Federal Reserve Bulletin, 1928-05

FEDERAL RESERVE BULLETIN MAY, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Business Conditions in the First Quarter of 1928 Annual Report of the German Reichsbank 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: ROT 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 FRANCISC^)... F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss __ W. P. G. Harding... W. W. Paddock.... W. Willett. New York.. G. W. McGarrah Benj. Strong __ J L . . H F . . C Sa a i s l e er J R . a W y . M Jo . n G e i s d .* ney.* G. L. Harrison J. E. Crane.* R. R. Kenzel W. B. Matteson.i A. W. Gilbart L. R. Rounds. Philadelphia R. L. Austin Geo. W. Norris__. Wm. H. Hitt C. A. Mcllhenny. W. G. McCreedy.' 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. II. Keesee. R. If. Broaddus John S. Walden, jr.» 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.J D. A. Jones.2 O. J. Netterstrom.* St. Louis. Wm. McC. Martin D. C. Biggs O. M Attebery— - A. H. Haill.2 F. N. Hall.» S. F. Gilmore.1 J. W. Rinkleff.* C. A. Schacht.* Minneapolis.. John R. Mitchell W. B. Geery B. V. Moore Gray Warren. Harry Yaeger Frank C. Dunlop.1 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 F W re . d D H . G ar e r n is tr . y.1 San Francisco. Isaac B. Newton. J. U. Calkins „... Wm. A. Day Wm M. Hale. Ira Clerk 1 Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESE VE 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. B altimore 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. Cramp. Jacksonville branch _ _ W. S McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. 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 FEDEEAL 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—Business conditions in the first quarter of 1928 305 Condition of all member banks- 309, 366-370 Earnings, expenses, and dividends of State bank members 371 Annual report of the German Reichsbank 326 Annual report of the Bank of Japan 330 Annual report of the Bank of Poland 333 Report of the financial adviser to the Polish Government 338 National summary of business conditions 310 .Financial, industrial, and commercial statistics 311-325 Reserve bank credit (311)—Monetary gold stock of the United States (312)—United States money in circulation (312)—Money rates: Federal reserve bank rates, Open-market rates, Rates charged customers (313-314)—Member bank credit: All member banks, Reporting member banks in leading cities (315)—Bankers' balances of reporting member banks (316)—Bankers' acceptances and commercial paper outstanding (316)—Brokers' loans (317)—Commodity prices, security prices, and security issues (318)—Production, employment, and trade (319)—Industrial production (320)—Factory employment and pay rolls (321)—Building (322)—Commodity movements: Freight car loadings, Agricultural movements (323)—Wholesale trade (323)—Retail trade: Department stores, mail-order houses, chain stores (324)—Bank suspensions and commercial failures (325). Financial statistics for foreign countries 343-351 Condition of central banks (343)—Condition of commercial banks (345)—Discount rates of central banks (345)—Money rates (346)—Gold exports and imports (347)—Foreign exchange rates (348)—Price movements: Wholesale prices, retail food prices, cost of living (349-351). Changes in State bank membership 352 Fiduciary powers granted to national banks 352 Detailed banking statistics for the United States 353-365 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 14 MAY, 1928 No. 5 REVIEW OF THE MONTH Production of manufactures in March was nearly 20 per cent larger than in December Industry and trade in the United States, and exceeded in volume the which experienced recession in the late months Manufactur-. , , . . .-, of last year, have become con- ing production. OutPut ™ ^ PreY1OUS °\°f^ for which records are available. Growth in in- id bly more active since that s era Much of this increase, however, was of seasonal dustry and time, with the consequence that trade. character. Factory output in March is comby the end of the first quarter monly larger than in any other month of the commodities in general were being produced year and, making allowance for usual seasonal and distributed in about the same volume as variation, manufacturing production was in a year ago. The output of manufactures in- fact no larger in March of this year than creased rapidly during the quarter from an exceptionally low level, was unusually large in PRODUCTION OF March, and for the quarter as a whole was MANUFACTURES AND MINERALS slightly larger than in any previous year. Building activity increased seasonally, especially in February, and contracts awarded during the quarter slightly exceeded awards in the corresponding period of last year. The 100 volume of mineral production, on the other hand, has not changed much for several months and has continued to be considerably 80 80 smaller than during the early part of last year. Distribution of goods through wholesale and 60 60 retail channels, taking the country as a whole, 192A- 1925 1926 1927 1928 was slightly larger in the first quarter of this Indexes of production of manufactures and minerals adjusted for seasonal variations. (1923-1925 average=100.) Latest figures, March year than in the same quarter of 1927, partly in in certain earlier months of exceptional activconsequence of larger purchases this year than ity—specifically May, 1927, and August and last by residents of agricultural districts, but in September, 1926. This fact is brought out by part also because of recent improvement in the accompanying chart which shows the industrial districts. The expansion of induscourse of production of manufactures and try and trade was accompanied in February, minerals during recent years. The present March, and April by an increasing demand for high level of manufacturing is due almost bank credit and an increase by more than the entirely to increases in the steel, automobile, usual seasonal amount in commercial loans of food, and paper industries, as other important member banks in leading cities. In March groups, notably the textile and leather indusand April loans made by these banks on the tries, have been less active during recent security of stocks and bonds, including loans months. Steel production, which declined to brokers, increased rapidly to the highest sharply during the last half of 1927 to the level on record. lowest levels since 1924, has risen even more 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN MAY, 1928 rapidly since December, and in March the stocks were further increased. The woolen output of steel ingots was only slight smaller and worsted industry, which also showed some than that for March of last year, which was increase in production in 1927 above the low the largest ever recorded. Orders for iron level of 1926, was less active in the first three and steel from automobile manufactures have months of this year than in the preceding been especially heavy, and demand for struc- quarter. Tanning of leather was larger in tural steel has also been in seasonally large 1927 than in any other year since 1923; stocks volume. Earlier in the year railroads bought of hides and skins and of finished leather, as a considerable volume of rails and bridge well as supplies of cattle ior slaughter, have material, and there was some increase in orders decreased during the past few years, and prices given for freight cars. Industries manufac- of hides and leather have advanced in recent turing machinery have been unusually active months to new high levels for the postwar this year; pay rolls of agricultural-implement period. Boot and shoe production also inproducers have increased sharply since last creased last year. Since last autumn, howautumn and in March were the largest for any ever, the output of both leather and shoes has month in the past six years, and orders and declined relatively to the usual seasonal trend, shipments reported by machine-tool manu- and stocks of some types of leather have infacturers in March were the largest since 1920. creased slightly. A large part of the recent increase in indus- Production of minerals in the first quarter of trial activity, as well as of last year's decline, the current year, as during the last threehas reflected fluctuations in the production of quarters of last year, was more r°" than 10 per cent below the rel" automobiles and of the supplies and materials atively high levels prevailing used in the automobile industry. The reduction in automobile output in 1927, after two earlier in 1927 and late in 1926, when the years of large production, was due in large part foreign demand for coal was unusually large to suspension of operations in the Ford plant in in consequence of the British coal strike, preparation for the manufacture of a new and when the output of petroleum was also in model, of which production did not begin until exceptional volume. Petroleum output has late in the year and was then only on a small been curtailed somewhat during the last few scale. Within recent months, however, Ford months. Output of the various nonferrous production has increased, and other companies metals also has been smaller in recent months have also expanded operations rapidly, with than at the same time in 1927, notwithstanding the result that the output of automobiles, some increase since last autumn in the producwhich in December was the smallest for any tion of copper and zinc. month since 1922, totaled in March about Building construction during recent months 413,000 cars, the largest number or any month has continued in practically the same large volsince August, 1926. ume as in 1926 and 1927. Esti- Production in the textile and leather indus- Buildmg. tries, on the other hand, which in 1927 exceeded poration for the country as a whole indicate that of any other year since 1923, has fallen off that building and construction contracts somewhat since last autumn. Cotton con- awarded in the first quarter of 1928 totaled sumption last year was the largest on record, $1,595,000,000 in value, as compared with but in the autumn demand for cotton goods $1,513,000,000 and $1,621,000,000,respectively, began to decline, orders and shipments fell in corresponding periods of 1927 and 1926. An off, and later production was curtailed. In important characteristic of contracts this year March sales were slightly larger than ship- has been the large volume awarded for residenments and there was a corresponding increase tial construction. The value of residential contracts declined somewhat in 1927 but has in unfilled orders, but production continued increased this year, and in March was larger larger than either new orders or shipments, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 307 than for any previous month. This in- a smaller number of workers, but the unusually crease occurred in most of the States for small volume of factory employment at the which reports are received. Contracts for beginning of this year was due in considerable public works and public utilities—particularly part to the temporary recession in industry at for highways and bridges—also were larger in that time. There has also been a considerable the quarter than in the same period of previous reduction in employment at coal mines during years. Awards for commercial and industrial the past year. In addition to reduced indusbuildings, on the other hand, were smaller. trial employment, seasonal curtailment of Activity in building has been fairly well dis- operations in building and agriculture, usual tributed throughout the country. Total awards in midwinter, released workers from employfor all types of construction during the quarter ment. Thus at the end of 1927, as had not were considerably larger than a year ago in the previously happened since 1921, the low point Boston, New York, Chicago, St. Louis, and of an industrial recession coincided with the Kansas City districts, while the larger de- inactive season for building and agriculture, creases occurred in the Cleveland and Atlanta and this exceptional combination of unfavordistricts. The decline in the Cleveland district able circumstances had a depressing effect on was due chiefly to smaller contracts for indus- the general labor market. Since January, trial and commercial building and public works, however, the expansion of industrial activity while that in the Atlanta district, occurring has brought about an increase in factory emin nearly all types of construction, was localized ployment; there has been, furthermore, the almost altogether in Florida. usual seasonal increase in demand for workers As a consequence of the large building pro- in building and agriculture, and the volume of gram at the beginning of the season of active employment in general has been increased operations, there have been the customary substantially. Available data indicate, howincreases in production and shipments of ever, that in most manufacturing industries building materials. Buying of lumber has been the number of workers in employment during particularly active this spring and production March was smaller than a year earlier. J The has been larger than a year ago. Prices of chief exceptions, in which employment was lumber, which declined steadily all of last year, larger than a year ago, were the automobile, have recently become firmer and some quota- rubber tire, agricultural implement, meat packtions have been advanced. ing, and flour industries. The most pro- At the beginning of 1928, reports from nounced decreases since March, 1927, were in industrial centers indicated that the volume of shipbuilding, petroleum refining, and in some employment was smaller than of the industries making iron and steel prod- Employment. at any time in several years ucts and building materials. past. The recession in industrial activity, Movement of commodities through the which reached a low point at that time, had channels of trade, after declining at the end of resulted in a decrease in factory employment, 1927, increased during the first as measured by current index numbers, to of merchandise" <l™^ <>f 1928 to a level about approximately the low level of 1924. These the same as that of the same index numbers over a long period of time some- period of last year. Sales reported by wholewhat overstate the extent of decline, but from sale firms in a number of important lines have all available evidence it is clear that there was increased since last autumn by more than the during last year a substantial reduction in usual seasonal amount and for the first quarter factory employment. Some of the indicated were in about the same volume as in the corredecline in the factory demand for workers sponding period of last year. Sales at least as within recent years may be attributed to im- large as those of a year ago have been reported provements in the technique of producing and by wholesalers of groceries, dry goods, men's handling certain lines of goods, which have clothing, shoes, and drugs, but there have been made possible a larger output of products with smaller sales of meats, women's clothing, hard- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN MAY, 1928 ware, and furniture. Increases in sales at on the other hand, for grains, cattle feed, hides wholesale have been especially large in some and leather products, wool, and structural steel. of the agricultural districts, and sales of agri- In March and April there were sharp increases cultural implements and farm machinery have in prices of grains and more moderate advances been much larger during the quarter than in in flour, hogs, cotton, and lumber. Rubber, the first quarter of 1927. Sales by depart- however, declined in April to below 18 cents a ment stores, after allowances for an extra day pound, the lowest price recorded since 1922, and in February and for the earlier date of Easter, cattle prices have also declined somewhat from were in the first three months of 1928 in about high levels reached early in the year. the same volume as a year ago for the country The increase during the early months of 1928 as a whole and in certain Federal reserve in production, employment, and trade was districts—New York, Cleveland, and Kansas accompanied by a substantial Bank credit. City—with marked increases in the Atlanta, increase in the volume of bank Chicago, St. Louis, and Dallas districts and credit in use. Loans and investments of decreases in the Boston, Philadelphia, and member banks in leading cities, after some Minneapolis districts. liquidation in the early weeks of the year, It has been in agricultural sections of the subsequently increased by more than $700,country, rather than in industrial sections, 000,000, and were in April nearly $350,000,000 that the volume of trade daring the first quar- larger than at the beginning of the year and considerably larger than at any previous time. ter of this year has compared most favorably Somewhat less than half of the recent large with that of a year ago. This reflects a larger increase represented a rapid growth in Februincome received by farmers from crops and ary, March, and April in commercial loans. other products in 1927 than in 1926. Prices of These loans in November, December, and farm products advanced considerably last year January, however, when industry and trade and have remained since early in the autumn at were relatively inactive, were for the first higher levels than a year earlier, enabling farmtime in several years no higher than at the ers to market their produce at favorable prices. same time in the preceding year. The recent Within recent months marketings of livestock increase, therefore, which has been the most have also brought larger returns to farmers rapid for this season of the year since 1923, may than in the same period of last year. The be taken in considerable part as reflecting slaughter of cattle during the first quarter was coincident growth, from an unusually low level smaller in volume but, owing to higher prices, and in more than the usual seasonal amount, much larger in value than a year ago, while the in the production and distribution of goods. slaughter of hogs was larger both in volume There has not been at this same time, however, and in value, although prices for hogs have any sustained increase in the demand for declined. currency for circulation, which was late in The general average of wholesale commodity April at a level but little higher than two or prices has shown no appreciable change during three months before and continued, as in recent months, remaining at other recent months, to be more than $125,- Prices. between 96 and 97 per cent of 000,000 below the level of the corresponding the average for 1926. During the past six month a year ago. months, in fact, changes in commodity prices have shown no pronounced general tendency. Advances in Discount Rates Dairy products and eggs have shown the usual midwinter advance and subsequent decline; Advances of discount rates from 4 to 4j/£ per livestock and meats have declined from the high cent on all classes of paper of all maturities were made at the following Federal reserve levels reached last autumn; and there have also banks, effective on the dates indicated: Boston been substantial decreases in cotton, coal, ruband Chicago, April 20; St. Louis, April 23; ber, and grain alcohol. Prices have advanced, Richmond, April 24; and Minneapolis, April 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 309 CONDITION OF ALL MEMBER BANKS offset further growth in the banks' investment holdings. At the end of February, with the During the first two months of the year total period of demand for credit for year-end settleloans and investments of all member banks ments passed and with the customary spring indecreased by about $535,000,000 from the high crease in the demand for credit not yet begun, point reached at the end of 1927, according to member bank loans showed a decline of about the member bank call report for February 28, $764,000,000. Investments, which had in- 1928, but on that date, at $34,143,000,000, they creased throughout 1927, showed a further were still nearly $700,000,000 larger than at the increase of $228,000,000 in January and Febtime of the autumn call on October 10, and ruary and on February 28 constituted 31 per cent of the banks' total loans and investments, 4 BI 0 LL r IONS OF DOLLARS fiJLLIONS OF DO " L 1 LA 4 R 0 S' the highest proportion since the middle of 1919. Decline in total loans and investments was accompanied by declines in deposits and in required reserve balances; there was a decrease also in the volume of borrowing at the reserve banks. The table summarizes the changes in principal resources and liabilities for selected periods: ALL MEMBER BANKS [In millionsof dollars] . Loans and investments Bor- Net row- Investments m d a e n - d in a g t s plus Fedtime eral Total Loans United All de- re- Total S s t e a c t u e - s o se th cu er - posits b se a r n v k e s rities rities Mar. 23,1927. 32,154 22,532 9,622 3,835 5,787 30,334 4b4 June 30, 1927 32,967 23,149 9,818 3,796 6,022 31,418 441 Oct. 10, 1927 33, 451I 23,492 9,959 3,856 6,103 31,603 458 Dec. 31, 1927 „ 34, 679 24, 318 10,361 3,978 b,383 32, 848 583 Feb. 28, 1928 34,143 23, 554 10, 589 4,216 6,373 32,129 480 Change since— 1919 1920 1921 1922 1923 1924 192S 1926 1927 1928 Dec. 31, 1927 -536 -764 +228 +238 -10 -719 -97 Oct. 10, 1927 +692 +62 +630 +3bO +270 +526 +28 nearly $2,000,000,000 larger than in March of Mar. 23, 1927...+1,989 +1,022 +967 +381 +586+1, 795 +22 last year. Condition figures for all member banks are Notwithstanding the decline after the first published on pages 366—370 of this issue of the of the year, member bank loans on February BULLETIN, and in more detail, by States and 28 were about $1,(300,000,000 larger than on cities, in Member Bank Call Report No. 39. March 23, 1927. Growth of investment hold- The accompanying chart shows the coarse of ings during the same period amounted to about member bank loans, investments, and deposits $970,000,000. This increase in loans and insince the beginning of 1919. vestments during the year was accompanied by Decline in member bank credit during the a growth of nearly $1,800,000,000 in the volume first two months of the year reflected a decline of net demand and time deposits, and by some inpoans, in a measure seasonal, which more than increase in member bank reserve balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN MAY, 1928 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production during March was in The volume of freight-car loadings showed about the same volume as in February, and more than the usual seasonal increase in March, there was a seasonal increase in the distribution but declined in the first two weeks of April. of commodities. Wholesale prices remained Loadings continued smaller than a year ago for practically unchanged. During the past month all classes of commodities except grains and there have been increases in bank credit in use livestock. and in member-bank borrowing at the reserve Prices.—The general level of wholesale combanks, and open-market money rates have modity prices showed little change in March, the shown further advances. index of the Bureau of Labor Statistics declining Production.—Production of manufactures slightly from 96.4 to 96 percent of the 1926 averwas maintained during March at the high level age. There were decreases in the prices of livereached in February, and the output of min- stock, dairy products, meats, coal, and rubber; erals also showed little change. Production prices of grains, cattle feed, cotton, and steel, of passenger automobiles and trucks during on the other hand, advanced. During the first March totaled 413,000, the largest output re- three weeks in April there were further substancorded for any month since August, 1926, and tial increases in the prices of grains and more production schedules in automobile plants con- moderate advances in flour, hogs, cotton, and tinued large during April. Activity in the iron lumber, while prices of cattle and rubber declined. and steel industry was also maintained at a Bank credit.—Between March 21 and April high level during March and April, and lumber 18 total loans and investments of member production was in larger volume than a year banks in leading cities increased by about ago. Cotton and wool consumption declined $410,000,000, reaching the highest level on in March, but silk deliveries were the largest record. The advance was largely in loans on on record. There was some decline in meat securities, which showed an increase of nearly packing and in the production of sole leather, $380,000,000 and in April were close to the and the output of boots and shoes in March high point of the first of the year. Loans for showed less than the usual seasonal increase. commercial purposes continued the increase Mining of bituminous coal decreased during which began in February and notwithstanding March by less than the usual seasonal amount, a small decline during the last week of the but as the result of a strike in certain Middle period were nearly $350,000,000 larger on Western mines, production in the early weeks April 18 than at the end of January. of April was considerably curtailed. Building The volume of reserve bank credit in use incontracts awarded were smaller in March than creased by $180,000,000 during the five weeks a year ago, while those for the first three weeks ending April 25, reflecting increased reserve rein April were in about the same volume as in quirements of member banks and a further net the corresponding period of last year. As a outflow of gold amounting to more than result of large contracts during the first two $50,000,000. Reserve bank holdings of securmonths of this year, total awards for the year ities were reduced by about $80,000,000 during to April 20 exceeded those for the same period the period, while discounts for member banks of 1927. Contracts for residential buildings increased by $230,000,000. Acceptance holdand for public works have been especially large. ings also showed a small increase. Trade.—Sales of wholesale firms increased A firmer tendency in the money market was less than usual in March and were somewhat evidenced at the end of March and during smaller than in the same month of last year. April by further increases in rates on call and Sales of department stores, on the other hand, time loans on securities, and by increases of after allowance is made for customary seasonal from 4-4j^ Per cent to 4 J^ per cent in the rates changes and the early date of Easter, were on commercial paper and from 3 3^2 Per cent to about the same in March as in the preceding 3 Y% per cent in the rate on 90-day bankers7 acmonth and in March, 1927. Stocks of mer- ceptances. Between April 20 and April 25 dischandise carried in March by wholesale firms count rates were raised from 4 to 4^ per cent were larger, while those of department stores at the Boston, Chicago, St. Louis, Richmond, were smaller, than at this time last year. and Minneapolis Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1928 FEDERAL RESERVE BULLETIN 311 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT MILLIONS OF DOLLARS MILLIONS OF DOLLARS CURVES 1 AND 4 MILLIONS OF DOLLARS CURVES 2,3 AND 5 2500 2500 3000 6000 2000 j 2000 2500 5500 1500 1500 2000 5000 1000 1000 1500 4500 500 1000 4000 3500 1924 1925 1926 1927 1928 1924 1925 1926 1927 1928 Monthly averages of daily figures for the 12 Federal reserve banks. Qold stock and money in circulation are averages of end-of-month Latest figures are averages for April figures. 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 D m i b s e c a f m o n or u k b s n er ts an A b c o c e u c s e g ( p h b t t i - ) lls se U S c n u ta r i t t i e e ti s d es Total I i s b e M r a v e n e m k b b re a e - l r - G de m o p v e o e n s r t i n ts - 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, 236 641,797 315,747 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 1,66U, 571 071,722 384,826 321,446 2,289,632 2,218,186 39,758 31,688 1927—-January 1,138,106 480,622 343,448 310,486 2,300,204 2,242,854 24,132 33,218 February 1,005,923 392,996 304,071 306,606 2, 260,460 2,212, 206 28,132 26,122 March 1,024,251 424,543 252,722 344,922 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 2,288,948 17,420 33,110 August _ 1,021,830 409,439 173,122 438,511 2,331,452 2,283,097 17,890 30,460 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 9,976 26,826 1928—January 1,350,322 465, 275 372,538 511,852 2,472,428 2,426,360 19,438 26,630 February _ 1,236,649 470,680 359,883 405,551 2,419,482 2,368,092 25,606 25,784 March 1,271,525 513,233 342,790 414,681 2,411,714 2,365,030 23,018 April 1,371,048 660,927 358,026 351,105 2,450,188 2,396,460 26,796 i Total holdings of bills and securities by all Federal reserve banks, including " other securities " and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN MAY, 1928 MONETARY GOLD STOCK AND MONEY IN CIRCULATION MILLIONS OF DOLLARS MILLIONS OP DOLLARS MONETARY COLD STOCK OP THE UNITED STATES 100 CHANGES IN 1 1100 [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 4,362 March 3,760 3,970 4,364 4,346 4,442 4,597 4,305 April 3,764 3,982 4,411 4,350 4,438 4,610 14,267 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 4,379 1 Preliminary. UNITED STATES MONEY IN CIRCULATION [In millions of dollars] 100 J100 End of month figures 1921 1922 1923 1924- 1925 1926 1927 1928 Month NET IMPORTS OR NET EXPORTS (~) OF GOLD 1922 j 1923 1924 1925 1926 1927 1928 [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 4,690 Month 1922 1923 1924 1925 1926 1927 1928 March I 4,497 4,747 4,899 4,818 4,860 4,862 4,749 April. 4,468 4,759 4,853 4,789 4,907 4,891 *4,750 May 4,455 4,797 4,905 4,841 4,923 4,893 J J J F M A M a u u e p n a n l a b y r y u r e i r c l a u h r a y ry... 2 2 3 4 1 1 5 5 7 2 2 0 1 , , , , , , , 7 5 0 3 5 6 3 0 0 4 8 6 2 7 8 7 3 5 5 7 6 2 4 2 1 6 4 5 5 7 8 , , , , , , 9 3 3 5 4 8 4 8 5 3 8 0 8 2 5 9 7 4 4 3 4 3 4 2 1 4 4 0 4 3 8 4 , , , , , , , 8 6 4 0 5 9 5 5 0 8 2 1 0 0 5 6 1 7 3 5 7 - - - 4 1 1 - - 1 2 6 2 7 5 , , , , , 9 2 , 9 7 7 7 9 8 9 3 6 8 7 7 7 4 8 7 - - 2 3 1 4 6 1 1 1 9 6 5 4 , , 7 4 , , , , , 5 2 1 5 7 6 0 6 6 8 4 5 8 8 4 5 8 4 1 4 3 1 1 1 1 8 4 9 0 1 1 2 , , , , , , , 7 4 9 9 7 7 0 6 3 1 7 r 5 5 2 1 1 5 7 2 - - - - 1 9 1 9 1 4 3 0 , , , , 1 7 8 9 2 6 5 0 0 6 3 7 J J A N S D O u u e u o c e n l p t g c v y o e t e u e . e b m s m m e t r b b b e e e r r r . . . . . 4 4 4 4 4 4 4 , , , , , , , 4 6 4 8 6 7 4 2 4 1 8 0 0 6 4 6 7 0 4 8 3 4 4 4 4 4 5 5 , , , , , , , 7 8 8 9 9 0 0 8 2 7 4 1 4 2 7 8 3 6 5 5 4 4 4 4 4 4 5 5 , , , , , , , 7 8 9 8 8 0 0 5 4 4 5 4 6 5 6 9 2 9 3 7 2 4 4 4 4 4 5 5 , , , , , , , 9 9 8 1 7 8 0 1 0 6 1 6 9 4 6 4 5 9 7 5 4 4 4 4 4 5 5 5 , , , , , , , 9 8 9 0 9 0 0 0 2 8 7 3 3 9 1 9 5 8 0 7 5 4 4 4 4 4 4 5 , , , , , , , 8 8 9 8 9 0 9 4 5 4 4 5 0 5 6 4 6 1 8 3 2 August 18,136 30,655 15,752 2,726 -17,764 6,353 September- 23,066 26,941 2,076 -2,656 -7,094 -11,465 1 Preliminary. October 3,275"28,488 15, 577 22, 702 7,701 -8,642 November. 14,877 39,010 13,173 -13,904 9,011 -53,184 KINDS OF MONEY IN CIRCULATION December.. 23, 73031,930-29,401 1,248 9,808 -67,418 [End of month figures] Total. 238,295 294,073258,073-134,367 97,796 [In millions of dollars] i Revised. 2 Preliminary. U. S. IN T C H R R E O A U M S G E A H R O K C R H D F A O E N C R G R F E E O S A R S I E N E I G G ( N - O ) L A I D N C C U G O N O U D L N D ER T S E T A O R C - 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 b n i N o o a n a n te - a k s l s t i i a l n f o n v i o c t d e h a t r e e t a e s c r l s , e l , rmoney [In thousands of dollars 1927—February... 4,885 393 1,035 1,710 645 1,102 Month 1922 1923 1924 1925 1926 1927 1928 March 4,862 390 1,019 1,707 648 1,097 April 4,891 389 1,019 1,724 654 1,104 May 4,893 387 1,004 1,734 660 1,100 N D J J J A S O A M F M u u a e e e o c u p n a l n a p b c t y g r v y u r o e t i e r u c e e l b a u m m h s m e r a t y r b r b b y e e e r r r . . _ .. . - -2 1 - , , 2 0 5 0 0 0 0 0 0 - - 1 1 4 1 , , , 5 , 6 0 3 0 2 0 2 0 9 0 9 - - - - - - 1 1 1 7 2 2 7 3 2 1 - - , , , , , , 5 5 5 9 , 5 , 4 0 2 0 0 5 0 0 8 5 8 5 0 2 0 0 9 0 0 4 8 3 2 0 9 0 0 3 - - - - 2 V 1 3 1 6 2 2 8 5 2 4 - , , , , 0 , , , , 8 9 8 , 8 0 7 0 8 9 7 0 0 1 2 7 0 2 7 5 0 2 0 1 0 5 0 0 5 5 0 1 5 - - - - 1 7 2 1 6 1 4 1 9 - , , , , , , 4 5 4 0 , 0 0 0 2 9 8 0 4 0 0 0 0 8 0 0 3 8 0 0 4 0 - - - 4 2 - 9 - - - - 8 9 1 1 1 2 0 5 5 3 - , 9 , , , , , , , 5 0 5 , 0 5 0 0 , 0 1 4 5 1 0 0 0 0 0 0 0 0 0 8 8 8 0 0 0 0 2 1 0 0 1 0 7 4 3 4 2 5 5 5 , , , , 8 5 8 7 0 0 4 6 0 0 0 8 1928— A S N J J F D M A O u u J e e p o e u c a l a n p b n t r c y g v r o e i t u r e c u e l e b u a m h m s i m e r a t y r b r b b e y e e r . r r . . . - . . - 4 4 4 4 4 5 4 4 4 4 4 , , , , , , , , , , , 7 6 6 7 0 9 9 8 8 9 8 4 9 7 5 4 5 0 5 4 5 4 9 0 7 0 6 2 3 4 1 8 6 3 3 3 3 4 3 3 3 3 3 3 8 8 8 0 8 8 8 8 8 8 8 6 3 9 2 3 0 2 3 1 3 5 L 1 1 1 1 1 1 1 L 1 , , , , , , , , , , 0 , 0 0 0 0 0 0 0 0 0 0 0 0 7 2 1 6 6 4 9 3 2 7 4 4 0 6 1 8 5 5 1 5 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 6 5 5 6 5 7 7 6 7 7 5 9 7 8 5 8 6 1 6 0 1 6 4 0 6 7 8 3 5 8 3 1 1 6 6 6 6 6 6 6 6 6 6 6 5 3 1 5 3 1 5 4 5 5 5 4 9 7 2 9 9 0 8 3 1 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 1 1 1 1 0 1 0 0 1 3 1 0 1 4 4 9 0 9 9 3 7 9 6 2 1 5 9 9 4 1 8 i Preliminary. Total..-3,700 +700-42,213 +32,2441-26,297 -160,153 For back figures see FEDERAL RESERVE BULLETIN, March, 1928, p. 176. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 MAT, 1928 FEDERAL RESERVE BULLETIN MONEY RATES IN NEW YORK CITY ,i ^— Open Market # Acceptance Rate 1 - 1923 192** 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 papei] Prevailing rate on- | Averagerate | Averageyield Rate in Federal reserve bank ef M fe a c y t o 1 n Date established Pre ra v t i e ous Month or week Boston „- Apr. 20, 1928 New York Feb. 3, 1928 Philadelphia Feb: 16, 1928...... Cleveland „ Mar. 1, 1928. Richmond Apr. 24, 1928 C S D A K M t a h a t . i l l n n i a l L c s n a n o a a s e t s u g a a i p . o C s o . i l . t i . y s . _ _ _ „ . 4 H H | A A A F F F e e e p p p b b b r r r . . . . . . 8 2 2 1 1 2 3 5 , 0 1 0 , , , , . 1 1 9 1 1 1 1 9 2 9 9 9 9 2 2 2 2 8 2 8 8 8 8 8, J A M F a e p n a b r r u i r c l a u h r a 1 y r 9 y 27 San Francisco Feb. 4, 1928 May June July August September. BUYING RATES ON ACCEPTANCES October November [Buying rates at the Federal Reserve Bank of New Yorkl December 1928 January Rate in [ February Previous Maturity effect on Date established rate March Mayl I April Week ending- 1-15 days— Apr. 13, 1928 I Apr. 7-.. 3.30 16-30 days.. do__ Apr. 14... 3.31 31-45 days.. .do Apr. 21... 3.33 46-60 days.. do _ Apr. 28... 3.34 61-90 days.. do 91-120 days. Mar.30, 1928 1 Stock exchange call loans; new and renewal rates. 121-180 days do _ 1 Stock exchange 90-day time loans. 1 3 issues—334, 4, and AH per cent; yields calculated on basis of last redemption dates—1956, 1954, and 1952. NOTE.—Rates on prime bankers' acceptances. Higher rates may be 4 Change of issues on which yield is computed. charged for other classes of bills. « Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAT. 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 New Phila- Cleve- Rich- Minne- Month Boston York delphia land mond Atlanta Chicago | St. Louis apolis City Dallas Prime commercial loans 1927—April 5 -6 May 5 -6 June -.. 4*4-6 July 5 -6 August September. Ockber... November- December, . 1928—January... February.., 4*4-5 March 5 April 5 Loans secured by prime stock exchange collateral 1927—October 5 -6 5 -7 5 -6 November- 5 -6 5 -6 5 -7 5 -8 December,. 5 -6 5 -7 5 -6 1928—January 5 -6 5 -7 5 -6 February... 5 -6 5 -6 5 -7 5 -6 March 4^-6 5 -6 5 -7 5 -6 April 5 -6 5 -6 5 -7 5 -6 Loans secured by warehouse receipts 1927—October 5 -6 5 -6 4^-5 N D o ec v e e m m b b e e r r , . . 5 6 Y2 5 5 - - 6 6 192&—January..., 6 5 -6 February.. 6 5 -6 March 5 -6 5 -6 April 6 5 -6 4^-5 Interbank loans 1927—October... 4 -4H 4]4 4\i-5 5 5 -6 5 -6 6 5 -6 5 -6 1928— N D J o a e n c v u e e a m m ry b b e e r r . . 4 4 - - 4 4 4 % y )4 2 4 4} V / 2u r - 5 5 4V£ 5 5 41^-5 % 5 5 5 - - - 6 6 6 *5 4 5 * 4 - - - 5 6 6 H 8 6 5 5 5 5 5 5 - - - 6 6 6 February.. 4X-4H 4V 4 -5 5 -6 * 5 -6 5 -6 6 5 5 -6 March 4*£-4^ 4Vi-5 4) 5 5 -6 5 -5M 6 5 -6 5 -6 April 4}i-4% 4V 5 4H-6 5 -6 6 5 5 -6 FEDERAL RESERVE BRANCH CITIES Loans secured by priLine Loans secured by warehouse Prime commercial loans stock-exchange collaitteeral receipts Interbank loans City Febru- March, April, Febru- March, Febru- March, I April, Febru- March, April, ary, 1928 1928 1928 ary, 1928 1928 ary, 1928 1928 1928 ary, 1928 1928 1928 Buffalo 5 -6 5 -6 3^ 5 -6 5 -6 6 5 -6 5 5 5 Cincinnati , 5 - 4H-6 4 6—7 6 -7 5 -6 5 -6 5 -6 Pittsburgh 4^- 5 -6 5 -6 6 6 5 -6 5 -6 5 -6 Baltimore 5 2-5> 5 -8M 5 -5H 5H-6 514-6 6 5 -5V 5 -5H 5 -5 Charlotte 5 -6 5 -6 ^6 5 -6 5 -6 -6 -6 5 -6 5 -6 Birmingham 5 -6 5 -6 5 -6 6 6 6 6 6 5 -6 Jacksonville 5 -6 5 -6 5 -6 5 -8 5 -8 5 -7 6 Nashville 6 6 6 6 6 New Orleans 5 -6 5 -6 5 -6 5H-6 5M-6 5 -6 5 -6 5 -6 5 -6 5 -6 Detroit 5 -6 5 -6 5^6 5H-6 5 -5> 5 -6 5 -6 Little Rock 5 -6 5 -6 -6 5 -7 5 -6 6 -7 6 6 6 Louisville -6 5 -6 6 6 5 5 5 Helena 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 Denver 6 5 -6 5H-6 6 -6* 6 -6 Oklahoma City. 5 -6 5 -6 5 -6 6 6 6 6 Omaha 4H-6 4H-6 5H-6 5M-6 6 -6> 6 -6H El Paso 8 8 8 6 -8 6 -8 6 -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 H-5 5 San Antonio 5 -7 4H-6 6 -8 6 -8 6 -8 6 -8 6 -8 5 -6 -6 Los Angeles 6 -7 6 -7 6 -7 6 -7 6 -7 6- 7 6 -7 6 -7 6- 7 6 Portland 6 6 6 6 6 -7 6 -7 6- 7 -6 S S a e l a t t t L le ake City.. 6- 6 6 1 6 -7 6 6 -7 6 6 6 - - W 7 2 7 6 -7 7 7 6 6 Spokane 6 6 6 -8 7 -8 6 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

315 MAY, 1928 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT ALL MEMBER BANKS MILLIONS OF DOLLARS MILLIOMS OF DOLLARS (In millions of dollarsl 10000 10000 REPORTING MEMBER BANKS Reporting member banks in Memleading cities ber All banks Month b m a b e n e m r ks - Total Y N o e r w k Othe c r i t l i e e a s ding l o s e i i n a u d g d t e - - 8000 8000 City Total Chi- cities Borrowings at Federal reserve bank: 1927—April 421 270 78 192 151 May... 459 302 90 212 157 June 435 271 51 220 164 6000 July., 434 273 59 214 161 August 413 256 74 182 157 September 417 267 90 177 150 October 428 283 75 208 10 145 November 421 276 73 203 11 145 December ... 532 388 127 261 21 143 1928—January 439 315 94 221 23 124 February 463 338 78 260 13 125 4000 March 489 362 75 287 25 127 April 637 488 145 343 35 149 Reserve balances: 1927—April 2,254 659 689 970 169 595 May 2,290 697 720 977 175 594 J 2,342 749 776 973 173 593 July „„ 2,299 696 728 167 603 August 2,313 707 724 182 605 September 2,323 709 726 983 182 614 2000 2000 October 2,355 725 728 997 186 1923 1924 1925 1926 1927 1928 N D o ec v e e m m b b e e r r 2 2 , , 4 4 0 1 0 0 7 7 6 8 7 7 7 76 6 9 8 1, 9 0 9 1 9 8 1 1 8 8 9 0 623 REPORTING MEMBER BANES 1928— F J e a b nu ru ar a y ry 2 2 , , 3 43 8 6 4 8 76 0 5 5 7 7 8 5 1 4 1 1 , , 0 0 1 2 1 4 1 1 8 9 6 3 631 [Monthly averages of weekly figures. In millions of dollarsl March 2,351 733 738 995 181 618 April 2,411 ,789 777 1,012 182 622 | Total Loans Ne 1 t 9 t 2 i d 7 m — e e m J M A u d a n p a e r y e n p il d o sit p s: lus 3 3 3 0 0 0 , , , 3 6 5 9 4 9 3 8 5 1 1 19 9 9 , , , 1 4 6 6 0 8 6 5 8 6 6 6 , , , 0 1 4 1 3 0 6 5 0 1 1 1 3 3 3 , , , 1 2 2 5 8 7 0 8 0 1 1 1 , , , 8 8 7 3 3 7 9 3 7 1 1 1 1 1 1 , , , 2 2 2 1 5 5 8 2 3 Month a m l n v o d e e a n s n i t t n s - s - Total O c t n u ie r s s i- e- o A th l e l r I m n e v n es ts t- July 30,816 19,593 6,257 13,336 1,864 11,405 August 30,827 19,616 6,224 13, 392 1,908 11,409 Total: September 31,119 19, 723 6,228 13,495 1,914 11,567 1927—April 20,333 14,401 5,854 8,547 5,933 October.. 31,487 19,871 6,269 1,929 11,721 May 20, 542 14,502 5,941 8,562 6,040 November 31,759 20,217 6,485 13,732 1,939 11,823 June 20, 779 14, 685 6,146 8, 539 6,094 December 32,263 20,395 6,604 13, 791 1,931 11, 832 July... 20, 682 14,616 6,116 8, 500 6,066 1928—January 32,647 '20,646 6,732 [13,914 1,964 ill, 911 August 20, 641 14, 666 6,125 8,541 5,975 February 32,152 120,397 6,564 U3,833 1,919 ill, 761 September... 20,946 14,913 6,221 8,692 6,033 Ne 1 t 9 d 27 e — m A J J M M a A u u n p p a l n a d r y r y r e i i c l d l h eposits: 3 3 1 1 1 1 2 2 8 8 8 8 , , , , , , 1 4 5 3 5 6 5 7 5 4 3 4 9 1 5 6 4 3 l 1 1 1 1 2 3 3 3 3 0 , , , , , 0 4 2 3 3 6 4 1 7 4 9 9 5 5 0 6 6 5 5 5 5 , , , , , , 5 1 7 2 3 0 4 7 2 9 6 6 9 7 7 0 5 6 1 1 8 8 8 8 3 3 , , , , , , 0 0 0 0 9 8 3 5 0 7 5 2 9 6 9 3 5 8 1 1 1 1 1 1 , , , , , , 9 9 2 2 2 2 2 4 4 0 4 6 3 4 9 3 5 0 1 1 1 5 5 5 5 1 1 , , , , , , 3 2 3 2 9 7 0 8 5 7 1 9 5 0 5 9 4 4 1928— N D O M F A J e e o c a p a n c t b v r r o e u i r e c b l m a u h m e r a b y r b r e e y r r .... ._ _ _ ! j 1 * * 2 2 2 2 2 2 2 1 1 1 2 1 1 , , 1 , , , , 4 3 9 9 , 2 7 7 5 6 2 1 2 2 3 8 6 2 2 4 7 7 U 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 3 3 7 3 1 0 9 2 9 5 2 7 8 3 8 5 8 3 7 6 6 6 6 6 6 6 , , , , , , , 4 5 3 7 5 8 5 1 9 2 3 2 4 0 0 4 5 1 7 1 2 i i ' 8 8 8 8 8 8 8 , , , , , , , 7 7 7 9 6 8 6 8 8 3 1 6 5 2 2 7 3 5 4 0 1 i i i 6 6 6 6 6 6 6 , , , , , , , 1 2 3 5 6 5 5 1 6 9 6 0 2 9 4 4 6 0 8 2 9 1928— A A S N M D O F J e e p u o e c a a p b n r t c g v r o i t r e u u c e l e b u m a h s m m e a r t y b r r b b y e e e r r r 1 1 1 1 1 1 1 1 1 8 8 8 9 9 9 9 9 9 , , , , , , , , , 4 6 9 5 1 7 1 1 3 9 6 8 6 1 6 8 0 8 3 7 6 0 9 2 0 4 8 U U ' 1 1 1 1 1 1 1 4 3 3 3 3 3 3 3 3 , , , , , , , , , 0 7 3 4 9 8 6 3 7 1 0 0 4 0 4 1 7 3 2 7 9 7 4 9 1 4 4 5 5 5 5 5 5 5 5 5 , , , , , , , , , 2 2 4 2 4 4 5 6 6 1 2 7 3 5 6 7 3 0 3 1 4 0 5 7 0 3 7 8 8 8 8 8 8 8 , , , , , , , 1 1 3 3 2 1 2 5 7 9 3 3 4 4 0 9 2 4 6 4 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 2 3 3 2 3 3 2 2 2 9 0 0 1 7 2 9 5 6 1 1 4 7 2 6 8 5 2 1 i 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 3 4 6 6 4 4 5 6 4 2 3 2 5 7 8 5 1 5 9 7 7 0 6 3 8 1 3 New 1 9 Y 2 o 7 r — k J J M A S N D O A u u C e u e c o p n a l p c t y i g r y v e o t t i e u y e l e b m s m : m e t b r b b e e r e r r... 6 6 6 6 6 6 6 6 7 , , , , , , , , , 4 9 5 1 6 6 5 7 7 2 2 5 3 9 0 7 0 8 1 4 4 5 2 2 9 5 3 4 4 4 4 4 4 5 5 5 , , , , , , , , , 5 6 7 7 7 1 9 0 2 7 2 6 2 1 4 1 0 2 0 9 7 0 5 8 1 9 8 2 2 2 2 2 2 2 2 2 , , , , , , , , , 1 2 3 2 2 3 3 4 6 5 0 2 7 8 7 6 1 0 6 1 6 5 1 0 5 3 5 2 2 2 2 2 2 2 2 2 , , , , , , , , , 4 4 4 4 5 4 6 6 6 1 3 2 4 9 7 4 2 5 4 9 8 1 8 3 0 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , 9 8 9 7 8 8 8 7 8 0 9 5 2 8 3 3 7 9 6 4 1 5 2 1 8 3 7 Ti 1 m 1 9 9 e 2 2 7 8 d — — e J J M A S N D A M O F p A u u J e e o u p e o c a n p l a a p b y c s n t g r v r y r e o t i i i e r u u c e e l l t b u m a h s m s m e a r t : b y r r b b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 3 2 3 2 , , , , , , , , , , , , , 1 1 2 0 3 4 5 9 5 0 9 2 6 2 5 6 0 3 7 5 5 2 9 2 5 7 4 9 1 2 4 9 2 5 7 0 8 5 7 1 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , 0 1 2 2 3 3 4 4 4 6 7 8 9 9 3 5 0 4 9 8 2 3 6 3 0 7 9 3 7 9 1 3 4 4 4 7 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 0 0 0 0 0 0 0 1 9 9 9 1 1 0 1 3 5 8 9 9 2 5 5 9 0 0 4 5 4 5 0 3 9 0 6 0 2 1 i 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 2 1 2 2 2 3 4 4 4 5 7 6 6 3 4 2 9 4 5 0 2 5 3 1 8 1 4 7 9 9 7 5 9 8 7 5 7 4 7 5 5 5 6 6 6 6 6 6 6 6 6 6 7 9 8 0 1 1 2 2 3 4 6 3 8 4 4 4 4 7 3 5 2 3 7 1 8 9 i 1 5 5 5 5 5 5 5 5 5 6 6 6 6 , , , , , , , , , , 9 , 9 , 0 0 9 1 , 1 1 2 3 4 2 1 7 5 8 3 7 7 3 6 0 0 3 8 4 4 1 1 0 4 4 3 3 5 0 1 5 1 Othe 1 1 r 9 9 2 2 l 7 e 8 — a — d M F A M J J A S N O D A i J u u n e a e p u a c p o a e n l b g n p r y g t r r y c e v u r o i i c t u c l l u e a e e b h s i m r a m m e t t y r i r b y b e b e s e e : r r r . . . . . . . 1 1 1 1 1 1 1 1 1 7 7 7 7 3 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , 1 1 2 3 9 0 0 0 0 2 4 0 7 4 8 5 6 1 0 8 6 8 4 3 3 7 8 3 0 0 2 8 7 3 0 1 9 4 0 1 1 1 1 5 5 9 5 5 9 9 9 9 0 0 0 0 , , , , , , , , , 1 3 , , , 8 1 , 4 8 9 8 9 0 0 0 1 1 1 3 4 3 7 1 1 9 0 9 7 0 1 2 1 3 8 5 4 8 6 2 8 8 1 2 2 2 2 3 3 3 3 3 3 3 , , , , , , , , , , , 5 4 6 6 7 8 8 8 9 9 9 0 9 2 5 4 2 3 5 5 0 4 9 2 9 5 0 0 3 0 6 8 6 2 2 2 2 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , , 7 6 6 7 1 1 0 0 0 1 0 1 1 1 1 0 8 3 3 9 6 4 9 6 3 1 4 9 2 0 3 4 7 2 3 4 2 8 2 2 4 1 4 1 1 4 4 4 4 4 4 4 , , , , , , , , , , , , , 0 9 9 9 0 1 1 1 1 2 3 4 4 9 6 0 4 3 8 6 8 4 3 4 2 9 2 5 5 8 4 2 9 4 5 9 1 6 9 1928—January J14,640 U0,083 i 4,039 i 6,045 1 4,557 i Revised. February U4,634 110,066 i 4,018 *6,048 U,568 NOTE.—All figures in this table are monthly averages of weekly figures A M p a r r i c l h 11 14 4 , , 7 9 7 8 4 3 U 1 O 0 , , 3 1 2 8 3 0 14 4 , , 0 1 7 8 3 6 i 6 6 , , 1 1 3 0 7 7 l 4 4 , , 6 5 6 9 0 4 except those for deposits of (1) all member banks, and (2) banks outside leading cities; these are for a single date in the month. See BULLETIN or December, 1927, p. 828. i Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAT, 1928 BANKERS' BALANCES OF REPORTING MEMBER BANES IN LEADING CITIES [Monthly averages of weekly figures. In millions 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 i r tt g s h - C la le n v d e- c C ag h o i- L S ou t. is ne M ap in ol - is K C a i n t s y as F c S i r s a a c n n o - o A th l e l r Due to banks: 1926—March 1,116 130.3 178.2 45.9 387.5 84.9 54.8 94.0 94.4 April 1,086 135.1 180.9 47.5 383.2 84.3 47.3 91.0 89.0 May 1,072 131.2 180.0 45.0 379.9 83.7 50.4 91.6 87.8 June 1. 126.4 179.4 46.3 381.5 81.4 48.6 93.7 94.8 July 1,067 130.2 174.7 49.5 373.3 83.9 46.7 108.8 101.2 August 1,040 119.9 167.8 48.9 371.7 82.7 43.1 110.5 106.5 September 1,062 119.5 170.0 49.9 374.6 80.3 45.6 103.7 109.0 October 1,067 125.8 170.8 48.2 359.7 79.3 50.4 98.4 107,2 November 1,052 128.3 165.6 46.6 349.2 78.9 52.7 97.0 105.8 December 1,078 126.5 163.1 45.1 349.1 79.5 50.8 96.7 107.6 1927—January 1,107 136.8 173.0 48.8 372.4 88.5 53.1 101.2 105.9 February. _ 3,302 1,090 2,212 135.8 173.1 134.5 53.6 364.5 88.3 55.5 95.3 127.1 983.8 March 3,304 1,118 2,186 134.6 172.5 128.8 54.0 374.1 87.0 53.6 90.3 104.1 986.7 April 3,243 1,104 2,139 142.2 170.6 128.8 55.6 364.8 86.1 50.9 86.7 94.9 958.2 May 3,225 1,117 2,108 137,3 169.1 124.3 55.1 374.4 81.8 47.5 82.6 98.4 937.8 June 3,229 1,171 2,058 143.1 164.2 121.3 56.1 347.9 81.4 47.5 82.7 99.9 913.8 July 3,308 1,164 2,144 160.7 169.1 125.0 60.3 363.4 81.9 46.5 91.8 108.4 936.6 August— - 3,313 1,160 2,154 152.1 167.9 128.5 60.4 363.9 78.6 45.5 91.2 107.4 958.2 September 3,379 1,177 2,202 141.4 168.6 127.3 61.4 372.0 78.7 57.6 87.9 105.7 1,001. 5 October 3,475 1,209 2,266 146.8 172.9 130.8 61.2 376.8 78.9 63.8 83.8 110.1 1,040.8 November 3,653 1,324 2,330 156.5 173.5 132.9 63.1 368.1 85.3 62.3 83.8 127.9 1.078.1 December 3,587 1,282 2,306 150.7 168.0 131.2 59.6 370.0 86.4 58.4 88.1 126.3 1,066.9 1928—January i 3, 748 1,373 1 2,375 167.5 i 204.2 131.3 62.0 379.8 88.5 57.1 92.2 117.7 1, 074.7 February. 3, 634 1,331 * 2, 303 148.9 1192.4 132.2 62.9 375. 0 85.9 58.1 92.9 114.5 1.040.2 March i 3, 548 1,318 i 2, 230 141.3 1 188.2 118.4 61.2 378.6 77.9 61.8 89.4 117.1 998.1 ApriL... 3,463 1,281 2,182 149.8 185.8 118.5 60.2 381.7 77.5 58.5 84.5 114.1 951.4 Due from banks: 1926—March 97 37.9 67.9 27.4 150.1 28.2 20.6 39.9 50.1 April 108 44.5 69.6 28.6 153.2 28.6 21.8 38.4 50.1 May 101 42.6 63.7 27.1 165.4 30.2 21.6 39.5 48.4 June 108 44.3 65.9 30.0 168.3 29.3 21.6 37.8 51.3 July 105 39.5 58.8 27.1 157.1 27.9 22.6 47.0 54.0 August -. 92 38.7 53.4 25.6 148.9 26.2 19.3 46.9 50.3 September 102 40.3 59.3 25.1 151.7 25.6 20.3 44.9 53.9 October 111 37.0 53.4 27.6 155.6 28.0 22.3 43.7 53.0 November 103 41.0 56.8 27.1 154.6 29.5 22.8 50.5 50.6 December 97 37.8 55.1 24.3 161.8 28.4 22.2 43.7 54.4 1927—January. 100 40.2 55.2 27.5 154.2 31.7 21.5 44.6 50.8 February 1,177 93 1,083 39.1 58.0 35.5 23.3 144.5 29.9 20.0 41.9 52.1 639.2 March 1,194 100 1,094 41.0 55.4 43.2 22.3 154.9 29.9 19.8 40.6 54.4 632.5 April 1,175 107 1,068 48.2 54.4 36.8 22.9 151.8 28.2 19.8 38.6 50.8 616.7 May ._ 1,166 102 1,064 42.8 53.4 38.4 22.7 173.9 27.3 19.6 33.5 51.3 601.4 June ' 1,152 95 1,057 45.8 56.4 40.9 24.5 150.6 26.5 19.9 33.4 53.5 605.9 July 1,148 92 1,056 45.9 50.7 36.1 22.0 148.3 25.6 21.7 36.0 52.3 616.1 August 1,129 85 1,044 44.1 52.3 39.7 24.2 146.8 27.0 19.8 33.1 53.3 603.5 September.. 1,194 95 1,099 43.1 51.2 38.3 26.4 152.2 25.6 27.7 32.9 58.8 642.6 October. 1,253 111 1,142 52.6 52.3 41.0 24.9 152.7 28.0 29.3 36.1 56.8 668.4 November „ 1,275 104 1,171 45.7 60.9 37.3 24.3 158.1 30.6 24.5 35.1 66.8 687.7 December 1,215 103 1,113 42.2 52.6 33.3 22.3 150.4 33.1 20.5 36.0 70.5 651.9 1928—January.. 1,269 112 1,157 52.3 56.7 36.7 23.6 147.7 36.6 21.0 35.2 68.8 678.4 February 1,189 105 1,084 41.2 52.1 34.6 24.9 145.9 32.9 18.8 33.1 64.7 635.8 March 1,169 110 1,059 36.7 50.3 32.7 23.1 150.8 29.9 19.7 31.8 61.8 622.2 April 1,192 123 1,069 42.8 57.8 32.3 23.9 161.1 29.6 17.4 32.4 56.2 615.5 * Revised (increased) account of correction averaging about $24,000,000 in figures of a reporting bank in Philadelphia; correction not made for earlier months. BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In millions of dollars] Bankers' acceptances outstandingl (Commercial paper outstandingI End of— 1925 1926 1927 1928 1922 1923 1924 1925 1926 1927 1928 January 835 788 774 1,058 705 807 818 820 654 551 577 February.. . 808 767 785 1,056 718 838 867 820 655 577 567 March 800 746 809 1,085 760 864 889 813 668 606 570 April 757 721 811 792 867 871 801 663 599 May 680 685 775 791 888 852 776 668 582 June > 608 622 751 795 885 864 759 652 579 July 569 600 741 805 854 879 727 655 569 August 555 583 782 807 831 911 722 638 591 September 607 614 864 805 803 915 708 612 600 October. 674 682 975 775 815 925 684 593 611 November 690 726 1,029 748 799 888 666 566 603 December 774 755 1,081 722 763 798 621 526 555 1 Figures collected and compiled by American Acceptance Council. * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 MAY, 1928 FEDERAL RESERVE BULLETIN 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 on time On demand On time From From From Date >tal N b tr a e u p n F w s a k r t n o s c Y i m a e o o s n m r d k - a b b p f g b a r o r e a o n r i n n e k v k c i k e a i g i n r s t e n e s , g s , , Total N b tr a e u p n F w s a k r t n o s c Y i m e a o o s n m r d k - a b b p f g b a r o r e a o n r i n n e k v k c i k e a i g i n r s t e n e s , g s , , Total N b tr a e u p n F w s a k t r n o s c Y i m e a o o s n m r d k - a b b p f g b a r o r e a o n r i n n e k v k c i k e a i g i n r s t e n e s , g s , , etc. etc. etc. 1926-Feb. 27... 3,536 3,081 455 2,495 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 1,699 271 866 770 96.1 May 31.. 2,767 2,393 375 1,987 1,703 285 780 690 90.4 June 30... 2,926 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.fi 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—. 3,509 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 o04 2,746 2,330 415 928 840 88.8 Sept. 30.. 3,915 3,340 575 3,018 | 2,539 479 897 801 95.8 Oct. 3U-. 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 3,393 511 1,027 923 104.2 Feb. 29... 4,323 3,737 585 3,294 2,807 488 1,028 931 P7.7 Mar. 31... 4,640 3,947 693 3,580 3,016 564 1,060 931 128.8 Apr. 30... 4,908 4,246 662 3,739 3,201 537 1,169 1,045 124.2 LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In millions of dollars. Monthly data are averages of weekly figures] Demand and time loans Demand loans Time loans i For ac- For ac- For ac- Month or date Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f Total F a o cc r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c o s - f Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f banks banks banks 1926—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 3.000 646 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 L, 104 741 2,094 639 799 656 €85 295 305 84.8 February 2,733 841 L, 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 L, 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 1,061 1,285 916 2,463 777 891 795 799 284 394 120.5 October 3,392 1,103 L,326 962 2,603 820 942 841 789 283 385 121.4 November... 3,441 1,175 1,276 990 2,632 879 902 851 809 296 374 138.7 December 3,621 1,282 L,354 985 2,782 948 981 853 839 334 373 132.3 1928—January 3,802 1,342 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 1,084 967 913 347 416 160.0 March. _- 3,761 1,064 1,450 1,247 2,861 741 1,036 1,084 900 323 414 162.9 April 4,062 1,193 1,617 1,252 3,122 843 1,204 1,075 940 350 413 177.3 Apr. 4 3,979 1,264 1,500 1,215 3,074 927 1,104 1,043 905 338 395 172.1 Apr. 11 3,994 1,144 1,649 1,201 3,068 794 1,247 1,027 926 350 402 173.9 Apr. 18 4,129 1,163 1,703 1,263 3,174 811 1,279 1,084 955 353 424 178.2 Apr. 25 4,144 1,200 1,614 1,330 3,170 840 1,184 1,146 974 360 429 184.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN MAY, 1928 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS » [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 t s | p T ro ex d t u i c le ts F li u g e h l ti 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 h l r s e u a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - I 1927—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 February.. 96.4 104.5 98.7 124.1 96.6 81.2 98.3 91.0 95.8 98.4 87.3 March 96.0 103.5 98.0 124.0 96.5 80.8 98.4 91.0 95.6 98.3 86.8 i New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Common stocks * Bonds: Month 3 m 0 it i c o e o d s m - - Grains t F v a a e r b n g u l d e e it - s an M im ea a t ls p D p o u a r a u c n o i l t d d r s t y - ry c C o s a o e t n t t e o t d d o n n - c U l f a ie s n s d - i- Month or week in s d to u 1 c s 9 k t 7 r s i a 2 l ) I r s a to il 3 c r 1 k o s a d * To st t o a c l k 2 s 28 4 A p 0 r v i i e c s r e s a u o g e f e s 1927—April 165.1 147.4 166.2 97.24 1927 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 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 March 221.0 159.0 202.9 99.20 December.. 137 123 141 138 158 153 90 April 236.2 164.8 215.3 99.18 Week ending— 1928 Apr. 7_ 232.7 164.7 212.7 99.31 January _.„. 137 125 144 138 154 152 91 Apr. 14 237.8 164. 6 216.4 99.26 February.. _ 135 128 153 139 144 141 90 Apr. 21 235.1 161.9 213.7 99.16 March 137 136 174 139 137 147 89 Apr. 28 239.0 167.8 218.2 April 140 144 179 142 134 154 85 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 FOREIGN CAPITAL ISSUES [In millions of dollars] [In millions of dollars] January-March January-March March, March, 1928 1928 1928 1927 1928 1927 Class of issue Class of issue New fu R n e d - - New Refund- New f R un e- d- im G er e o n n v - t - C p o o r - - m G er e o n n v - t - p C or o a r t - e m G er e o n n v - t - C r p a o o t r e - ing ing ing Total i 87. e 26.3 297.7 i 115.2 247.8 114.5 Total.. 462. 7 363.3 1,404.3 713.3 1, 686.9 455.1 New issues 87.6 26.3 222.7 104.4 210.8 100.8 Europe 50.8 26.0 103.5 76.0 44.1 49.5 Corporate issues 332.0 361.3 1,041.3 708.0 1,327. 8 449.5 Canada and Newfound- j Bonds and notes- land I .3 13.3 16.9 30.6 10.4 Long-term 180.4 252.8 628. 5 542.6 833. 5 399.4 Latin America 36.7 98.3 2.5 11.3 Short-term 16.2 10.0 53.5 29.8 36.1 8.6 United States insular Stocks. 135.4 98.5 359.3 135.6 458 2 41.5 possessions. 1.1 1.4 4.6 Farm-loan issues 1.8 5.6 32.5 Miscellaneous 6.5 I 9.0 51.1 25.0 Municipal issues 128.9 2.6^ 357.4 5.3 326.7 ~~~5.~5 Refunding issues 75.0 j 10.7 37.0 j 13.7 Total new and Total,Government and i refunding 826.0 2,117.6 2,142.0 corporate 113.9 412.9 362.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1928 FEDERAL RESERVE BULLETIN 319 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Building contracts Wholesale dis- Department- Department- Year and month p I t r n t i o r o d i d n a u u l s i c - - P t t m u i r o f o r a a n e d n c s u - u o c - * f - P t m i r 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 a t l o l y s ry Un a a w d- arded A 1 d- F i l n r o c e g a a i d s g r ' ht Un t a r d ib - utio A n d- Un s a to d r - e sale A s d l - U s n to ad re - stoc A ks d l justed justed justed justed I justed justed justed justed Mo. av. 1923-1925=100 Mo. av. 1919=100 Monthly average 1923-1925-100 ANNUAL INDEX 1919__ 83 84 77 100 100 64 84 110 78 79 1920- 87 87 89 103 124 63 91 114 94 105 1921 67 67 70 82 84 57 79 87 87 1922__ 85 87 74 90 89 81 , 86 89 88 1 1 19 9 9 2 2 2 5 3 4 _ _ _ 1 1 9 0 0 5 1 4 1 1 9 0 0 4 1 5 1 9 9 0 9 6 5 1 9 9 0 5 5 4 1 1 1 1 0 0 3 4 7 1 9 8 2 5 4 2 i ! 1 1 9 0 0 8 3 0 1 1 9 0 0 8 1 1 1 9 9 0 9 8 3 1 1 9 0 0 8 1 1 1926 108 108 107 96 109 129 107 98 106 103 1927__ 106 106 107 92 105 128 103 95 106 102 i MONTHLY INDEX 1923 August. 102 100 110 104 113 75 72 101 115 103 79 99 100 September. 100 101 98 104 114 73 76 99 115 99 89 100 105 101 October 99 104 104 117 91 88 97 123 103 117 100 111 ! 100 November 98 105 103 115 80 90 99 100 100 113 99 114 I 101 December 96 99 101 113 76 90 95 82 95 161 100 94 100 1924 January. __ 100 99 102 100 ! 76 101 94 103 87 99 90 101 February 102 102 104 101 I 114 78 101 103 98 102 82 105 97 102 March 100 101 99 101 113 109 99 102 94 91 99 105 j 102 April 95 95 92 111 121 96 96 99 104 99 107 103 May.... 89 88 93 105 108 95 87 95 100 97 104 102 June , 85 84 92 100 101 91 82 91 94 100 97 100 July 83 82 92 92 87 84 86 93 72 96 100 August 89 88 92 89 85 105 95 74 95 100 September 94 93 97 87 90 118 101 93 100 105 101 October. 94 95 89 103 103 100 118 99 111 95 111 101 November _, 97 96 101 95 103 97 99 111 101 113 100 December 101 100 106 83 94 100 I 101 168 100 100 1925 January 105 106 104 103 75 101 103 102 86 98 90 102 February 105 106 100 109 76 104 103 97 101 80 103 96 101 March 104 106 96 110 120 107 100 109 100 95 103 104 101 April 103 103 98 107 138 112 104 98 100 106 102 106 101 May 103 103 104 107 124 115 105 90 99 100 101 103 100 June 102 102 101 105 137 125 101 91 100 99 100 97 100 July 103 103 104 102 133 128 101 94 102 75 100 94 101 August 103 102 108 105 149 135 105 113 101 78 101 98 102 September 102 104 90 104 138 135 102 117 100 95 102 106 102 October.- 105 107 91 111 129 129 100 124 105 129 110 111 101 November 106 109 94 112 116 127 104 99 100 114 104 115 102 December 108 110 93 112 129 138 105 178 106 97 103 1926 January 106 109 92 107 111 146 102 94 102 89 106 105 February 107 108 96 112 99 136 104 97 101 81 104 103 March 107 108 106 113 146 128 105 107 100 102 101 107 104 April 107 107 106 110 139 120 107 94 97 103 103 107 103 May _ 106 107 104 109 134 125 108 91 107 107 103 101 June 107 107 106 95 109 133 125 109 91 101 102 98 101 July 107 107 107 93 104 126 124 108 91 97 78 104 94 101 August 111 111 109 94 108 146 129 108 107 97 83 107 97 101 September 112 112 111 96 108 137 130 109 117 100 101 109 107 103 October__ 111 110 115 96 112 126 126 109 111 94 124 110 114 103 November 108 106 118 95 109 119 130 108 97 121 106 117 104 December 105 103 119 94 131 136 106 84 184 110 102 1927 January 107 105 116 92 102 94 123 105 94 89 106 92 103 February 109 107 118 94 109 96 131 109 91 95 83 106 97 102 March 111 110 118 94 110 151 131 109 103 96 100 105 106 103 April 108 109 104 93 108 147 128 108 90 93 111 105 106 102 May 111 111 108 93 108 135 126 107 88 95 102 103 103 101 June 108 108 104 92 106 154 144 104 87 93 101 103 97 100 July 106 106 100 91 101 130 128 101 88 95 75 103 94 101 August 107 107 106 91 104 135 119 104 111 100 89 111 97 101 September 105 105 105 92 104 127 121 104 112 96 100 108 107 103 October. 103 102 105 92 105 137 137 101 106 91 119 105 113 103 November 99 101 90 101 114 125 96 93 95 122 107 116 103 December 99 103 102 116 121 94 82 93 186 111 90 102 1928 January 106 107 103 104 137 100 87 94 88 105 103 February 110 111 103 104 113 155 102 93 97 85 105 86 102 March 109 110 104 90 105 144 125 103 100 93 103 105 104 101 i The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN MAY, 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 .. 76 100 102 105 107 109 110 March... . 80 103 100 104 107 111 109 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 . m 100 96 101 108 105 99 Annual index -. 85 101 95 104 108 106 1924 1925 1926 1927 1928 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Year and month Textiles | p F u r o o c o t d s d - I p P r a a i n n p d t e i r ng 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 l k n a , s t , s ( ! f m N er e o r t o n a u - ls s I re P l f e e i u n tr m i o n - g R t u i b re b s er | T m°a b-?° 1927 January 108 i 113 197 101 116 135 118 114 February 108 I 113 U01 102 107 112 134 117 113 March 114 i 113 U06 119 108 135 123 116 April 112 i 114 U06 109 112 134 131 122 May 116 i 103 112 U03 100 108 111 132 127 122 June 121 | 102 112 195 105 109 108 134 131 116 July 118 i 96 114 184 113 111 106 136 124 109 August.. 119 j 97 112 189 112 115 108 136 119 119 September 118 I 93 113 81 113 113 107 139 113 123 October 113 94 111 170 108 108 106 142 116 121 November 112 ! 94 110 47 97 107 106 140 117 122 December 105 i 95 112 53 105 111 137 110 112 1928 January 106 i 102 i 116 97 92 199 111 101 135 1124 118 February 107 i 110 i 117 197 102 102 115 109 139 U39 118 March 106 ! 105 118 113 100 109 107 141 136 119 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Bitumi- Anthracite Crude pe- Iron-ore Year and month Total nous coal coal troleum shipments Copper Zinc Lead Silver 1927 January 116 119 101 120 114 113 113 97 February 118 125 95 123 111 113 112 95 March 118 131 88 123 100 114 115 90 April 104 87 108 119 106 110 120 90 May 108 94 117 120 120 107 108 113 90 June 104 91 102 120 101 105 114 112 93 July 100 87 75 124 99 101 109 116 94 August 106 92 107 123 99 101 114 112 94 September 105 92 100 124 87 104 111 111 90 October 105 90 107 124 95 102 110 105 91 November 101 85 106 124 49 106 107 110 100 December 103 87 92 124 105 109 109 1928 January 103 92 121 102 104 105 93 February 103 119 104 107 109 83 March 104 121 101 112 109 92 »Revised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 321 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES March, February, March, March, February, March, 1928 1928 1927 1928 1928 1927 Iron and steel: Leather and products: Pig iron 102 100 111 Leather, tanning- Steel ingots 115 117 116 Sole leatherl . 95 98 98 Textiles: Upper leather- Cotton consumption . 102 104 119 Cattle 71 68 87 Wool- Calf and kip . 101 103 85 M C Ca o a r n c p s h e u i t n m a e p n ry t d i o a r n u c . t g i _ v lo i o ty m l activity1. 8 9 9 2 4 3 8 9 9 6 7 2 1 8 9 0 6 1 7 Ston B e o , o cl t a s y a , n G a d n o s d a h t g o a l e a n s s d s : kid 1 1 2 0 0 1 1 1 0 2 4 2 1 9 0 7 7 Silk- Cement 100 111 112 Deliveries 152 144 129 Brick— Loom activity * - . . - 124 124 115 Face brick 100 109 134 Food products: Plate glass. . . 124 122 128 Slaughtering and meat packing- Nonferrous metals: Hogs 120 130 89 Copper 102 112 105 Cattle 90 98 103 Lead 110 110 116 Calves ._ 92 100 103 Zinc 112 107 114 Sheep 102 112 103 Tini 118 96 107 Flour.. 105 113 101 Chemicals and allied products: Sugar meltings 66 78 122 ! Petroleum refining— Paper and printing: Gasoline i 159 155 151 Wood pulp and paper- Kerosene . . 98 101 100 Newsprint 93 94 103 : Fuel oil i 124 120 118 Book paper 128 123 115 Lubricating oil i 121 122 115 Fine paper. _ . 86 129 108 : Coke production— Wrapping paper 109 107 105 By-products 125 123 119 Paper board 119 120 112 Beehive 34 29 67 Wood pulp, mechanical 90 106 104 Rubber tires and tubes: Wood pulp, chemical „ 106 105 108 Tires, pneumatic. „ _ 139 142 125 Paper boxes . .__ 127 119 123 Inner tubes 110 115 107 Newsprint consumption 131 125 124 ; Tobacco products: Lumber: Cigars 90 90 94 Lumber, cut 95 96 90 Cigarettes. 143 140 133 Flooring ._ _ ._ 104 109 109 Manufactured tobacco and snuff 92 94 95 Transportation equipment: Automobiles __ _. „ 113 102 106 Locomotives 39 71 Shipbuilding 90 159 i Without seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=»100} M p e ro ta d l u s c a t n s d Textiles and products L b u e m r - Eail- Paper Foods Leather Stone, To- C i h ca e l m s - Month Total Group s I a t r n e o e d n l Group Fabrics P u r c o t d s - p u a r n c o t d d s - v r c o e l a e h 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 a r c n o t d d s - c g a l l n a a y s d s , b p u a r c o c t c d s o - p u a r c n o t d d s - Employment: February.. 93.6 90.1 90.1 96.9 98.5 94.7 91.8 79.2 117.3 109.0 84.9 88.9 110.1 79.0 77.8 March 93.9 90.6 90.3 96.6 98.3 94.5 91.2 78.0 122.4 109.0 84.1 88.6 115.9 78.9 78.2 April 93.2 89.9 89.6 95.1 97.5 92.0 91.0 78.4 123.4 108.1 83.1 84.2 121.5 77.3 78.1 May 92.6 88.7 88.4 93.6 96.5 89.9 91.6 78.5 123. 7 107.3 83.7 82.6 124.0 78.2 75.3 June.... ,„_ 92.4 87.8 87.5 93.1 96.3 88.9 91.8 78.9 117.2 106.9 87.6 82.2 124.2 80.3 75.9 July 90.7 85.7 85.4 91.0 94.8 86.2 91.2 78.2 109.9 106.3 86.7 85.3 119.5 80.3 75.0 August 91.2 85.4 85.0 92.3 95.6 88.2 92.4 76.7 114.3 106.9 85.8 88.2 120.2 74.4 75.3 September 91.9 85.1 84.7 93.9 96.5 90.5 93.0 76.1 111.0 107.8 88.7 88.5 119.3 83.5 76. U 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.? 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 February.. 89.4 83.1 82.7 93.8 95.1 92.3 84.7 70.4 124.8 108.1 84.8 84.6 101.9 77.1 77.2 March 89.9 84.5 84.0 92.9 93.6 92.0 85.7 71.3 130.2 107.0 84.4 84.1 105.7 77.9 76.9 Pay rolls: 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 February-_ 103.5 92.1 91.2 103.5 102.4 104.8 95.4 78.2 160.0 147.5 100.8 88.9 123.8 78.1 109.3 March 104.9 94.1 93.3 101.9 100.3 103.9 97.8 80.4 168.9 147.7 100.4 87.5 128.7 79.4 110.2 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

322 FEDERAL RESERVE BULLETIN MAY, 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 I 1926 1927 1928 I 100 January 75 111 94 104 101 146 123 ! 137 February... 76 99 96 113 104 136 131 155 March 120i1152 151 144 107 1133 131 125 April 138 139 147 157 112 120 128 136 May 124 134 135 115 125 126 June 137 133 154 125 125 144 50 50 July 133 126 130 128 124 128 BUILDING CONTRACTS AWARDED August 149 146 135 135 129 119 September.. 138 137 127 135 130 121 •»•• With Seasonal'Adjustment October 129 126 137 129 126 137 i W/t/jouMdjastmer/t- November.. 116 119 114 127 130 125 December.. 129 131 116 138 136 121 1924- 1925 1926 1927 1928 1 Revised. 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 ki de P l h p i h l i a a - 1- C la l n e d v e i - m Ri o c n h d - Atlanta Louis M ap i o n l n i e s - i Ka C n it s y as Dallas 1927 March 42,807 156,074 60,141 56, 741 34, 694 45,921 124, 235 42,704 13,298 16,342 27,781 April 40,649 165,459 52,652 77, 350 31,192 31,004 114,013 34,888 12,001 22,644 22,539 May 39,023 141,469 37, 724 70, 938 39, 736 31,100 105, 089 31, 344 11,136 21, 528 23, 262 June 33,569 177,235 54, 644 64, 011 35,502 31,188 140,608 44,171 11, 712 17, 598 22,240 July 29, 658 158,435 33, 982 57,465 34, 241 28,093 107, 480 32, 205 13, 111 17, 203 22, 517 August 37,461 144,049 53, 519 62,447 31,813 28,176 109, 646 34,134 12, 371 19, 061 19, 811 September.. 32, 863 107,448 40,174 65, 235 57,464 30, 917 106, 296 32,573 8, 038 22, 253 18, 350 October 27,486 169,299 34,211 49, 315 29,553 26, 023 141, 523 41, 405 9,305 19, 317 15, 379 November.. 40,070 132,481 30,138 39,136 24,811 39,151 84,182 27, 793 7,138 16,516 24,977 December... 29, 407 130,346 28, 634 35, 275 37,285 24, 816 126, 841 33,352 4,473 12, 316 14, 619 1928 January 33, 410 133, 271 35, 765 26,403 27, 607 27, 696 77,806 29,187 4,428 13, 318 18, 278 February.... 21,826 140,227 34,980 37,841 22,301 23,376 108,789 35,294 3,968 13,793 22,936 March 39, 694 155,154 46, 317 66,821 42,061 29, 826 108, 093 40, 626 8,339 33,174 22,463 '..-•-.; • 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 | I In tr d ia u l s- m C e o r m cia - l u p w t u i a o l n b i r t d l k i i e s c s E ti d o u n c a a l - o A th l e l r Federal reserve district N of u m cit b ie e s r 1927 United States. March 250,078 48,077 113, 766 106,827 36,522 65,468 April 267,417 44,602 80,754 116,264 35,678 59,676 Boston May 219,980 44.889 72, 541 111,368 34,545 69, 026 New York June 239,814 33,879 88,122 151,399 42,122 77,142 Philadelphia.. July 186,935, 30,303 83, 010 143,916 36,434 53, 792 Cleveland August 209,458 41,039 76,915 119,741 41,035 64,302 September. 202,877 48,546 59, 617 126, 230 29, 244 55, 097 Richmond October 243, 562 50,712 79, 720 108, 210 30,170 50, 442 Atlanta November. 214,963 52.890 43, 521 31, 741 47,189 Chicago December. 207, 281 29,989 86, 933 92,657 23,248 37,256 St. Louis 1928 Minneapolis.. January 193,189 37,970 68,852 72,039 23,369 31, 750 Kansas City.. February.. 238,985 34,881 57,695 59,980 18,651 55,139 Dallas March 275.192 48, 804 73,075 110, 338 33, 881 51, 277 San Francisco. 33,064 1 Figures for these districts have been revised. Information for earlier years will be furnished upon request. NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p. 563. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 323 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES AGRICULTURAL MOVEMENTS [Index numbers, adjusted for seasonal variations. 1923-1925=1001 [Index numbers, without seasonal adjustment. 1919= 100] Merchan- ! Grain dise Ani- Month TToottaall g p g u a r r r c n a o a t i d i d s nn - %s L t i o"v c£e k - CCooaall F pp u o rro c o re t dd s s -- t L m i £ s d c L el- Month Total s L to iv c e k - p u m r c o a t d s l - Grains C to o n t- t V ab eg le e s -Fruits b T a o c - co laneous 1927—March. 103 91 118 71 117 146 100 212 1927— J J M A M u u p l n a a y r e y r il c . h .. 1 1 1 1 1 0 0 0 0 0 1 8 4 7 9 ! i 1 1 9 9 9 0 0 7 8 7 0 5 8 9 9 9 9 9 2 2 5 3 1 1 1 0 2 0 7 2 3 9 9 9 9 9 0 3 4 1 1 1 1 1 1 1 0 1 1 0 0 8 0 0 7 8 J J A A M u u u p a n ly g r y e i u l st 12 8 9 9 9 3 5 4 5 4 9 9 8 9 7 1 3 2 5 9 1 1 1 1 1 2 6 4 6 3 9 9 9 1 7 1 1 9 5 6 8 3 5 0 3 4 5 8 5 3 7 1 0 8 2 4 3 1 1 1 1 1 1 4 4 6 3 9 0 6 2 3 1 1 1 1 1 7 4 4 2 2 4 2 0 7 8 5 3 8 0 1 1 August. 104 98 91 102 95 109 September.. 165 87 102 207 205 233 267 255 September 104 108 87 102 95 108 October 185 111 95 182 284 266 357 323 October 101 106 94 93 106 November.. 149 105 110 119 244 145 154 328 November 96 94 87 87 102 December. _ 121 95 116 108 155 96 88 317 December 94 94 82 82 99 1928—January 112 110 101 108 87 133 72 425 1928—January 100 102 91 90 106 February.__ 97 103 102 107 59 140 69 179 February 102 108 101 93 106 March 97 94 121 117 62 145 72 23 • March 103 116 ! 96 89 108 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 average-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 94 93 94 93 94 86 87 February 100 102 101 1 101 95 97 96 98 97 97 91 93 March 104 94 100 | 100 96 93 114 102 109 107 103 100 April ., 100 99 100 1 97 93 97 96 98 94 90 May 103 95 99 : 99 95 94 87 90 91 88 June ... 102 91 100 99 93 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 91 123 118 124 311 106 November. 100 99 100 98 95 100 97 99 97 93 December. 95 101 98 95 93 82 88 89 84 82 Annual average 101 98 101 98 95 SALES IN INDIVIDUAL LINES OF TRADE With seasonal adjustment Without seasonal adjustment Month ceries ! -M-ea^s goods M cl i o e n t n g h ' - s ^H Boots H w a a r r d e - Drugs n F it u u r r - e1 c G e r r o ie - s Meats g D oo ry ds M cl i o n e t n g h 's - W c e l i o n o n t 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 t F u n u r i- r e - 1 1927 March 96 108 90 101 67 97 98 106 101 94 104 05 138 108 111 102 117 114 April 95 111 j 86 87 es 94 94 106 96 90 104 76 85 64 100 98 108 97 O J J S A N D u u e c u o e l n p t y g c v e o t u e e e b m s m m e t r b b b e e e r r r . . . . . . 9 G B 9 9 9 9 9 1 8 4 0 4 2 7 7 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 4 2 9 9 9 9 9 5 1 | i ! ! ! ! | 1 8 8 8 8 8 8 0 9 7 8 8 7 6 9 2 1 1 8 9 9 8 0 9 8 9 7 0 0 1 1 2 6 3 6 6 7 7 6 5 6 e 9 5 9 2 8 4 7 i 1 1 1 1 1 1 G 1 3 9 0 1 0 0 0 4 1 4 1 5 1 O 1 9 9 9 8 9 9 9 0 1 2 2 7 4 9 7 0 1 1 1 1 1 1 1 1 C 0 0 1 1 1 1 0 6 5 2 4 1 2 6 4 1 1 1 1 1 C 0 0 9 8 0 0 0 2 2 9 9 9 3 0 8 1 1 1 1 9 9 9 0 9 0 0 0 5 2 7 1 0 2 2 0 1 1 1 H 1 1 1 1 0 0 0 1 2 0 0 I 4 6 9 7 2 3 1 1 1 7 7 8 9 8 7 2 1 6 8 1 9 8 0 5 3 1 1 1 4 5 7 4 6 4 6 0 6 2 8 8 5 0 1 1 3 4 2 9 8 9 4 3 9 3 8 8 7 5 5 9 1 1 1 1 1 1 8 0 1 8 2 1 2 1 5 7 1 2 2 4 7 0 1 1 9 9 9 9 9 9 0 0 3 6 0 8 8 0 5 6 t 1 1 1 1 o 9 9 9 2 1 1 2 o 9 8 9 2 0 3 8 1 1 1 1 9 8 9 8 1 1 1 0 3 4 0 3 1 8 7 5 | 1928 January 93 106 89 99 70 114 92 108 89 85 106 85 76 65 94 82 106 79 February 98 114 ! 88 99 70 109 93 109 95 85 108 89 128 88 87 82 101 95 March. 97 109 i 83 94 55 96 91 110 95 95 105 87 131 89 110 95 120 107 1 Revised indexes of sales of furniture. Revised indexes for earlier years may be had upon request from Division of Research and Statistics, Federal Reserve Board. 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

