Federal Reserve Bulletin, 1928-03

FEDERAL RESERVE BULLETIN MARCH, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Bank Credit, Reserves, and the Reserve Banks Annual Report of Bank of France Condition of All Member Banks 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, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL. Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re- J. F. HERSON, Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) JOHN F. BRUTON, Vice President. District No. 6 (ATLANTA) ^ P. D. HOUSTON. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (Kansas City) P. W. GOEBEL. District No. 11 (DALLAS) B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) 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. G. W. McGarrah... Benj. Strong J. H. Case.. J. W. Jones.i New York.. L. F. Sailer Ray M. Gidney.1 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 W C. . A G . . M M c c l C lh r e e n e n d y y . .2 Cleveland George DeCamp. E. R. Fancher M. J. Fleming. H. F. Strater. Frank J. Zurlinden.. Richmond Wm, W. Hoxxton. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. 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. Bachman.2 John H. Blair.. K. C. Childs.2 J. H. Dillard.2 D. A. Jones.2 O. J. Netterstrom.2 St. Louis. Wm. McC. Martin. D. C. 0. M. Attebery. A F. . N H . . H H a a l i l l . l. 2 2 S. F. Gilmore.2 J. W. Rinkleff.2 C. A. Schacht.2 Minneapolis.. John R. Mitchell.- W. B. Geery H B. a r V ry . M Y o a o eg re er G Fr r a a n y k W C a . r D re u n n . lop.2 Kansas City... M. L. McClure W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas C. C. Walsh Lynn P. Talley... R R . . R B . . C G o il l b em er a t n W Fre . d D H . G ar e r n is tr . y.* San Francisco. Isaac B. Newton. 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 W. W. Schneckenburger. Helena branch R. E. Towle. Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch.._ J. E. Olson. Richmond: Oklahoma City branch__ C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch.. Hugh Leach. El Paso branch W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch Wm. M. Hale. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch. W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. 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—Bank credit, reserves, and the reserve banks 167 Condition of all member banks 171, 224-228 Annual report of the Bank of France 190 Completion of currency and banking reform in Estonia 195 Kinds of money in circulation, December 31, 1921-December 31, 1927 (revised figures) 176 National summary of business conditions 173 Financial, industrial, and commercial statistics 174-189 Reserve bank credit (174)—Monetary gold stock of the United States (175)—United States money in circulation (175)—Money rates: Federal reserve bank rates, Open-market rates, Rates charged customers (177-178)—Member bank credit: All member banks, Reporting member banks in leading cities (179)—Bankers' balances of reporting member banks (180)—Bankers1 acceptances and commercial paper outstanding (180)—Brokers' loans (181)—Commodity prices, security prices, and security issues (182)—Production, employment, and trade (183)—Industrial production (184)—Factory employment and pay rolls (185)—Building (186)—Commodity movements: Freight car loadings, Agricultural movements (187)—Wholesale trade (187)—Retail trade: Department stores, mail-order houses, chain stores (188)—Bank suspensions and commercial failures (189). Financial statistics for foreign countries 197-207 Condition of central banks (197)—Condition of commercial banks (199)—Discount rates of central banks (199)—Money rates (200)—Gold exports and imports (201)—Foreign exchange rates (202)—Price movements: Wholesale prices, retail food prices, cost of living (203-205)— Industrial statistics for England, France, Germany, and Canada (206-207). Rulings of the Federal Reserve Board: Deduction of balances due from American branches of foreign banks in computing reserves 208 Reserves against dividends declared but unpaid 208 Changes in national and State bank membership 209 Fiduciary powers granted to national banks 209 Detailed banking statistics for the United States 210-223 New tables: Federal reserve banks: Bills discounted and deposits, by class of deposits (210)— Condition of Federal reserve banks at the end of each month (211)—Discounts for member banks, by States (218). IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 14 MARCH, 1928 No. 3 REVIEW OF THE MONTH ever, was due to the addition of about $200,- 000,000 to the funds placed in the street by The volume of bank credit outstanding, after lenders other than banks. This shift in the rapid growth during the later months of 1927, source of street loans is brought out by the decreased in January and Febchart, which shows for the last two years the Bank credit ruary. The decline, like the outstanding preceding advance, was mainly MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4000 in the banks' loans on stocks and bonds, and particularly in their loans to brokers and dealers in securities. While, however, loans to brokers by banks declined, this decrease was offset in large part by a growth in loans of this character 3000 made by other lenders, so that the reduction in the total of street loans for the two-month period was relatively small. The banks' commercial loans, after continuing in January the decline which had begun in the autumn, increased some- 2000 what in February, as is usual at this season of the year, in response to increasing activity in industry and trade. Money rates in the open market continued to be relatively firm, owing partly to increased indebtedness of member 1000 banks to the reserve banks caused by an increase in the demand for currency and a further decline in the reserve banks' holdings of United States securities. There were also further withdrawals of gold for export. In general, the 1926 1927 1928 credit situation during recent weeks has been total volume of brokers' loans placed by recharacterized by the release from the securities porting member banks in New York City and market of a large amount of bank credit, a the portion of these loans that was placed for small part of which was absorbed by increased account of banks, including both New York requirements for credit by commerce and in- City banks and out-of-town banks, and the dustry, but most of which was reflected in a portion placed for account of lenders other than decrease of the total volume of bank credit banks. The chart shows that the total voloutstanding. ume of brokers' loans, notwithstanding its Reduction of loans obtained by brokers and decline in recent weeks, has continued to be dealers in securities from the banks amounted at a higher level than at any previous time. during the last two months to Loans to brokers made by banks, however, Loans to about $300,000,000, and re- are no larger than two years ago, the brokers flected to the extent of $100,- entire increase for the period reflecting a 000,000 a decline in the requirements of brokers growth in loans made by nonbank lenders. accompanying the recent decline in security Such loans are.placed in the market by invesprices. The larger part of the decline, how- tors and investment agencies, by corporations 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN MARCH, 1928 having surplus cash, by foreign banking correspondents payable on demand or in the agencies, and by others; these loans represent form of loans on call or on time in the stocktemporarily idle funds whose owners wish to exchange money market. The combined total employ them in the street rather than to keep of these two items, as shown by the following them on deposit with banks or to invest them in chart, measures approximately the volume of securities. Ninety per cent of these loans are MILLIONS OF DOLLARS MILLIONS Of DOLLARS made on call, and the current firmness of call- 3000 NEW YORK FUNDS 3000 OF OUT-OF-TOWN BANKS loan rates has been a factor in attracting these funds. At the present time brokers' loans by others than banks represent more than onefourth of the total of these loans, as reported 2000 [ 2000 weekly by member banks in New York City, and since a year ago this class of brokers' loans has increased by about $340,000,000. In addition, funds of nonbank lenders reach the market through channels other than the re- 1000 1000 porting member banks, and, according to reports to the New York Stock Exchange, there has been an increase of $150,000,000 in such funds, so that the total increase during the year in the supply of funds from this class 1926 1927 1928 of lenders has been close to $500,000,000. bank credit furnished by out-of-town banks This volume of funds, if left on deposit with to the New York money market. These banks to be loaned by them instead of being New York funds of out-of-town banks, after placed for account of the owners, would have a rapid growth since the middle of last year, made it necessary for the banks to carry about reached at the end of January the highest $50,000,000 additional in their reserve accounts. point on record, about $2,950,000,000, and The direct use of funds in the market by cornotwithstanding a decline of more than $100,porations and others has had the effect, there- 000,000 in February, remained at a higher fore, of making member bank reserve requirelevel than in any earlier year. The growth ments smaller than they would otherwise have of out-of-town bank funds in New York durbeen. This has had the further effect of ing the past half year, taken as a whole, has reducing the necessity for borrowing by reflected the abundance of funds at the disposal member banks at the reserve banks and conof banks throughout the country in excess sequently has been an influence toward easier of the local demand for bank accommodation. conditions in the money market. For the greater part of the period covered by The volume of bank credit employed by the the chart street loans and balances of out-ofstock exchange, as shown by the foregoing town banks have been in about equal volume, chart, reached a peak early in but since the turn of this year balances have Out-of-town January, reflecting both the declined sharply, while the loan account has banks temporary withdrawal from the remained practically unchanged. The recent market of funds furnished by nonbank lenders increase in the proportion of street loans in the and the addition to the market of a large total of out-of-town bank funds has been due volume of funds from out-of-town banks. to the firmer condition of open-market rates, These out-of-town banks, which include both which has increased the margin between the member and nonmember banks in all parts rate of interest paid on bank deposits by the of the country, keep the larger part of their New York banks and the rate earned by New York funds either as balances with street loans. As a consequence of the decline Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

169 MARCH, 1928 FEDERAL RESERVE BULLETIN in correspondent balances, the reserve require- cent. The increase was relatively largest in ments of the New York banks have declined borrowing by brokers on the security of stocks somewhat, and this has tended to ease condi- and bonds, while resort to the banks through tions in the money market. the open bill market and the market for com- From the point of view of the lending bank, mercial paper decreased slightly, increased loans to brokers are a part of the open-market holdings of acceptances being somewhat more portfolio, which also contains than offset by decreased holdings of commercial the banks' holdings of invest- paper. It is to be observed that direct loans ment securities and of paper to customers constituted at the end of the purchased from dealers in acceptances and in period, as at the beginning, close to two-thirds commercial paper. In the table below is of the total credit extended by the banks both presented an estimate of the composition of in the form of loans and in the form of inloans and investments of all banks in the United vestments. States in midsummer of 1922 and 1927; the During this five-year period, 1922;to 1927, total is distributed between loans to customers, covered by the table, deposits ~of all banks which represent largely the local employment in the United States increased of bank funds, and the open-market portfolio Bank reserves by about $14,000,000,000 to the with its various components, which represents level of $51,600,000,000, of which about funds placed by banks outside the circle of $20,375,000,000 was in nonmember banks and their regular local customers. A large part of $31,225,000,000 in member banks. Analysis the open-market portfolio is generally con- of deposits, either as to origin or as to use, sidered by the banks as constituting their is not possible on the basis of existing inforsecondary reserves. mation, but since total deposits necessarily approximate total loans and investments, it is APPEOXIMATE DISTRIBUTION OF LOANS AND INVEST- a fair assumption that deposits have arisen MENTS OF ALL BANKS IN THE UNITED STATES ON from the various operations of the banks in JUNE 30, 1922, AND JUNE 30, 1927 approximately the same proportions as these [Amounts in millions of dollars] operations bear to the total loans and investments. Furthermore, since most of the Percentage dis- Increase tribution of reserves of nonmember banks are held in the or de- total 1922 1927 crease form of deposits with member banks, and all 1922 1927 of the reserves of member banks are held with the reserve banks, the reserve balances carried Total loans and investments- 40,105 54,372 14,242 100 100 Loans to customers. 25,228 33,912 8,659 63 62 by the reserve banks for their members may Open-market portfolio, total. 14,877 20,460 5,583 37 38 Investments 12,525 17,217 4,692 31 32 be taken as supporting the entire volume of Loans to brokers in New York City - 11,328 2,275 947 3 4 bank deposits outstanding, and consequently A Co cc m e m pta e n rc c i e a s l p p u a r p c e h r a s p e u d r - l. 229 160 1 1 all the loans and investments which these chased ».- 795 579 -216 deposits represent. Member bank reserve i Estimated. balances and changes in these balances may, therefore, be analyzed roughly with reference The table indicates that the outstanding volto the different classes of loans and investume of bank credit increased during the fivements, represented by the country's bank year period by about $14,250,000,000, and that deposits. In this analysis cash carried in of this total about $8,650,000,000 represented vault as till money by member banks and as the growth in loans to customers, which inreserves of nonmember banks is left out of creased by 34 per cent during the period, and consideration, since it would not materially $5,600,000,000 the growth in open-market holdchange the general picture here presented. ings, which in the aggregate increased by 36 per According to this analysis the growth of about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN MARCH, 1928 $14,000,000,000 of bank deposits from 1922 to lent increase in reserve bank credit, which in 1927 was based on an increase of but $450,- the summer of 1924 was at the lowest point 000,000 in member bank reserve balances. The since early in 1917. During the latter part increase in member bank reserves made neces- of 1927, with a large outward movement of sary by the growth in bank loans to customers gold, the increasing reserve requirements of was about $260,000,000 and that arising out of member banks, which reflected the growth of the increase in the banks' open-market portfolio their deposits, were an important factor in about $190,000,000. It would also appear from the growth of reserve bank credit to the largest this analysis that of the total of $2,280,000,000 volume in six years. Since the turn of the held by the reserve banks in June, 1927, as year deposits of member banks, and consereserves against the country's bank deposits, quently their reserve balances, have declined, about 4 per cent, or $90,000,000, represented and this decline, together with the large return reserves against deposits arising out of loans to flow of currency from circulation, has been brokers and dealers in securities, an increase of reflected in a reduction of more than $300,000,about $35,000,000, or 70 per cent, for the five- 000 in the outstanding volume of reserve bank year period. During the same period reserves credit. against deposits arising from other operations of the banks increased by about $410,000,000, Advances in Discount Rates or 23 per cent. Advances of discount rates from 3*^ to 4 The growth in member bank reserve balances per cent on all classes of paper of all maturities from the middle of 1922 to the middle of 1927 were made at the following Federal reserve was not accompanied by any banks, effective on the dates indicated: Minne- Reserve bank increase during the period in apolis, February 7; Boston and Dallas, Februcredit the total volume of reserve ary 8; Kansas City, February 10; Atlanta, February 11; Philadelphia, February 16; St. bank credit outstanding, or in member bank Louis, February 21; and Cleveland, March 1. borrowing at the Federal reserve banks. Total bills and securities held by the Federal reserve banks were, in fact, smaller by $135,000,000 in Organization Meeting of the Federal Advisory Council June, 1927, than in June, 1922. This decline The Federal Advisory Council at its first in reserve bank credit for a period during which meeting in 1928 held Friday, February 17, member bank reserve balances and bank credit organized by reelecting Mr. Frank O. Wetas a whole had increased by a large amount more, of Chicago, and Col. John F. Bruton, of was due primarily to the imports of gold from Richmond, as president and vice president, abroad, which upon deposit with the reserve respectively. These officers as ex officio members and Messrs. Alexander, Rue, Creech, and banks provided member banks with reserves Smith will constitute the executive committee. without additional use of reserve bank credit. Mr. Walter Lichtenstein will continue as secre- While for the five years as a whole gold im- tary of the council. ports account for the entire growth of member Mr. Walter W. Smith has been appointed bank reserves, during the last three years gold to represent the St. Louis district in the place of Mr. Breckinridge Jones, and Mr. F. L. Lipmovements were relatively small on balance, man replaces Mr. Henry S. McKee, repreand the growth of the reserves of member senting the San Francisco district. No other banks between the middle of 1924 and the changes have occurred in the membership of middle of 1927 was accompanied by an equiva- the council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL EESERVE BULLETIN 171 CONDITION OF ALL MEMBER BANKS Total loans and investments of all member what less than this amount, but represented an banks showed a further increase of $1,230,- increase of about 15 per cent. The banks' 000,000 during the final quarter of the year, investments constituted about 30 per cent of according to the member *bank call report for their total loans and investments during most December 31, and on that date amounted to of 1927, as against about 28 per cent at the $34,680,000,000. This represented an increase close of 1926. of about $2,780,000,000 for the year 1927. Growth in member bank loans and invest- Condition figures for all member banks are ments during the year was accompanied by published on pages 224-228 of this issue of increases of $1,180,000,000 in net demand the BULLETIN, and in more detail, by States deposits and of $1,325,000,000 in time deposits, and cities, in Member Bank Call Keport No. making a total increase of $2,500,000,000 in 38. The course of member bank loans, invest- the volume of deposits against which these ments, and deposits since the beginning of 1919 banks are required to maintain reserve balances is shown on the accompanying chart. with the Federal reserve banks. Reflecting this growth in deposits, member bank reserve BILLIONS OF DOLLARS BILLIONS OF DOLLARS balances at reserve banks showed an increase 35 of about $300,000,000. The banks were able to make this addition to their reserve balances and at the same time reduce somewhat the volume of their indebtedness at the reserve banks, owing in part to decline during the year in the demand for currency and in part to open-market purchases by the reserve banks. The following table shows principal resources and liabilities of all member banks for call dates during the year and changes for the last quarter and for the year as a whole: ALL MEMBER BANKS [In millions of dollars] Loans and investments Net Accom- Investments m d a e n - d t m io o n d a a- t plus Fedtime eral re- Total Loans United All de- serve 1919 1920 1921 1922 1923 1924 1925 1926 1927 Total S se t c a u te r s i- o se th cu er - 1 | posits banks ties rities i During the last quarter of the year twothirds of the growth in member bank credit Dec. 31, 1926 31,896 22,907 8,990 3,389 5,601 30,342 640 Mar. 23, 1927... 32,154 22,532 9,622 3,835 5,7871 30,334 464 was in loans, which showed an increase of June 30, 1927 32,967 23,149 9,818 3,796 6,022] 31,418 441 Oct. 10, 1927.... 33,451 23,492 9,959 3,856 6,103 31,603 458 about $830,000,000 for the period. Growth Dec. 31, 1927 34,679 24,318 10,361 3,978 6,383; 32,848 583 in the volume of loans and investments for the Change since— year as a whole, however, represented about Oct. 10, 1927... +826 +402 +122 +280 +1, 245 +125 Dec. 31, 1926 +2,783 +1,411+1,371 +589 +782+2,506 -57 equal increases in loans and in the banks' investment holdings. Total loans showed an increase of somewhat more than $1,400,000,000, Comparison between condition figures for all or about 6 per cent for the year; the increase member banks and for member banks in leading in investments for the same period was some- cities shows that of the total increase in mem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN MARCH, 1928 ber bank credit during the year $1,625,000,000, MEMBEB BANKS IN LEADING CITIES AND IN SMALL or considerably more than one-half, represented CENTERS increase in loans and investments of banks in [In millions of dollars] leading cities, and $1,160,000,000 increase in Member the loans and investments of banks in smaller All mem- banks in All other centers. At both classes of banks about one- ba b n e k r s le c a it d ie in s g i m b e a m nk b s er half of the growth in the total volume of credit outstanding represented addition to the banks' Amounts Dec. 31,1927 investment holdings. Member banks in leading cities showed increases of about $800,000,- Loans and investments 34,679 12,859 000 both in United States securities and in other Loans 24,318 8,897 Investments (total) 10,361 3,962 securities, while at member banks in smaller United States securities 3,978 1,174 All other securities 6,383 2,788 centers an increase of nearly $550,000,000 in Net demand plus time deposits 32,848 12,546 total investment holdings represented for the Net demand deposits _. 20,083 6,297 Time deposits 12,765 6,249 most part purchases of securities other than Reserve balances at Federal reserve banks _ 2, 514 , 701 United States obligations. Growth of $1,180,- Federal reserve bank accommodation.. 583 120 000,000 in the volume of net demand deposits represented increases at both classes of banks, Increase or decrease (—) since Dec. 31, 1926 particularly at banks in leading cities, where growth in deposits reflected in a measure the Loans and investments Loans _ flow of funds to financial centers as indicated Investments (total) by an increase during the year in the volume United States securities All other securities of correspondent bank balances on deposit with Net demand plus time deposits _.. banks in leading cities. Principal resources Net demand deposits Time deposits— and liabilities of member banks in leading Reserve balances at Federal reserve banks cities and in small centers, together with Federal reserve bank accommodation.., changes for the year, are shown in the following table: i Amounts as on Dec. 28. 1927: changes between Dee. 29. 1926. and Dec. 28,1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 173 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production and shipments of com- ber, the increase being particularly large for modities by railroads increased considerably in miscellaneous commodities. Compared with January from the low point reached at the end January of last year, however, loadings of all of 1927. The general level of wholesale com- classes of commodities, except livestock, were modity prices showed a slight decline. smaller. Production.—The increase of 6 per cent in Prices.—The Bureau of Labor Statistics' industrial production from December to Jan- index number of wholesale commodity prices uary reflected a larger output of manufactures, declined from 96.8 per cent of the 1926 average particularly of iron and steel and automobiles. in December to 96.3 per cent in January. Daily average production of steel ingots in- Prices of farm and hide and leather products increased by over 25 per cent in January, the creased, while prices of meats and dairy prodlargest monthly increase since 1924. Buying of ucts, textiles, fuels, nonferrous metals, and rubsteel products by the railroads and by the auto- ber declined. During the first two weeks of mobile and construction industries was also ac- February prices of grains, cotton, silk, and tive in January, and, notwithstanding the large wool advanced, while those of cattle, sugar, volume of production and shipments, unfilled and rubber declined. orders showed an increase during the month. Bank credit.—For the four weeks ending Since the first of February production of steel February 15 total loans and investments of products has continued active, with new orders member banks in leading cities showed a and shipments more nearly in balance than in decline of more than $200,000,000, the decline previous months. Automobile production, being almost entirely in loans on securities. which in December was in smallest volume From the peak at the turn of the year since 1922, increased considerably in January this class of loans decreased by nearly and was only slightly smaller than in the same $460,000,000. Loans for commercial purposes, month of the preceding year. Cotton con- after a further decline in January, showed a sumption showed about the usual seasonal in- seasonal increase in the first two weeks of crease in January, following substantial curtail- February. The decline in the volume of loans ment in December, and the woolen and silk in- since the first of the year has been accompanied dustries were somewhat more active than in by a corresponding decline in net demand December. Production of minerals, after ad- deposits, while time deposits have continued justment for customary seasonal changes, was to increase. in practically the same volume in January as At the reserve banks the total volume of in December. Building contracts awarded in member-bank borrowing declined seasonally January exceeded those for the corresponding during the opening weeks of the year and month of last year, and awards during the first reached a low point on January 25, but inhalf of February were in practically the same creased by about $70,000,000 between that volume as a year ago. date and February 21. This increase in dis- Trade.—Sales of department stores showed counts accompanied smaller reductions in the more than the usual seasonal decline in January reserve banks7 holdings of United States secufrom the high levels reached in December and rities and acceptances, and the total volume of averaged slightly smaller than in January of reserve bank credit in use showed an increase last year. Sales of mail-order houses, on the for the four weeks. other hand, were about 6 per cent larger than a During the four weeks ending February 21 year ago. Wholesale trade in nine leading a firmer tendency in the money market was lines averaged larger than in January of last indicated by increased rates on call and time year. Stocks of groceries and hardware car- loans and by a further increase from 3% per ried by wholesale firms were smaller than a year cent to S}^ per cent in the rate on 90-day ago, but reports in other lines indicated that bankers7 acceptances. Between January 25 stocks were somewhat larger. and March 1 discount rates at all Federal Freight-car loadings for all groups of com- reserve banks were advanced from 3J^ to 4 modities were larger in January than in Decem- per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN MARCH, 1928 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT CURVES 1 AND 4 MILLIONS OF DOLLARS CURVES 2,3 AND 5 3000 6000 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 2 2500 5500 2000 — 5000 1500 4500 1000 4000 3500 1924- 1925 1926 1927 1928 1924 1925 1926 1927 1928 Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for February The reserve bank figures are daily averages and the gold stock and money in circulation figures are averages of figures for the first day of two consecutive months. The curves representing reserve bank credit and member bank reserve balances are on a scale running from $500,000,000 to $3,000,000,000, and the curves of gold stock, money in circulation and of reserve bank credit plus gold stock on a scale running from $3,500,000,000 to $6,000,000,000 RESERVE BANK CREDIT IN USE [Monthly averages of daily figures. In thousands of dollars] Reserve bank credit in use Deposits of Federal reserve banks Month Total i co B m u b i e l n a l m s t n e d k b d s i e s f r o - r bo B u il g ls ht se U c S n u t i r a i t t t e e i s d es Total s M b er a a v e n n m e k c e b b r s a e e r l - - G m ov e e n r t n- de O p t o h s e i r ts 1926—April 1,158,891 539,594 235,956 369,779 2,251,846 2,183,479 42,143 26,224 May 1,155,191 514,559 230,555 398,249 2,253,294 2,199,229 27,671 26,394 June 1,139,808 476,044 244,038 408,776 2,241,415 2,205,974 12,193 23,248 July. 1,166, 564 548,966 231,132 379, 745 2, 262,420 2, 211, 545 26, 246 24,629 August 1,158, 264 555, 799 245,094 353,903 2, 253,350 2,200,909 25,098 27,343 September. 1, 225, 236 641, 797 263,992 315, 747 2, 273,205 2, 211,367 31,723 30,115 October 1, 269,356 665, 566 294, 296 306,413 2, 280,180 2, 219,023 34, 264 November. 1,270,057 618,367 346,859 302,309 2,279,135 2, 214,441 28, 229 36,465 December.. 1, 380, 571 671, 722 384,826 321,446 2, 289, 632 2, 218,186 39, 758 31,688 1927—January 21,138,106 2 480,622 2 343,448 2 310,486 2,300,204 2, 242, 854 24,132 33, 218 February. _. 21,005,923 2 392,996 2 304,071 2 306,606 2, 266,460 2, 212, 206 28,132 26,122 March 21, 024,251 2 424,543 2 252,722 2 344,922 2, 284,809 2, 239,952 21,823 23,034 April 1,038,857 447, 286 248, 429 341,081 2,301,120 2, 248, 302 29,622 23,196 May _. 999, 504 472,984 233, 224 291,495 2,326,816 2, 262,397 25,374 39,045 June 1, 033,123 428, 563 205, 273 397, 754 2, 355,428 2, 300, 897 20,660 33,871 July 1,026,152 453,997 189, 774 381,081 2, 339,478 17, 420 33,110 August 1,021,830 409,439 173,122 438, 511 2, 331,452 2, 283,097 17,890 30,465 September. 1,139,342 422,192 215,926 500, 637 2,350,875 2,300,450 20,324 30,101 October 1,213,191 424,413 281,903 506,177 2,380, 856 2, 326,009 20,426 34,421 November. 1,331,008 415,216 335,908 579, 238 2,429,976 2, 372, 954 12,812 44, 210 December.. 1,513,119 528, 624 377,712 605,841 2,435,984 2, 399,182 9,976 1928—January... 1,350, 322 465, 275 372, 538 511,852 2 2,472,428 2,426,360 19, 438 26,630 February. 1,236, 639 470,670 359,883 405, 551 2,419,482 2,368,092 25,606 25, 784 i Total holdings of bills and securities by all Federal reserve banks, including " other securities " and foreign loans on gold. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

175 MARCH, 1928 FEDERAL RESERVE BULLETIN MONETARY GOLD STOCK AND MONEY IN CIRCULATION MILLIONS OF DOLLARS MILLIONS Of DOLLARS MONETARY GOLD STOCK OF THE UNITED STATES 100 CHANGES IN 100 [In millions of dollars] MONETARY GOLD STOCK End of month figures Month 1922 1923 1924 1925 1926 1927 1928 January... 3,685 3,953 4,289 4,423 4,412 4,564 4,373 February.. 3,723 3,963 4,323 4,369 4,423 4,586 24,359 March 3,760 3,970 4,364 4,346 4,442 4,597 April 3,764 4,411 4,350 4,438 4,610 May 3,771 4,028 4,455 4,361 4,433 4,608 June. 3,785 4,050 4,488 4,365 4,447 4,587 July 3,829 4,079 4,511 4,370 4,471 4,580 August 3,855 4,111 4,521 4,383 4,473 4,588 September. 3,873 4,136 4,511 4,382 4,466 4,571 October.... 3,888 4,167 4,509 4,407 4,473 4,541 November. 3,906 4,207 4,527 4,397 4,477 4,451 December. 3,929 4,244 4,499 4,399 4,492 J4,379 1 Revised. 2 Preliminary. UNITED STATES MONEY IN CIRCULATION 80 [In millions of dollars] 100 1921 1922 1923 1924- 1925 1926 1927 1928 J100 End of month figures NET IMPORTS OR NET EXPORTS (-) OF GOLD 1923 1924 1925 1926 1927 [In thousands of dollars] January... 4,441 4,614 4,777 4,802 4,841 4,846 4,677 February.. 4,491 4,703 4,887 4,853 4,904 4,885 2 4,688 Month 1922 1923 1924 1925 1926 1927 1928 March 4,497 4,747 4,899 4,818 4,860 4,862 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 January 25,708 24,348 44,855 -68,488 16,264 44,465 -13,766 June 4,463 4,823 4,849 4,815 4,885 4,851 February... 27,007 6,984 34, 606-46,997 21,565 19,8952-11, 425 July , 4,424 4,787 4,756 4,795 4,909 4,846 J J A S M N M A D O u u e p u o e c n a l a p c y r g v t r y e t i o e c u e e l m h b s m m t e b b b r e e e .. r r r . . . . . . 4 3 2 1 1 2 1 1 2 3 2 5 3 0 1 3 4 8 , , , , , , , , , , 3 5 5 2 6 3 0 8 1 7 8 4 2 7 6 7 6 3 7 3 3 7 5 5 6 5 6 6 7 0 4 2 3 1 3 2 3 2 8 5 5 7 9 8 0 1 8 6 , , , , , , , , , , 5 5 3 4 8 6 9 0 9 4 3 5 3 8 5 4 0 1 3 8 9 3 2 5 5 1 7 0 0 8 -2 4 4 3 2 1 1 1 1 9 3 4 0 4 5 2 8 3 5 , , , , , , , , , , 4 4 0 9 0 5 1 5 5 7 0 8 7 2 1 7 0 7 0 5 1 1 7 3 6 3 7 7 5 2 - - - 1 1 1 - - - 2 1 2 2 7 2 3 2 5 2 1 , , , , , , , 9 , , 6 , 7 9 2 7 7 7 2 7 9 5 3 8 0 6 8 2 4 0 7 6 4 7 4 8 6 7 8 2 - - - 1 - 3 6 1 1 7 4 7 9 7 9 5 , 4 9 , , , , 4 , 0 , , , , 1 7 0 7 7 8 5 7 0 9 6 8 6 1 4 0 0 5 8 4 8 8 4 1 4 1 8 1 - - - 1 5 1 6 - 1 3 1 1 8 3 1 7 0 8 1 6 1 2 , , , , , , , 6 , , , 1 4 4 9 7 3 9 7 7 4 8 6 1 0 3 5 1 7 5 2 4 5 8 2 1 5 1 7 3 A S N D O e u o e c p c g v t t o e u e e b m m m s e t b b b r. e e e _ r r r . . . KI i N R D e I ! S v 4 4 4 4 4 i , , , , , s 6 7 8 4 O 6 e 0 4 1 8 0 d 4 6 7 0 F 8 . M 4 4 4 5 5 , , , , , O 8 9 0 9 0 7 1 4 2 4 N 6 8 5 5 4 EY 4 4 4 5 5 , , , , , 8 8 9 0 0 I 5 6 4 5 4 N 9 3 2 2 7 2 C P 4 4 4 5 5 IR , , , , , r 9 8 9 1 0 e C 6 1 6 0 4 l 9 6 7 4 4 i U m L in 4 4 5 5 5 A , , , a , , 9 9 0 0 0 T r 3 7 2 3 9 y I 0 8 1 7 5 O . N 1 4 4 4 4 5 , , , , , 8 9 9 9 0 5 4 4 5 0 4 6 8 2 3 Total.. 238,295 294,073 258,073-134,367 97, 796 6,080 [End of month figures] [In millions of dollars! 1 Revised. 2 Preliminary. U.S. i IN T C H R R E O A U M S G E A H R O K C R [ H I F n D A O E t N h R C o G R u F E s E a O S A n R d I S E s N E I o G f G ( N d - O ) o L l A l I a D N C rs C ] U G O N O U D L N E D T R S T E O A C R K - Month Total G co o i l n d c c G e a r o t t i e l f d s i- F re n e s o d e t e r e v r s a e l t n b i N o o a n n t a e a - k s l s t i i a n l f o n v i o c t e d h t a r e e t a e c s r l e , s l r , money Month 1922 1923 1924 1925 1926 1928 1927—January 4,846 396 1,037 1,684 631 1,097 February... 4,885 393 1,035 1,710 645 1,102 January -1,629 -810) -6,043 19,48; 5,500 March 4,862 390 1,019 1,707 648 1,097 February 4,329 593 -1,366 -11,000 3,180 April 4,891 389 1,019 1,724 654 1,104 March -2,452 -6,82s1 -1, 502 May 4,893 387 1,004 1,734 660 1,109 April 1,000 -558 14,850 -1,000 June 4,851 385 1,007 1,703 650 1,106 May 1,000 12,725 -95, 000 July 4,846 383 1,031 1,668 652 1,112 June... 2,000 5,075 -580 -500 August 4,854 382 1,045 1,657 651 1,119 July.... -1,500 -2, 583 -3,901 4,000 184 September.. 4,948 380 1,061 1,715 653 1,138 August -7,r" 8,725 19,200 -2,501 October 4,946 381 1,068 1,711 648 1,137 September... 500-13,229 901 -2,400 -9,000 November.. 4,952 383 1,095 1,694 639 1,141 October -1,500 -2,000 -17,000 2,870 4 -25,001 December.. 5,003 402 1,074 1,763 619 1,145 November... -200 -500 2,000! -7,498j -40,000 1928—January 4,677 389 1,016 1,561 617 1,094 December... -2,000 -1,500 -2,000! 1,0081 -8, 500 February L. 4,688 383 1,004 1,570 639 1,092 Total..-3,700 +700-42,213 +32, 244-26, 297-160,153 i Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RBSERVE BULLETIN MARCH, 1928 MONEY IN CIRCULATION DECEMBER 31, 1921-DECEMBER 31, 1927, BY KINDS OF MONEY (REVISED FIGURES)» [In thousands of dollars] Month Total Gold G ti o fi l c d a c te e s r- I d t s a o i n l l v l d a e a r r r s d c S c e i a r l t t v i e f e s i r - T o n f r u o e r t 1 a y e 8 s s 9 - 0 s s i S d i u l i v b a e - r r y M c i o n i o n r U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o d a e n t e r e r v k s a e l N n b at a o i n t o e k n s al 1921 Dec. 31. 4,689,785 439,086 178, 555 35,494 238,147 1,546 225,085 91, »72 277,944 2,393,085 97,988 711,782 1922 Jan. 31- 4,441,453 431,178 172,401 58,124 233,237 1,542 229,221 89,404 268,777 2,157,215 710,520 Feb. 28... 4,490,831 427,932 169,761 58,410 249,917 1,533 227,519 283,460 2,179,154 84,661 719,497 Mar. 31.. 4,496,845 425,610 172,313 58,788 252,955 1,529 227,125 88,787 285,161 2,180,550 83,010 721,018 Apr. 29... 4,468,354 422,367 170,474 58,455 253,306 1,528 227, 059 88,743 289,583 2,154,239 721,617 May 31., 4,454, 765 418,650 171,318 58,129 259,805 1,527 228,620 89, 022 294,846 2,128, 662 79,114 725,071 June 30-. 4,463,174 415,937 173,342 57,976 265,335 1,510 229,310 89,157 292,343 2,138, 715 71,868 727,681 July 31... 4,423,728 412,957 171,676 58,058 269,419 1,508 229,806 89,410 284,860 2,115, 580 64,827 725,627 Aug. 31 _. 4,479,762 411,668 194,407 58,116 272,036 1,501 232, 792 89, 760 285,421 2,141,312 60,231 732,516 Sept. 30,. 4,607,717 410,235 215,333 59,079 277, 616 1,501 236.350 90, 362 281,914 2, 249,888 55,314 730,124 Oct. 31... 4,645,957 409, 543 233, 889 59, 338 279, 619 1,492 239, 723 91,033 278,896 2, 281, 630 48,458 722, 335 Nov. 30.. 4,703,630 411,835 254,325 59, 329 285,088 1,489 242,999 91,831 278, 047 2,312,521 42, 325 723,841 Dec. 30- 4,817,039 423,265 302,740 59,836 288, 209 1,483 246, 091 92,649 284,901 2,372, 721 36,662 708,481 1923 Jan. 31. 4,614,248 415,163 301,494 58,031 295,623 1,479 240,990 91,888 278,845 2,184,367 32,662 713,707 Feb. 28— 4,703,366 412,753 315,022 57,908 317,662 1,475 241,166 92,068 283,473 2, 226,850 29,809 725,180 Mar. 31.. 4,746,834 410,166 319,174 57,555 338,900 1,471 242.054 92, 358 294,146 2, 232,994 25,737 732,280 Apr. 30... 4,759,236 408,082 328,795 57,369 353, 399 1,469 242,827 92,857 299, 297 2, 218,466 23,859 732,815 May 31.. 4,797,068 406,150 57,366 364,902 1,463 245, 757 93, 612 305, 392 2, 228,029 21,534 733,983 June 30.. 4,823,278 404,181 386,456 57,264 364, 258 1,460 247,307 93,897 302, 749 2,234,660 19,969 711,076 July 31— 4,786,907 401, 651 411,801 368,615 1,458 247, 737 94,128 299,747 2,160,431 18,833 725, 507 Aug. 31.. 4,876,474 441,877 57,420 376,005 1,456 249, 618 94, 777 304, 554 2, 204,931 17,601 729,336 Sept. 29.. 4,945,182 397,957 465,831 58,009 374, 657 1,451 252,424 95,227 306,528 2,245, 551 16,458 731,089 Oct. 31- 4,924,900 394,637 500, 667 58,047 370,322 1,448 254,814 96,257 302,855 2,207,212 11.237 727,403 Nov. 30.. 5,017,653 395,281 534,413 58,054 381, 788 1,445 258,026 97,164 305,874 2,236,671 14.238 734,700 Dec. 31... 5,043,819 410,135 584,035 58,261 374,450 1,443 260,638 97,655 306, 399 2,223, 593 13, 571 713,639 1924 Jan. 31. 4,777,368 401,106 574,410 56,397 357,890 1,440 252,325 96,481 294,106 2, 12,718 721, 559 Feb. 29... 4,887,227 399,139 633,434 55,911 368, 228 1,437 251, 635 96,473 302, 796 2,030,833 12,134 735,207 Mar. 31 _ 4,899,375 398,407 687,478 55,203 367, 509 1,433 251, 702 96,386 304,468 1,988, 539 11,549 736,702 Apr. 30.. 4,853,195 396,373 720,149 54, 723 370, 634 1,428 252, 656 96,866 300,802 1,909,159 10,992 729,413 May 31-. 4,904,842 394,809 779,178 54,029 372, 635 1,425 252, 598 96,641 306, 276 1,897,682 10,431 739,140 June 30— 4,849,309 393,330 801,381 54,017 364,414 1,423 252,995 96,952 297,790 1,843,106 10,066 733,835 July 31- 4,755, 558 391, 769 799,168 53, 644 373, 570 1,420 252.351 96,891 301, 572 1,745,873 9,608 729, 693 Aug. 30.. 4,858,907 390, 754 872,203 53, 830 385,263 1,417 253, 509 97,116 307,979 1,746,181 9,226 741,428 Sept. 30. 4.863,185 54, 554 387,026 1,412 256,204 97,647 302,869 1,729, 442 736,558 Oct. 31- 4,941,514 390, 501 912, 699 55,039 389,601 1,410 259,487 98, 279 307, 529 1,784,145 8,673 734,150 Nov. 29. 5,051,945 393,570 934,835 55,432 390,849 1,406 262, 584 99,316 305, 747 1,862,013 8,464 737, 730 Dec. 31.. 5,047,463 409,414 970,303 57,171 390,131 1,405 265,798 100,460 296, 631 1,841, 651 8,224 706,275 1925 J J A D M J F A S N M O a u u e e e u p o c n a l a n b p c t y g r v . y r e . . . t . . . . . 3 3 3 2 3 3 3 3 3 3 3 3 1 1 1 1 0 0 8 0 1 1 0 . 0 .. — 4 4 4 4 4 4 4 4 4 4 5 5 , , , , , , , , , , , , 8 8 7 8 8 9 8 7 8 9 1 0 0 5 8 1 6 4 1 9 6 1 0 4 2 3 8 9 8 5 1 5 7 6 4 4 , , , , , , , , , , , , 2 4 3 3 2 2 3 0 1 1 3 5 2 8 3 5 0 8 0 6 1 4 1 3 9 6 9 8 9 2 4 8 6 5 6 6 4 4 4 4 4 4 4 3 3 4 3 3 0 0 0 0 0 0 0 9 9 1 9 9 2 8 7 9 2 2 0 8 6 4 4 6 , . , , , , . , , , , , 4 8 7 2 3 4 4 2 0 6 3 6 5 7 0 9 5 7 8 4 2 9 6 0 1 6 5 8 2 2 0 5 6 0 7 6 1 1 1 1 1 1 1 , , , , , , , 9 9 9 9 9 0 0 0 0 0 1 1 1 3 1 2 7 0 3 1 5 6 1 0 6 0 5 6 2 4 6 6 2 2 7 8 , , , , , , , , , , , , 6 1 3 2 8 8 5 4 4 6 4 2 4 1 1 9 3 2 8 6 3 8 2 8 3 3 7 0 0 3 1 8 8 3 8 0 5 5 5 5 5 5 5 5 6 5 5 5 5 4 3 3 4 5 4 3 4 4 4 4 , , , , , , , , , , , , 7 2 9 2 2 9 7 5 7 3 9 5 1 7 9 6 9 0 1 9 3 2 6 6 1 6 8 4 0 4 9 5 6 0 7 0 3 3 3 3 3 3 3 3 3 3 6 7 7 8 6 8 9 8 9 9 3 7 4 2 6 9 6 2 5 1 , , , , , , , , , , 8 1 4 0 9 5 9 7 5 1 4 7 3 8 6 5 1 8 5 2 5 0 9 0 7 8 2 0 6 6 ! ! I ! I i ! 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 3 4 3 3 3 3 3 3 3 3 3 8 9 9 0 9 9 7 8 8 7 7 7 1 6 8 0 2 0 9 4 7 7 3 5 2 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 6 6 6 6 6 7 7 7 9 6 6 7 4 2 1 7 9 4 2 , , , , , , , , , , , , 0 4 0 0 0 2 8 3 8 3 8 3 3 0 8 8 0 9 4 4 5 7 3 8 6 1 0 4 9 8 8 4 4 2 7 7 * 1 1 1 1 1 1 1 9 9 9 9 9 0 0 0 0 0 0 0 8 9 9 8 4 0 9 0 0 3 2 1 , , , , , , , , , , , , 9 4 0 9 3 3 9 4 0 6 3 5 0 6 0 9 0 0 4 5 6 5 3 0 1 5 0 4 7 7 5 3 4 0 2 6 2 2 2 2 2 3 2 2 2 3 3 2 8 9 8 8 8 8 0 0 0 9 8 9 5 0 2 7 4 4 5 1 6 5 5 9 , , , , , , , , , , , , 9 9 7 3 6 2 5 5 9 5 9 6 7 5 1 4 0 9 2 0 7 0 2 9 1 7 5 7 2 0 2 3 8 7 7 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 6 7 6 6 7 6 6 8 7 6 6 7 7 0 0 7 3 3 2 1 4 7 8 0 9 1 2 6 4 8 9 5 1 0 6 8 , , , , , , , , , , , , 8 1 5 2 1 8 6 9 8 7 8 9 6 8 0 8 2 0 6 6 4 2 1 9 7 4 8 8 5 0 2 0 0 8 5 3 7 7 7 7 7 6 6 5 6 6 6 6 , , , , , , , , , , , , 1 9 9 7 3 1 4 2 7 0 5 4 0 0 7 2 2 8 9 8 7 5 7 5 9 1 1 1 9 3 8 3 6 0 5 5 7 7 6 7 6 6 6 6 6 6 8 1 1 9 6 6 6 1 3 8 1 7 5 7 1 3 6 0 5 0 , , , , , , , , , , 4 3 2 9 3 9 3 9 6 7 2 9 3 3 4 9 1 2 8 0 1 8 9 5 5 0 9 8 9 9 1926 J A M J M J F a u u e p n a a n l b r y y . r e . . . 3 3 2 3 3 3 3 1 0 0 7 0 1 1 _ . — . . . . . . . . . 4 4 4 4 4 4 4 , , , , , , . 9 9 8 9 8 8 9 2 0 5 0 4 8 0 3 3 9 7 1 5 9 , , , , , , , 1 0 6 8 0 2 1 8 9 2 2 8 6 8 1 6 7 5 8 8 6 3 3 3 3 3 4 3 9 9 9 9 9 0 9 3 6 9 5 1 2 0 , , , , , , , 3 9 8 7 0 6 9 2 2 6 0 8 3 1 3 9 2 3 7 2 5 1 1 1 1 1 1 1 , , , , , , , 1 0 0 0 0 0 C 0 8 5 8 7 7 3 2 9 7 4 6 2 6 , , , , , , , 3 3 2 3 5 7 7 7 4 7 9 7 8 1 4 2 4 0 3 2 2 5 5 5 5 5 5 5 2 2 1 1 1 1 1 , , , , , , , 5 2 4 5 2 7 7 7 5 6 1 2 1 5 9 8 5 3 1 8 2 3 3 3 3 3 3 3 7 6 7 7 6 7 8 1 7 7 2 7 4 4 , , , , , , , 7 8 3 4 1 7 6 4 9 4 7 3 2 7 1 1 5 0 4 3 8 1 1 1 1 1 I 1 , , , , , , , 3 3 3 3 3 3 3 7 6 5 6 6 5 o 1 9 9 7 4 4 6 2 2 2 2 2 2 2 6 6 6 6 6 6 7 9 5 5 7 8 7 0 , , , , , . , 9 8 2 2 0 0 8 5 0 4 5 7 7 6 9 9 9 5 0 2 8 1 1 1 1 1 1 1 0 0 0 0 0 0 0 2 2 3 3 3 4 4 , , , , , . , 4 6 3 0 6 1 4 7 7 2 1 9 9 4 6 7 3 4 4 4 2 2 2 2 2 2 2 2 9 9 8 9 9 9 9 4 5 9 4 1 4 5 , , , . , . , 1 9 9 9 6 9 5 0 6 1 1 5 7 0 9 3 6 5 8 7 5 1 1 1 1 1 1 1 , , , , , , , 6 6 6 6 6 6 6 7 7 3 9 6 7 7 2 2 9 3 2 9 9 , , , , , , , 0 1 2 8 6 4 3 2 9 2 1 0 0 8 2 5 5 3 7 7 1 5 5 5 5 5 5 5 , , , , , , , 7 8 8 6 2 4 5 1 0 9 4 8 5 4 5 4 0 0 9 3 9 6 6 6 6 6 6 6 3 4 5 5 5 5 6 8 5 2 5 3 1 0 , , , , , , , 7 9 4 0 7 5 5 6 3 7 2 2 4 7 1 9 7 0 3 2 8 Aug. 31.. 4,930,233 389,177 1,086,132 51,633 385, 598 1,352 271,641 104,971 300,735 1,684,429 5,211 649,353 Sept. 30. 4,978,221 388,049 1,100, Sol 51,847 391,494 1,349 275, 504 105,919 302,277 1, 709,173 5,124 646,935 Oct. 30- 5,021,411 389,205 1,101,462 51,623 393,179 1,347 277,021 106,464 307,199 1,737,363 5,127 651,421 Nov. 30. 6,036,980 1,095,622 51,849 391,158 1,344 279, 876 107,913 303,172 1,764, 653 5,054 647, 509 Dec. 31- 5,095,154 408,681 1,092,039 51, 633 396,752 1,340 281, 398 108,179 296,810 1,824,459 4,967 1927 Jan. 31 24,845,755 396,436 1,037, 264 49,678 374,836 1,336 272,163 ) 06,880 287,672 1, 4,902 630, 710 J J A A M M F S D O N u u e e u e p c o a l n a b p c y t g r v y r e . . . . t . . . . 3 3 2 3 3 3 3 3 3 3 3 1 0 8 0 0 1 1 1 1 0 0 — - -- - - > 4 4 4 4 4 4 4 4 4 4 5 , , , , , , , , , , , 8 8 8 8 8 8 8 9 9 9 0 6 8 4 9 5 5 9 4 4 5 0 1 4 5 0 1 3 2 8 5 1 2 , , , , , , , , , , , 6 3 7 7 6 4 7 9 9 7 7 0 2 7 8 6 6 7 7 5 0 6 7 5 3 " 2 2 2 2 6 6 8 3 3 3 3 3 3 3 3 3 3 4 8 8 8 9 8 8 8 8 8 8 0 6 2 9 8 3 1 0 2 4 1 2 , , , , , , , , , , , 9 7 3 5 4 6 9 0 0 6 5 2 4 5 1 7 7 5 4 8 4 6 6 2 1 7 6 4 7 5 7 7 0 1 1 1 1 1 1 1 1 1 1 ], , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 7 4 3 1 1 3 0 6 6 9 3 3 5 4 9 9 8 7 1 1 4 , , , , , , , , , , , 2 6 3 4 3 0 1 4 7 7 7 4 0 4 3 7 7 8 7 9 3 6 1 1 7 7 2 5 8 8 2 5 7 4 4 4 4 4 4 4 4 4 4 4 8 8 8 8 8 9 8 8 8 8 8 , , , , , , , , , , , 3 7 1 3 7 7 6 8 0 6 7 9 2 8 2 2 0 2 7 1 2 4 6 6 7 1 6 7 0 5 2 2 2 3 3 3 3 3 3 3 4 3 3 3 7 7 7 7 7 7 7 0 9 9 9 5 9 7 6 2 7 8 0 2 2 0 , , , , , , , , , , , 8 1 8 9 2 2 2 3 6 7 5 3 3 1 5 9 9 3 6 5 9 0 9 9 3 4 6 9 5 9 3 8 5 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 1 2 1 1 1 3 5 9 3 5 1 9 7 8 5 2 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 8 8 8 7 7 8 2 4 5 5 1 5 1 1 7 4 0 , , , , , , , , , , , 2 3 9 9 1 8 5 C 6 6 0 5 3 7 5 2 0 O 2 0 0 5 1 1 0 0 8 4 O 7 5 2 8 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 1 0 0 0 0 1 1 7 6 7 1 9 6 8 8 8 0 1 , , , , , , , , , , , 8 8 0 1 1 2 0 5 5 7 5 9 3 0 3 3 4 3 3 7 7 6 1 6 1 2 0 9 4 1 1 1 6 2 2 2 2 2 2 3 2 2 2 9 9 9 9 0 9 9 9 9 9 0 2 1 6 4 9 2 8 2 8 , , , , , , , , , , 2 2 1 4 8 7 8 5 2 6 6 0 9 1 8 6 2 8 9 2 8 5 3 6 9 1 9 8 4 5 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 7 7 6 7 7 6 7 7 6 7 7 0 0 9 1 6 3 2 6 5 0 1 6 9 4 1 7 3 2 4 7 2 5 , , , , , , , , , , , 8 3 2 3 8 3 6 0 7 6 7 1 2 5 8 6 4 0 7 7 4 9 6 7 4 4 8 3 5 3 7 7 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , 7 7 8 6 6 5 4 4 3 3 2 1 8 4 0 7 3 7 2 2 5 8 8 1 8 6 3 6 7 0 3 8 2 6 6 6 6 6 6 6 6 6 6 6 4 4 5 5 5 5 5 5 4 3 1 5 8 3 9 0 2 1 3 8 9 9 , , , , , , , , , , , 3 8 5 0 3 1 3 4 0 4 3 9 7 0 5 0 5 5 9 2 6 3 9 5 7 7 0 0 1 2 9 9 9 i For explanation of revision see FEDERAL RESERVE BULLETIN, December, 1927, pp. 800-802. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 177 MONEY RATES IN NEW YORK CITY 1923 1925 1926 1927 1928 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate on- Average rate Average yield Rate in Previous Federal reserve bank effect on Date established rate Mar. 1 Call loans l U. S. Prime Treas- Boston Feb.8, 1928.. Month or week P c r o i m m - e b e a r n s k ' - Time n u o r t y es Treas- New York.... Feb.3, 1928.. mercial accept- loans, and ury C R Ph l i e c i v l h a e m d la e o n l n p d d hia.. J M F a e a n b r . . ., 2 1 7 6 1 , , , 1 1 9 1 9 2 9 2 8 2 8 8 . . . m p 4 o a t n p o e t h r 6 , s a d n a 9 c y 0 e s s, da 9 y 0 s 2 New ne R w e- al c c 3 e a r t t t o e if s i 6 , - bonds1 Atlanta Feb.11, 1928. months Chicago Jan.25, 1928. St. Louis Feb.21, 1928. Minneapolis. _ Feb.7, 1928.. 1927 S K D a a a n l n l | s F a a s r s a n C c i i t s y c _ o _ . F F F e e e b b b . . . 8 4 1 , , 0 , 1 1 1 9 9 9 2 2 2 8 8 8 . . . . . J F M a e n a b r u r c a u h r a y ry _.. 4-4^ 4 4 4 . . . 0 2 1 6 7 3 4 4 4 . . . 3 0 1 2 3 3 *3 3 3. . . 2 2 2 9 3 1 3 3 3 . . . 6 5 4 0 8 8 April 44M 4.21 4.18 3.39 3.47 May 4.27 4. 3.33 3.44 June... 4.26 4.33 4 3.09 3.47 July 3.95 4.05 2.96 3.48 BUYING RATES ON ACCEPTANCES August..,. 3.66 3.68 2.70 3.45 September 3.84 3.80 ^2.81 3.44 [Buying rates at the Federal Reserve Bank of New York] October 3.88 3.90 3.08 3.43 November 3.60 3.60 3.04 3.39 December 4.43 4.38 3.34 Previous Maturity Date established rate 1928 January 4.15 4.24 3.31 3.35 February 4.33 4.38 3.33 3.36 Week ending- 1-15 days Feb. 3,1928.. Feb. 4.__. 3H 4.45 4.55 3.39 3.38 16-30 days... do Feb. 11-.. 3M 4.34 4.40 3.39 3.37 31-45 days... do Feb. 18_ _. 4.42 4.44 3.30 3.35 46-60 days.. do Feb. 25... 4.21 4.25 3.28 3.35 61-90 days. _. do. 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. 3 3 issues—3M, 4, and 434 per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may be redemption dates—1956, 1954, and 1952. charged for other classes of bills. * Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN MARCH, 1928 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San Fran- Prime commercial loans 1927—February __ 5 -6 5 -6 5 -6 March 4^-5 4^-6 April 5 -6 5 -6 4K-5 4^-6 May 5 -6 5 -6 4M-5 4H-6 June 4^-6 5 -6 Ar July 4 -5' 5 -6 5 -6 4 -5 August 4 -5 5 -6 September. 5 -5J- 5 -6 4^-5 4 -6 October 4j|-5 5 -5* 4^-6 November. 5 -5> 4 -6 December. 4 -6 1928—January... 4 -5 4V^ February.. 4^1-5 Loans secured by prime stock exchange collateral 1927—August 4^-5 4y2-h 4^-6 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 September.. 4^-5 434-4% 4^-6 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 October 48^_5 434~4% 4^-6 4%-6 5 -6 4\l-b 5 -6 5 -7 5 -6 November. _ 434-5 4i^_^i^ 5 -6 4%-Q 5 -6 41^—5 5 -6 5 -7 5 -6 December. . 41^-5 434—4M 4^-6 5 -6 4^—4% 5 -6 5 -7 5 -6 1928—January 4^_5 4/4-43^ 4^-6 4%-6 5 -6 434~5 5 -6 5 -7 5 -6 February... 4M-5 4M 5 -6 4^-6 5 -6 4M-5 5 5 _7 5 -6 Loans secured by warehouse receipts 1927—August 5 4%-5 5 -6 5Y2-6 15 -6 5 -6 5 -6 5 -6 September.. 4^-5 4^-5 6 5 -6 5 -6 5 -6 5 -6 October 5 4^-5 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 N D o ec v e e m m b b e e r r . . . . 5 -5 5 H o 5 5 5 - - 6 6 6/ 5 -6 5 5 - - 6 6 15 5 - - 6 6 5 5 - - 6 6 1928—January 4H-5 5 -6 5 -6 5 -6 5 -6 5 -6 February... 5 4H-6 5 -6 5 -6 5 -6 5 -6 I -6 5 Interbank loans 1927— N S D O A e o e c u p t c v g o t e e e u b m m s m e t r b b b e e e r r r . . . . . . 4 -4 4 4 4 4 H 4 4 4 4 4 ^- - - 4 - - 4 5 4 4 M Y Y Y i 2 2 4 4 4 Y H H 2- - - h 5 5 4 4^ H 4 4 ^ ^ - - 5 5 5 5 5 4H-5 4 5 5 5 % 5 5 5 5 5 - - - - - 6 6 6 6 6 5 5 5 5 5 4 4 4 5 5 % /^ - - - b f - 5 - > X 5 h / Y Y / y £ 2 2 2 4 5 5 5 5 ^- - - - - 6 6 6 6 6 6 6 6 6 6 5 -6 5 5 5 5 5 5 5 5 - - - - - 6 6 6 6 6 1928—January 4 4Y± 4^-5 5 4% 5 -6 5 4^-51^ 5 -6 6 5 5 -6 February 4Y2 4H-4Y2 4M-5 4 -5 5 -6 5 -6 5 4H-53^ 5 -6 6 5 5 -6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime Loans secured by warehouse Prime commercial loans stock-exchange collateral receipts Interbank loans City Decem- Januaryy, Febru- I Decem- January, Febru- Decem- January, Febru- Deecceemm- January, Februber, 1927 1928 ary, 1928 ber, 1927 1928 ary, 1928 ber, 1927 1928 ary, 1928 ber, 1927 1928 ary, 1928 Buffalo 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 A 5 P B C C i a i h t n l t a t s c i r b i m l n o u n o t r t a r g e e t h i 5 4 5 ^- - - 6 6 6 4 4 5 3 4 - - - 5 6 6 H 4 5 5 ^ - - - b 6 6 1/ 5 5 - - 6 6 4 5 5 M - - - 6 6 6 5 -6 6 53 /2 - - 7 6 6 6 -7 6 6 5 5 ^- - - 6 7 6 6 5 5 5 - - - 6 6 6 5 5 5 - - - 6 6 5H 5 5 5 - - - 6 6 5H Birmingham 5 -6 5 -6 5 -6 6 6 5 -6 5 -6 5 -6 Jacksonville 5 -6 5 -6 5 -6 5 -8 5 -8 5 -8 4M-7 43^-7 5 -7 6 6 6 Nashville 6 6 6 6 6 6 5H6 5H6 5^-6 5H-6 5H-6 5H-6 New Orleans 5 -6 53-2-6 5^-6 5 -6 5 -6 5 -6 5 -6 Detroit 4^-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 53^-6 5 -6 5 -6 5 -5fc Little Rock 5 -6 5 -6 5 -6 6 -7 5 -7 5 -7 5 -7 5 -7 6 -7 6 6 6 Louisville 5 -6 5 -6 5H-6 5 -6 5 -6 5 -6 6 6 6 15 5 5 Helena _ 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 D O e k n la v h e o r ma City.. 5 -6 6 5 -6 6 5 -6 6 6 6 6 6 5H-6 6 5H-6 6 6 -6 6 H 6 -63/2 Omaha 4%-Q 4H-6 5^-6 6 6 6 -6> 6 El Paso 8 8 6 -8 6 -8 6 -8 7 -8 7 -8 7 -8 6 6 Houston 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 5 -7 5 -7 5 -5H 5 4H-5 San Antonio 4^-6 5 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 5 -6 5 -6 5 -6 Los Angeles 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 Portland 6 6 6 6 -7 6 -7 6 -7 Salt Lake City.. 6 -7 6 6 7 7 Seattle 6 -7 6 -7 6 -7 6 -7 6H-7 Spokane 6 6 7 7 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

179 MARCH, 1928 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT ALL MEMBER BANKS BILLfONS OF DOLLARS BILLIONS OF DOLLARS 24 [In millions of dollars] REPORTING MEMBER BANKS Reporting member banks in Memleading cities ber 22 22 All banks Month b m a b e n e m r ks - New Othe c r i t l i e e a s ding l o s e i a u d d t e - - Loans and Investments Total York ing 20 20 City Total c C a h g i- o cities Borrowings at Federal reserve bank: 18 18 1927—February 392 233 60 173 14 159 March... 419 268 73 195 20 151 April 421 270 78 192 20 151 J M u a n y e 4 4 5 3 9 5 2 3 7 0 1 2 9 5 0 1 2 2 2 1 0 2 2 1 0 9 1 16 5 4 7 16 16 July 434 273 59 214 12 161 August 413 256 74 182 6 157 September 417 267 90 177 8 150 October. 428 283 75 208 10 145 November 421 276 73 203 11 145 -I £, December 532 388 127 261 21 143 1928—January ! 439 315 94 221 23 124 February j 463 338 78 260 13 125 Re 1 s 9 e 2 r 7 v — e b F a e l b a r n ua c r e y s : j 2,229 1,645 682 963 164 585 12 12 March < 2,265 1,671 710 961 162 593 April i 2,254 1,659 689 970 169 595 May 2,290 1,697 720 977 175 594 J J u u n ly e 2 2. , 2 3 9 4 9 2 1 1 , , 6 7 9 4 6 9 7 7 2 7 8 6 973 1 1 6 7 7 3 6 5 0 9 3 3 10 1922 1923 1924- 1925 1926 1927 1928 10 August 2,313 1,707 724 182 605 •September j 2,323 1, 709 726 182 614 REPORTING MEMBER BANKS N O o ct v o e b m er b er I 2 2 , , 3 4 5 0 5 0 I 1 1, , 7 7 6 2 7 5 7 7 6 2 8 8 9 9 9 9 9 7 1 1 8 8 6 0 6 6 3 3 4 0 [Monthly averages of weekly figures. In millions of dollars] Ne 19 t t 2 i d 8 m — e e D m F J d e e a a e b c n p e n r u u m o a d a r s b y r i y t e p s r : lus 2 2 2 , , , 3 4 43 1 8 0 6 4 1 1 1 , , , 7 8 7 0 8 6 5 7 4 7 7 7 8 5 6 1 4 9 1 1 1 , , , 0 0 0 1 1 2 8 0 4 1 1 1 8 8 9 6 9 3 6 6 6 2 3 2 0 1 3 Month a m T l n v o d o e e a n s t n i a t t n s - l s - Total L O c o u n a r s n i e - s - o A th l e l r I m nv en es ts t- 1927—February 29,900 18,884 5,865 13,019 1,793 11,126 March 30,257 19,136 5,997 13,139 1,779 11,192 Total: April 30,348 19,166 6,016 13,150 1,777 11,218 1927—January 19,993 14,418 5,839 8,579 5,575 May... 30,595 19,405 6,135 13, 270 1,833 11, 253 February 19,847 14, 208 5,705 8,503 5,639 June 30,693 19,688 6,400 13, 288 1,839 11, 252 March _ 20, 261 14, 382 5,790 8,592 5,878 July 30,816 19, 593 6,257 13, 336 1,864 11,405 ApriL. 20, 333 14,401 5,854 8,547 August 30,827 19, 616 6,224 13, 392 1,908 11,4C9 May 20, 542 14, 502 5,941 8,562 6,040 September 31,119 19, 723 6,228 13,495 1,914 11, 567 June 20, 779 14, 685 6,146 8,539 6,094 October 31,487 19,871 6,269 13, 602 1,929 11,721 July 20, 682 14, 616 6,116 8,500 6,066 November 31, 759 20,217 6,485 13, 732 1,939 11,823 August 20, 641 14, 666 6,125 8,541 5,975 December 32,263 20,395 6,604 13, 791 1,931 11, 832 September.. 20,946 14,913 6,221 8,692 6,033 1928—January 32, 647 20,648 6,732 13,916 1,964 11,909 October 21, 222 15,108 6,325 8,782 6,114 February 32,152 20,349 6,564 13, 785 1,919 11,811 November. _ 21,458 15,193 6,410 8,783 6,264 Net demand deposits: December... 21,724 15, 328 6,594 8,735 6,396 1927—February. 18,105 12,919 4,935 7,984 1,207 5,287 1928—January 21,915 15, 394 6,726 8,668 6,522 March 18,357 13,069 5,068 8,001 1,208 5,294 February 21, 687 15,142 6,520 8,622 6,545 April 18,346 13,069 5,066 8,003 1,203 5,305 New York City: May 18,471 13, 215 5,179 8,036 1,249 5,279 1927—January 6,341 4,593 2,168 2,426 1,748 June 18, 534 13,449 5,390 8,059 1,245 5,280 February... 6,189 4,432 2,047 2,389 1,752 July 18, 555 13, 340 5,265 8,075 1,260 5,355 March 6,349 4,526 2,097 2,429 1,824 August 18,493 13,309 5,213 1,291 5,329 April 6,421 4,570 2,156 2,414 1,851 September 18, 667 13,374 5,224 8,150 1, 301 5,437 May 6,535 4,629 2,201 2,428 1,906 October 18, 960 13, 447 5,255 8,192 1,304 5,558 June 6,692 4,767 2,326 2,441 1,925 November 19,180 13,734 5,430 8,304 1,317 5,650 July 6,602 4,720 2,281 2,439 1,882 December 19, 586 13,904 5,570 8,334 1,298 5,627 August 6,579 4,748 2,275 2,473 1,831 1928—January 19,719 14,014 5,633 8,381 1,326 5,609 September.. 6,705 4,911 2,313 2,598 1,794 February 19,162 13,696 5,471 8,225 1,272 5,487 October 6,783 5,009 2,370 2,640 1,773 Time deposits: November.. 6,954 5,115 2,465 2,651 1,838 1927—February 11,795 5,965 929 5,036 586 5,840 December... 7,124 5,228 2,605 2,622 1,897 March 11,900 6,067 929 5,138 571 5,899 1928—January 7,277 5,312 2,692 2,619 1,965 April.. 12,002 6,097 950 5,147 574 5,914 February 7,103 5,111 2,509 2,602 1,992 May 12,124 6,190 956 5,234 584 5,974 Other leading cities: June ___ 12,159 1,010 5,229 594 5,973 1927—January 13, 652 9,824 3,671 6,153 3,827 July... 12,261 6,253 992 5,261 604 5,051 February.._ 13,657 9,771 3,657 6,114 3,886 August 12,334 6,307 1,010 5,297 617 5,081 March 13, 911 9,857 3,693 6,163 4,054 September 12,452 6,349 1,004 5,345 613 5,130 April 13,912 9,831 3,698 6,133 4,082 October I 12, 527 6,424 1,015 5,409 625 5,163 May 14,008 9,874 3,740 6,134 4,134 November 12, 579 6,483 1,055 5,428 622 5,174 June 14,087 9,918 3,820 6,097 4,169 December | 12, 677 6,491 1,034 5,457 633 5,205 July 14,080 9,896 3,833 6,063 4,184 1928—January i 12,928 6,634 1,099 5,535 638 6,300 August 14,063 9,918 3,850 4,145 February 12,990 6,653 1,093 5,560 647 6,324 September . 14,241 10,002 3,908 6,094 4,239 October 14,439 10,098 3,956 6,142 4,341 e le x a N c d e O i p n T t g E t h . c — o it s i A e e s l l f ; o f t i r h g d e u s e re e p s o a s i r n i e t s t f h o o i f s r ( t a 1 a ) b s i a l n e l g l a l m r e e e d m m a o t b e n e r t i h n b l y t a h n a e k v s m e , r o a a g n n e t d h s . ( o 2 f ) S w b e e a e e n k B k l U s y L o f L i u g E t u T s r i I e d N s e 1928— N D F J e o e a b n c v r u e e u a m m a r r y b b y e e . r r . . . . . 1 1 1 1 4 4 4 4 , , , , 6 6 5 5 3 0 8 0 9 0 4 4 1 1 1 1 0 0 0 0 , , , , 0 0 1 0 7 8 0 3 8 2 1 1 3 3 4 4, , , , 0 9 9 0 1 4 3 8 1 6 4 8 6 6 6 6 , , , , 1 1 0 0 3 1 2 4 2 2 0 8 4 4 4 4 , , , , 4 4 5 5 2 9 5 5 6 9 7 3 for December, 1927, p. 828. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN MAKCH, 1928 BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES [Monthly averages of weekly figures. In thousands of dollars] Other leading cities New Total Y C o it r y k Total ! Boston d P e h lp il h a i - a b P u it r t g s h - C la le n v d e- Chicago L S o t u . is M ap in o n li e s - K C an it s y as F c S i r s a a c n n o - All other Due to banks: 1926—January 1,125,909 134,453 184,843 46, 708375,921 95,549 58.578 105,224 105,511 February 1,083,501 127,188 179,098 46,931 377,337 92,001 55,753 103,038 102,393 March 1,116,084 130,312 178,180 45.931 387,489 84,896 54,832 94,047 94,420 April 1,086,318 135,075 180,893 47,470 383,232 84,286 47,331 91,007 89,010 May 1,071,846 131,158 180.040 45,049 379,873 83,691 50,378 91,626 87,764 June 1,097,672 126,416 179,36r 46,344 381,543 81,441 48,613 93,669 94,849 July 1,066,912 130.199 174,699 49,529 373,312 83,870 46,733 108,780 101,182 August. 1,040,250 119,858 167,796 48,949 371,742 82,664 43,113 110,499 106,473 September 1,061,770 119,490 169,984 49.932 374,605 80,331 45,627 103,734 109,046 . October... 1,066,954 125,816 170,76: 48,214 359,722 79.292 50,364 98,413 107,215 . November 1,052,188 128,262 165,589 46,647 349,234 78,936 52,698 97,038 105, 774 . December. 1,078,048 126,533 163,054 45,143 349,069 79,495 50,771 96,65" 107,583 . 1927—January 1,107,4051 136,801 173.041 48,845 372,379, 88,533 53,080 101,170 105,868. February 3,301,963 1,090,437 2,211,526 135,794 173,142 134,451 53,578 364,5281 88,34" 55,471 95,33" 127,068 983, 810 March 3,303,928 1,118,300 2,185, 628 134,562 172,512 128,770 54,017 374,110 87,039 53, 586 90,268 104,055| 986, 709 April - I 3,243,280 1,104,366 2,138,914! 142,243!170,573 128, 754! 55,613 364,826 86,085 50,934 86,741 94,916 958, 229 May 3,224,974; 1,116,781 2,108,193; 137,294,169,109 124,2891 55,089 374,373 81,810 47,521 82,551 98,387( 937, 770 June 3,228,634 1,170,711 2,057,923 143,113;164,173 121,277i 56,135 347,948 81,401 47,514 82,674 99,8771 913,811 July 3,307,766 1,164,095 2,143,671 160,6601169,079 125,049} 60,290 363,382 81,920 46,463 91,837 108,422 August 3,313,256 1,159,580 2,153,676| 152,083 167,855 128,467! 60,420 363,859 78,639 45,525 91,238 107,400 958,190 September 3,378,971 1,177,091 2,201,880 141,354 168,581; 127; 284 61,395 371,952 78,697 57,555 87,872 105,736 1,001,454 October 3,474,760 1,208,959 2,265,801 146,826 172,928 130,753 61,232 376,762 78,930 63,751 83,780 110,056 1,040,783 November 3,653,229 1,323, 719 2,329,510 156,487 173,491! 132,935 63.112 368,062 85.293 62,327 83,848 127,897 1,076,058 December 3,587,422 1,281,767 2,305,655 150,748 168,043; 131,207 59,639 370,021 86,384 58,359 88,072 126,280 1,066,902 1928—January 3,719,961 1,372, 6932,347,268 167,509 179,569 131,258 61,967 379,826 88,51 57,069 92,191 117,730 1,071,635 February 3, 610,340 1,330, 5892,279,751 148,899 169,209 132,159 62,876 374,982 85,898 58,055 92,858 114,469 1,040,346 Dae from banks: 1926—January 101,482 37, 69,977 27,336 154,366 35,084 20,066 45,567 51,178 February 35,215 62,687 25,818 149,257 30,490 18,996 41,692 52,089 March 37,888 67,948 27,358 150,144 28,235 20,576 39,894 50,080 April— 108,123 44,456 ),635 28,615 153,225 28,563 21,829 38,373 50,132L May 101,225| 42,592 63,658. 27,117 165,357 30,210 21.579 39, 537 48,381'. June 107,517! 44,282 65,922 30,018 168,279 29,300 21,620 37,831 51,295. July... — 104,846 39,468 58,791i 27.113 157,130 27,859 22, 558 46,989 53,980!. August 91,9731 38,732 53,441... 25,607 148,873 26,235 19,252 46,94" 50,2771. September 102,4951 40,258 59,256! 25,090 151,706 25,582 20,264 44,93! 53,917!. October 111,081 .9831 53,385' 27,646 155,581 28,037 22,264 43,654 53,0161. November... 102,636 41,031 56,828j 27,05' 154,580 29,503 22,794 50,466 50,605'. December 96,640 37,755 55,079 24,340 161,824 28,400 22,239 43,733 54,380; 1927—January 100303 40,246 55,212 27,459 154,201 31,673 21,53r 44,62: 50,798 February 1,176,861 93,479 1,08,3,382 39,050 58,036 35,470 23,250 144,494 29,850 20,017 41,884 52,112; 639, 219 March 1,194,189 100,235 1,093, 954 40,963 55,362 43,157! 22,318;154,938 29,852 19,822 40,646 54,371 632, 525 April 1,174,940 106,574 1,068,366 48,196 54,430 36,836| 22,912|151,752 28,208 19,836 38,649 50,832 616, 715 May 1,166,023 101,680 1,064,343 42,815 53,447 38,402! 22,674j173,890 27,296 19,602 33,490 51,325 601,402 June. 1,152,285 94,870 1,057,415 45,846 56,374 40,852J 24,499;150, 565 26,503 19,93r 33,445 53,515 605,884 July__- 1,148,277 92,480 1,055,797 45,947 50,668 36,096! 22,948 148,335 25,626 21,744 36,041 52,269 616,123 August 1,129,090 85,330 1,043,760 44,126 52,333 39,6741 24,156 146, 775 19,844 33,086 53,313 603,458 September 1,194,070 95,323 1,098,74" 43,066 51,233 38,310 26,380 152,156 25,581 27,654 32,942 58,846 642,579 October 1,252,828 110,715 1,142,113 52,594 52,330 41,016! 24,8801152,718 27,958 29,302 36,058 56,817! 668,440 November... 1,274,990 104,024 1,170,966 45,687 60,908 37,273! 24,3071158,101 30,629 24,518 35,064 66, 798 687,681 December 1,215,395 102,507 1,112,888 42,233 52,607 33,333 22,319|150,433 33,107 20,489 35,999 70,496 651,872 1928—January 1,267,295 112,332 1,154,963| 52,287 56,743 36,657 23,630 147, 689 36,550 21,034 35,158 68,761 676,454 February 1,184,515 104,901 1,079,614 41,206 52,082 34, 606 24,859 145,850 18, 812 33, 060 64, 705 631, 554 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In thousands of dollars Bankers' acceptances outstanding 1 Commercial paper outstanding 2 End of— 1925 1926 1927 1928 1922 1923 1924 1925 1926 1927 1928 January- 834,825 788, 254 773, 604 1, 057,I 704,567 806,803 817,880 819,868 654,171 550,918 576, 696 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 3 667,520 3 605, 744 April 757,074 720,611 810,966 792,045 867,031 870,956 801,262 3 662,815 598,764 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 1,029,490 747,938 799, 223 888, 256 665,953 566,194 603,145 December. 773,736 755,360 1,080, 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 25 dealers to the Federal Reserve Bank of New York; prior to January, 1928 26 dealers reported. 3 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 181 BROKERS' LOANS BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In millions of dollars] On demand and time On demand On time || From From From From private From private From private Date New York banks, New York banks, New York banks, Total b tr a u n s k t s c o a m nd - b f r o o re k i e g r n s, Total b tr a u n s k t s c o a m nd - b f r o o re k i e g r n s, Total b tr a u n s k t s c o a m nd - b f r o o re k i e g r n s, panies banking panies banking panies banking agencies, agencies, agencies, etc. etc. etc. 192(5—Jan. 30. 3,513 3,043 470 2,517 I 2,123 394 996 920 76.1 Feb. 27. 3,536 3,081 455 2,495 I 2,123 372 1,041 958 83.0 Mar. 31. 3,000 2,553 447 2,033 ! 1,678 355 967 875 91.6 Apr. 30. 2,836 2,469 367 1,970 I 1,699 271 866 770 96.1 May 31 2,767 2,393 375 1,987 I ],703 285 780 690 90.4 June 30. 2,928 2,509 417 2,225 1,852 374 701 657 43.4 July 31. 2,998 2,583 415 2,283 1,918 365 715 665 50.2 Aug. 31. 3,142 2,697 444 2,364 1,984 379 778 713 65.0 Sept. 30. 3,219 2,745 474 2,419 2,021 398 800 724 75.8 Oct. 30. 3,111 2,667 444 2,289 1,924 365 822 743 78.5 Nov. 30. 3,129 2,636 493 2,330 1,932 397 800 704 95.9 Dec. 31. 3,293 2,804 489 2,542 2,128 414 751 676 75.6 1927—Jan. 31 _ 3,139 2,671 469 2,328 1,964 365 810 707 103.9 Feb. 28. 3,256 2,758 499 2,475 2,085 391 781 673 108.4 Mar. 31. 3,290 2,791 500 2,505 2,112 393 785 679 106.6 Apr. 30. 3,341 2,865 476 2,541 2,146 395 800 719 81.4 May 31. 3,458 2,967 490 2,674 2,254 420 784 713 70.5 June 30. 3,569 3,065 504 2,757 2,316 441 812 749 63.5 July 30. 3,642 3,145 497 2,765 2,343 421 877 802 75.5 Aug. 31. 3,674 3,170 504 2,746 2,330 415 928 840 88. a Sept. 30 3,915 3,340 575 3,018 2,539 479 897 801 95.8 Oct. 31. 3,946 3,363 583 3,023 2,549 475 923 814 108. 5 Nov. 30. 4,092 3,519 573 3,134 2,675 459 958 844 113.4 Dec. 31. 4,433 3,812 621 3,481 2,963 518 952 849 103.4 1928—Jan. 31 _ 4,420 3,805 615 3,393 2,882 511 1,027 923 104.2 Feb. 29. 4,323 3, 737 585 3,294 2,807 488 1,028 931 97.7 LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In million of dollars. ]Vtonthly data are averages of weekly figures] Demand and time loans Demand loans Time loans For ac- For ac- For ac- Month or date count of For ac- count of For ac- count of For ac- Total x or own out-of- count of Total i? or own out-of- count of Total j; or own out-of- count of account town others account town others account town others banks banks banks 1926—January 3,126 1,259 1,281 585 2,185 782 884 519 941 477 398 65.6 February 3,119 1,182 1,329 608 2,153 695 922 536 967 487 408 71.8 March .. 2,800 1,051 1,173 576 1,878 587 785 506 922 464 388 70.6 April 2,467 905 1,035 528 1,645 472 705 468 822 433 330 59.6 May 2,452 913 998 541 1,719 516 717 486 733 396 282 55. 3 June 2,517 973 944 600 1,838 613 689 536 678 359 255 63.8 July . . 2,607 960 1,000 646 1,935 605 746 584 671 355 254 62.1 August 2,720 948 1,073 699 2,027 610 793 624 693 337 280 75.4 September.. _ 2,783 974 1,128 682 2,074 656 807 611 710 318 321 71.0 October 2,698 866 1,106 726 1,975 549 773 653 723 317 333 72.8 November... 2,615 819 1,048 748 1,911 520 728 663 704 298 320 85.4 December 2,698 887 1,045 766 2,012 596 737 679 686 291 308 87.0 1927—January.. 2,778 933 1,104 741 2,094 639 799 656 685 295 305 84.8 February 2,733 841 1,127 765 2,069 548 843 678 664 293 284 87.1 March 2,816 901 1,091 824 2,154 615 805 734 661 285 286 89.9 April 2,866 929 1,131 806 2,190 642 830 718 677 287 301 88.4 May 2,933 936 1,191 805 2,219 639 861 719 714 297 330 86.4 June 3,115 1,077 1,180 858 2,385 772 851 762 730 306 328 95.8 July. 3,096 1,032 1,188 877 2,336 705 857 774 760 327 330 102.9 August 3,181 1.048 1,225 908 2,366 726 849 791 815 322 376 116.4 September.._ 3,261 L, 061 1,285 916 2,463 777 891 795 799 284 394 120.5 October 3,392 ,103 1,326 962 2,603 820 942 841 789 283 385 121.4 November... 3,441 L, 175 1,276 990 2,632 879 902 851 809 296 374 138.7 December 3,621 L, 282 1,354 985 2,782 948 981 853 839 334 373 132.3 1928—January 3,802 L,342 1,470 990 2,938 992 1,083 863 863 350 387 126.8 February 3,784 1,167 1,500 1,117 2,871 820 1,084 967 913 347 416 150.0 Feb. 1. .. . 3,816 ,267 1,497 1,052 2,914 912 1,093 909 902 355 404 142.4 Feb. 8 3,835 L, 171 1,554 1,110 2,920 822 1,136 962 915 350 418 147.5 Feb. 15 3,819 ,152 1,531 1,136 2,897 803 1,111 983 922 348 420 153.0 Feb. 22 3,728 .094 1,495 1,140 2,809 750 1,072 987 919 343 423 152.2 Feb. 29 3,722 M49 1,424 1,149 2,812 811 1,006 995 910 339 417 154.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN MARCH, 1928 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS i [1926=100] Month A m l o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1927—Yearly average- 95.4 99.4 96.5 107.9 95.7 86.5 98.2 93.3 96.6 98.2 89.9 January 96.6 96.5 96.9 101.0 94.3 97.7 98.8 97.5 97.6 97.9 90.3 February.. 95.9 95.4 95.9 100.2 94.6 95.8 98.0 96.2 97.6 97.9 90.6 March 94.5 94.2 94.5 100.5 94.0 90.0 98.2 95.3 97.1 97.8 90.9 April....... 93.7 94.3 94.6 101.7 94.2 84.9 97.8 95.0 97.8 97.8 91.3 May 93.7 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.- 96.8 104.4 100.7 116.9 97.2 82.5 98.4 90.4 97.2 98.8 89.0 1928—•January_. 96.3 106.1 98.5 121.0 96.7 80.8 98.1 90.8 96.3 98.6 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 i 30 Fruit Dairy Cotton Bonds: com- and Meat and and Un- Month or week Average Month mod- Grains vege- ani- poultry cotton- classi- 197 31 Total price of ities tables mals prod- seed Hed industrial railroad 228 40 issues ucts stocks2 stocks 3 stocks 1927 1927—January... 158.4 136.7 153.5 96.43 Yearly^av- February.. 163.0 142.1 156.9 96.44 erage 131 128 155 139 139 128 83 March 165.7 143.1 159.0 96.63 April 165.1 147.4 166.2 97.24 January 126 120 140 140 152 85 87 May 174.5 150.5 167.5 97.55 February... 127 122 142 143 142 94 84 June 175.4 151.9 168.5 97.06 March 126 121 140 144 133 102 81 July 179.0 153.9 171.7 97.03 April 125 119 147 143 133 101 80 August 189.0 156.0 179.3 97.76 May 126 127 158 137 130 113 79 September 197.0 157.1 191.1 98.00 June ._ 130 140 201 129 124 119 82 October.. _ 197.5 158.9 186.2 98.62 July 130 139 195 131 125 124 81 November. 202.1 158.6 189.4 98.98 August 132 138 172 136 127 136 81 December. 208.7 160.6 194.6 99.25 September . 140 134 145 142 137 179 87 1928—January... 210.4 158.2 195.2 99.35 October 139 128 138 145 146 169 83 February. 207.6 153.7 191.9 99.31 November. _ 137 120 136 141 153 162 86 Week ending— December.. 137 123 141 138 158 153 90 Feb. 4. _ 209.3 154.8 193.4 99.33 Feb. 11 211.4 154.8 194.8 99.34 1928 Feb. 18 203.4 152.5 188.6 99.41 January 137 125 144 138 154 152 91 Feb. 25 206.2 152.8 190.6 99.15 February. .- 135 128 153 139 144 141 90 1 Index numbers of Standard Statistics Co. i Index numbers of Department of Agriculture. » Average of 1917-1921 prices=100. 3 Average of yearly high and low prices, 1913-1922= 100. DOMESTIC CAPITAL ISSUES [In millions of dollars] FOREIGN CAPITAL ISSUES [In millions of dollars] January-December—• January-December— January, January, 1928 1928 1927 1926 1927 1926 Class of issue Class of issue Gov- Cor- Gov- Cor- Gov- Cor- New fu K in n e g d - - New Re i f n u g nd- New f R u in n e g d - - m er e n n - t r p a o t - e m er e n n - t r p a o te - m er e n n - t r p a o te Total 108.4 64.0 988.5 640.8 737.5 573.7 Total. 432.4 156.8 6,151.7 1,969.9 5,156. 7 878.9 New issues 95.9 60.0 853.8 528.1 628.1 423.9 Europe 33.8 38.8 325.6 238.8 260.0 183.7 Corporate issues 333.2 155.0 4,641.8 1,849.9 3,753.8 819.5 Canada and Newfound- Bonds and notes- land 8.3 18.8 119.7 103.0 75.2 149.3 Long-term... 207.5 129.5 2,961.4 1,504.1 2,417.6 641.2 Latin America 52.8 2.5 280.7 79.7 260.6 40.3 Short-term. __ 16.5 .5 220.6 81.9 249.0 45.3 United States insular Stocks 109.2 25.0 1,459.6 264.0 1,087.0 132.9 possessions 1.0 12.9 19.3 12.6 2.9 Farm-loan issues. _ 1.5 86.9 92.8 91.3 40.2 Miscellaneous 114.8 87.3 19 7 47 7 Municipal issues 97.7 1.8 1,423.1 27.1 1,311.8 19.2 Refunding issues 12.5 4.0 134.6 112.7 109.4 149.8 ^ ' Total new and Total, Government and refunding 589.2 8,121. 7 6,035. 7 corporate _. 172.4 1,65 29.3 1,311.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 183 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Building contracts Wholesale dis- Department- Year and month p I t n r t i r o o d i d n a u u l s i c - - P t t m u r io f o a r a n d e n c s - u u o l c f - - P m t r i a o o i l n n d s e u o ! r c f - - F em a m c p t e o l n o r t y y - Fa r p c o t a l o l y s ry Un a a w d- arded A * d- F i l r n o c e a g a i d r g s1 - ht Un t a r d ib - utio A n d- Un s a to d r - e sales * justed justed justed justed justed Mo. av. 1923-1925=100 Mo. av. 1919=100 Monthly average 1923-1925= ANNUAL INDEX 1919 83 84 77 100 100 64 84 110 1920 87 87 89 103 124 63 91 114 1921 67 67 70 82 84 57 79 87 1922 85 87 74 90 89 81 86 89 1923 101 101 105 104 113 84 100 101 1924 95 94 96 95 104 95 98 98 1925 104 105 99 95 107 122 103 101 1926 108 108 107 96 109 129 107 98 1927_ 106 106 107 92 105 128 103 95 MONTHLY INDEX 1923 June 105 104 108 105 117 93 81 103 92 July 103 102 111 104 113 79 76 102 92 August -_ -_ 102 100 110 104 113 75 72 101 115 September 100 101 98 104 114 73 76 99 115 October 99 98 104 104 117 91 88 97 123 November 98 96 105 103 115 80 90 99 100 December 96 96 99 101 113 76 90 95 82 1924 January _ _ 100 99 102 100 108 76 101 99 94 February 102 102 104 101 114 78 101 103 98 March 100 101 99 101 113 109 99 99 102 April . _ ._- 95 95 92 99 111 121 96 98 96 May --_ 89 88 93 96 105 108 95 97 87 June 85 84 92 93 100 101 91 92 82 July 83 82 92 89 92 87 84 92 86 August 89 88 92 89 96 89 85 95 105 September 94 93 97 91 99 87 90 99 118 October - 94 95 89 93 103 103 100 99 118 November 97 97 96 92 101 95 103 99 97 December 101 101 100 94 106 83 94 100 1925 January 105 106 104 94 103 75 101 103 February 105 106 100 96 109 76 104 103 March 104 106 96 96 110 120 107 100 April 103 103 98 96 107 138 112 104 May 103 103 104 95 107 124 115 105 June 102 102 101 94 105 137 125 101 Julv 103 103 104 93 102 133 128 101 August 103 102 108 94 105 149 135 105 September 102 104 90 95 104 138 135 102 October 105 107 91 97 111 129 129 100 November 106 109 94 97 112 116 127 104 December _ -_ _ 108 110 93 97 112 129 138 105 1926 January.. 106 109 92 96 107 111 146 102 February 107 108 96 97 112 99 136 104 March 107 108 106 97 113 146 128 105 April 107 107 106 96 110 139 120 107 Mav 108 107 104 96 109 134 125 108 June _ 107 107 106 95 109 133 125 109 July 107 107 107 93 104 126 124 108 August - 111 111 109 94 108 146 129 108 September 112 112 111 96 108 137 130 109 October 111 no 115 96 112 126 126 109 November -_ _ 108 106 118 95 109 119 130 108 December 105 103 119 94 108 131 136 106 1927 January 107 105 116 92 102 94 123 IDS February 109 107 118 94 109 96 131 109 March 111 110 118 94 110 151 131 109 April 108 109 104 93 108 147 128 108 May 111 1 HI 108 93 108 135 126 107 June 108 108 104 92 106 154 144 104 July 106 106 100 91 101 130 128 101 August 107 107 106 91 104 135 119 104 September 105 105 105 92 104 127 121 104 October 103 102 105 92 105 137 137 101 November 99 98 101 90 101 114 125 96 December 99 99 103 89 102 116 121 94 1928 January 106 107 103 88 98 104 137 100 OOOO OOCC Departmentstore stocks l Ad- Unad- Adjusted justed justed 100 78 79 94 105 87 89 88 88 98 98 99 101 103 101 106 103 106 102 102 101 102 93 96 101 71 98 90 97 103 79 99 96 100 99 89 100 105 101 103 117 100 111 100 100 113 99 114 101 95 161 100 94 100 103 87 99 90 101 102 82 105 97 102 94 91 99 105 102 99 104 99 107 103 95 100 97 104 102 91 94 100 97 100 93 72 96 93 100 95 74 95 96 100 101 93 100 105 101 99 111 95 111 101 99 111 101 113 100 101 168 100 94 100 102 86 98 90 102 97 101 80 103 96 101 109 100 95 103 104 101 98 100 106 102 106 101 90 99 100 101 103 100 91 100 99 100 97 100 94 102 75 100 94 101 113 101 78 101 98 102 117 100 95 102 106 102 124 105 129 110 111 101 99 100 114 104 115 102 89 98 178 106 97 103 94 102 89 106 93 105 97 101 81 104 98 103 107 100 102 101 107 104 94 97 103 103 107 103 91 99 107 107 103 101 91 99 101 102 98 101 91 97 78 104 94 101 107 97 83 107 97 101 117 100 101 109 107 103 111 94 124 110 114 103 97 98 121 106 117 104 84 95 184 110 96 102 87 94 89 106 92 103 91 95 83 106 97 102 103 96 100 105 106 103 90 94 111 105 106 102 87 95 102 103 103 101 87 94 101 103 97 100 88 95 75 103 94 101 111 100 89 111 97 101 112 96 100 108 107 103 106 91 119 105 113 103 93 95 122 107 116 103 82 93 186 111 96 102 87 95 88 105 91 103 1 The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts and department-stor© sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN MARCH, 1928 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations, 1923-1925 average=100] Month 1922 1923 1924 1925 1926 1927 1928 January 73 100 100 105 106 107 106 February _ 76 100 102 105 107 109 March 80 103 100 104 107 111 April 77 107 95 103 107 108 May 81 107 89 103 106 111 June 86 105 85 102 107 108 July 86 103 83 103 107 106 August 84 102 89 103 111 107 September 88 100 94 102 112 105 October _. .. 94 99 94 105 111 103 November 97 97 97 106 108 99 December , . 100 96 101 108 105 99 Annual index - - 85 101 95 104 108 106 1924- 1925 1925 1327 192S INDEX OF PRODUCTION OF MANUFACTURERS, BY GROUPS Year and month Total s I a r t n e o d e n l Textiles p F u r o c o o t d s d - p P ri a a n n p t d i e n r g! Lumber m A o u b t i o le - s L s e a h a n o t d h es er a C n b e d r m i g c e k la n , s t s , f m e N r e r o t o a n u l - s s re P l f e e i u n tr m i o n - g R t u i b re b s er f T m a o c a b tu n a r u c e c - s o ANNUAL INDEX 1927- 106 103 113 96 114 ! 94 103 109 109 136 121 118 MONTHLY INDEX m 1927 January 105 105 108 95 113 I 95 101 116 135 118 114 February 107 113 108 93 113 95 99 102 107 112 134 117 113 March 110 114 114 99 113 91 104 119 108 135 123 116 April 109 115 112 98 114 88 104 109 112 134 131 122 May. 111 116 116 103 112 95 105 100 108 111 132 127 122 June 108 104 121 102 112 93 93 105 109 108 134 131 116 July 106 102 118 96 114 95 i 113 111 106 136 124 109 August 107 101 119 97 112 95 112 115 108 136 119 119 September 105 97 118 93 113 113 113 107 139 113 123 October 102 93 113 94 111 94 108 108 106 142 116 121 November 98 87 112 94 110 97 107 106 140 117 122 December 99 92 105 95 112 96 105 111 137 119 113 1928 January 107 113 105 102 114 101 135 125 118 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Year and month n B o i u tu s m co i- al Ant c h o r a a l cite C tr r o u l d e e u m pe- sh Ir i o p n m -o en re ts Copper Silver ANNUAL INDEX 1927- 107 99 121 MONTHLY INDEX 1927 January 116 119 101 120 February. _. 118 125 95 123 March 118 131 123 April 104 87 119 May 108 94 117 120 120 June 104 91 102 120 101 July- 100 87 75 124 99 August 106 92 107 123 99 September . 105 92 100 124 87 October 105 90 107 124 95 November.. 101 85 106 124 49 December.. 103 87 92 124 1928 January . 103 92 102 100 NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal varia tions, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indaxas for the above group were published in the BULLETIN for February and March, 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 185 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES January, Decem- January, January, Decem- January, 1928 I ber, 1927 1927 1928 ber, 1927 1927 Iron and steel: Leather and products: Pig iron I 95 103 Leather, tanning- Steel ingots | 111 93 105 Sole leather» 92 92 91 Textiles: Upper leather- Cotton consumption 104 104 110 Cattle 66 74 94 Wool- Calf and kip 102 105 Consumption 92 85 Goat and kid 132 129 128 M achinery activityl 87 87 Boots and shoes 99 94 98 Carpet and rug loom activity1. 93 92 Stone, clay, and glass: Silk- Cement 129 117 103 Deliveries 137 144 129 Brick- Loom activity1 — 111 117 111 Face brick 100 99 100 Food products: Plate glass 101 97 109 Slaughtering and meat packing- Nonferrous metals: Hogs ! 101 87 83 Copper 102 117 118 Cattle .; 92 89 101 Lead 104 109 113 Calves I 102 95 105 Zinc 104 109 US Sheep _J 115 109 111 Tint 85 88 110 Flour 101 100 93 Chemicals and allied products: Sugar meltings __ 119 108 111 Petroleum refining— Paper and printing: Gasoline i 151 155 152 Wood pulp and paper- Kerosene 100 91 101 Newsprint 95 107 Fuel oil i 117 120 120 Book paper I 120 110 118 Lubricating oill 111 118 107 Fine paper ( 110 120 103 Coke production- Wrapping paper 109 103 105 By-products 121 113 115 Paper board 118 110 101 Beehive 29 32 01 Wood pulp, mechanical 100 90 103 Rubber tires and tubes: Wood pulp, chemical 103 111 113 Tires, pneumatic 128 124 121 Paper boxes _ 115 121 126 Inner tubes _ 98 82 98 Newsprint consumption 129 127 126 Tobacco products: Lumber: Cigars 85 76 99 Lumber, cut _ 97 93 95 Cigarettes 143 139 127 Flooring 100 93 108 Manufactured tobacco and snuff 95 95 97 Transportation equipment: Automobiles 91 53 Ii 95 Locomotives 34 32 j 44 Shipbuilding 153 130 i 131 1 Without seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Metals and products Textiles and products L b u e m r - Kail- Paper Foods Leather Stone, To- C i h ca e l m s - Month Total Group I a r n o d n Group Fabrics P u r c o t d s - p u a r n c o d t d s - v r c o e l h a e d s i- m A o u b t i o l - es p a r in n in g d t- p u a r c n o t d d s - p u aa r r c n o \A t a d s - c g a l l n a a y d ss , b p u a r c o c t c d s o - p u a r c n o d t d s steel Employment: 1926—December. 94.1 90.5 90.4 95.0 97.5 91.9 97.3 82.3 104.0 110.7 86.7 87.1 117.9 81.8 77.8 1927—January 92.4 88.9 88.7 95.2 97.6 92.2 92.9 79.8 104.2 108.8 85.1 88.5 109.6 73.5 77.6 February__ 93.6 90.1 90.1 96.9 98.5 94.7 91.8 79.2 117.3 109.0 84.9 88.9 110.1 79.0 77.8 March 93.9 90.6 90.3 96.6 98.3 94.5 91.2 78.0 122.4 109.0 84.1 88.6 115.9 78.9 78.2 April 93.2 89.9 89.6 95.1 97.5 92.0 91.0 78.4 123.4 108.1 83.1 84.2 121.5 77.3 78.1 May - - 92.6 88 7 88.4 93.6 96.5 89 9 91.6 78 5 123.7 107.3 83.7 82.6 124.0 78.2 75.3 J x» u -*. n t» e jr ------ 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 1928—January. __ 87.9 80.9 80.7 92.9 95.1 89.9 84.5 70.5 114.0 108.6 83.8 83.2 101.6 73.8 75.1 Pay rolls: 1928—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 1928—January _._ 97.7 84.8 84.1 100.2 100.3 100.0 91.2 75.1 127.2 148.8 99.0 83.5 122.1 78.1 106.3 NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN MARCH, 1928 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925=100] Without seasonal With seasonal adjustment adjustment Month 1925 1926 1927 1928 1925 1926 1927 1928 January 75 111 94 104 101 146 123 137 February.. 76 99 96 113 104 136 131 155 March 120 146 151 107 128 131 April 138 139 147 112 120 128 May 124 134 135 115 125 126 June 137 133 154 125 125 144 July 133 126 130 128 124 128 August 149 146 135 135 129 119 September 138 137 127 135 130 121 October 129 126 137 129 126 137 With Seasonal'Adjustment November 116 119 114 127 130 125 W/t/iot/t Adjustment December .. 129 131 116 138 136 121 0L _J0 1924- 1S25 1926 1927 1928 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 k* de P l h p i h la ia - i C la l n e d v ^ e- m Ri o c n h d - Atlanta Chicagol St. Louis M ap i o n l n is e - * K C an it s y as Dallas 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 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, 350 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 1928 January 427,169 33,410 133, 271 35, 765 26,403 27, 607 I 27, 696 77,806 29,187 4,428 13,318 18, 278 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, "BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS [Value of permits in thousands of dollars] Public Month d R en e t s i i a - l In tr d i u al s- m C e o rc m i - al u p w ti u a o l n b i r t d l k i i e c s 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 Jan 1 u 92 a 8 ry, b D e e r, c e 19 m 2 - 7 Jan 1 u 92 a 7 ry, 1927 United States. 168 207,760 234,216 208,403 January 167,866 27,875 80,116 58,955 17,012 32,631 February.. 163, 088 41,247 67,896 52,180 22,046 47,126 Boston 14 5,553 11,543 5,042 March 250,078 48,077 113,766 106,827 36, 522 65,468 New York 22 83, 846 95,643 89,780 April 267,417 44,602 80,754 116,264 35, 678 59,676 Philadelphia.. 14 8,783 8,605 6,333 May 219,980 44.889 72, 541 111,368 34,545 69,026 Cleveland 12 9,685 17,830 12,022 June 239,814 33, 879 88,122 151,399 42,122 77,142 July.. 186,935 30,303 83, 010 143,916 36,434 53,792 Richmond 15 14,014 5,316 7,499 August 209,456 41,039 76,915 119, 741 41,035 64, 302 Atlanta 15 7,810 6,637 8,928 September. 202,877 48, 546 59, 617 126,230 29,244 55,097 Chicago.. 19 38,151 45, 589 37,428 October 243, 562 50, 712 79, 720 108, 210 30,170 50,442 St. Louis 5 5,385 3,921 5,044 November. 214,963 52.890 43, 521 31,741 47,189 December.. 207,281 29,989 86, 933 92, 657 23,248 37,256 Minneapolis.. 9 2,056 2,045 1,846 Kansas City.. 14 9,081 3,745 1928 Dallas 9 6,856 7,630 January 193,189 37,970 68,852 72,039 23,369 31,750 San Francisco. 20 20, 958 20, 376 24,347 I 1 Figures for these districts have been revised. Information for earlier years will be furnisied 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

MARCH, 1928 FEDERAL RESERVE BULLETIN 187 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES AGRICULTURAL MOVEMENTS [Index numbers, adjusted for seasonal variations. 1923-1925=100] Index numbers, without seasonal adjustment. 1919—100] Merchan- Grain dise Ani- Month Total g a r n a d in s L t i o v c e k - Coal F p o ro re d s - t 1. a n c. d 1. Month Total j s L to i c v k e- p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T a o cc - o prod- ucts miscel- ucts ucts lane- i1 ous 1926—October 188 113 96 125 375 251 390 261 1926—October 109 104 97 113 100 110 November.. 165 107 117 99 343 135 204 286 November 108 93 90 128 94 106 December. _ 138 1 95 126 • 82 251 98 104 344 December 106 99 86 124 90 106 1927—January 115 ! 99 86 86 152 118 99 404 1927—January 105 96 88 114 94 108 February. _. 104 81 95 84 118 113 97 383 F M M .i e p a a b r y r i r l c u h a . r . y 1 1 1 1 0 0 0 0 8 9 9 7 1 10 0 9 9 0 2 8 7 8 9 9 9 7 2 5 2 1 1 1 1 2 0 2 0 2 7 1 3 9 9 9 9 0 5 1 3 1 1 1 1 0 1 1 0 9 0 0 8 A M J M u p a n a r r y e i c l h .. _ 1 8 9 0 9 5 4 3 4 i i ! 8 9 9 9 2 1 5 1 1 1 1 1 1 6 3 6 8 9 7 1 5 6 8 7 0 3 4 1 1 3 5 1 7 2 8 7 4 1 1 1 1 4 4 4 6 6 6 0 2 1 1 1 1 2 0 7 2 8 0 4 7 2 3 1 1 2 S 1 June 104 105 93 96 91 108 July 95 i 79 149 135 13 133 140 July 101 97 89 89 94 107 August 123 ! 93 129 195 80 119 142 """"So August 104 98 91 102 95 109 September.. 165 ! 87 102 207 205 233 267 255 September 104 108 87 102 95 108 October 185 i HI 95 182 284 266 357 323 October 101 106 94 94 93 106 November.. 149 ! 105 110 119 244 145 154 328 November 96 94 87 91 87 102 December.. 121 I 95 116 108 155 96 88 317 December 94 94 82 93 82 99 1928—January 112 l 110 101 108 87 133 72 425 1928—January 100 82 91 94 90 106 For description and early figures see BULLETIN for March, 1924, and For description and early figures see p. 562 of August BULLETIN. for certain revisions see p. 739 of the BULLETIN for October, 1925. WHOLESALE TRADE INDEX OF WHOLESALE DISTRIBUTION—NINE LINES OF TRADE [1923-1925 averages 100] Sales with seasonal adjustment Sales without seasonal adjustment Month 1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928 January 102 103 102 102 94 95 93 94 93 94 87 87 February 100 102 101 101 95 96 98 97 97 91 March 104 94 100 100 96 114 102 109 107 103 April 100 99 100 97 94 97 96 98 94 90 May 103 95 99 99 95 94 87 90 91 87 June 102 91 100 99 94 92 82 91 91 87 July 101 93 102 97 95 92 86 94 91 88 August 103 95 101 97 100 115 105 113 107 111 September. _ __ 99 101 100 100 96 115 118 117 117 112 October 103 99 105 94 91 123 118 124 111 106 November 100 99 100 98 95 100 97 99 97 93 December 95 101 98 95 93 82 88 89 84 82 SALES IN INDIVIDUAL LINES OF TRADE With seasonal adjustment Without seasonal adjustment Month c G er r i o e - 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 n o t g m ' 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 ry ds M cl i o n e t n g h 's - W c e l i o n n o t g ' m 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 - * 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 95 96 March. 96 108 90 105 67 97 98 106 96 94 104 95 144 108 111 J02 117 209 April. 95 111 86 90 88 94 94 106 95 90 104 76 88 64 100 96 108 • 90 Mav 97 109 87 90 69 110 91 104 93 95 109 76 54 39 311 93 98 88 June 98 104 88 94 65 90 92 106 100 101 106 78 48 28 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 95 127 106 122 111 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. . 92 109 87 97 61 101 97 106 90 91 102 70 50 39 82 90 99 85 1928 January 93 105 89 105 70 114 92 109 103 85 105 85 80 65 94 82 106 91 NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes 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

188 FEDERAL RESERVE BULLETIN MARCH, 1928 RETAIL TRADE DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.1 Monthly average 1923-1925=100] Federal Reserve District United States B to o n s- Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C a i n ty s * as D la a s l- F c S i r s a a c n n o - Sales (unadjusted): 1926—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 89 103 96 80 85 84 85 84 79 81 77 87 98 November _. 122 120 134 120 112 125 119 125 120 100 110 120 121 December 186 182 201 174 176 195 191 185 177 155 165 189 195 1928—January.. 88 98 94 75 85 82 85 85 82 80 79 89 98 Sales (adjusted): 1926—November __ 106 106 109 99 104 110 107 112 107 95 106 112 December 110 107 112 105 108 109 108 113 102 98 109 116 1927—January- 106 113 111 96 105 106 107 105 100 98 105 114 November 107 107 113 95 103 104 104 114 105 94 106 117 December _ 111 107 115 102 108 108 114 115 106 100 115 117 1928—January 105 108 108 89 104 103 107 112 104 95 106 114 Stocks (unadjusted): 1926—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 91 90 92 90 81 97 77 97 November 116 118 117 114 116 122 115 116 112 97 126 98 US December.. 96 101 99 95 93 97 90 93 93 80 102 74 100 1928—January 91 93 96 88 90 89 92 92 84 80 98 75 101 Stocks (adjusted): 1926—November 104 101 106 103 106 103 98 104 105 90 91 108 December 102 100 105 102 103 102 98 103 104 89 90 106 1927—January.. 103 101 106 99 103 104 97 104 103 91 89 105 November 103 102 103 100 104 105 105 104 101 88 89 109 December 102 103 103 99 101 103 101 100 102 89 85 109 1928—January.. _ 103 102 104 96 106 102 101 103 97 90 86 109 ' For description of department store indexes given in this table see BULLETIN for February, 1928. i Monthly average in 1925=100. SALES OF MAIL-ORDER HOUSES AND CHAIN STORES [Index numbers. Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Chains Chains Month Mail- Mailorder order houses c G e r r o y - 1 5 0 - - a c n e d nt Drug Cigar Shoe MusicCandy houses G ce r r o y - 1 5 0 - - a c n e d nt Drug Cigar Shoe Music Candy (4) (27) (5) (9) (3) (6) (5) (4) (27) (5) (9) (3) (6) (4) (5) 1926 November.. 153 347 247 198 150 150 146 232 123 344 237 210 151 138 117 244 December . 166 372 466 261 222 215 223 303 139 357 252 215 164 164 118 208 1927 January _ 108 347 177 209 134 106 94 178 110 345 243 217 154 140 114 212 February 107 332 191 201 137 110 98 194 118 346 256 222 162 164 119 230 March _ 132 392 213 224 153 125 108 216 113 361 222 222 158 126 120 213 April _. 128 385 244 223 157 198 104 257 125 380 261 230 163 170 122 257 May 106 383 224 206 157 143 88 216 119 382 236 209 154 124 106 224 June 114 399 224 210 152 155 87 215 135 405 244 213 156 145 109 229 July 100 373 221 217 153 142 80 211 135 388 243 214 154 156 107 215 August 113 382 237 215 147 132 98 208 150 401 249 215 150 168 110 207 September. 126 384 232 210 146 140 126 223 134 404 250 214 146 146 125 226 October 158 426 278 234 154 157 128 233 122 414 257 229 147 139 106 227 November. 160 422 265 223 146 155 128 235 128 419 254 237 148 142 103 247 December.. 180 450 511 279 215 234 176 309 150 431 276 229 160 178 94 211 1928 January. 113 418 190 228 125 111 97 188 i 115 416 261 237 144 147 117 223 NOTE.—For description of indexes given in this table see BULLETIN for January, 1924. Indexes of sales of grocery chains revised in February, 1925; comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board. For corresponding figures for department stores see table on a preceding page of the BULLETIN entitled " Production, Employment and Trade." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 189 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE I [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember All banks banks banks Number Liabilities 1926 N b u e m r - p T o d o s e t i - a ts l N b u e m r - p T o d o s e t i - a ts l N b u e m r - p T o d o s e t i - a ts l Total M fa i a c n n t g u u r - - J T i r n a g d- b A ro e g t k e c e n . r t s s , , Total M fa i c a n t n g u u r- - T i r n a g d- January. 65 13,384 3,992 54 9,392 February 52 11, 763 2,861 42 8,902 March 51 10,249 710 45 9,539 1926 April 56 12, 512 3,534 50 8,978 January 2,296 510 90 43,651 16,094 21,502 May ,„. 68 16,324 4,234 58 12,090 February 1,801 447 1,282 72 34,176 10,822 20,317 June 77 34,229 5,318 61 28,911 March 1,984 469 1,424 91 30,623 9,862 18,623 July 140 48, 618 1,637 135 46,981 April 1,957 494 1,378 85 16,734 19,094 August 52 10,001 2,127 43 7,874 May.. 1,730 437 1,216 77 33,543 16,157 15,710 September.. 37 12, 050 4,317 29 7,733 June _ 1,708 435 1,160 113 29,408 10.092 15,525 October 88 18, 209 6,280 69 11,929 July 1,605 396 1,122 87 29,680 11,167 14,614 November. _. 154 45,983 33 19,389 121 26, 594 August 1,593 449 1,071 73 28,130 12,516 14, 096 December... 39,166 27 14,413 89 24, 753 September. _ 1,437 374 958 105 29,990 10.093 11,243 Total.. 956 272,488 160 68,812 796 203,676 N Oc o t v o e b m er ber... 1,763 4 4 4 5 0 0 1 1, , 2 2 8 0 5 5 1 1 0 0 5 8 3 3 3 2 , , 2 6 3 9 1 4 1 16 1 , , 0 6 9 5 7 0 1 1 1 4 5 , ,8 1 7 5 4 8 1927 December ... 494 1,471 104 45,620 16,758 20,579 January. 133 32,038 27 11,555 106 20,483 February 81 25,157 8,744 65 16,413 Total. 21,773 j 5,39515,268 1,110 409,232 158,042 201,335 March 75 31, 222 7,700 59 23, 522 April 49 11, 750 5,462 39 6,288 1927 May 47 13,198 6,434 36 6,764 January 2,465! 501 1,842 122 51,290 19,996 24,530 June 41 10, 784 5,521 32 5,263 February 2,035 411 1,508 116 46,941 10,518 23,406 July.. 37 12,162 2,638 35 9,524 March 2,143 1,468 106 57,891 22,368 28,191 August 27 17, 364 8,881 22 8,483 April 1,968 492 1,342 134 53,156 25, 27822,308 September.. 36 8,988 1, 257 30 7,731 May 1,852 444 1,292 116 37.785 13,802 19,978 October 44 11, 542 3,729 35 7,813 June 1,833 427 1,310 96 34,465 13,587 17,856 November.. 43 11, 210 3,105 37 8,105 July.. 1,756 448 1,187 121 43,150 16,743 16,832 December.. 49 8,476 1,310 7,166 August 1,708 438 1,174 96 39,196 14,921 14, 702 Total.. 662 193,891 124 66,336 538 127,555 S O e c p to te b m er ber. . 1 1 , , 5 7 7 8 3 7 4 3 8 8 8 9 1 1 , , 0 17 8 0 3 1 1 0 2 1 9 3 36 2 , . 2 7 3 8 6 6 1 1 5 7 , , 1 3 3 4 4 91 14 2 , , 6 0 5 5 7 2 1928 : = November.. 1,864 478 1,276 110 36,147 12,786 16,949 January. 8 3,456 9,079 December... 2,162 597 1,430 135 51, 06229,024 16,733 NOTE.—Figures of deposits for 1927 revised. Total _ 23,146 5,68216,082 1,382520,105 211,506 228,194 BANK SUSPENSIONS * IN JANUARY, 1928, BY DISTRICTS 1928 January.. 2,643 553 1,946 144 47,634 14,871 26,446 [Amounts in thousands of dollars] Member Nonmember All banks banks 2 banks COMMERCIAL FAILURES, BY DISTRICTS i Federal reserve district N b u e m r - p T o du ° s ee i ta - t l s » Num. p T o d o s e i t t - a s l » N b u e m r - p T o d o s e i t t - a s l s [Amounts in thousands of dollars] I Boston Number Liabilities New York.,... Federal reserve P C h le i v la e d la e n lp d hia... 816 816 district Jan., I Dec, Jan., Jan., Dec, Jan., Richmond 2,517 305 2,212 1928 I 1927 1927 1928 1927 1927 Atlanta 1,913 1,081 832 Chicago 1,869 1,869 St. Louis 1,124 1,124 Boston 272 202 269 4,909 4,432 3,776 Minneapolis..- 13 3,100 847 2,253 New York 587 407 451 14,371 15,053 12,379 K Da a l n l s a a s s City- ?! 1,1 7 2 4 2 33 7 3 4 P C h le il v a e d la e n lp d h . ia. 2 1 6 0 9 3 2 8 0 2 2 2 9 2 6 0 5 1 , , 9 43 9 6 5 2 3 , , 2 4 8 5 7 5 3 2 , , 0 4 4 8 9 2 San Francisco. Richmond 197 146 170 3,193 4,424 3,534 Total.___ * 53 j 12,535 3,456 45 9,079 A Ch tl i a c n ag ta o . . . . . 3 1 8 3 4 7 3 1 1 3 9 1 3 1 8 4 0 8 1 5 , , 2 6 0 2 3 9 3 3 , , 0 5 2 9 6 7 2 8, , 9 7 6 6 8 9 St. liouis 148 84 145 3,859 2,923 6,729 1 Banks closed to the public by order of supervisory authorities or by Minneapolis. _. 94 118 106 553 1,126 1,161 the directors of the banks on account of financial difficulties. Kansas City... 131 117 126 1,606 7,028 1,643 2 Comprise 7 national banks with deposits of $2,640,000 and 1 State Dallas..__ 104 96 134 1,768 1,011 2,348 member bank with deposits of $816,000. San Francisco.. 217 258 220 3,111 2,452 3 Figures represent deposits for the latest available date prior to the suspensions and are subject to revision when information for the dates TotaL... 2,643 2,162 2,465 47,634 51,062 51,290 of suspension becomes available. * Includes 5 banks for which deposit figures are not available. 1 Figures not available. * Figures furnished by R. Q. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MARCH, 1928 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for out the assistance of any foreign credit, and 1927, presented to the meeting of stockholders strengthened to an almost undreamed-of extent on January 26, 1928, gives the following account the cover against note circulation and the of the operations of the bank and of the develop- guaranties of currency stability. ment of the economic situation during the past The greater part of this foreign exchange has year: been invested on the leading foreign markets The year 1927 marked a decisive stage in the under an agreement with the Treasury. Foreign financial and monetary reconstruction of bills thus invested continue to be entirely at France. The rigorous maintenance of budget the disposal of the bank. The Treasury asequilibrium, the confidence in the future of sumes the risks of exchange resulting from the franc, which increased day by day both at their purchase, and the interest accruing from home and abroad, and the patient and unre- their investment is placed to account of the mitting purpose of the public authorities have amortization fund of our advances to the furthered throughout the year the energetic State, white the bank is satisfied to collect from effort toward reconstruction, of which the first these special operations on behalf of the encouraging results were noted in our last public welfare only such brokerage fees and annual report. commissions as are necessary to reimburse the As a matter of duty, w^e devoted all the bank for its expenses and work. activities and all the resources of our institution We have also converted into gold a considerto participating in the task of national restora- able part of our stock of foreign exchange, tion—in complete independence of, but also partly to increase the metallic reserve against in close and constant cooperation with, the notes and thus to prepare the way for effective Government. convertibility; partly to restrain foreign specu- Purchases of gold and foreign exchange.— lation and to protect the French market As we explained to you last year, the law of against an unregulated inflow of foreign capital August 7, 1926, gave the bank a special supple- such as might have been provoked by the abuse mentary margin of note issue in order to allow of credit facilities resulting from the accumulathe bank, in the interests of monetary stability, tion in foreign markets of our own balances. to purchase gold and foreign exchange on the The large amount of these foreign exchange market. By virtue of this legal authorization, resources at the disposal of the bank finally from the end of 1926 we intervened directly on made it possible in April for the bank to regain the exchange market in order to secure the possession of the gold pledged with the Bank stability of the franc for the benefit of the of England during the war as security for national economy. This work of supervision credits extended to the Bank of France for the and intervention has been carried on since that benefit of the French Treasury. time without interruption or hesitation, and Repayment of debt to the Bank of England.— the fluctuations in the value of the franc have You will recall that under an agreement of been kept during the entire year within the April 25, 1916, drawn up between M. Pallain, narrow limits of the purchasing and selling governor of the Bank of France, and Lord prices established by us. Cunliffe, governor of the Bank of England, The bank was therefore obliged to take up and ratified by a covenant of January 19, 1917, the large and more or less continuous offers of an amount of gold worth 600,000,000 francs at foreign bills placed on the exchange market in gold parity had been deposited with the Bank 1927 as a result of the repatriation of French of England as security for a credit of capital previously sent abroad, of the deposits £72,000,000 opened with that institution. of foreign funds to be converted into francs, and At the beginning of last year, as a result of of the credit balance of our foreign trade. some previous repayments and the return of These great additions of foreign bills, as well some of the deposited gold, the French debt as the purchases of gold and silver which we had been reduced to £33,000,000 and our gold continued to make last year in accordance with deposit to about 462,800,000 francs par value. the same law of August 7, 1926, assured our Under the terms of an agreement of April 12, institution control of a very considerable con- 1923, the settlement of this debt of £33,000,000 tingent reserve of gold standard exchange with- was provided for by a series of payments ending Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

191 MARCH, 1928 FEDERAL RESERVE BULLETIN November 30, 1930. As to the gold, it was to (Tamortissement to make successive reductions be returned to the bank by installments begin- in the interest rates on the debt at sight or at ning with April 30, 1928, and likewise ending short term, to extend systematically the maon November 30, 1930. turities, and even to fund a large portion of At the request of the Government we entered the floating debt by means of two consecutive into conversations with the Bank of England conversion loans issued in April and in June. in February for the purpose of arranging both These operations have not only brought the complete liquidation of the French debt about a perceptible lightening of the burdens in advance of the time agreed upon and the of the Treasury, but have also improved the immediate return of our gold deposit. These conditions under which now and in the future conversations were carried on in a spirit of the Government can go to the country for cordial cooperation, for which thanks are due credits; they have also helped to lessen the to the distinguished governor of the Bank of danger which might threaten the currency England, Mr. Montagu Norman. On April 22 from the existence of too large and too volatile the Bank of England received payment in the a floating debt. sum of £33,000,000, supplied partly out of In consideration of the marked change foreign exchange belonging to the Treasury which had taken place on the capital market, and to the amount of £18,350,615 (equivalent we ourselves made parallel reductions of several in value to the French gold) out of foreign points in our discount rate and our rate on exchange taken from our acquisitions and pur- loans on securities. Our discount rate, which chased from us by the Treasury for the purpose had been reduced from 7}^ per cent to 6J4 of this settlement. On the same day we re- per cent during the last weeks of 1926, was covered possession of our gold deposit previ- successively lowered still further to 5J^ per ously held in pledge. Thereafter this item on cent on February 3, 1927, to 5 per cent on our balance sheet represented a freely dis- April 14, and to 4 per cent on December 29 posable asset. last. The latter rate is the lowest recorded There is little need to emphasize to you the since the war. The rate on advances on significance of a transaction which affords the securities was likewise lowered by 2J^ points; double advantage of liberating the Bank of from 83^2 per cent to 8 per cent on February 3, France from a burdensone debt, contracted on to 7 per cent on February 17, and to 6 per behalf of the French Treasury, and of restoring cent on April 14. As a result of the strength to a considerable proportion of our metallic of the security market, and especially of the reserve against note circulation its indispen- Government rentes, we were able on September sable character of liquidity and availability. 8 to increase to 80 per cent the amount of our This transaction, however, leaves unchanged advances against Government obligations and the deposit built up by payments of gold made such other securities as our statutes authorize to the British Treasury as security for credits us to consider eligible as collateral for loans. granted during the war to the French Treas- Improvement of the balance sheet of the ury, and which is shown at gold par value as Bank of France.—The developments briefly the item in our reserves—"Gold abroad not outlined above could not fail to have a confreely available." siderable and for the most part very beneficial The abundance of funds and its effect.—The effect on the composition of our balance sheet. purchases of exchange which the bank was The reserves of gold, silver, and foreign exobliged to make almost without intermission change, shown as separate asset items, have throughout the year forced it in turn to issue received unusually large accessions as a result equivalent amounts of francs, in the form of our purchases. The francs issued against either of bank notes or credits in current ac- these accessions have for the greater part count. These issues created a superabundance merely passed into the circulation without of funds on the capital market; this tended remaining there. They were completely covto improve the credit of the Government, made ered by reserves of gold or of gold exchange in easier the management and consolidation of respect to which they represented an offsetting the floating debt, and reacted very favorably item (contre-valeur); they did not, therefore, on our balance sheet. The result was an in- have unfavorable effects upon the economic crease from the beginning of the year in de- situation such as result from note issues origiposits at the Bank of France and a very decided nating in budget deficits or exigencies of the reduction in the cost of short-term money, Treasury. Inasmuch as their origin and their which enabled the treasury and the Caisse cover inspired confidence among people who Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN MARCH, 1928 held them, they led to no unhealthy specula- in this manner by more than 4,000,000,000 tion, no rise in prices; when withdrawn from francs from December 24, 1926, to December circulation as a result of the slackening in 24, 1927. business activity, they tended to return to the The Treasury on its part took advantage of bank of issue, and in fact continued to return the unusually large amount of available funds until the closing months of the year. A con- assured to it throughout the year not only siderable amount came back to us directly from the increase of its sight deposits, but through foreign-exchange operations which we also from the regular collection of taxes, had been authorized by the Government to to effect a notable reduction in the total debt conduct on the Paris market and which enabled of the Government to the bank. The amount us to lend for a short time in return for cash owing from our advances to the Government, payment in francs part of our newly acquired which was 35,400,000,000 francs on December foreign exchange holdings. Other amounts 24, 1926, was only 29,600,000,000 francs on came back to the bank by way of our discount February 24. It has declined since then portfolio and our advances on securities. almost without interruption to the figure of Our discount portfolio, which amounted to 24,550,000,000 francs shown on our end of more than 4,500,000,000 francs on December year balance sheet of December 24; a decline of 24, 1926, stood at 2,227,000,000 francs last 10,900,000,000 francs as compared with the December 24, a decline of more than half. corresponding item a year ago. The abundance of available capital and the lull We have taken pains to give these excepin business activity which caused this decline tionally large repayments a permanent charin our volume of discounts enabled us at acter just so far as was compatible with the least to improve the quality of our holdings situation of the money market. To achieve and to weed out bills of doubtful liquidity, this result, it was necessary to take up and which under the bank statutes are not eligible consolidate, by means of a long-term loan, the as a basis for note issues. supplies of liquid capital which had enabled The sum of our advances on securities has these repayments to be made. This was the likewise declined, although in a smaller pro- fundamental purpose of the bond issue which portion, from 2,079,000,000 francs to 1,677,- the Government floated under the terms of 000,000 francs, and this decline in volume has the decree of June 13 and through which it also in turn brought about a certain improve- offered to holders of sight and short-term ment in this asset item—for the abundance of Government obligations the privilege of exfunds on the market and the high price of the changing these for securities with a maturity more important securities having a fixed yield of 50 years. Under the terms of the agreemade it easier to readjust the excess of credits ment of June 13, the Government undertook to which the low price of these securities had apply the cash proceeds of this issue exclusively previously brought about. to liquidating its debt to the bank. This was Thus the total amount of our revenue- in line with the essential policy of restoring our producing discount and loan operations balance sheet to a healthy financial condideclined by about 2,700,000,000 francs, and tion and closing this account—the only way to the resulting decline in profits was partly end our financial difficulties and prevent compensated for by the various profits accru- forced note issues. We cooperated to the full ing for the first time this past year from our extent of our ability in making this operation foreign exchange operations. a success. But it was chiefly through the medium of the On August 31, under the terms of the agree- Government treasuries that the francs which ment mentioned above, the bank received from we issued for the purchase of foreign bills came the Treasury the sum of 4,015,800,000 francs, back to us during the year. The banks in representing the net proceeds of the converwhich these francs naturally accumulated sion issue. This sum, added to a previous paywere to a considerable extent prevented by the ment of 484,200,000 francs effected through lull in business activity from employing them the amortization fund, brought up to 4,500,000in the usual way in the discount of commercial 000 francs the total repayment on account paper, and directed their surplus funds toward of the bank's advances to the Government. the Caisse d'amortissement and in particular Following this repayment and beginning with toward the Treasury, which in turn transferred September 1, the legal maximum of these them to us. The current account kept on our advances was lowered by an equal amount— books by the Caisse d'amortissement increased from 36,500,000,000 francs to 32,000,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1928 FEDERAL RESERVE BULLETIN 193 francs. Our agreement of June 13 stipulated Furthermore, in order to check the autothat this special reimbursement should take the matic growth of indirect Treasury obligations place for the year 1927, of the annual payment represented OQ our balance sheet by the item of 2,000,000,000 francs required under the "French Treasury obligations discounted for agreement of April 14, 1920. Although the advances to foreign governments/7 which has Government was thus released from the been increasing regularly by the amount of obligation to make any other repayment interest capitalized with each renewal, we during the year under review, it made, never- signed an agreement with the Government on theless, a second amortization payment of February 3, 1927, for the purpose of definitely 1,000,000,000 francs on December 31, in fixing the total of the debt in question at the anticipation of and for the account of the amount at which it shall stand on the date annual payment for 1928. This latter pay- when the agreement shall be ratified. This ment, made under a special arrangement of agreement, the terms of which were embodied December 28, 1927, was provided for out of in a bill introduced by the Government in the funds at the disposal of the amortization fund Chamber of Deputies during February, will not at the end of the year. Like the preceding become effective until it shall have been appayment, it also led to a lowering by its proved by Parliament. equivalent amount of the legal maximum Increase in fiduciary circulation.—As was of advances to the Government, which accord- to have been expected, our purchases of foringly was reduced on January 1, 1928, from eign exchange did not fail in the long run to 32,000,000,000 francs to 31,000,000,000 francs. have their effect on the volume of our sight From January 1, 1927, to January 1, 1928, deposits and notes in circulation, for the return therefore, the legal limit of Bank of France of franc balances was not sufficient to offset advances to the Government was lowered alto- entirely the amount of notes issued for the gether by 5,500,000,000 francs, which repre- purchase of foreign exchange. Our credits sents the total amount by which the repay- in current account, which could at any time ments made by the Government during the give rise to an outflow of notes, and in a sense year were definitely consolidated. constituted a virtual note circulation, increased Inasmuch as Treasury payments, as indi- by 1,130,000,000 francs, even after deducting cated above, greatly exceeded the reduction of the current account of the amortization fund. the legal maximum of Bank of France advances The note circulation, after having remained to the Government, the available margin of the practically stable until September, rose almost Treasury at the bank increased steadily uninterruptedly during the last months of the throughout the year; it rose from 1,500,000,000 year, and on our end of year balance sheet, francs at the beginning of January, 1927, to December 24, amounted to 56,300,000,000 more than 7,000,000,000 francs on the first francs, larger by 3,852,000,000 francs than balance sheet for 1928. The vast size of this the corresponding figure for 1926. Neveravailable margin, larger, in fact, than the theless, throughout, the year it remained well demand obligations of the Treasury, bears below the legal maximum of 58,500,000,000 witness to the remarkably sound condition of francs established by the law of December 4, the Treasury. 1925, and we have been able to effect all A considerable increase in our reserves of our purchases of gold and foreign exchange gold and foreign exchange; a notable decline in without making use even once of the extra our discount portfolio; a very great reduction margin put at our disposal by the law of in our advances to the Government—these, in August 7, 1926. general, have been the effects on our balance The enlarged volume of circulation was sheet, of the twofold movement resulting further augmented during the closing weeks of from the issue of francs and their return to the the year to a greater extent than is usually the bank, which during the past year has influenced case as a result of end of year commercial the working of the money market. It has settlements. This type of increase resulting brought about a decided improvement in the from purchases of gold and foreign exchange character of those asset items which represent should neither surprise nor alarm us. It has cover for our note circulation by substituting happened many times in the past, when our in a considerable amount for the nonliquid metallic reserve was being strengthened or security represented by our advances to the reorganized and can not excite the same appre- Government assets which are both liquid and hension as that inflation which grows out of wholly under our own control. the needs of the State. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH, 1928 From 1872 to 1877, during the five years pre- The yield of native sugar is said to be one ceding the suppression of forced note issues, the of the best since the war, and apparently balance sheet of the bank showed changes very exceeds that of 1926-27 by 20 per cent. similar to those which during the past year con- Wine production will probably not exceed tributed to the improvement of our assets. 49,000,000 hectolitres,2 a figure higher than The metallic reserve rose during that period by that of last year, certainly, but considerably about 1,400,000,000 francs. This increase, below that of 1925. which coincided with a similar and almost Industrial activity, although not reaching so equivalent decrease in advances to the Govern- high a level as in 1926, maintained a level ment, was accompanied by a notable increase in fairly comparable with that of 1924 and 1925. npte circulation. The production of coal from our mines for the Although on account of its origin the recent entire year was about 53,000,000 tons, a figure increase in our note issues does not yet show well in excess of that for the preceding year. any abnormal or disturbing characteristics, we The iron and steel industry had 140 blast should regard its continuance as a serious furnaces in operation in December, 1926, and matter, and should take every possible means during the past year produced 9,300,000 tons to facilitate the withdrawal and the return to of cast iron as compared with 9,430,000 tons in the bank of issue of those franc notes which 1926, and 8,200,000 tons of crude steel as compurely temporary monetary conditions have pared with 8,400,000 tons in 1926. compelled us to put into circulation during the The textile industry has been very active as past year. regards the spinning mills, the output of which The general economic situation.—Economic has been in good demand for export, whereas activity during the past year has adjusted the weaving mills have suffered as a result of itself to the new conditions imposed by the the decline in consumption. monetary situation. This adjustment was Commercial activity on the domestic market carried through with the necessary caution by slackened; shipments over the principal railway all the elements of our national economic systems reached a daily average of only 60,500 organism, and all excessive disturbance was freight cars for the first eleven months of 1927, avoided; moreover, it was made easier by the while the daily average for the corresponding stability of our currency since the end of 1926. period of 1926 was 64,500 freight cars. A natable increase in exports in several lines The net tonnage of freight ships, both of industrial activity helped to secure the entering and clearing our ports, during the orderly development- of our business under- first 11 months of 1927 amounted to 83,450,000 takings. tons, a figure higher by about 8,000,000 than The wholesale price index, which was about that for the corresponding period in 1926. 640 at the beginning of January, 1927, re- The volume of our foreign trade has likemained relatively stable during the first half wise been maintained throughout the year at of the year and stood at 636 in June. Under figures higher than those for 1926. Imports the influence of weakening prices for agri- amounted to approximately 49,359,000 tons cultural products, it declined during the sum- and exports to 38,051,000 tons. These figures mer and stood at 617 at the end of December. exceed those for the preceding year by 3,965,- The retail price index, which has all along 000 tons for imports and by 5,502,000 tons for been lower than the wholesale index and which exports. stood at about 600 at the end of 1926, de- The considerable increase in the value of our clined gradually to 589 in May, then to 532 in currency in 1927 as compared with 1926 was September, and stood at 523 at the end of shown by an appreciable reduction in the December—that is, a decline of 77 points as value, expressed in francs, both of imports, compared with the retail price figure on the which were valued at 52,853,000,000 as comcorresponding date the year before. pared with 59,598,000,000 francs in 1926, and Our harvests this year have been improved also of exports, which were valued at 55,225,by a considerable increase in cereal production, 000,000 francs as compared with 59,678,000,000 which in the case of wheat reached 77,000,000 francs in 1926. quintals,1 an increase of 14,000,000 quintals Our visible balance of trade, therefore, which over the harvest of 1926. was almost exactly in equilibrium in 1926, » A quintal=220.46 pounds. J1 hectolitre=26.42 gallons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 195 shows a credit excess for the past year of almost progress which France has made toward finan- 2,500,000,000 francs, which bears witness to cial recovery. These efforts have not been the healthy condition of our export trade and in vain. the success of the efforts made to open up new Owing to the accumulation of a large reserve markets and thus to compensate for the loss of foreign exchange, to the strengthening of of the unusual premium formerly arising from our metallic reserve, and to the reduction of the steady decline of our currency on the our advances to the Government, our assets exchange market. have recovered to a great extent the liquid The work of the bank at home and abroad.— character which circumstances arising out of The year 1927 has been for France a year of the war had caused them to lose. transition, of adjustment, and finally of genuine During the present year we shall continue strengthening, both as respects her economic or- this indispensable work of financial recovery, ganization and her currency. We are conscious which alone can lead our country steadily to of having lent to this effort toward economy normal currency conditions, and thus to perall the aid which the country could properly manent economic stability. expect of its bank of issue, the operations of The progress already made along this line which are by statute essentially monetary. enabled us this year to assist with our credits In complete agreement with the Government the currency reforms in Poland and in Italy, and the great public organizations, your as we have continued to do for Belgium since board of directors has constantly endeavored the end of 1926. We were glad to be able, as a to bring about an improvement of the cover result of the improved currency situation, to against note issues by means of the large have our institution participate in the cooperainflow of capital which has been attracted to tive effort which has brought together the the French money market during the year principal banks of issue of the world for the by the course of the exchanges and by the restoration of European finances. COMPLETION OF CURRENCY AND BANKING REFORM IN ESTONIA Currency and banking reform in Estonia, as auspices of the League of Nations. A law provided for by legislation enacted last year, authorizing this loan was passed on May 3 to was put into effect on January 1, 1928. become effective immediately. The other laws The initial step in the financial reconstruc- dealing with currency reform were to come into tion of Estonia was a protocol drawn up by the force only when £1,000,000 from the proceeds League of Nations and signed by the Estonian o: the loan had been deposited with the Eesti Minister of Finance on December 10, 1926. Pank. Pursuant) to the terms of the protocol the On July 20 an international loan of £1,350,- Estonian Government passed a series of laws 000, as approved by the finance committee of May 3, 1927.1 These laws established a new the League of Nations, was floated by the currency unit with a gold content equivalent Estonian Government. The sterling portion to $0,268, gave to the Eesti Pank the sole of the loan amounted to £700,000 and the power of note issue, and imposed upon it dollar portion to $4,000,000. The loan was the obligation to maintain the gold value of dated July 1, 1927, to run for 40 years, with the new unit through purchase and sale of the privilege of redemption after July 1, 1937. foreign gold currencies at approximately the Mr. Albert Janssen, the Belgian member of the mint par of exchange. finance committee of the league, was made It was further contemplated in the protocol trustee of the loan and responsible therefor to that the Eesti Pank should be relieved of its the League of Nations. The proceeds of the assets of long maturity through the founding loan, pending their payment to the Estonian of a Government-controlled mortgage institute, Government were held in the personal account to be called the Bank for Long-Term Credits, of the trustees. which should purchase such assets for cash. The establishment of a mortgage bank to be The cash in turn was to be obtained through managed by the Estonian Government, and the flotation of an international loan under the the passage of its statutes in the sense outlined by the finance committee of the league, was 1 An account of these laws is given in the FEDEEAL RESERVE BULLE- made a preliminary condition to turning over TIN, for July, 1927, p. 485. Preliminary reports gave the date of their the proceeds of the loan to the Estonian Govpassage as Apr. 29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN MARCH, 1928 eminent. The statutes of the mortgage bank tonia, was created to open on the same date as were passed by the Estonian State Assembly the new Eesti Pank, and the Bank for Longon November 15, 1927. Under these statutes Term Credits. The creation of the State the mortgage bank on behalf of the Govern- Savings Bank was made necessary by the ment was to take over from the Eesti Pank statutory provision that after January 1, 1928, long-term credits in the amount of approxi- the Eesti Pank should no longer pay interest mately 2,767,000,000 estmarks.2 In exchange on deposits. for these assets the Eesti Pank was to receive On January 2, 1928, the Eesti Pank, .under from the Government £1,000,000 out of the article 3, section 4, of the new banking law, proceeds of the international loan, and in which required that on the date on which the addition, for any amount not thus covered, a provisions of the law should become operative check from the Government against its de- the bank must give official notice of at least one posits in the Eesti Pank. The remainder of foreign gold standard currency in which Eesti the loan, amounting to £350,000, was to be Pank notes should be redeemable, published applied to the capital of the new mortgage the following notification in the State Adbank. All preliminary legislation required to vertiser: give effect to the currency and banking reform 1. The foreign country selected under article 3, page was passed on December 5, 1927, and the first 1, of the statutes, whose legal tender currency the Eesti of the following January was set as the date Pank shall be bound to sell or purchase in Tallinn, on on which the new system would begin to a demand or offer to that effect in exchange for legal tender currency of Estonia, for immediate delivery in function. such foreign country, and at the rates defined below, is In addition to the above measures, a State England. Savings Bank, with branches throughout Es- 2. For the purpose herebefore mentioned, the minimum buying rate of 1 pound sterling is fixed at 18 kroon and 10 cents, and the maximum selling rate at 2100 estmarks are equivalent in value to one kroon, or to 26.80 cents in 18 kroon and 34 cents. United States currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

197 MABCH 1928 FEDERAL RESERVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1928 1927 1928 1927 Jan- Decem- No- Jan- Jan- Decem- No- January ber vember uary uary ber vember uary Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department- Gold 1,279 1,277 1,274 1,198 Gold coin and bullion 155.3 151.5 148.6 150.1 Foreign bills, etc. 374 477 648 217 Notes issued 175.0 171.2 168.3 169.8 Loans and discounts 832 948 923 1,109 Banking department- Advances to State 4,471 4,514 4,514 4,562 Gold and silver coin 1.3 1.3 Note circulation 3,588 3,727 3,902 3,224 Banknotes 40.4 32.5 31.4 32.8 Deposits 2,775 2,957 2,898 3,266 Government securities 35.3 48.6 41.3 28.1 O Pu th b e li r c s d ec e u p r o i s ti i e ts s _. 5 1 6 6 . . 7 5 7 1 4 4 . . 4 6 5 1 7 8 . . 4 4 7 1 2 3 . . 5 7 Central Bank of Chile (millions of B C a u n rr k O R e a n t s n ( h t e p c o i e r y e o t r v r e e s n d c o o e e i f t n t p o n e o g t s c s d ) o i . i a r l e t d c s p n u o d l a s a i n c t t i e d o r l n t i i n a f o 1 b ic t i e l a i t t e r ie s e . s - _ 2 3 9 7 8 5 8 8 8 . . . . 8 4 7 0 2 1 8 2 9 2 2 4 9 4 . . . . 5 1 8 0 2 9 2 8 9 5 8 0 5 . . . . 2 9 7 8 2 1 8 2 8 0 0 9 0 2 . . . . 3 8 8 2 N D G L G o e o o o a p l l t d d e n o s s c a a i i a b t t r s r n h c o d u o a l m d a d t e i i s o c n ounts. 4 2 1 0 6 4 7 2 8 1 4 0 3 4 2 1 4 7 0 6 0 5 4 2 1 7 4 2 1 6 2 5 2 2 1 7 6 2 4 2 2 5 8 6 2 4 6 5 0 5 2 2 Bank G o o l f d F re r s a e n r c v e e 2 ( millions of francs _ ): . 3,681 3,681 3,684 ta ( n th k o u o s f a n th d e s o R f e p p e u s b o l s ic ): of Colombia Silver reserve _ 343 343 343 341 Gold at home 20,510 20,378 Gold, silver, and foreign exchange 2,406 2,373 2,355 1,684 Gold abroad 23,711 23,687 Credits abroad ___ 56 53 58 87 Loans and discounts 18,237 14,494 Loans and discounts.. 3,316 3,840 3,482 5,651 Note circulation. 46,370 42,077 Advances to the Government 23,500 24.550 24,450 32,550 Deposits __ 7,109 8,000 Miscellaneous assets 27,302 26.551 24,628 7,225 N To o t t a e l c d ir e c p u o l s a i t t i s on 5 1 7 0 , , 1 9 2 3 8 2 5 1 6 0 , , 5 5 0 5 7 1 5 1 4 1 , , 9 0 6 0 2 0 5 5 2 , ,1 9 7 6 2 6 Cz li e o c n h s o s o l f o v C a z k e ch N o a s t l i o o v n a a k l c B ro a w n n k s ) ( : mil- German Rcichsbank (millions of Gold and silver _ 1,108 1,108 1,058 1,038 reichsmarks): Foreign balances and currency.._ 2,052 2,424 2,235 2,075 Gold at home 1,782 1,783 1,784 1,706 Loans and advances 83 126 63 178 Gold abroad ___ 84 81 73 128 Assets of banking office in liqui- Reserves in foreign exchange 296 282 282 421 dation 495 514 573 Bills of exchange and checks 2,373 3,129 2,483 1,415 Note circulation- ._ 7,099 8,417 7,566 Miscellaneous assets 599 499 512 570 Deposits 949 690 1,016 Deposits 498 779 485 575 Reichsmarks in circulation 4,251 4,564 4,181 3,410 Bank of Danzig (millions of Danzig Rentenmarks in circulation 651 740 1,151 gulden): Bank of Italy (millions of lire3): Balances with Bank of England- 14 A L G C o r d o e a l v d d n a i s n a t s t c a e n a h s d n o d t m o d e i b T s a c r l o a e u n a n s c u t e s s r y abroad 4 5 1 1 , , , , 5 1 1 2 4 1 7 2 6 6 4 7 4 7 1 1 , , , , 2 9 1 0 2 4 6 9 9 4 9 4 N D F L o o e o r a p t e e n o i s g s c i n i a t r s n c b d u il l l d a s i t , s i e o co n tc u . . n . t . s 3 1 1 2 4 6 9 Total note circulation 17,984 17, 997 Public deposits 347 194 National Bank of Denmark (millions Other deposits 3,195 2,646 of kroner): Bank A A G G d d o o o l v v f v d a a e J n n r a n c c p e e m a s s n e a o n ( n n t m d b f i o l o d l r n i i e s o i d c g n s o n s . u _ o b n f i t l s y ls en): 1, 2 8 0 2 3 0 6 3 1 5 2 1,0 8 2 6 8 2 7 3 8 8 8 1,0 9 1 6 1 1 5 3 3 0 3 1, 3 2 0 9 6 7 5 8 6 6 8 N D G F L o o e o o r a p l t e d e n o i s g s c i n i a t r s n c b d u il l l d a s t i , i s o e c n o tc un .. ts .. _ 3 1 8 2 3 7 8 1 4 6 6 2 3 1 4 9 9 5 8 5 7 5 4 2 3 1 8 2 4 7 8 1 1 6 5 2 3 2 1 3 6 2 0 3 1 1 9 2 3 Notes issued 1,397 1,682 1,237 1,390 Total deposits _. 844 702 1,015 600 National Bank of Egypt (thousands of Egyptian pounds sterling): Austrian National Bank (millions Gold 3,720 3,584 of schillings): English Government securities... 26,505 23,705 Gold 84 84 84 53 Egyptian Government securities 24,507 25,001 Foreign bills of the reserve 337 379 377 479 Note circulation 29,208 Other foreign bills 264 274 251 139 Government deposits 20,522 20,497 Domestic bills , 105 132 71 58 Other deposits 17,239 « 15,839 Treasury bills 173 173 173 176 Note circulation 920 1,005 926 875 Bank of Estonia (thousands of Deposits 47 40 34 35 krones): Na li t o i G F o n o s n o r a o l e l d f i — g b n B e l b a g n i a l k l s s ) a : o n f d b B a e la lg n i c u e m s in ( g m o i l l d - 4 7 7 4 5 1 5 7 2 1 5 9 438 4 6 2 2 3 2 N N G Lo e o o a t l t d e n f s o c r i a e r n i c g u d n l d a e t i x i s o c c n o h u an n g ts e 3 2 3 1 0 9 7 0 , , , , 2 8 2 1 8 4 8 0 1 3 5 6 5 2 1 5 5 2 1 , , , , 1 5 0 8 2 1 6 2 1 4 9 5 5 1 4 5 7 9 , , , , 6 0 6 0 4 6 0 4 9 0 4 5 D Lo o a m n e s s t t o ic S a t n a d te foreign bills 3 5 9 5 4 9 <3 5 9 8 4 5 4 5 0 0 0 9 4 4 0 7 0 8 Depo G s o it v s— ernment 15,237 36,214 40,216 N De o p te o s c i i t r s culation 2,0 1 5 55 6 2,0 2 4 1 3 4 1,9 1 7 0 5 3 1, 1 81 46 5 B O a th n e k r e . r . s.._ 2 7 , , 1 0 1 9 1 4 7,835 7,144 i Notes issued, less amounts held in banking department and 8 New par. in currency note account. < Revised. * Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN MARCH, 1928 CONDITION OF CENTRAL BANKS—Continued 1928 1927 1928J 1927 Jan- Decem- No- Jan- Jan- Decem- No- January ber vember uary uary ber vember uary Bank of Finland (millions of Fin- Bank of Portugal (millions of escunish marks): dos): Gold._ 316 317 318 327 Gold 9 Balances abroad and foreign Balances abroad 161 177 187 credits 1,312 1,360 1,390 1,048 Bills 213 219 211 Foreign bills.. _. 43 48 49 90 Note circulation. 1,832 1,807 1,783 Domestic bills _. 692 640 611 524 Deposits 91 54 State debts 107 122 122 124 Note circulation 1,503 1,514 1,447 1,330 National Bank of Rumania (mil- Demand liabilities. 665 634 651 484 lions of lei): National Bank of Hungary (mil- Golds 151 6 150 150 145 lions of pengo): Bills 8,877 6 8, 878 9,001 L F G o o o r a l e d n i s g n a n b d il d ls i , s e co tc unts - 3 1 1 1 9 0 3 7 6 3 1 1 3 1 9 2 4 7 3 1 1 1 9 0 6 7 6 2 1 1 7 0 6 0 3 9 N D A e d o p v te o a s n c i c i t r s e c s u l to at i S o t n ate 2 1 1 1 0 6 , , , 6 0 8 5 2 0 6 7 3 6 > '2 1 1 1 0 6 , , 0 , 5 2 3 9 5 5 0 9 2 1 1 1 6 0 , , , 0 3 3 2 5 1 3 9 2 2 1 9 0 0 , , , 3 6 9 1 7 0 0 9 2 A N D M O d e o t i h p s v te e c o a r e s n c l i a c i l t r a s s e c s n s u e e t l t o s o a u t t i s o r e l n i a a s b u _ i r l y it ies _. 2 4 2 1 1 1 6 9 1 5 7 7 5 1 9 4 2 3 1 1 8 0 4 1 7 7 9 4 1 9 2 4 3 1 1 5 5 1 1 9 6 8 4 5 7 2 4 2 1 1 5 3 4 5 2 5 5 1 9 8 St v d a o e te F G p n o a t o B s r r l e i d t a ) m i : n g k n e n c o t; u f r r R t e h n u o c s u y s s ia a nd (n s o te o - f i ss c u h in er g - 1 6 9 , , 7 1 1 8 0 3 ! | 1 7 8 , , 3 8 5 5 0 8 1 7 8 , , 8 8 8 8 1 0 1 7 6 , ,4 5 4 8 1 2 Bank of Java (millions of florins): Loans and discounts. _ 70,373 ! 77,445 80,900 61,672 Gold 176 178 179 196 Bank notes.. _ 97,489 104,404 106,847 85,659 Foreign bills. 30 24 24 21 Loans and discounts 109 128 131 95 National Bank of the Kingdom of Note circulation 315 320 317 312 Serbs, Croats, and Slovenes (mil- Deposits __ 44 54 64 69 lions of dinars): Bank of Latvia (millions of lats): Gold 89 ! 89 87 B G L Fo o i o l r a l l e s n d i . g s .. n .. . . excha _ nge reserve —. A N F L o o d o r a v t e e n a i s g n c n c i a r e n c n s d u o t l t o d a e t i s i s S o c a t n o a n u t d e n c ts redits 5 2 1 , , , 3 9 6 3 6 8 1 1 6 2 3 6 ! j | | 2 5 1 , , , 9 7 6 3 6 4 8 4 6 3 3 6 2 5 1 , , , 9 7 5 0 8 66 2 0 2 5 1 , , , 9 5 3 3 6 2 7 0 1 6 8 4 Note circulation Deposits 1,198 ! 1,087 1,187 746 Government deposits _ Other deposits 60 So a u n t d h s A o f f r p ic o a u n n R ds e s s e te rv rl e i n B g a ): nk (thous- Bank of Lithuania (millions of litas): Gold 8,145 ! 8,226 7,393 7,779 Gold. ._ 33 Foreign bills 7,039 | 7,702 7,325 5,023 Foreign currency 57 Domestic bills.. 821 i 1,197 621 2,560 Loans and discounts 82 Note circulation 8,152 | 9,309 7,713 7,995 Note circulation 101 Deposits- Deposits 65 Government 1,603 ! 1,963 2,187 2,317 Netherlands Bank (millions of flor- Bankers... _. 5,014 ! 4,923 4,965 4,499 ins): Others 505 ! 164 206 463 Gold. 433 400 390 414 Foreign bills. 183 168 145 178 Bank of Spain (millions of pesetas): Loans and discounts _ 221 247 283 216 Gold.. _ 2,606 2,604 2,603 2,563 Note circulation. 788 797 811 819 Silver 695 685 685 688 Deposits 91 67 30 Balances abroad 41 37 33 35 Loans and discounts 1,673 1,730 1,666 2,257 Bank of Norway (millions of kroner): Note circulation 4,157 4,202 4,129 4,311 Gold 147 147 147 147 Deposits 1,077 1,079 1,035 965 Foreign balances and bills 10 47 41 54 Domestic credits ._ 309 261 256 446 Bank of Sweden (millions of kro- Note circulation 325 331 318 318 nor): Foreign deposits.. 4 5 5 36 Gold 234 230 231 224 Total deposits. _ m 101 95 101 303 Foreign bills, etc 240 264 232 197 Reserve Bank of Peru (thousands of Loans and discounts 260 374 228 250 libras): Note circulation 473 526 519 471 Gold 4,154 3,994 4,156 4,092 Deposits 195 104 126 Gold, against demand deposits... 262 422 260 324 Foreign exchange reserve 719 785 758 709 Swiss National Bank (millions of Bills 1,760 1,865 1,816 2,003 francs): Note circulation 5, 897 5,894 5,965 Gold 451 517 451 437 Deposits 525 843 521 653 Funds on demand abroad 63 | 29 52 24 Loans and discounts 357 449 343 384 Bank of Poland (millions of zlotys): Note circulation 814 917 841 781 G G o o l l d d a at b r h o o a m d e 3 1 5 7 3 3 3 1 5 6 3 4 2 23 7 1 7 144 Deposits 114 153 96 132 Foreign exchange, etc.— Bank of the Republic of Uruguay A Se ll r v o i t n h g e r a . s ._ note cover 6 20 3 0 7 207 2 6 3 5 0 1 187 (th G o o u l s d ands of pesos): 57, 357 55,423 54,940 Loans and discounts 502 497 465 358 Loans and discounts 99, 638 101,644 100,533 Note circulation 1,003 1,003 940 585 Note circulation 71,787 65,138 Current account of the Treasury. 406 361 398 29 Deposits 79,023 77,522 70,528 Other current accounts_ 231 246 128 6 tNot including gold held abroad. • Figures fo^Dec. 24,1927, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 199 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1928 1927 1927 1926 Janu- De- No- Janu- De- No- Octo- Deary cember vember ary cember vember ber cember Nine London clearing banks (mil- Three commercial banks of France lions of pounds sterling): (millions of francs): Money at call and short notice 146 155 134 125 Bills and national defense bonds. 14,863 14,819 14, 779 Advances and discounts 1,179 1,149 1,148 1,142 Loans and advances 5,527 5,353 5,102 Investments 234 236 252 Demand deposits __ 24, 642 24,807 21, 699 Deposits. _ 1, 747 1, 729 1,694 1,694 Time deposits 432 438 310 Tokyo banks (millions of yen): l Six Berlin banks (millions of reichs- Cash on hand 266 273 285 134 marks): Total loans 2,262 2,292 2,297 2,647 Bills and treasury notes 1,509 1,558 Total deposits 1 932 1 932 1,942 1 973 Due from other banks _ _ 921 787 Total clearings 2,407 2,943 2,224 3,123 Miscellaneous loans.. 5,042 4,024 Deposits 6,872 5,967 Acceptances . 410 324 1927 1926 Four private banks of Italy (millions of lire): De- No- Octo- De- B C i a l s ls h . discounted 8 1 , ,2 8 4 9 2 7 9 1 , ,2 1 4 3 0 0 cember vember ber cember Due from correspondents 5,454 5,169 Due to correspondents. _. 13, 790 13,007 Chartered banks of Canada (millions Deposits. 2,567 2,401 of dollars): Joint-stock banks of Norway (mil- Gold coin and bullion 2 69 69 70 71 lions of kroner): Current loans and discounts 1,347 1,329 1,333 1,240 Loans and discounts 1,599 1,633 1,746 Money at call and short notice... 533 522 483 424 Due from foreign banks 79 92 73 Public and railway securities 529 488 519 484 Due to foreign banks 174 170 241 Note circulation 183 181 186 175 Rediscounts 133 138 160 Individual deposits_. 2,503 2,521 2,405 2,316 Deposits '. 1,706 1,726 1,940 Gold reserve against Dominion Do n m ot i e n s ion note circulation 2 1 2 2 1 8 2 1 1 3 4 5 1 1 1 9 2 2 2 1 1 2 0 8 Jo l i i n o L t n - o s s a t o o n f s c k k a r n o b d n a o n d r k i ) s s : c o o u f n S ts w eden (mil- _. 4,044 4,116 4,141 4,230 Joint-stock banks of Denmark (mil- Foreign bills and credits abroad.. 321 303 278 164 lions of kroner): Due to foreign banks___ _ 144 147 129 132 Due from foreign banks 1,89 6 0 0 1,88 5 2 3 1,90 6 4 2 1,97 5 3 7 S D R e e p di o s s c i o ts u . nts 3,4 1 8 8 4 6 3,55 7 3 0 3,57 7 5 1 3,4 1 5 8 3 8 Due to foreign banks_._ 122 102 92 157 Swiss Cantonal banks (millions of Deposits and current accounts 2,028 2,059 2,090 2,057 francs): 1 789 1 785 1 735 Joint-stock banks of Finland (mil- i Mortgages 2*867 2,859 2,767 lions of Finnish marks): Foreign bills 21 24 26 Loans and discounts 8,118 8,066 7,982 7,091 Due from banks and correspond- Due from abroad 367 391 475 271 ents 313 307 249 Due to abroad _ 359 372 357 322 1 Commercial deposits 738 728 675 Deposits 6,982 6,868 6,933 6,101 Savings deposits 1,562 1,560 1,475 1 Beginning in November figures are included for 10 banks not previously covered by the reports. 2 Not including gold held abroad. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 6 Jan. 28,1928 Estonia 7H Jan. 2,1928 Japan. 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium Nov. 16,1927 Finland. _. 6 Nov. 24,1927 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria io/2 Aug. 31,1924 France... Jan. 19,1928 Latvia .. 7 Jan. 1,1927 Russia 8 Mar. 22,1927 Chile Dec. 12,1927 Germany. 7 Oct. 4,1927 Lithuania... 6 Nov. 9,1927 South Africa Jan. 9,1928 Colombia May 15,1924 Greece 10 June 6,1927 Netherlands- 4H Oct. 13,1927 Spain 5'2 Mar. 23,1923 Czechoslovakia- 5 Mar. 8,1927 Hungary. _ 6 Aug. 26,1926 Norway 6 Feb. 2,1928 Sweden Jan. 1,1928 Danzig 6 June 21,1927 India 7 Dec. 22,1927 Peru 7 Jan. 31,1928 Switzerland. 3j| Oct. 22,1925 Denmark 5 June 24,1926 Italy Mar. 5,1928 Poland 8 May 13,1927 Yugoslavia.. 6 June 23,1922 England Apr. 21,1927 Change: Bank of Italy from 7 to 6H per cent on Mar. 5, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN MARCH, 1028 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Neth s e t r e l r a d n a d m s ) (Am- Sw la it n z d er- Month B a m a n a c o n c c e n k e s t p e h , t r - s s 3 ' T m b re i o l a l n s s u t , h r 3 y s - Da m y o -t n o e - y day B d a a e a n l p n c lo o k e w s e o i r - t n s s ' d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t fo h r d P is r r i c a v o t a e u t n e t 1926 January 4.76 4.78 4.00 6.28 8.07 7.04 2.95 2.93 2.44 February 4.31 4.25 4.00 5.46 6.66 6.03 2.19 2.40 2.22 March 4.37 4.34 4.26 5.00 6.73 5.63 2.67 2.82 2.18 April 4.33 4.34 3.92 4.88 6.02 4.77 2.90 2.93 2.30 May 4.37 4.43 4.18 4.69 5.53 4.80 2.95 2.94 2.38 June 4.27 4.29 3.82 4.53 5.81 4.76 2.83 3.00 2.38 July 4.26 4.29 3.86 4.54 5.73 4.93 2.74 2.72 2.37 August 4.45 4.55 3.99 4.61 5.80 4.85 2.63 2.50 2.34 September... 4.54 4.65 3.99 4.88 6.21 4.77 2.78 2.81 2.52 October 4.69 4.80 4.07 4.82 6.14 4.75 2.83 2.75 2.80 November... 4.57 4.80 3.95 4.63 6.12 4.45 3.21 3.23 2.96 December... 4.53 4.60 3.78 4.72 7.13 5.88 3.39 3.96 3.35 1927 January 4.16 4.21 3.76 4.21 5.82 3.78 2.97 2.92 3.16 February 4.18 4.32 3.93 4.28 5.77 5.19 3.46 3.66 2.87 March 4.34 4.36 4.09 4.59 6.91 4.87 3.48 3.53 2.98 April 4.11 4.04 3.64 4.59 6.57 5.63 3.46 3.78 3.13 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 8.49 7.06 3.52 3.25 3.47 August 4.34 4.35 3.61 5.83 8.37 5.81 3.45 3.40 3.44 September... 4.32 4.33 3.57 5.90 8.30 6.00 3.55 3.82 3.39 October 4. 33 4.33 3.58 6.74 8.72 7.19 4.08 4.29 3.38 November... 4.34 4.34 3.65 6.76 8.72 6.03 4.47 4.72 3.39 December... 4.31 4.31 3.43 7.24 9.10 6.87 4.50 4.84 3.40 1928 January 4.19 4.13 3.48 6.25 5.16 4.26 4.11 3.29 (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Austria (Vienna) Hungary S ( h w S o t e l o m d c e k ) n - Japan (Tokyo) Month Private i Private Private Money Loans up Dis- Call discount j discount discount for 1 to 3 counted money rate ; rate rate month months bills overnight 1926 January 6.71 4.57 8.18 6. 75-9.13 4. 56-8.03 February 6.59 4.27 8.00 6. 57-8. 76 4. 38-7. 30 March... 6.75 4.25 8.00 6. 57-8.40 4. 75-7. 67 April 6.75 4.25 8.00 6. 75-8. 76 6.02-7.30 May 6.65 5.15 8.00 6. 75-8.76 4. 75-7. 30 June 6.65 5.73 8.17 7.12-8. 76 5.11-8. 76 July 6.70 6.00 8.50 6.94-8. 76 5.11-8.03 August 6.75 7.00 8.50 6. 75-8.40 5. 84-7.48 September 6.72 6.98 8.50 6. 39-8. 40 4. 93-7.30 October 6.64 7.25 8.96 6. 21-8. 40 5.11-7.12 November 5.77 6.69 9.25 6. 39-8.40 4. 75-7.48 December 4.34 5.77 9.25 6.75-8. 76 5.11-8.03 1927 January 3.90 4.99 9.25 6. 39-8. 76 4. 56-7. 30 February 3.99 4.45 9.25 6. 21-8. 03 2. 92-7. 30 March 4.19 3.89 9.25 5. 84-7. 67 4. 38-6. 21 April.. 4.33 3.17 9.25 5. 84-8.03 4.38-5. 29 May 4.23 2.46 8.50 6. 57-7. 67 4.38-4. 75 June 4.17 2.25 7.60 6. 57-8. 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 5.48-7.67 2.19-5.84 1928 January. 4.08 2.81 6.00 4 -6 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

201 MARCH, 1928 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands S A o fr u i t c h a India Month Net Net Net Net Net Net p I o m rt - s p E o x rt - s im o p r o p r o e t x r s t - s p I o m rt - s p E o x rt - s m o p r o p r o e t x r s t - s p I o m rt - s p E o x rt - s im o p r o p e r o x t r s - ts p I o m rt - s p E o x rt - s im o p r o p r o e t x r s - ts im o p r o p e r o x t r s - ts im o p r { p o e o r x t r s - ts 1926 July 19,820 5,1 14,751 626 621 5 19,510 6,210 13, 300 330 2,014 -1,684 -22, 668; 1 4,104 August 11,979 29, 743 -17, 764 10,631 634 9,997 18,867 136 6O1 -15, 723! 4,404 September 15,987 23,081 -7,094 23,608 702 22, 906 12,137 5,017 7,120 800 656! 144 -8, 686 4,839 October 8,857 1,156 7,701 36,343 869 35,474 16, 916 21, 262-4, 346 580 150 430 -29,082 4,004 November 16, 738 7,727 9,011 16,462 902 15, 560 18, 561 24, 590 -6, 029 464 174 290 -13,376 3,466 December 17,004 7,196 18,407 858 17, 549 14, 531 18, 609 -4,078 108 2,613 -2, 505 -10,553! 3,530 Total (12 months)-. 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, 3031 1,228 -17,522 2,518 February 22, 309 2,414 19,895 1 6, 231 659 i 5, 572 15, 742 15, 480 262 411 411 -14,079 6,543 March 16,382 5,625 10,757 6,576 840 5, 736 7,526 6,894 632 488 39 449 -20, 718! 10,041 April... 14,503 2,592 11,911 935 1666 1269 24, 678 3,735 20, 943 281 1, 334 -1,053 -23,146 4,941 May 34, 212 2,510 31,702 705 673 32 16,464 26. 580 -10,116 146 3,0151 -2, 969 -15,71 4,890 June 14, 611 1,840 12, 771 711 662 49 8,435 9, 674J -1,239 2,653 5,190 -2,537 -17,470 7,122 July 10, 738 1,803 8,935 705 685 20 13,071 6.0611 7,010 i 202! 4,623|i-4,421 5,936 August.. 7,877 1,524 6,353 11, 259j 680 10, 579 21,469 5,782 15, 687! 1 103; 2,477 1 -2, 373 2, 860 September 12,979 24,444 -11,465 1,483 876 607 8,381 7, 637 7441 125i 47 3,315 October 2,056 10, 698 -8, 642 1,668 969 699 6,126 1,400 189| 35 154 2,685 November 2,082 55,266 -53,184 1, 627 975 652 15,012 2l! 709 -6,696 433! 102 331 4,408 December 10,431 77,849 -67,418 1, 635 i 925 i710i 9,485 10, 546 — 1,060 i 4, 264 2 1 4, 262 3,916 Total.. 207,535 201,455 147,622 19,135 > 38,487157, 905 137, 008 20, 896 1 10, 498 16,9371 -6,439 59,175 1928 January 38, 320 52,086 — 13, 76 1,113 649 464 20,042 10, 875 9,167 12, 725) 12,716 1 Revised. MOVEMENTS TO AND FROM UNITED STATES MOVEMENTS TO AND FROM GREAT BRITAIN [In thousands of dollars] [In thousands of dollars] 1928 1927 1928 1927 C o o r u n d t e r s y t i o n f a t o i r o i n gin January January Calendar year C o o r u n d t e r s y t i o n f a t o i r o i n gin January January Calendar year ImportsExportsImportsExportsImportsExports ImportsExportsImportsExportsImportsExports Belgium 2,000 1 2,200 France 670 235 678 627 4,718 England 39,396 8, 562 Netherlands . 32 4,717 44 1,200 2,313 6,486 France 1 7,500 14,695 21,048 10,000 Russia 5,395 7,732 1,049 7,732 Germany 105 12,590 1 13,994 Spain and Canaries . 24 582 7,445 Netherlands 4,000 2 15,075 8,055 Switzerland . . 1,018 6,213 Canada __ 36, 760 41 37,975 47 63,653 29,698 United States 15 8,567 28,042 Central America 107 110 3 1,224 253 South America _ 2 5 49 2,017 6,959 Mexico . 597 417 582 623 6,001 6,984 British India 1,101 675 12,462 Argentina 19, 750 22 107 23 61,499 British Malaya 156 297 3,452 Brazil 11,800 15 34,351 E gypt 9 365 3,799 Chile 61 2,629 7,021 Rhodesia 438 542 5,958 Colombia 123 161 996" 1,489 1,001 Transvaal 10,173 10,409 124,348 Ecuador 102 104 2,247 West Africa 304 263 4,705 20 Peru 231 179 2,266 All other countries.. 3,683 3,186 15 6,605 8,320 49,680 Uruguay 3,000 2,000 Venezuela 37 700 50 531 1,530 Total . 20,042 10, 875 11,513 18,183 157,905 137,008 Australia 2 21,920 British India 1,342 2,974 British Malaya 157 235 3,064 China and Hong Kong- 1,031 647 274 1,674 7,166 Dutch East Indies.. 104 230 1,499 1,960 Japan 2,000 20,000 21 Philippine Islands. _ 122 149 1,667 All other countries. _ 73 15 47 800 6,141 Total. 38,320 52,086 59,355 14,890 207,535 201,455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN MARCH, 1928. FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE (s A ch u i s l t l r in ia g) B ( e b l e g lg iu a m ) Bu ( l l g ev a ) ria C ( z c v e r a c o k h w i o a n s ) lo- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m in ar la k n k d a) F (f r r a a n nc c ) e G ( m e re r a m ic r h k a s ) n - y (d G ra r c ee h c m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 26.80 486.65 2.52 19.30 23.82 19.30 17.49 1927—February 14.0841 13.9023 .7242 2.9618 26. 6495 485. 0282 2.5208 3.9232 23. 6977 .2979 17. 5314 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 .3243 17.4688 October 14. 0820 13. 9260 .7229 2, 9627 26. 7932 486. 9676 2. 5187 3.9236 23.8624 .3262 17.4624 November 14. 0874 13. 9467 .7230 2. 9629 26.7988 487.4012 2. 5191 3.9288 23. 8629 L. 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 February 14.0823 13. 9232 .7214 2.9625 26. 7733 487.4840 2. 5179 3. 9304 23. 8577 L. 3229 17.4663 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w n a e y ) P (z o lo la t n y d ) P (e o s r c t u u d g o a ) l Ru ( m leu an ) ia 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 o i r a - ) 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—February 4. 3182 40.0041 25. 7759 11.3391 5.1155 .5743 » 515.0000 16. 7805 26. 6864 19. 2318 1.7605 July , 5. 4488 40.0600 25. 8352 11. 2500 5.0008 .6094 3 515. 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. 9398 .6155 ' 514.1700 16. 9400 26. 9246 19. 2850 1. 7607 December 5.3800 40. 4381 26. 6169 11.2204 4. 9550 .6188 * 515. 0000 16. 6623 27.0015 19. 3150 1. 7615 1928—January 5. 2881 40. 3334 26. 5985 11. 2402 4. 9285 .6177 » 515. 0000 17.0975 26. 8780 19. 2695 1. 7625 February 5. 2930 40. 2550 26. 6098 11. 2312 4.7573 .6145 3 515.0000 16. 9782 26. 8371 19. 2389 1. 7598 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia « Brazil Chile Colombia2 Ecuador 2 Peru* Uruguay (dollar) (peso) (peso) (peso-gold) (boliviano) (milreis) (peso) (peso) (sucre) (libra) (peso) Par value 100.00 100.00 49.85 96.48 38.93 32.44 12.17 97.33 20.00 486.65 103.42 1927—February 99.8382 100.0679 47. 0737 94. 7186 33.9432 11.8382 12.0005 97.9468 18.3096 366. 3636 101.4623 July 99. 8520 99.9288 46. 5383 96. 5540 34. 5950 11. 7916 12. 0224 97. 5345 19. 5750 374. 6000 99.1684 August 99. 9404 100. 0073 47. 3931 " 96. 8448 34. 7546 11.8237 12. 0292 98. 2798 19. 3750 374. 9626 100.1381 September... 100. 0497 99.9524 47. 7219 97.1248 34.8000 11.8596 12. 0736 97.9872 19. 3750 388. 5600 100.4052 October _ 100.1099 99.9387 47.6667 97.1572 34.8000 11.9172 12.1712 97.4736 19. 3750 384.1600 101. 8796 November. __ 100.1369 99. 9289 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 February. _._ 99. 8126 100.0428 48. 6710 97.1376 34. 8000 12.0088 12. 2065 98.0400 19. 5870 390.1600 102.9357 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V u o e e li n l v a e a 2 - r) (M C do h e l i x l n a i a c r a ) * n (S C h t h a a i e n n l a g ) 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 ) ( I ru n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a i n a ) (Si S m n e g e t a t n l p e t o s - re ( T p T o u u u r r k k n e d is y ) h (E p E o g g u y 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—February 18.7641 46.5273 63.7764 45.1186 50. 3605 36.2968 48. 8350 40.1756 55.9623 50.8891 497.2877 July.._ 19.1280 44.6004 62.2760 43. 5804 48. 9772 36.1108 47.1312 40.1963 55.8600 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 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 499. 8315 February 19.1943 45. 3620 63.1137 44.9818 49. 8564 36. 5189 46. 8740 40. 5243 56. 7038 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1921. For back figures see BULLETIN for January, 1928, pp. 56-62. 2 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 3 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 average price was $0.61241 per fine ounce, which compares with an average price of $0.57328 for February, 1928, $0.57450 for January, 1928, and $0.58210 for February, 1927. The corresponding London prices (converted at average rate of exchange) were $0.57522, $0.57785, and $0.58765. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 203 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States France Ger- Month o ( S B f t L i t u c a a r s t b e i ) s a o i - u r b ( A t a g r u s o i i s a l s - d ) g B iu e m l- g B a u ri l a - C v z a s e k lo c i - h a o 2 - m D a e r n k - > 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 u t t i a r c e t a i a l s u - R Fe e d se e r r v al e m ( e F a r n e a y d l - > b H ( g a g a u s o r i n l y s d - ) ( I B t a a c l h y i « ) N l e a t n h d e s r- ( N w O o s a r l y o - ) 1926 July 100 126 876 2,838 948 158 149 141 836 704 133 123 618 142 196 August 99 126 836 2,759 962 162 149 143 770 691 134 122 633 140 196 September.. 100 123 2,723 973 162 151 143 787 691 135 122 622 140 197 October 125 856 2,716 972 178 152 143 752 695 136 125 597 143 188 November. _ 128 865 2,739 978 170 152 143 684 662 137 127 594 147 182 December... 127 2,718 978 158 146 144 627 592 137 126 574 146 176 1927 January 130 856 2,706 979 157 144 144 622 591 136 127 558 146 175 February 130 854 2,688 975 156 143 144 632 595 136 129 556 145 165 March 133 858 2,649 976 153 141 143 641 600 135 128 545 144 160 April 135 846 2,592 979 152 140 143 610 135 130 521 143 159 May 137 848 2,751 988 152 141 142 618 137 133 496 146 160 June 142 851 2,823 990 152 142 144 623 605 138 133 473 148 159 July 140 845 2,775 992 152 141 144 617 590 138 133 467 150 160 August 133 850 2,745 983 153 141 147 618 578 138 134 465 149 161 September.. 130 837 2,736 975 153 142 148 601 574 140 133 465 150 158 October 129 839 2,747 966 154 141 148 587 554 140 133 468 150 157 November.. 127 838 967 154 141 149 595 545 140 133 152 157 December... 127 841 975 154 140 148 604 567 140 135 152 156 1928 January 96 129 851 153 141 144 607 569 139 463 154 157 February 157 EUROPE—continued ASIA AND OCEANIA Month la P n o- d' Russia2 Spain Sweden S l w an it d ze ! r 1 - Canada Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - ( E C g a y ir p o t ) A So fr u ic th a 1926 July 181 183 178 148 145 156 204 162 157 156 145 179 156 129 122 August 188 182 180 147 146 154 204 162 161 155 147 177 154 129 September.. 190 180 178 146 146 153 202 158 164 156 146 175 153 129 October 192 179 179 148 145 151 202 154 171 158 144 174 153 129 126 November.. 193 178 185 148 147 152 198 155 174 157 146 171 151 130 December.. _ 195 178 186 150 148 151 199 155 172 156 146 170 153 130 1927 January 195 177 184 146 147 151 200 154 173 156 146 170 151 126 128 February... 197 179 180 146 145 150 204 153 172 157 148 171 147 124 March 200 179 179 145 147 149 206 150 175 154 146 171 147 124 April 206 177 177 143 147 149 201 151 173 154 145 170 147 122 126 May 208 175 172 145 147 152 207 152 171 155 146 171 145 124 June 206 174 171 146 147 154 206 155 169 155 149 173 146 123 July... 207 173 168 146 147 152 205 161 171 153 150 170 146 118 "120 August 207 171 168 146 147 152 204 165 171 154 151 167 146 117 September.. 206 170 169 148 148 151 205 170 172 153 150 169 146 120 October 206 170 169 147 148 152 200 173 169 152 147 170 146 118 "l22 November.. 208 170 168 148 149 152 200 166 166 151 148 168 147 115 December.-. 205 170 148 150 152 199 162 164 148 168 148 114 ^! 1928 January 204 171 151 199 163 163 145 114 February.__ 171 195 1 New index—1926=100. 2 First of month figures. 3 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; 1910-1910; 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

204 FEDERAL RESERVE BULLETIN MARCH, 1928 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE ITALY—CHAMBER OF COMMERCE OF MILAN 1928 1927 1928 1927 u Ja a n ry - c D b e e m e r - - v N b e e m o r - - O b c e t r o- t S b e e m e p r - - u Ja a n ry - u Ja a n ry - c D b e e m e r - - v N b e e m o r - - O b c e t r o- t S b e e m e p r - - u J a an ry - All commodities 141 140 141 141 142 144 All commodities. _ 490 483 484 484 484 603 Total food 152 151 152 153 153 154 Total food 540 525 525 520 509 636 Cereals 152 151 152 156 157 149 Vegetable foods 569 550 549 541 533 683 Meat and fish 144 140 138 138 142 147 Animal foods 505 493 496 495 480 579 Other foods 164 161 166 164 160 163 All industrial products 470 466 468 470 474 590 Industrial products 134 135 135 136 136 138 Textiles 439 434 441 447 456 546 Iron and steel 113 114 114 115 116 128 Chemicals 451 445 446 450 453 550 Other minerals and Minerals and metals.. 433 435 441 447 456 612 metals 113 114 114 113 114 138 Building materials 531 532 535 537 541 662 Cotton -. .. ... 158 161 167 172 178 134 Other vegetable prod- Other textiles 164 162 161 159 159 152 ucts 511 503 495 474 465 611 Miscellaneous 147 146 144 144 142 144 Sundries 574 563 553 548 535 627 SWEDEN—BOARD OF TRADE FRANCE—STATISTICAL BUREAU All commodities. _ _ 148 148 148 147 148 146 Vegetable products 143 142 141 144 147 146 A A A l l l l l l f c i A V S o n o u o e d n m g d g u im s a m e s r t t a , o a r l b i d c a f l o i l e o t f i f o m e f e o s d e a o , s t d . e c . s r . o i c a o l a 6 6 5 5 5 5 0 3 3 7 6 7 7 9 4 0 8 5 6 6 6 5 5 5 0 0 3 4 5 6 4 4 6 6 8 4 5 6 5 5 5 5 3 9 9 5 4 0 6 5 4 1 3 5 5 4 6 5 5 5 8 8 3 4 7 3 6 7 3 7 7 0 6 6 5 5 5 5 3 0 6 2 9 5 6 1 4 9 1 8 6 6 6 6 6 5 3 2 2 8 6 1 1 2 5 8 6 8 A F P R u a a n i f p e n a w im l c e d s r t uu u a m a s p l y r n e a t u p r t d y ll i e r p n o r o i d i i a a l r u s n l o s c d n t s f a p o n a r d p e m m r a e n t u al - 1 1 1 1 1 6 1 3 4 0 6 7 1 1 1 1 5 1 4 1 7 5 2 3 1 1 1 1 5 1 1 4 7 3 5 6 1 1 1 1 1 5 1 4 5 7 4 3 1 1 1 1 5 4 1 1 8 2 7 4 1 1 1 1 2 3 6 2 4 6 8 7 Minerals 531 540 535 530 542 614 Raw materials for manu- T Su ex n t d i r le ie s s 6 1 4 1 3 1 7 64 5 4 6 6 7 3 7 8 3 6 7 2 9 5 0 8 61 1 1 3 6 6 6 2 7 0 t f r a y cture in leather indus- 149 144 140 135 130 122 . Raw and manufactured j chemicals __ j 166 166 166 I 167 167 170 Raw materials j 143 142 142 I 140 137 140 Semifinished materials i 150 150 149 t 149 152 145 GERMANY—FEDERAL STATISTICAL BUREAU Finished materials 150 149 150 150 151 151 Producers' goods 138 137 137 137 137 134 Consumers' goods 156 156 156 156 157 157 All commodities 139 140 140 140 140 136 Total agricultural products 132 136 137 138 139 140 AUSTRALIA-BUREAU OF CENSUS AND STATISTICS Vegetable foods.. ... 145 144 142 144 144 154 Cattle 102 105 109 115 121 117 Animal products 147 158 163 154 152 149 All commodities 166 173 170 154 Fodder 141 141 142 142 142 142 Metals and coal 176 176 178 181 Provisions. 130 130 132 131 130 129 Textiles 168 164 168 133 Total industrial raw mate- Agricultural products 180 195 181 178 rials and semi-finished Dairy products. __ 147 153 157 144 products 134 134 134 134 134 129 Groceries and tobacco 169 168 168 166 Coal 131 131 131 131 130 135 Meat 148 168 164 107 Iron 126 125 124 124 124 125 Building materials... 141 143 144 151 Nonferrous metals 106 107 105 104 105 111 Chemicals. _. 186 186 183 180 Textiles 159 159 162 163 166 139 Hides and leather 167 161 153 145 139 123 Chemicals 126 124 124 124 124 125 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Artificial fertilizers.... 82 81 80 83 82 86 T R e u c b h b n e ic r. al oils and fats 1 4 1 8 5 11 5 9 0 1 4 2 6 0 1 4 2 2 1 1 4 2 2 1 1 4 3 9 2 1927 1926 Paper materials and Tota B l u p i i a n l p d d e i u n r s g t r m ia a l ter f _ i i n a i l shed 1 1 5 5 2 8 1 1 5 5 2 8 1 1 5 6 2 1 1 16 5 2 1 1 1 5 6 1 2 1 1 4 5 9 0 c D b e e m e r - - v N b e e m o r - - O b c e t r o- t S b e e m e p r - - g A u u s - t c D b e e m e r - products 156 156 155 153 151 142 Producers' goods 134 134 132 131 131 129 All commodities 148 148 147 ioO 151 146 Consumers' goods 173 172 172 169 166 151 Cereals 137 139 333 136 142 333 Pulses .. . 155 154 155 155 158 160 Tea 185 192 180 181 382 353 Other foods 166 367 172 170 171 169 SWITZERLAND i—DR. J. LORENZ O R i a l w s e j e u d t s e 14 9 1 1 13 8 8 6 14 8 2 7 14 9 5 2 1 1 1 4 4 5 13 8 7 9 Jute manufactures 151 146 146 156 161 143 Raw cotton 170 380 180 201 181 119 A A I C n l o g d l n r u c i s c s o u u t m m r l i t m a u e l r r o s a p d ' l i r g t p o i o e r d o s o d u d s c u t c s t . s .. . 1 1 1 1 6 5 2 4 2 0 8 3 1 1 1 1 2 4 6 4 6 9 0 4 1 1 1 1 4 5 2 4 8 9 4 5 1 1 1 1 5 4 2 4 7 8 3 6 1 1 1 1 4 5 1 4 7 8 7 5 H C O M O o i t t e d h h t t t e e e a o s r r l n s t a a e r m n x t d i t a c i n l l s e e u k s s f in a s ctures 1 1 1 1 1 5 2 5 2 4 7 3 2 7 9 ! 21 1 1 1 1 2 5 4 2 4 7 8 1 6 8 2 1 1 1 1 1 6 2 2 2 4 1 7 1 9 8 2 1 1 1 1 1 0 2 6 3 5 9 3 3 3 2 2 1 1 1 1 1 2 0 5 3 5 4 2 8 0 9 1 1 1 1 1 2 5 1 5 3 4 3 8 2 8 1 lst-of-month figures. 2 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 205 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war =* 100] EUROPEAN COUNTRIES (3THER COUNTRIES United Month ( S 5 i t 1 e a s t c e ) i s t- e A ( t n V r u n i s i a a - - ) g B iu e m l- ^ g B a u r l i - a s C lo z v e a c k h i o a - l E a n n g d - 2to E n s i - a2 F (P ra a n ri c s e )m G a e n r y - G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - l N a e n e r d t - h s - N w o a r y - R si u a s 2 - S l z a w e n r i d - t- a C d a a n 2 - A t l r i u a a s - - ( I b B n a o d y m i ) a - l N Z an e e a d w - A So fr u ic th a 1926 July 154 115 177 2,713 876 161 139 574 145 1,849 654 146 198 236 159 149 159 155 149 117 August 153 117 187 2,637 878 161 138 587 146 1,871 660 146 196 234 157 150 157 153 149 117 September- 156 116 184 2,641 878 162 128 590 145 1,890 652 145 193 231 158 147 155 152 148 117 October 157 117 194 2, 597 888 163 127 624 145 1,933 654 146 191 230 160 147 153 153 147 120 November. 158 117 204 2,618 902 169 127 628 148 1,986 630 147 186 234 159 148 155 152 146 119 December. 159 118 206 2,598 912 169 128 599 150 1,973 631 146 184 235 159 151 158 154 149 117 1927 January 156 119 207 2,586 914 167 131 592 151 2,002 625 147 180 208 158 153 158 155 148 116 February.. 153 119 210 2,569 914 164 132 585 152 1,995 642 146 177 208 157 151 153 152 146 117 March 151 118 201 2,533 915 162 129 581 151 1,997 635 146 173 205 156 149 151 152 146 118 April 151 119 200 2,478 923 155 130 580 150 2,021 617 145 169 203 156 146 151 151 145 118 May _ 152 119 196 2,630 930 154 130 589 151 2,063 565 145 169 201 156 145 152 150 145 121 June 155 122 201 2,699 949 154 131 580 153 2,063 541 145 172 199 157 146 153 151 144 120 July 150 122 205 2,653 962 159 134 557 156 2,059 524 144 175 199 157 147 152 154 144 119 August 149 120 202 2,625 914 156 130 539 150 2,044 518 143 175 199 157 147 155 155 143 118 September- 151 126 206 2,615 910 157 122 532 151 2,070 509 143 174 198 158 147 157 151 143 117 October. __ 153 127 210 2,626 907 161 123 520 152 2,071 509 146 173 198 158 148 159 148 143 119 November. 153 126 211 905 163 124 500 152 2,086 510 148 171 199 161 149 157 147 144 11£ December 153 128 212 913 163 124 523 153 2,101 513 148 171 200 151 155 149 146 119 1928 January 152 129 211 162 530 152 2,127 148 170 201 151 155 151 117 February.. 159 170 202 146 COST OF LIVING [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES Mas- Month s c s e h a t u t - s - g B iu e m l- *s C lo ze v c a h k o ia - l E a n n g d - * 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 e n r t d - h s - N w o a r y - l P an o d - Spain S d w e e n - l S z a w e n r d i - t- a C d a a n 2 - A t l r u i a a s - - ( I b B n a o d y m i ) a - A So fr u ic th a 1926 July ._ 159 166 723 170 1,183 142 1,808 117 649 178 186 172 160 150 157 130 August 158 175 728 170 l; 213 143 1,818 116 652 182 178 159 150 155 130 S O e c p to te b m er_ b _ er _ . 1 1 5 5 8 8 1 1 7 8 4 4 7 73 2 2 7 1 17 7 4 2 1 1, , 1 2 9 0 7 3 539 1 1 4 4 2 2 1 1, , 8 8 6 3 2 3 1 1 1 1 4 4 6 6 4 7 7 2 164 217 1 18 9 9 3 1 19 8 0 7 "in" 1 1 5 6 9 0 1 1 4 4 9 9 "I58~ 1 1 5 5 5 5 1 1 3 3 0 1 November. 159 191 740 179 1,193 144 1,895 116 657 197 191 159 150 154 131 December. 159 195 741 179 1,197 545 144 1,889 116 657 168 213 199 193 159 151 157 156 129 1927 January 158 198 747 175 1,187 145 1,900 119 655 202 196 171 160 152 156 130 February.. 157 200 746 172 1,189 145 1,896 120 667 201 190 160 151 155 130 March 156 195 744 171 1,183 524 145 1,898 119 663 166 203 200 194 159 150 "I56~ 155 131 April 156 195 749 165 1,173 146 1,911 119 651 203 196 "170* 158 148 153 131 May 157 193 756 164 1,166 147 1,938 119 612 205 179 159 148 152 132 June 156 196 761 163 1,184 525 148 1,951 121 586 167 201 205 179 160 149 "l55" 154 132 July 155 199 753 166 1,203 150 1,960 119 548 199 189 ~"l69~ 160 149 156 132 August 155 198 739 164 1,237 147 1,951 119 543 201 221 160 149 157 131 September. 155 202 736 165 1,230 5Q7 147 1,955 119 537 167 197 202 226 161 149 154 131 October 155 207 734 167 1,237 150 1,956 120 536 205 227 "l72" 161 150 151 132 November. 157 208 735 169 1,251 151 1,964 120 536 210 225 162 150 150 132 December. 157 208 740 169 1,243 498 151 1,978 120 531 170 195 207 229 151 151 132 1928 January ._ 157 210 168 1,216 151 1,986 151 154 132 February 166 148 11921=100. The cost of living index for Belgium has been changed from an average of 7 provinces, on April, 1914, base, to a workingman's budget in 59 cities, on a 1921 base. 1 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

206 FEDERAL RESERVE BULLETIN MARCH, 1928 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Raw Unemcotton Iron I British railways ploy- Coal i P ro ig n i S n c i a n a g t n e g s o d e t s t - l s i s F s t h i e n e e - d l v p s i u s l p i y b - 1 le m t u s a u t f n a e a re d e n c s l - - | Coal m t u C u t f o a a o r n e n c t- s - - w W o a o r n o s d t l e e d n R c to o a n w t- w R o aw ol r C u r b u b d e e r h R w id a e w e t s c c S l w a e h r a i g i t r p h o e s d F re r t e r c si aa e ji ii g i nn p h t t s - F t r t r e r a a i f g f i i n h c t- i a n m m s e u o n r n e t g d ! Thousand long tons Thous. lo T n h g o t u o s n . s Mil- T sq h . o y u d s . . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ h li s o n t u g er s - . M m t i o i l n l l e i - o s n c P e e n r t September. (3) 13 96 184 1,021 160 5,225 315 12,315 78 29,735 8,792 3,414 6,197 910 13.7 October..-. (3) 13 94 175 1,186 194 4 312 11, 716 161 28,533 9,870 3,364 7,185 1,144 13.6 November. 2,324 13 98 191 1,452 166 5 281 13,296 241 30,059 8,682 3,007 8,020 1,309 13.5 December. 17,224 98 319 370 1,657 159 242 12,465 255 28,113 10, 599 4,176 8,544 1,495 11.9 1927 January... < 24, 577 435 731 599 1,718 219 4,093 325 15,907 237 118 30,760 11,612 4,950 9,043 ,654 12.1 February _. 21,365 571 827 653 1,763 252 4,173 301 14,982 1-6M8 107 27,492 6,712 4,682 9,027 ,570 10.9 March 21,097 672 950 746 1,792 353 4,820 397 13,275 190 119 30,910 10,793 5,383 10,197 ,745 9.8 April < 24, 274 680 850 692 1,759 335 4,118 319 9,479 189 35, 577 5,698 5,202 8,702 ,494 9.4 May 20,356 720 885 656 1,713 4,803 4171 11,406 132 25,249 6,720 5,516 9,537 ,597 8.8 June 18, 297 651 747 574 1,625 4,313 333| 13,559 104 21,537 7,919 5,371 8,766 ,402 8.9 July 4 23,776 646 687 581 1,467 390 4,176 339! 15,978 67 26,059 6,829 5,610 8,854 .,448 9.3 August 17,852 596 643 587 1,350 342 4,257 366 17,460 57 22,534 5,570 5,642 8,997 .,525 9.4 September. 19, 504 592 777 1,241 385 4,242 349 14,395 72 28,806 5,049 5,715 9,364 .,581 9.3 October * 24, 712 596 699 584 1,190 385 4,141 3161 13,061 96 28,000 7,035 5,444 9,377 L, 483 9.5 November. 19,634 576 699 582 1,148 399 4,127 406 16,351 119 24, 707 8,031 5,286 9,315 1,455 10.0 December. < 23,858 559 605 1,100 352 3,886 293 15,041 116 23, 885 8,814 4,914 0.8 1928 January.... 20,045 332 3,905 340 16,919 102 24,754 6,665 4,932 10.7 1 End-of-month figures. a Includes Irish Free State. »Coal strike. 4 5 weeks. FRANCE EX- PRODUCTION PORTS IMPORTS TRANSPORTATION Unemployed Busi- Coal i i P ro ig n C s r te u e d l e C y o a t r t n on C C o l t o t t o h n v T ol o u t m al e v T ol o u t m al e f c s o R u o t r i m t a o t c w o n p o n - n-f s o R u t s r i m i a o l c w k n p o - n- f s o C u t r i m o o c a n p o l - n-c S c l w e a h a i r i t g r p h e o s d Fr l i o e c n a i a g g d r s h - t- o p R f a e w l c p a e r y r i i a n s p i c t l s - i- r p m e a P c l u a e a n r i i i v i d s c i n 2 i i - n g u n f r a e e i s l s - s 3 Thousand metric tons T g k h r i a o l m o u - s s. o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s. A nu d v m a e i r b l a y e g r e T T h ra o n u c s s . Number N b u e m r - 1926 September... 5,518 785 706 10,783 27,194 2,629 3,649 * 22,967 471 1,108 3,390 64,600 5 1,453,913 49 75 October 5,738 816 742 11,215 28,372 * 2, 672 3,488 28, 686 486 41,024 3,462 67,923 1,157,491 59 93 November 5,770 790 714 10,668 26,191 * 2,699 ^3,472 44,881 566 * 1,110 3,125 66,125 1,095,165 138 96 December 5,773 827 741 11,051 29,643 2,809 4,039 53,023 591 1,280 3,177 60,775 « 1, 367,997 7,737 165 1927 January 5,821 805 673 10,631 26,814 2,791 4,064 41,331 400 1,606 2,936 56,663 866, 732 25,576 194 February 5,662 716 628 10,255 27,804 3,209 4,780 34,136 260 2,047 2,528 61,967 944,463 36,951 185 March 6,112 801 704 10,883 29,105 2,952 4,363 27, 570 253 1,832 3,186 61,881 963,699 30,185 187 April 5,427 774 681 10,439 27, 479 2,835 4,333 23,661 332 1,862 3,670 58,817 «1, 239, 544 23, 719 125 May 5,462 794 712 9,983 25,891 3,385 4,610 27, 796 439 1,961 3,772 60,858 985,138 15,924 152 June 5,388 747 672 10, 527 26,898 3,159 3,906 24,596 538 1,449 3,771 59,495 1,003,013 9,355 159 July . 5,382 769 677 10,119 24,086 3,302 3,654 14,859 355 1,210 3,796 57,391 1,023,131 7,531 176 August .- 5,499 773 694 11,086 28, 389 3,061 4,215 17,155 417 1,513 3,733 57,386 1,022,819 6,401 141 September * 5,334 761 693 10,306 25, 522 3,340 3,620 18, 520 *515 1,262 3,657 4 61,032 1,084,700 6,094 81 October 5,503 796 723 3,378 4,095 28,642 537 1,480 3,800 66,507 1,074,836 6,860 November... 5,333 764 684 3,216 3,810 44,432 519 1,364 3,485 62,963 1,000,419 8,106 December 5,559 796 735 3,423 3,908 53, 025 597 1,425 3,508 61,456 1,263,928 10,075 1928 January 14,012 i 1 Coal and lignite, including Lorraine and the Saar. 4 Revised. 2 End of month figures. 5 5 weeks. 3 Number of failures in the Department of the Seine. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 207 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY PRODUCTION IMPORTS TRAN T S I P O O N RTA- UNE M M E P N L T OY- Ma- Arriv- Unem- Busi- Iron chinery als of Trade ployed ness Coal L ni i t g e - i P ro ig n C st r e u e d l e P a o sh t- f m a i a c a r t n o n u d n r u e - s t p e s r a u l l i n e i c p e d c a - s - l s D d a tu y n y f e d e f - s s Coal w R o aw ol R c p o a e p w r - C to o n t- I o ro re n H b v s a u i e e n m s l r s g - - F l r i o c e n a a i g g d r s h - t p u u m b l n n o e e i e y m r o m s e n - d - p re S e i a c r t n s i e a d g o i t v e n - s u fa r i e l s - Thous. Thousand metric tons Metric tons r n e e g t . T w h o o a n g u s - s. c P e e n r t Number tons 1926 September... 12,786 11,713 880 1,144 94 451, , 43, 619:11, 531 3, 729,008 9, 234 14,188 22, 633 979,507 1,586! 3,637 15.21,394,062 467 October 113,517 13;,,223 935 1,174 8o7,|i u5w09,,,7u6*2 ; 41,716111,757 3,690,267 88,,0"6""8 "1J4,468 37; 195 1,123, 666| 1, 529! 3,950 14. 2i 1,308, 293 485 November- J13, 496 12, 754 983 1,258 90 472,656! 39,509112,084 32,855,80111, 985,659 1,531 3,934 14.21,369,769 471 December. -J13,7''513:,,: 197 1,065 1,303 911478,260 339,208 9,434 31,895,383 14,96617,837 61,593 1,341,252! 1,436 3,623! 16.71,748,597 435 1927 January 13, 355 12,46! 1,060 1,309 122 3 514,923 36,396 13, 270 2,145,226:16,67712,656 56. 292 1, 256,755; 1, 509 3,216 16. 5 1,827,200 February.. 12, 743 12,036 1,234 132> 387,183 36,687il2,012|2,155,686 21, 939 16,152,43,8811,385,071; 1,413! 3,245 15.5(1,695,515 473 March 14,046 12,973 1,415 140| 418,947 40,695J12,94712,042,436 21,17418,843 52,5951'., 377, 439 1, 566! 11.511,121,1501 557 April 111,79411,386 1,052 1,288 92; 371,688' 46,174! 13,448 1,587,60817,698 18,34044,*""" "., 407,035; 1, 593| 3,489 8.9; 870,378; 421 May 12,29712, Oil 1,130 1,378 91 j 380,827 49,165114,512 2,655,32127,585 20,91140,615 1,394, 279 1, 694' 3,790 7.0i 3 648, 6OO1 464 June 11,82011,71 1,068 1,328 861 335,210; 45,478il3,200i2,061,747119, 676119, 544 32,119 1,820, 77i; 1, 696! 3,709 6. 3 540, 717; 427 July 12,63512,089 1,109 1,362 99| 352,756! 48,53813,669-2,401,116 316,347 17, 687 31,515 1, 831,819 1, 666! 3,905 5.5 452, 007! 428 August 12,997 12,817 1,116 1,432 104 344,981} 42,74812,824 2,402,044!ll, 937|24, 778 24, 390 2, 056^ 052! 1, 6041 4,059 5.0 403, 845! 407 September. |12,71112,907 1,105 1,375 109 357,924! 55,97l|l3,435 2,076,169) 7, 329|23,87624,253 1, 737, 088| 4,086 4. 6| 3 355, 500; 360 October 113,094 12,531 1,140 1,414 104 352,734,' 51, 658113, 699:2,155,732; 6, 919 21, 218 37, 240 1, 593,892 1, 764? 4,326 4.5 339,982 445 November. Il2,874)13,430 1,119 1,401 109 336,485! 55, 788J12,488 1,845,519 11, 086 17, 200 51,026 1,431,493 1, 727! 4,156 7.4 604,509; 574 December. 113,238 14,133 1,150 1,368 ! 352,472| 59, 620 13, 987 1, 903,237 12, 668 19, 641 52, 633 1, 289, 597 1,854 3,811 12. 911,188, 274 619 1928 January 13,42114,222 1,181 1,469 | 363, 026 48,810 12,458 2,272,995 18,084 20, 566 37,032 1,183,214 1,333,115; 766 CANADA Re- Receipts at ceipts stockyards I d d t p t n r i i u u r o n d o i o c a s f - e n - - - l x Coa P l R N O p D r e i U w n C t s T - IO F N lour a s t w C r c t t i a e r o o a o u d c n n r n c t - d - s - - w l F W P a A i h a o a n o o e t r i m f d r r l - a t t - t C a i t n n l a e d t T - p W o e r g o in n n to i- P b l a o a n a n d r k d s s W pu o l o p d Wheat Coal p C le e r u t u r m o d - e R C to a o n w t- c M e h r i a y n - - T l e r i o c n n o e a a g v u t d r a s - e - l m I p n e l e o d m o n f e y - t x - 1 u B n f r a e u e i s l s s - s i 8 thur 1 1 9 9 1 2 1 0 4 9 0 - = T sh h o o r u t s t a o n n d s T b h re a o l r u s - s . Th d la o o r u l s - s,T b h u o s u h s - . Number M l f i e o e i n l t - Th lb o s u . s. T b h u e o l s s u h s - .T t h o o n u s s . I T g h a o l u s. s.Th lb o s u . s. T d h £0° * ,u s- Nu b m er . 100 (N b u e m r - 1926 September 141.11,413 161 1,634 20,761 32, 797 68,930 38,990 186214,148! 10,575 76,836 5,536 3,363 303, 798 104. 9 126 October 159.6 , 708 169 2,231 43, 384 56,098 78, 729 50,171 183,265! 30,573 1,576 82,331 12,697 3,7291355,181 105.2 178 November 155.6 ,818 165 34,973 60,440 83, 755 72,425 202 189,084 43,947 1,460 66, 628 3,429 336,964 102.8 165 December 132.4 1,923 164 1,715 13,725 26,310 50,883 71,630 158 168,102 44,879 1,462 69,802 16,517 3,3621279,422 101.1 171 1927 January 151.0 1, 570 162 1,496 16, 772 14,029 46,224 71,895 119 125,750; 12,571 1,563 61,962 21,278 3,075243, 767 191 February 148.01,384 151 1,231 19,517 8,547 37,182 60,455 122 114,927) 11,422 1,706 33,306 12,278 3,156:242,222 95.4 >143 March 172.81,-'" 174 1,454 17,466 6,307 38,414 61,076 193 153,123! 16,395 1,755 67,498 13,041 4,887)284,119 96.3 M63 April 157.51,315 166 1,154 12,593, 33,65250, 436 119 93,802 20,182 1,205 37, 72510,375 3,2111256,357 96.2 *128 May 163.7 1,306 172 1,455 46, 759 17,330 39,056 50, 550 202 138,100 28,698 1,471 49,049 10,129 3,980 259,394 100.6 » 127 June 161.81,444 171 1,314 52,229 7,344 35,830 50,739 227 191,723 15,863 1,561103, 66210,697 3,8431273,733 105.9 138 July 151.2 1,230 163 1,019 50, 881 10, 679 37,157 215 154,801 6, 62031,434 70,305 3,488 260,113 108.4 »117 August 157.01,317 180 1,158 29, 881 2," 70,347 40,112 204 171,1341 12,197 1,495 77,253 7,267 4,181282,807 109.2 3 147 September 147.6 1,339 179 1,528 32, 788 8,580 79,141 35,026 18831"6"4, ' 14,071 31,599 91,865 4,814 4,137 304,295 109.7 126 October 315J.5 1,469 191 2,005 47,135 51,416 94, 71846,419 182 19,430 1,478 78,905! 6,684 4,185 360,238 109.0 168 November 151.0 1, 747 190 2,120 30, 261 70,965 1"019,;927 70, 910 174 52,805 1,547 64,978!11,987 4,124 344,767 107.5 152 December 161. 182 1,76' 50,427 41,025 44, 93662,204 122 44,809 1,363 67,625 19,198 3,970 286, 719 106.8 160 1928 January 161.4 187 20,480 21,095 44,311 71,535 111113,297 15,201 1,224 58, 50119,635 3,904 265,487 99.5 197 1 First of month. 1 Total number of firms failing during the month. 3 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN MARCH, 1928 RULINGS OF THE FEDERAL RESERVE BOARD Deduction of balances due from American branches Reserves against dividends declared but unpaid of foreign banks in computing reserves. The question has been presented to the board The Federal Reserve Board was recently whether a member bank is required to mainrequested to rule upon the question whether tain reserves against a dividend for the period dollar balances carried by member banks in intervening between the date of the declaration American branches of foreign banks may be of the dividend and the date on which it is paid. considered balances due from banks within the The Federal Reserve Board is of the opinion meaning of section 19 of the Federal reserve that this question should be answered in the act and accordingly deducted from the amount negative. Reserves are required to be mainof balances due to banks in computing reserves. tained only against deposits. While the dec- The Federal Reserve Board's Regulation D laration of a dividend creates a liability, it provides that balances due from foreign banks does not create a deposit liability. Reserves may not be deducted from due to bank balare not required in such cases until cashiers' ances in computing reserves of member banks. checks are issued by the bank to its stock- This provision is based on the fact, however, holders for their proportionate shares of the that balances due from foreign banks are dividend or their deposit accounts are credited payable in foreign currency, and the board with the proper amounts. believes that the phrase "the net difference of amounts due to and from other banks" contained in section 19 of the act has reference only Changes in National Bank Membership to balances payable in dollars and does not The Comptroller of the Currency reports the followinclude balances payable in foreign currency. ing increases and reductions in the number and capital of national banks during the period from January 21 The board has also ruled that, while balances to February 24, 1928, inclusive: payable in foreign currency due from a foreign branch of a domestic bank may not be deducted Num- Amount from due to bank balances by a member bank ber of of banks capital in computing its reserves, when such balances are payable in dollars the contrary is true, the New charters issued _ 14 $1,825,000 Restored to solvency 0 0 deduction from due to bank balances being Increase of capital approved i 30 5,780,000 permitted. (1925 FEDERAL RESERVE BULLE- Aggregate of new charters, banks restored to solvency, and banks increasing capital 44 7,605,000 TIN, p. 483.) Liquidations 22 3,155,000 In the case under consideration the amounts Reducing capital * 4 3,320,000 due from American branches of foreign banks Total liquidations and reductions of capital.- 26 6,475,000 were payable in dollars rather than in foreign Consolidation of national banks under act of Nov. 7, 1918 ._ 4 8,180,000 currency, and accordingly the Federal Reserve Consolidation of a national bank and a State bank under act of Feb. 25,1927 4 3,320,000 Board ruled that such balances payable in Total consolidations 8 11,500,000 dollars due from branches located in this Aggregate increased capital for period 7,605,000 country of foreign banks may be deducted from Reduction of capital owing to liquidations, etc 6,475,000 amounts due to other banks by a member Net increase 1,130,000 bank in computing its reserves under section 19 * Includes 3 increases in capital aggregating $1,125,000 incident to of the Federal reserve act. consolidations of State banks under act of Feb. 25,1927. 2 Incident to consolidations under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

209 MARCH, 1928 FEDERAL RESERVE BULLETIN Changes in State Bank Membership Changes in State Bank Membership—Contd. The following list shows the changes affecting State CHANGES—Continued bank membership during the month ended February 21, m 19 e 2 m 8, b e o rs n o w f t h h ic e h s y d s a te te m : 1,268 State institutions were Capital Surplus Total ADMISSIONS District No. 11 Guaranty Bond Bank & Trust Co., Total Gatesville, Tex. (title changed to Capital | Surplus resources Guaranty Bank & Trust Co.). District No. 12 District No. 2 United Bank & Trust Co., San Fran- Union Trust Co., Endicott, N. Y $100,000j $100,000 $2,095,595 cisco, Calif, (absorbed by Security International Germanic Trust Co., Bank & Trust Co., Bakersfield, New York, N. Y... 3,000,000' 2,000,000 9,552,940 Calif., nonmember) $1,300,000 $2,200,000i$20,015,000 Cache Valley Banking Co., Logan, Distric No. 7 Utah, a member, has absorbed the Farmers Banking Co., Cache Junc- Peoples Wayne County Bank, De- tion, Utah, a nonmember 25,000 5,000 150,000 troit, Mich... 11,000,000.22,000,000 293,616,761 District No. 8 Fiduciary Powers Granted to National Banks Lafayette-South Side Bank & Trust Co., St. Louis, Mo -I 2,000,000; 1,000,000 30,089,000 During the month ended February 21, 1928, the Federal Reserve Board approved applications of the national banks listed below for permission to exercise CHANGES one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) Tiustees; (2) executor; (3) administrator; (4) District No. S registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of New Netherland Bank, New York, lunatics; (9) in any other fiduciary capacity in which N. Y. (consolidated with Seaboard National Bank) $600,000 $650,000 $17,607,000 State banks, trust companies, or other corporations Bank of Coney Island, Brooklyn, N. Y. which come into competition with national banks are (merged into Brooklyn Trust Co., a permitted to act under the laws of the State in which member) _ 200,000 100,000 6,955,000 the national bank is located. Bayonne Trust Co., Bayonne, N. J., has absorbed the Bayonne National Bank, Bayonne 200,000 56,000 ], 336,500 The Interstate Trust Co., New York, Dis- Powers N. Y., has absorbed the Hamilton Location trict Name of bank granted National Bank, New York, N. Y-..I 1,500,000 500, 000 21,054,000 No. International Germanic Trust Co., I New York, N. Y., a member, has ab- j I sorbed the Terminal Trust Co., New Portland, Me _ Portland National Bank 3 8 a . n 1 d 5 to York., N. Y., a nonmember 700,000 343,000 7,847,000 Lambertville, N. J-.- Amwell National Bank 1 to 9. Chester, N. Y Chester National Bank Ito9. District No. S New York, N. Y United National Bank Ito9. Absecon, N. J First National Bank Ito9. Mill Hall State Bank, Mill Hall, Pa. Lehighton, Pa First National Bank ! Ito9. (voluntary withdrawal) 35,000 10,000 349,000 Philadelphia, Pa Erie National Bank ; 1 to 9. F W i L r e s s i t m t - A L a a , m f O a e y r h i e i c o t a D t e n ( i v s B t o B r a l i u a n ct n n k k t N a C o r o y & . . 4 , w W T it r e h u s d t s t r L a a w C fa a o y l . ) , - . 400,000 114, 000 3,679,000 G N R M E Fa l e r e a k e y a w r e t e d i o a n t e i t n r n s t e k , b t g v a , o , M , i r O l P o l O d e a h , _ h , i _ o i N N o . . C C A P N P F C a i e m u a r n r t m s k e i n t o r b i N N n N e c a r a a a a l l n t t t a i i i B o o n o n d E a n n n a a a x N l k l l c a B B B o h t a f a i a a o n n n E n n k k k l a g k l e t o B n N a n a k - . j j j j 2 5 i 1 1 1 , t t t o t t 3 o o o o , 7 9 9 9 9 5 . a . . . 1 n to d 7 9 .1 . ette, Ohio (closed) 100,000 50,000 1,130,000 Hendersonville, N. C. C t i i t o iz n e a n l s B N a a n t k io . nal Bank 1 to 9. District No. 6 L R e o x c i k n y g t M on o , u V nt a , N. C__ F Pe ir o s p t l N es a N tio at n i a o l n B al a B nk ank 1 1 t t o o 9 9 . . Staunton, Va .. Staunton National Bank 1 to 9. Southern Bank & Trust Co., Miami, Shelbyville, Tenn Peoples National Bank 1 to 3, 5 to Fla. (closed) 100,000 100,000 5,612,000 9. Bank of Zebulon, Zebulon, Ga. (volun- Lake Forest, Ill- 7 i First National Bank. 1 to 9. tary withdrawal) 25,000 12,000 160,000 Gary, Ind _. 7 First National Bank. Uo9. Plymouth, Ind.. First National Bank of Ply- 1 and 4. District No. 7 mouth County. Alpena, Mich ... Alpena National Bank 2, 3, 5, and Elkader State Bank, Elkader, Iowa 8. (voluntary withdrawal) 50, C 25, 000 1, 052, 000 St. Johns, Mich St. Johns National Bank 2, 3, 5, and Central Savings Bank, Detroit, Mich, 8. (consolidated with First National Union City, Mich Union City National Bank- 2, 3, 5, and Be B ll a e n v k u e i n S D ta e t t e r o B it a ) nk, Bellevue, Iowa 2,000,000 2,000,000 42,177,000 Jefferson City, Mo Exchange National Bank__. 1 8 to . 9. Pe ( o c p lo le se s d S ) tate Bank. Detroit, Mich.. 6,00 6 0 0 , , 0 0 0 0 0 0 12!,, 0 1 0 5 0 , , 0 0 0 0 0 0 159, 8 2 2 1 1 8 ,0 ,0 0 0 0 0 W Sti e l s l w t a C t o e n r, c o O r k d l , a Minn.j j S F t i i r l s l t w N at a e t r i o N n a a t l io B n a a n l k Bank... 1 1 t t o o 9 9 . . Wayne County & Home Savings Bank, Houston, Tex Public National Bank Ito9. Detroit, Mich 5,000,000! 10,000, 000 124, 548,000 Alhambra, Calif First National Bank 1 to 9. (Both above banks were succeeded by the Peoples Wayne County Bank, Detroit, Mich., a member.) 1 Supplemental. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN MARCH, 1928 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. 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 l l a e n v d e- m Ri o c n h d - Atlanta Jhicago L S ou t. is M ap in o n li e s - Ka C n i s t a y s Dallas F c S i r s a a c n n o - Bills discounted: 1927—January i___. 480,622 33,357 118,319 43, 736 61,462 22,509 34,208 90,168 19,137 10,415 5,396 37,822 February i__ 392.996 29,033 91,159 35, 686 38,882 23,363 26,766 78,460 14,602 4,048 9,312 3,073 38,612 March 1 424,543 35,805 112,234 41,049 31, 681 22,132 31,686 71,066 14,384 4,498 8,573 3,172 48,263 April 447,286 23,201 121,628 43,744 53,890 22, 506 34,140 56,281 16,202 6,058 11,902 4,403 53,331 May 472,984 37,129 137,765 45,841 43,624 25,450 34,625 52,679 24, 024 6,737 17,333 4,670 43,107 June. 428,563 33,843 91, 932 45,227 41,801 22,374 32, 618 63, 917 26,251 6,514 16,524 6,172 41,390 July 453.997 29, 689 122,892 46, 791 35,393 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 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 December... 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 1928—January 465,275 23,456 152,913 44,376 51,017 26,917 29,331 58,967 16,572 3,723 12,729 4,279 40,995 February 470, 670 45,184 119,306 53, 062 50,841 27,318 28, 272 50,904 23,954 4,030 11,428 4,105 52, 266 Total deposits: 1927—January 2,300,204 148,810 885,641 141,195 182,290 73,335 72, 723 331,215 83,325 52,278 90,880 62,156 176,356 February... 2,266,460 149,134 856,053 139,360 183,035 72,276 72, 531 329,680 83,754 50, 759 91,425 63, 763 174,690 March 2,284,809 146,177 878,285 138,894 188,427 70,484 71,134 328,167 82,780 51,484 90, 789 63,170 175.018 April 2,301,120 148,394 882,"" • 140,451 188,122 71,211 72, 766 332,363 83,827 50,371 90,832 62, 587 177,810 May 2,326,816 148,045 138,961 188,376 72, 586 71,126 338,974 83,193 49,156 89,378 61, 645 177,188 June 2,355,428 149,846 941,86; 137,874 190,247 71, 679 68,810 338, 545 82,434 49, 678 88,342 59, 765 176,341 July... 2,339,478 152, 568 918,918 137,993 189,620 74,262 68,471 337,875 82, 622 50,607 90,916 60,209 175,417 August 2,331,452 151,977 902,138 138,571 192,145 74,478 67,482 345,465 81, 589 49, 714 91,611 59, 759 176, 523 September 2,350,875 153,393 911,090 140,911 190,489 74,618 68,848 343,955 81,575 52,578 90,155 63,044 180,219 October _ 2,380,856 157,165 921,315 141,539 190,085 74,666 70,827 346, 798 84, 745 55, 623 90,542 66,429 181,122 November 2,429, 976 161, 702 946,306 142,328 192, 759 76, 719 70,412 345, 669 87, 920 57,823 94,240 69,165 184, 933 December 2,435,984 156,775I 959,131 140,113 188, 794 75, 111 70, 524 350,010 87,915 56,427 93,282 69,849 188,053 1928—January 12,472,428 158,383 974,368 143,768 192,015 176,008 72, 594 355, 794 87,643 55,071 94,328 70, 554 1191,902 February 2,419,482 154,128 942, 739 140,367 192, 224 75, 069 72, 537 349, 723 87,461 54, 608 95,010 70, 597 185.019 Member bank reserve balances: 1927—January 2,242,854 146,074 864,302 138,973 178,596 70,100 70, 501 324,634 81,378 50, 550 60, 702 168,148 February 2,212,206 144,484 838,325 136,719 179,898 69,354 69, 759 324, 591 81,160 49,238 89,124 62,419 167,135 March 2,239,952 144.091 856, 558 136,902 185, 717 68,852 69,535 325,088 81,421 50,251 89, 618 62,190 169, 729 April 2,248,302 145,553 863,261 137,391 184, 744 68,254 69,388 327,963 81, 566 48,917 89,009 60,946 171,310 May 2,262,397 146,187 875,340 136,091 185,207 68,846 68,371 335,120 81,058 47, 744 87,440 59, 741 171,252 June_. 2,300,897 147,910 913,319 135,815 187,231 69, 510 67,071 334, 548 80,848 48,488 87,181 58,497 170,479 July... 2,288,948 151,119 894, 778 136,362 187,106 71,638 66, 709 333,906 80,982 49,115 58,796 169,588 August 2,283,097 150,163 880,854 136,817 189,323 71,986 65, 618 341, 246 79,990 48,339 89,907 58,347 170,507 September 2,300,450 151,014 888,662 138,602 187,386 72,078 67,582 339, 701 80,098 50,965 88,875 61,689 173,798 October 2,326,009 154,974 895,884 139,358 187,382 71, 785 68,510 343,049 82,486 53,963 88,844 64,835 174,939 November 2,372,954 157,383 922,487 139,755 188, 515 74,126 68,597 342,466 85,337 56,309 90,980 67,669 179,330 December 2,399,182 155.092 944,912 138,704 186, 256 73,463 69,338 347,241 86,321 55,182 91,337 69,020 182,316 1928—January 2,426,360 155,871 957,893 141,651 188,867 73, 778 70,736 352,075 86,057 53,341 92,058 68,829 185,204 February 2,368,092 150, 954 924, 383 138,458 188,072 72, 374 70, 001 345, 758 85, 041 53,124 92,407 69,315 178, 205 Government deposits: 1927—January 24,132 1,887 4,370 1,067 1,430 2,644 1,686 4,271 1,218 1,238 1,514 1,007 1,800 February 28,132 2,919 5,179 2,096 1,708 2,601 2,171 3,666 1,510 1,190 1,570 1,160 2,362 March 21,823 1,380 10,390 1,245 922 1,207 1,210 1,265 777 818 737 652 1,220 April. 29,622 2,254 7,784 2,308 1,506 2,518 3,010 2,411 1,651 1,089 1,416 1,393 2,282 May 25,374 1,260 4,683 2,250 1,581 3,396 2,133 2,215 1,631 1,121 1,635 1,709 1,760 June... 20, 660 1,188 5,894 1,432 1,158 1,841 1,424 2,227 1,012 871 797 1,055 1,761 July. _ 17.420 783 2,435 921 920 2,263 1,420 2,132 1,090 1,166 1,723 972 1,595 August 17,890 1,024 1,982 1,203 1,128 2,159 1,562 2,568 1,092 1,085 1,322 1,167 1,598 September 20,324 1,412 4,230 1,620 1,262 2,140 934 2,410 951 1,267 857 1,107 2,134 October 20,426 1,058 5,430 1,277 947 2,374 1,599 1,707 1,160 1,019 925 1,266 1,664 November 12,812 933 2,880 1,204 850 1,300 814 872 859 672 659 960 December 9,976 786 2,159 574 666 970 745 805 620 648 643 522 1928—January 19,438 1,870 2,607 1,403 1,372 1,773 1,514 1,883 971 1,314 1,311 1,448 1,972 February 25, C06 1,950 6,846 1,292 2,221 2,311 1,938 2,272 1,412 1,163 1,393 1,038 1,770 Allother deposits: | 1927—January 33,218 16,969 1,155 2,264 591 536 2,310 729 490 470 447 6,408 February ! 26,122 1,731 12,549 545 1,429 321 601 1,423 1,084 331 731 184 5,193 March... I 23,034 706 11,337 747 1,788 425 389 1,814 582 415 434 328 4,069 April I 23,196 587 11,341 752 1,872 439 368 1,989 610 365 407 248 4,218 May 39,045 598 28,165 620 1,588 344 622 1,639 504 291 303 195 4,176 June... 33,871 748 22,654 627 1,858 328 315 1,770 574 319 364 213 4,101 July 33,110 666 21,705 710 1,594 361 342 • 1,837 550 326 344 441 4,234 August 30,465 790 19,302 551 1,694 333 302 1,651 507 290 382 245 4,418 September.. 30,101 967 18,198 689 1,841 400 332 1,844 526 346 423 248 4,287 October 34.421 1,133 20,001 904 1,756 507 718 2,042 1,099 641 773 328 4,519 November.. 44,210 3,386 20, 939 1,369 3,394 1,293 1,001 2,331 1,724 842 2,601 536 4,794 December.. 26,826 897 12,060 835 1,872 678 441 1,964 974 597 1,302 307 4,899 1928—January 26,630 642 13,868 714 1,776 457 344 1,836 615 416 959 277 4,726 February 25, 784 1,224 11,510 617 1,931 384 598 1,693 1,008 321 1,210 244 5,044 1 Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

211 MARCH, 1928 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT THE END OF EACH MONTH [In thousands of dollars] 1927 1928 Ja a n ry u- Fe a b ry ru- March April May June July August Septem- October No b v e e r m- De b c e e r m- Ja a n ry u- RESOURCES Total gold reserves 2,957,313 976,1843,010, 452 3,, 029, 2662, 981,891 997, 924 3,002,191 , 997, 923 2,964, 273 2, 922, 087 2, 804, 986 2, 733,187 2, 797',,414 Reserves other than gold 159,841 153, 754 157, 268 157, 246 156, 254 158,170 149, 374 147,813 131, 225 131,476 134,904 133,964 168, 651 Total reserves. _.B,117,154 129,938 3;,, 167, 720 3,. 186, 5123,138,145 156,094 3,, 151, 565 145, 736 3,,009955,,498 3, 053, 563 2,939, 890 2, 867,151 2, 966,065 Nonreserve cash 69, 512 63, 097 60,109 55, 510 51, 229 52,132 51,105 42, 340 51, 736 58, 274 76, 745 84,994 Federal reserve notes of other Federal reserve banks. 18, 771 16, 244 16, 340 18, 231 12, 949 16, 899 19, 037 17,030 18, 228 21, 707 20, 380! 23, 504 19, 616 Bills discounted 424, 839 469, 558 451,183 476, 64' 459, 086 443,450 442,158 400, 524 437,425 411, 525 477, 025 581, 503 423, 310 Bills bought: Outright _ 272,102 229, 565 184, 930 197, 406 159, 012 180, 593 152, 118,189 173, 613 265, 863 288, 464 310, 415 332,693 Under resale agreement 49, 272 66, 533 53, 886 40, 929 68, 56 29, 992 19, 094 76, 223 75, 757 66, 276 81, 624! 45,976 Total bills bought 321, 374 296, 098 238, 816 238, 335 227, 579 210, 585 172, 083 185,128 249, 836 341,620 354,740| 392,0391 378,669 U. S. securities: Bought outright. _ 302, 839 305, 2S0 316, 629 322, 227 335, 918 366, 963 384, 838 469, 954 486, 64, 519, 420 543, 756 559, 957 431,196 Under resale agree ment 1,225 10, 755 31,000 4,526 7,519 3,117 7,482 2, 8C0 19, 485 2,917 4,079! 56, 559 6,050 Total U. S. securities 304. 084 316, 045 347, 629 326, 753 343, 437 370,080 392, 320 472, 814 506,130 522, 337 547, 835 616, 516 437, 246 Other securities. 2,500 2,000 2, 500 1, 841 1,800 1,300 1,300 320 820 600 915| 500 Total bills and securities 1, 052, 7771,083, 7011, 040,128 1, 043, 57C1, 031,902 1, 025, 41 1, 007, 8611,058, 786 , 194, 2111, 276, 082 1, 380, 515 1, 590,938 1, 239, 725 Gold held abroad 59, 548 23,300 Due from foreign banks ... 658 65S 660! 660 660 28, 801 48, 722 12, 248 833 564 566 566 568 Uncollected items i.__ 512,990 580, 01£ 598, 596 599, 560 546, 89' 630, 802 550, 429 586, 336 640, 997 595, 013 671, 850 714, 068 577, 313 B ank premises 58, 269 58, 3"" 58, 488 58, 612 59,144 59, 313 59, 455 59, -" 59, 774 60, 001 57, 933 58, 755 All other resources... 12,060 14, 427 12, 835 13,134 13,71 13, 879 14, 767 17, 747 12,975 13, 556 13, 991 14, 681 10,439 Total resources..4, 842,1914,946,45C4,954, 876 j 4,975, 7954,913, 93i 5,006, 466 4, 902, 7994,945, 3885, 064, 691 5, 071,995 5,145,467J5, 345, 586 4, 957, 475 LIABILITIES Federal reserve notes in actual circulation.1, 704, 069 1, 727,163 1, 724,072 1, 743,948 1, 747, 597 1, 720, 702 1, 688,110 1, 676, 440 1, 736, 344 1, 734,174 1, 716, 574 1, 789, 1, 581, 343 Deposits: Member bankreserve account.2, 218, 3522, 229, 256 2,237, 088 2, 256, 964 2,196, 71 2, 249,029 2, 277, 354 2, 298,8802, 292, 6322, 324,178 2, 378, 56312, 486, 777 2, 391, 373 Government 36, 554 43,296 37,868 22,844 *32,1& 30, 655 25, 097 12, 699 27, 41 21,177 2,093! 18,357 19,900 Foreign bank 3,771 5,369 5,257 4,611 4,49 6, 442 4, 683 5, 536 5,105 9,467 4,842 4,649 4,590 Other deposits 19, 029 18,042 15,463 17,471 28,63' 27,145 22, 928 24,168 23, 574 31,241 27,672 20,857 19,010 Total deposits...2, 277, 706 2, 295, 963 2, 295, 676 2, 301, 890 2, 262, 039 2, 313, 271 2, 330, 283 2, 348, 728 2, 386,0632,413,170 2, 530, 640)2, 434, 873 Deferred availability items.. 496,045 556,98' 566, 652 559, 605 532, 752 603, 009 514,198 555, 002 605, 268 575, 569 637, 726 651, 032 563,143 Capital paid in 125, 585 126, 687 127, 606 128, 789 128, 960 129,427 129, 816 130, 727 131,074 131, 305 131, 702 132, 481 134, 441 Surplus 228, 775 228, 775 228, 775 228, 775 228, 775 228, 77, 228, 775 228, 775 228, 77f 228,775 228,7751 233,319 233, 319 All other liabilities.... 10,011 10, 884 12, 095 12, 788 13, 807 11, 282 11, 838 13,161 14, 502 16,109 17,520 8,247 10,356 Total liabilities-4,842,191 4, 946, 459 4,954, 876 4,975, 7954,913,930 5, 006,466 4,902, 799 4, 945, 388 5, 064, 5,071,995 5,145, 467 5,345, 586 4,957,475 Contingent liability on bills purchased for foreign correspondents 94,125 92, 674 147, 677 146, 805 159,927 146,106 151, 257 165, 746 188, 254 189, 272 186,186 228, 685 237, 203 1 Exclusive of Federal reserve notes of other Federal reserve banks, which are shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN MARCH, 1928 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN FEBRUARY AND JANUARY, 1928 [In thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank February January j February January February January February January Boston.. --- 186,086 199,927 154,128 158,383 123,124 134,078 67.1 68.4 New York 1,045,300 1,014, 000 942, 739 974,368 350,921 358, 790 80.8 76.1 Philadelphia- 170, 774 174, 272 140.367 143,768 124,984 127,184 64.4 64.3 Cleveland 279,495 284, 283 192,224 192,015 195,782 205,100 72.0 71.6 Richmond 89,458 75,313 75,069 i 76,008 66,738 72, 279 63.1 50.8 Atlanta 169,171 168, 562 72, 537 72,594 141,445 i 138,535 79.1 79.8 Chicago 450,875 426,182 349, 723 355, 794 233,784 j 244,450 77.3 71.0 St. Louis 77, 680 87,895 87,461 87,643 52,976 54,874 55.3 61.7 Minneapolis... 75, 934 54,608 55, 071 55,998 I 58, 595 73.1 66. & Kansas City— 103, 487 101,147 95,010 94, 328 60,680 j 64,259 66.5 63.8 Dallas 71,619 64,410 70, 597 70, 554 38,658 43,620 65.6 56.4 San Francisco. 246,932 272,887 185,019 1191,902 151,953 ! 162,499 73.3 77.0 Total - —-! 2,971,761 2,944,812 | 2,419,482 i 2, 472,428 1,597,043 1,664,263 74.0 71.2 i Revised. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] RESOURCES Federal Reserve Bank Total New Phila- Cleve- Rich- Chi- St. Minne- Kansas I San Boston York delphia land mond Atlanta cago Louis apolis City Dallas Francisco Gold with Federal reserve agents: Feb. 1 1,419,336 108,148 299,259 96,392 181,125 45,503 128,171 226,927 33,527 47,123 53, 616 28,358 171,187 Feb. 8 1,422,938 104,636 299,145 98,131 180,542 44,572 139,492 226,855 30,568 48,105 52, 617 30,462 167,813 Feb. 15 1,366,926 102,918 259,095 86,244 179,875 48,653 138,503 26,772 48,105 51,540 31,915 166,498 Feb. 21 1,384,121 100,973 319,025 86,549 160,582 47,285 133,743 226,725 22,841 47,564 53,160 31,205 154,469 Feb. 29 1,388,957 98,977 318,957 86,334 159,918 48,818 135,039 226,725 22,537 49,751 52,476 31,632 157,79a Gold redemption fund with United States Treasury: Feb. 1 46,973 4,376 14,657 5,403 3,418 2,190 2,202 3,947 2,732 1,782 2,111 1,439 2,716 Feb. 8 50,116 7,045 13,026 6,806 2,301 1,949 1,555 5,377 2,924 2,423 2,644 1,264 2,802 Feb. 15... 45,898 11,171 8,254 3,387 1,634 2,227 3,965 2,470 2,107 3,258 1,482 3,060 Feb. 21 52,849 3,937 14, 683 9,312 4,267 2,163 2,311 4,842 2,882 2,343 1,250 1,445 3,414 Feb. 29 45,952 5,220 13,083 5,391 3,757 2,208 2,021 3,597 2,696 1,801 1,566 1,252 3,360 Gold held exclusively against Federal reserve notes: Feb. 1 1,466,309 112,524 313,916 101,795 184, 543 47,693 130,373 230,874 36,259 48,905 55,727 29,797 173,903 Feb. 8.. 1,473,054 111, 681 312,171 104,937 182,843 46,521 141,047 232,232 33,492 50,528 55,261 31,726 170,615 Feb. 15 1,412,824 105,801 270,266 94,498 183,262 50,287 140,730 230,773 29,242 50,212 54,798 33,397 169, 558 Feb. 21 1,436,970 104,910 333,708 95,861 164,849 49,448 136,054 231,567 25,723 49,907 54,410 32,650 157,885 Feb. 29 1,434,909 104,197 332,040 91,725 163,675 51,026 137,060 230,322 25,233 51,552 54,042 32,884 161,153 Gold settlement fund with Federal Reserve Board: Feb. 1.. 697,839 29,057 309,145 36,094 45,040 13,320 13,583 134,161 18,361 18,097 25,345 21,611 34,025 Feb. 8.. 695,604 24,473 307,644 32,762 38,925 19,552 11,689 131,126 17,697 20,766 30, 556 23,589 36,825 Feb. 15 _ 763,847 42,880 319,990 36,004 20,810 8,363 154,600 23,866 21,842 32,064 23,939 40,991 Feb. 21 749,105 40,499 301,516 39,421 48,481 20,737 10,586 145,231 19,563 23,904 37,634 22,523 39,010 Feb. 29 752,529 23,964 335,484 34,576 52,675 18,610 7,049 142,115 23,279 21,162 38,105 23,445 32,065 Gold and gold certificates held by banks: Feb. 1 634,830 33,952 396,390 24,113 43,716 9,716 7,' 55,021 13,324 5,070 7,819 7,898 Feb. 8.. 648,933 30,195 413,311 24, r" 43,951 9,837 6,750 56,649 13, 675 4,835 7,534 8,051 29,449 Feb. 15 636,961 30,376 404,740 23,935 42,283 10,168 7,259 55,121 12, 584 4,924 7,283 8,127 30,161 Feb. 21 633,711 26,919 402,434 24,620 44,086 9,565 7,716 55,865 12,377 4,901 7,275 8,212 29,741 Feb. 29 620,932 27,376 389,007 25,271 45,131 8,471 8,181 54,868! 11,745 5,549 7,435 8,317 29,581 Total gold reserves: Feb. 1.. 2, 798,978 175,533 1,019,451 162,002 273,299 70,729 151,941 420,056 67,944 72,072 59,306 237,754 Feb. 8 2,817, 591 166,349 1,033,12c 162,395 285, 719 75.910 159,486 420,007 64,864 76,129 93,351 63,366 236,889 Feb. 15 2,813,632 179,057 994,996 154,437 234,043 81,265 156,352 440,494 65,692 76,978 94,145 65,463 240, 710 Feb. 21 2,819,786 172,328 1,037,658 159,902 257,416 79,750 154,356 432,663 57,663 78,712 99,319 63,385 226,634 Feb. 29 2,808,370 155, 5371,056, 531151,572! 261,481 78,107 152,290 427,305 60,257 78,263 99,582 64,646 222,799 Reserves other than gold: Feb. 1 171,652 14,42; 32,586 11,839 14,132 11,095 15,859 21,142 15,281 4,804 7,604 10,554 12,331 Feb. 8.. 167,474 14,760 32, 593 11,757 12, 359 11,013 14,805 21,210 15,235 4,704 6,990 10,351 11,697 Feb. 15 167,179 14,634 32,161 11,194 13,718 11,132 15,291 20,287 14,923 4,735 6,852 10,272 11,980 Feb. 21 164,564 14,908 31,902 9, 764 14,323 10, 746 15,172 20,054 14,380 4,814 6,956 10,275 11,270 Feb. 29 165,931 14,993 32,273 8,648 14,201 10,595 16,251 20,998 14,317 4,910 6,987 10,256 11,502 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 213 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] RESOURCES—Continued Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap in o n li e s -1 K C an it s y as Dallas F c S r is a a c n n o - Total reserves: Feb. 1 2,970,630 189, 958 1,052,037 173,841 287, 431 81,824 167,: 441,: 83,225 76,876 96,495 69,1 250,085 Feb. 8 2,985,065 181,109 1,065,719 174,152 278,078 86,923 174,291 441,217 80,099 80,833 100,341 73, 717 248,586 Feb. 15 2,980,811 193,691 1,027,157 165, 631277,761 92,397 171, 643 460, 781 80,615 81,713 100,997 75,735 252, 690 . Feb. 21 2,984,350 187,236 1,069,560 169,666 271,739 90,496 169,528 452,717 72,043 83,526 106,275 73,660 237,904 Feb. 29 2,974,301 170,530 1,088,804 160,220 275,682 88,702 168,541 448,303 74,574 83,173 106,569 74,902 234,301 Nonreserve cash: Feb. 1 84,434 8,581 28,852 2,334 5,! 8,083 4,586 8,761 4,727 1,197 2,434 3,583 5,310 Feb. 8.. 79,007 7,688 27,198 2,434 4,532 8,350 4,474 8,162! 4,769 1,130 2,428 3,325 4,517 Feb. 15 76,242 7,681 24,298 2,559 5,079 7,940 4,510 8,09l| 4,718 1,033 2,532 3,369 4,432 Feb. 21 71,496 6,976 22,252 2,502 5,087 7,314 4,100 8,090 4,458 1,375 2,046 3,000 4,296 Feb. 29 70,296 6,664 21,417 2,437 4,939 7,172 4,500 8,010 4,416 1,216 2,146 2,943 4,436 Bills discounted: Secured by U. S. Government obligations— Feb. 1.... 296, 528 17,207 100,623 36,261 29,287 10,687 5,692 27,335 7,760 2,191 7,929 2,057 49,499 Feb. 8. 298,164 25, 312 98,808 34,630 31,976 7,871 5,208 31,853 8,639 834 6,824 1,348 44,861 Feb. 15 318,181 15.983 114,953 44,945 32,330 9,790 3,364 33,359 13,226 1,781 4, 2,111 41,345 Feb. 21.... 290,925 20. 083 63,895 42,221 34,743 8,953 4,064 46,634 16,523 3,501 2,796 2,267 45,245 Feb. 29 306,408 30, 551 50,752 46,827 40,711 7,495 3,983 42,998 13,041 2,476 5,767 737 61,070 Other bills discounted— Feb. 1.. 126,904 18,384 13, 671 12,064 4,705 18,481 20, 588 12, 434 11,090 1,570 6, 215 2,431 5,271 Feb. 8 160,620 22, 721 26,938 11,923 12, 585 19,048 20,466 18,094 9,851 1,457 6,315 9,414 Feb. 15 162,909 16,973 38,857 13,464 13,724 15, 529 22,113 14,406 9,083 1,451 6,129 1*660 9,520 Feb. 21 170,119 23,299 23,951 9,814 19,859 19,238 25,045 15,184 12,728 1,435 5,414 1,701 12,451 Feb. 29 186,160 24,689 32,584 12,928 25,273 22,220 22,925 18,387 14,970 1,424 5,001 1,910 3,849 Total bills discounted: Feb. 1 423,432 35,591 114,294 48,325 33,992 29,168 26,280 39,769 18,850 3,761 14,144 4,488 54,770 Feb. 8 458,784 48,033 125,746 46,553 44, 561 26,919 25, 674 49,947 18,490 2,291 13,139 3,156 54,275 Feb. 15 481,090 32,956 153,810 58,409 46,054 25,319 25,47' 47,765 22,309 3,232 11,123 3,771 50,865 Feb. 21 461,044 43,382 87,846 52,035 54,602i 28,191. 29,109 61,818 29,251 4,936 8,210 3,968 57,696 Feb. 29... 492, 568 55,240 83,336 59,755 65,9841 29,715 26,908 61,385 28,011 3,900 10,768 2,647i 64,919 Bills bought in open market: Feb. 1 377,393 38, 768 103, 615 29,134 33,417 26,692 10,825 57.961 13,821 14,211 13, 738 18, 282' 16,929 Feb. 8..... 369,273 38,403 95, 503 30, 695 34,067 24,590 11,822 52.962 14, 742 13, 520 14, 565 16,639 21, 765 Feb. 15 354, 787 34,426 96, 396 32,430 31,946 21, 344 11, 302 45,106 14,836 12,449 13, 892 14,622 26,038 F F e e b b . . 2 2 9 1 3 3 4 5 3 3 , ,2 7 2 5 7 9 3 3 9 5 , , 5 6 0 0 5 8 1 9 0 6 2 , , 5 7 0 9 5 7 3 3 7 4 , , 2 9 8 8 ' 8 3 2 0 8 , ,0 4 5 0 9 4 1 1 8 6 , , 8 1 4 0 0 7 1 1 1 0 , , 1 5 3 1' 1 4 4 2 1 , , 0 32 9 5 9 1 1 4 2 , ,4 2 1 2 3 2 1 1 0 1 , , 7 2 4 5 3 3 ! 1 1 2 2 , , 8 1 4 0 9 7 1 1 3 2 , , 9 9 1 1 6 4 j | 2 2 5 5 , , 8 5 9 0 4 9 U. S. Government securities: Bonds— Feb. 1 61,901! 1,094 5,211 94' 1,171 1,286 159 20,913 7,380 4,692! 10,479 8, 0911 481 Feb. 8 56,443i 708 3,384 585 7551 1,153 44 19, 927 7,125 4,4991 10,390 7,820; 53 Trea F F F s e e e u b b b r . . . y 2 2 1 n 9 1 5 o . t . es— 5 5 5 5 5 7 , , , 6 4 3 3 1 8 4 0 7 7 8 7 0 5 0 8 8 8 3 3 3 , , , 3 3 3 8 8 8 4 4 4 5 5 5 8 8 8 5 5 5 7 7 7 5 5 5 5 5 5 ! ! 1 1 1 1 , , , 1 1 1 5 5 5 3 3 3 1 2 6 1 5 3 9 2 2 1 0 0 9 , , , 3 9 9 5 2 1 7 7 7 7 7 7 , , , 1 1 12 2 2 5 5 5 4 4 4 , , , 5 5 5 1 1 1 9 9 9 ; 1 9 9 0 , , , 0 0 3 9 9 90 0 0 7 7 7 , , , 8 8 8 2 2 1 0 9 0 1 ! 5 5 5 2 2 3 Feb. 1.. _. 233, 082 12,993 48, 685 19, 522 39,087 4,494 5,595 27, 433 18, 068 9,558 12, 221 11,314 24,112 Feb. 8 210, 765 11, 680 40,171 18, 297 37, 669 4,040 5, 202 23,493 17,202 8,902i 11,068 10,391 22, 650 Feb. 15-... 213,704! 11,680 42,171 18, 297 37, 669| 4,040 5,197 24,338 17,203 8,909! 11,167 10, 383! 22, 650 Feb. 21 207, 7411 11,391 39,175 18,027 37,3571 3,941 5,114 23,540 17,011 8,764j 10,913) 10,180; 22,328 Feb. 29... 206,036; 11,246 38, 677 17,892 37,200 3,890 5,071 23,421 16,916 8,692 10,786 10,078: 22,167 Certificates of indebtedness— Feb. 1 138, 678 i 9,19' 37,800 15, 779 11,082 3,180 4,630 19, 743 7,448 4, 599 8, 521 6,462! 10, 240 Feb. 8 134,131! 9,410 32,363 15,""' 11,316! 3,255 4,737 18,965 7, 592 4,707 8,711 6, 614!10, 480 Feb. 15 137, 2951 9,410 35, 063 15, 981 11,316! 3,255 4,697 19,270 7,591 4,707 8,711 6,814! 10,480 Feb. 21 138,3841 9,699 33,359 16,251 11,628 3,355 4,740 20,033! 7,782 4,852) 8,965 6,917; 10,803 Feb. 29-.. _ 145,956 9,844 ~;8,877 16,386 11,785! 3,405 4,880 21,002 ' 7,8771 4,9241 9,093 6,919! 10, 964 Total U. S. Government securities: Feb. 1__ 433,661 23, 281 91,696 36, 245 51, 340 8,960 10, 384 68, 089 32,896 18,849 31, 221 25,867 34,833 Feb. 8 401,3391 21, 798 75, 918 34,863 49, 740 8,448 9, 983 62, 385 31,919 18,108! 30,169 24, 825 33,183 Feb. 15 408,433 j 21, 798 80, 618 34, 863 49, 740 8,448 9, 9191 64, 525 31,919 18,135! 30, 268 25, 017 33,183 Feb. 21 , 4_0_1_,,5._1_2,, 21,948 75,9181 34,863 49,740 8,449 9,973 63,500 31,918 18,135! 28,968 24,917 33,183 Feb. 29 407,602 | 21,798 80,938 34,863 49,740 8,448 10,014 64,780 31,918 18,1351 28,969 24,816 33,183 Other securities: | i Feb.l. I 500' 500 i. Feb. 8 I 5(Jbj! 500;. Feb. 15 ! 500 5001. Feb. 21 ! 500 500. Feb. 29. | 1,000 1,000. Total bills and securities: || Feb.l ...! 1, 234,986'i 97,640! 309,605 113, 704 118, 749 64,820 47,489: 165,819 65, 567 37,321 59,103 48,637 106, 532 Feb. 8 ! 1,229,896!; 108,234; 297,167 112, 111 128,368 59,957 47,479i 165,294 65,151 34,419 57,873 44,620 109, 223 Feb. 15... ! 1,244,810ii 89,180 330,824 125, 702 127, 740 55,111 46,698! 157,396 69,064 34,3161 55, 283 43,410 110,086 Feb. 21 '• 1,216,283!: 100,938} 236,561 121,886 134, 746 55,480 50,213 166,643 75,391 34,824 50,027 42,801 116,773 Feb. 29 ! 1,244,929! 116, 543i 260,779131,902 143,783 54,2701 47,436! 168,264 72,342 33, 778 51,844 40,377 123,611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN MARCH, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] RESOURCES—Continued Federal Reserve Bank Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Due from foreign banks: Feb. 1. _ . 568 37 216 46 51 25 21 68 21 13 18 17 35 Feb. 8 568 37 216 46 51 25 21 68 21 13 18 17 35 Feb. 15 568 37 216 46 51 25 21 68 21 13 18 17 35 Feb. 21 568 37 216 46 51 25 21 68 21 13 18 17 35 Feb. 29 567 37 215 46 51 25 21 68 21 13 18 17 35 Uncollected items: Feb. 1 _ 621,207 61,904 171,700 50,925 56,155 47,701 26, 286 73,137 29,874 10,671 35,297 24,677 32,880 Feb. 8 589,083 57,964 149, 275 49,115 51,981 49,323 25,227 69,356 31,927 11,370 36,100 23,611 33,834 Feb. 15 772,437 63,323 223,797 72,622 66,933 50,356 28, 548 101,837 34,303 13, 660 37,959 33,236 45,863 Feb. 21 649,135 61,387 171,229 54,237 61,885 51,526 26,956 76, 535 32,074 11,783 37,615 26,310 37,618 Feb. 29 614,520 58,790 164,584 51,528 55,445 50,089 24,488 75,226 28,144 11, 522 37,147 23,213 34,344 Bank premises: Feb. 1 58,755 3,824 16,516 1,756 6,865 2,890 2,829 8,615 3,791 2,202 4,308 1,785 3,374 Feb. 8 58, 869 3,824 16, 516 1,756 6,865 2,894 2,829 8,619 3,891 2,202 4,308 1,791 3,374 Feb. 15 59,051 3,824 16,516 1,756 6,865 3,049 2,829 8,646 3,891 2,202 4,308 1,791 3,374 Feb. 21 59,055 3,824 16,516 1,756 6,865 3,053 2,829 8,646 3,891 2,202 4,308 1,791 3,374 Feb. 29 59,064 3,824 16,516 1,756 6,865 3,062 2,829 8,646 3,891 2,202 4,308 1,791 3,374 All other resources: Feb. 1 10,455 86 2,598 190 1,066 398 1,379 1,289 731 1,101 460 525 632 Feb. 8 10,411 87 2,545 201 1,108 404 1,365 1,273 734 1,012 522 527 633 Feb. 15 _ 10,839 110 2,733 246 1,116 402 1,478 1,322 749 1,003 510 538 632 Feb. 21 10,913 89 2,662 253 1,127 402 1,445 1,390 747 1,084 504 542 668 Feb.29 11,168 76 2,895 256 1,136 417 1,462 1,440 739 968 473 542 764 Total resources: Feb. 1 4,981,035 362,030 1,581,524 342, 796 476,303 205, 741 250,390 698,887 187,936 129,381 198,115 149, 084 398,848 Feb. 8 4,952,899 358,943 1, 558, 636 339,815 470,983 207,876 255, 686 693,989 186,592 130,979 201, 590 147,608 400,202 Feb 15 5,144,758 357,846 1,625,541 368, 562 485, 545 209, 280 255, 727 738,141 193,361 133,940 201, 607 158,096 417,112 Feb.21 4,991,800 360,467 1,548,996 350,346 481,500 208,296 255,092 714,089 188,625 134,807 200,793 148,121 400,668 Feb. 29 4,974,845 356,464 1,555,210 348,145 487, 901 203,737 249,277 709,957 184,127 132,872 202, 505 143,785 400,865 LIABILITIES Federal reserve notes in circulation: Feb. 1 1, 576, 985 124,095 344,481 120, 486 193, 772 68,050 133, 856 229, 549 53, 287 55,844 61,420 40, 089 152,056 Feb 8 1, 584,183 122, 574 342, 996 120,383 195,122 67,061 144,494 230, 027 52, 739 55,924 61,124 39, 267 152, 472 Feb. 15 1, 586,195 121, 369 347, 293 124,639 193, 771 66,176 140,889 231, 520 52,806 56, 275 60, 661 38,195 152, 601 Feb. 21. 1,591,898 122, 598 350,348 124,330 193,714 65,826 140,927 236, 596 52,674 56,138 60,134 38,114 150,499 Feb. 29 1,588,238 121,131 348,715 125,271 197,343 63,629 140, 035 236,535 52,471 56,167 59,204 37,330 150,407 Deposits: Member bank—reserve account— Feb. 1 2,404, 673 148,939 958, 445 138,264 188, 087 71,247 74, 089 346, 389 86,282 52, 033 89, 572 69, 661 181, 665 Feb. 8 2,395, 037 150, 216 956, 368 136, 111 184, 369 73, 338 68,468 345, 468 84, 624 52, 372 91, 947 70,365 181,391 Feb. 15_ 2,391,154 146, 630 942, 040 137, 536 184,624 72,323 70,857 350, 085 86,272 52, 494 90, 605 71, 459 186,229 Feb. 21 2,357,083 149,022 917, 038 138,020 185,672 72,234 70,404 348,071 83,496 55,535 90,985 68,826 177,780 Feb-. 29 2,374,515 146,636 938,064 135,883 192,966 70,601 69,441 342,971 82,757 53, 580 92,312 68, 349 180, 955 Government— Feb. 1 24,006 1,146 10, 307 1,124 1,310 1,201 1,785 2,448 827 979 1,122 1,078 679 Feb. 8 26, 385 2,106 12, 833 1,298 785 993 2,425 1,949 1,020 916 1,014 746 300 Feb 15 26,457 2,449 3,338 1,608 2,511 3,364 1,866 2,859 1,502 738 1,273 1,276 3,673 Feb. 21 23,681 1,882 6, 111 1,178 1,587 1,992 1,727 1,882 2,119 1,203 1,385 1,285 1,330 Feb. 29 27,917 1,948 6,340 1,249 2,320 1,963 1,709 4,159 1,691 1,228 2,094 784 2,432 Foreign bank— Feb. 1 5,045 344 1,750 436 477 234 193 638 197 124 165 161 326 Feb. 8 _ 5,151 344 1,856 436 477 234 193 638 197 124 165 161 326 Feb. 15 4,844 344 1,549 436 477 234 193 638 197 124 165 161 326 Feb. 21 . 5,324 344 2,029 436 477 234 193 638 197 124 165 161 326 Feb. 29 6,044 344 2,749 436 477 234 193 638 197 124 165 161 326 Other deposits— Feb. 1 18,178 204 9,823 131 1,015 142 93 1,067 361 246 792 76 4,228 Feb. 8 .- 18, 601 195 9,258 317 1,105 134 123 1,005 348 209 765 77 5,065 Feb 15 21,308 181 12,806 63 923 139 120 1,158 355 363 727 101 4,372 Feb. 21 18,765 174 9,555 112 864 181 111 957 608 138 725 179 5,161 Feb. 29 17,129 94 9,009 94 734 106 196 1,003 * 287 198 687 70 4,651 Total deposits: Feb. 1 2,451,902 150, 633 980,325 139,955 190,889 72,824 76,160 350,542 87, 667 53, 382 91, 651 70,976 186,898 Feb 8 2,445,174 152,861 980, 315 138,162 186, 736 74, 699 71,209 349,060 86,189 53, 621 93,891 71,349 187,082 Feb. 15 . 2,443,763 149, 604 959, 733 139,643 188,535 76,060 73,036 354, 740 88,326 53, 719 92, 770 72, 997 194,600 Feb. 21 2,404,853 151,422 934,733 139,746 188,600 74,641 72,435 351,548 86,420 57,000 93,260 70,451 184,597 Feb. 29 2,425,605 149,022 956,162 137,662 196,497 72,904 71, 539 348,771 84,932 55,130 95,258 69,364 188,364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDEEAL RESERVE BULLETIN 215 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] LIABILITIE S—Continued Federal Reserve Bank Total New Phila- Cleve- Rich- Chi- St. Minne-1 Kansas San Boston York delphia land mond Atlanta cago Louis apolis City Dallas Francisco Deferred availability items: Feb. 1 573,990 59,565 149,303 47,110 52,319 45,462 24,864 65, 757 30, 555 9,285 31, 272 24, 881 33,617 Feb. 8 544,506 55, 762 127,653 45, 9571 49,615 46,697 24,432 61, 7401 31, 227 10,552 32, 779 23,829 34, 265 Feb. 15 734,302 59,094 210, 379 68,932 63,698 47,648 26,260 97,753] 35, 779 13,070 34,404 33, 753 43, 534 Feb. 21 613,456 58, 536 155, 743 50,461 59,596 48,400 26,156 71,692 33,020 10, 772 33,604 26,352 39,124 Feb. 29 579, 520 58,440 142,133 49,380 54,474 47,779 22,146 70,403 30,236 10,689 34,264 23,901 35,675 Capital paid in: Feb. 1 134,440 9,404 41,846 13, 218 14,124 6,247 5,171 18,097 5,340 3,0251 4,251 4,265 9,452 Feb. 8 134,619 9,390 41,910 13, 226 14,218 6,248 5,176 18,0971 5,339 3,025| 4,251 4,265 9,474 Feb. 15... 135,877 9,468 42,098 13, 227 14,202 6,246 5,181 19, lOOJ 5,340 3,0271 4,248 4,265 9,475 Feb. 21 136,474 9,468 42,193 13,644 14,217 6,246 5,180 19,116 5,353 3,027 4,248 4,301 9,481 Feb. 29 136,592 9,468 42,337 13,641 14,217 6,249 5,159 19,116 5,353 3,027) 4,248 4,304 9,473 Surplus: Feb. 1... 233, 319 17,1 63,007 21,662! 24,021 12,324 9,996 32,778 10,397 7,039i 9,046 8,527 16,629 Feb. 8.. 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 Feb. 15 233,319 17,893 63,007 21, 662 24, 021 12, 324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 Feb. 21 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 Feb. 29 233,319 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: Feb. 1 10,399 440 2,562 365 1,178 834 343 2,164 690 806 475 346 196 Feb. 8 11,098 463 2,755 425 1,271 847 379 2,287 701 8181 499 371 282 Feb. 15 11,302 418 3,031 459 1,320 826 365 2,250 713 810 478 359 273 Feb. 21 11,800 550 2,972 503 1,352 859 398 2,359 761 8311 501 376 338" Feb. 29 11,571 510 2,856 529 1,349 852 402 2,354 738 485 359 317 Total liabilities: Feb. 1 4,981,035 362,030 1,581,524 342,796 476,303 205,741 250,390 187,936 129,381 198,115 149,084 398,848 Feb. 8.... 4,952,899 358,943 1,558,636 339,815 470,983 207,876 255,686 186, 592130,979 201, 590 147,608 400,202 Feb. 15 5,144,758 357,846 1,625,541 368,562 485,545 209,280 255, 727738,141 193,361 133,940 201,607 158,096 417,112 Feb. 21 4,991,800 360,467 1,548,996 350,346 481,500 208,296 255,092 714, 089188,625 134,807 200,793 148,121 400,668 Feb. 29 4,974,845 356,464 1,555,210 348,145 487, 901203,737 249,277 709,957 184,127 132,872 202,505 143, 785400, 865 MEMOEANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Feb. 1 73.7 69.1 79.4 66.7 74.7 58.1 79.9 76.1 59.0 70.4 63.0 62.9 73.8 Feb. 8 74.1 65.8 80.5 67.4 72.8 61.3 80.8 76.2 57.7 73.8 64.71 66.6 73.2 Feb. 15 74.0 71.5 78.6 62.7 72.7 65.0 80.2 78.6 57.1 74.3 65.8 68.1 72.8 Feb. 21 74.7 68.3 83.2 64.2 71.1 64.4 79.5 77.0 51.8 73.8 69.3 67.8 71.0 Feb. 29 74.1 63.1 83.4 60.9 70.0 65.0 79.7 76.6 54.3 74.7 69.0 70.2 69.2 Contingent liability on bills purchased for foreign correspondents: Feb. 1 237,364 17,790 67,054 22, 534 24,669 12,097 32,971 10,200 6,404 8,539 8,302 16,841 Feb. 8 238,821 17,790 68, 511 22,534 24,669 12,097 9,963 32,971 10,200 6,404 8,539 8,302 16,841 Feb. lftc_ 241,697 18,011 69,269 22,814 24,976 12,248 10,086 33,381 10,327 6,484 8,645 8,405 17,051 Feb. 21 241,238 18,011 68,810 22,814 24,976 12,248 10,086 33,381 10,327 6,484 8,645 8,405 17, 051 Feb. 29 238, 817 18,011 22,814 24,976 12,248 10,086 33,381 10,327 6,484 8,645 8,405 17, 051 Own Federal reserve notes held by*Federal reserve bank: Feb. 1 447,067 32,120 133,825 43, 906 39,865 21, 742 30,185 46,667 7,375 5,256 9,013 9,438 67,675 Feb. 8. 436, 715 31,329 130,934 43,498 36,432 21,800 31,647 47,394 7,364 4,758 8,309J 9,365 63,885 Feb. 15._ 422,858 29,916 129,480 36, 605 33, 717 22,166 33,403 46,022 7,101 4,962 7,156 9,889 62,441 Feb.21 407,907 23,892 127,709 37,219 33,980 21,147 32,206 41,126 7,022 5,278 7,303 8,511 62,514 Feb. 21 403,935 27,3631 124, 798 34,663 32, 587 23, 078 31, 454 41,010 6,921 4,861 7,549 8,721 60,930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN MARCH, 1928 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P 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 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: Feb. 1 2,924,622 235,435 770,386 197,892 278,317 115,391 226,421 462,516 77,832 109,253 70,159 298,231 Feb. 8 2,910,017 231,923 766,010 195,231 276,234 114,460 230,221 459,920 76,873 81,771 108,253 69,264 299,857 Feb. 15 2,897,758 233,205 759,493 192,594 273, 568113,941 233,732 458,342 76,677 81,771 107,177 68,716 298,542 Feb.21... 2,889,110 231,260 763,417 190,499 273,774 112, 572233,273 456,022 75,746 81,230 106,797 68,007 296,513 Feb. 29 _._. 2,870,453 229,264 758,873 187,284 271,910 111, 608233,069 452,245 76,402 81,417 106,115 67,433 294,837 Federal reserve notes held by Federal reserve agent: Feb. 1 900,570 79,220 292,080 33,500 44, 680 25, 599 62,380 186,300 17,170 21,689 38,820 20,632 78,500 Feb. 8 _ 889,119 78,020 292,080 31,350 44,680 25,599 54,080 182,499 16,770 21,089 20,632 83,500 Fev. 15 _ 888,705 81,920 282,720 31,350 46,080 25,599| 59,440 180,800 16,770 20,534 39,360 20,632 83,500 Feb.21 _ .._. 889,305 84,770 285,360 28,950 46,080 25, 509 60,140 178,3001 16,050 19,814 39,360 21,382 83,500 Feb. 29 878,280 80,770 285,360 27,350 41,980 61,580 174,700 17,010 20,389 39,360 21,382 83,500 Federal reserve notes issued to Federal reserve bank: Feb.1 2,024,052 156,215 478,306 164,392 233,637 89,792 164,041 276,216 60,662 61,100 70,433 49,527 219,731 Feb. 8 _ 2,020,898 153,903 473,930 163,881 231,554 88,861 176,141 277,421 60,103 69,433 48,632 216,357 Feb. 15.._ 2,009,053 151,285 476, 773161,244 227,488 88,342 174,292 277,542 59,907 61,237 67,817 48,084 215,042 Feb.21 1,999,805 146,490 478,057 161, 549227,694 86,973 173,133 277,722 59,696 61,416 67,437 46,625 213,013 Feb. 29 1,992,173 148,494 473, 513159,934 229,930 86,707 171,489 277,545 59,392 61,028 66,753 46,051 211,337 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Feb. 1... 414,440 35,300 205,150 42,600 31,020 20,000 8,900 14,167 17,303 40,000 Feb. 8 414,441 35,300 205,150 42,600 31,021 20,000 8,900 14,167 17,303 40,000 Feb. 15 _ 414,840 35,300 205,150J. 42,600 31.020 20,000 9,300 14,167 17,303 40,000 Feb.21 414,841 35,300 205,150| 42,600 31.021 20,000 9,300 14,167 17,303 40,000 Feb. 29 414,841 35,300 205,150j 42,600 31,021 20,000 9,300 14,167 17,303 40,000 Gold redemption fund— Feb. 1___. 103,797 14,848 19,109 10,015 13,525 7,983 8,671 1,927 2,127 956 4,756 4,055 15,825 Feb. 8 98,023 11,336 18,995 12,354 12,942 7,051 6,992 1,855 1,168 1,938 3,757 4,159 15,476 Gold F F F e e e fu b b b n . . . d 2 2 1 — 1 9 5 ... __.. 9 9 4 9 , , 6 4 1 6 1 1 1 1 1 9 7 5 , , , 6 6 6 7 7 1 3 7 8 1 1 1 8 8 8 , , , 9 8 8 4 7 0 5 5 7 7 9 9, , , 7 6 4 1 2 0 7 2 7 1 1 12 2 2 , , , 3 9 2 1 8 7 8 2 5 J 4 6 3 , , , 7 1 7 6 3 9 4 3 7 4 8 5 , , , 3 3 5 4 3 0 3 9 3 1 1 1 , , , 1 7 7 2 2 5 5 2 1 , , 0 9 7 4 3 7 1 7 2 M 1, 9 5 7 84 4 3, , 6 3 1 0 6 0 3 4 4, , , 6 9 3 1 0 2 2 2 9 1 1 1 4 5 4 , , , 7 2 9 3 6 8 2 0 7 Feb. 1 901,099 58,000 75,000 86,377 125,000 6,500 99,500 225,000 22,500 32,000 48,860 7,000 115,362 Feb. 8.. 910,474 58,000 75,000 85, 777125,000 6,500 112,500 225,000 20,500 32,000 48,860 9,000 112,337 Feb. 15 852, 625 48,000 35,000 76,527 125,000 11, 500113, 000225,000 16,500| 32,000 48,860 10,000 111,238 Feb.21 874,669 48,000 95,000 78,927 105,000 11,500 109,400 225,000 11, 500 32,000 48,860 10,000 99,482 Feb. 29 878,048 48,000 95,000 76,927 105,000 14,000 106,700 225, 000 11,5001 34,000 48,860 10,000 103,061 Eligible paper— Feb. l____ 765,210 74,359 200,721 70, 302 64,857 49,071 36,622 97, 565 32,481 17,725 27,753 22, 589 71,165 Feb. 8 805,059 86,436 211, 693 70,891 78,373 46, 353 37,011 102, 726 33,017 15,517 27,522 19, 611 75,909 Feb. 15— 809,605 67, 382240,871 80, 557 77,817 43,098 36,137 92, 732 36, 952 15,426 24,829 18,193 75, 611 Feb.21 787,140! 78,990 180,649 76,820 84, 078 43,015 39, 558103,004 43,187 15,951 20,857 17,612 83,419 Feb. 29 _.. 801, 275 94,745 169,755 79,114 93,055 42,049 36,624 103,322 40,104 14,389 22, 593 15,268 90,257 Total collateral: Feb. 1 2,184, 546 182,507 499,980 166,694 245,982 94,574 164, 793324,492 66,008 64,848 81,369 50,047 242,352 Feb. 8 2,227,997 191,072 510,838 169,022 258,915 90,925 176, 503329, 581 63,585 63,622 80,139 50,073 243, 722 Feb. 15 2,176, 531 170, 300499,966 166,801 257,692 91, 751174, 640319,540 63, 724 63,531 76,369 50,108 242,109 Feb.21 2,171,261 179,963 499,674 163,369 244,660 90,300 173,301 329,729 66,028 63, 515 74,017 48,817 237,888 Feb. 29 . 2,190,232 193, 722488, 712165,448 252,973 171,663 330,047 62,641} 64,140 75,069 46,900 248,050 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESBRVE BULLETIN 217 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Wi d th ay in s 15 16 d a te y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m d o a n y t s h s to m O o v n e t r h 6 s Bills discounted: Feb. 1 423,432 362,922 15,929 22,552 15,571 5,080 1,378 Feb. 8 458,784 385,943 19,353 27,125 19,876 5,103 1,384 Feb. 15 481,090 412,890 17,033 25, 345 19,730 4,545 1,547 Feb. 21 461,044 389, 673 20,415 27,022 17,811 4,253 1,870 Feb. 29 _ 492, 568 420,680 17, 933 29,469 18,156 4,215 2,115 Bills bought in open market: Feb. 1 . . .. 377,393 122, 331 72, 232 97,967 80,845 4,018 Feb. 8 369, 273 112, 598 69,436 111, 343 70,974 4,922 Feb. 15. . 354, 787 111, 592 71,103 115,829 51,895 4,368 Feb. 21... 353,227 118,113 70,958 119, 308 40,466 4,382 Feb. 29 . 343, 759 111,382 92,357 107,092 29, 762 3,166 •Certificates of indebtedness: Feb. 1 138, 678 5,000 55, 577 46, 259 31,842 Feb. 8 _ _.. 134,131 20,419 78,845 34,867 Feb. 15 137,295 700 15,441 80,951 40, 203 Feb. 21 138,384 100 5,912 7,200 83,550 41,622 Feb. 29 145,956 20,072 83, 525 42, 359 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM JANUARY 19 TO FEBRUARY 15, 1928, INCLUSIVE [In thousands of dollars] Changes in ownership Federal reserve bank Tran m sf e e n rs t a fo cc r o G un ov t ern- Transit clearing Federa c l l e r a e r s i e n r g ve note o fe f r s g o a l n d d t h cl r e o a u r g in h g t s rans- in B f a u l n a d nc a e t close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston _ . 887,270 898,821 4,853 3,312 10,010 42,880 New York 10,000 1,000 3,100,763 3,058,591 9,113 15,073 45,212 319,990 Philadelphia . - 500 742,272 729,840 5,941 4,107 14,766 36,004 Cleveland .. 1,000 714,345 715,405 8,495 4,455 3,980 38,498 Jiichmond 1,000 842,362 856,862 2,676 3,310 14,134 20,810 Atlanta 1,500 310,299 322,161 3,083 3,457 10,736 8,363 Chicago 7,000 1,241,781 1,275,125 7,700 7,286 39,930 154,600 St. Louis .- 1,500 557,918 541,064 2,022 3,103 14,273 23,866 Minneapolis 500 500 152,280 160,218 1,926 1,297 7,309 21,842 Kansas City. . . - 2,000 398,819 392,860 2,531 2,611 3,879 32,064 Dallas 500 303,237 316, 663 1,682 1,971 14,215 23,939 Saa Francisco - 2,000 466,357 450,093 2,845 2,885 14,224 40,990 Total 4 weeks ending— Feb. 15, 1928 14,500 14,500 9,717,703 9,717,703 52,867 52,867 96,334 96,334 763,846 Jan. 18, 1928 21,500 21,500 10,871,179 10,871,179 54,980 54,980 551,156 Feb. 16, 1927 7,500 7,500 8,898,724 8,898,724 50,713 50,713 616,853 Jan. 19, 1927. 43,000 43,000 9,084,279 9,084,279 55,873 55,873 503,514 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN MARCH, 1928 FEDERAL RESERVE BANKS-HOLDINGS OF BILLS DISCOUNTED, BY STATES IN WHICH BORROWING BANKS ARE LOCATED [End of month figures, in thousands of dollars] 1927 1928 State January Fe a b ry ru- March April May June July August Septem- October No b v e e r m- De b c e e r m- Ja a n ry u- United States.- 424,839 469, 558 451,183 476, 647 459,086 443,450 442,158 400,524 437,425 411, 525477,025 581,503 423,310 New England: Maine _ 1,634 1,969 1,781 1,155 1,319 2,300 733 951 2,394 1,808 1,473 909 752 New Hampshire 1,550 1,779 1,644 1,225 2,113 2,231 1,366 927 875 730 636 805 1,112 Vermont. 1,246 1,370 1,530 1,248 1,041 1,375 1,078 884 783 1,128 649 558 534 M assachusetts 23,265 33,330 40, 281 16,966 45,293 i35,360 33, 511 28,760 25, 520 20,388 33,404 24,314 33,751 Rhode Island 1,595 93 394 30 4,263 487 1,304 2,047 1,772 787 552 304 102 Connecticut 2,617 4,004 5,088 3,443 3,005 4,354 3,343 4,439 2,530 2,504 3,096 3,083 2,196 Middle Atlantic: New York 90,135 120,431 53,083 127,888 72,497 73,559 76,794 84,443 104,472 83,170 129, 769266,687 103,025 New Jersey 25,951 24,434 25,012 24,989 25, 548 30,156 24,924 25,258 22,225 22,140| 19,150 19,923 Pennsylvania 47,802 48,122 80,587 57,341 77,521 49, 741 45,242 51, 733 46,622 57,920 104,217 59,006 East North Central: Ohio _ 23,982 15,860 17.136 17,458 15,633 20, 777 21,992 13,485 21,483 24,403 15,868 15, 535 12,783 Indiana 6,246 7,890 4,302 3, 522 4,055 4,975 5,189 3,321 3,545 3,577 1,686 3,115 3,587 Illinois 18,439 29,492 51,134 24,408 26,334 18,996 19,662 9,712 17,639 25,266 23,797 14,203 15,356 Michigan 36,679 31,267 20,585 11,122 14,864 24,644 18,445 13,751 10, 691 21, 582 27,696 27, 231 17,884 Wisconsin 8,406 7,103 9,228 9,030 8,980 11,008 7, 513 4,679 3,944 4,132 3,320 6,658 2,735 West North Central: Minnesota 3,772 3,754 3,471 876 1,547 3,461 1,416 1,033 2,375 722 2,408 Iowa 6,532 5.303 6,280 5,810 3,463 3,509 2,913 4,555 6,870 4,023 4,586 Missouri 6,903 9,621 17.137 17, 232 23,104 27,646 17,141 17,850 16,947 9,913 11,837 11,475 16,228 North Dakota 713 826 791 1,082 1,199 1,171 1,554 1,761 830 427 312 319 472 South Dakota 951 929 953 1,037 1,095 1,262 1,479 1,283 794 570 695 640 619 Nebraska 5,753 3,252 2,434 7,467 6,745 2,289 1,674 1,310 1,697 5,167 9,119 4,705 4,182 Kansas _ 1,556 1,312 1,493 2,078 2; 927 2,314 1,794 1,338 1,417 3,639 2,980 1,246 1,199 South Atlantic: Delaware 499 644 857 813 949 836 646 532 317 711 783 474 620 Maryland 4,106 5,126 2,545 3,163 4,342 8,629 2,742 1,477 5,150 5,547 7,098 5,498 11, 744 District of Columbia. 865 1,070 1,020 704 81 485 115 1,315 1,465 500 920 320 Virginia 7,963 5,167 6,491 7,349 5,278 5,002 7,520 11, 267 11,289 5,877 11, 894 9,297 West Virginia.. 2,640 2,317 2,134 2,984 2,954 3,441 2,281 2,455 3,227 2,497 1,631 5,363 3,367 North Carolina 4,580 4,586 5,758 6,484 7,447 6,802 7,856 6,977 5,293 2,429 1,998 4,738 South Carolina.. 4,321 4,576 4,612 4,242 2,636 2,030 2,800 2,607 1,529 1,323 1,671 1,425 2,172 Georgia 4,309 4,461 5,332 5,374 5,505 6,571 5,882 6,457 5,467 4,722 6,575 3,582 4,013 Florida 5,989 4,982 3,448 2,441 1,955 1,817 2,504 3,445 4,142 4,406 3,502 2,619 1,799 East South Central: Kentucky 3,299 3,112 2,500 4,231 2,283 7,799 8,199 6,593 9,575 9,667 6,911 6,663 2,177 Tennessee 5,537 5,537 3,057 3,033 2,314 4,028 5,276 6,879 3,914 3,096 2,845 1,842 Alabama 4,299 5,507 7,514 8,557 7,139 6,107 6,177 5, 310 3,670 2,830 5,380 2,411 4,641 Mississippi.. 2,122 1,573 1,382 1,869 2,520 2,189 3,045 4,028 3,725 1,945 1,563 1,239 1,225 West South Central: Arkansas 1,989 1,277 1,283 1,185 1,542 1,353 2,343 3,306 4,550 2,332 2,001 210 2,688 Louisiana 8,804 10,100 12,146 19,688 13,961 11,125 20,169 12, 612 8, 736 11,156 21, 557 16, 620 13,853 Oklahoma 1,291 1,095 1,546 1,787 2,094 2,316 1,995 2,583 4,695 2,388 1,245 688 1,325 Texas 3,328 2,827 3,130 3,531 5,147 5,481 9,393 12, 574 4,767 10,323 6,436 848 4,960 Mountain: Montana..- 77 115 165 303 534 604 761 768 393 79 30 21 41 Idaho 567 540 604 770 1,184 1,217 1,582 1,328 779 551 351 161 199 Wyoming.__ 57 71 48 87 152 192 278 427 230 104 48 48 Colorado _. 2,179 1,501 1,325 1,702 2,729 1,503 3,568 1,366 1,388 1,938 1,282 1,018 1,542 New Mexico 47 105 146 144 96 170 258 186 200 99 10 129 Arizona. _ 326 323 175 198 534 240 346 389 325 284 180 190 164 [Utah.. - 871 753 541 1,938 1,719 995 2,201 1,977 1,171 952 198 168 255 JNevada Pacific: Washington... 1,622 2,304 1,782 855 2,116 1,946 3,271 2,421 1,613 2,254 1,788 330 1,543 Oregon 3,568 4,957 4, 254 2,332 1,850 1,684 1,811 672 492 875 247 393 958 California 33,921 44,385 35, 572 52,647 29,754 30, 470 44,064 38,763 46,218 38,955 38,490 3,978 45,210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 219 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District i d P e h lp il h a i - a m Ri o c n h d - i i AtlantaChicago L S ou t. is ne M ap in o - lis Dallas c F i S r s a a c n o n - i Loans and investmentstotal: Feb. 1.... 21,788,747; 525,644 8,401,, 924 1,218,757 2,115,633 692,754 613, 722 3,142,494 732,280 378,164 649,700 444,0181., 873,657 Feb. 8 21,705,465 529,169 8,277',, 067, 2I27,294 2,137,317 616,397|3,131,1581 738,265 381,897 657,680 444,452 1L,, 873,254 Feb. 15 21,666,1061 514,943 8,245,3251,215,178 2,141,291 690,030 615,725!3,131,728 733,823 381,796 659,594 446,346 1., 890,327 Feb. 21 21,575,271 512,583 8,159, ~~ , 214, 322.2,144, 373 690,4171 612, 507 3,127, 382 730, 727 379, 661 656, 276 442, 768 1I, 904, 784 Feb. 29 21,700,497, 510, 805 8, 304, 046 1, 215,373 2,146,185 606,643 3,137,700 726, 496 382, 735 655,202 435, 718 1., 890, 586 Loans and discountstotal: Feb. 1.... 15,225,009 053,83615,949,608 788,6111,401,418 515,929 487,433 2,236,449, 515,772' 245,278; 426,865 342,0931,261,717 Feb. 8 15,163,812 058,466 5,839,188 796, 585 1,422, 715 514,402 492,377 2,227,420 520,387; 249,802! 435,835 342,916|l,263,719 Feb. 15 15,130,631 046,881 5,817, 972 786,2301,424,631 515,471 495,210 2,225,746 514,514 248,234 438,666 344,043 1,273, 033 Feb. 21 15,048,432 040, 756 5, 746, 807785,7101,427,357 513, 634 491, 843 2, 224, 825 511, 303246,366 434,803 340, 7311,284, 297 Feb.29 15,142, 5341 789,20611,428,174 516, 216 488,452 240,253 510,489 249,010 435,509 335, 833 1, 283,124 Secured by U.S. Government o b 1 i g a tions— Feb. 1 138,396; 5,970 61,849 8,531 16,033 3,347 5,280 19,499 4,141 2,320 3,367 3,474 4,585 Feb. 8. 145,260! 4,985 70,201 8,168 15,913 3,045 5,297 19, 755 4,142 2,331 3,332 3,489 4,602 Feb. 15 132,240| 5,192 53, 737 7,900 17,055 3,063 5,397 21,876 4,307 2,359 3,368 3,491 4,495 Feb. 21... 126, 560! 4,785 50, 020 7,902 15, 616 3,025 5,425 21, 760 4,224 2,361 3,350 3, 5091 4,583 Feb. 29 126,814; 4,625 50, 209 7,758 14, 934 3,327 5,482 22,240 4,197 2,372 3,671 3,4611 4,538 Secured by stocks and bonds— Feb. 1... 6,538,397! 390>,, 958 !2,, 993,079439,6071 630,306 158,866 118,641 965,775 209,263 79,345 126,928 88,990 336,639 Feb. 8 6,401,1081 397',, 471! ,2, 826, 548441,075! 641,657 160,447 120,665 962,657 210,035 79,7041 134,301 91,948 334, 600 Feb. 15 6,349,801 382, 934 2!,, 806,201431,022 644,191 159,268 120,461 949,053 209,519 80,016 136,010 340,646 Feb. 21 6, 299,928 376, 541 2,"35, 882 430,449! 649,948 163, 342 120, 657 970,714 203,924 78,670 133,081 90,062 346, 658 Feb. 29 6,343, 710 376,862.2", 780, 751 434,198 647, 308 162,430 121, 797 976,081 204,414 79,459! 129,777 87, 548J 343,085 All other loans and discounts— Feb. 1 8,548,216; 656,908 2,894, 680 340,473 755,079 353, 716 363, 512 1,251,175 302,368 163,613 296,570 249,629 920,493 Feb. 8.... 8,617,444; 656,010 2,942,439 347,342 765,145 350,910 366,415 1,245,0081 306,210 167,767! 298,202| 247,479 924,517 Feb. 15... 8,648, 590; 658,755 2,958,034 347,308 763,385 353,140 369,352 1,254, 817| 300,688 165,859; 299,288 250,072 927,892 Feb. 21 8, 621, 944: 659, 430 2, 960, 905347,359 761,793 347, 267 365,7611,232,351 303,155 165,335 298,372 247,160 933,056 Feb. 29.. 8,672,010 656, 659 2,997,162 347,250 765,932 350,459 361,,117733 11,241, 932 301,878 167,179) 302,061 244,824 935, 501 Investments—total: Feb. 1 6,563, 738^ 471, !, 452,316430,146 714,215 176,825 126,289 906,045 216,508 132,886! 222,835 101,925; 611,940 Feb. 8 6, 541, 653 470),, 703 2!,, 437,879430,709 714,602 177,113 124,020 903,738 217,878 132,095: 221,845 101,536} 609, 535 Feb. 15 6,535,475 468,062 2!,, 427,353428,948 716,660 174, 559 120, 515 905,982 219,309 133,562 220,9281 102,303 617,294 Feb. 21 6, 526,839; 471,827 2",412, 664 428, 612 717,016 176, 783 120,664 902, 557 219,424 133,295! 221,473 102,037 620,487 Feb. 29.. 6, 557,963: 472, 659 12,,475, 924 426,167 718,011 172, 792 118,191 897,447 216,007 133,725! 219,693 99,885 607, 462 United States Government securities— Feb. 1 3,010,755 177,317 1.,,197, 249 123, 712 318, 679 77,998 60,855 384,948 84, 408 ,9, 8851 105,455 71, 7731 338,475 Feb. 8 2, 998,217J 174, 3711,193,145 123,311 317,776 78, 610 58,937 383,606 83, 644 69, 340 105,096 71,742 338,639 Feb. 15 2,985,911 169,9551,183,275 121,845 320,845 75,156 55,403 382, 616 83,790 70,283 105,162 72,962 344,619 Feb. 21... 2,972,036 172, 3351,179, 863 120,9831 319,416 72,926 376,829 84,166 69, 364 104,802 72, 835 342,448 Feb. 29 2,932,893 171, 0871,175,837 118,910J 316,320 74, 663 53, 639 365,121 83, 231 69,357 105,119 70,892 328, 717 Other bonds, stocks, and securities— Feb.1 3, 552,983 294,4911,255,067 306,434 395, 536 98,827 65,433 521,097 132,100 63, OOlj 117,380 30,152! 273,465 Feb. 8 3, 543, 436J 296, 3~3~2~ 11.,244,734 307,398 396,826 98, 503 65,083 520,132 134,234 62,755 116,749 29,794 270,898 Feb. 15 3, 549, 564' 298,107 1, 244,078 307,103 395,815 99,403 65,112 523,366 135, 519 63,279 115,766 29, 341 272,675 Feb. 21 3, 554,803) 299,492 1, 232,801 307, 629 397, 600 103, 857 64, 595 525, 728 135, 258i 63,931! 116,671 29,202 278,039 Feb. 29 3, 625,070 301,5721, 300,087 307,257 401, 691 98,129 64,552 532,326 132, 776 64,368! 114,574 278, 745 Eeserve balances with Federal reserve bank: Feb. 1.. 1,781,2211 98,830 838,024 82,200 130,429 41,879 45, 536 262,448 51,799 25,333 54,783 35, 544 114,416 Feb. 8 1, 779,066; 101,252 836,355 80,473 127,942 43,488 41, 686 260,913 49,902 25,907 57,326 35,447 118,375 Feb. 15 1, 762,104 99, 938 817,333 81,488 125,433 43,137 40, 520 263,821 50,983 25,232 56,117 36,829 121,273 Feb. 21 1,743,731 101,170 797,039 83,016 129,746 43, 625 42, 282 263, 217 48, 308 28,701 56,401 35,186 115,040 Feb. 29.. 1, 755,4891 99, 703 815,311 81,283 135,063 42,452 40,338 257,441 48, 519 26,725 57, 676 35,026 115,952 Cash in vault: Feb. 1.. 239,295J 18,322 60,918J 14,344 28,212 11,828 11,020 41,292 7,162 5,370 11,235 9,446 20,146 Feb. 8... 251,089i 19,741 66,905 14,130 29,952 12, 661 11,147 41, 612 7,271 5,588 12,006 9,250 20,826 Feb. 15. 254, 520 18,924 66,125 14,460 28, 794 11,784 10,886 48,757 6,958 5,761 11,460 9,380 21,231 Feb. 21 245, 3081 18,059 69, 731 14, 766 27, 994 12, 213 10,497 38, 710 7,093 11, 383 20,286 Feb. 29 242,521! 18,877 65,189 14, 286| 28, 282 11,908 11,220 38, 799 7,219! 5,529 11, 525 8,985 20,702 i Figures not entirely comparable with those for preceding months, due to withdrawal from membership in February of a reporting member bank in San Francisco with loans and investments of $51,213,000; see also p. 8 of January BULLETIN for explanation of other revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN MARCH, 1928- REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is ne M ap i o n l - is K C a i n t s y as Dallas F c S i r s a a c n n o - Net demand deposits: Feb. 1 —_ 13,875,014 964, 672 6,,2,046,56 769>,, 835 ,10,74,402 383,825 343i,, 893 ,1 865,467431,788 221, 554493,480) 312,576 F F e e b b . . 8 15 - 1 1 3 3 , , 6 7 7 1 5 6 , , 0 8 2 8 3 4 9 94 4 9 5 , , 9 " 59 6,, , 0 0 03 3 31 7 1 , , 5 8 6 6 9 4 7 7 7 5 4 8 [ 5 , ,, , 8 9 8 2 5 1 8, , 10 0 ,6 6 5 7 , , 3 3 2 3 7 8 3 3 8 8 4 0 , , 8 5 7 1 3 3 3 35 4 1 4E , , , , 9 8 2 0 8 7 L 1 , , 8 8 6 4 2 2 , , 9 5 2 8 3 9 4 4 3 2 1 9 , , 4 21 3 5 2 2 22 2 6 2 , , 8 7 8 1 1 8 5 5 0 0 5 6 , , 5 9 6 3 6 7 3 3 1 1 4 7 , , 0 0 8 5 7 5 8 8 0 3 5 3 , , 3 4 8 7 1 4 Feb. 21. _.. 13,495,114 926,,, 682 5,,933, 585 7591,,8511,,053,489 375,048 343!,, 366, 1 836, 708415,345 224,573 504,174 309,592 812, 701 Feb. 29 13, 715,941 925,337 6,159,903 760,508 i,; 041,284375,261 338,805 1, 845,963414, 721 235,034 506,08l! 306,345 806,699- Time deposits: Feb. 1 6, 638,892' 483, 5211, 624,392 300,119 908, 654 243,509 241,936 1,210,680! 245,586 137,858 164,463 115,386 962,78a Feb. 8 6, 666,410 487,873 ., 639, 584297,927 918,218 243,847 240,7501,207,585 246,440 138,265 164, 586117, 671 963,664 Feb. 15 6,660,589 488, 543 1., 622,949294,687 924,117 246, 687239,3751,205,426 246,485 137, 575164,573 117,877 972,295 Feb. 21 6,644,491 862 1,608, 945 296,048 928, 248 247, 449 239,3011,207,982 246,865 137,811 164,913 117,546 960, 521 Feb. 29... 6,655,063 490,4681,608,949 291,717 940, 522 246, 728239,6921,205,644 244,783 133,065 166,0571 116,705 970,733 Government deposits: Feb. 1 76,136 6,650 25, 594 6,608 7,702 2,655 4,167 6,588 1,426 655 1,640; 4,143 8,308 Feb. 8 42,790 3,747 14,384 3,720 4,329 1,497 2,327 3,656 799 367 922j 2,370 4,672 Feb. 15 34,770 3,034 11,647 3,016 3,499 1,207 1,862 3,106 648 296 749| 1,920 3,786 Feb. 21 34,761 3,034 11, 647 3,016 3,499 1,207 1,853 3,106 648 296 749! 1,920 3,786 Feb. 29 34,415 3,034 11, 647 3,016 3,499 1,200 1,741 2,965 648 210 749| 1,920 3,786 Due from banks: Feb. 1 1,222,883 67,844 150,561 68,667 113,153 54,186 79,199 223,785 60,412 50,784 127,777! 65,284 161,231 Feb. 8.... 1,149,409 51,823 140,620 52,393 101,685 55,789 77,777 214,574 59, 533 48,421 125,363i 61,721 159,710 Feb. 15 1, 247,409 55, 764 150,692 56,889 102,866 54,547 80,559 256,289 61,001 53,587 130,806! 70,129 174,280 Feb. 21 1,134,040 52,958 144, 677 53, 784 92, 278 51, 753 74,051 229,985 57, 336 43, 717120,196; 60,100 153,205 Feb. 29__ 1,168,832 58,977 147, 088 57, 376 99,363 53,842 75,045 225,833 54,047 49, 767127,130| 59,815 160, 549- Due to banks: Feb.1 3,757,837 172,103 1, 504, 341 275,805 121,478 129,094 525,278 163,821 98,737 231,221! 122,353 224,607 Feb. 8 3, 589,579 162, 587 11,,340,858! 171,312 276,195 122,759 133,969 526,014 163,672 102,002 239,606: 120,575 230,030 Feb. 15 3,633,213 159, -• 1,377,808| 177,215 273,025 116,133 132,102 541,213 157,059 103,446 238,478! 124,457 232,60& Feb. 21 3,461, 582 152,628 11,307,373! 171,124 259,085 113, 511 125,986 515,989 148,373 100,545! 230,744 113,223 223,001 Feb. 29 3, 609,491 152^ 295 1, 461, 038|] 71,329 250, 566 110,503 122,796 524,549 143,797 104,272! 238,174! 106,109 224,063 Borrowings from Federal reserve bank—total: Feb. 1 21,970 92,359 26,260 24,766 20,045 15,693 22, 794 12,466 1,690 7,855! 3,445 47, 555 Feb. 8 339,340 35,147 103, 022 25,876 35,838 17,427 16,672 33,760 11,897 635 7,2951 1,693 50,078 Feb. 15 360,418 20,871 129,683 38,724 37,304 15,499 14,270 31, 628 15,409 1,500 5,541! 2,606 47,383 Feb. 21 _ 335, 618 29,250 62,705; 32, 598 45,623 17, 574 18, 502 45, 308 21,462 3,250 2,842! 2,726 53,778 Feb. 29 355,475 40,151 53,053 39,213 56,929 18, 611 15,350 41,941 20,137 1,850 5,394 1,159 61,678 Secured by U. S. Government obligations— Feb. 1 227,287 9,038 20, 685 21,800 6,903 4,007 18,185 4,105 6,050 1,725 47,050 Feb. 8 234,292 16, 713 85, 224! 19,939 24, 955 4,022 3,652 23,200 4,865 635) 5,150 675 45,262 Feb. 15 257,119 8,113 100, 774; 30, 670 25,283 5,182 1,949 24,680 9,369 1, 500 3,322 1,855 44,422 Feb. 21 224, 842 10,813 49,099] 28,155 26,023 4,134 2,816 38, 230 12, 685 3, 250 1, 300 2,040 46,297 Feb. 29 232,915 20,734 31,649! 32,310 33,603 2,657 2,618 32, 615 9,039 1,850 4,250 500 61,09O All other— Feb. 1 69,611 12,932 6,310 5,575 2,966 13,142 11,686 8,361! 1,805 1,720 505 Feb. 8 105,048 18,434 17, 798 5,937 10,883 13,405 13,020 10,560 7,032 2,145 1,018 4,816 Feb. 15 103, 299 12, 758 28,909 8,054 12,021! 10,317 12,321 6,0401 2,219 751 2,961 Feb. 21 110,776 18,437 13, 606 4,443 19, 6001 13,440 15, 686 7,078 8, 777| 1,542 686 7,481 Feb. 29 122, 560 19,417 21,404 6,903 23,-"' 15,954 12,741 9,326 11,098 1,144 659 588- Number of reporting banks: Feb. 1 649 36 82 48 66 33 93 30 65 45 56 Feb. 8 649 36 82 48 66 33 93 30 65 45 56 Feb. 15._ 649 36 82 48 66 33 93 30! 65 45 56 Feb. 21 648 36 82 48 33 92 30! 65 45 56 Feb. 29 649 36 82 49 33 92 30! 65 45 56 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL RESERVE BULLETIN 221 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES1 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total 2 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 i o n l n is e - K C a i n t s y as Dallas c F i S s r a a c n o n - * Loans and investments: Feb. 1 13,908,2921,022,406 7,222, 043 1,, 041,859771,225 115,379 94,645 1,970,408 452,041 183,597 186,917 124,931 722,841 Feb. 8 13,802,9631,023, r, 102,008 ,1 049,147777,094 117,230 97,233 1,958, 745455, 212186,925 191,318 122, 264 721,846 Feb. 15 ._13, 750,8491,010,776 7r;, 06,9,634 ,1041,182 775,286 117, 292 97,0701,952,740 453,887 185,080 125,064 734, 589 Feb. 21 _ 13,667,2521, 008,166 6,986, 574 ,1 ,041,756777,194 120, 258 95, 566 1,950, 056451,606 183,271 184,461 123,462 744,882 Feb. 29 13,810, 2931,008, 390 7,135, 377 ,1 044,005781, 790117,447 94,844 1,952, 555450, 579185,036 184,278 122,182 733,810 Loans: Feb. 1. 10,087,788 792,167 5,219,403 683,755 602,120 93,557 67',, 216. 1, 459,454325,087 121,732 121,485 96,539 505,273 Feb. 8 9,999,363 794,794 5,112,219 691,083 608,913 94,795 68,785 1,450,294 327,816 125,272 126,381 93,827 505,184 Feb. 15 9,951,036 784,945 5,089,731 684,771 605,572 95,0451 69, ., 443,861325,290 123,312 123,278 95,739 510,479 Feb. 21 9,882,349 778,668 5,024,434 684,460 607, 538 97, 790 67, 576 1.,, 445,248322,972 121,685 120,108 94, 230 517, 640 Feb. 29 779,824 5,111,769 687,998 611,778 95,492} 67,193 1., 450,970322,640 123,480 119,418 93, 501 516,543 On securities— Feb. 1 4, 777, 019 284,164 2,672,601 391,680 226, 578 22,2811 17,974 761,442 151,651 37,204 38,498 21,697 151,249 Feb. 8... 4,628,934 285,27812,519,219 392,288 230,278 23,789 17,129 758,058 151,675 37,595 43,290 21,705 148,630 Feb. 15 4, 553, 331 272,384J2, 479,877 381,816 225, 694 23,378 16, 784 747,386 154,164 37, 544 40,296 21,158 152, 850 Feb. 21 4,481,442 265,999 2,410,356 381,422 228,129 25, 617 17,129 753,292 148, 518 36,211 37, 750 21,372 155, 647 Feb. 29... 4,540,068 268, 945 2,462, 720 384, 567 230,334 25, 281 18,114 753,153 148,172 37,119 36, 695 21,326 153, 642 All other— Feb. 1 5,310, 769 508,003 2,546, 292,075 375,542 71, 276 49,242 698.012 173,436 84, 528 82, 987 74,842 354,024 Feb. 8 5,370,429 509,516 2,593,000 298,795 378,635 71,006 51,656 692,236 176,141 87,677 83,091 72,122 356,554 Feb. 15 5,397,705 512,56112,609,854 302,955 379,878 71,667 52,229 696,475 171,126 85, 768 82,982 74,581 357,629 Feb. 21 5,400,907 512, 669J2, 614,078 303,038 379,409 72,173 50.447 691,956 174,454 85,474 82, 358 72,858 361,993 Feb. 29 5,440, 538 510,879 2,649,049 303,431 381,444 70, 211 49,079 697, 817174,468 86, 361 82, 723 72,175 362,901 Investments: Feb. 1 3,820,504 230I,, 239 !2,, 002, 640358,104 169,105 21,822 27,429 510,954 126,954 61,865 65,432 28,392 217,568 Feb. 8 3,803, 600 229,1471,989,789 358,064 168,181 22,435 28.448 508,451 127,396 61,653 64,937 28,437 216,662 Feb. 15 3,799,813 225,8311:, 979, 903 356,411 169,714 22,247 28,057 508,879 128,597 61,768 64,971 29,325 224,110 Feb. 21 3, 784,903 229, ""., 962,140357,296 169, 656 22,468 27,990 504,808 128, 634 61, 586 64,353 29,232 227,242 Feb. 29 3, 829, 687 228, 5662,023, 608 356,007 170,012 21,955 27, 651 501, 585 127, 939 61, 556 64,860 28,681 217, 267 Reserve with F. R. bank: Feb. 1 1,289,582 77,274 778, 017 73, 658 41, 273 8,418 7,027 189.013 33,139 12,586 17,283 10,019 41,875 Feb. 8 _. 1, 276, 418 76,894 767, 719 72,147 41,873 8,614 6,249 184, 286 31,161 13,426 18,493 9,752 45,804 Feb. 15 1, 258,801 76,873 750,931 72,960 41,161 8,232 6,377 184, 788 32,827 12,706 17,734 9,515 44,697 Feb. 21 1,242,174 77, 719 727, 654 75,425 42, 716 7,747 6,631 187,889 32, 708 16,113 15,874 9,725 41,973 Feb. 29.. 1, 255, 793 76,410 745, 659 74, 786 43,422 7,852 6,615 184, 335 31, 798 13,296 17,094 9,735 44, 791 Cash in vault: Feb. 1 109,003 8,406 48,468 11, 736 8,345 1,133 17,129 3,208 1,499 2,150 1,160 5,077 Feb. 8.... 114,298 52,489 11,401 8,354 810 1,179 17,392 3,368 1,718 2,216 1,327 5,084 Feb. 15 114,794 8,485 52,691 11,525 8,303 765 1,100 18,307 3,197 1,665 2,146 1,222 5,388 Feb. 21 117,036 7,920 55,8r 12, 206 8,121 806 1,066 17,431 3,375 1, '"" 2,177 1,231 5,206 Feb. 29.... 111, 785 8,401 51,489 11,243 8,497 1,178 16, 840 3,305 1,625 2,195 1,193 5,011 Net demand deposits: Feb. 1 ._ _. 9,661, 717',, 893i 5,, 607,377 675,680 277,241 72,930 53i,, 4731 ,1, 287, 319279, 402112,196 164,951 89, 602 323,611 Feb. 8 9,447,830 700,444 5»;, 436,040 680, 704269, 557 70,329 53i,, 5081 ,l! 263,813279,917 112,685 171,006 88,837 320,990 Feb. 15 9,440,022 701, ~ i, 421, 775 665,304 274, 704 68,305 56i,, 8981 ,I2!71,150 282,565 113,763 169, 798 89,871 323,926 Feb. 21.. 9,289,414 684,595 5i,, 328,144 668,794 265,449 69,427 53,995 11,263, 523270,923 113,419 164,833 88,892 317,420 Feb. 29 9, 535,994 682; 283 5, 563,025 668,440 267, 279 67, 592 53; 428 1, 271,851273,150 117, 365 163,961 88, 200 319,420 Time deposits: Feb. 1 3,321, 733 249),, 017 1, 097,260 231,360 485, 436 33, 578 36, 307 648,251 140, 521 62,928 19,215 20,256 297,604 Feb. 8 3,343,244 253\,, 284. 1,, 109, 941228, 578 493,454 33,425 37,224 646, 761140,829 63,443 19,307 20,855 296,143 Feb.15 3,331,46" 253, 496 1, 095,117 229,359 489, 990 33,459 37,152 644, 992140,124 62, 639 19, 320 21,112 304, 707 Feb. 21 3,319, 672 253, 894 1,083,101 230, 539 491,492 33,494 37,393 648, 816140,662 62, 773 19,384 21,259 296,865 Feb. 29 3, 310,330 255,881 1, 081,473 228,098 492,480 33,489 37,183 645, 586138,041 60, 226 19,460 20, 673 297,740 Government deposits: Feb. 1 54,627 6,381 23,218 6,365 2,554 333 1,045 3,739 1,153 346 1,150 2,527 5,816 Feb. 8 30,713 3,595 13,051 3,583 1,437 187 575 2,108 645 193 646 1,422 3,271 Feb. 15 24,866 2,910 10,567 2,904 1,164 150 460 1,704 525 154 525 1,152 2,651 Feb. 21 24,857 2,910 10,567 2,904 1,164 150 451 1,704 525 154 525 1,152 2,651 Feb. 29 24,828 2,910 10, 567 2,904 1,164 150 451 1,675 525 154 525 1,152 2,651 Due from banks: Feb. 1 580,270 49,039 110,746 62,068 24,197 6,539 11,760 142,863 35,308 21,093 33,791 18,795 64,071 Feb. 8 523,767 36,951 96,955 46,168 26,966 5,703 11,402 134,259 31,968 17,272 32,976 18,112 65,035 Feb. 15 595, 889 106,896 51, 343 27,412 5,776 11,978 166,980 33,232 22,843 35,842 25, 589 69, 303 Feb. 21 534,87" 39,070 107,500 48,984 23, 203 5,581 11,821 140, 526 32, 280 14,257 31,608 16, 709 63, 338 Feb. 29.... 540, 622 42, 274 102,408 51, 847 22, 517 6,081 12, 283 144, 623 31, 610 18, 594 31,081 15, 527 61, 777 Due to banks: Feb.1 2,650,325 161,1191,L, 435,240 181, 610 62,387 33,967 17,281 374,! 88,413 56,476 93,122 35,259 111,082 Feb. 8 2,470,024 151,2471L, 272,469 164,431 68, 591 32,766 18,051 372,735 88,170 58,784 95,303| 33,945 113,532 Feb.15 2, 517,18' 148,842 1L,, 309,520 170,102 65,604 31,399 18,271 383,381 87,164 58,532 93,997 36,169 114, 206 Feb. 21 _ 2,401, 005 141,8011,[, 240,813164, 722 58, 802 30,041 16, 635 368,098 82, 853 57,673 90,964 32,096 116, 507 Feb. 29 2, 562, 336 141,4861L, 394,904 165,178 58, 994 16,614 376, 328 82,; 58,809 90, 903 30,922 117,017 Borrowings from F. R. bank: Feb. 1 195, 512 19,355 74, 758 23, 425 2,305 3,570 440 10,576 9,720 4,592 2,020 44,750 Feb. 8... 242,568 33,079 94,008 22, 976 5,820 4,992! 1,323 18, 650 7,224 4,946 1,000 48, 550 Feb. 15 256, 685 19,458 122,823 35,139 3,786 5,150 540 11,158 8,297 1,000 1,559 1,775 46,000 Feb. 21 214,982 28, 091 55, 025 29, 345 11,028 5,685 958 14, 566 15,051 1,750 343 1,240 51,900 Feb. 29 226, 652 38, 674 42, 300 35,182 16, 034 4,4551 1,080 11,985 14,577 350 2,715 300 59,000 1 Total number of reporting member banks, 212: Boston, 17; New York, 49; Philadelphia, 36; Cleveland, 8; Richmond, 8; Atlanta, 5; Chicago, 43; St. Louis, 12; Minneapolis, 5; Kansas City, 13; Dallas, 7; San Francisco, 9. ' Figures not entirely comparable with those for preceding months, due to withdrawal from membership in February of a reporting member bankk in San Francisco with loans and investments of $51,213,000; see also p. 8 of January BULLETIN for explanation of other revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN MARCH, 1928 ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, FEBRUARY 8, 1928 [In thousands of dollars] Net demands deposits Time deposits Federal reserve district or In places having a population of— In places having a population of— State Total Total Less than 5,000 to 15,000 to 100,000 andj Less than 5,000 to 15,000 to 100,000 and 5,000 15,000 100,000 5,000 15,000 100,000 United States.., 1,700,981 1,160,330 2, 371,108 13, 929, 85719,162,276 1,941,356 1, 307,906 2, 502, 927 7,237,871 12,990,060 DISTRICT Boston 47,048 76,619 208, 080 1, 1,427, 776 73,741 97, 743 217, 266 586,762 975, 512 New York 210,350 126,940 323, 726 6,303, 397 6,964,413 397,191 202,921 539,185 1,829, 776 2,969,073 Philadelphia 141, 111 72,838 149, 705 836, 758 1, 200,412 297,024 149,886 279,122 342,777 1,068, 809 Cleveland 141,020 133, 291 196,184 1,088, 765 1, 559, 260 216, 580 166, 920 244,164 963,992 1, 591,656 Richmond. 99,553 69,629 177, 588 285,019 631, 789 155, 004 100, 790 168,555 174,150 598,499 Atlanta 87,537 79, 608 204, 723 253,439 625,307 66,223 70,007 178,929 146,241 461,400 Chicago 186,427 130, 541 407, 229 1,846,898 2, 571, 095 256,367 187, 673 448,549 1, 260,609 2,153,198 St. Louis 104,449 73,317 100,939 485,338 764,043 93,625 59,969 88,674 296,777 539,045 Minneapolis 101,894 82, 565 78, 730 180, 310 443,499 153, 210 113, 206 83, 276 112, 607 462, 299 Kansas City 211,254 120,993 235,783 322, 514 890, 544 97,734 63,710 95,703 96,233 353, 380 Dallas.... 221,611 115, 342 139,142 260, 243 736, 338 21,062 31, 774 60,109 195,834 San Francisco 148,727 78,647 149, 279 971,147 1,347, 800 113, 595 63, 307 99,395 1,345,058 1, 621, 355 STATE New England: Maine 11,058 6,566 26, 666 44, 290 36,211 28,155 43,446 107,812 New Hampshire 8,518 12, 712 17, 265 38,495 6,467 1 6,838 7,468 20, 773 Vermont 6,901 9,065 2,456 18,422 17,826 18,553 2,044 38,423 Massachusetts 12,302 35,425 119,660 872,400 1,039,787 7,823 34,810 126,890 374,011 543,534 Rhode Island 1,058 3,745 129,372 134,175 6 6,397 185,188 191,591 Connecticut 9,599 12,851 48,015 107,917 178,382 8,387 9,387 42,681 41, 229 101,684 Middle Atlantic: New York 156,621 63,475 198,311 6,011,090 6,429,497 292,349 125, 633 329,037 1,581, 541 2,328,560 New Jersey 78,069 82,273 132,647 334,540 627,529 139,061 101,834 218,219 275,743 734,857 Pennsylvania _ 164,167 107,965 204,978 1,221,454 1,698, 564 364,935 230,098 373,664 470,537 1,439,234 East North Central: Ohio 61,994 67,033 95,370 611,271 835, 668 77,266 54,138 102,874 790,446 1,024,724 Indiana.. 31,108 29,026 64,236 213,339 30,377 25, 666 93,834 23,739 173,616 Illinois 88,935 59,120 152, 560 1,289,697 1,590,312 94, 740 70,112 117, 048 673,312 955,212 Michigan 36,663 44,702 92,052 339, 590 5] 3,007 86,835 96,085 146,718 484, 506 814,144 Wisconsin 22,746 21,223 60, 584 122,903 227,456 50,614 41,266 71,456 69,371 232,707 West North Central: Minnesota 35,642 23,865 30, 520 180,310 270,337 76,176 35, 659 31,076 112,607 255, 518 Iowa 58,399 21,942 69,431 30,472 180, 244 64,300 26,262 84,208 9, 681 184,451 Missouri _ 24,848 17,072 36,022 529, 971 607,913 16,346 10,358 15,113 235,477 277,294 North Dakota 19,677 9,591 5,745 35,013 24,960 10,910 6,320 42,190 South Dakota.. 19,537 11,265 6,246 37,048 37,844 9,473 2,300 29,617 Nebraska _... 29,738 13,092 16,266 63,910 123,006 25,494 8,378 3,727 14,849 52,448 Kansas 52, 701 36,984 50,978 8,495 149,158 23,813 16,996 15,556 3,091 59,456 South Atlantic: Delaware... 3,385 36,905 40,290 9,746 4,612 14,358 Maryland.... 17,058 6,315 3,508 108,248 135,129 40,969 18,087 12,169 76,325 147, 550 District of Columbia 81,628 81,628 43,695 43,695 Virginia 28,556 15,277 34,170 95,143 173,146 53,396 24,926 41,849 54,130 174,301 West Virginia 32,572 10,012 49,378 91,962 36, 519 12,330 44,034 North Carolina 17,790 28,102 70, 755 116, 647 19, 524 42,783 91,305 South Carolina 7,502 10,297 28,726 46, 525 10,463 16, 766 39,372 66, 601 Georgia.. 16,727 13,403 44,594 54,441 129,165 11, 582 13, 535 38,326 42, 512 105,955 Florida 24,491 20,907 72,328 117,729 16, 593 16,221 101,920 East South Central: Kentucky... 37,706 20,115 25,036 81,009 163,866 32,250 13,146 23,243 51,260 119,899 Tennessee 19,076 10,216 36,709 74,097 140,098 21,934 7,964 52,718 121,205 Alabama 26,296 11,311 37,619 45,244 120,470 14,953 12,320 21,963 26,302 75, 538 Mississippi 5,420 23,469 14,567 43,456 3,030 17,485 14,181 West South Central: Arkansas 23,124 12,496 35,675 71,295 15,904 7,428 27,000 50,332 Louisiana 6,514 13,418 24,872 124,846 169,650 4,000 8,090 9,044 53,966 75,100 Oklahoma 85,991 37,384 122, 702 246,077 22,882 15,455 53,185 91, 522 Texas.__ 206,944 104,216 114,164 "260," 243" 685, 567 16,868 27,640 48,499 175,896 Mountain: Montana 15,436 20,955 24,764 61,155 10,012 18,789 23,767 52,568 Idaho 14,910 11,620 10,463 36,993 7,531 6,728 8,175 22,434 Wyoming 8,305 12,930 21,235 5,330 9,373 14, 703 Colorado.. 29,720 14,489 15,016 79,278 138, 503 17,780 11,194 10,286 59,076 New Mexico 9,067 8,251 5,672 22, 990 2,073 2,174 3,486 7,733 Arizona 3,557 2,873 22,629 29,059 1,984 2,067 10,351 14,402 Utah _ 7,210 3,808 5,321 "34," 167' 50,506 7,064 4,486 1,803 32, 531 Nevada... 3,913 4,408 8,321 5,032 2,619 7,651 Pacific: Washington 29,929 14,243 25,570 118,341 188,083 27,500 9,064 24,370 76,045 136,979 Oregon 32,982 19,038 2,469 62,683 117,172 19,937 16,649 1,498 66,142 104,226 California 56,516 25,530 85,915 755,956 923,917 44,670 23,761 55,772 1,183,693 1,307,896 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

223 MARCH, 1928 FEDERAL RESERVE BULLETIN LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollars] Net amount of loans outstanding 1928 1927 Class of loan Date Federal Joint-stock Feb. 4 Feb. 11 Feb. 18 Feb. 25 Feb.15 Total land banks land banks (12 banks) (54 banks) Direct loans outstanding on- 1926 Cotton 14,232 14,067 13,880 13, 663 26, 712 Apr. 30 1,620, 214 1,033,045 587,169 Tobacco 3,892 3,859 3,721 3,636 12,882 May 31_ 1,632,413 1,038,385 594,028 Wheat- 2,394 2,150 2,044 1,965 3,426 June 30 _ 1, 644,105 1,043, 955 600,150 Canned fruits and vege- July 31 1, 653,902 1,048,184 605,718 tables 980 945 938 913 1,412 Aug. 31 1,664,130 1,053, 336 610, 794 Raisins 5,800 5,750 5,924 5,820 5,000 Sept. 30 - 1, 671,856 1,057, 217 614,639 Wool 208 175 167 158 417 Oct. 31 1,682, 273 1,063,056 619,217 Rice- 1,618 1, 597 1,582 1,579 2, 650 Nov. 30 1,692,826 1,068, 596 624,230 All other__ 856 837 836 835 333 Dec. 31 1, 710, 295 1,077, 819 632,476 Total 29,980 29,380 29,092 28, 569 52,832 1927 Jan. 31 1, 724,821 1,085,170 639,651 Rediscounts outstanding Feb. 28 1, 745,404 1,097,642 647,762 for— Mar. 31 1, 765,365 1,109,354 656,011 Agricultural credit cor- Apr. 30 1, 732,395 1,117,914 614,481 porations. _ 23,012 23,161 23,493 24,168 20,563 May 31 1, 741,275 1,124,055 617,220 National banks . 6 7 7 7 27 June 30 1,738,165 1,130,648 607,517 State banks. 219 226 264 296 532 July 31 1, 742,575 1,134,896 607,679 Livestock loan compa- Aug. 31 1, 749,393 1,139, 502 609,891 nies 21,779 21,934 21,914 21, 821 19,024 Sept. 3O.__ 1, 752,665 1,143,130 609,535 Savings banks and trust Oct. 31__ -_. 1,757,185 1,147,135 610,050 companies 20 20 20 20 55 Nov. 30 1, 758,834 1,150,943 i 607,891 Dec. 31 1, 765,121 1,155,644 609,477 Total 45,036 45,348 45,698 46, 312 40,201 1928 Jan. 31. _ 1,767,515 1,158,717 608,798 PAR COLLECTION SYSTEM x BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL RESERVE DISTRICTS [Number of banks at end of January] [In thousands of dollars] Nonmember banks c N b e e n u r t m e o r - f s Jan 1 u 92 a 8 ry, Dec 1 e 9 m 27 ber, Jan 1 u 92 a 7 ry, Fede d r i a s l t r r i e c s t erve Member banks On par list Not on par list 1928 1927 1928 1927 1928 1927 New York City 1 37,883, 574 38, 938, 261 31, 257,884 Outside New York City__ 140 25,006,992 26, 508, 913 23,456,700 Federal reserve district: United States 9,013 9,206 13,155 13,852 3,918 3,865 N P C B h l o e e i w s l v t a o e d Y n la e o n l r p d k hia 1 1 1 7 0 3 1 3 3 2 2 8 , , , , 1 4 7 7 2 5 9 9 6 8 9 6 , , , , 3 5 0 0 8 8 6 9 2 7 4 9 3 3 2 2 9 , , , , 8 2 9 5 8 1 4 9 8 5 4 6 , , , , 1 9 6 7 1 2 7 9 6 4 8 6 3 2 2 2 2 , , , , 8 0 7 3 9 2 8 2 1 5 3 1 , , , , 4 3 0 0 5 7 2 9 0 0 8 6 N B P C h o l e e w s i v l t o a e Y n l d a e o n r l d k phia- _ .- . 8 4 9 7 3 1 7 3 5 5 7 5 4 9 8 7 1 5 1 6 7 3 5 9 1,0 2 4 5 2 4 0 0 9 7 0 8 1,0 4 2 5 6 1 0 4 6 0 8 5 10 Richmond 7 780, 278 866, 005 801,458 Richmond 564 580 652 679 588 614 Atlanta 15 1,184, 396 1,269, 666 1, 222,078 Atlanta 463 475 309 335 1,013 1,058 Chicago 21 6, 279, 842 6, 516,965 5, 702, 289 Chicago 1,284 1,326 3,684 3,763 189 187 St. Louis _ 5 1,307,032 1,400, 516 1, 263,884 St. Louis 593 608 1,880 1,979 450 423 Minneapolis 9 667, 275 777, 042 626,844 Minneapolis 735 758 746 901 1,135 1,094 Kansas City 15 1,304, 893 1,407,455 1, 260, 245 Kansas City 964 988 2,346 2,512 267 216 Dallas 10 688, 048 780, 331 668,091 Dallas. . 795 817 653 692 207 200 San Francisco ._ 18 3,498, 670 3, 783, 680 3,148, 751 San Francisco-._ 653 700 701 762 59 64 Total 141 62, 890, 566 65, 447,174 54, 714, 584 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS to ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH DECEMBER 31, 1927 [Amounts in thousands of dollars! Dec. 31, Apr. 6, June 30, Sept. 28 Dec. 31, Apr. 12, June 30, Dec. 31, Mar. 23, June 30, Oct. 10, Dec. 31, 1924 1925 1925 1925 1925 1926 1926 1926 1927 1927 1927 1927 RESOURCES Loans and discounts _ _ 20,165,601 20,372,688 20,798,714 21,427,247 22,257,763 21,989,048 22,251,374 22,890, 655 22,514,115 23,133,123 23,468, 512 24,301,127 U O n ve it r e d d ra S ft tates Government securities l 3,90 1 2 5 , , 7 7 0 9 8 3 3,91 1 5 7 , , 9 0 9 1 7 4 3,80 1 2 5 , , 3 4 7 6 0 6 3, 7 2 8 3 5 , ,4 1 1 2 2 6 3, 76 17 1 , , 0 5 6 2 5 2 3,83 1 1 7 , , 0 2 7 6 8 0 3,74 1 4 6 , , 9 1 2 0 9 5 3,38 1 8 5 , , 9 8 6 9 3 5 3,83 1 5 8 , , 1 3 5 04 1 3, 7 1 9 5 6 , , 6 3 0 4 3 7 3,85 2 6 3 , , 1 0 4 0 9 8 3, 97 1 7 7 , , 5 2 5 3 7 4 Other bonds, stocks, and securities * _ 4, 942, 486 4,979,240 5,085,975 5,133, 273 5,163,166 5,232,617 5,378,479 5,600,708 5,786, 776 6, 021,927 6,103,119 6,382, 962 Total loans and investments. _ _ 29,026,588 29,281,939 29, 702, 525 30,369, 058 31,199,516 31, 070, 003 31,390,887 31,896,221 32,154,346 32,967, 000 33,450,788 34,678,880 Customers' liability on account of acceptances 461, 736 477,098 375,163 383,873 498,143 486,259 431,307 512,945 500, 232 502,024 576,223 699,701 Banking house, furniture, and fixtures 860,614 879,401 904,755 919,046 927,357 955,563 969,380 998,212 1,012,103 1,036, 731 1,059,930 1,067,200 Other real estate owned 161,133 167,140 171, 741 170, 763 173,906 172,986 173, 727 178,230 175,829 180,546 177,229 Cash in vault .._ _ 597,472 523,297 524,343 524,592 574,532 540,261 534,120 522, 596 538,305 537,856 539,137 523,370 Reserve with Federal reserve banks ._ 2, 227, 569 2,091,545 2,190,991 2,147, 111 2,238,233 2,135,948 2,236,172 2, 210,048 2,321,414 2,280,439 2,319, 736 2, 514,465 Items with Federal reserve banks in process of collection. 724,926 675,356 647,432 825,543 722,055 732,161 810,250 673, 512 740,816 739,871 784,391 Due from banks, bankers, and trust companies. _. 2,339,488 2,090,754 2, 017, 454 2, 031,130 2,155,306 1, 933,501 1,980,051 2,065,518 1,896,383 1,968,326 2,077,441 2,209,831 Exchanges for clearing house and checks on other banks in same place 1,935,114 1,211,094 1,882,318 1,268,087 2,195,466 1,450,457 1, 762, 736 2,077,090 1,222, 670 1,912,942 1,564,796 1,508,418 Outside checks and other cash items 133, 666 108,256 137,148 103,369 159,060 142,939 137,866 181,593 101,676 177, 771 157,841 200,159 Redemption fund and due from United States Treasurer- 36, 284 33,094 33,013 32,850 32,982 32,879 32,997 32,785 32,480 32,891 33,054 33, 281 U O n th i e te r d s e S c t u a r t i e ti s e s s e b c o u r r r i o ti w es e d bo i rrowed L. 1 2 9 , , 5 0 4 8 1 7 1 2 2 , , 6 6 6 6 0 1 1 1 1 , , 9 6 2 3 5 6 1 3 1 , , 1 4 1 2 2 9 1 2 1 , , 1 1 6 5 0 2 1 1 3 , , 8 7 7 7 0 0 3 7 7 , , 0 5 3 9 8 3 37,347 3 8 2 , , 6 8 9 2 6 5 2 6 7 , , 2 2 9 4 6 3 23 6 , , 0 4 6 0 2 2 2 5 9 , , 3 8 5 5 7 5 Other assets.- 460, 649 478,815 481, 258 440, 524 435,082 416,029 419,895 504,314 445,592 444,028 426,891 456,003 Total. 38,986,867 37,949,265 39,105,025 39,053,354 41,425,295 40,075, 440 40,845,189 42,029,644 41,118,464 42,810,192 43,155, 718 44,888,140 LIABILITIES Capital stock paid in. _ _ 2,037,481 2,077,502 2, 085, 732 2,092,909 2,105,308 2,162,434 2,169,484 2,203,447 2,248,210 2,273,737 2,304,708 2,337,780 Surplus fund... - 1, 707,486 1,732,076 1, 750,815 1,760,076 1,832,691 1,880,620 1, 899,565 1,955,349 1,992,174 2,030,342 2,049,325 2,124, 020 U Re n s d e i r v v i e d d e d fo p r r t o a f x it e s s , , l i e n s t s e r e e x s p t e , n e s t e c s ., a a n c d cr t u a e x d es paid ^ 786,759 859,461 853,433 / \ 8 1 3 3 4 3 , , 8 38 0 7 2 7 1 3 0 9 8 , , 9 9 0 3 3 4 7 1 8 3 3 2 , , 0 6 1 8 2 8 7 1 6 2 3 4 , , 1 4 5 8 6 4 7 1 8 2 5 0 , , 3 5 8 1 6 7 8 1 4 3 5 9 , , 5 3 9 1 6 5 8 1 4 2 3 8 , , 3 1 1 4 9 2 9 1 4 5 0 2 , , 5 5 3 0 1 5 8 12 7 8 9 , , 4 7 8 5 0 7 Due to Federal reserve banks.. 43, 648 40,124 39,758 49,933 51,112 47,893 45,214 51,445 47, 221 53,043 54,402 52,073 Due to banks, bankers, and trust companies 4, 504,315 4,041,256 3, 978,028 3,827, 575 4,169,470 3,801,513 3, 935,113 4,002,995 3,834,194 4,070, 610 4,148,273 4, 541,516 Certified and cashiers' or treasurers' checks outstandinj 1,082,431 756,757 1,032, 804 808, 756 1, 225,758 863,466 962, 694 1,141,102 788, 522 1,064,605 977, 944 839, 556 Demand deposits _ 16, 684,038 15,849, 791 16,811, 751 16,617,456 17,824,702 16,823,148 17,380,041 17,638,648 16,830,709 17,735,244 17,374, 426 18,170,140 Time deposits _ 9,804, 738 10,126,980 10,381,486 10,467,237 10,653,028 10,954,747 11,172,863 11,439,859 11,817, 694 12, 209,834 12,459,248 12,764, 798 United States deposits _ 242, 482 411, 619 176, 653 278, 211 304,131 379,450 227,647 234,116 406,850 217, 622 435,475 266,981 Total deposits _ 32, 361,652 31,226,527 32,420,480 32, 049,168 34,228,201 32,870,217 33,723,572 34,508,165 33, 725,190 35,350,958 35,449, 768 36, 635,064 Agreements to repurchase United States Government or other securities sold 2 _ 6,450 5,081 7,081 15,800 5,632 32,537 13, 248 17,967 17,845 32,785 Bills payable. _ _ 289,253 311,183 360,767 489,449 527,898 419,853 390,839 556,301 415,296 381,133 414,311 562,095 Notes and bills rediscounted _ _ 118,951 175,233 198, 031 222,105 204,926 210,167 220,780 203,565 131,137 160,115 113, 904 101,380 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 248,539 213,780 158,903 165,108 278,988 210,838 207,292 254,506 205,382 210,519 265,007 431,968 Letters of credit and travelers' checks sold for cash and outstanding 21,709 22,158 37,403 25,643 21,965 23,266 38,415 20,499 25,015 41,696 26,391 21, 641 Acceptances executed for customers 460,383 474,500 365,671 486,548 470,292 425,751 515,046 505,586 503,595 575, 636 721,473 Acceptances executed by other banks for account of reporting banks _ 37,322 43,087 42,144 40,334 53,608 55,002 42,054 35,917 29,013 32,042 26,075 22,318 National-bank notes outstanding 714,333 648,959 647,994 648,719 647,951 648,954 650,662 645,956 642,067 650, 445 649,390 649,877 United States securities borrowed.._ 48,017 34,408 33,320 35,908 43,858 39,381 37,593 37,347 32,850 27,268 23,409 30,579 Other securities borrowed.- 5,946 6,481 5,455 7,038 5,785 5,923 7,038 6,998 6,296 6,062 5,357 Other liabilities 149,036 123,910 138,427 158,634 131,650 146,993 138,872 148,108 159,689 152,618 140,851 203,566 Total.. 38,986,867 37,949,265 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644 41,118,464 42,810,192 43,155,718 44,888,140 I Number of banks _ 9,587 9,531 9,539 9,412 9,375 9,260 9,144 9,099 9,087 9,034 i Securities borrowed by national banks included in securities owned prior to June 30,1926. • Prior to June 20,1925, included in bills payable by national banks and reported only as a contingent liability by State bank members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON DECEMBER 31, 1927, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks 1 State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks RESOURCES Loans aad discounts ._ 24,301,127 7,369,460 8, 527,330 8,404,337 14,825,294 3,632,434 4,890,416 6,302,444 9,475,833 3,737,026 3, 636, 914 2,101,893 Overdrafts __ 17,234 4,146 5,404 7,684 10,309 1,113 3,060 6,136 6,925 3,033 2,344 1,548 United States Government securities . 3, 977,557 1,128,979 1,546,869 1,301,709 2,744,827 629,853 1,041,219 1,073,755 1, 232, 730 499,126 505, 650 227,954 Other bonds, stocks, and securities 6,382,962 1,126, 574 1,895,487 3,360,901 4,149,498 518,432 1,029,972 2,601,094 2, 233,464 608,142 865,515 759,807 Total loans and investments 34,678,880 9,629,159 11,975,090 13,074,631 21,729,928 4,781,832 6,964,667 9,983,429 12,948,952 4,847,327 5,010,423 3,091,202 Customer's liability on account of acceptances 699,701 510,342 171,959 17,400 369,855 232,068 129,146 8,641 329,846 278, 274 42, 813 8,759 Banking house, furniture, and fixtures 1,067,200 163,307 405,151 498, 742 699, 725 75,385 233, 506 390,834 367, 475 87,922 171, 645 107,908 Other real estate owned . 177,229 3,357 57,648 116, 224 122,878 1, 273 29,382 92,223 54,351 2,084 28, 266 24,001 Cash in vault 523,370 71,917 157,666 293,787 360, 071 33,464 93,741 232,866 163,299 38,453 63, 925 60,921 Reserve with Federal reserve banks 2,514,465 1,036,253 814,687 663, 525 1, 509,253 489,127 503, 677 516,449 1, 005,212 547,126 311,010 147,076 Items with Federal reserve banks in process of collection.. 784,391 243,693 420,231 120,467 520,399 143,439 295,739 81,221 263, 992 100, 254 124,492 39,246 Due from banks, bankers, and trust companies 2,209,831 240,835 899,057 1,069,939 1,649, 557 108,348 647,136 894,073 560,274 132,487 251,921 175,866 Exchanges for clearing house and checks on other banks in same place.. 1,508,418 1,070,489 339,708 98,221 781, 537 491,856 219,810 69,871 726, 881 578, 633 119,898 28,350 Outside checks and other cash items.. _ 200,159 62,978 104,213 32,968 106,321 12,501 68,442 25,378 93,838 50,477 35,771 7,590 Redemption fund and due from United States Treasurer.. 33,281 1,881 7,969 23,431 33,281 1,881 7,969 23,431 United States securities borrowed _ __ 29,855 18,924 10, 931 20, 743 12, 632 8,111 9,112 6,292 2,820 O O t t h h e e r r a se s c se u t r s it . i _ es borrowed 45 5 6 , , 3 00 5 3 7 270,4 3 1 5 1 0 135 2 , , 6 2 0 0 0 7 50 2 , , 3 4 8 0 5 7 241 3 , , 4 5 5 5 0 9 138,8 3 1 5 9 0 78 1, , 1 5 7 5 0 5 • 2 1 4 , , 9 1 3 85 0 214 1, , 9 4 0 4 7 4 131,592 56 1 , , 4 6 3 5 0 2 26,2 4 0 7 0 7 i Total. 44,888,140 13,304,972 15, 510,110 16,073,058 28,148,557 6, 510,343 9,285, 572 12,352,642 16, 739, 583 6,794, 629 6,224,538 3,720,416 LIABILITIES Capital stock paid in 2,337, 780 573,500 796, 530 967,750 1,527,709 289,950 481,052 756, 707 810, 071 283, 550 315,478 211,043 Surplus fund _.. 2,124,020 654, 796 698,044 771,180 1,313,483 348,060 365, 706 599, 717 810, 537 306, 736 332, 338 171,463 Undivided profits, less expenses and taxes paid 879,480 270,103 273,141 336,236 530, 576 116, 066 155, 266 259, 244 348,904 154,037 117,875 76,992 Reserved for taxes, interest, etc., accrued 128,757 50,265 43, 831 34,661 76,440 25, 208 27,810 23,422 52,317 25,057 16, 021 11,239 Due to Federal reserve banks _ 52,073 14 12, 822 39, 237 39,381 10,093 29,288 12,692 14 2,729 9,949 Due to banks, bankers, and trust companies 4, 541,516 2,141, 775 1,912,488 487, 253 3,154,684 1,288,767 1,460,605 405,312 1,386,832 853,008 451,883 81,941 Certified and cashiers' or treasurers' checks outstanding.. 839,556 503, 874 212,824 122,858 456,119 215,313 142,881 97,925 383.437 288,561 69,943 24, 933 Demand deposits 18,170,140 6,148,862 5,943,198 6,078,080 11,223,602 2,906,709 3, 692,451 4, 624,442 6,946,538 3,242,153 2,250,747 1,453,638 Time deposits. _ _ 12, 764,798 1,600, 813 4, 692, 468 6,471, 517 7,805,787 600, 580 2,321,091 4,884,116 4,959, 011 1,000,233 2,371,377 1,587,401 United States deposits 266,981 70,302 146, 518 50,161 167,314 29, 619 39,629 99,667 40,683 48,452 10,532 Total deposits 36,635,064 10,465,640 12,920,318 13,249,106 22,846,887 5,040,988 7,725,187 10,080,712 13,788,177 5,424,652 5,195,131 3,168,394 Agreements to repurchase United States Government or other securities sold 32,785 1,053 29,428 2,304 12,843 1,043 9,847 1,953 19,942 10 19,581 351 Bills payable 562,095 250,531 180,769 130,795 410,149 226,801 85,868 97,480 151,946 23,730 94,901 33,315 Notes and bills rediscounted.. _. 101,380 11, 702 30,066 59,612 71,233 7,000 18,225 46,008 30,147 4,702 11,841 13,604 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 431,968 359,228 70,910 1,830 194,530 146,476 47,121 933 237.438 212,752 23,789 897 Letters of credit and travelers' checks sold for cash and outstanding 21,641 16,795 4,642 204 9,218 4,746 4,329 143 12,423 12,049 313 61 Acceptances executed for customers 721,473 525,432 180,592 15,449 374,852 235,523 132,156 7,173 346,621 289, 909 48,436 8,276 Acceptances executed by other banks for account of reporting banks 22,318 15,454 I 5,287 1,577 14,506 8,753 4,264 1,489 7,812 6,701 1,023 National bank notes outstanding 649,877 37,287 155,758 456,832 649,877 37,287 155,758 456,832 United States securities borrowed 30,579 18,924 11,655 20,967 12,632 8,335 9,612 6,292 3,320 Other securities borrowed 5,357 350 i 2,600 2,407 3,450 350 1,170 1,930 1,907 1,430 477 Other liabilities 203,566 72,836 I 99,270 31,460 91,837 22,092 59,181 10,564 111, 729 50,744 40,089 20,896 Total 44,888,140 13,304,972 15,510,110 16,073,058 :28,148, 557 6,510,343 9,285, 57212,352,642 16,739,583 6,794,629 6,224, 538 3,720,416 Number of banks.. 9,034 81 | 533 8,420 i 7,759 368 7,355 1,275 45 165 1,065 to to i Member bamks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1927, BY FEDERAL RESERVE DISTRICTS I to to [Amounts in thousands of dollars] Federal Reserve District Total Phila- Cleve- Rich- Minne- Kansas San Fran- Boston New York delphia land mond Atlanta Chicago St. Louis apolis City Dallas cisco RESOURCES Loans and discounts 24,301,127 1,800,125 8,131,457 1,618,968 2,167,451 1,032,582 888, 544 3, 530,164 953,215 546,601 782,418 693,227 2,156,375 Overdrafts | 17,234 493 4,331 662 966 510 2,034 1,905 879 492 997 1,785 2,180 United States Government securities _._] 3,977,557 267,616 1, 212, 650 233, 553 411,708 139,141 124,664 503,452 146, 241 137,006 183,534 131,898 486,094 Other bonds, stocks, and securities \ 6,382,962 549,863 1,945,802 738,495 722,960 194, 599 151, 755 835,821 276,925 212,917 224,895 71, 986 456,944 Total loans and investments _ 34,678,880 2,618,097 11,394,240 2,591,678 3,303,085 1,366,832 1,166,997 4,871,342 1,377,260 897,016 1,191,844 898,896 3,101,593 Customers' liability on account of acceptances I 699,701 83,918 485,474 15,473 13,920 11,826 12,854 35, 724 2,501 679 772 6,101 30,459 Banking house, furniture, and fixtures | 1,067,200 1,443 235,043 84,596 136,228 62,391 59,929 160,913 41, 582 24,163 45,669 42,475 104, 768 O~ ther real estate owned' 177,229 13,957 14, 706 21,019 14,338 14,427 25,840 8,577 12,097 12,365 12,220 20,720 Cash in vault 523,370 40,449 111, 420 39,831 56, 620 26,436 26,157 83, 527 22,070 19,167 27,019 23, 610 47,064 Reserve with Federal reserve banks 2, 514,465 155,948 1,037,883 142,118 180,917 76,460 73, 215 348,638 88,517 54,217 95,336 73,133 188,083 Items with Federal reserve banks in process of collec- Du ti e o n fr . om banks, bankers, and trust companies 2, 7 2 8 0 4 9 , ,8 3 3 9 1 1 119,993 2 2 7 4 3 8 , ,8 2 6 2 5 7 13 6 0 4 , , 6 7 4 8 2 5 1 7 8 6 4 , , 1 1 7 9 0 6 1 4 2 5 4 , , 4 0 0 7 7 7 15 3 8 0 , ,0 6 1 5 0 4 32 7 8 7 , , 3 5 1 5 6 9 1 3 2 8 9 , , 9 1 6 1 3 3 12 8 7 , , 1 0 0 2 3 5 2 3 2 3 3 , ,6 7 0 2 8 4 1 2 70 9 , , 0 7 1 3 8 2 2 3 6 8 4 , ,2 3 2 4 4 3 I Exchanges for clearing house and checks on other banks in same place... 1,508,418 51,233 1,010,073 66,632 49,119 30,441 24,176 146,177 26,158 11,238 19,857 19,907 53,407 Outside checks and other cash items. _ 200,159 15,152 46,225 4,557 9,759 4,281 9,205 41,995 4,850 5,132 5,862 48,276 Redemption fund and due from United States Treasurer _. 33, 281 2,321 4,334 2,814 4,101 2,912 2,069 4,206 2,023 1,418 1,683 2,54-. 2,856 United States securities borrowed _ 29,855 88 216 8,948 7,504 2,832 1,485 3,562 3,785 87 383 227 738 Other securities borrowed 5,357 21 415 100 1,143 677 993 1,325 24 5 239 122 293 Other assets 456,003 33,843 250, 669 16, 504 18,004 5,104 7,911 56, 762 17,341 4,435 5,330 2,985 37,115 Total-. 44,888,140 3,266,937 15, 012,041 3,183,384 4,061, 7851,774,014 1, 588,0826,185,886 1, 762, 764 1,164, 782 1, 663,691 1,286,835 3,937,939 LIABILITIES Capital stock paid in .__ _. 2,337,780 166,312 661,049 163,132 218,864 117,130 100,961 332,399 114, 345 63,870 93,922 94,862 210,934 Surplus fund 2,124,020 151,449 721,864 287, 277 251,941 89,134 67,969 268, 751 62,829 34,237 43,460 44, 785 100,324 d Undivided profits, less expenses and taxes paid 879,480 76, 900 319, 635 91, 850 79,116 33,161 23,773 108, 726 32,032 17, 216 19,459 20,393 57,219 Reserved for taxes, interest, etc., accrued 128,757 13, 524 42,063 6,731 10,805 4,839 3,489 24, 727 3,328 5,088 3,186 2,448 8,529 Due to Federal reserve banks 52, 073 8,050 16,041 6,687 4,397 7,787 2,338 2,789 424 97 382 2,504 577 Due to banks, bankers, and trust companies. _ 4, 541, 516 199, 762 1, 894, 393 218, 579 270,406 164, 681 182,099 561,328 200, 233 124,888 271,312 168, 530 285,305 Certified and cashiers' or treasurers' checks outstanding 839,556 24,275 500,450 21,001 47,027 15,170 14,977 55,488 15,204 11,341 31,126 32,955 70, 542 Demand deposits 18,170,140 1,423,388 6, 592, 7501,146, 6591,410,277 611,478 608,442 2, 426,206 700,649 417, 589 805, 935 666,185 1,360,582 Time deposits 12, 764, 798 973, 967 2, 837,0851,054, 6251, 544, 204 599,094 462, 740 2,140,008 525, 641 451, 607 338,815 184,032 1, 652, 980 United States deposits _ 266,981 21, 577 75,808 21,013 24,401 16,416 17,330 24,823 8,885 5,743 8,718 13,789 28,478 Total deposits _ 36,635,064 2,651,019 11,916,527 2,468,564 3,300,712 1,414,626 1,287,926 5,210,642 1,451,036 1,011,265 1,456,288 1,067,995 3,398,464 Agreements to repurchase United States Government or other securities sold 32, 785 1,000 8,334 45 11,795 813 7,437 10 450 96 Bills payable. 562, 095 22,299 305,091 63,832 61,454 16,115 42,840 16,186 1,040 3,966 1,227 4,118 Notes and bills rediscounted 101,380 9,676 9,168 9,007 6,918 18,306 24,874 4,691 1,614 6,326 177 2,993 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 431,968 35,475 347,249 3,305 6,652 2,372 12,696 729 18 353 668 17, 713 Letters of credit and travelers' checks sold for cash and outstanding 21,641 425 14,856 303 3,044 85 2,188 60 12 50 21 495 Acceptances executed for customers 721,473 85,442 498, 220 14,155 13,943 18, 220 36, 419 2,509 761 772 6,105 33, 234 Acceptances executed by other banks for account of reporting banks__ 22,318 1,823 15,946 2,407 266 505 101 251 National-bank notes outstanding 049, 877 45,688 85,419 55, 205 80,867 40,932 83, 571 40,055 27,842 33,488 45, 645 54, 077 United States securities borrowed 30,579 88 216 8,948 7,504 1,485 3, 562 3, 785 87 383 227 738 Other securities borrowed 5,357 21 415 100 1, 143 993 1,325 24 239 122 293 Other liabilities - 203, 566 5,796 65,989 8,523 6, 761 4, 951 31, 484 23, 718 1,620 1, 789 1,710 47, 861 Total 44,888,140 3, 266, 937 15, 012, 041 3,183, 384 4,061, 785 1, 588, 082 6,185, 886 1, 762, 764 1,164, 782 1, 663, 691 1, 286,835 3,937,939 Number of banks. 9,034 413 937 777 835 464 1,2 594 735 799 658 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

:MARCH, 1928 FEDERAL RESERVE BULLETIN 227 ALL MEMBER BANKS—RESERVE POSITION ON DECEMBER 31, 1927 [Amounts in thousands of dollars] Net demand deposits Reserves w b it a h n k F s ederal reserve Ratio of required Class of bank d i a s n tr d i c F t ederal reserve e d D x e e c p m l o u s a s i i n t v s d e , Due to de T p im os e its p d l e u N m s e t a i t n m d e d ret e o p s m e l n u r a ve s n et d s of bank banks, Total deposits Required Held Excess 3 time and Gov- nets deposits ernment (per deposits * cent) All member banks. __ 18,170,140 1,912,704 20,082,844 12, 764,798 32,847,642 2,424,882 2,514,465 89,583 7.4 Central reserve city banks _ 6,148,862 1,156,668 7,305,530 1,600,813 8,906,343 997,743 1,036,253 38,510 11.2 Reserve city banks 5,943,198 650,388 6, 593, 586 4,692,468 11,286,054 800,133 814,687 14,554 7.1 Country banks _• 6,078,080 105,648 6,183,728 6,471,517 12, 655,245 627,006 663,525 36,519 5.0 All member banks: Boston 1,423,388 56,213 1,479,601 973,967 2,453,568 155,529 155,948 419 6.3 New York 6, 592,750 1,021,761 7,614,511 2,837,085 10,451,596 992,113 1,037,883 45,770 9.5 Philadelphia. „. 1,146,659 53,428 1,200,087 1, 054,625 2, 254,712 135,898 142,118 6,220 6.0 Cleveland 1,410, 277 109,805 1,520,082 1, 544,204 3, 064,286 180,990 180,917 -73 5.9 Richmond 611,478 42,601 654,079 599,094 1,253,173 72,398 76,460 4,062 5.8 Atlanta 608,442 41,904 650,346 462,740 1,113,086 . 69,444 73,215 3,771 6.2 Chicago 2,426,206 213,869 2,640,075 2,140,008 4,780,083 345,343 348,638 3,295 7.2 St. Louis 700,649 75,124 775,773 525,641 1,301,414 84,278 88,517 4,239 6.5 Minneapolis 417,589 42,436 460,025 451,607 911,632 51,508 54,217 2,709 5.7 Kansas City 805,935 101,378 907,313 338,815 1,246,128 89,184 95,336 6,152 7.2 Dallas 666,185 65,941 732,126 184,032 916,158 65,731 73,133 7,402 7.2 San Francisco... 1, 360,582 88,244 1,448,826 1, 652,980 3,101,806 182,466 188,083 5,617 5.9 Central reserve city banks: New York 5,048,688 997,844 6,046,532 1, 080,804 7,127,336 818,473 857,391 38,918 11.5 Chicago 1,100,174 158,824 1,258,998 520,009 1,779,007 179,270 178,862 -408 10.1 Reserve city banks: Boston 708,167 49,747 757,914 293,551 1,051,465 84,598 86,017 1,419 8.1 New York 358,154 14,956 373,110 303,831 676,941 46,426 43,622 -2,804 6.9 Philadelphia.— 623,890 51,241 675,131 228,670 903,801 74,373 76,262 1,889 8.2 Cleveland 834, 742 107,208 941,950 768,767 1,710,717 117,258 115,922 -1,336 6.9 Richmond 260,356 27,651 288,007 168,114 456,121 33,844 33,996 152 7.4 Atlanta 300,937 33,655 334,592 209,422 544,014 39,742 40,613 871 7.3 Chicago. 653,545 39,689 693,234 725,584 1,418,818 91,091 91,843 752 6.4 St. Louis 412,781 60,720 473,501 253,831 727,332 54,965 57,409 2,444 7.6 Minneapolis 157,098 34,845 191,943 106,169 298,112 22,379 23,096 717 7.5 Kansas City 421,971 94,925 516,896 157,930 674,826 56,428 59,800 3,372 8.4 Dallas 243,105 55,591 298,696 106,476 405,172 33,064 36,838 3,774 8.2 San Francisco-. 968,452 80,160 1,048,612 1,370,123 2,418,735 145,965 149,269 3,304 6.0 Country banks: Boston 715,221 6,466 721,687 680,416 1,402,103 70,931 69,931 -1,000 5.1 New York 1,185,908 8,961 1,194,869 1,452,450 2, 647,319 127,214 136,870 9,656 4.8 Philadelphia... 522,769 2,187 524,956 825,955 1,350,911 61,525 65,856 4,331 4.6 Cleveland 575,535 2,597 578,132 775,437 1,353,569 63,732 64,995 1,263 4.7 Richmond 351,122 14,950 366,072 430,980 797,052 38,554 42,464 3,910 4.8 Atlanta 307,505 8,249 315,754 253,318 569,072 29,702 32,602 2,900 5.2 Chicago 672,487 15,356 687,843 894,415 1, 582,258 74,982 77,933 2,951 4.7 St. Louis 287,868 14,404 302,272 271,810 574,082 29,313 31,108 1,795 5.1 Minneapolis.-. 260,491 7,591 268,082 345,438 613,520 29,129 31,121 1,992 4.8 Kansas City... 383,964 6,453 390,417 180,885 571,302 32,756 35,536 2,780 5.7 Dallas 423,080 10,350 433,430 77, 556 510,986 32,667 36,295 3,628 6.4 San Francisco.. 392,130 8,084 400,214 282,857 683,071 36,501 38,814 2,313 5.3 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, and certified and cashiers' or treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place. 3 Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to to ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-DECEMBER, 1927 00 [Amounts in thousands of dollars] Loans and investments Date Total Loansl Total Inv G e m U o s v t . e m e n S r e t n . n - ts s O e t c h u e r r i- f D ro u m e s C p u v u r a a r i n o p d n p d f e l d i i u i t t d - a s s l , , de T p o o t s a it l s2 d D e e p m os a i n ts d 3 de T p i o m si e ts U S po n t d a e s i t t i - e e ts s d b D a u n e k s to * d d e e N m po e a s t n it d s t d d G im e e m o N p m e v e o e e a n a s t r n i n t n t d s d - R F r b e w e e s a d s e n i e e t r k r h v r v a s e e l p c r a B o e a y u d n i a l n i d l b s s t - l s e r b N b e a e i p u n n r o m g k r o t s - f securi- ties ties 1922 Mar. 10 23,418,982 17,161,135 6,257,847 2,754,846 3,503, 0011, 613,918 4,185,017 23, 641,418 13,484,054 6,662,398 329,503 3,165,463 14,479,460 21,471.,, 3611, 722,637 838,979 9,816 June 30 24, 358,014 17, 295,943 7,062,071 3,246,824 3,815, 247 1, 646,773 4, 213,919 25, 516,687 15, 035,179 7,175,005 156; 111188 33;, 115500;, 338855 1155,,509,073 22,840,196 l], 835,116 722,744 9,892 Dec. 29 25, 768, 503 18, 080,I, 787 7,687, 7163, 788,377 3,899,339 1,805,579 4,363,914 27, 271,804 15, 672, 741 7,644,881 461,799 3,492,383 16,186,983 24J 293; 663 1, 939,028 877,527 9,859 1923 Apr. 3 _.. 26,332,193 18,571,825 7r,, 760,368 3,883,266 3,877,102 1, 774, 287 4,, 355, 582 27,182,459 1,1527, 221 8,142, 574404,427 3, 508, 237 16,068,171 24,615,172 1,908,586 967, 819 9,850 June 30 26, 675, 005 18, 880,058 7r,, 794,947i 3,870, 232 3,924, 715 1, 596,184 4,, 367,078 27,053, 202 1,5161,059 8,378, 211296,482 3,217,450 16,030,725 24,705,418" 11,871,0151,073,211 9,856 Sept. 14 26,497, 552 18,857,1007,640,452 3, 722,441 3,918,011 1, 640,178 4,, 436,232 26,914,718 1,5100, 551 8,466, 416144,478 3, 203,273 15, 892,267 24, 503,1611,868,926| 1,121,362 9,843 Dec. 31 26, 738,130 19,051,6"8"6" "7*,, 686,444 3,641,132 4,045, 312 1,824,348 4,, 377,566128,486,613 1,6086, 731 8, 650,610236,942 3, 512, 330 16,356,379 25,243,9311,900,153 1, 017, 644 9,774 1924 Mar. 31 26,832, 034 19,175, 713 7,656,321 3,569,,653 41,086,668 1,643,739 4,468,444 28,248,08115, 586,6768,889,923 291,767 3, 479, 715 16,089,676 25, 271,366 1,893,301 744, 515 9,681 June 30 27, 261, 559 19,264,019 7,997,540! 13,607',, 79t7, 4 389,743 1,940,197 4,486,475 29, 529, 561 "16 \, 292,9699,203, 545178,946 3,854,10116,802,176 261,,184,6671,965,453 502, 907 9,650 D O e c c t . . 1 3 0_ 1 _ 2 2 8 9 , ,0 45 2 0 6 , ,5 6 8 4 8 4 2 1 0 9 , , 1 8 8 1 1 9 , , 3 8 0 9 9 8 8 8 , , 8 6" 4 3 5 0\ ,i , , 7 4 2 6 7 ' 9 3 3 , , 8 9 9 0 4 2 , , 6 7 2 9 0 3 4 4 , , 7 9 3 4 6 2 , , 1 4 2 8 6 6 2 2 , , 4 3 3 3) 0 9, , , 4 4 6 '8" 2 8" 4 4 4 ,, ,' 5 59 5" 94 3 4 " , 1 , , 1 7 0 2 5 6 3 3 0 2 ; ^ 7 3 7 6 2 l , | 0 6 5 5 7 2 1 1 6 7 , ^ 3 8 7 2 66 , ^ 9 3 4" 9 6 9 99 , , 5 8 9 0 7 4 , , 3 7 9 3 5 8 3 2 0 4 1 2 , , 8 4 0 8 3 2 4 4 , , 4 5 48 45 89 74 9, ,7 , 9 9 96 2 63 0 3 1 1 18 7, ,8 , 44 4 7 46 8 6, 1 11 ,, 1 3 19 ,9 9 1 22 8 '. 2 8 , , 76 4 ,8 9 0 3 , ; 5 3 8 3 9 9 , 2 2 , ; 1 2 2 1 2 ^ 7 , 5 4 ;6 2 9 8 4 6 3 5 2 6 , , 7 74 4 3 7 9 9, , 5 6 8 3 7 5 1925 Apr. 6 29,284,939 20,389, 702 8,895,2373,915,997 4,979, 240 2,090,754 44,, 6 66699, ,039 31,226, 527 16, 606, 548 10, 411,619 4,081, 380 17,685,631 28,224,230J2,091, 545700,196 9,531 June 30 29, 702, 525 20,814,180 8,888,3453,802,370 5,085,975 2, 017,454 44,, 6 68899,,980 32, 442200;,480 17,844, 555 10,381,486176,653 4,017, 786 18, 239,939 28, 798, 07812,190,991717,701 9,538 Sept. 28 30, 369,058 21,450,373 8,918,6853,785,412 5,133, 273 2,031,;1 3103 04 ,4 6,8 678, 77,8 77 8372 3, 20,4 90,491,6186 187 1472,642 62,1 22 1120 1406,74 6273, 7232778,211 3, 877, 508 18, 232,538 28, 977,986J2,047, 111876,662 9,539 Dec. 31 31,199, 516 22, 275,285 8,924,231\ 761,065 5,163,166 2,155, 306 4,677,933 34,228, 20119; 050, 460 10; 653; 028 304,131 4, 220, 582 19, 237, 727 30,194,886 2, 238,2313, 0111,812 1926 Apr. 12 31, 070,003 22,006,308 9,063, 695 3,831.,, 078 5>,, 232, 617 1,933, 501 4,826, 066 32,870,217 17, 686,614 10, 954, 377497,450 3,849,406 18,368,685 29,702,882 2,135,948 840,858 9,412 June 30 31, 390,887 22,267,479 9,123,408;3, 744, 929 5>J,378,479 1,980,051|4,832,205 33t,, 723, 572 18, 342, 735 11,172,863227,647 3,980,327 18,766,357 30,166,867 2,,. -2.36,, 172 818,911 9,375 Dec. 31 31,896, 221 22,906,550 8,989),, 6713,388i 963 5,600,708 2,065, 518 4, 944,313 34I, 508,165 18, 779, 750 11,439,859 9,260 234,116 4,054,440 18,901,829 30,575,804 2,210,048 1,014,372 1927 Mar. 23 32,154, 346 22, 532,419 9,621,927 3, 835,151 5, 786, 776 1.896, 383 5,085, 980 33, 725,190 17, 619, 23111,817, 694406,850 3,881,415 18, 516, 549 30,741,093 2, 321, 414546,433 9,144 June 30 32, 967, 000 23,148, 726 9,818, 2743, 796,347 6,021,927 I968,326 5,147, 398 35,350,958 18, 799,849 12, 209,834217,622 4,123,653 19, 208,041 31,635,497 2, 280,439541, 248 9,099 Oct. 10_._ 33,450, 788 23,491, 520 9, 959,, 2683, 856,149 6,103,119 2; 0""7*7,; 441 5, 294,538 35,449, 768 18,352,370 12,459,248435,475 4,202, 675 19,143,905 32,038,628 2,319,736528, 215 9,087 Dec. 31 34, 678,880 24,318, 36110,360,519 3,977,55716,382,962 2,2091,,83115,341, 280 36,635,064 19,009,696 12,764, 798266,981 4, 593, 589 20,082,844-33,114,623 2,514,465 663,475 9,034 1 Including discounts, rediscounts, and overdrafts. 3 Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks. 3 Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks. * Including due to Federal reserve banks and due to foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... -BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® 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