5 5 4M 5 -6 5 4H-53^ 4 %-6 6 5 5 -6 1928—January 4M 4H-5 5 4M 5 -6 5 4M-5H 5 -6 6 5 5 -6 FEDERAL RESERVE BRANCH CITIES Prime commercial loans s L to o c a k n - s e x se 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 Novem- Decem- January, Novem- Decem- January, Novem- Decem- January, Novem- Decem- January, ber, 1927 ber, 1927 1928 ber, 1927 ber, 1927 1928 ber, 1927 ber, 1927 1928 ber, 1927 ber, 1927 1928 Buffalo 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 5 43,f-5U 4^-5 Cincinnati 514-fi 53^-6 5 -6 5 -6 5H~7 -7 6 -7 5 5 -6 5 -fi Pittsburgh 5 5 -6 5 2-6 5 -6 5 -6 5 -6 6 6 5 -ft -6 5 -6 Baltimore ...-.- 5 4 -6 4 -5H 5 -6 434-6 5 -6 53^-6 5 -53^ 5 -6 5 Birmingham 5 5 -6 5 -6 6 6 6 2 fi 2 6 5 -6 -6 5 -6 Jacksonville... 5 5 -6 5 -6 5 -8 5 -8 5 -8 434-7 43/4-7 43^-7 6 6 6 Nashville 6 6 6 6 6 6 5^-6 5^-6 534-6 53- 534-6 53>^-6 New Orleans 5^-6 5^-6 53^-6 534-6 5^-6 53^-6 5^-6 53^-6 5 2-6 5 -6 5 -6 Detroit 5 -6 414-6 43^-6 43^-6 5 -6 5 -6 534-6 5 -6 5 -6 5 5 -6 5 -6 Little Rock 5 -6 5 -6 5 -6 -7 6 -7 5 -7 5 -7 5 -7 fi 6 Louisville 5 -fi 5 -6 5 -6 -6 5 -6 5 -6 6 6 5 15 5 Helena ... 8 8 8 8 8 8 6 -8 6 -8 6 -8 -H 6 -8 -8 D O O m k en l a a v h h e a o r ma . City 4 4 5 3 ^ ^ - - - 6 6 6 4 5 ^- - 6 6 6 4 5 ^- - 6 6 6 5 5 3 ^ - - 6 6 6 5H-6 53^-6 6 6 6 5^-6 S 53^-6 6 6 6 51 -6^ • 6 6 /2 6 6 6 El Paso 8 8 8 6 -8 6 -8 6 -8 7 -8 7 -8 7 -8 ft 6 6 Houston 5 -fi 5 -6 5 -6 5 -ft 5 -6 5 -6 5 -7 5 -7 5 -7 5 5 5 San Antonio . 4K-6 4^-6 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 5 -6 5 -6 5 -6 Los Angeles 6 -7 6 -7 6 -7 -7 6 -7 6 -7 6 -7 ft -7 6 -7 P. ft 6 Portland . . .- 6 6 6 (S 6 6 6 -7 fi -7 6 -7 fi 6 6 S S a e l a t t t L le ake City 6 6 6 6 6 6 fi - - 8 7 6 6 - - 7 7 6 -7 6 6 7 ) ^ - - 8 7 -7 7 ft 6 1 I 6 Spokane . 6 6 6 6 6 6 7 7 6 (i SO SO 6 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN FEBBUAEY, 1928 MEMBER BANK CREDIT MEMBER BANK RESERVE BALANCES AND BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In thousands of dollars] Reserve balances Borrowings at Federal reserve banks Reporting member banks in | Reporting member banks in Month All ! j leading cities j Member All leading cities M b e a m nk b s er member Other outside member Other outside banks i Total ! ! New C it Y y ork cities ! cities banks Total New C it Y y ork le c a it d i i e n s g le c a it d i i e n s g 1927—January , 2,265,196 : 1,677,549 ! 717,310 960,239 ! 587,647 476,294 299,153 75,894 223,259 177,141 February _„_. 2,229,329 1,644, 717 682,026 962,691 584,612 391,684 232,893 59,907 172,986 158,791 March. . 2,264,529 ! 1,671,037 i 709.853 961,184 593,492 418,853 268,084 73,118 194,968 150,769 April., . 2,253,980 ! 1,659,080 | 687,972 971,108 ! 594,900 421,428 270, 317 78,459 191,858 151,111 May 2,290,129 1,696,601 | 720,255 976,346 i 593,528 459,119 301,926 90,167 211,759 157,193 June 2,341,868 1, 749, 217i 775.900 973.317 592,651 434,545 270, 792 51, 485 219,307 163,753 July 2,298,753 ! 1,695,554 ! 728,491 967,063 603,199 433, 605 272, 635 59,383 213,252 160,970 August 2,312,908 1,707,481 1 724,240 983,241 ! 605,427 412,780 255,892 73,865 182,027 150,838 September... 2,322,756 1, 709,047 ! 726,262 982,785 ; 613,709 417,424 266,929 90, 420 176,509 150,495 October 2,355,074 1, 725. 098| 728,171 996,927 1 629,976 428,182 282,937 74, 502 208,435 145,245 November... 2,400,479 1,766,852 ! 768.193 998,659 i 633,627 420,524 275, 925 72,923 203,002 144,599 December... 2,410,454 1,786, 963 i 769,189 1,017,774 i 623,491 531, 561 388, 219 126,850 261,369 143,342 1928—January 2,436,398 i 1,805, 454 ! 781,364 1,024,090 630,944 439,326 314, 833 93, 888 220,945 124,493 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 Loans Month Total Total On t s ie e s curi- All other I m nv e e n s ts t- Total de N m e a t nd | Time G m ov e e n r t n- Total: 1927—January i 19,992,618 14,417, 665 5,838, 818 8, 578, 847 5, 574,953 19,160, 644 13,103, 595 5,928,408 128, 641 February! 19,846, 510 14, 207,859 5,704, 546 8, 503, 313 5, 638, 651 18,990, 882 12,919,150 5.965, 012 106, 720 March * 20, 260, 572 14, 382,429 5, 790,284 8, 592,145 5,878,143 19, 307,343 13.068, 962 6,067,410 230,971 ApriU 20,333, 450 14, 400,554 5,853,981 8,546, 573 5,932,896 19, 387, 600 13.069, 281 6, 097, 257 221, 062 MayL. 20,542,419 14,502, 432 5,940, 783 8, 561, 649 6, 039,987 19, 522, 094 13, 214, 601 6,189,786 117, 707 June1 20, 779, 379 14,684,930 6,145, 994 8, 538, 938 6, 094,449 19, 825,129 13,448, 681 6, 238, 599 137,849 July* 20, 681, 844i| 14,616,284 6,114,011 8, 502, 273 6,065, 560 19, 700, 565 13,340,104 6, 252,859 107, 602 August1 20,641, 363 14,665,983 6,125,146 8, 540, 837 5,975, 380 19, 668, 722 13,309,491 6, 306, 817 52,414 September1 20,945,912 I 14,913,030 6, 221, 4.548, 691, 576 6, 032,882 19,903, 367 13,374, 369 '6,348, 834 180,164 October1 21, 221, 695 15,107,683 6, 325, 373 8, 782, 310 6,114,012 20,149,929 13,446, 577 6, 423,526 279,826 November * 21,457, 617 15,193,368 6,410, 492 8,782, 876 6, 264, 24920,363, 885 13,733, 860 6,482,837 147,188 December 21, 724, 069 15, 328,275 6, 593, 654 8,734,621 6,395, 794 20, 493,782 13,903,911 6, 490, 850 99, 021 1928—January 21,915,455 15,399,855 6, 731,958 8, 667,897 6, 515, 60020, 762, 386 14,014,204 6,633,621 114, 561 N«w York City: 1927—January 6,341,114 4,593,379 1 2,167,859 1 2,425,520 1, 747,735 6,080, 894 5,127,308 j 917, 608 35,978 February 6,189,052 4, 436, 661 1 2,047,374 1 2,389,287 1,752,391 5,894, 478 4,935,006 i 929,499 29,973 March 6,349, 701 4, 525, 865 1 2,097,179 i 2,428,686 1,823,836 6,063,771 5,068,281 ! 929,103 66,387 April 6,421,165 4,570,029 1 2,156,122 i 2,413,907 1,851,138 6,079,869 5,066,081 I 950,045 63,743 May 6,534,882 4, 628, 567 1 2,200,557 1 2,428,010 1,906, 315 6,169,518 5,179,092 i 956,334 34,092 June 6, 692, 243 4,7f>7,161 I1 2,325,708 i 2,441,453 1,925,082 6, 421,358 5,389,740 1,009. 999 21, 619 July 6,601,841 4,720,139 1 2,281, 271 1 2,438,868 1,881, 702 6,268,844 5,264,543 992,370 11,931 August 6,578,660 4,748,052 1 2,275,360 1 2,472,692 1,830,608 6,229,475 5,213,235 1,010,441 5,799 N S O e o c p t v o t e e b m m er b b e e r r 6 6 6 , , , 9 7 5 7 8 3 0 2 , 5 , 6 , 1 1 5 7 5 0 0 2 5 5 4 , , , 0 1 9 0 1 1 9 5 0 , , , 4 9 5 2 4 5 7 3 6 1 1 1 2 2 2 , , . 3 4 3 6 6 1 9 4 3 , , , 5 3 6 1 2 3 5 6 1 1 1 1 2 2 2 , , , 6 6 5 3 5 9 9 0 7 , , , 9 6 9 1 1 2 2 7 5 1 1 1 , , , 8 7 7 3 7 9 8 2 4 , , , 1 8 9 2 8 4 2 6 7 6 6 6 , , , 5 2 3 2 9 7 7 1 1 , , , 5 8 7 2 7 2 6 9 0 5 5 5 , , , 4 2 2 2 5 2 9 4 4 , , , 8 6 5 4 0 1 6 5 6 | | 1 1 1 , , , 0 0 0 1 5 0 4 5 3 , , , 1 9 5 1 2 0 3 3 7 1 4 6 0 2 3 2 , , , 5 5 9 5 6 1 2 7 0 December 7,124,260 5, 227,528 2, 605, 321 2,622, 207 1,896, 732 6, 633,578 5,570,202 !1,034,280 29,096 1928—January 7,276, 923 5, 311, 565 2, 692,119 2,619,446 1,965,358 6,766, 726 5,633,169 j1.099,310 34,247 Other leading cities: 1927—January * 13, 651, 504 9,824,286 3, 670,959 6,153,327 3, 827, 218 13, 079, 750 7,976,287 I5,010,800 February1 13, 657, 458 9, 771,198 3,657,172 6,114,026 3,886, 260 13, 096, 404 7,984,144 5,035, 513 76,747 March1 , 13,910,871 9,856, 564 3, 693,105 6,163, 459 4, 054,307 13,303, 572 8,000,681 5,138, 307 164,584 April1 13,912,285 9,830,525 3, 697,859 6.132, 666 4, 081,760 13,307, 731 8,003, 200 5,147,212 157,319 May1 14,007,537 9,873,865 3,740,226 6.133, 639 4,133, 672 13,352, 576 8,035,509 5, 233,452 83,615 June1 14,087,136 9,917,769 3,820,286 6, 097,483 4,169,367 13,403, 771 8,058,941 5, 228, 600 116,230 July1 14, 080, 003 9,896,145 3,832,740 6,063, 405 4,183,858 13,431,721 8,075, 561 5, 260,489 95,671 August1 14,062,703 9,917,931 3, 849,786 6,068,145 4,144,772 13, 439, 247 8,096,256 5,296,376 46,615 September1 14,240, 742 10,002,087 3,908,128 6,093,959 4, 238, 655 13,611,488 8,150,313 5,344,921 116,254 October1 14,439,193 10,098,127 3,955,742 6,142,385 4,341, 066 13, 778,209 8,191,931 5,409,019 177,259 November1 14, 504,002 10,077, 941 3,945,977 6,131, 964 4.426,061 13,836,359 8,304,009 5,427, 714 104,636 December 14,599,809 10,100,747 3,988,333 6,112,414 4.499,062 13,860,204 8,333, 709 5,456, 570 69,925 1928—January 14,638,532 10,088,290 4,039,839 6,048,451 4,550,242 13,995,660 8,381,035 5.534,311 80,314 * Revised in January, 1928; for explanation see p. 8 of January BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRU>KY, 1928 FEDERAL RESERVE BULLETIN 131 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 j Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap i o n l n is e- K C an it s y as Dallas San c if F o r o an* Dae from banks: 192ft— August 38,732 1 91,973 53,441 25,807 14,083 11,833 148,873 26,235 19,262 46,947 19,679 50,277 September. 40,258 | 102,495 59,256 25,090 15,934 12,274 151,706 25,582 20,264 44,939 24,415 53,917 October..- 36,983 ! 111,081 53,385 27,646 16,341 14,420 155 581 28,037 22,264 43,654 28,156 58,016 November. 41,031 102,636 56,82S 27,057 18,465 12,688 154,580 29,503 22,794 50,466 29,069 60,605 December - 37,755 06,640 55,079 24,340 17,680 12,082 i 161,824 28,400 22,239 43,733 26,309 54,380 1V27— F - e J b a r n u u a a r ry y . . - - . 4 3 0 9 , , 2 0 4 5 6 0 i 1 9 0 3 0 . , 4 3 7 0 9 3 5 5 5 8 , , 2 0 1 3 2 6 2 2 3 7 , , 2 4 5 5 0 9 1 7 2 , , 5 8 2 39 0 1 1 4 3 , , 9 3 2 2 8 3 1 1 1 1 5 4 4 4 , , 2 4 0 9 1 4 3 2 i 9 f ,8 6 5 7 0 3 2 2 1 0 , , 5 0 3 1 2 7 4 4 4 1 , .8 6 8 2 4 1 2 2 7 0 , , 9 2 7 4 6 1 5 6 0 2 , , 7 1 9 1 8 2 M Ap a r r il ch..... 4 4 0 8 , , 9 1 6 9 3 6 : 1 10 0 6 0 , , 2 5 3 7 5 4 5 5 5 4 , , 3 4 6 3 2 0 2 2 2 2, , 3 9 1 1 8 2 7 6 , , 5 8 4 2 4 0 l 1 l 1v , 7 6 4 5 4 8 1 ' 1 1 5 5 4 1 , , 9 7 3 5 8 2 2 2 9 8 , , 8 2 5 0 2 8 1 1 9 9 , , 8 8 2 3 2 6 4 8 0 8 , , 6 6 4 4 6 9 1 1 9 8 , , 1 7 8 6 4 8 5 5 4 0 , , 3 8 7 3 1 2 Mav 42,815 i 101,680 53,447 22, 674 6,713 11,467 1 173,890 27,296 19,602 33,490 16,613 51,325 June,_..„_ 45,846 ; 94, 870 56.374 24, 499 6.718 10, 511 * 150,565 26,503 19,932 33, 445 15,795 53,515 July 45,947 i 92, 480 50,668 22,948 6,847 11 675 * 148,335 25,626 21 744 36,041 15,162 52,269 August 44,128 85,330 52. 333 24,15« 6,214 10,867 ! 146,775 26,995 19,844 33,086 13,406 53,313 September- 43, 066 95. 323 51,233 26,380 6.444 12. 578 > 152.156 25, 581 27,654 32,942 18,152 58,846 October... . 52,594 ; 110,715 52,330 24, 880 6, 237 12, 874 » 152, 718 27, 958 29,302 36, 058 19,211 56,817 November.. 45,687 i 104, 024 60,908 24,307 7,017 12, 706 l 158,101 30,629 24,518 35, 064 20,569 66,798 December.. 42,233 102, 507 '52, 607 22.310 6.455 12,177 150,433 33,107 20,489 35,999 19,368 70,496 1928—January.__ 52,287 : 112, 332 56, 743 23, 630 7,370 12, 616 147, 689 36, 550 21,034 35,158 19,670 70,232 Due to banks: 1 " "^ 1926—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 .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 11,066,954 170,767 48,214 31,654 17,927 859,722 79S 292 50,364 98,413 32,764 107,215 November. 128,262 !;, 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 !.,078,048 163,054 45,143 33,095 18,257 i 349,069 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 i 372,379 88,533 53,080 101,170 32,575 105,868 February.. 135,794 ,090,437 173,142 53,578 33,585 18,623 i 3G4,528 88,347 55,471 95,337 33,234 127,068 March 134,562 ,118,300 172,512 54, 017 33,460 17,063 * 374,110 87,039 53,586 90,268 31,913 104,055 April 142,243 1,104,366 170,573 55,613 31,223 15,427 i 364,826 86,085 50,934 86,741 28,624 94,916 May. 137,294 1,116,781 169,109 55, 089 29, 585 15,544 i 374,373 81,810 47. 521 82, 551 27, 036 98,387 June. 143,113 1,170,711 164.173 56,135 30,346 14,113 i 347,948 81,401 47, 514 82, 674 24, 894 99, 877 July..-,—. 160,660 1,164.095 169,079 60, 290 30, 359 15,394 * 363,382 81,920 46,463 91,837 24,801 108,422 August 152,083 L, 159, 580 167,855 60,420 31,266 14,872 i 363,859 78,639 45,525 91,238 24,222 107,400 September - 141,364 1,177, 091 168, 581 61, 395 32. 428 18. 6S2 1371,952 78, 697 57, 555 87, 872 32, 023 105, 736 October 146,826 II, 208, 959 172.928 61,232 33,786 20, 058 i 376, 762 78, 930 63. 751 83, 780 37,433 110, 056 November.. 156,487 :1,323,719 173.491 63,112 39,679 19. 927 i 368,062 85,293 62,327 83, 848 40,945 127,897 December,. 350, 748 1,281.767 168,043 59. cm 37, 636 18,939 370. 021 86,384 58.359 88,072 38.164 126,28C 1928—January... 167,509 1, 372, 693 179, 569 61, 967 35, 678 19,117 379, 826 88, 514 57, 069 92,191 35,769 121,422 1 Revised in January, 1928; for explanation see p. 8 of January BULLETIN. FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weekly figures] fin thousands of dollars] Due frorn banks Due to banks City 1927 1928 1927 1928 | August Se b p e te r m- October No b v e e r ni- De b c e e r m- January August Se b p e te r m- October No b v e e r m- De b c e e r m- January Buffalo 14,341 12,834 13, 244 13,056 14,071 15,001 24,510 25,175 24,886 25,924 26,382 26,798 Cincinnati 14, 685 14,013 16,367 17,196 15,279 19,937 38,047 36,454 36,298 37,697 38,896 42,229 Pittsburgh 39, 674 38, 310 41,016 37,273 33,333 36,657 128,467 127,284 130, 753 142,935 131,207 131,258 Baltimore 14,687 13,837 15, 648 14,993 14,021 14,360 40,449 38,644 35,806 35,819 33,998 34,121 Charlotte 6,092 7, 216 7,847 7,513 6,388 5,767 6,946 8,498 10,162 11,403 13,745 13,884 Birmingham 9,181 10.481 12,331 10, 263 8,514 9,982 7,224 9,123 11,800 10,359 9,456 10,473 Jacksonville 10,836 10,632 11,377 10,948 11,816 12,171 18,559 18,048 17, 707 17,169 18,929 17,813 Nashville..—- 4,337 5,287 6,977 9,229 8,279 7,893 10,851 11,114 12,872 13,362 13,016 12,881 New Orleans.., 15,489 18,833 21,552 19,815 18,787 18,713 36,782 42,629 46,041 45,207 43,176 47,483 Detroit -- 33, 738 34, 237 34,004 34,303 32,147 32,832 41,888 43, 650 38,847 41,850 40,004 43,649 Little Rock 3,029 3,761 4,349 4,718 3,885 3,745 9,417 \ 9,832 12,589 14,051 13,718 12,889 Louisville 6,534 7,227 7,425 7,240 8,284 8,817 26,450 27, 795 28,286 31,599 33,696 37,463 Memphis 11, 392 11, 825 15,526 16,635 11,628 12,432 10,870 12,888 18,584 19,870 18,421 17,569 Helena 1,878 2,172 2,468 2,665 2,441 2,272 2,406 2,868 13,862 I 4,136 ! 4,142 3,708 Denver 14,436 15,465 16,411 19,101 15, 750 16,442 16, 792 17,958 20,764 25,513 23,838 21,392 Oklahoma City. 10,161 10, 023 13,263 16,294 14,010 13,772 16, 290 15,900 21,103 25,559 26,239 23,235 Omaha 17,396 17, 526 19,482 18,026 17,357 18,622 40,604 38,142 35,349 31,771 33,391 33,164 El Paso 2,397 2,275 3,024 4,043 5,183 4,328 2,091 1,977 2,566 I 3,480 14,139 3,849 Houston 16,286 19,105 17,654 16, 937 16,153 15,603 26,243 34, 484 35,757 34,899 32,767 31,685 San Antonio 8,082 8,077 7,350 8,471 8,770 8,638 8,401 9,086 7,801 18,523 \ 8,352 7,722 Los Angeles 54,476 52, 582 55,124 55, 283 53,947 57,261 56, 718 44,688 48,061 49,856 48,084 48,004 Portland 10,586 11,108 10,643 11, 651 10, 641 11,556 17,098 20,467 18,663 19,879 19,264 17,279 Salt Lake City. 4,561 4,909 5,457 6,209 6,304 6,301 9,418 10,464 12,890 14,917 17,013 15,129 Seattle 17,646 18, 514 18, 243 17,918 18,087 18,717 18, 010 19,464 19,094 18,772 18,564 18,972 Spokane 4,857 4,840 4,637 4,778 4,630 4,233 8,633 10,124 10,304 10,005 10,903 10,287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS » [1926=100] Month m Al 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 Bu a i te 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 H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1926 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 89.9 1927 January 96.6 96.5 96.9 101.0 94.3 f 97.7 98.8 97.5 97.6 97.9 90.3 February- 95.9 95.4 95.9 100.2 94.6 i 95.8 98.0 96.2 97.6 97.9 90.6 March. . 94.5 94.2 94.5 100.5 94.0 I 90.0 98.2 95.3 97.1 97.8 90.9 April 93.7 94.3 94.6 101.7 94.2 I 84.9 97.8 95-0 97.8 97.8 91.3 May 93.7 96.3 94.4 103. 7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 June-. 93.8 96.5 94.4 107.3 94.3 84.2 98.2 94.6 95.8 98.0 90.2 July... 94.1 97.6 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 98.6 89.2 October. .. 97.0 105. 0 100.0 113.0 98.4 83.8 97.1 91.6 97.1 98.5 88.3 November _ 96.7 104.3 101.5 114.3 97.5 82.9 97.0 90.2 97.4 98.9 88.3 December 104.4 100.7 116.9 97.2 82.5 98.4 90.4 97.2 98.8 89.0 i 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* Bonds: Month m c i o t 3 o i m e 0 d s - - Grains t F v a a e r b n g u l d e e it s - M m an a e i l a - s t p D p o u a r a u c n o i l t d d r t s y r - y c C o s a o e t n t t e o t d d o n n - cl U f a ie s n s d - i- Month or week s i t n t o 1 r d i 9 c u a 7 k l s s - ' r s a t i o l 3 c ro 1 k a s d * s T to 2 o 2 c t 8 a k l s , A i p s o v r s f e i u c 4 r e e a 0 s ge 1926—December . 161.7 135.2 153.9 96.04 1926 1927—January... 158.4 136.7 153.5 96.43 December. - 127 120 137 140 161 81 91 February . 163.0 142.1 156.9 96.44 March 165.7 "143.1 159.0 96.63 J F M a e n a b u r r 1 c a u 9 h r a 2 y 7 ry— 1 1 1 2 2 2 7 6 6 1 1 1 2 2 2 2 0 1 1 1 1 4 4 4 0 2 0 1 1 14 4 4 4 0 3 1 1 1 4 5 3 2 2 3 1 9 8 0 4 5 2 8 8 8 7 4 1 J J M A u u p n a l r y y e il 1 1 1 1 7 7 7 6 5 9 4 5 . . . . 4 0 5 1 1 1 1 1 5 4 5 5 3 7 1 0 . . . . 4 9 9 5 1 1 1 1 6 7 6 6 6 1 7 8 . . . . 2 7 5 5 9 9 9 9 7 7 7 7 . . . . 0 2 5 0 6 4 5 3 J J S A O A M u u e p c u a l n p t r g y y o e i t u l . - e b . s m e . t r . . - b . e _ r . - 1 1 1 1 1 1 1 3 2 4 3 3 3 2 0 6 0 9 0 2 5 1 1 1 1 1 1 1 3 3 4 2 3 1 2 9 4 0 8 8 9 7 2 1 1 1 1 1 1 0 4 9 7 3 4 5 1 5 5 2 8 7 8 1 1 1 1 1 1 1 3 3 4 2 3 4 4 6 1 2 9 7 5 3 1 1 1 1 1 1 1 3 4 2 2 3 2 3 7 6 7 4 0 5 3 1 1 1 1 1 1 1 7 6 2 1 0 1 3 9 9 4 9 1 3 6 7 8 8 8 8 8 8 9 7 3 0 1 1 2 1 W 9 e 2 e 8 k — D N S A O e e J e o n c u a p c t v g d n o t e e e u i u b m m m n s a e t g r b r b b y - e e e . r r . r . . . . 1 2 2 1 2 1 1 9 0 8 0 9 0 7 9 2 8 7 . . . . . . 4 0 0 7 1 5 1 1 1 1 1 1 5 5 6 5 5 5 8 0 6 8 8 7 . . . . . . 2 6 6 0 9 1 1 1 1 1 1 1 9 9 7 8 9 8 5 4 9 6 9 1 . . . . . . 6 2 4 2 1 3 9 9 9 9 9 9 8 9 8 9 8 7 . . . . . . 3 6 9 2 0 7 5 2 8 5 0 6 November.. 137 120 136 141 153 162 86 Jan. 7. 212.0 150.9 196.8 99.32 December. _ 137 123 141 138 158 153 90 Jan. 14 208, 8 158. 3 194.0 99.43 Janu 1 a 9 r 2 y 8 137 125 144 138 154 152 91 J J a a n n . . 2 2 8 1 2 2 1 1 0 0 . . 5 3 1 1 5 5 7 7 . . 0 5 1 1 9 9 5 4 . . 0 9 9 9 9 9 . . 3 3 2 3 * Index numbers of Standard Statistics Co. * Index numbers of Department of Agriculture. 2 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-December— January-December December, December, 1927 1927 1926 1927 1927 1926 Class of issue Class of issue Gov- Cor- Gov- Cor- Gov- Cor- New fu R in n e g d - - New Re i f n u g nd- New f R i u n n e g 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 t - e Total 71.0 30.2 988.5 640.8 737.5 573.7 Total 667.9 265.2 6,151. 7 1,969. 9 5,156. 7 878.9 New issues 51.0 30.2 853.8 528.1 628.1 423.9 Europe . . . 18.0 7.0 325.6 238.8 260.0 183.7 Corporate issues 557.5 263.4 4,641.8 1,849.9 3, 753. 8 819.5 Canada and Newfound- Bonds and notes— land 8.5 12.5 119.7 103.0 75.2 149.3 Long-term. _ _314.1 216.6 2,961.4 1, 504.1 2, 417. 6 641.2 Latin America 22.3 3.0 280.7 79.7 260.6 40.3 Short-term. __ 20.0 9.2 220.6 81.9 249. 0 45.3 United States insular Stocks... _. 223.4 37.6 1,459. 6 264.0 1, 087. 0 132.9 possessions 2.2 12.9 19.3 12.6 2.9 Farm-loan issues 86.9 92.8 91.3 40.2 Miscellaneous . . _ 114.8 87.3 19.7 47.7 Municipal issues 110.4 1.8 1,423.1 27.1 1,311.8 19.2 Refunding issues.. 20.0 7.7 134.6 112.7 109.4 149.8 Total new and Total, Government and refunding 933.1 8,121. 7 6, 035. 7 corporate _. 10L.2 1,629.3 1,311.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 133 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] p I t r n t i o r o d i d n a u u l s J c - - P m t t r i u o o f a r a n d e n c s u - u o 1 c - l - P m ti r a o o i l n n d s e ^ u o r c f - - e F m m ac p e t l n o o t r y y - Fa r p o c a t l y l o s ry B j U u u n s il t a a d e w d i d - n a g r d c e o j d u n A s l t t d r e a - d cts i R l r n o c o g a a a a s i r d d l i - - W j U u h n s o t t a e r l d i e d - b s u al t e j i u o A d s n i t d s e - - d I j U u D s n s t t a o e e d r p d e - a r s t a m l j e u e s A s n ! t d t e - * - d U j s u t D n s o t a e r e e d p d - a s r to tm c j k u e A s n s t d i t e - 2 - d Mo. av. 1923-1925=100 I Mo. av. 1919=100 Monthly average 1923-1925=100 ANNUAL INDEX I ! 83 84 77 100 100 84 110 79 1920_ 87 87 89 103 124 91 114 105 1921. 67 67 70 82 84 79 87 1922. 85 87 74 90 89 86 89 1923. 101 101 105 104 113 100 101 1924_ 95 94 96 95 104 98 98 99 101 1925 104 105 99 95 107 X44 103 101 103 1 101 1 1 9 9 2 2 6 7 1 1 0 0 8 6 1 1 0 0 8 6 1 1 0 0 7 7 9 92 6 i 1 1 0 0 9 5 112298 1 10 0 3 7 9 9 8 5 1 1 0 0 6 6 1 1 0 0 3 2 MONTHLY INDEX \ 1923 | January | 100 100 101 101 104 61 85 93 102 80 91 I 83 February ! 