324 FEDERAL RESERVE BULLETIN MAY, 1928 RETAIL TRADE DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.* Monthly average 1923-1925=* 100] Federal Reserve District Month U S n ta i t t e ed s Bos- New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas Dalton York delphia land mond lanta cago Louis apolis City' las Sales (unadjusted): 1927—January 89 103 96 80 85 84 85 84 79 81 80 87 February 83 78 85 78 82 78 88 90 83 76 76 86 March. 100 97 99 94 98 99 99 108 98 92 89 97 1928—January . 88 98 94 74 85 81 85 86 82 76 79 89 February 85 78 89 71 85 82 91 89 85 75 77 88 March . __ 103 96 102 95 101 105 110 109 105 94 92 109 Sales (adjusted): 1927—January 106 114 111 96 105 107 107 105 100 98 105 February . _ _ 107 104 109 97 104 104 109 114 103 103 inn March 105 104 107 96 103 102 105 114 101 99 1928—January 105 108 108 88 104 103 107 113 104 90 February.. 105 100 109 85 103 105 108 114 101 96 March. 105 98 106 94 102 105 113 117 105 97 Stocks (unadjusted): 1927—January 92 91 98 91 87 91 90 92 90 81 96 February 97 95 97 95 96 97 100 97 95 87 109 March 106 105 107 105 105 107 108 105 102 94 116 1928—January 91 93 96 88 90 89 92 92 84 80 98 February 96 97 97 91 93 96 101 99 93 88 111 March _. .. 104 105 105 97 103 103 105 105 96 91 117 Stocks (adjusted): 1927—January _ ... -„_>.. 103 101 106 99 103 104 97 104 103 91 February 102 101 105 100 101 102 102 102 101 90 March. . . ._ 103 103 105 100 101 103 105 102 100 91 1928—January 103 102 104 96 106 102 101 103 97 90 February 102 103 104 96 98 101 103 104 99 91 March _ _. 101 103 103 93 99 100 102 102 94 88 HI San Francisco 96 85 109 98 92 110 112 111 112 114 115 109 110 77 97 85 102 89 109 75 98 83 105 86 111 89 105 88 106 86 107 86 106 86 109 84 109 i For description of department store indexes given in this table see BULLETIN for February, 1928. * Monthly average in 1925=100. SALES OF MAIL-ORDER HOUSES AND CHAIN STORES [Index numbers of sales. Monthly average 1923-1925= 100] Sales without seasonal adjustment Sales with seasonal adjustment Chains Chains Mail- _j Mailorder j order ho ( u 4 s ) es G c ( e 3 ro r 4 y - ) 1 5 0 - ( - a 1 c n 4 e d ) n - t Pp ( a 5 ? ) l (13 ^ ) g C ( i 5 g ) ar S ( h 4 o ) e C ( a 7 n ) dy!h ( 0 4 /l ) fs G c ( e r 3 r o 4 y - ) 1 5 0 - ( - a 1 c n 4 e d ) n - t p A a ( p 5 r - ) el D (1 r 3 u ) g I ! C ( i 5 g ) ar S ( h 4 o ) e Ca (7 n ) dy 1927—January.. 103 155 100 134 97 82 95 111 157 130 163 140 113 111 120 February. 101 148 104 114 129 99 84 103 112 155 133 173 139 115 121 121 March 125 174 116 148 143 111 115 117 163 128 175 139 113 104 116 1928—January.. 105 188 104 121 146 90 87 100 113 191 140 197 153 105 117 126 February. 108 194 115 137 148 96 106 116 | 195 142 201 153 107 120 120 March _.. 125 209 133 200 163 107 117 I 119 ! 113 196 142 224 157 109 119 120 NOTE.—For description of indexes given in this table see BULLETIN for April, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 325 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES. BY CLASS OF ENTERPRISE » [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember All banks banks banks Number Liabilities 1926 N b u e m r - p T o d o e s t - i a t l s N b u e m r - p T o d o e s t - i a t l s N b u e m r - p T o d o e s t - i a t l s Total f M a i c a n t n g u u r -T i r n a g d- A br g o e e k tc n e . t r s s , , Total f M ac i a n t n u g u r- - T i r n a g d- A ir g e o e t k c n . e t r s s , , 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 6,055 May 68 16,324 4,234 58 12,090 February _ 1,801 447 1,282 72 34,176 10,822 20,317 3,037 June 77 34,229 5,318 61 28,911 March 1,984 469 1,424 91 30,623 9,862 18, 623 2,138 July 140 48,618 1,637 135 46,981 April 1,957 494 1,378 85 38,487 16,734 19,094 2,659 August 52 10,001 2,127 43 7,874 May 1,730 437 1,216 77 33,543 16,157 15,710 1,676 September- 37 12,050 4,317 29 7,733 June 1,708 435 1,160 11329,408 10,092 15,525 3,791 October 88 18,209 6,280 69 11,929 July 1,605 396 1,122 87 29,680 11,168 14,614 3,898 November... 154 45,983 19,389 121 26,594 August 1,593 449 1,071 73 28,130 12, 516 14,096 1,518 December... 116 39,166 27 14,413 24,753 September 1,437 374 958 105 29,990 10,093 11,243 8,654 Total.. 160 j 68,812 796203,676 October.— 1,763 450 1,205 108 33,231 11,650 15,874 5,707 November 1,830 440 1,285 105 32,694 16,097 14,158 2,439 1927 December. 2,069 494 1,471 104 45,620 16,759 20,579 8,282 January 133 32,038 11, 555 106 20,483 M Fe a b r r c u h ary 8 7 1 5 2 31 5 , , 1 2 5 2 7 2 8 7 , , 7 7 4 0 4 0 6 5 5 9 2 1 3 6 , , 4 5 1 2 3 2 TotaL _.21,773 5,39515,268 1,110 409,233158,044 201,335 49,854 April 49 11, 750 5,462 39 1927 M J J N A S O D u u e u o c e a n l p t y g c v y e o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . . 4 4 3 2 3 4 4 7 1 7 7 6 4 3 1 1 1 1 1 1 7 3 0 2 8 1 1 , , , , , , , 5 4 2 1 7 1 3 4 1 7 9 8 6 6 2 0 8 6 4 2 4 9 2 5 6 9 6 7 i i I i I 3 1 2 5 6 , , 3 , , , 8 1 , 1 6 3 4 5 , , 3 3 0 2 1 7 8 4 8 2 1 2 5 0 8 9 5 1 7 3 3 3 3 2 3 3 4 6 2 5 0 2 5 7 2 6 9 8 5 7 8 7 7 , , , , , , , , 4 7 2 7 5 1 8 1 8 6 3 6 2 1 0 6 3 3 1 4 3 5 4 6 J F A J M M J A a u u e p u n a a n l b r y r y g e u i r c . l u u a h a s ry r t— y . . _ . 5 4 4 4 4 5 4 4 0 1 4 9 2 6 4 3 ' 1 1 4 2 9 8 8 1 1 1 1 1 1 1 1 , , , , , , , , 8 5 4 3 2 3 1 1 4 0 6 4 9 1 7 8 2 8 8 2 2 0 4 7 1 1 1 1 1 1 9 2 1 0 3 1 9 2 6 2 6 6 4 6 6 1 4 5 5 3 3 5 4 3 6 1 7 7 4 3 3 9 , , , , , , , , 2 9 1 8 7 4 1 1 9 4 5 9 9 5 8 6 0 1 6 1 6 0 5 5 2 2 1 1 1 1 1 1 0 2 5 9 3 3 6 4 , , , , , , , , 9 3 2 8 5 7 9 5 9 6 7 0 8 1 4 2 6 8 8 2 7 8 3 1 2 2 2 2 1 1 1 1 4 3 2 8 9 7 6 4 , , , , , , , , 5 4 3 1 9 8 8 7 3 0 0 9 7 5 3 0 0 6 8 1 8 6 2 2 1 6 4 3 7 5 9 9 3 , , , , , , , , 7 0 0 3 5 0 5 5 6 3 1 2 0 7 7 7 4 7 2 2 5 0 5 3 Total.. 662193,891 124 66,336 538 127,555 September 389 1,083 101 32,786 15,349 12,052 5,385 1928 1—> N O o c v to e b m e b r. e _ r _ 4 4 8 7 8 8 1 1, , 2 1 7 7 6 0 1 1 2 1 9 0 3 3 6 6 , , 2 1 3 4 6 7 1 1 7 2 , , 1 7 3 8 4 6 1 1 4 6 , , 9 6 4 5 9 7 4 6 , ,4 4 1 4 2 5 January.. 53 12,535 3,456 9,079 December. 597 1,430 135 51,062 29,024 16, 733 5,305 February. 50 20,669 10,082 10, 587 March 64 j 17,682 4,373 13,309 Total— 23,146 5,682 16,082 1,382 520,105211, 506 228,194 80,405 Total, 3 months 167 | 50, 28 j 17,911 139 32,975 1928 January.. _ 2,643 553 1,946 47, 634 14,870 26,446 6,318 February. 2,176 468 1,581 45,071 12, 751 24, 952 7,368 BANK SUSPENSIONS i IN MARCH, 1928, BY DISTRICTS March 2,236 546 1,566 124 54,814 20,412 26,186 8,216 [Amounts in thousands of dollars] Total, 3 7,055 1,567 5,093 395147,519 48,033 77,584 21,902 Member Nonmember All banks banks J banks COMMERCIAL FAILURES. BY DISTRICTS i Federal reserve district N f u e m r - 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 « N b u e m r - posiitts' [Amounts in thousands of dollars] Boston Number Liabilities New York Federal reserve P R C h i le c i v h la e m l d a o e n n l d d phia- 2 1 4 1 0 5 9 8 217 1 1 9 5 2 8 district M 19 a 2 r 8 ., F 1 e 9 b 2 ., 8 M 19 a 2 r 7 ., M 19 a 2 r 8 ., F 1 e 9 b 2 ., 8 M 1 a 9 r 2 . 7 , Atlanta 3 4,276 1 1,524 2,752 Chicago 12 3,428 2 517 2,911 St. Louis 9 1 900 2,669 Boston 241 238 234 5,853 3,950 7,961 Minneapolis... 11 2,605 2 713 1,892 New York.... 443 380 9,979 9,285 10,932 Kansas City... 22 2,333 2 502 1,831 Philadelphia.. 126 83 2,174 2,297 3,967 Dallas 2 410 410 Cleveland 183 186 193 8,434 4,728 4,725 San Francisco.. 2 494 494 Richmond 141 158 147 4,755 4,304 3,586 Atlanta 147 294 152 7,572 7,254 4,531 Total.... *64 17,682 4,373 55 13,309 Chicago 348 128 322 2,205 11,840 St. Louis 104 105 111 1,853 1,089 Minneapolis. - 83 72 89 997 384 869 i Banks closed to the public by order of supervisory authorities or by Kansas City.. 83 144 116 1,696 2,284 1,684 the directors of the banks on account of financial difficulties. Dallas 66 47 59 945 1,637 1,415 > Includes 6 national banks with deposits of $2,441,000 and 3 State San Francisco. 271 336 257 2,540 4,890 5,293 member banks with deposits of $1,932,000. • Figures represent deposits for the latest available date prior to the Total- 2,236 2,176 2,143 54,814 45,071 57,891 suspensions and are subject to revision when information for the dates of suspension becomes available. * Includes 14 banks for which deposit figures are not available. i Figures furnished by R. G. Dun <fc Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN MAY, 1928 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichsbank that only actual developments could determine for 1927 was presented to the general meeting whether the new rate should be regarded as of shareholders on March 14, 1928. The full established for any considerable period. At text of the report is given herewith. the same time a lessening of the inflow of for- General economic improvement.—In the eign funds was expected because of the decline German business situation the gradual im- of German interest rates. This expectation provement which began in the second half of proved correct until the beginning of the sec- 1926 became more and more marked until the ond half of February. From that time on opensecond half of 1927, and thereafter for the re- market interest rates advanced, the increase mainder of the year maintained its level. It being induced by a rapidly growing demand on exhibited in general the character of a domestic the domestic capital market arising out of the development, and in all its phases was effected floating of public loans, particularly the surby extensive use of foreign capital loans. prisingly well received great loan of the Reich; Although "rationalizing" of business enter- induced, also, by continuous improvement of prises was prosecuted with all possible energy, the business situation, and especially by a vigthe number of employed persons continued to orous expansion of speculative business on the rise. Unfortunately the improvement achieved bourse financed largely by credit. Interest was not always consolidated; and it will not be rates paid for funds on the bourse reached such consolidated so long as the restraints imposed a height that, with substantially lower rates by foreign politics create in German business prevailing at the same time in the bill market, circles that uncertainty which we now find foreign short-term funds flowed into the Gereverywhere. To enable her to live, Germany man banking and stock-exchange business in requires not only freedom from foreign political large amounts. This development showed that fetters but also, in consideration of her repara- the level of the Reichsbank rate was effective in tions obligations, a willingness on the part of only one section of the money market, namely, foreign countries to receive relatively larger that occupied with dealings in bills, and examounts of products and deliveries in kind erted no effective influence over the inflow or from her than Germany receives from them. outflow of foreign funds. In order, therefore, Changes in Reichsbank discount rates.—Im- to prevent undue extension of bank credit for provement in the general situation was a pri- various activities which escaped the normal mary cause of the activity in the money market influence of the Reichsbank rate, the Reichswhich began at the end of February, 1927. A bank repeatedly took occasion to impress upon superabundant inflow of foreign loans, under the private banks the necessity of maintaining conditions of business depression and of a cor- their assets in liquid condition. After this adrespondingly moderate demand for capital, had vice had been heeded to the extent of contractbrought about a very considerable lowering of ing stock-exchange credit operations in particuinterest rates during 1926 and had brought the lar, an advance in the discount rate from 5 to Reichsbank out of touch with the money mar- 6 per cent followed on June 10. On October ket in spite of successive reductions in the dis- 4 the increasing demands of commerce and count rate from 9 to 6 per cent. As early as industry necessitated another advance to 7 November or December of 1926 it would have per cent. been possible to reduce the discount rate still At the time of reduction of the discount rate further, except that it seemed advisable to wait on January 11, the Lombard rate was still until after the year-end settlements. As inter- maintained at 7 per cent in order to check the est rates in the open market, after the usual extensive borrowing on collateral which had tension at the end of the year, declined rapidly taken the place of earlier month-end bill offerduring the early days of January, and a strong ings. It was possible still to maintain the return flow of funds to the Reichsbank set in Lombard rate unchanged when the discount during the first week of January, a reduction rate was raised on June 10, 1927, and not until of the discount rate from 6 to 5 per cent was October 4 was it raised to 8 per cent. made effective on January 11, 1927. On this The money market.—The movement of occasion the Reichsbank stated emphatically interest rates in the open market in comparison Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 327 with the Reichsbank discount rate is shown in of May amounted almost always to more than the accompanying chart. From this chart it 2,000,000,000 reichsmarks; at the month's end may be seen that the rate for month-to-month in August, September, and October to more money showed a rising tendency from the end than 2,500,000,000 reichsmarks; and at the end of February throughout the year. For day-to- of 1927 it had advanced to almost 3,000,000,000 day money the same tendency is unmistakable, reichsmarks. (Chart II.) Examination of the although sharp fluctuations are shown—for gross increase in domestic bills (Chart III) this reason among others, that very often as a shows very clearly the extent of the demands result of large end-of-month settlements a tem- made on the banks. The largest part of the porary but great abundance of day-to-day money was created, the effect of which was MONEY IN CIRCULATION AND that rates were depressed for a brief period. REICHSBANK HOLDINGS OF GOLD AND FOREIGN EXCHANGE Funds available in the private discount market AND DOMESTIC BILLS at no time reached any considerable amount. BILL.ft.M. ( END OF MONTH F/GUfiES ) Acceptances of the Berlin "great banks/' for example, amounted to 263,800,000 reichs- Total money \ marks at the end of October, 1926, and to in Circulation 386,600,000 reichsmarks at the end of October, 6.0 1927, as compared with 1,260,200,000 reichs- MONEY RATES 5.5 IN THE BERLIN MARKET Re/chsbank and PEJFt CEjjT ( MONTHLY AVERAGBS ) ft en fen bank Notes 9 - 5.0 8 4.5 3.0 J To reign Exchange 2.5 5 -' 2.0 1.5 marks on October 31, 1913. The demand for private discounts arose chiefly in connection 1.0 with public funds administered by the Reichs- CHART II bank. The rate fluctuated for the most part bill offerings was made through the agency of slightly below the Reichsbank rate, or now and banks and other financial institutions, while then even reached that level for a short time. direct offerings by industry, handicrafts, com- The rate for commodity bills with bank in- merce, agriculture, and other borrowers, in dorsement, which was often a merely nominal spite of a similar tendency to increase, declined rate, was lower than the Reichsbank rate until in relative importance. The average maturiabout the middle of the year, and thereafter ties of discounted bills from the time of their above it. purchase, moreover, were longer as compared Domestic bill portfolio.—The volume of with maturities of discounted bills in the year domestic bills, which during 1926 averaged 1926. 863,000,000 reichsmarks, rose considerably The credit operations of the Reichsbank after February of last year, and since the end were supplemented in a sense by the export Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN MAY, 1928 credits granted by the Gold Discount Bank. Nevertheless a unified management of all these Since April, 1927, the latter bank has held balances for the benefit of the country as a bills in reichsmark currency as well as sterling whole continued to be essential. Unfortuand dollar bills. On the whole, however, the nately this matter is not yet seen by everyone discount operations of the Gold Discount Bank in its true light. Short-term funds tend for were somewhat curtailed for the reason that the most part to seek investment in a central the bank is gradually approaching its appointed money market for the sake of the interest to end. It must also be borne in mind that the be earned; the result is that even such imporcooperation of the Gold Discount Bank in tant places as Frankfurt and Hamburg try the administration of public funds will be with good reason to establish close relations discontinued within a measurable period of with the Berlin money market. Only a centime after the plan of the Reichsbank to take tral money market is in a position to distribute over the management of these balances shall its available balances to all parts of the counhave received the general approval of the try. The Reichsbank has contributed to make parties concerned. The business undertaken this possible, especially through the establishby the Gold Discount Bank at the beginning of ment of clearing facilities by telegraph. By this means all unemployed balances are made avail- PURCHASES BY THE REICHSBANK able to the whole German business world; the entire administration of public funds is more OF DOMESTIC BILLS rationally organized; and excessive hoarding M ILL. R. M. (AMOUNTS PURCHASED MONTHLY ) and dissipation of reserves is avoided. This does not mean the withdrawal of funds from 2400 less important districts, but quite the reverse— namely, the possibility of placing at any time otherwise idle funds of the business world and of the Government wherever they are needed; in this way enabling local markets to participate in the advantages of the great central market. Germany is not rich enough to permit herself the luxury of uncoordinated employment of capital. Foreign credit policy.—Considering the dearth of capital in Germany, the necessity of seeking foreign credits is admitted without further argument. So far as a satisfactory increase in production is the aim in seeking the assistance of foreign loans, no objections can be raised. This assumption can generally be accepted in the case of private business, which is 1926 1927 faced with the necessity of calculating profits CHART III very closely. Naturally many objections arise 1926—namely, the acceptance of 360,000,000 in the case of private loans if they are employed reichsmarks of agricultural 7 per cent mortgage to excess or in unproductive ways, especially bonds of the Rentenbank-Kreditanstalt with a in consideration of possible future changes in maturity of three to five years—was almost price levels and conditions of production. In completed at the close of the year under the case of public organizations the same conreview, after a further sum of about 65,000,000 siderations do not always apply, owing to the reichsmarks had been appropriated for agricul- special character of most of their operations ture in 1927, and the statutory limit had thus and owing to the interplay of political factors. been almost reached. Of these mortgage A most economical financial policy in general, bonds, 118,400,000 reichsmarks will mature and most careful management of public underon July 15, 1929; 118,600,000 reichsmarks on takings in particular, must therefore be con- July 15, 1930; and 118,700,000 reichsmarks on stantly demanded. The effort which the Bera- July 15, 1931. tungsstelle (Loan Advisory Committee) under The volume of public funds declined con- the direction of the Finance Minister of the siderably during the past year, and accordingly Reich has been making in the direction of stern their importance for the money market and the self-denial in respect to seeking new public discount policy of the Reichsbank diminished. loans abroad has strengthened the confidence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

329 MAY, 1928 FEDERAL RESERVE BULLETIN of foreign countries in Germany's financia- activity. It should be larger in periods of policy. Self-discipline and self-denial in finanl keen business activity than in quieter periods. cial matters will be essential in the future also— For this reason the increase in the German all the more since the Agent General for Repa- monetary circulation which took place as a rations in his latest report has revived the ques- result of the improvement in economic condition of a precise definition of German repara- tions during 1927 is a case in point. The fact tion obligations. The close relationship which that the German price level showed a rising the solution of this problem bears to the cur- tendency during almost the whole of 1927—in rency question imposes new tasks of great direct contrast to the price movement in difficulty and responsibility upon the Reichs- England, and except for the last month or two bank. in the United States also—showed the need of Gold and foreign exchange policy.—The gold checking any further expansion in circulation, and foreign exchange policy of the Reichsbank and was a contributory cause of the autumn was deeply influenced during 1927 by foreign rise in the discount rate. credits. Rates of the dollar and of sterling Gold imports.—Gold imports into Germany fluctuated near the gold export point until the during 1927 amounted to 186,000,000 reichsend of June. The causes for this lay espe- marks and gold exports to 9,000,000 reichscially in the temporary decline of the inflow marks, giving a net import of 177,000,000 of foreign capital and in the very unfavor- reichsmarks. Of this amount, 133,700,000 able trade balance; the latter constitutes a reichsmarks came to the Reichsbank—45,problem of the greatest importance for the 000,000 reichsmarks being acquired by purfurther economic development of Germany. chase during 1927, while the remainder was The delivery by the Reichsbank of almost withdrawn from gold deposits held abroad and 1,000,000,000 reichsmarks in foreign ex- was therefore already in possession of the change—and in gold also to a small amount— Reichsbank. together with the inflow of short-term foreign International clearing facilities.—The intercredits, could not change the course of the national clearing facilities arranged with cerexchanges. During the second half year the tain foreign banks of issue toward the end of value abroad of the reichsmark rose again, 1926 were extended to a larger number of forespecially as a result of the larger inflow of eign banks during the past year, so that by foreign loans. When, owing to this develop- the end of 1927 similar arrangements were in ment the exchanges had declined almost to the force with 17 countries—Belgium, Denmark, gold import point, and the possibility emerged Danzig, Estonia, Finland, France, Great Britain, that foreign credits might come to Germany in Holland, Latvia, Lithuania, Norway, Austria, the form of gold, the Reichsbank decided to Sweden, Switzerland, Czechoslovakia, Hunreduce the purchasing price of gold to 2,784 gary, and the United States of America. In reichsmarks. practice the international clearance is used Circulation and the price level.—A con- especially for the transfer of rather small indisiderable increase in. money in circulation, vidual accounts. During 1927 10,987 clearing even though fully covered by gold, can not operations were put through, in a total value fail to have an unfavorable influence on the of 39,000,000 reichsmarks. course of prices, which seems all the more Security and capital market.—After Februserious because an advance in prices, even ary the market for long-term securities with though it may have quite natural causes from fixed yield showed increasing stringency. This the point of view of commodities and produc- was not only closely connected with the activity tion, will be regarded generally among the pop- of the mortgage institutions and public organiulation as a sign of inflation because of their zations during preceding months—an activity previous experience. The situation of the re- which, being supported by an expansion in the serves, therefore, can not and ought not to volume of credit, had already to some extent serve as the only standard for the guidance of anticipated future capital accumulation—but the Reichsbank: in such case the Reichsbank was also the result of the business revival. would mislead business by the devious path of Even though figures for the issues for 1927, price advances and wage advances to a miscon- particularly for the first half of the year, ception of profits, and to unsound measures in indicate a fairly considerable supply of funds in the placing of their investments and the conduct the domestic capital market, they were neverof their business. The monetary circulation of theless inadequate to meet the demand. any country should be maintained in well- Interest rates on the capital market continued balanced proportion to the volume of business to be unfavorable for borrowers. The 10 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN MAY, 1928 cent agricultural mortgage bonds of East Revision of balance sheets.—Negotiations Prussia, Saxony, and Schleswig-Holstein could, between the Keichsbank and the banks and it is true, be converted at the beginning of the clearing houses with regard to improving and year at 7 per cent, but the average return of elaborating their published balance sheets led securities with fixed yield fluctuated almost to the following result at the beginning of continuously above 7 per cent; mortgage bonds 1928: Instead of bimonthly, monthly condiwith an interest rate below 8 per cent could tion statements are to be published; thus the scarcely be disposed of during the closing interval between publications is shortened. months of 1927. The demand on a great part The plan of the balance sheet has been revised of the savings of the German people for repara- in several particulars for the sake of more tion deliveries is one of the chief causes of the correct and more precise wording and form. higher level of interest in comparison with The new form has been drawn up in such a other countries which weighs so heavily upon way that it can be uniformly applied in the German business. case of private credit banks, public banks, On the security market the high level of clearing houses, and mortgage banks. At the prices prevailing until May was considerably same time the Reichsbank came to an agreeinfluenced by the inflow of short-term foreign ment with these institutions that a number balances; but in addition the aftereffects of the of additional items should be included for the inflation psychosis prevalent throughout the clearer interpretation of the entries shown on population and a temporary superabundance the condition statement. of credit facilities available for security purchases had the same effect. ANNUAL REPORT OF THE BANK OF JAPAN The annual report of the Bank of Japan for dentally disclosed the insecure position of a few 1927, presented to the meeting of shareholders banks. This was sufficient to arouse suspicion on February 18, 1928, contains the following in the minds of depositors and to start a banksections dealing with financial and economic ing panic which resulted in the failure of such developments during the year: banks as the Tokyo Watanabe, the Nakai, the General conditions.—The past year brought Murai, the Eighty-four, the Nakazawa, and the little improvement in general business condi- Soda. Some minor provincial banks also antions, which continued to be slack during the nounced suspension of payment. early months. Money had become easier since Meanwhile, the measures under discussion the preceding year with rates tending to decline passed the legislature, and there was a temstill further, and the prospect seemed more porary lull in developments; but the shock to favorable for proceeding with necessary busi- the credit system was too great to pass so easily. ness readjustments. Foreign-trade conditions Bankers became extremely cautious and were proved less adverse than the year before. A especially on their guard with such firms as marked recovery in the value of the yen brought Suzuki & Co. and affiliated concerns. On exchange rates very near to par, while prices of account of its close business relations with some of the staple commodities were, if only Suzuki & Co., the Bank of Taiwan was soon slightly, upon the upward grade. The nation, called upon to repay its short-term borrowings, however, had not fully recovered from the while banks in the western Provinces suspected economic effects of the crisis of 1920 and the of similar relations suffered heavy withdrawals earthquake damage of 1923; and the persistent of deposits. As the Bank of Taiwan had no fall of commodity prices in 1925 and 1926, re- means of raising funds to meet its short-term sulting from an improvement in the value of the loans, the Government, fearing serious credit yen, made itself keenly felt in our trade and in- disturbances as a consequence of the failure of dustries. Although the probability of the re- this institution, drafted an emergency imperial moval of the embargo on gold exports had been ordinance authorizing the Bank of Japan to increasing since the latter part of the preceding provide the Bank of Taiwan with such funds as year, there were still disquieting factors of no it needed to tide over the situation. The Privy little importance beneath the surface. Council, however, rejected the plan on April \ Banking panic.—Such was the state of affairs 17—an action which was immediately followed until March, when a deadlock in the debates in by the closing of all branches of the Bank of the Diet on the Government measures relating Taiwan on the Main Island, and the subsequent to the liquidation of the earthquake bills inci- failure of the Fifteenth Bank and the Omi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

331 MAY, 1928 FEDERAL RESERVE BULLETIN Bank. This caused great alarm and resulted ness connections with us; and in cooperation in runs on banks throughout the whole country. with the Government and leading banks we All the banks in the country, therefore, endeavored to tide over the crisis and stabilize unanimously decided to make April 22 and 23 the situation. The enactment intp law of the holidays; on April 22 the Government pro- two bills mentioned above was immediately claimed a three-week moratorium, and an followed by the appointment of a council to extraordinary session of the Diet was convened pass upon the proposed special advances; in to take action on two Government bills. One conformity with the provisions of the law and bill authorized the Bank of Japan to make with the approval of this council, the bank special advances under Government guarantee began at once to supply needed accommodation. against loss; the other provided accommoda- Advances were also made by Government tion for financial institutions on the Island of order to the Bank of Taiwan under authority Taiwan. These two bills, passed and promul- of the second law. As to the question of regated on May 8, proved sufficiently reassuring opening the closed banks, we decided to furnish and the panic subsided. Public confidence funds under the provision of the new law to was gradually restored, and the difficult those banks which gave promise of being able situation caused by excessive contraction of to continue in operation after reorganization; credit began to improve. The effects of the when there was little or no prospect that an financial disturbances, however, were far reach- institution could maintain itself, we required ing. The futures markets were for the most it to surrender all assets and liabilities to a new part closed during the moratorium; and for bank established in consultation with the some time after reopening they continued to Government, leading bankers, and business be inactive. The yen broke on the foreign men for this specific purpose, or to some other exchange market. There was an active trans- suitable bank to which advances could be made fer of funds from the secondary and minor under the above-mentioned law. This policy banks to the larger banks, trust companies, was intended to expedite the payment of the and the Post Office Savings Bank; and the claims of depositors of the defaulting banks and resulting^concentration of funds in the larger to minimize their loss as much as possible. establishments brought about a lowering of The bank accordingly set about the examinainterest rates and activity in the bond markets. tion of the affairs of the closed banks, and put The volume of general business, however, forth its best efforts for their reorganization and declined considerably. for general economic stabilization. Two pro- The rural community was in distress as a vincial banks, the Imabari Shogyo and the result of the decline in price of the two most Kurate, were thus enabled to resume operations important agricultural products—cocoons and during the past year, and the Soda Bank of rice; to save the situation the Government re- Yokohama completed readjustment by surstored the import duty on rice, carried out rendering all its assets and liabilities to another purchases under the rice control act, and as- bank which undertook the payment of its sisted the sericulturists by providing them with deposits. Special advances by the Bank of necessary monetary accommodation. The de- Japan under the indemnity act amounted to pression of markets abroad was reflected in our 181,000,000 yen at the end of the year, while export merchandise by a serious decline in cot- accommodations granted under the relief measton goods, one of the most important staples; as ure for the Island of Taiwan amounted to to raw silk, in order to prevent a further slump 185,000,000 yen. in the market that had already seen a heavy Money market.—In the money market, as a fall in prices, the Third Imperial Silk Co. (Ltd.) result of the inconsiderable demand for fresh was organized. Production in other lines of funds for commercial purposes, easy conditions industry was more or less curtailed. obtained from the beginning of the year, and Emergency measures of Bank of Japan.— there was a notable decline in rates. In early At this point a brief review of the measures February discount rates for ordinary commertaken by this bank during and after the finan- cial paper, quoted in the Tokyo market at cial disturbances is in order. When the panic from 1.7 sen to 2.2 sen, showed a general broke out, first in March and again in April, decrease of 0.2 sen in comparison with the we disregarded our usual practice and gave rates of the corresponding period of the preliberal accommodation to all banks applying ceding year. The associated banks in Tokyo for funds to meet withdrawals of deposits; and Osaka, as well as most other city banks, we extended credits directly and freely even reduced their interest rates on deposits. The to institutions which had had no previous busi- Bank of Japan lowered its official rates on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN MAY, 1928 March 9 by 0.2 sen in the case of commercial total to 4,423,000,000 yen. There was an active bills and bills secured by collateral other than demand from America throughout the year Government bonds, and by 0.1 sen for all other for raw silk and silk textiles, so that, in spite loans and discounts. After banking disturb- of the decline in prices, exports of these comances arose in the middle of Marcn, the short- modities exceeded those of the preceding year loan market almost ceased to function; but ow- both in value and volume. The export of ing partly to the expansion of our advances and cotton goods, on the other hand, fell 53,000,000 partly to a smaller commercial demand for yen short of the year before, chiefly as the renew money, there was no appreciable increase sult of disturbances in China and business dein rates. Moreover, when the panic passed, pression in India. On the import side there the concentration of funds in the larger banks was some increase in rice as a result of tembrought about further ease in the central porary exemption from import duties, and in market, and as most banks were amply sup- wool, woolen yarns, and textiles as a result of plied with funds no strain was experienced even increased consumption. Imports declined in in June and July when seasonal debt settle- the aggregate 204,000,000 yen in comparison ments usually give rise to heavy currency re- with the figures for the preceding year. The quirements. Monetary conditions were made 293,000,000 yen excess of imports, including restill easier by the repayment of outstanding turns for Chosen and Taiwan, was 150,000,000 call loans and acceptances by the Bank of yen less than that of 1926, so that, viewed from Taiwan at the end of July; and by October the standpoint of the balance of trade, 1927 the discount rates in Tokyo for ordinary com- compares favorably with any recent years. mercial paper had declined to the level of from Movement of the exchange.—The exchange 1.4 to 2 sen, while rates on overnight loans value of the yen continued the upward moveranged between 0.93/2 to 1.2 sen. The as- ment begun in the preceding year, and the sociated banks in Tokyo, Osaka, and provincial Yokohama Specie Bank quotation rose to $49 cities again reduced their interest rates on in March. Forced from this high point by the deposits, and on October 10 the Bank of Japan monetary disturbances, it declined to $463^ in also announced a reduction of 0.1 sen in its the latter part of May and failed to make an official rates. appreciable recovery even in the export season. As a result of the abundance of unemployed Among the chief factors causing the depression funds in the market and the currency situation were investment by big banks and trust comin general, we sold Government bonds from panies in Japanese bonds and debentures issued time to time during the year in an amount of abroad, repayment of foreign loans, the rise of some 200,000,000 yen. A marked tendency the price of silver, and the action of our mills among the leading banks to invest their large and merchants in rushing to purchase new supplies of surplus funds in high-grade secu- crop cotton abroad in order to make up arrears rities resulted in a rising market for bonds of demand. The rate, which fluctuated for and debentures. New issues of debentures the most part between the $46 and $47 levels, increased; conversion of loans bearing a high touched the minimum for the year at $45^ in rate of interest was encouraged; and the total the latter part of November, but rallied to capital issue of the year amounted to $46 J/2 toward the end of the year. 981,000,000 yen. Although seasonal currency Operations of the bank.—Advances of the requirements caused the rates to advance Bank of Japan fluctuated in general between somewhat toward the end of the year, the the 200,000,000 and 300,000,000 yen levels market in general continued easy, and the turn until March, when in consequence of the bankof the year was made without difficulty. Dis- ing panic the total rose on the 23d to 630,count rates were quoted on commercial paper 000,000 yen. There was a decline to 500,at from 1.7 to 2.1 sen, and overnight loans 000,000 during the lull that followed, but the were obtainable at from 1.5 to 1.6 sen at the second panic in April brought about the record year end. high level of 2,095,000,000 yen on the 25th. Foreign trade.—The chief factors in the de- Subsequents substantial repayments resulted cline of our foreign trade, which in both ex- in a steady contraction to the 700,000,000ports and imports showed lower returns than 800,000,000 yen level, but later increases in 1926, were continued civil war in China and brought the advances to 893,000,000 yen at business depression and financial disturbances the end of the year. This amount included at home. Including returns for Taiwan and some 402,000,000 yen of special advances made Chosen, exports amounted to 2,065,000,000 under the Government guarantee against loss. yen, imports to 2,358,000,000 yen, and the There was also a striking gain during the year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 333 in deposits with this bank; for on May 20 While the causes of the financial disturbances Government deposits increased to 840,000,000 of last spring may be traced to the economic yen and private deposts to 385,000,000 yen. crisis of 1920 and the heavy blow dealt by Government deposits subsequently fluctuated the earthquake of 1923, banks did not lack between 750,000,000 and 870,000,000 yen, and prudence in the management of their affairs private deposits varied from about 150,000,000 during these years; it was the accidental disto 300,000,000. The movement of advances closure of their weakness which excited anxiety and deposits was reflected in the note issue. among depositors generally and precipitated An increase to 1,408,000,000 yen on March 23 the panic. There was in fact nothing in the was followed by temporary contraction to the nature of a sudden change in the fundamental 1,200,000,000 yen level and the following economic situation of our country to account month by expansion that resulted in the peak for this incident; and should our banking and of 2,659,000,000 on April 25. A gradual financial institutions be restored by improvedecline from this peak brought the issue nearly ments in their management, we need not take down to normal, and it stood at 1,682,000,000 a pessimistic view of the future. All depends, at the end of the year. The large gain in however, upon what readjustments are effected. deposits is the principal reason for the fact It is the duty of this bank to give everythat the increase in the volume of the note possible assistance to efforts which are being issue did not follow the great increase in made to improve the situation. The measures advances. taken by the bank since the outbreak of the National loans other than Government rice panic necessarily brought about an expansion purchase notes were issued to the amount of in the currency. This must be endured if it 651,000,000 yen during the year; and as re- contributes to financial stabilization; but condemptions including purchases out of the sink- sidering the essential function of this bank as ing fund amounted to 451,000,000 yen, the net the central bank, and bearing in mind that increase in the debt was 199,000,000 yen. the problem of lifting the embargo on the Offerings of loans in the open market were export of gold is yet to be solved, we must limited to conversion issues. Redemption by direct our efforts toward readjusting the present means of the sinking fund was carried on abnormal situation and preparing for a return during the year both by purchase in the open to normal conditions. market and by the drawing of lots. ANNUAL REPORT OF THE BANK OF POLAND FOR 1927 The annual report of the National Bank of funds held abroad by the Bank of Poland in Poland for 1927, presented to the meeting of October, 1926, that is to say, before receiving shareholders on February 10, 1928, contains the stabilization loan, were greater by 15 per the following sections dealing with economic cent than the reserves at the end of 1924, conditions in Poland and with the operations when they stood at the highest level attained of the bank: up to that time. Production has developed General situation.—The favorable turn taken in proportion to the increased purchasing by the economic situation of the country begin- power of money, as is shown by the decline in ning with the second part of the year 1926 was unemployment figures. In spite of certain still more marked during the past year. In temporary fluctuations toward the end of the this year the equilibrium o£ the budget, year, a distinct improvement is observable in achieved for the first time in 1926, was estab- every field of our economic life. * * * lished on a more permanent basis as a result The stabilization plan published on October of increase in receipts and in treasury reserves. 13, 1927, after the floating of the international The stability of exchange, brought about by loan, included provisions designed to insure domestic resources, was placed upon a solid budget equilibrium which had been achieved foundation through the stabilization loan, for the first time in 1926-27. The plan prowhich safeguards the national currency from vided for an increase in receipts of at least any combination of unfavorable circumstances. 300,000,000 zlotys during the budget year Although our commercial balance was unfavor- 1927-28 to cover additional administrative able, the increasing volume of imports has expenditures as well as annual amortization been to date of a productive character, and payments for the stabilization loan, and to the excess of imports was covered by foreign create an effective surplus. Part of the yield credits. The metallic reserve and the available of the foreign loan was allocated to a special Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN MAY, 1928 treasury reserve which should insure permanent foreign countries, which might develop a preequilibrium of the budget; and the Govern- mium on importations and expose the country ment, in accordance with the plan of stabiliza- to the danger of an increase in the volume of tion, agreed for the next three years not to imports, a lowering of production, and an infloat any long-term loan either at home or crease of unemployment. Under these cirabroad to provide for budgetary needs. The cumstances legal stabilization of the exchange system of monthly appropriations was main- was much to be desired. The Bank of Poland tained, and arrangements were made that was of the opinion that any considerable treasury balances should be deposited with fluctuations in the exchange were undesirable. the Bank of Poland. At Warsaw, the dollar, which was quoted at The money market.—The situation in the about 8.99 zlotys in January, declined to 8.95 money market underwent some changes. zlotys in February and to 8.93 zlotys in April. During the first five months of the year the Following stabilization of the zloty, the rate market was sufficiently supplied with liquid on New York was reduced in October to 8.90 capital from increase of savings, from funds zlotys, which corresponds to the ratio of 172 made available under the more liberal credit zlotys for 100 gold francs, the ratio established policy of the Bank of Poland, and also from as the basis of stabilization. * * * funds forthcoming in the prospect of a foreign On examination of the increase in the Bank loan, which stimulated an influx of foreign of Poland's gold and foreign exchange reserves capital in the form of merchandise credits, one may distinguish two periods—the first, capital loans, or the purchase of shares and from the beginning of the year to the end of securities. September, when the bank increased its gold Beginning with the month of June a general reserve by ordinary purchases; and the second, stringency became apparent in the market, including the last three months of the year, caused partly by a less liberal credit policy on during which the metallic reserve, entirely the part of the Bank of Poland—which policy aside from its revaluation on the basis of the in turn followed upon the unfavorable commer- new parity, was considerably strengthened from cial balance and the suspension of conversa- proceeds of the stabilization loan. tions regarding the international loan; partly Throughout most of the year the reserves in by a moderate revival in industry and agricul- foreign exchange rose steadily, at first as the ture and the increasing demands for liquid result of a favorable balance of payments until funds which this revival brought about. April, and thereafter as reflecting a stability of The total volume of money in circulation economic conditions in the country; this caused increased during the course of the year, from foreign currencies hoarded in Poland as well as about 1,021,000,000 zlotys at the beginning of capital sums from abroad to be presented for January to 1,312,300,000 zlotys on December deposit at the bank. The gold and foreign 31. Thus the volume of circulation increased exchange reserves rose during the first nine by 28.5. per cent, whereas the wholesale price months of the year from 264,000,000 to index for principal commodities increased by 400,000,000 zlotys, or by 53 per cent. A large only 6 per cent. The expansion in circulation part of its foreign holdings were used by the was due entirely to increase in the issue of bank for the purchase of gold, so that reserves, bank notes. Notes issued by the State declined which at the beginning of the year amounted not only relatively as new issues of bank to only 138,000,000 gold francs, increased in notes were put out but even absolutely in the nine months by 44,000,000 gold francs. amount. Currency reform made two important The exchange value of the zloty, which was changes in the account of gold and foreignstabilized at about 9 zlotys to the dollar in the exchange reserves. The first, a purely formal second half of 1926, was maintained through- one, concerns revaluation of these reserves out the past year at nearly this level. Recon- which until October 10 were reported at their struction of the gold and foreign exchange re- former metallic parity (1 zloty equal to 1 gold serves enabled the Bank of Poland to con- franc), and beginning with October 13 at the trol the exchange market and to check specula- new gold parity (1.72 zlotys equal to 1 gold tion on depreciation of the national currency— franc). As a result of this revaluation the even to the extent of inducing a slight apprecia- metallic reserves and the available deposits tion of the zloty. There was the danger, abroad rose to 761,000,000 zlotys on October however, that any considerable rise in the 20, the profit from the revaluation amounting exchange might easily bring about a disparity to about 311,300,000 zlotys. After having set between the level of prices in Poland and in aside 231,600,000 zlotys out of this exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1928 FEDERAL RESERVE BULLETIN 335 profit for capital account there remained a of long-term credit. At the present time despecial reserve of 79,700,000 zlotys which at posits constitute for the most part available the end of the year was added to the reserve balances in current account and at sight; as fund. these are in the nature of cash reserves of com- The second change effected by the currency mercial undertakings, subject to withdrawal reform was the strengthening of the metallic on demand, they are suitable only for the orreserves and the creation of a considerable ganization of short-term credits. reserve of foreign exchange in the amount of The volume of savings increased steadily 549,300,000 zlotys—proceeds of the stabiliza- throughout the year, principally of funds on tion loan. deposit with the postal savings bank. It would Acting in conformity with the new bank law seem that the habit of saving is beginning to which requires that at least three-quarters of reassert itself throughout the nation. the legal cover shall be in gold, the bank pur- In Warsaw the rate of interest on bank dechased abroad in November $20,000,000 worth posits at the beginning of the year ranged from of gold. At the same time a considerable part 7 to 12 per cent per annum, according to the of the gold which had been deposited with the period of maturity, and, beginning with April, Bank of England since 1925 was brought back the rate ranged from 6 to 10 per cent. to Poland. The gold reserve on December 31 Following the decline in the rate of interest, totaled 517,300,000 zlotys, an amount equiva- the increasing available funds were used for lent to 31.1 per cent of the aggregate of bank- the purchase of securities with a fixed yield, note circulation and demand liabilities and thus forming the nucleus of long-term credit. exceeding the minimum required under the Evidence of this is found in the fact that bonds statutes by 1.1 per cent. More than two- put on the market in 1927 by the Bank of Nathirds of the gold reserve is now domiciled in tional Economy and by the State Bank for Warsaw. Agriculture could be placed within the country In accordance with the requirements of the (about 63,000,000 gold francs during 10 currency reform in general and in particular months), as was true also of obligations of priwith the obligation of the bank to redeem its vate institutions for long-term credit. The notes in foreign exchange, the restrictions on bourse of Warsaw also was very active in purforeign exchange and foreign currency which chasing stocks and bonds. had been in effect for several years were en- With the increase of funds in the money tirely abolished as of November 5. market and under influence of the decline in The credit market.—As a result of better private interest rates, the general price level conditions in the credit market bank deposits for Government loans and securities rose on have increased. Deposits in the several classes the Warsaw bourse during the first half year. of credit institutions have been as follows: The long uninterrupted upward swing particularly affected railway bonds. [In millions of zlotys] Discount rates.—The decline in price of Dec. 31, Mar. 31, June 30, Sept. 30, credit, which began in the second half of 1926, 1926 1927 1927 1927 continued throughout the past year. The Bank of Poland lowered its discount rate three Total deposits 1,218. 3 1, 395.6 1,468. 9 1, 616.9 State banks 1 501.3 612.7 597.6 633.2 times—on February 10 from 9J^ per cent to Private banks 514.0 534.9 568.3 646. 7 9 per cent, on March 10 to 8^ per cent, on Savings banks and credit cooperatives _ . _ _ 203.0 248.0 303.0 337.0 May 12 to 8 per cent—and it lowered its rate i for advances collateraled on securities four * Exclusive of treasury deposits in the Bank of National Economy, times—on February 10 from 11 to 103^ per State Agricultural Bank, Postal Savings Bank, and two communal banks. cent, on March 10 to 10 per cent, on May 12 The total volume of bank deposits may serve to 93^2 P^ cent, and on October 14 to 9 per as a basis on which to estimate the liquid capi- cent. tal in Poland in comparison with savings before Private banks lowered their discount rate on the war. Deposits in the credit establishments March 11 from 15 to 14 per cent, on May 14 then amounted to about 3,000,000,000 gold to 13 per cent, and on July 15 to 12 per cent. francs, of which 80.8 per cent were held in The legal rate of interest was reduced as of savings banks and credit cooperatives. These March 1, 1927, from 15 to 10 per cent. deposits represented national thrift and re- Credit operations.—Favorable conditions sulted from savings out of income by the middle prevailing in the money market enabled the classes. As the deposits were for long periods, Bank of Poland to enlarge its credit operations the funds could be employed in organization very considerably during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN MAY, 1928 The bank admits foreign exchange bills to the position of the private banks shall have rediscount at a rate equal to the discount rate become firmly established. in the country of payment plus from 1 to 3 Depression in the cotton industry toward the per cent. Under article 51 of the bank law as md of the year resulted in the immediate revised in 1927, only those foreign bills which appearance on the market of numerous drafts have been accepted or indorsed by banks of having a maturity in excess of the legal three the highest standing abroad can be used as months, and being, therefore, ineligible to discover for note issues. Advances are made on count at the Bank of Poland. In this emer- Government obligations up to 80 per cent of gency advances were extended to the banks on their quoted value. this kind of bills up to 90 per cent of their face In conformity with the principles of the sta- value, under article 63 of the bank statutes. bilization plan, the bank has, since publication International loan and stabilization plan.— of the new bank law, discontinued its practice The outstanding feature of the monetary reof acquiring bills [payable in stable foreign form of October 19, 1927, was that with the aid currencies] under a form of repurchase agree- of foreign capital it assured the stabilization of ment.1 the zloty at a level which had already been On comparison of the credit operations of attained through national efforts and mainthe bank during the past year with those of tained for a whole year preceding the reform. the preceding year it becomes apparent that, as Legal stabilization of the zloty was made posa result of more extensive operations by the sible by the 7 per cent 20-year loan floated by establishments for providing long-term credit, the treasury for $62,000,000 and £2,000,000, the character of the portfolio of short-term face value, at an issue price of 92. At the same bills held by private banks which formerly were time, under initiative of the New York Federal overloaded with obligations having constantly Reserve Bank and of the Bank of France, the to be renewed, has greatly improved. In pro- Bank of Poland obtained a rediscount credit of portion as the situation of the private banks £0,000,000 from 14 banks of issue, which thus improved, the Bank of Poland imposed, as it participated in the work of monetary reform in will continue to do in the future, more and Poland and indicated their confidence in the more exacting conditions for the admission of regular execution of the stabilization plan. It bills to discount—to the end that the portfolio may be recalled that the Bank of Poland on its of the bank of issue shall contain only paper part participated in a similar credit arranged in representative of equivalent wealth actually December, 1927, in favor of the Bank of Italy produced. During the year credit restrictions on occasion of the stabilization of the lira. were considerably relaxed, so as to permit The entire yield of the stabilization loan was larger credits based on good commercial paper. turned over in foreign exchange to the Bank of Within limitations the bank permitted credit Poland and placed to a special account, while to expand or contract in response to actual the equivalent thereof, amounting to 540,needs of the commodity market in accord with 000,000 zlotys, was allocated in the following the requirements of a sound monetary circu- manner: 75,000,000 zlotys to increase the capilation. Admission of good commercial paper tal of the Bank of Poland; 140,000,000 zlotys to discount, whether directly by the Bank of for redemption by the bank of one-half the Poland or by first-class banking houses, pre- State note issue; 90,000,000 zlotys for conversented no great difficulties during the past year, sion into silver money of the other half of the and will probably present still fewer during the State note issue; 25,000,000 zlotys for redempyear 1928. If, nevertheless, people complain of tion of treasury bonds; 75,000,000 zlotys to certain difficulties and of the high discount rate, treasury reserves; and 140,000,000 zlotys to these complaints, while they are not wholly aid Government enterprises and agriculture. without foundation, refer especially to another Although the proceeds of the stabilization line of credit strictly financial in its effects; or loan were not turned over to the Bank of Poland perhaps come from people who deal exclusively until November 9, a large part of the loan was with second-rate banks or with cooperatives utilized in accordance with its allocation before not yet firmly established, for whom the collec- the end of the year. tion of interest higher than the legal rate is a All of the second issue of shares of the Bank condition of existence. This situation is exof Poland are covered by the treasury in the tremely undesirable, but it will not pass until ratio of 150 zlotys for each share of 100 zlotys. The shares will be assigned at the appointed 1 See Report of Financial Adviser, published on pp. 338-342 of this time in the first place to the former share- BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

337 MAT, 1928 FEDERAL RESERVE BULLETIN holders. Of the 75,000,000 zlotys deposited cerning the stabilization plan and the conclusion by the treasury, 50,000,000 will be added to of the international loan, it became necessary to the capital and 25,000,000 to the reserves of introduce some changes in the monetary system. the bank. Conformably to the stabilization plan the Under an agreement between the Minister monetary system of Poland is based on gold. of Finance and the Bank of Poland, withdrawal Coins are to be minted in the proportion of of half the State note issue—that is to say, with- 5,924.44 zlotys to one kilogram of fine gold, drawal in the sum of 140,000,000 zlotys—was which corresponds to 1.72 zlotys for one gold begun even before publication of the stabiliza- franc, and to 8.9141 zlotys for one United tion plan and was accelerated during the last States dollar. As the last phase of monetary two months of the year so as to be finished on reform, changes in the statutes of the Bank of December 31. The remainder of the State Poland which were voted by the extraordinary notes in circulation on December 31 in the meeting of shareholders on November 5 may amount of 167,000,000 zlotys will be exchanged be examined. The more important of these in part for subsidiary coins now in the treasury, changes are the following: and, to the amount of 140,000,000 zlotys, for (1) Under article 47 the bank will redeem new silver coins to be minted during 1928. its notes at its discretion in gold coin or in bills Thereafter the monetary circulation will be of foreign exchange. The redemption shall take composed exclusively of notes of the Bank of place only at the head office in Warsaw and Poland and silver and copper coins. Total for amounts in excess of 20,000 zlotys. circulation for account of the State may not (2) Article 51 provides that bank notes in exceed 320,000,000 zlotys. Moreover, under circulation and demand obligations of the the above-mentioned law in respect to monetary bank shall be covered in the minimum proporcirculation, the stabilization plan provides for tion of 40 per cent. The gold reserve in coins several other arrangements which assure to the and bullion shall represent at least three-fourths bank control over the money market. For exof the minimum cover. Only such foreign ample, the treasury undertakes, exclusive of exchange bills shall serve as cover as have been the redemption of treasury bonds in the accepted or indorsed by foreign banks of amount of 25,000,000 zlotys, not to increase highest rank. the item of advances with the Bank of Poland beyond the 25,000,000 zlotys actually utilized; (3) Article 5 provides that at the request it will deposit all its available balances with of owners shares to bearer may with consent the bank; and will keep the bank constantly of the president of the bank be exchanged for informed as to the condition of the treasury registered shares. accounts at the Postal Savings Bank and at the (4) Under article 77 shares of the bank, as treasury. well as regular and supplementary dividends, The sum of 75,000,000 zlotys allocated to are exempt from all taxation until December treasury reserves may be employed by the 31, 1937. Government under special conditions provided In carrying out the stabilization plan adopted for in the stabilization plan, and for this by the Polish Government and the provision for reason does not figure in the account of demand election of a foreign member to the council obligations. of the Bank of Poland, a new article (article The remaining sum of about 140,000,000 26 A) was introduced into the statutes of the zlotys constitutes a special fund intended to bank. Under this article Mr. Charles S. Dewey, assist economic development and will be ad- former Assistant Secretary of the Treasury at ministered by the bank under a special law Washington, was appointed on November 5 approved by the Minister of Finance. To to the board of directors of the bank, and December 31 there had been used out of this assumed his functions on November 22 as a fund 17,700,000 zlotys for agricultural credit member of the board and as counselor to the extended solely through purchase of mortgage Government within the limits provided by the bonds of the Credit Foncier and obligations stabilization plan. The bank authorities take of the Bank of National Economy and the pleasure in stating emphatically that collabora- Government Bank for Agriculture. tion of a foreign member on the board is of The monetary system and the statutes of the great advantage to the Bank of Poland and Bank of Poland.—Following the decree of the also for realization of the aims set forth in the President of the Republic on October 13 con- stabilization plan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN MAT, 1928 REPORT OF THE FINANCIAL ADVISER TO THE POLISH GOVERNMENT On January 18, 1928, Mr. Charles S. Dewey, of accounts in foreign currencies ("comptes en the foreign member of the council of the Bank monnaies 6trang6res") have been consolidated of Poland and financial adviser to the Polish under the items "divers" on both sides of the Government, submitted his first quarterly re- statement. * * * port to the Bank of Poland. Selected sections Modification of periodical statement of the from this report are given below: hank.—On November 10 the Polish Govern- Monetary stabilization.—The Bank of Poland ment was notified that $53,209,333.33 and is charged with, and henceforward will by all £1,729,333.0.8 had been placed to its credit as means in its power seek, the permanent sta- the proceeds of the stabilization loan. The bility of the zloty, and with this end in view treasury at once opened an account with the has taken a number of measures which re- Bank of Poland under the caption "Special acquired a modification of its statutes. By a count of the Minister of Finance" and deposdecree of the President of the Polish Republic ited therein the zloty equivalent to its credit, dated November 5, 1927, the new statutes amounting to 549,326,477.30 zlotys. became legally effective. The chief changes In order to fulfill the statutory requirements are given below, and their effect may be pertaining to gold cover, the Bank of Poland traced by reference to the Bank of Poland's at once purchased $20,000,000 of gold in the statements. New York and London markets, and invested (1) The old statutes provided that the bank the balance of the special account of the Minshould maintain a 30 per cent cash reserve ister of Finance in "devisen," i. e., assets in against its note circulation liability. This per- stable foreign currencies. As a result of these centage was increased and the requirements transactions the percentage of the cover against broadened in the new statutes by directing note and deposit liabilities, pending a realignthe bank to maintain a 40 per cent cash re- ment of the balance sheet, rose temporarily to serve against its deposit liability as well as over 100 per cent. its note circulation liability. Of this 40 per During the latter days of November concent the statutes require three-quarters, that sideration was given to the subject of redrafting is, 30 per cent, to be in gold coin or bullion. the form of the periodical statement of the The Bank of Poland has recently completed bank. No radical changes were suggested, but its purchase of sufficient gold to bring its merely the changing of certain items in order holdings up to the requirement, and now that the statement might be more easily read (December 31, 1927) has in vault or under by the general public. "earmark" 31.1 per cent of its note and deposit It will be noted that the first modification liability. It is the policy of the bank to hold introduced among the assets is the dividing of only substantially the minimum amount of item No. 1 to show (a) gold in Poland, (6) gold gold required by the statutes, investing the under earmark abroad, (c) silver at its gold balance of its cover in foreign bills readily value, instead of the general items of gold and convertible into gold. silver. Further, it was agreed that asset (2) During the year 1925 the Bank of Poland item No. 2 should be divided into item No. 2 was doing all in its power to arrest the deprecia- showing devisen serving as cover, and item tion in the value of the zloty, using as one No. 3 showing devisen not serving as cover. method the making of loans secured by deyisen This latter includes devisen which will have to arising from credits granted by foreign business be taken out of the bank in carrying out certain concerns to Polish concerns. Holders of bills details of the plan, for example, to buy silver payable in stable foreign currencies w^ere often abroad, or to reimburse the suppressed "enunwilling to sell their bills to the bank to be gagements provenant de reports." It includes added to its depleted exchange reserve. To also the countervalue, in devisen, of the 75,000,overcome the reluctance of the bill holders to 000 zloty fund assigned as a treasury reserve. relinquish their ownership by sale, the Bank of Turning to the liability side of the statement, Poland instituted a plan of acquiring the bills items No. 1 and No. 2 reflect the increase of under a form of repurchase agreement. Trans- capital of 50,000,000 zlotys and the increase of actions of this kind were shown in the bank's the reserve by 25,000,000 zlotys. statement under the asset item "avances sur Item No. 3 represents the deposit liabilities reports" and the contra liability "engagements requiring statutory cover. It includes, besides provenants de reports." New transactions of other current deposits, certain special subitems this^'sort have now been suppressed, and the arising in connection with the operation of the outstanding amounts, together with the item stabilization plan. 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MAY, 1928 FEDERAL RESERVE BULLETIN 339 stood by reference to the purposes to which the not mentioned in the bank's statement of stabilization loan is applicable, listed as cap- November 30. tions A to F in Part IV of the stabilization Item "F" of 135,000,000 zlotys is mentioned plan. in the bank's statement as "State fund provided for economic development" but for a BANK OF POLAND—STATEMENT OF NOVEMBEH 30, 1927 sum amounting to 146,136,583 zlotys, this fund having been increased over the amount originally estimated in the stabilization plan, 1. Coin and bullion: I Zlotys Zlotys owing to an increase in the principal amount of Gold in vault. 277,387,808 I Gold earmarked abroad | 230,832,137 the loan at the time of its issue. Part of this Silver in vault at its gold value 2,257,488 i sum has since been used for the purposes contemplated. 2. Balances in foreign banks, devisen and 510,495,433 j This fund "F," as it is called locally, is of foreign currencies serving as cover 651,173,691 1,161, 669,124 particular interest to Poland, as its prompt but 3. Balances in foreign banks, devisen and foreign currencies not serving as cover. 229, 776,803 well considered use will be of great benefit to 4. Polish silver money and small coins 743,030 5. Portfolio _ 430,905,047 internal economic and credit conditions. The 6. Loans on collateral 34, 246, 268 plan provides that the principles and rules for 7. Securities bought and coupons discounted _ _._ 6,082,372 investment of the fund shall be agreed upon 8. Investments of bank reserve-. 30,656, 387 9. Advance to the treasury 25,000,000 between the Government, the Bank of Poland, 30. Buildings and equipment-. _ 36,282,185 and the adviser. An agreement has been 11. Miscellaneous _ 56,407,046 reached by them under which a committee of 2,011, 768,262 three persons, two representing the Govern- LIABILITIES ment and one the Bank of Poland, shall con- 1. Capital stock 150,000,000 2. Reserve: sider and make unanimous recommendations (a) Statutory reserve.. _„- 4,653,130 (6) Special reserve 104, 674,422 to the Minister of Finance for the investment 3. Demand liabilities: 109,327,552 of the fund, which will be released by the (a) Current deposit account of the adviser in tranches of 20,000,000 zlotys. A treasury 226,936,845 (6) Other current deposit accounts 146,136,584 detailed report will be made by this committee (c) Account for redemption of treasury notes 30,000,000 of three to the Finance Minister, the Bank of (d) Account for purchase of silver 90,000,000 Poland, and the adviser, explaining the exact (e) State fund designated for economic development 141,342,480 use made of each tranche. This report will be (/) Miscellaneous accounts 10,108,820 considered by them and recommendation made 644, 524, 729 to the committee for further investment, prior 4. Bank notes in circulation. 939,895,830 1,584,421,559 to the release of the next tranche. In this way 5. Special treasury account_. 75,000, 000 6. Miscellaneous 93,019,151 current requirements will be better served than if set rules were made at the beginning for the 2,011,768,262 investment of the entire fund. Item "A" of 75,000,000 zlotys is allocated The securities received by the Government for the increase of the capital of the Bank of representing advances made from fund "F" Poland and its use has already been described. will be deposited with the Bank of Poland in Item "B" of 140,000,000 zlotys, the balance a special portfolio. It is the duty of the bank of which is mentioned under item No. 3 of the to make sales of these securities in Poland or bank statement of November 30 as "Account abroad from time to time as the opportunity for purchase of treasury notes/' has already presents itself, and to reimburse fund "F" been entirely used for that purpose, and no with the proceeds of the sales. It is to be hoped part appears in the bank statements of recent that in this way new working capital will be date. progressively injected into Poland. Item "C" of 90,000,000 zlotys, mentioned in Item "E" of the plan, amounting to 75,000,the bank statement as "Account for the pur- 000 zlotys, mentioned in the bank's statement chase of silver/7 is to be applied to that purpose (item 5) as "Special account of the treasury/' as soon as arrangements are completed for is to provide a working fund for the Governthe minting of 140,000,000 zlotys of silver ment to enable it to meet current expenses coins to be given in exchange for an equivalent when current receipts are insufficient. The amount of treasury notes, thus retiring their receipts of the Government being sufficient, entire outstanding circulation. there is no immediate use for this fund, and it Item "D" of 25,000,000 zlotys, allocated to is not placed among the sight liabilities of the the discharge of the treasury floating debt, bank, and therefore requires no statutory was immediately used for that purpose and is reserve. 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340 FEDERAL RESERVE BULLETIN MAT, 1928 The rearrangement of the Bank of Poland's with the interested departments of the Governstatement simplifies its reading and makes the ment, are endeavoring by mutual agreement development of the stabilization plan more to agree upon the exact activities of each easily understood. Greater knowledge due to institution. better understanding should increase Poland's During the period of inflation the joint-stock credit. * * * banks were unable adequately to supply the The short-term credit situation.—Since 1921 short-term credit requirements of the country, Poland has substantially completed her task and influenced by this fact, and with a view of reconstruction and replaced the vast amount to tiding over the emergency, the National of physical equipment destroyed during the Economic Bank began to deal directly with period of hostilities. The rapidity with which business firms. This practice has continued Poland has replaced her capital losses severely up to the present time, and raises a question strained her banking system and was directly which should be given considerable study, responsible for bringing into existence certain namely, the extent to which a government in- Statfe banking institutions through the medium stitution should compete in commercial busiof which the Government attempted to alle- ness with privately owned banks. viate the shortage of capital and thereby assist During the period of most active reconstruceconomic reconstruction. tion the private banks took their part in the In May, 1924, the Government organized work of extending loans, but in doing so were the National Economic Bank, known as Bank obliged to accept as collateral the only security Gospodarstwa Krajowego, Under its charter to be had, namely, an interest in the enterprise it is permitted to grant long-term loans through itself. With the fall of the zloty during the issuing mortgage bonds, municipal and railway year 1925, much of this type of collateral bebonds and, for industrial needs, bank bonds, came frozen assets, and while deposits have to foster building activities and the reconstruc- recently commenced to increase rapidly, the tion of devastated land, and to carry on all commercial banks still lack cash with which banking business with particular consider- adequately to meet the constantly growing deation for the needs of the State, State enter- mand for short-term credits. At the present prises, and self-governing units. The by-laws time the private banks' discount rate on shortfurther define the activities of the bank by term credit bills is 12 per cent, and while this enumerating them as granting authority: (a) rate invites foreign deposits into the country, To make long-term loans; (6) to make building yet they do not come in sufficiently large loans for the needs of reconstruction; (c) to amounts to satisfy current demands, and may make loans to savings instituitons of self- cease entirely should interest rates fall. governing units; (d) to carry on all banking A somewhat paradoxical aspect of the situaoperations. tion is the fact that, despite the great credit In May, 1924, by a decree of the President needs of the country, the Bank of Poland is of the Republic, the Agrarian Bank, known unable to employ all of the funds that are at as Polski Panstwowy Bank Rolny, was reor- its disposal. This condition is explained by ganized under the name of the Panstwowy Bank the fact that the bank, as a note-issuing insti- Rolny. This decree provided that the by-laws tution requiring prompt liquidity of assets, governing the above bank shall be issued by can not loan beyond three months, while the the Minister of Land Reform in agreement commercial practices and conditions are such with the Minister of Finance and the Minister that credits of somewhat longer term are of Agriculture. The object of the bank is to chiefly demanded. At the present time neither foster land parcellation, to promote the devel- industry nor agriculture arrange their finances opment of Polish agriculture, and to cooperate in such a manner as to produce a sufficient in organizing agricultural credits. This insti- supply of commercial paper eligible for redistution under the pressure of economic con- count by the Bank of Poland under its statutes. ditions somewhat broadened the sphere of Consequently the bank's rediscount rate of 8 activites for which it was originally intended, per cent is not effective in reducing the general and has been granting short-term credits out of level of interest rates. funds provided by the State. The demand for short-term credits is still As a result the operations of the Agrarian unsatisfied, and the inability of the Bank of Bank and the National Economic Bank some- Poland to take an important position in extendwhat overlapped. At the present time the ing it is demonstrated by the following figures, authorities at the head of these banks, together which show the total short-term credits granted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 MAY, 1928 FEDERAL RESERVE BULLETIN by all Polish banks in comparison with those was considerably better still; broadly speaking, granted (including rediscounts) by the Bank the output of the major crops was about oneof Poland: tenth greater than the year before. The increase was due primarily to higher yields per unit of area resulting from favorable weather Dec. 31,1924 July 30,1927 conditions, greater use of fertilizers, and im- Zlotys Zlotys proved tillage. There was a slight increase in P T o o r t t a f l o l s i h o o B rt- a t n e k rm o f c r P e o d l i a ts nd... 6 2 9 8 4 8 , , 4 9 0 0 0 0 , , 0 0 0 0 0 0 1,8 4 2 2 9 7 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 area planted, but Poland has reached a point where, unless by sacrificing its forests, little Discounts and overdrafts at present bear can be added to the productive lands without the maximum legal rate of 12 per cent, but the large capital outlay for drainage of swamp small merchant who has no banking credit is lands. in even more difficult position. He is financed Polish agriculture now stands at substanby the wholesaler and purchases his require- tially its pre-war level. The planted area is ments on open account. This type of indebt- only slightly less than the average of the years ness bears an interest rate varying from 1 y% to immediately before the war, and taking the 3 per cent per month in the different sections last three years together the average yield of Poland, and as the retailer attempts to pass per acre for most crops has equaled or exhis costs on to the purchaser, prices are main- ceeded the pre-war figure. tained at a high level and industry stifled. The Perhaps the best single indicator of the vol- Government is taking steps to prosecute those ume of production of all branches of industry exacting such usury. combined is furnished by the number of cars It would appear of paramount importance, loaded on the railways. The figures for 1927 if the present situation is to be remedied, that were much higher than those of any other posta campaign of education be undertaken by the war year. Already in 1926 a considerable banks to bring industry into the realization of increase had appeared as compared with the the necessity of producing commercial paper two years preceding; this gain, however, had eligible for rediscount under the statutes of the been chiefly in export traffic, the shipment Bank of Poland. The present high rates of abroad of coal having been greatly stimulated interest may be productive of temporary profits by the British coal strike. In 1927, with car for the banks, but if continued will injure the loadings for export at a slightly lower level, the prosperity of the country. total number loaded for all purposes was about Economic conditions.—Notwithstanding the one-eighth greater than in 1926, which in turn many difficulties under which Poland has la- had exceeded slightly the highest previous bored—war destruction and disorganization, record, that of 1923. The increase over 1926 scarcity of capital, instability of currency, in the number of cars loaded for destinations diversity of previous economic and political within Poland itself was 25 per cent. The inlife in the several regions now combined into crease was shared by practically every class of one state—the country has made very decided commodities. It was particularly conspicuous economic progress since the close of the war. in building materials, apparently reflecting The year 1927 witnessed a marked recovery gain in construction activity. Excluding crops, from the depression which ruled during the the movement of which is highly seasonal, the greater part of 1925 and 1926. Economic con- domestic car loadings in Poland during the last ditions, considered as a whole, have been more quarter of 1927 were about 11 per cent greater satisfactory than in any other year of the his- than in the same quarter of 1926 and more than tory of the Republic. The same statement 50 per cent greater than in the first quarter of holds good of almost every separate branch of 1926. activity. The enhanced activity of the industries dur- Agriculture is by far the most important fac- ing 1927 is likewise brought out by the data as tor in Polish economic life. Nearly two-thirds to employment. The total number employed of the population lives on the land. From an in manufacturing, mining, metallurgy, public agricultural standpoint the year 1927 was rea- enterprises and utilities (not including the sonably satisfactory. The crops harvested State railways), and public works reached in in the autumn of 1926, although below the the latter part of the year a figure materially altogether exceptional " bumper" figures of higher than any previously recorded (792,000 1925, were in general a little above the average in October). For the year as a whole the of recent years. The harvest of 1927 itself average number so employed was about one- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN MAY, 192S fourth greater than the average for 1926 and cent and steel production 59 per cent greater about one-tenth greater than for 1925. than in the corresponding period of 1926. ^ Correspondingly, the number of unemployed Poland is one of the largest zinc-producing fell off in 1927. The number of persons actu- countries of the world. Part of the product of ally out of work is somewhat less than the the smelters is from ore brought across the number registered at employment offices as border from neighboring mines in German seeking jobs. Some, for example, are at work Upper Silesia. The production was substanon farms, but desire factory or mine employ- tially stationary for several years before 1927, ment. At the height of the depression of 1926 at a level about one-fourth less than before about 300,000 were registered as seeking work. the war. In 1927 an increase appeared of more The number fell below 200,000 at the end of than one-fifth over 1926, bringing the total that year, rose slightly in the spring of 1927, nearly up to the pre-war figure. and then declined rapidly to a minimum of a Foreign trade.—There have been extraordilittle over 100,000 in the fall of the year. The nary changes in the balance of Poland's proportion of factory workers on part time was foreign trade during recent years, changes also much less in 1927 than in either of the two which are by no means fully reflected in years preceding. annual totals of exports and imports, and The increase in number employed and the that can be appreciated only from monthly data. decrease in part-time employment in 1927 as One of the aims of the economic policy for the compared with 1926 was general in practically future must be to make more stable both the all branches of manufacturing industry. outflow and the inflow of goods. * * * f Statistics of actual output are available for On a gold basis the total annual value of the mining and metallurgical industries of exports showed little change during the three Poland. The production of coal, the most years 1924 to 1926, but in 1927 was about 13 important mineral product, was greater in 1927 per cent greater than the year before. On the than in any other postwar year, notwithstand- other hand, imports, which were considerably ing the fact that the export of coal was less larger in 1925 than in 1924, fell off greatly in than in 1926. It was nearly equal to the pre- 1926, following the decline in the buying power war output. The quantity of petroleum of the zloty and the imposition of the various produced has never since the war attained its restrictions on the inflow of commodities. former proportions; it shows little change from In 1927, on the other hand, imports were year to year. Salt production is substantially nearly twice as great as the year before, and stationary, but that of potash, a postwar in gold value were the greatest ever recorded. development, becomes year by year more im- While these large imports consisted in great portant. Iron-ore production in Poland is proportion of necessary raw materials and of highly variable, depending in part on the machinery and other equipment, they caused demand for steel and in part on the accessibility the balance of trade to again become " unfavorand price of imported ores; a certain proportion able. " * * * of the latter is required in any case, owing to Although the recent unfavorable trade balthe low iron content of the domestic ore. The ance does not appear entirely satisfactory from output of iron ore in the first 10 months of 1927 the point of view of international payments, no was 65 per cent greater than in the same period solicitude is felt at this time on this account, of 1926, and at a rate considerably greater than for the reason that much of the increase has in 1913. been for the purchase of productive goods. Polish production of pig iron and crude steel Furthermore, it is an indication of an enhancereached a postwar record in 1927, although ment of the purchasing power of the population. still considerably less than in 1913. As com- The increasing excess of imports over exports pared with 1924, 1925, and 1926, in all of during 1927, viewed in conjunction with which years the iron and steel industry was enlarged national production for the domestic considerably depressed, a very marked gain in market, denotes an augmentation of the per output appeared. For the 11 months ending capita consumption of the country, and may be November 30 pig-iron production was 95 per considered a sign of increasing prosperity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 343 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1928 1927 1928 1927 March Fe a b ry ru- u J a an r - y March March Fe a b ry ru- Jan- March Bank of England (millions of pounds National Bank of Bulgaria (millions sterling): of leva): Issue department— Gold 1,287 1,283 1,279 I 1,218 Gold coin and bullion 157.3 156.4 155.3 149.1 Foreign bills, etc _ 429 513 374 439 Notes issued 177.0 176.2 175.0 168.8 Loans and discounts 850 788 832 | 1,059 Banking department— Advances to State. 4,471 4,471 4,471 4,512 Gold and silver coin 1.5 Note circulation 3,638 3,494 3,588 I 3,382 Bank notes 41.6 40.8 40.4 30.9 Deposits 2,603 2,723 2,775 2,424 Government securities 30.8 30.7 35.3 32.7 Other securities 56.9 54.6 56.7 83.7 Central Bank of Chile (millions of Public deposits 13.6 10.1 16.5 33.0 pesos): Other deposits 98.2 98.5 98.7 97.5 Gold at home 61 61 61 85 B C a u n rr k R e a n s n ( t e p c o i r y e o t v r e e n s c o o e i f t n t o n e g t s c ) d o i a e r ld c n p u d o l a s a c n i t t e d i r o t l n i i n f a i o 1 b c t i a e l t i e t r i s e e . s - _ 2 3 7 8 8 9 9 . . . 2 0 5 28 3 7 8 7 9 . . . 3 1 5 2 3 7 8 5 8 8 . . . 4 8 0 i 2 8 2 8 1 4 8 . . . 7 8 1 N D L G o e o o a p l t d e n o s s c a i i a b t r s n r c o u d a l d a d t i i s o c n o _ unts. 2 5 1 9 3 0 7 7 2 0 8 2 4 1 7 3 7 7 6 6 3 1 4 2 1 4 2 7 0 4 3 0 8 2 2 5 1 7 2 6 3 0 0 3 Bank of France (millions of francs): Bank of the Republic of Colombia Gold reserve 2 3,680 3,680 3,680 3,684 (thousands of pesos): Silver reserve.. 1 343 343 343 342 Gold at home 21,399 21, 305 21, 009 19,942 Gold, silver, and foreign exchange 2,430 2,424 2,406 1,950 Gold abroad 28,935 26, 724 25, 613 23, 016 Credits abroad 57 55 56 76 Loans and discounts 11, 583 14, 601 15,677 14,606 Loans and discounts 4,056 3,408 3,316 5,252 Note circulation _ 45,427 46, 092 45, 510 41,172 Advances to the Government 23,150 22,400 23, 500 28,150 Deposits _ 8,651 8,612 9,263 Miscellaneous assets _ 26,001 26, 365 27,302 11,104 Note circulation 58, 580 57, 702 57,128 52,385 Czechoslovak National Bank (mil- Total deposits 8,391 8,372 10, 932 3,837 lions of Czechoslovak crowns): Gold and silver 1,118 ! 1,1181,108 1,050 German Reichsbank (millions of Foreign balances and currency._. 1,827 I 1,9632,052 1,897 reichsmarks): Loans and advances... _. 250 I 68 83 85 Gold reserve 1,845 1,803 1,782 »1, 750 Assets of banking office in liqui- Gold abroad 86 86 84 101 dation 484 491 495 562 Reserves in foreign exchange 189 282 296 203 Note circulation _ 7,396 I 7,075 7,099 7,028 Bills of exchange and checks 2,652 2,336 2,373 1,963 Deposits... 411 813 949 1,262 Miscellaneous assets 624 552 599 426 Deposits... 533 491 498 616 Bank of Danzig (thousands of Dan- Reichsmarks in circulation 4,513 4,268 4, 251 3,589 zig gulden): Rentenmarks in circulation. 642 649 651 1,129 Gold 2,393 2,571 2,595 2,952 Bank of Italy (millions of lire3): Balances with Bank of England- 14,292 14,485 15, 019 13, 644 Gold at home 4,660 4,547 4,547 4,212 Foreign bills, etc _ 28,106 30,452 32, 284 14, 374 Credits and balances abroad 7,885 7,927 7,570 4 3,152 Loans and discounts. 22, 724 21, 267 20,417 21, 390 Loans and discounts 3,853 4,053 4,355 7,220 Note circulation 36,184 35,038 34, 824 35, 592 Advances to treasury 4,229 Deposits _ 2,056 2,389 3,461 2,479 Total note circulation 17, 265 17, 270 17,381 17, 675 Public deposits 181 352 114 31 National Bank of Denmark (millions Other deposits 3,627 3,653 3,636 2,284 of kroner): Gold 182 182 182 193 Bank of Japan (millions of yen): Foreign bills, etc 72 68 76 36 Gold 1,063 1,063 1,082 1,058 Loans and discounts 79 81 129 Advances and discounts 860 795 831 554 Note circulation 353 336 336 361 Advances on foreign bills 13 10 23 47 Deposits 24 22 24 23 Government bonds 192 174 205 303 Notes issued __ 1,355 1,240 1,397 1,310 National Bank of Egypt (thousands Total deposits 875 919 844 of Egyptian pounds sterling): Austrian National Bank (millions of Gold... 3,806 3,791 3,646 schillings): English Government securities.. 22,160 22,860 23,805 D F O G o o t o h r m l e d e i r e g s n f t o ic r b e i i b l g l i s n l l o s b f i t l h ls e . re _ s . erve 3 2 1 1 7 0 0 1 1 8 7 7 3 2 1 1 9 6 1 4 4 2 7 3 2 1 8 6 3 0 4 4 7 5 4 1 8 3 4 1 8 6 N E G O g o t o h y t v e e p e r r t c i n d i a r m e n c p u e o G l n a s t o i t t i v d s o e e n r p n o m si e ts nt securities. 2 2 1 1 5 2 7 6 , , , , 1 5 6 5 8 1 2 5 8 9 1 5 2 2 1 16 2 6 7 , , , , 1 7 8 5 2 0 5 1 6 9 1 2 2 2 2 1 6 1 6 6 , , , , 9 5 1 3 6 6 2 4 3 9 2 8 Treasury bills.. 168 173 173 174 Note circulation 944 917 920 883 Bank of Estonia (thousands of Deposits 31 44 47 21 kro G n o e ld s): 10,281 10, 285 5,072 National Bank of Belgium (millions Net foreign exchange 29,822 30,843 6,254 of belgas): Loans and discounts 28,862 29,281 57,947 Gold... 751 743 741 633 Note circulation. 38, 529 37,106 20,009 Foreign bills and balances in gold- 449 454 475 416 Deposits- Domestic and foreign bills 522 537 559 453 Government 13,102 15, 237 37,692 N Lo o a te n s c i to rc u S l t a a t t i e on .. _ 2,0 3 7 93 6 2,0 3 6 8 6 6 2, 3 05 9 6 4 1, 4 8 0 74 0 B O a th n e k r ers 2 6 , ,7 0 1 4 5 8 2 7 , , 1 0 1 9 1 4 9,174 Deposits 106 110 155 91 1 Notes issued, less amounts held in banking department and 3 New par. n currency note account. « Not including 1,535 million lire of gold pledged abroad. 2 Not including gold held abroad. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN MAT, 1928 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1928 1927 1928 1927 March Fe a b r r y u- u J a a r n y - March March Fe a b ry ru- u Ja a n ry - March Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 353 353 353 Gold 314 315 316 326 Gold abroad.. 200 173 173 152 Balances abroad and foreign Foreign exchange, etc.— Fo c r r e e i d g i n t s bills. ._.. 1,07 3 7 5 1,2 4 0 6 2 1,3 4 1 3 2 1,18 5 5 1 A Se ll r v o i t n h g e r as note cover 211 6 2 4 0 6 6 6 2 3 0 7 0 235 Domestic bills 802 753 692 556 Loans and discounts 544 515 502 State debts 107 124 Note circulation 1,128 1,048 1,003 Note circulation.. 1,644 1,593 1, 503 1,473 Current account of the treasury.. 333 400 406 Demand liabilities. 285 428 665 406 Other current accounts _ 276 234 231 175 Bank of Portugal (millions of escu- National Bank of Greece (millions of dos): drachmae): Gold 9 Gold and balances abroad 2,608 2,330 Balances abroad 173 175 172 Government loans and securities. 3,702 3,858 Bills. 225 226 218 Loans and discounts 3,586 3,786 Note circulation 1,820 1,834 1,785 Note circulation 4,831 4,972 Deposits 71 79 64 Total deposits _ 4,621 4,623 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Goldi 152 151 145 lions of pengo): Bills. 9,203 8,877 8,995 Gold 197 197 197 169 Advances to State 16,803 16,803 16,803 10,679 Foreign bills, etc — 100 105 106 105 Note circulation 21,024 21,026 21,027 21,036 Loans and discounts 301 304 313 209 Deposits __. 10, 218 10,171? 10,656 Advances to treasury 106 106 111 119 N D O e o th p te e o r s c i a i t r s s c s e u t l s atio _ n . .. 4 2 2 5 8 0 5 1 5 4 3 2 4 1 1 2 4 8 4 2 2 6 1 9 7 7 5 4 2 2 1 5 5 8 5 2 St v d a o e te n p t a B s r i t a ) m : nk e n o t; f R th u o s u si s a a n ( d n s o te o f i ss c u t i i n e g r- Miscellaneous liabilities 147 149 159 159 Gold. 18,021 17, 745 19,183 16,588 Foreign currency 5,095 6,985 6,710 8,374 Loans and discounts.._ 70, 266 68,536 70,373 59, 733 Bank of Java (millions of florins): Bank notes 94,182 94,121 97,489 85,731 Gold 174 176 190 Foreign bills 29 30 21 National Bank of the Kingdom of Loans and discounts 109 79 Serbs, Croats, and Slovenes (mil- Note circulation.._ 309 315 304 lions of dinars): Deposits 44 47 Gold. 90 87 Foreign notes and credits 283 295 316 300 Loans and discounts 1,609 1,570 1,613 1,322 Bank of Latvia (millions of lats): Advances to State 2,966 2,966 2,966 2,966 Gold 24 24 Note circulation 5,453 5,397 5,382 5,476 Foreign exchange reserve . 67 61 Deposits 1,198 701 Bills. 80 80 N L G O o o o th a t v e e n e r s c r n d ir m e c p u e o l n a s t i t t i d s o e n posits 1 4 4 6 0 4 0 4 8 1 3 4 6 0 9 7 5 0 So s u a t n G F D h d o o o s r A l m e d o f i e r f g i s n p c t a i o b c n u i - b l n l R i s d l e l s s s s e t r e v r e l in B g a ) n : k _ (thou- 7 7 , , 4 8 8 4 1 8 1 8 8 8,6 6 3 02 8 8 7, , 1 8 0 4 2 3 5 1 9 6,0 7 2 0 8 2 Note circulation. 8,852 7,638 8,152 7,253 Bank of Lithuania (millions of litas): Deposits- Gold 34 34 33 Government 1,248 1,696 1,603 1,823 Foreign currency __ 54 57 57 Bankers _ 5,048 6,626 i 5,014 5,399 Loans and discounts 81 78 82 Others 110 346 i 505 168 Note circulation.. _ 102 100 101 Deposits 63 65 Bank of Spain (millions of pesetas): Gold 2,608 2,606 2,606 2,588 Silver 705 698 695 698 Netherlands Bank (millions of flor- Balances abroad 41 43 41 38 ins): Loans and discounts. 1,720 1,703 1,673 1,997 Gold 435 435 433 419 Note circulation 4,185 4,170 4,157 4,526 Foreign bills 181 182 183 147 Deposits 975 991 1,077 975 Loans and discounts. 164 180 221 227 Note circulation 777 788 782 Bank of Sweden (millions of kronor): Depos;ts 48 91 51 Gold. 233 233 234 222 Foreign bills, etc 186 217 i 240 178 Bank of Norway (millions of kroner): L N o o a te n s c a ir n c d u l d a i ti s o c n o . unts. 3 5 5 3 2 6 2 4 7 7 4 8 ! 2 4 6 7 0 3 525 F G o o r l e d ign balances and bills 1 5 4 1 7 1 3 4 3 7 14 1 7 0 1 4 4 5 7 Deposits -._ 167 179 195 92 Domestic credits 304 314 309 374 Swiss National Bank (millions of Note circulation 323 314 325 324 francs): Foreign deposits 2 4 4 15 Gold 432 433 451 458 Total deposits 137 139 101 240 Foreign balances and bills 200 2 24 2 63 241 Loans and discounts 242 378 357 347 Re li s b e r r a v s e ) : Bank of Peru (thousands of N D o em te a c n i d rc u d l e a p t o io s n its 85 6 9 8 3 8 1 65 9 a 8 1 1 1 4 4 838 Gold 4,176 4,171 4,154 4,087 Bank of the Republic of Uruguay Gold against demand deposits. __ 240 245 262 329 (thousands of pesos): Foreign exchange reserve 893 806 719 704 Gold 60,258 54,944 Bills _ 1,562 1,736 1,760 1,920 Loans and discounts _. 97,344 100, 218 Note circulation _. 5,909 5,938 5,897 5,847 Note circulation 70, 730 69,809 Deposits 481 490 525 Deposits 78,132 69, 460 1 Not including gold held abroad. 2 Foreign balances only. 3 Total deposits. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1928 FEDERAL RESERVE BULLETIN 345 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages) 1928 1927 1928 1927 March Febru- Janu- March Febru- Janu- De- February ary ary ary cember ary Nine London clearing banks (mil- Three commercial banks of France lions of pounds sterling): (millions of francs): Money at call and short notice... 147 143 146 119 Bills and national defense bonds. 16,396 15,473 14,861 Advances and discounts 1,125 1,142 1,179 1,106 Loans and advances .. _. 5,971 5,682 5,278 Investments .« 235 244 245 239 Demand deposits 26,233 25,543 22,838 Deposits 1,672 1,698 1,747 1,632 Time deposits 430 409 338 Tokyo banks (millions of yen): 1 Six Berlin banks (millions of reichs- Cash on hand 263 282 266 212 marks): Total loans 2,157 2,191 2,262 2,492 Bills and treasury notes 2,022 »1,858 1,427 Total deposits 1,977 1,548 1,932 1,977 Due from other banks__ 920 31,034 816 Total clearings 2,467 2,210 2,407 3,222 Miscellaneous loans 5,435 8 5,101 4,563 Deposits 7,737 «7,608 6,274 Acceptances 409 «394 361 1928 1927 Four private banks of Italy (millions of lire): Cash 1,282 1,182 Febru- Janu- De- Febru- Bills discounted 9,175 8,859 ary ary cember ary Due from correspondents 5,090 5,312 Due to corresDondents 14 177 13,177 Deposits _ 2,739 2,387 Chartered banks of Canada (millions of dollars): Joint-stock banks of Norway (mil- Gold coin and bullion 2 70 70 69 73 lions of kroner): Current loans and discounts 1,379 1,356 1,347 1,243 Loans and discounts 1,706 Money at call and short notice- 482 480 533 439 Due from foreign banks 65 Public and railway securities 555 552 529 508 Due to foreign banks 214 Note circulation 161 162 183 165 Rediscounts _ _ . 158 Individual deposits 2,463 2,454 2,503 2,262 Deposits 1,902 Gold reserve against Dominion -------notes 91 96 128 93 Jo l i i n o t n - s s t o o f c k k ro b n a o n r k ) s : of Sweden (mil- Dominion note circulation _. 176 179 221 173 Loans and discounts 4,106 4,096 4,044 4,263 Jo l i i n o D L t n - o s u s a e t o o n f f s c r k k o a r m n o b d n a f n e o d r k r i ) e s s : i c g o o n f u D n b t a e s n n k m s ark (mil- 1,86 5 9 5 1,87 5 2 9 1,89 6 0 0 1,94 5 0 3 F D D R o e e u r d p e e i o i s t g s o c n i o t f s u o b . n r i e l t l i s s g n a n b d a c n r k e s dits abroad- 3,5 2 1 1 6 9 2 4 5 9 5 0 3,5 3 1 1 4 0 3 1 1 3 3 1 3,4 3 1 1 8 2 8 4 4 1 6 4 3,5 1 1 4 9 6 2 9 2 4 5 Due to foreign banks 103 110 122 146 Swiss Cantonal banks (millions of Deposits and current accounts,.. 2,042 2,029 2,028 2,018 francs): Loans and discounts 1,803 1,808 1,803 1,734 Joint-stock banks of Finland (mil- Mortgages 2,918 2,908 2,885 2,792 lions of Finnish marks): Foreign bills 19 22 23 24 Loans and discounts 8,514 8,279 8,118 7,251 Due from banks and correspond- Due from abroad 280 405 367 308 ents 331 324 295 279 Due to abroad 358 364 359 325 Commercial deposits. 758 755 738 687 Deposits 7,208 7,187 6,982 6,343 Savings deposits 1,625 1,621 1,567 1,542 1 Beginning in November figures are included for 10 banks not previously covered by the reports. > Not including gold held abroad. » Revised. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i nc e e ff — ect Country Rate I s n i nc e e ff — ect Country Rate I s n i nc e e ff — ect Country Rate I s n i nc e e ff — ect Austria 6 Jan. 28,1928 Estonia.» 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 10* Aug. 31,1924 France Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia 8 Mar. 22,1927 C C h o i l l o e mbia «A M De a c y . 1 1 5 2 , , 1 1 9 9 2 2 4 7 G Gr e e r e m ce any _ 10 J O u c n t e . 6 4 , , 1 1 9 9 2 2 7 7 N Li e t t h h u e a rl n a i n a d .. s . . V 6 A N O o ct v . . 1 9 3 , , 1 1 9 9 2 2 7 7 S S p o a u i t n h Africa 5 5 H J M an a . r . 2 9 3 , , 1 1 9 9 2 2 8 3 Czechoslovakia- 5 Mar. 8,1927 Hungary.. 6 Aug. 26,1926 Norway. Mar. 27,1928 Sweden 4 May 1,1928 Danzig 6 June 21,1927 India 7 Dec. 22,1927 Peru Jan. 31,1928 Switzerland- 3H Oct. 22,1925 Denmark 5 June 24,1926 Italy 6 Apr. 3,1928 Poland 8 May 13,1927 Yugoslavia.. 6 June 23,1922 England 4H Apr. 21,1927 Changes: Bank of Latvia from 7 to 6-7 per cent on Apr. 1, 1928; Bank of Sweden from 3H to 4 per cent on May 1, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN MAY, 1928 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Am- Switzer. sterdam) land Month B a m a a n c o n c c n e k e s t p e , h t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day B d a a a e n l p n c lo o e k w s e o i r - n t 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 *K r £g& 1926 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 j 2.75 2.80 November... 4.57 4.80 3.95 4.63 6.12 4.45 3.21 I 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 7.66 5.16 4.26 4.11 3.29 February 4.19 4.18 3.62 6.20 7.30 6.66 3.94 3.79 3.12 March 4.12 4.07 3.64 6.72 7.51 6.81 3.86 3.90 3.20 Sweden (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary ( h S o t l o m c ) k, Japan (Tokyo) Month Private Private Private Private Money Prime Dav-to-dav' L»ans up Dis- Call discount discount discount discount forl commer- -uay^o^ay ttoo 33 counted money rate rate rate rate month cial paper money bills overnight months 1926 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 4^-6 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 4H-6 6. 21-8.03 2. 92-7.30 March... 4.19 3.89 9.25 4J46 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 4.38-7.67 1.64-5.11 February 3.00 2.75 5.89 4.38-6.21 1.46-4.02 March 4.10 2.72 5.75 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

MAY, 1928 FEDERAL RESERVE BULLETIN 347 GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month Net Net Net Net Net Net p I o m rt - s p E o x rt - s im o p r o p r o e t x r s t - s p I o m rt - s p E o x rt - s im o po r p r o e t x r s t - s p I o m rt - s p E o x rt - s im o p r o p r e o t x r s - ts p I o m rt - s p E o x rt - s im o p r o p r o e t x r s t - s im o p r o p e r o x t r s - ts im or p o ex rt - s () () () 1926 August. 11,979 29,743 -17,764 10,631 634 9,997 18,867 8,959 136 60 76 -15,723! 4,404 September 15,987 23,081 -7,094 23,608 702 22,906 12,13" 5,017 7,120 800 656 144 -8,686 4,839 October 8,857 1,156 7,701 36, 343 35,474 16,916 21, 262-4, 346 150 430 —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 1,303 74 1,228 -17, 522 2,518 February 22,309 2,414 19,895 6,231 659 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 11,911 935 666 269 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 46 3,015 -2, 969 -15,717 4,890 June 14,611 1,840 12, 771 711 662 49 8,435 9,674 -1, 239 2,653 5,190 ~2, 537 -17,470 7,122 July 10, 738 1,803 8,935 705 20 13,071 6,061 7,010 202 4,623 -4, 421 5,936 August 7,877 1,524 6,353 11,259 10,579 21,469 5,782 15, 687 103 2,477 -2,373 2,860 September. 12,979 24,4441 -11,465 1,483 876 607 8,381 7,637 744 125 47 78 3,315 October 2,056 -8,642 1,668 969 699 6,126 4,726 1,400 189 35 154 2,685 November 2,082 55, 266| -53,184 1,627 975 652 15,012 21, 709 433 102 331 4,408 December 10,431 77,8491 -67,4181 1,635 925 710 9,485 10, 546 -1,060 4,264 2 4,262 3,916 Total— 207, 535 201,455 6,080 47, 622 9,135 38,487 157, 905 137,008 20, 896 10,498 i 16,937 -6,439 59,175 1928 January 38,320 52,0861 -13,766 1,113 704 409 20, 042 10, 875 9,167 12,725 12, 716 8,590 February 14,686 »25,806,*-11,120 6,074 1844 15,230 13,026 19,257 -6,231 227 1,147 -920 6,952 March 2,683 97,536! -94,853 9,018 1,008 8,010 6,289 78, 605 -72,316 192 7 185 i 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 ti n o a f t o io ri n gin March Ja M n a u r a c r h y- Calendar year C o o r u n d t e r s y ti o n f a t o i r o i n gin March Ja M n a u r a c r h y- Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports Belgium 2,000 1 2,200 France 7 75, 074 8 90, 808 627 4,718 England 1,020 2 1,020 39,396 8, 562 Netherlands 34 22 66 4,965 2,313 6,486 France _ 8 35, 799 10 50, 799 21, 048 10,000 Russia 91 5,574 1,049 7,732 Germany . 21, 208 21, 523 1 13, 994 Spain and Canaries 106 7,445 Netherlands 4,000 15, 075 8,055 Switzerland 621 2,401 6,213 Canada.. . 914 89 46,155 164 63, 653 29, 698 United States 26 8,567 28, 042 Central America 79 284 1,224 253 South America 14 17 2,017 6,959 Mexico __. 483 519 1,392 1,538 6, 001 6,984 British India 1,404 3,965 12,462 Argentina 20, 450 52, 200 23 61,499 British Malaya 274 821 3,452 Brazil 8,504 20, 304 34, 351 Egypt 387 666 3,799 Chile 22 97 7,021 Rhodesia 571 1 439 5,958 Colombia 166 350 1,489 1,001 Transvaal. 5,297 27, 552 124,348 Ecuador 289 528 2,247 West Africa 232 5 935 10 4,705 20 Peru 200 511 2, 266 All other countries... 32 818 3,740 4,995 8,320 49, 680 Uruguay 6,666 2,000 Venezuela. ... 74 410 130 2,310 531 1,530 Total 6,289 78, 605 39, 356 108, 737157, 905 137, 008 Australia. 21, 920 British India 1,408 2,974 British Malaya. _ 238 3,064 China and Hong Kong 396 2,471 1,674 7,166 Dutch East Indies. . 222 131 438 361 1,499 1,960 Japan 62 20,000 21 Philippine Islands.. 181 ""in 1 667 All other countries... 44 9,010 9,030 800 6,141 5,419 Total 2,683 97, 536 55, 688 175, 428 207, 535 201, 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN MAT, 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 e g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k an k d a) F (f r r a a n nc c ) e G ( m e re r a i m c rk h a ) s n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 26.80 486.65 2.52 19.30 23.82 19.30 17.49 1927—April 14.0736 13.9000 .7249 2. 9616 26.6681 485.6546 2.5206 3.9188 23.7011 1.3295 17.4773 September... 14.0816 13.9220 .7246 2.9626 26.7680 486.3528 2.5189 3.9200 23.8004 1.3243 17.4688 October 14.0820 13.9260 .7229 2.9627 26.7932 486.9676 2.5187 3.9236 23.8624 1.3262 17.4624 November 14.0874 13.9467 .7230 2.9629 26.7988 487.4012 2.5191 3.9288 23.8629 1.3242 17.4658 December.... 14.0946 13.9885 .7235 2.9630 26.8192 488. 2542 2.5191 3.9396 23.8904 1.3294 17.4773 1928—January 14.0936 13.9444 .7234 2.9628 26. 7829 487.5330 2.5187 3.9308 23.8264 1.3255 17.4748 February 14.0823 13.9232 .7214 2.9625 26.7733 487.4840 2.5179 3.9304 23.8577 1.3229 17.4663 March 14.0728 13.9387 .7218 2.9622 26.7912 487.9944 2.5176 3.9343 23.9047 1.3237 17.4685 April 14.0674 13.9641 .7211 2.9624 26.8224 488.2045 2. 5176 3.9363 23.9154 1.3158 17.4608 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 l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m le a u n ) 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 r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( Y s d l i u a n v g a i o a r - ) Par value 5.26 40.20 26.80 11.22 108.05 19.30 514.60 19.30 26.80 19.30 19.30 1927-April 5.0204 40.0023 25.8592 11.4226 5.1138 .6157 3 515. 0000 17.6385 26. 7788 19.2323 1.7581 September-.. 5.4432 40.0776 26.3620 11.2168 4.9288 .6181 «515. 0000 17.1504 26.8752 19.2816 1.7604 October 5.4616 40.1920 26. 3404 11.2096 4.9456 .6193 «515.0000 17.2540 26.9236 19.2868 1.7607 November-_. 5.4458 40.3612 26.4871 11.2063 4. 9396 .6155 » 514.1700 16.9400 26.9246 19.2850 1. 7607 December.... 5.3800 40.4381 26.6169 11.2204 4.9550 .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 « 515.0000 16.9782 26.8371 19.2389 1.7598 March . 5. 2822 40.2501 26.6634 11.2255 4.2572 .6185 « 515.0000 16.8212 26.8388 19.2561 1. 7596 April 5. 2764 40.3091 26. 7390 11.1968 4.2101 .6273 3 515.0000 16.7641 26.8492 19.2713 1. 7599 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia» Brazil Chile Colombia2 Ecuador2 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—April.... 100.0942 100.0260 46.8681 96.1738 34.0000 11.7965 12.0327 97.3258 18.3125 363.3077 101.9750 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 March 99. 9963 100.0644 48.7436 97.2547 34.8000 12.0265 12.2115 97.7944 19.9537 391.0925 103.6775 April 100.0290 99. 9877 48. 7387 97.1915 34.8000 12.0329 12.2038 98.2128 20.0000 397. 7600 103.5345 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V u o e e li n l v a e a - r ' ) (M C do h e l i x l n a ic a r « ) an (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 g a g r < ) (r I u n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a in * ) (Si S m n e g e t a t n l p t e s o - 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-April 18.7500 45.5388 62.0138 43.9062 49. 6865 36.1423 48.3738 40.1503 55.9535 50.9035 497.8981 September... 19.1700 43.9572 61.2068 43.2164 48.4980 36.3356 46.8248 40.1675 55.9908 50.9640 498.6508 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 66.0687 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 51.5040 499.8315 February 19.1943 45.3620 63.1137 44. 9818 49.8564 36.5189 46.8740 40.5243 56.7038 50.4843 499.7511 March 19.2500 45.6106 63.0545 45.3688 49.8008 36.5280 47.1463 40.3498 £6.3469 50.5000 500. 3780 April 19.2500 45. 7972 63.2502 45. 4958 49.8658 36.5647 47.7136 40.2228 56.2508 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, pp. 56-62. 1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 1 Nominal. « 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 $0.57707 for April, 1928, $0.57557 for March, 1928, and $0.57176 for April, 1927. The corresponding London prices (converted at average rate of exchange) were $0.58076, $0.57875, and $0.56711. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 349 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES 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 g a 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 ia - h o ' - m D a e r n k - * T (B E l r a a o o n n d a f g d e r - d ) b ( l F g a a i s o n n i l d s - d ) B S u t t r a ic t e a i a s l u - R F B e e o d se a e r r r v a d e l S m c ( t a F e a a l r t e n i a B d s l y t u - i 8 - - b H ( g g a 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 O w o s a l r y o) reau) 1926 September.. 100 123 859 2,723 973 162 151 143 787 691 135 122 622 140 197 October 99 125 856 2,716 972 178 152 143 752 136 125 597 143 188 November.. 98 128 865 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 2,706 979 157 144 144 622 591 136 127 558 146 176 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 2,592 979 152 140 143 636 610 135 130 521 143 159 May .... 137 848 2,751 988 152 141 142 629 618 137 133 496 146 160 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 2.747 966 154 141 148 587 554 140 133 468 150 157 November... 127 967 154 141 149 595 545 140 133 466 152 157 December... 127 841 975 154 140 148 604 567 140 135 463 152 156 1928 January 129 851 2,782 982 153 141 144 607 569 139 135 463 154 157 February 128 985 152 140 143 609 569 138 135 461 151 157 March 129 978 153 141 144 623 587 139 464 157 April EUEOPE—continued ASIA AND OCEANIA I Month l P an o- d Russia' Spain Sweden Sw l i a t n z d e r 2 - 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 September.. 180 178 146 146 153 202 158 164 158 146 175 129 October 179 179 148 145 151 202 154 171 158 144 174 129 126 November.. 178 185 148 147 152 198 155 174 157 146 171 130 December.. _ 178 186 150 148 151 199 155 172 156 146 170 130 1 1927 January 177 184 146 147 151 200 154 173 156 146 170 151 126 128 February... 179 180 146 145 150 204 153 172 156 148 171 147 124 March 179 179 145 147 149 206 150 175 154 146 171 147 124 April 177 177 143 146 149 201 151 173 154 145 170 147 122 126 May 175 172 145 j 147 152 207 152 171 155 146 171 145 124 June 174 171 146 147 154 206 155 169 155 149 173 146 123 July 173 168 146 147 152 205 161 171 153 150 170 148 118 "120 August 171 168 146 147 152 204 165 171 154 151 167 146 117 September.. 170 169 148 148 151 205 170 172 153 150 169 146 120 October 170 169 147 148 152 200 173 169 152 147 170 146 118 "122 November.. 170 168 148 149 152 200 166 166 151 148 168 147 115 December... 170 148 150 152 199 162 164 150 148 168 148 114 1928 January 171 148 » 145 151 199 163 163 150 145 169 150 114 120 February 171 147 8 145 151 195 160 164 144 169 114 March 171 149 .153 193 163 144 169 116 April 171 197 i New index—1926=100. » First of month figures. »New official 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

350 FEDERAL RESERVE BULLETIN MAY, 1928 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1928 1927 c D b e e m e r - - v N b e e m o r - - March March r F u e a b r - y u Ja a n ry - c D b e e m e r - - v N b e e m o r - - March All commodities 149 147 148 148 148 145 All commodities 140 141 141 Vegetable products 146 142 143 142 141 146 Total food 151 152 147 Animal products 136 137 137 142 146 130 Cereals 151 152 148 Fuels and oils 111 112 116 113 113 122 Meat and fish 140 138 132 Raw materials for manu- Other foods 161 166 161 facture in iron and metal Industrial products 135 ! 135 137 industry 112 112 114 115 115 122 Iron and steel 114 i 114 126 Paper pulp and paper 161 160 160 157 157 164 Other minerals and Raw materials for manumetals 114 114 131 j facture in leather indus- Cotton 161 167 141 try 148 146 149 144 140 119 Other textiles 162 161 154 Raw and manufactured Miscellaneous 146 144 141 chemicals 165 165 166 166 166 168 Raw materials 145 142 143 142 142 135 Semifinished materials 150 149 150 150 149 145 FRANCE-STATISTICAL BUREAU Finished materials 150 149 149 149 150 150 Producers' goods 140 138 138 137 137 134 Consumers' goods 157 156 156 156 156 154 All commodities 623 609 607 604 595 641 All foods 606 577 568 564 543 643 Animal foods 571 548 534 546 505 621 CANADA—DOMINION BUREAU OF STATISTICS Vegetable foods.. 615 575 575 558 55J 640 Sugar, coffee, cocoa 644 624 611 604 594 679 All industrial material 637 636 639 636 636 641 Minerals 530 517 531 540 535 616 All commodities 153 151 151 152 152 149 Textiles... 806 796 777 756 773 742 Total raw materials 155 152 i 152 153 154 149 Sundries 626 637 643 644 638 612 Total manufactured goods. 148 147 148 148 148 149 Vegetable products. _ 164 158 i 158 157 160 160 Animal products 145 143 | 146 150 147 140 GERMANY—FEDERAL STATISTICAL BUREAU T W e o x o ti d l e a s nd paper products. 1 1 7 5 1 5 1 1 5 7 5 0 I 1 15 7 4 1 1 15 7 4 1 1 1 7 5 2 4 1 1 5 5 1 4 Iron and its products 142 142 142 142 141 145 Nonferrous metals 94 94 95 96 95 96 All commodities 139 138 139 140 140 135 Nonmetallic minerals 170 170 170 170 170 172 Total agricultural products 131 130 132 136 137 136 Chemicals._ 150 151 151 151 151 156 Vegetable foods ..! 146 141 145 144 142 156 Cattle _j 100 103 102 105 109 108 Animal products 139 143 147 158 163 139 Prov F is o i d o d n e s r..._ 1 1 4 3 8 4 1 1 3 4 0 1 1 14 3 1 0 1 14 3 1 0 1 1 4 3 2 2 1 1 4 2 4 8 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Total industrial raw materials and semi-finished products _ 134 134 134 134 134 130 All commodities 160 163 162 166 150 Coal J 131 131 131 131 131 135 Metals and coal 175 176 175 176 180 Iron | 127 127 126 125 124 124 Textiles ' ! 170 169 167 168 142 Nonferrous metals 103 104 106 107 105 112 Agricultural products 166 174 176 180 156 Textiles. I 162 159 159 159 162 144 Dairy products _i - - 140 143 145 147 145 Hides and leather j 157 160 167 161 153 120 Groceries and tobacco 166 168 169 169 164 Chemicals j 126 126 126 124 124 125 Meat . _ 136 136 128 148 110 Artificial fertilizers 83 82 82 81 80 87 Building materials _ _ J 157 156 148 141 148 Technical oils and fats. 112 113 115 119 120 131 Chemicals 190 186 186 186 181 Rubber 33 40 48 50 46 51 Paper materials and paper. 149 150 152 152 152 149 Building material j 158 158 158 158 161 155 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Total industrial finished products... 157 157 156 156 155 142 Producers' goods _ 136 135 134 134 132 129 1928 1927 Consumers' goods 173 173 173 172 172 152 r F u e a b r - y u Ja a n r - y c D b e e m e r - - v N b e e m o r - - ! O b c e t r o - i i r F u e a b ry - ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 144 145 148 148 147 148 A A l l l l i c T V A T M C B S O n o e o u d e h u n t m u i x h t g n u n e i i c a l m t e m e m d s e d t i l r s t l t r r a i a o e i r f a i n v l c i b s e d o l g a a e s l f s i o l e l o g t . s m a i d o e p e f n . d t o s r a . d a s o o t b e d d m l r s u e i a e c p l t t s s r a o ls d . - _ . _ - . . 4 5 5 4 5 4 4 4 5 5 5 9 5 1 6 5 8 2 4 2 0 5 1 3 0 7 6 8 2 8 2 7 4 4 5 5 5 4 4 4 5 5 5 6 7 0 4 3 2 5 2 6 0 6 9 9 8 7 6 0 2 6 9 4 5 4 4 5 5 4 4 5 5 5 3 5 6 9 4 0 7 3 3 1 7 9 1 9 0 0 5 0 3 1 1 4 4 5 4 4 4 5 4 4 5 5 5 8 2 6 9 4 5 3 3 0 6 3 3 5 6 3 5 0 4 5 3 3 2 4 4 5 4 4 4 5 4 4 5 5 4 8 9 4 4 6 2 4 9 5 3 1 4 6 9 6 8 5 1 5 3 5 5 6 6 6 5 5 5 6 6 5 5 9 1 4 0 7 9 7 4 4 4 8 2 3 3 0 3 4 0 6 0 0 0 J C P T R H M O O R C O O u u e e i a o a i t t t e t l a d h l h h r w w e t t s e s t e e e e a e o a e r s r r j m l s c l n e s u s o f t a a d a o t e r t n m e s n o x t t d o i u d t a c i n s f n s l l a e e k u c s s i f t n a u s c r t e u s _ r _ e _ - s . 1 1 1 1 1 1 1 1 1 1 1 1 8 3 6 3 5 4 6 7 2 3 5 2 3 8 6 9 1 1 3 7 0 9 9 7 6 5 1 1 1 1 1 1 1 1 1 1 1 1 8 4 3 7 3 6 3 4 3 7 2 5 5 9 9 5 5 9 5 6 3 1 0 5 3 8 1 1 1 1 1 1 1 1 1 1 1 1 9 3 5 8 6 4 4 2 5 5 7 2 5 1 7 5 5 6 1 9 7 1 2 0 3 7 1 1 1 1 1 1 1 1 1 1 1 1 8 3 5 9 4 6 3 4 2 2 5 4 8 6 9 4 2 6 7 8 8 6 7 8 1 0 1 1 1 1 1 1 1 1 1 1 1 1 8 3 5 7 8 4 4 4 2 2 8 2 6 7 3 5 2 0 2 8 6 9 1 0 7 1 1 1 1 1 1 1 1 1 1 1 1 1 9 5 4 6 3 4 3 4 2 2 5 5 6 1 6 2 7 8 3 9 0 8 3 0 0 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 351 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [ Pre-war =* 100] EUROPEAN COUNTRIES OTHER COUNTRIES i United Month l E a n n g d - 2 1 t o E n s ia - * ( F P r a a r n i c s e ) I ( l t M a a n i l ) - y l N a e e n r t d - h s - N w o a r y - R s u i s a - * S l z w a e i n r t - d - a C d a a n- * A t l r i u a a s - - | l ! ( I B b n o a d m y ia ) - l N Z a e n e a d w - S A o fr u ic th a l 1926 September. 162 ! 128 I 590 145 1,890 652 145 193 231 158 147 152 117 October... 163 127 I 624 145 1,933 654 146 191 I 230 160 147 153 120 November- 169 j 127 ; 628 148 1,986 630 147 186 234 159 148 152 119 December, 169 ! 128 599 150 1,973 631 146 184 235 159 151 154 117 167 131 592 151 2,002 625 147 180 208 158 153 155 110 164 132 585 152 1,995 642 146 177 208 158 151 152 117 2,533 162 129 581 151 1,997 635 146 173 205 157 149 152 118 2,478 155 130 580 150 2,021 617 145 169 , 156 146 119 2,630 154 130 589 151 2,063 565 145 169 201 156 145 150 145 121 2, 154 131 580 153 2,063 541 145 172 199 I 157 146 151 144 120 2,653 i 159 134 557 156 2,059 524 144 175 199 ! 156 147 152 154 144 119 2,625 i 156 130 539 150 2,044 518 143 175 i 199 156 147 i 155 155 143 118 2,615 157 122 532 151 2,070 509 143 174 198 158 147 151 143 117 2,626 161 123 520 152 2,071 509 146 173 158 148 148 143 119 163 124 500 152 2,086 510 148 171 199 159 149 147 144 119 163 124 523 153 2,101 513 148 171 200 159 151 149 146 119 1928 } January I 152 i 129 211 913 I 162 i 530 ! 152 i 2,127 I I 148170 201 159 151 151 j 146 117 February.. 149 ! 128 ! 207 910 I 159 i 522 I 151 ! i 149 170 ! 202 | 149 146 i I 115 March ! 148 i. i ! i 155 ! 524 151 I ! I. 171 ! 203 147 142 | i April ! i 203 I 140 | COST OF LIVING [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES Mas- Month s e s e h a t u t - s - g B iu e m l- 1s C lo z v ec a h k o ia - l E a n n g d - * l F a i n n d - ( F P r a a r n i c s e )m G a e n r y - G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t M a a n 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 en e- l S z a w e n r d i - t- a C d a a n * - 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 September. 158 174 727 172 1,203 539 142 1,833 114 647 164 217 189 187 159 149 158 155 130 October. .. 158 184 732 174 1,197 142 1,862 114 672 193 190 "in" 160 149 155 131 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 1,900 119 655 202 195 171 160 152 156 130 February.. 157 200 746 172 1,189 145 1,896 120 667 ::::: 201 194 160 151 155 130 March 156 195 744 171 1,183 524 145 1,898 119 663 166 203 200 197 159 150 156 155 131 April 156 195 749 165 1,173 146 1,911 119 651 203 191 ""l70~ 158 148 153 131 May 157 193 756 164 1,166 147 1,938 119 612 205 186 160 148 ----- 152 132 June . 156 196 761 163 1,184 525 148 1,951 121 586 -167- 205 185 160 149 154 132 July 155 199 753 166 1,203 150 1,960 119 548 199 184 169 160 149 156 132 August 155 198 739 164 1,237 147 1,951 119 543 201 192 160 149 157 131 September- 155 202 736 165 1,230 507 147 1,955 119 537 167 197 202 187 161 149 154 131 October. __ 155 207 734 167 1,237 150 1,956 120 536 205 189 "172" 161 150 151 132 No vem ber 157 208 735 169 1,251 151 1,964 120 536 210 188 162 150 150 132 December. 157 208 740 169 1,243 498 151 1,978 120 531 170 195 205 186 162 151 151 132 1928 January... 157 210 741 168 1,2J6 151 1,986 121 207 178 171 161 151 154 132 February.. 156 207 739 166 1, 206 151 120 204 175 161 150 148 March 155 164 1,214 151 193 175 149 145 April 144 ! 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

352 FEDERAL RESERVE BULLETIN MAT, 1928 Changes in State Bank Membership CHAN GE S—Continued The following list shows the changes affecting State Capital Surplus res T o o u t r a c l es bank membership during the month ended April 21, 1928, on which date 1,261 State institutions were mem- District No. 10 bers of the system: Fort Lupton State Bank, Fort Lup- ADMISSIONS ton, Colo, (voluntary withdrawal). $25,000 $15,000 $451,000 Total District No. 1% Capital Surplus resources Farmers & Merchants Bank, Walla Walla, Wash, (merged with nonmember) 200,000 40,000 1,275,550 District No. 2 State Bank of Mayville, Mayville, N.Y $50,000 $100,000 $1,269,318 Fiduciary Powers Granted to National Banks District No. S Liberty State Bank & Trust Co., Mount Carmel, Pa 150,000 150,000 1,636,645 During the month ended April 21, 1928, the Federal Reserve Board approved applications of the national District No. 7 banks listed below for permission to exercise one or Center Line State Savings Bank, Center Line, Mich 60,000 60,000 1,249,062 more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) District No. 8 Trustee; (2) executor; (3) administrator; (4) registrar Community Bank & Trust Co., Hot Springs, Ark 75,000 25,000 684,644 of stocks and bonds; (5) guardian of estates; (6) Sarah-Olive Bank, St, Louis, Mo 120,000 24,000 412,618 assignee; (7) receiver; (8) committee of estates l(of District No. 9 lunatics; (9) in any other fiduciary capacity injwhich Iron Exchange Bank, Hurley, Wis_ _ 75,000 37,500 1,375,658 State banks, trust companies, or other corporations which come into competition with national banks *are permitted to act under the laws of the State in which CHANGES the national bank is located. District No. 2 Ba ( C n ti o k t . l ) e . o f c h G a e n n g e e s d e e t , o B G a e ta n v es i e a e , N T . r u Y st . Location t D N ri i o c s . - t Name of bank g P r o a w nt e e r d s Bank of America, New York, N. Y. (converted to national bank) $6,500,000 $5,000,000 $134,532,000 District No. 4 Athol, Mass Athol National Bank 1 to 3, 5 to 8. West Lafayette Bank Co., West Townsend, Mass Townsend National Bank. 1 to 3. Lafayette, Ohio (voluntary with- Rochester, N. H Public National Bank 1, 2, 4, 6, 7, drawal) 100,000 50,000 1,130,000 Chagrin Falls Banking Co., Chagrin j Allenhurst, N. J Allenhurst National Bank. 1 to 9. Falls, Ohio, member, absorbed Freehold, N. J First National Bank 1 to 9. the First National Bank of Cha- Carmel, N.Y Putnam County National 1 to 9. grin Falls, Ohio.. | 50,000 10,000 524,422 Bank. District No 5 j Hornell, N.Y First National Bank 1 to 9. Bank of America National 1 to 9. Bank of Cheraw, Cheraw, S. C. New York, N. Y Association. (merged with Bank of Chester- Commercial Exchange \ Ito9. field County, Cheraw, S. C, non- New York, N.Y National Bank. I member) 150,000 75,000 1,215,000 Saratoga National Bank_. 1 to 3, 5 to District No. 6 Saratoga Springs, N. Y. 9.1 Penns Grove National Ito9. Central Bank & Trust Co., Lake- Penns Grove, N. J Bank. land, Fla. (closed)....- 150,000 75,000 1,628,000 Delaware County National Ito9. Farmers & Merchants Bank, Hurts- Chester, Pa Bank. boro, Ala. (voluntary withdrawal). 31,400 23,000 230,200 Citizens National Bank Ito9. District No. 7 Lewistown, Pa.. Littlestown National Bank 1 to 9. Littlestown, Pa First National Bank Ito9. La G ange State Bank, La Grange, Montoursville, Pa Peoples National Bank 1 to 9. HI 200,000 100,000 2,421,000 State College, Pa First National Bank Ito9. La Grange Trust & Savings Bank, Tyrone, Pa... Nicodemus National Bank Ito9. La Grange, 111-- _ 200,000 137,500 2,254,000 Hagerstown, Md American National Bank- 5 to 9.1 (Above members were succeeded Roanoke, Va Mobile National Bank 1 to 9. by the La Grange State Trust & Mobile, Ala Sanford Atlantic National Ito9. Savings Bank, La Grange, 111., Sanford, Fla Bank. nonmember.) Knoxville, Tenn East Tennessee National Ito9. Farmers Savings Bank, Palmer, Bank. Iowa (closed) 35,000 8,000 268,325 Chicago, 111 Roseland National Bank.. Ito9. Guaranty State Bank, Knoxville, Batesville, Ind__ First National Bank 5 to 9» Iowa (absorbed by Knoxville Na- Trenton, Mo Trenton National Bank... Ito9. tional Bank & Trust Co., Knox- Helena, Mont National Bank of Montana Ito9. ville, Iowa) 50,000 15,000 448,000 Floresville, Tex City National Bank Ito9. Farmers & Merchants State Bank, Tyler, Tex Peoples National Bank Ito9. Sebewaing, Mich., a member, has Reno, Nev._ Farmers & Merchants 2, 3, 5 to 7, absorbed the Sebewaing State National Bank. and 9.i Bank, Sebewaing, Mich., a non- Athena, Oreg First National Bank Ito9. member 25,000 17,000 693,000 Eugene, Oreg First National Bank 5.1 Pendleton, Oreg First National Bank 5 to 9.1 District No. 8 Salt Lake City, Utah.. Continental National 5 to 7, and Bank. 9.1 American Trust Co., St. Louis, Mo.1,000,000 500,000 16, 111, 111Coif ax, Wash Farmers National Bank... 5.1 and Franklin Bank, St. Louis, Mo.1,200,000 300,000 15,898,182 Waitsburg, Wash First National Bank... 1 to 9. (Consolidated under title Franklin-American Trust Co., member.) i Supplemental. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 353 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Bills discounted: 1927—March 424.5 35.8 112.2 41.0 31.7 22.1 31.7 71.1 14.4 4.5 8.6 3.2 48.3 April 447.3 23.2 121.6 43.7 53.9 22.5 34.1 56.3 16.2 6.1 11.9 4.4 53.3 May 473.0 37.1 137.8 45.8 43.6 25.5 34.6 52.7 24.0 6.7 17.3 4.7 43.1 June 428.6 33.8 91.9 45.2 41.8 22.4 32.6 63.9 26.3 6.5 16.5 6.2 41.4 July 454.0 29.7 122.9 46.8 35.4 21.8 36.3 59.7 29.8 6.0 12.5 7.4 45.8 409.4 29.9 118.4 39.6 27.8 19.7 34.7 40.5 24.7 6.1 9.3 12.7 46.1 September 422.2 28.4 142.4 38.2 34.8 26.3 31.1 31.4 28.0 4.4 10.7 11.0 35.6 October 424.4 33.3 126.9 38.4 43.7 28.9 26.0 36.5 21.5 2.7 15.7 7.2 43.7 November.-. _ _ 415.2 36.4 106.5 38.1 46.8 21.5 32.7 46.9 18.1 2.6 18.1 8.4 39.1 December 528.6 40.2 171.1 47.9 58.6 24.4 36.1 65.0 19.3 3.0 15.2 5.4 42.4 1928—January _ _ _ 465.3 23.5 152.9 44.4 51.0 26.9 29.3 59.0 16.6 3.7 12.7 4.3 41.0 February 470.7 45.2 119.3 53.1 50.8 27.3 28.3 50.9 24.0 4.0 11.4 4.1 52.3 March 513.2 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 3.8 63.1 April.- 660.9 44.4 210.9 52.7 60.8 34.6 38.9 87.6 33.1 10.1 18.8 8.0 61.3 Total deposits: 1927—March 2,284.8 146.2 878.3 138.9 188.4 70.5 71.1 328.2 82.8 51.5 90.8 63.2 175.0 April .'. 2,301.1 148.4 882.4 140.5 188.1 71.2 72.8 332.4 83.8 50.4 90.8 62.6 177.8 May 2,326.8 148.0 908.2 139.0 188.4 72.6 71.1 339.0 83.2 49.2 89.4 61.6 177.2 June 2,355.4 149.8 941.9 137.9 190.2 71.7 68.8 338. 5 82.4 49.7 88.3 59.8 176.3 July 2,339. 5 152.6 918.9 138.0 189.6 74.3 68.5 337.9 82.6 50.6 90.9 60.2 175.4 August _ 2,331. 5 152.0 902.1 138.6 192.1 74.5 67.5 345.5 81.6 49.7 91.6 59.8 176.5 September 2,350. 9 153.4 911.1 140.9 190.5 74.6 68.8 344.0 81.6 52.6 90.2 63.0 180.2 October 2,380. 9 157.2 921.3 141.5 190.1 74.7 70.8 346.8 84.7 55.6 90.5 66.4 181.1 November 2,430.0 161.7 946.3 142.3 192.8 76.7 70.4 345.7 87.9 57.8 94.2 69.2 184.9 December 2,436.0 156.8 959.1 140.1 188.8 75.1 70.5 350.0 87.9 56.4 93.3 69.8 188.1 1928—January 2,472.4 158.4 974.4 143.8 192.0 76.0 72.6 355.8 87.6 55.1 94.3 70.6 191.9 February 2,419. 5 154.1 942.7 140.4 192.2 75.1 72.5 349.7 87.5 54.6 95.0 70.6 185.0 March 2,411. 7 153.7 948.8 140.7 189.5 72.9 71.2 349.7 84.5 55.3 94.4 68.5 182.5 April.. 2,450. 2 159.0 972.8 142.3 190.3 73.4 72.4 353.5 84.3 53.9 94.1 67.0 187.3 Member bank reserve balances: 1927—March 2, 240. 0 144.1 856.6 136.9 185.7 68.9 69.5 325.1 81.4 50.3 89.6 62.2 169.7 April 2, 248.3 145.6 863.3 137.4 184.7 68.3 69.4 328.0 81.6 48.9 89.0 60.9 171.3 May 2,262.4 146.2 875.3 136.1 185.2 68.8 68.4 335.1 81.1 47.7 87.4 59.7 171.3 June 2, 300.9 147.9 913.3 135.8 187.2 69.5 67.1 334.5 80.8 48.5 87.2 58.5 170.5 July 2,288.9 151.1 894.8 136.4 187.1 71.6 66.7 333.9 81.0 49.1 88.8 58.8 169.6 August. 2,283.1 150.2 880.9 136.8 189.3 72.0 65.6 341.2 80.0 48.3 89.9 58.3 170.5 September ... 2,300.5 151.0 888.7 138.6 187.4 72.1 67.6 339.7 80.1 51.0 88.9 61.7 173.8 October 2,326.0 155.0 895.9 139.4 187.4 71.8 68.5 343.0 82.5 54.0 88.8 64.8 174.9 November 2,373. 0 157.4 922.5 139.8 188.5 74.1 68.6 342.5 85.3 56.3 91.0 67.7 179.3 December 2,399.2 155.1 944.9 138.7 186.3 73.5 69.3 347.2 86.3 55.2 91.JP 69.0 182.3 1928—January. 2,426.4 155.9 957.9 141.7 188.9 73.8 70.7 352.1 86.1 53.3 92.1 68.8 185.2 February 2, 368.1 151.0 924.4 138.5 188.1 72.4 70.0 345.8 85.0 53.1 92.4 69,3 178.2 March 2, 365.0 151.2 931.6 138.6 186.0 70.6 69.4 345.7 82.8 53.9 92.4 67.1 175.8 April 2, 396. 5 156.3 955.5 139.3 186.7 69.9 69.1 348.1 82.5 52.4 91.9 65.4 179.5 dovernment deposits: 1927—March 21.8 1.4 10.4 1.2 .9 1.2 1.2 1.3 .8 .8 .7 .7 1.2 April 29.6 2.3 7.8 2.3 1.5 2.5 3.0 2.4 1.7 1.1 1.4 1.4 2.3 May ..__ 25.4 1.3 4.7 2.3 1.6 3.4 2.1 2.2 1.6 1.1 1.6 1.7 1.8 June . .. 20.7 1.2 5.9 1.4 1.2 1.8 1.4 2.2 1.0 .9 .8 1.1 1.8 July 17.4 .8 2.4 .9 .9 2.3 1.4 2.1 1.1 1.2 1.7 1.0 1.6 August 17.9 1.0 2.0 1.2 1.1 2.2 1.6 2.6 1.1 1.1 1.3 1.2 1.6 September _ . 20.3 1.4 4.2 1.6 1.3 2.1 .9 2.4 1.0 1.3 .9 1.1 2.1 October 20.4 1.1 5.4 1.3 .9 2.4 1.6 1.7 1.2 1.0 .9 1.3 1.7 November.. _ _. 12.8 .9 2.9 1.2 .9 1.3 .8 .9 .9 .7 .7 1.0 .8 December 10.0 .8 2.2 .6 .7 1.0 .7 .8 .6 .6 .6 .5 .8 1928—January 19.4 1.9 2.6 1.4 1.4 1.8 1.5 1.9 1.0 1.3 1.3 1.4 2.0 February _ 25.6 2.0 6.8 1.3 2.2 2.3 1.9 2.3 1.4 1.2 1.4 1.0 1.8 March 23.0 2.0 5.9 1.6 1.9 2.0 1.5 2.2 1.2 1.0 1.1 1.2 1.5 April . 26.8 2.1 5.2 2.3 1.7 3.0 2.7 3.0 1.2 1.0 1.3 1.4 1.9 Jill other deposits: 1927—March 23.0 .7 11.3 .7 1.8 .4 .4 1.8 .6 .4 .4 .3 4.1 April 23.2 .6 11.3 .8 1.9 .4 .4 2.0 .6 .4 .4 .2 4.2 May 39.0 .6 28.2 .6 1.6 .3 .6 1.6 .5 .3 .3 .2 4.2 June 33.9 .7 22.7 .6 1.9 .3 .3 1.8 .6 .3 .4 .2 4.1 July 33.1 .7 21.7 .7 1.6 .4 .3 1.8 .6 .3 .3 .4 4.2 August. - 30.5 .8 19.3 .6 1.7 .3 .3 1.7 .5 .3 .4 .2 4.4 September 30.1 1.0 18.2 .7 1.8 .4 .3 1.8 .5 .3 .4 .2 4.3 October 34.4 1.1 20.0 .9 1.8 .5 .7 2.0 1.1 .6 .8 .3 4.5 November — 44.2 3.4 20.9 1.4 3.4 1.3 1.0 2.3 1.7 .8 2.6 .5 4.8 December 26.8 .9 12.1 .8 1.9 .7 .4 2.0 1.0 .6 1.3 .3 4.9 1928—January.. - 26.6 .6 13.9 .7 1.8 .5 .3 1.8 .6 .4 1.0 .3 4.7 February 25.8 1.2 11.5 .6 1.9 .4 .6 1.7 1.0 .3 1.2 .2 5.0 March 23.7 .5 11.3 .6 1.6 .3 .3 1.8 .5 .4 .9 .2 5.2 April. . 26.9 .7 12.1 .8 1.9 .5 .6 2.4 .6 .5 .9 .3 5.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN MAY, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT THE END OF EACH MONTH [In millions of dollars] 1927 1928 r F u e a b ry - March April May June July g A u u s - t t S e b e m e p r - - O b c e t r o- v N b e e m o r - - c D b e e m e r - - Ja a n ry u- r F u e a b ry - March 1 RESOURCES Total gold reserves 2,976 3,010 3,029 2,982 2,998 3,002 2,998 2,964 2,922 2,805 2,733 2,797 2,808 2,729 Reserves other than gold 154 157 157 156 158 149 148 131 131 135 134 169 166 162 Total reserves 3,130 3,168 3,187 3,138 3,156 3,152 3,146 3,095 3,054 2,940 2,867 2,966 2,974 2,891 Nonreserve cash 63 60 56 51 52 51 48 42 52 58 77 85 70 57 Federal reserve notes of other Federal reserve banks 16 16 18 13 17 19 17 18 22 20 24 20 17 13 Bills discounted 470 451 477 459 443 442 401 437 412 477 582 423 493 599 Bills bought: Outright . 230 185 197 159 181 153 118 m 266 288 310 333 303 296 Under resale agreement 67 54 41 69 30 19 67 76 76 66 82 46 41 54 Total bills bought 296 239 238 228 211 172 185 250 342 355 392 379 344 350 United States securities: Bought outright 305 317 322 336 367 385 470 487 519 544 560 431 399 386 Under resale agreement 10.8 31.0 4.5 7.5 3.1 7.5 2.9 19.5 2.9 4.1 56.6 6.1 8.5 8.5 Total United States securities 316 348 327 343 370 392 473 506 522 548 617 437 408 395 Other securities 2.0 2.5 1.8 1.8 1.3 1.3 .3 .8 .6 .9 .9 .5 1.0 1.0 Total bills and securities 1,084 1,040 1,044 1,032 1,025 1,008 1,059 1,194 1,276 1,381 1,591 1,240 1,245 1, 345 Gold held abroad- 60 23 Due from foreign banks __ - .7 .7 7 28.8 48.7 12.2 .8 .6 .6 .6 .6 .6 TTnnn]1fiftf.ftf1 if-fvms I 580 599 600 547 631 550 586 641 595 672 714 577 598 559 Bank premises .. - 58 58 59 59 59 59 59 60 60 60 58 59 59 59 All other resources , 14 13 13 14 14 15 18 13 14 14 15 10 11 10 Total resources 4,946 4,955 4,976 4,914 5,006 4,903 4,945 5,065 5,072 5,145 5,346 4,957 4,975 4,935 LIABILITIES Federal reserve notes in actual circulation.... 1,727 1,724 1,744 1,748 1,721 1,688 1,676 1, 736 1,734 1,717 1,790 1,581 1.588 1,603 Deposits: Member bank—reserve account 2,229 2,237 2,257 2,197 2,249 2,277 2,299 2,293 2,324 2,379 2,487 2,391 2. 375 2,366 Government . 43.3 37.9 22.8 32.2 30.7 25.1 12.7 27.4 21.2 2.1 18.4 19.9 27. fi 21 1 Foreign bank. 5.4 5.3 4.6 4.5 6.4 4.7 5.5 5.1 9.5 4.8 4.6 4.6 6 6 2 Other deposits 18 15 17 29 27 23 24 24 31 28 21 19 17 17 Total deposits., 2,296 2,296 2,302 2,262 2,313 2,330 2,341 2,349 2,386 2,413 2,531 2,435 2,426 2,410 Deferred availability items 557 567 560 533 ! 603 514 555 605 576 638 651 563 580 540 Capital paid in 127 128 129 129 129 130 131 131 131 132 132 134 137 136 Surplus.— 3I 229 229 229 229 | 229 229 229 229 ! 229 229 233 233 233 233 All other liabilities 10.9 12.1 12.8 13.8, 11.3 11.8 13.2 14.5 16.1 17.5 8.2 10.4 11.6 13.6 Total liabilities 4,946 4,955 4,976 4,914 5,006 4,903 4,945 5,065 5,072 5,145 5,346 4,957 4,975 4,935 Contingent liability on bills purchased for foreign correspondents 93 148 147 160 146 151 166 188 i 189 186 229 237 239 242 * 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

MAY, 1928 FEDERAL RESERVE BULLETIN 355 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN APRIL AND MARCH, 1928 [In thousands of dollars] Total cash reserves Total deposits Federal reserve notes Reserve percentages in circulation Federal reserve bank April March April March April March April March Boston 182,115 174,812 159,016 153, 675 123,540 121,056 64.5 63.6 New York 991,035 1, 026, 295 972, 759 948, 778 346, 405 349, 408 75.1 79.1 Philadelphia... 185, 849 182, 678 142, 306 140, 742 128, 551 127, 469 68.6 68.1 Cleveland 272, 791 273, 731 190, 349 189, 480 194,071 194,176 71.0 71.3 Richmond 86,145 93, 538 73, 356 72, 942 59, 094 62, 508 65.0 69.1 Atlanta 157, 774 175, 653 72, 360 71, 203 143.767 142, 976 73.0 82.0 Chicago 448, 821 448, 509 353, 467 349, 665 248,540 239,140 74.6 76.2 St. Louis 80, 907 79, 400 84, 334 84, 549 52, 787 52, 712 59.0 57.8 Mmneapolis... 72, 879 83,171 53, 875 55, 308 56, 766 56, 340 65.9 74.5 Kansas City... 94,577 103, 302 94, 066 94, 366 57, 062 58, 447 62.6 67.6 Dallas 64, 435 70, 656 66, 997 68, 536 34,112 36, 305 63.7 67.4 San Francisco. 248, 036 228, 980 187, 303 182, 470 155, 661 151, 078 72.3 68.6 Total.. 2, 885, 364 2, 940, 725 2, 450,188 2, 411, 714 1, 600, 356 1, 591, 615 71.2 73.5 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total ! Boston Y Ne o w rk [ d P e h lp il h a i - a l I C la l n e d ve- m Ri o c n h d - l A a t n - ta C ca 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 r is a a c n n o - Gold with Federal reserve agents: Apr. 4 1, 247, 0591 228, 646 104,7671 143,544 45,880 129, 817 186,384! 32,639 51,379 49, 634 28, 598 166, 644 Apr. 11-.-.._ 1,287,08911 76, S 228, 568 102,402| 145,649 44, 921 125, 657 216,230! 36,811 51, 379 48, 996 26, 007 183, 560 Apr. 18 1,279,070 75,472! 278, 477 99,1031 145,410 43, 774 115,129 216,120| 25,286 43, 458 48, 013 22, 473 166, 355 Apr. 25 1, 207, 7031 73, 822i 228, 393 96,307 145,631 42, 713 108, 416 216,010 27,334 39, 749 44, 259 21, 805 163, 264 Gold redemption fund with United States Treasury: Apr. 4_______ 58, 841 6, 342! 15, 624 10, 874 5,134 1, 485! 2,174 5, 999! 4, 232 1, 764! 1, 5201 1,17 2,517 Apr. 11. 57, 383 '• 7,879 14,152 12,123! 3, 783 1,4841 2, 486 4, 918! 4,108 1,498| 1,783 1,036 2,133 Apr. 18 50, 671 3,756 12,994 5,4231 4,725 1, 682| 2,839 8,836j 3,129 2,106 2, 333 1,363 1,485 Apr. 25_.._ 59, 090 4, 676 16, 294 7,261 4,645 1, 8661 3, 261 7, 721| 3,607 2, 590! 2, 759 1,448 2,962 Gold held exclusively against Federal reserve notes: Apr. 4_ „ 1, 305, 9001 85,469 244,2701 115,641 M8,67J 47,365 131,991 192,3831 36, 871 53,143 51,154 29, 774 169,161 Apr. 11 1, 344,472; 84, 788 242,720 114,525 149,432 46,405 128,143 221,148| 40,919 52,877 50, 779 27,043 185, 693 Apr. 18 1, 329, 741 79, 228 291,471 104, 526 150,135 45,456 117,968 224, 956 28,415 45, 564 50, 346 23, r' 167,840 Apr. 25 1, 266, 793| 78, 498 244, 6" 103, 568 150, 276 44,579 111,677 223, 731 30, 941 42, 339 47,018 23, 253 166, 226 Gold settlement fund with Federal Reserve Board: Apr. 4 794, 067 288, 469 45,906 64,280 23, 288 11, 356 167,885 23,733 15,634 29, 338 20, 635 34, 705 Apr. 11 750, 575 53, 303 297, 475 38,092 61, 701 22, 094 8,351 159, 4181 20, 341 13, 032 29, 412 18,948 28,408 Apr. 18 773, 029! 41,621 315,437 45, 756 67, 360 18, 399 7,948 159,284 20,480 16,855 24, 889 22, 678 32, 322 Apr. 25 835,001 72, 217 314,345 53, 009 74, 888 15,833 7,834 157, 500 25, 705 17,476 35, 464 23, 283 37,447 Gold and gold certificates held by banks: Apr. 4-. 643,562 24,502 413,995 26,128 45, 331 9,701 52, 312 11, 525 5,241 6,448 8,831 29,866 Apr. 11..._ 653, 750 25, 490 424,591 25,867 43,445 10, 029 9,920 50,890 11,832 5,431 6,242 8, 950 31, 063 Apr. 18 616, 668 24, 216 388, 444 25, 715 46, 606 7,127 10,182 51,4701 11, 719 4,930 6,302 8, 989 30,968 Apr. 25_. 621,479| 26,809 387, 244 24, 645 44,117 10, 595 10,402 54,132! 12,125 4,929 6,652 9, 0621 30, 767 Total gold reserves: Apr. 4 2, 743, 529 178,809 946,734 187,675 258, 289 80,335 153,048 412, 580 72,129 74, 018 59,240 233,732 Apr. 11 2, 748, 797 163, 581 964,786 178,484 254,578 78, 528 146,414 431,456 73,092 71, 340 86,433 54,941 245,164 Apr. 18 2, 719,438 145, 065 995,352 175,997 264,101 70, 982 136, 098435, 710 60, 614 67,349 81, 537 55,503! 231,130 Apr. 25. 2, 723, 273 177, 524 946,276 181,222 269, 281 71,007 129, 913435, 363 68, 771 64, 744 89,134 55,598 234,440 Reserves other than gold: Apr. 4 164, 442 15,722 33, 723 7,823 14, 621 10, 523 14, 883 19,899 13,717 3,471 7,603 10, 248 12,209 Apr. 11 163,864 15,173 34, 412 7, 519 13,834 10,5211 16,071 19, 222 14,156 3,514 7,032 10,122 12, 288 Apr. 18 165,087 14, 950 33, 875 7,426 15, 548 10, 807 16, 279 18, 695 14, 212 3,838 7,400 9,998 12,059 Apr. 25 162, 551 15,172 32, 966 7,491 13, 528 11,238 15,652 18, 769 14, 929 3,550 7,363 9,819 12, 074 Total reserves: Apr. 4 2, 907, 971 194, 531 980,457 195,498 272,910 90,858 167,931 432,479 85,846 77,489 94, 543 69,488 245, 941 Apr. 11 2,912, 661 178,754 999,198 186,003 268,412 89,049' 162,485 450, 678 87, 248 74,854 93,465 65,063 257,452 Apr. 18 2, 884, 525 160, 015 1,029,227 183,423 279, 649 81,789; 152,377 454,405 74,826 71,187 88, 937 65, 501243,189 Apr. 25 2,885, 824 192,696 979,242 188,713 282,809 82,245| 145,565 454,132 83, 700 68, 294 96,497 65,417 246, 514 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Nonreserve cash: Apr. 4 61,504 4,972 19,465 2, 333 5, 224 5,085 4,289 6,923 3,923 1,016 1,878 2,767 3,629 Apr. ll._ - 67,115 5,598 22, 207 2,319 4, 204 5,150 4,821 6,901 4,772 1,722 2,205 3,022 4,194 Apr. 18 67, 323 4,896 20,874! 2,411 5,478 8,779 4,332 6,591 4,073 1,271 2,097 2,714 3,807 Apr. 25.- _ 65,499 5,663 19, 762 2,252 44, 335.«5 5,465 7,""" 4,390 1,373 2,398 3,243 4,442 Bills discounted: Secured by U. S. Government obligations— Apr. 4... 350,602 17,474 128, 394! 31,818 28,129 5,951 55,160 10,450 5,010 11,480 1,460 48,467 Apr. 11 391,357 20, 906 143,804 41,940 42,704 8,107 9,383 46,477 12,754 6,200 12,432 3,024 43,626 Apr. 18 391, 580 29,944 107,736! 36,700 30,586 9,430 13, 722 49,234 21,725 11,570 14,311 4,507 62,115 Apr. 25 462, 771 26,422 173, 310 31,334 35, 679 11,948 16,943 69, 569 17,635 11,108 9, 335! 3,492 55, 996 Other bills discounted— April 4_ 250,874 22,079 78,465 13,498 22,413 21,954 23,104 33, 958 15, 598 1,332 6,043 3,483 8,947 Apr. 11—.., 227,322 24,566 63,239 13, 694 20,940 22,901 24,437 24, 566 13,049 1,380 6, 864 4,148 7,538 Apr. 18. 228,037| 26,452 45,293 11,491 26,665 23,929 28,995 25,064 19,712 2,520 9,058 4,198 4,660 Apr. 25 - 246,302' 14,895 69,307 12, 877 20, 570 24,460 30, 787 27,975 17,021 2,759 10,113 5,97- 9,559 Total bills discounted: Apr. 4 , 601,4761 39,553 206,859 45,316 50,542 28,763 29,055 89,118 26,048 6,342 17,523 4,943 57,414 Apr. 11 618,679| 45,472 207,043| 55, 634 63,644 31,008 33,820 71,043 25,803 7,580 19,296 7,172 51,164 Apr. 18 619,617 56,396 153,029 48,191 57,251 33,359 42,717 74,298 41,437 14,090 23,369 8,705 66, 775 Apr. 25 - 709,073 41,317 242,617| 44, 211 56, 249 36,408 47, 730 97, 544 34, 656 13,867 19, 448 9,471 65, 555 Bills bought in open market: Apr. 4 - 343, 636 46,141 102,660 25,153 32,494 14,369 15,829 42, 725 4,472 14,062 12,992 12,404 20, 335 Apr. 11 _„ — 361,595 53, 547 119,154J 25,449 30,811 12, 568 15,037 38,962 3,r~" 14, 429 12,475 13,222 22,855 U. S A A . p p G r r o . . v 2 1 e 5 8 rnment , securities: 3 3 5 6 0 5 , , 7 8 5 4 6 1 6 5 7 0 , , 9 3 2 8 6 4 8 95 2 , , 3 2 2 6 8 4 3 3 0 2 , , 1 88 1 5 0 2 3 9 3 , , 6 1 7 1 8 5 1 1 3 5 , , 3 8 3 3 7 6 1 1 5 8 , , 5 8 9 8 2 0 3 4 9 1 , , 9 3 3 4 7 5 4 3 , , 4 6 9 6 7 7 1 1 5 8 , , 1 4 9 9 1 0 1 14 3 , ,3 7 7 9 5 7 1 1 4 4 , , 4 5 2 7 7 8 2 2 4 6 , , 7 2 4 0 9 9 Bonds- Apr. 4 56,233 707 1,514 585 505 1,153 20,327 7,125 4,519 11,890 7,809 55 Apr. 11 _-_ 56,609 707 1,384! 585 505 1,153 20, 527 7,125 4,519 12,190 7,815 55 Apr. 18.___ 56,559! 707 1,3841 585 505 1,153 21,007 7,125 4,519 11, 690 7,815 37 Apr. 25 55, 237 707 1,434 585 505! 1,153 19,927 7,125 4,519 11,390 7,815 38 Treasury notes- Apr. 4 163,947 7,946 27, 629 14, 814 33, 738 2,748 4,945 16, 209 14, 740 7,041 7,887 7,759 18,491 Apr. 11 151, 763 7,020 24,143! 13, 950 32, 737 2,428 4,664 14,475 14,129 6,577 7,073 7,108 17,459 Apr. 18 123,124 4,549 18,837 11,645 30,069 1,574 3,913 9,713 12,499 5,342 4,902 5,372 14, 709 Apr. 25 107, 560; 3,352 14, 742 10, 529 28, 777 1,160 3,550 7,239 11, 710 4,743 3,850 4,532 13,376 Certificates of indebtedness- Apr. 4 163,052 11,822 41, 239 18, 231 13.409 3,713 24,191 7,797 5,914 10, 828 8,656 13,163 Apr. 11 _ 169, 644 12,113 44, 515 18, 502 13/724 4,189 3,813 25,097 7,f"" 6,060 11, 084 9,071 13,487 Apr. 18 161,003 10,890 47, 305 17, 362 12,404 3,766 3,904 22, 026 7,183 5,448 10,009 8,581 12,125 Apr. 25— 141,958; 9,779 38,459 16,325 11, 204 3,381 3,518 20,004 6,450 4,893 9,033 8,025 10,887 Total U. S. Government securities: Apr. 4.— 383,232 20,475 70,382 33,630 47, 652 7,990 8,702 60, 727 17,474 30, 605 24,224 31,709 Apr. 11 378,016 19,840 70,042 33,037 46, 966 7,770 8,521 60,099 29, 243 17,156 30, 347 23,994 31,001 Apr. 18-__ -_. 16,146 67,526 29,592 42,978 6,493 7,849 52, 746 26,807 15, 309 26, 601 21, 768 26,871 Apr. 25 304, 755 13,838 54, 635 27, 439 40,486 5, r~' 7,107 47,170 25,285 14,155 24, 273 20,372 24,301 Other securities: Apr. 4 990 Apr. 11 „ 990 990 Apr. 18 990 990 Apr. 25 , - — 990 990 Total bills and securities: Apr. 4. 1,329,334 106,169 379,901 104,099 130,688 51,122 53, 586192,570 60,182 38,868 61,120 41, 571 109,458 Apr. 11 1, 359, 280118,859 396,239 114,120 141,421 51,346 57, 378 170,104 58,132 40,155 62,118 44,388 105,020 Apr. 18.__ 1,312,049 139,926 302, 883 107,893 129,907 53,189 66,158 166, 981 72, 741 45,580 63,345 45,051 118,395 Apr. 25 1, 380,659 106,081 392, 516 104,535 129,850! 57,938 73, 717 186,059 47, 502 58, 518 44,270 116, 065 Due from foreign banks: Apr. 4...- _ 570 37 217 47 51 25 21 21 13 18 17 35 Apr. ll._ 570 37 217 47 51 25 21 68 21 13 18 17 35 Apr. 18 570 37 217 47 51 25 21 21 13 18 17 35 Apr. 25 570 37 217 47 51 25 21 21 13 18 17 35 Uncollected items: Apr. 4 674,074 68,363 183, 030 60, 750 59, 790 50, 56: 25, 244 87, 231 30,157 11,634 38, 201 23,382 35, 725 Apr. 11 660,197 63, 669 172,179 54,609 59,347 53, 956 29,374 77, 288 33, 328 14, 600 35, 851 24,538 41,458 Apr. 18 755, 687 75,161' 211,457 63,068 71,878 56,175 30, 382 90,459 33, 292 14, 219 38,913 26, 758 43,921 Apr. 25 633, 613 62, 692 173, 644 51, 204 59,188 48,302 23,807 76,631 28, 776 11,828 33, 894 26,351 37,296 Bank premises: Apr. 4 59, 274 3,824 16, 548 1,756 6,865 3,148 2,829 8,720 3,891 2,202 4, 308 1,806 3,377 Apr. 11 59, 375 3,824 16,548 1,756 6,865 3,244 2,829 8,720 3,892 2,202 4, 308' 1, 810 3,377 Apr. 18 59,378 3,824 16, 548 1,756 6,865 3,244 2,829 8,720 3,892 2,202 4, 308 1,813 3,377 Apr. 25 3,824 16,548 1,756 6,865 3,272 2,829 8,720 3,891 2,202 4,308; 1, 81.7 3,377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

357 MAY, 1928 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - All other resources: Apr. 4 10,131 70 1,635 122 1,143 387 1,421 1,269 717 1,148 548 566 1,105 Apr 11 10,396 67 1,952 129 1,192 396 1,402 1,267 727 1,006 536 632 1,090 Apr. 18 9,452 66 1,831 138 1,178 388 1,384 869 626 862 491 486 1,133 Apr. 25._ 9,677 65 1,896 136 1,199 433 1,373 847 633 1,033 641 427 1,094 Total resources: Apr. 4 .— 5, 042, 858 377, 966 1, 581, 253 364, 605 476, 671 201,192 255, 321 729, 260 184, 737 132, 370 200, 616 139,597 399, 270 Apr. 11 5,069, 594 370, 808 1, 608, 540 358, 983 481,492 203,166 258, 310 715, 026 188,120 134, 552 198, 501 139,470 412,626 Apr 18 5,088,984 383, 929 1, 583, 037 358, 736 495,006 203, 589 257,483 728, 093 189,471 135, 334 198,109 142, 340 413,857 Apr. 25 5, 035, 251 371,058 1, 583, 825 348, 643 484,317 197, 680 251, 780 734,145 185,019 132, 245 196,174 141, 542 408, 823 LIABILITIES Federal reserve notes in circulation: Apr. 4 1, 601, 010 123, 598 350, 748 130, 770 189, 695' 60,271 144,681 245,288 52,408 57,331 57, 538 34, 905 153,777 Apr. 11 1, 588, 769 121, 551 336,101 127, 268 195, 772' 59,462 144,096! 246,152 52,975 57, 258! 57,074 34, 369 156, 691 Apr. 18 1, 582, 014 123, 652 338,067 124,496 191, 770| 57, 755 142,709! 248,381 52, 629 56,344! 56, 834j 33,980 155, 397 Apr. 25 1, 572, 612 122,129 335, 683 123, 590194, 020! 56,560; 141,506: 248,0541 52, 064 56,247' 56, 395 32, 887 153,477 Deposits: Member bank—reserve account— Apr. 4 2,400, 808 158, 361 955,! 140,601 186,819! 71, 2981 69,746 346,328| 82, 832 52,962 92,435 176,642 Apr. 11.. 2,432,311 155, 816 995, 222 142,670 185,984| 69,108! 67,896; 341,552 82, 709 53, 508 91, 952 65,197 180, 697 Apr. 18 2, 392, 347 156,197 946,080 139,822! 192, 547i 69, 375 69,967! 341,439 82,948 54, 706 91, 320 66, 239 181, 707 Apr. 25 2,417,377 155, 072 971, 935 137.888 188,893! 68, 039 68, 8G7| 356,343 83,387 52,275 91,3411 63, 311 180,026 Government- Apr. 4 9,980 704 2, 581 761 627! 308 733 l,05l| 615i 574 179 Apr. 11.. 19,195 1,842 5,245 1,187| 526 1,534 3,075j 1,147 566 890! 845 1,365 973 Apr. 18 6,303 540 1,311 373; 979) 287 764! 326 463 416: 83 758 3 Apr. 25 33, 587 2, 537 3,970 2. 735j 2, 218! 4,1 4,413! 3,171 1,449 1,437! 1,612 2,628 2,721 Foreign bank- Apr. 4 5,310 360 1,863 456J 499 245 202| 667 206 1301 173! 168 341 Apr. 11 7,291 360 3,843 456 500 245 202 66: 206 130! 173! 168 341 Apr. 18 5,661 487 998 617 676 331 273 903 279! 175! 234! 227 461 Apr. 25 5,377 487 714 617! 676 331 273: 903 279! 175| 2341 227 461 Othe A r p d r. e p 4 o _ s . its— 18,889 8,790 52J 1,284 256! 1,314 332! 249| 9Oo! 30 5,496 Apr. 11.- 19, 644 109 9,203 67! 1,171 171 341 1,759 356 315' 667 26 5,459 Apr. 18 18, 955 116 9,369 204 1,044 j 70 210 1,039 267 236| 575. 35 5,790 Apr. 25 _ 18. 278 278 8.881 104 995 73 248 1,014 310 2731 5341 5,542 I Total deposits: A A A A p p p p r r r r . . . . 4 2 1 1 5 8 1 - — -. 2 2 2 2 , , , , 4 4 4 4 7 2 7 3 8 3 4 4 , , , . 4 6 2 9 4 1 6 8 1 9 6 7 1 1 1 1 5 5 5 5 8 7 9 8 , , , , 1 3 3 5 2 7 4 1 7 4 0 2 1, 9 9 9 0 8 0 5 6 1 5 1 7 9 3 , 3 , , 5 , 1 5 7 1 1 0 5 53 4 8 0 1 , 3 1 1 1 1 1 4 4 4 4 4 1 4 1 1 4 , , , , 3 8 3 3 0 8 7 4 1 80 0 4 6 0 1 1 1 1 9 9 8 8 5 2 9 8 , , , , 1 2 7 2 8 4 8 2 1 6 2 9 | | 7 7 7 7 1 0 3 1 , , , , 1 9 0 0 3 5 5 6 9 0 8 3 7 7 7 7 1 3 0 1 , , , , 9 8 2 5 3 0 1 1 7 4 1 4 ! ! 3 3 3 3 6 4 4 4 1 9 3 5 , , , , 4 2 7 1 3 8 0 2 1 9 7 5 8 8 8 8 5 4 3 3 , , , , 4 9 4 8 2 5 3 2 l 7 7 5 ! ! J 5 5 5 54 5 3 4 , , , , 1 8 9 5 G 4 5 3 3 O 6 3 ! | | 9 9 9 9 3 2 4 3 , , , , 3 2 7 6 7 1 2 3 5 2 1 7 j ; ! 6 6 6 6 7 6 6 7 , , , , 6 7 2 1 7 5 5 9 6 6 9 2 1 1 1 1 8 8 8 8 7 8 7 2 , , , , 9 7 4 6 6 7 5 5 1 0 8 0 Deferred availability items: April 4 623, 648 66, 562 152, 389 55,861 i 57,831 49,487 24,009 80,974 31, 346 10,117J 34,844! 23, 771 36, 457 Apr. 11.. 616, 919 62, 702 149, 518 51,144! 57, 575! 53,179 26,979j 69,981 34, 709 ll,475j 33,917J 25,078 40,662 Apr. 18 697,397 74,070 177, 770 56, 992 68, 018] 56,262 27,807 82, 221 36, 228 12, 465! 35,189J 27,835 42,540 Apr. 25 600, 791 61, 707 152, 881 47,407 57, 436! 48, 431 20, 6431 70, 771 30, 860 10, 797! 32,146! 29.155 38, 557 Cap A ita p l r . p 4 ai . d .. in: 135,731 9,586 42,468 13, 703 14, 278 6,251 5,174! 18,134 5,301 3,028 4,242 4,311 9, 255 Apr. 11 137,145 9,592 42, 545 13,721 14,257 6,251 5,177! 18,136 5,304 3,027 4,241 4,311 10,583 Apr. 18 137,606 9,879 42, 545 13, 730 14, 260 6,251 5,177! 18,135 5,322 3,027 4,241 4,313 10, 726 Apr. 25.. 137, 613 9,878 42, 545 13, 730 14, 260 6,251 5,176! 18,138 5,323 3,027 4,236 4,323 10,726 Surplus: Apr. 4. 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 Apr. 11.. 233,319 17,893 63, 007 21, 662 24,021 12,324 9,996 32, 778 10,397 7,039 9,046| 8,527 16,629 Apr. 18 233,319 17,893 63,007 21, 662 24,021 12, 324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 Apr. 25 233,319 17, 893 63,007; 21, 662 24,021 12,324 9,996! 32,778 10,397 7,039 9,046| 8,527 16, 629 All other liabilities: Apr. 4 14,163 815 3,52' 739 1,617 524 2,797 571 407 494 Apr. 11 ,—- 15,001 943 3,856 1,686 892 548 2,854 910 586 429 591 Apr. 18 15, 382 1,095 3,890 840 1,691 934 580 2,871 938 926 587 426 604 Apr. 25.. 16, 297 1,077 4,209 910 1,798 975 658 2,973 950 975 630 458 Total liabilities: Apr. 4 5,042,858 377, 966 1, 581, 253364, 605 476,671 201,192 255,321 729,260 184,737 132,370 200,616 139,597 399,270 Apr. 11 5, 069,594 370,808 1, 608, 540358,983 481,492 203,166 258, 310 715,026 188,120 134,552 198,501 139,470 412,626 Apr. 18 5,088,984 383,929 1,583,037 358,736 495,006 203,589 257,483 728,093 189,471 135,334 198,109 142,340 413,857 Apr. 25 5, 035, 251371, 058 1, 583, 825348, 643 484,3171 197,680 251,780 734,145 185.019 132, 245 196,174 141,542 408, 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN MAT, 1928 FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h l i p la h - ia C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fran- MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Apr. 4. — 72.1 68.7 74.3 71.7 72.0 68.7 77.9 72.7 62.7 69.6 62.2 67.7 73.1 Apr. 11 71.6 63.9 74.0 68.5 68.2| 75.4 76.2 63.8 66.8 62.0 64.3 74.8 Apr. 18 72.0 56.9 79.4 69.1 72.3 64. Ol 71.2 76.7 54.8 63.6 59.7 64.7 70.8 Apr. 25 71.3 68.7 74.1 71.2 73.1 63.41 67.6 74.5 60.9 61.9 64.3 66.0 72.0 Contingent liability on bills purchased for foreign correspondents: Apr. 4 242,084 18,122 68,595 22,955 25,129 12, 323| 10,148 33,586 10,390 6,524 8,699 8,457 17,156 Apr. 11— 242,373' 18,122 22,955 25,129 12,323| 10,148 33,586 10, 390 6,524 8,699 8,457 17,156 Apr. 18 262,645' 19,723 73,832 24,9821 27,349 13,411) 11,045 36,553 11,308 7,100 9,467 9,204 18,671 Apr. 25.. 261, 543 19,723 72, 730 24,982 27,349 13,411! 11,045 36,553 11, 308i 7,100 9,467 9,204 18, 671 Own Federal reserve notes held by Federal reserve bank: Apr. 4 - 358,042 21,506 107, 513 24,997 29,162 19,173! 28,666 44,7921 8,126 4,520 6,823 7,113 55,651 Apr. 11 381,183 21,335 131,086 29,134 24,289 19,023! 29,531 44,967i 9,03l! 6,328 8,349 7,057 51,053 Apr. 18 375,044 23,557 119,924 29,607 25,253 19,583 29,789 44,019 9,852| 5,901 7,805 6,912 52,842 Apr. 25 376,835 25,030 115,942 31,117 24, 624 19, 797 29, 889 45,002 11,665 5,529 7,591 7,338 53,311 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 Ri o c n h d - la A n t t - a c C a h g i- o L S o t u . is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Apr. 4 2,812,162 225,414 743,621 174,867 259,837 105,568 235,187 440, 580 78,444 79,045 103,071 64,400! 302,128 Apr. 11 2,823, 286229,596 751,907! 176,502 259,141 104,608 234,627 440,619 80, 556 79,045 102,433 63,808 300,444 Apr. 18 _ 2,802,933 228,159 742,711 175,203 256,103 103,462 234,498 435,800 81,391 81,044 101,449 63,274 299,839 Apr. 25 2,795.282 226.509 736,345 174,407 256,324 102,401 233,885 431,986 81,799 80,335 100,696 62,607 307,988 Federal reserve notes held by Federal reserve agent: Apr. 4.. 853,110; 80,310 285,360 19,100 40, 980 26,124 61,840 150,500 17,910 17,194 38,710 22,382 92, 700 Apr. 11._ 853,334 86,710 284,720 20,100 39,080 26,123 61,000 149,500 18,550 15,459 37,010 22,382 92,700 Apr. 18 845,875 80,950 284,720 21,100 39,080 26,124 62,000 143,400 18,910 18,799 36,810 22,382 91,600 Apr. 25 845,835 79,350 284, 720 19,700 37,680 26,044 62,490 138,930 18,070 18.559 36,710 22,382 101,200 Federal reserve notes issued to Federal reserve bank: Apr. 4 1,959,052 145,104 458, 261155, 767218,857 79,444 173,347 290,080 60, 534 61,851 64,361 42,018 209,428 Apr. 11 1,969,952 142,886 467,187 156,402 220,061 78, 485173,627 291,119 62,006 63, 586 65,423 41,426 207,744 Apr. 18 1,957,058 147,209 457,991 154,103 217,023 77,338 172,498 292,400 62,481 62,245 64,639 40,892 208, 239 Apr. 25 1.949,447 147,159 451, 625154, 707218,644 76,357 171,395 293,056 63, 729 61,776| 63,986 40, 225206,788 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Apr. 4 414,140 35,300 205,150 42,600 31.020 20,000 8,600 14,1671 17,303 40,000 Apr. 11._. 413,841 35,300 205,150 42,600 31,021 20,000L_. I 8,300 14,1671 17,303 40,000 Apr. 18 413,841 35,300 205,150 42,600 31.021 20,000!. 8,300 14,167} 17,303 40,000 Apr. 25 415, 242 35,300 205,150 44,000 31,021 20,001... 8,300 14,1671. 17,303 40,000 Gold redemption fund- Apr. 4-.__. 100, 639 15,827 18,496 11,790 10,944 5,360 7,517 1,384 539 2,212 3,774 2,295 20,501 Apr. 11 95,943 13,609 18,418 9,425 13,049 4,400 6,457 1,230 1,011 2,212 3,136 2,704 20, 292 Apr. 18... 99,360 12,172 18,327 11,126 12,810 8,253 5,329 1,120 2,486 1,291 4,153 2,170 20,123 Apr. 25 91,083 10,522 18,243 8,330 11,631 7,192 4,315 1,010 1,534 2,582 3,399 2,502 19, 823 Gold fund- Apr. 4 732,280 28, OOOl 5,000 92,97' 90,000 9,500 102,300 185,000 23,500 35,000 45,860 9,000 106,143 Apr. 11..._ 777,305 28,000 5,000 92,97' 90,000 9,500 99,200 215,000 27,500 35,000 45,860 6,000 123, 268 Apr. 18.. 765,869 28,000 55,000 87,97' 90,000 4,500 89,800 215,000 14,500 28,000 3,000 106,232 Apr.25 701,378 28,000 5,000 87,977 90,000 4,500 84,100 215,000 17,500 23,000 40, 860 2,000 103,441 Eligible paper- Apr. 4 _ 910,945 85,694 292, 500 59,314 80,900 41,941 44,; 131,714 29,364 20,313 30,230 17,065 77, 524 Apr. 11 928,547 99,019 300,304 65,062 92,904 38,147 48, 372109,875 27, 521 21,908 31,496 20,093 73,846 Apr. 18 917,412 123,780 205, 321 63,083 86,021 42, 296 57,885 114,111 44, 797 29,175 36, 508 23,116 91,319 Apr.25 1, 024,456 92, 243304, 713 68,700 86,478 48, 776 66,197 138,765 37,088 32,235 33, 948 23, 743 91,570 Total collateral: Apr. 4 2,158,004 164,821 521,146 164,081 224,444 87,821 174, 203318,098 62,003 71,692 79,864 45,663 244,168 Apr. 11.... 2,215, 636 175,928 528,872 167,464 238, 553 83,068 174,029 326,105 64,332 73, 287 80,492 46,100 257, 406 Apr. 18 2,196,482 199,252 483, 798162,186 231,431 86, 070173, 014330, 231 70,083 72,633 84,521 45, 589257,674 Apr. 25 2, 232,159 166, 065533,106 165, 007232,109 91,489 174, 613 354, 775 64,422 71,984 78, 207 45,548 254, 834 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

359 MAY, 1928 FEDERAL RESERVE BULLETIN MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s m O o v n e t r h 6 s Bills discounted: Apr. 4 601,476 507,860 23,851 36,347 23,957 6,957 2,504 Apr. 11 618, 679 515,987 23,930 40,831 27,689 7,527 2,715 Apr. 18 619,617 504,323 27,325 47,999 28,708 9,140 2,122 Apr. 25 709, 073 585, 962 26, 741 50,317 31,899 11,857 2,297 Bills bought in open market: Apr. 4 343, 636 150,047 75,649 57, 775 54,808 5,357 Apr. 11 361, 595 163,852 61,176 58, 903 73, 968 3,696 Apr. 18 350, 756 128,163 60, 536 68,287 86, 713 7,057 Apr. 25 365, 841 120, 797 68, 806 83,644 82,147 10,447 Certificates of indebtedness: Apr. 4 163,052 940 2 162,110 Apr. 11 169, 644 3,425 1,773 164,446 Apr. 18 161,003 5,790 23,028 132,185 Apr. 25 141,958 4,100 15,242 122, 616 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM MARCH 22 TO APRIL 18, 1928, INCLUSIVE [In thousands of dollars] Changes in owner- Federal reserve bank T e r r a n n m sf e e n r t s a fo c r c o G un o t v- Transit clearing F n e o de te r a c l l e r a e r s i e n r g ve s t f i h n e h r g r i s o p s ug a h n o d f t c ra l g e n o a s l r d - - B i a n t a l c f a l u n o n s c d e e of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 11,000 012,136 1,005,715 3,480 2,777 18,124 41,621 New York 7,100 44,300 413,351 3,403,113 7,750 10, 032 29, 244 315,437 Philadelphia-.. 3,800 2,500 756,191 757, 394 4,246 4,087 256 45,756 Cleveland 5,000 761,881 784,974 5,896 2,820 15, 017 67,360 Richmond 8,000 500 687,929 687,749 1,816 3,361 6,135 18,399 Atlanta 11,500 500 332, 657 320,782 2,878 2,604 23,149 7,948 Chicago 7,000 6,500 437,636 1,458,663 5,826 4,934 19, 635 159,285 St. Louis _. 4,000 539,064 528,252 1,672 2,722 5,762 20,479 Minneapolis.-. 1,000 500 158,747 151,911 1,178 1,082 7,432 16,855 Kansas City... 1,000 2,100 421,119 404,018 1,815 1,921 15,895 24,889 Dallas 1,500 312,236 310,483 1,170 1,466 2,957 22,678 San Francisco.. 9,000 5,000 483,879 2,114 2,035 15,814 32,322 Total 4 weeks ending— Apr. 18, 1928 65,900 65,900 10,296,933 10,296,933 39,841 39,841 79,710 79,710 773,029 Mar. 21, 1928 179,900 179, 900 10,491, 811 10,491, 811 47, 537 47,537 684,562 Apr. 20, 1927 48, 400 48,400 8, 943, 768 8,943,768 44, 667 44,667 598,327 Mar. 23, 1927... 191, 500 191, 500 9,646,964 9, 646,964 44,249 44,249 608,962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN MAY, 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 March April May June July August October Ja a n ry u - Fe a b ry ru- March United States 451,183 476,647 459,086 443,450 442,158 400,524 437,425 411,525 |477,025 581,503 423,310 492,568 New England: Maine 1,781 1,155 1,319 2,300 733 951 2,394 1,808 1,473 909 752 718 New Hampshire 1,644 1,225 2,113 2,231 1,366 927 875 730 636 805 1,112 1,305 2,746 Vermont 1,530 1,248 1,041 1,375 1,078 884 783 1,128 649 558 534 698 992 Massachusetts 40,281 16,966 ! 45, 293 35,360 33,511 28,760 25, 520 20,388 33,404 24,314 33,751 49,918 44,350 Rhode Island 394 30 4,263 I 487 1,304 2,047 1,772 j 787 552 304 102 396 1,225 Connecticut 5,088 3,443 3,005 ! 4,354 3,343 4,439 2,530 jI 2,504 3,096 3,083 2,196 3,260 1,809 Middle Atlantic: New York 53, 083 127,888 72,497 | 73,559 76,794 84,443 104,472 i 83,170 129,769 266,687 103,025 69, 063 128, 001 New Jersey 24,434 25,012 24,989 25, 548 30,156 24,924 25,258 i 22, 225 22,140 I 19,150 19,923 19, 642 23,051 Pennsylvania 80,587 57,341 77,521 Ii 49,741 45,242 51,733 ; 46, 622 | 57,920 104, 217 59,006 83, 277 80,029 East North Central: Ohio 17.136 17,458 15,633 | 20, 777 21, 992 13,485 21,483 24,403 15,868 15,535 12,783 34,405 33, 392 Indiana 4,302 3,522 4, 055 I 4,975 5,189 3,321 3,545 3,577 1,686 3,115 3,587 ! 6,209 4,825 Illinois 51,134 24,408 26,334 I 18,996 19,662 9,712 17, 639 25,266 23,797 14,203 15,356 i 18, 645 66,447 Michigan ; 20, 585 11,122 14,864 | 24, 644 18, 445 13, 751 10, 691 21,582 27, 696 27,231 17,884 I 23, 093 23,152 Wisconsin 9,228 9,030 11, 008 7,513 4,679 3,944 4,132 3,320 6,658 2,735 I 12,932 16, 557 West North Central: Minnesota 3,772 3,754 3,471 | 876 1,547 3,461 1,416 1,033 2,375 722 2,408 2,895 2,696 Iowa 5,303 6,280 5,810 ! 3,463 3, 509 2,913 2,888 4.555 6,870 4,023 4,586 3,772 3,887 Missouri.... 17.137 17,232 23,104 27, 646 17,141 17, 850 16, 947 9,913 11,837 11,475 16,228 20, 277 24,168 North Dakota. | 791 1,082 1,199 1,171 1,554 1,761 830 427 312 319 472 369 543 South Dakota 953 1,037 1,095 ! 1,262 1,479 1,283 794 570 695 640 619 508 381 Nebraska 2,434 7,467 6,745 2,289 1, 674 1,310 1,697 5,167 9,119 4,705 4,182 2,940 4,429 Kansas. _ 1,493 2,078 2,927 j 2,314 1,794 1,338 1,417 3,639 2,980 1,246 1,199 I| 1,061 1,052 South Atlantic: Delaware 813 949 i 836 646 532 317 711 783 474 620 719 597 Maryland 3,163 4,342 ! 8, 629 2,742 1,477 5,150 5,547 7,098 5,498 11,744 5,315 3,747 District of Columbia- 1,020 704 ! 81 485 115 1,315 1,465 500 920 320 550 Virginia... 6,491 7,349 | 5,278 5,002 7, 520 11,267 11, 289 5,877 11,894 9,297 11, 868 13, 347 West Virginia 2,984 2.954 ! 3,441 2,281 2,455 3,227 2,497 1,631 5,363 3,367 2,710 3,543 North Carolina 6,484 7,447 i 6,338 6,802 7,S56 6,977 5,293 2,429 1,998 4,738 ! 7,602 7,449 South Carolina 4,242 2,636 | 2,030 2,800 2,607 1,529 1,323 1,671 1,425 2,172 ! 2,610 3,471 Georgia 5,374 5,505 j 6,571 5,882 6,457 5,467 4,722 6,575 3,582 4,013 i 5,229 7,041 Florida . 2,441 1.955 i 1,817 2,504 3,445 4,142 4,406 3,502 2,619 1,799 ! 1, 946 1,345 East South Central: Kentucky 4,231 2,283 7,799 8,199 6,593 9, 575 9, 667 6,911 6,663 2,177 | 3,587 8,276 Tennessee 3,033 3,633 2,314 4,028 5,276 6,879 3,914 3,096 2,845 1,842 2,803 1,900 Alabama. 8,557 7,139 6,107 6,177 5, 310 3,670 2,830 5,380 2,411 4,641 4,961 6,412 Mississippi 1,869 2,520 2,189 3,045 4,028 3,725 1,945 1,563 1,239 1,225 1,639 3,456 West South Central: Arkansas 1,185 1,542 1,353 2,343 3,306 4,550 2,332 2,001 210 2,688 2,017 1,606 Louisiana 19, 688 13,961 | 11,125 20,169 12, 612 8,736 11,156 21, 557 16, 620 13, 853 12,926 9,014 Oklahoma 1,787 2,094 2,316 1, 995 2,583 4,695 2,388 1,245 688 1,325 1,661 2,287 Texas 3,531 5,147 5,481 9,393 12, 574 4,767 10, 323 6,436 848 4,960 1,949 3,991 Mountain: Montana,. 303 534 761 768 393 79 30 21 41 39 33 Idaho 770 1,184 1,217 1,582 1,328 779 551 351 161 199 234 241 Wyoming. 87 152 192 278 427 230 104 48 48 2 Colorado 1,702 2,729 1,503 3,568 1,366 1,388 1,938 1,282 1,018 1,542 2,561 2, 527 New Mexico.-. 144 96 170 258 186 200 99 10 129 124 187 Arizona 198 534 240 346 389 325 284 180 190 164 183 198 Utah 1,938 1,719 995 2,201 1,977 1,171 952 198 168 255 368 860 Pacific: Washington 855 2,116 | 1,946 3,271 2,421 1,613 2,254 1,788 330 1,543 1, 317 1,566 Oregon _. 2,332 1,850 1,684 1,811 672 492 875 247 393 958 1, 2,203 California 52,647 29,754 30,470 44,064 38,763 46,218 38,955 38,490 3,978 45,210 48,191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1928 FEDERAL RESERVE BULLETIN 361 ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, APRIL 11, 1928 [In thousands of dollars] Net demand de posits in places having a population of— Time deposits in places having a population of— Federal reserve district or State Less than 5,000 to 15,000 to 100,000 Less than 5,000 to 15,000 to 100,000 5,000 15,000 100,000 and over Total 5,000 15,000 100,000 and over Total United States 1,655,926 1,150,820 2,403,262 14,177, 53319,387,541 1,958,066 1,320,600 2,546,026 7,430,244 13,254,936 DISTRICT Boston 45,773 76,021 211,237 1,137,965 1,470,996 74,952 99,613 223,022 604,512 1,002,099 New York 210,976 128,971 326,636 6,491,020 7,157, 603 405,892 206,189 549,937 1.861,289 3,023,307 Philadelphia 141,248 74,305 156,272 844,630 1,216,455 300,076 151,464 279,423 343,435 1,074,398 Cleveland 135,370 124,337 191, 901 1,079,312 1,530,920 215, 548 167,568 242,223 1,000,464 1,625,803 Eichmond 92,173 67,672 176,413 274,299 610, 557 154,627 101,005 169,403 177,352 602,387 Atlanta 85,961 77,090 208,150 240,985 612,186 67,611 71,961 184,469 143,310 467,351 Chicago 193,267 136,104 428,854 1,866.815 2,625,040 257, 749 187,934 456,545 1,318,023 2,220,251 St. Louis 102,022 74,155 97,051 474,104 747,332 93,902 60,458 89,323 300,096 543,779 Minneapolis 102,866 83,881 79, 781 184,976 451, 504 153,807 115, 580 85,141 463,497 Kansas City 201,437 121,782 244,164 318,331 885,714 64,301 107,693 97,281 368,204 Dallas... 196,134 106,452 135, 599 250,970 689,155 21,348 31,986 59. 787 86,057 199,178 San Francisco 80.050 147,204 1,014,126 1, 390, 079 113, 625 62, 541 99,060 1,389,456 1,664,682 New England: Maine _ 11,145 I 7,081 27,326 45, 552 36,830 28, 618 44,851 110, 299 New Hampshire 8,140 i 12,301 17,445 37,886 6,759 6,944 7,964 21, 667 Vermont 6,175 8,291 2,324 16, 790 18,126 19,046 2,169 39,341 Massachusetts 11,704 ! 35,008 121,205 907,185 1,075,102 7,795 35,512 129, 649 392, 007 564,963 Rhode Island 1,025 3,598 133,172 137, 795 6 6,540 184, 752 191,298 Connecticut 10,121 13, 340 49,505 113,473 186,439 8,419 9,493 43,929 42,454 104,295 Middle Atlantic: New York 157, 572 65, 996 198, 303 6,189,307 6, 611,178 295,796 127,316 334,738 1,605,076 2,363,926 New Jersey 76,298 81,371 135,694 335,581 628,944 144,003 104,160 222, 676 282,370 753,209 Pennsylvania 164, 783 110, 775 210, 692 1,224,387 1,710,637 367,871 232,046 374,686 510,161 1,484, 764 East North Central: Ohio... 59,346 58,864 93, 748 611,183 823,141 75,142 53,447 102,619 788,135 1, 019,343 Indiana 30,277 | 27,854 89, 307 59,882 207, 320 30, 204 26,086 95,042 24,361 175,693 Illinois 93,561 61,077 158, 757 1, 288,036 1, 601,431 96,190 68,882 118, 009 720,071 1, 003,152 Michigan 36,163 45, 865 96, 383 370, 901 549, 312 97, 344 151,198 490, 215 827,145 Wisconsin 23, 647 24, 324 65, 214 113,660 226, 845 50, 773 41,616 71,420 73, 513 237,322 West North Central: Minnesota- 35, 791 23, 216 30, 995 184,976 274, 978 76,487 36, 310 31,187 252, 953 Iowa 61,650 1 23, 896 74, 636 34,336 194, 518 63,054 26, 659 85,189 184,765 Missouri 23,482 16, 785 35, 643 516, 761 592, 671 16,441 10, 514 15,888 236, 397 279, 240 North Dakota 20,301 10,960 6,390 37, 651 24, 814 10,994 6,525 42, 333 South Dakota 20,074 | 12, 444 6,387 38,905 17, 940 9,596 2,384 29,920 Nebraska. 31,699 14.191 17, 740 63, 794 127,424 25, 389 8,471 3,625 15, 531 53,016 Kansas 49, 855 36.192 51, 582 7,728 145, 357 24, 360 17, 098 15,991 3,143 60, 592 South Atlantic: Delaware 3,425 38, 639 42, 064 9,884 4,745 14,629 Maryland 17,078 ! 5,903 3,612 105, 773 132, 366 41,173 18,100 12,077 76, 767 148,117 District of Columbia.. 82, 006 82, 006 44,466 44,466 Virginia 26,133 14, 822 33, 344 86, 520 160, 819 53, 720 25,498 41,489 56,119 176,826 West Virginia 29, 911 9,709 48, 374 87,994 36, 381 12, 584 45, 311 94,276 North Carolina 15,982 26, 980 72, 268 115, 230 19.173 29,171 43,689 92,033 South Carolina 6,919 10, 625 27, 798 45, 342 10,079 15, 981 38, 797 64,857 Georgia 16,131 13, 045 46, 548 54,322 130,046 11,617 13,461 40,021 38, 296 103,395 Florida 25, 867 20, 680 78, 285 124,832 17,159 17,538 72, 703 107,400 East South Central: Kentucky 34,393 18,471 22,294 74, 848 150,006 32,992 13,641 20,855 54,185 121,673 Tennessee 19,136 10, 574 33, 881 70, 208 133, 799 22, 532 8,230 38,136 53,105 122,003 A M l i a s b si a s m si a ppi 2 4 4, , 8 2 0 8 3 6 2 1 1 1 , , 0 2 2 1 3 6 3 1 6 4 , , 1 2 3 8 3 1 45,958 11 4 7 0 , ,1 5 5 4 2 8 1 3 5 , . 0 1 7 7 1 4 1 1 2 7 , , 4 5 3 0 5 0 2 1 2 3 , , 8 9 5 9 5 1 26,826 3 7 4 7 , , 3 49 6 1 1 West South Central: Arkansas.. 22,614 13, 573 34, 414 70,601 15,651 7,233 27,897 50, 781 Louisiana.. __ 5,700 12,428 22,406 114, 644 155,178 3,938 8,353 8,678 54, 421 75, 390 Oklahoma _- 78, 545 37, 737 127,249 243, 531 23, 770 15,385 63,504 102,659 Texas. 183,054 95, 663 112,828 ~250,~976' 642, 515 17,088 27,809 48, 516 86,057 179,470 Mountain: Montana 15, 007 20, 056 24,482 59,545 19, 724 25, 284 55,004 Idaho.. 13,606 10,952 9,474 34,032 7,491 6,883 8,409 22, 783 Wyoming. 7,755 12,426 20,181 5,295 9,433 14,728 CCoolorado.. 29,185 15,474 16, 461 85,157 146, 277 17,667 11, 563 10,489 58, 783 98, 502 New Mexico- 8,237 7,481 5,402 21,120 2,169 2,169 3,793 8,131 Arizona 3,361 3,053 23,676 30,090 2,047 2,099 11,441 15, 587 Utah 6,549 3,530 4,996 47, 744 7,331 4,516 1,775 19, 669 33, 291 Nevada 3,970 4,084 8,054 5,080 2,700 7,780 Pacific: Washington. 32,639 16, 836 28, 223 126, 579 204, 277 27,428 8,970 23,617 71,068 131,083 Oregon 32, 318 18, 727 2,471 62,631 116,147 20,198 15,058 1,498 65,300 102,054 California 56,513 25,921 81,488 792, 247 956,169 44,175 24,414 54,922 1, 233,419 1,356, 930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN MAY, 1928 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Dallas F c S i r s a a c n n o - Loans and investmentstotal: Apr. 4 22,392,790 1,589,482 8,660,209 1,236,952 2,197, 694,283 621,,412 31,,206,044 724,870 673,509 446,7631,955,998 Apr. 11 22,350,6511,597,353|8, 546,409 1,251,755 2,192,826696,947 629,380 3),, 222277,221 728,342 387,668 682,439 448,4001,961,911 Apr. 18 22,381,2641,607,5018, 570,969 1,246,981 2,185,521692,000 627,186 T; , 2~3"3,279 732,403 384,578 682,311 447,022 1,971,513 Apr. 25 22,338,396 1,587,763 8,605,669 1,225,179 2,184, 535693,124 628, 6453, 221, 336 720,368 382, 048 443, 772 1,970,674 Loans and discounts—total: Apr. 4 15,786,686 1,106, 6816,232,723 821,6241,452,862 517,: 492,772 2,299,371 502,134 252,180 444,184 338i,, 958 L1,, 325,311 Apr. 11 15,759,0551,114,913 6| 13.5,1;58 831,0941L, 460,242521,452 502,640 2,313,959 505,797 252,671 448,159 341,, 195 IL], 331,775 Apr. 18 15,762,979 1,114,039 6,154:,,501 824,567 I.!,454,598 517,093 501,906 2,308,895 509,496 251,417 446,453 339',,593i;L;, 340,421 Apr. 25 15,722,013 1,094,624 6,196 5 , ,313 804:,, 552 1.,: 448,368 521, 211 504,169 T "• "- 499,162 249,150 438,407 335,279 IL], 336,082 Secured by U. S. Government obligations— Apr. 4 146,196 5,714 66,473 8,150 15,066 3,275 5,437 24,365 4,019 2,489 3,550 3,485 4,173 Apr. 11 141,962 5,934 65,212 8,944 15,071 2,837 5,444 20,518 4,042 2,450 3,577 3,471 4,462 Apr. 18 144,220 5,740 68,290 8,902 15,089 2,777 5,128 19,851 4,166 2,463 3,558 3,499 4,757 Apr. 25 138,663 5,274 63,601 8,406 14,608 2,846 5,055 20,352 4,227 2,467 3,566 3,475 4,786 Secured by stocks and bonds- Apr. 4 6,723,169 446,802 33,0,1,6,130 456,429 653,159 166,410 123,0511,008,697 198,715 73,619 135,697 84,154 360,306 Apr. 11 6,649,419 449,890 229,09011,,999 461,025 660,842 170,205 124,447 1,020,577 201,627 72,718 136,303 86,049 363,737 Apr. 18 6,692,701 443,,3,607 2,,92477,9 456.600 660,318 170,164 125,776 1020,790 206,069 72,012 133,238 370,357 Apr. 25 6,727,726 442266,004411 330,03311,176 439.601 660,425 176,947 126»,, 220 1.009,912 202,634 70,475 126,260 86,177 371, 858 AH other loans and discounts— Apr. 4 8,917,321 65,416,5, 3,150,120 357,045 784,637 348,201 364:,, 284 1, 266,309 299,400 176,072 304,937 251,319 960,832 Apr. 11 8,967,674 659,089 3,,116677,947 361,125 784,329 348,410 372, 749 1,,272,864 300,128 177,503 308,279 251,675 963, 576 Apr. 18 8,926,058 664,,9,319 33183,8932 359,065 779,191 344,152 371, , 268,254 299,261 176,942 309,657 249,356 965,307 Apr. 25 8,855,624 666633,330099 33,101, 536 356,545 773, 335341, 418372, 894 i;, 264,432 292, 301176,208 308,581 245,627 959,438 In vestments—total: Apr. 4 6,606,104 482,8012,427,486 415,328 744,320 176, 397128,640 906,673 222,736 133,906 229,325 107,805 630,687 Apr. 11 6,591,596 482,440 2,411,251 420,661 732,584 175,495 126, 740 913,262 222,545 134,997 234,280 107,205 630,136 Apr. 18 6,618,285 493,462 2,416,468 422,414 730,923 174,907 125,280 924,384 222,907 133,161 235,858 107,429 631,092 Apr. 25 6,616,383 493,139 2,409,356 420,627 736,167 171,913 124,476 926, 640 221, 206132,898 236,876 108,493 634,592 United States Government securities- Apr. 4 2,974,373 1791,, 442 L1., 16,5,173 114,860 330,189 77, 926 86,019 69,995 107,277 77,521 346,559 Apr. 11 _. 2,982,875 178,939 1,,115599,,149 116,014 326,233 77,683 86,372 69,898 110,245 76, 623 346,559 Apr. 18 3,003,896 192,534 I, "1•64,064 116,017 325,626 75,766 86,281 68,624. 110,159 77,113 345,894 Apr. 25 3,001,841 190,948 1,154, 674 115,451 326,621 75, 837 86,304 68,388 110,000 77,149 354,595 Other bonds, stocks, and securities— Apr. 4 3,631,731 303,359 1, 262,313 300,468 414,131 98,471 65,278 550,623 136,717 63,911 122,048 30,284 284,128 Apr. 11 3,608,721 303,501 i.;, 252,102304,647 406,351 97,812 64,214 540,628 136,173 65,099 124,035 30,582 283,577 Apr. 18 _ 3,614,389 300,928 1,252,404 306,397 405,297 99,141 63, 2941 544,552 136,626 64,537 125,699 30,316 285,198 Apr. 25. _ 3,614,542 302,1911, 254, 682 305,176 409,546 96,076 62,967| 546,275 134,902 64,510 126,876 31,344 279,997 Reserve balances with Federal reserve bank: Apr. 4 1,779,562 108,135 831,022 83,893 130,180 42,195 41,529 260,144 48,007 26,052 58,455 34,852 115,098 Apr. 11 1,807,274 106, 590 864,960 85,940 131,594 42,080 40,678 253, 717 48,133 26,902 58,045 32,953 115,682 Apr. 18. 1,766,793 105,813 821,401 84,128 135,231 41,498 41,869 252,901 48,050 28,116 56,973 34,224 116, 589 Apr. 25 1,803,679 104,947 849, 692 82,467 134,225 40, 235 41, 253 268, 794 49,480 26,155 58,925 31,945 115,561 Cash in vault: Apr. 4 245,204 18,319 65,425 15,245 12,192 11,028 40,034 7,409 5,531 11,264 8,706 21,803 Apr. 11 250,088 18,926 65,798 15,271 29,776 12,416 11,199 40,112 7,323 5,805 11,928 9,062 22,472 Apr. 18 240,851 18,557 62,602 14,575 28,625 12,186 10,713 40,107 6,859 5,678 11,141 8,616 21,192 Apr. 25 243,389 18,154 64,337 13,914 29,286 12,116 10,758| 39, 546 5,512 11,907 8,523j 22,347 Net demand deposits: Apr. 4 13,857,278 979,932 6,233,460 779,1781,067,335 369,618 335,90l|l,837,670 400,399 227,934 513,617 302, 222 810,03 2 Apr. 11 13,905,181 982,415 6,217,444 785,2861,059,329 373,391 338,21611,859,456 414, 727228,836 510,9S7 302,425 832,669 Apr. 18 13,889,932 984,979 6,238,367 786,236jl,057,942 369,444 334,912il,851,390 404,332 222,217 502,932 299, 786| 837, 395 Apr. 25 13,742,309 964,238 6,175,484 764,7361,059,263 365,346 331,288 1,832,439 401, 641218,146 500,452 292,283 836,993 Time deposits: Apr. 4. 6,805,043 503,614 L1,, 647,958292,978 955,861 247,712 240,688 1, 249,491 248,846 134,059 167,964 118,179 997,693 Apr. 11 6,824,164 502,9621L,, 641,796 293,762 953,745 247, 682238,56l!l,262,835 248,316 134,578 176, 755120,4211,L, 002,751 Apr. 18 6,840,772 503,4461L, 650,472296,373 957,924 246,666 240,6201,264,418 247,265 134,470 177,011 120,7811,1,001,326 Apr. 25 6,877,947 505,710 LI, 672,613 296,849 961,991 248, 777239, 235 1,263, 703 248,069 133,687 177,603 121,183 1L,, 008,527 Government deposits: Apr. 4 273,178 20,189 90.652 15,139 19,864 9,537 20,365 34,101 6,874 3,314 6,722 11,521 34,900 Apr. 11 234,825 17,273 77,541 12,951 ' V" 8,463 17,4971 29,183 2,815 5,552 9,935 30,730 Apr. 18 168,566 12,442 55,823 9,3261 12,174 5,856 12,577| 20,826 4,234 2,036 7,152 22,124 Apr. 25 117,100 8,624 38,682 6,463j 8,475 4,064 8, 771 14, 552 2,944 1,410 2,769 4,958 15,388 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 363 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F S r a a n ncisco Due from banks: Apr. 4 1,255,635 57,656 167,232 68,712 106, 620 55,393 82,272 260,123 57, 111 45,907 128,234 58,925 167,450 Apr. 11 1,191,075 57,494 160,612 63,767 95,342 56,016 83,546 235,381 54,195 43,222 121,639 61, 573 158,288 Apr. 18 ._. 1,188,482 61, 737 178,407 63, 616 93, 729 51, 926 73,287 238,319 53,303 43,787 115,330 59,222 155,819 Apr. 25 _ 1,131,946 | 59,879 160,925 56,473 94,179 49,112 67,102 232,741 50,167 42,624 112,822 58,642 147,280 Due to banks: Apr. 4__ 3,654,459 170,4411,448,883 206,065 251,620 110,652 123, 539 554,396 136,607 106,850 223,160 99,190 223,056 Apr. 11 _ 3,469,439 163,199 1 240,673 105,106 122,300 527,845 133,388 103,442 216,832 95,720 227,935 Apr. 18 3,424,726 158,990 1, 318,792 197,991 237,135 105,869 117,491 527,399 127,287 96,740 212,035 98,372 226,625 Apr. 25 3,304,075 152,665 1,, 282,572 182,304 228,789 99,641 111,279 511,463 120,678 93,834 208,867 213,050 Borrowings from Federal reserve bank—total: Apr. 4 — 467,660 24,586 183,082 25,200 39,466 16,918 16,049 72,907 16,633 4,597 13,044 2,730 52,448 Apr. 11 469,654 31,289 177,520 35,949 53,775 18,560 13, 734 51,733 15,322 5,636 14,823 4,783 46,530 Apr. 18 469,465 41,110 123, 573 46,484 18,400 27,871 55, 820 28,957 11,978 18,534 6,045 61,724 Apr. 25 545,007 26,474 207,468 22,607 45,585 19,810 30, 595 77,784 21,939 11,530 14,376 6,695 60,144 Secured by U. S. Gov- j ernment obligations- Apr. 4 ... 294,928 8,303 114,955 18,017 20,767 3,005 5,051 54,495 5, 4,550 10, 525 975 Apr. 11 316,239 12,238 126,851 28,085 36,610 3,825 1,956 34,945 7,760 5,600 11,385 2,550 44,434 Apr. 18._ 315,231 21,388 90,301 22,850 23,733 3,027 11, 719 38,333 15,904 10,890 13,175j 3,857 60,054 Apr. 25 386,139 17,613 151,911 15,880 29,100 5,203 14, 236 57,430 16,019 10,320 2,857 57,675 All other- Apr. 4 172, 732 16,283 68,127 7,183 18,699 13,913 10,998 18,412 11, 028 47 2,519 1,755 3,768 Apr. 11 153,415 19,051 50,669 7,864 17,165 14,735 11,778 16,788 7,562 3,438 2,233 2,096 Apr. 18 154,234 19,722 33,272 6,119 22,751 15,373 16,152 17,487 13,053 1, 5,359 2,188 1,670 Apr. 25.. 158,868 55,557 6,727 16,485 14,607 16,359 20,354 5,920 1,210 6,481 2,469 Number of reporting banks: Apr. 4 647 36 80 30 64| 56 Apr. 11 646 64j 56 Apr. 18 645 36 641 56 Apr. 25 644 36 80 64 56 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN MAY, 1928 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F c S i r s a a c n n o - Loans and investments: Apr. 4 14,315,698 1,084,,695 7,, 465,800 1.,, 052,467 791,539! 115,499 103, 274 2,012, 236 452, 778 189,143 186,504 126,914 734,849 Apr. 11 14, 220, 7381,08,2979, ,7,, 338, 7311,068,992 784,808j 115,453 111, 442i2, 022, 395 454,199 189,148 126,681 730,721 Apr. 18 14, 242, 9291, 093, 931 7,, 351,: , "046 1.,, 066,313 781, 285' 113,419 110,308|2,025,728 455,165 189,115 189,023 127, 757 739,839 Apr. 25 14, 210, 580 1,074,825 7,,375\,, 682 1, 048, 486 779, 580J 115, 987112,199 2,014, 942 446,095 187, 665184, 846 126, 235 744,038 Loans: Apr. 4 10, 527,714 845i,, 265 55, ,507,086 709, 553 615,488 92, 693 70,1661,507,215 321,748 124,961 121,300 95,633 516,606 Apr. 11 10,441,049 850,874 55,,394,072 720, 723 613,176 93,142 78,4111,511,683 323, 526 123,895 123,276 95,045 513,226 Apr. 18 10,434, 997 845,146 55,,402,623 716, 243 610, 216 91,852 77,328 1,504,478 324,279 124, 567122,442 96,389J 519,434 Apr. 25 10, 408, 822 826, 773 5,437, 409 699, 416 605, 530 94, 298 79, 247 1, 492, 736 315,066 123, 337118,199 94,377 522,434 On securities- Apr. 4 4, 910, 009 338, 513:2, 713,461 400,498 225, 940 26, 034 18, 305 788,494 143, 888 33,458 39, 384 20,223 161,811 Apr. 11 4,796, 907 338,353J2, 586, 740 407, 3291224,483 26, 627 20, 313 791, 030 146, 520 32,386 41, 508 21,489 160,129 Apr. 18 4,820, 317 327, 785 2, 623, 285 403, 680 223,481 26, 222 22, 785 786, 908 149, 951 32,085 39, 738 2211,448866 116622,991111 , Apr. 25 4,848, 312 311,624 2, 695,996 389^263| 223,401 28,195 22, 524 776,105 146, 586 30, — 34, 619 21,423 167, 900 All other- Apr. 4 5,617,705 506,752 2,793,625 309,055 389, 548 66,659 51,861 718, 721 177,860 91,503 81,916 75,410 354,795 Apr. 11 5,644,142 512, 521 2,807,332 313,394! 66, 515 58,098 720,653 177,006 91,509 81,768 73,556 353,097 Apr. 18 5,614, 680 517,361 2, 779,338 312, 563 386, 735 65, 630 54, 543! 717, 570 174,328 92,482 82, 704 74,903 356,523 Apr. 25 5, 560, 510 515,149 2, 741, 413 310,153! 382,129 66,103 56, 723 716, 631 168, 480 92, 661 83, 580 72, 954 354, 534 Investments: Apr. 4 3,787,984 239,4301,958,714 342,914j 176,051 22,806 33,108 505, 021 131,030 64,182 65,204 31,281 218,243 Apr. 11 3,779,689 238,405 1,944,659 348,269 171,632! 22,311 33, 031 510, 712 130,673 65,253 65,613 31,636 217,495 Apr. 18 3,807,932 248,785 1,948,423 350,070 171,069 21, 567 32,980 521, 250 130,886 64,548 66, 581 31,368 220,405 Apr. 25 3,801, 758 248,052 1,938, 273 349,070 174, 050 21, 689 32,952 522, 206 131,029 64,328 66,647 31, 858 221, 604 Reserve with F. R. Bank: Apr. 4___. 1,273,936 83,301 767,291 74,878 41, 297 7,577 6,096 180,976 30, 766 13,791 17,373 9,877 40, 713 Apr. 11 _. 1,305,473 83,062 800,845 76,575 41,817 7,406 6,707 176, 953 31,327 13,916 17,698 9,104 40,063 Apr. 18 1,261, 816 81, 506 757, 562 76,481 43,3001 7,575 6,591 177, 710 31,404 14,480 16, 214 9,240 39, 753 Apr.25... 1,300, 756 81, 624 781,134 74, 327 44, 374 7,003 6,709 192,125 32, 291 13, 748 18, 017 7,970 41,434 Cash in vault: Apr. 4 111, 408 7,938 50, 763 12,443 8,236 712 1,250 16,343 3,405 1,812 2,079 1,221 5,206 Apr. 11 113,335 7,925 51,503 12, 525 8,332 838 1,177 16,990 3,224 1,820 2,299 1,307 5,395 Apr. 18 109, 598 8,022 49,049 11, 860 8,205! 794 1,111 16,971 3,197 1,719 2,133 1,222 5,315 Apr. 25 110, 786 7,803 50, 694 11, 264 8,458 789 1,083 3,175 1,740 2,313 1,219 5,300 Net demand deposits: Apr. 4___. 9,632,058 733,463 55,, 635, 672 674,065 272,644 62,440 52, 538 1, 251, 781 266, 612117, 685159,975 87,330 317,853 Apr. 11... 9,627,827 729,274 \5 ,609, 072 683,047 275,184 61, 941 55,47311,261,103 272,175 117,415 163, 720 84, 670 314, 753 Apr. 18 9,635,951 733,558 5i,, 662255,,960 687,080 268,641 59,312 55,179 1, 256, 591 267, 807113,129 160,447 85, 318 322,929 Apr. 25 9, 532,488 721, 467 51, , 5"5"9,005 669,166 271,778 61, 775 53, 226 1, 252, 204 266,803 112,855 162,080 81,997 320,132 Time deposits: Apr. 4.___ .._ 3, 390, 610 268,8371,116,411 229,894 489,092 34,872 37, 430 140, 520 61, 330 19, 587 20, 744289,433 Apr. 11 3, 394, 370 226884,42233 11,109, 369 231,091 486, ( 35,167 37, 343 692, 516 139, 809 61,116 19, 859 22, 281291, 336 Gov A A er p p n r r m . . 2 1 e 5 n 8 . t deposits: 3 3 , , 4 4 0 3 7 8 , , 5 5 2 4 0 1 2 26 6 9 8 , , , , 00 2 33 3 88 0 1 1 11 1, ,1 1 1 3 7 8 , , 0 3 6 6 0 5 2 23 3 4 3 , , 2 6 4 4 0 8 4 4 8 9 8 0 , , 0 6 7 0 5 6 J 3 35 4 , , 9 0 8 5 4 6 3 37 7 , ,4 5 7 2 9 2 6 6 9 9 0 2 , , 0 0 3 4 0 2 1 1 3 4 9 0 , , 1 7 2 4 4 1 60,700 1 1 9 9 , , 9 99 58 1 2 2 2 2 , , 6 5 5 5 1 3 2 3 9 0 2 1 , , 1 9 0 7 2 0 Apr. 4 193,178 19,336 81,457 14,729 5,975 1,870 5,919 21.043 5,999 2,790 4,677 7,081 22, 302 Apr. 11 165, 275 16, 543 69, 677 12, 600 5,111 1, 601 5,082 18,012 5,130 2,384 4,000 6,058 19,077 Apr. 18 118, 978 11,915 50,163 9,074 3,678 1,153 3,667 12, 946 3,694 1,714 2,880 4,360 13, 734 Apr.25 82, 506 8,259 34, 761 2,548 800 2,573 8,983 2,570 1,187 lf~ 3,023 9,518 Due from banks: Apr. 4 605, 217 39, 836 123,836 62, 669 27,164 13, 770 170, 855 30,431 19,021 33, 695 16, 202 60,856 Apr. 11_ 563,009 42, 345 118,845 58, 286 23, 538i 6,126 9,1271 154, 258 29,850 16, 275 31,960 17, 233 55,166 Apr. 18 _ 584,415 43,161 131,000 58,890 21,269! 7,048 8,950 161, 578 29,899 18,732 32,990 15, 767 55,131 Apr. 25.. 555, 783 45, 956 117,105 51, 461 23, 639| 5,593 9,246 157,522 28,319 15, 671 31,025 16,538 53,708 Due to banks: Apr. 4 12,607,758 158,082 1,378, 738 1 196, 429 62,917 27, 335 15, 827 397, 279 79, 597 62,169 86,105 29, 265114,015 Apr. 11.. 12,460,948 152, 250 :1, 271,886 1 184,196 61, 343 26,037 15, 621 381,002 79,085 60,020 84, 517 27, 368117,623 Apr. 18— 12,435,676 147r,, 620 1., 252,834 1 188,808 59,170 25, 927 15,070 381,071 77,378 56,246 84, 756 27, 700119,096 Apr. 25 12,343,320 141,., 258 1, 219,859 1 173, 569 57,329 25,120 14,001 367,333 73,800 55,403 82, 797 27,264 105,587 Borrowings from F. R. bank: Apr. 4 335, 758 23,397 162,414 22,355 11,835 4,410 3,750 39,931 13,708 1,150 4,983 125 47,700 Apr. 11- 321,381 30, 348 155,001 31,930 9,723 4,873 2,287 24.044 11,877 1,800 5,558 950 42,990 Apr. 18. 307,407 39, 383 91,491 25,449 13,824 5,764 10,152 30,097 17,023 7,700 7,218 2,532 56,774 Apr.25 368, 795 23, 779 171, 572 18, 762 11,155 4,890 12,902 45,634 9,743 7,180 3,659 2,947 56,572 Number of reporting banks: Apr. 4.. 213 17 47 39 5 43 12 5 13 7 Apr. 11 212 17 47 38 5 43 12 5 13 7 Apr. 18 211 17 47 37 5 43 12 5 13 7 Apr. 25 210 17 47 37 5 43 11 5 13 7 1 Figures not strictly comparable with those heretofore published for earlier months; see note on p. 316. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1928 FEDERAL RESERVE BULLETIN 365 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 Apr. 7 Apr. 14 Apr. 21 Apr. 28 Apr. 30 Total land banks land banks (12 banks) (54 banks) Direct loans outstanding on- 1926 Cotton 10,724 8,908 8,752 8,482 11,006 June 30.. ., 644,105 1,043,955 600,150 Tobacco. .. . 2,992 2,964 2,781 2,746 6,246 July 31.. ,653,902 1,048,184 605,718 Wheat 968 1,126 1,100 1,039 2,340 Aug. 31.. ,664,130 1,053,336 610,794 Canned fruits and vege- Sept. 30. ,671,856 1,057,217 614,639 tables 618 571 556 493 1,127 Oct. 31 _, ., 682, 273 1,063,056 619,217 Raisins 5,510 5,476 5,538 5,512 5,000 Nov. 30.. 1,068,596 624,230 Wool 315 29 29 29 97 Dec. 31.. ,710,295 1,077,819 632,476 Rice 1,486 1,420 1,379 1,302 1,744 All other 150 150 141 141 254 1927 Jan.31.. 1,724,821 1,085,170 639,651 Total 22,763 20,644 20, 276 19, 744 27,814 Feb. 28.. 1,745,404 1,097,642 647,762 Mar. 31.. 1,765,365 1,109,354 656,011 Rediscounts outstanding Apr. 30.. 1,732,395 1,117,914 614,481 for— May 31.. 1,741,275 1,124,055 617,220 Agricultural credit cor- June 30.. 1,738,165 1,130,648 607,517 porations ._ 29,604 30, 226 30, 512 30,614 29,396 July 31.. 1,742,575 1,134,896 607,679 National banks 8 8 8 24 Aug. 31.. 1,749,393 1,139,502 609,891 State banks 412 411 411 411 570 Sept. 30. 1,752,665 1,143,130 609,535 Livestock loan compa- Oct. 31__ 1,757,185 1,147,135 610,050 nies 21,871 21,804 21, 672 21, 565 19,059 Nov. 30,. 1,758,834 1,150,943 607,891 Savings banks and trust Dec. 31.. 1,765,121 1,155,644 609,477 companies 20 20 8 8 32 1928 Total 51,915 52,469 52, 611 52,606 49,081 Jan. 31. _ 1,767,515 1,158,717 608,798 Feb. 29.. 1,778,338 1,168,354 609,984 Mar. 31.. PAR COLLECTION SYSTEM BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL [Number of banks at end of March] RESERVE DISTRICTS [In thousands of dollars] Nonmember banks Num- Member banks ber of March, February, March, Federal reserve On par list Not on par list * cent- 1928 1928 1927 bank ers 1928 1927 1928 1927 1928 1927 New York City. l 44, 786, 293 32, 739,886 34,492,180 Outside New York City 140 25, 847, 279 21,754, 528 24,026,009 United States 8,971 9,143 13,035 13,700 3,910 3,839 Federal reserve district: Boston 11 2,960,121 2,399,661 2,881,842 Boston 414 416 248 244 New York 7 45,741,132 33,532,207 35,373,804 New York 931 926 407 410 Philadelphia 10 2,558, 226 2,042,399 2, 384,418 Philadelphia—. 783 771 499 510 Cleveland 13 2,649,641 2,375,108 2,659,473 Cleveland 833 846 1,027 1,035 10 10 Richmond 7 784,971 762,494 Richmond 562 572 640 672 581 610 Atlanta 15 1,178,289 1,043,215 1,171,668 Atlanta _ -_ 460 471 304 313 1,012 1,031 Chicago 21 6, 685,034 5,461,309 5,927,361 Chicago 1,274 1,317 3,669 3,761 192 179 St. Louis 5 1, 282, 792 1,154,840 1,257,234 St. Louis 592 602 1,855 1,963 451 431 Minneapolis 9 734,703 604,875 643,330 Minneapolis 729 744 728 877 1,134 1,101 Kansas City 15 1,323,194 1,163, 944 1, 254,110 Kansas City 956 980 2,310 2,493 274 213 Dallas 10 676,091 615, 235 644,634 Dallas . 794 818 652 681 199 204 San Francisco 18 4,059, 378 3,419,234 3, 557,821 San Francisco- 643 680 696 741 57 60 Total 141 70,633, 572 54,494,414 58, 518,189 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 00 ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH FEBRUARY 28, 1928 [Amounts in thousands of dollars] A 1 p 9 r 2 . 5 6, Ju 1 n 9 e 2 3 5 0, Sep 19 t 2 . 5 28t De 1 c 9 . 2 5 31, Ap 1 r 9 . 2 6 12, Ju 1 n 9 e 2 6 30, De 1 c 9 . 26 31, M 1 a 9 r 2 . 7 23, Ju 1 n 9 e 2 3 7 0, Oc 1 t 9 . 2 7 10, De 1 c 9 . 2 7 31, Fe 1 b 9 . 2 8 28, RESOURCES Loans and discounts (including overdrafts) , 20,389,702 20,814,180 21,450,373 22,275,285 22,006,308 22,267,479 22,906,550 22,532,419 23,148,726 23,491,520 24,318,361 23,553,894 United States Government securities * - * 3,915,997 3,802,370 3,785,412 3,761,065 3,831,078 3,744,929 3,388,963 3,835,151 3,796,347 3,856,149 3,977,557 4,215,822 Other bonds, stocks, and securitiesl 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 6,373,630 Total loans and investments 29,284,939 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 34,143,346 Customers' liability on account of acceptances 477,098 375,163 383,873 498,143 486,259 431,307 512,945 500,232 502,024 576,223 699,701 695,319 Banking house, furiture, and fixtures 879,401 904,755 919,046 927,357 955,563 998, 212 1,012,103 1,036, 731 1,059,930 1,067,200 1,077,529 Other real estate owned .... 166,828 167,140 171,741 170,763 173,906 172,986 173,727 178,230 175,829 180,546 177,229 180,511 Cash in vault 524,343 524,592 574,532 540,261 534,120 522, 596 538,305 537,856 539,137 523,370 525,992 Reserve with Federal reserve banks 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 2,366,605 Items with Federal reserve banks in process of collection. 588,823 675,356 647,432 825,543 722,055 732,161 810,250 673,512 740,816 739,871 784,391 Due from banks, bankers, and trust companies 2,090,754 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 1,940,619 Exchanges for clearing house and checks on other banks in same place 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 1,311,817 Outside checks and other cash items 108,256 137,148 103,369 159,060 142,939 137,866 181, 593 101,676 177,771 157,841 200,159 134,916 Redemption fund and due from United States Treasurer 33,094 33,013 32,850 32,982 32,879 32,997 32,785 32,480 32,891 33,054 33,281 32,823 Securities borrowed *_ 15,321 13,561 14,541 13,312 15,640 44,631 44,345 41,521 33,539 29,464 35,212 29,248 Other assets 478,815 481,258 440,524 435,082 416,029 419,895 504,314 445,592 444,028 426,891 456,003 456,050 Total. 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 43,581,656 LIABILITIES Capital stock paid in 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 2,345,519 Surplus fund 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 2,144,182 U Re n s d e i r v v i e d d e d f o p r r t o a f x it e s s , , l i e n s t s e e re x s p t e , n e s t e c s . , a a n c d c r t u a e x d es paid [ 859,461 853,433 r L 8 1 3 3 4 3, , 3 8 8 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 , , 5 3 1 8 7 6 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 53 0 1 5 8 1 7 2 9 8 , , 4 7 8 5 0 7 9 1 1 3 4 7 , , 1 3 1 4 4 5 Due to Federal reserve banks. 40,124 39,758 49,933 51,112 47,893 45,214 51, 445 47, 221 53,043 54,402 52,073 45,360 Due to banks, bankers, and trust companies 4,041,256 3,978,028 3, 827, 5754,169,470 3,801, 513 3,935,113 4,002,995 3,834,194 4,070,610 4,148,273 4, 541, 516 4,131,048 Certified and cashiers' or treasurers' checks outstanding 756,757 1,032,804 808,756 1,225,758 863,466 962,694 1,141,102 788,522 1,064,605 977,944 839,556 848,064 Demand deposits 15,849,791 16,811,751 16,617,456 17,824, 70216,823,148 17,380,041 17,638,64816, 830,70917,735,244 17,374,426 18,170,140 17,304,646 Time deposits 10,126,980 10,381,486 10,467,237 10, 653,02810, 954,747 11,172,863 11,439,859 11,817,694 12,209,834 12,459,248 12,764,798 12,922,638 United States deposits 411,619 176,653 278,211 304,131 379, 450 227, 647 234,116 406,850 217,622 435,475 266,981 86,032 Total deposits 31,226,527 32,420,480 32,049,168 34,228,201 32,870,217 33,723,572 34,508,165 83,725,190 35,350,958 35,449,768 36,635,064 35,337,788 Agreements to repurchase United States Government or other securities sold > 6,450 5,081 7,081 15,800 5,632 32,537 13,248 17,967 17,845 32,785 21,375 Bills payable 311,183 360,767 489,449 527,898 419,853 390,839 556,301 415,296 381,133 414,311 562,095 451,081 Notes and bills rediscounted 175,233 198,031 222,105 204,926 210,167 220, 780 203, 565 131,137 160,115 113,904 101,380 129,811 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 213,780 158,903 165,108 278,988 210,838 207,292 254,506 205,382 210, 519 265,007 431,968 454,958 Letters of credit and travelers' checks sold for cash and outstanding 22,158 37,403 25,643 21,965 23,266 38,415 20,499 25,015 41, 696 26,391 21,641 29,015 Acceptances executed for customers 474, 500 365,671 384,993 486, 548 470,292 425,751 515,046 505, 586 503,595 575,636 721,473 705,001 Acceptances executed by other banks for account of reporting banks 43,087 42,144 40,334 53,608 55,002 42,054 35,917 29, 013 32,042 26,075 22,318 26,008 National-bank notes outstanding 647,994 648,719 647,951 648, 954 650,662 645,956 642,067 650,445 649,390 649,877 646,162 Securities borrowed 40,889 38, 775 42,946 49, 643 45,304 44,631 44,345 41,546 33, 564 29,471 35,936 29,352 Other liabilities 123,910 138,427 158,634 131,650 146,993 138,872 148,108 159,689 152,618 140,851 203,566 209,945 Total.. 37,949,265 39,105,025 39, 053, 35441,425,295 40,075,440 40, 845,18942,029, 64441,118,464 42,810,192 43,155,718 44,888,140 43,581,656 Number of banks. 9,531 9,538 9,539 9,489 9,412 9,375 9,260 9,144 9,087 9,034 1 Securities borrowed by national banks included in securities owned prior to June 30,1926. a Prior to June 30,1925, 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 FEBRUARY 28, 1928, BY CLASSES OF BANES [Amounts in thousands of dollars] All member banks National banks l State bank members Total C se e b r n v a t e r n a k c l s it r y e- s O e b r t v h a e e n r k c r s i e ty - C b o a u n n k t s ry Total C r b e e c a s n i e n t r t y k r v a s e l s O e b t r h v a e n e r k c s i r t e y - C b o a u n n k t s ry Total C r b e e c a s n i e n t r t y k r v a s e l Other re-1 EESOURCES Loans and discounts (including overdrafts) 23,553,894 6,731,936 8,425,581 8,396,377 14,405,632 3,186,438 4,928,842 6,290,352 9,148,262 3,545,498 3,496,739 2,106,025 United States Government securities 4,215,822 1,289,887 1,631,868 1,294,067 2,897,859 706,385 1,124,632 1,066,842 1,317,963 583,502 507,236 227,225 Other bonds, stocks, and securities 6,373,630 1,089,718 1,876,636 3,407,276 4,177,478 511,079 1,027,145 2,639,254 2,196,152 578,639 849,491 768,022 Total loans and investments 34,143,346 9, 111, 541 11,934,085 13,097,720 21,480,969 4,403,902 7,080,619 9,996,448 12,662,377 4,707,639 4,853,466 3,101,272 Customers' liability on account of acceptances 695,319 519,302 159, 928 16,089 375,185 247,239 121,545 6,401 320,134 272,063 38,383 9,688 Banking house, furniture, and fixtures 1,077,529 170,878 402, 593 504,058 711,666 81,246 236,646 393,774 365,863 165,947 110,284 Other real estate owned 180,511 4,633 58, 596 117,282 123,646 1,294 29,769 92,583 56,865 3,339 28,827 24,699 Cash in vault 525,992 65,467 157, 051 303,474 369,115 31,597 96,249 241,269 156,877 33,870 60,802 62,205 Reserve with Federal reserve banks 2,366,605 923,955 800, 687 641,963 1,457,431 465,968 497,466 493,997 909,174 457,987 303,221 147,966 Items with Federal reserve banks in process of collection.. 686,881 211,790 372,695 102,396 454,166 127,809 256,386 69,971 232,715 116,309 32,425 Due from banks, bankers, and trust companies 1,940,619 195,593 803,601 941,425 1,484,120 101,208 586,309 796,603 456,499 94,385 217,292 144,822 Exchanges for clearing house and checks on other banks in same place 1,311,817 991,492 261,336 58,989 715,948 506,438 167,469 42,041 595,869 485,054 93,867 I 16,948 Outside checks and other cash items 134,916 40,256 72,544 22,116 76,897 8,965 50,718 17,214 58,019 31,291 21,826 I 4,902 Redemption fund and due from United States Treasurer.. 32,823 1,925 7,857 23,041 32,823 1,925 7,857 23,041 S O e t c h u e r r i t a i s e s s e b ts orrowed 45 2 6 9 , , 0 2 5 4 0 8 271,5 3 1 5 1 0 1 1 3 5 8 , , 3 3 3 8 4 6 4 1 6 3 , , 1 56 5 4 3 25 1 8 7 , ,6 8 5 5 7 3 151,1 3 7 5 4 0 8 8 2 , , 5 83 2 4 0 2 8 4, , 8 7 4 8 5 7 1 1 9 1 7 , ,1 5 9 9 7 1 120,337 5 6 5 , , 8 5 1 5 4 2 ! 2 4 1 , , 7 3 7 0 7 8 I Total 43,581,656 12,508,693 15,184,693 15,888,270 27,558,476 6,129,115 9,222,387 12,206,974 16,023,180 6,379, 578 5,962,306 i 3,681.296 LIABaiTIES S C u a r p p i l t u a s l s f t u o n c d k paid in 2 2 , , 3 1 4 4 5 4 , , 5 1 1 8 9 2 5 66 8 3 4 , , 4 6 1 5 3 5 7 70 9 1 1 , , 0 4 9 8 6 3 9 7 6 7 9 9 , , 3 6 8 7 1 3 1 1 , , 5 3 3 2 6 9 , , 3 1 6 2 4 1 3 2 5 9 3 4 , , 0 7 7 5 0 0 4 3 8 7 4 2 , , 0 0 5 7 2 1 757, 562 8 8 0 1 9 5 , , 1 0 5 6 5 1 2 31 8 0 9 , , 3 9 4 0 3 5 3 3 0 2 7 9 , , 4 0 3 2 1 5 2 1 1 7 1 5 , , 8 6 1 9 9 3 w Undivided profits, less expenses and taxes paid 914,114 276,370 359,076 558,511 121,276 158,231 279,004 355,603 157,392 118,139 80,072 d Reserved for taxes, interest, etc., accrued 137,345 49,141 50,672 37,532 73,620 19,736 29,579 24,305 63,725 29,405 21,093 13,227 Due to Federal reserve banks 45,360 82 11,013 34,265 33,732 8,468 25,274 11,628 82 2,555 8,991 Due to banks, bankers, and trust companies 4,131,048 1,878,429 1, 795,834 456,785 2,907,838 1,160,989 1,370,338 376, 511 1,223,210 717,440 425,496 80,274 Certified and cashiers' or treasurers' checks outstanding-. 848,064 586,543 177,296 84,225 454,083 263,772 125,932 64,379 393,981 322,771 51,364 19,846 Demand deposits 17,304,646 5,651,742 5, 790,091 5,862,813 10,820,292 2,696,191 3,649,343 4,474,758 6,484,354 2,955,551 2,140,748 1,388,055 Time deposits 12,922,638 1,631,338 4,718,710 6,572,590 7,989, 714 635, 569 2,397,762 4,956,383 4,932,924 995,769 2,320,948 1,616,207 United States deposits 86,032 16,165 49,697 20,170 60,805 6,191 36,796 17,818 25,227 9,974 12,901 2,352 Total deposits 35,337,788 9,764,399 13,543,641 13,030,848 22,266,464 4,762,712 7,588,629 9,915,123 13,071,324 5,001,587 4,954,012 3,115,725 Agreements to repurchase United States Government or other securities sold 21,375 3,593 15,835 1,947 12,524 3,583 7,260 1,681 8,851 10 8,575 266 Bills payable 451,081 96,650 223, 794 130,637 302,199 69,825 133,938 98,436 148,882 26, 825 89,856 32,201 Notes and bills rediscounted 129,811 4,568 65,430 59,813 92,499 3,350 43,227 45,922 37,312 1,218 22,203 13,891 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 454,958 383,655 69,271 2,032 161,742 46,053 1,072 246,091 221,913 23,218 Letters of credit and travelers' checks sold for cash and outstanding 29,015 21,885 6,841 12,155 5,793 6,143 219 16,860 16,092 698 70 Acceptances executed for customers 705,001 524,718 166,460 13,823 375,075 246,803 122,981 5,291 329,926 277,915 43,479 8,532 Acceptances executed by other banks for account of re- Na p t o io rt n in al g - b b a a n n k k s n otes outstandingr 6 2 4 6 6 , , 0 1 0 6 8 2 3 1 8 7 , , 4 8 1 2 3 0 15 6 4 , , 7 6 9 6 2 1 45 1 3 , , 3 0 9 8 6 8 6 1 4 7 6 , ,1 1 6 2 2 1 3 1 8 0 , , 4 02 1 3 3 154,661 453 1 , ,2 0 0 8 4 8 8,887 7,797 192 Securities borrowed 29,352 350 15,334 13,668 17,657 350 8,520 8,787 11,695 6,814 4,881 Other liabilities 209,945 76,865 98,013 35,067 110,137 37,689 61,148 11,300 9,176 23,767 Total 43,581, 656 15,184, 693 15, 888,270 27,558,476 9,222,387 12,206,974 16,023,180 6,379,578 5,962,306 3,681,296 == Number of banks 78 532 8,373 7,728 371 7,322 1,255 43 161 1,051 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON FEBRUARY 28, 1928, BY FEDERAL RESERVE DISTRICTS CO 00 [Amounts in thousands of dollars] Federal Reserve District Total Boston York 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 ci s F c r o an- BESOURCES Loans and discounts (including overdrafts) 23,553,894 1,778,194 7,541,025 1, 602,1032,196,939 1,016,697 882,693 3,473,492 936,842 544,748 787,727 701,468 2,091,966 United States Government securities 4,215,822 267,776 1,341,430 241, 325 434,356 135,934 113,431 542,576 154,298 137,347 189,019 136,835 521,495 Other bonds, stocks, and securities 6,373,630 555,253 1,918,408 735, 823 725,140 193,439 145,030 844,400 283,364 222,571 220,320 66.432 463,450 Total loans and investments 34,143,346 3,601,223 10,800,863 2,579,251 3,356,435 1,346,070 1,141,154 4,860,468 1,374,504 904,666 1,197,066 904,735 3,076,911 Customers' liability on account of acceptances 695,319 83, 648 494,610 15, 950 14, 982 8,681 11,144 34,521 1,906 782 348 4,668 24,079 Banking house, furniture, and fixtures 1,077,529 70,041 241,969 85,133 137,068 62,924 60,201 163,086 41,784 24,216 45,628 42, 587 102,892 Other real estate owned 180,511 7,625 15, 381 16,164 21,222 14,538 14,566 25,928 9,167 12,008 12,098 11,873 19,941 Cash in vault 525,992 42,008 110,164 42,004 58,143 27,408 28,161 80,116 19,095 27,184 23,361 45,545 Reserve with Federal reserve banks 2,366,605 149,208 933,218 141,136 196,926 71,705 70,583 335,785 82,822 53,499 92,138 67,861 171,724 Items with Federal reserve banks in process of collection... 686,881 57,586 228,740 51,922 71,010 36,475 26,354 74.568 36,379 7,264 24,510 36,084 Due from banks, bankers, and trust companies 1,940,619 82,106 188,780 99,071 179,299 97,880 141,847 318,925 110,726 114,559 217,308 152,311 237,807 Exchanges for clearing house and checks on other banks in same place 1,311,817 32,781 951,454 44,262 45,799 15,463 16,721 100,738 17,146 8,321 17,042 8,701 53,389 Outside checks and other cash items 134,916 6,888 31,031 2,744 7,168 2,437 4,822 25.569 3,717 4,969 3,133 38,069 Redemption fund and due from United States Treasurer 32,823 2,289 4,328 2,791 4,090 2,913 2,055 4,211 2,008 1,405 1,674 2,297 2,762 Securities borrowed 29,248 109 556 2,295 9,398 2,007 2,809 6,189 3,242 90 688 384 1,481 Other assets 456,050 43,094 248,726 15,906 17,193 4,704 7,087 57,852 17,972 4,827 3,916 3,339 31,434 Total 1 43,581,656 3,178,606 14,249,820 3,098,629 4,118,733 1, 693,2051,527,504 6,087,956 1, 724,176 1,155,701 1,655,448 1,249,760 3,842,118 LIABILITIES Capital stock paid in.- 2,345, 519 167,049 674,263 164,970 219,315 117,038 100,241 329,910 113,545 63,770 93,427 95,602 Surplus fund 2,144,182 152,020 736,559 290,278 253,235 89,390 68, 573 270,716 62,591 34,569 43,370 44, 569 98,312 Undivided profits, less expenses and taxes paid 914,114 81,760 331, 249 94,834 80,613 35,708 28,027 112,601 32,174 17,169 21,573 55,320 Reserved for taxes, interest, etc., accrued 137, 345 11,888 44, 259 5,788 12,805 5,082 3,926 29,546 3,492 4,241 3,281 2,495 10,542 Due to Federal reserve banks 45,360 6,340 13,948 5,344 4,495 6,234 2,519 3,442 346 148 1,961 583 Due to banks, bankers, and trust companies 4,131,048 178,767 1,608,913 191,776 274, 733 134,847 166,885 590,142 188,990 121,343 272,112 142,033 260,507 Certified and cashiers' or treasurers' checks outstanding 848,064 18,407 575,316 17,036 30,726 9,249 10,353 54,799 11,752 12,467 17,492 14,004 76,463 Demand deposits. 17,304,646 1,345,611 6,113,931 1,098,429 1,422,675 577,863 583,905 2,323,392 669,431 404,246 797,102 669,817 1,298,244 Time deposits 12,922,638 975,087 2,902,196 1,070,330 1,610,144 599,928 458,559 (2,138,482 537,775 460,308 355,464 195,227 1, 619,138 United States deposits 86,032 5,729 17, 542 4,833 9,267 8,525 5,000 7,795 4,370 3,274 5,219 4,122 10,356 Total deposits. 35,337,788 2,529,941 11,231,846 2,387,748 3,352,040 1,336,646 1,227,221 5,118,052 1,412,664 1,001,638 1,447,537 1,027,164 3,265,291 Agreements to repurchase United States Government or other securities sold 21,375 1,000 10,640 47 439 640 1,534 310 151 165 6,449 Bills payable 451,081 35,758 128,313 57.875 60,267 24,623 13,283 44,944 21,040 2,428 4,737 2,710 55,103 Notes and bills rediscounted 129,811 26,331 14,604 8,521 13,957 9,416 20,295 18,871 7,918 1,419 5,036 1,446 1,997 Acceptances of other banks and foreign bills of exexchange or drafts sold with indorsement 454,958 35, 568 373,221 4,635 9,312 4,422 2,093 11,256 1,063 266 12,810 Letters of credit and travelers' checks sold for cash and outstanding 29,015 521 19,648 244 4,726 59 75 2,612 66 46 30 Acceptances executed for customers 705,001 84, 674 497, 675 13,040 15,202 8,610 16,324 1,459 874 343 4,650 27,081 Acceptances executed by other banks for account of reporting banks 26,008 1,901 18,404 3,455 239 143 571 531 243 134 13 374 National-bank notes outstanding 646,162 45,000 85,611 54, 773 80,904 56,736 40,571 83,379 39,889 27,638 33,202 45,536 52,923 Securities borrowed 29,352 109 556 2,295 9,398 2,007 2,911 6,191 3,242 90 688 384 1,481 Other liabilities 209,945 5,086 82,972 10,126 6,281 2,685 3,593 22,544 24,480 1,681 1,689 1,657 47,151 Total .43,581,656 3,178,606 14,249,820 3,098,629 4,118,733 1,693,205 6,087,956 1,155,701 1,655,448 1,249,760 3,842,118 Number of banks 413 934 779 834 ) 561 1,274 731 961 794 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

369 MAY, 1928 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVE POSITION ON FEBRUARY 28, 1928 [Amounts in thousands of dollars] Net demand deposits Reserves with Federal reserve banks Ratio of required Class of bank d a is n t d ri c F t ederal reserve e d D o x e f e c p m l b o u a s a s n i i n t v k s d e , ba D nk u s e , t n o et2 Total de T p i o m s e its m d N a e t n e p i d m t o d s p e i e l t u s - s Required Held Excess 3 p d r d e l t e e u o s p m e s o n r a t v s e i n i e m t t d s s e and Gov- (per cent) ernment deposits1 All member banks 17,304,646 1,901,895 19, 206, 541 12, 922, 638 32,129,179 2,331, 786 2,366,605 34,819 7.3 Central reserve city banks. 5,651, 742 1,103,198 6, 754,940 1,631,338 8, 386, 278 927,082 923, 955 -3,127 11.1 Reserve city banks 5, 790, 091 688, 315 6, 478, 406 4, 718,710 11,197,116 789, 403 800, 687 11,284 7.1 Country banks 5, 862,813 110, 382 5, 973,195 6, 572, 590 12, 545, 785 615,301 641,963 26,662 4.9 All member banks: Boston 1,345.611 65,138 1,410,749 975, 087 2,385,836 149,428 149, 208 -220 6.3 New York 6,113,931 934, 316 7,048,247 2,902,196 9,950,443 924,440 933, 218 8,778 9.3 Philadelphia.... 1,098,429 78,080 1,176, 509 1, 070,330 2, 246, 839 134, 723 141,136 6,413 6.0 Cleveland— 1, 422,675 107, 556 1,530, 231 1,610,144 3,140,375 183, 971 196,926 12, 955 5.9 Richmond 577,863 44,433 622, 296 599,928 1, 222, 224 69,883 71, 705 1,822 5.7 Atlanta 583,905 46, 252 630,157 458, 559 1, 088, 716 67, 581 70, 583 3,002 6.2 Chicago 2, 323, 392 271,107 2, 594, 499 2,138,482 4, 732,981 339, 021 335, 785 -3,236 7.2 St. Louis 669, 431 78,485 747,916 537, 775 1, 285, 691 82, 220 82,822 602 6.4 Minneapolis 404, 246 50,138 454, 384 460,308 914, 692 51, 367 53, 499 2,132 5.6 Kansas City 797,102 88, 275 885,377 355,464 1, 240,841 87,881 92,138 4,257 7.1 Dallas 669, 817 42, 862 712, 679 195, 227 907,906 64, 547 67, 861 3,314 7.1 San Francisco-_. 1, 298, 244 95, 253 1,393, 497 1, 619,138 3,012, 635 176, 724 171, 724 -5,000 5.9 Central reserve city banks: New York 4, 638,810 903,447 5, 542, 257 1,101, 537 6,643, 794 753, 540 756, 235 2,695 11.3 Chicago 1,012,932 199, 751 1, 212, 683 529, 801 1,742,484 173, 542 167, 720 -5,822 10.0 Reserve city banks: Boston 656,286 57,756 714,042 280,696 994, 738 79,826 79,163 -663 8.0 New York 362,958 19,118 382,076 310,545 692,621 47, 523 48,654 1,131 6.9 Philadelphia.... 599, 089 76,204 675,293 1*33,392 908,685 74,531 78, 563 4,032 8.2 Cleveland 848,002 103,681 951,683 822,971 1,774,654 119,858 129,496 9,638 6.8 Richmond 247,236 30,242 277,478 166,745 444,223 32, 750 34,026 1,276 7.4 Atlanta 286, 565 37,205 323,770 203,169 526,939 38,472 39,238 766 7.3 Chicago 629, 698 53,308 683,006 717,581 1,400. 587 89, S28 88,622 -1,206 6.4 St. Louis 394,394 63,394 457, 788 263, 598 721,386 53,687 53,008 —679 7.4 Minneapolis 149,999 41,662 191,661 105, 945 297,606 22, 345 23,104 759 7.5 Kansas City... 426,384 81,663 508,047 168,258 676,305 55,853 57,939 2,086 8.3 Dallas 258,103 35,259 293,362 110,732 404,094 32,658 33,572 914 8.1 San Francisco. _. 931,377 88,823 1,020,200 1,335,078 2,355,278 142,072 135,302 -6, 770 6.0 Country banks: Boston 689,325 7,382 696,707 694,391 1,391,098 69,602 70,045 443 5.0 New York 1,112,163 11,751 1,123,914 1,490,114 2,614,028 123,377 128,329 4,952 4.7 Philadelphia.... 499,340 1,876 501,216 836,938 1,338,154 60,192 62,573 2,381 4.5 Cleveland 574,673 3,875 578,548 787,173 1, 365, 721 64,113 67,430 3,317 4.7 Richmond 330,627 14,191 344,818 433,183 778,001 37,133 37,679 546 4.8 Atlanta 297,340 9,047 306,387 255,390 561,777 29,109 31,345 2,236 5.2 Chicago 680, 762 18,048 698,810 891,100 1,589,910 75,651 79,443 3,792 4.8 St. Louis 275, 037 15,091 290,128 274,177 564,305 28,533 29,814 1,281 5.1 Minneapolis 254,247 8,476 262,723 354,363 617,086 29,022 30,395 1,373 4.7 Kansas City 370,718 6,612 377,330 187,206 564,536 32,028 34,199 2,171 5.7 Dallas 411,714 7,603 419,317 84,495 503,812 31, 889 34,289 2,400 6.3 San Francisco... 366, 867 6,430 373,297 284,060 657,357 34,652 36,422 1,770 5.3 * Exclusive also of certified and cashiers' or treasurers' checks outstanding. * 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. * Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-FEBRUARY, 1928 CO O [Amounts in thousands of dollars] Loans and investments Date Total Loansl Inv G e U s o t v . m S e . r e n n - ts Other b f D a ro n u m k e s , s C p u v u r a a r i n o d p 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 s5 d D e e p m os a i n t d s3 de T p i o m s e its U S p n o t d a i s e t t i - e e ts s d b D a u n e k s t o * d d e e N p m o e a s t n it d s t d G d im e e m o N m p e v e o e e a n a s t r n i t n n t d s d - R F r b e e w e a s d s e n i e e t r k r h r v v a s e e l p c r a B o e a y u d n i a l n i d l b s s t - l s e r N b b e a e i p u n n r o m g k r o t s - f - Total ment securisecurities 1922 Mar. 10 23,418,982 17,161,135 6,, 257,8472,754L, 846 3i,, 503,0011, 613,918 4,185i,, 017 23,641,418 13,484,054 6,662,398 329, 503 3,165,463 14,479,460 21,471,3611, 722, 637 9,816 J D u e n c. e 2 3 9 0 ... 2 25 4 , , 3 7 5 68 8 , , 0 5 1 0 4 31 1 8 7 , , 0 2 8 9 0 5 , , 7 9 8 4 7 3 7 7, ,, ,0 68 6 7 2 , , 7 0 1 7 6 1 3 3 ; , 2 7 4 8 6 8 , ; 8 3 2 7 4 7 Z 3 ;t , , 8 8 9 1 9 5 , , 3 2 3 4 9 7 1 1 1 , , 8 6 0 4 5 6 , , 5 7 7 7 9 3 4 4 , , 3 2 6 1 3 3 , 1 !, ,, 99 9 1 1 19 4 9 2 2 255 7 ,, , 5 2 51 7 16 1 6,; , 8 6 0 8 4 7 1 1 5 5 , ,0 6 033 7 55 2 ;, , 1 7 17 4 79 1 9 7 7, , 6 1 4 7 4 5 , , 8 0 8 0 1 5 4 1 6 5 1 6 , , 7 1 9 1 9 8 3 3 , , 1 4 5 9 0 2, , 3 3 8 8 3 5 1 16 5 , , 1 5 8 0 6 9 , , 0 9 7 8 3 3 2 2 2 4 , , 8 2 4 9 0 3 , , 1 9 6 6 6 3 1 1 , , 8 3 9 5 3 , 9 1 , 1 0 6 28 8 7 7 2 7 2 , , 5 74 2 4 7 9 9 , , 8 85 9 9 2 1923 Apr. 3 26,332,193 18,571,825 7,760,3683,883,266 31,,877,1021,774,287 4,355, 582 27',1,8 218,42,59 15,127,221 8,142, 574 404,427 3, 508, 237 1.6,, 0.68 ,.1,7 1 24\,, 6,1.5.,.11,7.7.2. .1. ,908,586 967,819 9,850 J S u e n p e t. 3 1 0 4 2 2 6 6 , , 4 6 9 7 7 5 , ,0 5 0 5 5 2 !1 1 8 8 , , 8 8 8 5 0 7 , , 0 1 5 00 8 , 7 7 , , 6 7 4 9 0 4 , , 4 9 5 4 2 7 3 3, , 8 7 7 2 0 2 , ,4 2 4 3 1 2 3 3 I, , ,9 9 2 18 4 , ,7 0 1 1 5 1 1 1 , , 6 5 4 9 0 6 , ,1 1 8 7 4 8 4 4 , ,3 43 6 6 7 , ,0 2 7 3 8 2 2 2 7 6 r, , ,0 9 5 1 03 4 5, , 3 2 , 7 0 1 2 8 1 1 5 5 , , 1 1 6 0 1 0 , , 0 5 5 5 9 1 8 8 , , 3 4 7 6 8 6 , , 4 2 1 1 6 1 2 1 9 4 6 4 , , 4 47 8 8 2 3 3 ,1 i,, , " 2 2 0 ~1 3 7 , ,4 2 5 7 0 3 1 1 6 5 , , 8 0 9 3 2 0 , , 2 7 6 2 7 5 2 2 4 4 t,) , 57 7 00 0 5) 3 5 , , 1 •4 6 1•; 1 8 1 1 1 , , 8 8 6 7 8 1 , , 9 0 2 1 6 5 1 1 1 , , 1 0 2 7 1 3 , , 3 2 6 1 2 1 9 9 , , 8 8 5 4 6 3 d Dec. 31 26, 738,130 1199,051,686 7,686,4443,641,132 4,045,3121,824, 348 4,377, 566 28,486, 613 16,086, 7318, 650, 610236, 942 3:,, 512, 330 16', 356,379 25, 243', 9311,900,153J 1,017,644 9,774 1924 Mar. 31.. 26,832, 034 19,175, 713 7, 656, 3213, 569, 653 :4,, 086, 6681,643, 739 4,468,444 28, 248,08115, 586, 676 8,889, 923 291, 767 3, 479,715 16, 089, 676 25, 271, 366 1, 893,301744,515 9,681 June 30 27, 261,559 19,264,019 7,997, 540 3,60'7,, —7 9'7[ , 43,89, 743|1,940,197 4,486,475 29,529, 56116,292,969 9,203, 545 178,946 3!,, "854,101 16,802,176 26,184, 667J1,965,453 502,907 9,650 Oct. 10 28, 450, 644 19,819,898 8,630, 746 3,894[,, 62[0, 74,36,126j2,430,462 4, "5 94"; 105 30,*7~72,057 16,382,939 9, 597,395 301, 803 4:,, 489,920 17, 781,391127, 680,589 2,121,428 432, 747 9,635 Dec. 31 29,026,588 20,181,309 8,845, 279 3; 902; 793 4,942,486 2,339,488 4,531, 726 32,361,652 17, 766,469 9,804,738 242,4824,:, 547,963 18,446,119 28, 493,339 2, 227,569 656, 743 9,587 GO* 1925 Apr. 6 29,284, 939 2200,,338899,,7700288,,889955,,23377 3,915,997 4,979, 240 2,090, 754 4, 669,039 31, 226, 527 16, 606, 548 10,126,980 411,619 4,081,38017,', 685,631 28,224, 230 2,091, 545 700,196 9,531 June 30 29, 702, 525 2200,,881144,,118800 88,888888,3344553,802,370 5,085,975 2,017,454 4,689,980 32,420,480 17,844, 555 10,381,486 117766,,665533 44,,0 01177,, 786 18, 239,939 28, 798, 078 2,190,991 717, 701 9,538 S D e ec p . t . 3 2 1 8 3 31 0 , , 1 3 9 6 9 9 , , 5 0 1 5 6 8 2 2 2 22 1 2 1 , , , 4 4 2 2 , 55 7 7 0 5 0 3 5 ,, , 3 7 7 2 3 3 8 , 5 8 , 8 , 8 9 9 , 1 1 9 8 8 2 , 4 6 6 , 8 8 5 5 231 3 3 , , 7 7 8 6 5 1 , ,0 4 6 1 5 25 5 , ,1 1 6 33 3 , , 1 2 6 7 6 3 1 2 2 , , 1 0 5 3 5 1. , , 3" 1 0 3 6 0 " 4 i' ,6 6 8 7 7 7 , , 7 9 8 3 7 3 3 3 4 2 , , 2 0 2 4 8 9 , , 2 1 0 6 1 8 1 1 9 7 , , 0 4 5 2 0 6 , , 4 2 6 1 0 2 1 10 0 , , 4 65 6 3 7 , , 2 02 3 8 7 3 2— 0 7 4 8 , ,22 1 1 3 1 " 1 1 1 33 4 ,, , 88 2 77 2— 77 0 ,, , 5 5 0 8 8 2 1 1 8 9 , , 2 2 3 3 2 7 , , 5 7 3 2 8 7 2 3 8 0 , , 9 1 7 9 7 4 ,9 , 8 8 6 & 2 2 , , 0 2 4 3 7 8 , , 1 2 1 3 1 3 1, 8 0 7 1 6 1 , , 6 8 6 1 2 2 9 9 , , 5 4 3 8 9 9 I w 1926 Apr. 12 31,070,003 22,006, 308 9, 3,831,0785, 232, 617 1,933, 501 4,826,066 32,870, 217 17,686,614 10,.9 54.,747379,450 3,849,406 18, 368, 685 29I,, 702,882i2,135,948 840, 858 9,412 June 30 31, 390,887 22,267,479 9,123,4083 744 929 5 980,051 4,832,205 33, 723, 572 18, 342, 735 11.,, 172,863227,647 3, 980,327 18,766,357 30I,,116666',8, 6876172J,2 ,2 3263,61,72 818,911 9,375 Dec. 31 31,896,221 22,906, 550 8,989, ""3^ 388^ 963 5*, 600', 708 2,065; 518 4; 944', 313 34; 508,165 18', 779; 750 ll.j, 439,859234,116 4,054, 440 18, o9m0 i; °8™29™ 30 ," 5*7 5<,"8"!0«4> 20,1 2 n10,048 1, 014,372 9,260 1927 J M u a n r e . 3 2 0 3 3 32 2 , , 9 1 6 5 7 4 , , 3 0 4 0 6 0 22 2222 33 ,, ,1 1 55 44 33 88 22 , ,, 77 44 22 11 66 99 99 99 ,, , 8 6 1 2 8 1 , , 2 9 7 2 4 7 Z, 796 , ^ 3 15 4 1 7 > 16 5 ,' , 0 , , 7 2 8 10 6 ,2 , i 7 ; 7 6 9 2 1 , 1 7 , 9 8 1 9 6, 6 89 , ,6 3 "8" 8 ; 3 3 5 2 , 6 0 8 5 5 ; , 9 1 8 47 0_ ; 3 3 3, 9 8 7 2 35 5 ; ,1 3 9 5 0 0 ; 1 9 7 5 ,6 8 1 1 9 8 , ; 2 7 3 9 1 9 1 ; 1 8 ,8 4 1 9 ^ 7 1g , 2 6 3; 9 4 2 4 09; 4 21 0 J7 6 , ,8 6- 5 2 0 2 3 •4 1, ,1 ,8 2 8 3 1 , , 6 4 5 1 3 5 1 1 9 8 , , 2 5 0 1 8 6 , , 0 5 4 4 1 9 3 3 1 0 , , 6 7 3 4 5 1 , , 4 0 9 9 7 3 , 2 2 , , 2 3 8 2 0 1, , 4 4 3 1 9 4 5 5 4 4 1 6 , , 4 2 3 4 3 8 9 9 , , 1 0 4 9 4 9 Oct. 10 33,450,788 2233,,449911,,, 55 5222000 99 ,9,9,95599,, 2266883,856,149 6,110033,119 2, 077,441 5, 294, 538 35,449, 768 18,352,370 12,459, 248435,475 4, 202,675 19,143,905 32,038, 628 2, 319, 736 528, 215 9,087 Dec. 31.. 34, 678, 880 2244, 331188, 361 1003,636005,159193,977,557 6,382,962 2, 209,831 5, 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 1928 Feb. 28 34,143,346 23,553,894 10,589,4524,215, 822 6,373,6301,940, 619 5, 403,815 35,337, 788 18,152, 710 12,922,638 86, 032 4,176, 408 19, 206, 541 32, 215, 2112, 366, 605 580, 892 1 Including discounts, rediscounts, and overdrafts. 2 Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks. 3 Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks. * Including due to Federal reserve banks and due to foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

. MAY, 1928 FEDERAL RESERVE BULLETIN 371 STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS ABSTRACT OF REPORTS FOR THE LAST SIX MONTHS OF 1927, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] 1 Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas c F i S s r c a a o n n - i Gross earnings: Interest- O O n n l i o n a v n e s s t 2 ments 3 2 8 3 5 2, , 9 2 9 7 0 1 1 6 4 , , 8 4 1 5 6 0 8 3 7 4 , , 6 2 7 8 8 6 1 7 1 , , 5 0 4 0 5 3 3 1 2 0 , , 2 5 0 7 9 6 5 1 , ,0 3 0 8 1 3 6 1 , ,0 3 9 4 2 8 4 1 1 3 , , 3 7 7 9 6 7 9 3 , , 7 3 6 7 0 2 1,4 3 1 8 9 3 1 1 , , 8 1 3 0 6 0 1,34 6 8 8 2 5 0 , , 2 1 3 8 5 0 On balances with other banks 4,364 358 923 145 641 139 175 903 240 50 125 57 608 Unclassified 734 9 35 16 156 263 244 Domestic exchange and collection charges 2,037 66 208 31 114 86 228 625 352 55 23 95 154 Foreign department 8,933 94 7,591 14 195 104 146 475 25 1 12 1 275 Commissions received... 10,264 437 5,666 196 398 173 320 2,210 599 63 19 17 166 Trust department 20,851 1,165 8,086 3,044 2,567 286 328 3,465 494 53 108 1 1,254 Profits on securities sold. 24,108 2,040 9,755 1,790 3,096 572 339 4,622 986 15 140 5 748 Other earnings 34,627 950 13, 751 1,005 3,881 489 1,205 8,272 1,542 80 1,276 87 2,089 Total earnings 424,179 26,376 167,953 24, 773 53,712 8,249 10,337 76,008 17,614 2,119 4,639 1,679 30,720 Expenses: Salaries and wages 84,958 4,417 33,518 4,768 9,799 1,701 2,107 16,088 3,698 453 971 564 6,874 Interest- On borrowed money2 4,404 140 1,421 266 410 99 458 591 718 9 36 38 218 On deposits- Bank 11,812 497 5,845 344 1,413 338 487 1,577 387 64 266 41 553 Demand _ __ 53, 247 4,959 26,646 3,361 5,375 602 925 7,186 1,460 106 676 79 1,872 Time 77,068 5,772 20,296 3,931 14,529 1,658 1,379 15,971 3,197 533 334 106 9,362 Unclassified 884 57 85 593 147 2 Taxes 20,322 1,284 5,625 1,270 3,062 563 932 4,918 1,054 115 160 109 1,232 Other expenses 49, 630 2,750 18,955 3,014 4,910 1,030 1,538 10,157 2,178 240 905 290 3,661 Total expenses 302, 325 19,819 112,363 16,954 39,583 5,991 7,826 57,081 12,839 1,522 3,348 1,227 23, 772 Net earnings 121,854 6,557 55,590 7,819 14,129 2,258 2,511 18,927 4,775 597 1,291 452 6,948 Recoveries on charged-ofl assets: Loans and discounts 3,324 168 1,341 23 231 42 114 583 335 61 79 63 284 Bonds, securities, etc 1,988 162 1,182 166 44 1 139 229 2 2 61 All other 2,749 275 464 18 719 410 242 367 54 5 31 19 145 Total net earnings and recoveries 129,915 7,162 58, 577 8,026 15,123 2,711 2,867 20,016 5,393 665 1,403 534 7,438 Losses charged off: On loans and discounts 18, 632 1,482 4,025 382 2,402 916 1,368 2,913 1,233 335 548 394 2,634 On bonds, securities, etc. 7,131 460 2,884 152 980 536 414 456 301 31 38 9 870 On banking house, furniture, and fixtures 6,220 162 1,639 386 883 397 86 954 229 37 9 42 1,396 All other losses 3,476 219 494 128 468 60 117 416 149 54 451 225 695 Total losses charged off- 35,459 2,323 9,042 1,048 4,733 1,909 1,985 4,739 1,912 457 1,046 670 5,595 Net additions to profits 94,456 4,839 49, 535 6,978 10,390 802 882 15, 277 3,481 208 357 5 136 1,843 Dividends paid 60,960 3,131 27,339 4,961 7,052 1,176 1,713 8,984 2,138 149 500 272 3,545 Capital stock paid in * 810,071 45, 275 324, 555 53,838 93,445 20,848 24,651 132,426 39,990 4,087 8,990 5,882 56,084 Surplus fund * 810,552 47,437 324, 375 93,745 120,408 15,163 15,316 133,652 25,801 1,758 3,390 2,368 27,139 Total capital and surplus 1,620,623 92, 712 648,930 147, 583 213, 853 36,011 39,967 266,078 65,791 5,845 12,380 8,250 83, 223 Percentage of net profits to capital and surplus (annual basis): 1927—Last 6 months 11.7 10.4 15.3 9.5 9.7 4.5 4.4 11.5 10.6 7.1 5.8 S3. 3 4.4 1927—First 6 months 12.1 12.9 14.0 11.2 10.6 10.6 11.2 10.7 10.9 .7 7.4 8.6 11.2 1926—Last 6 months 12.0 8.0 14.7 10.0 11.0 7.1 4.4 13.7 8.6 3.8 9.3 5 4.1 11.3 1926—First 6 months—— 12.5 10.3 14.9 10.4 19.1 10.3 13.1 13.9 12.2 2.8 9.7 10.9 15.5 Number of banks 4 . .__ 1,275 37 166 90 109 52 84 308 111 61 27 98 132 1 In comparing these figures with those of the last half of 1926 and earlier dates it is necessary to allow for the taking out of a national charter by the Bank of Italy, formerly a State bank member. 2 Including discount. s Including dividends. * As on Dec. 31, 1927. * Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS i, V / f — BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis