Federal Reserve Bulletin, 1928-06

FEDERAL RESERVE BULLETIN JUNE, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Security Loans and Reserve Bank Policy British$Currency and Bank-Notes Bill Currency and Banking Reform in Greece Condition of All Banks in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex oflacio members: ROY A. YOUNG, Governor, EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL. Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re- J. F. HERSON, Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No.2 (NEW YORK) JAMES S. ALEXANDER. District No.3 (PHILADELPHIA) L. L. RUE. District No.4 (CLEVELAND) HARRIS CREECH. District No.5 (RICHMOND) JOHN F. BRUTON, Vice President. District No.6 (ATLANTA) P. D. HOUSTON. District No.7 (CHICAGO) FRANK 0. WETMORE, President. District No.8 (ST. Louis) W. W. SMITH. District No.9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) P. W. GOEBEL. District No. 11 (DALLAS). B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman G overnor 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 le e r . - , J R . a W y . M Jo . n G es id .1 ney.1 G. L. Harrison J. E. Crane.1 E. R. Kenzel W. B. Matteson.1 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 Win. W. Hoxton.. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.1 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.» John H. Blair K. C. Childs.2 J. H. Dillard.2 D. A. Jones.1 O. J. Netterstrom.* St. Louis. Wm. McC. Martin D. C. Biggs 0. M. Attebery A. H. Haill.J F. N. HalU S. F. Gilmore.1 J. W. RinklenV 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 t . ry.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 RESERVE BANKS Federal Reserve Bank of—• Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch __ C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch- W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarinJr. 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 FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will befsent to all member banks without charge. To others the subscription price, which covers thefcost 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 Pago Review of the month—Security loans and reserve bank policy 3 73 Condition of all banks in the United States 376, 441-444 British currency and bank-notes bill 393 Currency and banking reform in Greece 396 Annual report of the National Bank of Austria 396 Annual report of the National Bank of Yugoslavia 403 Annual report of the Central Bank of Chile 410 National summary of business conditions - 377 Financial, industrial, and commercial statistics 378-392 Reserve bank credit (378)—Monetary gold stock of the United States (379)— United States money in circulation (379)—Money rates: Federal reserve bank rates, Open-market rates, Rates charged customers (380-381)—Member bank credit: All member banks, Reporting member banks in leading cities (382)—Bankers' balances of reporting member banks (383)—Bankers' acceptances and commercial paper outstanding (383)—Brokers' loans (384)—Commodity prices, security prices, and security issues (385)—Production, employ* ment, and trade (386)—Industrial production (387)—Factory employment and pay rolls (388)—Building (389)—Trade and distribution: Freight car loadings (390)—Wholesale trade (390)—Retail trade: Department stores, mail-order houses, chain stores (391)—Bank suspensions and commercial failures (392). Financial statistics for foreign countries . 415-425 Condition of central banks (415)—Condition of commercial banks (417)—Discount rates of central banks (417)—Money rates (418)—Gold exports and imports (419)—Foreign exchange rates (420)—Price movements: Wholesale prices, retail food prices, cost of living (421-423)— Industrial statistics for England, France, Germany, and Canada (424). Ruling of the Federal Reserve Board—Deposits of mutual savings banks, Morris Plan banks, credit unions, building and loan associations, and cooperative banks 426 Law department—State member banks as depositaries of public moneys; amendment to Federal reserve act 426 Changes in national and State bank membership 427 Fiduciary powers granted to national banks 427 Detailed banking statistics for the United States _ _._ 428 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 14 JUNE, 1928 No. 6 REVIEW OF THE MONTH bank borrowing at the reserve banks, and the volume of discounts in May was larger than Volume of bank credit continued to increase at any other time in the past four years. in recent weeks, and in the middle of Mayloans and investments of mem- Heavy indebtedness of member banks at the Further growth , i T .i •.. ... reserve banks was accompanied by a rise in of security loans. ber banks m leadmg Clties were open-market rates, and particularly in the \ at a new high level. The growth rate on call money. Discount rates at the in bank credit has been continuous and rapid New York, Philadelphia, Cleveland, Atlanta, since the seasonal low point in the latter part Dallas, Kansas City, and San Francisco reserve of February. Since that time the total volume banks have been raised since the beginning of of credit extended by the reporting member May from 4 to 43^ per cent, and this rate is now banks has increased by nearly $1,000,000,000. in effect in all of the Federal reserve banks. Until the middle of April this growth reflected The total volume of reserve bank credit, as in about equal measure increased spring demeasured by combined holdings of discounts, mands for bank accommodation by trade and Growth of re- acceptances, and United States industry and growth in the volume of stock serve bank securities, was larger in the exchange loans. Since that time there has credit. middle of May, with the excepbeen no further growth in the commercial detion of two December seasonal peaks, than at mand for credit, and the entire increase has been in holdings of securities and in loans on any other time since the beginning of 1922. stocks and bonds, and particularly in loans to The growth during April and May, furtherbrokers and dealers in securities on the New more, was more rapid than at the same season York Stock Exchange. Accompanying an un- of any other year since 1918. During the precedented volume of transactions on the period from the beginning of last September, exchange and a continued rise in security when the present outflow of gold began, to the prices, the volume of so-called brokers7 loans middle of May, the volume of reserve bank reached a record figure in the beginning of credit outstanding increased by about $400,- April and continued to increase until the 000,000. During these eight months about middle of May. In view of the rapid expan- $400,000,000 of gold was lost from the monetary sion of bank credit, in the absence of additional stock of the United States, but the demand for commercial demand, and the increasing volume reserve bank credit from this source was offset of bank loans used to finance transactions in in part by a return flow of about $125,000,000 securities, the Federal reserve banks pursued of currency from circulation, so that the net effect further the policy begun in January of selling of these two factors for the period was to give rise Government securities, and thereby withdraw- to an increase of $275,000,000 in the demand for ing funds from the money market. Additional reserve bank credit. At the same time the withdrawals of funds were caused by the con- reserve requirements of member banks intinued demand for gold for export. As a con- creased by $125,000,000, occasioning an equivsequence of these withdrawals and some in- alent further increase in the demand of member crease in the reserve requirements of member banks for credit at the reserve banks. The banks there was a large increase in member total increase of $400,000,000 in reserve bank 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN JUNE, 1928 credit, therefore, for the eight months was the that short-time fluctuations in the volume of resultant of gold exports in excess of a decrease reserve bank credit are generally not due to in the demand for currency, plus a consider- changes in the volume of member bank credit able growth in member bank reserve require- but to other causes, chiefly changes in the ments. demand for currency and in gold movements in For the period between the beginning of and out of the country. September and the middle of May, while the On the chart there is shown a line indicating Relation be- v°lume °f reserve bank credit changes in the demand for reserve funds arising tween member outstanding increased by about from the combined changes in money in circulabank and re- $400,000,000, deposits of mem- tion and in monetary gold stock, another line serve bank k banks subject to reserve re- indicating changes in demand for reserve bank er credit, quirements increased by about credit arising from changes in member bank $1,700,000,000. This growth in member bank reserve requirements, and a third line showing deposits, however, which reflects an equivalent actual changes in the volume of reserve bank growth of their loans and investments, caused credit. It is apparent from the chart that gold movements and changes in currency demand have determined the major short-time fluctua- RESERVE BANK CREDIT VOLUME AND PRINCIPAL SOURCES OF DEMAND tions in the volume of reserve bank credit, and that changes in member bank balances have been a relatively minor factor. When a member bank requires additional currency or gold to meet a demand from the public, it is generally not in a position to meet this demand out of its own resources, since it carries no considerable amount of excess reserves, and it is obliged, therefore, to borrow from the reserve bank an amount equivalent to the gold or the currency which it has to pay out. If, on the other hand, the member bank extends an additional loan and the deposit created by the loan increases its reserve requirements, this increase in reserves, and consequently in the demand for additional reserve bank credit, will be, on the average, 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 only $7.50 per hundred dollars of the deposits Curves show changes by months in absolute figures and are drawn to one scale. Figures used for volume of reserve bank credit and thus created. In other words, a demand by the changes in member bank reserve balances are monthly averages of public for $100 in currency or an equivalent daily figures. Underlying figures for money in circulation and monetary gold stock are averages of end-of-month figures for two con- foreign demand for gold increases the demand secutive months. for reserve bank credit by the full $100, while a growth of only $125,000,000 in member bank a demand for an additional $100 in loans reserve requirements. Growth of member bank increases the demand for reserve bank credit credit, in fact, is rarely an important factor in on the average by $7.50. The same relationany considerable growth in the demand for re- ship holds when the movement is in the opposite serve bank credit, because an increase in loans direction. A decrease of $100 in the demand and investments of member banks, which is re- for currency or for gold diminishes the demand flected in a corresponding increase in their for reserve bank credit by the full $100, while a deposits, increases the required reserves by decrease of $100 in the demand for bank only a fraction—about one-thirteenth—of the deposits decreases the demand for reserve bank increase in bank deposits. It is for this reason credit on the average by $7.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 JUNE, 1928 FEDERAL RESERVE BULLETIN Large or rapid reductions in reserve bank credit terrupted. The consequent increase from year have occurred only during periods of large gold to year in member bank reserve requirements, imports or of a considerable inflow of currency though it is only a small proportion of the infrom circulation. For example, when the vol- crease in member bank deposits, is nevertheume of reserve bank credit declined from about less an important and continuous factor in the $3,300,000,000 in December, 1920, to $1,300,- long-time growth of the demand for reserve 000,000 in January, 1922, this decrease of bank credit. A closer examination of the chart $2,000,000,000 reflected a decline of more than on page 374 indicates that in 1924, when gold $1,000,000,000 in currency and an increase of imports (in the absence of currency growth) were a factor diminishing the demand for remore than $750,000,000 in gold stock. And alserve bank credit, the outstanding volume of though the volume of member bank credit dethis credit remained nevertheless unchanged, a creased by more than $2,000,000,000 during the period, the change in member bank reserve bal- BILLIONS OF DOLLARS BILLIONS OF DOLLARS ances was only about $50,000,000. 40 TOTAL LC)ANJSAND ItIVE<>TMENTS Deposits of member banks are built up C LL 1MENIBEF \NK! primarily through the extension of loans and 35 35 the purchase of securities, the / *** gr Jwth.t0 year Proceeds of which remain on de- 30 J 30 posit either in the bank that / makes the loan or the investment or in another 25 25 bank. The growth of member bank deposits, t/ in turn, increases their reserve requirements to 20 20 an extent depending on the character of the deposit and the location of the bank. If the 15 A/ 15 deposit is on time the reserve required is 3 per cent, if it is on demand it is 7, 10, or 13 per 10 10 cent, depending on whether it is in a country 5 5 bank, a reserve city bank, or a central reserve city bank. On the average the reserves carried 0 n by member banks against their entire deposits, 1915 1916 1917 1918 1919 1920 1921 19221923 19241925 1926 1927 1928 Figures for call dates. Growth of loans and investments before 1919 subject to reserve requirements, are about 7.5 reflects in part the effect of additions to membership of the Federal per cent, or in the ratio of $1 in reserves to $13 reserve system in deposits. When member banks increase condition directly related to the growth during their loans and investments by $1,000,000,000, 1924 in member bank reserves. Similarly, in therefore, they require about $75,000,000 of ad- 1927, disregarding seasonal fluctuations, the ditional reserve bank credit. In the ordinary net increase in reserve bank credit was directly course of developments in the United States related to the increase in member bank reserve the volume of bank credit commonly increases requirements. At a time when member bank from year to year, largely in response to the credit decreases, which has occurred on infregrowing needs of trade and industry. In fact, quent occasions, as already indicated, the desince the establishment of the reserve system crease in the demand for reserve bank credit in 1914, there was only one period, between the caused by the reduction in member bank reend of 1920 and the beginning of 1922, when serve requirements has been relatively small. the volume of bank credit showed a considerable In order to reduce their reserve requirements, decrease, as is brought out by the chart. The and consequently their demand for reserve growth in member bank credit is slower in some bank credit, by any considerable amount, such as for example, $100,000,000, the member years, such as 1926, and more rapid in other banks would have to reduce their deposits, years, such as 1927, but it is practically unin- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JUNE, 1928 through the contraction of their loans and in- bank credit, and the traditional reluctance of vestments, by between $1,000,000,000 and member banks to remain continuously in debt $1,500,000,000. Such a contraction is gener- at the reserve banks, exert a continuous presally not practicable in a short period of time, sure on the member banks. That these banks, because the member banks have certain respon- in turn, pass the pressure on to the borrowing sibilities to their customers and are reluctant public is evidenced by the rise in open-market to dispose of large amounts of their investments money rates and the closer scrutiny to which at a time of credit pressure. many loans are subjected. Unless a change The relatively large contraction in member occurs in the direction of gold movements, or bank credit necessary to bring about any con- in the open-market policy of the Federal reserve siderable decline in the demand system, the only means by which the member Reserve bank j bank credit has an banks will be able to reduce their debt at the or reserve important bearing on credit reserve banks is a sale of investments or a policy. During recent months increasing pres- gradual contraction of their loan account. sure on member banks through gold exports, MfUfONS OF DOLLARS MtLUOHS Of DOLLARS Advances in Discount Rates Advances of discount rates from 4 to 43^ per cent on all classes of paper of all maturities were made at the following Federal reserve banks, effective on the dates indicated: Dallas, May 7; Philadelphia, May 17; New York, May 18; Cleveland, May 25; Atlanta, May 26; San Francisco, June 2; and Kansas City, June 7. CONDITION OF ALL BANKS IN THE UNITED 1923 1925 1926 STATES Bank loans and investments in the United security sales by the reserve banks, and ad- States aggregated about $55,750,000,000 at the vances in rediscount rates has not had the effect end of February, 1928, as shown by figures for of arresting the rapid expansion of member all banks in the country recently made available bank credit. The policy of the reserve banks, and given in detail, by districts and by States, however, has resulted in greatly increasing the elsewhere in this BULLETIN. The decline for indebtedness of member banks to the reserve the first two months of the year, about $100,000,000, reflected a decrease in loans of banks. In the middle of May discounts by the about $470,000,000 and an increase in investreserve banks for member banks amounted to ments of about $370,000,000. The figures are. $800,000,000, the largest amount in more than summarized in the following table: four years, and in addition the reserve banks held $350,000,000 in acceptances purchased LOANS AND INVESTMENTS OF ALL BANKS IN THE from the member banks and from dealers. UNITED STATES That the growth in member bank indebtedness [In millions of dollars] has been wide-spread is indicated by the chart, which shows reserve bank discounts for member ba A n l k l s M b e a m nk b s er m b N e a o m n n k b - s er banks in New York City, in other leading Feb. 28,1928: cities, and for other member banks. Advances Loans . _ ... 37,925 23,554 14,371 Investments 17,826 10,589 7,237 in rediscount rates and in buying rates on bills, Total 55,751 34,143 21,608 furthermore, have increased considerably the Change from Dec. 31,1927: Loans . -471 -764 +293 cost to member banks of their indebtedness to Investments. +367 +228 +139 the reserve banks. This higher cost of reserve Total -104 -536 +432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 JUNE, 1928 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS Volume of industrial production continued stores, after adjustment for seasonal changes, large during April, reflecting chiefly increased were in about the same volume as in March output in metal industries, while activity in and slightly smaller than a year ago. industries producing food and clothing de- Freight-car loadings showed an increase becreased. Wholesale and retail trade also de- tween the beginning of April and the middle of clined. The general level of wholesale com- May, but continued smaller than a year ago modity prices increased in April, reflecting for most classes of commodities. advances in farm products. There were large Prices.—The general level of wholesale comexports of gold in April and May, member- modity prices, as indicated by the index of the bank loans and their borrowings at the reserve Bureau of Labor Statistics, increased from 96 banks continued to increase, and money rates per cent of the 1926 average in March to 97.4 showed further advances. per cent in April. This increase reflected Production.—Production of manufactures sharp advances in the prices of grains, cotton, remained in about the same volume in April livestock, and hide and leather products. as in March, while output of minerals de- Rubber prices continued to decline, and most clined slightly, owing chiefly to a decrease in of the other groups of commodities showed production of bituminous coal. Daily average little change. During the first three weeks of output of iron and steel, copper, and zinc in- May there were decreases in the prices of creased in April, but since the 1st of May grains, flour, sheep, and hogs, and increases in there has been some curtailment in steel-mill copper, zinc, and rubber. activity. Automobile production was main- Bank credit.—At member banks, loans tained in large volume during April and accord- largely for commercial and industrial purposes, ing to preliminary reports also during the first following a rapid increase during February and half of May. Textile-mill activity, output of March, have shown little change since the boots and shoes, and meat production showed early part of April. Loans on securities consubstantial declines during April. Volume of tinued to increase, and total loans and investfactory employment declined slightly, reflect- ments of reporting member banks in the middle ing chiefly decreases in the food, leather, and of May were larger than at any previous time. textile industries. Building contracts awarded The outward movement of gold continued in in April exceeded those for any previous month, May, the decline in monetary gold stock during and awards during the first three weeks of the four weeks ending May 23 being nearly May continued in unusually large volume. $90,000,000. Thisloss of gold, together with Trade.—Sales by department stores and by further sales of United States securities by the wholesale firms in most lines of trade declined reserve banks, was reflected in an increase of in April and were in smaller volume than a nearly $140,000,000 in member bank borrowing year ago. Average dally sales of department at the reserve banks. stores, after allowance is made for the earlier There were further advances in open-market date of Easter and the usual seasonal changes, money rates since the beginning of May, and were smaller in April than in March and were discount rates at the Federal Reserve Banks of also smaller than in April a year ago. This New York, Philadelphia, Cleveland, Atlanta, decrease was due largely to unfavorable Dallas, San Francisco, and Kansas City were weather conditions. Stocks of department raised from 4 to 4^> per cent. NOTE.—Charts and tables giving figures upon the basis of which the foregoing summary was prepared are given in the following section of the BULLETIN: "Financial, industrial, and commercial statistics." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN JUNE, 1928 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 Reserve Bank Credit 16000 plus Gold Stock > RESERVE BANK CREDIT \r J/ 2000 2000 2500 5500 Member Bank Reserve Balances Total 1500 1500 2000 — 5000 hi V- Money in Ci'culatibn \J_ A Gold Stock 1000 1000 1500 -y*^- 4500 ^\ / / y Discounts for Member Banks U.S.SecuHies y^ 500 w /J 500 1000 4000 Reserve Ban k Credit Acceptances 0 500 3500 1925 1926 1927 1928 1924 1925 1926 1927 iqpfl Monthly averages of daily figures for the 12 Federal reserve banks. Gold stock and money in circulation are averages of end-of-month Latest figures are averages for May figures. RESERVE BANE 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 o n u k r b n s e t r s an A b c o c e u c s e g ( p h b t t i - ) lls se U S cu n ta r i t t i e e ti s d es Total s M b er a a v e n n m e k c e b b r s e e a - r l- 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-May 1,155,191 514,559 230,555 398,249 2,253,294 2,199,229 27,671 26,394 June 1,139,808 476,044 244,038 408,776 2,241,415 2,205,974 12,193 23,248 July 1,166,564 548,966 231,132 379,745 2,262,420 2,211,545 26,246 24,629 August 1,158,264 555, 799 245,094 353,903 2,253,350 2,200,909 25,098 27,343 September 1, 225,236 641,797 263,992 315,747 2,273,205 2,211,367 31,723 30,115 October... 1,269,356 665,566 294,296 306,413 2,280,180 2,219,023 34,264 26,893 November 1,270,057 618,367 346,859 302,309 2,279,135 2,214,441 28,229 36,465 December. 1,380,571 671,722 384,826 321,446 2,289,632 2,218,186 39,758 31,688 1927—January... 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, 266,460 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 30,465 September. 1,139,342 422,192 215,926 500,637 2,350,875 2,300,450 20,324 30,101 October... 1,213,191 424,413 281,903 506,177 2,380,856 2,326,009 20,426 34,421 November. 1,331,008 415,216 335,908 579,238 2,429,976 2,372,954 12,812 44,210 December . 1,513,119 528,624 377,712 605,841 2,435,984 2,399,182 9,976 1928—January... 1,350,322 465,275 372,538 511,852 2,472,428 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 I 25,784 March 1,271,525 513,233 342,790 414,681 2,411,714 2,365,030 23,018 ! 23,666 April 1,371,048 660,927 358,026 351,105 2, 450,188 2,396,460 26, 796 ! May 1,441,874 835,552 348,621 256,701 2,438, 959 2,387,785 23,824 ! 27,350 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

JUNE, 1928 FEDERAL RESERVE BULLETIN 379 MONETARY GOLD STOCK AND MONEY IN CIRCULATION MONETARY GOLD STOCK OF THE UNITED STATES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 100 r I I CHANGES IN ' I I ]100 [In millions of dollars] Nj 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 4,862 March 3,750 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 4,266 May 3,771 4,028 4,455 4,361 4,433 4,608 i 4,161 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. 2 Revised. UNITED STATES MONEY IN CIRCULATION [In millions of dollars] 1001 I I I 1 I I L_ IioO End of month figures 1921 1922 1923 1924- 1925 1926 1927 1328 Month 1922 1923 1924 1925 1926 1927 1928 NET IMPORTS OR NET EXPORTS (-) OF GOLD [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 March 4,497 4,747 4,899 4,818 4,860 4,862 4,749 Month 1922 1923 1924 1925 1926 1927 1928 April 4,468 4,759 4,853 4,789 4,907 4,891 4,748 May 4,455 4,797 4,905 4,841 4,923 4,893 14,746 June 4,463 4,823 4,849 4,815 4,885 4,851 January 25,708 24,348 44,855 -68,488 16,264 44,465 -13,766 July 4,424 4,787 4,756 4,795 4,909 4,846 February... 27,007 6,984 34,606 -46,997 21,565 19,895 -11,120 August 4,480 4,876 4,859 4,867 4,930 4,854 March 32,525 5,559 33,505 -17,768 39,188 10,757 -94,853 September. 4,608 4,945 4,863 4,916 4,978 4,948 April 10,665 8,533 44,027 -12,734 -4,768 11,911 -91, 150 October. _. 4,646 !4,929 4,942 4,969 5,021 4,946 May 5,587 45,332 40,481 -1,997 -6,408 31,7021-82,661 November. 4,704 5,018 5,052 5,044 5,037 4,952 June 11,376 18,885 24,913 -2,287 15,544 12,771 December. 4,817 5,044 5,047 5,104 5,095 5,003 July 42,343 27,407 18,507 5,787 14,751 8,935 August 18,136 30,655 15,752 2,726-17,764 6,353 September.. 23,066 26,941 2,076 -2,656 -7,094 -11,465 i Preliminary. a Revised. October 3,275 28,488 15,577 22,702 7,701 -8,642 KINDS OF MONEY IN CIRCULATION November.. 14,877 39,010 13,173 -13,904 9,011-53,184 December.. 23,730 31,930-29,401 1,248 9,808-67,418 [End of month figures] Total..238,295294,073 258,073-134,367 97,796 6,080 [In millions of dollars] U.S. i 1 Preliminary. notes, IN T C H R R E O A U S G E H O C R H D A E N C G R E E S A I S N E G (- O ) L I D N U G N O D L E D R 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 r v s a e l t b n i N o o a n n a te a - k s l s t i i a l f o n v ic t d e h a r e t a e c r l s e l , r- MARK FOR FOREIGN ACCOUNT money [In thousands of dollars] 1927—March 4,862 390 1,019 1,707 648 1,097 April 4,891 389 1,019 1,724 654 1,104 Month 1922 1923 1924 1925 1926 1927 1928 May 4,893 387 1,004 1,734 660 1,100 June 4,851 385 1,007 1,703 650 1,106 July 4,846 383 1,031 1,668 652 1,112 January -1,629 -810 -6,043 19,487 5,500 August 4,854 382 1,045 1,657 651 1,119 February 4,329 -1,366 -11,000 3,180 2,868 September- 4,948 380 1,061 1,715 653 1,138 March -2,452 -6,825 -22,988 -1,502 35,800 October 4,946 381 1,068 1,711 648 1,137 April 1,000 -558 14,850 -1,000 45,740 November- 4,952 383 1,095 1,694 639 1,141 May 1,000 12,725 -95,000 -26,539 December. _ 5,003 402 1,074 1,763 619 1,145 June i 2,000 5,075 -500 January 4,677 389 1,016 1,561 617 1,094 July -1,500 -2,583 -3,901 4,000 184 1928—February— 4,690 386 1,004 1,570 639 1,091 August -7,984 8,725 19,200 -2,501 March 4,749 383 1,025 1,588 654 1,099 September 500-13,229 901 -2,400 -9,000 April 4,748 381 1,020 1,586 652 1,109 October -1,500 -2,000|-17,000 2,870 4 -25,001 May i 4,746 381 1,013 1,587 649 1,116 November... -200 -500 2,000 -7,498 -40,000 December... -2,000 -1,500 -2,000 1,008 -8,500 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

380 FEDERAL RESERVE BULLETIN JUNE, 1928 MONEY RATES IN NEW YORK CITY 3 - 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- Average rate Aver o a n g — e yield R N C B Ph o l i e e c i w s v l h t a e o F m d Y l n e a e o o d . n l n r p e d k d r h a - ia . l res * er .. v . e bank e R J ff u a e n t c e t e i o n 7 n A M M M A D p p a a a a r r y y y t . . e 2 2 1 1 2 e 4 7 0 5 8 s , , , , , 1 1 t 1 1 a 1 9 9 9 9 9 b 2 2 2 2 2 l 8 8 8 8 i 8 shed Pr r e a v t i e ous Month or week m m p P 4 c o a r o e n t p i r m o m t c e h i r - 6 a e s , l a P b a d c e a r n c 9 a r i n e c 0 m y s p e k ' s s t e - - d l T o a a i 9 m y n 0 s s e 1 , N C e a w ll lo n a R e n w e s - a * l m c T c 3 n U e a a u o r o r t n . t e n r t t o e S i a d y e t f s . s h i s 6 , - - s 1 b T o r n e d as s - ' Atlanta May 26, 1928 Chicago Apr. 20, 1928 1927 St. Louis Apr. 23, 1928 April 4.21 4.18 3.39 3.47 Minneapolis Apr. 25,1928 May 4.27 4.26 3.33 3.44 Kansas City June 7,1928 June 4.26 4.33 «3.09 3.47 Dallas May 7, 1928 July 3.95 4.05 2.96 3.44 San Francisco June 2,1928 August 3.66 3.68 2.70 3.48 September 3.84 3.80 < 2.81 3.45 October 3.88 3.90 3.08 3.43 November 3.60 3.60 3.04 3.39 BUYING RATES ON ACCEPTANCES December 4.43 4.38 «3.17 3.34 [Buying rates at the Federal Reserve Bank of New York] 1928 January 4.15 4.24 3.31 3.35 February 4 33 4.38 3.33 3.36 Maturity e R f J f u a ec t n e t e i o 7 n n Date established Pr r e a v t i e ous A M M p a a r r y i c l h 5 5 4 . . . 0 4 6 8 5 5 4. . . 4 0 7 7 8 0 « 3 3 3 3 . . . . 6 3 9 2 2 0 0 3 3 3 3 . . . 3 3 3 5 2 0 Week ending May 5 5.25 5.30 3.82 3.33 3 4 1 1 1 8 - 0 1 - - - 4 6 3 5 5 0 0 d d d d a a a a y y y y s s . s s . . . . . . . M ... a . . y d d d o o 1 o 8 . .. , 1928. M M M a a a y y y 2 1 1 6 9 2 6 5 5 . . . 0 6 6 0 7 7 6 5 5 . . . 0 6 6 0 0 0 3 3 3 . . . 9 9 9 6 0 3 3 3 3 . . . 3 3 3 6 7 3 61-90 days... .....do 91-120 days.. do 1 Stock exchange call loans; new and renewal rates. 121-180 days. —.do * Stock exchange 90-day time loans. s 3 issues—3^, 4, and iH per cent; yields calculated on basis of last redemption dates—1956,1954, and 1952. Nom—Rates on prime bankers' acceptances. Higher rates may be « Change of issues on which yield is computed. charged for other classes of bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 381 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the' 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Prime commercial loans 1927—May. June July August September. October— November. December. 1928—January..., February... March April May Loans secured by prime stock-exchange collateral 1927—November. 5 -6 5 -6 5 -6 5 -7 5 -6 December. 5 -6 5 -6 6 -7 5 -a 1928—January 5 -6 5 -6 5 -7 February.. 5 -6 5 -6 5 5 -7 5 -ft A M M p a a r r y i c l h _ 4 5 4 H H - - - 6 6 6 5 5 5 - - - 6 6 6 5 5 5 5 5 5 - - - 7 7 7 5 5 5 K - - - 6 6 6 6 - Loans secured by warehouse receipts 1927—November. 5 5 5 -6 5 -6 December. 5 -5H 5 5 -6 5 -6 1928—January. __ 5 4K-5 5 -6 5 -6 February.- 5 4H 5 -6 5 -6 March 5 5 -6 5 -6 April 5 -5] 6 5 -6 May. 5 -5; 5 -6 5 -6 5 -6 later bank loans 1927—November. 4 -4H 4H 4> 4> 5 -6 5 4 5 -6 6 5 5 -6 December. 4 -4^ 43^-5 5 5 -6 5 4}f-53^ 4^-6 6 5 5 -6 1928—January--. 4Ji 4^_5 5 4$^ 5 -6 5 4£ 5 -5K 6 5 5 -6 February- 43^-4*6 4^_5 4 -5 5 -6 5 -6 5 4> 5 -6 6 5 5 -6 March 4M~4/^s 4*£-5 43>•£-5j^ 5 5 -6 43^-5 5 5 -53^ 6 5 -6 5 -6 April 43^-4^ 4*£-5 4^4-53^ 5 4^-6 5 5 -53^ 5 -6 6 5 .5 -6 May 4%-5 4> 5 -5M 6 -6 5 5 -5J4 5 -6 6 5 -6 5 -6 FEDERAL RESERVE BRANCH CITIES Prime commercial loans Ol-t-TT March, April, May, 1928 1928 1928 Buffalo 5 -6 P C i i t n ts c b in u n rg at h i- „. A 4} \^1--66 4 5 3 4 ^ - 6 6 5 5 4- - 6 6 Baltimore.... . .. 5 -5% 5 -5H Charlotte . fi -tf 43^-6 5 4-6 2 B irmingham 5 -6 5 -6 5 -6 Jacksonville 5 -6 5 -6 5 -6 Nashville _ ft 6 6 New Orleans 5 -6 5 -6 5 -6 Detroit! 41^-6 Little Rock 5 -6 5 -6 Louisville fi1 5^-6 Helena 8 8 8 Denver 6 Oklahoma City 5 -6 5 % 5 % Omaha i-6 5 -6 El Paso 8 Houston 5 -6 5 -6 5 -6 San Antonio 4^ Los Angeles -7 6 -7 6 -7 Portland 6 6 Salt Lake City 6 6- 6K Seattle ..— 6 6 Spokane 6 6 CO CO CO Loans secured by prime stock-exchange collateral March, April, 1928 1928 5 -6 5 •6 5 -fi 5 -6 5 5 5 2-6 6 6 6 5 -8 5 6 5} ftt 5 5^-6 fi 8 5 -6 h\ 6 6 -8 fi 5 -6 !=> 6 -8 fi1' 6 -7 fi- 6 6 6 6 -7 6 6 6 si si -8 6 i-6 i-(S -6 -fi 00 CO CO CO OC May, 1928 5 5 5 5 fii 5 -fi 7 6 -7 6 nC nC SO -6 -fi fi fi 6 COCO CO CO 00 CO CO CO Loans secured by warehouse receipts March, April, May, 1928 1928 1928 6 5 -6 6 -7 6 -7 6 6 6 6 6 4-6 5 -6 5 -6 5) 6 6 6 4}4-7 ,v 5 -6 5 -6 5 -6 ^-fi fil•4-fi £-7 6 6- 7 fi 6 fi 8 6 -8 6 -8 6 i-Q 534-8 6 6 6 6 i-6 6 -63^ 6 ~6J^ -8 7 -8 7 -8 7 -fi -7 5 -7 fi -8 6 -8 6 -8 fi -7 fi -7 6- 7 fi 6 6 -7 6- 7 6 6 6 _77 634-7 7 fii- 6 6 -8 7 -8 00 00 CO COX Interbank loans March, 1928 5 5 -6 5 -6 5 5 -6 5 -6 fi*-*-fi 5 -6 6 5 6 -8 5} 6 5>i-6 6 -7 fi -8 5 -6 -7 8 -7 5 7 4-7 7 COCOCC April, 1928 5 5 5 53, 5 6 snCiJ May, 1928 5 5 -6 5 -6 -6 5 -6 5 -5K "-6 5 -6 6 ?-6 gi/_g -6 5 -6 -6 5K-6 6 53^-6 & 5 6 -8 6 -8 6 -6H 6 —63/2 6 6 53^-6 fi 6 fi —5V 5 5 -6 5 -6 6 fi -7 6 6 6 cotO CC 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN JUNE, 1928 MEMBER BANK CREDIT ALL MEMBER BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [In millions of dollars] 10000 REPORTING MEMBER BANKS 10000 Reporting member banks in Memleading cities ber All banks Month b m a b e n e m r ks - New Othe c r i ti l e e s ading l o s e i u a d d t e - - 8000, 8000 Total York ing City Total c C a h g i o - cities Borrowings atiFederal reserve bank: 1927—May 459 302 90 212 19 157 6000 June 435 271 51 220 20 164 July 434 273 59 214 12 161 August 413 256 74 182 6 157 September 417 267 90 177 8 150 October 428 283 75 208 10 145 November 421 276 73 203 11 145 December 532 388 127 261 21 143 1928—January 315 94 221 23 124 February ... 338 78 260 13 125 4000 March 362 75 287 25 127 April 637 488 145 343 35 149 May 826 644 222 422 49 182 Reserve balances: 1927— J M un a e y 2 2 , , 2 3 9 4 0 2 1 1 , , 6 7 9 4 7 9 7 77 2 6 0 9 97 7 3 7 1 1 7 7 3 5 5 5 9 9 4 3 July 2,299 1,696 728 167 603 A Se u p g t u e s m t ber 2 2 , , 3 3 1 2 3 3 1 1 , , 7 7 0 0 9 7 7 7 2 2 4 6 983 1 1 8 8 2 2 6 61 0 4 5 2000 1923 1924- 1925 1926 1927 1928 2000 October 2,355 1,725 728 186 630 November 2,400 1,767 768 180 634 REPORTING MEMBER BANKS December 2,410 1,787 769 1,018 189 623 1928—January 1,805 781 1,024 193 631 [Monthly averages of weekly figures. In millions of dollars] February 2,384 1,765 754 1,011 186 620 March 2,351 1,733 738 995 181 618 April - 2,411 1,789 777 1,012 182 622 Total Loans Ne 1 t 9 t 2 i d 7 m — e e M m M d a a a e y y p n o d s its p : lus 3 2 0 , , 3 5 9 9 5 5 1 1 9 , , 7 4 7 0 8 5 6,1 7 3 6 5 7 1 1 3 , , 0 2 1 7 1 0 1, 1 8 8 3 7 3 11,2 6 5 1 3 7 Month a m l v n o d e e a s n n t i t s - n s - Total O c t n u ie r s s i- e- o A th l e l r I m nv e e n s t t s - June 19,688 6,400 13,288 1,839 11,252 1928— J A S N O D M A M F u J e e u c o e a p l a a p b t y n c g v r y r o t i e r u u e c e l b u m a m h s m e a r t b y r b r b y e e e r r r - • 3 3 3 3 3 3 3 3 3 3 3 0 0 1 1 1 2 2 2 2 2 2 , , , , , , , , , , , 8 8 1 4 7 1 6 2 1 7 6 2 1 8 1 5 5 4 6 5 2 4 7 6 7 9 9 2 7 3 9 5 3 2 2 1 1 2 2 1 1 2 2 0 9 9 0 0 0 9 9 0 0 , , , , , , , , , , 8 7 3 6 3 3 7 2 5 6 7 2 4 9 9 7 6 1 9 1 1 3 6 5 7 5 0 7 3 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 2 2 2 4 6 5 7 7 5 7 2 5 6 8 0 6 3 5 4 2 4 7 9 5 4 4 2 9 7 7 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 4 3 , , , , , , , , , , , 3 3 4 7 7 8 9 9 0 8 6 3 9 9 9 3 3 1 5 0 2 0 6 2 5 1 3 2 4 9 1 8 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 9 9 9 9 8 9 9 9 9 9 9 0 1 2 3 6 3 6 1 2 9 4 8 4 9 9 4 1 4 9 3 5 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 4 5 8 8 7 7 9 7 9 9 0 0 6 3 2 9 1 2 6 1 2 9 5 7 2 3 4 4 1 1 1 3 Tota 1 1 l 9 9 : 2 2 7 8 — — J J A N S D O F M u u J e e u c e a o n l a p b t n g c y v e o y t u r e u . e e b u a m s m m e r a t y r b r b b y e e e . r r r _ . - - - . . 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 1 1 0 0 0 0 1 0 1 1 , , , , , , , , , , 9 7 5 7 6 6 2 9 4 7 1 3 4 8 8 4 2 5 6 2 7 7 9 4 7 6 7 1 2 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 4 4 4 4 4 5 5 5 , , , , , , , , , , 3 1 5 6 9 1 6 6 3 1 9 7 0 8 1 1 2 7 3 9 5 7 8 9 7 2 1 1 2 8 9 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 9 1 1 1 3 4 5 2 5 7 4 1 4 2 2 1 9 2 2 3 6 6 1 5 5 0 4 7 1 1 l 1 i i i 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , 5 5 5 6 , 6 5 7 7 7 6 0 4 6 5 6 8 4 8 3 7 4 9 5 4 0 7 3 7 9 6 i 1 1 i 6 6 5 6 6 6 6 6 6 6 , , , , , , , , , , 0 0 9 0 3 5 5 1 0 4 6 7 3 9 2 6 1 2 9 0 6 6 6 3 2 0 6 5 5 5 Ne 1 1 t 9 9 2 2 d 7 8 e — — m J J A D S N O M M F A M a u u J e e u e o c a p n n l a a p a b y c t n g v r d e y r y o t e i r u u e c e l b u m a h s m m d e a r t b e r y b r b p y e e e r o r r sits - : 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 9 9 9 9 9 9 9 , , , , , , , , , , , , , 5 5 4 4 6 9 1 5 7 1 1 3 3 3 5 9 6 7 6 8 8 1 6 0 8 1 4 5 3 7 1 0 0 6 9 2 4 8 5 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 4 3 3 3 , , , , , , , , , , , , , 4 2 3 3 3 7 9 4 0 7 6 8 7 1 4 0 4 7 4 3 0 1 0 1 4 9 5 9 9 0 4 7 4 4 2 7 1 9 4 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 3 1 2 2 4 2 2 5 6 4 5 4 6 9 7 1 2 6 3 5 7 6 3 6 0 7 0 9 3 4 5 0 5 0 7 3 6 7 1 8 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , , 1 2 2 0 0 0 0 3 3 1 1 3 4 4 2 3 9 5 7 0 3 9 7 5 4 6 6 9 5 2 8 4 4 2 9 0 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 2 2 2 3 2 3 2 3 2 3 2 2 2 9 4 4 0 6 0 9 1 2 7 8 6 5 1 5 9 1 0 4 8 7 6 2 1 2 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 2 2 3 3 4 6 5 4 6 6 4 4 4 7 8 2 3 5 5 5 7 2 5 7 1 8 9 0 9 7 5 0 8 6 7 3 2 1 3 New 1 1 9 Y 9 2 2 o 7 8 r — — k A M M J J A N S D O F M u u J C e e p u c o e a a a n l a p i b r y t n g c y r v e t o y i t u c r e u y l e e b u h a m : s m m e r t a r y b r b b y e e e — r r r . . - . . 2 2 22 6 2 1 6 6 6 6 6 6 7 7 7 , , , , , , , , , , , , , 5 3 9 9 5 6 6 7 7 1 2 1 5 3 5 6 2 7 9 0 0 2 8 7 0 6 5 4 6 2 9 2 2 5 4 3 7 3 8 1 1 1 4 4 4 4 4 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 6 7 7 7 3 7 0 1 9 9 2 3 1 2 6 2 5 0 0 2 1 4 2 1 1 1 9 7 3 8 9 6 0 5 8 8 2 1 1 6 6 6 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 5 8 9 2 2 3 3 2 3 4 6 6 5 0 4 9 0 7 7 2 1 6 8 9 0 0 2 1 1 1 5 0 6 3 5 1 2 9 5 8 8 8 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 9 8 9 4 4 4 6 5 6 6 4 6 6 1 2 1 7 3 2 4 9 2 1 5 4 0 7 1 5 3 9 8 0 8 2 9 1 1 2 . 6 6 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 , 5 6 8 9 7 8 8 9 8 9 , 9 9 3 6 0 7 3 2 8 6 9 9 7 9 1 2 6 3 8 5 2 5 7 2 94 Ti 1 1 m 9 9 e 2 2 7 8 d — — e J J A S N D O M M A F p M u u e J e o u e o c p n l a a p a a b s y c t g v r e y r o y n t i e i r u e e c t l b u u m s m s h m e : a a t b r b r b ry e y 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 2 3 3 3 , , , , , , , , , , , , , 1 1 3 4 5 2 5 6 9 9 0 2 4 2 5 3 5 2 7 6 7 2 9 5 5 1 4 9 4 2 7 9 1 7 8 0 5 5 0 6 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , , 2 1 2 3 3 4 4 4 6 7 6 9 8 3 9 5 4 0 2 9 8 3 6 6 9 3 9 0 3 9 7 4 1 3 4 6 4 0 7 1 1 1 1 1 1 1 i I 1 1 , , , , , , , , , , r 1 9 1 9 0 0 0 0 0 0 0 2 5 9 9 1 0 1 1 5 3 9 ~ 6 0 2 3 0 4 0 5 5 4 9 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 2 2 2 3 2 4 4 4 5 5 6 7 7 3 2 9 4 6 0 2 5 9 8 3 1 7 4 9 7 5 1 9 8 7 7 4 5 7 3 5 5 6 6 6 6 6 6 6 6 6 6 7 8 9 0 1 1 2 2 3 3 4 8 6 1 4 4 4 7 3 5 2 3 8 7 9 1 4 5 5 5 5 5 5 5 5 6 6 6 6 6 , , , , , , , , , , , , , 9 9 1 0 0 1 1 2 3 2 3 4 4 7 7 3 7 8 5 6 0 0 8 3 4 5 4 3 0 4 1 1 3 5 0 5 1 1 1 Othe 1 1 r 9 9 2 2 le 7 8 a — — d A M M J J A S N D O M F M i u u J n e e p u c o e a a a n l a a p g b y t g n r c r v y e r y o t r i c u u e c e c . e u l b h _ a h m s . i m m a e . r t t y r r i b b b y e e e e s — r : r r . . - . . 1 1 1 U H 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , 5 1 3 , , , , , , 0 2 6 7 6 0 0 0 4 6 5 1 4 8 6 4 3 7 1 4 9 8 4 0 0 4 8 3 8 6 4 4 5 0 2 5 4 4 8 i i 1 1 1 1 1 1 1 1 1 9 5 5 5 9 9 9 0 0 0 o 0 0 0 , , , , , , , , , , 4 1 5 , o 9 9 8 9 , , 1 0 1 0 1 0 3 3 4 2 0 o 8 2 8 8 0 8 0 6 5 9 3 3 1 0 2 e 0 3 2 3 5 6 2 2 2 3 3 3 3 3 3 3 4 3 4 4 , , , , , , , , , , , , , , 4 6 7 7 8 8 8 9 9 9 0 9 0 0 2 4 5 6 2 3 5 0 5 4 1 8 3 7 9 0 5 5 0 3 0 8 6 6 8 8 9 3 i i i i i i i i 2 2 2 6 6 6 6 6 6 6 6 6 6 6 , , , , , , 7 , , 7 7 , , , , , , 0 0 1 1 1 0 0 0 1 7 8 1 1 1 4 4 0 3 0 7 6 9 3 4 1 4 0 4 5 8 7 9 1 2 7 8 6 6 7 1 i i i 4 2 4 4 1 1 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , , 1 0 1 9 2 9 4 5 5 5 1 1 3 4 3 0 8 7 4 3 9 6 9 5 7 4 4 2 4 5 4 5 8 9 9 8 4 7 0 6 2 7 ex N ce O p T t E th .— os A e ll f o fi r g d u e re p s o s i i n ts t h o i f s ( t 1 a ) b l a e l l a r m e e m m o b n e t r h l b y a n a k v s e , r a a g n e d s ( o 2 f ) w b e a e n k k l s y o fi u g t u s r i e d s e A M p a r y il 1 15 4 , , 0 9 5 8 4 3 1 10 0 , , 3 3 6 2 7 3 4 4 , , 1 2 8 2 6 6 6 6 , , 1 1 4 3 1 7 4 4, , 6 6 8 6 7 0 leading cities; these are for a single date in the month. See BULLETIN for December, 1927, p. 828. 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 383 BANKERS' BALANCES OF REPORTING MEMBER BANKS 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 o - lis K C a i n ty sas F c S r is a a c n n o - o A th l e l r Due to banks: 1926—April 1,086 135.1 180.9 47.5 383.2 84.3 47.3 91.0 89.0 May 131.2 180.0 45.0 379.9 83.7 50.4 91.6 87.8 June I 098 126 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 L 040 119 9 167 8 48 9 371 7 82.7 43 1 110 5 106 5 September L,062 119.5 170.0 49.9 374.6 80.3 45.6 103.7 109.0 October L 067 125.8 170 8 48 2 359 7 79 3 50 4 98 4 107 2 November .. L, 052 128.3 165.6 46.6 349.2 78.9 52.7 97.0 105.8 December L 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 L,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 12a 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 L, 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 1,076.1 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 »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 .. _. .. 13,634 .331 »2,303 148.9 U92.4 132.2 62.9 375.0 85.9 58.1 92.9 114.5 1,040.2 March 1 3,548 1,318 141.3 1188.2 118.4 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 May 3,320 1,247 2,073 141.2 174.2 112.2 59.1 357.7 78.6 55.1 82.2 96.6 916.1 Dae from banks: 1926—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 22.9 148.3 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 L, 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 __.__ 110 1,059 36.7 50.3 32.7 23.1 150.8 29.9 19.7 31.8 61.8 022.3 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 May 1,160 115 1,045 40.1 56.6 31.0 23.6 173.7 28.6 20.7 30.1 55.8 584.8 * 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 outstanding » iCommercial 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 1,071 792 867 871 801 663 599 571 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 fiflntftmhftr 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

384 FEDERAL RESERVE BULLETIN JUNE, 1928 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 Total N b tr a u e p n F w s a k r t n o s Y c i m e o a o s m n r d k - b b p f b a r o r a o n r i n e v k k i k a e g in r t s n e s , g , Total N b tr a u e p n F w s a k r t n o s Y c i m e o a o s m n rk d - b b p f b a r o r a o n r i n e v k k i k a e g in r t s n e s , g , Total N b tr a u e p n F w s a k r t n o s c Y i m e o a o s m n r d k - b b p f b a r o r a o n r i n e v k k i k a e g in t r s n e s , g , agencies, agencies, etc. etc. etc. 1926-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... 2,583 415 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... 3,129 493 2,330 1,932 397 800 704 95.0 Dec. 31— 3.293 2,804 489 2,542 2,128 414 751 676 75.6 1927—Jan. 31.... 3,139 2,671 469 2,328 1,964 365 810 707 103.9 Feb. 28— 3,256 2,758 499 2,475 2,085 391 781 673 108.4 Mar. 31.__ 3,290 2,791 500 2,505 2,112 393 785 679 106.6 Apr. 30— 3,341 2,865 476 2,541 2,146 395 800 719 81.4 May 31— 3 458 2,967 490 2,674 2,254 420 784 713 70.5 June 30— 3,569 3,065 504 2,757 2,316 441 812 749 63.5 July 30.... 3,642 3,145 497 2,765 2,343 421 877 802 75.5 Aug. 31— 3,674 3,170 504 2,746 2,330 415 928 840 88.8 Sept. 30. .. 3,915 3,340 575 3,018 2,539 479 897 801 95.8 Oct. 31.... 3,946 583 2,549 475 923 814 108.5 Nov. 30—. 4,092 3,519 573 3,134 2,675 459 958 844 113.4 Dec. 31—. 4,433 3,812 621 3,481 2,963 518 952 849 103.4 1928—Jan. 31.... 4,420 3,805 615 3,393 2,882 511 1,027 923 104.2 Feb. 29.... 4,323 3,737 585 3,294 2,807 488 1,028 931 97.7 Mar. 31... 4,640 3,947 3,580 3,016 564 1,060 931 128.8 Apr. 3O.._. 4,908 4,246 3.739 3,201 537 1,169 1,045 124.2 May 31—. 5,274 4,568 706 4,070 3,455 615 1,204 1,113 90.7 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 For ac- For ac- For ac- Month or date Total F a o cc r o o u w nt n c o o t u o u t n w -o t n f o - f c F o o o t u h r n e t a r c s o - f Total F a o cc r o o u w nt n c o o t u o u t n w -o t n f o - f c F o o o t u h r n e t a r c s o - 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 a t r c s o - f banks banks banks 1926—April 2,467 905 1,035 528 1,645 472 705 468 822 433 330 59.6 May „. 2,452 913 998 541 1,719 516 717 486 733 396 282 55.3 June 2,517 973 944 600 1,838 613 689 536 678 359 255 63.8 July 2,607 960 1,000 646 1,935 605 746 584 671 355 254 62.1 August 2, 720 948 1,073 699 2,027 610 793 624 693 337 280 75.4 September... 2,783 974 1,128 682 2,074 656 807 611 710 318 321 71.0 October 2,698 866 1,106 726 1,975 549 773 653 723 317 333 72.8 November 2,615 819 1,048 748 1,911 520 728 663 704 298 320 85.4 December 2,698 887 1,045 766 2,012 596 737 679 686 291 308 87.0 1927—January. 2,778 933 1,104 741 2,094 639 799 656 685 295 305 84.8 February 2,733 841 1,127 765 2,069 548 843 678 664 293 284 87.1 March _ 2,816 901 1,091 824 2,154 615 805 734 661 285 286 89.9 April - 2,866 929 1,131 806 2,190 642 830 718 677 287 301 88.4 May 2,933 936 1,191 805 2,219 639 861 719 714 297 330 86.4 June 3,115 1,077 1,180 858 2,385 772 851 762 730 306 328 95.8 July 3,096 1,032 1,188 877 2,336 705 857 774 760 327 330 102.9 August 3,181 1,048 1,225 908 2,360 726 849 791 815 322 376 116.4 September— 3,261 1,061 1,285 916 2,463 777 891 795 799 284 394 120.1 October 3,392 1,103 1,326 962 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 1,354 985 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 1,084 967 913 347 416 150.0 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 May 4,414 1,272 1,628 1,514 3,368 885 1,198 1,285 1,046 386 431 229.1 May 2_ 4,282 1,329 1,587 1,366 3,271 957 1,157 1,157 1,011 372 430 209.2 May 9 4,361 1,252 1,684 1,425 3,325 860 1,250 1,215 1,036 • 392 434 210.2 May 16. 4,502 1,312 1,656 1,534 3,452 924 1,230 1,298 1,050 388 426 236.2 May 23 4,456 1,247 1,607 1,602 3,397 856 1,178 1,363 1,059 391 429 238.8 May 29 1. 4,469 1,219 1,608 1,642 3>396 831 1,174 1,391 1,073 388 434 251.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 385 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BT COMMODITY GROUPS 1 M i\/r o ntb + u m -A o ll d c it o i m * - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - in f H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - c N c o u o m i l t n t i m u a e g s r o a r d i l - - 1927—March 94.5 94.2 94.5 100.5 94.0 90.0 98.2 95.3 97.1 97.8 90.9 94.6 April 93.7 94.3 94.6 101,7 94.2 84,9 97.8 95.0 97.8 97.8 91. S 93.6 May __.: 03. 7 96.3 94.4 103,7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 93.2 June.. ___ 93.8 96.5 94.4 107.3 94.3 84.2 98.2 94.6 95.8 98.0 90. 2 93.1 July 94.1 97.6 93.9 111.7 94.3 84.2 97.7 93.7 95.3 98.0 89.3 93.2 August ' 95.2 102.2 94.2 111.7 96.2 84.1 98.0 92.9 95.4 98.6 89.9 93.3 September ___ 96.5 105.9 96.5 112.5 98.5 84.2 97.6 92.1 96.4 98.6 89.2 94.0 October _ ___' 97.0 105.0 100.0 113.0 98.4 83.8 97.1 91.6 97.1 98.5 88.3 94.8 November. __• 96.7 104.3 101.5 114.3 97.5 82.9 97.0 90.2 97.4 98.9 88.3 94.6 December 96.8 104.4 100.7 116.9 97.2 82.5 98.4 90.4 97.2 98,8 89.0 94. 8 1928—January . 96.3 106.1 98.5 121.0 96.7 80.8 98.1 90.8 96.3 98.6 89.0 93.7 February 96.4 104.5 98.7 124.1 96.6 81.2 98.3 91.0 95.8 98.4 87.3 ! 94.2 March... ._• 96.0 103. 5 98.0 124.0 96. 5 80.8 98.4 91.0 9.5. 6 98.3 86.8 94.0 April I 97.4 107. 6 99. 5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 84.9 ! 94.7 1 New index of Bureau of Labor Statistics. PRICES OP FARM PRODUCTS AT THK FARM i SECURITY PRICES [August, 1909-July, 1814-100] Common stocks» Bonds: Fruit Month or vreek i 197 | 11 Average Month 3 m 0 i t c o i o e d s m - - Grains t v a a e b n g l d t e - s an M im ea a t l s! *£ ™ _ : „ " , * , , , - *\ c C o a o t n t t t o d o n n - | c U f la ie s n s d - i- ; in s d t u o s c t k ri s a ' l! I r s a t i o l c ro k a s d * T s o t t o a c l k 2 s 28 4 p 0 r i i c s e s u o e f s acts seea 1927—May 174.5 150.5 167.5 97.55 June , 175.4 151. 9 168. 5 97.06 July 179.0 153.9 171.7 97.03 J J A S O N M A D M u u e o c u p e l a a n p t T y g r o y o r t e i ' u « 1 e t c l . b . m 0 m m s h e 2 t . r 7 b b b e e e r r r _ . . . . 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 3 3 4 3 3 7 7 5 6 6 9 0 0 2 0 1 1 1 1 1 1 1 1 1 1 2 3 2 4 2 3 1 3 2 2 3 9 1 0 0 4 9 8 8 7 2 1 1 1 1 1 1 1 1 1 0 4 3 9 5 3 7 4 4 4 1 1 6 5 8 8 2 5 0 7 1 1 1 1 1 1 1 1 1 1 4 4 3 3 4 3 4 3 4 2 4 5 8 6 1 7 2 1 3 9 1 1 1 1 1 1 1 1 1 1 5 4 2 2 3 2 3 5 3 3 8 6 7 4 3 5 0 3 7 3 1 1 1 1 1 1 1 1 1 1 0 2 3 6 7 6 1 5 0 1 2 4 6 2 9 9 3 3 1 9 W 19 e 2 e 8 k — A M A S M N D F O e J e e p u e a c n o a a p b n r c t g y r v d o i t u e c r u l e e i b m a u h s m n m e r t a y b r g b r b e - y e r e r . r . ... .._ _ . . : 2 2 2 2 1 1 2 1 2 2 2 4 0 0 1 9 8 9 3 0 1 3 7 2 0 6 7 9 7 8 . . . . . . . . . . 0 9 6 2 1 4 0 0 5 7 1 1 1 1 1 1 1 1 1 1 6 5 5 6 5 5 6 5 5 5 4 8 8 9 8 3 0 6 8 7 . . . . . . . . . . 0 7 1 8 6 2 0 9 1 6 2 2 2 1 1 1 1 1 1 1 1 0 2 9 9 9 8 7 8 9 5 2 1 1 5 4 9 9 6 1 . . . . . . . . . . 9 8 9 2 6 4 3 2 3 1 9 9 9 0 9 0 0 9 0 0 8 9 9 9 9 8 8 9 8 7 . . . . . . . . . . 7 1 2 3 2 0 6 3 7 0 9 8 0 1 5 8 2 5 6 0 May 5 ! 244.9 168.3 222.5 98.99 J M F a e n a b u r r 1 c a u 9 h r 2 a y . r 8 y... 1 1 1 3 3 3 7 5 7 1 1 1 3 2 2 6 5 8 I 1 1 1 5 7 4 3 4 4 1 1 1 3 3 3 9 9 8 1 1 1 3 4 5 7 4 4 1 1 1 4 4 5 7 1 2 M M M a a a y y y 2 1 1 6 9 2 ! i 2 2 2 4 4 4 2 2 6 . . . 1 2 5 1 1 1 7 6 6 0 7 5 . . .7 9 3 2 2 2 1 2 2 9 0 4 . . . 8 5 2 9 9 9 8 8 8 . . . 8 3 9 6 6 5 April 140 144 | 179 112 134 154 May 148 160 I 181 151 134 166 1 Index numbers of Standard Statistics Co. » Average of 1917-1921 pricss=»100. • Average of yearly high and low prices, 1013-1022=-100. * Indti Bumbwrs of Department of Agriculture. FOREIGN CAPITAL ISSUES DOMESTIC CAPITAL ISSUES [In millions of dollars! [In millions of dollars] January-April April, April, January-April Class of issue 1928 1928 1027 Clau of issue N«w 1928 Nt* 192 R 8 efund- New 1927 f R un e d - - m G er e o n n v - t - j i C r p a o o t r e - - m G er e o n n v - t - p C or o a r- te m G er e o n n v - t - C p o o r - ing ing Total. 91. 3 I 46. 9 I 389. 0 | 102.1 400.3 189.5 Total ___j 568.7 320.3 1,973.0 1,033.6 2,145.5 New issues 26.9 I 302.0 j 131.4 358.8 170.2 Europe 12.9 171.2 | 8f|9 107.5 64.1 C orporate issues 444. 6 314.3 1, 485. 9 1,022.3 1,641.9 581.1 Canada and Newfound- Bonds and notes— land 13.3 I 19.2 59.3 23.0 Long-term... 227.6 240.3 850.1 782.9 ; 1,055.7 I 512.4 Latin America 109. 9 | 4.4 115.2 53.6 Short-term.. _ I 12.8 I 68.3 29.8 46.5 | 8.6 United States insular Stocks I 204.2 74. 0 563. 5 209.6 539.7 60.1 possessions 1.1 1.9 4.6 Farm-loan issues ! .4 6.0 45.6 92.8 Miscellaneous 6.5 18.9 74. 8 25.0 Municipal issues ! 123.7 6.0 481.1 458.1 ! 12.3 Refunding issues 87.0 30.7 41. 5 | 19. 3 Total new and Total,Government and refunding j 889.0 3,006. 6 2, 831. 8 corporate 138.2 551.1 589.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1928 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 d o i d a u n u l s ! c - - P t t m u i r o o f r a a n e d c n s u - u o c - i f - P t m i r a o o i l n n d s e u o i 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 j U u n st a a e w d d - arde ju d A s i t d e - d F i l n r o c e g a a i r d s g - h * t I j U u n s t t a r e d i d b - ut j i u o A s n t d e - d U ju n s s t t a e o d d r - e sa j l u e A s s » t d e - d j U u s n s t t o a e r d d e - sto j c u A k st d s e l - d Mo. av. 1923-1925=100 Mo. av. 1919=100 Monthly average 1923-1925=100 ANNUAL INDEX 1919. 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 88 I 1923. 101 101 105 104 113 84 100 101 98 1924 95 94 96 95 104 95 98 98 99 101 1925- 104 105 99 95 107 122 103 101 103 101 1926_ 108 108 107 96 109 129 107 98 106 103 1927 106 106 107 92 105 128 103 95 106 102 MONTHLY INDEX 1923 September. 100 101 104 114 73 76 115 89 100 105 101 October-. 104 104 117 91 88 123 103 117 100 111 100 November 105 103 115 80 90 100 100 113 99 114 101 December 96 96 101 113 76 90 95 82 95 161 100 94 100 1924 January 100 99 102 100 108 76 101 94 103 87 99 101 February 102 102 104 101 114 78 101 103 98 102 82 101 97 102 March 100 101 99 101 113 109 99 102 94 91 99 105 102 April 95 95 92 99 111 121 96 96 99 104 99 107 103 May — 89 88 93 96 105 108 95 97 ! 87 95 100 97 104 102 June 85 84 92 93 100 101 91 92 82 91 94 100 97 100 July 83 82 92 89 92 87 84 92 86 93 72 96 93 100 August 89 88 92 89 96 89 85 95 105 95 74 95 96 100 September 94 93 97 91 99 87 90 118 101 93 100 105 101 October- 94 95 93 103 103 100 118 111 95 111 101 November 97 97 92 101 95 103 97 111 101 113 100 December 101 101 100 94 106 83 94 100 88 101 168 100 94 100 1925 January 105 106 104 94 103 75 101 103 93 102 86 98 90 102 February 105 106 100 109 76 104 103 97 101 80 103 96 101 March 104 106 110 120 107 100 109 100 95 103 104' 101 April 103 103 107 138 112 104 98 100 106 102 106 101 May 103 103 104 107 124 115 105 90 99 100 101 102 1^0 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 94 112 116 127 104 100 114 104 115 102 December 108 110 93 112 129 138 105 178 106 103 1926 January 106 109 92 107 111 146 102 94 102 89 106 93 105 February 107 108 96 112 106 145 104 97 101 81 104 98 103 March... 107 108 106 113 146 128 105 107 100 102 101 107 104 April 107 107 106 110 139 120 107 94 97 103 103 107 103 May 106 107 104 96 109 134 125 108 91 107 107 103 101 June 107 107 106 109 133 125 109 91 101 102 98 101 July 107 107 107 93 104 126 124 108 91 97 78 104 94 101 August 111 111 109 94 108 148 131 108 107 97 83 107 97 101 September 112 112 111 108 137 130 109 117 100 101 109 107 103 October. 111 110 115 112 126 126 109 111 94 124 110 114 103 November 108 106 118 109 119 130 108 97 98 121 106 117 104 December 105 103 119 108 131 136 106 84 95 184 110 96 102 1927 January 107 105 116 102 94 123 105 94 89 106 92 103 February 109 107 118 109 96 131 109 91 95 83 107 97 102 March 111 110 118 110 151 131 109 103 100 105 106 103 April 108 109 104 108 147 128 108 90 111 105 106 102 May 111 111 108 108 135 126 107 88 95 102 103 103 101 June 108 108 104 106 154 144 104 87 93 101 104 97 100 July 106 106 100 101 130 128 101 88 95 75 103 94 101 August 107 107 106 104 135 119 104 111 100 89 111 97 101 September 105 105 105 104 127 121 104 112 96 100 109 107 103 October. 103 102 105 105 137 137 101 106 91 119 105 11 103 November 98 101 101 114 125 96 93 95 122 107 IK 103 December 99 103 102 116 121 94 82 93 186 111 102 1928 January , 106 107 103 104 137 100 87 94 88 105 103 February 110 111 103 104 113 155 102 97 85 IDS 101 March... 109 110 2105 105 144 125 103 103 105 103 100 April 109 110 103 103 157 136 104 102 103 104 ! 100 1 The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribu tion, and department-store sales and stocks are shown both with and witnout seasonal adjustments. 2 Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 387 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 95 103 107 108 109 May . . 81 107 89 103 106 111 June 86 105 85 102 107 108 July 86 103 83 103 107 106 August . 84 102 89 103 111 107 September 88 100 94 102 112 105 October 94 99 94 105 111 103 November 97 97 97 106 108 99 December . _ 100 96 101 108 105 99 60 Annual index . 85 101 95 104 108 106 1924 1925 192G 1927 1928 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Year and month Total s I a t r n e o e d n l Textiles p F u r o c o o t d s d - p P ri a a n n p t d i e n r g Lumber m A o u b t i o le - s L s e a h a n o t d e h s er a C n b e d r m i g c e k la n , s t s , f m e N r e r o t o a n u l - s s re P l f e e i u n tr m i o n - g R t u i b re b s er T f m a o c a b tu n a r u c e - c s o 1927 January 105 106 108 95 113 96 97 99 101 116 135 118 114 February 107 114 108 93 113 95 101 102 107 112 134 117 113 March 110 1 115 114 99 113 91 106 98 119 108 135 123 116 April 109 116 112 98 114 88 106 98 109 112 134 131 122 May 111 116 116 103 112 95 103 100 108 111 132 127 122 June 108 105 121 102 112 93 95 105 109 108 134 131 116 July 106 103 118 96 114 95 84 113 111 106 136 124 109 August 107 | 102 119 97 112 95 89 112 115 108 136 119 119 September 105 98 118 93 113 99 81 113 113 107 139 113 123 October . 102 94 113 94 111 94 70 108 108 106 142 116 121 November 98 88 112 94 110 96 47 97 107 106 140 117 122 December 99 93 105 95 112 93 53 96 105 111 137 110 112 1928 January . 107 110 106 102 116 97 92 99 111 101 135 124 118 February 111 115 107 110 117 97 1103 102 115 109 139 139 118 March 110 114 106 105 118 96 U14 U01 109 107 141 H35 119 April 110 125 101 97 118 95 110 96 108 110 147 130 119 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Year and month Total n B o i u t s u m co i a - l Ant c h o r a a l cite C t r r u ol d e e u m pe- sh Ir i o p n m -o e r n e ts 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 95* 1928 January 103 92 88 121 102 104 105 93 February 103 94 88 119 104 107 109 83 March U05 99 79 121 102 112 109 194 April 103 87 109 119 103 114 100 86 »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

388 FEDERAL RESERVE BULLETIN JUNE, 1028 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES April, March, April, Apr 1, March, April, 1928 1928 1927 1928 1928 1927 Iron and steel: Leather and products: Pig iron . 104 102 112 Leather, tanning- Steel ingots _ 127 115 117 Sole leather * 105 95 106 Textiles: ! Upper leather- Cotton consumption 101 102 117 Cattle 74 71 86 Wool- Calf and kip 99 101 91 Consumption . _ 88 94 97 Goat and kid 129 125 110 Machinery activity l . 80 82 82 Boots and shoes no 104 97 Carpet and rug loom activity *. 97 03 91 Stone, clay, and glass: Silk- Cement 106 100 110 Deliveries 126 152 143 Brick- Loom activity l 112 124 111 Face brick 90 100 101 Food products: Plate glass 120 124 119 Slaughtering and meat packing- Nonferrous metals: Hogs _ _ _ _ 95 120 88 Copper 107 102 109 Cattle. 90 90 103 Lead „ 101 109 121 Calves __ 100 92 100 Zinc __ 114 112 110 Sheep 102 102 103 Tin* 129 118 114 Flour 112 105 107 Chemicals and allied products* Sugar meltings,. . 87 96 100 Petroleum refining— Paper and printing: Gasoline J 165 159 149 Wood pulp and paper— Kerosene 106 98 97 Newsprint 95 93 101 Fuel oil i_ 127 124 120 Book paper 127 128 107 Lubricating oil* 131 121 113 Fine paper 118 116 115 ' Coke production- Wrapping paper 110 109 107 By-products. _ 127 125 120 Paper board 124 119 1J4 Beehive 34 34 68 Wood pulp, mechanical 87 90 92 Rubber tires and tubes: Wood pulp, chemical 107 106 107 Tires, pneumatic. ._ 132 138 132 Paper boxes 131 127 Inner tubes 114 111 124 Newsprint consumption _ . 125 131 129 Tobacco products: Lumber' Cigars 91 90 92 Lumber, cut _-» _ - 94 95 87 Cigarettes 141 143 145 Flooring „ 111 104 93 Manufactured tobacco and snuff.._ 95 92 96 Transportation equipment: Automobiles _ 110 114 106 Locomotives 35 68 Shipbuilding 162 * Without seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919-100] Month Total G M ro p u e ro t p a d l u s c a s I a t t r n s n e o d e d n l G T r e o x u t p iles F a a n br d i c p s rod P u u r c o c t d t s s - L p u a b r u n c o e m t d d r s - - v R r c o e l a h a e i d s i l - - m A o u b t i o le - s p P a r i a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a c n o t d t d h s - er S c g a t l l o n a a n d y ss e , , b p u T a r c o c o t c d - s o - C p i u a h c r c n o a e t d l d m s s - - Employment: March 93.9 90.6 90.3 96.6 98.3 94.5 91.2 78.0 122.4 109.0 84.1 88.6 115.0 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 73.2 109.9 106.3 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 76.7 114.3 106.0 85.8 88.2 120.2 74.4 75.3 September 91.9 85.1 84.7 93.9 96.5 90.5 93.0 76.1 111.0 107.8 88.7 88.5 119.3 83.5 76.9 October 91.7 84.4 84.0 94.5 97.0 91.4 92.4 75.5 109.9 108.6 89.2 86.5 116.2 85.3 77.8 November. 90.1 82.8 82.3 94.2 97.2 90. 3 91.2 73.4 100.7 109.7 87.7 81.5 114.7 84.6 78.5 December. 89.0 81.8 81.4 93.6 96.4 89.9 88.0 72.0 105.0 110.1 86.7 79.8 109.0 80.3 77.2 1928—January... 87.9 80.9 80.7 92.9 95.1 89.9 84.5 70.5 114.0 108.6 83.8 83.2 101.6 73.8 75.1 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 April 89.3 84.8 84.2 90.0 91.0 88.7 86.8 72.0 133.6 105. 9 82.8 79.8 109.1 76.0 76.7 Pay rolls: 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 77.9 100.9 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 10$. 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 I 107.3 81. S 128.7 148.6 104.4 05,2 145.7 00.5 105. 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 82.2 117.6 140.0 103.0 76.8 140.8 00,5 109.7 December. 101.8 87.6 S6.-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 00.0 83.5 122.1 78.1 108.3 February.. 103.5 92.1 91.2 103.5 102.4 104.8 95.4 78.2 160.0 147.5 100.8 88.0 123.8 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 April 102.7 93.1 92.2 94.7 95.5 93.8 98.0 81.2 171.8 146.7 96.5 75.3 134.6 73.8 108.8 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. Se« also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 389 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925«100] With seasonal adjustment Month 1927 1928 January.. _ 123 137 February. 131 155 March 131 125 April 128 136 May. 126 152 J J u u l n y e 1 1 4 2 4 8 50 50 August. -. 119 BUILDING CONTRACTS AWARDED September 121 October.. _ 137 —M With Seasona/Adjustment November 125 ——- Without/Idjust/r/e.nt December. 121 L I 1924- 1925 1925 1927 1928 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars Federal Reserve District Month Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e - j | m Ri o c n h d - Atlanta I Chicago ! St. Louis K C an it s y as Dallas 1927 April 604,391 40,649 165,459 52,652 77,350 31,192 31,004 114, 013 34,888 12, 001 22, 644 22,539 May 552,349 ! 39,023 141,469 37, 724 70,938 39, 736 31,100 105, 089 31, 344 11,136 21, 528 23, 262 June. 632,478 j 33, 569 177,235 54, 644 64,011 35,502 31,188 140, 608 44,171 11,712 17, 598 22, 240 July 534,390 j 29,658 158,435 33,982 57,465 34, 241 28, 093 107, 480 32, 205 13, 111 17, 203 22, 517 August 552,488 37,461 144,049 53,519 62,447 31,813 28,176 109, 646 34,134 12,371 19, 061 19, 811 September.. 521,611 ! 32,863 107,448 40,174 65,235 57,464 30, 917 106, 296 32,573 8,038 22, 253 18,350 October 562, 816 27,486 169, 299 34,211 49, 315 29, 553 26, 023 141, 523 41, 405 9,305 19,317 15,379 November.. 466,393 40,070 132,481 30,138 39,136 24,811 39,151 84,182 27,793 7,138 16, 516 24,977 December... 477,364 29,407 130,346 28,634 35,275 37,285 24, 816 126,841 i 33,352 4,473 12, 316 14, 619 1928 January 427,169 33,410 133,271 35, 765 26,403 27, 607 27, 696 77,806 29,187 4,428 13, 318 18,278 February.... 465,331 21,826 140,227 34,980 37,841 j 22,301 23,376 108,789 35,294 3,968 13,793 22,936 March 592, 567 39,694 155,154 46,317 66,821 42,061 29,826 108,093 40, 626 8,339 33,174 22,463 April 643,137 42,957 154, 369 60,982 70,184! 66, 591 24, 371 128, 643 43,818 10, 249 20, 658 20,315 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS [Value of permits in thousands of dollars] Public Month d R en e t s i i a - l In tr d i u al s- m C e o rc m ia - l u p w t u a i o l n b i r t d l k i i e s c s E ti d o u n c a a l - o A th l e l r Federal reserve district N of u m cit b ie e s r A 1 p 9 r 2 i 8 l, M 1 a 9 r 2 c 8 h, A 1 p 9 r 2 i 7 l, 1927 United States. 168 276, 454 325,155 318, 203 April 267,417 44,602 80,754 116,264 35,678 59,676 May__ 219,980 44,889 72,541 111,368 34,545 69,026 Boston 14 10,197 8,783 10,134 June 239,814 33,879 88,122 151,399 42,122 77,142 New York.... 22 103,121 130,953 112, 220 July.. 186,935 30,303 83,010 143,916 36,434 53,792 Philadelphia.. 14 14,642 14, 857 18, 237 August 209,456 41,039 76,915 119,741 41,035 64,302 Cleveland 12 25,126 20, 457 21, 237 September 202,877 48,546 59,617 126,230 29,244 55,097 October 243,562 50,712 79,720 108,210 30,170 50,442 Richmond 15 9,810 ! 13, 894 13,166 November 214,963 52,890 43,521 76,089 31,741 47,189 Atlanta 15 7,951 ! 9,305 12, 773 December 207,281 29,989 86,933 92,657 23,248 37,256 Chicago. 19 53,532 63, 350 70, 862 St. Louis 5 8,397 8,065 1928' January 193,189 37,970 68,852 72,039 23,369 31,750 Minneapolis _. 9 3,262 3,349 4,816 February 238,985 34,881 57,695 59,980 18,651 55,139 Kansas City.. 14 8,009 7,565 6,258 March 275.192 48,804 73, 075 110,338 33,881 51, 277 Dallas 9 6,057 14,395 6,949 April _ 276, 586 85, 093 82, 758 117,401 j 32,885 48,413 San Francisco. 20 26, 350 30,495 33, 485 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. 5^3- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN JUNE, 1928 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925=100] PER CENT WHOLESALE DISTRIBUTION Merchan- Grain dise Month Total p g a r r n o a d i d n - L st i o v c e k - Coal F p u o r c o re t d s s - t m 1. a i s n c c . d e 1 l . ucts laneous 1927— April 108 97 92 107 90 110 May 107 100 95 103 93 108 June 104 105 93 96 91 108 July 101 97 89 89 94 107 August 104 98 91 102 95 109 September 104 108 87 102 95 108 October 101 106 94 94 93 106 November 96 94 87 91 87 102 December 94 94 82 93 82 99 1928—January 100 102 91 94 90 106 February 102 108 101 96 93 106 •a— With Seasonal Adjustment March 103 116 96 96 89 108 Without Adjustment April _. 104 109 89 99 85 108 1924- 1925 1926 1927 1928 For description and early figures see p. 562 of August BULLETIN. 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 100 102 101 101 95 97 96 98 97 97 91 93 March 104 94 100 100 96 93 114 102 109 107 103 99 April 100 99 100 97 93 89 97 96 98 94 90 85 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 91 123 118 124 111 106 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 WHOLESALE TRADE With seasonal adjustment Without seasonal adjustment Month c G e r r o ie - s Meats g D oo ry ds M cl i o n e t g n h ' - s W c e l i o n n o t g ' m h s - - B s a h o n o o d e t s s H w a a r r d e - Drugs ni F t u u r r - e1 c G e r r o ie - s Meats g D oo ry ds M cl i o e n t n g h 's - W c e l i o n o n t g ' m s h- - B s a h o n o o d e t s s H w a a r r d 8 - Drugs t F u n u r i e - r- ^ 1927 April 95 111 86 87 88 94 94 106 96 90 104 76 85 64 100 96 108 97 May 87 109 87 87 69 110 91 104 Q8 95 109 76 52 39 311 93 98 93 Jane 99 104 88 90 65 90 92 106 102 101 106 78 46 28 85 96 99 90 July 91 102 88 90 79 134 92 105 102 92 104 81 78 43 107 90 too 84 August 97 109 102 101 72 111 07 112 109 97 111 125 165 98 122 98 110 111 September.. 94 109 91 92 66 104 99 114 103 102 117 113 140 95 127 106 ]22 117 October 90 109 86 81 54 91 94 111 99 102 122 99 101 87 114 105 128 118 November., 94 105 89 86 67 105 100 112 100 100 101 88 61 45 110 98 113 105 December.. 92 109 87 93 61 101 97 106 89 90 103 70 48 39 82 90 99 83 1928 January 93 106 89 99 70 114 92 108 89 85 106 85 76 65 94 82 106 79 February 98 113 88 99 70 109 93 109 95 85 108 89 128 88 87 82 101 95 March 97 109 83 94 55 96 91 109 95 95 105 87 131 89 110 95 120 107 April 92 112 78 77 57 93 87 110 87 88 105 70 75 53 99 89 112 88 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

391 JUNE, 1928 FEDERAL RESERVE BULLETIN DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.* Monthly average 1923-1925=100] Federal Reserve District Month United States Bos- New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas Dal- San ton York delphia land mond lanta cago Louis apolis City* las jV?rraann* Cisco Sales (unadjusted): 1927—January 89 103 96 80 85 84 85 84 79 81 80 87 96 February.. 83 78 85 78 82 78 88 90 83 76 76 86 85 March 100 97 99 94 98 99 99 108 98 92 89 97 109 April 111 111 112 103 116 110 109 117 108 104 98 109 115 1928—January— 88 98 94 75 85 81 85 91 82 76 79 89 98 February.. 85 78 89 72 85 82 91 94 85 75 77 88 92 March 103 96 102 95 101 105 110 115 105 94 92 109 110 April 102 99 103 90 101 99 102 113 99 83 92 102 114 Sales (adjusted): 1927—January... 106 114 111 96 105 107 107 105 100 98 105 112 February.. 107 104 109 97 104 104 109 114 103 103 108 111 March 105 104 107 96 103 102 105 114 101 99 100 112 April 105 102 107 98 107 105 104 106 101 92 108 114 1928—January... 105 108 108 89 104 103 107 113 104 90 107 114 February.. 105 100 109 85 103 105 108 115 101 96 106 115 March 105 98 106 94 102 105 113 118 105 97 109 110 April 103 97 106 91 100 102 103 110 100 98 108 121 Stocks (unadjusted) 1927—January... 92 91 98 91 87 91 90 92 90 8J 96 77 97 February.. 97 95 97 95 96 97 100 97 95 87 109 85 102 March 106 105 107 105 105 107 108 105 102 94 116 92 109 April 106 107 109 103 106 107 110 105 103 95 115 93 110 1928—January- 91 93 96 88 90 89 92 92 84 80 98 75 98 February.. 96 97 97 91 93 96 101 99 93 88 111 83 105 March 103 105 105 98 103 103 105 105 96 91 117 86 111 April 104 107 108 96 103 104 108 106 98 93 115 87 111 Stocks (adjusted): 1927—January... 103 101 106 99 103 104 97 104 103 91 89 105 February.. 102 101 105 100 101 102 102 102 101 90 88 106 March 103 103 105 100 101 103 105 102 100 91 90 107 April 102 104 105 99 99 102 105 101 98 92 88 104 1928—January... 103 102 104 96 106 102 101 103 97 90 86 106 February. 101 103 104 96 98 101 103 104 99 91 86 109 March 100 103 103 93 99 100 102 102 94 88 84 109 April 100 104 104 92 96 99 103 102 94 90 83 106 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- Mailorder order ho ( u 4 s ) e s G e (3 e r 4 o ry ) - 1 5 0 - ( - a 1 c n 4 e d ) n - t p A a ( p r 5 e - ) l D ( r 1 u 3 g ) Ci ( g 5 a ) r S ( h 4 o ) e Ca (7 n ) dy (4) G c ( e 3 r 4 r o y ) - i |5 lO - ( a - 1 c n 4 e d n ) - t i A p ( a 5 p r ) e - l D ( r 1 u 3 g ) Ci ( g 5 a ) r S ( h 4 o ) e Ca (7 n ) dy 1927—January ... 103 155 96 100 134 97 82 95 111 157 I 130 163 140 113 111 120 February. 101 148 104 114 129 99 84 103 112 155 | 133 173 139 115 121 121 Marsh 125 174 116 148 143 111 96 115 117 163 128 175 139 113 104 116 April 120 172 135 199 144 113 150 136 113 166 137 192 144 115 117 127 1928—January.. 105 187 104 121 146 90 87 100 113 189 140 197 153 105 117 126 February. 108 193 115 137 148 96 86 106 116 194 142 201 153 107 120 120 March... 125 224 133 200 163 107 117 119 113 210 142 224 157 109 119 120 April 115 202 135 195 154 100 130 130 117 203 147 205 161 105 109 125 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

392 FEDERAL RESERVE BULLETIN JUNE, 1928 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES. BY CLASS OF ENTERPRISE' [Amounts in thousands of dollars] [Amounts in thousands of dollars] Nonmember banks Number Liabilities Total deposits Total f M a i c a n t n g u u r- - T i r n a g d- b A r g e o e t k c n . e t r s s , , Total f M a i c a n t n u g u r- - T i r n a g d- b A r g o et e k c n . e t r s s , , January. 3,992 9,392 February. 2,861 8,902 March. 710 9,539 1926 April- 3,534 8,978 January. __ 2,296 510 [,696 90 43,651 16,094 21,502 6,055 May 4,234 12,090 February _ 1,801 447 L,282 72 34,176 10, 822 20, 317 3,037 June... 5,318 28, 911 March 1, 984 469 L,424 91 30, 623 9,862 18, 623 2,138 July... 1, 637 46, 981 April 1, 957 494 [,378 85 38.487 16, 734 19,094 2,659 August 52 i 10,001 2,127 7,874 May 1, 730 437 ,216 77 33,543 16,157 15, 710 1,676 September. 37 | 12,050 I 4,317 7,733 June 1, 708 435 ,160 113 29,408 10, 092 15, 525 3,791 October 88 ] 18,209 6.280 11,929 July 1, 605 396 ,122 87 29, 6801 11,168 14, 614 3,898 November. 154 I 45,983 19,389 26, 594 August 1,593 449 [,071 73 28,130 12, 516 14, 096 1,518 December. 116 \ 39,166 14, 413 24, 753 September 1,437 374 958 105 29, 990 10,093 11, 243 8,654 October 1, 763 450 ,205 108 33, 231 11, 650 15,874 5, 707 D N e o c v e e m m b b e e r r - 2 1 , ? 0 8 6 3 9 0 4 49 4 4 0 L [,4 , 7 2 1 85 1 1 0 0 4 5 4 3 5 2 , , 6 6 2 9 0 4 1 1 6 6 , , 7 0 5 9 9 7 2 1 0 4 , , 5 1 7 5 9 8 2 8, , 4 2 3 8 9 2 January 32, 038 February 25,157 Total. __21, 773 5,39515,268 1,110409,233 158,044 201,335 49, 854 March 31,222 | April 11,750 I 1927 May. 13,198 j 64 January... 2,4651 501 ],842 122 51, 290 19,996 24,530 6,764 June 10,784 i 5,263 February _ 2,035 411 ],508 116 46,941 10. 518 23,406 13,017 July 12,162 9,524 March 2,143 569 [,468 106 57,891 22, 368 28,191 7,332 August 17, 364 8, 483 April 1,968 492 1.342 134 53,156 25, 278 22, 308 5, 570 September. 8, 988 7,731 May 1,852 444 ,292 116 37, 785 13,802 19, 978 4,005 October.... 11,542 7,813 June 1,833 427 [,310 96 34,465 13,587 17,856 3,022 November. 11, 210 8,105 July 1, 756 448 ,187 121 43,150 16, 743 16,832 9,575 December 8,476 7,166 August 1,708 438 ,174 96 39,1961 14,921 14, 702 9,573 September 1, 573 389 ,083 101 32, 786 15,349 12,052 5,385 October... 1, 787; 488 [,170 129 36, 236 17,134 14, 657 4,445 November 1,864 478 L, 276 110 36,147 12, 786 16,949 6,412 January 12,535 j 9,079 December. 2,162 597 L,430 135 51,062 29,024 16, 733 5,305 February 20,669 | 10, 587 March 17, 13. 309 Total—.23,146: 5,68216,082 1,382520,1051211, 506|228,194 80,405 April. 8,362 5,001 1928 Total, 4 months I January... 2,643 553 1,946 144 47,634 14,870 26,446 6,318 February. 2,176 468 1,581 127 45,071 12, 751 24, 952 7,368 March 2,236! 546 1,566 124 54,814 20,412 26,186 8,216 BANK SUSPENSIONS» IN APRIL, 1928, BY DISTRICTS April 1,818 432 1,276 110 37,985 16, 236 16,049 5,700 [Amounts in thousands of dollars] Total, 4 mos 8, 873; 1,999 6,369 505185, 504! 64,270 93, 633 27, 601 Member Nonmember All banks banks• banks COMMERCIAL FAILURES, BY DISTRICTS * Federal reserve district 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 - 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 « [Amounts in thousands of dollars} Number Liabilities Boston New York • j Federal reserve Philadelphia district Cleveland - ._ Apr., Mar., Apr., Apr., Mar., Apr., Richmond 2 1,955 2 1,955 1»28 1928 1927 1928 1928 1927 Atlanta 4 1,308 4 1,308 Chicago 8 1,490 3 671 819 St Louis 7 698 698 Boston 143 241 197 2,385 5,853 6,913 Minneapolis 5 936 936 New York 305 443 324 6,436 9,979 10, 288 Kansas City 16 1,426 1 735 15 691 Philadelphia.. 76 126 64 2,005 2,174 2,829 Dallas 1 Cleveland 125 183 151 7,055 8.434 6,026 San Francisco 1 549 1 549 Richmond 106 141 123 2,317 4,755 3,801 Atlanta 156 147 136 3,407 7,572 3,787 Total <44 8,362 6 3,361 38 5,001 Chicago . --. 279 348 288 5,531 5,886 9,122 St. Louis 97 104 95 1,208 3,983 1,591 Minneapolis 88 83 98 853 997 1,221 i Banks closed to the public by order of supervisory authorities or by Kansas City 106 83 124 1,076 1,696 1,527 the directors of the banks on account of financial difficulties. Dallas 46 66 75 1, 284 945 1,685 > Includes 5 national banks with deposits of $3,209,000 and 1 State San Francisco.. 291 271 293 4,428 2,540 4,366 member bank with deposits of $152,000. • Figures represent deposits for the latest available date prior to the Total 1,818 2,236 1,968 37, 985 54, 814 53,156 suspensions and are subject to revision when information for the dates of suspension becomes available. * Includes 11 banks for which deposit figures are not available. * Figures furnished by R. Q. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 393 FOREIGN BANKING AND BUSINESS CONDITIONS BRITISH CURRENCY AND BANK-NOTES BILL The Currency and Bank Notes Bill, an- bank notes for £1 or 10 shillings shall be nounced by the Chancellor of the Exchequer in deemed a legal tender of payment by the Bank his budget speech on April 22, was introduced or any branch of the Bank, including payment in the House of Commons on May 2.1 The full of bank notes. text of this bill is as follows: (b) The holders of bank notes for £5 and upwards shall be entitled, on a demand made A bill to amend the law relating to the issue of bank at any time during office hours at the head notes by the Bank of England and by banks in Scotland and Northern Ireland, and to provide for office of the Bank, or in the case of notes payable the transfer to the Bank of England of the currency at a branch of the Bank, either at the head notes issue and of the assets appropriated for the office or at that branch, to require in exchange redemption thereof, and to make certain provisions for the said bank notes for £5 and upwards with respect to gold reserves and otherwise in connection with the matters aforesaid and to prevent bank notes for £1 or 10 shillings. the defacement of bank notes. (4) The Bank shall have power, on giving not less than three months7 notice in the Be it enacted by the King's most Excellent London, Edinburgh, and Belfast Gazettes, to Majesty, by and with the advice and consent oj call in the bank notes for £1 or 10 shillings of the Lords Spiritual and Temporal, and Commons, any series on exchanging them for bank notes in this present Parliament assembled, and by the of the same value of a new series. authority of the same, as follows: (5) Notwithstanding anything in section 8 Amendment with respect to powers of Bank of the Truck Act, 1831, the payment of wages in of England to issue bank notes. bank notes of £1 or 10 shillings shall be valid, 1. (1) Notwithstanding anything in any whether the workman does or does not consent act— thereto. (a) The Bank ma}7 issue bank notes for £1 Amount of Bank of England note issue. and for 10 shillings. 2. (1) Subject to the provisions of this act (b) Any such bank notes may be issued at the Bank shall issue bank notes up to the any place out of London without being made amount representing the gold coin and gold payable at that place, and wherever issued shall bullion for the time being in the issue departbe payable only at the head office of the Bank. ment, and shall in addition issue bank notes (c) Any such bank notes may be put into to the amount of £260,000,000 in excess of circulation in Scotland and Northern Ireland, the amount first mentioned in this section, and shall be current and legal tender in Scotand the issue of notes which the Bank are by or land and Northern Ireland as in England. under this act required or authorized to make (2) Section 6 of the Bank of England Act, in excess of the said first-mentioned amount 1833 (which provides that bank notes shall be is in this act referred to as "the fiduciary note legal tender), shall have effect as if for the issue.'7 words " shall be a legal tender to the amount (2) The Treasury may at any time on being expressed in such note or notes and shall be requested by the Bank, direct that the amount taken to be valid as a tender to such amount of the fiduciary note issue shall for such period for all sums above £5 on all occasions on which any tender of money may be legally made77 as may be determined by the Treasury, after consultation with the Bank, be reduced by such there were substituted the words " shall be legal tender for the payment of any amount.77 amount as may be so determined. (3) The following provisions shall have effect Securities for note issue to be held in issue so long as subsection (1) of section 1 of the department. Gold Standard Act, 1925, remains in force: 3. (1) In addition to the gold coin and bul- (a) Notwithstanding anything in the proviso lion for the time being in the issue department, to section 6 of the Bank of England Act, 1833, the Bank shall from time to time appropriate to and hold in the issue department securities i Following its third reading the bill was passed in the House of Commons on May 22 with only such minor alterations as were proposed by of an amount in value sufficient to cover the the Government. The bill had its first reading in the House of Lords fiduciary note issue for the time being. on May 23, prior to the adjournment of the Lords until June 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JUNE, 1928 (2) The securities to be held as aforesaid may (2) Any bank notes transferred to the Bank include silver coin to an amount not exceeding under this section shall be canceled. £5,500,000. (3) Such of the said Government securities (3) The Bank shall from time to time give to as are not transferred to the Bank under the the Treasury such information as the Treasury foregoing provisions of this section shall be may require with respect to the securities held realized and the amount realized shall be paid in the issue department, but shall not be re- into the Exchequer at such time and in such quired to include any of the said securities in manner as the Treasury greets. the account to be taken pursuant to section 5 Profits of note issue to be paid to Treasury. of the Bank of England Act, 1819. 6. (1) The Bank shall, at such times and in Transfer of currency notes issue to Bank of such manner as may be agreed between the England. Treasury and the bank, pay to the Treasury an 4. (1) As from the appointed day all cur- amount equal to the profits arising in respect rency notes issued under the Currency and of each year in the issue department, includ- Bank Notes Act, 1914, certified by the Treasury ing the amount of any bank notes written off to be outstanding on that date (including cur- under section 6 of the Bank Act, 1892, as rency notes covered by certificates issued to amended by this act, but less the amount of any persons under section 2 of the Currency any bank notes so written off which have been and Bank Notes (amendment) Act, 1914, but presented for payment during the year and not including currency notes called in but not the amount of any currency notes called in canceled) shall, for the purpose of the enact- but not canceled before the appointed day ments relating to bank notes and the issue which have been so presented. thereof (including this act) be deemed to be (2) For the purposes of this section the bank notes, and the Bank shall be liable in re- amount of the profits arising in any year in spect thereof accordingly. the issue department shall, subject as afore- (2) The currency notes to which subsection said, be ascertained in such manner as may be (1) of this section applies are in this act referred agreed between the Bank and Treasury. to as "the transferred currency notes." (3) For the purposes of the income tax acts, (3) At any time after the appointed day the any income of, or attributable to, the issue bank shall have power, on giving not less than department shall be deemed to be income of three months' notice in the London, Edinburgh, the Exchequer, and any expenses of, or attributand Belfast Gazettes, to call in the transferred able to, the issue department shall be deemed currency notes on exchanging them for bank not to be expenses of the Bank. notes of the same value. (4) The bank shall cease to be liable to (4) Any currency notes called in but not make any payment in consideration of their canceled before the appointed day may be exemption from stamp duty on bank notes. exchanged for bank notes of the same value. 7. Section 6 of the Bank Act, 1892 (which authorizes the writing off of bank notes Transfer to Bank of certain part of assets of which are not presented for payment within currency note redemption account. 40 years of the date of issue), shall have effect 5. (1) On the appointed day, in consideraas if, in the case of notes for £1 or 10 shillings, tion of the Bank undertaking liability in respect 20 years were substituted for 40 years, and as of the transferred currency notes, all the assets if, in the case of any such notes being transof the currency note redemption account other ferred currency notes, they had been issued than Government securities shall be transferred on the appointed day and, in the case of any to the issue department, and there shall also such notes not being transferred currency be transferred to the issue department out of notes, they had been issued on the last day the said assets Government securities of such on which notes of the particular series of which an amount in value as will together with the they formed part were issued by the bank. other assets to be transferred as aforesaid represent in the aggregate the amount of the Power to increase amount of fiduciary note transferred currency notes. issue. For the purpose of this subsection the value 8. (1) If the Bank at any time represent""to of any marketable Government securities the Treasury that it is expedient that f the shall be taken to be their market price as on amount of the fiduciary note issue shall|be' ; the appointed day, less the accrued interest, increased to some specified amount^above if any, included in that price. £260,000,000 the Treasury may authorize the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 395 Bank to issue bank notes to such an increased nominal value thereof, and in the case of bullion amount, not exceeding the amount specified as at the rate fixed in section 4 of the Bank Charter aforesaid, and for such period, not exceeding Act, 1844. six months, as the Treasury think proper. Penalty for defacing bank notes. (2) Any authority so given may be renewed or varied from time to time on the like repre- 12. If any person prints or stamps or by any sentation and in like manner: Provided, That, like means impresses on any bank note any notwithstanding the foregoing provision, no word, letters, or figures, he shall in respect of such authority shall be renewed so as to remain each offense be liable on summary conviction to in force (whether with or without variation) a penalty not exceeding £1. after the expiration of a period of two years Short title interpretation and repeal. from the date on w^hich it was originally given, unless Parliament otherwise determines. 13. (1) This act may be cited as the "Currency and Bank Notes Act, 1928." (3) Any minute of the Treasury authorizing (2) This act shall come into operation on the an increase of the fiduciary note issue under appointed day and the appointed day shall be this section shall be Jaid forthwith before both such day as His Majesty may by Order in Coun- Houses of Parliament. cil appoint, and different days may be ap- Amendment as to issue of notes by banks in pointed for different purposes and for different Scotland and Northern Ireland. provisions of this act. 9. For the purpose of any enactment which (3) In this act, unless the context otherwise in the case of a bank in Scotland or Northern requires— Ireland limits by reference to the amount of The expression "the Bank" means the Bank gold and silver coin held by any such bank the of England. amount of the notes which that bank may have The expression "issue department" means in circulation, bank notes held by that bank or the issue department of the Bank. by the Bank on account of that bank, shsil be The expression "bank note" means a note of treated as being gold coin held by that bank. the Bank. 10. The form prescribed by Schedule A to The expression "coin" means coin which is the Bank Charter Act, 1844, for the account to current and legal tender in the United Kingbe issued weekly by the Bank under section 6 dom. of that act may be modified to such an extent The expression "bullion" includes any coin as the Treasury, with the concurrence of the which is not current and legal tender in the bank consider necessary, having regard to the United Kingdom. provisions of this act. (4) The enactments set out in the schedule to this act are hereby repealed to the extent Power of Bank of England to require persons specified in the third column of that schedule. to make returns of and to sell gold. 11. (1) With a view to the concentration of the gold reserves and to the securing of econ- Schedule—Enactments repealed omy in the use of gold, the following provisions of this section shall have effect so long as subsection (1) of section 1 of the Gold Standard Se c s h si a o p n t e a r nd Short title Extent of repeal Act, 1925, remains in force. (2) Any person owning any gold coin or 7 and 8 Viet. c. The Bank Charter Sections 2, 3, 5, and 9, in section 32. Act, 1844. 11 the words from "save*and bullion to an amount exceeding £10,000 in except that" to the endjof the value shall, on being required so to do by notice section, sections 13 to 20,rand section 22, and, so far as relates in writing from the Bank, forthwith furnish to to England, sections 10 and 12. 24 and 25 Viet. Bank of England Section 4, so far as unrepealed. the Bank in writing particulars of the gold coin c. 3. act, 1861. and bullion owned by that person, and shall, if 4 and 5 Geo. 5 The Currency and The whole act, except subsection c. 14. Bank Notes Act, (5) j)f section 1 and section 5. so required by the Bank, sell to the Bank the 1914. 4 and 5 Geo. 5 The Currency and The whole act. whole or any part of the said coin or bullion, c. 72. Bank Notes other than any part thereof which is bona fide (a m e n d m e nt) Act, 1914. held for immediate export or which is bona fide 5 and 6 Geo. 5 The Finance Act, Section 27. c. 62. 1915. required for industrial purposes, on payment 15 and 16 Geo. The Gold Standard Paragraph (6) of subsection (1) therefor by the Bank, in the case of coin, of the 5 c. 29. Act, 1925. of section 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN JUNE, 1928 CURRENCY AND BANKING REFORM IN GREECE On May 14, 1928, the reestablishment of the The reserve may consist only of (1) gold coin Greek drachma on a gold basis became legally and bullion in the unrestricted ownership of effective. The gold value of the drachma was the bank and held in the custody of the bank, stabilized at 375 to the pound sterling, and 77 or deposited in another central bank or mint, to the dollar, making the new parity 1.30 cents, or in transit, (2) net foreign gold exchange a rate which had been maintained with but in the unrestricted ownership of the bank, minor fluctuations since the beginning of 1927. provided that it be either (a) on a country This was the final step in the program of mone- the currency of which by law and in practice tary reform which had been carried out in ac- is convertible on demand at a fixed price cordance with the protocol of the League of into exportable gold, or (b) on a country the Nations accepted by Greece last autumn. currency of which by law and practice is Under the terms of the protocol a new and inde- convertible on demand at a fixed price into pendent bank, known as the Bank of Greece, foreign exchange as defined in (a). The term was to be established which should have as its "net foreign gold exchange" shall be taken to especial object maintenance of the stability of mean (1) balances standing to the credit of the drachma. the bank at the central bank of a foreign coun- The Bank of Greece opened its doors for try; (2) bills of exchange payable in a foreign business on May 14. Article II of the stat- country maturing within three months, and utes of the new bank gives it the exclusive bearing at least two good signatures; (3) privilege of note issue within the whole terri- treasury bills, treasury certificates of indebttory of the Hellenic State, and Article IV edness or similar obligations of a foreign lays upon the bank the general obligation to Government maturing within three months; maintain the stability of its notes in gold less any liabilities in foreign exchange. values. In Article V the bank is specifically In calculating the amount of the reserve, obligated to purchase and sell, within the should it be found that the liabilities in foreign gold points, currencies of gold standard coun- exchange exceed the assets enumerated in the tries, the minimum transaction being 10,000 paragraphs numbered (1), (2), and (3) of this drachmas (about $130). The Government is article, the excess shall be deducted from the not permitted to hold shares of the bank other assets of the reserve. A temporary proaggregating more than one-tenth of the nomi- vision stipulates that during the first five years nal issued capital. The bank will act as fiscal of its existence the bank may hold in its reserve agent for the Government. specified gold bonds of the Hellenic State. The minimum reserve requirements of the The financial adviser to the new bank is bank are 40 per cent of the amount of its notes Mr. H. C. F. Finlayson, previously financial in circulation and other demand liabilities. adviser to the British Embassy in Berlin. ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA The annual report of the National Bank of organism is a peculiar one in that, while it is Austria for 1927 was presented to the meeting affected by most crises in foreign countries, it of shareholders on March 16, 1928. An does not always derive benefit from favorable abridgment of this report, published by the economic developments abroad, and then only bank in English, is given below, with certain in an attenuated and belated form. additions translated from the full report (in This connection between the economic posi- German) relating principally to financial con- tion of Austria and external conditions will ditions in Austria: justify the prefacing of a review of the economic General observations.—The year 1927 can" development of this country by a few observanot be said to have been unfavorable to the tions of a general nature. economic development of Austria. If the re- The leading role in the world's economic life sult has not in some respects come up to higher which fell to the United States of America expectations and the process of consolidation after the war has become more manifest has continued at but a very slow pace, the during the last year than hitherto. This has, reasons therefor must be sought partly in the no doubt, to a great extent been due to the internal Austrian circumstances and partly in continued increase in America's stock of gold, those prevailing abroad. The position of the the considerable growth of America's national small country Austria in the world's economic wealth in spite of various adverse circum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 397 stances, such as floods, strikes and the dimin- had therefore become extremely unfavorished activity in important industries, as well able for an extension of the system of commeras to the increase of America's foreign invest- cial treaties, so that only very modest results ments, which according to the lowest official were obtained in that direction. Industrialists, estimate amounted to $13,000,000,000 at the end in the meantime, have persevered with some of 1927. But the decisive factor has, no doubt, success in the efforts initiated last year to been that the leading personalities in the United counteract the detrimental effects of the pro- States became increasingly conscious of the tectionist system by the conclusion of interresponsibility attached to their power, and of national agreements between undertakings in the connection between the use made of this the same branches of industry. It will be power abroad and the welfare of their own readily understood that Austrian enterprises, country. This consciousness finds expression not being as a rule sufficiently strong to take not only in various noteworthy publications the position of independent parties to such inbut also in the policy of the Federal reserve ternational agreements on an equal footing banks, which has been more influenced by world with the powerful enterprises of important ecomarket price considerations than hitherto and nomic countries, have, so far, found it expehas not opposed the efflux of gold to Europe. dient to establish connections with kindred If the American monetary and economic concerns in Germany. policy is directed not merely to the increase of Greater practical results than in the sphere of the economic power of the States but also to tariff and trade policy have, however, resulted the proper external use of this powder for the from the recognition of the necessity for interbenefit of the world as well as for their own national cooperation in currency matters. It advantage, a great service will thereby be is not unreasonable to assume that the conferrendered to the reestablishment of permanent ences of the heads of European and American equilibrium in the world's economic system. central banks initiated this year will continue That the United States will find themselves to take place in the coming years and become confronted with this task is clear, as Europe is, an important factor in the mechanism of cooperto all appearances, not strong enough to right ation. The system of cooperation has again itself by its own efforts alone. The satisfactory found practical application in connection with developments during the years 1924 to 1926 as the preparation for and the introduction of curmarked by the acceptance of the Dawes plan, rency reforms in various countries, especially the pact of Locarno, and the entry of Germany in Poland and Italy. As w^as the case with into the League of Nations, have not been fol- Belgium in 1926, the central banks of these two lowed by any events of equal importance during countries have, in the fulfillment of their misthe past year. The conclusion of the Franco- sion, received the valuable support of the sister German commercial treaty should not be under- institutions abroad, who placed appropriate estimated in its importance to the develop- credits at their disposal. The method of ment of commercial intercourse between procedure initiated by the Bank of England for European countries, but can hardly be placed the promotion of such concerted action has in the same rank as the above mentioned hitherto been wholly successful, and may be events. Although the conviction of the un- accepted as the most practicable way in which soundness of protectionist tendencies in trade the consolidation of currency systems of and customs tariff policies has again been Europe may be achieved at an earlier date than strongly emphasized both at the International could otherwise be expected, whereby one of Economic Conference at Geneva and the ses- the primary conditions for the stimulation of sion of the International Chamber of Commerce international trade and production would be in Stockholm, there has been no change in fulfilled. practice. The high tariff walls have not only A number of economic and financial problems been maintained, but have in some cases even arising out of the war and complicated by the been raised, owing to the exigencies of produc- peace treaties, many of which are of the greatest tive industry, and possibly even more so to importance to Austria, have during the last year those of agriculture, which in many countries been more generally recognized, but have reis in a difficult position. In these circum- mained unsolved. It is hardly to be expected stances Austria has also been forced to deviate, that much progress will be made in the solving to a certain extent, from the very moderate of these problems during 1928, a year of general tariff policy it had hitherto followed and to elections when the energies of the leaders will counter the raising of tariffs by its neighbors be centered on home affairs. The coming year with similar measures. Existing conditions will, however, be one of far reaching importance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN JUNE, 1928 in the forming of an opinion as to the prospects 195,000,000 schillings spent on productive inof a brighter future for Europe. vestments, so that the combined accounts will In Austria there were some signs of improve- close wdth a deficit of some 93,000,000 schillings, ment during 1927. In seeking the causes that which is 64,000,000 schillings better than the prevented a greater improvement certain polit- estimated deficit of 157 schillings for the year. ical aspects must also be taken into account. This deficit has been covered out of the amounts It may to some extent be due to the existing released from the proceeds of the League of system of parliamentary elections that many Nations loan. The increase in current expenpolitical questions appear to be in a state of diture is mainly due to an allocation to the stagnation; that once honored maxims are Post Office Savings Bank and to the raising of obeyed only intermittently; and that in po- the salaries of the civil servants, for which no litical debates the spirit of disagreement provision had been made in the budget. Of plays a greater part than the desire to reach a the increase in revenue some 123,000,000 schilsatisfactory solution through constructive anal- lings are accounted for by higher yields of ysis. A striking example of this tendency is the the customs, direct taxes, duties, and the fact that the Government's budgetary esti- tobacco monopoly. The final accounts of the mates for 1928 could not be passed within the ordinary income and expenditure for the past prescribed period, so that it became necessary year will, therefore, as in the three preceding to have recourse to a provisional budget. years, show a considerably larger surplus than Another and from a material point of view more had been estimated. regrettable consequence has been that no prog- The unused balance of the proceeds of the ress whatever can be shown in dealing with League of Nations loan, excluding the sum of various important and urgent economic ques- 52,900,000 schillings reserved as a guarantee tions such as the financial relations between the deposit for the service of the various sections Government and the Provinces, the revision of of the loan, amounted to 174,300,000 at the taxation with a view to lightening the burden beginning of 1927 and has been reduced to on production, administrative reforms and the 96,300,000 schillings by the end of the year. modification of the rent restriction laws. The net result of the State finances for 1927, Economic development has, moreover, still taking the funds released from the proceeds of been impeded and disturbed by the aftermath the loan into account, was a surplus which is of past crises. It became clear that the process reflected in an increase in the free cash reserve of reconstruction is too slow to justify any held by the Government. It is for this reason hope of success for efforts which had been that the Government has up to now not availed made by some undertakings that had been itself of the authority to issue short-term severely hit by the crises, to tide over their treasury bills. difficulties until better times should offer them The budget for 1928 which was submitted to an opportunity of recovery. Parliament last October but had, for reasons The fact, however, that we are able to point already mentioned, not been adopted by the to a series of favorable factors which have an end of the year, shows a deficit of 155,600,000 important bearing on the position as a whole schillings. This, however, includes provision may be taken as evidence of the determination for capital expenditure amounting to 191,and courage with which the Austrian people are 100,000 schillings, without which the ordinary advancing along their difficult road. accounts are estimated to show a surplus of State finances.—The outstanding feature is 35,500,000 schillings. Cover for these capital the satisfactory position of the State finances. investments will in the first place be found in The final Government accounts for the year the above-mentioned unused balances of the 1926 have, on the whole, confirmed the favor- loan and in the surplus revenues of the current able conclusions we were able to draw from the year. monthly official statements for that year in our To the extent that this capital expenditure last report. On the basis of the provisional is not covered by the said funds, recourse will monthly returns which have been published up be had to the proceeds of a productive investto now the ordinary accounts for the year 1927 ment loan covering several years' requiremay be expected to show a surplus of receipts ments, for the issue of which statutory authorover expenditure of 102,000,000 schillings, ity will be specially obtained in due course. which would exceed the estimated surplus of The Government submitted its plans last 44,000,000 schillings by 58,000,000 schillings. October to the committee of control of the Against the surplus of 102,000,000 schillings on guarantor States of the League of Nations the ordinary accounts must be placed about loan, whose approval had to be obtained in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL. RESERVE BULLETIN 399 accordance with article 7 of the Geneva Proto- 000 loan of the Danube Steam Navigation Co., col No. 11. The plans have been approved the latter being issued in schillings, marks, and by the control committee, but the agreement of Swiss francs. Of this last-mentioned loan other parties to a postponement of their prior about a third was placed in Austria. claims has still to be obtained, which in some Exchange and currency position.—Another cases entails a very wearisome procedure. It pleasing feature in the general aspect of the is to be hoped that these complicated formali- Austrian economic position, apart from the ties, which hamper the Government's freedom satisfactory Government finances, will be of action to an almost insupportable degree, found in the considerably increased strength may yet be settled at a moment when the of the Austrian National Bank's exchange position of the international money markets is currency position. After deduction of all forfavorable for the issue of the loan. eign currency liabilities the national bank held The Government's program for productive precious metal and foreign exchange amounting capital expenditure is very comprehensive and to 8,302,500,000 schillings. This is 81,000,000 would offer extended employment to important schillings more than last year and is equivalent branches of industry. The principal item to a cover of 79.45 per cent of the note circulaconcerns the State railways which have large tion and sight liabilities. This position will requirements for renewal of the permanent be the more appreciated if regard is had to the way and completion of rolling stock. The fact that Austria's adverse trade balance is question whether the further electrification about the same as last year and that there does of the main lines should also be included in the not appear to have been any very material program has given rise to considerable discus- increase in the foreign short-term indebtedness. sion, as fresh calculations make it doubtful Balance of trade and payments.—The balwhether it would pay to do so in the present ance of trade shows an excess of imports of circumstances.. It is also the intention to 1,102,600,000 schillings as against 1,099,700,000 extend the long distance telephone system in schillings last year. This figure includes order to connect this with international 23,700,000 schillings in respect of gold imported cables. The capital expenditure for these two by the Austrian National Bank to supplement items is to be covered by the proceeds of the its stock of precious metal. The value of both new loan. It is further proposed to make imports and exports has increased by about urgently needed repairs to at least some of the 300,000,000 schillings, which represents an State roads, the importance of w^hich will be increase of 10.4 per cent on the imports and appreciated from the point of view of the 16.8 per cent on the exports. increasing motor traffic, both tourist and trans- As regards the foreign short-term indebtedport, and of the productive nature of capital ness, it is very difficult, especially in Austria, thus invested. to form a reliable opinion either as to the total The finances of the public bodies are, gener- transactions under this head or the purpose for ally speaking, affected by the complexity of which they are required and more particularly administrative machinery and by the tendency as to their importance from the currency point toward an extension of its scope in deference to of view. The fact, for instance, that Austrian a large section of public opinion. With but a banks and bankers act as intermediaries few exceptions these influences are reflected between the important western financial marin the financial policy and budgets of the kets and the east has the effect that foreign Provinces and municipalities. The exception- engagements are partly covered by similar ally strong position of the city of Vienna by claims against debtors in other foreign counreason of its favorable financial circumstances tries. To what extent credits which have been and the productiveness of its sources of revenue passed on in this way might, from a currency enabled the municipal council to contract a loan point of view, be regarded as counterbalancing of $30,000,000 with a leading American finan- themselves and therefore of no practical bearcial group on favorable terms. The proceeds ing on the position, could only be decided after of this loan, a considerable portion of which close scrutiny of the individual cases. was placed in this country through the Austrian The question of short-term foreign indebtedbanks, are available for capital expenditure. ness is undoubtedly very important for Austria Beyond this the only three long-term foreign and calls for the unremitting attention of the loans of any importance contracted and issued central institution; it may be said, however, during 1927 were the $5,000,000 loan of the that while the position in Austria in this re- Province of Upper Austria, the $3,000,000 loan spect demands caution, it would not appear to of the Tyrol Waterpower Co., and the $15,000,- justify the same anxiety as was so much in evi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN JUNE, 1928 dence in Germany during the past year in dis- not all give the same impression, the industrial cussions of currency policy. At any rate it position would, on the whole, appear to be may be assumed that the influx of capital a little better than could be concluded from which Austria has received through the city the above-quoted statistics or more particularly of Vienna loan and expects to receive from the from the unemployment figures. Austrian Government loan will tend to bring about a industry has of course still to struggle very reduction in her short-term indebtedness, or at hard. The tendencies of tariff policy, already least to prevent any increase for the time being. referred to, hamper exports; the continual In our last year's report we endeavored to changes in the direction of trade, owing to the show what credit items in the Austrian balance uncertain position of commercial policy, require of payments, other than proceeds of fresh short perpetual readjustments and fresh arrangeand long term credits, chiefly contribute to ments. The disproportion of the size and an equalization of the adverse trade balance. capacity of plant to the marketing possibilities, There has been no essential change in these which is a result partly of the overexpansion during the year. We would here only refer to of some of the industries during the war and the gratifying increase of the tourist traffic partly of the downfall of the monarchy and the which, from the point of view of the balance industrial policy adopted by the Succession of payments, is certainly to be welcomed. States, can only be gradually corrected and Statistics of the tourist traffic in 1927 for the still weighs heavily on some branches of whole of Austria are not yet available, but a industry. The profitableness of undertakings fairly safe estimate of the increase can be based is furthermore jeopardized or sensibly diminon the ascertained figures for Vienna, where ished by the high social charges and taxation, the number of foreign visitors to the hotels as well as by the still heavy cost of financial was 329,697, or 9 per cent more than last year. accommodation. Owing to the stagnation of the stock and share market there is no Employment, prices, etc.—The movement possibility of reducing the more onerous in other economic figures does not present a financial charges by having recourse to the uniform picture. Unemployment began to issue of additional share capital. In spite of show a satisfactory decline in March and in the these unfavorable circumstances there was a summer months reached a level below that of distinct improvement in some of the important last year, but unfortunately increased considerbranches of industrial production during the ably toward the end of the year. At the end first eight or nine months, which, however, of the year the number of unemployed in the slackened off again in the last quarter of the whole of Austria amounted to roughly 207,000 year. The impulse to this improvement was (besides about 20,000 old-age pensioners), undoubtedly given by the favorable trade whereas the total last year, including the class developments in Germany, but there are disnow returned as old-age pensioners, amounted tinct signs that conditions in Austria itself to 205,000. A part of this increase is attributhave become more favorable to profitable able to rationalization and, let us hope, tembusiness activity. In this respect we may porary in character. The index of wholesale point out that the home industries have been prices, which showed a considerable rise in the able to supply home demand to a greater first half year, fell back to 127 at the end of extent than has hitherto been the case. This the year or to the same level as at the end of has, no doubt, been due partly to the propa- 1926. The retail and cost of living indices are ganda in favor of a more extended use of both three points higher than a year ago. The home-made goods, which should render further turnover of clearings at the Austrian National useful service especially in bringing about a Bank, the Post Office Savings Bank, and the reduction in the import of luxury food articles. Wiener Giro-und Kassen-Verein show an in- Other favorable factors are the progress that crease of 10 per cent in the combined average. has been made in the adaptation and rational- The State railways show an increase of about ization of works and the advantages derived 5.1 per cent in the freight-ton miles as comfrom connections which have been established pared with last year. The deposits with the between Austrian industry and foreign concerns. banks and savings banks during the year under Exports to Russia.—Exports to Russia which, review increased by 21.6 per cent. There has according to the Austrian statistics of foreign unfortunately been only a small decrease in the trade, amounted to 38,200,000 schillings in number of bankruptcies as compared with 1926 were slightly higher in 1927 at about the previous year. 42,000,000 schillings. With a view to encour- Industry.—Judging by the reports on indiaging exports to Russia two separate laws were vidual branches of industry, though they do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 401 passed, one by Parliament and the other by the not been possible up to now to bring about council of the city of Vienna. Both acts pro- a combination of the provincial mortgage compose that under certain conditions the loss panies. Such a combination would facilitate suffered by the Austrian exporter as a result the issue of uniform mortgage bonds, which of nonfulfillment of contract by the consignee would undoubtedly find a readier market should be met in part by grants from the abroad than the small independent issues of federation or from the city of Vienna, as the individual companies. Some progress, howcase might be. Since these grants are assured ever, has been made in supplying agriculture from the moment the exported goods are with short-term credits by the creation of accepted, the Austrian exporter can more a central clearing institution, the "Girozeneasily be induced to assume the risk involved. trale der Oesterreichischen Genossenschaften," Neither of these laws, which require a some- for the whole of the Austrian agricultural and what complicated machinery for their enforce- trading cooperative organizations. It is to be ment, has been able to achieve any results hoped that those at the head of this new instiduring 1927. Whether during 1928 such tution will succeed in remedying some of the results will materialize it is difficult to say, postwar mistakes made by the existing cooperathe more so as the consignees7 demands for tive organizations and also in bringing about concessions as to dates of payment and prices the more extensive use of the bill of exchange tend to become more and more exacting. in credit transactions, by means of which the Agriculture.—Some progress has again been access of agriculture and trade to the money made in agricultural production. Thus we market would be greatly facilitated. are able to point to the satisfactory and in Bank amalgamations.—The movement tosome respects very good results of the harvest. ward concentration among the banks has The wheat crop was equal to 80 per cent and made further progress during the past year. the rye crop to 73 per cent of the yield in Negotiations initiated at the end of 1926 be- 1913. After allowing for seeding require- tween the Allgemeine Oesterreichische Bodenments and waste, these two principal cereals Credit-Anstalt and the Union-Bank and Allgeshould cover about 57 per cent of our home meine Verkehrsbank, respectively, resulted in consumption. The barley crop, which was an actual amalgamation, whereby the sphere also of specially good quality, has for the of industrial interests of the Allgemeine first time exceeded the pre-war yield. The Oesterreichische Boden-Credit-Anstalt has been crop of oats was not so good as last year, the considerably extended. Besides the Unionyield being about 11 per cent less than in Bank and the Allgemeine Verkehrsbank, vari- 1913. The maize, potato, and sugar-beet ous smaller concerns have gone into liquidation, crops were very good, especially the two latter. so that the number of active independent Domestic production should be sufficient to Austrian banks was reduced to 32 in 1927 as supply nearly 70 per cent of the sugar con- against 45 in 1926. In addition to these there sumption. Increasing quantities of potatoes are the Vienna agency of the Central European are being put to profitable use by the indus- Landerbank, four Vienna branches of other tries. Several distilleries have been set up, foreign banks, and the private banking firms. whose waste products are being used as Among such of the private banking firms as do valuable food for fattening cattle. The yield not confine themselves almost entirely to the of the crop of fodder has also been very good. administration of private fortunes or to the The stock of cattle is therefore increasing banking interests of certain special industrial satisfactorily and is probably larger than before concerns there are some who exercise very conthe war. About 10 times as much butter and siderable influence here. The leading position cheese is being produced as in 1919, imports is, however, still held by the big banks who have of these amounting to only 9 to 10 per cent of successfully grappled with the numerous and domestic production. This year's vintage was, arduous tasks arising out of the country's however, very unsatisfactory and far below difficult position. Three of these banks have that of the previous year. increased their share capital during 1927, the There has been little alleviation in the diffi- Oesterreichische Credit-Anstalt fur Handel and culty of obtaining agricultural credits. As Gewerbe from 65,000,000 to 85,000,000 schilregards long-term credits the rates of interest lings, the Allgemeine Oesterreichische Bodenare still out of keeping with the farmers7 re- Credit-Anstalt from 30,000,000 to 55,000,000 quirements and the local market for mortgage schillings, and the Wiener Bank-Verein from bonds is hampered by the fact that it has 40,000,000 to 55,000,000 schillings. Owing to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN JUNE, 1928 the restricted power of absorption of the local to the present time met with no success. This market the greater part of these new issues is to be attributed chiefly to certain conflicting was placed abroad. Special mention may be elements in our domestic policy. It is not to made of the fact that the shares of the Oester- be denied, however, that many obstacles would reichische Credit-Anstalt fur Handel und stand in the way of the systematic develop- Gewerbe are the first to have been officially ment of such a clearing institution even though listed on the New York market. It may on the idea of such an organization should find the whole be assumed that the Austrian bank- acceptance among the savings banks. The ing organization has now been adapted to the advantages to the savings banks and the saving economic conditions and that there is no need public to be expected from such an organization for further concentration, provided always are so great that we consider the realization of that Austria can hope for better times in the the project worth striving for, and should course of its economic development and that it deplore its failure. will maintain and further extend its position as Money market.—On the open money market, intermediary between the west and the east. the greater ease which had been expected at the Bank balance sheets.—During the past year beginning of the year 1927 took place rather the Au trian banks have for the first time suddenly and to a somewhat surprising extent. decided sto publish half yearly balance sheets The private discount rate, which at the end of on June 30, 1927, in accordance with the 1926 had been reduced to 6% per cent, declined wish expressed by the Austrian National by the middle of February to 4^ per cent. Bank, thereby taking the first decisive step Beginning with March a very gradual stiffening t6ward the publication of interim balance became noticeable, which first of all showed sheets. We can not but express the hope that somewhat more plainly in rates for week-tothis first step will be followed by other improve- week and month-to-month money, but also ments in the same direction, such as the earlier brought the private discount rate up to 5jf Per publication of the yearly balance sheets, their cent at the beginning of July. Money congreater uniformity and the more frequent ditions were just easing up again when under publication of interim balance sheets. the influence of the July disturbances a sudden Bank reorganization.—The liquidation of the reduction of the supply of funds took place, Central Bank for German savings banks is, on with an abrupt advance of the rate to 6 34 per the whole, making systematic progress under cent and again to 6^ VeT cent. Thereafter the direction of the Austrian Credit Institution during the second half year stable money confor public undertakings. The Austrian Postal ditions prevailed, with slight fluctuations of the Savings Department since its reorganization is rates between 6^ and Q% per cent, the tendonce more assuming the important position ency being on the whole to decline. It is true which it has occupied for many years in the that some stringency became noticeable in Austrian credit organization. The volume of December, but this tendency was checked as its savings deposits during the past year has a result of the conclusion of the dollar loan of shown a gratifying increase from 33,000,000 to the city of Vienna. At the end of the year the 56,200,000 schillings, which is partly owing to private discount rate stood at 6^ per cent. the newly introduced system of paying pre- Very little recourse was had to the Austrian miums on savings. In fulfillment of the National Bank for the discounting of bills Government guarantee, the finance minister during the year. This may, to a certain degree, was authorized by law to turn over to the be due to the fact that the National Bank postal savings department assets in the amount disposed of considerable cash balances belongof 53,300,000 schillings, as a result of which ing to the Government and the Post Office a considerable part of the deficit arising out of Savings Bank for employment, on their behalf, previous transactions has been wiped out. on the private discount market. The average Savings banks.—The position of the Austrian amount of bills discounted was, in fact, slightly savings banks shows satisfactory progress for lower than in the previous year and the average the year. The Central Savings Bank of the maturity of the bills discounted shorter. The city of Vienna in particular reports a very con- bank rate which stood at 7 per cent at the siderable increase in deposits. A more moder- beginning of the year was, in keeping with the ate but nevertheless gratifying increase in easier conditions prevailing in the open market, deposits is recorded by the oldest savings insti- reduced to 6 }4 per cent on January 17 and to tution in Vienna—namely, the First Austrian 6 per cent on February 4. The rate was raised Savings Bank. Plans for the creation of a on July 20, for known reasons, to 7 per cent, clearing institution for savings banks have up but was reduced again to 63^ per cent on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 403 August 24, remaining at that figure up to the foreign account, was not sufficient to produce end of the year. any real activity. The terms fixed by the banks for deposits Foreign exchange.—Foreign exchange busiand advances fluctuated on the whole on ness was mainly transacted through the "Forparallel lines with the bank rate. It has not eign Exchange Clearing/' which by request of been found possible to reduce commission the market has been maintained as an optional charges. The heavy cost of bank credits is institution. Business in the open market, more than productive industry, already heavily apart from "swap'7 transactions, was on the handicapped in other respects, can very' well whole of little importance. The turnover in be expected to stand in the long run, and a the "Clearing" was about the same as during reduction would, therefore, appear to be ur- the previous year, with a rather smaller numgently called for. On the other hand, there are ber of transactions. There has been a decrease undoubtedly limits to a reduction of the rates in the number of firms taking an active part of interest allowed on deposits, if unfavorable at the "Clearing." At the beginning of 1927 reaction on savings is to be avoided. There is all foreign exchange rates stood at a discount also no likelihood of foreign credits becoming in Vienna, but at the end of the year rates on much cheaper in the near future. It follows, Stockholm, Amsterdam, and Brussels were therefore, that any effective reduction in the quoted slightly above parity and on London charge for bank credits would actually only be and Berlin close to the par of exchange. The possible by a narrowing of the margin between rate on New York rose at times to a small the rate of interest the banks charge for premium during the months from April to advances and the average rate they themselves June, touching the highest quotation for the have to pay for money. As things stand at year—711.25 schillings per $100— on April 20 present this would mean a loss to the banks and the lowest—707.25 schillings per $100— which would have to be lightened by a reduc- on December 27. The middle rate at the end tion of overhead expenses, social charges and of the year was 707.60 schillings, or about 4.2 taxes. Although there is, unfortunately, no per cent below par. The fluctuations in the immediate prospect of a change in this respect, nongold standard rates were also smaller and every effort should be made to bring it about. offered less inducement to speculation. In the foreign markets the rate on Vienna fluc- On the stock exchange there was a considertuated within narrow limits. The Austrian able recovery in the share market during the National Bank's stock of gold increased by first two months which was, however, not main- 6.776 fine kilograms from 11.136 fine kilograms tained and, with the exception of a spurt in to 17.912 fine kilograms during the year. Of May, the market relapsed into complete stagthe increase, 14 per cent was purchased in nation for the rest of the half year. During the Austria and the remainder was acquired from second half year a better feeling was noticeable, abroad. although the business, which was entirely for ANNUAL REPORT OF THE NATIONAL BANK OF JUGOSLAVIA The annual report of the National Bank of account, on the basis of the national bank law the Kingdom of the Serbs, Croats and Slovenes and special agreements with the State, is for 1927 was presented to the meeting of share- merely regular banking business—that is, busiholders on February 8, 1928. Following are the ness with bills and business of treasurer—so more important sections of the report as pub- that any possibility of increasing the circulation lished in English by the bank: of notes on the State's account for the purpose Business with the State.—The business car- of inflation is quite excluded. The principles ried on by the bank last year on behalf of the laid down in the national bank law concerning State was mainly twofold; first, in the bank's the issue of bank notes have never been quescapacity of honorary State treasurer; and sec- tioned for one moment, and those principles ond, in its work for the actual stabilization of are firmly maintained and will continue to be the dinar through its cheque policy. Both upheld both by the bank and by the State. were carried on in agreement and complete The State's debt to the national bank on accord between the Ministry of Finance and the account known as the " State debt without the national bank. interest on crown notes," amounted on De- We must state again at this point that the cember 31, 1926, to 1,114,184,106.85 dinars. management of business for the State and on its Last year that debt was reduced by 41,519,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN JUNE, 1928 233.15 dinars. This payment included 30,- amount of 8,500,000 dinars for paying off 000,000 dinars, the total amount of the State's the above debt. share in the profit of the bank, and 11,519,233.15 By allowing sums for paying off the State dinars allotted by the Ministry of Finance in debt to the national bank, the Minister of the budget for 1927-28 for the repayment of Finance is giving undoubted evidence of a that debt. desire to clear up the relations between the Under article 10 of the provisional regula- State and the bank as far as possible, and to tions of the national bank law the State has a remove from the bank's accounts all those items credit of 2,000,000,000 dinars on pledge of which were introduced under the stress of treasury bonds. The State still owes the abnormal conditions. In this way the last bank the whole amount of 2,000,000,000 traces of inflation are being removed, and State dinars. The period for repayment, under the finances are being set upon a solid basis. same legal regulation, expires on April 19, The bank's work as treasurer for the State 1931. This also is a debt without interest. is developing normally. The State treasuries It is a temporary debt on the part of the State regularly deposit all the State revenue from custo the bank of issue and has to be repaid by toms duties, monopolies, and State tolls in consolidation. Such consolidation may be accordance with regulations which are included effected by either a long-term internal loan or every year in the financial law. Two-fifths by a foreign State loan. Now that only of the State receipts passed through the treasury three years have to elapse before liquidation, of the national bank, and the bank made paythe time has come for thought to be given to ments at home and abroad for the State to an the method of repayment. It is our opinion equivalent amount. * * * that the best means would be through a long- The bank's credit policy and the money term loan abroad. In this way the national market.—Work was continued last year on bank would obtain the necessary amount of the improvement of discount conditions in this bills to maintain the stabilization of the dinar, country. The national bank gave new credits and even to turn the present de facto into legal and canceled or reduced old ones where this stabilization. was judged advisable in accordance with its Under the State's credit at the national bank information service. Special attention was under article 12 of the national bank law, paid during the year to the investigation of the which amounts to 1,000,000,000 dinars for work and position of the money market the discounting of treasury bills at the bank throughout the country. The officials of the in order to create turnover capital, the Minis- bank examined practically all the banks with try of Finance owed 966,355,034 dinars on which the national bank does business, and to December 31, 1927. This was the same which it gives rediscount loans. These invesamount as in 1926. This debt of the State, tigations yielded valuable material for the which, by its nature, ought to be paid off each bank's credit and discount policy. On the budgetary year, with the possibility of mak- basis of the reports we were enabled to rectify ing use of it in the following year until budget- mistakes in work of many banks, and set their ary income materializes, is evidently becoming business also on a sounder basis. The invesa permanent State debt, or a permanent tigations also were well received on the part of annual deficit inherited from previous bad the banks themselves, because they were adyears. The repayment of this debt also re- vantageous primarily to them. quires consideration, in order that the credit- In the course of these investigations the might be opened again, to be used for the following discoveries were made. There are purposes for which it was allotted. The banks which give loans to private individuals debt on this account bears annual interest at or business firms, which exceed the total of 1 per cent, but in reckoning the interest account their paid-up capital and even of their reserves. is taken of all sums which come* into the bank There are banks, too, which give large credits as State credit in the bank's service as State on current accounts to individuals or firms. treasurer, and an amount is deducted from Finally, there are many banks which issue letthe interest on the debt corresponding to the ters of guaranty for private persons or firms time these sums have lain unused in the bank. without adequate caution. The practice having been introduced of The dangers into which banks are running paying off former State debts to the national by such actions are extremely great and may bank it was continued in the budget proposed often lead them into disaster. Moreover, for 1928-29. This budget allotted a total these dangers from their action may also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 405 involve their creditors, the national bank and 008,000 dinars, or 64.4 per cent of the amount other banks, and depositors. Such danger set aside for seasonal credits. exists especially in the case of small provincial Not only did the banks fail to make use of banks. But even if the dangers did not exist, the total amount set aside for their credits last this kind of business must be regarded as year, but on the contrary they had credits unwarranted, because by such actions the standing to their current accounts at the banks lose their raison d'etre and simply turn national bank which amounted on the average themselves into institutions worked by groups to 107,834,000 dinars. If from this sum we of men who exploit private credit and savings deduct the average amount of the credit of deposits, and lose their standing as public credit which they made use, it is clear that in the institutions. course of last year the banks owed the national The bank management therefore decided to bank an average of only 288,855,000 dinars. give notice to banks which have capital up This is 33.3 percent of the average total amount to 5,000,000 dinars that it will regard it as of all the credit on bills which the banks had at a serious lapse of duty if they give loans the national bank. In 1926 that percentage either to one person or to firms, in any form was 33.4 per cent, so that the difference was whatsoever, amounting to over one-fourth of negligible. We must state here that the larger their paid-up capital, except in the case of and stronger banks made less use of the credit loans granted on safe securities; also, if they of the national bank than the small provincial issue letters of guaranty without covering in banks, which usually exhaust their credit. bills; and finally, if they give the right of At the end of the year regular credits were overdraft without receiving real security for allotted to banks to a total sum of 689,351,500 the same. dinars, which was 13,000,000 dinars more than In granting loans to banks, the national at the end of 1926; seasonal credits stood at bank paid especial attention to the security 266,849.805 dinars. of such banks, the liquid nature of their funds, Last year also the national bank continued and the interest charged by them on savings its efforts to bring about fusions of banks in deposits and on loans granted by them. places where there were many, and thus to The statistics of the Association of Banks create stronger banks, in order to reduce runfor 1926 give the number of banks in the ning costs and decrease the rate of interest. country as 718, with a total capital of After the completion of the bank's enquiry 1,962,000,000 dinars, 572,000,000 dinars in into the rate of interest a decision was made to funds and 6,652,000,000 dinars in deposits the effect that the national bank will be able to for savings. Of the total number, 315 banks, grant credit to those banks only which have a with a joint capital of 1,646,000,000 dinars, capital of at least 5,000,000 dinars at Belgrade, 426,000,000 dinars in funds, and 5,330,000,000 Zagreb, Ljubljana and Sarajevo; and in other dinars in savings deposits, enjoyed credit from places, of at least 1,000,000 dinars, if there are the national bank, according to the bank's not more than five in any one place, but if data for May of last year. there are more, then to those only with a A resolution of principle was made last year capital of at least 2,000,000 dinars. As an exthat no bank, however large its capital, may ception to this rule credit may be given to have credit at the national bank in excess of banks with a capital of less than 1,000,000 50,000,000 dinars. dinars if there is only one bank in a town. All In the course of 1927 the banks of the country banks which do not fulfill these conditions were held the following average funds: 676,014,000 given until May 1, 1928, to conform to them. dinars of regular credits and 189,308,000 of But since it became evident that the term given seasonal credits, that is, an average of 865,- was too short for the banks to be able to carry 322,000 dinars on all loans on bills. At no time out the demands of the national bank in in the year did the banks make full use of the present circumstances, the term had to be credit allotted to them. extended until May 1, 1929. At the same The average amount of the credit of the time a letter was sent to the Minister of Trade national bank used by the banks was 329,- and Industry in which he was asked not to 389,000 dinars of regular credit, or 48.8 per authorize the foundation of any new banks at cent of the total, and 67,300,000 dinars of Belgrade, Zagreb, Ljubljana and Sarajevo, seasonal credit, or 35.6 per cent of the total which should not have at least 10,000,000 authorized amount. The average amounts dinars of capital provided. unused were 346,625,000 dinars, or 51.2 per Regular credits were granted in the course of cent of the regular credits allowed, and 122,- last year to a total amount of 1,503,274,400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN JUNE, 1928 dinars. If from this sum of authorized credits hibitive to trade and industry. In our report is deducted the amount granted to banks, the for 1926 we informed you that the national credit granted to all other applicants was bank was carrying out an inquiry among the 813,922,900 dinars. The total credit was banks which were its clients concerning the divided among 4,332 firms, of which 315 were reasons for the high rate of interest in this banks, and the others various business con- country. That inquiry was held on February cerns. Classified according to locality, the 15 of last year and attended by representatives loans were distributed among 448 places in the of the Ministers of Finance and Trade and Kingdom. The average percentage of used Industry and 32 representatives of the various credit was 60.1 per cent. A comparison of the banks throughout the country. The questions amounts of credits granted last year with those which the national bank put in the course of of the previous year shows that the loans given that inquiry were: (1) How do the banks juslast year were 101,641,250 dinars more. Loans tify the abnormal difference between the interwere canceled and reduced during last year to est which they pay and the interest which they an amount of 77,995,550 dinars, which means charge their clients; in other words, what are that the new loans granted in the year totaled the reasons why the banks work with such a 179,636,800 dinars. high percentage of gross profit; and (2) What This regular credit was distributed thus: measures ought to be taken in order to remove 101,260,000 dinars to exporters; 171,770,400 those causes, if they are of such a nature that dinars to importers; 394,569,500 dinars to man- they can be removed and allow money in the ufacturers; 48,914,900 dinars to crafts and small country to become cheaper? * * * industrial undertakings; 14,490,000 dinars to After an exhaustive investigation of the matagricultural cooperatives, and 82,918,100 dinars ter, the conference passed the following resoluto other applicants. Export trade also enjoyed tion: seasonal loans last year to an amount of 408,- The difference between the rate of interest 995,000 dinars, making a total of altogether paid by the banks and that which they charge 510,255,000 dinars. is due to the following causes: (1) That all In the course of last year 968 persons and direct and indirect public impositions, both of undertakings made application to the national the State and of local government bodies, are bank for the authorization of loans. The disproportionately high, and these carry off activity and property of 544 of the applicants the greater part of the banks7 profit, and in were such that their demands could not be some cases exceed their whole gain; (2) that granted, but 424 were accepted and loans given owing to the general dearness, running exto a total of 93,636,800 dinars. Six hundred penses are high; (3) that owing to the circumand fifty-eight persons and undertakings also stances of national economic life the risks of the sent in applications for the increase of their banks are great; (4) that the legal and execucredits. Of these 120 were refused, while the tive authorities do not execute promptly the credits of the rest were increased by 86,000,000 affairs of trade and hence cause loss to business dinars. By the end of the year decision was men and banks. made on all petitions for new or increased In expressing its gratitude to the national credit, held either from the central office or at bank for the summons, the conference of the the branches of the national bank. representatives of banks trusts that the na- We may fairly say that the greater number of tional bank will concur in this opinion and will business men who deserve credit from th© consequently be willing to undertake the necnational bank by their activity and property, essary steps with those concerned to remove and who asked for loans, gained them, naturally these causes. In this way it will become posto the amount which the national bank was sible for the banks to give credits at lower rates able to grant in accordance with its means and of interest, which would undoubtedly be benethe monetary conditions of the places from ficial to the national economic life. which the applications were made. * * * The administrative committee discussed this The interest rate.—Last year also the national resolution and came to the following conclubank made no change in its rate of interest, sion: (1) That the resolution of the banks does which remained the same as in the preceding not include all the causes of the high rate of year, namely, 6 per cent for discounting bills interest in the country, while among the reasons and 8 per cent for loans on security. assigned there are some which do not represent As regards other banks it is safe to say that causes of dear credit exclusively, while there their rate of interest was lower during last year are some which might be easily removed; (2) than in 1926, but was still so high as to be pro- that between the date of the inquiry and now Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 407 the rate of interest has fallen considerably, include all those which were put forward by although the causes which the banks put for- the banks in their resolution, as well as those ward have not been removed, or if so, very causes of the generally high cost of living which little; (3) that the causes enumerated are not bring with them a high cost of money. These the same for large and small banks, and if they causes can be removed, if not completely, at are justifiable for the small banks they can not least to a very large extent. The special be justified in any case for the large banks. causes not included by the banks in their Thus— resolution are those which affected the rate of (a) The cause of high interest rate put for- interest in particular. ward by the banks, in the heavy and unequal (1) The first of these causes of high interest impositions of the State and local government rate at the banks lies in their work itself. Our bodies certainly has an effect on the dearness banks at one and the same time accept savings of money, but it is nevertheless questionable deposits and discount bills, and also participate whether this cause is so strong as to justify the either directly or indirectly in all sorts of busihigh rate, and especially the large differences ness and industries. In this way the iisk in in the rate of interest charged by banks work- the banks' business becomes overlarge, and the ing in the same place and under the same losses which so often result from unsound conditions. trade connections in the course of their general (b) The cause of high running costs which business have to be compensated by the charge can not be reduced is correct in so far as there of high interest rates. Of this there is adedoes exist some higher percentage of costs quate proof in some banks. Like the national owing to expenditure on officials, since this bank, which deals exclusively with discounting can not be further reduced because of the high business, all the large banks which accept many cost of living, and because in the great ma- millions of the national savings ought to place jority of cases reductions have already taken those savings deposits only in the discount of place. But on the other hand it is incorrect in bills, especially business bUls and Lombard that reduction of expenses could be effected in transactions. But if they are to do this with costs of management, for the salaries of the success the legal and executive authorities management in many banks are far too large who deal with security and execution should and often altogether without justification. carry out their work without delay. (c) The cause of the risk in banking business (2) The second cause is the unnecessary and can not in any case be considered as a reason for altogether unwise multiplication of banks in the the high rate of interest. Business risk is in small towns. These large numbers increase the very nature of every commercial enter- the total cost of bank organization and conseprise; hence, it is not a phenomenon peculiar quently cause the rate of interest in the country to banks, nor can it be used as a justification to be high. of the exaggeratedly high rate of interest. The small banks for the most part have no id) The assertion that the legal and execu- very large resources of their own and therefore tive authorities carry out decisions dealing have to borrow from the large banks, which with the security and reimbursement of com- charge them interest at practically the same mercial credits is put forward as a reason of rate as to private persons. This means that expensive capital, but it should rather be ad- the loans which they give in their turn are duced as a reason why credit business as a more expensive. This causes them to pay whole is prevented from developing both at high interest on savings deposits, and in some home and with other countries. parts of the country prevents the conclusion Consequently the chief administrative com- of any agreement for a lower rate of interest on mittee finds that the causes of the very high savings deposits. rate of interest in this country are various, and (3) The third cause is the high rate of interest may be divided into general causes which affect which the banks pay on savings deposits and the rate of interest as a whole, and special the unhealthy competition to attract those decauses which cause money to be dearer in some posits. Through the activity of the national parts of the country. bank this cause has been removed in one part The general causes are in the main those of the country by means of a mutual agreewhich affect the cost of living as a whole and ment among the banks settling the rate of all business in the country, and a modification interest on savings deposits at a normal level. of those general causes may bring about a This agreement ought to be extended over the cheaper rate of interest. These general causes whole country and strictly adhered to, since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDEKAL RESERVE BULLETIN JUNE, 1928 it is an undoubted fact that a high rate of attain its end by the application of any other interest on savings causes a high rate of interest measures. on discount and other loans. (c) With the example before it of the agree- (4) The fourth cause is the desire of many ment achieved in Croatia, Slovenia, and banks for too great gain. According to figures Bosnia, it will endeavor to bring about agreeplaced before the conference by the banks, ments of banks in other Provinces concerning their profit varies between 8 and 10 per cent on the payment of interest on savings deposits. paid-up capital and reserves, a percentage In this way the unhealthy competition for which would be quite justified. This, however, deposits which still exists, especially in the does not exactly correspond to the facts. The interior away from the larger centers, and which profit is not only the sum which is divided directly tends to increase the asset interest, among the shareholders. In it should be will be done away with. reckoned all amounts which are paid into (d) It will work as heretofore for the creation various funds, sums which are used for over- in the country of real business bills, and thus rapid redemption, and finally amounts with make it possible for the national bank to grant which are covered the losses which have been direct credit in larger amounts. It asserts at hidden in the accounts since the days of infla- the same time that the national bank has tion, and which are now being redeemed by hitherto gone to the limits of possibility in this unjust means before the conclusion of the matter, keeping in view the security and annual balance sheet. Profit so reckoned is liquidity of its assets which serve to cover the the real profit and is not only from 8 to 10 per note circulation. cent, but much higher, often twice or thrice as (e) While declaring that it does not contemmuch and more, and this in present circum- plate the enforcement of a uniform low rate of stances is far too large a gain. interest, the national bank, as hitherto, will The bank's management realizes that the carry on its campaign with the banks urging banks now charge a lower rate of interest than them not to charge unjustly high interest. formerly, but this results from the fact that The estimate of a fair rate of interest is left to they themselves pay lower rates on deposits, the discretion of the bank's management, and hence the difference between rates paid which will use as its standard the general conand rates charged remains the same. ditions of the country and local conditions in The national bank finds that in view of the every individual case. improvement of conditions in the country this It is clear from what has been said that the difference, which represents the gross gain, is national bank is firmly of the opinion that the too large and should gradually be reduced. interest rate of the country can not be lowered In accordance with the causes here examined by means of coercion, and that just as every and outlined, which result in heavy interest, kind of goods finds its purchaser, so every inthe national bank will undertake the following terest finds its payer. What is of most immeasures: portance to the national bank is that the large (a) It will use its efforts with the Minister of banks which have to cooperate with it for the Finance in order that the regulations in the new easing of economic conditions in the country law of direct taxation which deal with the should give money at a rate which would be taxation of banks be discussed once more in tolerable to the borrower. The management agreement with the representatives of the of the bank is well aware that money, like banks. In the interim until the coming into goods, has its price according to supply and operation of the law, which will take some time, demand, but it is just as well aware that it it will beg the Minister of Finance to continue may never stand at its proper price owing his efforts for the reduction of State impositions to the pressure of other causes, and that on banks with the aim of decreasing the rate of these causes can be removed by means of interest in the country, at the same time mutual agreement. expressing its gratitude to him for his work The movement of the dinar.—Through the hitherto in that direction. last year the dinar maintained the stabilization (6) It will pursue the same policy as hitherto which it had attained. The average rate for the for the fusion of banks, and for that end will whole of 1927 was 9.131 Swiss francs per 100 increase the minimum of paid-up capital which dinars. The average rate of the dinar in 1926 was a bank must have in order to enjoy the credit 9.13 Swiss francs per 100 dinars. Thus the averof the national bank. At the same time it will age rate remained practically the same for both seek to ascertain whether it would be able to years, with a very slight increase in 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

409 JUNE, 1928 FEDERAL RESERVE BULLETIN A survey of the fluctuations of the dinar from of bills at all times. This reserve may be day to day reveals that they are so small as to attained by the conclusion of a loan for that be hardly worth consideration. Last year was end, or by the collection of bills in good years, not a good one for this country, all products as the bank has practiced hitherto by buying decreased, as this report has shown, and yet the up all bills from State, local government, and dinar maintained its stabilized value of the other loans. In accordance with this plan, previous good year, thanks to the fact that the national bank bought up all the bills last stabilization was actual, in harmony with year from the State and municipal loans and existing economic circumstances, and the thus insured its reserve for future work. In cautious and thoughtful policy regarding bills, this way, when the whole previous reserve which was carried on by the national bank in was exhausted in a bad business year, the conjunction with the Ministry of Finance. national bank was able to continue to supply Work on the stabilization of the dinar.— the market with bills from the new reserves Last year was preeminently a trial year for the which it had obtained from its purchases. policy regarding bills which the national bank The present reserve is greater than that left carried on in collaboration with the Minister in 1926 and will be sufficient to continue to of Finance. support the value of the dinar. A comparison of the purchases and sales of The second part of the program to be realized bills during 1927 with those of 1926, exclusive is the legal stabilization of the dinar at its of bills obtained from loans, gives the follow- present value. The work of accomplishing this ing result: In 1927 the third of the bills from is a matter for the State, and the national bank exports which were purchased amounted to can only assist, but the decision in regard to 1,756,272,000 dinars, or about 34,000,000 legal stabilization and all else that needs to be dinars more than in 1926. This amount, accomplished in order to bring about stabilizacompared with the amount of exports in 1927, tion comes directly into its sphere of activity shows that practically the whole amount of as well as the competence of the State. bills in payment of exports entered the country, It is with pleasure that we mention that the and of these one-third were sold to the na- work of the national bank in the matter of bills tional bank. Bills in payment of the rest of has received high appreciation from the Banque the exports, to a value of about 600,000,000 de France in a letter which its governor sent to dinars, did not come into the national bank our vice governor, and in which he emphasizes because there are goods for which the third the complete competence of our general manis not taken, or in payment for which dinars ager in these questions. come into the country from abroad which We also have the satisfaction of informing were either purchased previously or were the you that in addition to the connections which result of payments for imports. we formed the year before last with the Bank of The policy of bills carried on hitherto by the England for the purpose of our transactions in bank and the Minister of Finance in collabora- bills, and which connections and friendship we tion has had for its chief aim to realize actual value highly, we have succeeded this year in stabilization of the dinar by means of the making with the Federal Reserve Bank of resources of the bank. The experience gained New York, by the good offices of the Banque de in this work shows that in regular years, when France, a similar agreement to that with the no great disturbances occur, the bank's means Bank of England. In the course of negotiations are sufficient. It has been proved that there we exchanged most friendly letters with the are years when a large influx of bills can be Federal Reserve Bank. The third bank of retained for use in years when there are not issue with which we have made an agreement in enough to supply all needs. It has also been the matter of bills is the Banque Nationale proved that there is a regular increase of bills, Suisse of Zurich. In this way the National as well as a regular increase of the amount Bank has made all the preparations which were required in the country. All this means that necessary in order to make its bill operations the sources of bills must be increased. Dis- as secure as possible, and in order to obtain as turbances in business mean the need of extra- strong connections as possible abroad, which ordinary resources obtained from foreign loans, should prove of invaluable use in both the but since such loans can not be had at will, the present and future work on the stabilization bank of issue must have a sufficient reserve of the dinar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN JUNE, 1928 ANNUAL REPORT OF THE CENTRAL BANK OF CHILE The second annual report of the Central The nitrate situation.—During 1926 the ex- Bank of Chile, covering the year 1927 and port of nitrate was only 1,700,000 tons and at presented to the meeting of shareholders on the end of that year only*25 oficinas were March 10, 1928. The following sections deal- working. The producers of nitrate had come ing with economic and financial conditions in to feel that the only way to meet the com- Chile are taken from the English version of the petition of synthetic fertilizers and to save report published by the bank: the nitrate industry would be to reduce con- General situation.—The year 1927 was a siderably the export tax imposed by Chile on difficult one for the country; the farmers had a nitrate. poor crop, which aggravated the bad situation The Nitrate Association of Chile was orof the previous years; the nitrate industry was ganized in July, 1919, and included in its threatened with almost complete paralysis; membership the greater part of the existing other lines of mining had shown little activity companies. The association was reorganized for some years, excepting for some large copper in 1921 and again included most of the comcompanies; a large deficit in the Government panies. The objects of the association were revenues was inherited from the previous year; declared to be to aid in the development of the the stagnation of business was every day more industry, to regulate the production, to interpronounced; and, worst of all, a general feeling vene in the sales, and to fix sales prices. While of pessimism had caused most people to forget Chile had a monopoly in the fertilizer market the great natural resources of the country. of the world the association could control the But the close of the year presents a much market, and in this way obtained the peak of brighter situation, which permits us to expect prosperity for its members during the World a return to normal business conditions in the War. But due largely to the necessities of the near future. war, the countries of Europe began to apply From all parts of the country, and especially practically, and on a large scale, the previous from the south, there are notices of good crop experiments in the manufacture of synthetic prospects after three bad years, and there is fertilizers. At the end of the war these synevery prospect that the prices for farm products thetic products had become powerful rivals of will be satisfactory because of the better de- Chilean nitrate, destroying her monopoly. mand in the markets of the northern provinces. The first consequence of this new situation The cattle industry is rapidly recovering from was seen in the inability of the owners to sell the severe crisis which all of the center of the the existing stocks of nitrate in Europe, as the country passed through during 1924, and in prices which had been fixed for it were too the south this industry is very prosperous. In high; to reduce them to a commercial basis the lumber business a favorable movement is the Government of Chile had to give the noticed, and what is most interesting, the ex- owners an indemnity of £1,500,000. Once port of lumber is beginning to figure as a per- having liquidated this stock, the associated manent item in our foreign trade. Only from producers reduced production in the hopes of the wine industry is there discouraging infor- maintaining prices, so that in February, 1927, mation, due to lack of markets sufficient to it reached the small figure of 73,000 tons, and consume all of the production, which is there was talk of closing the 25 oficinas still abundant. working until the Government should reduce The prenda agraria, or chattle mortgage, the export tax. The Government, however, secured by agricultural products in the hands announced publicly that it would not reduce of the owners, only dates from 1925. This the tax, but would use other methods to aid the law was modified during the past two years industry. Thus aid was given for the reducso as to make it more workable; and aided by tion of costs, such as lower freights, repeal of the organization of the Caja de Credito Agrario import duties on bags, etc. The Government (Agricultural Credit Bank) in 1927, has re- also insisted on free sales after June 1, and sulted in more agricultural credit, the benefits freedom from all price fixing, and also obtained of which are now beginning to be seen. If from Congress the passage of a law organizing this increase of credit for agriculture is main- a new department, the superintendence of tained, with a careful application of the laws nitrate and iodine, to aid in developing the and rules now in effect, the future benefits will industry and to extend financial aid when be very great. necessary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 411 These measures, an increased demand for tion brought on by the poor crops of past fertilizers, and the great natural advantages years; the inactivity of the nitrate industry; of Chilean nitrate over the artificial product speculation in shares, merchandise, exchange, have caused increased activity in this industry, as well as in properties; an abuse of credit; so that the number of oficinas in production and an excess of spending, largely on luxuries, has increased from 25 to 62 during the year, during past years. The social laws have also the production has greatly increased, and the had an effect on business, and their practical exportation for the year rose to a total of application shows the necessity of carefully 2,375,000 tons. In other words the exportation revising them to correct the defects natural in during 1927 was 760,000 tons more than for new legislation, which is needed but which is 1926. The average monthly production for new in this country and of wide-reaching effects. several years has been: However, the increased prices for industrial Tons shares, an increased movement on the railroads, 1924 200, 000 and better notices from all parts of the country, 1925 210, 000 indicate that this period of business depression 1926 168, 000 1927 134,000 is passing. Discount rates.—On December 27, 1926, the The forward sales already arranged for the board of directors of the bank fixed the rate early months of 1928 are: of 7J^ per cent for rediscounts for member Tons Shipment in January 253, 000 banks, and 8^ per cent for discounts for the Shipment in February 202, 000 public. This difference of rate for operations Shipment in March 174, 000 with the banks and operations with the public Banking situation.—The situation of the is authorized by the law of the Banco Central, banks of the country is good. During the past and is based on the lesser risk involved in operatwo years they have made great progress in tions with banks. In these latter transactions making more liquid their portfolios, and for the Banco Central has not only the security of this reason are in a more safe and solid condi- the original names to the document, but also tion than ever before. The banks have ample the indorsement of the bank which rediscounts funds for good loan operations and the volume the document, as well as the stock which such of their loans shows a moderate increase. The bank owns in the Banco Central. On March general trend of interest rates is downward and 7, 1927, these rates were again reduced by onethis movement has been aided by the gradual half of 1 per cent to 7 per cent for transactions reduction of the discount rates of the Banco with the banks, and 8 per cent for transactions Central. Rates of interest in the Provinces are with the public. Again, on December 12,1927, much higher than in Santiago and Valparaiso, there was a further reduction of one-half of 1 but it is expected that a more equitable relation per cent to 6^ Per cer*t for banks and 7 J^ per will soon be established. cent for the public. These reductions were Speculation on the stock exchanges has made because of the favorable outlook for busialmost stopped. As a consequence less capital ness and the prospects for an improvement in is being used in a way prejudicial to the interest general business conditions. of the country, and more is therefore available Business in Chile has been passing through for investment in the development of the a period of liquidation, and undoubtedly the country's industries. The movement on the situation would be helped by a moderate instock exchanges was greatly reduced during the crease of credit, which could safely be extended year and the transactions were almost entirely in view of the favorable prospects for the comof an investment character. ing year. There is every prospect of an increase Prices.—Compared with average prices dur- in loans on the part of the commercial banks ing 1926, prices at the close of 1927 show that both in the principal cities and in the Provinces. bank and insurance and nitrate shares are at The Banco Central is ready to cooperate in about the same level; cattle company shares such credit extension by discounting or redisare down about 10 per cent; general mining counting acceptable documents either at its shares are very low, showing about 30 per head office in Santiago or at any of its agencies, cent loss, while general industrial shares show and for any amount large or small. It is the a decided gain, being about 25 per cent higher desire of the management of the bank to extend than a year ago. Bonds of mortgage banks its benefits to all parts of the country and to also show a slight gain. all the people. Business in general is not satisfactory as it Exchange.—Rates of exchange ruled high has been passing through a period of liquida- during almost all the first six months, with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN JUNE, 1928 rates at their.lowest point at the close of the use, while others may have less cash than they year. need. This could be corrected if all exchange In February the rates rose to 39.85 pesos to transactions were made for immediate delivery the pound sterling for 90-day drafts on London for cash. and the Banco Central entered the market Transfer of funds in Chile.—One of the most selling freely, as this rate was near the gold important functions of the bank has been the export point. Later the rate eased off and in free transfer of funds between the offices of the April drafts sold at about 39.60 pesos per bank in Chile. These transfers are made as a pound sterling, firming later and being in the general rule by telegraph and both for the neighborhood of 39.85 pesos until August. other banks and for the public. For amounts Prom then on the rates dropped and during in excess of 50,000 pesos no charge is made for the last three months ranged between 39.40 transfer. and 39.30 pesos. In this way all parts of the country are kept The high rate of exchange during the first constantly supplied with the amount of circuhalf of the year corresponded to the high cash lating medium required. In the past, conreserves of the banks. The volume of circulat- siderable premiums have had to be paid for ing medium of the country touched its high bills in certain sections of the country, espepoint the latter part of January and the cially in the north. This was a heavy expense first of February and at this same time the for the industry of the country, which has now banks held excess cash reserves of about been almost entirely eliminated by the action 100,000,000 pesos. In August there was a of the Banco Central. considerable decrease in the amount of the This does not mean that the Banco Central circulating medium, which coincided with the has actually to ship currency for each transfer, drop in exchange rates. because these transfers for account of different Exchange rates in Chile are still commonly banks or firms largely offset each other. Also quoted on the basis of 90-day sight drafts on many of these transfers simply result in book London for delivery on the "mail" day, which entries on the books of the bank, decreasing the falls on every .second Tuesday. The Banco deposits of one office and increasing the deposits Central has not followed this custom, but sells in another; also many of these movements are drafts in dollars or pounds sterling as required, seasonal, and during the course of the year but only for cash and immediate delivery. equalize each other. Purchases are also made on the same basis. The largest movement is between Santiago During the past year a considerable change in and Valparaiso. During the year transfers this old custom has been noticed. Quotations from Santiago to Valparaiso amounted to are now frequently made for cash transactions 290,946,198 pesos, and from Valparaiso to and even for cable transfers. Santiago to 249,501,267 pesos. The net The dealing in exchange for "mail" day balance of the transfers was 41,444,931 facilitates speculation, because purchases or pesos, transferred from Santiago to Valparaiso. sales can be made and cancelled by covering The total of transfers between the various operations just before settlement day, resulting offices of the bank amounted to 559,637,465 in cash payments of only the difference in the pesos. rates, or a very small proportion of the amounts As time goes on this system of transfers will involved. prove even more valuable and will result in One great disadvantage of these operations keeping the supply of circulating medium for "mail" day is the tendency on the part of exactly adjusted to the needs of every part of a number of banks, which are active in ex- the country. This is a considerable expense change operations, to accumulate funds which for the Banco Central, but the benefits to the remain idle and withdrawn from the market for country fully justify it. some days. This results from their receiving Clearing houses.—The law of the Banco payment daily in cash for collections received Central (article 56) provides that the bank from abroad and from small counter transac- shall establish clearing houses wherever it has tions in exchange, and not having to pay for the branches. These clearing houses are for the corresponding "cover" which they purchase daily exchange of the checks which the banks until the next "mail" day, which may be two receive each day drawn on other banks in the weeks off. In the meantime this money is idle same city. The net balances of the banks in their vaults, as there are no short-term invest- resulting from these operations are charged or ments available in this market. Thus some credited to the respective banks in their debanks have an excess of cash which they can not posit accounts in the Banco Central. In this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 413 way these balances are settled by book entries enable the accounting to be maintained up without any payment of actual money. to date. Operations with the Government.—The bank This agreement provides that the Banco has continued to operate as fiscal agent of the Central will act as fiscal agent for the Govern- Government, in conformity with article 64 of ment in respect to all transactions abroad, the law, and to their entire satisfaction. receiving for account of the Government all Extensive operations have been carried out money collected abroad, and paying salaries in connection with the liquidation of the various and other expenses which have to be met in loans contracted by the Government in New foreign countries. These payments will be York. The bank has also purchased for the made out of funds provided, and under definite Government the foreign exchange needed for orders given in each case, by the treasurer the service of the foreign debt and other pay- general of the Republic. ments abroad. All of these operations have Acting under authority of article 54, letter been carried out without at any time disturbing UD" of the bank law, several moderate sized the exchange market. loans have been made to the Government. Before the Banco Central began to operate The total of such loans outstanding on Decemand to act as fiscal agent for the Government ber 31, 1927, was 17,365,539 pesos, a sum the conversion into local currency of foreign much less than the bank is permitted to lend loans contracted by the Government resulted the Government in conformity with the law. in violent fluctuations of exchange. This came Note issues.—The Banco Central has conabout through the sudden sale of an amount of tinued to use every effort to redeem and retire drafts on New York or London in excess of the from circulation the outstanding Government needs of commerce or the purchasing power of bank notes and treasury "vales." During the market. As a result the exchange rates the year these have been reduced as foldropped sharply, and the Government suffered lows: Government notes, from 95,841,459 to losses which largely resulted in gains for the 35,553,284 pesos; treasury " vales," from speculators. 35,646,500 to 9,238,900 pesos. Now the Government can sell if the market From this it will be seen that there has been conditions are favorable and while such con- a very considerable reduction in the amount of ditions continue, or it can avail itself of the these old issues outstanding and it is hoped proceeding outlined in article 71 of the Banco that the coming year will see the greater part Central law, that is, it may deposit the foreign of those still out finally withdrawn from money received from the loan in a bank which circulation. acts as correspondent of the Banco Central in The Banco Central redeems these old issues New York or London, and receive at once and of the Government at all its branches, and without expense local currency for the gold has also sent special remittances of its own value of such deposit, at the rate of 1 peso for new bills to various cities in Chile, including each 1.83057 tenths of a gram of fine gold. Punta Arenas, in exchange for old bills to the Many of the Government departments carry amount of 100,171,000 pesos. deposit accounts with the Banco Central and The Banco Central is using every effort to pay salaries and other expenses by means of maintain its own paper money in good condichecks drawn on the bank. tion. Stocks of bills in all denominations are The Casa de Moneda has deposited in the maintained at all the branches and all bills in custody of the Banco Central the bonds given bad condition can be exchanged for new ones to the Government by various persons and at any office of the bank. Special remittances companies in guarantee of their legal obliga- of new bills in exchange for old ones have also tions or contracts. The amount so held in been sent to places where the bank does not custody on December 31, 1927, was 15,082,939 have branches. During the year the bank has pesos. redeemed and retired from circulation bills Recently an arrangement has been made unfit for circulation to the amount of 122,between the bank and the Government where- 441,599 pesos. It is expected that during the by all the payments which the latter has to early part of 1929 the bank will put in circumake in foreign countries will be made through lation its new bills. The plates for these bills the Banco Central. This will enable the are being engraved in Europe and as soon as Government to close the local treasury which they arrive in Chile work will be commenced they have maintained in London, with a con- on printing the bills. siderable saving in expense. It will also result Silver coins.—The law provides that the in greater control over these operations and Government must follow the opinion of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN JUNE, 1928 Banco Central regarding any issues of silver or dend of only 2 per cent, using the balance to nickel coin. On account of the retirement of increase the special surplus fund which was the Government notes of 1 and 2 pesos, as well begun in 1926 and which is intended to insure as the discontinuance of the use of token money regular dividends. by various nitrate companies, and the greater Branches.—The first agency was opened in commercial activity in the country, there was Valparaiso on May 2, 1927, and is intended to during the past year a considerable demand for serve the most important port, and one of the silver coins. The Banco Central therefore most important commercial centers in the counasked the Government to coin additional silver try. On November 2 the office in Valdivia was coins in an amount necessary to fill the needs opened to attend to the needs of the important of the country. and extensive agricultural and industrial region Profits.—Article 99 of the bank law pro- south of the river Bio-Bio. A few days later, vides that 20 per cent of the net profits of the on November 22, an office was opened in Antobank shall be passed to surplus account, until fagasta, which is the center of a most important it is equal to one-half the paid-in capital; also mining, industrial, and commercial district. 5 per cent to a special fund for the benefit of It is hoped that during the coming year the employees, and from the balance a dividend offices can also be opened in Concepcion and of 8 per cent. Iquique. When these offices are opened every The profits for the six months ending June part of the country, with the exception of 30 and December 31 of last year left a con- Punta Arenas, will be not over one day's siderable excess after making these distribu- journey from an agency of the Banco Central. tions. Therefore, in conformity with the law In this way, the entire country has at its discited above, this excess was used to pay to the posal all the facilities of the bank. All the Government a special tax of 4 per cent of the offices carry ample supplies of currency for the paid-up capital of the bank, and an equal fund needs of their district, all can buy or sell was used to pay an additional dividend to the exchange on the same basis as the head office, shareholders or to increase the special surplus transfers of money can also be made from any fund. The board of directors has continued office to any other office in the country free of its policy of assuring the shareholders a regular cost, discounts and rediscounts can be effected dividend of 10 per cent per annum, and to this at the same rates as in the head office in Sanend did not pay out all the above mentioned tiago, and in all respects the service is the same amount as dividend, but paid an extra divi- at all offices of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNE, 1928 FEDERAL KESERVE BULLETIN 415 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1928 1927 1928 1927 April March Fe a b ry ru- April April March Fe a b r r y u- April Bank of England (millions of pounds National Bank of Bulgaria (millions sterling): of leva): Issue department- Gold. 1,291 1,287 1,283 1,226 Gold coin and bullion 159.2 157.3 156.4 152.5 Foreign bills, etc 435 429 513 303 Notes issued 178.9 177.0 176.2 172.3 Loans and discounts. 881 850 788 996 Banking department- Advances to State 4,471 4,471 4,471 4,512 Gold and silver coin 1.3 .9 1.7 Note circulation 3,797 3,638 3,494 3,603 Bank notes _ 44.2 41.6 40.8 34.7 Deposits 2,428 2,603 2,723 2,711 Government securities 29.1 30.8 30.7 47.9 Other securities 55.9 56.9 54.6 42.2 Central Bank of Chile (millions of Public deposits 18.0 13.6 10.1 10.2 pesos): Other deposits 94.8 98.2 98.5 Gold at home.. 62 61 61 85 Ratio of gold and note re- Deposits abroad __ 513 500 471 548 serve to deposit liabilities Loans and discounts. 19 32 36 19 (per cent)... 40.3 38.0 38.3 33.4 Note circulation 306 297 276 279 Bank notes in circulation i_. 78.5 79.2 79.1 81.3 Deposits 173 178 173 Currency notes and certificates. _ 292.0 289.5 287.5 294.8 Bank of France (millions of francs): Bank of the Republic of Colombia S C L G G i o r o o l e v a l l d d d n e , i r s t r s s e r a i e s l n a v s e d b e r e v r r r d o v , e i e a a s 2 d n c d o u fo n r ts eign exchang . e _ 3 2 3, , , 4 6 3 6 4 7 5 4 3 7 9 9 3 7 3 4 2 , , ,4 6 3 0 3 8 4 5 5 0 0 3 7 6 3 2 , ,4 3 4 2 4 5 0 4 3 5 8 3 4 2 , , , 0 6 3 7 6 8 4 5 0 4 3 2 8 7 (th N L G G o o o o o u a l l t s d d e n a s n c a a i t a d b r n s r h c d o u o o a l m f d a d t p i e . i s e . o c s n o o u s) n : ts. 4 2 3 8 6 4 1 , , , , 6 1 1 4 2 2 4 2 4 8 0 1 2 4 2 1 1 8 5 2 , , , , 9 4 5 3 3 2 8 9 5 7 3 9 4 2 2 14 6 6 1 , , , , 7 0 3 6 2 0 9 0 4 5 2 1 2 4 2 1 0 2 4 1 , , , , 1 0 2 5 6 5 1 3 0 6 7 2 Advances to the Government 23,050 23,150 22,400 29,300 Deposits 9,307 8,903 8,651 8,958 Miscellaneous assets 28,152 26,001 26,365 12, 526 Note circulation 59,198 58, 580 57,702 52, 210 Czechoslovak National Bank (mil- Total deposits 9,530 8,391 8,372 6,991 lions of Czechoslovak crowns): Gold and silver 1,119 1,118 1,118 1,052 German Rcichsbank (millions of Foreign balances and currency... 1,669 1,827 1,963 1,805 reichsmarks): Loans and advances 188 250 73 Gold reserve.. 1,955 1,845 1,803 1,749 Assets of banking office in liqui- Gold abroad 86 86 101 dation 479 484 491 560 Reserves in foreign exchange 189 282 171 Note circulation 7,098 7,396 7,075 Bills of exchange and checks 2,493 2,652 2,336 2,068 Deposits 310 411 813 1,139 Miscellaneous assets 589 624 552 452 Deposits... 558 533 491 582 Bank of Danzig (thousands of Dan- Reichsmarks in circulation 4,409 4,513 4,268 3,676 zig gulden): Rentenmarks in circulation 626 642 649 1,100 Gold 2,478 2,393 2,571 2,878 «*ank of Italy (millions of lire3): Balances with Bank of England.. 14,078 14,292 14,485 13,637 L G C o r o e a ld d n s i a t s t a n a h d n o d m d i e b s a c la o n u c n e t s s . a .. broad 4 4 7 , , , 0 7 7 6 3 7 6 9 2 4 3 7 , , , 8 6 8 5 8 6 3 5 0 4 7 4 , , , 5 0 9 4 5 2 7 3 7 4 4 7 3 , , , 2 3 6 4 3 2 2 4 4 N F L o o o r a t e e n i s g c n i a r n c b d u i l l l d a s t i , i s o e c n t o c unts 3 2 2 5 5 3 , , , 9 1 4 5 4 0 1 6 4 2 2 3 2 8 6 , , , 1 1 7 0 8 2 6 4 4 3 2 3 1 0 5 , , , 4 0 2 5 3 6 2 8 7 1 2 3 2 1 5 , , , 1 7 2 3 9 1 6 8 4 Advances to treasury 4,229 Deposits 3,275 2,056 1,722 Total note circulation 17,124 17, 265 17,270 17,578 Public deposits 300 181 352 586 National Bank of Denmark (millions Other deposits 3,365 3,627 3,653 2,104 of G k o ro ld n . er): 182 182 182 193 Bank A A G G d d o o o l v v f v d a a e J n n r a n c c p m e e a s s n e a o n ( n n t m d b f i o o l d l r n i i e s o d i c g n s o n s u o b n f i t l s y l s en): __. 1, 9 0 1 6 2 7 7 2 3 8 1, 8 0 1 6 6 1 9 0 3 3 2 1,0 7 1 6 9 7 1 3 5 4 0 1 1, , 2 5 0 3 8 3 6 8 1 3 2 N D F L o o e o r a p t e e n o i s g s c i n i a t r s n c b d u i l l l d a s t i , i s o e c n t o c unts 3 1 3 7 5 0 1 0 2 4 3 2 5 7 4 3 2 3 2 6 7 3 2 8 9 6 3 1 4 2 7 3 1 1 7 0 Notes issued 1,348 1,355 1,240 2,037 National Bank of Egypt (thousands Total deposits 918 875 919 1,050 of Egyptian pounds sterling): Austrian National Bank (millions of Gold 3,806 3,654 schillings): English Government securities- 22,160 23,505 Gold 117 117 Egyptian Government securities. 22, 519 26,655 Foreign bills of the reserve 308 314 428 Note circulation _ 25, 521 26, 708 Other foreign bills . 275 271 262 164 Government deposits._ 17,655 21,815 Domestic bills 125 107 94 114 Other deposits. _ 16,188 « 15, 244 Treasury bills. 168 168 173 174 Note circulation 947 944 917 918 Bank of Estonia (thousands of Deposits 38 31 44 25 krones): Gold. 10, 281 10, 281 5,079 National Bank of Belgium (millions Net foreign exchange 29,247 29,822 5,433 of belgas): Loans and discounts 28,190 28,862 58,660 Gold.... 760 751 743 635 Note circulation 38,529 19, 723 Foreign bills and balances in gold- 472 449 454 431 Deposits— Domestic and foreign bills 557 522 537 487 Government 14, 090 13,102 N Lo o a te n s c i to rc u S l t a a t t i e on 2,1 3 0 9 6 2 2, 3 0 9 7 3 6 2, 3 0 8 66 6 1, 4 8 0 78 0 B O a th n e k r ers 2 5, , 7 4 5 3 3 6 6 2 , , 7 0 1 4 5 8 8,128 Deposits 133 106 110 113 i Notes issued, less amounts held in banking department and « Not including 1,535 million lire of gold pledged abroad. in currency note account. «Revised. 1 Not including gold held abroad. 3 New par. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JUNE, 1928 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1928 1927 1928 1927 April March Fe a b r r y u- April April March Fe a b ry ru- April Bank of Finland (millions of Fin* Bank of Poland (millions of zlotys): nis G h o m ld arks): 313 314 315 325 G G o o l l d d a a t b r h o o a m d e.. 3 1 8 8 0 2 i j 3 2 5 0 3 0 3 1 5 7 3 3 157 Balances abroad and foreign Foreign exchange, etc.— credits - 935 1,077 1,202 1,096 Serving as note cover 568 632 646 Foreign bills. 26 35 46 41 All other 212 211 206 237 Domestic bills. 802 753 592 Loans and discounts. _i 550 544 515 404 State debts.. 124 Note circulation.. 1,126 1,128 1,048 Note circulation. __ 1,619 1,644 1,593 1,447 Current account of the treasury.. 343 333 400 Demand liabilities 217 285 428 344 Other current accounts 205 276 234 140 Bank of Portugal (millions of escu- National Bank of Greece (millions of dos): drachmae): Gold 9 9 Gold and balances abroad 2,791 2,699 2,721 Balances abroad _ 202 | 187 173 165 Government loans and securities. 3,693 3,701 3,954 Bills. 228 225 225 211 Loans and discounts 3,727 3,631 Note circulation ,825 1,824 1,820 1,751 Note circulation 4,895 4,890 5,042 Deposits _ 77 ! 71 62 Total deposits 5,029 4,888 4,921 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Goldi 153 152 152 146 lions of pengo): Bills.... 9,440 9,203 8,966 9,100 Gold 197 197 197 169 Advances to State 16, 803 16,803 16,803 10, 679 Foreign bills, etc... 85 100 105 93 Note circulation „. 21,017 21,024 21,026 21,029 Loans and discounts. 320 301 304 242 Deposits.. _ 10,542 10,218 10,171 8,962 N M D A O e o d t i h s p v te c e o a r e s n c l i a c i l t r a s s e c n s s u e e t l o t o a s u t . t i s o r e l n i a a s b u i r l y ities 4 2 1 1 1 7 5 0 9 4 9 5 6 5 2 4 2 2 1 1 5 8 0 4 0 5 1 5 7 6 4 2 3 1 1 4 1 1 4 0 2 4 8 9 6 4 2 2 1 1 4 2 3 4 1 3 9 4 6 7 St v d a o e te G F p n o a t o B s r r l e i t a d ) m i : n g .. k n e . . n c o t; u f r r R t e h u n — o s c u s y i s a a n ( d n s o te o f i ss _ c u h in e g r- 1 7 5 , , 2 8 9 0 0 8 18 5 , , 0 0 9 2 5 1 17, 745 1 8 6 , , 3 5 7 9 4 0 Loans and discounts 70, 764 70,266 68,536 61, 382 Bank of Java (millions of florins): Bank notes 95, 768 94,182 94,121 87, 516 N L G F D o o o o e r a l p t e d e n o i s g s c n i i a t r s n c b d u il l l d a s t i i s o c n ounts 3 1 8 4 0 2 7 1 7 4 2 4 3 1 8 4 1 2 7 7 3 0 6 3 3 1 0 3 2 7 9 8 9 4 3 1 0 6 4 2 8 7 1 7 0 5 Na l S i t o e i F G o n r o b s n o r s a l o e , d l f ig C d B n r i a o n n n a a o k t r t s s e , ) o s : a f a n n t d h d e S c l r o K e v i d e n i n g t e d s s . o . ( m . m i o l f - 2 9 6 0 3 2 9 8 0 3 295 2 8 9 7 1 Loans and discounts. _ 1,520 1,609 1,570 1,303 Bank of Latvia (millions of lats): Advances to State 2,966 2,966 2,966 2,966 Gold 24 24 Note circulation 5,325 5,453 5,397 5,434 Foreign exchange reserve 73 61 Deposits.. 875 894 950 615 N B L G O o i o o t l h a t v l e e n s e . r s r c 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 5 8 4 1 0 9 2 3 7 1 3 8 4 6 0 9 0 7 5 0 So s u a t n D G F h d o o o s r A l m e d o f i e r g f s i n c p t i a o c b n u i b n l R i l d l s l e s s . s . s . e t r e v r e l in _ B g a ) n : k (thou- 8; 8 5 0 1 4 3 j 7 7 , , 4 8 8 1 8 4 8 8 1 I 8 6 , , 9 6 6 8 3 0 6 8 2 8 6 1 , , , 4 7 0 6 3 8 3 4 4 Note circulation 8,684 8,852 7,638 8, 599 Bank of Lithuania (millions of litas): Deposits— Gold.... 34 34 Government 1,679 1,248 1,696 2,611 Foreign currency 54 57 Bankers 5,036 5,048 6,626 5,303 Loans and discounts. 81 78 Others 234 110 346 198 N D o ep te o s c i i t r s culation. __ 1 6 0 3 2 100 Bank G o o l f d Spain (millions of pesetas): 2,608 2,608 2,606 2,597 Silver 704 705 698 701 Netherlands Bank (millions of flor- Balances abroad __. 41 41 43 37 ins): Loans and discounts. 1,731 1,720 1,703 2,019 Gold.... 435 435 435 419 Note circulation 4,250 4,185 4,170 4,283 Foreign bills 190 181 182 134 Deposits 1,020 975 991 1,016 L N D o e o a p te n o s s c i i a t r s n c d u l d a i ti s o c n ounts. 2 8 3 5 1 2 3 9 1 7 4 6 6 8 9 4 1 7 4 7 8 8 7 0 2 7 2 3 9 0 9 1 Bank G F o o o r f l e d S ig . w . n . e . b d i e l n ls , ( m et i c llions of kronor): 2 13 3 7 2 2 1 3 8 3 6 2 2 3 1 3 7 2 17 2 1 2 Loans and discounts. _ 395 352 274 271 Bank of Norway (millions of kroner): Note circulation 501 536 478 497 Gold.... 147 147 147 147 Deposits 196 167 179 Foreign balances and bills. 49 51 33 25 Domestic credits 293 304 314 353 Swiss National Bank (millions of Note circulation 321 323 314 321 francs): Foreign deposits 2 2 4 17 Gold 435 432 433 459 Total deposits 125 137 139 201 Foreign balances and bills 211 200 2 24 2 25 Loans and discounts 220 242 378 349 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 84 7 5 2 859 819 3 8 3 7 1 8 Gold 4,111 4,176 4,171 4,197 Bank of the Republic of Uruguay Gold against demand deposits... 305 240 245 219 (thousands of pesos): Foreign exchange reserve 965 893 806 709 Gold 63,159 60, 259 54,944 Bills 1,625 1,562 1,736 1,626 Loans and discounts 96,649 95, 716 * 99,816 Note circulation.. 5,913 5,909 5,938 5,832 Note circulation 74,229 71,584 66,862 Deposits 610 481 490 441 Deposits 79,484 79,924 71,456 1 Not including gold held abroad. * Foreign balances only. »Total deposits. < Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JCNE, 1928 FEDERAL RESERVE BULLETIN 417 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1928 1927 1927 April March Fe a b ry ru- April i March Fe a b ry ru- Ja a n ry u- March Nine London clearing banks (mil Joint-stock banks of Finland (millions of pounds sterling): lions of Finnish marks): Money at call and short notice- 152 147 143 124 Loans and discounts 8,514 8,279 7,376 Advances and discounts 1,132 1,125 1,142 1,109 Due from abroad 244 280 405 224 Investments 233 235 244 236 Due to abroad 380 358 364 354 Deposits 1,690 1,672 1,698 1,642 Deposits 7,499 7,187 6,481 Six Berlin banks (millions of reichs^ Three commercial banks of France marks): (millions of francs): Bills and treasury notes* 2,112 2,066 2,022 1,413 Bills and national defense bonds. 17, 441 16,881 16, 396 14, 312 Due from other banks. 950 952 920 849 Loans and advances 5,945 5,892 5,971 5,021 Miscellaneous loans 5,421 5,285 5,435 4, 827 Demand deposits.. 26, 870 26,105 26, 233 24,173 Deposits _ 8,091 7,844 7,737 6,552 Time deposits „ 453 440 430 36a Acceptances4 393 409 407 Four private banks of Italy (millions Tokyo banks (millions of yen):1 of lire): Cash on hand 286 263 282 2212 Cash _ 1,282 5 1,182 Total loans 2, 255 2,157 2,191 2 2,492 Bills discounted 9,175 6 8,859 Total deposits 1,999 1,977 1,548 21, 977 Due from correspondents 5, 090 « 5, 312 Total clearings 2,515 2,467 2,210 2,257 Due to correspondents 14,177 «13,177 Deposits , 2,739 6 2,387 1928 1927 Joint-stock banks of Norway (millions of kroner): I Loans and discounts... 1,451 1,460 1,463 1,705 March Fe a b ry ru- Ja a n ry u- March D D u u e e f to ro m fo r f e o ig re n i g b n a n b k a s nks.. 1 7 3 2 5 1 7 2 2 3 1 8 4 6 8 2 6 0 1 9 Rediscounts ._ 176 185 161 154 Deposits 1,649 1,655 1,669 1,870 Chartered banks of Canada (millions of dollars): Joint-stock banks of Sweden (mil- Gold coin and bullion 3 70 70 70 lions of kronor): Current loans and discounts 1,439 1,379 1,356 1,278 Loans and discounts 4, 111 4,106 4,096 4,241 Money at call and short notice- 468 482 480 431 Foreign bills and credits abroad.. 271 299 303 187 Public and railway securities 544 555 552 510 Due to foreign banks 156 140 133 125 Note circulation 177 161 162 164 Rediscounts __ 192 125 111 115 Individual deposits 2,500 2,463 2,454 2,291 Deposits 3,518 3,565 3,541 3,555 Gold reserve against Dominion notes. __ 91 96 98 Swiss Cantonal banks (millions of Dominion note circulation 189 176 179 172 francs): Loans and discounts 1,804 1,803 1,808 1,750 Joint-stock banks of Denmark (mil- Mortgages 2,932 2,918 2,908 2,803 lions of kroner): Foreign bills 20 19 22 23 Loans and discounts 1,876 1,869 I 1,872 1,926 Due from banks and correspond- Due from foreign banks.- 57 55 I 59 55 ents 333 331 324 293 Due to foreign banks 90 103 I 110 140 Commercial deposits 769 758 755 692 Deposits and current accounts... 2,071 2,042 I 2,029 2,024 Savings deposits 1,625 1,621 1,551 1 Beginning in November figures are included for 10 banks not previously covered by the reports. 2 Figures are for March, 1927; April figures not available. 3 Not including gold held abroad. 4 Checks formerly included under "Acceptances" are included under "Bills and treasury notes" beginning with the March statement. s Figures are for February, 1927. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n in c e e ff — ec - t Austria 6 Jan. 28,1928 Estonia... Jan, 2,1928 Japan 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium 4^ Nov. 16,1927 Finland- 6 Nov. 24,1927 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France m Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia 8 Mar. 22,1927 Chile. VA Dec. 12,1927 Germany. Oct. 4,1927 Lithuania... 6 Nov. 9,1927 South Africa Jan. 9,1928 Colombia May 15,1924 Greece 10 June 6,1927 Netherlands. 4M Oct. 13,1927 Spain 5 Mar. 23,1823 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 6 May 17,1928 Switzerland. Oct. 22,1925 Denmark 5 June 24,1926 Italy 6 Apr. 1,1928 Poland. 8 May 13,1927 Yugoslavia.. 6 June 23,1922 England VA Apr. 21,1927 Changes: Central Bank of Peru from 7 to 6 per cent on May 17, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN JUNE, 1928 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Neth s e t r e l r a d n a d m s ) (Am- Sw la it n z d er* Month B a m a n a c o n c c n e k e s p t 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 e n a l p n c lo o e k w s e o i r - t n s s ' d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r d P is r r i c a v o t a e u t n e t 1926 March 4,37 4.34 4.26 5.00 6.73 5.63 2.67 2.82 2.18 April 4.33 4.34 3.92 4.88 6.02 4.77 2.90 2.93 2.30 May 4.37 4.43 4.18 4.69 5.53 4.80 2.95 2.94 2.38 June 4.27 4.29 3.82 4.53 5.81 4.76 2.83 3.00 2.38 July 4.26 4.29 3.86 4.54 5.73 4.93 2.74 2.72 2.37 August 4.45 4.55 3.99 4.61 5.80 4.85 2.63 2.50 2.34 September 4.54 4.65 3.99 4.88 6.21 4.77 2.78 2.81 2.52 October 4.69 4.80 4.07 4.82 6.14 4.75 2.83 2.75 2.80 November 4.57 4.80 3.95 4.63 6.12 4.45 3.21 3.23 2.96 December 4.53 4.60 3.78 4.72 7.13 5.88 3.39 3.96 3.35 1927 January 4.16 4.21 3.76 4.21 5.82 3.78 2.97 2.92 3.16 February 4.18 4.32 3.93 4.28 5.77 5.19 3.46 3.66 2.87 March 4.34 4.36 4.09 4.59 6.91 4.87 3.48 3.53 2.98 April 4.11 4.04 3.64 4.59 6.57 5.63 3.46 3.78 3.13 May,. 3.90 3.84 3.54 4.90 6.95 5.99 3.45 3.78 3.19 June 4.34 4.36 3.44 5.39 7.73 5.79 3.57 3.87 3.42 July 4.34 4.33 3.50 5.90 8.49 7.06 3.52 3.25 3.47 August 4.34 4.35 3.61 5.83 8.37 5.81 3.45 3.40 3.44 September 4.32 4.33 3.57 5.90 8.30 6.00 3.55 3.82 3.39 October 4.33 4.33 3.58 6.74 8.72 7.19 4.08 4.29 3.38 November 4.34 4.34 3.65 6.76 8.72 6.03 4.47 4.72 3.39 December 4.31 4.31 3.43 7.24 9.10 6.87 4.50 4.84 3.40 1928 January 4.19 4.13 3.48 6.25 I 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 April 4.02 4.01 3.56 6.71 ! 7.57 6.64 4.11 ! 3.94 3.29 Sweden (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Austria (Vienna) Hungary ( h S o t l o m ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m fo o o r n n e t 1 h y c c i o a P m l r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p co b D u i i n l s l t - s ed ov m e C o rn a n l i e l g y ht 1926 March 6.75 4.25 8.00 6H-7 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 7 6. 75-8.76 4.75-7. 30 June. 6.65 5.73 8.17 7 7.12-8. 76 5.11-8. 76 July 6.70 6.00 8.50 6 -7 6. 94-8. 76 5.11-8.03 August 6.75 7.00 8.50 6 -7 6. 75-8.40 5. 84-7. 48 September... 6.72 6.98 8.50 6 -7 6. 39-8. 40 4.93-7.30 October 6.64 7.25 8.96 534- 7 6. 21-8.40 5.11-7.12 November... 5.77 6.69 9.25 6-7 6. 39-8. 40 4. 75-7. 48 December 4.34 5.77 9.25 6 -7H 6. 75-8.76 5.11-8.03 1927 January 3.90 4.99 9.25 • 654 6. 39-8. 76 4. 56-7. 30 February 3.99 4.45 9.25 6. 21-8.03 2.92-7. 30 March 4.19 3.89 9.25 5.84-7. 67 4. 38-6. 21 April 4.33 3.17 9.25 5. 84-8.03 4. 38-5. 29 May 4.23 2.46 8.50 554- 654| 6. 57-7. 67 4. 38-4. 75 June 4.17 2.25 7.60 554- 654i 6. 57-8. 76 4.38-5.11 July 3.84 2.13 7.00 6 - 7 | 6. 21-8.40 3.65-5.11 August 3.84 2.04 7.00 6 - 754 5.48-8.03 3. 65-4. 75 September 3.75 2.01 6.81 6 -7H 5.11-7.67 2.19-4. 38 October 3.87 1.82 6.50 6 -7H! 4.75-7. 30 2.19-4. 38 November... 4.09 2.75 6.27 554- 7H 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 3.90 2.75 5.89 4.38-6. 21 1.46-4.02 March 4.10 272 5.75 5 - 4.02-5.84 2.92-4.02 April 4.25 2.62 5.49 NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESBBVB BULLETINS for November, 1926, and April, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

419 JONE, 1928 FEDERAL, RESERVE BULLETIN GOLD MOVEMENTS [In thousands of dollars] South United States Germanj Great Britain Netherlands Africa India Month Net Net Net Net Net Net p I o m r - ts p E o x rt - s im o p r p o r o e t x r s t - s p I o m r - ts p E or x t . s im p or p . t o e s x rt - s p I o m r - ts p E o x rt - s im o p r p ( o e o r x r t - s ts p I o m r - ts p E or x t - s im o p r o p r o e t x r s - ts im o P r ( p o e o r x t r s - ts im o p r p o r e o t x r s - ts 1926 September 15,987 23, 081 -7,094 23,608 702 22,906 12,137 5,017 7,120 800 656 144 -8, 686 4,839 October __ 8,857 1,156 7,701 36,343 869 35,474 16,916 21, 262 -4, 346 580 150 43G -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 9,808 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 4S8 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 8,935 705 685 20 13, 071 6,061 7,010 202 4,623 -4, 421 5,936 August 7 877 1,524 6 353 11,259 680 10, 579 21,469 5,782 15, 687 103 2,477 -2, 373 2,860 September 12,979 24, 444 — 11,465 1,483 876 607 8, 381 7,637 744 125 47 78 3,315 October 2 056 10 698 —8 642 1,668 969 699 6,12fi 4,726 1,400 189 35 154 2, 685 November 2,082 55, 266 -53,184 1,627 975 652 15,012 21, 709 -6, 696 433 102 331 4,408 December 10,431 77,849 -67,418 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 16,937 -6,439 59,175 1928 ———— January 38 320 52,086 —13 766 1,113 704 409 20, 042 10, 875 9,167 12, 725 8 12, 716 8,590 February 14, 686 25,806 —11,120 6,074 844 5,230 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—72.316 192 185 9,544 April 5,319 96, 469 -91,150 29, 732 922 28,810 11, 760 2,943 8,816 66 19 47 MOVEMENTS TO AND FftOM UNITED STATES MOVEMENTS TO AND FROM GREAT BRITAIN [^thousands of dollars] [In thousands of dollars] 1928 1927 1928 1927 Country of origin April j January-April Calendar year Country of origin April January-April Calendar year or destination or destination Im- Ex- ; Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports Belgium France 260 8 91, 068 627 4,718 England ...} 2 j 1,465 Netherlands 20 182 86 5,146 2,313 6,486 France j ll j 71,740 Russia 5,248 10 822 1,049 7,732 Germany ... j j 5,409 Spain and Canaries. 10 116 7,445 Netherlands. Switzerland 449 9 s.^n 6,213 Canada United States ._ 1,061 1,087 "8," 567' 28,042 Central America South America 18 2,017 6,959 Mexico. British India 881 4,847 12,462 Argentina. British Malava 62 883 3,452 Brazil Egypt. 166 832 3,799 Chile Rhodesia 435 1,873 5,958 Colombia. Transvaal 4 751 32, 303 124 348 Ecuador West Africa 221 1,156 10 4,705 20 Peru All other countries... 24 934 3,763 5,929 8,320 49,680 Uruguay. Venezuela. Total 11, 760 2,943 51,116 111, 680 157, 905 137, 008 Australia. British India. British Malaya China and Hong Kong Dutch East Indies.. Japan Philippine Islands. _ All other countries... Total 5,319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JUNE, 1928 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE (s A c u hi s l t l r in ia g) B ( e b l e g lg iu a m ) Bu ( l le g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- Denmark E (p n o g u la n n d d ) ( F m in ar l k an k d a) F (f r r a a n n c c e ) G ( e re rm ich a s n - y <23£* H (p u * 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 1.30 17.49 1927—Mav 14. 0674 13.8968 .7238 2.9615 26. 6784 485.7020 2.5201 3. 9168 23. 6924 1.3211 17.4556 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 May 14.0656 13.9597 .7191 2. 9624 26. 8245 488.1594 2. 5174 3,9359 23. 9292 1. 3036 17. 4589 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 leu an ) ia R (c n u h e s e t s r z i v ) a o » - (p S e p s a e i t n a) S (k w 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—May.- 5.4016 40.0196 25.836® 11.3816 5.1220 .6176 3 515.0000 17. 5912 26.7480 19.2324 1.7579 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 > 515. 0000 16.7641 26.8492 19.2713 1. 7599 May 5. 2688 40.3473 26. 7829 11.2133 4. 2207 .6194 515.0000 16. 7309 26.8300 19.2724 1. 7602 NORTH AMERICA 8OUTH AMERICA Canada Cuba Mexico Argentina Bolivia« Brazil Chil© Colombia3 Ecuador > 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—May 100.0658 99.9606 46. 5867 96.2008 34.0000 11. 8084 12.0204 97.4688 18.3125 364. 6400 100.7088 October. 100.1099 99.9387 47.6667 97.1572 84.8000 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 89.8159 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 May 99.9117 99.9615 48. 5588 97.2008 34.8000 12.0327 12.1910 98.1923 20.0000 399. 2692 102. 9908 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 i a c r ) a • n (S C h t h a a i e n n l a g ) h « ai C d (Y o h l i u l n a a a r n ) « ( K d H o o o l n l n a g g r * ) (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 i d s 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 j 49.85 40.20 56.78 439.65 494.31 1927—May . 18. 7500 45. 6136 62.1680 43. 6964 49. 2716 36. 2332 47. 0832 40.1638 55. 9896 52.2232 497.9792 October 19.1700 44.7376 61.8328 44.0600 48.8552 36. 4092 46. 5664 40. 2618 56. 0332 52.9624 499. 2900 November 19.1700 45. 5958 63. 2663 44.8638 49.7917 36. 4504 45. 9796 40. 4090 56.0687 52. 4871 499. 6888 December 19.1700 45.9092 63.7884 45.1877 50. 3085 36. 7369 46.1881 40. 5319 56. 7269 51. 7846 500. 5719 1928—January.. 19.1700 45. 7410 63. 7548 45.1408 50.4096 36. 7224 46.8784 40.5596 56. 7650 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 56.3469 50.5000 500.3780 April 19. 2500 45. 7972 63.2502 45. 4958 49.8658 36. 5647 47. 7136 40.2228 56.2508 May 19.2500 47. 7899 66. 4450 47. 2948 51. 0168 36. 5913 46. 6097 40.2446 56.1362 i 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. > Averages based on daily quotations of closing rates as published by New York Journal of Commerce. • 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 $0.60611 for May, 1928, $0.57707 for April, 1928, and $0.56592 for May, 1927. The corresponding London prices (converted at average rate of exchange) were $0.60799, $0.58076, and $0.56999. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

421 JUNE, 1928 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE CTnited States France Ger- Month o (B S 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 s i a l s - d ) g B iu e m l- g B a u ri l a - C v z a s e k lo c i - a ho- m D a e r n k - * T (B E l r a a o n o n d f a g d e r - d ) b ( l F a g a i s o n n i l d s - d ) B S u t t i a r c e t a i a l s u - F R B e e d o se e a r r rd v al eS m c ( r t a F e a e a l r t a n e i B a u d y s l ) u t - 8 i - - b H ( g g a a u s o r i n l y s d - ) ( I B ta a l c y h s i) N l e a t n h d e s r- ( N O w o s a l r y o - ) 1926 October 125 856 2,716 972 178 152 I 143 752 136 125 597 143 188 November.. 128 865 2,739 978 170 152 I 143 684 662 137 127 594 147 182 December... 127 860 2,718 978 158 146 ! 144 627 592 137 126 574 146 176 i 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 2,823 990 152 142 144 623 605 138 133 473 148 150 July 140 845 2,775 992 152 141 144 617 590 138 133 467 150 160 August 133 850 2,745 983 153 141 147 618 578 138 134 465 149 161 September.. 130 837 2,736 975 153 142 148 601 574 140 133 465 150 158 October 129 839 2,747 966 154 141 148 587 554 140 133 468 150 157 November.. 127 838 967 154 141 149 595 545 140 133 466 152 157 December... 127 841 975 154 140 148 604 567 140 135 463 152 156 1923 January 129 851 2,782 982 153 141 144 607 569 139 135 463 154 15? February. __ 128 848 985 152 140 143 609 569 138 134 461 151 157 March 129 848 153 141 144 623 587 139 135 464 153 157 April 97 131 847 984 154 143 145 619 601 140 464 153 156 May EUBOPE—continued ASIA AND OC1ANIA Month l P an o- d Russia1 Spain | Sweden S l w an it d z e a r- ! Canada Peru t A ra u l s i - a ( C S h h h a a i i n n ) * g- D I E n u d a t i s c e t h s c I ( u n C t d a t 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 October 192 179 179 | 148 145 151 202 154 171 158 144 174 153 129 126 November.. 193 178 185 I 148 147 152 198 155 174 157 146 171 151 130 December... 195 178 186 150 148 151 199 155 172 156 146 170 153 13ft 1927 January 195 177 184 146 147 151 200 154 173 156 146 170 151 126 128 February..» 197 179 180 146 145 150 204 153 172 156 143 171 147 March 200 179 179 145 147 149 206 150 175 154 146 171 147 124 April 206 177 177 143 146 149 201 151 173 154 145 170 147 122 126 May 208 175 172 145 147 152 207 152 171 155 146 171 145 124 June..-.. 206 174 171 146 147 154 206 155 169 155 149 173 146 123 July 207 173 168 146 147 152 205 161 171 153 150 170 I 148 118 120 August 207 171 168 146 147 152 204 165 171 154 151 167 ! 146 117 September.. 206 170 169 148 148 151 205 170 172 153 150 169 146 October-.... 206 170 169 147 148 I 152 200 173 169 152 147 170 146 118 122 November.. 208 170 168 148 149 152 200 166 166 151 148 168 147 115 December... 205 170 148 150 ! 152 199 162 164 150 148 168 148 114 1628 January 204 171 166 148 « 145 151 199 163 163 150 145 169 150 114 120 February-.. 203 171 166 147 •145 151 195 160 164 149 144 169 147 114 March . 214 171 165 149 146 153 193 160 163 144 169 116 April 171 151 153 197 162 163 146 170 120 120 May 171 195 »New index—1926=100. 1 First of month figures. * New official index. NOTI.—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; 1809-1913; 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 Paseareh 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

422 FEDERAL RESERVE BULLETIN JUNE, 1928"- WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1928 1927 1928 1927 Feb- Jan- De- Feb- Jan- De- April March ruary uary cem- April April March ruary uary cem- April ber ber A To ll t a c M C l o e m f e r o a e m o t a d l o a s d n i d ti e f s ish 1 1 1 1 4 3 5 5 3 9 9 6 1 1 1 1 4 5 5 3 1 2 3 3 1 1 1 1 4 5 3 5 0 2 6 1 1 1 1 1 4 5 5 4 1 2 3 4 1 1 1 1 4 5 4 5 0 1 0 1 1 1 1 1 4 3 4 4 0 2 8 8 V A A R Fu l e a n l e g w i m c l e s o t a a m m a l b n a l m p d e t r e o o p r o d i d i r a i l o u t s l i s d c e u t s s f c o t r s manu- 1 1 1 1 3 5 5 1 4 1 1 2 1 1 1 1 4 3 1 4 9 6 1 6 1 1 1 1 4 4 3 1 7 2 7 2 1 1 1 11 4 3 4 6 8 7 3 1 1 1 1 4 4 4 1 2 2 8 3 1 1 1 11 2 4 4 6 8 5 3 Other foods _ _ 182 170 167 164 161 163 facture In iron and metal Indu I O s ro t t r h n i e a r a l n p d m r o s i d t n e u e e r c l a t l s s . _ and 1 1 3 1 5 3 1 11 3 3 5 1 1 3 1 4 3 1 1 3 1 4 3 1 1 3 1 5 4 1 1 3 2 5 5 P R a a i p n w e d r u m s p t a u r t y l e p r i a a n ls d f p o a r p m er anu- 1 1 1 6 3 1 1 1 1 6 2 1 1 1 1 6 2 0 1 1 1 6 4 0 1 1 1 5 5 7 1 1 6 1 & 9 metals 111 112 112 113 114 126 facture in leather indus- C O o th tt e o r n textiles 1 1 6 7 9 0 1 1 6 6 4 8 1 1 5 6 7 7 1 16 5 4 8 1 16 6 2 1 1 1 4 5 1 5 Ra tr w y and manufactured 151 148 146 149 144 116 Miscellaneous 142 144 146 147 146 140 chemicals 165 165 165 166 166 168 Raw materials J48 ! 145 142 143 142 134 Semifinished materials 154 150 149 150 150 145 FRANCE-STATISTICAL BUREAU Finished materials 151 150 149 149 149 148 Producers' goods. 143 140 138 138 137 133 Consumers' goods 158 157 156 156 156 152: All commodities 619 623 607 604 636 All foods 601 606 577 568 564 646 Animal foods 536 571 548 534 546 603 CANADA—DOMINION BUREAU OF STATISTICS Vegetable foods _ 633 615 575 575 558 678 Sugar, coffee, cocoa 653 644 624 611 604 650 All industrial material 641 637 636 639 636 629 Minerals 530 530 517 531 540 588 All commodities.- 153 153 151 151 152 Textiles. 823 806 796 777 756 738 Total raw materials. 156 155 152 152 153 149 Sundries 625 626 637 643 644 608 Total manufactured goods_ 149 148 147 148' 148 149 Vegetable products 170 164 158 158 157 161 Animal products 140 145 143 146 150 13S GERMANY—FEDERAL STATISTICAL BUREAU Textiles 169 171 170 171 171 151 Wood and paper products. 155 155 155 154 154 -154 Iron and its products 142 142 142 142 142 144 Nonferrous metals 94 94 94 95 96 96 All commodities 140 j 139 138 139 140 135 Nonmetallic minerals 170 170 170 170 170 172 Total agricultural products 134 131 130 132 136 135 Chemicals 150 150 151 151 151 156 Vegetable foods 154 146 141 145 144 158 Cattle.... 100 100 103 102 105 107 Animal products. 133 139 143 147 158 132 Fodder 158 148 141 141 141 146 Provisions _. 136 134 130 130 130 127 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Total industrial raw materials and semi-finished products _ 134 134 134 134 134 130 All commodities. __ 162 160 160 163 162 151 Coal _ 128 131 131 131 131 131 Metals and coal ; 174 174 175 176 175 180 Iron _ 126 127 127 126 125 125 Textiles ! 176 j 176 170 169 167 146 Nonferrous metals 104 103 104 106 107 110 Agricultural products ! 163 160 166 174 176 155 Textiles 165 162 159 159 159 147 Dairy products.- _.! 146 j 137 140 143 145 150 Hides and leather 160 157 160 167 161 122 Groceries and tobacco 166 1 166 166 168 169 166 Chemicals 126 126 126 126 124 125 Meat ..; 139 I 141 136 136 128 108 Artificial fertilizers 83 83 82 82 81 85 Building materials ...I 159 i 159 157 156 148 153 Technical oils and fats. 115 112 113 115 119 129 Chemicals.. j 188 190 '190 186 186 179 Rubber 25 33 40 48 50 50 Paper materials and paper 148 149 150 152 152 149 Building material 158 158 158 158 158 155 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Total industrial finished products 158 157 157 156 156 143 Producers' goods 136 136 135 134 134 129 1928 | 1927 Consumers' goods 174 173 173 173 172 154 March r F u e a b r - y u Ja a n ry - c D em e- - v N em o- - March ber ber ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 144 144 145 148 148 146 A A l l l l i c V A T T M C B O n o o d e h u e n t u m i h g t x e n u i i c a l m e m m e e s t d t l r i t t r s i a a l o i r a f n . v c e l b i . d o l g a a e s s l f i o l e l - g o t s m a i d o e p e f n d t o . s r a a d . o o s t . b e d d m l r s e u i a e c p l t t s a r s o ls d- 4 4 5 5 5 4 4 4 5 5 9 6 5 9 6 0 2 4 1 2 3 8 7 9 0 5 3 8 2 2 4 5 5 5 4 4 4 4 5 5 9 5 6 1 8 5 2 4 0 2 1 3 7 0 8 6 2 8 7 2 4 4 4 5 5 5 4 4 5 5 8 6 3 4 7 2 0 5 2 0 9 6 7 8 9 6 9 0 2 9 4 5 4 4 5 4 4 5 5 5 9 4 7 3 6 5 3 0 3 1 0 0 0 9 9 1 3 5 1 1 4 5 4 4 5 4 4 4 5 5 8 3 6 2 5 3 9 4 0 3 3 4 6 5 0 5 3 5 3 2 5 6 6 5 5 5 5 5 6 5 6 1 4 0 4 8 2 4 5 1 9 5 8 2 1 4 9 3 6 8 T J C P R H O O R M C O u u e e a i a o t i t t e l a h d h l r w w e t s e t e t e s e a e o a e r s r m l s j c l n e s u s o a f t d a o e t n t m s e n x o t d - o u d t a i n f s n s l a e k - u . c s i f t n a u s c r t e u s r . es 1 1 1 1 1 1 1 1 1 1 1 3 4 6 3 6 8 4 3 5 6 4 2 0 6 9 6 3 5 7 7 5 8 7 5 1 1 1 1 1 1 1 1 1 1 1 5 3 6 8 3 6 4 7 5 2 3 2 1 1 9 8 6 7 3 0 7 9 9 6 i 1 1 1 1 1 1 1 1 1 1 if 3 4 8 3 7 4 7 3 5 5 2 i 9 S 5 9 9 5 3 0 1 8 3 5 1 1 1 1 1 1 1 1 1 1 1 3 8 9 5 6 4 5 7 5 5 2 2 7 5 1 5 6 1 1 0 7 2 3 7 1 1 1 1 1 1 1 1 1 1 1 5 3 8 9 6 3 4 8 2 5 2 4 4 9 6 2 7 8 6 0 7 8 6 1 1 1 1 1 1 1 1 1 1 1 1 9 3 4 3 5 6 4 4 2 6 1 3 3 4 1 8 5 6 5 8 7 3 9 8 Sundries 555 554 566 574 563 594 Other articles 137 135 136 149 148 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 423 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES TTnited Month States Aus- (5 i 1 e s c ) it- e ( t n V r n i i a a - ) g B iu e m l- i g B a u r l i - a s C lo z v e a c k ho ia - l E a n n g d - *to E n s i - a* F (P r a a r n i c s e ) m G a e n r y - G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - l N a e e n r t d - h s - N w o ay r- R si u a s * - S l z a w e n r i d - t- a C d a a n * - A t l r i u a a s - - ( I b B n a o d y m i ) a - l N Z a e n e a d w - S A o fr u ic th a 1926 September. 156 116 184 2,641 878 162 3 117 590 145 1,890 652 145 193 231 158 147 155 152 148 117 October... 157 117 194 2,597 888 163 3 116 624 145 1,933 654 146 191 230 160 147 153 153 147 120 November. 158 117 204 2,618 902 169 3 116 628 148 1,986 630 147 186 234 159 148 155 152 146 119 December. 159 118 206 2,598 912 169 3 117 599 150 1,973 631 146 184 235 159 151 158 154 149 117 1927 January... 156 119 207 2,586 914 167 3 119 592 151 2,002 625 147 180 208 158 153 158 155 148 116 February.. 153 119 210 2,569 914 164 3 120 585 152 1,995 642 146 177 208 158 151 153 152 146 117 March 151 118 201 2,533 915 162 3 118 581 151 1,997 635 146 173 205 157 149 151 152 146 118 April 151 119 200 2,478 923 155 3 118 580 150 2,021 617 145 169 203 156 146 151 151 145 119 May _ 152 119 196 2,630 930 154 3 119 589 151 2,063 565 145 169 201 156 145 152 150 145 121 June 155 122 201 2.699 949 154 3 120 580 153 2,063 541 145 172 199 157 146 153 151 144 120 July 150 122 205 2; 653 962 159 3 122 557 156 2,059 524 144 175 199 156 147 152 154 144 119 August 149 120 202 2,625 914 156 3 118 539 150 2,044 518 143 175 199 156 147 155 155 143 118 September- 151 126 206 2,615 910 157 3 111 532 151 2,070 509 143 174 198 158 147 157 151 143 117 October 153 127 210 2,626 907 161 3 112 520 152 2,071 509 146 173 198 158 148 159 148 143 119 November. 153 126 211 905 163 3 113 500 152 2,086 510 148 171 199 159 149 157 147 144 119 December. 153 128 212 913 163 3 113 623 153 2,101 513 148 171 200 159 151 155 149 146 119 1928 January 152 129 211 913 162 3 118 530 152 2,127 148 170 201 158 151 154 151 147 117 February.. 149 127 207 910 159 3 118 522 151 149 170 202 157 149 152 146 145 115 March 148 125 204 902 155 3 122 524 151 150 171 203 156 147 153 142 115 April 149 126 205 155 532 152 150 171 203 146 154 140 May .. 151 205 140 I 1 I COST OF LIVING [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIE8 Mas- Month s c s e h a t u - ts - g B iu e m l- *s C lo z v ec a h k o ia - l E a n nd g - * 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 L,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 Ml arch 156 195 744 171 1,183 524 145 L, 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 "176 158 148 153 131 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 1,951 121 586 167 201 205 185 160 149 155 154 132 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 ,951 119 543 201 192 160 149 157 131 September- 155 202 736 165 1,230 507 147 ,955 119 537 167 197 202 187 161 149 154 131 October 155 207 734 167 1,237 150 L, 956 120 536 205 189 "l72" 161 150 151 132 November 157 208 735 169 1,251 151 ,964 120 536 210 188 162 150 150 132 December. 157 208 740 169 1,243 498 151 ,978 120 531 170 195 205 186 162 151 151 132 1928 January 157 210 741 168 1,216 151 1.986 121 207 178 171 161 151 154 132 February.. 156 207 739 166 1,206 151 120 204 175 161 150 148 131 March 155 204 737 164 1,214 151 119 169 193 205 176 160 M9 145 April 155 205 164 151 208 149 144 May 151 147 U921-100. The cost oflivi rig index for Belgium has been changed from an average of 7 provinces, on April, 1914, base, to a workingraau's budget in 59 cities, on a 1921 base. * First of the month figures. 3 Revised on a gold basis. 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

424 FEDERAL RESERVE BULLETIN JUNE, 1928 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Eaw Unem- Coal i P ro ig n in S c a a g t n e s o d e t t - l s i s F s t h i e n e e - d l v c p s o i u s l t i p t y b - o 1 l n e m u s I a t r f n e a a o d e n c n l - - Coal tissues w R o aw ol r C u r b u b d e e r h R w id a e w e t s c c S w l a e h r a i i g t r p h e o s d 2 ! j ! I ! F B t r r r e a i i t i g i n s h h t i - r F a t i r r l e w a i i g a n h y t s -i a n m p m s l e o u o n y r n e t - g d ings tures tures receipts traffic Thousand long tons T b h a o le u s s. lo T n h g o t u o s n . s i M l q i . o y i n l d - . T sq h . o y u d s . . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ h li s o n t u g er s - . M m t i o l i l l n i e - o s n c P e e n r t 1927 January s 24, 577 435 731 599 1,71. 219 4,093 325 15,907 237 118 30,760 11, 612 4,950 9,043 1,654 12.1 February.-. 21,365 571 827 653 1,763 252 4,173 301 14,982 168 107 27,492 6,712 4,617 9,027 1,570 10.9 March 21,097 672 950 746 1,792 353 4,820 397 13, 275 190 119 30,910 10, 793 5,383 10,197 1,745 9.8 April 3 24,274 680 8501 692 1,759 335 4,118 319 9,479 189 98 35, 577 5,188 8,702 1,494 9.4 May 20,356 720 885 656 1,713 422 417 11,406 132 75 25, 249 6,720 5,516 9,537 1,597 8.8 June 18,297 651 7471 574 1,625 366 4^313 333 13, 559 104 64 21, 537 7,919 5,371 8,766 1,402 8.9 July 3 23,776 646 687 581 1,467 390 4,176 339 15,978 67 44 26,059| 5,610 8,854 1,448 9.3 August 17, 852 596 6431 587 1,350 342 4,257 366 17,460 57 •25 22, 534 5,570 5,642 8,997 1,525 9.4 September.. 19, 504 592 777 625 1,241 385 4,242 349 14,395 72 27 5,049 5,715 9,364 1,581 9.3 October 3 24, 712 596i 699 584 1,190 385 4,141 316 13,061 96 33 28, 000 7,035 5,444 9,377 1,483 9.5 November.. 19, 634 576 699 582 1,148 399 4,127 406 16,351 119 46 24, 707 8,031 5,286 9,315 1,455 10.0 December.. 3 23,858 559 605 54! 1,100 352 3,886 15,041 116 66 23, 885 8,814 4,914 8,649 1,402 9.8 1928 January 20,045 561 626 567 1,061 33! 3,905 340 16,919 102 24,754 6,665 4,932 8,600 1,504 10.7 February. _. 20,119 551 764 614 1,070 317 4, 008 319 14,458 130 119 19, 851 6,930 4, 753 8,766 1,385 8.2 March 25,194 593 793 1, O5.r 409 4, lllj 401 15,119 142 135 '" "" 6,399 5,382 7.7 April.. 17,679 344 3,722 317 9,970 134 92 20,287i 6,860 4,859 7.6 * End-of-month figures. 2 Includes Irish Free State. 3 5 weeks. FRANCE PRODUCTION PO E R X T - S IMPORTS TRANSPORTATION Unemployed Busi- Coal i i P ro ig n C s r te u e d l e C y o a t r t n on C c o lo tt t o h n v T ol o u ta m l e v T ol o u ta m l e f c s o R o u t r i t m a o c t w o o n p n n - - f s o R u t r s i i m a o c l w k n o p n - - f s o C u t r i m o o co a n p l n - - c S c l w e a h a r i i t g r p h e o s d Fr l i e o c n i a a g g d r s h - t- o R p f e a w p l c a r e r i y i a n s p i c l t - s i- p r m e a P c l u a e a n r i i v i i d s c i n 2 i i - n g u n f r a e e i s s l- s 8 Thousand metric tons T g k h r i a o l m o u - s s. o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s. n A u d v m a e i r b l a y e g r e T fr h a o n u cs s. Number N b u e m r - 1927 January 5,821 805 673 10,631 26,814 4 2, 794 4 4,033 41, 331 400 1,606 2,936 56, 663 866, 732 25, 576 194 February 5,662 716 628 10, 255 27, 804 4 3, 205 4 4, 787 34,136 260 2, 047 2,528 61, 967 944, 463 36, 951 185 March 6,112 801 704 10, 883 29,105 4 2, 946 4 4, 360 27, 570 253 1,832 3,186 61, 881 963, 699 30,185 187 April.. _. 5,427 774 681 10, 439 27, 479 2,835 4,333 23; 661 332 1,862 3,670 58, 817 « 1, 239, 544 23, 719 125 May 5,462 794 712 9,983 25, 891 3, 385 4,610 27, 796 439 1,961 3,772 60, 858 985,138 15, 924 152 June 5,388 747 672 10, 527 26,898 3,159 3,906 24, 596 538 1,449 3,771 59,495 1,003,013 9,355 159 July. 5,382 769 . 677 10,119 24,086 3,302 3,654 14, 859 355 1,210 3,796 57, 391 1, 023,131 7,531 176 August 5,499 773 694 11, 086 28, 389 3,061 4,215 17,155 417 1,513 3,733 57, 386 1, 022,819 6,401 141 September 5,334 761 693 10, 306 25, 522 3,340 3,620 18, 520 515 1,262 3,657 61,032 1,084, 700 6,094 81 October 5,503 796 723 11,211 29, 781 3,378 4,095 28, 642 537 1,480 3,800 66, 507 1, 074, 836 6,860 164 November-.. 5,333 764 684 10, 744 29,076 3,216 3,810 44, 432 519 1,364 3,485 62, 963 1,000, 419 8,106 180 December 4 5, 517 796 735 11, 360 30,174 3,423 3,908 53,025 597 1,425 3,508 61, 456 6 1,263,928 10,075 160 1928 January 5,541 809 750 12, 204 27,784 3,001 3,519 39, 056 415 1,299 3,148 4 60, 426 917 '976 14, 012 188 February 4 5,283 . 785 738 9,241 26, 994 3,590 3,653 28, 924 598 1,349 3,113 4 64, 792 968, 577 12, 989 161 March 5.595 858 804 12, 231 29, 744 3,314 4,086 28,179 677 1,540 3,860 65, 446 « 1,064, 286 10,483 146 April 1, 098,175 5,796 1 Coal and lignite, including Lorraine and the Saar. 4 Revised. 3 2 N E u n m d b o e f r m o o f n f t a h i lu fi r g e u s r i e n s. the Department of the Seine. 5 5 weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

425 JUNE, 1928 FEDERAL RESERVE BULLETIN INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY |TRANSPORTA- UNEMPLOY- PRODUCTION IMPORTS | TION MENT Busi- Coal L ni i t g e - | i P ro ig n C s r te u e d l e ; i P a o sh t- f m ac I i a r r a t n u o o n d r n n u e s - ^ ! j c t p e s M h r a l u i l n i e c i p n a e d c a - - e s - l ryD s • a d tu n y y f d e e f - s s Coal 55 C to o n t- I o ro re n A H a b v s l r a u i s e e r n m s l r i o s - g v f - - F l r i o c e n a a i g g d r s h - t P u l n o e y m ed - ; S „ ^ . e ? u n fa r e i e s l s - s Per rhousand metric tons Metric tons reg. w o a n g s - cent Number tons i 1927 January 13, 35512, 46211,06011,309 122ji 514,823 38,396il3,270 2,145, 226 16, 677:12, 656 56, 2921,256, 755; 1, 509 3,216: 16.51, 827, 200 493 February.. _ 12, 743! 12, 030 969; 1, 234 132, 387, 183 36, 687 j 12,012J2,155, 686 21, 939116,15243, 88l|l,385,0711 .,413 3, 245! 15.5:1,695, 515! 473 March 14, 046112, 9733,086! 1,415 140! 418, 947, 40,695 12,94712,042, 436 21,174118, 843;52, 595)1,377, 4391 i, 566 3,888: 11.51, 121,150! 557 April ill, 794111, 3861, 052;1,288 92j 371,6881 46,174113,44811,5S7, 60817, 698J18, 34014, 736|1,407, 035 L, 593 3, 4891 8.9 870,378: 421 May 12,297|12,011 1,130; 1, 378 91 j 380,827! 49,165 14,51212,655, 321 27, 585:20, 911*40, 615ll,394, 279 I, 694 3, 790! 0[ 649, 274i 464 June 111, 820|l 1,780 1, 068!1, 328] 86| 335,221100! 45,47813,200J2,061, 74719, 676|19, 544^32,1191,820, 771; I, 696 3, 709! 6.3 540,717! 427 July 12, 035112, 0891,109 j1, 362 99 352, 48, 538 13,669;2,401,116 16, 347117, 687j31, 515|l,831,8191 I, 666 3, 9051 5.5| 452, 007! 428 August 112, 997 12,817 1,116!1, 432 104; 344,9811 42, 748 12,824:2,402, 044 j 11, 937124, 778124, 390 [2,056, 052! I, 604 4,059! 5.0 403. 900' 407 September- 12,71112.907 1,105!1,375 109| 357,924 55, 971113,435J2,076,169! 7. 329J23, 876i24, 25311,737, 088: L, 661 4,086} 4.6i 355,500 360 October 13,094! 12, 5311,140!1,414 104| 352,734 51, 658 13,699J2,155, 732! 6, 919 21, 218J37. 240 1,593, 892 I, 764 4, 326! 4.5: 339, 982 445 November.. 12, 874 [13, 430 l, 119; 1, 401 1091 336,485 55, 788 12,488ll,845, 519!ll, 086 17, 200:51, 026 1,431.493! 1,727 4,156! 4! 604, 509! 574 December. . 13, 238!14,133 1,150| 1,368 115 352,472 59, 620 13,987jl,903, 237 12, 668 19, 641 52, 633 1,289, 597! 1,854 3,811; i'i91, 188, 274! 619 ! I I 1928 January 13, 421 14, 2221 1,181 1. 409 132 363,026 48, 810 12, 458|2, 272, 995|18,084:20, 566 37,0321,183, 214! 1,835 3, 541 I 1 February... 12, 920113, 419] 1,122! 1, 323j 133: 390,776 50, 449! 11, 985:2, 229, 956|25, 260J18, 563136, 839 1,146,188 1, 564 3,584: 11. 2'1, 333,115! 766 March 14,118! 14, 401 1,170! 1, 422J 434, 798 54, 788 15, 799|2, 250, 616J21,433J22, 941J28,0011, 407, 989! 1,767 4,069!. 10.41,237,504! 699 April 11, 715J12,263 1,045 1,1611. 412,800 57,100 14, 3002,115, 200,22, 300;20, 400 30,80011, 275, 1001 1,849 1,010,763 791 I 729,321 614 1 Revised. CANADA Re- Receipts at ceipts stock- I d t d p t n r i i u u o r d n i o o c a f s - e n - - - l x Coa P l; RO N p D r e i U w n C t s T - IO F N lour a s t C w r t t c i a r o o a o u c n r n n c t d - s - - ' w l P F W a A i h a o a o o n e t r i m f d r r l - a t t - t T C t W o l a y e r t a o i - n r n d n t s o i H p i e a o n g n g d s P b l o a a n a n d r k d s s W pu o l o p d Wheat Coal C p le e r u t u r m d o e - R t c o a o n w t- c M e h r i a y n - - i | ! | ; I T l e r i o c n e o n a a g v t u d r a s - e - l m I p n e l e o d m o f n e y - x - t1 u B n f r a e e u i s s l s - s i J thur 1 1 9 1 9 2 0 1 4 9 0 = - T sh h o o r u t s t a o n n d s Th b re a o l r u s - s.Th d la o o r u l s - s,T b h u e o s ls u h- s. Number M l f i e o i e n l t - Th lb o s u . s. T b h u e o s ls u h s - . |Thous.Thous.Th lb o s u . s.Th d la o o r l u s - s . I ; ! N b u e m r - J 1 a 9 1 n 2 0 . 0 0 1 = 7,N b u e m r - 1927 January... 151.0 1, 570| 162| 1,496 16,772 14,029 46,224 71,895 119 125, 75012,57l| 1,563 61,962 21, 278 3,075 243, 767 94.8 191 February.. 148. 0 1, 384 1,231 19,517 8,547 37,182 60,455 122 114, 92711,4221 1, 33,306 12,278 3,156 242, 222 95.4 143 March 172.8; 1,408 174 1,454 17,466 6,307 38, 414 61,076 193 153,123 16, 395', 1, 67,498 13,041 4,887 284,119 96.3 163 April 157.511,315! 166 1,154 38, 582 12, 593 33, 652 50, 436 119 93,802 20,182! 1, 37, 725 10, 375! 3, 211 256, 357 96.2 128 May 163.7! 1,306 172 1,455 46, 759! 17,330 39, 056!50, 5501 202 138,100 28, 6981 1, 49,049 10,129! 3,980 259, 394 100. 6 127 June 161.8:1,444 171 1, 314 52, 229 7,344 35,830| 50, 739; 227 191, 72315,863 1, 561103,662 10, 697 3,843 273, 733 105.9 138 July _. 151.2:1,230 163 1, 019 50,881 10, 679 39, 980 37,157! 215 154,801 6, 6201 1, "• 70, 305 8,484! 3, 488 260,113 108. 4| 117 August 157.0jl,317j 180 1,158| 29,881 2,399 70, 347 40,112 204 171,134 12,197 1, 77, 253 7,267; 4,181282,807 109.2 147 September- 147. 6,1, 339 179 1, 528! 32, 788 8,580 79,14l! 35, 026! 188 164, 22814, 071 1, 91,865 4,814 4,137 304,295 109.7 126 October 151. 5; 1,469 191 2, 005J 47,135 51, 416 94, 718; 46,419! 182 144, 79519, 430| , 78, 905 6, 684! 4,185 360, 238 109.0 168 November- 151. 0:31,753' 190 2,120; 30, 261 70, 965 109, 927 70, 910 174 158,396 52, 805: 3 1, 64, 978 11,987; 4,124 344, 767 107.5 152 December. 161.5:1,867! 182 1, 767! 50,427141, 025| 44,936 62, 204 122 147, 53144, 809 3 l, 67, 626 19,198 3, 970 286, 719 106.8 160 1928 January 160. 3l], 6831 187 1,579 20,480; 21,095 44,311! 71,535 111 113,297 15,201 1,224 58,501 19,635; 3, 904 265, 487 9.5 197 February._ 166.11,414! 190 1,464! 25,875! 9,545 33,889 63,286! 117 128,606 18,372! 1,234 47,810 11,856 3, 858 267,131 100.8 167 March 168.2 1,405! 198 1,617 22,946! 879 31,374! 47,733 150 182,229[ 18,655 1,349 82,871 12,239 5, 720 285, 567 101.4! 163 April 157.81,123j 193 56,346 37,306i 50,000 99 113,200 8.361 2,929 23,876! 7,065 4, 058 252,131 101.1 132 1 First of month. 2 Total number of firms failing during the month. • Revised. 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426 FEDERAL RESERVE BULLETIN JUNE, 1928 RULINGS OF THE FEDERAL RESERVE BOARD Deposits of mutual savings banks, Morris Plan banks, ceive deposits from members or others, except credit unions, building and loan associations, and installment payments on membership shares. cooperative banks. Such installment payments are essentially capi- The question has been presented to the Fed- tal rather than deposits. The primary funceral Reserve Board whether deposits in member tion of a building and loan association is banks by mutual savings banks, Morris Plan usually, therefore, to make loans on real estate banks, cooperative banks, credit unions, and to its members out of capital paid in by such building and loan associations should be classed members. Inasmuch as it does not receive by member banks in computing reserves as deposits and loans are made from capital, it is amounts "due to" banks within the meaning not to be regarded as a bank. of section 19 of the Federal reserve act, from Cooperative banks of the type found in which amounts "due from" banks may be de- Massachusetts are similar in purpose and funcducted. From information obtained by the tions to building and loan associations and are to Federal Reserve Board it appears that there be classified in the same way. Cooperative banks has been no uniform practice among member of the Massachusetts type are to be distinguished banks in classifying deposits of any one of the from those so-called cooperative banks organclasses of institutions mentioned. ized either under national or State law having The question whether the respective institu- general banking powers; the latter are undoubttions should properly be regarded as banks edly banks within the meaning of section 19. within the meaning of section 19 of the Federal Credit unions are authorized to receive savreserve act depends upon the nature and func- ings of their members in payment for shares of tions of each. capital stock, and also generally to receive such A mutual savings bank is engaged in banking savings on deposit. Loans are made to memfunctions in accepting deposits and making bers under certain restrictions and limitations. loans. The Attorney General has held that The fact that they receive deposits and loans mutual sayings banks should be considered are thus made not only out of capital but from "banks" within the meaning of section 4 of the deposits brings them within the usual defini- Federal reserve act and a similar reasoning tion of a bank. would require that they be regarded as "banks" After a careful consideration of the nature of within the meaning of section 19. these several institutions the Federal Reserve Morris Plan banks are also engaged in the ac- Board is of the opinion that deposits made by ceptance of deposits and the maldng of loans to mutual savings banks, Morris Plan banks, and certain classes of persons, and the exercise of credit unions should be classified by member these functions requires that they be regarded banks as amounts "due to" banks within the as banks. meaning of section 19 of the Federal reserve A building and loan association is of a some- act, from which amounts "due from" banks may what different character. It makes loans to its be deducted, but deposits of building and loan members upon the security of real estate and associations and cooperative banks of the type membership shares, but it does not usually re- found in Massachusetts may not be so classified. LAW DEPARTMENT State member banks as depositaries of public moneys. "All banks or trust companies incorporated by special The following is the text of an act of Congress law or organized under the general laws of any State, which are members of the Federal reserve system, when approved May 7, 1928, which adds a new paradesignated for that purpose by the Secretary of the graph to section 9 of the Federal reserve act and Treasury, shall be depositaries of public money, provides that State banks which are members under such regulations as may be prescribed by- the of the Federal reserve system shall be deposi- Secretary; and they may also be employed as financial agents of the Government; and they shall perform all taries of public money when designated for that such reasonable duties, as depositaries of public purpose by the Secretary of the Treasury. money and financial agents of the Government, as may be required of them. The Secretary of the [PUBLIC—No. 352—70TH CONGRESS] Treasury shall require of the banks and trust com- [H. R. 10151] panies thus designated satisfactory security, by the An act to amend section 9 of the Federal Reserve Act deposit of United States bonds or otherwise, for the Be it enacted by the Senate and House of Representa-safe keeping and prompt payment of the public tives of the United States of America in Congress as-money deposited with them and for the faithful persembled, That section 9 of the Federal Reserve Actformance of their duties as financial agents of the be amended by adding thereto a new paragraph as Government." follows: Approved, May 7, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 427 Changes in State Bank Membership more of the fiduciary powers named in section* 11 (k) of the Federal reserve act as amended, as follows: (1) The following list shows the changes affecting State Trustee; (2) executor; (3) administrator; (4) registrar bank membership during the month ended May 21, of stocks and bonds; (5) guardian of estates; (6) 1928, on which date 1,253 State institutions were assignee; (7) receiver; (8) committee of estates of members of the system: lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations ADMISSIONS which come into competition with national banks are permitted to act under the laws of the State in which Capital Surplus Total the national bank is located. resources District No. 4 • Dis- Powers Location trict Name of bank granted Merchants and Miners Bank,Paint No. Borough (P. 0. Scalp Level) Pa__. $30, 000 $35,000 $374, 559 District No. 6 Quincy, Mass 1 National Mount Wollas- 1 to 9. ton, Bank. Continental Trust Co., Macon,Ga... 150,000 50,000 1,690,994 Manchester, N. H 1 First National Bank 2, 6, 7, and 9.» Westwood, N. J 2 First National Bank 1 to 9. District No. 12 Camden, N. J 3 Third National Bank & 1 to 9. Trust Co. Union Bank & Trust Co., Walla Nanticoke, Pa 3 Nanticoke National Bank. 1 to 9. Walla, Wash 200, 000 25, 000 2, 396, 497 Johnstown, Pa 3 Moxham National Bank.. 1 to 9. Philadelphia, Pa 3 Mount Airy National 1 to 9. Bank & Trust Co. CHANGES Philadelphia, Pa 3 Northeast National Bank 1 to 9. of Holmesburg in Philadelphia. East Chicago, Ind 7 First National Bank 1 to 9. District No. 2 Peoria, 111 7 First National Bank 1 to 9. Houghton, Mich 9 Citizens National Bank... 2, 3, 5, and 8. Central Mercantile Bank & Trust Sioux Falls, S. Dak.._ 9 Security National Bank... 5 to 9. i Co., New York, N. Y. (merged Wichita, Kans 10 Union National Bank 1 to 9. with Bank of United States, New Dewey, Okla 10 First National Bank 1 to 9. York, N. Y., member).. $3, 500, 000 $2, 500, 000$59, 414, 000 Farmington, N. Mex. 10 First National Bank 1 and 2. Denison, Tex 11 Citizens National Bank... Ito9. District No. 5 Hoquiam, Wash 12 Lumbermen's National 1 to 9. Bank & Trust Co. Farmers Bank, Belhaven, N. C. (voluntary withdrawal) 25,000 8,500 ! 258,323 1 Supplemental. District No. 6 Bank of Camilla, Camilla, Ga. (vol- Changes in National Bank Membership untary withdrawal) 50,000 j | 321,877 Pendergrass Banking Co., Pendergrass, Ga. (voluntaryliquidation).. 25,000 j__ ....j 50,960 The Comptroller of the Currency reports the follow- Southern Bank & Trust Co., Miama, Fla. (reopened).- 100,000 I 100,000 I 5,612,000 ing increases and reductions in the number and capital of national banks during the period from March 24 District No. 7 to May 18, 1928, inclusive: Bank of Oakfield, Oakfield, Wis. W ( i v n o ne lu s n h t i a ek ry w C i o th u d n r ty a wa S l t ) ate Bank, 50; 000 10,000] 311,705 Decorah, Iowa (voluntary with- Num- Amount drawal) __ 150, 000 75, 000 2, 765, 515 ber of of banks capital District No. 8 Lafayette County Trust Co., Lex- New charters issued 17 $10,950,000 ington, Mo. (succeeded by non- Restored to solvency ._. 0 0 member) 75,000 15,000 ! 401,270 Increase of capital approved! 47 25, 877, 500 District No. 10 Aggregate of new charters, banks restored to solvency, and banks increasing capital 64 36,827, 500 Farmers State Bank, Genoa, Nebr. (withdrawal) 25,000 I 1,250 ! 201,057 Liquidations 41 4, 055,000 Reducing capital 3 1,012, 500 District No. 11 Total liquidations and reductions of capital. _ 44 5, 067, 500 First State Bank, Crowell, Tex. (voluntary withdrawal) _ I, 000 30, 000 471, 394 Consolidation of national banks under act of Nov. 7, 1918 5 40, 425, 000 District No. 12 Consolidation of a national bank and a State bank under act of Feb. 25, 1927 3 5, 200,000 Lumbermen's Bank & Trust Co., Hoquiam, Wash, (converted into Total consolidations 8 45, 625,000 national bank)__ 100,000 75,000 1, 511, 210 Aggregate increased capital for period _ 36, 827,000 Reduction of capital owing to liquidations, etc 5, 067,000 Fiduciary Powers Granted to National Banks Net increase 31, 760,000 During the month ended May 21, 1928, the Federal i Includes two increases in capital aggregating $13,050,000 incident to Reserve Board approved applications of the national consolidations under act of Nov. 7, 1928, and two increases in capital aggregaattiinng $800,000 incident to consolidations of State banks under act banks listed below for permission to exercise one or of Feb. 2255, 11992277. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN JUNE, 1928 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BT 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 la le 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 i r s a a c n n o - Bills discounted: 1927—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 i 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 August *, 409.4 i 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 j 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 May 835.6 59.6 296.9 60.4 68.4 43.0 51.9 109.5 39.0 10.6 22 9 9.0 61.3 Tota: deposits: 1927—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 Mav 2, 439. 0 155.7 965.2 140.8 191.8 71.8 70.9 358.3 84.1 53.1 92.9 66.3 188.0 Member bank reserve balances: 1927—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 91.3 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 May 2, 387. 8 153.6 946.8 138.5 188.7 69.0 68.3 353.2 82.3 51.6 90.6 64.9 180.3 Government deposits: 1927—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 Q 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 May 23.8 1.6 5.3 1.6 1.6 2.3 2.0 2.8 1.3 1.1 1.4 1.1 1.9 All other deposits: 1927—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 J A u u ly gust __ _ . 3 3 0 3 . . 5 1 . . 7 8 2 1 1 9 . . 7 3 . . 7 6 1 1 . . 6 7 . . 4 3 1 1 1 . . 8 7 . . 6 5 . . 3 3 . . 3 4 . . 4 2 4 4 . . 2 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 L7 .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 1.8 .5 .4 .9 .2 5.2 April 26.9 .6 12.1 .8 1.9 .5 •I 2.4 .6 .5 .9 .3 5.9 May 27.4 .6 13.1 .8 1.6 .4 .6 2.3 .6 .4 .9 .3 5.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

429 JUNE, 1928 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT THE END OF EACH MONTH [In millions of dollars] 1927 1928 i March April i May i 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 -! I r F u e a b r - y Marc April Total gold reserves. _ ....3,010 3,029 |2,982 3,002 |2,922 12,805 2,733 2,797 2,808 2, 729 ,2, 698 Reserves other than gold ...I 157 i 157 ; 156 158 149 148 131 131 135 134 169 166 162 I 155 Total reserves 13,168 |3,187 3,138 3,156 3,152 |3,146 3,095 3,054 2,940 12,867 2,966 2,974 2,891 j2,854 Nonreserve cash _| 60 56 j 51 j 52 51 ! 48 42 52 58 77 85 70 57 ! 57 Federal reserve notes of other Federal ! I i ; reserve banks ! 16 J 18 ! 13 I 17 17 IS 22 20 24 20 17 13 15 Bills discounted ._.. J 451 j 477 459 443 442 401 412 477 5S2 423 599 834 Bills bought: Outright.-. .....; 185 I 197 159 181 153 118 174 288 310 333 303 290 326 Under resale agreement __.: 54 | 41 69 30 19 67 66 82 46 41 54 31 Total bills bought. 239 211 172 185 250 392 379 i 344 350 United State? securities: ! j Bought outright ! 317 i 322 336 : 367 385 470 487 519 j 560 I 431 399 386 ! 281 Under resale agreement j 31.0; 4.5 7.5 3.1 2.9 19.5 2.91 56.6 6-1 8 6 S. 5 14.7 Total United States securities | 348 I 327 ; 343 370 392 473 506 522 548 j 617 437 408 395 j 296 Other securities j 2.5; 1.8 1.8 1.3 1.3 .6 .9! A .5 1. Ol 1.0 Total bills and securities.... jl,040 |l,044 1,032 1,025 1,008 11,059 1,194 1,276 11,381 11,591 1,240 1,245 1,345 11,488 Gold held abroad. 60 t 23 I Due from foreign banks.. 28.8 48. 71 12.2 .61 .6 Uncollected items l 599 600 547' 631 550 586 641 595 672 714 577 598 559 541 Bank premises 58 59 59 59 59 59 60 60 60 58 59 59 59 59 All other resources 13 13 14 14 15 18 13 14 14 15 10 11 10 10 Total resources .4,955 ;4,976 4,914 5,006 4,903 4,945 5,065 5,072 15,145 5,346 !4,957 4,975 4, 935 15, 025 LIABILITIES Federal reserve notes in actual circulation . 1,724 |1,744 i 1,743 1,721 1,676 1,736 1,734 1,717 11,790 11,581 1,588 1,603 11,602 Deposits: Member bank—reserve account. ,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 12, 442 Government ._ 37. 9i 22.8! 32.2 25.1 12.7 2277.44 2211.22 1 22 .l1| 11884.4 ! 11999. 9 27 1 21. 1! 30.4 Foreign bank 5.3: 4.6 4, 5 6.- 4.7 5.5 5.1: 9.5! 4.8 4.6i 4.6 Other deposits 15 ! 17 i 29 27 23 24 24 31 ! 28 21 I 19 Total deposits 2,296 |2,302 [2,262 2,313 2,330 2,341 ,349 2,386 ?2,413 |2,531 |2,435 2,426 12,410 |2,502 Deferred availability items. 567 I 560 533 603 514 555 605 576 638 651 563 i 580 ! 540 534 Capital paid in 128 I 129 129 129 I 130 131 131 I 131 132 132 134 i 137 1 136 138 Surplus _ _ 229 ! 229 229 229 229 229 229 229 229 233 233 i 233 233 233 All other liabilities 12.11 12. g 13.8 11.3 11.8 13.2 14.5 16.1 17.5 8.2 10.41 11.6 13. f 16.0 Total liabilities J4,955 ;4,976 ;4,914 5,006 4,903 4,945 5,065 5,072 15,145 5,346 J4.957 4.975 J4,935 15,025 Contingent liability on bills purchased • for foreign correspondents | 148 147 160 146 151 166 188 189 186 229 237 239 242 261 1 Exclusive of Federal reserve notes of other Federal reserve banks, which are shown separately. FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN MAY AND APRIL, 1928 [In thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank May April May April May April May April I Boston 187,960 182,115 155, 718 159, 016 126,118 123, 540 66.7 64.5 New York..- 1 945,461 991, 035 965,175 972, 759 343, 745 346, 405 72.2 75.1 Philadelphia | 176, 729 185,849 140, 834 142, 308 129, 201 128, 551 65.4 68.6 Cleveland .., . j 273,168 272, 791 191, 840 190, 349 194. 002 194, 071 70.8 71.0 Richmond 75,197 86,145 71, 764 73, 356 56, 958 59,094 58.4 65.0 Atlanta.. 137,833 157, 774 70, 939 72,360 141, 211 143. 767 65.0 73.0 Chicago 439, 096 448, 821 358, 264 353,467 248, 901 248,540 72.3 74.6 St. Louis 83, 796 80,907 84,108 84,334 53, 711 52,787 60.8 59.0 Minneapolis— 71,103 72,879 53,125 53,875 56, 450 56, 766 64.9 65.9 Kansas City- 95, 212 94, 577 92, 851 94, 066 56, 716 57, 062 63.7 62.6 Dallas.. _. 64,185 64,435 66, 342 66,997 32, 233 34,112 65.1 63.7 San Francisco. 257,199 1 248,028 187, 999 187, 303 158,629 155, 661 74.2 72.3 Total. 2, 806,939 1 2, 885, 356 2, 438,959 2, 450,188 1, 597, 875 1, 600, 356 69.5 71*. 2 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDEKAL EESERVE BULLETIN JUNE, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Gold with Federal reserve agents: May 2 ! l,190,us;3j 71, 758 228,315 93,678! 152,723 41,720 101,528! 215.932J 25,104 38, 920 43, 32", 16, 290 160, 788 May 9 I 1,163,937! 80,136 176, 212, 91,330; 151,583! 30,990 99,433! 215,8291 33, 976 38, 920^ 42, 685 1177, 771199185,14 May 16- -- i 1,153, 806|i 77,9241 176,147 88, 620: 152, 721 30,140 100,9611 215, 598: 32,! 40, 282! 42, os: 19, 260 185,124 May 23 j 1,130,353) 75,104] 176,075' 86,005! 152,727 28,972 93, 087j 215,505: 23, 502 39, 586! 42, 512 18, 553 177,173 May 29 - ! 1,122,150! 73,215; 175, 986 83,223! 152,693 28,079 92,425! 215,475 20, 574 39, 586 41, 782 18,094 178, 725 Gold redemption fund with j | I 181,018 United States Treasury: : May 2. 59,661;: 6. 061 j 14, 822 s 8, 854! 4, 226 i 1, nl 3, 9011 6,383i 4,288 3.158 2,371 1,234 2,494 May 9 | 64. 54411 7,161! 18,516! 10. 342! 4,225J 2,085 3,646 5,498! 3,933 2, 8731 2,682 1,697 1,886. May 16 — - 71, 783M 8, 6441 17, 280i 12,194! 3, 9331 2,063 3, 9911 9, 365! 4,460 3,209! 2,923 1,510! 2,211 May 23, .--! 68,114 ! 5, 658! 15, 685 13, 870; 4, 587| 2, 388 4, 560! 8,271! 4,304 3,62l| 2,122 1, 527' 1,521 May 29 | 64,051 6,893! 19,426 5, 832 3,4461 2,433 4, 577 7,193; 4,799 3,369 2, 566[ 1,385 2,132; Gold held exclusively against I ! Federal reserve notes: May 2 1, 249, 744 i 77, 819 243,1371 102,532 156,949 43, 589 105,429! 222,315 29, 392 42, 078 45, 698! 17,524 163,282 May 9 1,228,481 !187.297 194,728! 101,6721 155,8081 33,075 103.079! 221,327 37,909 41, 793i 45,367| 19,416 187, 010> May 16 ... 1, 225, 589! | 86, 568 193,427 100.814; 156,654 32, 203 104; 952! 224,963; 37, 353 43,491! 45, 010 20,770J 179,384 May 23__ - 1,198,467! 80, 762! 191,760! 99,875 157,314j 31, 360 97,647! 223,776' 27, r"" 43, 207 S 44, 634] 20.0801 180,246 May 29. 1,186,201: | 80,108 195,412 89,055 156,139 30, 512 97,002 222,668 25, 373 42, 955| 44,348! 19,479: 183,150 Gold settlement fund with Federal Reserve Board: May 2 859, 878!! 83, 76Oi 363, 676; 46, 690: 57, 858 j10, 424 10,623! 147,082 26, 583 16, 858! 29,928 19, 874! 46, 522 May 9_ 816,081 67,460 315, 865! 50, 230> 67, 768 12,805 11,898! 141,036 24, 856 20,912: 38, 635| 25,187 39, 429 May 16-_ 796,154i 58, 430 327, 518! 45, 748J 66,168 7,924 11,946| 135,3861 24, 627 19.855! 36, 613! 23,03l| 38, 908 May 23— 814,595! 55, 600 330, 820 46, 4451 62, 873 13, 248 8,528! 152,935; 22, 868 18, 057i 40, 308 j 22, 900! 40,013 May 29 783,200! 52,236 301,221 44,860! 74, 910 12, 577 7,408| 149,094! 27, 323 16,941 37,397 20,625! 38,608; Gold and gold certificates held by banks: May 2 599, 80S!! 25,168 370, 890 24,971! 37,426 10,726 10,344 53,926 11, 868 4,786 6, 2251 14,116 29,362 May 9. 645,490:! 25, 243 405,100 24, 846' 38,115 20,422 10, 525 54, 330! 12, 049 4, 977 6,139! 14,199! 29, 545 May 16 619,066 I 24,908 381,971 24,485! 37, 081 20, 586 10, 818 51,133! 11, 860 4,887 6, 344 14, 253! 30,740 May 23._ --.. 621, 2301 i 24, 594 385,133 24, 558! 38, 214 17,49?" 10, 653 51, 528' 12, 339 5, 3741 7, 230 14, 377 29, 733 May 29- 637,466 i 23,659 400,216 25,639 37,675 20,250 10,596 50, 527| 12,182 5, 5731 14,391 29, 895 Total gold reserves: May 2. 2,709,430! 186,747 977,703 174,193! 252,233 64,739 126, 396 423,323 67, 843 63, 722 81, 851 51,514 239,166 May 9 2,690,052! 180,000 915,693 176,748 261,691 66,302 125, 502 416, 693! 74, 814 67, 682! 90,141 58.802! 255,984 May 16 2,640,809!! 169,908 902,916 171,047 259,903 60, 713 127, 716 411,482! 73, 840 68, 233! 87, 967 58,054! 249,032 May 23- 2,634,292! 160,956 907,713 170,878! 253,401 62,105 116,828 428,239: 63, 013 66, 638! 92,172 57,357; 249,992 May 29- 2,606.867! 156,003 896,849 159, 554; 268,724 63, 339 115,006] 422,289, 64,:"- 65,469 54,495! 251,653 Reserves other than gold: I May 2. 159,020! 14, 971 32,387 7,1971 14,717 11,190 15, 669| 18,407 13,475 3,120! 7,143 9, 620! 11,124 May 9--. ._.. 157,847; 14, 730 33, 626' 7, 256! 13, 246 11,450 15,257) 18,999' 13, 639 2, 914j 6,995 8, 920; 10,815 May 16 160, 828 15*338 33, 627 7,308! 14, 928 11, 622 15, 825 19,241 13, 587 2, 770! 7.136 8, 876! 10, 570 May 23- _. 161, 093 34, 023 7,459| 13, 532 13,588 15, 731 18,194 13, 958 2, 9971 6, 858! 8, 374i 10,451 May 29 _. 150, 626 [14', 774 31,805 6, 664 12, 728 11,723 15, 695 16,115! 13,661 2,728: 7,022 7,955! 9,756 Total reserves: !l I I M M M M a a a a y y y y 9 2 2 1 - 3 6 . 2 2 2 2 , , , , 8 8 7 8 0 4 9 6 1 7 5 8 , , . , 6 8 3 3 4 9 7 8 5 9 ! 5 0 | ! ! I i 1 1 1 2 9 8 7 0 4 5 6 1 , , , , 7 2 8 7 3 4 8 1 0 4 4 81,0 9 9 9 1 3 4 4 0 6 9 1 , , , , 5 0 3 7 4 1 9 3 9 3 6 0 : 1 1 1 1 8 8 7 7 1 4 8 8 , , , , 3 0 3 3 9 0 5 3 0 4 7 5 j ! ! ! ' 2 2 2 2 7 7 7 6 4 4 1 6 , , , , 9 8 9 9 3 3 5 3 7 1 0 3 7 7 7 7 7 2 5 5 , , , , 9 3 6 7 2 5 3 9 9 2 5 3 !1 1 1 1 4 4 4 3 2 3 0 2 , , , , 0 5 7 5 6 4 5 5 5 1 9 9 1 4 4 4 4 4 3 3 4 1 5 0 6 , , , , 6 7 7 4 9 3 2 3 2 0 3 3 ! ! 8 8 8 7 1 8 6 7 , , , 4 9 4 3 5 7 2 1 3 1 7 8 7 6 7 6 6 0 1 9 , , , , 5 6 0 8 9 3 0 42 6 3 5 ! ! ! j 8 9 9 9 8 7 5 9 , , , , 1 1 0 9 3 0 9 3 6 3 4 0 6 6 6 6 7 5 1 6 , , , , 7 7 1 9 2 3 3 3 2 1 4 0 1 ! 2 2 2 2 5 6 5 6 9 0 0 6 , , , , 6 4 2 7 0 4 9 9 2 3 0 9 May 29 2,757,493 170,777 928,654 166,218! 281,452 75,062! 130,701 438,404, 78, 539 68,197 95,630! 62,4501 261,409 Nonreserve cash: May 2. _ 62,790 5,075 19, 688; 2, 2251 4,90S 4,910 4,719 8,300 3,949 953 1,766 2,696 3,603 May9 64, 619: 5,220 21, 298 2, 238 3,919 4,914 4,564 8, 85' 3,826 1,320 2,072 2,910 3,481 May 16 64,189! 5, 205 21, 084J 2,189! 5,164! 4, 623 4,478! 8,009 3,902 1,356 1,890 2, 9061 3,383 May 23 67, 627! 5,025 21, 857| 2, 070' 4,101 8,051 4,819! 8,403 3,972 1,540 1, 940 2, 765| 3,084 May 29 59, 782 4,349 19, 524! 2,08li ! 4,276 4, 6621 7,771 3,657 1,321 1,804 2, 780' 3,464 Bills discounted: Secured by U. S. Government obligations— May 2. 510, 252 20, 861 200, 573 38,975! 43,429 12, 304 17, 722 70,846 20, 063 10, 523 15, 230 3,594 56,132 May9— 507, 508| 22, 891 214,259 33,111! 46, 648! 13, 007 18, 885 81, 090! 15,927 6, 298! 8,810 2, 800; 43, 782 May 16- 548, 566| I 28,003 237,939 38, 790 39, 060; 14, 236 15, 027 88, 810J 18, 689 5,204 9, 805 3,419 49, 584 May 23... 574,589!| 42,515 250, 948 39,3831 47,133 15,239 14, 75,932 26, 600! 6,839 7,765 4,431 43, 717 May 29 634, 4821 43,354 246,180; 61,809' 51,055! 18,002 15,084 104, 274 26,079 7,222 8,491 4,530 48,402 Other bills discounted— ! May 2 246, 8021 20, 024 48, 682l 16,002! 20,919! 28,455 31, 430 26,300 18,131 4, 236 10, 486 6,301 15,836 May 9 269,6331 31,698 75,867! 14,1041 20, 9271 26, 018 29,900 24, 580 15, 207 4,048 10, 833 4,032 12,419 May 16 258, 8461 29, 559 58, 890! 16,407! 20,379i 28, 015 31, 209 23, 969 16, 633 3,797 12, 201 3,725 14, 062 May 23 272,883! 27,070 56, 832^ 16,055 22, 868 26,386 39, 604 20, 099 20,066 4,20l! 14, 592 4, 63L 20,479 May 29—. 309,309 35, 692 75, 715 18, 671! 20,883J 28, 579 41,275! 23> 443 23, 782J 3, 612! 14, 927 6,802 15, 92S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 431 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 ia C la le n v d e- m Ri o c n h d - Atlanta I Chicago L S ou t. is M ap i o n l n i e s - K C a i n ty sas Dallas F S r a a n ncisco Total bills discounted: May 2 757.0541 40, 885 249, 255 54, 977 64, 348 40, 759 49,152 97,146 38,194 14, 759 25, 716 71, 968 May 9." 777,14lj; 54, 589 290,126 47, 215 67, 575 39, 025 48,785 105, 670 31, ]34 10, 346 19, 643 6,832 56, 201 May 16. 807,412 57, 562 296, 829 55,197 59,439 42, 251 46, 236 112,779 35, 322 9,001 22, 006 7,144 63, 646 May 23 847, 472 69, 585 307, 55,438 70,001, 41, 625 53,691 96, 031 46, 666 11, 040 22, 357 9,062 64,196 May 29 943,7911 321, 895 80,480 71,938 46, 581 56,359 127, 717! 49,861 10,834 23, 418 11,332 64, 330 Bills bought in open market: May 2 363,1011 41, 684 84, 963 34, 655 36, 314 16, 290 20, 237 47, 626 3,044 18, 894 16, 056 16, 584 26, 754 May 9 365,104! 38, 375 84,050 38, 249 35, 589 16, 941 22,184 50,159 2,769 19, 925 15, 050 16,144 25, 669 May 16 347, 2921 .40, 023 69, 884 38, 984 34,178 16, 754 22, 519 47, 682 1,472 20, 502 14, 489 14, 855 25, 950 May 23 330, 562 43, 752 65, 249 35,866 30, 231 15, 580 22,497 43, 934| 934 20, 743 13,-""" 14, 877 23,439 May 29 303,988; 41,355 59, 506 33, 254 27, 621 14,040 21, 616 34,085: 834 20,972 13, 750 15, 224 21,731 U. S. Government securities: Bonds— May 2 54, 8801 707 1,434 585 505 1,153 43| 20, 817 7,121 4,518 10,140 7,815! May 9 56, 002! 707 1,384 585 919 1,15,r 85i 21, 532 7,121 4, 519 10,140 7, 815! 38 May 16 54, 544| 707 1,481 585 505 1,153 44 19, 927! 7,12.f 4,519 10, 640 7,820 i 38 May 23 56, 528 j 811 1,744 6821 618 1,189 83 20, 856 7,194 4,572 10, 732 7,892 155 May 29 60,462, 817 4864 687 624 1,192 72 21,712! 7,125 4,574 10, 737 7,8 162 Treasury notes- May 2 100, 886! 2, 676 i 14, 998 9, 28, 048 926 3,348 5,386] 11,264 4,405 3, 257 4, 057 12, 623 May 9 101,977 2, 863 i 14, 245 10,073 28, 249 990 3,401 5,819 11,38^ 4, •'"' 3,421 4, 200 12, 831 May 16 100, 417JI 2, 863 j 12, 783 10,073 28, 250 991 3,401 5,719 11,388 4,498 3,421 4,199j 12, 831 May 23 85,160 1, 743 7,462 9, 029 27, 040 604 3,061 4,199 10, 649 3,938 2,438 3,412' 11,585 May 29 65,370! 46 4,221 7,446 25,209 17 2,594 383 9,500 3,090 946 2,221' 9,697 Certificates of indebted ness—• I May 2 136, 536 J 9.457 36, 459 16,025 10, 855 3, 2711 3,440 19,001 6,238 4,733 8,749 7,779 10, 529 May 9 119,4131 7, 985 33, 872 14, 651 9,266 2,762 2, 977 16,132 5, 26" 3, 996 7,455 6,161 May 16 107, 359' 6, 785 32, 636 13, 531 7, 969 2,346 2,626 13, 591 4,475 3,396 6,400 6,052 7, 552 May 23 88, 793, 5, 873 22, 238i 12,67" 6,985 2,031 2,344 12, 284 3, 873 2,939 5,598 5,412 6, 537 May 29 93,594 25,894 13,254 7, 649 2,244 2,516 13,098 3,246 6,139 5,844 7, 222 Total U. S. Government securities: May 2 . 292, 302! 12, 840 52, 891 26, 508 39,408 5, 350 6,831 45, 204 24, 62' 13, 656 22,146 19,651 23,190 May 9 277, 392 11,555 49, 501 25, 309 38,434 4,905 6,463 43,483 23, 77! 13,013 21,016 18,176 21, 758 May 16 262, 320! 10, 355 46, 900 24,189 36, 724 4,490 6,0711 39, 237 22, 988 12,413 20, 461 18, 071 20, 421 May 23 230.481 8,427 31,444i 22, 390 34, 643 3.824 5,488 37, 339 21,716 11,449 18,768 16,716i 18, 277 May 29 219, 423: 7,351 34, 979; 21, 387 33,482 3, 453 5,182 35,193 16, 625 10, 910 17, 822 15,96l| 17,081 Other securities: May 2 990! 990 May 9.. 990 i 990! May 16. 990 j 990! May 23 990 990! May 29 100|- Total bills and securities: May 2 1,413,447 95,409! 387109116,140 140, 070 62, 399 76, 220i 189,976 65,! 48, 2991 63, 918 46,130 121,912 May 9 1, 420, 627104, 519| 423677110, 773 141, 598 60,871 77,432j 199,312 57, 682 44, 274 55, 709 41,152 103,628 May 16 1, 418, 014107,940 413613118, 370 130,341 63, 495 74, 826 199,698 59, 782 42, 906 56, 956! 40,070 110,017 May 23 1, 409, 505121, 764 404473113, 694 134,875 61, 029 81, 67G 177, 304 69, 316 44, 222 54, 585! 40,655; 105,912 May 29 _ 1,468, 295;127, 752 416,380 135, 221 133,041 64,074 83,157 196, 995 67, 320 43, 706 54,990! 42,517! 103,142 Due from foreign banks: May 2. 570 37 217 47 51 25 21 6688! 21 13 18 17 35 May 9.. 570 37 217 47 51 25 21 68! 21 13 18 17 35 May 16 570 37 217 47 51 25 2l| 68! 21 13 18 17 35 May 23 571 3 218 47 51 25 21 68 21 13 is| 17 35 May 29__ 572 37 219 47 51 25 211 68 21 13 li 17 35 Uncollected items: May 2 697, 387 71, 308 200,850 57,010 62, 777 51, 771 24, 029 90,511 30,175 12, 261 37, 500 24,130 35,065 May 9. 638, 073 60,802 169, 289 52, 223 57, 652 47, 908 23, 984 81,961 32, 674 13,010 36, 282] 23,951 38, 337 May 16. 766,598 74, 654 211,858 62, 355 76, 083 55, 931 25,143 103,169 35,439 14, 697 38,198 26, 336 42. 735 May 23.. 656, 931 68,327 182,400 55,632 61, 704 48,756 22, 458 83. 329 30,009 12, 283 33, 582 22, 400 36.051 May 29 630, 675 I 64, 422 171, 666 51,486 61, 550 48,940 21, 541 79, 622| 29,425 12,047 33,474 21,912 34,590 Bank premises: May 2 59,421! 3,824 16, 549 1,756 6,8651 3,272 2,832J 8,720 3,892' 2,202 4,308 1,824 3,377 May 9 59, 437 3,824 16, 563 1,756 6,865! 3,272 2,832 8,720 3,892 2,202 4,308 3,377 May 16 59, 551 i 3,824 16, 563 1,756 6,865! 3,372 2,832 8,720 3,891 2,202 4,308 l', 841 3,377 May 23 60,014 3,824 16, 563 1, 756 6,865! 3,378 2,832 8, 720! 3,891 2,202 4,308 1,841 3,834 May 29 60,013 3,824 16, 563 1,751 6, 865| 3,379 2, 832 8, 720! 3,891 2,202 4,:""' 1,844 3,834 All other resources: May 2 10,122 j 60 2,505 149 1, 202] 395 1, 374! 626 564j 424| 1,087 May 9 9, 880 59 2,090 233 1,229 389 1, 339 850 625 560 48li 1,167 May 16__. 9,482 65 2,038 189 1, 241 392 1,419 871 637 909 553 453! 715 May 23 9,439 60 1,7"" 185 1,375 39' 1,412 939 644 939 547 452| 691 May 29 9,487 56 1,813 184 1,398 395 1,385 641 542 459 678 Total resources: May 2 5,112,187 j 377,431 1, 637,008358,717 482,821 198, 701 251,260! 740,143 185, 846 131,468 197, C 136,355 415,369 May 9 5,041,105 I 369,191 1, 582,453351,274! 486,251 195,131 250,931 735,460 187,173 132, 273 196, 085 138,059; 416,824 May 16 5,120,041 376, 969 1, 601, 916363, 26lj 494,576 200,173 252,260 751,258 191,099 133,086 197,026 138,553 419,864 May 23 4,999,4?2 375,921| 1,569,045 351,72l! 480,904 197,329 245,777J 725,196 184, 824 130,834 194, 010 133,861 410,050 May 29 4,986,317 I 371,217 1,554,819 356,988! 488,450 196,151 244,299, 732,548 183, 494 128, 454 190, 766 131,979 407,152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JUNE, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P el h p i h la i - a C l l a e n v d e - I | m Ri o c n h d - Atlanta | Chicago L S ou t. is M ap i o n l n i e s -: K C a i n ty sa . s Dallas F S r a a n ncisco Federal reserve notes in circulation: M M M M a a a a y y y y 2 9 2 1 3 6 — 1 1 1 1 , , , , 5 5 5 5 9 7 9 8 1 9 0 3 , , , , 2 6 0 3 2 3 9 8 8 9 5 3 1 1 1 1 2 2 2 2 4 5 4 4 , , , , 6 4 1 6 1 8 7 5 5 4 7 9 1 ! ! 3 3 3 3 3 3 3 3 44 4 3 6 7 33 0 7 , , ,, , 8 8 8 77 1 8 1 8 55 1 1 1 1 33 1 1 1 1 1 1iz 2 2 2 2 2/, 5 5 6 7 6 i± , , , , , 7 9 7 4 7 ± 6 8 4 4 6 6 9 4 6 8 : 1 J 1 1 1± 9 9 9 9 9y 3 2 1 6 6 i , , , ,, , 1 3 9 1 0 y 4 7 9 7 4 / 8 5 0 2 8 z ! 5 5 5 5o 7 7 6 7 o,, , , , o6 3 6 0 <3 8 2 6 58 0 3 6 o; ! ; 1 1 1 1 i4 3 4 4 a1 9 2 2 i,, , , , 2 2 5 0u 5 5 3 a3 6 y 0 5 9i ! 2 2 z 2 2^ 4 4 4 46 7 7 7 3 , , , , , 0 9 9 3 y 4 0 8» 1 0 9 9y l 1 ; | 5 o 5 5 5 3 3 3 3 s, , , , , 1 2 5 ¥ 0 5 7 ± 6 l 0 : | i 5 5 5 5 6 6 6 6 , , , , 1 8 6 8 0 1 2 2 8 0 1 0 ! ! 5 5 5 5 6 6 6 6 , , , , 3 7 9 7 9 5 5 4 5 9 8 2 ! , | 3 3 3 3 1 2 2 3 , , 0 0 5 7 3 1 1 7 1 7 3 9 1 1 1 1 5 5 5 5 6 8 9 7 , , , , 3 4 4 0 9 7 4 4 4 0 7 8 May 29 1^593^319! 129^ 063; 339,236! 131,f1Q6 2 1H9O3 'O,O 8 25!£ 5O5Q, 3£ 13 5 OO1 38£,!Q1 68OO 2 5C2E^O5l 585A4 , O2^4r77! 30 994 157,399 Deposits'. Member bank—reserve ac- ! co M un a t— y 2 2,441,860! 155,698! 989,042! 142,205: 187,139; ),841 70,406 352,905| 83,489 51, 460 90, 054! 64,716| 184,905 May 9 2, 426,184 J 152,820! 969, 787! 138,004, 192,058; 69, 363; 68, 718J 360,813! 83, 862: 51, 905] 90, 424! 65,917 182,513 May 16 2,382,156!; 148,921] 943,5841 138,064; 187,401! 66,390! 69,180! 356, 598! 82, 726 51, 521 89,478! 65,303 182,992 May 23 2, 369, 648 155,147 947.128! 135,856! 183,952! 69,2591 67,90*1 344,129! 82,212 50, 815 88, 975! 64,736 179,531 May 29 2,357,3231 149,844 932,742 138,217 190,231! 69,042! 68,067! 346,835; 81,335: 49, 613 88,357! 63,930 178,510 Government- May 2 20, 000! 1, 792! 474 1, 881 1,655: 1, 899! 1, 922! 4, 467J 657! 1,055 646! 558 2,994 May 9 21,100; | 2, 976J 4, 948 1,175 1, 679 1. 068! 2,006 2, 078! 567; 1, 069! 1, 059! 986 1,489 May 16 25, 508! 848] 11, 674 1,059 819 1,0941 2,34- 2, 7471 879 740i l,321i 1,036 944 May 23 21, 505| 8051 4,128 593! 2, 396! 1,257! 1, 403 3,167! 1, 206' 1, 738! 2, 5721 1.006 1, 234 May 29 22, 847j | 910 4,716 385| 2, 325 3,716! 1,967 1, 833 37 1,061 1,251! 1,442 1,865 Fore M ig a n y b 2 ank- 6,317JJ 461 1,906 584 j 639! 313' 258 854 264! 166| 22l! 215 436 May 9 5,7081 461 1,297 58-ij 639! 313! 258 854! 264! 166 22li 215 436 May 16 5,997! 461 1,586 584 639! 313! 258 854 264; 166! 221 j 215 436 May 23 5,923 s] 461 1, 512 584 639! 313| 258 854 264' 166! 2211 215 436 May 29 7, 326; I 461 .2,915 5841 639; 313! 258 854J 264! 166! 221| 215 436 Other deposits- May 2 25,344^1 114 16, 549 127J 1,108! 103 I80I 1, 038| 322 286] 64o! 37 4,830 May 9 21,144! 11, 370 248] 920: 64; 239 If 297i 287! 213! 686! 91 5,647 May 16 20, 492 802 9, 716 265J 1, 099! 128! 143 1,163! 309! i 582! 50 5, 964 May 23 19, 459! I 10' 9, 840 229 981! 56 111 1,166! 276f 752: 58 5, 663 May 29 20, 111 ! 100) 8', 968 129 8611 74 87 3,059| 257: 189! 517! 48 5,822 Total deposits: May 2 ! 2,493,521;! 158,065! 1,007,971 144,797! 190,541] 7722,,156 72,771! 359,264; 84, 732! 52,967! 91 586 65, 526 193,165 May 9 j 2,474,13611 156,3361 987,402 140,011 195,293! 7700,, 808, 71, 2211 365,042! 84, 980! 53, 353! 92] 390! 67, 212 190, 085 May 16 I 2, 434,15311 151,032 966,560 139,9721 189,958! 6677,, 925 71,9281 361,360! 84,178: 52, 698| 91,602" 66, 604 190, 336 May 23 2, 416^ 535 I 156,520 962,608 137,262j 187,968! 70, 885 69, 680! 349,316! 83,958' 52,939! 92, 520! 66, 015 186, 864 May 29 2,407,607H 151,315 949,341; 139,315; 194,056! 73, 745 70,379! 352,58li 83,227; 51,034J 90,346; 65, 635 186, 633 Deferred availability items: 1 May 2 640,998!! 65,997! 175, 601 52,1261 59, 825 49, 331 20, 333] 79, 325; 31,192 10, 821] 34,8041 24, 480 37,150 { May9 587,401! 59,415! 147, looj 47, 705 54, 609j 47,613! 21,1881 69, 585! 32, 406 11,015! 32, 763! 24, 734 39, 213 May 16_ 712,847! 72,899 183, 804 58, 729 72, 429] 55, 9781 23, 2S9J 92, 072] 36, 786! 12, 497 34, 689! 26, 615 43, 060 I May 23 612, 621! I 64,998 157, 825 51, 604 59, 555, 49, 396 20, 757] 74, 608! 30, 553! 10, 680( 31, 104! 22,963 38,578 F^ May 29 594,069;! 61,884 154,244 49, 649; (jo, 2l7j 47,417 19, 652 73,368! 29,218; 10,954! 30,5071 21,977. 34,982 Capital paid in: May 2 ---- 137, 605! 9, 879 42,545 13,738 14,257 6, 252 5,191 18,133! 5, 3231 3,030] 4, 233! 4,321 10, 703 May 9 138,055 9, 878 42, 577 14,106 14, 271 6, 254 5,233 18,1281 5, 323! 3, 030! 4, 233! 4,322 10, 700 May 16 139,201! 9,878 43, 727 14,105! 14, 2851 6,254 5, 224! 18,118! 5, 323! 3,030! 4, 230! 4,326 10, 700 May 23 139,626!j 9>878 44, 086 14,106 14, 2851 6,254 5,228 18,1471 5,323! 3,030' 4,217! 4,327 10, 745 May 29 139,599j 9,878 44, 086 14,106 14, 285J 6,254 5,204 18,148| 5,324! 3,028 4,217! 4,328 10,741 Surplus: May 2 233,319 17, 893 63, 007 21, 662 24, 021 12, 324 9,996 32, 7781 10, 3971 7,039 9,046! 8, 527! 16, 629 May 9 233, 3191 17, 893 63, 007 21, 662 24, 021 12, 324 9, 996 32, 778 10,397! 7,039 9,046! 8, 527 16,629 May 16 2_3^3,, _31,9, ! 17,893 63, 007 21, 662 24,0211 12, 324 9,996 32, 778 10, 397! 7,039 9, 046! 8, 527 16, 629 May 23 233,319! 17,893| 63, 007 21, 6621 24,021' 12, 324 9,996 32, 778! 10, 397! 7,039 9, 046! 8,527 16, 629 May 29 233,319: 17,8931 63,007 21, 662i 24,021 12, 324 9,996 32, 778! 10,397] 7,039} 9,046i 8,527 16,629 All other liabilities: ! ! May 2 16,107! 9821 4,125 946 1, 807| 1,018 714 2,734 95l| 677 675 May 9 16,966| 1,010 4, 431 1,024 1, 906; 1,066 75S 2,887 961 1,016 695! 485 727 May 16 17,426 1, 090| 4,707 1,048 l,91l! 1,054 784 2,941 968! 1,014 700! 464 745 May 23 17, 988 ! 1,148! 4,708 1,098 1, 980 j 1,087 8601 3,036 1,023 1,036 728! 498 786 May 29— 18,404 1,184 4,905 1,094 2,046! 1,076 9001 3,115 1,081 9851 732! 518 768 Total liabilities: May 2- 5, -112,18711 377,4311,637,008! 358,717 482,821 198, 701251,260! 740,143 185,846! 131,4681 197,068| 136.355 415,369 May 9- 5, 041,10511 369,1911,582,453! 351,274 486,251 195,131 250,931! 735,460 187,173] 132,273! 196,085! 138,059 416,824 May 16 5,120, 0411! 376,9691,601,9161 363,261] 494,576 200,173 252.2601 .7.5.1,,258 191, 099 j 133,086 197,026 138,553 419,864 M M a a y y 2 29 3 4 4 , , 9 98 9 6 9 , , 3 4 1 7 7 2 : ' 1 ! 3 3 7 7 1 5 , , 2 9 1 2 7 11 j 1 -j , , U 5 5 \J 6 * 5 J 9 f4 U , , 0 7 8 t 4 /; 1 5 9 O ! U ; .lf 3 3 U 5 5 l 1 6 , , 7 1 9 O 2 8 U 1 , 8 U \J 4 I 4 8 8 0 X 8 O , , 9 I 4 y 0 % 5 4 JA 0 .U \ 1 1 A 9 9 *^ 7 * 8 Jy , , 3 1 I 2 5 I 9 1 i 1 ! i 2 A 2 \ 4 J 4 f 5 4 X , , 7 iJ\ 2 7 J 9 7 9 1 ! 7 7 2 3 5 2 , , 1 5 9 4 6 8 1 1 8 8 4 3 , , 8 4 2 9 4 4 ! 1 1 3 2 0 8 , , 8 45 3 4 4 ! 1 1 9 9 0 4 , , 7 0 6 1 6 0 ! 1 1 3 3 3 1 , , 8 97 6 9 1 4 4 1 0 0 7 , , 0 1 5 5 0 2 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): May 2 71.4 74.7 67.1 69.7 58.5 66.1 72. 58.9 61.0 60.0 62.0 71.5 May 9 69.3 71.6 69.0 70.2 60.8 65.9 71.2 64.1 64.1 05.0 67.7! 76.3 May 16 67.3 71.7; 66.6 72.0 58.1 67.4 71.2 63.5 64.8 64.1 67.9 74. 4 May23_. 62. 72.5! 67.7 71.4 59.0 63.4 74. 56.0 63.9 66.5 67.4 75.9 May 29 60. 72.1! 61.51 72.6 58.2 62.7 72.4 57.1 64.1 65.4 64.6 76.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 433 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o ew rk d P e h lp il h a i - a ! C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap i o n l n is e- K C a i n ty sas Dallas F c S r is a a c n n o - MEMORANDA—continued Contingent liability on bills purchased for foreign correspondents: May 2 261,449 19,610 73,712 24,840 27,193 13,335 10,982 36,345 11,243 7,060 9,413 9,152 18,504 May9 265,137 19,851 75,100 25,144 27,526 13,499 11,116 36,790 11,381 7,146 9,528 9,264 18,792 May 16 264,566 19,851 74,529 25,144 27,526 13,499 11,116 36,790 11,381 7,146 9,528 9,264 18,792 May 23 266,955 19,851 76,918 25,144 27, 526 13,499 11,116 36,790 11,381 7,146 9,528 9, 2641 18,792 May 29 20,022 74,985 25,361 27, 763 13,615 11,212 37,107 11,479 7,208 9,610 9,343 18,954 Own Federal reserve notes held by Federal reserve banks: May 2_ 360,226 20,480 111, 595 27, 630 28, 216 18, 374 28,157 46,507 9,648 6,026 8,392 48.505 May 9 368, 820 23,013 123,384 25,964 24,997 19,003 27,428 45, 569 10,824 7,127 8,534 6,359 46, 618 May 16__ 375,983 23,684 119,243 27,076 28,011 18,981 27,961 49,335 10,751 6,501 8,745 6,712 48,983 May 23 .... 373, 281 24,457 117, 616 28,016 28,395 17,148 29, 300 46,123 10, 637 6,603 8,534 6,491 49,961 May 29_ 357,948 21,189 114,379 24,661 26, 631 18,423 43,825 10,272 7,299 8,281 6,569 47,583 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York del- land mond lanta cago Louis apolis City Dallas Franphia cisco Federal reserve notes, received from comptroller: May 2 2,798,800 230,445 740,068 175,778 260,016 101,408 232,497 427,1461 81,929 79,506 101,164 62,091 306,752 May 9 _ 2,801,173 232,822 745,985 173,430 259,775 101,323 232,483 423, 339 83,180 79,506 100, 522 61, 520 307,288 May 16 2, 805, 503230,611 744,074 178, 720257, 213 100, 873 233, 510 427, 254 83,378 82,828 99,924 61,061 306,057 May 23 2, 799, 540233, 791739,147 176,105 257,520 99,705 232, 616 423, 764 84,367 82,132 99,349 60, 355 310,689 May 29 2,787,272 231,902 738,335 177,323 255,886 98,812 231,954 419,713 83,439 82,132 98,619 59,895 309,262 Federal reserve notes held by Federal reserve agent: May 2 847,935 85,350 284, 720 22,700 39,430 25,414 62,090 132, 730 19,030 16,859 36, 030 22,382 101,200 May 9 841,125 85,150 284, 720 20,700 38,630 25, 254 62, 520 130,730 19, 250 15, 559 35,030 22,382 101,200 May 16_._. 846,425 82, 750284, 720 23, 900 37, 230 25, 254 64, 510 133,93 19,180 19, 519 34, 420 22,332 98, 680 May 23 846,876 83,850 284, 720 22,100 36,030 25,174 64,060 130,330 20,160 19,419 34,420 22,333! 104,280 May 29_ 836,005 81,650 284,720 21, 500 35,430 25,054 64,950 123,330 18,920 19,419 34,420 22,332; 104,280 Federal reserve notes issued to Federal reserve bank: May 2_ _ 1, 950,865 145,0951 455,348 153,078 220,586 75,994 170,407 294,416 62,899 62, 6471 65,134 39,7091 205,552 May9.._. . 1,960,048 147,672! 461,265 152,730 221,145 76,069! 169,963 292, 609 63,930 63,947 65,492| 39,138! 206,088 May 16 1,959, 078 147,8611 459,354 154,820 219,983 75,619 169,000 293,324 64,198 63, 309 65, 504; 38,729 207,377 May 23 1,952, 664 149,941 454,427 154, 005 221,490 74,531 168,556 293, 434 64,207 62, 713 64,929! 38,022! 206,409 May 29 1,951,267 150,252 453,615 155,823 220,456 73,758 167,004 296,383 64,519 62,713 64,199 37,563! 204,982 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— May 2 416,241 35,300 205,150 50,000 31,021 20,000 8,300 14,167 12, 303 i 40, 000 May 9 354, 607 35,300! 153,161 50, 000 21,376 20, 000 8,300 14,167 12, 303; 40,000 May 16._ _ 354,606 35,3001 153,161 50,000 21,375 20,000 8,300 14,167 12,303! 40,000 May 23 354,605 35,300 153,160 50,000 21,375! 20, 000 8,300 14,167 12,3031 40, 000 May 29 _ _. 354, 606 35,300 153,161 50,000 21,375i 20,000 8,300 14,167 12,303| 40,000 Gold redemption fund- May 2 106,749 18,458 18,165 10, 701 12,723 6,199 8,528 2,932 2,304 1,753 2,467 2, 987J 19, 532 May 9. 101, 516 16,836 18, 051 8,353 11,""" 5,114 7, 233 2,829 2,176 1,753 3,825 4,416j 19, 347 May 16 _.. 99, 623 14,624 17,986 10,643 12, 721 4, 265 6, 261 2,598 1,093 3,115 3,227! 3,9571 19,133 May 23 95,293 11,804 17,915 8,028 12,727 7, 597 4,887 2,505 2,702 2,419 2, 652| 3, 250j 18,807 May29____ _ 93,621 9,915 17,825 10,246 12,093 6,704 4,225 2,471 1,774 2,419 3,922( 2,791 18,6S2 Gold fund- May 2- _... 667,093 18,000 5,000 82,977 90, 000 4,500 73, 000213, 000 14, 500 23, 000 40,860; 1,000: 101,256 May 9 707,814 28,000 5,000 82,977 90,000 4,500 72, 200213,000 23,500 23,000 38,860 1,000! 125,777 May 16 699, 57" 28,000 5,000 77,977 90,000 4,500 74,700 213,000 23,500 23,000 38,860! 3,000! 118,040 May 23 _ 680,455 28,000 5,000 77,977 90,000 68,200 213,000 12, 500 23,000 39,860! 3,0001 119,918 May 29__ 673,923 28,000 5,000 72,977 90,000 68,200 213,000 10,500 23,000 37,860; 3,000 122,386 Eligible paper- May 2 ..._ 1,076,904 82,569 308,311 79,118 54,042 69,132 144,644 40,318 33,597 41,534 26,361 98,591 * May 9.. 1,103, 251 92,9641 355,403 71,754 101, 243 53,193 70,716 155, 691 33,005 30,155 34,470 22,920! 81, 737 May 16 - 1,124,606 97, 585353,015 85,648 92,226 53, 776 68,587 160, 308 36,332 29,415 36,303 21,958 89,472 May 23... 1,144,439 113,337 353,936 82,615 99, 547 53, 206! 76,035 139,817 47,189 31, 719 35,621 23,900 87, 536 May 29 1,194,364 120,401 358,934 93,3561 53,944 77,802 161, 656 49,911 31,739 36,977 26,518 84,763 Total collateral: May 2... 2, 266,987 154,327 536,626 172,796 251, 410 95,762 170,660 360,576 65,422 72, 517 84,861 42,651 259,379 May 9... 2, 267,188 173,100 531,615 163,084 252,826 84,183 170,149 371, 520 66,981 69,075 77,155 40,639 266,861 May 16 2, 278,412 175,490 529,162 174,268 244,947 83,916 169,548 375,906 69,225 69,697 78,390 41,218 266,645 May 23 2,274,792 188,422 530,011 252,274 82,178 169,122 355,322 70,691 71,305 78,133 42,453 266, 261 May 29..._ 2,316,514 193,616 534,920 176,579 251,056 82,023 170,227 377,131 70,485 71,325 78,759 44,612 265,781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JUNE, 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 April May June July August Sep b t e e r m- October No b v e e r m-. D b ec e e r m- Ja a n ry u- Fe a b ry ru- March April United States 476,647 459,086 443,450 442,158 400,524 437,425 411,525 477,025 j 581,503 423,310 492,568 598, 681 834, 228 New England: Maine ; 1,155 1,319 2,300 733 951 2,394 1,808 1,473 ! 909 752 718 909 1,072 New Hampshire 1,225 2,113 2,231 1,366 927 875 730 636 I 805 1,112 1,305 2,746 1,332 Vermont 1,248 1,041 1,375 1,078 884 783 1,128 649 j 558 534 698 992 934 Massachusetts 16,966 45,293 35,360 33,511 28,760 25,520 20,388 33,404 i24,314 33,751 49,918 44, 350 36, 340 Rhode Island 30 4,263 487 1,304 2,047 1,772 787 552 j 304 102 396 1,225 593 Connecticut 3,443 3,005 4,354 3,343 4,439 2,530 2,504 3,096 3,083 2,196 3,260 1,809 1,759 Middle Atlantic: New York 127,888 72,497 73,559 76,794 84,443 104,472 j83,170 129,769 266,687 103,025 69,063 128,001 262,280 New Jersey 25,012 24,989 25,548 30,156 24,924 25,258 22,225 22,140 I 19,150 19,923 19,642 23,051 32, 784 Pennsylvania 57,341 77,521 66,089 49,741 45,242 51,733 46,622 57,920 104,217 59,006 83,277 80, 029 82, 553 East North Central: Ohio 17,458 15,633 20,777 21,992 13,485 21,483 I 24,403 15,868 15,535 12,783 34,405 33,392 28,779 Indiana 3,522 4,055 4,975 5,189 3,321 3,545 3,577 1,686 3,115 3,587 6,209 4,825 5,491 Illinois 24,408 26,334 18,996 19,662 9,712 17,639 25,266 23,797 14,203 15,356 18,645 66,447 63, 390 Michigan 11,122 14,864 24,644 18,445 13,751 10,691 21,582 27,696 27,231 17,884 23,093 23,152 33, 599 Wisconsin 9,030 8,980 11,008 7,513 4,679 3,944 4,132 3,320 6,658 2,735 12,932 16, 557 14,781 West North Central: Minnesota 3,754 3,471 876 1,547 3,461 1,416 1,033 2,375 722 2,408 2,895 2,696 12,814 Iowa 6,280 5,810 3,463 3,509 2,913 4,555 6,870 4,023 4,586 3,772 3,887 3,599 Missouri 17,232 23,104 27,646 17,141 17,850 16,947 9,913 11,837 11,475 16,228 20,277 24,168 20, 753 North Dakota 1,082 1,199 1,171 1,554 1,761 830 427 312 319 472 369 543 575 South Dakota 1,037 1,095 1,262 1,479 1,283 794 570 695 640 619 508 381 391 Nebraska 7,467 6,745 2,289 1,674 1,310 1,697 5,167 9,119 4,705 4,182 2,940 4,429 5,990 Kansas 2,078 2,927 2,314 1,794 1,338 1,417 3,639 2,980 1,246 1,199 1,061 1,052 1,452 South Atlantic: Delaware 813 949 836 646 532 317 711 783 474 620 719 597 979 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 9,547 District of Columbia- 1,020 704 81 485 115 1,315 1,465 500 920 320 550 245 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 14,257 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 3,497 North Carolina 6,484 7,447 6,338 6,802 7,856 6,977 5,293 2,429 1,998 4,738 7,602 7,449 10, 043 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 4,358 Georgia 5,374 5,505 6,571 5,882 6,457 5,467 4,722 6,575 3,582 4,013 5,229 7,041 20,600 Florida 2,441 1,955 1,817 2,504 3,445 4,142 4,406 3,502 2,619 1,799 1,946 1,345 1,360 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 14, 597 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 4,540 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 10,412 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 4,103 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 2,529 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 13,889 Oklahoma 1,787 2,094 2,316 1,995 2,583 4,695 2,388 1,245 688 1,325 1,661 2,287 3,656 Texas 3,531 5,147 5,481 9,393 12,574 4,767 10, 323 6,436 848 4,960 1,949 3,991 9,302 Mountain: Montana 303 534 604 761 768 393 79 30 21 41 33 126 Idaho 770 1,184 1,217 1,582 1,328 779 551 351 161 199 234 241 339 Wyoming 87 152 192 278 427 230 104 48 48 2 103 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 3,407 Neiw Mexico 144 96 170 258 186 200 99 10 129 124 187 175 Arizona 198 534 240 346 389 325 284 180 190 164 183 198 184 Utah 1,938 1,719 995 2,201 1,977 1,171 952 168 255 860 2,163 Pacific- Washington 855 2,116 1,946 3,271 2,421 1,613 2,254 1,788 1,543 1,317 1,566 3,540 Oregon 2,332 1,850 1,684 1,811 672 492 875 247 393 958 1,948 2,203 3,463 California 52,647 29,754 30,470 44,064 38,763 46,218 38,955 38,490 3,978 45,210 48,191 81, 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 435 ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, MAY 9, 1928 [In thousands of dollars] Net demand deposits in places having a population of— Time deposits in places having a population of— Federal reserve district or State Les 5 s ,0 0 th 0 an 5 1 ,0 5 0 ,0 0 0 t 0 o 1 1 5 0 ,0 0 0 ,0 0 0 t 0 o a 1 n 0 d 0 , o 0 v 0 e 0 r ! TntQ, Les 5 s , 0 t 0 h 0 an | 5, 1 0 5 0 , 0 00 t 0 o 1 1 5 0 ,0 0 0 ,0 0 0 t 0 o | i a 1 n 0 d 0 , o 00 v 0 er Total United States. 1, 655, 0171,150, 473 2,384,172 .4,125,364 J19, 315, 026 | 1,959,660 1,324,5072, 572,198 7, 563, 568 13,419,933 Boston... 76, 217 1,106,385 1,438, 466 74,921 99, 700 225,181 607, 843 1, 007,645 New York 212,668 131,816 331,793 6, 484, 766 7,161, 043 406, 002 207, 342 549,114 1,922, 783 3,085,241 Philadelphia... 139,144 73, 584 154,917 1, 206, 588 301, 340 151,992 281,936 352, 754 1, 088,022 Cleveland 134, 337 124,954 192, 289 1,083,375 |1, 534,955 215,794 168, 573 244, 278 1,013,838 1,642,483 Richmond 88,930 67,044 168,030 273,307 597, 311 153, 551 101, 438 172,098 177, 769 604,856 Atlanta 83,388 74,180 206, 651 242,919 607,138 66, 541 72,103 187,136 146,127 471,907 Chicago.. 196, 569 138, 363 424, 660 1,885,358 2, 644,950 258,438 187, 646 464,324 1,340,850 2,251, 258 St. Louis 102, 764 75, 052 100, 218 462, 628 740, 662 94, 086 60, 524 89,757 300,148 544, 515 Minneapolis... 102, 718 83,064 76, 944 175, 577 438, 303 155,335 115,754 86,951 107, 224 465, 264 Kansas City... 200, 001 120,891 234, 519 318, 731 874,142 98, 629 65,151 109,083 96,890 369, 753 Dallas 197,811 106,175 133,833 251, 510 689, 329 21, 673 33,205 60,690 87, 231 202, 799 San Francisco.. 149, 779 79,133 151, 362 1, 001, 8651,382,139 113, 350 61, 079 101, 650 1,610, 111 1,686,190 STATE New England: Maine _. 11, 252 6,922 26,556 44, 730 36,811 28, 652 44, 507 109,970 New Hampshire 8,234 12,470 16,634 37,338 6,805 7,069 8,012 21,886 Vermont. 6,623 8,619 2,230 17,472 18, 091 19,020 2,193 39,304 Massachusetts 11,575 34,864 120, 711 884, 538 1,051,688 7,797 35,483 131, 702 391, 523 566,505 Rhode Island 1,016 3,912 127,835 132,763 6 6,641 186,949 193,596 Connecticut 10,856 13,342 49, 356 109.932 183, 486 8,267 9,476 44,359 43,962 106,064 Middle Atlantic: New York 158,049 67, 521 200,284 6,183,104 6, 608,958 296,833 127, 633 334,050 1, 664, 228 2,422,744 New Jersey 77,141 82,834 138,115 336,157 634, 247 144, 582 105,243 222, 528 284, 775 757,128 Pennsylvania 163,437 110,188 211,002 1, 229, 7101,714, 337 368,374 232,950 377,060 520,414 1,4 East North Central: Ohio 58, 060 59, 036 93,407 605,909 816,412 75, 529 53,769 104, 595 800, 565 1,034,458 Indiana 32, 746 30, 213 95,377 62, 545 220, 881 30,079 25, 760 98,164 24,324 178, 327 Illinois 99,376 65,336 160, 618 1, 309,354 1, 634, 684 96, 575 69,142 119, 538 741,442 1,026,697 Michigan 35,020 44,561 94,427 367, 674 541, 682 88, 919 96,419 153, 709 494,361 833,408 Wisconsin 23, 668 23,317 110,699 220, 553 52, 325 41, 737 72,223 70, 796 237,081 West North Central: Minnesota 35,424 23,032 30, 305 175, 577 264,338 75,856 36, 239 32,817 107, 224 252,136 Iowa 59,488 23,127 70,857 35,086 188, 558 63,411 26,935 85, 277 9,927 185, 550 Missouri 23,091 16,734 33 629 506.933 580,387 16,444 10,636 15, 787 237,849 280, 716 North Dakota 19,516 10,376 5^867 35, 759 24, 750 11,211 6,524 42,485 South Dakota 21,183 12,979 6,662 40,824 17,957 9,696 2,366 30,019 Nebraska 31, 784 14,426 17, 573 66,103 129,886 25, 567 8,476 3,596 15,301 52, 940 Kansas 49, 863 34,609 49, 763 7,858 142,093 24, 278 17,348 16,445 3,181 61,252 South Atlantic: Delaware ^ 3,349 36, 284 39, 633 4,802 14, 771 Maryland 16,665 5,961 3,6 104,005 130,311 41,289 18,077 12,163 76, 287 147,816 District of Columbia _ 85,064 85,064 44, 677 44,677 Virginia 23, 530 13,933 33, 083 84,238 154.784 53, 717 25,691 41,369 56,805 177, 582 West Virginia 30,043 9,181 47, 083 86, 307 36,405 12,600 45,511 94, 516 North Carolina 16,535 26, 928 66,430 109,893 18,480 28,279 42,942 89, 701 South Carolina 6,257 11,405 26, 798 44, 460 9,632 17,119 42,050 68,801 Georgia 15, 251 12, 544 45, 715 54,884 128,394 11, 675 13,479 41,848 39,402 106,404 Florida - - 25,056 19, 577 78,109 122, 742 15,801 17, 640 73,280 106, 721 East South Central: Kentucky 33,404 18,352 21,895 72,-192 145,843 33,141 13,754 20,964 52,823 120,682 Tennessee 18,703 10,197 35,287 70,819 135,006 22,658 8,259 38,244 53,019 122,180 A M l i a s b s a i m ss a ippi... 2 V 3, 99 " 6 1 1 1 9 , , 0 9 0 7 3 2 3 13 5 , , 2 3 3 3 7 6 46,135 1 3 1 7 6 , , 7 3 7 7 6 1 15 3 , , 0 2 7 3 3 3 1 1 2 7 , , 6 5 0 2 1 5 2 1 3 3 , , 1 8 7 4 3 5 27, 665 3 78 4 , , 4 6 4 7 3 2 West South Central: Arkansas 22,629 13,326 33,154 69,109 15,554 7,190 28,127 50,871 Louisiana— 5,711 12,162 22, 714 115,740 156,327 3,948 8,216 8,807 55,534 76,505 Oklahoma ._. 76,377 37,477 121,972 235,826 23,427 15,817 64,469 103,713 Texas. 184,337 95,099 110,542 ~251~5l6 641,488 17,435 29,045 49, 276 ~87,~23l 182,987 Mountain: Montana 14,814 20,196 23,322 58,332 10,418 19,820 25,394 55,632 Idaho 13,575 10,918 9,517 34,010 7,469 6,924 8,426 22,819 Wyoming 8,344 13,053 21,397 5,274 9,344 14,618 Colorado 29,279 15,296 15,596 83,614 143.785 17, 664 11,843 10,640 58, 391 New Mexico 8,844 7,840 5,480 22,164 2,135 2,127 3,737 7,S Arizona 3,590 3,332 24,928 31,850 1,795 2,108 11,635 15,538 Utah 7,130 3,324 4,828 31,004 46,286 7,110 4,465 1,730 ~I9,~352" 32,657 Nevada 3,857 4,137 7,994 5,198 2,753 7,951 Pacific: Washington 31,355 16,020 27,108 125, 946 200,429 27,506 8,818 24,759 75,260 136,343 Oregon 33,512 20,058 2,857 62,481 118,908 20,121 15,028 1,492 64,985 101, 626 California 57,004 24,676 85,347 782,434 949,461 44, 277 23,091 56,224 1,250,514 1, 374,106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN JUNE, 1928 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS fin thousands of dollars] Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total days days days 6 months months Bills discounted: May 2.... 757,054 634,766 28,840 50,603 27,955 13,460 1,430 May 9 777.141 652,018 34,376 46,661 29,013 13,610 1,463 May 16 807,412 684,518 35,118 45,179 26,141 15,597 859 May 23 847,472 715,333 36,036 50,957 27,449 16,854 843 May 29. 943,791 806,549 35,865 28,907 18,428 949 Bills bought in open market: May 2 363,101 110,901 99,557 64,146 8,189 May 9 365,104 114,745 77,225 109,880 55,120 8,134 May 16 347,292 121,261 63,291 110,583 44,981 7,176 May 23. 330,562 115, 682 64,039 103,120 40,282 7,439 May 29 303,988 97, 597 73, 528 95,842 30,204 6,817 Certificates of indebtedness: May 2 136, 536 5,077 11,042 120,417 May 9. 119,413 5,574 1,467 112,372 May 16 - 107,359 6,327 1,288 3,000 96,744 May23_ 88,793 3,337 1,186 84,270 May 29 93, 594 4,122 10,997 78,475 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM APRIL 19 TO MAY 16, 1928, INCLUSIVE [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo cc r o G un ov t ern- Transit clearing Federa c l l e r a e r s i e n r g ve note of f g e o rs ld a n th d r o c u le g a h ri n tr g a s ns- B f a u la n n d c e a t in Federal reserve bank close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 5,000 1,019,947 1,050,798 3,493 2,950 25,308 58,430 New York 6,200 9,000 3,324,645 3,324,895 8,515 9,817 4,352 327, 518 Philadelphia,.. 1,000 761,041 762,686 4,958 4,306 7 45, 748 Cleveland I," 666" 756,664 757, 063 6,987 3,396 1,192 66,168 Richmond 3,000 746,124 735, 259 2,110 4,338 11,637 7,923 Atlanta 7,000 310,289 310,538 3,506 3,353 6,904 11,946 Chicago.. _ 4,200 1,419,286 1,384,307 6,269 6,148 30,900 135,386 St. Louis 1,000 517,386 520, 555 1,762 3,240 5,647 24,628 Minneapolis.-. 500 167,409 165, 888 1,268 1,290 999 19,855 Kansas City__. 4,500 430,816 427,152 1,811 1,700 725 36,613 Dallas 1,500 309,038 313,518 1,125 1,302 3,157 23, 032 San Francisco,. 4,000 6,500 456,386 466,372 2,242 2,206 12,450 38, 908 Total, 4 weeks ending— May 16, 1928 27,700 27.700 10,219,031 10,219,031 44,046 44,046 51,639 51, 639 796,155 Apr. 18, 1928 65, 900 65,900 10,296,933 10,295,933 39,841 39,841 773,029 May 18,1927 62,500 62,500 9,365,716 9,365,716 45,360 45, 360 628,497 Apr. 20,1927 48,400 48,400 8,943,768 8,943, 768 44, 667 44, 667 598,327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 437 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANES IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - City Dallas F c S r is a a c n n o - Loans and investments— total: May 2 22,587,5221,596,693 8,780,634 1,232,616 2,194,628692,124 633,558 3,268,162•723,010 375,625 678,410 445,0721,966,990 May 9 22,546,1021,581,332 8,740,146 1,239,368 2,195,772694,130 631,154 3,284,582720,904 374,128 675,550 445,583 1,963,453 May 16 22,591,4271,577,620 8,751,542 1,240,928 2,203,312690,280 628,875 3,303,029721,749 369,432 678,185 4'4 3", 1"6~8 1% 983,307 May 23. 22,540,0851,583,106 8,693,259 1,246,041 2,205,030689,269 629,479 3,, 290,956 740,645 369,664 675,551 441, — 1\,975,660 May 29-30 22, 575,8471, 571, 522 8, 718,935 1, 250,594 2,197, 269204,472 634,444 3,, 311,989 747,952 371,494 672,976 438, 567 1L,, 969, 678 Loans and discounts— total: May 2 15,950, 7491,100,821 6,366,867 816,876 1,453,228 517,793 506, 585 2,331,166501,471 244,035 441,786 335,7731L, 334,348 May 9 1,082,526 6,303,766 822,0141,451,212 519,892 505,073 2,365,543 242,151 440,343 337,536 1i, 328,945 May 16 15,936,9631,083,687 6,320,895 828, 786 1,,456,336 517,877 502,785 2,384,881498,862 236,410 441,371 334,905 1:, 330,168 May 23 15,850,7671,091,710 6,250,162 833,459 1,,463,617 515,096 502,383 2,363,766497,949 235, 573 435,461 333!,0, 073L ,1 328,518 May 29-30 15,893, 2211,084,649 6,274,415 838,883 1,,451,517 516,166 505,315 2,398,332496, 275 238, 341 433,387 329,, 273 11,326,668 Secured by U. S. Government obligations— May 2 _ 159,100 5,196 84,107 8,244 14,591 2,864 5,085 20,466 4,402 2,503 3,496 4,548 May 9 136,439 5,224 61,022 7,857 14,707 2,825 5,086 21,209 4,415 2,498 3,552 3,514 4,530 May 16 126,091 5,236 50,541 14,403 3,093 5,061 21,880 4,306 2,490 3,549 3,491 4,393 May 23 111,430 36,067 7^599 14,273 3,198 5,050 21,439 4,342 2,547 3,531 3,446 4,130 May 29-30 123,028 6, 320 47,185 7,254 14, 342 3,266 5,036 21,453 4,551 2,433 3,533 3,424 4,231 Secured by stocks and bonds- May 2. 6,849,807 4331,,909 31,,145,233 434, 645 654, 514 177, 528 126,430 1, 013,563204,664 67,980 128,734 86,171 376,436 May 9 6,827, 050 421,, 149 I3,, 103,764441,107 655,302 177,036 128,008 l,! 046,970204,548 68,58 125,762 87,149 367,670 May 16 6,894,948 422,388 3!;, 137,966449,843 661,415 176,928 126, 268 i,; 065,379204,266 72,741 124,314 86,689 366,751 May 23... 6,837,980 428, "•--,i , 0,60,381 459, 514 669,697 177,022 126, 228 1,, 053,305205,905 72,509 123, 584 87,787 373,406 May 29-30. 430, 699 3,0"8"91,,381 462, 735 660, 679 178, 713 126,362 1,, 076,107209,329 75,669 122,489 85,009 371,336 All other loans and discounts- May 2 8,941,842 661.,, 7161 ,31.37,527 373,987 784,123 337, 401 375, 070 1, 297,137 292,405 173, 552309,454 246,106 953,364 May 9 8, 935,206 656>,, 1535 3,,138, 980 373,050 781,203 340, 031 371.,, 9"7"9 '1, 297, 364 290,731 171,068 311,029 246,873 956,745 May 16 8, 915,924 656,063 35|,132,388 371,295 780, 518 337,856 371.,, 456 1,. 297,622 290,290 161,179 313, 508 244, 725 959,024 M M a a y y 2 29 3 - . 3 .. 0 8 8, , 8 9 8 0 1 1 , , 3 6 5 8 7 5 6 6 5 4 7 7 ' ' , , , , 2 6 6 3 0 0 1 5 , , 3 3 1 1 , ; 3 5 7 3 , , 8 7 4 1 9 4 3 3 6 6 8 6, , 3 8 4 9 6 4 7 7 7 7 9 6 , , 6 4 4 9 7 6 3 3 3 3 4 4 , , 8 1 7 8 6 7 3 37 7 1 31 , , , , 1 91 05 7 1 I, , 3 2 0 8 0 9 , , 0 7 2 7 2 2 2 2 8 8 7 2 , , 3 7 9 0 5 2 1 16 6 0 0 , , 5 2 1 3 7 9 3 3 0 0 8 7 , , 3 3 4 6 6 5 2 24 4 0 1 , , 8 8 4 4 0 0 9 95 5 1 0 , , 1 9 0 8 1 2 Investments—total: May 2. 6,636, 773 495.872 2,413,767 415,740 741,400 174,331 126,973 936,996 221,539 131, 590 236,624 109, 299 632,642 May 9 6,647,407 498,806 2,436,380 417,354 744,560 174,238 919,039 221,210 131,977 235, 207 108,047 634,508 May 16 6,654,464 493,933 2,430,647 412,142 746,976 172,403 126, 090 918,148 222,887 133,022 236,814 108,263 653,139 May 23 6,689,318 491,396 2,443,097 412,582 741,413 174,173 127,096 927,190 242,696 134,091 240,090 108,352 647,142 May 29-30 6, 682, 626 486.873 2,444,520 411,711 745,707 174,306 129,129 913,657 251,677 133,153 239,589 109, 294 643,010 United States Government securities— May 2 3,023,833 195,2401,L, 169,794 113,051 328,443 76,077 61, 682 86,340 67,916 109,806 77,132 349,853 May 9 3,025,253 195,726 1L., 182,833 113,855 327,045 78,077 61,360 381,201 86, 255 109,083 75, 785 345,366 May 16 3,016,884 191,384 l[i, 180, 772109,388 329,465 77,777 60,536 378,932 80, 729 69,159 111, 638 75, 556 351,548 May 23.. 3,031,679 187,9971,[, 177,215109,245 323,816 78,193 60, 705 378,662 100,393 69,255 112, 296 75,892 358,010 May 29-30 2, 996,507 187,747 1L, 174,980 109,160 325,251 78, 597 61,190 367, 718 76,910 69,803 110,952 76, 516 357,683 Other bonds, stocks, and securities- May 2_._. 3, 612,940 3001,,632 1.,, 243,973302,689 412,957 98,254 65,291 548,497 135,199 63,674 126,818 32,167 282, 789 May 9 3,622,154 303!,, 080 ,1 ,253,547 303,499 417,515 96,161 64, 721 537,838 134,955 63,310 126,124 32, 262 289,142 May 16 3,637,580 302,549 1,, 249,875 302, 754 417,5111 94,626 65,554 539,216 142,158 63,863 125,17f 32,707 301, 591 May 23 3, 657,639 303!,, 399 ,1 ,265,882 303,337 417,597 95.980 66,391 548,528 142,303 64,836 127, 794' 32,460 289,132 May 29-30 3, 686,119 299; 126 1,269,540 302, 551 420,456 95,709 67,939 545,939 174,767 63, 350 128, 637 32, 778 285,327 Reserve balances with Federal reserve bank: May 2 _ 1,816,018 105,017 864,611 85,983 131,494 40,916 43,152 264,869 48,196 25,213 56,162 32,837 117,568 May 9 1,803,929 102,545 846,132 83,342 136,000 41,014 41, 558 271,439 48,818 25,120 56,690 34,196 117,075 May 16 1,762,559 100, 505 822,049 82,286 131,183 39,170 41, 919 266, 745 47,868 25, 250 55,554 33,845 116,185 May 23 1,758,063 105,637 827, 789 80,792 128,088 41,319 41,653 256,005 47,578 24, 505 55, 532 33, 366 115,799 May 29-30 1, 747,941 100, 499 813, 251 84,476 134,060 42, 513 40, 692 258, 764 45, 500 23,110 55,122 33,108 116,846 Cash in vault: May 2 241,209 18,513 62,397 13,317 28,647 11,853 11,010 40,782 7,400 5,329 11,023 8,586 22,352 May 9 249,645 18,574 66,374 14,418 30,833 11,997 10,895 40,307 7,318 5,704 11,364 8,581 23,280 May 16 236,367 18,029 62,254 14,231 28,199 11,684 10,233 38,465 6,946 5,596 11,143 21,551 May23_. 246,424 18,188 65,857 14,370 30, 249 12,214 10,837 39,117 7,143 5,813 11,786 8,879 21,971 May 29-30 246,864 16,630 66,910 14,463 28,540 12, 235 10, 777 40,827 7,651 6,077 11,844 8,337 22, 573 Net demand deposits: May 2 13,945,860 974,530 6,324,334 772,5181,059,858 364,778 341,529 1,860, 737 400,088 214,439 498,193 297,419 837,437 May 9 13,842,826 951,098 6,214,850 778,,60621,062,146 367,826 336,4061,874,935 405,033 217,581 501,612 301,896 831,381 May 16.. 13,875,252 956,395 6,204,891 777766,11005511,079,826 362,237 341,067 1,880,158 405, 548215,725 502,198 301, 527 849,575 May 23 13,675,749 946,455 6,103,147 769,,00551111,077,755 360,333 334,463 1,866,782 392,809 214,305 498,972 294,384 817,293 May 29-30 13,628,425 924,093 6,116,099 759,,5911.070,379 360,027 333,625 1,860,676 390,011 216, 200 491,720 289, 794 816,210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN JUNE, 1928 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - Dallas F c S i r s a a c n n o - Time deposits: May 2 6,911,366 503I,, 996 1696,179 299,980 964,401 249.423 241,006 1,,272,797 247,335 132, 622177,505 120,942 1, 005,180 May 9 6,959,154 505),, 867 1715, 798 299, 872 965, 983 249,983 243,025 1,,287,474 249,297 133,191 178,026 122,040 1., 008,598 May 16 6,972, 044 505i,, 5991;726,434 302, 576 964,828 249,679 243,1741,289,893 246,267 132,099 178,418 122,075 l,i 011,002 May 23 6,984.965 503, 006 1740, 772 308, 206 962, 998 250,155 243, 0099221:,, 286, 517 245,507130,959 178,376 122,413 1., 012,964 May 29-30 7,002, 659 510, 098 L, 738, 972 309, 208 957,909 250, 023242,180 1,,301,333 245,63$ 130,197 178,642 122, 753 .1,, 015,706 Government deposits: May 2 108, 692 8,021 35, 971 5,917 3,774 8,135 13,506 2,727 1,311 2,571 4,612 14, 261 May 9 72, 055 5,267 23, 579 3,945 5,164 2,439 5,364 1, 798 1,540 1,692 3,025 9,357 May 16__. 49, 959 3,692 16, 512 2.724 3, 622 1,736 3,793 6,198 1,250 596 1,184 2,101 6,551 May 23.. 37, 790 2,585 11,583 1,930 2,531 1,370, 3,236 6,198 877 827 1,472 4,585 May 29-30 37,073 2,585 11, 583 1,930 2,531 1,198 2,679 6,198 877 827 1,484 4,585 Due from banks: May 2_ 1, 235,963 58,409 70, 026 52,591, 75, 537 267, 751 51, 597 47,317 121, 538 63, 965 157, 738 May 9 1,161,240 49,463 154, 315 59, 763 92, 530 51,355 76, 675 240, 065 51,865 45, 569 118, 933 59, 368 161, 339 May 16 1,196,686 56. 526 160,094 60, 982 99, 399 51,169 73,398 263,428 53, 505 48, 296 113,473 60, 549 155, 867 May 23 1,106,107 151, 524i 59, 606 91,000 44,832 68,232 246, 573 53,264 44,426 99,869 146, 443 May 29-30 1,099,325 53, 506 149,309 58, 260 88, 211 44, 871 64,409 247, 250 46,408 52, 713 103,862 51, 447 139,079 Due to banks: May 2 3, 515,720 163,45611,399, 701 195, 510 237, 685 108.424 121,159 531, 766130,438 97,319 218, 341 100, 986 210,935 May 9 3,372,262 156,080|l,305,803 186, 950 236, 075 105, 894119,846 504, 894 132, 006 97,344 218,019 100, 278 209,073 May 16 3, 344,942 155,35311,316,133 184,469 233, 876 104,031 117,465 501,473 127, 285 92, 728210,263 97,127 204, 739 May 23.. 3,193, 425 146,544(1,266,623 175,475 219, 200 99,162 106,548 487,403 118,403 89, 565200, 445 91, 548 192, 509 May 29-30 3,172,045 134,191 1, 268, 370 169,883 218, 271 94, 733 106,181 485, 704124,103 91,224 203, 066 87,169 189,150 Borrowings from Federal reserve bank—total: May2___ 586, 248 29,4 211,061! 32, 729 i 51, 701 23, 621 31,422 75, 256 25, 703 12,147 20,131 6,932 66,068 May 9 607, 956 40, 868! 251, 674! 23,9161 55,41" 21, 532) 30,896 85,926 19,484 7,807 14, 544 3,902 51,990 May 16 629, 284 42, 070; 254,4831 31,320i 47,410 24,875| 28,399 94, 241 22, 789 6,756 16, 827 4, 56, 052 May 23.. 658,824 51, 224| 264,413 29,314 57,634 23,609 35,255 77, 362 31, 592 8,227 16,712 5,705 57, 777 May 29-30 737,475! 56,9491 276,162 53, 649 58, 773 37, 262 101,781 34,046 8,340 17, 581 7,517 57, 319 Secured by U. S. Government obligations— I May 2 424, 227 13, 213 178, 646 23, 215 33,339 5,427 14,804 56, 992 14, 612 9,440 13,835 3,024 57, 650 May 9 424,915 14,693 192,140 16, 505 38,191 5,872 15, 989 69, 233 11, 254 5,340 7,445 2,403 45,850 May 16 458,946 19, 213 211, 660 21,364 29, 678 7,307 12, 063 77, 572 13,319 4,565 8,577 2,928 50, 700 May 23 479,134 31,675 220, 540 20, 024 37,717 7,872 10, 914 64,915 19, 783 5,860 6,41' 3,858 49,559 May 29-30 525,279 29, 353 214, 671 42, 003 41,198 10, 544 13,030 19,818 6,525 7,173 50,711 All other- May 2 162, 021 16, 264 32, 415 9,484 18, 362 18,194 16, 618 18, 264 11,091 2,707 6,296 3,908 84,18 May 9 183,041 26,175 59, 534! 7,411 17, 226 15, 660 14, 907 16, 693 8,230 2,467 7,"" 1,499 6,140 May 16. . 170,338 22, 85'. 42, 823| 9, 956 17, 732 17, 568 16, 336 16, 669 9,470 2,191 8, 250 1,134 5,352 May 23 179,690 19, 549 43, 873 9, 290 19,917 15, 737 24, 341 12,447 11,809 2,367 10, 295 1,847 8,218 May 29-30 .._. 212,196 27, 596, 61, 491 11, 646 17, 575 17, 552 24, 232 15,413 14, 228 1,815 10,408 3,632 6,608 Number of reporting banks: May 2 643 56 May 9 643 56 May 16 642 56 May 23 642 56 May 29-30 642 56 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 439 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e Ka C n it s y as Dallas F c S r is a a c n n o - Loans and investments: May 2 14,437,458 1,084,740', 551,132 1, 057,049 778,161 113,380 112,280 2!,, 058,135446,910 184,386 190,801 126,938 733,546 May 9 14,402, 3941,068,282 7r,;509,436Jl,062,949 781,937 113,786 112,996 2f,081,486 444,464 182,639 185,582 125,113 733,724 May 16 14, 437, 7571,060,420 7',,533,4391,065,096 788, 278 112, 444 109,1152,088, 785444, 266 177, 683 185,166 124, 802 748, 263 May 23 14, 397,4471,064,844 7',,481, HOil, 071,503 790,661 111,713 109,124.2,075,543 460,981 178,208 186,005 124,172 743,583 May 29, 30 14,418, 4011, 056, 253\ 74,97,0411, 074,974 788, 730 112,181 109,857 "2, 08"8",,246 470,329 175, 696 184,960 123,892 736, 242 Loans: May 2 10, 622, 440 834,281 5,602,257 712,060 604,015 91,617 791,,319 1, .526,742 316,487 120, 213 124,343 94,738 516,368 May 9 10, 566, 892 816,218 5, 534,194 716,410 606, 823 92,018 80,094 1, 561,488 314,386 117,902 119,498 93,906 513,955 May 16.. _-. 10. 602, 568 813, 952 5, 557, 396 723,184 612, 363 90, 990 76, 050 .1, 570, 283 312, 341 112,949 118,821 93,720 520,519 May 23 10, 530, 470 820,953 5,494,413| 728, 841 617, 817 90,093 75, 655 1,547,794 308, 898 112,493 119, 285 92,494! 521,734 May 29,30 10, 564, 817 815, 896 5, 510, 224 733, 542617,930 90,444 76, 2611, 574, 383 308, 395 111, 514117, 436 92,07l| 516,721 On securities- May 2_. 4, 988,067 321, 019 2,828, 596 384,496 225,058 28,107 22, 607 779, 540 149, 093 30, 580 38, 631 21,546' 158,794 M M a a y y 9 1 6 — _. j 4 4 , , 9 9 4 9 4 7 , , 4 1 5 1 8 0 3 3 0 0 8 6 , , 0 7 4 9 7 7 2 2 , , 7 7 9 6 0 0 , , 4 3 9 8 3 4 | J 3 3 9 8 8 9 , , 8 5 6 0 2 1 2 2 2 2 8 7 , , 1 9 3 7 3 5 2 2 8 8 , , 0 2 5 2 5 3 2 23 1 , , 0 6 5 6 6 6 8 8 1 2 1 5 , , 1 2 0 5 0 7 1 1 4 4 7 9 , , 4 9 5 9 7 0 3 31 4 , , 0 7 0 5 5 8 3 3 3 4 , , 0 2 0 4 5 0 2 2 1 1 , , 4 4 6 3 7 0 1 1 6 5 2 8 , , 0 6 5 1 0 7 All "M M o t a a h y y e r 2 2~ - 9 3". , 30. 4 4 , , 9 9 8 2 4 0 , , 0 8 6 3 8 5 3 31 1 5 2 , , 4 4 8 4 9 0 2 2 , , 7 7 0 4 4 1 , , 2 1 8 7 9 0 ! ! i 4 4 1 0 1 8 , , 3 6 0 2 0 3 2 2 3 3 5 4 , , 8 4 2 1 4 5 2 2 8 8 , ,4 9 2 2 5 2 2 2 0 0 , , 8 7 9 4 0 9 8 8 1 3 0 0 , , 9 7 6 7 9 7 1 1 4 5 6 2 , , 0 9 3 0 2 2 3 3 3 3 , . 1 7 1 0 3 9 3 3 4 3 , , 9 3 9 0" 2 2 2 0 1 , , 9 21 5 7 6 1 16 6 1 3 , , 1 2 0 8 5 8 May 2 5,634,373 513,262 2,773,661 327, 564 378, 957 63, 510 56, 712 747, 202 167,394 89, 633 85, 712 73,192 357,574 May 9 5,622,434 507,4212,773,810 326,548 379, 690 63,"-" 56,428 750, 231 164, 929 86,144 85,493 72,439 355,338 May 16 5,605,458 507,905 2,766,9031 324, 683 383, 388 62, 767 54,994 745,183 164,351 78, 944 85, 581 72, 290358,469 May 23 5,609,635 508, 513!2, 790,124! 320, 218 382,402 61, 668 54, 906 736, 825 161,996 78, 784 84, 293 71, 277358,629 Investm M en a t y s : 29,30 5,580,749 500, 40712, 769, 054 322, 242383,106 61, 522 55, 371 743, 606 156, 363 78, 401 84,129 71,115 355,433 May 2. 3,815,018 250,459(1,948,875 344,989 174,146 21,763 32,961 531,393 130,423 64,173 66,458 32,200 217,178 May 9 3,835,502 252,064 1,975,242 346, 539 175.114 21,768 32,902 519,998 130, 078 64, 737 31, 207219,769 May 16- 3,835,189 246,468 1,976,043 341,912 175,915 21,454 33,065 518, 502 131,925 64, 734 66,345 31,082 227,744 May 23__ 3,866,977 243,89111,986,697 342, 662 172, 844 21, 620 33,469 527, 749 152,083 65, 715 66, 720 31, 678221,849 May 29,30 3,853, 584 240, 357; 1,986, 817 341, 432 170, 800 21, 737 33, 596 513,863 161,934 64,182 67, 524 31,821 219, 521 Reserve with F. R. bank: May 2 1,310,459 83, 0331 797, 279 77, 215 42,440 7,060 7,374 187,263 30, 764 13, 689 15, 710 8,111 40, 521 May 9 1,294,417 78,4 ;,856 75,393 42,081 7,062 6,318 194, 421 30, 755 13,063 17.144 9,761 41,154 May 16._ l, 262,916 79,446! 756, 269 73, 649 43, 701 6,747 7,062 189,841 30,006 13,447 15,752 8,856 38,140 May 23 l, 258, 731 79, 652 j 758, 538 73, 881 42, 656 7,058 6,808 182,420 30,144 13.114 15, 242 8,323 40, 895 May 29,30 _*_ 1,238,348 76, 871| 742, 60^ 76, 761 41, 248 8,063 5,650 180, 046 29, 844 11, 765 16, 545 8,254 40, 694 Cash in vault: May 2 109,354 7,575 49, 227 10, 764 8,396 696 1,185 17.843 3,232 1,672 2,138 1,161 5,465 May 9 112,760 7,753 51,872 11, 709 9,123 77: 1,222 16.844 3,114 1,776 2,129 1,322 5,124 Net M M M de a a a m y y y a 2 2 1 n 3 9 6 d , 3 d 0 e posits: 1 1 1 1 1 0 1 5 7 , , , 5 3 3 9 6 8 0 0 8 7 7 6 , , , 1 7 4 7 1 5 2 4 1 1 4 5 5 9 1 3 , , , 8 4 6 0 7 6 9 3 2 1 1 1 1 1 1 , , , 6 6 " 6 3 " 3 4 8 8 8 , , , 1 5 5 8 8 7 0 1 6 8 7 8 5 8 0 0 4 4 1 1 1 , , , 1 1 4 1 4 9 5 7 5 1 1 1 5 6 7 , , , 4 6 8 3 4 9 6 0 4 3 3 3 , , , 2 6 0 3 0 8 8 8 3 1 1 1 , , , 8 6 7 4 8 8 6 3 6 2 2 2 , , , 2 1 33 4 8 4 8 8 1 1 1 , , , 1 2 2 0 5 3 1 6 3 5 5 5 , , , 1 6 1 7 3 9 4 2 2 May 2 9,701,946 726,81515,694,651 676,494 273,094 59,840 54,128 1, 280, 376264,017 111, 378160, 770 84,051 316,332 May 9 9,576,142 707,09715,574,967; 684, 322 273.115 60,185 54,394 1, 283,872263,505 113,561 161,550 85,278 314,296 May 16 9, 581, 435 708, 610i5, 573, 048! 684, 231 280, 593 57,483 54,5011, 279, 855264, 663 111,177 159,938 85,183 322,153 May 23 _.. 9,470,836 704,638:5,493, 719 i 678, 335 282, 290 59,579 52, 4021, 282,477254, 669 110,815 159, 369 82, 989 309, 554 May 29, 30 9, 439, 5"~ 685, 580 5, 495, 306| 669, 251 288, 823 59, 722 51, 9451, 277, 524253, 003 107, 674159,150 81,21" 310, 377 Time deposits: May 2 3,469,379 266,1721,164,585 237,361 492, 646 35,128 37, 546 700, 623 139, 672 59,055 20,007 22, 520! 294,064 May 9 - 3, 512,175 267,7961,185,238! 236, 711494,763 34,933 37,846 714,37r 140, 534 20,120 22,622 298,332 May 16— -.- 3, 520, 216 267,4561,195,943: 239,101 494, 890 35,131 38,164 715, 38: 139,048 58,013 20, 323 22, 665 294,100 May 23 3, 536, 593 267,892 1,209,561! 244, 803 490, 520 35, 339 38, 236 714, 253 138, 429 57, 891 20, 209 22, 623 296. 837 May 29, 30 3, 550, 415 273, 4911, 209, 6641 246, 925483, 355 35,099 38, 308 726, 433 138, 280 57, 203 20,197 22, 882 298, 578 Government deposits: May 2 76,602 7,680! 32, 325 5,754 2,371 744 2,381 8,344 2,380 1,103 1,856 2,811 May 9 - — 50,332 5,043 21,187j 3,838 1,555 488 1,576 5,483 1,570 720 1,219 1,844 5,809 May 16— 35,220 3, 534 14, 842! 2,649 1,089 342 1,126 3,835 1,090 502 853 1,292 4,066 M M a a y y 2 2 3 9 — , 3 0 2 2 6 6 , , 0 0 2 2 5 5 2 2 , , 4 4 7 7 4 4 ; ! 1 1 0 0 , , 4 4 1 1 o 5 | 1 1 , , 8 8 7 7 8 8 7 7 6 6 2 2 2 2 4 4 0 0 805 3 3 , , 8 8 3 3 5 5 7 7 6 6 5 5 5 50 0 2 2 5 5 9 9 : ' 9 9 0 0 6 6 2 2 , , 8 8 4 4 6 6 Due from banks: May 2 614,785 40,035 123, 639! 64,152 25, 702 6,392 8,929 185,674 28,919 20, 303 34,351 18, 634 58,055 May 9 561,567 39,112 114,372! 54, 857 23,468 6,305 9,095 160,014 29,453 17, 645 33, 931 15, 589 57,726 May 16 - 586,931 43, 979 112,193! 55,"" 25, 41" 6,483 9,290 180, 932 29,954 19, 865 29, 289 16, 784 56, 947 May 23 - ! 551, 624 35, 544| 111,963! 55, 228 21, 334 5,39' 8,982 170, 567 29, 5"" 18, 450 25, 679 14, 352 54, 556 May 29, 30 — 560,298 41, 889; 111,264, 53, 425 22,156 4,797 8,904 171, 799 25, 599 27, 270 27, 35" 13, 627 52, 211 Due to banks: ; May 2 2,511,438 152,4931,333,695! 186, 457 60, 755 26, 240 15, 602 379, 856 81, 004 57, 579 86, 040 28,847 102,870 May 9 - 2,372,413 145, 704 1, 239, 899! 178, 503 58, 221 26,495 15, 358 359,041 80, 390 56, 871 85, 253 28,674! 98,004 May 16— ~ 2, 371, 988 145,3921,251,361: 176. 366 61, 230 24, 574 15,165 357, 373 79, 200 53, 948 80, 79.r 27, 865! 98, 716 May 23 2, 270, 5141 137,075 1,203,293 167, 701 56, 787 23, 708 14, 384 346, 329 72, 89! 55. 76, 952 26, 389 92, 319 May 29, 30 2, 270,15" 125,4551,208,191! 162, 393 58, 684 23, 072 13, 294 346,116 79, 882 54, 521 82.145 25, 253 91,151 Borrowings from F. R. bank: j May 2 -j 384,548: 26,517! 179,806! 30,163 6,043 4.830 13,747 33,901 12,304 6,400 9,102 3,177 58,558 May 9 - - 439,633 37, 918: 229, 292 20, 550 7,081 4; 709 13,966 60,412 9,399 2,750 4,925 1,295 47, 336 May 16 - 465,975 40, 2831 233,198 26, 418 12,107 6,526 10, 997 62, 596 12,430 2,175 4,791 1,850 52, 604 May 23 ; 450,687 41, 295| 230,351! 25, 333 15, 248 4,300 12, 833 40, 738 18, 495 3,320 5, "" 2,461 50, 426 May 29, 30 491.612J 46, 247] 237, 393! 45, 687 13, 219 5,600 12, 779 48,425 20, 724 3,410 6,552 47,942 Number of reporting banks: May 2— i 209 17 i 46! 37 8 5 43 11 5 13 May 9 j 209 17! 461 37 5 43 11 5 13 M M a a y y 2 1 3 6 ~ l 1 2 2 0 0 9 9 i?! 4 4 6 6 3 3 7 7 5 5 4 4 3 3 1 1 1 1 5 5 1 1 3 3 May 29, 30 209i 46; 37 43 11 6 13 j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN JUNE 1928 LAND BANES AND INTERMEDIATE CREDIT BANES 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 May5 May 12 May 19 May26 May 28 Total land banks land banks (12 banks) (54 banks) Direct loans outstanding on- 1926 Cotton 8,181 8,160 7,153 6,498 6,156 July 31 1,653,902 1,048,184 605,718 Tobacco. 2,682 2,678 2,642 2,588 6,357 Aug. 31 1,664,130 1,053,336 610,794 Wheat . . 927 811 755 679 1,365 Sept. 30 ",671,856 1,057,217 614,639 Canned fruits and vege- Oct. 31 ,682,273 1,063,056 619,217 tables 486 476 444 442 802 Nov. 30 ,692,826 1,068,596 624,230 Raisins 5,548 5,646 5,632 5,675 5,000 Dec. 31 ,710,295 1,077,819 632,476 Wool 51 90 134 244 233 Rice 1,279 1,191 1,130 1,024 1,549 1927 Allother__ 136 121 95 81 202 Jan. 31 ,724,821 1,085,170 639,651 Feb. 28 1,745,404 1,097,642 647,762 Total 19,290 •19,173 17,985 17,231 21,664 Mar. 31 . .,765,365 1,109,354 656,011 Apr. 30 ,732,395 1,117,914 614,481 Rediscounts outstanding May 31 1,741,275 1,124,055 617,220 for— June 30 1,738,165 1,130,648 607,517 Agricultural credit cor- July 31 1,742,575 1,134,896 607,679 porations 30, 975 31,304 31,440 31,587 29,850 Aug. 31 ,749,393 1,139,502 National banks.. . 8 8 8 8 37 Sept. 30 ,752,665 1,143,130 609,535 State banks 412 410 410 410 612 Oct. 31_ ,757,185 1,147,135 610,050 Livestock loan compa- Nov. 30, ,758,834 1,150,943 607,891 nies 21, 570 22,029 22,122 22,151 19,251 Dec. 31 ,765,121 1,155,644 609,477 Savings banks and trust companies 11 11 11 11 31 1928 Jan. 31 1,767,515 1,158,717 608,798 Total 52,976 53,762 53,991 54,167 49,781 Feb. 29 1,778,338 1,168,354 609,984 Mar. 31 1,786,862 1,175,858 611,004 Apr. 30. 1,791,341 1,180,420 610,921 PAR COLLECTION SYSTEM BANE DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS [Number of banks at end of April] DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS Nonmember banks [In thousands of dollars] Member banks Num- Feder b a a l n r k eserve On par list Not on par list * ber of April, March, April, cent- 1928 1928 1927 ers 1928 1927 1928 1927 1928 1927 New York City 1 41,777,843 44,786,293 32,006,975 Outside New York City 140 25,225,418 25,847,279 23,576,276 United States 8,953 9,130 12,960 13,643 3,908 3,858 Federal reserve district: Boston 11 2,994, 682 2,960,121 2,824,399 Boston.. 412 416 248 245 New York 7 42,674,874 45,741,132 32,901, 693 New York 934 932 407 411 Philadelphia 10 2,523,698 2,558,226 2,275,692 Philadelphia.— 782 770 497 515 Cleveland 13 2,741,802 2,649,641 2,897,949 Cleveland 831 845 1,025 1,034 10 10 Richmond 7 759,400 784,971 757,502 Richmond 559 570 637 666 581 609 Atlanta 15 1,098,607 1,178, 289 1,142,195 Atlanta 459 "471 304 311 1,013 1,028 Chicago ._ 21 6, 582,238 6,685,034 5,852,308 Chicago 1,266 1,312 3,653 3,752 193 179 S M t. i n L n o e u a i p s o . lis-._ 5 9 1,2 7 3 0 6 9 , , 8 4 5 3 4 5 1,2 7 8 3 2 4 , , 7 7 0 9 3 2 1,1 6 8 45 0 , , 4 7 9 6 4 2 S M t. i n L n o e u a i p s olis 7 5 3 9 0 3 6 7 0 4 2 2 1,8 7 3 1 4 8 1,9 8 5 6 3 8 1,1 4 3 5 0 4 1,1 4 0 3 8 3 Kansas City 15 1,254,732 1,323,194 1,206,599 Kansas City 951 976 2,291 2,474 273 226 Dallas 10 631,549 676,091 610,527 Dallas 792 818 652 679 197 205 San Francisco 18 3,795,390 4,059,378 3,288,131 San Francisco... 644 676 694 735 57 60 Total ... 141 67,003, 261 70, 633,572 55,583,251 i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 441 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE 1.—ALL BANKS IN THE UNITED STATES 1—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions of dollars. Figures are for the dates indicated or nearest dates thereto for which figures are available] Total loa m ns e n a t n s d invest- Loans Investments Depo b s a i n ts k , d e e x p c o lu s s it i s ve of Re b d il i l s s c o p u a n y t a s b a le nd VjpA t r /6 i IQ c A t F6 Oi a Ia n i I d *rA eC c sA a eI*r l T l vT ©A d a C t / e lUieD- All Mem- Non- All Mem- Non- All Mem- Non- All Mem- Non- All Mem- Nonbanks ber mem- banks ber mem- banks ber mem- banks ber mem- banks ber member ber ber ber ber All districts: 1927—Mar. 23 52,667 32,154 20,513 36,304 22,532 13,772 16,363 9,622 6,741 49,777 29,844 19,933 805 546 259 June 30 53,934 32,967 20,967 37,131 23,149 13,982 16,803 9,818 6,985 51,612 31,227 20,385 816 541 275 Oct 10 54,680 33,451 21,229 37 635 23,492 14,143 17,045 9,959 7,086 52,117 31 247 20 870 804 528 276 Dec. 31 2 55,855 34,679 2 21,176 2 38,396 24,318 214,078 217,459 10' 361 2 7,098 52,879 32,041 2 20,838 893 663 230 1928—Feb. 28 55,751 34,143 21,608 37,925 23,554 14,371 17,826 10,589 7,237 52,184 31,161 21,022 789 581 208 Boston: 1927—Mar. 23 6,003 2,460 3,544 3,834 1,710 2,124 2,169 750 1,420 5,583 2,260 3,322 47 38 9 June 30 6,220 2,557 3,663 3,951 1,765 2,186 2,269 792 1,477 5,810 2,358 3,452 70 60 10 Oct. 10 6,366 2,621 3,745 4,044 1,810 2 234 2,322 811 1,511 5,958 2,425 3,534 45 38 7 Dec. 31 6,402 2,618 3,784 4,057 1,801 4, tnrx 2,345 817 1,528 6,008 2,443 3,565 40 32 8 1928—Feb. 28 6,422 2,601 3,821 4,050 1,778 22,,225761 2,372 823 1,549 5,931 2,345 3,586 74 62 11 Now Vnrlr* 1927—Mar. 23 16,064 9,743 6,321 10,928 6,748 4,180 5,136 2,995 2,141 15,071 9,051 6,020 176 161 15 June 30 16, 851 10,284 6,567 11,546 7,184 4,362 5,305 3.100 2,205 16, 233 9,971 6,262 136 113 23 Oct. 10 16,991 10,341 6,650 11,732 7,317 4,416 5,258 3,024 2,234 16,081 9,587 6,495 242 185 57 Dec. 31 17,849 11,294 6,555 12,513 8,136 4,377 5,336 3,158 2,178 16, 297 10,006 6,291 328 314 14 1928—Feb. 28 17,641 10,801 6,840 12,130 7,541 4,589 5,511 3,260 2,252 16,065 9,609 6,456 176 143 34 Philadelphia: 1927—Mar. 23 4,090 2,520 1,569 2,523 1,596 927 1,567 924 642 3,587 2,163 1,424 83 53 30 June 30 4,120 2,536 1,584 2,509 1,609 900 1,611 927 684 3,645 2,186 1,459 93 66 27 Oct. 10 . 4,206 2,593 1,613 2,573 1,623 950 1,633 970 663 3,713 2,230 1,483 58 39 19 Dec. 31 4,245 2,592 1,653 2,595 1,620 976 1,650 972 678 3,787 2,243 1,543 101 73 29 1928—Feb. 28 4,236 2,579 1,657 2,575 1,602 973 1,661 977 684 3,720 2,191 1,529 80 66 14 Ol© V 1 61 9 H 2 I 7 1C — 1 - Mar. 23 4,601 3,243 1,358 3,094 2,170 924 1,507 1,073 434 4,281 3,002 1,279 70 45 25 June 30 4,640 3,274 1,366 3,104 2,186 918 1,536 1,088 448 4,325 3,031 1,294 69 49 2a Oct. 10 4,704 3,333 1,371 3,137 2 208 929 1,568 1,125 443 4,371 3,055 1,316 70 61 9 Dec. 31 4,693 3,303 1,390 3,106 2,168 938 1,587 1,135 452 4,349 3,026 1,324 93 68 25 1928—Feb. 28 4,768 3,356 1,412 3,165 2,197 968 1,603 1,159 444 4,407 3,073 1,334 78 74 4 Richmond: 1927—Mar. 23 2,385 L,290 1,095 1,829 1,009 820 556 281 275 2,194 1,153 1,041 56 27 29 June 30 2,424 L, 312 1,112 1,842 1,015 827 582 297 285 2,244 1,193 1,051 67 35 32 Oct. 10 2,472 L, 361 1,111 1,860 1,037 824 612 324 287 2,301 1,232 1,069 62 35 27 Dec. 31 2 2,522 L, 367 21,155 21,876 1,033 2 646 334 2 312 2 2,378 1,242 21,136 47 31 16 1928—Feb. 28 2,505 1,346 1,159 1,862 1,017 845 643 329 314 2,325 1,196 1,130 52 34 18 AAl fllaann Ltaa .• 1,749 L, 159 590 1,404 907 497 345 252 93 1,687 1,074 613 69 47 22 1927—JMunaer . 3203 1,729 L,144 585 1,376 888 488 353 256 97 1,674 1,066 608 69 42 27 Oct. 10 1,748 ]L, 161 587 1,386 901 485 363 260 102 1,701 1,076 625 64 37 27 Dec. 31 1,756 L.167 589 1,371 890 481 385 277 108 1,736 1,104 632 56 34 22 1928—Feb. 28 1,744 1,141 603 1,372 883 489 372 258 114 1,680 1,058 622 55 34 21 v^mcago. 1927—Mar. 23 7,241 4,597 2,644 5,043 3,335 1,708 2,198 1,262 936 6,906 4,246 2,660 133 72 61 June 30 7,415 4,720 2,695 5,174 3,469 1,705 2,241 1,251 990 7,167 4,462 2,705 131 68 6a Oct. 10 7,486 4,757 2,729 5,211 3,495 1,716 2,275 1,262 1,013 7,246 4,504 2,741 89 34 55 Dec. 31 7,507 4,871 2,636 5,183 3,532 1,650 2,324 1,339 985 7,325 4,647 2,679 123 68 55 1928—Feb. 28 7,508 4,860 2,648 5,128 3,473 1,654 2,380 1,387 993 7,220 4,524 2,696 11* 64 51 St. Louis: 1927—Mar. 23 2,066 1,332 734 1,518 934 584 548 398 150 1,979 1,197 782 49 19 30 June 30 2,071 1,337 734 1,517 931 586 554 406 148 1,970 1,187 783 63 38 25 Oct. 10 2,090 1,359 731 1,529 949 580 561 410 151 1,997 1,229 768 57 20 37 Dec. 31 2,104 1,377 727 1,525 954 571 579 423 156 2,047 1,250 797 47 21 26 1928—Feb. 28 2,114 1,375 • 739 1,518 937 581 596 438 158 2,001 1,223 778 57 29 28 Minneapolis: 1927—Mar. 23 1,496 862 634 960 541 419 536 321 215 1,504 827 677 17 7 10 June 30 1,485 851 634 948 531 417 537 320 217 1,507 842 665 18 5 13 Oct. 10 1,519 882 637 968 553 415 551 329 222 1,571 885 686 13 3 10 Dec. 31 1,527 897 630 947 547 400 579 350 230 1,560 886 674 12 3 9 1928—Feb. 28 1,535 905 631 942 545 398 593 360 233 1,561 880 . 681 11 4 7 Kansas City: 1927—Mar. 23 1,838 1,160 678 1,372 787 585 466 373 93 1,916 1,142 775 22 12 11 June 30 1,832 1,154 678 1,355 776 579 477 378 99 1,916 1,158 758 27 12 15 Oct. 10 1,856 1,168 688 1,359 776 583 497 392 105 1,940 1,166 774 28 15 13 Dec. 31 1,868 1,192 677 1,353 783 570 515 408 107 1,957 1,185 773 22 10 12 1928—Feb. 28 1,858 1,197 661 1,334 788 546 524 409 115 1,943 1,175 768 16 10 6 Dallas: 1927—Mar. 23 1,075 842 233 866 669 197 209 173 36 1,069 815 254 13 8 5 June 30 1,064 831 233 853 654 199 211 177 34 1,049 800 249 19 12 7 Oct. 10 1,117 877 240 890 689 202 227 188 38 1,134 862 272 13 9 4 Dec. 31 1,137 899 238 892 695 197 245 204 41 1,182 897 285 4 2 2 1928—Feb. 28 1,152 905 248 903 701 201 249 203 46 1,162 883 279 7 4 2 San Francisco: 1927—Mar. 23 4,059 2,946 1,113 2,933 2,126 807 1,126 820 306 4,000 2,914 1,086 70 58 12 June 30 4,083 2,967 1,116 2,956 2,141 815 1,127 826 301 4,072 2,973 1,099 54 41 13 Oct. 10 4,124 2,998 1,126 2,945 2,134 811 1,179 864 315 4,105 2,996 1,109 63 52 11 Dec. 31 4,244 3,102 1,143 2,976 2,159 818 1,267 943 325 4,252 3,113 1,139 20 7 13 1928—Feb. 28 4,268 3,077 1,191 2,948 2,092 856 1,320 985 335 4,168 3,004 1,164 68 57 11 »Includes all National, State, and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN JUNE, 1928 TABLE 2.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON FEBRUARY 28, 1928, AND DECEMBER 31, 1927,2 BY STATES [In thousands of dollars] Loans and investments Deposits, exclusive Rediscounts and Number of reof bank deposits bills payable porting banks Total Loans 3 Investments State Febru- Decem- Feb- De- February December February December February December February December ary ber ruary c b e e m r - New England: Maine 422,349 411,483 200,993 194,472 221,356 217,011 391,638 389,293 5,382 3,193 142 142 New Hampshire 283,559 283,645 139,479 140,032 144,080 143,613 255,842 259,692 1,755 1,285 123 123 Vermont. 242,850 239,269 151,258 151,551 91,592 87, 718 228,263 230,768 1,902 V ~ 105 105 Mid M R C dl h o e a o n s A n d sa e e t c c l I a h t s i n u c la t s u i n e c t t d : t s _ 1 3 , , 2 9 5 3 8 2 8 9 8 , , , 4 3 5 9 4 7 8 1 1 3 1 , , 9 5 2 9 2 2 5 5 4 , , , 1 3 6 1 4 4 3 8 0 2, 7 2 7 0 7 1 4 4 6 , , , 2 1 0 5 9 2 3 7 2 2, 2 7 7 7 0 2 6 2 6 , , , 5 5 4 2 0 6 9 0 8 1, 2 5 2 3 5 7 4 2 5 , , , 3 3 2 1 7 4 9 4 5 1,2 2 5 6 2 4 2 8 8 , , , 8 6 1 8 1 1 3 0 1 3 1 , , 6 1 5 5 5 0 7 3 9 , , , 3 3 6 7 4 5 4 6 8 3 1 , , 1 5 7 5 0 2 1 8 8 , , , 4 6 5 5 8 2 4 1 5 5 7 8 , , 9 0 7 6 0 5 4 8 6 2 7 9 , , 0 6 3 0 9 0 1 7 3 4 2 3 4 3 7 5 3 4 2 4 3 3 4 7 3 New York 15,441,062 15,637,52410,762,705 11,134,813 4,678,357 4, 502,711 13,991,306 14,173,096 151,686 302,957 1,147 1,152 New Jersey 2,330,587 2,351,712 1,518,700 1,535,990 811,887 815,722 2,187,257 2,257,378 35,000 33,705 564 575 Pennsylvania 5,569,851 5,560,632 3,228,420 3,210,106 2,341,431 2,350, 526 4,881,272 4, 912, 989 91,035 137,889 1,627 1,623 East North Central: Ohio 2,626,818 2,569,130 1,935,632 1,912,758 691,186 656,372 2,505,303 2,466,975 * 50, 542* 40,014 1,057 1,059 Indiana _ 868,396 876,353 653,629 659,132 214,767 217,221 825,893 839,958 47, f" 44,009 1,048 1,050 Illinois ... 3,702,128 3,722,589 2,675,149 2,726,476 1,026,979 996,113 3,476,500 3,578,417 30,680 34,736 1,826 1,834 Michigan 1,876,003 1,860,942 904,082 909,677 971,921 951,265 1,818,142 1,816,683 26,805 36,832 747 748 Wisconsin 920,857 905,921 624,990 618,352 295,867 287, 907,432 905,044 14,507 9,752 972 970 WestlNorth Central: Minnesota.. 922,025 922,434 542,378 549,930 379,647 372,504 885, 535 895,075 7,872 1,150 1,163 Iowa 793,414 786,805 681,549 678,185 111, 865 108,620 837,763 »825,439 8,570 10,150 1,341 1,355 Missouri 1,284,279 1,269,820 904,769 379,510 366,92251,200,78281,225,857 31,495 22,290 1,391 1,416 North Dakota .. 126,997 127,950 91,886 93,262 35, 111 34,688 143,302 144,105 1,076 991 508 512 South Dakota 127,747 126,786 92,940 93,316 34,807 33,470 146,281 142,055 1,253 1,621 413 415 Nebraska 403,147 410,974 324,950 335,263 78,197 75,711 419,407 421,880 5,059 9,065 934 1,012 Kansas 392,265 400,574 294,696 303,001 97,569 97,573 8 415,246 8 416,499 3,098 5,393 1,132 1,153 South Atlantic: Delaware 138,921 136,212 85,413 83,158 53,508 53,054 120,522 120,371 1,361 1,179 48 49 Maryland 827,044 839,739 489,170 495,135 337,874 344,604 773,619 794,531 9,873 243 243 District of Columbia. 242,634 236,472 182,257 176,672 60,377 59,800 243,103 232,115 313 2,466 42 42 Virginia 558,967 8 562,624 466,795 6 472,409 92,172 6 90,215 467,736 6 472,527 18,534 18,551 496 496 West Virginia 359,210 364,562 292,474 299,928 66,736 64,634 339,487 336,199 7,783 13,267 331 335 North Carolina 409,495 408,042 350,016 348,594 59,479 59,448 387,815 413,163 12,581 4,715 451 458 South Carolina 187,219 190,228 142,314 144,445 44,905 45,783 186,709 201,495 3,708 1,967 258 271 Georgia 357,217 360,602 292,485 295,317 64, 732 65,285 328,716 342,081 12,143 9,555 454 466 Florida 379,890 376,564 256,948 251,983 122,942 124, 581 396,385 385,927 11,675 13,621 318 317 East South Central: Kentucky i 485,971 487,269 370,599 374,064 115,37 113, 205 423,796 426,699 8,220 10,788 602 602 Tennessee 405, 468 400,649 343, 947 344,693 61, 521 55, 956 8 401, 059 8 411,208 6,415 7,852 508 512 Alabama 291,978 289,569 235,932 231,689 56,046 57,880 s 278,669 « 298,149 10,257 355 356 Mississippi 229,679 225,090 176,998 172,322 52, 681 52, 768 235,293 241,924 6,213 325 325 West South Central: Arkansas. 200,290 199,331 164,571 166, 652 35, 719 32, 679 200,970 212,665 4,211 2,276 437 447 Louisiana 390,927 415,498 326, 776 64,151 77,045 374,918j 406,038 15,213 21,506 228 232 Oklahoma 376,813 380,008 241,649 246,372 135,164 133, 636 417, 680| 419, 788 2,700 1,365 672 679 Texas 1,024,419 804,237 794, 032 220,182 214,628 1,022,5811 1, 038, 074 5,365 2,666 1,379 1,391 Mountain: Montana.. 143, 555 140,848 90, 790 52, 765 52, 785 160, 599 160,433 173 145 204 205 Idaho _ 77,451 78,290 47, 713 48,615 29, 738 29,675 86,597 91,700 476 331 142 143 Wyoming 53,832 54,609 37,600 38,442 16,232 16,167 58, 522J 61,229 119 60 86 Colorado 267,364 264,155 164,521 164, 285 102,843 99,870 288,3561 289,672 1,265 1,371 293 New Mexico 36, 733 35,426 23, 569 22, 783 13,164 12, 643 41,1571 42,493 149 12 59 59 Arizona 70,107 67,028 47,578 44,849 22, 529 22,179 8 82, 552 5 81, 378 7 694 7 805 46 46 Utah II. 151, 822 152, 219 119,890 122, 521 31, 932 29,698 131,188> 136,691 1,152 748 104 107 Nevada 35,661 35,894 27,250 27, 817 8,411 8,077 38, 412 39, 892 35 35 Pacific: Washington 417,592 423,181 253,742 262, 578 163,850 160,603 429, 699 439,404 2,442 1,156! 356 357 Oregon 258, 240 260, 746 144,142 149, 696 114,098 111, 050 265,1941 275, 472 2,220 1,466! 245 247 California 3,282,232 3,251,848 2, 322,968 2,335, 537 959,264! 916,311 3,164, 833!3, 217, 63861, 509 16,242' 500 511 Total 155,751,4756 55,855, 007 37,925,0216 38,395,815 17, 826, 454 817, 459,15922,183, 709,6 52,878,819 789,326|6893,437j 26,155! 26,431 * Includes all national, State, and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Figures for State institutions are taken from the table on page 444 and represent in some cases the condition of banks as of dates other than Dec. 31 and Feb. 28. 3 Includes acceptances of other banks and foreign bills of exchange sold with indorsement by member banks. * Includes bonds borrowed. 5 Includes due to banks. 6 Revised figures. 7 Includes other liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1928 FEDERAL RESERVE BULLETIN 443 TABLE 3—NATIONAL BANKS-PRINCIPAL RESOURCES AND LIABILITIES ON FEBRUARY 28, 1928, AND DECEMBER 31, 1927, BY STATES [In thousands of dollars] Loans and investments Deposits, exclusive Rediscounts and Number of reof bank deposits bills payable porting banks State Total Loans Investments Feb- Decem- Feb- Decem- Feb- Decem- Feb- Decem- Feb- Decem- Feb- Decemruary ber ruary ber ruary ber ruary ber ruary ber ber New England: Maine 142,916 144,901 72,847 72,426 70,069 72,475; 128,400 133,954 1, 1,394 57 New Hampshire 67,979 68,065 39,452 40,005 28, 527 28,060i 56,435 60,285 1,667 1,197 55 Vermont 65,472 65,557 36, 676 37, 705 28,796 27,852' 56,287 57,326 882 46 Massachusetts 1,206,020 1,206,188 845,321 851,207 360, 699 354, 981! 1,042,473 1,086,419 45* 360 14,822 153 r^« Rhode Island 57, 775 57,058 33,215 33,537 24, 560 23,5211 46,641 47,081 551 300 13 *" Connecticut 262, 803 262,365 180,186 179,821 82, 617 82,544 238, 970 244, 665 4,151 3,030 65 Middle Atlantic: New York 4,770,918 5,089, 707 3,188,616 3, 573, 2471,582,302! 1,516,460 4,042,192 4,106,886 86, 614247,958 563 New Jersey 830, 296 842, 528, 511,112 524, 648 319,184! 317,880 779,396 806, 978 17,018 18, 337 295 Pennsylvania 2, 599,9522, 573,091 1, 526, 3821, 516,8291,073,570 1,056,262!2, 231,986| 2,230,429 52, 369 65, 322 867 East North Central: I Ohio 735,428 717,977 478,119 470, 621 257, 309 247,356 679, 636 669,012 14,427; 13,854 Indiana 344,166 352,123 231,615 237,118 112, 551 115,005 315,142 329,207 6,174! 2,520 Illinois 1, 500, 9861, 526,050 1,073,315 1,110, 277 427, 671 415, 773 1, 316,1561, 377,896 13,971 i 16,432 487 Michigan 484, 871 434,882 319,873 292, 368 164, 998 142, 514' 464,665 433, 644 15,356 j 10,803 133 Wisconsin 384,152 375, 765 254, 710 249,623 129,442 126,142| 354,968 354,643 5,627 156 West North Central: Minnesota 529,104 530, 078 323, 603 329,337 205, 501 200, 741 484, 530 495,863 2,534 920 281 Iowa 277, 637 272, 515 189, 954 187,368 87, 683 85,147 263, 219 260,942 3,220 j 3,512 281 Missouri 536,106 534,187 395, 231 399, 818 140,875 134,369 432,432 446, 919 13,437 i 7,723 136 North Dakota 73, 584 74,537 45, 985 47,361 27, 599 27,176 78, 594 79, 397 469; 384 141 South Dakota 59,044 58,650 35,020 35, 208 24,024 23,442 62, 548 61,731 470 562 97 Nebraska __ 179,364 174,388 134, 529 129,354 44, 835 45, 034 160,018 154,907 2,843 4,837 157 Kansas 194, 002 194, 967 133,629 133, 507 60,373 61, 460' 194,219 199,359 1,140 1,340 257 South Atlantic: Delaware 22,782 22, 767 12, 557 12,477 10, 225 10, 290! 18, 993 19,; 6201 616 19 Maryland 245,304 256,937 150,743 155, 646 94,561 101,291: 207, 024 227, 936 7,370 6,495 84 District of Columbia. „_ 128,017 122,195 94,309 90,148 33, 708 32,047 126,050 118,477 1,670 13 Virginia 333,476 337,512 270,851 276,844 62,625 281,094 285,885 10,317 10,334 167 West Virginia 163,679 165,885 126,539 129, 747 37,140 36,138 151, 591 149,328j 2,083 5,830 120 North Carolina 157,421 157,036 127, 615 126, 883 29,806 30,153 142,789 151,674| 4,825 1,783 76 South Carolina 106,101 109,249 77,932 80,135 28,169 29,114 99,917 110,692 2,664 1,377 62 Georgia 212,049 212,756 165,136 166,057 46.913 46,699 195,662 200,668 3,817 83 Florida 201,261 197,935 125, 670 120, 705 75, 591 77,230 203,476 193,018| 3,533 M79 62 East?South Central: Kentucky 255,499 256,797 176,988 180,453 78,511 76,344 217,194 220, 0971 3,533 6,101 141 Tennessee 207,427 206,484 171,554 172,031 35,873 34,453; 186, 641 190,1851 1,886 2,620 104 Alabama 183,535 186,301 139,901 140, 662 43,634 45,639 169,135 181,471 5,309 2,357 106 Mississippi 76,626 75,671 55, 712 54,290 20.914 21, 381 \ 75,046 76,958 2,061 1,878 37 West South Central: Arkansas 77,974 77,309 56,420 57,560 21, 554 19,749 74,057 77,448 1,195 197 78 Louisiana .__ 92,250 97,228 78,631 81,63£ 13,619 15,589; 84, 060 90, 757 2,200 808 32 Oklahoma 311,510 312,937 196,218 199,523 115, 292 113,414! 337,439 334,308 2,026 1,003 341 Texas 802,270 794,675 619,654 612,44C 182, 616 182,235; 775,342 781,388 2,958 1,244 643 Mountain: Montana 74,601 73,801 47,964 47,283 26,637 26,518 81, 282 81,623 41 71 Idaho 43,406 44,785 27,964 28,926 15,442 15,859| 47,032 51,581 236 114 52 Wyoming 32,388 32,858 20,709 21,074 11,679 11,784; 33,833 35,359 48 29 Colorado 209.033 206,424 125,077 124,717 83,956 81,7071 221,005 222,456 1,057 124 New Mexico 27,238 26,307 17,347 16,884 9,891 9,4231 29,858 30,803 124) 29 Arizona 23, 765 22,057 15,789 13,943 7,976 8,1141 28,173 27,460 433 311 15 Utah 46,151 46,796 34,578 13,182 12,218; 41,094 43,135 456 19 20 Nevada 15,305 15, 111 10,231 10,250 5,074 4,86l! 15,196 15,563 10 Pacific- Washington 250,122 256,627 146,785 154,283 103,337 102,344 257,380 265,164 1,297 576 HI Oregon 174.034 176,886 88,799 93,987 85,235 82,899] 175,972 183,230 1,223 818 95 California 1, 705,1701, 683,023 1,176,178 1,181.053 528,992 501,970 1,619,652 1,649,306 39,879 4,014 227 Total 21,480, 969 21, 729,928 14,405, 632 14,835,603 7,075,337 6,894,325 19,324,894 19,652,822 394,698 481,382 7,728 7,759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN JUNK, 1928 TABLE 4.—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON FEBRUARY 28, 1928, AND DECEMBER 31, 1927,* BY STATES [In thousands of dollars] Loans and investments Rediscounts Number of Deposits, exclusive and bills reporting of bank deposits payable banks Total Loans Investments State r F u e a b ry - De b c e e r m- r F u e a b r - y De b c e e r m- r F u e a b r - y De b c e e r m- r F u e a b r - y De b c e e r m- r F u e a b r - y c D b e e m e r - - r F u e a b r - y c D b em e e r - - New England: Maine, ___ 279,433 266,582 128,146 122,046 151,287 144,536 263.238 255,339 3,514 1,799 85 85 New Hampshire 215,580 215,580 100,027 100,027 115,553 115,553 199,407 199,407 88 88 68 68 Vermont 177,378 173,712 114,582 113,846 62,796 171,976 173,442 814 586 59 59 Massachusetts 2,776,334 2,783,451 1,861,659 1,869,552 914,675 2,614,903 2,642,235 12,648 14,875 292 291 Rhode Island 470,566 468,054 242,807 242,962 227,759 225,092 462,703 461,440 205 24 24 Connecticut 975,695 962,27.r 524,067 522,708 451,628 439,567 914,688 906,820 3,813 3,971 168 Middle Atlantic: New York _._ 10,448,231 10,335,065 7,352,176 7,348,814 3,096,055 2,986,251 9,949,114 10,066,210 65,072 54,999 585 589 New Jersey 1,499,837 1,509,006 1,007,134 1,011,164 492,703 497,842 1,407,861 1,450,400 17,982 15,368 269 280 Pennsylvania 2,969,646 2,987,241 1,701,785 1,692,977 1,267,861 1,294,264 2,649,286 2,682,560 38,666 72, 567 756 756 East North Central: Ohio 1,886,081 1,848,103 1,452,204 1,439,087 433,877 409,016 1,825,667 1,797,963 8 36,115 ' 26,160 719 721 Indiana 524,230 524,230 422,014 422,014 102,216 102,216 510,751 510,751 4"1",4 89'""41,489 820 820 Illinois _. 2,201,140 2,196,539 1,601,832 1, 616,199 599,308 580,340 2,160,344 2,200,521 16, 709 18,304 1,340 1,347 Michigan _. 1,391,101 1,426,060 584,178 617,309 806,923 808, 7511,353,477 1,383,039 11,449 26,029 614 615 Wisconsin 536,426 530,156 370,001 368,729 166,425 161,427 552,464 550,401 5,573 4,125 816 814 West North Central: Minnesota 392,921 392,356 218,775 220, 593 174,146 171,763 401,005 399,212 5,792 6,952 882 Iowa 515,777 514,290 491,595 490,8r 24,182 23,473 * 574, 544 < 564,497 5,350 1,065 1,074 Missouri 748,130 735,590 509,495 503,03' 238,635 232,553 < 768,350 < 778,938 18,058 14,567 1,254 1,280 North Dakota 53,413 53,413 45,901 45,901 7,512 7,512 64,708 64,708 607 607 371 371 South Dakota 68,703 68,136 57,920 58,108 10, 783 10,028 83,733 80,324 783 1,059 316 31& Nebraska 223,783 236, 586 190,421 205,909 33,362 30,677 259,389 266,973 2,216 4,228 7777 855 Kansas 198,263 205,607 161,067 169,494 37,196 86,113 « 221,027 < 217,140 Lf" 4,053 878 South Atlantic- Delaware 116,139 113,445 72,856 70,681 43,283 42,764 101,529 101,062 741 30 30 Maryland 580, 730 580, 730 337,417 337,417 243,313 243,313 566,595 566,595 2,503 159 159 District of Columbia. 114, 617 114,277 87,948 86,524 26,669 27,753 117.053 113,638 313 796 29 29 Virginia. 223,446 « 223,446 193,899 « 193,899 29,547 * 29, 547 186,642 «186,642 8,217 •8,217 329 329 West Virginia 195,531 198,677 165,935 170,181 29, 596 28,496 187,896 186,871 5,700 7,437 212 215 North Carolina. _. 252,074 251,006 222,401 221,711• 29,673 29,295 245,026 261,489 7,756 2,932 374 382 South Carolina. _. 81,118 80,979 64,382 64,310 16,736 16,669 86,792 90,803 1,044 590 199 209 Georgia 145,168 147,846 127,349 129,260 17,819 18, 586 133.054 141,413 8,326 6,719 372 383 Florida 178,629 178,629 131,278 131,278 47,351 47,351 192,909 192,909 8,142 8,142 255 255 East South Central: Kentucky 230,472 230,472 193, 611 193,611 206,602 206, 602 4,687 4,687 461 461 Tennessee 198,041 194,165 172,393 172,66f 25,648 21, 503 214,418 < 221,023 4,529 5,232 404 408 A M l i a s b si a s m si a ppi 1 15 0 2 8 , , 9 4 8 4 4 3 1 14 0 9 3 , , 4 2 1 6 9 8 121,217 1 9 1 1 8 , , 0 0 2 3 7 2 3 1 1 2 , , 4 7 1 6 2 7 3 1 1 2 , , 2 3 4 8 1 7 < 1 1 6 0 0 9 , , 2 5 4 3 7 4 < 1 1 6 1 4 6 , , 9 6 6 7 6 8 4 4 , ,1 9 5 4 2 8 3 2, , 1 7 1 6 1 0 249 250 West South Central: Arkansas 122,316 122,022 108,151 109,092 14,165 12,930 126,913 135,217 3,016 2,079 359 Louisiana _ 297,375 316,656 246,843 255,200 50,532 61,456 290,858 315,281 13,013 20,698 196 200 Oklahoma ___ 65,303 67,071 45,431 46,849 19,872 20,222 80,241 85,480 674 362 333 338 Texas 222,149 213,985 184,583 181, 592 37,566 32,393 247.239 256,686 2,407 1,422 740 748 Mountain: Montana 68,954 67,047 42,826 40,780 26,128 26,267 79,317 78,810 111 104 133 134 Idaho 34,045 33,505 19,749 19,689 14,296 13,816 39,565 40,119 240 217 91 91 Wyoming 21,444 21,751 16,891 17,368 4,553 4,383 24,689 25,870 119 12 59 57 Colorado 58,331 57, 731 39,444 39,568 18,887 18,163 67,351 67,216 335 314 165 169 New Mexico 9,495 9,119 6,222 5,899 3,273 3,220 11,299 11,690 25 12 30 30 Arizona 46,342 44,292 31,789 30,227 14,553 14,065 * 54,379 * 53,918 •261 •494 31 31 Utah 105,671 105,423 86,921 87,943 18,750 17,480 90,094 93,556 729 84 87 Nevada 20,356 20,783 17,019 17,567 3,337 3,216 23,216 24,329 25 25 Pacific: Washington 167,470 166,534 106,957 108,275 60,51! 58,259 172,319 174,240 1,145 246 246 Oregon 84,188 83,821 55,325 55,670 28,863 28,151 89,222 92,242 997 648 152 152 California 1,570,916 1,559,510 1,140,644 1,145,169 430,27r 414,341 1,545,181 1,568,332 21,630 12,228 276 284 Total 34,024,415 * 33,887,641 23,273,298 • 23,322,77410,751,117810,564,867 32,858,815 • 33,225,997 3©4,628« 412,052 18,427 18,672 1 Includes all State and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Or dates nearest thereto for which figures are available. • Includes bonds borrowed. * Includes due to banks. 8 Revised figures. «Includes all other liabilities. 7 Exclusive of banks operated by Guaranty Fund Commission. NOTE.—All figures in the December columns are as of Dec. 31 except as follows: New Hampshire, June 30; Massachusetts, savings banks* Oct. 31; New York, State banks, Nov. 15; Kansas, Dec. 15; Kentucky, June 30,1926; Tennessee, Nov. 16; Oklahoma, Dec. 27; Colorado, Dec. 10- All figures in the February columns are as of Feb. 28 except as follows: Maine, Mar. 31; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, Dec. 31; Connecticut, savings banks, Mar. 31; New York, State banks, Mar. 2, savings banks, Dec. 31; Pennsylvania, Mar. 12; Indiana, Dec. 31; Minnesota, Mar. 5; Missouri, Apr. 12; North Dakota, Dec. 31; Nebraska, Mar. 10; Maryland, Dec. 31; Virginia, Dec. 31; Georgia, Mar. 31; Florida, Dec. 31; Kentucky, June 30, 1926; Tennessee, Apr. 24; Alabama, Apr. 5; Louisiana, Apr. 10; Colorado, Mar. 6; Utah, Mar. 28; Kansas, Mar. 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS OKLA. Oklahoma City I ARK- / Littie#Rock/ ——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