100 100 100 103 107 71 97 96 100 72 93 I 90 94 March j 103 103 103 105 113 94 87 100 114 104 99 99 98 95 April 107 107 109 105 113 101 79 105 97 100 94 97 100 97 May. 106 106 108 105 117 109 89 105 94 103 102 98 97 June _ ._ 105 104 108 105 117 93 81 103 92 102 101 102 96 July. 103 102 111 104 113 79 76 102 92 101 71 97 August 102 100 110 104 113 75 72 101 115 103 79 96 100 September 100 101 98 104 114 73 76 99 115 99 89 100 105 101 October 99 98 104 104 117 91 88 97 123 103 117 100 111 100 N De o c v e e m m b b e e r r 9 9 8 6 96 10 9 5 9 1 10 0 1 3 1 1 1 1 3 5 8 7 0 6 9 9 0 0 9 9 9 5 1 8 0 2 0 1 9 UU 5 X 1 X 6 O 1 100 1 9 1 4 4 1 10 0 0 1 1924 January 100 102 100 108 76 101 94 103 87 101 February 102 102 104 101 114 78 101 103 98 102 82 105 97 102 March 100 101 99 101 113 109 99 102 94 91 99 105 102 April 95 95 92 111 121 96 96 99 104 99 107 103 May. 88 93 105 108 95 87 95 100 97 104 102 June 84 92 93 100 101 91 82 91 94 100 97 100 July 82 92 92 87 84 86 93 72 96 93 10Q August. 89 92 89 85 105 95 74 95 96 10O September 94 97 91 87 90 118 101 93 100 105 101 October 94 95 89 103 103 100 118 99 111 95 111 101 November 97 97 96 101 95 103 99 97 99 111 101 113 100* December 101 101 100 106 83 94 100 101 168 100 94 10O 1925 January 105 106 104 103 75 101 103 93 102 86 90 102 February 105 106 100 109 76 104 103 97 101 80 103 96 101 March... 104 106 96 110 120 107 100 109 100 95 103 104 101 April 103 103 98 107 138 112 104 98 100 106 102 106 101 May 103 103 104 107 124 115 105 90 99 100 101 103 100 June 102 102 101 105 137 125 101 91 100 99 100 97 100 July 103 103 104 102 133 128 101 94 102 75 100 94 101 August 103 102 108 105 149 135 105 113 101 78 101 98 102 September 102 104 90 104 138 135 102 117 100 95 102 106 102 October 105 107 91 111 129 129 100 124 105 129 110 111 101 November 106 109 112 116 127 104 100 114 104 115 102 December 108 110 112 129 138 105 98 178 106 97 103 1926 January 106 109 92 107 Ul 146 102 94 102 89 106 93 105 February 107 108 96 112 99 136 104 97 101 81 104 98 103 March 107 108 106 113 146 128 105 107 100 102 101 107 104 April 107 107 106 110 139 120 107 94 97 103 103 107 103 May 106 107 104 109 134 125 108 91 99 107 107 103 101 June 107 107 106 109 133 125 109 91 99 101 102 98 101 July 107 107 107 104 126 124 108 91 97 78 104 94 101 August 111 111 109 108 146 129 108 107 97 83 107 97 101 September 112 112 111 108 137 130 109 117 100 101 109 107 103 October 111 110 115 112 126 126 109 111 94 124 110 114 103 November 108 106 118 109 119 130 108 97 98 121 106 117 104 December 105 103 119 108 131 136 106 84 95 184 110 102 1927 January 107 105 116 102 94 123 105 87 94 89 106 92 103 February 109 107 118 109 96 131 109 91 95 83 106 97 102 March 111 110 118 110 151 131 109 103 96 100 105 106 103 April 108 109 104 108 147 128 108 90 94 111 105 106 102 May. 111 111 108 108 135 126 107 87 95 102 103 103 101 June 108 108 104 106 154 144 104 87 93 101 103 97 100 July 106 107 100 101 130 128 101 88 95 75 103 94 101 August 107 107 106 104 135 119 104 111 100 89 111 97 101 September 105 105 105 104 127 121 104 112 96 100 1(8 107 103 October 103 102 105 105 137 137 101 106 91 119 1C5 113 103 November 101 101 114 125 96 93 95 122 1/7 116 103 December 103 102 116 121 04 82 93 186 1J 96 102 » The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts and department-storo sales and stocks are shown both with and without seasonal adjustments. > The indexes of department-store sales and stocks are the new indexes described in this BULLETIN on p. 114-124. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average3* 100] INDEX OF INDUSTRIAL PRODUCTION Total ]Manufacture.3 Minerals Month 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 January 73 100 100 105 106 107 73 100 99 106 109 105 77 101 102 104 92 116 February 76 100 102 105 107 109 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 81 107 89 103 106 111 86 106 88 103 107 111 54 108 93 104 104 108 June 86 105 85 102 107 108 90 104 84 102 107 108 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 88 102 111 107 62 110 92 108 109 106 September 88 100 94 102 112 105 89 101 93 104 112 105 81 98 97 90 111 105 October . 94 99 94 105 111 103 94 98 95 107 110 102 90 104 89 91 115 105 November 97 97 97 106 108 98 98 96 97 109 106 98 94 105 96 94 118 101 December 100 96 101 108 105 99 100 96 101 110 103 99 100 99 100 93 119 103 Annual index 85 101 95 104 108 106 87 101 94 105 108 106 74 105 96 99 107 107 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Total ANNUAL INDEX 1919 84 1920 87 1921 67 1922 87 1923 101 1924 94 1925 105 1926 108 1927 MONTHLY INDEX 1926 January 109 February 108 March . 108 April 107 May - - - 107 June 107 July 107 August 111 September 112 October no November December -._ 1927 January -. February March ._ April May June July August September October - - - . November „ December II 1 s I a t r n e o e d n l Textiles p F u r o c o o t d d s - pr P i a a n n p t d e i r ng Lumber m A o u bi t l o e - s Le s a a h n t o d e he s r a C n b e d r m i g e c l n k a t , s , s f m N e e r o t r a n o l - u s s r P e l e f e i t u n r i m o n - g Ru ti b r b e e s r T f m a o a c b t n a u u c r - e c s o 82 92 94 76 79 50 104 55 67 54 82 99 84 84 87 79 58 97 C6 78 64 87 46 87 83 70 68 41 90 63 39 64 55 85 83 99 94 85 89 66 102 80 69 74 77 89 105 105 99 95 99 102 110 95 94 86 86 96 88 91 103 99 96 90 94 95 99 99 98 99 106 104 98 106 105 107 96 110 107 115 116 105 113 104 97 114 100 109 98 114 112 125 118 114 103 96 94 86 118 115 104 101 112 100 116 93 117 108 116 116 108 113 104 95 113 107 117 95 112 109 117 114 110 114 104 95 114 105 113 95 108 108 119 108 115 116 100 94 113 107 111 93 107 115 123 109 112 114 98 94 115 101 112 93 112 115 125 108 111 112 101 98 114 99 110 97 123 107 126 116 113 113 99 98 113 100 106 101 118 110 126 117 110 120 105 102 115 95 128 101 118 110 128 128 113 117 109 103 116 99 124 105 117 112 128 132 113 1 115 110 102 117 97 105 106 114 112 129 126 116 104 110 98 116 95 88 99 107 119 133 108 115 102 110 96 113 96 65 100 95 118 135 112 111 105 108 95 112 96 95 99 101 116 135 118 114 107 113 108 93 113 95 99 102 107 112 134 117 113 110 114 114 99 113 91 104 98 119 108 135 123 116 109 115 112 98 114 88 104 98 109 112 134 131 122 111 116 116 103 113 95 105 100 108 111 132 127 122 108 104 121 102 112 93 93 105 109 108 134 131 116 106 102 118 96 113 95 83 113 111 106 136 124 109 107 101 119 97 111 95 88 106 115 108 136 119 119 105 97 118 93 113 99 81 112 113 107 139 113 123 102 93 113 94 111 95 71 109 108 106 142 116 121 98 87 111 94 110 92 47 98 107 106 140 113 122 99 92 105 95 114 92 53 97 105 111 137 110 113 NOTE.—These tables contain, for certain months, in lex numbars 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 besn weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 135 INDEX Total ANNUAL INDEX 1919 - - - 77 1920 89 1921 70 1922 74 1923 ... 105 1924 * 96 1925 99 1926 107 1927 108 MONTHLY INDEX 1926 January 92 February 96 March 106 April 106 May 104 June. 106 July 107 August . - 109 September 111 October 115 November 118 December 119 1927 January _ _ _.. 116 February 118 March _ . . _ 118 April 104 May 108 June 104 July August September _. October November __ December sil OF PRODUCTION OF MINERALS, BY PRODUCTS n B o i u t s u m co i a - l Ant c h o r a a l cite C t r r u o d le e u m pe- sh Ir i o p n m -o e r n e ts Copper Zinc Lead Silver 89 109 52 91 81 109 110 61 113 85 87 79 112 64 36 30 39 66 84 78 65 75 82 62 68 77 87 108 115 100 114 93 96 88 102 92 108 97 82 100 97 102 100 100 77 103 104 106 107 111 98 110 105 104 113 110 116 115 95 99 99 121 98 105 111 111 92 112 100 106 112 115 96 111 34 99 109 117 116 96 104 125 98 109 109 117 93 105 126 99 110 114 111 94 | 104 117 98 95 109 113 116 94 104 125 100 105 107 111 108 98 | 106 119 103 110 111 111 113 90 ! 107 118 105 126 108 120 116 96 ! 109 127 106 116 113 121 117 96 | 112 125 113 132 113 121 118 93 ! 124 114 117 97 116 120 116 93 121 115 121 112 119 122 107 119 101 120 114 113 113 97 j 125 95 123 111 113 112 95 ! 131 88 123 100 114 115 90 ! 87 108 119 106 110 120 90 S 94 117 120 120 107 108 113 90 1 91 102 120 101 105 114 112 93 ! 87 75 124 99 101 109 116 94 92 107 123 99 101 114 112 94 92 100 124 87 104 111 111 90 105 90 107 124 95 102 no 105 91 1 1 0 0 3 1 8 8 6 5 1 9 0 1 6 1 1 2 2 4 4 49 1 1 0 0 5 6 1 1 0 0 9 7 1 1 0 1 9 0 1 9 00 0 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES Decem- Novem- Decem- Decem- Novem- ] Decemjber, 1927 ber,1927 ber, 1926 ber, 1927 ber, 1927 i ber, 1926. Iron and steel: Leather and products: Pig iron 90 103 Leather, tanning— Steel ingots 93 87 102 Sole leather^ 92 ! 93 I 91 Textiles: Upper leather- Cotton consumption 104 118 113 Cattle 74 70 i Wool- Calf and kip.. 107 108 92 Consumption 85 90 Goat and kid- 128 126 122 Machinery activity » 87 92 Boots and shoes 96 97 100 Carpet and rug loom activity*. 92 91 Stone, clay, and glass: Silk- Cement 117 111 105 Deliveries 144 139 129 Brick- Loom activity1 117 112 111 Face brick 99 105 95 Food products: Plate glass 97 104 95 Slaughtering and meat packing- Nonferrous metals: Hogs 87 80 78 117 106 118 Cattle 89 100 104 Lead 109 110 123 Calves „_, 95 104 104 Zinc 109 107 119 Sheep 109 116 117 Tin1 100 109 Flour 100 97 97 Chemicals and allied products: Sugar meltings. 108 108 120 Petroleum refining— Paper and printing: Gasoline * 155 160 149 Wood pulp and paper- Kerosene 91 93 101 Newsprint 94 108 Fuel oil» 120 123 121 Book paper , 110 108 117 Lubricating oil1 118 107 113 Fine paper 120 113 112 Coke production- I Wrapping paper 99 98 103 By-products 113 in ! 115 Paper board 112 112 95 Beehive 30 71 Wood pulp, mechanical 87 93 99 Rubber tires and tubes: 34 ; Wood pulp, chemical _ 109 103 117 Tires, pneumatic 113 117 ! 115 Paper boxes 121 114 124 Inner tubes 90 83 95 Newsprint consumption 134 127 127 Tobacco products: Lumber: Cigars 76 103 I Lumber, cut 92 92 94 Cigarettes 139 140 126 Flooring 91 115 Manufactured tobacco and snuff. 95 96 98 Transportation equipment: Automobiles. 53 47 65 Locomotives 33 65 Shipbuilding 176 123 1 Without seasonal adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919—100] Metals and Total Gr p o r u o p duc I s a t r t s n e o d e n l G T r e o x u ti p les F a a n b d r i p cs rod P u u r c c o t t s d s - L p a r b u n o e m d d r - - v K r c o e l a e h a i s d i l - - m A o u b t i o le - s P p a i r a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n d y ss e , , b p u T a r c o c o t c d - s o - C p i u a h c r c n o a e t d l d m s s - - Employment: 1920 103.2 110.3 110.4 100.5 ! 98.5 103.0 96.2 107.0 102.3 110.5 95.6 91.7 104.5 98.9 101.0 1921 82.1 66.7 66.5 95.7 1 96.7 94.4 80.6 77.9 62.0 95.9 86.6 81.9 88.4 97.8 76.5 1922 90.4 77.5 76.8 99.7 98.1 101.7 102.2 77.4 83.3 99.1 87.9 91.1 104.6 94.8 73.0 1923 104.0 98.6 98.4 107.5 ; 110.0 104.4 108.1 105.7 116.1 104.7 94.0 99.2 122.0 93.7 81.0 1924 95.0 87.3 86.9 95.4 95.9 94.7 102.6 90.3 108.0 104.2 91.0 88.0 119.5 88.8 74.0 1925 95.4 88.6 87.9 96.7 98.0 95.0 100.6 85.9 122.8 105.0 86.9 89.1 121.0 87.1 74.8 1926 95.6 92.8 92.4 93.3 ! 94.6 91.6 99.4 85.4 124.1 107.9 86.2 87.3 123.3 81.0 76.9 1927 91.9 86.8 86.5 94.2 96.9 90.7 91.5 77.1 113.3 108.2 86.1 85.4 117.0 79.6 77.0 1926—January 96.3 92.6 91.9 97.3 99.1 95.0 98.3 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February-- 97.0 94.2 93.5 97.4 97.6 97.2 98.6 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 March 97.3 94.6 93.8 97.1 97.1 97.1 98.9 87.1 136.3 107.4 84.9 88.3 116.8 83.3 77.0 April 96.4 94.3 93.7 94.9 95.8 93.8 100. 2 88.1 132.1 106.8 82.5 83.9 12], 8 79.8 77.3 M^ ay 95.5 93.1 92.8 92.6 93.7 91.3 100.1 87.8 127.1 106.9 83.6 82.6 127.4 79.4 76.0 June 95.1 92.7 92.5 91.0 91.8 90.0 100.1 86.7 125.2 106.8 85.5 82.4 129.7 82.1 76.3 93.5 91.4 91.1 87.0 88.2 85 6 99.4 85.7 122.0 106.4 85.7 85.5 127.3 79.1 75.1 August 94.4 91.9 91.7 88.4 88.6 88.0 100.3 84.9 125.1 106.6 86.0 89.5 129.7 76.7 75.6 September-.. 95.8 92.9 92.7 91.3 92.8 89.5 100.0 85.0 124.6 108.4 88.6 90.9 129.3 80.6 77.4 October 96.4 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- 95.2 91.7 91.5 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 M^arch 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 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 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 October 91.7 84.4 84.0 94.5 97.0 91.4 92.4 75.5 109.9 108.6 89.2 86.5 116.2 85.3 77.8 November- 90.1 82.8 82.3 94.2 97.2 90.3 91.2 73.4 100.7 109.7 87.7 81.5 114.7 84.6 78.5 December-. 89.0 81.8 81.4 93.6 96.4 89.9 88.0 72.0 105.0 110.1 86.7 79.8 109.0 80.3 77.2 Pay rolls: 1920 123.5 127.0 126. 5 121.4 119.9 123.3 125.2 123.2 120.0 135.3 112.8 106.0 129.3 116.4 124.6 1921 83.6 60.7 eo.o 102.6 100.6 104.9 79.3 83.1 64.0 114.5 96.4 87.8 93.8 98.3 84.9 1922 89.2 69.5 68.4 102.5 98.0 108.1 93.3 81.4 88.0 118.5 93.0 94.5 103.0 92.1 81.7 1923 113.1 102.3 101.9 117. 5 119.9 114.6 112.8 111.7 134.6 131.3 104.2 104.5 142.2 96.0 101.4 1924 104.1 90.3 89.9 102.5 103.4 101.4 110.0 94.9 124.1 134.6 103.2 91.9 148.0 93.0 96.7 1925 107.2 93.9 93.2 106.5 107.8 104.8 110.3 91.8 151.5 138.7 100.0 92.9 148.7 90.7 98.6 1926 109.0 100.1 99.6 102.4 103.8 100.6 112.2 92.3 14a 0 147.7 101.0 90.8 152.0 86.1 104.6 1927 105.0 92.8 92.2 104.8 107.4 101.6 104.6 85.2 133.7 149.7 101.7 88.4 144.4 84.1 108.4 1926—January 107.0 99.1 98.3 108.1 110.4 105.3 105.8 85.8 136.0 145.5 100.1 89.7 136.9 86.0 102.2 February—- 111.5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 March 113.0 104.2 103.4 109.8 108.2 111.8 111.9 94.5 170.7 147.9 99.3 93.2 144.3 88.4 104.5 April - 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 May 108.9 100. 5 100.1 99.1 100.7 97.2 111.8 95.1 157.3 147.1 99.5 81.2 158.3 81.7 103.7 June . 108.8 100.6 100.3 97.4 98.2 96.4 112.9 96.2 147.7 146.9 101.6 85.4 162.9 87.1 105.0 July 103.6 94.8 94.5 91.6 92.7 90.2 107.5 89.6 136.7 144.0 100.8 90.3 152.9 83.6 101.7 August 107.6 97.0 96.7 96.5 96.0 97.0 112.6 93.1 152.7 144.4 100.5 97.6 162.3 82.8 101.1 September- 108.3 98.4 97.9 98.9 100.7 96.7 113.7 88.9 148.9 146.8 103.6 97.4 157.0 87.6 102.3 October 112.4 102.6 102.2 105.3 108.2 101.7 117.8 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. . 107.9 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 102.0 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. _. 108.6 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 110.0 100.7 100.1 110.8 111.3 110.3 104.6 87.0 153.4 152.2 99.1 93.2 144.9 80.9 111.7 April 108.5 99.5 99.1 105.1 108.1 101.4 103.2 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 101.1 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 87.9 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 October 105.1 88.9 88.2 106.9 108.9 104.3 109.1 83.6 133.6 151.0 104.8 88.5 145.0 91.3 110.0 November- 101.0 86.0 85.2 101.6 104.5 98.1 106.3 82.2 117.6 149.0 103.0 76.8 140.8 90.5 109.7 December.. 101.8 87.6 86.6 103.6 106.1 100.6 102.5 80.2 127.8 152.7 102.2 77.8 133.6 87.0 112.4 i NOTE.-—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The geceral index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 137 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925-< 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 95 116 119 114 82 90 103 127 130 125 December 62 76 83 129 131 116 77 90 94 138 136 121 Annual index 81 84 95 122 129 128 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts In thousands of dollars] Federal Reserve District Month Total Boston Y N o e r w k2 de P l h p i h la ia - 2 C la l n e d v e ^ - m Ri o c n h d - Atlanta Chicago2 St. Louis M ap i o n l n is e * - K C an it s y as Dallas 1926 September. . 562,371 42,427 148, 759 40,585 56,322 38,704 37,194 112,604 35,187 11,111 18,445 21,033 October 515,727 29,297 125,681 31, 744 53,829 35,250 34,980 111, 172 40,981 11,484 22,935 18,374 November.. 487,013 34,584 120,009 30,167 35,923 44,318 40,084 117,022 30,586 7,186 11,979 15,155 December... 537,396 31,570 228,039 30, 564 42,231 22,596 28,232 95,008 22,504 5,693 11,520 19,439 1927 January 384,455 15,848 120,071 33,129 44,634 27,776 32,454 57,513 21,533 3,197 11,419 16,881 February 393,583 20,298 105,709 28,269 50,808 24,944 31,928 70,905 25,697 4,342 16,173 14,510 March 620,738 42,807 156,074 60,141 56, 741 34,694 45,921 124,235 42,704 13, 298 16,342 27,781 April 604,391 40, 649 165,459 52, 652 77,350 31,192 31,004 114,013 34,888 12,001 22,644 22,539 May. 552,349 39,023 141,469 37, 724 70,938 39,736 31,100 105,089 31,344 11,136 21,528 23,262 June 632,478 33,569 177,235 54, 644 64,011 35,502 31,188 140,608 44,171 11,712 17,598 22,240 July 534,390 29,658 158, 435 33,982 57,465 34,241 28,093 107,480 32,205 13, 111 17,203 22,517 August 552,488 37,461 144,049 53,519 62, 447 31,813 28,176 109,646 34,134 12,371 19,061 19,811 September.. 521,611 32,863 107,448 40,174 65,235 57,464 30,917 106,296 32, 573 8,038 22,253 18,35a October 562,816 27,486 169, 299 34,211 49, 315 29,553 26,023 141, 523 41,405 9,305 19,317 15,379- November 466, 393 40,070 132,481 30,138 39,136 24,811 39,151 84,182 27,793 7,138 16,516 24,977 December... 477,364 29,407 130,346 28, 634 35, 275 37,285 24,816 126,841 33,352 4,473 12,316 14,619 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS Public [Value of permits in thousands of dollars] Month d R en e t s i i a - l In tr d i u a s l * m C e o r m cia - l u p w t a u i o l n b i r t d l k i i e s c s E ti d o u n c a a l - o A th l e l r Federal reserve district N of u m cit b ie e s r b D e e r, c e 1 m 92 - 7 b N e o r, v 1 e 9 m 2 - 7 b D e e r, c e 1 m 92 - 6 1926 October 226,704 46,465 63,601 103,757 23,567 51,543 United States. 168 234,216 251,643 283,784 November., 229,821 64,781 59,657 50,129 34,572 48,063 December.. 203,966 51,181 75,196 120,290 22,178 64,585 Boston 14 11,543 14,064 7,172 J F a e n b u r a u r a y 1 r 9 y 27 ... 1 1 6 6 7 3 , , 8 0 6 8 6 8 2 4 7 1 , , 8 2 7 4 5 7 8 6 0 7 , , 1 8 1 9 6 6 5 52 8 , , 1 9 8 5 0 5 2 1 2 7 , , 0 0 4 1 6 2 3 4 2 7 , , 6 1 3 2 1 6 N P C h l e e i w v la e Y d la e o n l r p d k hia.. 2 1 1 2 4 2 9 1 8 5 7 , , , 6 6 8 0 3 4 0 3 5 9 1 1 1 4 2 , , , 4 2 2 9 6 3 5 5 0 1 2 2 19 4 0 , , ,3 8 5 4 0 1 1 4 1 J J M M A u u p a n a l r y r y e i c l h _._. 2 1 2 2 2 8 3 6 1 5 6 9 7 9 0 , , , , , 9 8 4 9 0 3 1 1 8 7 5 4 7 0 8 3 4 4 4 3 4 4 8 , , , , 8 8 6 0 7 8 0 7 9 9 2 7 1 8 8 8 7 1 0 3 8 2 3 , , , , , 0 1 5 7 7 2 1 4 6 5 2 0 1 6 4 1 1 1 1 1 4 1 5 0 1 3 6 1 6 1 , , , , , 9 3 2 8 3 1 9 2 6 6 6 9 7 4 8 3 4 3 3 3 6 2 4 5 6 , , , , , 4 1 5 6 5 3 2 4 2 7 4 2 5 2 8 5 5 6 7 9 3 7 5 , , , , 7 1 4 6 4 9 6 7 2 2 8 6 A R S C t i h t . c l i a L c h n a m o g t u a o o i n s d 1 1 1 5 5 5 9 4 6 3 5 5 , , , , 3 6 9 5 1 3 2 8 6 1 7 9 4 9 8 7 2 , , , , 9 8 0 9 5 6 3 8 1 0 3 3 4 8 7 5 6 , , , , 7 9 9 0 1 5 6 3 1 1 3 3 N A D S O e u o e c p t c g v o t e u e e b m m s m e t r b b b e e e r r r , . . . . 2 2 2 2 2 0 1 0 0 4 2 4 7 9 3 , , , , , 2 9 8 4 5 8 6 7 5 6 1 3 7 6 2 4 2 4 5 5 8 9 2 1 0 , , , , , 5 9 8 0 7 4 8 9 3 1 6 9 0 9 2 4 8 7 5 7 6 3 9 6 9 , , , , , 9 6 9 7 5 3 1 1 2 2 3 7 5 0 1 1 1 1 9 7 2 0 1 2 6 6 8 9 , , , , , 6 0 2 2 7 8 5 3 1 4 9 7 0 0 1 2 4 3 3 2 9 1 1 0 3 , , , , , 2 7 0 1 2 4 4 3 7 4 1 4 5 0 8 6 5 4 3 5 7 4 7 5 0 , , , , , 1 3 2 4 0 8 0 4 5 9 9 2 2 6 7 M D K Sa a a i n l n n l s n a 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 2 9 7 0 , , , , 0 0 6 3 8 4 3 7 1 5 0 6 3 6 2 6 5 , , , , 5 5 4 2 0 7 2 56 7 7 2 3 5 5 0 1 , , , , 8 4 8 1 4 9 2 3 6 3 3 6 2 Figures for these districts have been revised. Information for earlier years will be furnished upon request. NOTE.—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

138 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES AGRICULTURAL MOVEMENTS [Index numbers, adjusted for seasonal variations. 1923-1925=100] [Indei numbers, without seasonal adjustment. 1919-100] Mer- Total G p g u a r r r c n o a a t d i d i s n n - s L t i o v c e k - Coal F p u o r c o re t d s s - t m c l l d a . a h i c s n i n a s . c d e 1 n e e - . - l- Annual indexes: Total s L to iv c e k - p A u m r c o n a t i d s l - - Grains C to o n t- t V ab e l g e e s -Fruits b T a o c - co ous 1925 111 97 118 96 126 137 147 124 1926 115 93 120 99 135 134 167 163 Annual indexes: 1927 119 92 122 115 128 151 156 193 1925 103 97 95 99 100 105 1927—January 115 99 86 86 152 118 99 404 1926 107 101 93 111 98 108 February-. 104 81 95 84 118 113 97 383 1927 103 100 90 102 92 107 March 103 91 118 71 117 146 100 212 1927—January 105 96 88 114 94 108 April 85 82 137 50 74 146 128 31 February 109 102 87 121 95 109 May . 94 95 161 63 58 140 174 8 March 109 98 92 122 91 110 June 94 91 169 84 32 162 127 1 April 108 97 92 107 90 110 July 95 79 149 135 13 133 140 May _. 107 100 95 103 93 108 August 123 93 129 195 80 119 142 50 June 104 105 93 96 91 108 September.. 165 87 102 207 205 233 267 255 July 101 97 89 89 94 107 October 185 111 95 182 284 266 357 323 August 104 98 91 102 95 109 November. _ 149 105 110 119 244 145 154 328 September 104 108 87 102 95 108 December. . 121 95 116 110 155 96 88 317 October 101 106 94 94 93 106 November 96 94 87 91 87 102 For description and early figures see BULLETIN for March, 1924, and December 94 94 82 93 82 99 for certain revisions see p. 739 of the BULLETIN for October, 1926. For description and early figures seep. 562 of August BULLETIN. WHOLESALE TRADE INDEX OF WHOLESALE DISTRIBUTION—NINE LINES OF TRADE [1923-1925 average=100] Sales with seasonal adjustment Sales without seasonal adjustment Month 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 | 1926 1927 January 79 102 103 102 102 94 72 93 94 93 : 94 87 February 81 100 102 101 101 95 77 96 98 97 ! 97 91 March 85 104 94 100 100 96 93 114 102 109 1 107 103 April 83 100 99 100 97 94 80 97 96 98 94 90 May 89 103 95 99 99 95 82 94 87 90 ; 91 87 June.. __ _ _ 91 102 91 100 99 93 84 92 82 91 i 91 87 July 86 101 93 102 97 95 79 92 86 94 | 91 88 August. .. 91 103 95 101 97 100 101 115 105 113 ! 107 111 September 91 99 101 100 100 96 107 115 118 117 117 112 October 93 103 99 105 94 91 110 123 118 124 ! Ill 106 97 100 99 100 98 95 98 100 97 99 j 97 93 December 97 95 101 98 95 93 83 82 88 89 84 82 Annual average 89 101 98 101 1 98 95 SALESIN INDIVIDUAL LINES OF TRADE With seasonal adjustment Without seasonal adjustment Month c G e r r o ie - s Meats g D oo ry ds M cl i o n e t n g h 's - W c e l i o n o n t m g ' h s - - B s a h o n o o d e t s s H w a a r r d e - Drugs n F it u u r r - e c G er r i o e - s Meats g D oo r d y s M cl i o n e t n g h ' - sW c e l i o o n n m t g ' h s - - B s a h o n o o d e t s s H w a a r r d e - Drugs n F i u tu r- re 1926 November 96 116 99 82 66 99 102 111 106 102 112 98 61 45 104 100 112 111 December. 96 113 89 87 66 94 100 107 100 94 106 71 44 42 76 93 100 94 1927 January... 93 113 83 88 77 112 92 104 100 86 113 78 68 71 92 82 102 88 February. 93 112 87 101 75 108 93 103 96 81 107 88 128 95 85 82 94 96 March 96 108 90 105 67 97 98 106 96 94 104 95 144 108 111 102 117 100 April—.... 95 111 86 90 68 94 94 106 95 90 104 76 88 64 100 96 108 96 May 97 109 87 90 69 110 91 104 93 95 109 76 54 39 111 93 98 88 June.- » 98 104 88 94 62 90 92 106 100 101 106 78 48 27 85 96 99 88 July..., 91 102 88 94 79 134 92 105 104 92 104 81 82 43 107 90 100 85 August 97 109 102 105 72 111 97 112 106 97 111 125 172 98 122 98 110 109 September 94 109 91 96 66 104 99 114 104 102 117 113 146 95 127 106 122 118 October... 90 109 86 84 54 91 94 111 96 102 122 99 105 87 114 105 128 114 November 94 105 89 89 67 105 100 112 99 100 101 88 63 45 110 98 113 104 December, 92 108 86 97 61 101 97 106 90 91 102 69 50 39 82 90 99 85 Annual average.. 94 108 89 96 67 104 95 108 98 NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexii from January, 1919, to October, 1927, were published in the BULLETIN for December, 1927, pp. 817-828. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBUART, 1928 FEDERAL RESERVE BULLETIN 139 RETAIL TRADE SALES OF DEPARTMENT STORES, MAIL-ORDER HOUSES, AND CHAIN STORES [Index numbers.1 Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Chains Chains Month De- Mail- De- Mailpart- order part- order s ( m 3 to 5 e r 9 n e ) t s * ho ( u 4 s ) es G c ( e 2 r r 7 o y - ) 1 5 0 - ( - a 5 c n e ) d n - t D ( r 9 u ) g C ( i 3 g ) ar S ( h 6 o ) e M ( u 4 s ) icCa ( n 5 d ) y s ( m 3 to 5 e r 9 n e ) t » s ho (4 u ) ses c G ( 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 ) a r | S ( h 6 o ) e M ( u 4 s ) ic Ca ( n 5 d ) y i 1926 September. 131 121 307 211 192 153 142 137 218 144 128 323 227 195 152 1 148 137 221 October. _ 158 151 334 257 206 162 158 151 227 139 116 324 237 202 155 i 140 125 221 November. 156 153 347 247 198 150 150 146 232 138 123 344 237 210 151 j 138 117 244 December _ 234 166 373 466 261 222 215 223 303 146 139 357 252 215 164 164 118 208 1927 Januarv.._ 114 108 347 177 209 134 106 94 178 130 110 345 243 217 154 i 140 114 212 February— 107 107 332 191 201 137 110 98 194 139 118 346 256 222 162 i 164 119 23C 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.., 130 114 399 224 210 152 155 87 215 130 135 405 244 213 156 1 145 109 220 July 97 100 373 221 217 153 142 80 211 130 135 388 243 214 154 156 107 215 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 i 146 125 226 October. _. 151 158 426 278 234 154 157 128 233 133 122 414 257 229 147 I 139 106 227 November. 156 160 422 265 223 146 155 128 235 139 128 419 254 237 148 ! 142 103 247 December. 237 180 450 511 279 215 234 176 309 148 150 431 276 229 160 i 178 94 211 1 For description of retail trade indexes given in this table 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. 1 In subsequent issues this index will be superseded by the new index described on pp. 114-124. DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers. J 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 la le n v d e- m Ri o c n h d - Atlanta Chicago M ap in o n li e s - Dallas Fra S n a c n isco Sales (unadjusted): 1926—October 158 154 177 160 152 154 125 171 109 134 169 November 156 157 170 166 147 155 129 169 102 126 168 December.- 234 235 254 228 223 235 189 252 153 187 278 1927—October 151 145 168 146 142 141 129 163 109 129 171 November .- _ 156 156 176 159 139 149 124 175 101 125 176 December 237 230 261 221 220 228 201 261 156 197 279 Sales (adjusted): 1926—October 139 139 148 139 138 135 104 156 96 114 155 November 138 143 147 128 135 133 112 153 95 110 166 December. 146 147 155 145 141 136 116 161 104 115 176 1927—October - - 133 131 140 128 129 123 108 148 97 110 157 November 139 142 152 123 128 128 107 158 94 109 174 December 148 144 159 141 139 132 123 167 106 121 177 Stocks (unadjusted): 1926— October 153 136 152 221 144 146 128 175 105 129 151 November 156 141 157 216 150 149 127 177 105 126 156 December ....... 128 121 131 187 121 119 102 144 85 97 128 1927—October 152 136 151 209 140 143 132 176 103 117 156 November. 154 139 153 207 144 147 136 179 103 119 160 December 128 122 128 175 118 117 107 149 86 100 135 Stocks (adjusted): 1926—October 137 121 137 198 129 126 114 156 97 114 140 November _. - 138 122 138 194 133 130 114 157 96 113 143 December. _. 137 124 138 194 130 132 114 154 93 113 140 1927—October 136 121 136 188 126 123 118 157 95 103 144 November - 137 120 135 188 128 129 122 159 94 106 146 December.,....... 137 126 135 182 127 130 119 160 93 117 147 i In subsequent issues of the BULLETIN this index will be superseded by the new index described on pp. 114-124. 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

140 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE * [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember Number Liabilities All banks banks banks jlManu- Num-| Total Num- Total Num- Total Total facturber deposits ber deposits ber deposits 1926 1926 January 65 13,384 3,992 54 9,392 January 16,094 21,502 February 62 11,763 2,861 42 8,902 February 10,822 20,317 March 51 10,249 710 45 9,539 March 9,862 18,623 April 56 12, 512 3,534 50 8,978 April 38,487 16,734 19,094 May 68 16,324 4,234 58 12,090 May 437| 1,216! 33,543 16,157 15,710 June 77 34,229 5,318 61 28,911 June 435 1,1"' 29,408 10,092 15,525 July 140 48,618 1,637 135 46,981 July 1,1 29,680 11,167 14,614 August 52 10,001 2.127 43 7,874 August 28,130 12,516 14,096 September 37 12,050 4,317 29 7,733 September.. 374| 958 29,990110,093 11,243 October 88 18,209 6,280 69 11,929 October 450j 1,205 33,231 11,650 15,874 November 154 45,983 19,389 121 26, 594 November.. 440 1,285 32,694 16,097 14,158 December 116 39,166 14,413 24,753 December 494 1,4711 45,620 16,758 20,579 Total 956 1272,488 160 68,812 203,676 Total.. 110 409,232158,042 201 1927 1927 Januarys- 133 11,836 26,462 January 5011 1,842 51,290 19,996 24,530 February.. 82 32,918 8,895 24,023 February 411! l,508( 46,941 10,518 23,406 March 75 44,893 35,894 March 569! 1,468 57,891 22,368 28,191 April 48 12,492 7,021 April , 1,342 53,156 25,278 22,308 May 47 14,185 7,013 May 1,292 37.785 13,802 19,978 June 41 12,072 6,551 June 1,310 34,465 13,587 17,856 July 37 13,972 11,334 J y 1,187 43,150 16,743 16,832 August..... 27 20, 111 10,672 August 1,174 39,196 14,921 14,702 September. 36 9,206 1,315 7,891 September. 1,083 32.786 15,349 12,052 October 44 11,566 3,922 , 7,644 October ,«,, 1,170 36,236 17,134 14, 657 November. 43 12,139 3,396 8,743 November. 478; 1,276 36,147 12,786 16,949 December . 49 9,155 1,596 7,559 December 2,162 597! 1,430 51,062 29,024 16,733 Total. 662 231,007 124 70,200 538 160,807 Total 23,146 5,68216,0 1,382 520,105 211,506 228,194 BANK SUSPENSIONS i IN DECEMBER, 1927, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS » [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember Number Liabilities All banks banks J banks Federal reserve Federal reserve district district Dec, Nov., Dec, Dec, Nov., Dec, Num- Total Num- Total Num- Total 1927 1927 1926 1927 1927 1926 ber po d s e it - s a ber po d s e it - s 3 ber po d s e it - s 3 Boston .. 202 185 213 4,432 5,590 5,698 New York 407 350 413 15,053 8,368 10,024 Boston Philadelphia 82 72 76 2,287 1,487 1,469 New York. 1 47 1 47 Cleveland 202 147 132 3,455 3,449 3,263 Philadelphia Richmond 146 137 125 4,424 2,556 3,179 Cleveland 2 311 2 311 Atlanta 131 99 127 3,026 1,205 6,655 Richmond . 8 1,461 2 330 6 1,131 Chicago 319 210 280 3,597 3,183 6,207 Atlanta 1 116 1 116 St. Louis 84 93 86 2,923 3,477 1,331 Chicago 6 1,539 6 1,539 M inneapolis 118 68 127 1,126 1,153 1,430 St. Louis 7 750 7 750 Kansas City... 117 113 118 7,028 2,194 1,247 Minneapolis 17 3,582 1 307 16 3,275 Dallas 96 68 114 1,011 818 1,816 Kansas City 4 1,123 3 910 1 213 San Francisco 258 322 258 2,699 2,668 3,299 Dallas 1 49 1 49 San Francisco 2 177 2 177 Total 2,162 1,864 2,069 51,062 36,147 45,620 Total <49 9,155 7 1,596 42 7,559 1 Figures furnished by R. G. Dun & Co. 1 Banks closed to the public by order of supervisory authorities or by the directors of the banks on account of financial difficulties. J Comprise 6 national banks with deposits of $1,547,000 and 1 State member bank with deposits of $49,000. 1 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. * Includes 1 bank for which deposit figures are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 141 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 1926 1927 1926 De b c e e r m- ve N m o b - er Octoberj D^c e e r m- De b c e e r m- Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department- Gold*... 1,277 1,274 1,272 S 44 Gold coin and bullion. _. 151.5 148.6 150.3 149.9 Foreign bills, etc 477 648 550 I 490 Notes issued 171.2 168.3 170.0 169.6 Loans and discounts 948 923 1,037 | 1,796 Banking department- Advances to State 4,514 4,514 4,514 | 5,327 Gold and silver coin.._ 1.3 1.5 1.3 Note circulation... .... 3,727 3,902 4,039 3,485 Bank notes 32.5 31.4 34.3 28.8 Deposits _ 2,957 2,898 2,781 I 3,286 Government securities. „ 48.6 41.3 40.7 34.2 Other securities 74.4 57.4 53.0 96.7 Public deposits _. 14.6 18.4 21.0 11.6 Central Bank of Chile (millions of Other deposits 124.0 95.2 90.8 131. 3 pesos): Ratio of gold and note re- Gold at home 61 61 60 85 serve to deposit liabilities Gold abroad. _ 402 422 423 465 (per cent) __. 24.1 28.9 32.0 21.0 Loans and discounts _ 45 27 32 43 B C a u n rr k e n n c o y t e n s o i t n e s c i a rc n u d l a c t e i r o t n if i i c ._ a _ te _ s _ . _ . _ 2 8 9 2 9 . . 5 8 80. T 2 7 92 9 . . 5 5 2 8 9 4 6 . . 5 5 N De o p te o s c i i t r s culation 2 1 7 0 4 8 2 1 5 2 6 4 2 1 6 1 3 5 3 14 7 4 2 295.8 Bank of France (millions of francs): Gold reserve' 3,681 3,681 3,681 3,684 Bank of the Republic of Colom- Silver reserve 343 343 343 341 bia (thousands of pesos): Gold, silver, and foreign exchange. 2,373 2,355 2,338 1,547 Gold at home 20,378 20,223 Credits abroad 53 58 56 83 Gold abroad 23,687 23,683 ! Loans and discounts 3,840 3,482 3,296 6,520 Loans and discounts 14,494 13,099 Advances to the Government 24, 550 24,450 24, 850 36,000 Note circulation 42,077 40,671 ! Miscellaneous assets 28,551 24,628 24,080 4,583 Deposits „__— 8,000 8,229 ! Note circulation _.._. 56,551 54,962 54,700 52,907 Total deposits _ 10, 507 11,000 10, 786 5,908 Czechoslovak National Bank German Relchsbank (millions of (millions of Czechoslovak crowns): reichgmarks): Gold and silver 1,108 1,058 1,058 1,037 Gold at home __ ._.. 1,783 1,784 1,785 1,661 Foreign balances and currency... 2,424 2,235 2,133 2,083 Gold abroad 81 71 67 170 Loans and advances 126 63 94 261 Reserves in foreign exchange 282 282 161 519 Assets of banking office in liqui- Bills of exchange and checks 3,129 2,483 2,802 1,829 dation 514 519 585 Miscellaneous assets 499 512 571 473 Note circulation _ 8,417 7,566 7,662 i 8,203 Deposits... 779 485 608 648 Deposits 690 1,016 659 I 882 Reichsmarks in circulation 4,564 4,181 4,231 3,736 Rentenmarks in circulation 740 1,021 1,172 Bank of Italy (millions of lire): Bank of Danzig (millions of Dan- N N L A C G o r o d o o e a l v t t d d e e n a i s n c c t r e c i i a a r r s e n c c n e s d u u r d v l t l a a o d e b t t i i a i s t o o h l c a n n o e n u f c f G o o n e r r t s o s t c v a h o e b e m r r n o S m a m t d e a e r t c n e e t-... 1 4 3 4 5 1 1 , , , , , , 1 2 2 1 5 7 1 4 7 2 2 5 6 7 7 6 4 7 1 4 5 4 3 1 1 , , , , , , 6 2 2 1 5 8 2 7 2 4 2 6 3 4 5 8 7 7 1 • 8 4 4 4 1 1 , , , , , , 2 1 2 1 0 0 1 4 2 2 4 6 1 4 9 9 0 5 zig N D B L F o g o a e o r l a u p t a e e n l o n i d s g s c c e i n i a e t n r s n s c b ) d u : w i l l d l a i s t t i h , i s o e c B n o tc a u n n k ts of England.. 2 3 3 1 1 0 6 5 7 7 Total deposits „_. 3,259 3,187 2. 323 Bank of Japan (millions of yen): National Bank of Denmark (mil- Gold 1,063 1,063 1,063 1,058 lions of kroner): Advances and discounts 888 913 927 420 Gold 182 182 182 209 Advances on foreign bills 178 10 15 59 Foreign bills, etc 97 75 84 ! 27 Government bonds 228 153 159 277 Loans and discounts 81 73 | 128 Total note and deposit liabilities.. 2,384 2,252 2,291 2,025 Note circulation 354 346 365 386 Notes issued 1,682 1,237 1,320 1,377 Deposits 45 21 19 39 Total deposits 702 1,015 972 648 Austrian National Bank (millions National Bank of Egypt (thouof schillings): sands of Egyptian pounds sterling): Gold. 84 84 84 53 Gold 3,706 3,340 Foreign bills of the reserve. 379 377 389 484 English Government securities... 28,605 24,804 Other foreign bills... 274 251 251 143 Egyptian Government seeurities. 23,487 24,675 Domestic bills 132 71 83 124 Note circulation 31,143 27,761 Treasury bills 173 173 173 177 Government deposits 19,328 19,995 Note circulation 1,005 926 953 947 Other deposits 18,868 17,297 Deposits 40 34 30 37 National Bank of Belgium (mil- Bank of Estonia (millions of Estolions of belgas): nian marks): Gold 719 620 Gold 512 512 505 Foreign bills and balances in Cash in foreign currency 46 39 28 gold 525 438 468 447 Foreign correspondents' account. 1,062 843 342 Domestic and foreign bills 585 509 519 492 Foreign bills 56 58 91 Loans to State. _ 400 400 400 400 Loans and discounts 5,557 5,632 5,797 Note circulation _ 2,043 1,975 1,998 1,789 Note circulation __ 2,283 2,248 1,906 Deposits _ 214 103 112 219 Total deposits - 4,405 4,283 4,640 1Notes issued, less amounts held in banking department and in currency note account. • Figures previous to 1927 carried at par. 1 Not including gold hold abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 CONDITION OF CENTRAL BANKS—Continued 1927 1926 Decem-Novem- Octo- December ber ber ber Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home Gold— I 317 318 319 327 Gold abroad. Balances abroad and foreign | Foreign exchange, etc.— credits.. j 1,380 1,390 1,325 1,082 Serving as note cover Foreign bills j 48 49 63 115 All other Domesti'c b' i'"l ls.... 640 611 577 538 Loans and discounts - State debts 122 122 122 136 Note circulation Note circulation I 1,514 1,447 1,483 1,346 Currenct account of the Treasury. Demand liabilities . J 634 651 685 547 Other current accounts National Bank of Greece (millions | Bank of Portugal (millions of escuof drachmae): i dos): L N T G G o o o o o a t l t v a d e n e l s r c a d n i a n e r m n d c p d u e o b l n s d a a t i t i l t i s a s l o c o n n o a c u n es s n t a a s b n r d o s a e d c urities. j | i | i . . . . . 4 4 2 3 3 , , , , , 5 6 8 4 8 3 0 6 7 3 4 6 5 4 2 I I i ! j N B D G B i a o e o l l p l t l a s e o d n s c . c . i i e . t r s s . c . , u a ,. l b . a r t o io a n d .___ -. National Bank of Rumania (mil- National Bank of Hungary (mil- lions of lei): lions of pengo): Gold* _. Gold 197 197 197 169 Bills... Foreign bills, etc 114 106 103 117 Advances to State _ Loans and discounts. 332 316 329 218 Note circulation Advances to treasury.... 111 115 115 135 Deposits.. D M N O e o t i h p s te e c o r e s c l i a l i t a r s s c n s u e e t l o s a u t „ i s o l n i abili „ t _ ies 2 4 3 1 8 4 0 7 7 4 9 9 4 2 3 1 5 1 5 9 6 4 8 7 2 5 2 2 6 0 0 6 0 3 8 7 2 4 2 1 7 7 4 7 1 6 3 6 St d v a e o t G p e n a o t B s r ld i t a ) m : n e k n t o ; f R th u o s u s s ia a n ( d n s o te o - f i ss c u h in er g - 18,858 18,880 18,447 | 16,441 Ban G F k o o r l o e d f i g J n a b v i a . l ls (m ., illions of fl „ _ o . . r . i . n _ s) . : . .| | j 1 2 7 4 9 1 2 8 8 4 19 1 7 9 L B Fo o a r a n e n k i s g n n a o n c t d e u s r d r i e s n c c o y u nts _ 1 7 0 7 7 4 , , , 3 4 40 5 4 4 5 0 1 8 0 0 7 6 , , , 8 9 8 8 0 4 1 0 7 1 8 0 0 7 7 , , , 6 6 5 5 8 3 4 2 2 | 8 6 6 8 5 , , , 0 1 5 6 9 1 0 4 6 Loans and discounts i 131 138 102 National Bank of the Kingdom Note circulation j 317 321 321 of Serbs, Croats, and Slovenes Deposits | 64 77 67 (millions of dinars): Gold. Bank of Latvia (millions of lats): Foreign notes and credits. 346 369 382 335 Gold............ Loans and discounts . 1,683 1,580 1,550 1,481 Foreign exchange reserve Advances to State.... - 2,966 2,966 2,966 2,966 Bills.. Note circulation. 5,743 5,702 5,793 5,812 Loans.. _ Deposits. _„ 1,087 1,187 1,294 585 Note circulation South African Reserve Bank Government deposits.__ (thousands of pounds sterling): Other deposits.__ Gold 8,226 7,393 7,536 7,542 Bank of Lithuania (millions of Foreign bills.. _._> 7,702 7,325 6,39G 6,277 litas): ! Domestic bills _ 1,197 621 1,362 1,667 G Fo o r l e d i gn currency | ! 5 3 2 3 T N o o t t a e l c d ir e c p u o l s a i t t i s o n __ — 9 7 , ,0 3 4 0 9 9 7 7 , , 7 3 1 5 3 9 8 6, ,4 3 4 08 6 8 6 , , 5 23 75 4 Loans and discounts i 81 Bank of Spain (millions of pesetas): -I- Note circulation I 97 Gold.... 2,604 2,603 2,603 2,557 Deposits. j 65 58 I Silver 685 685 678 675 Balances abroad 37 33 33 35 Netherlands Bank (millions of j Bills discounted _ 480 453 509 610 florins): ! Checks and drafts 1,250 1,213 1, 258 1.709 Gold_._ | 400 390 386 414 Note circulation 4,202 4,129 4,193 4; 339 Foreign bills | 168 145 128 187 Deposits 1,079 1,035 1,018 N D Lo e o a p te n o s s c i i a t r s n c d u l d a i t s io c n o unts. _ _ _ 2 7 4 9 9 7 7 9 2 8 8 1 6 3 1 7 8 3 5 4 0 4 0 4 8 1 1 2 8 7 2 7 | Ba no n r G k ): o o ld f . S ... weden (millions of kro- 230 231 231 224 Ba ne n r G F k ): o o r o l e d f i g .. N n . o b r a w la a n y c es ( m a i n ll d io b n i s ll s of kro- 1 4 4 7 7 1 4 4 1 7 1 2 4 3 7 1 6 4 3 7 I N D L Fo o o e r a p t e e n o i s g c s n i i a r t n c s b d . u i . l l l d a s t i , i s o e c n t o c unts 2 3 52 6 7 6 4 4 j I 2 2 5 1 1 2 3 0 9 8 2 4 2 5 2 9 2 2 2 5 8 2 5 2 3 2 5 7 0 0 2 5 6 9 5 Domestic credits 261 256 268 466 Swiss National Bank (millions of Note circulation 331 318 324 337 francs): Foreign deposits.._ 5 5 5 32 Gold 517 451 462 472 Total deposits 95 101 304 Funds on demand abroad.__ 29 52 46 35 Loans and discounts - 449 343 362 425 Reserve Bank of Peru (thousands Note circulation... 917 841 861 874 oflibras): Deposits. 153 101 139 B D G F N G o i e o o o r l p l t l e l d e d o s i g s . . c a . . n i i . . g t r s a c e i u x n l c s a h t t a i d o n e n g m e a r n es d e r d v e e posits... 3 6 1 , , ,8 9 0 4 8 7 6 3 9 2 4 8 5 6 4 2 3 5 4 5 1 , , , 1 2 7 5 8 8 5 6 2 5 1 9 6 0 1 8 6 4 4 1 , , 1 2 7 4 7 9 1 4 6 3 8 8 8 9 7 4 2 6 , , , 1 1 0 2 7 5 0 2 9 8 0 8 4 7 9 9 1 2 Ba (t n h G N D L k o o o o e u o a l p t s d f e n o a s t s c n h i i a d t r e s n s c R d u o l e f d a p t i p i s u o e c n s b o o u l s i n c ): t s of Uruguay 10 6 7 5 1 7 5 5 , , , , 1 4 5 6 2 3 2 4 3 8 2 4 9 6 7 5 2 9 6 5 , , , , 6 6 4 5 4 5 2 6 1 5 2 2 '1 6 5 6 0 7 6 4 0 , , , , 6 9 2 1 1 4 0 7 1 4 5 2 < Not including gold held abroad. »Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 143 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date ot month except for London clearing banks, which are daily averages] 1927 1926 No- | Octo- j Sep- | November ! ber | tember! vember Mine London clearing banks Three commercial banks of (millions of pounds sterling): France (millions of francs): Money at call and short notice... Bills and national defense bonds. 14,863 i 14,819 : 12,656 ! 14,633 Advances and discounts - Loans and advances 5. 527 j 5,353 : 5,074 ! 5,182 Investments _. Demand deposits . 24,642 ! 24,807 i 23,636 i 21,351 Deposits - Time deposits 432 ! 438 , 450 l 288 Tokyo banks (millions of yen):l Sis Berlin banks (millions of reichs- Cash on hand „ ... marks): Total loans Bills and treasury notes 1,509 1, Total deposits. - _ Due from other banks 921 i 3 762 Total clearings _ Miscellaneous loans 5,042 : 3 3,787 Deposits 6,872 ; » 5,517 Acceptances.... 410 1283 Four private banks of Italy (millions of lire): I Cash J: 1,242 8 1,217 Bills discounted _ | 8.897 i 3 8,895 Due from correspondents \ 5,454 I * 5,544 Due to correspondents ! 13,790 3 13,342 Chartered banks of Canada Deposits.. _ I 2,567 3 2,460 (millions of dollars): Joint-stock banks of Norway G Cu ol r d re c n o t i l n o a a n n s d a b n u d ll i d o i n sc * ounts (m L il o l a io n n s s a o n f d k d ro is n c e o r u ): n ts ( 1,599 i 1,633 • 1,626; i 1,827 Money at call and short notice... Due from foreign banks. .. 79 | 92 86' 97 Public and railway securities Due to foreign banks .J 174 170 174 270 Note circulation.. Rediscounts.. .J 133 I 138 131 , 171 Individual deposits . .... Deposits I 1,706 j 1,726 1,754 I 1,892 Gold reserve against Dominion notes _ _ Joint-stock banks of Sweden ~ \ Dominion note circulation (millions of kroner): ! ! ! Loans and discounts... _____! 4,116 I 4,141 I 4,144 i 4,343 Joint-stock banks of Denmark Foreign bills and credits abroad..; 303; 278 234! 145 (millions of kroner): Due to foreign banks I 147; 129 124 i 167 Loans and discounts.. Rediscounts _ ! 70 i 71 ' 117 I 71 Due from foreign banks Deposits _„ ..._! 3,553 j 3,575 i 3,561 | 3,505 Due to foreign banks Swiss Cantonal banks (millions j ~ Deposits and current accounts... of francs): ! j ; i Loans and discounts ! 1,789! 1,785 | 1,774 1,726 Joint-stock banks of Finland Mortgages ! 2,867 i 2,859 2,849 2,753 (millions of Finnish marks): Foreign bills.. _ | 21 24 23 27 Loans and discounts... Due from banks and correspond- i I Due from abroad. ents _ j 313 j 307 \ 302 261 Due to abroad Commercial deposits .__J 738 j 728 ! 725 658 Deposits Savings deposits _.j 1,562 | 1,560 I 1,560 1,468 1 Beginning in November figures are included for ten banks not previously covered by the reports. * Not including gold held abroad. 3 Figures are for October, 1926. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n in c e e ff — ect Country j Rate Country j R)nafate I s n i n e c f e f — ect Austria Jan. 28,1928 Estonia... Japan Portugal __•_-! 8 July 27,1926 Belgium _ Nov.16,1927 Finland...! Java Rumania j 6 Sept. 4,1920 Bulgaria Aug. 31,1924 France | Latvia... Russia j 8 Mar.22,1927 Chile Dec. 12,1927 Germany. j Lithuania... South Africa 5MJan. 9,1928 Colombia _ May 15,1924 Greece I Netherlands Spain 5 Mar.23,1923 Czechoslovakia. Mar, 8,1927 Hungary..! Norway Sweden m Jan. 1,1928 Danzig... _ June 21,1927 India Peru Switzerland. Oct. 22,1925 Denmark June 24.1926 Italy I Poland Yugoslavia.. June 23,1922 England Apr. 21.1927 Changes: Bank of Estonia from 8 to 7% per cent on January 2, 1928; South African Reserve Bank from 6 to 5H per cent on January 9,1928; Bank of France from 4 toi3H per cent on January 19,1928; Austrian National Bank from 6H to 6 per cent on January 28,1928; Reserve Bank of Peru from 6 to 7 per cent on January 31, 1928; Bank of Norway from 5 to 6 per cent on February 2, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Am- England (London) Germany (Berlin) sterdam) B a m a a n c o n c c n e k e s t p e h , r t - s 3 s T m b re i o l a l n s s t , u h 3 r s y d P i r s r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a u e t n e t 1926 January 4.78 4.00 8.07 7.04 2.95 February.... 4.25 4.00 6.66 6.03 2.19 March 4.34 4.26 6.73 5.63 2.67 April 4.34 3.92 6.02 4.77 2.90 May 4.43 4.18 5.53 4.80 2.95 June 4.29 3.82 5.81 4.76 2.83 July 4.29 3.86 5.73 4.03 2.74 August 4.55 3.99 5.80 4.85 2.63 September- 4.65 3.99 6.21 4.77 2.78 October 4.80 4.07 6.14 4.75 2.83 November... 4.80 3.95 6.12 4.45 3.21 December... 4.60 3.78 7.13 6.88 3.89 1927 January 4.16 4.21 3.76 4.21 5. 3.78 2.97 2.92 3.16 February.... 4.18 4.32 3.93 4.28 5.77 5.19 3.46 3.66 2.87 March 4.34 4.36 4.09 4.59 6.91 4.87 3.48 3.53 2.98 April 4.11 4.04 3.64 4.59 6.57 5.63 3.46 3.78 3.13 May 3.90 3.84 3.54 4.90 6.95 5.99 3.45 3.78 3.19 June 4.34 4.36 3.44 5.39 7.73 5.79 3.57 3.87 3.42 July 4.34 4.33 3.50 5.90 8.4» 7.06 3.52 3.25 3.47 August 4.34 4.35 3.61 5.83 8.37 6.81 3.45 3.40 3.44 September.. 4.32 4.33 3.57 5.90 8.30 6.00 3.55 3.82 3. October 4.33 4.33 3.58 6.74 8.72 7.19 4. 4.29 3.38 November... 4.34 4.34 3.65 .76 8.72 6.03 4.47 4.72 3.39 December... 4.31 4.31 3.43 .24 .10 6.87 I 4.50 4.84 3.40 Sweden Belgium (Stock, (Brussels) holm) d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t Da m y- o t n o e - y day L m oa t o o n n s t 3 h u s p ov m e C r o n a n l i e l g y ht 1926 January.. 8.18 6.76-9.13 February. 8.00 10H-11 6. 57-8.76 March 8.00 10 -11 6.57-8.40 April 8.00 10 -11 6.76-8.76 May 8.00 6.75-8.76 June 8.17 7.12-8.76 July 8.50 6.94-8.76 August 8.50 6. 75-8.40 September... 8.50 6.39-8.40 October 8.96 6.21-8.40 November... 9.25 6.39-8.40 December... 9.25 6.75-8.76 1927 January 3.90 4.99 9.25 6.39-8.76 4.56-7.30 February 3.99 4.45 9.25 6.21-8.03 2.92-7.30 March 4.19 3.89 9.25 5.84-7.67 4.38-6.21 April 4.33 3.17 9.26 6.84-8.03 4.38-5.29 May 4.23 2.46 8.50 6.57-7.67 4.38-4.76 June 4.17 2.25 7.60 6.67-8.76 4.38-5.11 July 3.84 2.13 7.00 6.21-8.40 3.65-5.11 August 3.84 2.04 7.00 5.48-8. 03 3.65-4. 75 September... 3.75 2.01 6.81 5.11-7.67 2.19-4.38 October 3.87 1.82 6.50 4.75-7.30 2.19-4.38 November 4.09 2.75 6.27 5.11-7.30 2.74-4.02 December. _. 4.15 2.95 6.00 NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

145 FEBBCABY, 1928 FEDERAL RESERVE BULLETIN 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 p o r o e t x r s t - s p I o m r - ts 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 p o o r ex * r - ts p I o m r - ts p E o x rt - s im or p o ex r - ts im or p o ex r - ts im or p o ex r - ts 1926 January, 19,351 3,087 16,264 5,517 823 4,694 22,021 11,913 10,108 6,615 35 6,580 -19,952 8,618 February 25,416 3,851 21,565 14,030 740 13,290 16,809 7,611 9,198 156 483 -327 -14,892 7,062 March 43,413 4,225 39,188 9,561 768 8,793 6,278 12,750 -6,472 619 20 599 -8,479 17,233 April 13,116 17,884 -4,768 1,393 604 789 7,188 3,489 87 28 59 -29,737 6,838 May 2,935 9,343 -6,408 838 693 145 18,687 6,852 11,835 270 200 70 -18,003 12,317 June 18,890 3,346 15,544 571 631 -60 16,103 4,881 11,222 1,010 51 959 -21,002 7,241 July 19,820 5,069 14,751 626 621 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 9,908 136 60 76 -15, 723 4,404 September.^., 15,987 23,081 -7,094 23,608 702 22,906 12,137 5,017 7,120 800 656 144 -8, "~ 4,839 October 8,857 1,156 7,701 869 35,474 16,916 21,262 -4,346 580 150 430 -29,0821 4,004 November...., 16,738 7,727 9,011 16,462 902 15,560 18,561 24,590 -6,029 464 174 290 -13,376 3,466 December 17,004 7,196 18, 407 858 17,549 14,531 18,609 -4,078 108 2,613 -2,505 -10,553 3,530 Total.. 213,504 115,708 97,796 137,987 8,720 129,267 187,608 132,140 55,468 11,174 6,483 4,691 -212,152 83,627 1927 January 59,355 14,890 44,465 14,088 525 13,563 11,514 18,181 -6,667 1,303 1,228 -17, 522 2,518 February 22,309 2,414 19,895 10,329 659 9,670 15,742 15,480 262 411 411 -14,079 6,543 March , 16,382 5,625 10,758 6,576 840 5,736 7,526 6,894 632 488 449 -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 -15,717 4,890 June 14,611 1,840 12,771 711 662 49 8,435 9,674 -4,239 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 5,930 August 7,877 1,524 11,259 680 10,579 21,469 5,782 15, 687 105 *«7 -2,372 2,860 September... 12,979 24,444 -11,465 1,483 876 607 8,381 7,637 744 125 78 3,315 October 2,056 10, 698 -8,642 1,668 969 699 6,126 4,726 1,400 189 35 154 2,685 November.... 2,082 55, 266-53,184 1,627 975 652 15,012 21,709 433 102 331 4,408 December 10,431 77,849 -67,418 1,635 856 779 9,485 10, 546-1,060 4,265 2 4,262 Total... 207, 535201,455 51,721 9,171 42,550 157,905 137,008 20, 896 10,502 16,939 -6,437. MOVEMENTS TO AND FROM UNITED STATES MOVEMENTS TO AND FROM GREAT BRITAIN [In thousands of dollars] [In thousands of dollars] 1927 1926 1927 1926 Cou o n r t r d y e sti o n f a ti o o r n igin December D Ja e n ce u m ar b y e - r Calendar year Co o u r n d t e r s y t i o n f a t o i r o i n gin December D Ja e n ce u m ar b y e - r Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports England 1 8,548 39,396 8,562 1,212 France 170 627 4,718 1800 8,257 France 1 10,000 21,048 10,000 351 18 Netherlands 22 191 2,313 6,486 1,175 14,704 Germany 1 13,994 1 47,550 Russia.. 1,049 7,732 12,349 5,144 Netherlands ... 8,050 15,075 8,055 Spain and Canaries. 8 7,445 2,099 Canada 9,289 4,041 63,653 29,698 82,543 42,392 Switzerland 639 6,213 4,242 Central America . 84 1,224 253 1,516 3,855 United States 8,517 ""§,567" 28,042 180" 1,138 Mexico. 225 568 6,001 6,984 23,913 6,202 South America 5 2,017 6,935 168 1,543 Argentina 29,850 23 61,499 8 438 British India .... 1,007 12,462 112,700 Brazil 34,351 369 British Malaya 544 3,452 7,752 Chile 21 7,021 21,180 Egypt 250 3,799 1,199 Colombia 101 1,489 1,001 1,663 2,019 Rhodesia 505 5,958 9,842 Ecuador 112 2,247 1 307 6 Transvaal 134 124 348 153,240 Peru 31 2,266 2 644 West Africa 221 4,705 20 6,293 36 Venezuela.. 40 1,150 531 1,530 647 1,700 All other countries.. 82 7,735 8,320 49, 704 13,543 73,207 Australia o 21 920 51 119 British India 2,676 2,974 5 578 Total . 9,485 10,546 157, 905 137,008 U87,591U32,019 British Malaya 452 3,064 3,332 Ch K in o a n g and Hong 1 604 1,674 7,166 6,540 4,495 1 Revised annual figures. Dutch East Indies.. 120 652 1,499 1, 960 1,707 2,231 Japan . . 21 20,000 21 14,000 60 Philippine Islands.. 209 1,667 1,990 All other countries.. 194 "I6,"237~ 801 " 16,341" 1,157 463 Total 10,431 77,849 207, 535 201,455 213,504 115, 708 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE i1 (s A ch u i s l t li r n ia g) B ( e b l e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w o ia n sl ) o- 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 n c c e ) G ( i e r n r e a m ic rk h a ) s n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 26.80 486. 65 2.52 i 19.30 23.82 19.30 17.49 1927—January 14. 0794 13. 9072 .7230 2. 9618 26. 6488 485. 2648 2. 5208 3.9584 23. 7216 ].2895 17.5332 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 :.3232 17.4376 August 14.0629 13.9107 .7230 2.9627 26. 7785 486. 0233 2. 5189 3.9193 23.7859 .3083 17.4363 September.._ 14.0816 13. 9220 .7246 2.9626 26.7680 486.3528 2. 5189 3.9200 23.8004 :L. 3243 17.4688 October 14.0820 13.9260 .7229 2.9627 26. 7932 486.9676 2. 5187 3.9236 23.8624 L. 3262 17.4624 November 14.0874 13.9467 .7230 2.9629 26. 7988 487.4012 2.5191 3.9288 23.8629 .3242 17.4658 December 14.0946 13.9885 .7235 2.9630 26. 8192 488. 2542 2.5191 3.9396 23.8904 L. 3294 17.4773 1928—January 14.0936 13.9444 .7234 2.9628 26.7829 487. 5330 2.5187 3.9308 23.8264 L. 3255 17.4748 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 * - (p S e p s a e i t n a) S (k w ro ed n e a n ) S ( w f l r a a i n t n z d c e ) r- ( Y s d l i u a n v g a i o a r - ) Par value 5.26 40.20 26.80 11.22 108.05 19.30 514.60 19.30 26.80 19.30 19.30 1927—January 4. 3448 39. 9868 25. 5700 11. 3076 5.1152 .5306 3 515. 0000 16.0340 26. 7050 19. 2740 1.7635 June 5. 5819 40.0515 25.8896 11.3065 5.0419 .5964 »515.0000 17.1988 26. 7792 19.2365 1.7577 July 5.4488 40. 0600 25.8352 11.2500 5.0008 ,6094 »515. 0000 17. 0856 26. 7784 19.2528 1.7585 August 5.4396 40. 0719 25. 9374 11.2240 4.9574 .6163 »515.0000 16. 9000 26.8203 19.2759 1.7596 September. __ 5. 4432 40.0776 26.3620 11.2168 4.9288 .6181 * 515. 0000 17.1504 26.8752 19. 2816 1.7604 October 5.4616 40.1920 26. 3404 11. 2096 4. 9456 .6193 »515.0000 17.2540 26.9236 19.2868 1. 7607 November... 5.4458 40.3612 26.4871 11.2063 4.9396 .6155 •514.1700 16. 9400 26. 9246 19. 2850 1.7607 December 5.3800 40.4381 26. 6169 11. 2204 4. 9550 .6J 88 » 515. 0000 16. 6623 27.0015 19.3150 1.7615 1928—January 5.2881 40.3334 26.5985 11.2402 4.9285 .6177 3 515.0000 17.0975 26.8780 19.2695 1.7625 NORTH AMERICA SOUTH AMERICA Canada Cuba ! Mexico Argentina Bolivia J Brazil Chile Colombia2 Ecuador» Peru* Uruguay (dollar) (peso) (peso) (peso-gold)(boliviano) (milreis) (peso) (peso) (sucre) (libra) (peso) Par value 100.00 100.00 I 49.85 96.48 38. 93 32.44 12.17 97.33 20.00 486. 65 103.42 1927—J anuar y 99. 8393 99.9466 I 46.8267 93. 8488 33. 7500 11.6752 i 12.0236 98. 0280 18.3125 361.1200 101. 5220 June 99. 9360 99.9150 i 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 i 47.6667 97.1572 34.8000 11.9172 12.1712 97.4736 19.3750 384.1600 101.8796 November 100.1369 99.9289 I 47.9125 97.0521 34.8000 11.9333 12.1763 97. 4950 19.3750 376.1458 103.3658 December 99.8974 99.9154 ! 48.4506 97. 2304 34. 8000 11.9677 12. 2062 97. 7381 19. 3750 389. 8500 103.8692 1928—January _ 99.8159 99.9157 48. 6946 97.1136 34. 8000 11.9977 , 12.2098 98.0036 19.3750 390.3400 102.7734 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u e l e i n l v a e a - * 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 * ai C d (Y o h l i u l n a a a r n ) * ( K d H o o o l n l n a g g r 4 ) (r I u n p d e ia e ) j J ( a y p e a n n ) ( J f a lo v r a i n 9 ) (Si S m n e g e tt a n l 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 n p p d ti t ) an dollar) Par value 19.30 48.11 66.85 47. 50 47.77 36. 50 49.85 40.20 56.78 439.65 494.31 1927—January 19. 0600 45. 2068 61. 6688 43. 9196 49. 0632 36. 4164 48. 8108 40. 2375 55. 9616 50. 4452 497. 4868 June 18.7620 45.5077 62.7362 44.5215 49.0742 36.1973 46.6896 40.2079 55.9807 51.9992 497.8950 July 19.1280 44.6004 62.2760 43. 5804 48. 9772 36.1108 i 47.1312 40.1963 55. 9600 51.0544 497.7768 August ._ 19.1552 43.3807 60.3781 42. 6259 48.1600 36.1252 | 47.3322 40.1740 55.9711 49.9774 498.2844 September-.. 19.1700 43. 9572 61. 2068 43. 2164 48. 4980 36. 3356 ! 46.8248 40.1675 55. 9908 50.9640 October. 19.1700 44. 7376 61.8328 44.0600 48. 8552 36.4092 1 46.5664 40. 2618 56.0332 52.9624 499.2900 November... 19.1700 45.5958 63. 2663 44.8638 49. 7917 36.4504 45.9796 40. 4090 56.0687 52.4871 499.6888 December 19.1700 45. 9092 63. 7884 45.1877 50.3085 36. 7369 ! 46.1881 40. 5319 56. 7269 51.7846 500.5719 1928—January 19.1700 45. 7410 63.7548 45.1408 50.4096 36.7224 ! 46.8784 40. 5596 56. 7650 * 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 1921. For back figures see BULLETIN for January, 1928, pp. 56-62. »Averages based on daily quotations of closing rates as published by New York Journal of Commerce. »Nominal. 4 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 javerage price was $0.61241 per fmefounce, which compares with an average price of $0.57450 for January, 1928, $0.58267 for D an e d c e $ m 0.5 b 6 e 6 r 0 , 3 1 . 927, andj$0.56118<jforjJanuary, 1927. The corresponding London prices (converted at average rate of exchange) were $0.57785, $0.58765, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 147 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES Europe United I Month o (B S S f t L i t t u c a a a r s t t b e i e ) s a o s i - u rs b ( t a g A r s o i u i a l s d s ) - j g B iu el m - g B a u r l i - a C v z a s e k lo c i - a h o J - m D a e rk n - 8 ( T B E l r a a o n o n d a f g d e r - d ) b ( l F a g a i s o n n i l - d s d ) B S t t u i a c r t a e i F s l a r - u an F B a c s l e e e o d r a R v e r e e r d - - ( B m S F t G u t e a i a c r e d n e t r a e i y - a s l r u * - a ) 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 * i) N l e an th d e s r- ( N w O o a s r y lo - ) 1926 June - - 101 124 761 2,842 926 157 146 141 739 631 132 122 605 144 195 July 100 126 i 876 2,838 948 158 149 141 836 704 133 123 618 142 190 August 99 126 | 836 2,759 962 162 149 143 770 691 134 122 633 140 196 September 100 123 859 2,723 973 162 151 143 787 691 135 122 622 140 197 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 2,718 978 158 146 144 627 592 137 126 574 146 178 1927 January 97 130 856 2,706 979 157 144 144 622 591 136 127 558 146 179 February 96 130 854 2,688 975 156 143 144 632 595 136 129 556 145 160 March 95 133 ' 858 2,649 976 153 ! 141 143 641 600 135 128 545 144 160 April 94 135 j 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 1 851 2,823 990 152 142 144 623 605 138 133 473 148 159 July 94 140 845 2,775 992 152 i 141 144 617 590 138 133 467 150 160 August 95 133 850 2,745 j 983 153 I 141 147 618 578 138 134 465 149 161 September _ 97 130 837 2,736 975 153 142 148 601 574 140 133 465 150 158 October,. 97 129 ' 839 2,747 966 154 141 148 587 554 140 1 3 468 150 157 November 97 127 : 838 967 154 141 149 595 545 140 133 466 152 157 December _ . 97 841 975 154 140 148 604 567 140 135 463 152 150 1928 January... 137 E urope—C ontinued Asia and Oceania Africa Month la P n o d - * Russia ' Spain Sweden S l w an it d z » er Canada Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- D I E n u d a t i s c e t h s c I ( u n C t d a t l i a - 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 ) A So fr u ic th a 1926 June 191 189 177 150 145 156 204 163 156 i 156 147 177 155 129 July . 181 i 183 178 148 145 156 204 162 157 156 ! 145 179 156 129 122 August 188 ! 182 180 147 146 154 204 162 161 1551 147 177 154 129 September 190 180 178 146 146 153 202 158 1641 156! 146 175 153 129 October 192 i 179 179 148 145 j 151 202 154 171 158 ! 144 174 153 129 126 November*. 193 ! 178 185 148 147 152 198 155 174 157i 146 171 151 130 December _. 195 ! 178 186 150 148 151 199 155 172 1561 146 170 153 130 | 1927 i January 195 177 184 146 147 151 200 154 173 156| 146 170 151 126 128 February _. 197 179 180 146 145 150 204 153 172 157| 148 171 147 124 March. 200 179 179 145 147 149 206 150 175 154 i 146 171 147 124 April 206 177 177 143 147 149 201 151 173i 154! 145 170 147 122 126 May. _. 208 175 172 145 147 152 207 152 171 155i 146 171 145 124 June. .. 206 174 171 146 147 154l 206 1551 169 1551 149 173 146 123 July . . 207 173 168 146 147 152i 205 161' 171' 153 150 170 146 118 120 August 207 171 168 146 147 152 204 165 i 171 154 151 167 146 117 September 206 j 170 169 148 148 151 205 170 1 172 153 150 169 146 120 October.. 206 170 169 147 148 152 200 173 i 169 152 i 147 170 146 118 122 November 208 170 168 148 149 152 200 166 ! 166 ! 148 168 147 115 December _ . 170 148 150 152 ! 199 ; 164 i 148 168 114 ::::::: j 1928 January 171 i New index—1926=*100. » First of month fitrures. 1 New index. 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 the November, 1927, BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN FEBRUARY, 192& WHOLESALE PRICES—-Continued GROUPS OF COMMODITIES FPre-war-100] ENGLAND—BOARD OF TRADE ITALY—CHAMBER OF COMMERCE OF MILAN 1927 1926 ce D m e b - er ve N m o b - er October te S m e b p e - r August ce D m e b - er All commodities 140 141 141 142 141 146 Total food 151 152 153 153 151 155 Cereals 152 156 157 157 151 Meat and fish 138 138 142 135 153 Other foods 166 164 160 162 161 [ndustrial products- 135 135 136 136 136 141 Iron and steel 114 115 116 117 131 Other minerals and metals 114 113 114 115 149 Cotton 167 172 178 168 135 Other textiles . 161 159 159 158 153 Miscellaneous 144 144 142 142 143 FRANCE-STATISTICAL BUREAU All commodities. 604 595 587 601 618 All foods 564 543 530 558 585 Animal foods 546 505 486 529 537 Vegetable foods. 558 551 547 564 618 Sugar, coffee, cocoa 604 594 577 591 599 All industrial material 636 636 633 636 645 Minerals 540 535 530 542 557 Textiles. 756 773 790 813 830 Sundries 644 638 625 611 613 All commodities 140 140 140 140 138 I Total agricultural products 136 137 138 139 139 Vegetable foods. 144 142 144 144 150 Cattle 105 109 115 121 116 Animal products 158 163 154 152 138 Fodder 141 142 142 142 146 Provisions.- .__ 130 132 131 130 129 Total industrial raw materials and se mi-finished products 134 134 134 134 133 Coal 131 131 131 130 130 Iron 125 124 124 124 126 Nonferrous metals 107 105 104 105 107 Textiles 159 152 163 166 159 Hides and leather 161 153 145 139 130 Chemicals 124 124 124 124 124 Artificial fertilizers.. 81 80 83 82 81 Technical oils and fats 119 120 121 121 123 Rubber... 50 46 42 42 45 Paper materials and paper 152 152 151 151 150 Building material 158 161 162 162 161 Total industrial finished products . 156 155 153 151 148 Producers' goods. 134 132 131 131 130 Consumers' goods 172 172 169 166 162 SWITZERLAND i—DR. J. LORENZ All commodities 150 149 148 148 147 Consumers' goods. _. 162 160 159 157 157 Agricultural products. 128 126 124 123 125 Industrial products. 143 144 145 146 144 oooo 1927 1926 De b c e e r m-No b v e e r m- October te S m ep b - er August De b c e e r m- All commodities 483 484 484 484 485 619 Total food 525 525 520 509 513 648 Vegetable foods. 550 549 541 533 549 691 Animal foods 493 496 495 480 470 595 All industrial prod- ucts 466 468 470 474 474 607 Textiles 434 441 447 456 443 544 Chemicals 445 446 450 453 455 Minerals and 557 metals 435 441 447 456 465 Building mate- 668 rials 532 535 537 541 554 Other vegetable 677 products 503 495 474 465 457 624 Sundries 563 553 548 535 540 627 SWEDEN—BOARD OF TRADE 627 AH commodities 148 147 148 146 15G 610 Vegetable products.. 141 144 147 148 146 572 Animal products 146 143 142 135 147 610 Fuels and oils 113 114 114 116 144 Raw materials for 675 manufacture in iron and metal 641 industry 115 115 117 117 652 Paper pulp and pa- 664 per 157 157 158 159 171 631 Raw materials for manufacture in leather industry... 140 135 130 122 122 GERMANY-FEDERAL STATISTICAL BUREAU Raw and manufactured chemicals... 166 167 167 168 170 137 S R e a m w i f m ini a s t h e e ri d a ls mate- 142 j 140 137 138 147 rials 149 149 152 151 147 144 Finished materials.. 150 150 151 148 154 152 Producers' goods 137 137 137 137 140 120 Consumers' goods... 156 156 157 154 159- 162 141 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS 128 All commodities 166 173 170 165 156- Metals and coal 176 176 178 178 181 128 Textiles 168 164 168 155 127 135 Agricultural prod- 127 ucts » 180 195 181 174 189" Dairy products _ ... 147 153 157 157 141 114 Groceries and to- 136 bacco - ._ 169 168 168 169 166 Meat 148 168 164 153 98 122 Building materials 141 143 144 153 153 124 Chemicals. . 186 186 183 183 180 83 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS 132 48 1927 1926 149 Novem- Octo- Sep- August July November ber tember ber 148 142 All commodities 148 147 150 151 150 146 130 Cereals ... 139 133 136 142 138 133 Pulses 154 155 155 158 152 160 152 Tea 192 180 181 182 188 153 Other foods 167 172 170 171 169 169 Oil seeds 138 142 145 145 151 137 Raw jute 86 87 92 114 108 89 Jute manufactures... 146 146 156 161 152 143 Raw cotton 180 180 201 181 185 119 Cotton manufac- tures » _ 158 161 163 158 155 153 1 1 1 4 9 9 O H M t i e h d t e e a r s l s t a e n x d ti l s e k s ins 1 1 1 2 4 2 7 1 6 1 1 1 2 2 2 7 1 9 1 1 1 2 0 3 3 9 3 - 1 1 1 2 0 3 4 2 0 1 1 1 2 0 3 7 2 0 1 1 1 2 3 1 4 8 8 Other articles.. _ 149 149 153 160 161 152 i First-of-month figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 149 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war-100] Month 1926 June .- . July August September October November December ^"1927 " January February March April May June July August - . September October November December 1928 January setatS detinU )seitic European countries 157 154 153 156 157 158 159 156 153 151 151 152 155 150 149 151 153 153 152 -neiV( airtsuA )an 116 115 117 116 117 117 118 119 119 118 119 119 122 122 120 119 120 119 * muigleB 155 177 187 184 194 204 206 207 210 201 200 196 201 205 202 206 210 211 airagluB 2,717 2,713 2,637 2,641 2,597 2,618 2,598 2,586 2,569 2,533 2,478 2,630 2,699 2,653 2,625 2,615 2,626 aikav olsohcez C 861 876 878 878 888 902 912 914 914 915 923 930 949 962 914 910 907 905 »dnalgnE 158 161 161 162 163 169 169 167 164 162 155 154 154 159 156 157 161 163 163 »ainotsE 139 139 138 128 127 127 128 131 132 129 130 130 131 134 130 122 123 )siraP( ecnarF 544 574 587 590 624 628 599 592 585 581 580 589 580 557 539 532 520 500 523 ynamreG 143 145 146 145 145 148 150 151 152 151 150 151 153 156 150 151 152 152 -htA( eceerG )sne 1,870 1,849 1,871 1,890 1,933 1,986 1,973 2,002 1,995 1,997 2,021 2,063 2,063 2,059 2,044 2,070 2,071 )naliM( ylatI 657 654 660 652 654 630 631 625 642 635 617 565 541 524 518 509 509 sdnalrehteN 146 146 146 K5 146 147 146 147 146 146 145 145 145 144 143 143 146 148 148 yawroN 194 198 196 193 191 186 184 180 177 173 169 169 172 175 175 174 173 171 171 *aissuR 243 236 234 231 230 234 235 208 208 205 203 201 199 199 199 198 198 199 200 201 dnalreztiwS Other countries 3 Q 159 149 159 149 157 150 158 147 160 147 159 148 159 151 158 153 157 151 156 149 156 146 156 145 157 146 157 147 157 147 158 147 158 148 161 149 151 ailartsuA 162 159 157 155 153 155 158 158 153 151 151 152 153 152 155 157 159 157 -moB( aidnI )yab 152 155 153 152 153 152 154 155 152 152 151 150 151 154 155 151 148 147 149 151 dnalaeZ weN 151 149 149 148 147 146 149 148 146 146 145 145 144 144 143 143 143 144 acirfA htuoS 118 117 117 117 120 119 117 118 117 118 119 121 120 119 118 117 119 119 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 an n d g * - 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 M a a n l i y ) - l N a e n e r t d * h s - N w o a r y - l P an o- d Spain S d w en e- S l z a w e n r i d - t- C ad a a n * - A t l r u i a a s - - ( I b B n a o d y m ) ia - A So fr u ic th a 1926 June 159 150 698 168 1,175 485 141 1,791 116 650 171 218 184 183 160 150 161 155 131 July 159 166 723 170 1,183 142 L,808 117 649 178 186 172" 160 150 157 130 August 158 175 728 170 1,213 143 1,818 116 852 182 178 159 150 155 130 S O e c p to te b m er ber. 1 15 5 8 8 1 1 7 8 4 4 7 73 2 2 7 1 1 7 7 4 2 1 1 , , 1 2 9 0 7 3 53ft 1 1 4 4 2 2 L L, , 8 8 6 3 2 3 1 1 1 1 4 4 6 6 4 7 7 2 164 2i7 1 1 8 9 f 3 t 1 10 8 0 7 in 1 1 5 6 f 0 t 1 1 4 4 f f t t 158 1 1 5 5 5 5 1 1 3 3 0 1 November. 159 191 740 179 1,193 144 1,895 116 657 197 191 15ft 150 154 131 December. 159 195 741 179 1,197 545 144 L889 116 657 168 213 lftft 193 15ft 151 "Ifi7" 156 129 1927 January 158 198 747 175 1,187 145 ,900 119 655 202 196 171 160 152 156 130 February.- 157 200 746 172 1,18ft 145 [,896 120 667 201 190 160 151 155 130 March 156 195 744 171 1,183 ""524" 145 L, 898 lift 663 166 203 200 194 159 150 156 155 131 April .. 156 195 749 165 1,173 146 L,911 119 651 203 106 170" 158 148 153 131 May 157 193 756 164 1,166 147 L,938 lift 612 205 17ft 15ft 148 152 132 June 156 196 761 163 1,184 525 148 1,951 121 586 1«7 201 205 179 160 14ft 155 154 132 July 155 199 753 166 1,203 150 L,960 119 548 198 189 "lee" 160 14ft 156 132 August 155 198 739 164 1,237 147 1.951 lift 543 201 221 lftO 14ft 157 131 September. 155 202 736 165 1,230 507 147 1,955 119 537 167 197 202 226 161 14ft 154 131 October 155 207 734 167 1,237 150 1,956 120 536 205 227 *"l72~ 161 150 151 132 November. 157 2C8 735 169 1,251 151 120 "is" 210 225 162 150 150 132 December. 157 169 1,243 120 "l70" 151 151 1928 January . 154 11921-100. The cost of living index for Belgium has been changed from an average of seven provinces, on April, 1914, base, to a workingm&n'f budget in 59 cities, on a 1921 base. * 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

150 FEDERAL RESERVE BULLETIN FEBBUABY, 1928 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the changes affecting State During the month ended January 21, 1928, the bank membership during the month ended January 21, Federal Reserve Board approved applications of the 1928, on which date 1,278 State institutions were national banks listed below for permission to exercise members of the system: one or more of the fiduciary powers named in section 11 ADMISSIONS (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) Capital Surplus Total registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which District No. 2 State banks, trust companies, or other corporations which come into competition with national banks are Guaranty Trust Co., Newark, N. J._ $500,000 $187,500 $2,571,815 permitted to act under the laws of the State in which the national bank is located. CHANGES Dis- District No. 1 Location trict Name of bank Powers No. granted Hadley Falls Trust Co., Holyoke, Mass., a member, has absorbed City National Bank, Holyoke, Mass... - $500,000 $300,000 $5,975,000 Bernardsville, N. J..- 2 BernardsvilleNationalBank. 1 to 9 Cortland, N. Y 2 Second National Bank 1 to 9 District No. 2 New York, N. Y 2 Bedford National Bank of 1 to 9 Brooklyn in New York. The International Acceptance Se- Hightstown, N. J 3 First National Bank 1 to 9 curities & Trust Co., New York, Mt. Holly, N.J 3 Union National Bank 1 to 9 N. Y., has changed its title to In- Columbus, Ohio 4 Huntington National Bank. 19 ternational Acceptance Trust Co, Clarksburg, W. Va— 5 Union National Bank 15 to 9 The Longacre Bank, New York, Gulfport, Miss 6 National Bank of Gulfport.. 1 to 9 N. Y. (converted to Longacre Na- Charleston, 111 7 First National Bank 1 to 9 tional Bank) 600,000 380,000 9,311,000 Chicago, 111 7 Albany Park National Bank. 1 to 9 Weequahic Trust Co., Newark, New Castle, Ind 7 Farmers and First National 1 to 9 N. J. (absorbed by Washington Trust Co., Newark, N. J., a non- Dysart, Iowa 7 First National Bank 1 to 9 member) 200,000 100,000 3,578,000 T Sh ra r v ev er e s p e o r C t, i t L y, a Mich.. 11 7 Com d m o e .. r . c . ial National Bank. 15 to 1 5 9 District No. S Los Angeles, Calif 12 Citizens National Bank 1 to 9 The Dime Deposit Bank, Kulp- i Supplemental. mont, Pa., has changed its title to Dime Deposit Bank & Trust Co. Changes in National Bank Membership District No. 4 The Comptroller of the Currency reports the follow- Shadyside Bank, Shadyside, Ohio ing increases and reductions in the number and capital (absorbed by First National Bank, Bellaire, Ohio) 50,000 15,000 392,000 of national banks during the period from December 24, 1927, to January 20, 1928, inclusive: District No. 7 The Chicago Trust Co., Chicago, Num- Amount 111., a member, has absorbed Na- ber of of tional Bank of Commerce in Chi- banks capital cago _--. 800,000 300,000 7,434,290 District No. 8 New charters issued 11 $2,450,000 Restored to solvency 0 0 International Bank, St. Louis, Mo. Increase of capital approved1 53 21,050,000 (absorbed by First National Bank Aggregate of new charters, banks restored to in St. Louis) 1,000,000 200,000 8,623,000 solvency, and banks increasing capital 53 23,500,000 Lafayette-South Side Bank, St. Louis, Mo. (converted into the Liquidations 3,710,000 Lafayette-South Side Bank & Reducing capitalJ 725,000 Trust Co.) — 2,000,000 1,000,000 30,088,902 Total liquidations and reductions of capital. _- 29 4,435,000 District No. 10 Consolidation of national banks under act of Nov. Custer State Bank, Broken Bow, 7,1918« 51,550,000 Nebr. (withdrawal) 35,000 15,000 377,000 Co u n n s d o e l r i d a a c ti t o o n f o F f e b a . n 2 a 5 t , i 1 o 9 n 2 a 7 l bank and a State bank 7,025,000 District No. 11 Total consolidations.. 58,575,000 Gonzales State Bank & Trust Co., Gonzales, Tex. (voluntary with- Aggregate increased capital for period 23,500,000 drawal) 75,000 25,000 502,000 Reduction of capital owing to liquidations, etc. 4,435,000 First State Bank, Wolfe City, Tex. (succeeded by First State Bank of Net increase.. 19,065,000 Wolfe City, Tex., a nonmember).. 50,000 20,000 320,000 iIncludes one increase in capital of $9,500,000 incident to a consolida- District No. 12 tion under act of Nov. 7,1918, and four increases in capital aggregating $2,555,000 incident to consolidations of State banks under act of Feb. Citizens State Bank, San Luis 25,1927. Obispo, Calif, (absorbed by Se- * Includes two reductions in capital aggregating $100,000 incident to curity Bank & Trust Co., Bakers- consolidations under act ofjNov. 7,1918. field, Calif., a nonmember) 150,000 48,000 1,041,000 • One of which also includes a State bank under section 3 of act of Feb. 25, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 151 DETAILED] BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank 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 - la A n t t - a j ! C ca 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 F c S r is a a c n n o - Gold with Federal reserve agents: Jan, 4. 1,477,638 130,712 280,067 76,266 178,724 33,421 142,733 247,767 41,313 50,161 61,346 31,448 203,680 Jan.11 1,524,657 118,367 315,0671 98,481 177,666 35,644 139,636! 247,767 46,201 47,561 60,449 31,070 206,748 Jan. 18 1,530,476 109, 059 374,538! 102,882 178,053 37,756 133,038! 247,181 41,392 46,907 55,256 26,235 178,179 Jan. 25 _ 1,465, 875 105,152 324,359 j 107,679 181, 599 47,107 129,214! 227,077 37,882 47,123 54,436 28,033 176,214 Gold redemption fund with United States Treasury: Jan. 4 51,447 4,698 16,591; 7,974 3,692 3,742 1,675; 3,804 2,083 1,866 1,772 1,8671,683 Jan. 11 51,068| 6,44o! 15,1731 4, 777 5,671 3,589 1,515: 2,801 2,587 2, 230 2,227 2, 057 1,996 Jan. 18 _ 53,955 4,929, 13,150 6,847 5,101 2,807 1,822! 6,647| 2,678 2,6041 2,940 1,928 2,502 Jan. 25 47,455 8,101! 11,327! 3,734 4,641 1,865 1,649! 5,349 2,805 2,096! 1,792 l,r~~2,436 Gold held exclusively against Federal reserve notes: Jan. 4 1,529,085! 135,410; 296,658 84,240 182,416 37,163 144,408! 251,571 43,396 52,027 63,118 33,315 205,363 Jan. 11 _ 1,575, 725j 124,812 330,240; 103,258 183,337 39,233 141,151! 250,568 48,788 49, 791 62,676 33,127 208,744 Jan. 18 1,584,431 113,988 387,6881 109,729 183,154 40,563 134,860; 253,828 44,070 49,511 58,196 28,163 180,681 Jan. 25 1, 513,330 113,253 335,686; 111,413 186,240 48,972 130,863 232,426 40,687 49, 219 56,228 29, 693 178,650 Gold settlement fund with Federal Reserve Board: Jan. 4... 594,958 18,960; 268,392i 36,199 25,794 17,133 8,053; 107,435 18,586 14,323 23,620 14,187 42,276 Jan. 11 572,502 11,795 248,9751 36,877 47,707 10,352 7,032! 89,113 16,972 15,169 24,048 16,0931 48,369 Jan. 18... 551,153 24,369 262,620! 32,518 36,480 9,955 5.263! 83,170 14,134 13, 531 21,945 14,727 32,441 Jan. 25 636,954 | 37, 612! 235,0791 40,032 57,546 12, 583 10,838 122,558 18,768 17,909 29,436 18,008 36,585 Gold and gold certificates held by banks: Jan. 4 618,458: 38,544! 380,374! 24,283 39,793 10,488 8,267! 56,253 12,459 4, 9011 7,1321 7,426 28,538 Jan. 11... 659,672; 42,079; 407,804 24,172 42,241 11,959 7,893! 60,621 12,914 5,139 7,294 7,641 29,915 Jan. 18 672,044 40,499' 421,810 25,513 42,814 11,032 7,898! 58, 736 13,078 5,237 7,270 7,695 30,462 Jan. 25 668, 79411 36,4641 422,130 24,736 43,224 10,894 7,890! 57,393 14,195 5,798 7,949 7,843 30,278 Total gold reserves: Jan. 4 2, 742, 501 j 192,914 945,424 144, 722 248,003 64, 784160,728? 415,259 74,441 71, 251 93,870 54,928 276,177 Jan. 11 2,807,899' 178,686! 987,019 164, 307 273,285 61, 544156,076! 400,302! 78,674 70,099 94,018 56,861 287,028 Jan. 18 2,807, 628! 178,856 1,072,118 167, 760 262,448 61,550 148,021; 395,734 71,282 68,279 87,411 50,585 243, 584 Jan. 25 2,819,078! 187,329 992,895 176,181 287,010 72,449 149,591! 412,377 73,650 72,926 93, 613 55,544 245,513 Reserves other than gold: I Jan. 4 146,719 14,683| 29,7781 9,358 13, 341 8,026 12,331 j 17,276 13,641 4,200 5,942 9,482 8,655 Jan. 11__ 159, 324! 15,008; 31,127J 10,714 12,010 9,813 13,564! 20,347 14,963 4,686 7,067 10,029 9,996 Jan. 18. 167,934 15,031; 33,231 11,508 14,198 10, 329 15,250! 21,061 14,936 4,915 7,018 10,033 10,424 Jan. 25 168,956; 14,121! 32,051 11,815 13,390 11, 219 15,566 21,340 4,595 7,632! 10,231 11,298 Total reserves: Jan.4__ 2,889,2201 207,597 975,202 154,080 261, 35C 72, 810173,059 432,535' 75, 451 99,812| 64,410 284,832 Jan.11 2,967, 223 193,694' 1,018,146| 175,021 285, 29£ 71, 357169,640; 420,649 93,637 74, 785 101,085! 66,890 297,024 Jan. 18_ 2, 975, 562! 193,887. 1,105,349 179,268 276, 64i 71,879 163,271; 416,795 86, 218 73,194 94,429! 60, 618254,008 Jan. 25.. 2,988,034j 201,450! 1,024,946 187,996 300,40C 83,668 165,157; 433,717 89,348 77,521 101,2451 65, 775256,811 Nonreserve cash: Jan. 4 81,3521 10,273 22, 598 1,440 7,07C 8,429 4,955; 9, 674 4,769 1,370 2,960 3,361 4,453 Jan. 11 93,146 11,417 28,745 1,588 5, 75f 10,078 5, 268 10, 739 5,445 1,670 3, 272| 3,928 5,244 Jan. 18 94,118 10,772 30,188! 2,076 8,009 9,162 4,8101: 10,291 5,316 1,732 3,204i 3,357 5,201 Jan. 25 92,558 9,819! 31,538 2,277 5,779 9,495 5,154 i 9,0815,707 1,709 2,922| 4,006 5,071 Bills discounted: Secured by U. S. Government obligations— Jan. 4 348,783 8,981! 126,853 47,226 54,052 7,934 11,893 43,044 9,087 1,810 6,659i 2,530 28, 714 Jan. 11 297,247 9,902j 117,433 33, 279 42,451 7,576 7,597 41,351 7,409 1,287 4,567 2,525 21,870 Jan. 18 283,781 12,756 64,778 28,332 39,538 10,605 8,362 46,674 7,994 2,622 9,205 3,174 49,741 Jan. 25 262,785 8,557 91,326 22,332 28,664 11,018 8,140 26,756 9,445 2,096 5,574 1,949 46,928 Other bills discounted— Jan. 4 172,096J 10,860J 51,918 11,446 14,233 17,38. 19,099 20,679 10,232) 1,542 6, 297| 1,270 7,137 Jan. 11 141,894 10,344! 31,406 11,172! 14,98 20,823 23,588j 4,516 1,665 7,987 481 6,589 Jan.18 128,278j 20,124 8,776 11,552 16, 21,339 17,457 8,180 1,532 7,321 2,249 4,498 Jan. 25 122,439 23,747 8,209 6,8191 13,54£ 20,630 18,402 5,848 1,548 8,098 2,666 4,643 Total bills discounted: Jan. 4 520,879 19,8411 178, 771 58,672 68,285 25,317 30,992 63, 723 19,319 3,352 12,956 3,800 35,851 Jan. 11 439,141 20,246 148,839 41,61 53,623! 22,56: 28,420 64,939 11,925 2,952 12,554 3,006 28,459 Jan. 18 412,059 21,188| 84,902 37,108 51,090i 27,423 29,701 64,131 16,174 4,154 16,526 5,423 54,239 Jan. 25 385,224' 16,841 i 115,073 30,541 35,483i 24, 563 28,770 45,158 15,293 3,6441 13,672 4,615 51,571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 RESOURCES AND LIABILITIES, BY WEEKS-Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a* ia C la le n v d e- m Ri o c n h d - la A n t t - a Chi- 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: Jan. 4 387,131 50,184 96,440 41,924 21,543 45, 777! 2.393 63,117 5,083 16, 919, 7,588 22,269 13,894 Jan. 11 392,567 59,082 85, 632 38,954, 44,147 4,207 63,377 6, 772 17,067! 9,099 23,226 14,679 Jan. 18 49,301 78,620 34,598| 27,273 38,391 6,644 59, 932 9,229 16, 7561 10,340 22,556 15.395 Jan. 25 _ 347,305 42, 773 79,983 30,875 26,947 29, 744 7,769 59,527 10,244 13, 7591 10,821 20,115 14,748 U. S. Government securities: Bonds- Jan. 4 293,322 15,327 66, 736 17,432 35,028 6,224 5,938 48,999 18, 869 11,678 22,972 18,112 26,007 Jan. 11 226, 765 13,166 38,300 13, 471 30,443 4,756 3,243 40, 957 16, 069 9,554 19, 241 16,288 21,277 Jan. 18 65,033 1,637 5,745 1,104 1,365 1,432 267 21,090 7,620 4,746 10, 794 8,285 948 Jan. 25 56,184 708 3,384 585 619 1,153J 24 20,077 7,125 4,499 10,140 7,819 51 Treasury notes- Jan. 4 104,583 5,001 8,199 11,058 1,381 1,479 10,833 8,706 5,377 4,419 3,846 4,462 Jan. 11 100,581 6,196 23,178 9,640 12, 725 1,914 1,715 12,426 9,724 6,149 5,776 4,r 6,182 Jan. 18 243,857 16,379 48,021 20,675 40,239 4,744 5,807 30,601 17,231 10,243 12,968 12,028 24,921 Jan. 25 244,266 16,054 48,137 20, 458 40,285 4,841 5,928 29,421 18,730 10,060 13,102 12, 020 25,230 Certificates of indebted- Jan. 4... 229,498 15,414 83,279 20,032 16,155 4,847 6,162 28,126 10,588 6,845 12,701 9,742 15, 607 Jan. 11.. 217, 917 14,758 65. 984 20,851 17,103 5,151 5,605 29, 598 11,167 7,284 13,472 10,359 16, 585 Jan. 18.. 190,478 13,758 47, 346 19,918 16,045 4,805 6,206 27,388 10, 508 6,783 12, 593 9,656 15,472 Jan. 25.. 140,447 9,932 33, 909 16,400 11,822 3,410 4,.r" 20,254 7,887 4,932 9,107 6,929 10,982 Total U. S. Government securities: Jan. 4 627, 403 35, 742; 189, 837 62,241 12,452 13, 579 87, 958 38,163 23, 900 40,092 31, 700! 46, 076 Jan. 11 545,263 34,120, 127, 462 43', 96260, 271 11,821 10, 563 82, 981 36, 960 22, 987 38,489 31, 603 44, 044 Jan.18 499,368 31, 7741 101,112 41,697 57, 649 10, 981 12, 280 79, 079 35,359 21, 772 36,355 29, 969 41,341 Jan. 25.. 440,897 26,6941 85,430 37,443 52, 726 9,404J 10,835 69, 752 33, 742 19,491 32,349 26, 768 36,263 Other securities: Jan.4___ 880 j 260 Jan. 11__ 760 Jan. 18._ _ „ 500 Jan. 25 500 Total bills and securities: Jan.4... 1,536, 293 105, 767 465, 048 146,259 152, 069 83,546 47, 224 214, 798 62,565 44,791 60,636 57, 769J 95,821 Jan. 11 _ 1,377,731 113,448 361,933 124, 533 140, 219 78, 529 43,450 211,297 55,657 43, 506 60,14[r2 57,835 87,182 Jan. 18 1, 280,962102, 263 264, 634 113,403 136,012 76, 795 48, 625 203,142 60,762 43,182 63,221) 57,948 110,975 Jan. 25 1,173,926 98,859 115,156 63,711| 47,374 174,437 59,279 37,394 56,842 51,498 102,582 Due from foreign banks: Jan.4___ 37 213 47 52 67 21 15 18 34 Jan.11._ 566 37 216 46 51 21 13 17 35 Jan. 18 568 37 216 46 51 21 13 18 35 Jan. 25 568 37 216 51 68 21 13 18 35 Uncollected items: Jan.4__ 860, 067 94,118 232,227 76,169 80,814 63,740! 34,468 94, 251 42, 220' 14,889 47, 35,949 43,283 Jan. 11_. _ 670,056 63,578 171, 297 56,713 57,944 55, 598| 29,342 74,686 32,46l! 13,323 42,154 28,451 44, 509 Jan. 18 705,805 69, 279 185, 653 62, 766 63, 766 54, 890 28, 058 83, 658 35,262; 12, 758 40,368 28,512 40,835 Jan. 25 618,190 61,839 158, 505 54, 613 58, 814 49,872 25,890 71,315 31, 650 12,092 35,901 24,228 33,471 Bank premises: Jan.4___ 57,972 3,824 15,898 1,749 6,865 2, 745| 2,823 8,609 3,790; 2,202 4,308 1, 785 3,374 Jan.11 58,122 3,824 15,898 1,749 6,865 2,889! 2, 823 8,615 3, 790 2,202 4,308 1, 785 3, 374 Jan. 18 58,724 3,824 16,498 1,749 6,865 2,889| 2,825 8,615 3,790 2,202 4,308 1, 785 3, 374 Jan. 25.. _ 58, 731 3,824 16,498; 1,754 6,865 2,890 2,8251 8,615 3,791 2,202 4,308 1,785 3,374 All other resources: Jan. 4 15,043 84 6,3371 239 1,309 392 1,779 1,335 739 1,067 445 506 811 Jan. 11 14,888 87 5,605] 263 1,349| 395| 1,720, 1,321 744 1,577 424 814 Jan. 18 11,122 97 2,935! 178 1,0111 397j 1,683J 1,314 723 1,221 416 518 Jan. 25 10, 515 101 2, 610 181 1, 052! 409 1,460; 1,297 730| 1,064 456 521 634 Total resources: Jan. 4 5,440,513 421,700 1,717,5231 379,983 509,529! 231,687 264,328 761,269 202,186; 139,785 216,118 163,797 432,608 Jan. 11 . 5,181, 732 386,085! 1,601,840 359,913 497,475 218,871! 252,263! 727,375 191,755! 137,076 211,402 159,495 438,182 Jan.18_ 5,126,861 380,159! 1,605,473; 359,486492,360! 216,037j 249, 2931 723,883 192,092 134,302 205,964 152,755' 415,057 Jan. 25 4,942,522 363,378 1,514,799 345,726 488,117| 210,070 247,881 698,530 190, 526 131,995 ,201, 692147,830 401,978 LIABILITIES Federal reserve notes in circulation: Jan. 4 1,760,710 147,858 374,185 136,746 212,846 76,880 142,796 263,128 56,371 60,961 66,794 46,837 175,308 Jan. 11__ 1,679,624 137,186 354,371 128,351 210,058 73,458 140, 700248,270 54,902 59,300 65, 213 44,394 163,421 Jan. 18__ 1,623,785 129,145 348,726 121,406 201,024 70, 685 136,484 237,401 54,453 58,225 63, 769 42,973! 159,494 Jan. 25 1,584,922 122,905 342,292' 118,033 199,908 68,672 134,944 230,928 53,686 56,798 62,248 41,184! 153,324 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 153 RESOURCES AND LIABILITIES, BY WEEKS—Continued Liabilities—C ontinued [In thousands of dollars] Federal Reserve Bank Total I 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 - la A n t t - a C ca h g i- o L S ou t. i s I ! M ap in ol n i e s - 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— Jan. 4 2,485, 757 158,047 1,020, 508 139,003 180,569 74,405 73,798 357,295 86,623 52,196 92, 501 67,869 182,943 Jan.11___ 2,473,358 157,475 985,678 142,476 189,993 72,874 70,053 354,855 85,272 53, 959 92,524 69, 275 198, 924 Jan. 18.._ 2,431,764 155,111 974,016 142,588 188,187 73,949 69,201 353,159 85,083 51,992 67,070 180,440 Jan. 25 2,354, 712 149,496 910, 546 139,670 188,579 72,219 70,499 347,878 85,935 52,788 67,351 179, 788 Government- Jan. 4_ 15,752 1,479 629 1,254 825 1,434 965 805 2,117 997J 3,917 Jan. 11... 17,134 1,415 714 817 1,758 620 1,082 1,504 1,090 1,226 4,156 1,780 Jan.18... 15,160 613 1, 1,346 236 1,263 1,915 511 1,090 1,199 3,087 Jan. 25 21, 786 2,097 4,040 1,728 2,199 1,975 1,554 1,344 1,052 1,209 2,248 Foreign bank- Jan. 4 5,652 347 2,305 444 491 241 190 639 199 139 162 324 Jan. 11 4,825 363 1,350 460 503 247 203 673 2081 131 169 344 Jan. 18.__ 5,658 363 2,183 460 503 247 203 673 208 131 169 344 Jan. 25-.. 5,806 363 2,331 460 247 203 673 208 131 169 344 Other deposits- Jan. 4__ 29,138 273 18,193 1,735 1,090 206 113 1,128 395 346 128 4,485 Jan. 11__. 22,126 225 13,046 147 1,319 294 225 1,173 425 279 120 4,337 Jan. 18 19,061 206 10, 525 77 991! 238 130| 896 370 282 97 4,403 Jan. 25 19,310 178 10, 011 101 1, 512 153 1241 1,355 377 287 4,227 Total deposits: Jan. 4_ 2, 536, 299160,146 1,041, 635141,578 183,404! 75,677 75, 53, 360,027 88,022 54, 798 94,652 69,1561 191,669 Jan. 11 _ 2, 517,443 159,478 1,000, 788143, 900| 193, 573! 74,035 71, 563 358,205 55, 595 94, 206 73,720 205,385 Jan. 18 2,471, 643 156, 293 988,412 145,114} 191,027 74, 670 70, 797 356, 643 86,172 53,495 92, 211 68,535 188,274 Jan. 25. 2,401, 614 152,134 926,928 141,130 192,322 74,818 72,801 351,460 87,864 54,258 92,474 68,818 186,607 Deferred availability items: Jan. 4 768,850 86,175 196, 293 66, 519 74, 219 59, 778 30, 535 41,454 13,185 40,978 34, 713 39, 603 Jan. 11 _ 609,065 61, 784 141,008 52, 502 54, 617 52,029 24, 527 68.016 33,485 11,324 38,213 28,272 Jan. 18 654, 526 67,085 161,496 57, 767 61,007 51, 331 26, 531 76,951 35,086 11, 723 36, 232 28,116 41, 201 Jan. 25.... 577,945 60, 641 138,361 51,336 56, 522 47,191 24, 621 63.017 32, 570 10,064. 33,185 24,694 35, 743 Capital paid in: Jan. 4 132, 512 9,412 40,333 13, 243 13, 979 6,252 5,178 17,965 5,341 3,009 4,235 4,263 9,302 Jan. 11 132, 585 9,403 40, 337 13, 243 14,068 6,252 5,171 17, 954 5,341 3,009 4,251 4,260 9,296 Surp J J l a a u n n s . . : 2 1 5 8 1 13 3 3 4 , , 2 7 0 7 9 5 9 9 , , 4 4 0 0 3 3 4 4 1 1 , , 4 6 6 1 0 3 1 13 3 , , 2 2 1 4 8 5 1 14 4 , , 1 1 2 2 4 2 6 6 , , 2 2 3 2 8 7 5 5, , 1 1 7 7 9 2 1 17 8 , , 0 9 9 7 6 1 5 5 , , 3 3 4 4 1 1 3 3 , , 0 0 2 2 3 5 4 4 , , 2 2 5 5 2 2 4 4 , , 2 2 6 6 5 1 9 9 , , 4 2 5 9 7 6 Jan. 4 233, 319 17,893 63,007 21,662 24,021 12, 324 32, 778 10, 397 7,039 9,046 8,527 16, 629 Jan. 11 233,319 17,893 63,007 21,662 24,021 12, 324 9,996 32, 778 10, 397 7,039 9,046 8,527 16,629 Jan.18 233, 319 17,893 63,007 21,662 24,021 12,324 32, 778 10, 397 7,039 9,046 8,527 16,629 Jan. 25 233,319 17,893 63, 007 21, 662 24, 021 12,324 32, 778 10,397 7,039 9,046 8,527 16,629 All other liabilities: Jan. 4 8,823 216 2,070 235 1,060 776 288 1,973 601 793 413 301 97 Jan. 11 9,696 341 2,329 255 1,138 773 306 2,152 635 809 473 322 163 Jan. 18 9,813 340 2,372 292 1,159 800 313 2,139 643 795 454 343 163 Jan. 25 _ 10, 513 402 2,598 347 1,220 827 340 2, 251 813 487 342 218 Total liabilities: Jan. 4 5,440,513 421,700 1,717, 523379,983 509, 529231,687 264,328 761,269 202,186 139, 785216,118 163, 797432, 608 Jan. 11 ! 5,181,732 1,601,840 359,913 497,475 218,871 252, 263727,375 191, 755 137,076 211,402 159,495 438,182 Jan. 18 1 5,126,861 380,159 1, 605,473359, 486 216,037 249, 293723,883 192,092 134, 302205,964 152, 755415,057 Jan. 25 4,942,522 363,378 1, 514, 799345, 726 488,117 210, 070247,881 190, 526131,995 201, 692 147,830 401,978 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Jan. 4 67.2 67.4 68.9 55.4 66.0 47.7 79.3 69.4 61.0 65.2 61.8 55.5 77.6 Jan. 11 70.7 65.3 75.1 64.3 70.7 48.4 79.9 69.4 66.0 65.1 63.4 56.6 80.5 Jan. 18 72.7 67.9 82.7 67.3 70.6 49.5 78.8 70.2 61.3 65.5 60.5 54.4 73.0 Jan. 25 75.0 73.2 80.8 72.5 76.6 58.3 79.5 74.5 63.1 65.4 59.8 75.5 Contingent liability on bills purchased for foreign correspondents: Jan. 4 232,181 17,158 66,777 21,963 24,250 11,896 9,380 31,571 9,837 6,863 8,465 8,007 16,014 Jan. 11 233,812 17,472 66,545 22,132 24,228 11,881 9,784 32,382 10,017 6,290 8,387 8,154 16,540 Jan. 18 232,291 17,472 65,024 22,132 24,228 11,881 9,784 32,382 10,017 6,290 8,387 8,154 16,540 Jan. 25— 231,881 17,472 64,614 22,132 24,228 11,881 9,784 32,382 10,017 6,290 8,387 8,154 16,540 Own Federal reserve notes held by Federal reserve banks: Jan. 4 457, 780 47,041 137,134 37,520 41,340 19,920 33,056 52,304 7,217 5,382 10,869 9,081 56,916 Jan. 11 494,278 50,248 153,467 43,130 22,565 31,156 55,396 7,574 5,853 11,752 10,646 66,871 Jan. 18 501,663 46,331 160,931 47,476 41,342 21,860 30,523 54,438 7,574 5,124 9,304 9,531 67,229 Jan. 25 459,684 38,164 130,891 48,646 37,203 22,724 30,149 47,837 7,531 4,f" 10,005 10,118 71,434 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN FEBBTJABY, 1928 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m K o ic n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Jan.4-. 3,020,347 246,999 787,800 210,366 293,516 120,749 232,523 482,832 80,638 112,983 73,750 294,324 J J a an n . . 1 1 1 8 ._ 2 2 , , 9 97 9 1 1 , , 2 3 0 1 3 7 2 2 4 41 4 , , 3 6 4 5 6 4 7 78 8 6 4 , , 1 3 3 1 7 8 2 20 0 3 7 , , 9 5 8 8 2 1 : 2 2 8 8 2 6 , , 3 9 4 5 6 8 1 1 1 1 8 9 , , 1 9 4 7 4 2 2 23 2 0 9 , , 0 0 2 2 6 7 4 4 7 7 7 1 , , 6 9 6 3 6 9 7 7 9 8, t5 7 2 1 6 7 8 8 2 3 , , 6 2 1 6 3 7 1 1 1 1 2 0 , ,8 0 9 8 3 5 7 7 2 2, , 0 8 3 7 6 2 2 29 9 4 2 , , 0 3 2 9 3 2 Jan. 25 2,945,157 237,439 779,663 200,779 281,791 116,995 227,583 466,765 78,387 82,789 110,073 70,835 292,058 Federal reserve notes held by Federal reserve agent: Jan. 4. 801,857 52,100 276,481 36,100 39,330 23,949 56,671 167,400 17,050 17,524 35,320 17,832 62,100 Jan. 11_. 817,415 57,220 276,480 36,100| 41,280 23,949 58,170 174,000 17,050 18,114 35,120 17,832 62,100 Jan. 18. - 845,755 65,870 276,480 35,100 39,980 25,599 62,020 180,100 16,690 19,264 37,820 19,532 67,300 Jan. 25 900,551 76,370 306,480 34,100 44, — 25,599 62,490 188,000 17,170 21,009 37,820 19,533 67,300 Federal reserve notes issued to Federal reserve bank: Jan. 4 2,218,490 194,899 511,319 174,266 254,186 96,800 175,852 315,432 63,588 66,343 77,663 55,918 232,224 Jan. 11 2,173,902 187,434 507,838 171,481 245,678 96,023 171,856 303,666 62,476 65,153 76,965 55,040 230,292 Jan. 18 2,125,448 175,476 509,657 168,882] 242,366 92,545 167,007 291,839 62,027 63,349 73,073 52,504 226,723 Jan. 25 -—- 2,044,606 161,069 473,183 166,679 237,111 91,396 165, 093278, 765 61,217 61,780 72,253 51,302 224,758 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Jan. 4__ 407,951 35,300 205,150 40,000 29,831 18,800 7,400 14,167 17,303 40,000 Jan. 11 408,950 35,300 205,150 40,000 29,830 18,8001 8,400 14,167 17,303 40,000 Jan. 18 411,341 35,300 205,150 40,000 31,021 20,0001 8,400 14,167 17,303 40,000 Jan. 25 414, 240 35,300 205,150 42,600 31,020 20,000 8,700 14,167 17,303 40,000 Gold redemption fund- Jan. 4__ 105,359 16,412 19,917 12,489 13,724 3,590 5,633 2,767 2,413 1,994 4,486 4,645 17,289 Jan. 11 100,781 14,067 19,917 9,704 12,666 5,814 8,836 2,767 1,301 1,394 3,589 3,767 16,959 Jan. 18__ 97,197 10,759 19,388 11,105 13,053 5,735 6,838 2,181 3,492 740 4,396 2,932 16,578 Jan. 25 - 107,902 16,852 19,209 12,902 13,999 9,587 5,114 2,077 2,682 956 3,576 4,730 16,218 Gold fund- Jan. 4 964,328 79,000 55,000 63,777 125,000 118,300 245,000 31,500 34,000 56,860 9,500 146,391 Jan. 11 _ 1,014,926 69,000 90,000 88,777 125,000 112,000 245,000 36,500 32,000 56,860 10,000 149,789 Jan. 18__ _ 1,021,938 63,000 150,000 91,777 125,000 1,000 106,200 245,000 29,500 32,000 50,860 6,000 121,601 Jan. 25 _ 943, 233 53,000 100,000 94,777 125,000 6,500 104,100 225,000 26,500 32,000 50,860 5,500 119,996 Eligible paper— Jan. 4. 873,849 70,025 249,858 99,209 86,349 68,814 33,276 126,6591 24,305 20,028 20,465 26,056 48,805 Jan. 11_ 808,940 79,328 223,352 79,124 76,106 62,322 32,444 128,142 18,595 19,677 21,579 26,198 42,073 Jan.18. 755,142 70,489 150,455 69,385 76,309 58,433 36,121 123,885 25 293 20,69" 26, 770 27, 723 69,582 Jan. 25 704, 650 59,614 178,997 60,721 60,330 46,439 36,210 104,512 25^ 366 17,199 24,367 24,644 66,251 Total collateral— Jan. 4_ _ 2,351,487 200,737 529,925 175,475 265,073 102,235 176,009 374,426 65,618 70,189 81,811 57,504252,485 Jan. 11. 2,333,597 197,695 538,419 177,605 253,772 97,966 172,080) 375,909 64,796 67,238 82,028 57,268248,821 Jan.18__ 2,285,618 179,548 524,993 172,267 254,362 96,189 169,159 371,066 66,685 67,604 82,026 53,958247.761 Jan. 25. 2,170,025 164, 766503,356 168,400 241,929 93,546 165,424 331,589 63,248 64,322 51,177 242,465 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total 15 days days days days 6 months months Bills discounted: Jan. 4 520,879 449,909 18,059 27,010 17,995 6,450 1,456 Jan. 11. 439,141 372,923 14,383 27,294 16,186 6,807 1,548 Jan. 18 412,059 347,115 15,342 28,255 14,264 6,381 702 Jan. 25 385,224 318,991 14,912 26,751 17,352 6,091 1,127 Bills bought in open market: Jan. 4—. 387,131 182,427 102,696 73,568 26,341 2,099 Jan. 11 392,567 172,388 80, 578 79,449 57,376 2,776 Jan. 18 369,035 149,752 73,298 67,676 75,015 3,294 Jan. 25 - 347,305 122,510 73,182 74,684 73,660 3,269 Certificates of indebtedness: Jan. 4 229,498 1,606 35,473 114,569 65,993 11,857 Jan.11 217,917 15,272 105,220 69,687 27,738 Jan.18 190,478 93 90,841 68,206 31,338 Jan. 25 140,447 93 57,519 51,318 31,517 Municipal warrants: Jan. 4 120 100 20 Jan 11 Jan 18- . Jan. 25 l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 155 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN JANUARY, 1928, AND DECEMBER. 1927 [Amounts in thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank January December January December January December January December Boston 199,927 193,933 158,383 156,775 134,078 147,245 68.4 63.8 New York 1,014,000 941,022 974,368 959,131 358, 790 378, 762 76.1 70.3 Philadelphia- 174,272 184, 282 143, 768 140,113 127,184 148,813 64.3 63.8 Cleveland 284,283 294, 502 192,015 188, 794 205,100 222,525 71.6 71.6 Richmond 75,313 76,368 76,012 75, 111 72,279 79,830 50.8 49.3 Atlanta 168,562 171, 775 72,594 70,524 138,535 148,408 79.8 78.5 Chicago _. 426,182 421, 954 355,794 350,010 244,450 259, 758 71.0 69.2 St. Louis 87,895 89,255 87,643 87,915 54,874 56, 214 61.7 61.9 Minneapolis. _. 75,934 74,479 55,071 56,427 58,595 61,613 66.8 63.1 Kansas City- 101,147 99,453 94,328 93, 282 64, 259 67, 587 63.8 61.8 Dallas 64, 410 66, 743 70,554 69,849 43,620 49,142 56.4 56.1 San Francisco. 272, 887 279,651 191,894 188,053 162,499 175,020 77.0 77.0 Total... ; 2,944,812 2,893,417 2,472,424 2,435,984 | 1,664,263 1, 794,917 71.2 68.4 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM DECEMBER 21, 1927, TO JANUARY 18, 1928, INCLUSIVE [In thousands of dollars] Transfers for Govern- Federal reserve note Changes in ownership ment account Transit clearing clearing of gold through trans- Balance Federal reserve bank fers and clearings in c l f o u s n e d o a f t period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 7,000 1,068, 111 1,067,469 4,595 3,892 8,345 24,369 New York 10,000 3, 571,325 3,696,148 10,613 12, 668 136, 878 262, 620 Philadelphia- 1,000 1,000 834,948 831, 663 5,706 5,392 3,599 32, 518 Cleveland 3,500 761,087 754,018 8,308 4,556 7,321 36,480 Richmond 2,000 2,000 829, 537 814,038 2,665 3,484 14,680 9,956 Atlanta 3,000 326,452 317,679 3,099 4,001 10,871 5,263 Chicago 500 3,000 1,410,080 1, 387,095 8,552 6,858 22,179 83,170 St. Louis 1,000 576, 560 562,046 2,086 3,380 12, 220 14,135 Minneapolis... ~i,~666" 176, 691 174,878 1,876 1,804 2,885 13, 531 Kansas City... 1,000 420,983 406,840 2,833 2,604 13, 372 21,945 Dallas 5,000 348, 328 347, 212 1,880 2,193 5,803 14,728 San Francisco.. 2,000 547,077 512,093 2,767 4,148 35, 603 32,441 Total four weeks ending- Jan. 18, 1928 21,500 21,500 10, 871,179 10,871,179 54, 980 54, 980 136,878 136,878 551,156 Dec. 21, 1927 290,000 290,000 10,033,190 10,033,190 53, 571 53, 571 554,358 Jan. 19, 1927 43,000 43,000 9,084, 279 9,084, 279 55,873 55, 873 503, 514 Dec. 15, 1926 30, 500 30, 500 9,039, 384 9,039, 384 49,488 49,488 622, 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 HOLDINGS OF BILLS AND SECURITIES, DECEMBER 31, 1927 [In thousands of dollars] Federal Reserve Bank I Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco HOLDINGS ON DEC. 31, 1927 Total bills and securities _ 1, 590, 938 110, 366 560,470 157, 558 142, 530 86, 713 44,286 204,963 62, 626 44,744 55,867 55,678 65,137 Bills discounted 581, 503 28,598 2&1,338 67, 371 60,845 25,424 28,203 52,670 19,417 1,905 9,634 878 5,220 Bills bought in open market. 392,039 48,410 97, 652 44,523 20,175 48,837 2,238 62,295 5,046 18,319 7,891 22,811 13,842 United States securities _ 616, 516 33,358 181,480 45, 664 61, 510 12,452 13, 585 89,998 38,163 23,900 38,342 31,989 46,075 Other securities 880 260 620 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 87,803 9,461 5,175 7,529 6.439 7,021 16,829 19.060 4,522 1,480 6,145 192 3,950 Demand and sight drafts 182 32 142 8 Trade acceptances 1,400 76 38 : 39 464 170 537 20 7 49 Secured by United States Government obligations... 163 54 2 7 23 33 10 30 1 2 1 Member bank collateral notes: Secured by United States Government obligations. __ 417, 566 19, 007 230,800 50,040 51, 991 9,552 8,020 30, 966 12,040 328 3,227 610 985 Otherwise secured _, _ 74, 389 45,325 9,761 1,944 8,658 2,752 2,614 2,676 96 260 67 236 Total discounted bills * 581, 503 28,598 281,338 j 67,371 60,845 25,424 28,203 52,670 19,417 1,905 9,634 878 5,220 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 84,624 9,318 20,285 8,060 4,110 14,459 870 14,406 1,491 4,052 2,195 3,963 1,415 Exports 118,210 11, 965 28,209 12,835 6,305 13,663 822 18, 912 2,447 6,750 2,940 8,226 5,136 Domestic transactions... 95, 795 18,026 17,413 13,663 3,839 10,641 536 14,107 509 3,887 1,542 6,559 5,073 Dollar exchange 6,195 700 1,315 1,085 115 525 1,448 90 442 115 360 Shipments between or storage of goods in foreign countries 81,242 8,023 27,140 7,784 4,978 9,536 13, 364 498 3,180 1,090 3,694 1,955 Allother 4,434 359 2,527 1,071 209 23 245 Trade acceptances based on imports . 702 692 10 Bills payable in foreign currencies 837 19 71 25 609 13 10 I 35 11 8 g Q 18 ll Total bills purchased 392, 039 48,410 97, 652 44, 523 20,175 48, 837 2,238 62,295 ! 5,046 18, 319 7,891 22,811 13,842 United States Securities United States bonds 290,965 15,157 66,336 17,433 35,028 6,224 5,971 48, 934 18,869 11,678 21,222 18,107 26,006 Treasury notes 68,853 2,463 21, 790 6,399 8,974 713 893 8,070 7,433 4,411 2,723 2,671 2,313 Certificates of indebtedness 256, 698 15, 738 93,354 21,832 17, 508 5,515 6,721 32,994 11,861 7,811 14,397 11,211 17, 756 Total United States securities.— 616, 516 33, 358 181,480 45,664 61, 510 12,452 13, 585 89, 998 38,163 23,900 38,342 31,989 46,075 DAILY AVERAGE HOLD- INGS DURING DECEM- BER, 1927 Total bills and securities 1, 513,119 121,995 440,963 130,425 139,176 86,645 53,007 212,873 62,201 47,412 61,852 59,416 97,154 Bills discounted. ... . 528,624 40,189 171,114 47,854 58,640 24,412 36,084 65,040 19,299 2,990 15,175 5,399 42,428 Bills bought 377, 712 45,982 99, 932 36,738 18,972 49, 793 2,365 60,426 4,567 19, 902 8,266 22,217 8,552 United States securities 605,841 35,824 169,917 45,740 61,564 12,440 14,298 87,407 38,335 23, 931 38,411 31,800 46,174 Other securities 942 93 260 589 i Includes $17,272 secured by adjusted-service certificates held under discount for nonmember banks and $2,272,707 held under discount for Federal intermediate credit banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 157 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING DECEMBER, 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 la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas' I | F c S r is a a c n n o - Total Volume of Operations. 6,006,010; 300,977 3,143, 722 326, 655 583, 275 287,86777,885 425, 699 182,951 42,858 121,880J 65, 214 447,027 B B i i l l l l s s b d o is u c g o h u t n : ted for member banks * 4, 277, 552| 214,865 1,925,849 277,822 540,438 258,690 70,035 296, 001159,155 16, 254 97,1751 I 32,783 388,485 In open market 450, 720 41,872 231,088 21,519 16,017 21,648 52, 314 3,445 12, 580 5,464| 12,774! 31,015 From other Federal reserve banks 14, 937| 4,000 3,000 1,000 301 1,000 I 5,636: United States securities bought: In open market 1, 257, 721! 39, 640 985, 535 23,614 26,470 6,529 6,866 76,033 19, 951 12, 444 19,091 j 14, 021l 27,527 From other Federal reserve banks 5,000 1,250 700 350 1,351 500 1501. ! Municipal warrants bought 80 I Bills Discounted Eediscounted bills: Commercial and agricultural paper, n. e. s 104, 367 I 3,113 11,842 8,185 9,022 5,682 14,858 29,509 14,187 582 3,342; 4421 3,603 Demand and sight drafts 1,474 169 1,194 111 Trade acceptances 1,541 70 19 844 376 54 Secured by U. S. Govt. obligations 58 23 1 Member bank collateral notes: Secured by U. S. Govt. obligations 3,415, 372 110,724 1, 604, 318 224,427 476,745 83,839 36,352 247, 505 131,,503 15,476 90,336J 27,439 366,708 Secured by eligible paper 2 754,740 100,9-5~8 309,670 45,170 53; 827 169,071 18,257 18,959 12,228 195 3,495 4,791 18,119 Total.. 4, 277, 552 214,865 1,925,849 277,822 540,438 258, 690 70,035 296,001159,155 15, 254 97,175! 32, 783 388,485 Average rate (365-day basis), per cent 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3. 50 3. 50 3.50 Average maturity (in days): Member bank collateral notes. 4.65 6.38 3.77 3.67 2.50 11.86 11.08 4.75 2.39 3.07 6.20 4.15 Rediscounted bills 51.66 45.47 52.80 51.39 48.24 47.93 57.78 47.59 32.94 141. 22 92.04 58.29 97.41 Number of member banks on Dec. 31 9,040 414 934 777 836 564 466 1,291 594 739 658 Number of member banks accommodated during month 2,345 152 377 360 218 187 148 166 75 132 37 95 Per cent accommodated _. 25.9 36.7 40.4 46.3 26.1 33.2 31.8 30.8 27.9 10.1 13.6! 4.6 14.4 Bills Bought in Open Market From member banks 109,090 9,1311 17,654 4,122 11,710 10,996! 973 31,3081 2,058J 7,459 3,262 5,329 From nonmember banks, banking corpora- i tions, etc.: j Bought outright 82,250 I 6,405; 11, 347 17,397 4,307 13,502| 1,387 5,121 2,202 4,055 5,864 Bought with resale agreement 259,380!i 26,336' 202,087 10,652i 11 3,390 20,063 Total. 450,720| 41,872| 231,088 21,519 16,017 21,648] 984 52,314| 3,445 12,580 5,464 12,774 31,015 Bills payable in dollars: Rates charged— 3 per cent 140,859 10,710 23,492 13,524 11, 791 13,611 110 36, 945 2,713 10,199 5,546 7,820 3% per cent 1,878 2•M07il 10 l,003|. 410 10 170 65 3XA per cent 294,458 301,,667700 206,278 7,792 3,441 4,195 9,047 718 2,212 5,899 23,099 3% per cent 10,616 266 361 153 392 2,52lL 5,722j 3 133 1,001 13 3H per cent. 2,086 I 735 280' 742 155 18 139 3% percent 1701 ! 128 6. 10 3% per cent 18 I 13 5. 4 per cent... 141 14. Average rate (365-day basis), per cent... 3.211 " 3.21! 3.26 3.19 3.15 3.20 3.45 3.18 3.13 3.13 3.13 3.23 3.20 A C v la e s r s a g o e f b m il a l t s u 3— rity (in days) 3 43. 97 48. 66 34.33 47.55 46.82 46.23 46.11! 44.39 41.23 40.54 39.76 48.71 48.09 Bankers' acceptances based on— Imports _ _ 41,191 2,570 6,199 4,193! 3,2184,547 226 10,310 1,037 3,559 1,602 2,664 1,066 Exports _ 59,112 3,879 9,846 6, 927 4,5515,528 403 12,763 1,537 4,365 2,105 2,727 4,481 D omestic transactions 45,822 4,119 5,639 6,327 3, 568 6,566 344 10,976 377 1,751 782 2,018 3,355 Dollar exchange _ 3,377 801 525 545 50 185 ! 770 125 213 113 50 Shipment between or storage of goods in foreign countries 39,424 4,148 5,973 3,503 4,037 4,762 9,946 358 2,671 1,916 1,257 All others 1,224 179 200 47 10 13 775 Trade acceptances based on imports. 569! 569 Bills payable in foreign currencies 621 19 71 24 393 13 11 35 9 18 Total.. 191,340 15,536 29,001 21,519 16,017 21,648 984 44,810 3,445 12,580 5,464 9,38410,952 United States Securities Bought in Open Market Bought outright: United States bonds 11,659 849 2,987 792 918 293 750 1,695 560 698 946 Treasury notes 173,671 13,379 46,012 12,481 14,461 4,1 4,137 26,708 8,823 9,691 14,901 C ertificates of indebtedness 965,997 18,652 855,997 10,341 11,091 1,608 1,979 28,785 10,568 3,38211,680 Bought with resale agreement 106,394 6,760 80,539 18,845 250 Total- 1,257,721 39,640 985,535 23,614 26,470 6,529 6,866 76,033 19,951 12,444! 19,091 14,021 27,527 1 Includes $2,000 secured by adjusted service certificates discounted for nonmember banks; also $2,150,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 8 Includes bills taken under a resale contract. 3 Exclusive of bills bought under a resale contract. «Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston, $14,000,000; New York, $840,000,000; Philadelphia, $6,000,000; Cleveland, $6,000,000; Chicago, $19,500,000; St. Louis, $7,500,000; Minneapolis, $3,000,000; Kansas City, $2,500,000; and San Francisco $6,500,000; and excludes $40,000,000 of special 1-day certificates sold under repurchase agreement and subsequently repurchased. 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158 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District Total i Boston Y N o e r w ki d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago1 Lo S u t i . s M ap i o n l n is e- K C a i n t s y as Dallas F S ra a n n cisco Loans and investmentstotal: Jan. 4__ 22,057, 306 1, 529,835 8,611,844, 12,35,110 2,101,683 706,422 627, 224 3,153, 960 726,158 381,927 643,905 435,566 1,903,672 Jan. 11 21,971,617 1, 537,007 8,460, 638 , 1245,973 2,104, 765 702, 221 623,473 3J,, 198, 397 730,753 382,550 645,687 434,5761,905,577 Jan. 18__ 21,870,134| 1, 534, 571 8, 357, 20, 82 3L5,848 2,104, 792 699, 518 623, 589 3J,, 118888,, 5555:7 733,747 383,019 648,151 437,1471,923,987 Jan. 25__ 21,762, 762 1,505,930 8,366,951 ,l 2j08,205 2,098,955 703,932 619,726 3,151,929 729,952 378,880 645,080 437,543 1,915,679 Loans and discountstotal: Jan.4... 15,631,0101,051,783 6,2601,,925 812,8351,382,427 530,631 497,040 2,271,187 519,294 249,257 420,190 333,847 1,301,594 Jan. 11.._ ___. 15,442,6031,066,9716,037,,532 810,1231,386,046 527, 253 495,402 2, 297,951515, 668250,084 422,222 331, 706 1, 301, 645 Jan. 18 15,326,1051,060, 653 5,9401,,354 802,45211,391,387 523,908 494, 275 2, 285,494519,156 249,634! 426,022 333,285J1, 299,485 Jan. 25 15,199,7031,034,990 5,904t,,909 780,7901,385,646 526, 532 492,122 2,260,595 514, 552246,147 422,620 335,5321,295,268 Secured by U. S. Government obligations- Jan. 4 121,912 6,136 47,657 7,408 15,808 3,521 5,337 18,197 4,277 2,348 3,465 2,897 4,861 Jan. 11_ — 115,076 6,516 43,539 6,933 15,647 3,351 5,300 16,548 4,193 2,326 2,689 4,645 Jan.18__ 126, 642 6,262 53,467 8,340 15,441 3,105 5,286 17, 619 4,198 2,280 3,354 2,609 4,681 Jan. 25 123,996 6,121 48, 512 8,348 15, 681 3,354 5,: '" 19,149 4,034 2,304 3,313 3,34" 4,603 Secured by stocks and bonds— Jan. 4 6,816, 643 391,431 3, 223,315 454, 334 608,014 167,713 116,2631,, 011, 783208, 568 80,375 120, 300 84, 703 349,844 Jan.11__ 6,606, 937 405,40212,998,790 451, 698 611,847 167,393 113,8751L, 016, 394209, 242 79,025 121, 596 85,046 346, 629 Jan. 18 6,529, 75.r 402,989|2,922,210 445,007 620,258 163,602 117,6211L,006,097 212, 215 81, 521 128,280 86,395 343, 557 Jan. 25__ _ 6,486,874 382,28112, 941, 504 424,904 615,871 164,610 118,826 998,908 209, 630 77, 766 124,970 86,820 340, 784 All other loans and discounts- Jan. 4 __ 8, 692,455 654, 216 2, 989,953 351,093 758, 605 359, 397375,440 1,241,207 306,449 166,534 296,425 246, 247 Jan. 11 8, 720, 590 655,053|2,995,203 351,492 758,552 356, 509376,2271,265,009 302, 233 168, 733297,237 243, 971 950,371 Jan. 18__ 8,669, 711 651,402,2,964,677 349,105 755,688 357,201 371,36811,261,778 302,743 165,833 294,388 244, 281 951,247 Jan. 25__ _ 8, 588,833 646,588 2,914,893 347, 538 754,094 358, 568368,066 1,242, 538 300,888 166,077 294,337 245,365 949,881 Investments—total: Jan. 4_ _.. 6,426,296 478,052(2,350,919 422, 275 719, 256 175, 791130,184 882,77! 206,864 132,670 223,715 101,719 602,078 Jan. 11 6, 529,014 470,03612,423,106 435,850 718, 719 174, 968128,0711 900,446 215,085 132,466 223,465' 102,870 603,932 Jan. 18 6, 544,029 473,918i2,416,854. 433, 396 713,405 175, 610129, 314: 903,063 214,591 133,385 222,129 103,862 624,502 Jan. 25 6, 563,059 470, 940 2,462, 042 427,415 713, 309 177,400 127,604! 891,334 215,400! 132,733 222,460i 102,011 620,411 United States Government securities- Jan. 4 2,819, 714 180i,, 519 :1, 077,188 111, 032 311, 592 78, 721 64,195 352, 062 76,305 69, 780 102, 224 70, 706 325,390 Jan.11.. 2, 918,815 175,4621,139, 928 121,893 314, 258 78, 629 62, 707 372, 300 84, 547 69,808 103, 836 71, 732 323, 715 Jan. 18 2, 960, 521 177, 5011,156, 794 121, 352 313, 344 78,043 63, 241 374,873 85,129 69, 754 104,358 73, 036 343, 096 Jan. 25 3,016, 510 176,098 1., 203,053 120, 768 317,065 79,117 61, 697 387, 308 85,755 69,557 104,682 71,192 340,218 Other bonds, stocks, and securities- Jan. 4 _ 3, 606, 582 297',, 533 I., 273, 731 311, 243 407, 664 97,070 65, 989 530, 711 130, 559 62,890 121,491 31,013 276, 688 Jan. 11 3, 610,199 294, 5741,283,178 313, 957 404,461 96,339 65, 364 528,146 130,538 62, 658 119, 629 31,138 280, 217 Jan. 18.. ._. 3, 583, 508 296, 417 1, 260,060 312,044 400,061 97, 567 66,073 528,190 129,462 63,631 117, 771 30,826 281,406 Jan. 25 3, 546,549 294[,, 842 .1, ,258,989 306, 647 396,244 65,907 504,026 129,645 63,176 117, 778 30,819 280,193 Eeserve balances with Federal reserve bank: Jan. 4 1, 851, 833 105, 702 895, 716 82, 971 122, 204 44, 763 45, 554 272, 541 49, 881 24,898 56, 755 32,893 117, 955 Jan. 11.. 1,832,007 106, 036 859, 524 86, 674 131, 935 44,921 42,674, 269,001 50, 971 26, 731 56,802 34, 443 122,295 Jan. 18.. 1,804,255 104,562 848, 574 85, 565 129,951 45,106 41, 732 269,559 50,627 25,082 55, 730 33,895 113,872 Jan. 25. 1, 733, 719 100, 596 787,851 83, 662 130, 763 44,206 42,968 263,274 51,453 25,400 33,200 113,960 Cash in vault: Jan. 4 295, 821 22, 567 82,060 17,333 33, 206 14,263 12,677 51, 534 8,264 6,436 12,905 9,952 24, 624 Jan. 11 - 283, 565 21, 660 75, 969 16, 502 33,112 13, 748 12, 298 48,143 8,835 13, 205 9,850 23, 845 Jan.18 256,467 20, 089 66, 586 15, 065 30,120 13, 294 11,114 43, 602 7,517 5,813 11,939 9,629 21, 699 Jan. 25... - 249,337 19,318 14, 601 30,174 12,492 10,917 41, 633 7,099 5,766 11,949 9,315 20,975 Net demand deposits: Jan. 4 14, 208, 672 977, 6496,430, 758 7861,,974 1,, 046, 611390, 998354,198 1, 912, 645433, 834228, 576 305,028 842, 682 Jan. 11 14,110,165 983,"" 5, 250,007 810, 248 1., 064, 641391,495 351,110 ., 931, 695442,250 228,927 498, 950307, 063 850, 528 Jan. 18 13, 956, 973 975, 8626,179, 382 797, 311 1',062, 254387, 359349, 8871, 909, 080430, 509223, 320 491, 734 304, 784 845,491 Jan. 25 13, 781,004 958, 748 6,084, 710 772, 560 11,072, 520395, 096344,2811, 879, 626431, 636220, 737 491,061 302,298 827,731 Time deposits: Jan. 4 _ 6, 610,890 496,, 175 1.,, 622, 259 295, 591 890, 395248,86: 243,3811,192, 311239, 755 135, 638 159,844 114, 599 972, 075 Jan. 11 6, 627, 758 4891,,496 1.,, 621, 994 293,193 891,155 244, 545241,427 :1, 200, 062238, 237 136,875 161, 616 115, 541 993, 617 Jan.18 6, 634,191 483!,, 440 .i, 622, 708 295, 067 893,169 246, 039238, 0761, 203,416245, 935 138, 295 163,047 116,298 988, 701 Jan. 25 6, 661,646 485,203 iL;, 628,116 299,124 900,410 244, 960240, 692 .I, 203,444246,919 138,420 163, 767116,400 994,191 Government deposits: Jan. 4 164,169 14, 287 54,041 14, 214 16, 556 5,693 8,943 14,148 3,081 1,451 3,526 9,054 19,175 Jan. 11 124, 036 10, 798 40,855 10, 749 12, 519 4,305 6,786 10, 64^ 2,314 1,057 2,668 6,843 14,495 Jan. 18 89,272 7,777 29,409 7,736 9,011 4,872 7,746 1,665 762 1,918 4,842 10, 436 Jan. 25 80, 766 26, 945 6,962 8,109 2, 797 4,382 6,819 1,500 695 1,729 4,435 9,395 1 For comparable figures, on monthly average basis, see pp. 130-131; see also p. 8 of January BULLETIN for explanation of revisions in back figures. 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FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 159 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total New Phila- Cleve- Rich- St. Minn- Kansas San Boston York delphia land mond Atlanta Chicago Louis eapolis City Dallas Francisco Due from banks: Jan. 4 1,389,204 77,607 186,206 76,535 122,886 62,984 96,137 261,118 67,309 57,351 127,729 76,546 176,796 Jan. 11 1,254,954 69,510 151,412 64,147 102,726 58,273 85,919 229,751 63,911 53,589 126,610 67,743 181,363 Jan. 18 1,244,545 71,817 155,362 59,316 104,079 57, 482 226,418 63,468 48,416 128,469 65,417 178,215 Jan. 25_._ 1,186,358 65,544 137,547 58,388 112,979 56,231 77,639 214,123 58,431 46,439 126,802 62,844 169,391 Due to banks: Jan. 4 3,921,322 191:,, 01L31, 546,296 194,273 269,790 135^954 144,551 552,897 162,819 106,388 234,101 131,956 251,284 Jan. 11 3,738,502 180,1,813 1L,, 453,977 189,803 264,785 127,898 137,745 522,921 159,826 103,188 225,465 121,245 25Q, 836 Jan. 18 3,638,9071 177,\ 438 1L,, 384,929 185,610 261,592 124,333 134,182 525,283 162,908 99,654 227,749 119,365 235,864 Jan. 25 3, 595,885! 166,129 1L,, 385,175 178,491 128,199 128,811 514,818 157,151 97,485 226, 644115,454 228,239 Borrowings from Federal reserve bank—total: Jan. 4 394,293 5,929 155,023 37,497 56,315 18,086 21,286 45,997 1,500 6,759 3,350 29,883 Jan. 11. 313,802 6,946 127,050 21,182 41, 222 14*127 18,690 46,641 5,775 1,000 6,056 2,325 22, 788 Jan. 18 290,635 9,384 64,239 17,006 40,391 18,815 18,110 46,905 9,771 2,250 10,175 4,400 49,189 Jan. 25 260, 602 3,855 92, 725 9,583 25,253 15,094 18,646 27,867 8,158 1,520 7,219 46, 990 Secured by U. S. Government obligations- Jan. 4 278,462 110,970 32,025 45,425 4,743 10,480 33,827 4,864 1,500 4,795 2,350 26,595 Jan. 11. 228,366 2,088 103,474 18,138 32,418 4,032 6,298 31,964 3,7001 1,000 2,570 2,325 20,359 Jan. 18... 215,913 5,888 51,049 13,510 32,116 6,445 4,850 37,460 3,9351 2,250 7,435 2,900 48,075 Jan. 25 193, 737 76,199 7,150 20, 615 6,965 6,568 17,600 5,443 1,520 3,725 1,645 45,419 All other- Jan. 4 115,831 5,041 44,053 5,472 10,890 13,343 10,806 12,170 7,804 1, 1,000 3,288 Jan. 11 85,436 4,858 23,576 3,044 8,804 10,095 12,392 14,677 2,075 3,486 2,429 Jan. 18 74,722 3,496 13,190 3,496 8,275 12,370 13,260 9,445 2,740 1,500 1,114 Jan. 25. 66,865 2,967 16, 526 2,433 4,638 8,129 12,078 10, 267 2,715 3,494! 2,047 1,571 Number of reporting banks: Jan. 4 655 36 84 48 71 95 31 65 45 57 Jan. 11 653 36 83 48 71 95 30 65 45 57 Jan. 18 653: 36 83 48 71 95 30 65 45 57 Jan. 25 662 36 83 48 71 66 94 30 65 45 57 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total i San 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 Chicago1 L S ou t. is e M ap in o n li - s K C an it s y as Dallas F c r is a c n o - Loans and investmentstotal: Jan. 4__ 14,209,183 029,844 7,437\, 051 1L, 058,427767, 728 119,961 97,908 1,991, 759445, 083186,534 183,781 123, 870767, 237 Jan. 11 14, 099,879 033,282 7, 285,444 L\, 067,052771,247 116,943 98,193 2,014, 651453,010 185, 219184,083 122,674 768,081 Jan. 18.. _-.. 13,986,151 032,469 7,1831,,A4C2lA4 *1L,, 057, 620765,429 116, 516 9"7",,595 2,006,515455, 745184, 740188, 650122,421 775, 027 Jan. 25___ 13,912, 089 004,129 7,201,, 773 1L, 031, 542764,470 122,125 96, 978 1, 976, 739452, 578181,915 184, 567123,421 771,852 Loans and discounts—total: Jan. 4___ 10,503, 310 791,273 5, 536,671 707, 990 598,138 70,036 1,489,408 326, 777124,955 117,140 95,688 548, 566 Jan. 11 10,, 304,, 753 802, 767 5, 308, 439 703,320 602, 232 95,126 70,5111,512,976 326,300 123,388 117, 896 93, 691548,107 Jan. 18 110,182,761 798,42615,211,300 695,945 598,027 95, 086 70,190 1499,623 329,788 122, 778123,891! 93,474 544, 233 Jan. 25 " 773,2465,189,848 675,965 595, 551 100,297 69,,5211 459,839 325,898 120,145 120,152; 94,524 544, 642 Secured by U. S. Government obligations- Jan. 4 4, 205 46, 041 7,127 4,360 437 1,631 12,981 1,807 552 957! 583 i 2, 005 Jan. 11 76, 857 4,592 41,933 6,653 4,451 424 1,621 11,4241 1,715 941! 509 i 2,055 Jan.18 87, 353 4, 347 j 51,863 6,661 4,388 441 1,620 12, 282 1,716 543 939 427 2,126 Jan. 25 84,138 4,213 46, 907 6,668 4,717 459 1,634 14,015 1, 543 542 943 428 2,069 Secured by stocks and bonds— Jan. 4 _ 4,970, 634 281,897 2,850,503 397,802 216,283 25,088 16,787 783, 660148,979 35,406 31, 679 21,324 161, 226 Jan. 11 4,758,081 292,645 2, 625, 301! 393, 609 219,645 23,3931 15,911 793,317 149, 708 33,100 32,277 21,613 157, 562 Jan. 18 4,664,460 290,806 2,539,0531 389,760 220, 295 23,3491 15,944 782,095 152,005 34,960 39,833l 21,210 155,150 Jan. 25 4, 619,028 271,025 2,566,875! 370,902 217,060 25, 5751 16, 708 753,293 149,403 34, 541 36,536i 21,473 155,637 All other loans and discounts— Jan.4__ 5,449,990 505,1712,640,127 303,061 377,495 71,143 51,618 692,767 175,991 88,997 84, 504^ 73,781 385,335 Jan. 11__ 5,469,815 505, 530 2,641, 205 303,058 378,136 71, 309; 52,979 708, 235174,877 89, 749 84, 678 71,569 388,490 Jan. 18 5,430,948 503,273 2,620,384 299, 524 373,344 71,296 52, 626 705, 246176,067 87, 275 83,119; 71,837 386,957 Jan.25___ 5,366,462 498,008 2,576,066 298, 395 373,774 74,263! 51,179 692,531 174,952 85,062 82,673' 72,623 i Figures not entirely comparable with those published in the BULLETIN for November, 1927, and preceding months due largely to consolidation with reporting member bank on Dec. 1, 1927, of a nonmember bank in Chicago with loans and investments of $123,000,000; see p. 8 of January BULLETIN for explanation of revisions. 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160 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] City Total San Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s e M ap in o n li - s K C an it s y as Dallas F ci r s a c n o - Investments—total: Jan. 4 3,705,873 238, 5711,900,380 350,437 169,590 23, 293 27,872 502, 351 118,306 61, 579 66,641 28,182 218,671 Jan. 11 3, 795,126 230, 515 1,977,005 363, 732 169,015 21,817 27, 682 501,675 126,710 61,831 66,187 28,983 219,974 Jan.18 3,803,390 234,04311,972,124 361, 675 167,402 21,430 27,405 506, 892125,957 61,962 64,759 28,947 230,794 Jan. 25 3,842,461 230,883 2,011,925 355, 577 168,919 21,828 27,457 516,900 61,770 64,415 28,897 227,210 United States Government securities- Jan. 4 1, 752, 844 110,074 979,317 93,094 67, 678 5,204 16,840 222, 856 44,913 32,019 32,152 22, 593 126,104 Jan. 11 1, 837, 407 105,18411,047,615 103,953 66, 970 5,248 16, 826 225, 793 52, 886 31,983 33,632 23, 303 124,014 Jan. 18 1,866,459 107,33611,060,038 103, 548 67,990 5,248 16, 776 228,101 53, 248 31,944 33, 471 23,500 135, 259 Jan. 25 __ 1,917, 651 105,9351,103,545 102,960 68,053 5,253 16,691 240,374 53, 780 32,048 33, 551 23,486 131,975 Other bonds, stocks, and securities- Jan. 4 1,953, 029 128,497 921,063! 257,343 101,912 11,032 279,495 73, 393 29,560 34, 489 5,589 92, 567 Jan. 11 1,957, 719 125,331! 929,3901 259,779 102,045 16, 569 10,856 275,882 73,824 29,848 32, 555 5,680 95, 960 Jan. 18 - 1,936,931 126,707 912,086! 258,127 99, 412 16,182 10, 629 278, 791 72, 709 30, 018 31,288 5,447 95, 535 Jan. 25 1,924,810! 124,948 908,380 252, 617100,866 16, 575 10, 766 276, 526 72,900 29, 722 30,864 5,411 95,235 Reserve balances with Federal reserve bank: Jan. 4 1,340, 717 80, 45£ 74, 377 36,108 7,582 7,095 194, 744 32, 760 11, 767 17, 851 45, 286 Jan. 11 1, 330,964 82, 573 796,6411 78,7131 43,231 7,733 6,810 192,427 33, 061 14, 234 18,100 10,032 47.409 Jan. 18 1, 304, 705 80,892 783,179i 76, 715 42, 371 8,132 6,768 193, 741 31,847 12, 777 17,466 9,329 41,488 Jan. 25 1,242,122' 77,252 722, 7531 75,410 43, 332 8,410 7,054 190, 202 32,854 13, 388 18, 383 9,719 43,365 Cash in vault: Jan. 4 _ 141, 049 10,634 65, 5951 13, 827 9, 742 883 1,400 22,932 3,819 2,025 2,512 1,343 6,337 Jan. 11 _ 132, 906 10, 21 60,145 13, 347 9, 551 810 1,200 20,834 4,442 1,'"' 2,554 1,383 6,447 Jan. 18 _ 118,418 9,462 52, 549! 12,126 8, 897 814 1,197 18,873 3,443 1,736 2,225 1,291 5,805 Jan. 25 115,186 9,074 51,8241 11,946 8,677 784 1,128 17,715 3,208 1,717 2,211 1,320 5,582 Net demand deposits: Jan. 4 9,955, 456 721, 6555, 822, 300 685, 760276,849 68,430 56, 202 1, 331, 569279,918 115,859 163,476 87,489 345,949 Jan. 11 9, 835,822 732,0585,635,993 709,882 280,730 72,069 55, 522 1, 335, 868293, 573115,929 165,001 88, 584350, 613 Tim J J e a a d n n e . . p 2 1 o 5 8 sits: 9 9 , , 5 7 8 3 6 9 , ,3 7 7 9 5 8 7 7 2 1 8 5 , , 1 7 5 3 ' 75 5 , , 4 5 9 7 7 7, , 1 2 5 2 5 6 6 67 9 7 9 , , 1 5 7 4 8 82 2 7 7 6 7 , , 6 7 9 3 2 2 7 77 0 , , 3 7 8 6 0 7 5 5 5 6 , , 5 5 3 8 1 3 1 1 ;, , 3 3 0 3 4 3 , , 0 1 26 7 2 2 2 8 83 2 , , 1 3 6 9 1 3 1 11 1 1 0 , , 2 2 7 9 8 8 1 16 6 2 4 , , 9 3 6 4 5 7 8 87 6 , , 0 5 0 2 1 9 3 3 5 3 1 9 , , 9 2 4 9 6 0 Jan. 4..... 3, 331,901 267,7171,102, 790 227,038 473,924 32,536 36,462 636, 768135,989 62,142 19,011 19, 459318,065 Jan. 11 3,327, 519 260, 3531, 095,383 224,450 474,954 32,812 36,374 134, 095 62,811 19,031 20,062 328, 274 Jan.18 3,323,601 252, 2201,096,911 225,9291 474,255 32,896 36,494 635, 559140,957 64,081 19,017 20,157 325,125 Jan. 25... 3,349,823 252,688 :1, ,102,154 229,885 480,172 32,998 36,581 641,239 141, 611 63,874 19,120 20, 322329,179 Government deposits: Jan. 4 117,823 13,711 48,929 13, 690 5,504 718 2,243 8,015 2,511 781 2,472 5,430 13,820 Jan. 11 88,973 10,36: 10,352 4,151 543 1,708 6,007 1,873 566 1,870 4,104 10, 448 Jan.18 64,108 7,462 26, 62' 7,451 2,988 390 1,223 4,393 1,347 407 1,344 2,954 7,522 Jan. 25 58,024 6,716 24,442 6,706 351 1,096 3,805 1,213 365 1,212 2,659 6,771 Due from banks: Jan 4... 670, 536 54,321 133,56] 68,483 28,743 7,088 14,053 167,693 40,905 24,444 33,572 22,798 74,875 Jan. 11 575,140 52,082 106,128 55,300 21,3771 6,614 12,310 142, 708 36, 398 22,043 35,720 18,581 65,879 Jan.18. 582, 785! 53, 072 110, 624 51,841 "2•1 ,0"8•1 8,938 12, 554 142,567 35,325 19,946 36, 255 19,172 71.410 Jan. 25_. 552, 784 49, 671 99, 016 51,349 23, 320 6,841 11,545 137, 788 33, 573 17,703 35,088 18,128 Due to banks: Jan. 4 _.. 2, 770, 351 179, 2261,473,639 187, 024 64,460 35,017 20,606 401,978 58,874 92,559 40,454 127,148 Jan. 11 2, 620,160! 168,978 1,383,721 182, 383 59,936 34,298 19, 505 372,126 89,240 58,102 91,288 34,272 126,311 Jan. 18. 2, 543, 773 166, 2171,316,469 177, 714 61, 523 35,122 18,694 376,914 90,050 55,878 92,744 34,580 117,868 Jan. 25 2,511,010 155, 6151, 316,944 171,154 61,948 38,274 17,663 368,287 85,400 55,420 92,173 33, 768 114,364 Borrowings from Federal reserve bank—total: Jan. 4 241,8351 4,626 122,950 35,882 11,745 5,575 2,000 21,393 7,900 3, 264 1,500 25,000 Jan. 11 208,3431 5,289 117,400 19,917 8,900 700 500 31, 292 1,450 2,245 400 20,250 Jan. 18 172, 853 j 8,004 51, 200 15, 696 6, 282 3,499 626 26, 202 4,465 1,250 6,804 2,475 46,350 Jan. 25 169,853 2,705 84,000 7,798 2,621 300 14, 525 5,165 3,819 2,520 46,400 Secured by U. S. Government obligations- Jan. 4 162,950! 238 80,100 30, 420 5,879 2,000 15,963 1,150 1,700 500 25,000 Jan. 11 157, 590 1,238 94,900 16,883 3,825 500 19,885 600 100 400 19,259 Jan.18 134,803 5,238 39,150 12, 210 2,270 500 20,860 765 1,250 5,235 975 46,350 Jan. 25 134, 647: 238 68,600 5,375 500 9,000 2,865 2,150 670 45,249 All other- Jan. 4 78, 8851 4,388 42, 850 5,462 5,866 5,575 5,430 6,750 1,564 1,000 Jan. 11 50,753 4,051 22, 500 3,034 5,075 700 11,407 850 2,145 991 Jan. 18 2,766 12,050 3,486 4,012 3,499 126 5,342 3,700 1,569 1,500 Jan. 25 35, 2061 2,467 15,400 2,423 2,121 300 5,525 2,300 V 1,850 1,151 Number of reporting banks: Jan. 4 216 17 51 36 5 43 13 13 7 10 Jan. 11 2141 17 50 36 5 43 12 13 7 10 Jan. 18 2141 17 50 36 5 43 12 13 7 10 Jan. 25 214! 17 50 36 5 43 12 13 7 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBEUAKT, 1928 FEDERAL RESERVE BULLETIN 161 ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, JANUARY 11, 1928 [In thousands of dollars] Net demand deposits in places having a Time deposits in places having a population of— population of— Federal reserve district or State Total Total Less than 5,000 to 15,000 to 100,000 Less than 5,000 to 15,000 to i 100,000 5,000 15,000 100,000 and over 5,000 15,000 100,000 j and over United States 1, 709,406 1,180,717 2, 437, 20414, 392, 053.9,719,380 1,924, 911 1, 298, 0952,487,832 | 7,217,13012,927, 968 DISTRICT Boston 48,855 79, 267 218, 389 1,136, 832 1,483,343 73,058 95,629 219,153 587, 567 975,407 New York 211, 335 129, 679 344, 016 6, 539, 7857, 224, 815 393, 081 201, 700 533, 239 1,802, 432 2,930, 452 Philadelphia _. 144, 613 74, 335 158, 627 868, 321 1, 245,896 295,078 148, 823 275, 750 340,859 1,060,510 Cleveland 140,199 128, 617 202, 044 1, 084,411 1, 555, 271 215, 841 165, 249 240,900 933, 688 1, 555, 678 Richmond 98, 364 73, 400 180, 758 292,419 644,941 154,108 100,418 170, 284 177, 525 602, 335 Atlanta 87, 210 79, 313 208,931 259,144 634, 598 64, 627 181, 545 150,189 465,324 Chicago _-. 182,168 135,075 409, 648 1,935, 908 2, 662, 799 257, 049 187, 976 447, 596 1,252,165 2,144, 786 St. Louis 105, 493 72, 526 103, 654 495,967 777, 640 92,167 59, 231 87,442 287, 675 526,515 Minneapolis 104, 646 85,823 80, 316 183, 531 454,316 152,176 111, 722 80,495 110, 683 455,076 Kansas City 214,142 127,122 237, 753 315, 401 894,418 95, 572 63, 607 93, 763 94, 282 347, 224 Dallas 217,479 111, 939 137, 247 253, 736 720,401 ' 19, 270 30, 672 58,451 80,905 189, 298 San Francisco 154, 902 83, 621 155, 821 1, 026, 598 1, 420,942 112, 884 64,105 99, 214 1, 399,160 1, 675, 363 STATE New England: Maine 11,466 7,019 29, 664 48,149 35, 781 27, 894 48, 256 111,931 New Hampshire. 8,724 13,042 18, 719 40, 485 6,410 6,460 7,767 20, 637 Vermont 7,226 9, 684 2,681 19, 591 17, 759 18, 430 1,985 38,174 Massachusetts 12, 739 36, 679 123, 501 909, 488 1, 082, 407 7,758 33, 679 123, 608 379, 662 544,707 Rhode Island 1,142 3,922 131, 873 136, 937 2 6,247 181, 379 187,628 Connecticut. _ .__ 10,136 12,843 50, 486 110, 540 184, 005 8,306 9,166 42, 578 40, 481 100, 531 Middle Atlantic: New York 156,135 64,186 207, 215 6, 221,955 6, 649, 491 289, 560 125, 200 325,810 1, 556,377 2, 296,947 New Jersey 80, 408 84,616 145,119 355,114 665, 257 137, 227 101, 005 215, 727 276, 227 730,186 Pennsylvania.. 167,115 110, 255 215, 659 1, 233, 297 1, 726, 326 363,156 228, 496 369, 326 461, 281 1,422, 259 East North Central: Ohio 60, 783 61, 346 95, 983 626, 543 844, 655 77, 695 53,112 101,146 764, 601 995,954 Indiana... 31,904 31,816 92,197 63,181 219,098 30,309 26,013 93, 252 24,145 173,719 Illinois 87,375 59,052 153,412 1,362,520 1,662,359 94,194 70,112 116,838 665,194 946,338 Michigan. 36, 676 47,178 92, 211 361,742 537,807 86,653 96,061 146,940 482,526 812,180 Wisconsin 22,156 21, 387 59, 323 117, 611 220,477 50, 765 41, 206 69, 674 70, 752 232,397 West North Central: Minnesota— 36,367 24, 502 32,842 183, 531 277,242 75, 730 35,368 30,727 110, 683 252,508 Iowa 56,162 21,855 69, 070 30,854 177,941 65,135 26,012 83, 203 9,548 Missouri 24, 712 17, 202 35, 286 539,114 616,314 16,190 10, 051 15, 069 226,807 268,117 North Dakota. 21,315 9,931 6,128 37,374 24,965 10,748 6,122 41,835 South Dakota 19,358 11, 654 6,099 37, 111 17,467 9,351 2,270 29,088 Nebraska. 27,868 13, 094 15,012 60,645 116, 619 25,830 8,386 3,831 14, 206 52, 253 Kansas... _ 53,139 38, 087 51, 276 7,876 150,378 23,619 16,922 15,150 3,044 58, 735 South Atlantic: Delaware 3,610 40,539 44,149 9,792 4,538 14,330 Maryland 16,808 6,322 3,723 114, 666 141,519 40,803 17,972 12,176 81,471 152,422 District of Columbia. 80, 581 80,581 42,604 42,604 Virginia 29,117 15,692 34,851 97,172 176,832 52, 680 23,662 41,643 53,450 171,435 West Virginia 3fi, 023 9,822 48,967 88,812 36,182 12,186 43,355 91, 723 North Carolina 17, 791 29,175 73,168 120,134 19,306 28,782 44,489 ! 92, 577 South Carolina.- 8,253 12, 778 29,150 50,181 10,989 18,129 40,047 69,165 Georgia 18,436 13, 681 46,172 56, 766 135,055 11,362 13,311 38,568 42,335 105, 576 Florida 22,864 19,844 74, 535 117, 243 16,533 15, 699 71,683 103,915 East South Central: Kentucky 37,958 20,338 26,518 78,192 163,006 31,572 12,984 22,930 50, 753 118, 239 Tennessee 18, 274 10,140 36,479 68,333 133,226 20,540 7,830 38,315 52,482 119,167 Alabama..- 26,718 11,905 38, 526 46,561 123,710 14,843 12,298 21, 728 26,656 75,525 Mississippi 5,254 22,965 14, 518 42,737 3,073 17,511 14,444 35,028 West South Central: Arkansas 23, 596 12, 518 37,194 73,308 15,737 7,095 26,663 49,495 Louisiana 6,853 13, 640 25,073 130,973 176,539 3,962 7,870 8,859 57,773 78,464 Oklahoma. 89,404 39,810 126,239 255,453 21,201 15,246 52,046 Texas.. 202, 203 100, 568 112,151 "253," 736 15,214 26,581 47,064 80,905 169, 764 Mountain: Montana 15, 583 21, 330 24,595 61,508 9,722 18, 236 23,268 51,226 Idaho 15, 675 12,026 11,268 7,342 6,634 8,054 22,030 Wyoming 8,671 14,486 23,157 5,207 9,644 14,851 Colorado 30,157 14,469 14,894 82,052 141,572 17, 270 11,118 10,326 58,090 96,804 New Mexico 9,741 9,320 5,821 24,882 2,012 2,118 2,952 7,082 Arizona _. 3,681 2,865 21,825 28,371 2,001 2,046 10,136 14,183 Utah 7,238 3,873 6,059 37,664 54,834 6,790 4,355 1,675 18,252 31,072 Nevada 4,326 4,398 8,724 4,933 2,570 7,503 Pacific: Washington 30,301 16,333 27,218 122,830 196,682 9,113 24,102 76,694 136,808 Oregon 34,141 20,059 2,661 63,474 120,335 19,634 17,138 1,483 65,608 103,863 California. 59,824 26,932 89,794 802,630 979,180 45,401 24,295 56,300 1,238,606 1,364,602 For back figures see BULLETIN for December, 1927, pages 873 and 886-925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN FEBRUARY, 1928 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 1 For Total F a o cc r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c c F o o o th u r e n r t s Total F a o cc r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c F c o o t o h u r e n r t s i | | Total F a o cc r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c c F o o o th u r e n r t s banks banks 1 banks i Jan. 4. 3,810,023 1,511,177 1,371,213 927,633 2,969,949 1,167,447 1,003,902 798,600 840,074 343,730 367,311 129,033 Jan. 11 3,819,573 1,321,088 1,502,580 995, 905 2,973,692 975, 753 1,127,402 870,537 845,881 345,335 375,178 125,368 Jan. 18 3, 787,924 1,260,255 1,534, 519 993,150 2,916,381 910,026 1,136,875 869,480 871,543 350,229 397,644 123,670 Jan. 25. 3, 788, 685 1,275,055 1,472,135 1,041,495 2,893, 797 915,887 1,065, 640 912,270 ! 894,888 359,168 406,495 129,225 I BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In thousands of dollars] Total Borrowings from— New York banks and trust corn- Private banks, brokers, foreign Date banking agencies, etc. Total On demand On time Total On demand On time Total I On demand On time 1926—Dec. 31. 3,292,860 2,541,682 751,178 2,803,585 2,127,996 675,589 489,275 413,686 75,589 1927—Jan. 31. 3,138,786 2,328,340 810,446 2,670,144 1,963, 554 706,590 468,642 364,786 103,856 Feb. 28. 3,256,459 2,475,498 780,961 2,757,385 2,084,852 672,533 499,074 390,646 108,428 Mar. 31. 3,289,781 2,604,688 785,093 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. 3,641,695 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 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 Nov. 30. 4,091,836 3,134,027 957,809 3, 519,121 2,674, 722 844,399 572,715 459,305 113,410 Dec. 31. 4,432, 907 3,480, 780 952,127 3,811,810 2,963,058 848,752 621,097 517,722 103,375 1928—Jan. 31.. 4,420,352 3,392,873 1,027,479 3,805,365 2,882,072 923, 293 614, 987 510,801 104,186 I BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] Bankers' acceptances outstanding i Commercial paper outstanding 2 End of— 1925 1926 1927 1922 1923 1924 1925 1926 1927 January... 834,825 788,254 773,604 704,567 817,880 819,868 654,171 550, 918 February.. 808,359 767,127 785,488 717,894 838,041 866,551 819,746 654, 943 577,047 March 800,137 745,660 809,446 760,315 863,845 889,053 812,690 668,000 605,415 April 757,074 720,611 810,966 792,045 867,031 870,956 801,262 662,852 598,764 May 680,346 685,333 774, 720 790,558 887,644 851,551 775,517 668,226 581, 829 June 607,942 621, 949 751,270 795,443 885,216 863,684 759,091 652,432 579, 323 July 569,386 600,487 741,258 805,030 854,156 879,060 727,199 654,944 568,618 August 555.167 582,635 782,055 807,166 830,743 910,530 721,817 638,110 591,158 September. 607,025 614,151 863, 823 804,615 802,676 914,687 708,374 612,058 599, 673 October. _. 674.168 681,647 975,167 774,755 815,263 925,379 683,903 593,288 610,945 November. 689,768 726,395 029,490 747, 938 799,223 888,256 665,953 566,194 603,145 December. 773, 736 755,360 080,581 721,688 763,493 797,605 621,312 525,952 555,081 1 Figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months. Figures reported by 26 dealers to the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1928 FEDERAL RESERVE BULLETIN 163 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANES LOANS OF INTERMEDIATE CREDIT BANES [In thousands of dollars] [In thousands of dollars] Net amount of loans outstanding 1928 1927 Date ..Federal Joint-stock Class of loan Total land banks land banks (12 banks) (54 banks) Jan. 7 Jan. 14 Jan. 21 Jan. 28 Jan. 29 1926 Direct loans outstanding Jan. 31 1,566,844 1,011,088 555, 756 on- F M A M e p a a b r r y . . . 2 3 3 3 8 0 1 1 1 1 1 1 , , , , 6 6 5 63 0 2 8 2 6 0 7 , , , , 4 8 2 0 1 1 1 3 3 8 4 0 1 . . , , , , 0 0 0 1 3 0 9 2 8 , 3 7 , 4 3 , 3 8 , 3 8 6 0 6 5 4 1 5 5 5 5 5 8 9 6 7 7 4 7 9 , , , , 1 0 5 4 6 2 4 5 9 8 4 7 T W C C o a o h b n t e t a n o a c e n t c d o fruits and vege- - 1 4 2 4 , , ,9 2 5 5 7 3 7 0 7 1 4 2 4 , , , 1 4 4 9 6 6 2 7 2 1 4 2 4 , , , 0 4 1 1 3 2 2 1 2 1 4 2 4 , , , 0 1 4 0 2 0 7 9 2 2 1 3 6 2 , , , 4 9 6 4 9 6 4 1 4 J J N A S O u u e u o c p n l t g v y . t e . . . 3 3 3 3 3 3 1 1 0 1 0 0 1 1 1 1 1 1 , , , , , , 6 6 6 6 6 6 8 9 6 4 5 7 2 2 4 4 3 , , 1 , , , 2 8 , 1 1 9 7 2 0 3 8 0 3 5 6 5 0 2 6 L . , . . , , , . , 0 0 5 0 4 0 0 0 3 6 3 5 4 6 , 3 7 , 8 8 3 , , 9 , , 3 0 5 1 5 6 5 2 5 8 9 6 1 4 6 7 6 6 6 6 6 6 1 1 0 1 0 2 9 0 4 0 5 4 , , , , , , 6 7 1 2 7 2 3 1 3 5 9 1 9 8 0 0 4 7 W A R Ri a l t o c l a i o o s e b i t l l n h e s e s r _ 5 1 1 , , , 1 7 9 3 8 0 6 5 9 6 6 9 0 9 9 6 1 1, , , 7 1 0 3 8 4 2 0 7 4 3 1 0 6 3 6 1 1, , , 7 0 0 3 8 1 7 0 1 4 4 2 0 4 3 6 1 1 , , , 6 0 0 2 8 7 5 0 3 7 2 1 0 1 2 4 2 1 , , , 4 7 7 5 3 1 0 0 3 2 9 0 2 6 1 Dec. 31 1,710,295 ., 077,819 632.476 Total 31,857 31, 204 30, 508 30, 364 52, 777 1927 Jan.31 1,724,821 , 085,170 639, 651 Rediscounts outstanding Feb. 28 1, 745,404 ., 097,642 647, 762 for— Mar. 31 1,765,365 ., 109, 354 656,011 Agricultural credit cor- Apr. 30 1,732,395 1,117, 914 614,481 porations 22,759 22, 660 22, 582 22, 720 23,435 May 31 1, 741,275 1,124,055 617,220 National banks 7 7 7 7 27 June 30 _ 1, 738,165 1,130,648 607,517 State banks 146 145 181 189 360 July 31 1, 742,575 1,134, 896 607,679 Livestock loan compa- Aug. 31 1,749,393 1,139, 502 609,891 nies 21, 558 21, 552 21, 708 21, 534 16,273 Sept. 30 1, 752, 665 1.143,130 609, 535 Savings banks and trust Oct. 31 1, 757,185 1,147,135 610,050 companies. _. 16 16 16 20 55 Nov. 30 __ 1,758,834 1,150, 943 607,891 Dec. 31 1,765,121 1,155,644 609.477 Total 44,486 44, 380 44,494 44,470 40,150 BANK DEBITS PAR COLLECTION SYSTEM1 DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL RESERVE MEMBERSHIP BY FEDERAL RESERVE DISTRICTS DISTRICTS [Number of banks at end of December] [In thousands of dollars] Member banks Nonmember banks Numb c t e e e r r n s o - fDec 1 e 9 m 27 ber, Nov 1 e 9 m 27 ber, Dec 1 e 9 m 26 ber, Fede d r i a s l t r r i e c s t erve On par list Not on par list 1927 1926 1927 1926 1927 1926 New York City 1 38,938, 261 33, 281, 668 32, 576,802 Outside New York City 140 26, 508,913 23,808, 741 24,492,919 Federal reserve district: United States.. 9,040 9,260 13,247 13,911 3,910 3,913 N A B P R C h o i e l t c e l i s w a l h v t a n o m e d Y t l n a a e o o n l n p r d d k h ia . . __. 1 1 1 1 7 7 1 0 3 5 3 3 2 2 1 9 , , , , , 9 8 8 2 2 5 8 4 6 6 1 9 9 8 4 6 5 6 , , , , , , 9 7 0 6 1 6 1 0 9 2 7 6 6 5 6 4 8 6 3 2 2 3 1 4 , , , , , 4 0 1 0 7 2 9 6 6 2 1 9 5 8 4 6 9 6 , , , , , , 1 7 8 4 5 6 1 6 4 8 3 4 5 8 8 1 4 2 3 2 2 2 1 3 , , , , , 5 8 4 8 2 7 0 4 0 7 5 8 0 0 8 5 7 6 , , , , , , 9 1 7 3 6 7 1 1 7 0 7 6 2 7 4 6 5 5 A N P R B C h i o e l t c e l s w i a h v l t n o a m e Y t n d l a a o o e n n r l d d p k . hia.-. 4 9 7 8 5 4 1 3 6 3 6 7 4 4 4 6 6 7 4 9 8 5 4 7 1 1 5 6 8 7 6 3 6 9 3 5 1,0 4 2 5 6 3 2 1 4 1 5 0 7 1 8 2 7 1 1,0 2 4 5 6 3 7 4 8 0 1 3 1 6 6 9 1 3 1,0 5 1 8 1 6 7 0 1, 6 0 2 5 8 5 7 S M D K C t h a a . i i n l n c L l n s a a o a e s g u s a o i p C s o i l t i y s . _ - ._ 2 1 1 9 5 1 5 0 6 1 1 , , , 4 4 7 7 5 0 0 7 8 1 7 0 7 0 6 , , , , , 5 3 4 9 0 3 1 5 6 4 1 6 5 5 2 5 1 1, , , 7 8 7 2 2 5 2 1 8 9 8 9 7 0 , 4 , , , , 0 3 1 6 6 1 9 2 8 9 4 4 6 0 6 6 1 1 , , , 0 7 7 3 3 8 0 4 3 0 5 7 8 0 6 , , , , , 6 6 8 6 5 8 4 0 8 3 1 7 6 9 5 M K D S C t h a a . i n i l n c l L n s a a a o e s g s u a o p i C s o i l t i y s 1,2 5 9 7 7 9 9 6 3 9 1 4 8 9 9 1,3 6 9 8 7 3 0 9 2 6 5 9 2 7 4 3 2 1 , , ,8 6 3 7 6 9 6 9 6 6 1 9 5 7 1 3 2 1, , , 9 5 7 9 7 9 3 0 2 1 6 7 5 3 1 1,1 4 2 2 1 3 5 0 5 9 7 2 4 6 0 1,0 4 2 2 1 9 2 1 2 9 3 8 2 8 7 San Francisco 18 3, 783, 680 3,439, 111 3, 220,814 San Francisco. .. 658 721 708 783 58 65 Total 141 65,447,1741 57, 090,409 57,069, 721 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1927 EARNINGS Boston New York Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - City Dallas San ci s F c r o an- Discounted bills $17,010, 778 $1, 242,463 $4,614,110 $1, 648, 548$1, 665,018 $897,944 $1,254,629 $2, 247, 451 $815, 950 $192,216 $500, 769 $254, 984 $1, 676, 696 Purchased bills 9, 206, 677 1,025, 348 2, 558,080 603, 587 705,423 664, 528 332, 593 1,188, 546 331,303 360, 293 375, 716 430, 354 630, 906 United States securities 14, 206,174 607, 374 2,960, 563 970, 386 1, 583, 632 290, 218 2, 215, 536 999, 656 707, 599 1,106,482 950, 111 1, 395, 671 Deficient reserve penalties.. 273, 839 7,285 6,516 18,883 41, 628 25, 900 47,971 16,189 13,405 17, 748 20, 621 29,013 Miscellaneous 2, 327,016 92, 887 134, 589 224,880 63, 257 164,499 467,848 64, 981 116, 518 304, 223 85, 852 121,156 Total earnings 43,024,484 2,975,357 10,647,759 3, 363, 626 4,197,836 2,086,303 2,067, 839 6,167, 352 2, 228,079 1, 390,031 2,304,938 j 1,741,922 3, 853,442 CURRENT EXPENSES Salaries: Bank officers $2,451,504 $118,000 $458,492 $132,999 $222,025 $166,192 $201,991 $296,811 $169, 300 $129, 361 $161,633 $150, 794 $243,906 Clerical staff 11, 704, 298 865,008 3,043, 900 910, 650 1,042, 540 566, 610 408, 533 1, 730, 516 571, 647 357,849 633,177 497, 504 1,076, 364 Special officers and watchmen 824,117 35, 969 180,982 47, 265 104, 214 46,016 35, 219 112, 209 47,959 28, 622 64,845 36,090 84, 727 Allother 1,803,935 85, 259 481,047 93,427 231,479 71,019 39,407 273, 340 76, 890 79,064 165,023 82,075 125, 905 Governors' conferences 4,924 125 428 148 305 146 282 274 409 444 553 641 1,169 Federal reserve agents' conferences 3,081 136 173 217 187 188 136 168 434 210 205 252 775 Federal Advisory Council 13,146 531 613 457 686 741 945 1,214 1,200 1,113 1,200 1,246 3,200 Directors' meetings 156,168 7,044 18, 955 7,174 7,041 7,245 23, 243 12,822 7,446 26,433 6,928 22,868 Traveling expenses L 235, 680 5,165 23, 552 11, 861 19, 673 13, 607 17, 582 25, 262 26,968 28,058 10,501 24,026 29,425 Assessments for Federal Reserve Board i expenses 779,116 58,185 i 217, 311 74, 621 82,080 40,173 32,177 106,972 33, 335 23,137 27, 354 54, 789 Legal fees -.. _. 71,122 1,380 | 707 2,741 4,269 95 9,144 3,199 479 27,494 10, 254 11, 243 117 Insurance (other than on currency and security shipments) 399,196 28, 223 59, 580 35,467 35, 300 21, 843 21,474 36, 773 22, 799 29,102 37, 521 26, 611 44, 503 Insurance on currency and security ship- w Ta m xe e s n t o s n banking house _. 1,4 62 0 3 2 , , 9 3 5 8 3 4 1 8 2 6 7 , , 8 8 3 9 2 0 3 1 8 2 7 3 , , 4 5 5 7 4 3 9 3 6 7, , 7 55 9 9 3 1 7 3 2 8 , , 8 7 7 9 6 1 3 3 7 8 , , 4 9 1 9 2 8 3 57 3 , , 4 1 2 6 9 7 2 6 7 8 6 , , 1 0 7 0 9 0 1 55 4 , , 1 7 3 2 0 2 8 1 5 3 , , 3 6 9 4 1 3 9 1 0 8 , , 9 4 6 4 8 7 2 3 2 3 , , 9 6 8 5 2 0 3 7 5 2 , , 7 7 4 0 7 4 dE Light, heat, and power 323,186 20, 534 78, 516 20, 314 34,904 13, 949 26, 703 21,487 19, 562 43,886 19,178 15,489 Repairs and alterations, banking house- 162, 276 2,999 51,884 15, 669 1,649 7,013 21, 224 10, 706 9,391 13, 754 1,567 5,521 Rent 239,472 460 25,164 1,626 31,475 13, 292 5, 626 38, 700 19,474 6,943 96, 712 Office and other supplies 384,025 23, 303 89,475 23, 318 34,037 20,131 20,482 54,444 18, 019 19, 901 24, 794 17, 558 38, 563 Printing and stationery 471, 508 43, 829 72,008 43, 229 42, 617 29, 930 29, 354 73,073 21,079 25, 323 28,144 25,034 37,888 Telephone ._ 199,945 21,344 55, 680 26, 290 13, 653 6,195 6,159 21,646 12, 292 5,304 7,577 7,245 16, 560 Telegraph _ _ 473,139 6,731 49,043 13, 980 32, 886 23,981 63, 635 40,929 39,821 19,972 60, 715 48,254 73,192 Postage -. 1, 833, 358 210,045 296,972 178,167 164, 302 123, 347 99, 785 243, 271 92,056 61, 876 137,995 93, 526 132,016 Expressage 437, 692 41,066 111, 237 63, 583 27, 577 32, 551 31, 693 55, 411 13, 852 8,415 13,017 17, 511 21, 779 Miscellaneous expenses _.. Q76, 378 40,061 159, 270 46, 594 49, 845 29, 548 36, 966 85,365 37,130 32,468 44, 816 45, 638 68, 677 Total, exclusive of cost of currency. 25, 673, 603 1,830,119 I 5,955,031 1, 920, 364 2,408,431 I 1,299,573 1,195, 391 3, 600, 652 1, 320,010 1,013,146 1, 624,440 1, 203, 850 2,302, 596 Federal reserve currency, including shipping charges: Original cost 1, 709,491 135,224 I 484, 626 173, 985 187, 316 73, 552 59,860 267,131 44, 649 34,118 46, 858 59, 675 142,497 Cost of redemption 135,349 11,592 I 32, 514 12, 333 14, 727 6,277 8,905 19, 275 4,005 1,482 5,917 3,813 14,509 Total current expenses 27, 518,443 1, 976, 9356,472,171 2,106, 682 2, 610,474 1, 379,402 1, 264,156 3, 887,058 1, 368, 664 1,048, 746 1, 677, 215 1, 267, 3382,459, 602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Earnings . . 43,024, 484 2,975, 357 10,647,759 3,363,626 4,197, 836 2,086, 303 2,067, 839 6,167, 352 2, 228,079 1, 390,031 2, 304,938 1, 741, 922 3,853,442 Current expenses _ 27, 518,443 1,976,935 6,472,171 2,106, 682 2, 610, 474 1, 379, 402 1, 264,156 3, 887,058 1, 368,664 1,048, 746 1,677, 215 1, 267, 338 2, 459, 602 Current net earnings 15, 506,041 998,422 4,175, 588 1, 256, 944 1, 587, 362 706,901 803,683 2, 280, 294 859,415 341, 285 627, 723 474, 584 1, 393,840 Additions to current net earnings: Withdrawn from reserve for probable losses 313,343 148, 400 164, 943 Allother 210, 656 3,708 126,074 2,646 2,138 1,884 957 13, 061 4,033 48, 509 4,911 1,327 1,408 Total additions. 523,999 3,708 126,074 2,646 2,138 1,884 957 13,061 152, 433 48, 509 4,911 166, 270 1,408 Deductions from current net earnings: Bank premises—depreciation 1,777,463 122, 048 415, 492 274,823 122,042 85,008 165,197 166, 745 2 71, 982 168,188 44,984 140,954 Furniture and equipment _. 799, 602 41, 826 81, 627 81, 245 83,412 82, 083 48,459 130, 720 28, 668 10, 784 48, 638 18,092 144,048 Reserve for probable losses 102, 879 50, 809 52,070 Reserve for undetermined liabilities .. 140,000 100 000 40,000 Reserve for self-insurance 100,012 78 303 21, 709 Allother - 61,836 644 5,639 1,876 1,367 6,948 1,268 18, 984 755 10, 951 1,083 9,569 2,752 Total deductions .._ 2, 981, 792 164, 518 581,061 83,121 481,311 211,073 134,735 365, 710 236,168 93, 717 217, 909 72, 645 339,824 i tel Net deductions from current net earnings. 2,457,793 | 160, 811 454,987 80,475 479,172 209,189 133, 778 352, 649 83, 734 45, 208 212,998 3 93, 624 338,416 o Net earnings available for dividends, surplus, and franchise tax 13,048, 248 837, 612 3, 720, 601 1,176, 469 1,108,190 497, 711 669, 904 1, 927, 645 775, 681 296,077 414, 726 568, 209 1,055, 423 Dividends paid 7, 754, 538 550,446 2, 327, 355 781, 540 832, 583 372, 230 305, 817 1,029,990 317, 727 180, 726 252, 753 256, 309 547,062 Transferred to surplus account 5,044,118 287,166 1, 393, 247 394,929 275, 607 125,481 364,087 897, 654 457, 954 11, 535 16,197 311, 899 508, 362 Franchise tax paid United States Government 249, 591 103,816 145, 775 I REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries, employees.. 190, 526 6,753 12, 765 9,420 16, 795 11, 646 5,220 66,161 10, 305 * 13,038 I 22,767 I 8,534 7,122 Allother 165, 274 3,007 99,012 3,642 9,872 3,201 2,886 23, 373 2,811 6,911 | 4,284 ! 1,757 4,518 Total. 355,800 9,760 111, 777 13,062 26, 667 14, 847 8,106 89, 534 13,116 19, 949 j 27, 051 10, 291 11, 640 1 Other than those connected with governor's and agents' conferences and meetings of directors and of the advisory council. 2 Exclusive of $500,000 charged directly against surplus to reduce book value of Banking House at Minneapolis to approximate market value. 3 Net addition. * Includes $4,000 for official salaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS V°v# # MONT. HeJen f*">-fS a °^G. MINN. JH.A 0*0* VA.^- ^sk WYQ. Det^o PA. 3 NEBR \ '°WA CHICAGO^- Omaha^ C \ .^s » |/ ILL. « 1ND. tncii^^ ym KANSAS CITY^ KANS. i ! ~& 8 ^4 ^ JL... w.c. larlott^i s-c:; /•* W.MEX. L«^ DALLAS® f MISS. I £- TEXAS j N V ? Houston £ )rleans • \ *12r Ian Antonio \ FLA. • •• BOUNDARIES OF FEDERAL RESERVE DISTRICTS ..... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORJES ty ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES o FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis