Federal Reserve Bulletin, 1928-10

FEDERAL RESERVE BULLETIN OCTOBER, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Bank Credit and the Marketing of Crops Changes in Demand for Currency 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 officio members: ROY A. YOUNG, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury Chairman, ADOLPH C. MILLER. y CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re- J. F. HERSON, Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND). HARRIS CREECH. District No. 5 (RICHMOND) JOHN F. BRUTON, Vice President. District No. 6 (ATLANTA) « P. D. HOUSTON. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS). W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) P. W. GOEBEL. District No. 11 (DALLAS) B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Bank of— I Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss W. P. G. Harding W. W. Paddock W. Willett. J. H. Case J. W. Jones.* New York... G. W. McGarrah Benj. Strong . L. F. Sailer Ray M. Gidney.* G. L. Harrison J. E. Crane.* E R. Kenzel W. B. Matteson.i A. W. Gilbart L. R. Rounds. Philadelphia. _ R. L. Austin Geo. W. Norris__. Wm. H. H at C. A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp.. E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton.. George J. Seay C. A. Peple Geo. II. Keesee. R. II. Broaddus John S. Walden, jr.J 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.1 John H. Blair K. C. Childs.i J. H. Dillard.s D. A. Jones.* O. J. Netterstrom.' St. Louis Wm. McC. Martin C. Biggs O. M. Attebery. A. H. HailU F. N. Hall.* S. F. Gilmore.* G. 0. Hollocher.» C. A. Schacht.» Minneapolis.. John R. Mitchell ..... W. B. Geery B.V.Moore Gray Warren. Harry Yaeger Frank C. Dunlop.8 Kansas City M. L. MeClure W. J. Bailey C. A. Worthington. J. W.Helm. Dallas C. C. Walsh Lynn P. Talley R R . . B R . . G Co ilb le e m rt an..... F W re . d D H . G ar e r n is tr . y.^ San Francisco Isaac B. Newton J. U. Calkins-- Wm. A. Day Wm. M. Hale. Ira Clerk * Assistant deputy governor. l 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. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch _ J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch „_ D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Bank credit and the marketing of crops 679 Recent credit trends—Factors in demand for commercial credit—Prices of farm products—Position of rural banks—Reserve bank credit. Changes in demand for currency in the United States 684 Condition of all banks in the United States on June 30 682, 730-733 National summary of business conditions 688 Financial, industrial, and commercial statistics: Reserve bank credit 689, 690 Monetary gold stock and money in circulation 691 Discount rates and money rates 692 Member bank credit 694 Bankers' balances 695 Bankers' acceptances and commercial paper outstanding 695 Brokers' loans 696 Commodity prices, security prices, and security issues 697 Production, employment, and trade 698 Industrial production 699 Factory employment and pay rolls 700 Building . 701 Trade and distribution 702 Bank suspensions and commercial failures 704 September crop report 705 Financial statistics for foreign countries: Condition of central banks 706 Condition of commercial]banks 708 Discount rates of centraljbanks 708 Money rates 709 Gold exports and imports 710 Foreign exchange rates 711 Price movements 712-714 Changes in national and State]bank membership 715 Fiduciary powers granted to national banks ~ 715 Detailed banking statistics for the United States 716-729 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 14 OCTOBER, 1928 No. 10 REVIEW OF THE MONTH The additional reserve bank credit has been supplied largely through the purchase of ac- Loans and investments of member banks in ceptances in the open market, and up to the leading cities have increased in recent weeks, end of September the seasonal demands for reflecting chiefly a renewed Recent credit currency have not resulted in an increase of expansion of loans on securtrends. the indebtedness of member banks to the ities. Compared with last reserve banks. spring, however, the volume of loans and in- The seasonal growth in circulation reflected vestments of these member banks is about in part an increase in factory pay rolls and a $280,000,000 lower. The decrease for this demand for cash connected with the progress period has been entirely in the banks' holdings of investments and in their loans on securities, of the harvesting season. Increased demand while all other loans increased and were at for currency was until the middle of September the end of September about $350,000,000 above the principal factor in the growth of demand their level of a year ago and in larger volume for reserve bank credit, but in recent weeks than at any other time in the past seven years. there has also been an increase in member The seasonal growth in this class of loans bank reserve requirements. began this year in the last week of July, which Growth of "all other" loans reported by memis the usual time, and the increase from then ber banks in leading cities in recent months reuntil the end of August was $115,000,000. flected in part the usual autumn Since that time there has been some further Factors in de- •• -, Ml •, -, * , - demand upon these banks lor growth in this class of loans. These figures mand for com- ^ . indicate that credit has been available to the mercial credit. credit to finance the moving of banks' commercial customers for their usual farm products to market. The seasonal requirements. The cost of bank increase in this class of loans this year from the credit, however, has been higher than at any end of July to the end of September has been other time in the past seven years. The less than usual, however, partly because the haradvance in money rates has been general for vesting of some of the major crops, particularly all classes of loans, the largest increase being cotton, has been delayed by weather conditions. in rates for call loans on securities. Other The late season has been reflected in the volume open-market rates have shown a smaller ad- and value of commodities of agricultural origin vance and rates charged by banks to their in storage at the marketing centers. The regular customers have advanced less than value of these stocks of farm products was open-market rates. The rise in the cost of lower in July and August than at the same time credit during the past year has been due chiefly last year or the year before, as is indicated by to the loss of gold and the consequent heavy the chart, which shows by months for the indebtedness of member banks to the reserve period since the end of 1923 an index of the banks. During August and September there estimated value of farm products in storage at has been a further growth in the demand for principal marketing centers. It is based on volume and price figures for 16 commodities for reserve bank credit arising chiefly from the seasonal increase in the demand for currency.1 which satisfactory data are available. The chart also brings out the fact that in recent years these stocks have usually been at or close i A special article on changes in the demand for currency appears on p. 684. to their seasonal low point in July and have increased rapidly until November or December. 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN OCTOBER, 1928 It is, therefore, during this period that in- largerJthan it was last year, when it was below creased demand for credit for carrying crops is the average. The indicated yield of corn, 2,930,an important factor in the movement of com- 000,000 bushels, is about 6 per cent larger than mercial loans of the reporting member banks. production in 1927 or the average production These loans usually reach their seasonal peak of the five years 1922-1926. Increase in around the end of October. Commercial production is largest in the main Corn Belt States, which is the reverse of the situation of last year, when Southern and Central Western FARM PRODUCTS IN CENTRAL MARKETS 175 175 States harvested yields above the average, while the Eastern States of the central Corn Belt 150 had a short crop. The table below gives the September 1 estimates for the principal crops, compared with last year's production and with the average for the five years 1922-1926: PRODUCTION OF FARM CROPS In millions of units] 1923 1924 1925 192S Sept. Aver- Index of estimated value of 16 farm products in principal marketing Crop Unit 1 f ,1 o 9 re 2 - 8, c 1 r 9 o 2 p 7 a fo g r e centers at end of month. 1923-1925=100. cast 1922- 1926 stocks of farm products continue to increase Wheat, total Bushel 901 873 807 after that time, but there is usually a reduction Winter do 579 553 556 Spring . . do 322 319 252 in the demand for commercial credit from other Corn do 2,931 2,774 2,776 Cotton Bale U4 13 13 5 sources, which more than offsets the demand for Oats Bushel 1,454 1,184 1,352 Tobacco Pound . 1,372 1,211 1,338 carrying crops, with the consequence that the Potatoes, white Bushel 467 407 394 Hay, tame Ton 88 107 91 total volume of commercial loans begins to decline. 1 October 1 forecast. Although the commercial loans of the report- Prices of farm products, as measured by the ing member banks have not increased during general index of the Department of Agriculture, August and September of this year by as computed from prices at the Prices of farm much as they usually do at this time, princi- farm, after declining further in products. pally on account of the later harvesting season, August, rose slightly in Sepindications are, in view of the expected yields tember and continued, as in earlier months of of farm crops, that for the marketing season this year, to be higher than a year ago. They as a whole the demand for credit to finance the were in September slightly higher than in 1927 crop movement will not be appreciably less and 5 per cent higher than in 1926. The than it has been in other recent years. The decline from the relatively high level of last September estimates of the Department of May reflects in part a decrease in the prices of Agriculture indicate that the yields of most of wheat and cotton, due in considerable part to the grain and feed crops will be abundant, the larger production of these crops than had yield per acre of these crops being estimated been anticipated by the market. In Septemat 3.3 per cent above the 10-year average. ber the price of wheat was lower than a year The total yield of wheat is estimated at 900,- ago by about 20 per cent, and the price of 000,000 bushels, or more than 25,000,000 cotton was lower by more than 20 per cent. bushels above last year's production. The Prices of livestock, on the other hand, have cotton crop this year, according to the official continued to advance to a general level 22 per October estimate, will be about 8 per cent cent above that of last year. The price of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

681 OCTOBER, 1928 FEDERAL RESERVE BULLETIN cattle in September was the highest since 1919, usual seasonal growth in deposits of country and the price of hogs, after having declined to banks, an increase which usually continues a low point early in the year, has more recently until November or December. advanced to a level in September about 14 This seasonal growth in deposits originates per cent higher than last year. Milk and primarily in the sale of farm products by butter are somewhat higher than in 1927. agricultural communities, but represents never- Estimated returns to farmers from the sale theless chiefly the deposit in country banks of of livestock during the first eight months funds arising from loans made by city banks. of the year increased by about 4 per cent from The accumulation of stocks at marketing 1927 to 1928, larger returns from the sale of centers, which accompanies the movement of cattle, calves, and sheep more than offsetting crops, results in increased requirements for smaller aggregate returns from hogs. bank accommodation by marketing agencies. The relatively larger returns to agriculture These agencies borrow largely from city banks fronTthe operations of the past year, including and use the funds thus obtained in payment the sale of crops and of live- for the crops purchased in the agricultural Position of k d d ai products h a ve communities. These funds constitute the rural banks. n . i - i 1*• i source of the seasonal growth in the deposits been reflected m a substantial of country banks. These banks in turn are increase in the deposits of banks in agricultural in a position to use the funds for reducing their regions. Member banks in centers with less indebtedness at the Federal reserve banks COUNTRY BANKS and to increase their own credit operations. 1 M 4 IL 0 L 0 IONS OF DOLLARS IN AGRICULTURAL STATES MILLIONS OF DOL 1 L 4 A 0 R 0 S The indebtedness of country banks to the reserve banks consequently decreases in the 1300 autumn, and their total loans and investments generally increase. At this season of the year, 1200 however, the demand for bank credit by local rural borrowers diminishes and reaches its 1100 seasonal low point, so that the country banks generally use the funds remaining after cur- 1000 tailment or liquidation of discounts with the reserve banks in increasing operations outside of their own communities. They accumulate larger balances with city correspondents, pur- 1923 1927 1928 chase acceptances and commercial paper from Deposits of member banks in towns with a population of less than 15,000, dealers, place loans on call or on time in the located in 21 agricultural States security market, and make more permanent than 15,000 population in 21 agricultural States investments in bonds or other securities. held in August, a time when these deposits are generally at the lowest level for the year, Owing in considerable part to the lateness of about $2,240,000,000 in net demand and time the crop movement this year, especially for deposits, considerably more than at the same cotton, the indebtedness of country banks at season in any other recent year and about the reserve banks rose to a higher level than $100,000,000 more than a year ago. The in any other year since 1924 course of net demand and time deposits of Reserve bank and reacne cl its seasonal peak these banks during the last five years is shown credit. considerably later than usual. on the chart. The chart indicates that the This is indicated by the chart, which shows by increase in September of $21,000,000 in netweeks for the last six years the volume of disdemand deposits marks the beginning of thecounts at Federal reserve banks for member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN OCTOBER, 1928 banks outside leading cities in eight Federal preceding years and slightly above the annual reserve districts that are largely agricultural in average (6.2 per cent) for the six fiscal years character. The chart shows that in conse- since the middle of 1922. quence of the relatively favorable returns to The chart shows the course of loans and investments of all banks, member banks, and MILLIONS OF DOLLARS MILLIONS OF DOLLARS 250 250 nonmember banks since 1919, and the current DISCOUNTS FOR COUNTRY BANKS figures are given in detail, by Federal reserve 200 200 districts and by States, on pages 730-733. Loans and investments of all banks at the BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 L(3ANSAND INVESTMl:NTS OF 60 ALLBANl<S INTHE UNITEDST/ VTES 50 50 Total 1923 1924 1925 1926 1927 1928 Weekly figures of paper discounted by Federal reserve banks for member banks outside weekly reporting cities in 8 Federal reserve 40 / ** districts (districts 5-12) / agriculture last year these banks reduced their indebtedness in February, 1928, to about Member EJanks 30 30 $55,000,000, a lower level than at any other y* - ^" time in recent years, and that the increase of ' about $80,000,000 from that time until liqui- Non-Membei Banks 20 - - 20 dation began in September was greater than in -^ ** any other year since 1923. Recent reduction of demand for reserve bank credit from member banks in agricultural districts has been accom- 10 10 panied by a growth in the demand from other sources. Total volume of reserve bank credit outstanding, after a substantial decrease in 0 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 July, increased during August and September Figures for end of June to a level higher than in any other autumn end of June in each of the last 15 years and month since 1921. The increase of $130,- actual and percentage changes for each fiscal 000,000 reflected primarily an increased de- year are given in the accompanying table. mand for currency, amounting to $110,000,000, but also the growth of $18,000,000 in member ALL BANKS IN THE UNITED STATES bank reserve balances. [In millions of dollars] Loans Increase or and decrease (—) End of June- CONDITION OF ALL BANKS IN THE UNITED ments Amount Per cent STATES ON JUNE 30 1914 20,789 Loans and investments of all banks in the 1 19 9 1 1 6 5 . _ , 2 2 1 4 , , 4 5 6 8 6 7 3,1 6 2 7 1 7 1 3 4 . . 3 5 United States—including national banks, State 1 1 9 9 1 1 7 8 3 2 1 8 , , 8 2 1 8 3 7 3 3 , , 5 7 2 0 6 0 1 1 5 2 . . 0 5 commercial banks, trust companies, mutual 1 1 9 9 1 2 9 0 4 3 1 6 , ,5 6 7 8 0 5 4 5 , ,1 7 1 5 5 7 1 1 5 4 . . 0 0 and stock savings banks, and private banks 1 19 9 2 2 2 1 _ . 3 39 9 , , 9 9 5 9 6 9 -1,6 -4 8 3 6 -4.0 under State supervision—increased during the 1 1 9 9 2 2 4 3 4 45 3 , , 1 7 8 3 0 8 3 1 , ,4 7 4 8 2 2 9 3 . . ' 3 5 year ending June 30, 1928, by about $3,480,- 1 19 9 2 2 6 5 4 5 8 1 , , 8 5 3 6 0 2 3 2 , , 6 7 5 3 0 2 8 5. . 6 1 000,000, or 6.5 per cent. This rate of increase 1 19 9 2 2 7 8_. 1 5 5 7 3, , 2 7 3 5 3 0 3 2 , , 4 1 8 8 3 8 4 6 . . 2 5 was considerably larger than in either of the two 1 Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 683 During each of the last 14 fiscal years, with ALL BANKS IN THE UNITED STATES two exceptions, total loans and investments of [ Figures for end of June. Amounts in millions of dollars] all banks in the United States have shown increases. The exceptions are the fiscal year Increase 1928 1927 1920-21, when bank credit declined by jAmount Percent about $1,700,000,000, and 1921-22, when it Loans and investments: decreased very slightly. The total increase All banks. __ 57, 233 i 53,750 3,483 6.5 Member banks, total i 35,061 i 32, 756 2,305 7.0 since the middle of 1922 has amounted to In leading cities i 22, 300 1 20,658 1,642 7.9 $17,277,000,000, and the average increase per Non O m u e t m si b d e e r l e b a a d n in k g s cities 2 12 2 , ,1 7 7 6 2 2 i 1 2 2 0 , , 0 9 9 9 8 4 1, 6 1 6 7 4 8 5 5 . . 5 6 year has been about $2,880,000,000. For the Total loans: All banks. 39,446 i 37,360 2,086 5.6 14 years since the middle of 1914, including the Member banks, total i 24,303 1,365 6.0 period of rapid increase during the war, the I O n u l t e s a id d e in l g e a c d i i t n ie g s cities i 1 8 5 , , 6 6 5 5 0 3 1 8 4 , , 3 5 7 5 9 9 1, 2 0 7 9 1 4 3 7 . . 2 5 annual rate of change of loans and invest- Nonmember banks 15,144 14,421 723 5.0 Total investments: ments of all banks has varied between an in- All banks _ 17,787 16,391 j 1,396 8.6 crease of 15 per cent (1916-17 and 1918- Mem In b e le r a b d a i n n k g s c , it t i o e t s al 1 6 0 , , 6 7 4 59 7 9 6 , ,0 8 9 1 9 8 9 5 4 4 1 8 9 9. . 0 6 19) and a decrease of 4 per cent (1920-21). Outside leading cities 4,112 3,719 | 393 10.6 Nonmember banks 7,029 i 6,573 i 456 6.9 Growth of bank credit during the latest fiscal year has been more rapid at member i Revised figures. Figures for loans exclude "acceptances of other banks and foreign bills of exchange or drafts sold with indorsement." banks of the Federal reserve system, which This item (for member banks) amounted to $436,000,000 in 1928 and have 61.3 per cent of the total loans and invest- $211,000,000 in 1927. ments of all banks, than at nonmember banks. There was a substantial increase during the The increase for member banks, $2,300,000,000, year in both loans and investments for all the represented a rate of growth of 7 per cent, classes of banks shown in the table. The while that for nonmembers, $1,180,000,000, growth in the total and in loans was most rapid was considerably less—5.6 per cent. The at reporting member banks in leading cities, changes in loans and investments of different while investment holdings showed the greatest classes of banks are given in the accompany- rate of increase at member banks outside of the ing table: leading cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN OCTOBER, 1928 CHANGES IN DEMAND FOR CURRENCY IN THE UNITED STATES Figures showing changes in the total volume During this period there has been a regular of money in circulation from day to day and movement of money into circulation in the from week to week have recently become avail- latter part of each week and a regular return able as the result of compilations made by the flow in the early part, with a large temporary Federal Reserve Board.1 Prior to this figures increase over the two holidays—the Fourth of of money in circulation were available only on a July and Labor Day. All of the weekly low monthly basis as published by the United points are on Wednesday, and almost all of the States Treasury.2 The daily record of circula- high points on Saturday. Corresponding figures tion shows that within a month and even with- for previous years indicate that this is the in a week there are considerable fluctuations usual course, in fact, the almost invariable in the amount of currency in use and that course, of the demand for currency during the average figures for weeks and months are much week. more representative of conditions than figures In 1927, for example, as brought out by Chart for a single date.3 Some of the principal de- II, the average amount of money in circulation MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4900 1 4900 MONEY IN CIRCULATION: DAILY FIGURES JUNE 1 - SEPT. 29,1928 4800 4800 4700 4700 4600 4600 F.S.M.T. W.T.F.S.MT.W.T.F. S M.T.W.T. F. SLM.T.WT. F.S.M.T. W.T F S.M.T.W.T. F. S.M.T. W.T. F. S.M.T. W.T. F. S.M.T.W.T.F. S.M.T.W.T.F. S.M.T. WT. t. S.M.T.W.T.F. S.M.TW.T. F S.M.T.W.T.F. S.M.T.W.T.F. S.M.T.W.T.F. S.M.T.W.T.F S. JUNE JULY AUGUST SEPTEMBER CHART I.—Figures are for each week day (excluding Sunday); holidays shown are Fourth of July and Labor Day yelopments brought out by the new figures are on each day of the week and the average change indicated in the following discussion. from the preceding day were as follows: Day-to-day changes in currency demand.— The general nature of the day-to-day changes Money in Change from in currency demand is indicated by Chart I, circulation preceding day which shows the volume of currency in circulation, by days, during the last four months. Sunday j $4,908,000,000 Monday ! 4,904,000,000 ~$4,000,000 Tuesday ...I 4,879,000,000 -25,000,000 1 Money "in circulation" is technically defined as all money outside Wednesday ! 4,864,000,000 -15,000,000 of the Treasury and the Federal reserve banks. Thus the total of $4,797,- Thursday.. j 4,879,000,000 +15,000,000 000,000 in circulation on June 30,1928, included (1) till money and pocket Friday } 4,902,000,000 +23, 000, 000 money in the hands of the general public; (2) a certain amount of cash in Saturday _ ! 4,908,000,000 +6, 000, 000 the vaults of member and nonmember banks; (3) an unknown but probably small amount of money in hoards; (4) Federal reserve notes in circulation in Cuba, where they are legal tender, and United States money of any kind (except gold and silver) that may be in various foreign fc The last three days of the week bring an incountries. creasing demand for cash, evidently in antici- 2 Circulation Statement of United States Money, issued monthly by the Treasury for end-of-month dates. For a description of recent revi- pation of Saturday marketing and week-end sion of this series, see the FEDERAL RESERVE BULLETIN for December, expenditures, and, in some localities, for weekly 1927, pp. 800-802. Comparable figures for the period 1914-1927 are given in Table 21 of the Annual Report of the Federal Reserve Board for pay-roll requirements, while at the beginning 1927. 3 See table at the end of this article for weekly averages for 1927 and of the week cash begins to return to the banks, January to September, 1928. Current monthly averages of daily figures as merchants deposit their surplus till money. (also back figures for the period since 1923) are published on p. 691. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 685 The amount in circulation usually declines averaged about $50,000,000 in the past five steadily until Wednesday. The average in- years, and the added demand over Memorial crease from Wednesday to Saturday in 1927 Day has ranged from about $30,000,000 to was about $45,000,000. about $50,000,000. Holidays.—Important changes in the demand Weekly averages of daily figufes.—Because for currency are occasioned by some of the of the magnitude of the recurrent day-to-day holidays, such as Christmas, the Fourth of fluctuations which have been described, in- July, Labor Day, and Thanksgiving Day. cluding those connected with holidays, weekly The demand for money increases rapidly in averages of daily figures are a better record of the last week before Christmas. In 1927, changes in the volume of money in circulation when Christmas came on Sunday and Monday than end-of-month figures, which in different was also a holiday, the currency needs of a months generally fall on different days of the long week-end, combined with those for holi- week. Weekly averages of daily figures4 for the day shopping, added in one week $100,000,000 last three years are shown on Chart III (p. 686), to the amount of currency in use. Money in and the actual figures for 1927 and 1928 are circulation increased about $85,000,000 in the given in the table at the end of this article. first two weeks in December, 1927, and then Seasonal movements of money in circularose from $5,077,000,000 on Saturday, Decem- tion.—Total volume of money in circulation shows the same general seasonal movements every year. Currency in use in the community MILL10NS OF DOLLARS MILLIONS OF DOLLARS 5000 1 MONEY IN CIRCULATION ' 5000 is usually at its lowest point about the last week AVERAGE OF EACH WEEK-DAY, 1927 in July, increases thereafter until Christmas week, and then declines rapidly until the latter part of January. The increase from the 4950 4950 latest full week in July to Christmas week during the last five years has varied between $300,000,000 and $437,000,000 and has averaged about $370,000,000; in 1927 it was $300,000,000; in 1926, $340,000,000; in 1925, 4900 4900 $437,000,000; in 1924, $424,000,000; and in 1923, $357,000,000. Midsummer is the season of smallest demand for hand-to-hand money, largely because of the seasonal decline in factory 4850 4850 pay rolls and in retail sales. The rise from the low point in July begins early in August, probably as a result of demands for money with which to pay wages in harvesting early cereal 4800 4800 and fruit crops, to meet seasonally larger MON. TUES. WED. THUR. FR1. SAT. factory pay rolls, and possibly for use in sum- CHART II mer travel. The requirements of the Labor ber 17, to $5,177,000,000 one week later, on Day week-end cause a peak early in Septemthe last shopping day before Christmas. In ber, after which only a part of the currency the last week of the year money was returned put into circulation for the holiday returns to rapidly to the banks which, in turn, deposited the banks, because of seasonal growth in detheir excess cash with the Federal reserve mand. This autumn growth in currency banks, so that by Saturday, December 31, the demand arises largely from wage outlays on circulation had declined by $170,000,000. farms, increased retail trade, and such other The same general type of currency move- factors as the opening of schools. It is uninterment occurs around the Fourth of July and rupted from the middle of September to another Labor Day, as shown for 1928 by Chart I. minor peak in the second week in October, Money in circulation increased about $100,- at about the time that harvesting of many 000,000 in the week before the holiday on July crops is completed. In the past five years 4 of this year, an increase only slightly smaller this peak has been followed by a return flow than in the two preceding years. Labor Day of currency to the Treasury and the Federal in 1928 added about $50,000,000 to the usual reserve banks for about two weeks and then currency demand, approximately the same by a rise to another high point in the first or amount as in previous years. The increased use of cash over Thanksgiving Day also has 4 Average of figures for the seven days Sunday to Saturday inclusive. Figure used for Sunday is that of preceding day. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN OCTOBER, 1928 second week in November. The demand for currency has increased by about $75,000,000 cash for making retail purchases at the Christ- from the low point at the end of January, and mas season is the major factor in the rapid has then remained about the same until the rise in monev in circulation from the middle middle of June except for short periods at of November until Christmas week. Sales of Easter time and in the week of Memorial Day. department stores are ordinarily about 65 per Recent course of money in circulation.—The cent above the average for the year in Decem- seasonal increase in the demand for currency ber, and other kinds of retail stores also have that usually begins shortly after midsummer active business during the month. occurred this year at about the same time as in 1927 and 1926—i. e., at the beginning of MILLIONS OF DOLLARS MILLIONS OF DOLLARS August. During August and September the 5300 f H5300 increase, amounting to about $110,000,000, was about the same as in the preceding year. This is brought out by Chart III, which shows 5200 5200 the course of money in circulation in 1926, 1927, and 1928, with separate curves for each 5100 5100 year. The chart also indicates that money in circulation, after having been about $50,000,- 000 less in the autumn of 1927 than in the autumn of 1926, increased by a smaller amount 5000 from the third week in November, 1927, to Christmas week than at the same season in 1926, so that at the time of the Christmas peak 4900 in 1927 there was about $100,000,000 less money in circulation than in the corresponding week of 1926. Furthermore, the decrease from that 4800 time to the last week in January, $430,000,000, was considerably greater than in either of the two preceding years, so that the amount of money in circulation at that time was at a level more than $130,000,000 below that of the same 4600 ^J. week last year and at the lowest point in more JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. than six years. The decline continued until CHART III.—Weekly averages of daily figures (calendar week; 7 days the middle of April, when the circulation was ending Saturday) below that of the corresponding week in 1927 After Christmas buying is over, money flows by about $160,000,000. From that time, back in large volume to the Federal reserve however, money began to return to circulabanks until the end of January. The decline tion in substantial volume, and during the from Christmas week to the low level at the first three weeks in July currency in use was end of January has averaged $400,000,000 in less than $100,000,000 below the level of the the last five years. From Christmas, 1927, to same period a year ago. Some of this increase the last week in January, 1928, money in cir- was offset, however, during August and Sepculation decreased by $430,000,000, as com- tember, which may be partly attributable to pared with $398,000,000 for the corresponding the fact that the harvesting of crops in some period from December, 1926, to January, 1927; sections has been later than it was last year. $420,000,000 from December, 1925, to January, At the present time, the volume of money in cir- 1926; $403,000,000 from December, 1924, to culation continues to be relatively low for this January, 1925; and $354,000,000 from Decem- season of the year—nearly $175,000,000 lower ber, 1923, to January, 1924. Early in February than in 1926, over $110,000,000 lower than a manufacturing and retail trade has become year ago, and more than $60,000,000 lower more active, and the community's demand for than in any year since 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

687 OCTOBER, 1928 FEDERAL RESERVE BULLETIN A decrease from one year to another of as Reserve Board's index of department-store much as $100,000,000 in the volume of money sales adjusted for seasonal variations did in in circulation is an unusual occurrence, espe- fact decline during the month from last Decially in periods like the last two years when cember to last January, but since that time industry and trade have been relatively active. the index has been at about the same level as The reasons for the decline from 1926 to 1927in the corresponding months of 1926 and 1927. and 1928 are not altogether clear. It is prob- It is possible that American currency has reable, however, that the course of factory pay turned from circulation in Cuba as a result of rolls was a factor of importance. Factory pay trade depression in the island, or from Eurorolls were declining in general during the pean countries which during the period of period of decreasing demand for currency, unstable monetary conditions had been using especially from October, 1927, to April, 1928, American currency received from the United when the Board's index was materially lower States in earlier years and began to return it than in the corresponding month in the pre- after their own currencies had been stabilized. ceding year. The course of retail trade The following table gives the volume of might be expected to have been a factor in the money in circulation, by weeks, during 1927 decrease in currency demand, and the Federal and January-September, 1928: MONEY IN CIRCULATION [Weekly averages of daily figures. In millions of dollars] Money Money Money Money Week ending- i c n u c la ir - - Week ending- i c n u c la ir- Week ending- i c n u c la ir - - Week ending- i c n u c la ir - tion tion tion tion 1927 1928 1927—continued 1928—continued Jan. 8_ 5,023 Jan. 7 4,951 July 2 4,848 July 7 4,816 Jan. 15 4,908 Jan.14. 4,811 July 9 4,911 July 14 4,769 Jan. 22.. 4,850 Jan. 21 4,729 July 16... 4,845 July 21 4,720 Jan. 29. 4,823 Jan. 28. 4,690 July 23 4,819 July 28.. 4,696 July 30 4,812 Feb. 5__ 4,831 Feb. 4 4,696 Aug. 4._. 4,75 Feb. 12 4,836 Feb. 11 4,708 Aug. 6 4,838 Aug. 11.. 4,733 Feb. 19.. 4,832 Feb. 18 4,710 Aug. 13 4,843 Aug. 18.. 4,744 Feb. 26._ 4,859 Feb. 25 4,714 Aug. 20 4,851 Aug. 25.. 4, 752' Aug. 27 4,854 M M M M a a a a r r r r . . . . 2 5 1 1 6 9 2 4 4 4 4 , , , , 8 8 8 8 4 5 7 6 8 2 5 1 M M M M M a a a a a r r r r r . . . . . 3 3 2 1 1 1 4 7 0 4 4 4 4 4 , , , , , 7 7 7 6 7 1 1 0 9 0 9 8 5 9 5 S S S S e e e e p p p p t t t t . . . . 2 3 1 1 _ 4 0 7 . . . . 4 4 4 4 , , , , 9 9 8 9 1 0 8 3 6 9 5 5 S S S S S e e e e e p p p p p t t t t t . . . . . 8 2 2 1 1 . 9 5 2 . . . . . . . . . . . 4 4 4 4 4 , , , , , 7 8 7 7 8 6 0 8 9 2 G 6 9 7 0 » Apr. 2 4,866 Oct. 1 4,917 Apr. 9 4,893 Apr. 7 4,751 Oct. 8 4,942 Apr. 16._ 4,894 Apr. 14._ 4,735 Oct. 15. _ 4,951 Apr. 23-__ 4,869 Apr. 21 4,718 Oct. 22 4,929 Apr. 30 4,858 Apr. 28 4,710 Oct. 29 „ 4,909 M M M M a a a a y y y y 7 2 2 1 1 8 4 4 4 4 4 , , , , 8 8 8 8 4 7 5 6 6 0 0 1 M M M M a a a a y y y y 2 5 1 1 6 2 9 . 4 4 4 4 , , , , 7 7 7 7 2 1 0 3 6 7 9 8 N N N N o o o o v v v v . . . . 2 5 1 1 6 2 9 _ 4 4 4 4 , , , , 9 9 9 9 4 3 3 2 9 4 0 6 June 2 4,742 Dec. 3 4,956 June4__ 4,880 June 9 4,737 Dec. 10.. 4,997 Junell__ 4,843 June 16 4,728 Dec. 17-__ 5,033 June 18 4,823 June 23 4,727 Dec. 24._ _ 5,120 June 25_ 4,808 June 30 4,740 Dec. 31._ 5,075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN OCTOBER, 1928 NATIONAL SUMMARY OF BUSINESS CONDITIONS Volume of industrial and trade activity in- Freight-car loadings were in about the same creased in August, and there was a further ad- volume in August as a year earlier. Shipments vance in wholesale commodity prices. Reserve of miscellaneous commodities and grains were bank credit outstanding increased in Septem- larger and those of coal, livestock, and forest ber, reflecting in part seasonal demands for cur- products smaller than last year. rency and credit. Money rates remained firm. Prices.—The general level of commodity Production.—Production of both manufac- prices increased in August, and the Bureau of tures and minerals increased considerably in Labor Statistics index, at 98.9 per cent of the August, the output of manufacturing plants 1926 average, was the highest in nearly two being larger than at this season of any earlier years. Increases in August were chiefly in the year. Automobile production was in record prices of livestock and livestock products, volume in August, and available information which are now higher than at any time since indicates that output was maintained by many 1920. There were also small increases in fuels, producers at a high level during September. metals, and building materials. Grains and Iron and steel production continued large in cotton showed sharp declines, and there were August and September, and output of nonfer- decreases also in hides and skins and wool. rous metals increased between July and Au- Since the 1st of September there have been gust. Textile mill activity, which had been some declines in livestock and meats, and a somewhat reduced in recent months, also sharp further decrease in cotton, while prices showed a substantial increase. Factory em- of pig iron, copper, and petroleum have ployment and pay rolls have increased since advanced. midsummer and in August were close to the Bank credit.—Between the middle of August levels of a year ago. In the building industry and the middle of September there was a conthere was evidence of recession in a sharp de- siderable increase in the loans and investments cline after the early summer in contracts of member banks in leading cities. Part of the awarded, which were in smaller volume during increase was in loans on securities and part re- August than in the corresponding month of flected a seasonal increase in other loans. any year since 1924. In the first three weeks Deposits of the member banks also increased of September, however, awards were somewhat during the period. larger than last year. Volume of reserve bank credit outstanding Estimates of the Department of Agriculture increased during the four weeks ending Sepfor September 1 indicate that yields of principal tember 19 in response to seasonal.demands for crops will be larger than last year and above currency and growth in member bank reserve the average for the preceding five years. requirements. The increase in total bills and Trade.—-Distribution of commodities showed securities was largely in holdings of acceptances seasonal increases in August, although sales in and in discounts for member banks. most lines of wholesale and retail trade did not During the same period there were further equal the unusually large sales of August, 1927. increases in open-market rates on collateral Department-store stocks increased, as is usual loans and on commercial paper, while rates on in August, but continued smaller than a year bankers' acceptances were reduced from ^ ago, while inventories in several lines of whole- per cent to 4J^ per cent. sale trade were somewhat larger than last year. NOTE.—Charts and tables giving figures upon the basis of which the foregoing summary was prepared are given on pages following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

689 OCTOBEE, 1928 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES : $200,000,000 1924 1925 1926 1927 1928 Based on weekly averages of daily figures given for past year on following page RESERVE BANE CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY MONTHS [Monthly averages of daily figures. In millions of dollars. Changes in monetary gold stock, money in circulation, and member bank reserve balances are based on figures appearing on pages 691 and 716] Reserve bank credit outstanding Change as compared with preceding month I Bills and securities held by Federal reserve banks Month Volume vo T l o um tal e 1 Total * co B m u i e l n l m s te b d d e i s f r o - r bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es c o s r f t e a b d r n a e it d s n e o i k n r u v g t e - g M ol o d n e s t t a o r c y k c M irc o u n l e a y ti o in n I M b r a e b e l s a a m e n n r b k c v e e e r s banks 1927 January 1,186 1,138 481 343 310 -263 +46 -224 +25 February 1,043 1,006 393 304 307 -143 +49 -61 -31 March 1,055 1,024 425 253 345 +12 +14 +28 April 1,087 1,039 447 248 341 +32 +24 +8 May 1,041 1,000 473 233 291 -46 +49 -21 j +14 June 1,081 1,033 429 205 398 +40 -44 -29 +39 July 1,115 1,026 454 190 381 +34 -31 +21 -12 August 1,093 1,022 409 173 439 -21 +10 -3 -6 September 1,187 1,139 422 216 501 +94 -1 +69 +17 October 1,254 1,213 424 282 506 +67 -18 +17 +26 November 1,377 1,331 415 336 579 +123 -76 +2 +47 December. 1,568 1,513 529 378 606 +191 -74 +112 +26 1928 January 1,389 1,350 465 373 512 -179 -39 -264 +27 February 1,264 1,237 471 360 406 -125 -4 -76 -58 March 1,295 1,272 513 343 415 +32 +1 -3 April 1,405 1,371 661 358 351 +110 +20 +32 May 1,472 1,442 836 349 257 +67 -80 -9 June 1,531 1,495 1,019 244 232 +59 -13 -33 July 1,531 1,488 1,090 185 213 +10 -31 August 1,485 1,449 1,061 178 210 -46 +5 -3 -50 September 1,581 1,534 1,064 226 240 . +96 +7 +61 +40 »Includes total bills and securities, amounts due from foreign banks, and reserve bank float (see p. 717). »Including " other securities ". Back figures.—See annual report of Federal Reserve Board for 1927 (Table 1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN OCTOBEE, 1928 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY WEEKS [Weekly averages of daily figures. In millions of dollars] Reserve bank credit outstanding Change as compared with preceding Bills and securities held by Federal week Week ending- vo T l o um ta e l 1 tal2 B m c b o il e r a u l f e m s o n n s r k t e d b e s r i e d s v r - e b b a o B n u k il s g ls ht se U S c n t u a i r t t i e e t s d ies M s g t t a o o o r n l c y d k e- i M n l a o c ti i n r o c e n y u- M b r a e b e l s a a m e n n r b k c v e e e s r s R t c e a b o r s n a e u e d n d r t k i - v i n t e g - M s t g t a o o o r n c l y d k e- i M n l a o c ti i n r o e c n y u- M b T a b e e l s a a m e n n r b k c v e e e s r- 1927 Sept. 3.. 1,124 1,080 413 192 474 4,589 4,885 2,282 +38 +1 +31 +10 Sept. 10.. 1,194 1,144 445 205 493 4,593 : 4,935 2,300 +69 +4 +50 +18 Sept. 17.. 1,204 1,141 401 206 533 4,584 I 4,916 2,323 +10 -9 — 19 +23 Sept. 24.. 1,164 1,121 412 218 490 4,582 j 4,909 2,284 -40 -2 -7 | -39 Oct. 1.- 1,203 1,169 430 241 497 4, 574 ! 4,917 2,299 +39 +8 i +15 Oct.8._ 1,254 1,212 445 261 506 4.571 j 4,942 2,322 +51 -3 +25 i +23 Oct. 15. 1,267 1,225 442 272 510 4,573 I 4,951 2,332 +13 +2 +9 ; +10 Oct. 22_ 1,238 1,187 405 277 505 4.572 | 4,929 2,324 -29 -1 -22 ! -8- Oct. 29. 1,250 1,219 409 306 503 4,555 | 4,909 2,328 +12 -17 -20 i +4 Nov. 5... 1,301 1,257 396 523 4,530 4,926 2,338 +51 -25 +17 +10 Nov. 12.. 1,369 1,305 433 340 532 4,508 4, 949 2,342 +69 -22 +23 +5 Nov. 19.. 1,411 1,358 376 335 646 4,487 4, 926 2,416 +41 -21 -23 +7a Nov. 26.. 1,380 1,348 413 326 4,465 4,934 2,372 -31 -22 +8 Dec. 3... 1,437 1,403 482 358 562 4,449 4,956 2,395 +57 -16 +22 -44 D D e e c c . . 1 1 7 0, . . . 1 1 , , 5 4 4 8 6 8 1 1 , , 4 4 4 9 9 7 4 4 6 8 8 1 3 3 7 7 9 3 6 6 0 4 1 2 4 4 , , 4 4 2 3 0 7 4 5 , , 9 0 9 3 7 3 2 2 , , 4 3 0 9 5 9 + + 5 5 2 8 - - 1 1 2 7 + + 3 4 6 1 ++2& Dec. 24.. 1,634 1,553 585 375 592 i 4,403 5,1-20 2,377 +87 -17 +87 -+29 Dec. 31.. 1,647 1,592 599 386 605 4,391 5,075 2,415 +13 -12 —45 +39. 1928 Jan. 7.. 1,593 1,536 545 603 4,377 j 4,951 2,466 -53 -14 -124 +50 Jan. 14... 1,422 1,382 461 386 533 4,376 4,811 2,441 -171 -1 -140 -24 Jan. 21... 1, 329 1,294 436 364 493 4,376 I 4,729 2,424 -93 0 -82 -IT Jan. 28... 1,258 1,235 432 352 450 4,380 I 4,690 2,390 -71 +4 -39 -33. Feb. 4... 1,271 1,246 445 375 426 4,374 I 4,696 2,387 +13 +6 -4 Feb. 11.. 1,267 1,240 465 370 405 4,376 4,708 2,378 -4 +2 +12 —9* Feb. 18.. 1,272 1,238 475 358 404 4,376 4,710 2,372 +5 0 +2 -6. Feb. 25.. 1,247 1,223 471 350 401 4,373 I 4,714 2,351 -25 -3 +4 -21 Mar. 3... 1,285 1,262 510 403 4,362 4,719 2,366 +38 -11 +5 +15- Mar. 10.. 1,292 1,266 519 341 405 4,357 4,718 2,369 +8 -5 +£ Mar. 17.. 1,308 1,280 491 340 448 4,335 4,705 2,392 +15 -22 -13 +23 Mar. 24.. 1,262 1,243 490 340 412 4,324 4,699 2,342 -45 -11 -6 -50, Mar. 31.. 1,309 1,289 543 347 398 4,310 4,705 2,353 +46 -14 +6 +11 Apr. 7... 1,407 1,368 627 348 4,304 4,751 2,397 +99 +46 +44 Apr. H.- 1,392 1,358 615 363 379 4,301 4,735 2,400 -15 -3 -16 +3 Apr. 21.. 1,409 1,368 660 360 346 4,280 4,718 2,401 +17 -21 -17 +1 Apr. 28.. 1,397 1,371 705 361 303 4,267 4,710 2,382 -12 -13 -19 May 5... 1,458 1,426 768 370 287 4,263 4,738 2,407 +62 -4 +28 +26 May 12.. 1,456 1,424 781 367 275 4,236 4,726 2,401 -3 -27 -12 May 19.. 1,477 1,442 827 353 260 4,194 4,717 2,391 +21 -42 -9 -1& May 26.. 1,472 1,447 870 337 239 4,180 4,709 2,377 -5 -14 -15- June 2... 1,531 1,507 985 302 219 4,165 4,742 2,379 +59 -15 +33 +2: June 9... 1,526 1,488 1,004 265 218 4,148 4,737 2,372 -6 -17 -5 June 16. _ 1,556 1,515 1,006 242 267 4,106 4,728 2,377 +30 -42 -9 +5. June 23.. 1,499 1,463 1,004 231 227 4,103 4,727 2,325 -57 -3 -1 -53- June 30.. 1,522 1,492 1,047 224 221 4,105 4,740 2,326 +22 +2 +13 +1 July 7... 1,662 1,610 1,183 207 220 4,110 4,816 2,369 +141 +5 +76 +43. July 14.. 1,558 1,510 1,103 190 216 4,115 4,769 2,337 -105 +5 -47 -32: July 21.. 1,480 1,435 1,045 180 209 4,114 4,720 2,308 -78 -1 -49 -28- July 28.. 1,453 1,420 1,041 171 207 4,115 4,696 2,294 -27 +1 -24 -14 Aug. 4... 1,486 1,451 1,073 165 213 4,113 4,714 2,298 +33 -2 +18 +4 Aug. 11- 1,490 1,456 1,077 169 210 4,115 4,733 2,274 +4 +2 +19 -24 Aug. 18.. 1,472 1,429 1,038 183 207 4,119 4,744 2,271 -18 +4 +11 -3 Aug. 25.. 1,474 1,440 1,048 184 207 4,120 4,752 2,259 +2 +1 +8 -13 Sept. 1... 1,507 1,475 1,075 186 214 4,123 4,769 2,278 +33 +3 +17 +20 Sept. 8... 1,556 1,516 1,103 194 217 4,123 4,818 2,284 +50 +49 +6 Sept. 15.. 1,581 1,529 1,064 210 253 4,124 4,797 2,324 +25 +1 -21 +40 Sept. 22.. 1,600 1,539 1,042 232 260 4,126 4,789 2,335 +19 +2 -8 + 11 Sept. 29.. 1,582 1,544 1,040 264 235 4,128 4,806 2,312 -18 +2 +17 -23 1 Includes total bills and securities, amounts due from foreign banks, and reserve-bank float (see p. 717). 2 Includes " Other securities." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 691 MONETARY GOLD STOCK AND MONEY IN CIRCULATION MONBTAKY £OLD STOCK OP THE UNITED STATES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 100 CHANGES IN ^^ioo [In millions of dollars] MONETARY GOLD STOCK 80| 80 1923 1924 1925 1926 1927 1928 60f 60 End of month: January 3,953 4,2 4,423 4,412 4,564 4,373 40 February 3,963 i 4,369 4,423 4,586 4,362 March „ 3,970 ! 4,364 4,346 4,442 4,597 4, 305 April 3, 982 4,411 4,350 4,438 4,610 4,266 20 May 4,028 4,455 4,361 4,433 4,608 4,160 J J u u n ly e 4 4 , , 0 0 5 7 0 9 j 4 4 , , 4 5 8 11 8 4 4 , , 3 3 7 6 0 5 4 4, ,4 4 4 71 7 4 4, , 5 5 8 8 0 7 4 4 , , 1 1 0 1 9 3 0 August 4, 111 4,521 4,383 4,473 4,588 4,123 S O e c p to te b m er ber. 4 4 , , 1 1 3 6 6 7 4 4 , ,5 5 1 0 1 9 4 4 , , 3 4 8 0 2 7 4 4 , , 4 4 6 7 6 3 4 4 , , 5 5 7 4 1 1 14,123 20 November. 4,207 4,527 4,397 4,477 4,451 December 4,244 4,499 4,399 4,492 4,379 Daily average: January 3,945 4,266 4,468 4,407 4,527 4,377 M Fe a b r r c u h ary 3 3 , , 9 96 6 0 6 4 4 , , 3 3 4 0 0 2 4 4 , , 3 3 4 9 7 3 4 4, , 4 4 4 2 4 5 4 4 , , 5 5 9 7 5 6 4 4, , 3 3 3 7 5 3 60 April 3,975 4,383 4,346 4,448 4,601 4,287 May _ 3,993 4,433 4,359 4,434 4,651 4,207 80 June 4,040 4,471 4,364 4,438 4,606 4,119 July 4,061 4,503 4,365 4,460 4,575 4,113 August 4,097 4,516 4,374 4,467 4,585 4,118 100 September 4,123 4,515 4,386 4,471 4,584 »4,125 1921 1922 1923 1924- 1925 192§ 1927 N O o ct v o e b m er ber 4 4 , , 1 1 5 8 5 2 4 4, ,5 5 0 17 6 4 4 , , 3 4 9 0 1 7 4 4 , , 4 4 7 7 2 7 4 4 , , 5 4 6 9 6 0 Based on figures for end of month December 4,226 4,507 4,397 4,481 4,416 UNITED STATES MONEY IN CIRCULATION [In millions of dollars] 1 Preliminary. 1923 1924 1925 1926 1927 1928 NET IMPORTS OB NET EXPORTS (-) OF GOLD [In thousands of dollars] End of month: January 4,614 4,777 4,802 4,841 4,846 4,677 February 4,703 4,887 4,853 4,904 4,885 4,690 March 4,747 4,899 4,818 4,860 4,862 4,749 Month 1922 1923 1924 1925 1926 1927 1928 April 4,759 4,853 4,789 4,907 4,891 4,748 May 4,797 4,905 4,841 4,923 4,893 4,744 June 4,823 4,849 4,815 4,885 4,851 4,797 January 25,708 24,348 44,855 -68,488 16,264 44,465 -13,766 July 4,787 4, 756 j 4,795 4,909 4,846 4,701 February... 27,007 6,984 34,606 -46,997 21,565 19,895 -11,120 August 4,876 4,859 ! 4,867 4,930 4,854 4,803 March 32,525 5,559 33,505 -17,768 39,188 10,757 -94,853 September 4,945 4, 863 | 4,916 4,978 4,948 1 4,847 April 10,665 8,533 44,027 -12,734 -4,768 11,911 -91,150 October 4,929 4,942 | 4,969 5,021 4,946 May 5,587 45,332 40,481 -1,997 -6,408 31,702 -81,721 November 5,018 5,052 i 5,044 5,037 4,952 June 11,376 18,885 24,913 -2,287 15,544 12,771 -79,932 December 5,044 5,047 | 5,104 5,095 5,003 July 42,343 27,407 18,507 5,787 14,751 8,935*-63,859 Daily average: August 18,136 30,655 15,752 2,726 -17,764 6,353 *747 January 4,679 4,847 ! 4,863 4,891 4,903 4,785 September.. 23,066 26,941 2,076 -2,656 -7,094 -11,465 1—238 February 4,672 4,832 i 4,807 4,854 4,843 4,709 October 3,275 28,488 15,577 22,702 7,701 -8,642 March 4,713 4,870 l 4,821 4,864 4,856 4,710 November.. 14,877 39,010 13,173 -13,904 9,011 -53,184 April 4,731 4,886 i 4,809 4,882 4,880 4,730 December.. 23,730 31,930-29,401 1,248 9,808 -67,418 May 4,764 4,866 I 4,797 4,871 4,860 4,722 June 4,779 4,830 \ 4,794 4,881 4,831 4,736 Total.. 238,295 294,073 258,073-134,367 97,796 6,080 July.. 4,812 4,810 ; 4,798 4,916 4,851 4,746 August 4,833 4, 800 I 4,819 4,912 4,849 4,743 September 4,901 4,853 | 4,908 4,969 4,917 H,804 1 Revised. i Preliminary. October 4,941 4,891 i 4,945 5,001 4,934 November 4,953 4,970 j 4,960 5,008 4,936 December. 5,071 5,088 i 5,119 5,131 5,049 INCREASE OR DECREASE (-) IN GOLD STOCK THROUGH CHANGES IN GOLD UNDER EAR- i Preliminary. MARK FOR FOREIGN ACCOUNT KINDS OF MONEY IN CIRCULATION [In thousands of dollars] [In millions of dollars] U.S. J F M a e n a b M r u r c a u o h r a n y r t y h 1922 - 1 1 4 9 , , 6 3 2 2 2 3 9 9 -2 19 ,4 2 5 4 2 - -6 1 I - 9 , ,! 8 8 2 1 2 5 0 5 - - - 1 2 6 1 1 2 , 9 , , 0 0 9 2 4 0 8 6 3 0 8 - 1 1 1 3 9 9 , , 5 2 , 1 4 0 7 8 8 2 0 7 3 1 5 5 2 9 , , , 2 8 8 5 8 6 0 0 8 0 0 End of 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 d o e t e r e r v s a e l t b n i N o a o n n a te a - k s l s t i i a m n l f o n v i o c o t e d h t a n r e e t a e s e c r l y , s e l , r- April | 1,000 -558 14,850| -1,000 45,740 May- ! 1,000 12,725 -95,000 -26,539 1928—January 4,677 3S9 1,016 1,561 817 1,094 June \ 2,000 5,075 -580 -500 30,053 February 4,690 388 1,004 1,670 639 1,091 July -1,500 -2,583 -3,901 4,000 184 60,947 March 4,749 383 1,025 1,588 654 1,099 August..—. -7,984 8,725 19,200 -2,501 5,916 April 4,748 381 1,020 1,586 652 1,109 September 500 -13,229 901 -2,400 -9,000 —1,200 May 4,744 380 1,013 1,587 649 1,115 October -1,600 -2,000 -17,000 2,870 4 -25,001 June 4,797 377 1,019 1,626 650 1,125 November -200 -500 2,000 -7,498 -40,000 July 4,701 375 977 1,592 637 1,120 December. ._ -2,000 -1,500 -2,000 1,008 -8,500 August 4,803 374 982 1,662 650 1,135 September K 4,847 373 978 1,699 649 1,148 Total- -3,700 +700; -42,213 +32,244| -26,297! -160,153 i Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN OCTOBER, 1928 MONEY RATES IN NEW YORK CITY 1923 1925 1926 1927 1928 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT RATES [Rates on all classes and maturities of eligible papei] Prevailing rate on- Avera o g n e - rate Aver o a n g — e yield B N o e s w to F Y n e d o e rk ral reserve ba . n . k e R f O f a e c c te t t . i o 5 5 1 n n < J J D u u l l a y y t e 1 1 e 9 3 s , , ta 1 1 9 b 9 2 2 li 8 8 shed Pre ra v t i e o m us Month or week a a P b c n e a r c 9 r c i n e m s 0 e p k ' ? t - e , - d l T o a i 9 a y m n 0 s s e 1 , N C e a w ll lo n a e R n w e ? a » l c T c n u e a u a r o r e n t r t t e i s a y d e f s s i s . , - - b T o u r n e r d y a s s & Philadelphia 5 July 26, 1928 days 3 to 6 Cleveland . 5 Aug. 1, 1928 43^ months Richmond 5 July 13, 1928 Atlanta 5 July 14, 1928 1927 Chicago 5 Julv 11, 1928 _ September 4 -AH 3.84 3.80 4 2.81 3.45 St. Louis 5 July 19, 1928 43^ October 3.88 3.90 3.08 3.43 Minneapolis 4M Apr. 25, 1928 4 November 3. 3.60 3.04 3.30 Kansas City June 7,1928 4 December 4.43 4. 4 3.17 3.34 S D a a n l la F s rancisco 4 43 H ^ J M u a n y e 2 7, , 1 1 9 9 2 2 8 8 4 4 Januar 1 y 928 4.15 4.24 3.31 3.35 February 4 33 4. 3 33 3.36 3.23 BUYING RATES ON ACCEPTANCES March 4.48 4.47 «3.30 3.30 [Buying rates at the Federal Reserve Bank of New York] April 5.06 5.08 3.62 3 32 May 5.69 5.70 3.90 3.35 3.92 Rate in June 6.21 6.32 •3.97 3.40 Maturity ef O fe c c t t . o 1 n Date established Pre ra v t i e ous J A u u ly gust... 6 6 . . 9 0 1 6 6 6 . . 8 0 7 5 4 4 . . 2 4 6 3 3 3 . . 5 5 6 0 September 7.40 7.26 4.57 3.54 Week ending- 3 1 1 1 - 6 1 - - 4 3 5 5 0 d d d a a a y y y s s s . . . . . . . g 2 i\ | I July d d 2 o o 6, 1928. S S S e e e p p p t t t . . . 8 1 15 5 5 H 34 -5 - 5 5 M H ^ 4 4 K m ;: 7 7 7 . . . 3 4 9 5 7 7 7 . . . 4 4 5 0 0 0 4 4 4 . . . 3 5 3 5 1 8 3 3 3. . . 5 5 5 4 3 1 6 4 1 6 - - 9 6 0 0 d d a a y y s s . . . . do S Se e p p t t . . 2 2 2 9 5 5 H H 4 4 H ^ -7 7 H y 7 6. . 9 6 3 5 6 7 . . 9 3 0 0 4 4. . 7 6 ; 1 3 3 . . 5 5 4 6 91-120 days. do 121-180 days do * Stock exchange call loans; new and renewal rates. 1 Stock exchange 90-day time loans. 1 3 issues—3%, 4, and 43^ per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may be redemption dates—1956,1954, and 1952. charged for otaer classes of bills. * Change of issuas on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 693 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bul, 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 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 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—September 4 -M 4)4-4)4 4)4-5 -5)4! 5 -6 4 -5 4^-5 5 4 -6 N O o ct v o e b m er ber 4 4 - - 4 4 3 3 4 4 4 4)1-4)1 4 4 3 )4 4 - - 5 5 -5)1! 4 43 )4 /2 - - 6 6 4 4 )4 - -5 5 , ^74 0 5 r 4 2-6 1928— D M F J e a e a b n c r i r e c i u m a h a r . b y . r _ y er 4 4 4 )4 - - - 4 4 4 4 t ) K ) f 4 i 4 4 43 ) k 4 4 - - 4 4 . ) ) _ 4 ^; ! 4 4 4 3 /4 4 ~ - - 4 4 4 ) 3 ) 4 4 i 4 4^ 44 ) ) 4 4- - -5 f 6 5 0i 4 4 3 M 4 4 4 i 4 yy 3 ) M 2 4 e 4 - - - 6 6 6 4 4 3 M 4 - - 5 4 7 K 4 4 4 4 3 4 - - - - 5 5 5 5 I I j j 4 4 4 4 4 3 )^ ) H 4 4 4 - - -5 - - 5 5 5 5 ) H 4 5 5 5 5 4 4 4 43 ) ) ) 4 4 4 4 - - - - 6 6 6 6 J4 A M p a r y il 4 4 ) ^ 4~ 4 4 ^ )4 4 4 3 )4 4 - - 5 4)4 4 43 )4 ^ - - 6 6 V^6 4 4 )4 - - 5 5 4 4 H ^- - 5 5 )4 5 5 4)4-6 4 43 3 / ^ 2 - - 6 5 June. 434-534 434-6 534--534 4)4-534 434-5M 5 434-6 July 5 -6 5 -5)4 534-5)4 4M-6 534 5-6 5 -5) 5 -534! 5 -6 5 —53/2 5 -6 A Se u p g t u e s m t ber 5)4-6/ 534- 5 5 ; ^ 5 5 3 )4 4 — — 5 5 / ) 4 ^ 5 5 3 )4 4 - - 6 8 5 5 ) ) 4 4- - 6 3 i 1 5 5 3 4 - - 5 5 1 3^ / 5 -534 5 5 )4 - - 6 5H 5 - 5 5 H y2 5 % Loans secured by prime stock-exchange collateral 1928—March 43/2-6 5 -6 I 5 -6 i 414-5 i 4)^-53/2 434-534 5 5 -7 5 -6 April 5 -8 I 5 -5V2I 5 -6 414-534! 434-5K 4M-53^ 5 5 -7 5 -6 May 434-6 i 5 -6 i 5 -6 i '5 434-53^ 4M-5)4 5 5 -7 534-6 June 534-6 I 514-6 I 5 -0 ! 5)4! 5M-6 5 -6 5 -6 6 -7 534-6 July 5 -6 I 5^-6 j 5 -6 '•• 51/2-6 I 5)4-6 5)4-6 5 -6 5 -7 53/2-6 A Se u p g t u e s m t ber— 5 5) H 4 - - 6 6 i j 5 5 3 ) 4 4 - - 6 8 I j h 5 Y H r - W 6 i • 5 5 ) ) 4 i- - 6 6 K 5 5 ) y 4 2- - 6 6 5 5) ) 4 4 - - 6 6 5 5 - - 6 6 6 5 - - 7 8 Loans secured by warehouse receipts 1928—March.. 5 434-5 5 -6 434-6 514 5 -6 4,14-5 ! 4)4-6 43^-5)^ 5 -6 5 -6 5 -6 A M p a r y il . . . _ . . 5 5 - - 5 5 3 y 4 2 4 5 3 4 - - 6 5 5 -6 6 4 4 3 M 4 - - 6 6 6 6 ! 5 5 - - 6 6 4 4 3 1 4 4 - - 5 5 3 /2 i ! 4 5 ) 4 - - 5 6 )4 4 4 3 M 4 - - 5 5 7 5 5 - - 6 6 5 5 - - 6 6 5 5 - - 6 6 June 5)4-6 5 -6 5 -6 434-6 i\ 5 -6 5 -534 5 -6 434-5)4 5 -6 5 -6 5 -6 July.... 5H-6 5 -6 5 -6 6 6 ; 5 -6 5)4-6 i 5 -6 434-514 5 -6 5 -6 6 August. 534-6 534-6 6 6 ! 0)2-6 5)4-6 5 -6 5 -6 5 -6 6 September " 6 534-S 6 6 G 534-s 534-6 534-6 5)4-6 5)4-6 532-6 6 Interbank loans j 1923—March.. 4)4-43^ t 5 \ 5 -6 5 -5H 5 -534 6 5 -6 I 5 -6 April... 434-43/i /£-5 41/-534 5 1 414-6 5 -53/2 5 -6 6 5 S 5 -6 J J M u u a n l y e y.... 4 5 3 4 - - 6 5 5 2 4 4 5 3 )4 / " 9 - - - 5 5 5 J4 4 5 5 54 /0 - - 5 6 i 4 0 5 V * -514 5 5 5 3 ) 4 4 - - - 5 5 5 ) 3 ) 4 4 4 | ' : 5 5 5 - - - 6 6 6 5 5 5 - - - 5 5 5 3 ) ) / 4 4 2 5 5 5 i ) / 4 /_ - - 6 6 g 534-6 6 6 5 -6 5 5 i i 5 5 5' - - - 6 6 6 August- 5)4 5)4 53-4 '~5x/2 53-^-534: 534-6 534-6 534-6 5 -6 ! 5 -6 September | 6 5)^-6 5)4 5y2 5J4-534! 534-8 5)4-61/2 5 ! 5 -6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime Loans secured by warehouse Prime commercial loans stock-exchange collateral receipts Interbank loans City J 1 u 9 l 2 y 8 , Au 1 g 92 u 8 st, Se b p e t r e , m- J 1 u 9 l 2 y 8 , August, i se£r- J 1 u 9 l 2 y 8 , Au 1 g 92 u 8 st, Se 1 b p 9 e t 2 r e , 8 m- J 1 u 9 l 2 y 8 , Au 1 g 92 u 8 st, Se 1 b p 9 e t 2 r e , 8 m- Buffalo 5 -6 5 -6 534-6 5 -6 534~6 ' 53/2-6 6 6 5 -5 Cincinnati 534-6 6 5H-6 5)4-6)4j 6 -QlA 6 -7 6 -7 6 -7 5 -6 5)4-6 B P B C J N N D L L H a i i a h o i a e e e t r c t l w t u t a s l t m k t e r s h l r i i s b e n o m s l i v O o o v n i a u i t R n o t i l g r r l t l r v o l g l h e e e e e i c h a l a k l m n e s 5 5 5 5 5 5 M 3 H 4 - - - - - - 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 3 3 3 3 K H 4 4 4 ^ - - - - - - - - 6 6 6 6 6 6 6 6 6 5 5 5 5 5 3 H 4 - - - - - 6 6 6 7 6 6 5 5 - - 6 8 6 5 5 5 3 3 4 4 - - - 8 7 6 6 6 6 6 5 6 -6 - - - -7 8 8 6 6 8 6 ) 5 6 5 5 5 5 5 6 J H J H 4 4 - - - - - - - - 6 6 7 7 8 6 6 1 6 6 6 P 5 5 5 6 5 6 ) ) ) ) 4 4 4 4 4 A - - - - - - 7 6 7 8 6 6 6 6 6 5 5 6 5 6 3 )4 ^ - - - - - - 6 7 8 6 6 6 6 6 )4 5 5 5 5 5 6 5 K ^- - - - - - - 6 6 6 6 6 6 8 5 5 5 5 5 5 5 5 6 3 ) ) H ) ^ 4 - - - - - 5 - 6 6 6 8 6 6 3/2 5 5 5 5 5 5 5 3 1 ) H 4 ^ 4 - - - - - - - 6 6 6 6 6 6 e 6 5 6 > 34 Denver.. 6 5 -6 5 -6 5 -634 53,2-6 6 -8 6 -8 6 -6> 6 -6H 6 -8 Oklahoma City 5 -6 5 -6 5 -6 6 6 6 -7 6 -7 6 -634 Omaha HH 5VT-6 6 -7 6 6 -7 6M-7 El Paso 6 -8 8 6 -8 6 -8 6 -8 6 -8 7 -8 7 -8 6 6 Houston 5 -6 5 -6 5 -6 5 -6 5H-6 534-7 6 -7 5 5 -6 5 -5)4 San Antonio 5 -6 5 -8 5 -8 6 -8 6 -8 5 -8 6 -8 1 7 -8 6 -8 5 -6 5 -6 5 -6 Los Angeles 6 -7 6 -7 6 -7 6 -7 6 -7 8 -7 6 _7 6 -7 6 -7 6 6 -7 6 S S S P p a e o a l o r t t k t t l L a l a e n a n e k d e City _ 6 6 6 6 434-6 6 6 6 - - 7 7 6 6 - - 7 7 6 6 - - 7 7 6 6 6 6 - - 7 7 6 6 6 6 -7 n 7 7 6 63 4 - - 7 7 6 -7 6 6 6 6 6 6 6 6 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN OCTOBEE, 1928 MEMBER BANK CREDIT ALL MEMBER BANES MILLIONS OF DOLLARS MILLIONS OF DOLLARS [In millions of dollars] 10000 REPORTING MEMBER BANKS 10000 Reporting member banks in Memleading cities ber All banks mem- Other leading out- Month ber New cities side banks Total York 1 lead- 8000 8000 City Total c C a h g io ciintiges Borrowings at Federal reserve bank: 1927— September 417 267 177 8 150 N O o ct v o e b m er ber 4 4 2 2 8 1 2 2 8 7 3 6 7 7 5 3 2 2 0 0 8 3 1 1 0 1 1 1 4 4 5 5 6000 December 532 388 127 261 21 143 1028—January 439 315 94 221 23 124 February 463 338 78 260 13 125 March 489 362 75 287 25 127 April 637 488 145 343 35 149 May 826 644 222 422 49 182 June 1,012 796 271 525 61 216 July-- 1,079 854 274 580 80 225 4000 August 1,045 *806 223 •583 80 •239 September 1,063 266 557 41 240 Reserve balances: 1927—September 2,323 1,709 726 182 614 October 2,355 1,725 728 997 186 630 November 2,400 1,767 768 999 180 634 December 2,410 1,787 769 1,018 189 623 1928—January 2,436 1,805 781 1,024 193 631 2000 L 2000 February 2,384 1,765 754 1,011 186 620 1923 1924- 1925 1926 1927 1928 March 2,351 1,733 738 995 181 618 April 2,411 1,789 777 1,012 182 622 May 2,395 1,778 767 1,011 187 617 REPORTING MEMBER BANKS Jane ..- 2,364 1,747 749 998 184 617 July.-- 2,344 1,730 730 1,000 190 614 August 2,289 1,679 705 974 180 610 [Monthly averages of weekly figures. In millions of dollars] September 2,325 1,707 716 991 184 618 Net demand pins time deposits: Total Loans 1927— N D O S e o c e c t v p o e t e b e m m m e b r b b e e e r r r 3 3 3 3 1 2 1 1 , , , , 1 2 4 7 1 6 5 8 9 3 9 7 2 2 1 1 0 0 9 9 , , , , 3 8 2 7 9 7 2 1 5 1 3 7 6 6 6 , , , 6 4 2 0 8 2 4 5 8 1 1 1 13 3 3 3 , , , , 7 4 7 6 9 9 3 0 1 5 2 2 1 1 1 1 , , , , 9 9 9 9 3 2 3 1 1 9 9 4 1 1 1 1 1 1 1 1 , , , , 8 5 8 7 3 6 2 2 2 7 3 1 Month a m l v n o d e e a s n n i t t n - s s - Total O c t n u ie r s s i e - - o A th l e l r I m nv e e n s t t s - 1928—January 32,647 20,646 6,732 13,914 1,964 11,911 February 32,152 20,397 6,564 13,833 1,919 11,761 Total: March 32,165 20,375 6,547 13,828 1,923 11,800 1927—September.. 20,951 14,917 6,221 6,033 April 32.650 6,727 13,959 1,944 11,921 October 21,227 15,112 6,325 8,787 6,115 May 32,735 20,760 6,759 14,001 1,995 11,933 November- 21,462 15,198 6,410 8,787 6,265 June 32,613 20,484 6,589 13,895 1,991 11,894 December-. 21,728 15,332 6,594 8,739 6,396 July.-- 32,211 20,226 6,447 13,779 1,931 11,914 1928—January 21,917 15,395 6,731 8,664 6,522 August 31.651 19,848 6,222 13,626 1,908 11,874 February- 21,737 15,177 6,527 8,650 6,560 September 32,027 20,005 6,267 13,738 1,932 12, 021 March 21,922 15,323 6,502 8,821 6,599 NetTdemand deposits: April 22,366 15,758 6,841 8,917 6,608 1927—September 18,667 13,374 5,224 8,150 1,301 5,437 May 22,568 15,906 6,991 8,915 6,662 October 18,960 13,447 5,255 8,192 1,304 5,558 June 22,486 15,816 6,873 8,943 6,670 November 19,180 13,734 5,430 8,304 1,317 5,650 July 22,430 15,842 6,866 8,976 6,588 December 19,586 13,904 5,570 8,334 1,298 5,627 August 22,227 15,766 6,725 9,041 6,461 1928—January 19,719 14,012 5,633 8,379 1,326 5,611 September.. 22, 296 15,840 6,752 6,456 February 19,162 13,707 5,471 1,272 5,476 New York City: March 19,106 13,611 5,467 8,144 1,262 5,455 1927—September.. 6,705 4,911 2,313 2,598 1,794 April 19, 391 13,849 5,607 8,242 1,255 5,486 October 6,783 5,009 2,370 2,640 1,773 May 19, 315 13,794 5,566 8,228 1,281 5,472 November.. 6,954 5,115 2,465 2,651 1,838 June 19,170 13,488 5,379 8,109 1,266 5,453 December. . 7,124 5,228 2,605 2,622 1,897 July 18,789 13,288 5,273 8,015 1,242 5,451 1928—January 7,277 5,312 2,692 2,619 1,965 A Se u p g t u e s m t ber 1 1 8 8 , , 2 6 7 7 3 3 1 1 2 3 , , 9 0 4 9 3 6 5 5 , , 0 0 6 9 1 2 7 8 , , 8 0 8 0 2 4 1 1 , ,2 2 5 3 1 0 5 5 , , 5 3 7 9 7 4 M Fe a b r r c u h ary... 7 7 , , 1 1 4 0 8 3 5 5 , , 1 1 4 1 3 1 2 2, , 4 5 2 0 9 9 2 2, , 7 6 1 0 4 2 2 1 , , 0 9 0 9 5 2 Time deposits: April 7,383 5,435 2,655 2,780 1,948 ^1927—September 12,452 6,349 1,004 5,345 613 5,130 May 7,514 5,539 2,765 2,774 1,975 October 12,527 6,424 1,015 5,409 625 5,163 June. 7,399 5,380 2,589 2,791 2,019 November 12,579 6,483 1,055 5,428 622 5,174 July 7,400 5,400 2,601 2,799 2,000 December 12,677 6,491 1,034 5,457 633 5,205 August 7,188 5,308 2,493 2,815 1,880 1928—January 12,928 6,634 1,099 5,535 638 6,300 September.. 7,243 5,337 2,519 2,818 1,907 February... 12,990 6,690 1,093 5,597 647 6,285 Other leading cities: March 13,059 6,764 1,080 5,684 661 6,345 1927—September. 14, 246 10,006 3,90S 4,239 April 13,259 6,837 1,120 5,717 689 6,435 October 14,444 10,102 3,956 6,147 4,342 May 13,420 6,966 1,193 5,773 714 6,461 November- 14, 508 10, 083 3,946 6,136 4,427 June 13,443 6,996 1,210 5,786 725 6,441 December.. 14,604 10,105 3,988 6,116 4,499 July.__ 13, 422 6,938 1,174 5,764 689 6,463 1928—January 14,640 10,083 4,039 6,045 4,557 August. 13,378 6,905 1,161 5,744 678 6,480 February... 14,634 10,066 4,018 6,048 4,568 September 13,354 6,909 1,175 5,734 681 6,445 March 14, 774 10,180 4,073 6,107 4,594 April 14,983 10,323 4,186 6,137 4,660 l e f e o x a r N • c d R e D O i p e n T e t v g c E i t e s h . c — m e o i d t s b i A . e e e l s r l f ; . o f t i 1 r g h 9 d u e 2 e r s 7 e e p . s o p a s i . i n r t e s 8 t 2 f h o o 8 i f s . r ( a t 1 a ) b s i a l n e l g l a l m e re e d m m at o b e n e t r i h n b l y t a h n a e k v s m e , r o a a g n n e d th s . ( o 2 f ) S w b e e a e e n k B k l U s y L o f L i u g E t u s T i r I d e N s e A S J J M u u e u n a l p g y y e t u e s m t ber. 1 1 1 1 1 5 5 5 5 5 , , , , , 0 0 0 0 0 3 5 5 3 8 9 3 4 0 7 1 1 1 1 1 0 0 0 0 0 , , , , , 4 4 3 4 5 5 3 6 4 0 8 6 7 2 3 4 4 4 4 4 , , , , , 2 2 2 2 2 8 3 3 2 6 4 2 3 6 5 6 6 6 6 6 , , , , , 2 2 1 1 1 2 7 7 5 4 6 0 7 2 1 4 4 4 4 4 , , , , , 5 6 5 6 5 8 5 4 8 8 1 1 9 7 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

695 OCTOBER, 1928 FEDERAL RESERVE BULLETIN 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 it r t g s h - C la l n e d ve- c C ag h o i- L S ou t. is ne M ap in ol - i s I K C a it n y sas F c S i r s a a c n n o - o A th l e l r Dae to banks: 1926—August 1,040 119.9 167.8 48.9 371.7 82.7 43.1 110.5 106.5 September 1,062 119.5 170.0 49.9 374.6 80.3 45.6 103.7 109.0 October ,067 125.8 170.8 48.2 359.7 79.3 50.4 98.4 107.2 November... 1,052 128.3 165.6 46.6 349.2 78.9 52.7 97.0 105.8 December 1,078 126.5 163.1 45.1 349.1 79.5 50.8 96.7 107.6 1927—January 1,107 136.8 173.0 48.8 372.4 88.5 53.1 101.2 105.9 February 3,302 1,090 2,212 135.8 173.1 134.5 53.6 364.5 88.3 55.5 95.3 127.1 983.8 March 3,304 1,118 2,186 134.6 172.5 128.8 54.0 374.1 87.0 53.6 90.3 104.1 986.7 April 3,243 1,104 2,139 142.2 170.6 128.8 55.6 364.8 86.1 50.9 86.7 94.9 958.2 May 3,225 1,117 2,108 137,3 169.1 124.3 55.1 374.4 81.8 47.5 82.6 98.4 937.8 June 3,229 1,171 2,058 143.1 164.2 121.3 56.1 347.9 81.4 47.5 82.7 99.9 913.8 July.. 3,308 1,164 2,144 160.7 169.1 125.0 60.3 363.4 81.9 46.5 91.8 108.4 936.6 August 3,313 1,160 2,154 152.1 167.9 128.5 60.4 363.9 78.6 45.5 91.2 107.4 958.2 September 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 3,748 1,373 2,375 167.5 204.2 131.3 62.0 379.8 88.5 57.1 92.2 117.7 1,074.7 February 3,634 1,331 2,303 148.9 192.4 132.2 62.9 375.0 85.9 58.1 92.9 114.5 1,040.2 March 3,548 1,318 2,230 141.3 188.2 118.4 61.2 378.6 77.9 61.8 89.4 117.1 996.1 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 June 3,153 1,160 1,993 130.0 162.9 101.8 58.8 367.4 74.4 52.8 77.0 101.3 866.6 July 3,184 1,175 2,009 136.2 163.1 101.1 59.5 353.5 74.0 50.9 90.0 100.8 879.9 August 3,039 1,110 1,929 122.7 153.7 99.2 58.3 344.0 73.0 47.4 91.3 90.1 849.3 September 3,177 1,134 2,042 130.9 162.4 108.9 64.5 352.3 75.7 53.2 102.5 903.3 Da« from banks: 1928—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 54.4 832.5 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 _ 1,215 103 1,113 42.2 52.6 33.3 22.3 150.4 33.1 20.5 36.0 70.5 651.9 1928—January _ 1,269 112 1,157 52.3 56.7 36.7 23.6 147.7 36.6 21.0 35.2 68.8 678.4 February 1,189 105 1,084 41.2 52.1 34.6 24.9 145.9 32.9 18.8 33.1 64.7 635.8 March 1,169 110 1,059 36.7 60 3 32.7 23.1 150.8 29.9 19.7 31.8 61.8 622.2 April 1,192 123 1,069 42.8 57.8 32.3 23.9 161.1 29.6 17.4 32.4 66.2 615.5 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 June 1,124 104 1,020 37.1 53.5 29.3 22.7 169.0 27.2 19.8 30.5 58.5 572.4 July__ 1,135 102 1,033 41.9 53.3 31.0 25.1 162.0 25.8 23.8 34.5 54.6 581,0 August 1,053 88 965 34.6 50.7 33.2 23.6 151. 4 25.3 19.1 33.5 49.0 544.6 September 1,150 102 1,048 34.5 51.6 37.0 24.1 1G5.4 25.3 21.0 35.6 55.8 597.8 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In millions of dollars] Total outstanding Bankers' acceptances1 Commercial paper' End of month 1925 1926 1927 1928 1925 1926 1927 1928 1925 1926 1927 1928 January... 1,655 1,325 1,635 835 788 774 1,058 820 654 551 577 February.. 1,628 1,362 1,623 767 785 1,056 820 655 577 567 March 1,613 1,415 1,655 746 809 1,085 813 668 606 570 April 1,558 1,410 1,642 757 721 811 1,071 801 663 599 571 May 1,456 1,357 1,582 680 685 775 1,041 776 668 582 541 June 1,367 1,330 1,529 622 751 1,026 759 652 579 503 July 1,296 1,310 1,461 600 741 978 727 655 569 483 August 1,277 1,373 1,410 555 583 782 952 722 638 591 458 September 1,315 1,464 607 614 864 708 612 600 October 1,358 1,586 674 682 975 684 593 611 November. 1,356 1,632 690 726 1,029 666 566 603 December. 1,395 1, 636 774 755 1,081 621 526 555 i Figures collected and compiled by American Acceptance Council. 1 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

696 FEDERAL RESERVE BULLETIN OCTOBER, 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 From private From private From private Date New York banks, New York banks, New York banks, Total b tr a u n s k t s c o a m nd - b f r o o re k i e g r n s, Total b tr a u n s k t s c o a m nd - b f r o o r k ei e g r n s, Total b tr a u n s k t s c o a m nd - b f r o o r k ei e g r n s, panies banking panies banking panies banking agencies, agencies, agencies, etc. etc. etc. 1926—July 31. 2,998 2,583 415 2,283 1,918 365 715 665 50.2 Aug. 31. 3,142 2,697 444 2,364 1,984 379 778 713 65.0 Sept. 30. 3, 219 2,745 474 2,419 2,021 398 800 724 75.8 Oct. 30. 3,111 2,667 444 2,289 1,924 365 822 743 78.5 Nov. 30. 3,129 2,636 493 2,330 1,932 397 800 704 95.9 Dec. 31. 3,293 2,804 489 2,542 2,128 414 751 676 75.6 1927—Jan. 31_. 3,139 2,671 469 2,328 1,964 365 810 707 103.9 Feb. 28. 3,256 2,758 499 2,475 | 2,085 391 781 673 108. 4 Mar. 31. 3,290 2,791 500 2, 505 j 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 3,363 583 3,023 | 2,549 475 923 814 108.5 Nov. 30. 4,092 3,519 573 3,134 i 2,675 459 958 844 113.4 Dec. 31. 4,433 3,812 621 3,481 i 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 S 2,807 488 1,028 931 97.7 Mar. 31. 4,640 3,947 693 3, 580 i 3,016 564 1,060 931 128.8 Apr. 30. 4,908 4,246 662 3,739 3, 201 537 1,169 1,045 124.2 May 31. 5,274 4,568 707 4,070 3,455 616 1,204 1,113 90.8 June 30. 4,898 4,169 730 3,742 3,122 619 1,157 1,046 110.3 July 31. 4,837 4,150 687 3,768 3,183 585 1,070 967 102.5 Aug. 31. 5,051 4,260 791 4,094 3,420 674 958 840 117. 3 Sept. 29. 5,514 4,647 4,690 3,939 751 824 709 115. LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY {In millions of dollars. Monthly data are averages of weekly figures] Demand and time loans Demand loans Time loans i For ac- For ac- For ac- Month or date count of For ac- count of For ac- count of For ac- Total if or own out-of- count of Total j? or own out-of- count of Total x* or own out-of- count of account town others account town others account town others banks banks banks 1926—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 i 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 S.Q96 i U032 1,188 877 2,336 705 857 774 760 327 330 102.9 August . 8,181 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.fi October 3,392 1,103 1,326 962 2,603 820 942 841 789 283 385 121.4 November... ^ 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 L0fi4 1,450 1,247 2,861 741 1,036 1,084 900 323 414 162.9 April 4,062 H 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 1 386 431 229.1 June - 4,360 1,048 * 1,568 *1,744 3,309 687 * 1,143 *1, 479 1,051 361 *425 *265. 2 July 4,232 929 *1,543 * 1,760 3,207 614 * 1,136 * 1,456 1,025 315 *407 *303. 2 August 4,239 1 835 * 1,522 * 1,881 3,359 590 *1, 178 *1, 591 880 245 *344 *290. 2 September ... 4,417 887 1,607 1,924 3, 684 675 1,332 1, 677 733 212 276 246.1 1 Sept. 5 4,289 907 1,522 1,861 3, 482 680 1,220 1,581 807 227 301 279 3 Sept. 12....:. 4,385 865 1,599 1,921 3,642 652 1,319 1,671 744 213 280 250.2 Sept. 19 4,470 925 1, 634 1,911 3,771 721 1,367 1, 683 700 204 268 228.4 Sept. 26 4,525 850 1,674 2,001 3,842 646 1,421 1,775 683 204 253 226.4 * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

697 OCTOBER, 1928 FEDERAL RESERVE BULLETIN COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926=100] Month m AH od c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d xt u i 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 t s ; t j B m u a il t d er in ia g ls c C a d h l r s e u a m g n s i d - in f H u g r o n g u i o s s o h e d - * s l M an i e sc o e u l s - c N c o u o m i l n t t i m a u e g s r o a r d i l - - 1927—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 1 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 95.6 98.3 86.8 94.0 April 97.4 107.6 99.5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 84.9 94.7 May 98.6 109.8 101.2 126.3 96.6 81.8 98.6 93.5 95.3 97.8 85.1 95.6 June 97.6 106.7 100.3 123.7 9fi.3 82.1 98.7 93.9 94.9 97.0 82.2 95.2 July.... 98.3 107.1 102.3 124.2 96.8 82.8 98.6 94.4 94.5 96.9 80.8 95.9 August 98.9 107.0 104.1 121. 0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 96.7 1 New index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM » SECURITY PRICES August, 1909-July, 1914=100] Common stocks i (1926 = 100) Bonds: Month Grains t F v a a e r b n g u l d e e it - s an M im ea a t ls!p D p o u a r a u c n o i l t d d r s t y r - y c C o s a o e t n t t e o t d o d n n - c f l U a ie s n d s - i- 19 M 27 o — nt J h u ly o r week ; 1 i co st m 3 o 1 9 c b 1 4 k i 7 n s .2 ed i t n r 3 d i 1 2 a u 1 5 l 6 s s . - 7 33 1 r 2 a 0 i . l 7 s u p ti u l 1 3 b i 1 6 t l i 4 i e c . s 9 4 A p 0 r v i i e c s 9 r e s a 7 u o g . e 0 f e s 3 August ! 122.0 112.3 123.1 118.5 97.76 September. _: 127.7 128.9 125.2 124.1 98.00 1927 October 126.7 127. 5 124.3 124.5 98.62 June 140 201 129 124 119 November.. 129.6 131. 3 124.9 125.6 98.98 July 139 195 131 125 124 December.. . 133.1 135.5 126.8 127.2 99.25 August 138 172 136 127 136 1928—January ; 134.4 137.4 125.3 129.5 99.35 September. 134 145 142 137 179 February 132.3 134.8 121.6 130.9 99.31 October 128 138 145 146 169 March ; 137.9 141.1 125.9 134.4 99.20 November- 120 136 141 153 162 April | 145.9 149.5 130.7 142.5 99.18 December.. 123 141 138 158 153 May ! 152.1 154.9 133.2 155.3 98.79 June I 145.3 148.2 126.7 148.1 97.38 1928 July : 144.2 147.8 124.6 145.3 96.56 January I 125 144 138 154 152 August I 148.3 152.6 126.5 147.9 95.82 February... ( 128 153 139 144 141 September..; 156.1 161.6 129.7 155.2 96.47 March 136 174 139 137 147 Week ending— ! April 144 179 142 134 154 Sept. 1. | 154.1 159.1 130.2 152.9 96.13 May 160 181 151 134 166 Sept. 8 155.7 160.9 130.0 155.3 96.46 June 152 168 150 132 162 Sept. 15 156.6 162.1 129.9 155.9 96.52 July 142 156 157 134 170 Sept. 22 I 157.8 163.8 129.7 156.1 96.62 August i 120 137 162 136 153 Sept. 29 1 156.4 162.1 128.9 155.7 96.64 September.. 117 127 174 145 142 1 Index of common stock market values (revised series) computed by i Index numbers of Department of Agriculture. Standard Statistics Co. from closing prices on Friday. FOREIGN CAPITAL ISSUES DOMESTIC CAPITAL ISSUES [In millions of dollars] [In millions of dollars] January-August August, August, January-August 1928 1928 1927 1928 1928 1927 Class of issue Class of issue I Gov-! Cor- Gov- Gov- Cor- New fu R in n e g d - - ! New Re i f n u g nd- New f R i u n n e g d - - | | m er e n n - t I j p ra o t - e m er e n n - t ern- po- Total.. I 76.5 I 736.5 642.8 330.0 Total . 246.6 19.6 I 3,806.2 1,367.7 4,098.8 11,287.1 Newissue _. j 76.5 |___ 635.7 338.4 581.3 293.8 C F M a o B u r r m o n p S n i o - t c o l d r i o a s c p L S a t k a e a n s h o l n i o n i i s d s s r s g s s t u n u - u - e o t t e e s e e t s s e r r s m m — . . . .. . i j I i 1 7 4 6 6 8 3 5 6 0 0 . . . . . 7 9 2 4 6 1 1 0 3 2 8 2 . . . . . 9 6 3 7 8 I 2 1 1 , , , 3 8 3 1 5 7 33 6 5 7 0 8 2 0 8 . . . . . 1 6 2 1 5 1 1 . , _ 3 9 3 5 3 3 7 1 0 8 6 5 7 . . . . . 4 6 3 5 3 I . 3 1 , , 9 1 0 9 9 5 2 5 6 8 8 6 7 0 4 3 1 . . . . . . 2 4 6 1 1 9 II, 9 1 1 4 9 2 4 8 7 1 1 2 5 6 3 . . . . . . 5 4 0 8 4 2 Refu L U E M C n a u a n l p d i a t r n s i o i i o n t c n n a s e d p e g s d d e l e A a l s i a m s s , a n s i S e o u e n r t n e o d a i s s c u t a e N s s .. e w i f n o s u u n l d a - r j I j J I j . 76.5 j ' | L ' J . j . . . . . . . . - . . . . 2 1 1 3 8 5 6 0 9 2 3 9 6 0 4 . . . . . . 6 0 3 5 9 3 1 1 7 2 6 7 0 6 0 9 8 2 . . . . . 2 0 9 9 3 1 1 1 8 6 8 9 1 5 5 1 4 1 4 . . . . . . 3 5 5 4 2 8 1 6 5 6 3 1 1 0 1 6 0 1 0 . . . . . . 0 6 2 2 3 7 Total new and | Total Government and refunding • 5,173.9 5,386.0 corporate 76.5 1,183. 8 972.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN OCTOBER, 1928 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Building contracts Wholesale dis- Department- Department- In tr d ia u l s- P ti r o o n d u o c f - P ti r o o n d u o c f - Factory Factory awarded * Fr c e a ig r ht tribution store sales1 store stocks « Year and month p t r i o o d n u i c- tu f r a e c s - * m a i l n s e i r- ment r p o a ll y s j U u n st a e d d - ju A st d e - d i l n oa g d s1 - j U u n st a e d d - ju A st d e - d U ju n st a e d d - ju A st d e - d U ju n st a e d d - ju A st d e - d Mo. av. 1923-1925*100 Mo. av.1919=100 Monthly average 1923-1925-100 ANNUAL INDEX 1919 83 84 77 100 100 64 84 110 78 79 1920 87 87 89 103 124 63 91 114 94 105 1921 67 67 70 82 84 57 79 87 87 89 1922 85 87 74 90 89 81 86 89 88 88 1923 101 101 105 104 113 84 100 101 98 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 1924 April 95 95 92 99 111 121 96 98 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 01 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 99 118 101 93 100 105 101 October 94 95 89 93 103 103 100 99 118 99 111 95 111 101 November - 97 97 96 92 101 95 103 99 97 99 111 101 113 100 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 96 109 76 104 103 97 101 80 103 96 101 March 104 106 96 96 110 120 107 100 109 100 95 103 104 101 April . . . 103 103 98 96 107 138 112 104 98 100 106 102 106 101 May 103 103 104 95 107 124 115 105 90 99 100 101 102 100 June...-. 102 102 101 94 105 137 125 101 91 100 99 100 97 100 July 103 103 104 93 102 133 128 101 94 102 75 100 94 101 August . _ - 103 102 108 94 105 149 135 105 113 101 78 101 98 102 September 102 104 90 95 104 138 135 102 117 100 95 102 106 102 October 105 107 91 97 111 129 129 100 124 105 129 110 111 101 November 106 109 94 97 112 116 127 104 99 100 114 104 115 102 December 108 110 93 97 112 129 138 105 89 98 178 106 97 103 1926 January . 106 109 92 96 107 111 146 102 94 102 89 106 93 105 February 107 108 96 97 112 106 145 104 97 101 81 »105 98 103 March . _ _ - - 107 108 106 97 113 146 128 105 107 100 102 101 107 104 April 107 107 106 96 110 139 120 107 94 07 103 103 107 103 May 106 107 104 96 109 134 125 108 91 99 107 107 103 101 June - - 107 107 106 95 109 133 125 109 91 99 101 102 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 96 108 137 130 109 117 100 101 109 107 103 October . 111 110 115 96 112 126 126 109 111 94 124 no 114 103 N D o ec v e e m m b b e e r r - - 1 10 0 5 8 1 1 0 0 6 3 1 11 1 9 8 9 9 5 4 1 1 0 0 9 8 1 1 3 1 1 9 1 13 3 6 0 1 10 0 6 8 9 8 7 4 9 9 8 5 1 1 2 8 1 4 1n0o6 1 9 1 6 7 1 10 0 4 2 1927 January 107 105 116 92 102 94 123 105 86 94 89 106 92 103 February 109 107 118 94 109 96 131 109 91 95 83 107 97 102 March 111 no 118 94 110 151 131 109 103 96 100 105 106 103 April 108 109 104 93 108 147 128 108 90 93 111 105 106 102 May 111 111 108 93 108 135 126 107 88 95 102 103 103 101 June 108 108 104 92 108 154 144 104 87 93 101 M03 97 100 July 106 106 100 91 101 130 128 101 88 95 75 M04 94 101 August 107 107 106 91 104 135 119 104 111 100 89 111 97 101 September 105 105 105 92 104 127 121 104 112 96 100 3108 107 103 October - . 103 102 105 92 105 137 137 101 106 91 119 MC6 113 103 November.-... 99 98 101 90 101 114 125 96 93 95 122 107 116 103 December 99 99 103 89 102 116 121 94 82 93 186 111 96 102 1928 January... 106 106 103 88 98 104 137 100 87 94 88 105 91 108 February. 109 110 103 89 104 113 155 102 93 97 85 105 96 101 March 109 no 105 90 105 144 125 103 99 93 103 105 103 100 April 109 no 103 89 103 157 136 104 86 89 102 104 104 100 May 109 no 105 89 104 163 152 106 89 96 107 104 101 99 June 108 110 99 90 104 158 148 102 84 89 103 105 95 Qg July 109 in 101 88 1 100 142 139 102 87 94 78 108 92 99 August 112 113 105 90 104 126 111 104 108 99 85 106 96 100 * The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts wholesale distribution* And department-store sales and stocks are shown both with and without seasonal adjustments. ' > Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 699 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION PEB CENT PRODUCTION OF [Index numbers, adjusted for seasonal variations. MANUFACTURES AND MINERALS 1923-1925 average "100] 120 Month 1922 1923 1924 1925 1926 1927 1928 January. . 73 100 100 105 108 107 106 February 76 100 102 105 107 109 109 March 80 103 100 104 107 111 109 100 April . 77 107 95 103 107 108 109 May 81 107 89 103 106 111 109 June ...... ... 86 105 85 103 107 108 108 July 86 103 83 103 107 106 109 August ... . 84 102 89 103 111 107 112 September*........ 88 100 94 102 112 105 80 October ..„ 94 99 94 105 111 103 November.... . 97 97 97 106 108 99 December. 100 96 101 108 105 99 Annual index 85 101 95 104 108 106 60 60 1924- 1925 1926 1927 1928 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS 1 Year and month Total i 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 h es er a C n b e d r m i g c e k la n , s t s , f m N er e o r t o n a 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 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 106 110 106 102 116 91 92 99 111 101 135 124 118 February 110 115 107 110 117 92 103 102 115 109 139 139 118 March 110 114 106 105 118 *93 114 101 109 107 141 135 119 April 110 125 101 97 119 97 110 96 108 110 147 131 119 May 110 117 107 96 121 •94 108 96 113 111 150 134 120 June 110 112 109 63 117 92 119 105 112 115 153 145 126 July 111 121 •100 89 *117 96 120 •112 117 112 155 155 125 August 113 121 109 91 117 92 132 111 118 116 160 154 131 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS i Year and month Total n B o i u tu s m co i- al Ant c h o r a a l cite C t r ro u l d e e u p m e- sh Ir i o p n m -o e r n e ts Copper Zinc Lead Silver 1927 April. ... 104 87 108 119 106 110 120 90 May 108 94 117 120 120 107 108 113 90 Jane . .. _ 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 88 121 102 104 103 93 February .... 103 94 88 119 104 107 109 83 March 105 99 79 121 102 112 109 94 April 103 87 109 119 103 114 100 89 May 105 93 114 119 80 110 113 •101 85 June 99 89 74 117 107 110 117 99 93 July. . . ... 101 94 66 119 103 113 117 97 •76 August 105 91 95 122 105 116 121 108 82 •Revised. NOTK.—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 o 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

FEDERAL RESERVE BULLETIN OCTOBER, 1928 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES August, July, August, August, July, August, 1928 1928 1927 1928 1928 1927 Iron and steel: Leather and products: Pig iron . 106 105 100 Leather, tanning- Text S il t e ee s: l ingots 122 123 102 11 S U o p l p e e l r e a l t e h a e t r h 1 e r- . . 101 109 97 Cotton consumption 114 101 137 Cattle 77 77 87 Wool- Calf and kip 96 91 107 Consumption 96* 92 99 Goat and kid 138 *142 130 Machinery activity l 79 75 85 Boots and shoes ._ . 116 *116 118 Carpet and rug loom activity l. 86 75 78 Stone, clay, and glass: Silk- Cement . 126 121 123 Deliveries . _ . 134 *126 124 Brick- Loom activity * 114 117 110 Face brick 109 101 103 Food products: Plate glass 132 122 122 Slaughtering and meat packing- Nonferrous metals: Hogs . . 80 83 95 Copper _ . .. 119 115 105 Cattle 88 86 103 j Lead 108 97 112 Calves 94 92 99 i Zinc... 121 117 114 Sheep 113 123 110 I Tin1 109 107 110 Flour 97 92 88 i Chemicals and allied products: Sugar meltings 106 97 103 ! Petroleum refining Paper and printing: Gasoline1 185 178 152 W^ood pulp and paper- Kerosene. 114 107 94 Newsprint . . 91 92 99 1 Fueloil1 136 134 124 Book paper 124 331 107 Lubricating oilJ 121 118 115 Fine paper 122 115 124 l Coke production- Wrapping paper . 110 113 104 By-products. _. ... 137 129 113 W Pa r p o e o r d b p o u a l r p d , mechanical 1 1 0 1 6 6 1 9 1 9 4 11 9 3 3 ' Rubber B ti e re eh s i a v n e d . tubes: 35 34 59 Wood pulp, chemical 114 114 113 Tires, pneumatic 158 •159 122 Paper boxes 134 135 122 Inner tubes . 123 125 96 Newsprint consumption . 121 121 Tobacco products: Lumber: Cigars 99 96 97 Lumber, cut .. . - 87 93 94 Cigarettes 158 151 139 Flooring 124 122 107 Manufactured tobacco and snuff... 93 90 94 Transportation equipment: Automobiles _ .. . 132 120 89 ' Locomotives 21 24 57 Shipbuilding 165 1 Without seasonal adjustment. ' Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] \ ! M p e r t o a d ls u c a t n s d Textiles and products L b u e m r - Rail- Paper Foods Leather Stone, To- C i h ca e l m s - Month Total Group I a r n o d n Group Fabrics ucV p u a r n c o t d d s - v r c o e l h a e d s i- m A o t b it i o le - s p a r in n in g d t- p u a r n c o t d d s - p u a r c n o t d d s - c g a l l n a a d y ss , b p u a r c o c t c d s o - p a r n o d dsteel ucts Employment: 1927—May 92.6 88.7 88.4 93.6 96.5 89.9 91.6 78.5 123.7 107.3 83.7 82.6 124.0 78.2 75.3 June 92.4 87,8 87.5 93.1 96.3 88.9 91.8 78.9 117.2 106.9 87.6 82.2 124.2 80.3 75.9 July... . 90.7 85.7 85.4 91.0 94.8 86.2 91.2 78.2 109.9 106.3 86.7 85.3 119.5 80.3 75.0 August 91.2 85.2 85.0 92.3 95.6 88.2 92.3 76.7 114.3 106.9 85.8 88.2 120.2 74.4 75.3 September 91.9 85.1 84.7 93.9 96.5 90.5 93.0 76.1 111.0 107.8 88.7 88.5 119.3 83.5 76.9 October 91.7 84.5 84.0 94.5 97.0 91.4 92.5 75.5 109.9 108.6 89.2 86.5 116.2 85.3 77.8 November. 90.2 82.8 82.3 94.2 97.2 90.3 91.3 73.4 100.7 109.7 87.7 81.5 114.7 84.6 78.5 December. 89.1 81.9 81.4 93.6 96.4 89.9 88.2 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 84.9 70.5 114.0 108.6 83.8 83.2 101.6 73.8 75.1 February.. 89.4 83.0 82.7 93.8 95.1 92.3 85.0 70.4 124.8 108.1 84.8 84.6 101.9 77.1 77.2 March 89.9 84.3 84.0 92.9 93.6 92.0 86.0 71.3 130.2 107.0 84.4 84.1 105.7 77.9 76.9 April 89.3 84.6 84.2 90.0 91.0 88.7 87.0 72.0 133.6 105.9 82.8 79.8 109.1 76.0 76.7 May 89.5 85.3 84.9 87.8 88.9 86.3 87.0 72.5 141.2 106.3 83.0 77.7 113.8 76.8 74.5 June 89.6 85.5 85.0 87.4 88.6 85.9 87.7 72.7 141.1 106.1 84.2 77.6 114.9 77.5 75.1 July 88.5 84.7 84.fi 84.5 86.2 82.2 86.7 71.7 141.0 106.1 84.4 81.2 112.8 73.4 73.9 August 90.0 86.0 86.0 85.3 86.3 84.1 89.1 71.6 149.9 106.3 83.9 82.9 115.7 79.0 73.9 Pay rolls: 1927—May 108.1 96.8 96 2 103.3 107.6 98.1 105.3 89.8 158.7 150.3 100.7 84.4 157.6 83.6 107.0 June. . 105.8 95.2 94.7 102.8 107.0 97.6 104.8 87.9 131.4 148.2 104.6 85.1 154.5 86^7 109.1 July 101.1 87.4 86. 7 99.1 102.8 94.6 101.1 83.0 125.2 145.4 103.1 90.2 143.7 85 7 103.6 August 104.4 90.3 89 8 102.7 105.8 98.9 105.5 85.4 136.3 147.2 101.7 97.5 149.0 79.7 105.2 September- 103.8 88.1 87.3 104.8 107.3 101.9 107.1 81.3 128.7 148.9 104.4 95.2 145.7 90.6 105.7 October.. _ 105.1 89.0 88.2 106.9 108.9 104.3 109.0 83.6 133.6 151.0 104.8 88.5 145.0 91.3 110.0 November. 101.0 86.0 85.2 101.6 104.5 98.1 106.3 82.2 117.6 149.0 103.0 76.8 140.8 90.5 109.7 December. 101.9 87.5 86.6 103.6 106.1 100.6 103.1 80.2 127.8 152.7 102.2 77.8 133.6 87.0 112.4 1928—January... 97.8 84.7 84.1 100.2 100.3 100.0 91.9 75,1 127.2 148.8 99.0 83.5 122.1 78.1 106.3 February.. 103.5 91.9 91.2 103.5 102.4 104.8 96.1 78.2 160.0 147.5 100.8 88.9 123.8 78.1 109.3 March iO4.9 93.9 93. 3 101.9 100.3 103.9 98.1 80.4 168.9 147.7 100.4 87.5 128.7 79.4 110.2 April 102.6 92.9 92.2 94.7 95.5 93.8 98.3 81.2 171.8 146.7 96.5 75.3 134.6 73.8 108.8 May.. 103 7 95.1 94.3 93.4 95.3 91.1 98.8 80.7 178.8 146.7 99.0 72.7 140.9 77.3 106. 6 June 103.6 94.5 93.7 93.5 94.2 92.6 99.9 81.3 169.5 146.7 101.3 76.3 141.3 82.5 106.1 July 100. 1 90.0 89.3 88.7 90.2 86.9 96.4 76.5 166.0 144.6 101.4 82.6 136.1 78.1 103.4 August 103.9 94.3 93.3 91.7 91.4 92.0 100.3 77.0 184.9 144.5 100.1 88.0 143.3 81.6 104.0 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 Mav, 1925. See also p. 668 of BULLETIN for September 1925, for eertain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 701 BUILDING BUILDING CONTRACTS AWARDED PERCENT [Index numbers based on value of contracts. Monthly average, 200 200 1923-1925-100] Without seasonal With seasonal adjustment adjustment 150 h A A /A 150 Month 1925 1926 1927 1928 1925 1926 1927 1928 \l » V 1 January | 75 111 94 104 101 146 123 137 100 [i 100 February 106 96 113 104 145 131 155 March 146 151 144 107 128 131 125 April.. 139 147 157 112 120 128 136 May... 134 135 163 115 125 126 152 June... 133 154 158 125 125 144 148 50 50 July.. 126 130 142 128 124 128 139 August 149 148 135 126 135 131 119 111 BUILDING CONTRACTS AWARDED S O e c p to te b m er b er j 1 1 3 2 8 9 1 12 3 6 7 1 13 2 7 7 143 1 1 2 3 9 5 1 12 3 6 0 1 1 3 2 7 1 156 •••«• W/t/j Seasonal'Adjustment November 116 119 114 127 130 125 W/tnout Adjustment December 129 131 116 138 136 121 ...... 0 1924- 1925 1926 1927 1928 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Boston Y N o ew rk d P e h lp il h a i - a Atlanta Chicago St. Louis M ap in o n li e s - Dallas 1927 July... 534,390 29,658 158,435 33,982 57,465 34, 241 28,093 107,480 32,205 13, 111 17,203 22,517 August 552, 488 37,461 144, 049 53, 519 62,447 31,813 28,176 109,646 34,134 12,371 19,061 19,811 September. _ 521, 611 107,448 40,174 | 65,235 57,464 30, 917 106,296 32,573 8,038 22,253 18,350 October 562,816 27,486 169, 299 34,211 49,315 29, 553 26,023 141,523 41,405 9,305 19,317 15,379 November... 466,393 40.070 132,481 30,138 39,136 24,811 39,151 84,182 27, 793 7,138 16,516 24,977 December... 477, 364 29, 407 130,346 28,634 35, 275 37,285 24,816 126, 841 33,352 4,473 12,316 14, 619 1928 January 427,169 33,410 133, 271 35,765 26,403 27, 607 27,696 77,806 29,187 4,428 13,318 18,278 February 465,331 21,826 j140,227 34,980 37,841 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 May | 668,097 56,097 188,687 49, 743 63,813 39,421 32,497 139, 784 36,360 13,178 20,199 28,318 June I 650,466 38,519 178, 448 69, 605 46,227 28, 600 128,607 44,225 11,042 28,070 28,426 July ...I 583,432 34,456 139,821 41,259 56,103 32,884 31,996 140,689 50, 557 11,088 23,807 20,771 August.. 516, 970 36,370 i129, 524 33, 967 50, 408 30,172 28, 548 108, 306 40, 706 12, 944 26,177 19, 847 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 r m cia - l p w u a o n b r d l k ic s E ti d o u n c a a l - o A t l he l r Number August, July, August, utilities Federal reserve district of cities 1928 1928 1927 July 1927 186,935 83,010 143,916 36,434 53,792 United States. 168 259, 530 267,581 281,681 August 209, 456 41,039 76,915 119,741 41,035 64,302 Boston 14 8,500 8,146 12,874 September., 202,877 48, 546 59,617 126, 230 29,244 55,097 New York 22 106,932 97, 650 100,650 N O D c o e t c v o e e b m m er b b e e r r . . _ . 2 2 2 4 1 0 3 4 7 , , , 2 9 5 8 6 6 1 3 2 5 5 2 0 9 2 , , , 9 8 7 8 9 1 9 0 2 4 8 7 3 9 6 , , , 9 5 7 3 2 2 3 1 0 1 9 7 0 2 6 8 , , , 6 0 2 8 5 1 9 7 0 3 3 2 1 0 3 , , , 7 1 2 4 7 4 1 0 8 5 4 3 7 7 0 , , , 1 2 4 8 5 4 9 6 2 P C h le i v la e d la e n lp d hia.. 1 1 4 2 2 1 1 6 , , 5 6 1 9 9 0 1 1 8 9 , , 4 1 2 7 6 8 2 1 3 8 , ,0 7 4 8 0 1 1928 Richmond 15 8,399 11, 506 10,219 January 193,189 37,970 68,852 72,039 23,369 31,750 Atlanta 15 7,627 8,515 8,634 February 238,985 34,881 57,695 59,980 18,651 55,139 Chicago 19 41,187 53,767 51,605 March 275,192 48, 804 73,075 110,338 33, 881 51, 277 St. Louis 5 7,790 8,314 7,421 April 276, 586 85,093 82, 758 117,401 32,885 48,413 May 288,826 37,146 91,200 150,223 47,851 52,851 Minneapolis _. 9 3,591 5,072 5,585 June 258,084 63,537 93,942 130,852 46,135 57,917 Kansas City.. 14 7,478 7,675 5,703 July 228,703 31,400 95,697 137,075 36,926 53,632 Dallas 9 7,261 5,424 8,212 August.. 213,705 42,607 58,911 118, 890 35,713 47,144 San Francisco. 20 22, 557 23,908 28,957 NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p. 563. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN OCTOBER, 1928 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925= 100] 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 r o t e d s s - t m 1. a i s n c c . d e 1 l- . ucts laneous 1927— 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 March 103 116 96 96 89 108 April 104 109 89 99 85 108 May 106 102 88 101 90 110 June 102 89 86 90 88 107 MBB With Seasonal Adjustment July 102 109 80 88 89 109 W/thout Adjustment August 104 102 82 96 92 111 1924 192S 1926 1927 1928 For description and early figures see p. 562 of August, 1927, 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 1928 1927 1928 1923 1924 1825 1929 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 86 May 103 05 99 99 95 96 94 87 90 91 88 89 June 102 91 100 99 93 89 92 82 91 01 87 84 July 101 93 102 97 95 94 92 86 94 91 88 87 August 103 95 101 97 100 99 115 105 113 107 111 108 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 9S 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 n F it u u r r - e c G er r i o e - s Meats g D oo ry ds M cl i o n e t 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 F tu n u i r r - e - 1927 July 91 102 88 90 79 134 92 105 102 92 104 81 78 43 107 90 100 84 August 97 109 102 101 72 111 97 112 109 97 111 125 165 98 122 98 110 111 September-, 94 109 91 92 66 104 99 114 103 102 117 113 140 95 127 106 122 117 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 70 115 92 108 89 85 106 85 76 65 94 82 106 78 February... 98 113 88 99 70 110 93 •no 96 85 108 89 128 88 87 82 101 96 March 97 109 83 94 55 96 91 95 95 105 87 131 89 111 95 * 121 107 April 93 112 78 77 57 94 87 •110 87 88 105 70 75 53 99 89 •113 88 May 99 109 •86 96 62 113 94 •111 92 96 109 75 57 35 114 97 *110 87 June 94 112 79 76 49 82 92 •117 95 97 114 71 39 21 77 95 *103 83 July •91 111 80 79 •83 123 91 *110 •95 •92 113 74 68 •46 98 90 102 •78 August 99 115 90 90 68 109 96 107 106 100 117 110 148 92 119 96 115 108 117 * Revised. 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 BULLEEIN for December, 1927, pp. 817-828. Indexes of sales of furniture revised in May, 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

703 OCTOBER, 1928 FEDERAL RESERVE BULLETIN DEPARTMENT STORES: SALES AND STOCKS. BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1923-1925=100] Federal Reserve District Month la A n t t - a c Ch a i g - o Lo S u t i . s M a i p n ol n i e s - K C a i n t s y a i s D la a s l- F c S r is a a c n n o - Sales (unadjusted): 1927-April 117 108 104 98 109 115 May 108 96 91 88 112 107 June 107 93 91 86 95 95 July——- 82 68 75 68 89 August 99 90 92 83 114 1928—April 113 99 82 93 102 114 May .. 122 104 90 94 116 116 June 114 94 84 84 101 July 91 73 68 71 92 August 100 83 80 85 115 Sales (adjusted): 1927—April 106 101 92 108 114 May 107 98 90 1Q8 106 June 107 98 91 99 103 July 112 100 97 100 111 August 120 117 103 110 116 1928—April 110 100 78 108 121 May 116 103 85 107 111 June 115 99 84 103 109 July 124 108 89 103 116 August 122 108 89 110 118 Stocks (unadjusted): 1927—April 105 103 95 115 110 May 101 102 91 112 107 June 95 97 84 104 103 July 93 95 83 101 101 August 99 97 87 116 103 1928—April 107 98 88 116 111 May 103 96 83 116 108 June 96 91 78 108 103 July _. 94 87 78 106 101 August 102 93 81 118 102 Stocks (adjusted): 1927—April 101 98 92 104 May 100 100 88 106 June _. 100 101 87 106 July 101 101 88 105 August 100 97 88 104 1928—April 103 94 85 106 May—... 102 04 80 107 June 101 95 81 106 July 102 93 83 105 August 103 93 81 103 i Monthly average in 1925-= 100. NOTE.—For description ofindeies given in this table see BULLETIN for February, 1928. 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 Month Mail- Mailorder order ho ( u 4 s ) es G c ( e 3 r r o 4 y - ) 1 5 0 - (1 a -c n 4 e ) d nt p A a (5 p r ) e - l D (1 r 3 u ) g C ( i 5 g ) ar S ( h 4 o ) e Ca (7 n ) dyho ( u 4 s ) es G c ( e 3 r r o 4 y - ) 1 5 0 - ( a - 1 c n 4 e d ) n - t p A ( a 5 p r ) e - l D (1 r 3 u ) g C ( i 6 g ) ar S ( h 4 o ) e Ca (7 n ) dy 1927—April.. 120 172 135 199 144 113 150 136 113 166 137 192 144 115 117 127 May... 99 171 123 171 134 113 109 115 118 171 132 172 137 113 99 120 June... 107 178 123 172 136 109 118 114 121 178 135 175 138 112 108 121 July- 93 166 121 157 141 111 109 112 127 176 139 199 144 114 124 119 August 105 170 130 165 140 106 101 110 133 179 140 193 139 107 121 110 192&-April._ 115 202 135 195 154 100 130 130 117 203 147 205 161 105 109 125 May... 115 214 139 221 164 110 130 127 132 206 144 213 161 105 113 127 June... 127 208 139 216 162 108 147 122 144 209 153 219 164 111 134 129 July... 112 198 128 180 164 100 116 117 153 209 148 228 168 103 132 125 August 127 205 133 197 169 104 109 123 160 215 144 230 169 105 131 122 NOT*.—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

704 FEDERAL RESERVE BULLETIN OCTOBER, 1928 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Member banks Non b m an e k m s ber Number Liabilities Month N b u e m r - p T o d o e s t i - a ts l N b u e m r - p T o d o e s t i - a ts l N b u e m r - T d o e t - al Month 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 o e e k tc n e . r ts 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 , , 1926 J J N A S D M O u u e o u e c n l a p c t y v g o y e t e e u e b m m m s e t b r b b e e e r r r _._ 1 1 1 8 3 7 5 1 5 4 8 7 7 2 6 4 0 4 3 4 3 1 1 1 1 9 5 8 8 4 2 0 6 , , , , , , , , 1 9 2 2 0 6 0 3 6 8 0 2 0 1 5 2 6 3 9 9 1 8 0 4 1 1 4 6 5 2 4 1 9 4 , , , , , , , , 3 2 3 1 2 6 3 4 1 1 2 3 8 8 3 1 8 7 7 4 9 0 3 7 1 1 6 4 2 6 5 3 2 1 3 9 9 8 5 1 4 2 2 2 1 1 7 6 7 6 8 4 1 2 , , , , , , , , 5 8 7 9 9 7 9 0 9 2 7 8 3 5 9 1 4 9 4 1 3 0 1 3 J J A J A M M F u a u e p u a n a n l b r g y r y e u 1 i r u c l 9 . u a h s . 2 r a t . 6 . y ry .. _ 2 1 1 1 1 l 1 1 , , , , , , , , 8 2 7 7 6 9 5 9 9 0 8 3 0 5 0 9 6 i 4 0 8 7 5 3 4 4 5 4 4 4 4 3 9 3 6 4 4 3 1 9 4 7 9 9 7 5 0 6 1 1 1 1 1 1 1 1 , , , , , , , , 1 4 0 1 2 3 1 2 2 7 8 2 6 1 7 4 1 2 2 0 6 8 1 9 8 8 7 9 7 7 1 0 5 7 3 1 7 2 3 4 3 2 2 2 3 3 3 3 8 8 9 9 0 4 3 , , , , , , , , 6 4 6 1 1 4 5 6 5 2 7 8 4 3 0 8 1 3 6 7 3 0 8 0 1 1 1 1 1 1 1 9 6 6 2 0 1 0 6 , , , , , , , , 0 8 7 5 8 1 1 0 9 3 6 1 2 5 6 9 4 4 6 2 7 8 2 2 2 2 1 1 1 1 1 1 8 1 0 9 4 4 5 5 , , , , , , , , 5 3 0 6 0 7 5 6 0 1 9 1 9 1 2 2 2 7 4 4 6 0 5 3 2 6 2 3 3 1 1 , , , , , , , 7 6 1 0 0 5 6 9 3 5 1 5 3 7 1 8 9 5 7 8 6 Total for year... 956 272,488 160 I 68,812 706 203, 676 S O e c p t t o e b m e b r- e . r . 1 1 , ,4 7 3 6 7 3 4 37 5 4 0 1,2 9 0 5 5 8 1 1 0 0 8 5 2 33 9 , , 2 9 3 9 1 0 1 1 1 0, , 0 6 9 5 3 0 1 15 1 , , 8 2 7 4 4 3 8 5 , , 6 7 5 0 4 7 January 1927 133 32,038 11, 555 106 20,483 N D o ec v e e m m b b e e r r 2 1 , , 0 8 6 3 9 0 4 49 4 4 0 1 1, , 4 2 7 8 1 5 1 10 0 4 5 45,620 1 16 6 , , 0 7 9 5 7 92 1 0 4 , , 5 1 7 5 9 8 2 8 , , 4 2 3 8 9 2 February 81 25,157 8,744 65 16,413 March 75 31,222 7,700 59 23,522 Total. __21, 773 5,395 15,268 1,110 409,233158,044 201,335 49,854 April 49 11,750 5,462 39 J M un ay e 4 4 7 1 1 1 0 3 , , 7 1 8 9 4 8 6 5 , ,5 4 2 3 1 4 3 3 6 2 6,764 Jan 1 u 9 a 2 r 7 y... 2.465 ,842 122 51,290 19,996 24, 530 6.764 July 37 12,162 2,638 35 9,524 February. 2,035 411 ,508 116 46,941 10,518 23,406 13,017 August 27 17,364 8,881 22 8,483 March 2,143 569 ,468 106 57.891 22,368 28,191 7,332 September 36 1,257 30 7,731 April 1,968 492 ,342 134 tZ 156 25,278 22,308 5,570 October 44 11,542 3,729 35 7,813 May 1,852 444 ,292 116 37,785 13,802 19,978 4,005 November 43 11,210 3,105 37 8,105 June 1,833 427 ,310 96 34,465 13,587 17,856 3,022 December 49 8,476 1,310 42 7,166 July 1,756 448 ,187 121 43,150 16, 74316,832 9,575 August 1,708 438 ,174 96 39,196 14,921 14,702 9,573 Total 662 193,891 ( 124 66,336 538 127,555 S O e c p t t o e b m e b r, e . r . 1 1 , , 5 78 7 7 3 3 4 8 8 9 8 1 , , 0 1 8 7 3 0 1 10 2 1 9 3 3 2 6 , , 2 7 3 8 6 6 1 1 5 7 , , 3 13 4 4 9 1 14 2 , , 0 6 5 5 2 7 4 5 , , 4 3 4 8 5 5 January 1928 12,721 3,456 9,265 N D o ec v e e m m b b e e r r . 2 1 , , 1 8 6 6 2 4 4 5 7 9 8 7 1 L ,4 ,2 3 7 0 6 1 13 1 5 0 3 5 6 1 , , 1 0 4 6 7 2 2 1 9 2, , 7 0 8 2 f 4 i1 1 6 6 , , 9 7 4 3 9 3 5 6, , 4 3 1 0 2 5 M Fe a b rc ru h a ry... - 2 1 0 9 , , 7 3 6 9 7 9 1 4 0 , , 3 0 7 8 3 2 1 15 0 , , 0 6 2 8 6 5 Total.— 23,146 5,68216,082 1,382 520,105211,506 228,194 80,405 J J A A M u u u p n l a y g r y e i u l st - — 1 6 9 6 6 5 , , , , , 9 9 9 0 2 2 1 7 6 0 0 7 9 6 8 2 3 2 1 , , , , 4 4 3 2 6 9 6 6 9 8 8 3 1 9 7 1 4 4 3 6 5 , , , , , 4 6 5 6 5 3 8 4 0 1 4 1 8 9 0 J A M F a e p a n b r r u 1 i r c l 9 a u h 2 r a 8 y r . y .. . 2 2 2 1 , , , , 2 1 6 8 3 7 4 1 6 6 3 8 5 4 4 5 4 6 5 3 6 8 3 2 1 1 1 1 , , , , 5 2 9 5 6 7 4 8 6 6 6 1 1 1 1 1 2 4 2 1 4 4 7 0 5 4 4 3 7 4 5 7 , , , , 0 8 9 6 7 1 8 3 1 4 5 4 2 1 1 1 0 6 2 4 , , , , 7 4 8 2 5 1 7 3 1 2 0 6 2 2 2 1 6 4 6 6 , , , , 1 9 0 4 8 4 5 4 6 9 2 6 8 5 6 7 , , , , 2 7 3 3 1 1 0 6 6 8 0 8 Total, 8 months. 313 97,977 47 28,219 266 69,758 J M u a n y e 2 1 , ,9 0 4 08 7 5 4 1 7 3 0 1 1 , , 3 4 2 0 5 7 1 1 0 3 9 1 3 29 6 , , 8 1 2 1 7 7| 1 14 2 , , 7 2 2 3 3 0 1 1 3 8 , , 7 9 8 0 1 0 3 2 , . 3 9 2 87 4 July 1,723 1,161 29,587 12,932 12,899 3,755 August 1,852 1,241 58,202 16,877 19,096 22,229 BANK SUSPENSIONS » IN AUGUST, 1928, BY DISTRICTS Total, 8 [Amounts in thousands of dollars] 16,403 3,925 11,503 975 339,237 121,032 158,309 59,896 All banks M ba e n m k b s e » r Non b m an e k m s ber COMMERCIAL FAILURES. BY DISTRICTS i [Amounts in thousands of dollars] Federal reserve district Num- Total Num- Total Num- Total ber deposits* ber deposits' ber deposits3 Number Liabilities Federal reserve B N o e s w to Y n ork district August, July, August,August, July, August, Philadelphia -. 1928 1928 1927 1928 1928 1927 Cleveland 2 244 2 244 "Richmond 3 533 3 533 Atlanta 4 1,963 4 1,963 Boston 212 137 154 4,050 2,345 2,675 Chicago 3 876 3 876 New York _. - 318 364 240 12,024 7,973 14,541 St Louis. -. - -. 2 211 2 211 Philadelphia 87 76 54 3,150 1,367 1,106 Minneapolis 5 2,384 2 1,777 3 607 Cleveland 156 132 173 4,231 3,248 4,276 Kansas City 1 400 1 400 Richmond 114 122 143 2,547 1,839 2,156 Dallas 1 316 316 Atlanta 90 110 142 1,310 1,997 3,020 San Francisco Chicago 311 243 251 20,437 3,295 3,741 St. Louis -- 99 98 103 4,766 2,288 750 Total 21 6,927 4 2,493 17 4,434 Minneapolis 46 74 85 404 496 1,820 Kansas City 93 78 92 916 468 1,468 1 Banks closed to the public by order of supervisory authorities or by Dallas 41 54 54 628 1,072 897 the directors of the banks on account of financial difficulties. San Francisco 285 235 217 3,740 3,197 2,746 1 National banks. 1 Figures represent deposits for the latest available date prior to the Total. 1,852 1,723 1,708 1 58,202 29,587 39,196 suspensions and are subject to revision when information for the dates of suspension becomes available. * Figures furnished by R. G. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 705 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [District figures derived from September estimates, by States, made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Y 1 i 9 e 2 l 7 d, E S s e t 1 i p 9 m t 2 . a 8 1 t , e, Y 1 i 9 e 2 l 7 d, E S s e t 1 i p 9 m t 2 . a 8 1 te , , Y 1 i 9 e 2 l 7 d, E S s e t 1 i p 9 m t 2 . a 8 1 te , , Y 1 i 9 e 2 l 7 d, E S s e t 1 i p 9 m t 2 . a 8 1 t , e, Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston. _ 8,493 9,482 92 106 92 106 New York 26,394 26, 376 7,216 6,436 6,994 6,245 222 191 Philadelphia... 45, 929 47, 939 18, 761 16, 483 18, 651 16,389 110 94 Cleveland 150, 323 178,112 33, 931 13,467 33,817 13,301 114 166 Richmond 163, 763 145, 372 25, 233 25, 753 25, 233 25, 753 Atlanta _ 184, 477 146,967 4,528 4,490 4,528 4,490 Chicago 787, 986 1, 042,144 65, 560 41,393 60, 256 34, 730 5,304 6.663 ft. Louis. 342, 426 386, 250 42, 210 29,964 41, 701 29, 261 509 703 Minneapolis... 304, 986 300,433 274,028 275,198 20, 224 15, 503 253,804 259,695 Kansas City~- 612, 497 520, 363 249,167 340, 814 236,454 325,226 12, 713 15,588 Dallas 134,968 117,625 18, 356 23,135 18, 213 22,947 143 188 tan Francisco. 11, 476 9,523 133, 513 123,833 87, 217 84,754 46, 296 39,079 Total .-..! 2, 773, 708 2, 930, 586 872,595 901,072 553, 288 578,599 319,307 322,473 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Yield, 1927 S E ep st t i . m 1, a 1 t 9 e 2 , 8 11Q92977 |ge E p s t t 1 im 19 at 2 e g , Yield, 1927 S E ep st t. i m 1, a 1 t 9 e 2 , 8 Yield, 1927S E ep st t i . m l, a 1 t 9 e 2 , 8 Yield, 1927 S E ep st t i . m 1, a 1 t 9 e 2 , 8 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales \ Bales N Bo e s w to Y n ork 9,215 3 8 6 , , 9 4 1 0 7 6 4 7 , , 7 6 3 8 3 3 4 6 , , 6 7 7 0 0 2 37 1, , 2 2 4 8 9 0 4 1 3 , , 4 7 7 5 9 3 4 3 5 3 , , 2 15 8 2 7 4 37 5 , , 8 3 0 7 2 4 i i Philadelphia. 24,844 23,023 3,636 3,058 44,880 47,040 25,998 30,621 Cleveland 78,362 110,063 7,620 5,370 80,647 117,477 21,501 24,885 i Richmond 26,104 22, 512 4,584 4,284 706,036 696,922 40,798 45,770 1,622 ! 1,906 Atlanta 14,282 10,732 3,033 2,999 121,134 159,126 12,303 15,603 2, 836 | 2,600 Chicago 454,805 617,637 20,940 15,556 32,840 46, 363 51,925 76,475 St. Louis 40,547 68,527 9,038 6,883 166, 876 254,375 14,061 20,071 1 2, 319 | 2 2,734 Minneapolis.. 283,709 319,103 14,070 10,522 1,990 2,733 65,833 71,946 Kansas City.. 138,400 165,322 14,401 12, 387 2,948 2,514 36,928 45,756 976 I 1,164 Dallas 43, 807 38,034 1,552 1,703 3,128 3,366 5,029 ! 5,766 San Francisco 33,435 33,553 15,178 13,725 56, 050 49,146 173 ! 269 Total... 1,184,146 1,453,829 106,468 87, 859 1,195,880 1,371,782 406,964 466,815 12,955 j 14, 439 1 Includes 7,000 bales grown in miscellanous territory. 2 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN OCTOBER, 1928 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1928 1927 1928 1927 August July June August I August July June August Bank of England (millions of pounds National Bank of Bulgaria (millions sterling): of leva): Issue department- Gold 1,308 1,304 1,301 1,258 Gold coin and bullion 173.2 173.2 169.6 149.7 Foreign bills, etc 788 543 384 526 Notes issued 192.9 193.0 189.4 169.4 Loans and discounts 1,038 1,012 1,013 1,015 Banking department- Advances to State 4,471 4,518 4,518 4,562 Gold and silver coin 2.7 2.8 2.7 1.6 Note circulation 4,285 4,131 3,899 4,086 Bank notes 57.5 57.0 53.1 32.0 Deposits 2,591 2,504 2,419 2,747 Government securities 29.1 28.3 30.8 58.4 Other securities 43.4 48.4 60.9 41.6 Central Bank of Chile (millions of Public deposits 19.2 11.5 23.9 22.1 pesos): Other deposits 95.3 106.8 105.6 93.2 Gold at home 61 62 60 Ratio of gold and note re- Deposits abroad 488 501 486 serve to deposit liabilities Loans and discounts *15 •16 36 (per cent) 52.5 50.4 43.0 29.0 Note circulation 317 321 264 Bank notes in circulation 1 79.2 79.8 80.0 81.2 Deposits 146 *152 168 Currency notes and certificates _- 296.9 295.1 296.0 295. 9 B»nk of France (millions of francs): • Bank of the Republic of Colombia N F L G S F o o i o e o g r r a g l h e e d n o i i t g g s t i b n n a a a b n l b e l a d x e i n l c l c d b h s e i o a s s n n c g a d o b e u s r n l o o t a s a d ned._. 3 1 1 7 4 4 4 5 0 , , , , , , 4 9 0 3 2 7 3 2 8 5 4 2 0 6 3 1 1 2 2 1 1 6 5 5 9 6 2 , , , , , , 1 9 9 9 6 8 9 3 7 1 4 1 9 0 5 8 2 1 2 1 1 5 5 5 8 1 , , , , , 4 9 9 7 5 0 3 9 0 5 4 0 0 2 9 (th N L G D G o o o o e o u a p l l t s d d e n o a s s n c a a i i d t a b t r s s n r c h o d u o o a l m f d d a t p i e i s e o c s n o o u s n ): ts 4 4 2 1 2 4 9 4 1 , , , , , 5 5 4 5 0 4 0 4 4 9 2 1 3 4 4 2 4 5 1 4 3 0 4 3 , , , , , 2 2 4 0 4 0 5 9 0 0 4 7 3 6 1 2 3 5 9 9 7 3 0 , , , , , 5 3 4 9 0 9 6 1 7 0 6 0 0 7 8 4 2 2 1 3 0 0 2 , , , , 1 3 9 3 5 7 9 3 6 0 2 6 Note circulation 62,184 60,436 P O u th b e li r c d d e e p p o o s s it it s s 10 5 , , 7 2 5 3 1 1 9 5 , , 3 8 5 6 4 9 6 5. , 2 4 9 8 4 8 Cz li e o c G n h s o o l s o d l f o a v C n a z k d e c s h N il o v a s e t l i r o o v n a a k l c B ro a w nk n s ( ): mil- 1,158 1,129 1,119 1,056 German Reichsbank (millions of Foreign balances and currency.._ 1,990 1,868 1,890 1,895 reichsmarks): Loans and advances 388 244 516 105 Gold reserve 2,163 2,114 1,998 1,786 Assets of banking office in liqui- Gold abroad 86 86 86 67 dation... 456 460 469 529 Reserves in foreign exchange 195 184 250 157 Note circulation 7,549 7,344 7,584 7,215 Bills of exchange and checks 2,604 2,516 2,477 2,662 Deposits 547 451 538 791 Miscellaneous assets 490 579 684 480 Deposits 565 542 525 724 Bank of Danzig (thousands of Dan« Reichsmarks in circulation 4,673 4,569 4,674 3, 935 zig gulden): Rentenmarks in circulation 579 581 600 1,042 Gold 2,356 2,356 2,510 2,160 Ban L A G C k o r d o o e a v l f d d n a I i s n t a t s a c a t e l n a y h s d n o t d ( m o d m i b e t s i r a l c l e l i o a a o u n s n n u c s e t r s y o s f a b li r r o e» ad ): 4 6 5 , , , 7 6 0 4 0 4 4 2 1 4 6 5 , , , 3 8 0 8 9 0 3 5 1 4 4 7 , , , 7 1 9 9 5 2 8 1 5 < 4 4 6 4 , , , , 1 2 2 1 3 9 2 4 2 6 7 9 N B D F L o o a o e r l a p t a e e n o n i g s s c c i n i e a t r s s n c b u d w il l l a i d s t t , h i i s o e c B n t o c a u n n k ts of E _ ngland- 2 2 3 1 3 2 4 8 6 , , , , , 4 1 9 1 8 0 7 7 5 3 0 3 8 0 9 2 2 3 1 3 7 7 0 5 , , , , , 5 6 8 3 4 7 8 8 0 5 7 1 3 8 2 3 2 2 1 1 3 7 6 5 , , , , , 4 6 6 3 5 5 6 6 5 4 9 8 0 2 5 3 2 3 1 7 0 3 3 8 , , , , , 6 1 1 9 5 5 8 9 4 0 1 8 5 3 7 T P O u o th b ta e l l i r c n d d o e e t p e p o o c s s i i r t i c s ts ulation 1 3 7 , , 0 1 3 1 4 0 9 0 0 1 3 7 , , 2 3 1 7 9 6 7 5 6 1 2 7 , , 3 9 3 0 6 2 0 8 4 17 3 , , 4 2 7 2 3 8 6 3 1 N o at f i G o k n o ro a ld n l e B r a ) n : k of Denmark (millions 182 182 182 182 Bank of Japan (millions of yen): Foreign bills, etc 93 93 98 67 Gold 1,063 1,063 1,063 1,063 Loans and discounts 63 60 67 95 Advances and discounts 837 840 833 933 Note circulation 341 340 360 343 Advances on foreign bills. 14 11 10 3 Deposits 24 26 23 20 Government bonds 188 192 283 167 Notes issued 1,270 1,271 1,463 1,210 National Bank of Egypt (thousands Total deposits 956 958 904 1,136 of Egyptian pounds sterling): A s u c s D h G O T F tr i o r i o o t l a e h l r l m i e a n d e n i s r e g g u N s s n f r t o ) a i y : r c b t e i i b o i b l g l i n i s l n l l a l s o s l b f B i l t l h a s n e k r e ( s m er i v ll e ions of 3 3 1 1 1 0 3 3 6 3 8 2 4 1 6 3 2 1 1 1 1 9 6 1 5 5 8 8 9 9 2 2 1 1 1 8 9 6 6 1 6 0 8 8 7 2 3 1 1 2 8 9 1 7 1 4 3 3 3 N E E G G O n g o o o th g y l t v d e e l p e i r s r t c i n h d i a r m e n c G p u e o G l n o a s t v o t i t i e v d o s r e e n n r p m n o m s e i n e ts t n t s s e e c c u u r r t i i t e ie s s .. . 2 2 2 2 1 0 3 1 3 4 4 , , , , , , 7 4 0 3 2 6 8 2 7 2 6 4 1 1 6 6 0 9 2 2 2 1 1 2 3 5 6 3 1 , , , , , , 6 1 9 8 8 6 7 0 8 7 4 2 6 5 3 6 0 7 Note circulation 1,003 1,009 998 939 Bank of Estonia (thousands of Deposits 70 52 32 47 krones): National Bank of Belgium (millions Gold 10, 048 10,040 10,370 5,110 of belgas): Net foreign exchange 26,888 27,455 27,312 5.247 N L D D G F o o o e o o a r p l t m e d e n o i e s g s c s i n i t t t r o i s c b c u S i a l l t l a n a s t d t i a e o n f n o d r e b i a g l n an b c i e ll s s in gold_ 2,2 3 4 5 8 2 9 8 6 9 0 4 7 1 3 6 5 2,1 3 4 5 1 4 8 3 5 6 0 4 4 9 8 2, 4 5 3 1 7 1 6 6 8 0 9 6 6 8 7 9 7 2 1, 4 4 4 9 6 2 7 0 9 4 5 1 0 7 5 6 8 N D Lo o e a t p n e B G O o s c a o t s h i n a i v r e t n k c e s r e u r d - n r l a s d m t i i s e o c n n o t unts 2 3 1 4 8 6 5 1 , , , , , 3 6 0 2 8 2 8 1 8 3 9 1 7 8 3 2 3 1 4 7 7 5 1 , , , , , 9 0 5 2 0 1 5 0 4 6 2 5 3 5 2 2 3 1 6 4 5 1 5 , , , , , 6 3 3 9 4 6 4 7 1 7 8 2 3 4 6 J 1 3 5 1 8 9 5 5 , , , , 2 1 4 6 5 0 3 6 7 4 3 4 * Notes issued, less amounts held In banking department and 1 Ntw par. in currency note account. 1 New form of bank statement adopted in June. «Not including 1,535 million lire of gold pltdged abroad. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDEBAL KESEB.VE BULLETIN 707 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month) 1928 1927 1927 ! August July June August August July June August i Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nis G h o l m d arks): 309 310 311 322 G G o o l l d d a a t b r h o o a m d e 4 1 0 9 8 5 4 1 0 9 7 5 3 2 8 2 1 1 174 Balances abroad and foreign Foreign exchange, etc.— credits 616 674 712 1,095 Serving as note cover- 480 502 524 Foreign bills 74 62 43 70 All other 200 208 210 236 Domestic bills 1,122 1,033 628 Loans and discounts 708 655 641 456 State debts _. 124 Note circulation. __ 1,207 1,159 1,184 794 Note circulation 1,565 1,543 1,585 1,414 Current account of the treasury.. 335 336 328 131 Demand liabilities 154 115 145 426 Other current accounts 219 241 267 122 Bank of Portugal (millions of escu- Na d t r i a T G G N N o c o n o o e o h a t t v t l m a e l d f e l o B a . r c r f . n e i e o a . r ) . m i r n c , g e : k u e n l i g l n o a n e t f t x i o e o G c b x n h r c l a e i h n g e a g c a n e e t g i o ( i e n m n s r i . l e l s io er n v s e o _ f . 3 3 3 5 , , , , 5 0 9 7 2 3 3 4 9 5 3 5 7 0 8 3 4 3 5 , , , , 2 1 5 1 7 6 3 4 3 9 1 1 0 1 0 4 3 3 5 , , , , 2 5 3 1 7 9 5 5 1 9 8 5 6 5 0 do N s G B D B ): a i o o e l l l p l t a d s e o n s c c i i e t r s s c u a l b a r t o io a n d 1, 2 2 9 9 1 4 4 7 9 4 4 1,9 2 2 0 9 1 3 2 2 9 1 1,8 2 1 2 5 2 7 1 9 8 1 1 Other sight liabilities 1,847 2,187 2,196 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Gold at home 155 154 154 148 lions of pengo): Loans and discounts 13,393 13,134 12,870 11, 210 Gold 197 197 197 197 Advances to State 10,679 10,679 '10,679 •10,679 Foreign bills, etc 67 58 83 90 Note circulation 21,052 21,039 21,042 21,042 L N D A O M o e d o t i h a s p v te e c n o a r e s n s c l i a c l i a t a r s e s n c n s s d u e e t l o t o d a s u i , t . t s s i _ r o c e l o n i a a . u s b _ n u i _ t r l s i y ties 4 3 2 1 1 1 6 9 3 5 0 3 9 7 9 5 4 0 3 4 1 1 2 1 3 9 0 6 0 3 6 6 6 8 4 5 3 4 2 1 1 1 1 7 4 0 7 2 4 9 3 5 4 5 2 4 2 1 2 2 8 8 7 1 5 2 7 6 2 5 6 0 St v d a o e te G F L p n o o a t o B s r r a l e i d t n a ) m i : s n g k e n a n n c o t d ; u f r d r R t i e h s n u c o c s o u s y u s ia n a n ts ( d n s o te o f i ss c u h in er g - 7 1 3 7 4 , , , 4 6 7 2 5 7 0 3 1 7 1 7 6 7 , , , 0 2 5 6 1 4 1 0 3 7 15 7 8 , , , 0 2 5 1 0 4 0 5 8 7 1 7 0 7 , , , 2 4 3 8 1 0 5 9 3 Bank of Java (millions of florins): Bank notes 99,633 101, 397104, 606 95,330 Gold „. 173 173 174 184 National Bank of the Kingdom of Foreign bills 31 24 21 27 Serbs, Croats, and Slovenes (mil- Loans and discounts _ 105 105 123 lions of dinars): Note circulation 316 313 311 325 Gold 90 90 Deposits 53 56 68 Foreign notes and credits.. 268 250 254 386 Loans and discounts 1,664 1,595 1,560 1,449 Bank of Latvia (millions of lats): Advances to State 2,966 2,966 2,966 2,966 Gold 24 24 24 Note circulation 5,562 5,313 5,354 5,628 Foreign exchange reserve 81 78 78 Deposits 694 617 1,443 B N L G O o i o o t l h a l t v s e e n 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 8 4 6 1 2 3 4 5 3 1 4 8 4 6 1 3 3 2 7 3 1 4 8 4 1 2 2 2 7 So s u a t D F G n h d o o o s r A l m e d o f i e g r f s i n c p t i a o c b n u i b l n l R i s d ll e s s s s e t r e v r e l in B g a ) n : k (thou- 8 7, , 6 3 0 5 9 6 7 1 4 8 7 , , 5 0 8 9 7 2 8 5 0 8 8 , , 2 2 1 7 6 7 4 8 6 7 6 1 , , ,6 1 6 4 8 3 5 4 6 Note circulation 9,124 8,476 7,577 Bank of Lithuania (millions of litas): Deposits- Gold Government 1,688 1,757 1,734 1,848 Foreign currency Bankers 5,006 5,040 5,311 5,135 Loans and discounts Others 248 485 290 235 Note circulation Deposits Bank of Spain (millions of pesetas): s Gold 2,609 2,608 2,608 2,598 Ne in t s h G F L ): e o o o r r a l l e d a n i n s g d n a s n b d B i l d a ls n is . k c .. o ( u m n i t l s lions of flor- 4 2 1 5 0 4 8 2 9 4 2 1 3 0 5 5 4 5 4 1 1 3 9 5 5 7 1 132 I j I I N S D B L i o o a e lv l a t p e a n e o n r s s c c i i a e t r s s n c d u a l b a d r t i o i s o c a n d ounts 4 1 , , 9 2 7 8 5 7 9 3 0 1 7 9 6 3 4 1 , , 9 7 9 2 3 5 0 0 4 7 9 9 2 3 4 1 , , 2 7 9 7 7 3 9 3 1 0 6 3 8 0 4 1 1 , , , 1 0 6 7 2 5 3 8 6 3 3 8 1 4 Note circulation 792 810 768 803 ; Bank of Sweden (millions of kronor): Deposits 34 37 50 22 Gold 230 230 [ 231 221 ! Foreign bills, etc - 123 136 ! 125 204 Bank of Norway (millions of kroner): i Loans and discounts 377 339 I 451 268 Gold.. 147 147 147 147 | Note circulation 514 497 | 539 505 Foreign balances and bills 39 32 37 20 | Deposits 145 139 i 191 119 Domestic credits 282 281 291 285 I Swiss National Bank (millions of Note circulation 318 319 325 328 i francs): Foreign deposits 3 2 2 5 Gold 449 448 447 444 Total deposits 102 82 98 ! Foreign balances and bills 227 199 195 2 47 I Loans and discounts 224 240 262 394 Re li s b e r r a v ) e : Bank of Peru (thousands of I ! N D o e t m e a c n ir d c u d l e a p ti o o s n its.. 8 8 6 1 4 8 7 6 3 0 8 9 6 5 0 »1 8 0 4 4 3 N B D G G F e o i o o o p l r l l t l o e d d e s s i . g c i a n i t g r s a c e i u x n l c s a h t t a i d o n e n g m e a r n es d e r d v e e posits. __ 4 6 1 1 , , , , 0 1 2 5 3 2 9 4 7 6 4 6 1 1 5 2 6 5 4 6 1 1 , , , , 4 1 2 2 5 2 8 5 1 2 8 9 7 1 0 6 0 0 4 6 1 1 , , , ,4 2 0 0 3 6 0 5 2 8 3 6 5 4 6 6 0 1 4 6 1 , , , 1 6 0 4 2 7 5 4 9 3 1 8 1 6 7 8 9 2 j I Ba (t n h k L N D G o o e o o u o a p l t s d f e n o a s s c n t i i a d h t r s n s e c d u o R l f d a e p i t s i p e o c u s n o o b u s l n i ) c : t s of Uruguay 6 8 9 6 3 7 7 6 , , , , 6 6 2 0 2 4 2 6 2 7 2 5 9 6 7 5 2 7 7 5 , , , , 5 8 4 7 6 2 1 3 6 9 9 8 1 New form of bank statement adopted in May. 3 Total deposits. 1 Foreign balances only. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN OCTOBER, 1928 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1928 1927 1928 1927 I Au- Au- | gust July June gust July June May July Nine London clearing banks (mil- j Joint-stock banks of Denmark (millions of pounds sterling): j lions of kroner): Money at call and short notice...j 137 146 154 I 138 Loans and discounts. 1,872 1,860 1,860 1,915 Advances and discounts I 1»186 1,190 1,164 1,123 Due from foreign banks 118 110 105 56 Investments __i 237 236 231 236 Due to foreign banks 84 77 90 124 Deposits.. ; 1,732 1,749 1,731 1,169 Deposits and current accounts... 1,975 1,964 1,992 2,024 Six Berlin banks (millions of reichs- Joint-stock banks of Finland (milmarks): j lions of Finnish marks): Bills and treasury notes1 ; 2,016 1,948 Loans and discounts 9,430 9,296 7,952 Due from other banks | 944 975 Due from abroad 212 195 184 378 Mscellaneous loans .j 5,993 5,922 Due to abroad 458 501 516 321 Deposits.. ! 8,292 8,229 Deposits ',744 7,807 7,609 7,033 Acceptances1 - I 406 402 Three commercial banks of France Tokyo banks (millions of yen):2 j (millions of francs): Cash on hand... j 294 Bills and national defense bonds. 19,254 18,024 12,147 Total loans ..._; 2,083 Loans and advances 8,413 8,231 5,002 Total deposits ; 2,035 Demand deposits 31, 970 32,822 25, 237 Total clearings i 2, 720 Time deposits 470 472 447 Four private banks of Italy (millions of lire): Cash... 1,175 4 1, 374 Bills discounted _ 8,871 < 8, 693 Due from correspondents 5,082 * 5,423 Due to correspondents 13, 775 « 13,489 Deposits 2,868 * 2,456 Banks of Buenos Aires, Argentina Joint-stock banks of Norway (mil- (millions of gold pesos): lions of kroner): Gold- Loans and discounts 1,424 1, 429 1,435 1, 655 Bank of the Nation Due from foreign banks.. 99 80 79 75 Other banks Due to foreign banks 101 108 118 149 Other cash- Rediscounts 145 147 150 136 Bank of the Nation Deposits 1,610 1,611 1,625 1,792 Other banks _. Loans and discounts- ! Joint-stock banks of Poland (mil- Bank of the Nation lions of zlotys:) Other banks Loans and discounts 645 686 671 432 Deposits- Due from foreign banks 33 36 31 25 Bank of the Nation __. Due to foreign banks 124 119 114 46 Other banks Rediscounts. _. 142 137 134 100 Deposits 472 450 434 299 Chartered banks of Canada (millions of dollars): Joint-stock banks of Sweden (mil- Gold coin and bullion 3 lions of kronor): Current loans and discounts Loans and discounts. 4.142 4,102 4,084 4,172 Money at call and short notice... Foreign bills and credits abroad. 269 257 260 185 Public and railway securities Due to foreign banks 119 133 141 127 Note circulation Rediscounts 187 252 255 125 Individual deposits. Deposits 3, 567 3,487 3,492 3,552 Gold reserve against Dominion notes Dominion note circulation 1 Checks formerly included under "Acceptances " are included under " Bills and treasury notes" beginning with the March statement. > Beginning in November, 1927, figures have been included for 10 banks not previously covered by the reports. 3 Not including gold held abroad. « Figures are for June, 1927. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last changel Country Bate 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 Hate I s n i n e c f e f — ect Country Rate I s n i nc ef e f — ect Austria July 17,1928 Estonia... Jan. 2,1928 Japan 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium June 30,1928 Finland Aug. 7,1928 Java 6 May 3,1925 Rumania 6 Sept. 4,l§20 Bulgaria 10 Aug. 31,1924 France 3^ Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia 8 Mar. 22,1927 Chile 6H Dec. 12,1927 Germany. Oct. 4,1927 Lithuania... 7 Feb. 1,1925 South Africa Jan. 9,1928 Colombia May 15,1924 Greece 10 May 14,1928 Netherlands. Oct. 13,1927 Spain 5 Mar. 23.1923 Czechoslovakia. 5 Mar. 8,1927 Hungary.. 7 Oct. 2,1928 Norway Mar. 27,1928 Sweden 4K Aug. 24,1928 Danzig 6 June 21,1927 India 5 July 19,1928 Peru.. 6 May 17,1928 Switzerland. Oct. 22,1925 E D n en gl m an ar d k 5 J A u p n r e . 2 2 1 4 , , 1 1 9 92 2 6 7 Italy 5V2 June 25,1928 Poland. 8 May 13,1927 Yugoslavia- 6 June 23,1922 Change: National Bank of Hungary from 6 to 7 per cent on October 2, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

709 OCTOBER, 1928 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES England (London) Netherlands (Amfilter dam) Month Bankers' accept- i Day-to-day Private m an o c n e t s h , s 3 1 months money * di r s a c t o e u 1 nt 1926 August 4.45 4.55 3.99 5.80 September 4.54 4.65 3.99 6.21 October 4.69 4.80 4.07 6.14 November 4.57 4.80 3.95 6.12 December... 4.53 4.60 3.78 ! 7.13 1927 January 4.17 4.21 3.65 2.97 2.93 February 4.19 4.32 3.93 3.47 3.62 March 4.33 4.36 4.07 3.50 3.55 April.. 4.04 4.04 3.64 3.47 3.72 May 3.88 3.84 3.73 3.46 3.76 June 4.34 4.36 3.43 3.57 3.87 July 4.33 4.33 3.50 3.53 3.25 August 4.33 4.35 3.61 3.45 3.40 September 4.32 4.33 3.55 3.56 3.82 October 4.32 4.33 3.57 4.11 4.29 November... 4.33 4.34 4.50 4.73 December... 4.31 4.31 4.49 4.85 1928 January 4.19 4.13 3.49 6.27 4.10 February 4.18 4.18 3.63 6.20 3.80 March 4.12 4.07 3.63 6.72 3.89 April _.. 4.02 4.01 j 3.57 6.71 3.93 May 3.97 3.95 3.58 6.66 4.17 June 3.82 3.80 3.26 6.59 4.11 July 3.99 3.97 3.27 6.74 3.84 August 4.27 4. .50 6. 3.90 Belgium (Brussels) Month Private Call dis r c a o te unt Da m y o -t n o e - y day ov m e o rn n i e g y ht 1926 August 6.75-8.40 September 6.39-8.40 October 6.21-8.40 November... 6. 39-8. 40 December... 6. 75-8.76 1927 January 6.39-8. 4. 56-7. 30 February 6. 21-8.03 2.92-7. 30 March 4.19 5.84-7.67 4. 38-6. 21 April 4.33 5.84-8.03 4. 38-5. 29 May 4.23 6.57-7.67 4. 38-4. 75 June 4.17 6.57-8. 76 4. 38-5.11 July 3.84 6.21-8.40 3.65-5.11 August 3.84 5.48-8.03 3. 65-4. 75 September 3.75 5.11-7.67 2.19-4. 38 October 3.87 4.75-7.30 2.19-4. 38 November... 4.09 5.11-7.30 2.74-4.02 December... 4.15 5.48-7 67 2.19-5.84 1928 January 4.08 2.81 6.00 4.38-7.67 February.... 8.00 2.75 5.89 | 4.38-6.21 March 4.10 272 5.75 i 4.02-5.84 April 4.25 2.62 5.49 ! 4.75-5.84 May.— 4.25 2.62 5.25 4. 75-5.84 June 4.27 2.90 5.25 4. 38-5. 84 July 4.02 3.12 5.25 4. 38-5. 84 August 4.00 3.23 5.25 Figures are revised for 1927 and January-June, 1928. * Revised. .—For sources used, methods of quotation, and back figures, see the FEDEBAL RESERVE BULLETINS for November, 1926, and April, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN OCTOBER, 1928 GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands A S f o r u ic t a h ^ India Month Net Net Net Net Net Net p I o m rt - s p E o x rt - s im o p r p p o e rt x r , t - s p I o m rt - s p E o x rt - s im o p r o p r o e t x r s t - s p I o m rt - s p E o x rt - s im or p e o x rts p I o m rt - s p E o x rt - s im or p e o x rt - s i o m P r p ( o e o x rt r - s ts im or p e o x r - ts 1926 December 17,004 7,196 9,808 18,407 858 17,649 14,531 18,609 -4,078 108 2,613 -2,505 -13,560 3,530 Total (12 months) ~ 213,504 115,708 97,796 137,987 8,720 129,267 187,591 132,019 55,572 11,174 6,483 4,6 -206,795 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 -18,899 2,518 February „ 22,309 2,414 19,895 6,231 659 5,572 15,742 15,480 262 411 411 -15,036 6,543 March 16,382 5,625 10,757 6,576 840 5,736 7,526 632 488 39 449 -16,924 10,041 April. 14,503 2,592 11,9111 935 666 269 24,678 3,735 20,943 281 1,334 -1,053 -21,785 4,941 May 34,212 2,510 31,702 705 673 32 16,464 26,580-10,116 46 3,015 -2,969 -14, 720 4,890 June 14,611 1,840 12,771 711 662 49! 8,435 9,674 -1,239 2,653 5,190 -2,537 -16,923 7,122 July . 10,738 1,803 8,935 705 685 20i 13,071 6,061 7,010 202 4,623 -4,421 —21,896 593C August 7,877 1,524 6,353 11,259 680 10,579 i 21,46j) 5,782 15,687 103 2,477 -2,373 -12,053 2,860 September 12,979 24,444 -11,465 1,483 876 607! 8,381 7,637 744 125 47 78 -23,064 3,315 October 2,056 10,698 -8,642 1,668 969 699 6,126 4,726 1,400) 189 35 154 -15,435 2,685 November 2,082 55,266 -53,184 1,627 975 652! 15,012 21,709 -6,696| 433 102 331 -16,456 4,408 December 10,431 77,849 -67,418 1,635 925 710! 9,485 10,546 -1,060! 4,264 2 4,262 -19,087 3,910 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 -212, 279 59,175 1928 January 52,086 -13,766 1,113 704 409! 20,042 10,875 9,167j 12,725 -12,834 8,590 February 25,806 -11,120 6,074 844 5,230 13,026 19,257 -6,23li 227 1,147 -21,339 6,952 March 97,536 -94,853 9,018 1,008 8,010| 6,289 78,605-72,316 192! 7 -18,303 9,544 April 96,469 -91,150 29,834 822 29,012' 11,760 2,943! 8,816 66 19 -17,923 8,250 May —81, 721 1,175 688 4871 18,746 5,498j 13,248| 157 379 -17,339 8,664 June 99,932 -79,932 •11,276 707 •10,569 39,672 6,409 33,263 89| 38 —21,028 6,238 July 74,190•-63,859 28,024 632j 27,392 23,958 9,436| H5221 107 31 2,128 August 1,1" 747 14,058 765 13,293; 24,055 20,180! 3,875: 125 22 • Revised. lFigures are revised for 1926 and January-June, 1927. MOVEMENTS TO AND FROM UNITEDSTATES MOVEMENTS TO AND FROM GREAT BRITAIN [In thousands of dollars] [In thousands of dollarsj 1928 1927 1928 1927 C o o r u n d t e r s y t i o n f a t o io ri n gin August J A an u u g a u r s y t - Calendar year C o o r u n d t e r s y t i o n f a t o io ri n gin August J A an u u g a u r s y t - Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports Belgium . 2,000 1 2,200 France. ._ 40 198 48 96.023 627 4,718 England . 1 13 32, 525 39,396 8,562 Netherlands 21 73 125 5,496 2,313 6,486 France 14 139 308,002 21,048 10,000 Russia 18,414 1,049 7,732 Germany 266 27, 876 1 13,994 Spain and Canaries - 3 124 7,445 Italy 2 24,062 7 Switzerland 794 8,312 6,213 Netherlands 4,000 15,075 8,055 United States 32, 520 8,567 28,042 Canada 938 57 76,455 360 63,650 29,698 South America 50 1,092 973 2,017 6 959 Central America 78 735 300 1,224 253 British India ""in 7,572 12 462 Mexico 352 436 3,251 3,597 6,001 6,984 British Malaya 71 148 1,073 3,452 Argentina 69,400 23 61,499 Egypt 10 1,384 3,799 Brazil 28 25,012 34,351 Rhodesia 387 3,581 5,958 Chile 208 478 7,021 Transvaal . . . 17, 761 88, 426 124,348 Colombia . 137 947 2,053 1,489 1,001 West Africa 369 2,258 16 4,705 20 Ecuador 118 991 2,247 All other countries.. 5,357 18, 784 11,012 32, 230 8,320 49,680 Uruguay . . 160 1,113 9,000 2,268 2,000 Total 24,055 20,180 157, 547 153 203157,905 137 008 Venezuela 96 398 5,470 531 1,530 Australia 2 21 920 British India 1,448 2,974 China and Hong Kong 724 7,873 1,674 7,166 Dutch East Indies.. 100 816 1,658 1,499 1,960 Japan 62 187 20,000 21 Philippine Islands 117 1,061 1,667 All other countries. . 124 125 9,350 6,584 793 9,206 Total 2,445 1,698 95, 753 531,407 207,535 201,455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 711 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE (s A ch u i s ll t i r n ia g) B (b el e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k a k nd a) F (f r r a a n nc c ) e G ( m e re r a i m c r h k a ) s n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 26.80 486.65 2.52 «3.92 23.82 1.30 17.49 1927—September... 14.0816 13. 9220 .7246 2. 9626 26. 7680 486.3528 2. 5189 3.9200 23.8004 1.3243 17.4688 1928—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 June 14. 0685 13.9615 .7199 2.9625 26.8173 488.0262 2.5171 3.9311 23.9009 1.3023 17.4475 July 14.0852 13.9351 .7212 2.9624 26.7349 486.3571 2.5171 3.9163 23.8626 1.2991 17.4350 August 14.0860 13.9070 .7213 2.9623 26. 6890 485. 3525 2. 5169 3.9070 23.8327 1. 2952 17.4273 September... 14. 0788 13.8988 .7213 2. 9624 26. 6662 485.0516 2. 5166 3.9055 23.8287 1. 2937 17.4251 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w n a e y ) P (z o l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m le a u n ) ia R ( n c u h e s t e z s r ) 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 j 108.05 19.30 514.60 19.30 26.80 19.30 19.30 1927—September... 5. 4432 40.0776 26.3620 11.2168 4. 9288 .6181 * 515.0000 17.1504 26. 8752 19. 2816 1. 7604 1928—February .... 5.2930 40.2550 26.6098 11. 2312 4. 7573 .6145 « 515.0000 16.9782 26.8371 19. 2389 1. 7598 March 6.2822 40.2601 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 June _. 5. 2607 40.3331 26.7845 11.2094 4.4258 .6152 *515.0000 16.5681 26.8334 19.2754 1. 7605 July 5. 2406 40.2479 26.7270 11. 2011 4.4565 .6136 * 515.0000 16.4759 26. 7843 19.2612 1. 7602 August 5.2334 40.1056 26. 6881 11. 2053 4. 5260 .6110 « 515. 0000 16. 6101 26.7619 19. 2521 1. 7598 September... 5. 2303 40.9646 26. 6656 11. 2032 4. 4966 .6098 * 515. 0000 16. 5325 26. 7556 19. 2491 1. 7596 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia» Brazil Chile Colombia8 Ecuador» Peru 3 Uruguay (dollar) (peso) (peso) (peso-gold)(boliviano) (milreis) (peso) (peso) (sucre) (libra) (peso) Par value 100.00 100.00 49.86 96. 48 38.93 32.44 12.17 97.33 20.00 486.65 103.42 1927—September... 100. 0497 99. 9524 47. 7219 97.1248 34. 8000 11.8596 12.0736 97.9872 19.3750 388. 5600 100. 4052 1928—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 48.5688 97.2008 34.8000 12.0327 12.1910 98.1923 20.0000 399.2692 102.9908 June 99. 7605 99.9495 47.8267 96.9438 34. 7615 11. 9924 12.1980 98.1046 20.0000 399.5000 102.2513 July 99.7894 99.9344 47.2920 96.1408 34.8000 11.9385 12.1390 98.1024 20.0000 400.4800 102.2849 August 99. 9958 99.9667 47.4859 95.8955 35.3007 11. 9404 12. 0779 97. 2604 20.0000 398. 0000 102. 5100 September 100. 0382 99. 9441 47.8517 95. 6642 36. 4600 11. 9293 12. 0860 97. 2596 20. 0000 398.1250 102.1055 SOUTH AMERICA— ASIA AFBICA continued Straits (b z V o u e l e i n l v a e a - * r) ( d M C o e l h l x a i i n r c ) a a * n (S C t h a h a e n i l) n g a • hai d ( C o Y l h l u a in a r) n a • (d H K o o o ll n n a g g r) • (r I u n p d e ia e) J ( a y p e a n n ) ( J fl a o 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 t t i ) an dollar) Par value., 19.30 48.11 66.85 47.50 47.77 36.50 49.85 40.20 56.78 439.66 494.31 1927—September... 19.1700 43. 9572 61. 2068 43. 2164 48.4980 36. 3356 46. 8248 40.1675 55.9908 50. 9640 498. 6508 1928—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 50.9084 500. 6343 May 19.2500 47.7899 66. 4450 47. 2948 51.0168 36.5913 46. 6097 40.2446 56.1362 51. 2023 500.5540 June 19.2500 47.7930 66.2321 47.4815 50. 5411 36.4618 46.6149 40.2327 56.1426 51.0877 500. 4409 July 19. 2500 47.0840 65. 2332 46. 8483 49. 9917 36. 2571 45. 8476 40.1528 56.0416 50. 8384 498. 9014 August 19. 2500 46.9617 64. 9965 46.8549 49.8974 36. 2501 45.0505 39.9752 55.9815 51.4607 497.8301 September... 19. 2500 46.1813 63. 6945 45. 9461 49.7146 36. 3312 45. 7832 40. 0300 56. 0731 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, pp. 56-62. * Effective June 25,1928. »Averages based on daily quotations of closing rates as published by New York Journal of Commerce. * Nominal. 1 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 $0.57849 for September, 1928, $0.59191 for August, 1928, and $0.55757 for September, 1927. The corresponding London prices (converted at average rate of exchange) were $0.57758, $0.59239, and $0.5"— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN OCTOBER, 1928 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States France Ger- Month o ( S B f t t i L u c a a r s t e i b ) s a o - » u r b ( A g t a r u o s i s i a l s - d ) g B iu e m l- g B a u r i i - a C v z a s e k lo c i - h a o » - m D a e r n k - ( T B E l r a a o o n n d a g f d r e - d ) b ( l F g a a i o n s n i l d s d - ) S t t i a c t a is l - F R e e d se e i r a v l e S c m ( a t e F a l a r t e B i a n s d l u y t - ! - - b H ( g g a a u o s r i n l y s d - ) (B It a a c ly hi) N la e n th d e s r- ( N O w s o a l r y o - ) Bureau Board reau) 1927 Jaouary 97 130 856 2,706 979 157 144 144 622 591 136 127 558 146 175 February - 96 130 854 2,688 975 156 143 144 832 595 136 129 556 145 165 March 95 133 858 2,649 976 153 141 143 641 600 135 128 545 144 160 April 94 135 846 2,592 979 152 140 143 636 610 135 130 521 143 159 May 94 137 848 2,751 988 152 141 142 629 618 137 133 496 146 160 June 94 142 851 2,823 990 152 142 144 623 605 138 133 473 148 159 July 94 140 845 2,775 992 152 141 144 617 590 138 133 487 150 160 August ... 95 133 850 2,745 983 153 141 147 618 578 138 134 465 149 161 September ...... 97 130 837 2,736 975 153 142 148 601 574 140 133 465 150 158 October ....... 97 129 839 2,747 966 154 141 148 587 554 140 133 468 150 157 November . 97 127 838 2,707 967 154 141 149 595 545 140 133 466 152 157 December.. ...... 97 127 841 2,739 975 154 140 148 604 567 140 135 463 152 156 1928 January 96 129 851 2,782 982 153 141 144 607 569 139 135 463 154 157 February 96 128 848 2,826 985 152 140 143 609 569 138 134 461 151 167 March 96 129 848 2,839 978 153 141 144 623 587 139 135 464 153 157 April 97 131 847 2,891 984 154 143 145 619 601 140 136 464 153 156 May 99 131 844 2,906 987 155 144 143 632 617 141 135 465 152 156 June 98 133 844 2,866 986 155 143 145 626 621 141 135 462 152 158 July _ 98 133 841 979 155 141 145 624 613 142 133 453 148 160 August 99 133 831 996 154 139 147 616 607 142 449 145 153 September 131 140 153 EUBOPE—con tinued ASIA AND OCEANIA AFRICA Month l P an o- d Russia1 Spain Sweden S l w a i n tz d e 3 r- Canada Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - ( E C g a y ir p o t ) S A o fr u ic th a 1927 January 195 177 184 146 141 151 200 154 173 156 146 170 151 126 128 February 197 179 180 146 141 150 204 153 172 156 148 171 147 124 March . 200 179 179 145 141 149 206 150 175 154 146 171 147 124 April 206 177 177 143 140 149 201 151 173 154 145 170 147 122 126 May. 208 175 172 145 142 152 207 152 171 155 146 171 145 124 June .. „__ 206 174 171 146 141 154 206 155 169 155 149 173 146 123 July 207 173 168 146 141 152 205 161 171 153 150 170 146 118 120 August . 207 171 168 146 143 152 204 165 171 154 151 167 146 117 September 206 170 169 148 144 151 205 170 172 153 150 169 146 120 October . 206 170 169 147 145 152 200 173 169 152 147 170 146 118 122 November . . 208 170 168 148 147 152 200 166 168 151 148 168 147 115 December 205 170 169 148 146 152 199 162 164 150 148 168 148 114 1928 January . 204 171 166 148 145 151 199 163 163 150 145 169 150 114 120 February 203 171 166 147 144 151 195 160 164 149 144 169 147 114 March 214 171 165 149 145 153 193 160 163 149 144 169 147 116 April 215 171 166 151 146 153 197 162 163 150 146 170 147 120 121 May 215 171 164 152 145 153 195 159 165 151 147 171 148 117 June 215 172 164 151 145 150 195 158 160 150 145 169 148 117 Julv 162 172 164 150 144 150 193 *157 159 148 169 148 117 119 August __. _ 158 173 164 149 144 149 190 154 143 170 119 September 188 New fEdex-192e=lC0. 1 First of month figures. 3 New official index. * Revised. NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been: ecomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913; 1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages.769-770 of the BULLETIN for November, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OOTOBER, 1928 FEDERAL RESERVE BULLETIN 713 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war-100] ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1928 1927 1928 1927 g A u u s - t July June May April g A u u s - t g A u u s - t July June May April g A u u s - t All commodities 139 141 143 144 143 141 All commodities 149 150 151 152 151 146 Total food 151 153 158 159 159 151 Vegetable products 140 143 148 152 151 148 Cereals ___. 146 151 155 159 156 157 Animal products 143 142 140 138 134 135 Meat and fish 143 140 146 144 139 135 Fuels and oils 111 112 112 112 112 116 Other foods . .. 163 167 171 175 182 162 Raw materials for manu- Industrial products 133 135 135 135 135 136 facture in iron and metal Iron and steel 112 112 112 112 113 117 industry 114 114 114 113 113 117 Other minerals and Paper pulp and paper 161 161 161 161 161 159 metals 110 110 112 112 111 115 Raw materials for manu- C Ot o h t e t r o n textiles 1 16 6 6 2 1 1 7 6 2 8 1 1 6 7 7 2 1 1 6 7 9 3 1 1 7 6 0 9 1 1 5 6 8 8 f tr a y ct ure in leather indu _ s- .. 146 148 146 149 151 122 M iscellaneous 143 143 142 143 142 142 Raw and manufactured chemicals 164 165 165 166 165 168 Raw materials 147 147 146 149 148 138 Semifinished materials 149 154 155 157 154 151 FRANCE—STATISTICAL BUREAU Finished materials 149 149 150 151 151 148 Producers' goods 141 143 143 143 143 137 Consumers' goods 155 155 157 159 158 154 All commodities 616 624 626 632 619 618 All foods 589 610 615 623 601 585 A V n eg im et a a l b l f e o o f d oo s ds 5 5 8 4 6 5 6 5 2 4 4 6 6 5 4 4 8 8 5 6 3 7 6 8 5 63 3 3 6 6 5 1 3 8 7 CANADA—DOMINION BUREAU OF STATISTICS Sugar, coffee, cocoa 676 703 675 675 653 599 All industrial material 639 636 635 640 641 645 Minerals 525 525 525 533 530 557 All commodities 149 150 153 153 152 Textiles. 812 813 817 811 823 830 Total raw materials__....- 149 152 156 156 156 Sundries 629 623 618 628 625 613 Total manufactured goods_j 148 148 149 149 148 Vegetable products__ 148 159 169 170 172 Animal products _ 152 141 138 140 138 Textiles ; 167 168 168 167 160 GERMANY—FEDERAL STATISTICAL BUREAU Wood and paper products.! 156 156 156 155 154 Iron and its products j 139 140 142 142 143 Nonferrous metals _ I 96 96 96 94 94 A To ll t a c l o a m g m ric o u d l i t t u ie r s al products 1 13 4 8 2 1 13 4 7 2 1 1 4 3 1 6 1 1 3 4 6 1 1 13 4 4 0 1 13 3 9 8 N Ch on em me ic ta a l l l s i . c . minerals J i 1 1 4 7 9 2 1 14 7 9 1 1 1 5 7 0 0 1 1 7 5 0 0 1 1 5 7 4 0 Vegetable foods 145 150 153 156 154 150 Cattle.— 120 115 115 105 100 116 Animal products 142 136 126 132 133 138 Fodder 149 155 160 162 158 146 AUSTRALIA-BUREAU OF CENSUS AND STATISTICS Provisions 136 138 139 140 136 129 Total industrial raw materials and semi-finished products 134 135 135 135 134 133 All commodities 154 157 158 159 162 165 Coal 133 132 131 131 128 130 Metals and coal 174 174 174 174 174 178 Iron 128 128 128 128 126 126 Textiles 155 166 165 169 176 155 Nonferrous metals 105 104 105 104 104 107 Agricultural products 157 162 163 163 163 174 Textiles 160 165 164 167 165 159 Dairy products 145 148 149 151 146 157 Hides and leather | 151 153 151 156 160 136 Groceries and tobacco 165 165 165 165 166 169 Chemicals _| 127 127 126 126 126 124 Meat -. 117 122 126 122 139 153 A Te rt c i h fi n c i i c a a l l f o er il t s il i a z n er d s fats, | i 1 9 2 6 4 1 7 2 8 2 1 8 2 2 0 1 8 1 2 8 1 8 1 3 5 1 8 2 1 3 B C u he il m di i n c g al s materials 1 1 6 8 2 6 1 1 5 8 9 6 1 1 5 8 9 9 1 18 5 9 8 1 1 8 5 8 9 1 1 8 5 3 3 Rubber _J 28 28 27 25 25 45 Paper materials and paper 151 151 151 148 148 150 Building material 160 161 161 160 158 161 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Total industrial finished products j 160 160 159 158 158 148 Producers' goods i 138 138 137 136 136 130 1928 1927 Consumers' goods | 176 176 176 175 174 162 July June May April March July ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 148 145 147 146 144 150 A A l li l i c T V A T M B S C O n o u e o u h e n d u t m i h x n t g e i n i u c a m l e t d e m m e d s t i l r t l r s r t i a a e i i o r a f n . v e c l b o - i s l d g a a s e o s l f i e l l o g t d s m a i o e e p f n d o t s a r a d o o s t b e d d m l r s e u ia e c p l t t s a r s o ls d- 4 4 4 5 5 4 4 5 5 5 5 8 6 4 7 4 3 1 2 5 0 1 6 4 7 6 3 5 3 8 6 2 7 4 4 4 4 5 5 5 4 4 5 5 8 6 4 0 3 8 8 6 2 1 5 8 5 9 6 8 3 4 2 6 7 6 4 5 6 5 4 4 4 4 5 5 5 9 5 0 6 6 4 1 2 0 1 5 3 6 3 6 5 1 7 7 6 7 2 4 6 5 4 4 5 4 4 5 5 5 9 2 6 6 6 4 0 2 1 5 1 6 1 7 6 9 3 4 5 8 3 6 4 4 5 4 4 5 5 4 5 5 5 9 6 9 6 4 0 5 2 2 1 5 3 8 9 0 8 5 7 3 2 2 5 4 4 4 4 4 5 5 4 4 5 5 8 7 7 4 5 1 4 6 5 4 5 7 0 5 0 4 3 3 9 5 5 4 J T C P R H O R M O C O O u e i u t i e e o t t a a r t l l h d t a t h h w w e e s e t a e e e s a e r o l r s r e j c l m s n s u e . o s a a t f , a t d t r e o n m n - e s t t x o u a d i t o d f c i n n s l l s a . u e e k c f s s i t a n u c s r t e u s res -_ . 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 5 6 6 8 6 2 4 6 4 1 9 2 3 5 6 0 0 1 4 2 2 6 5 1 1 1 1 1 1 1 1 1 1 1 1 1 0 6 3 5 6 5 3 5 8 4 3 2 3 8 1 9 5 0 2 7 2 7 6 4 5 0 1 1 1 1 1 1 1 1 1 1 1 1 1 7 5 0 5 4 4 5 7 2 3 4 3 4 9 9 2 5 9 4 0 5 2 0 7 6 9 1 1 1 1 1 1 1 1 1 1 1 1 1 0 6 7 4 2 3 5 4 5 3 5 3 7 1 2 3 5 5 9 8 2 7 7 0 6 2 1 1 1 1 1 1 1 1 1 1 1 1 9 3 6 2 5 4 3 3 6 4 6 4 3 5 7 3 5 5 6 6 7 7 8 0 9 7 1 1 1 1 1 1 1 1 1 1 1 1 1 6 3 8 0 5 2 6 5 5 8 0 5 3 5 5 7 9 1 2 2 8 0 0 2 8 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN OCTOBER, 1928 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S 5 i t 1 e a s t c ) e i s t- e A ( t n V r u n ia s i a - - ) g B iu e m l- i g B a u ri l a - s C lo z v ec a h k o ia - l E a n n g d - 2 n E i s a t o 2 - 3 F (P r a a r n i c s e )m G a e n r- y G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - N la e e n r t - d h s - N w o ay r- R si u a s 2 - l S z a w e n r d i - t- a C d a a n 2 - A t l r i u a a s - - ( I b B n a o d y m i ) a - N l Z a e e n w a d - A So fr u ic th a 1927 January.,. 156 119 207 2,586 914 167 119 592 151 2,002 625 147 180 208 158 153 158 155 148 116 February.. 153 119 210 2,569 914 164 120 585 152 1,995 642 146 177 208 158 151 153 152 146 117 March 151 118 201 2,533 915 162 118 581 151 1,997 635 146 173 205 157 149 151 152 146 118 April 151 119 200 2,478 923 155 118 580 150 2,021 617 145 169 203 156 146 151 151 145 119 May.. 152 119 196 2,630 930 154 119 589 151 2,063 565 145 139 201 156 145 152 150 145 121 June 155 122 201 2,699 949 154 120 580 153 2,063 541 145 172 199 157 146 153 151 144 120 July 150 122 205 2,653 962 159 122 557 156 2,059 524 144 175 199 156 147 152 154 144 119 August 149 120 202 2,625 914 156 118 539 150 2,044 518 143 175 199 156 147 155 155 143 118 September. 151 •119 206 2,615 910 157 111 532 151 2,070 509 143 174 198 158 147 157 151 143 117 October 153 *120 210 2,626 907 161 112 520 152 2,071 509 146 173 198 158 148 159 148 143 119 November. 153 •119 211 2,587 905 163 113 500 152 2,086 510 148 171 199 159 149 157 147 144 116 December. 153 *118 212 2,618 913 163 113 523 153 2,101 513 148 171 200 159 151 155 149 146 119 1928 January 152 •118 211 2,660 913 162 118 530 152 2,127 3 140 148 170 201 158 151 154 151 147 119 February.. 149 •117 207 2,701 910 159 118 522 151 2,098 3 141 149 170 202 157 149 152 146 145 118 March. 148 •116 201 2,713 902 155 122 524 151 2,087 3 141 150 171 203 156 147 153 142 145 118 April 149 •117 202 2,766 905 155 126 532 152 2,119 3 141 150 171 203 156 146 154 140 144 119 May. 151 •117 197 2,778 908 156 126 546 151 3 145 3 140 150 172 205 156 146 154 140 *146 120 June 150 *122 200 2,740 928 157 126 3 113 152 3 144 3 142 150 170 206 157 145 154 142 147 114 July 150 •119 202 943 156 130 Ull 154 3 138 3 140 150 173 211 157 146 152 143 146 116 August 151 205 943 15fi 150 170 211 149 150 142 September 153 164 141 j 1 COST OF LIVING [Pre-war=100] EUROPEANCOUNTRIES OTHER COUNTRIES Mas- Month s e e s h a t u t - s - g B iu e m l- ^s C lo z v e a ch k o ia - l E a n n g d - ' l F a i n n d - F (P r a a r n i c s e )m G a e n r- y G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t a M a n l i ) y - l N a e e n r t d - h s - N w o a r y - la P n o d - Spain S d w en e- S l z a w e n r i d - t- a C d a a n - i A t l r i u a a s - - ( I b B n a o d y m i ) a - A So fr u i t c h a 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 ,m 120 667 201 194 160 151 155 130 March 156 195 744 171 1,183 524 145 1,898 119 663 166 203 200 197 159 150 156 155 131 April 156 195 749 165 1,173 146 1,911 119 651 203 191 ~"l70~ 158 148 153 131 May 157 193 756 164 1,166 147 ) 1,938 119 612 205 186 160 148 152 132 June... 156 196 761 163 1,184 525 148 1,951 121 586 167 201 205 185 160 149 "l55 154 132 July _. 155 199 753 166 1,203 150 1,960 119 548 199 184 169 160 149 158 132 August 155 198 739 164 1,237 147 .,951 119 543 201 192 160 146 157 131 September. 155 202 738 165 1,230 507 147 U955 119 537 167 197 202 187 161 149 157 154 131 October 155 207 734 167 1^ 237 150 .Qfift 120 536 205 189 ""l72~ 161 150 151 132 November 157 208 735 189 1,251 151 1^ 964 120 536 210 188 162 150 150 132 December. 157 208 740 169 1,243 198 151 1,978 120 531 170 195 205 186 162 151 159 151 132 1928 January... 157 210 741 168 1,216 151 1,986 121 3 145 207 178 171 161 151 154 132 February.. 156 207 739 166 1,206 151 1,973 120 3 145 204 175 161 150 148 131 March 155 204 737 164 1,214 507 151 1,966 119 •145 169 193 205 176 160 149 "157" 145 132 April 155 205 741 164 1,212 151 1,991 121 3 145 208 175 "~17l" 160 149 144 133 May 156 202 743 165 1,207 * 105 151 3 135 121 8 144 209 171 160 149 147 133 June 155 204 741 165 1,219 151 • 135 121 3 145 170 193 209 172 161 148 146 132 July .. 157 205 753 165 1,236 153 3 131 121 3 143 210 173 161 148 146 131 August 157 207 761 1,258 154 185 162 150 146 Superior... 152 145 11921=100. 1 First of month figures. 1 Revised on a gold basis. * Revised. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on pase 276 of the April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

715 OCTOBER, 1928 FEDERAL RESERVE BULLETIN Changes in State Bank Membership estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corpo- The following list shows the changes affecting State rations which pome into competition with national bank membership during the month ended September banks are permitted to act under the laws of the State 21, 1928, on which date 1,233 State institutions were in which the national bank is located. members of the system: ADMISSIONS Location t D ri i c s- t Name of bank g P r o a w nt e e r d s No. None. CHANGES Maiden, Mass 1 Second National Bank,. Ito9. Needham, Mass 1 Needham National for Savings 1 to 9. and Trusts. Capital Surplus re T so o u t r a c l es Chester, Vt 1 National Bank of Chester 1, 5 2 . , 3, and Canajoharie, N. Y__ 2 National Spraker Bank Ito9. New York City, 2 Dunbar National Bank Ito9. District No. 2 N. Y. Tuxedo, N. Y 2 Tuxedo National Bank 1 to 9. The Bank of United States, New York, Allentown, Pa 3 Merchants National Bank 19. N. Y., has absorbed the Cosmopoli- Potts ville, Pa 3 Merchants National Bank 1 to 9. tan Bank, New York, N. Y., a non- Beverly, N. J 3 First National Bank Ito9. member $600,000 $464,930 $11,676,650 Marion, Va_ 5 Marion National Bank Ito9. Columbus, Ga 6 First National Bank Ito9. District No. 7 Chicago, 111 7 Hyde Park National Bank Ito9. Washington, Ind.. _ 8 Washington National Bank... Ito9. Huston Banking Co., Blandinsville, Yankton, S. Dak... 9 First National Bank Ito4. 111. (voluntary withdrawal) 60,000 40,000 968,675 Whittier, Calif 12 Whittier National Bank 1 to 9. Hyde Park State Bank, Chicago, 111. St ( r c a o w n b v e e r r r t y e d P i o n i t n o t n S a t t a i t o e n a B l a b n a k n , k S ) traw- 300,000 300,000 6,416,805 1 Supplemental. berry Point, Iowa (closed) 50,000 10,000 816,802 Changes in National Bank Membership District No. 8 Fidelity Bank & Trust Co., Memphis, The Comptroller of the Currency reports the follow- Tenn. (absorbed by nonmember bank) _ 500,000 250,000 I 5,846,241 ing increases and reductions in the number and capital of national banks during the period from August 25, District No. 10 to September 21, 1928, inclusive: Conqueror Trust Co., Joplin, Mo. (voluntary withdrawal) 250,000 100,000 6,064,000 Num- Amount District No. 11 ber of of banks capita Union State Bank, East Bernard, Tex. (voluntary withdrawal) 50,000 311,182 New charters issued.. . _ ..... 9 $1,730,000 Restored to solvency 0 0 Acceptances to 100 Per Cent Increase of capital approved * 15 4,385, 000 Aggregate of new charters, banks restored to The following member institution has been author- solvency, and banks increasing capital 24 6,115,000 ized by the Federal Reserve Board to accept drafts Liquidations 9 850,000 and bills of exchange up to 100 per cent of its capital Reducing capital 2 530,000 and surplus: American-First National Bank, Oklahoma City, Okla. Total liquidations and reductions of capital.. 11 1,380,000 Consolidation of national banks under act of Nov. 7, 1918 1 200, 000 Fiduciary Powers Granted to National Banks Consolidation of a national bank and a State bank under act of Feb. 25,1927 3,300,000 During the month ended September 21, 1928, the Total consolidations 2 3, 500, 000 Federal Reserve Board approved applications of the Aggregate increased capital for period 6,115,000 national banks listed below for permission to exercise Reduction of capital owing to liquidations, etc 1,380,000 one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as Net increase - 4,735, 000 follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of 1 Includes one increase in capital of $40,000, incident to a consolidation estates; (6) assignee; (7) receiver; (8) committee of under act of Nov. 7,1918, and one increase in capital of $2,300,000, incident to a consolidation of a State bank under act of Feb. 25, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN OCTOBER, 1928 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In 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 r is a a c n n o - Bills discounted: 1927—August 409.4 29.9 118.4 39.6 27.8 19.7 34.7 40 5 24.7 6.1 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.fi 21.5 2.7 15.7 7.2 43.7 November 415.2 36.4 106.5 38.1 46.8 21.5 32.7 46.9 18.1 2.6 18.1 8.4 39.1 December. 528.6 40.2 171.1 47.9 58.6 24.4 36.1 65.0 19.3 3.0 15.2 5.4 42.4 1928—January 465.3 23.6 152.9 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 52.1 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. a May 835.5 59.6 296.9 60.4 68.4 43.0 51.9 109.5 39.0 10.6 22.9 9.0 64.3 June 1,018.7 84.8 376.1 80.2 89.3 48.0 59.8 136.1 52.9 8.5 22.4 11.3 49.4 July 1,089.6 68.0 382.6 93.8 100.8 54.9 68.5 156.7 55.1 12.2 23.9 16.7 56.5 August. 1.060.8 61.1 321.3 99.1 80.1 56.6 76.8 159.4 58.8 18.5 22.7 29.8 76.7 September 1,064. 3 50.9 352.3 106.5 57.2 82.9 113.8 65.0 17.8 24.0 29.6 86.5 Total deposits: 1927—August 2, 331.5 152.0 902.1 138.6 192.1 74.5 67.5 345.5 81.6 49.7 91.6 59.8 176.8 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 i 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 j 70.6 185. Q 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 May 2,438.8 155. 7 965.1 140.8 191.8 71.8 70.9 358.2 84.1 53.1 I 92.8 66.3 188.0, June 2,394. 9 150.6 942.1 137.8 188.9 70.2 67.8 355.9 81.6 54.0 91.8 I 65.2 189.0 July. - 2,372. 6 151.4 919.4 137.2 190.1 70.1 66.5 355.4 81.6 53.3 93.7 65.6 188.3 August. 2,330. 2 149.6 134.4 189.3 69.7 66.4 350.6 80.8 52.6 94.8 64.8 187.4 September 2,370.1 152.6 897.8 137. 9 195. 8 70.8 65.2 357.0 83.6 55.0 97.5 I 67.3 189. 5. Member bank reserve balances: 1927—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. % 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, 387.6 153. 6 946.8 138.5 188.7 69.0 68.3 353.2 82.3 51.6 90.6 64.9 180.3, June 2,354. 5 149.3 925.9 136.2 185. 9 68.5 66.6 352.0 80.3 52.9 90.3 j 64.1 182.5 July- —- 2,323. 5 149.9 902.4 134.7 186.8 67.2 64.7 351.0 79.7 52.0 91.7 j 63.7 179. ft- August. 2, 273. 9 147.1 872.0 132.0 185.8 66.2 63.7 344.8 78.5 50.7 92.4 j 62.5 178. 2f September 2, 314. 3 149.6 883.2 134.9 190.3 67.6 62.7 352.3 80.1 53.0 92.8 j 65.5 182. 4: Government deposits: 1927—August 17.9 1.0 2.0 1.2 1.1 2.2 1.6 2.6 1.1 1.1 1.3! 1.2 1.6 September 20.3 1.4 4.2 1.6 1.3 2.1 .9 2.4 1.0 1.3 .9 ; 1.1 2.1 October 20.4 1.1 5.4 1.3 .9 2.4 1.6 1.7 1.2 1.0 .9 j 1.3 1.7 November 12.8 .9 2.9 1.2 .9 1.3 .8 .9 .9 .7 1.0 .8s December 10.0 .8 2.2 .6 .7 1.0 .7 .8 .6 .6 .5 1928—January 19.4 1.9 2.6 1.4 1.4 1.8 1.5 1.9 1.0 1.3 1.4 February 25.6 2.0 6.8 1.3 2.2 2.3 1.9 2.3 1.4 1.2 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 l.fc J J A u u u l n y g e u . s . t ... 2 1 1 7 9 2 . . . 9 5 8 1 . . . 6 7 6 3 4 6 . . . 7 9 1 1 1 . . . 4 3 8 11 . ..2 0 oo 2 2 1. . . 2 2 7 2 1 . . . 8 4 2 2 1 1. . . 8 1 7 1 1 . . . 7 1 2 1.4 1 1 . . . 6 2 4 2 1 . . . 7 5 0 2 3 . . . 7 2 9 " - September 17.6 1.6 4.2 1.3 1.3 1.7 1.6 1.2 .8 3.2 1.1 All other deposits: 1927—August -— 30.5 .8 19.3 .6 1.7 .3 .3 1.7 .5 .3 .4 .2 4.4, September 30.1 1.0 18.2 .7 1.8 .4 .3 1.8 .5 .4 4.3- October 34.4 1.1 20.0 .6 1.8 .5 .7 2.0 1.1 .8 \ 4.5, November 44.2 3.4 20.9 1.4 3.4 1.3 1.0 2.3 1.7 2.6 •5 4.8 December 26.8 .9 12.1 .8 1.9 .7 .4 2.0 1.0 1.3 4.9* 1928—January 26.6 .6 13.9 .7 1.8 .5 .3 1.8 .6 1.0 4.7 February 25.8 1.2 11.5 .6 1.9 .4 .6 1.7 1.0 1.2 5.0 March 23.7 .5 11.3 .6 1.6 .3 .3 1.8 .5 .9 5.2 April 26.9 .6 12.1 .8 1.9 .5 .6 2.4 .6 .C 5.9 May. 27.3 .6 13.1 .8 1.6 .4 .6 2.3 .6 .9 5. 9 June, 27.5 .7 12.1 .9 2.1 .5 .4 2.8 .7 5.6. July 29.7 13.4 1.1 2.3 .7 .5 2.7 .8 5.7 August 28.4 10.8 1.0 2.3 .7 .6 3.1 1.0 1.0 6.0* September 38.2 10.4 1.7 4.2 1.5 1.0 3.5 2.8 4.0 6.1: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 717 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT THE END OF EACH MONTH [In millions of dollars] 1928 RESOURCES Total gold reserves Reserves other than gold. Total reserves— Nonreser ve cash Bills discounted Bills bought: Outright Under resale agreement. Total bills bought United States securities: Bought outright Under resale agreement. Total United States securities. Other securities Total bills and securities |l, 059 Due from foreign banks. Reserve bank float1. Total reserve bank credit outstanding Federal reserve notes of other reserve banks Other uncollected items not included in float Bank premises _ All other resources _ Total resources _ |4,945 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. Outside Federal reserve banks -_ Total notes in circulation Deposits: Member bank-reserve account. Government Foreign bank _ Other deposits... Total deposits 2,341 Deferred availability items.. Capital paid in Surplus All other liabilities Total liabilities- Contingent liability on bills purchased for foreign correspondents _ 1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN OCTOBEE, 1928 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN AUGUST AND JULY, 1928 [In thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank September August September August September August September August Boston.. _.„_ „»„.... 238,338 224,314 152,642 149, 562 151,597 144,838 78.3 76.2 New York 831,378 903,602 897,823 889, 760 349,566 348, 233 66.6 73.0 Philadelphia 158,223 160, 527 137,855 134,403 133,318 131,694 58.3 60.3 Cleveland . .. 287,137 278, 551 195,757 189,325 202,991 196,420 72.0 72.2 Richmond . 68,618 65,044 70,832 69,692 59,826 54,280 52.5 52.5 Atlanta * _ 97,720 105,490 65,219 66,446 127,084 128,428 50.8 54.1 Chicago 507, 752 452,149 357,045 350,561 290,031 278,610 78.5 71.9 St. Louis 82,099 76, 466 83, 622 80, 752 57,647 57, 268 58.1 55.4 Minneapolis . _ _ _ . 76,322 71,895 55,010 52, 635 55,927 53, 681 68.8 67.6 Kansas City 105,355 104,852 97,469 94, 795 61,130 58, 426 66.4 68.4 Dallas 55,489 46, 342 67, 287 64,842 39, 568 31, 282 51.9 48.2 San Francisco . . _ 242, 736 258,346 189, 514 187,386 172,552 166, 676 67.0 73.0 Total , 2,751,167 2,747, 578 2,370,075 2,330,159 1,701,237 1, 649,836 67.6 69. 0 J Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 719 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston! Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap in o n li e s - K C an it s y a . s Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: Sept. 5 1,082,429 109,87s1 175,091 77,781 142,352 18,713 66,207 214,449 14,868 44,' 46,480 15,355 156, 771 Sept. 12 l,143,470i 117,684| 175,091 84,851 141, 768 22,450 62,673 254,448 15, 540 43,623 51,872 19,946 153,524 Sept. 19 1,167,332] 124,358; 175, 217 82,473 141,738 20,927 57,917 274,327 17, 350 45,108 51,169 19, 547 157, 201 Sept. 26 1, 214,889| 126,966! 175,137 83,850 152,665 23,926 59,394 274, 253 17, J ' 44,621 49,931 21, 627 184,651 Gold redemption fund with United States Treasury: Sept. 5 66,3511 j 4, 7251 18, 025 6,868 5,197 2,730 4,383 7,919 6,025 1,922 2,955 1,955 3,64g Sept. 12 68,645 6,324 16,860 8,407 6,659 3,156 4,653 6,982 4,900 2,540 2,127 1,809 4,227 Sept. 19 71,730' 8,982; 15,177 9, 793 5,539 3,666 4,636 5,596 2,843 2,474 2,029 4,927 Sept. 26 65, 5031 5, 6601 18, 372 6, 294 5,351 2,110 4,486 4,928 5,458 3,074 3,292 2,202 4,276 Gold held exclusively against Federal reserve notes: Sept. 5. 1,148,780| 114, 598! 193,116 84,649 147, 549 21,443 70, 590 222,368 20,893 46,411 49,435 17,310 160,418 Sept. 12 _. 1, 212,115! 124,008! 191,951 93,258 148, 427 25,606 67, 326 261,430 20,440 46,163 53, 999 21, 755 157, 752 Sept. 19 1,239,062; 133,340 190,394 92,266 147,277 24, 593 62, 553 280,395 22, 946 47,951 53, 643 21, 576 162,128 Sept. 26 ..- - 1, 280,392i 132, 626 193, 509 90,144158,016 26,036 63,880 279,181 23,326 47, 695 53, 223 23,829 188,927 Gold settlement fund with ^Federal Reserve Board: Sept. 5 751,338! 81, 681! 157,728 39,360 77,112 32,149 12,034 211,139 29,301 19, 617 42,131 18,131 30,955 Sept. 12 678,3011 71, 768' 125,050 31,471 75,905 27,398 10, 389 191, 252 30,949 21, 299 34,9541 21,673 36,193 Sept. 19 720,346 69, 790: 140, 597 37, 300 96,162 32,914 16, 822165, 997 40, 992 24,173 37, 906} 24, 612 33, 081 Sept. 26 666, 714 63,433 j 171,960 29, 031 81, 769 27, 548 10, 505 147,978 30,393 21, 587 35, 733 18,981! 27,796 Gold and gold certificates held I by banks: I Sept. 5.. --.. 709,0311 26,872 484, 487 26, 018 42, 801 6,174 3,425 50,866 10,918 4,993 7,112 12, 280 33,085 Sept. 12 738,530 29,729 509,233 25,767 41,079 6,554 3,922 53, 595 10,807 7,323 12,323 33,410 Sept. 19 666,482|| 29,4631 436,714 25, 594 41, 659 6,906 4,243 53,651 10,433 5^044 6,9431 12,292 33, 540 Sept. 26.. 32,398J 443, 774 28, ""' 44, 760 7,227 3,974 56,449 10, 680 5,730 7, 5891 34,860 Total gold reserves: Sept. 5 _ 2,609,149 223,151 835, 331150,027 267,462 59, 766 86,049 484, 373 61,112 71, 021 47, 721224,458 Sept. 12 2, 628,946 225, 505 826, 234150,496 265,411 59, 558 81,637 506,277 62,196 72, 250 96,276 55, 751227, 355 S S e e p p t t . 2 1 6 9 2 2 , , 6 6 2 3 5 3 , , : " 0 02 "2 2 3 2 2 8 , , 4 5 5 9 7 31 8 7 0 6 9 7 , , 7 24 0 3 51 14 5 7 5 , , 1 7 6 8 0 3 2 28 8 4 5 , , 0 5 9 4 8 5 6 60 4 , , 4 8 1 1 ! 1 8 7 3 8 , , 3 6 5 1 9 8 4 5 8 0 3 0 , , 0 6 4 0 3 8 7 64 4 , , ; 371 7 7 7 5 , , 1 0 6 1 8 2 9 96 8 , ,4 5 9 4 2 5 5 52 8 , ,4 6 8 5 0 7 2 2 2 5 8 1 , , 7 58 4 3 9 Reserves other than gold: Sept. 5 - 138,148 11,159! 24,822 6,554 14, 225 9,530 15,016 17,708 16, 519 1,838 5,132 4,762 10,883 Sept. 12 141,999 12,326j 26,409 13,119 9,320 16,169 18, 575 17,433 2,061 5,017 4,512 10,389 Sept. 19 142,366 12, 768 25,098 7; 14,460 9,297 15,178 18, 724 16, 755 2,033 5,417 4,639 10, 359 Sept. 26 138, 082 12, 582 24, 795 7, 564 12,332 8,613 14,819 18,616 16,351 1,924 5,780 4,728 9,978 Total reserves: Sept. 5 2, 747,297 234,310J 860,153 156, 581 281,687 69,296 101,065 502,081 77, 631 72,859 103,810 52,483 235,341 Sept. 12 2,770,945 237,831 852, 643157,165 278, 530 68,878 97,806 524,852 79,629 74,311 101,293 60,263 237,744 Sept. 19.- 2, 768, 256245, 361 792,803 162, 798 299, 558 73, 710 98,796 518, 767 91,126 79,201 103,909 63,119 239,108 Sept. 26 2, 771,084 241,039 834,038 155, 347 296,877 69, 424 93,178 502, 224 80, 750 76, 936 102, 325 57,385| 261,561 Nonreserve cash: Sept. 5 52,296 5,1301 15,877 1, 712J 3,603 3,499 4,107 6,922 3,345 993 1,1 1,985! 3,285 Sept. 12.__ 59, 878 6,205 j 19,174 1,4921 3,171 4,019 4,419 8,373 3,780 1,050 2,733 2,100 3, 362 Sept. 19 -._ 59,044 6,142 18, 229 1, 515! 4,687 3,996 3,776 8,401 3,435 1,115 1,891 1,922 3,935 Sept. 26 - 56,174 6,235 17, 795 1,301 3, 247 3, 840i 3,643 7,969 3,313 1,084 2,113 1,886J 3, 748 Bills discounted: Secured by U. S. Government obligation- Sept. 5 652,032 31,651; 253.190 80,464 42,888 21, 689 20,213 78,482 28,524 10,533 10,850 13,496 60,052 Sept. 12 656,035 259, 510 80,580 53, 674 20,617 17,963 69,916 27, 515 12,340 12,199 13,418] 62,375 Sept. 19___ 671,977 23,441! 277,384 82,023 40,946 18,477 83,061 25, 301 10,997 15,454 13,212! 57,993 Sept 26 610,143 27,329! 232,430 80,441 40, 601 22, 547 23, 916 83, 554 28,850 11,462 10,816 16,262 31,935 Other bills discounted— Sept. 5 428,085 24,53l! 97,012 24,951 33, 212 37,133 58,445 33, 582 39,756 8,253 13,998 16,418 40,794 Sept. 12 413,211 20, 2151 96,906 23,910 33, 281 34,3001 62,919 29, 301 40,149 7,275 13,104 15,155! 36,696 Sept. 19. 421,856 24,873; 118,976 22,197 29,405 33,881 62,350 31,251 37,820 6,525 12,241 12,702! 29,635 Sept. 26 400, 623 20,155i 105.191 24,603 28,184 32,400] 60>0 40 35,038 31, 320 5,958 12,971 12,983 31, 780 Total bills discounted: Sept. 5 1,080,117 56,182 350,202 105,415 76,100 58,822 78,658 112,064 18,786 24,848 29,914 100,846 Sept. 12 1,069,246 46,143 356,416 104,490 86,955 54,917 80,882 99,217 67, 664 19,615 25, 303 28,573! 99,071 Sept. 19 1,093,833 48,314 396,360 104, 220 70,351 52,358 86,038 114,312 63,121 17,522 27, 695 25,914) 87, 628 Sept. 26- 1, 010, 766 47,484 337, 621 105,044 68, 785 54,947 83,956 118, 592 60,170 17,420 23, 787 29, 245 63, 715 Bills bought in open market: Sept. 5 186,796 22,823 47,113 11,355 18,193 6,124 11,870 15, 201 11 8,579 10,604 10, 635 24, 288 Sept. 12.__ 211,160 23, 064! 61, 391 10, 615 19, 875 6,619 11,386 15,423 11 8,494 10,231 11,229! 32,822 Sept. 19_._ 237,189 22,O60i 68,439 12,830 21,879 9,760 12,330 16,029 11 10, 500 13, 655 13,896! 35,800 Sept 26 263,419 21,422j 78, 297 15, 298 24,058 11,975 13, 299 17,472 11 11,422 15,975 15, 543! 38, 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN OCTOBER, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago 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 - U. S. Government securities: Bonds- Sept. 5 53,883 1,548 4,292 1,126 1,460 1,153 241 19,927 4,809 9,899 8,444 Sept. 12.__ _ 53, 362 1,548 4,292 1,126 1,460 1,153 245 19,927 9,799 8,019 984 Sept. 19 .__. 53,005 1,548 4,292 1,126 1,460 1,153 207 19,927 4,809 9,064 8,438 981 Sept. 26 53, 377 3,425 964 1,188 1,153 1,5 19, 92" 2,125 4,722 8,712 7,938 701 Treasury notes— Sept. 5 87,026 2,841 13,071 9,723 28,226 594! 3,289 5,677 4,312 3,091 12,809 Sept. 12 -. 87, 886 2. 841 14 431 9 723 28, 226 594! 3,289 5,177 4,312 3,091 3,393 12,809 Sept. 19 87, 976 2,841 16,006 9,723 28,226 594! 3,289 3,6 4,312 3,091 3,393 12,809 Sept. 26 89, 222 | 1,713 12,453 9,002 27, 009 594| 3,754 3,792 9,500 3,925 2,412 3,515 11, 553 Certificates of indebtedness- Sept. 5 65,476 I 4, 427 16,473 11, 340 5,550 1,529! 1, 2,214 4,327 3,964 4,927 Sept. 12 on nna 4,427 30,733 11,340 5,550 1,529! 1, 9,192 2,214 4,327 3,964 4,027 Sept. 19 83,746 4,427 32,183 11, 340 5,550 1, 5291 1,960 10, 687 2,214 4,962 3,964 4,930 Sept. 26 86,433 4,427 35, 063 11, 340 6,200 1, 529j 1,925 10, 73^ 2,214 4,962 3,109 4,927 Total U. S. Government securities: Sept. 5 206,385 8,816 33,836 22,189 35,236 3,276! 5,423 34,436 11,335 17, 317 15,801 18,720 Sept. 12 221,344 8,816 49,456 22,189 35,236 3,276' 5,427 34,296 11,335 17,217 15,376 18,720 Sept. 19 224, 727 8,816 52,481 22,189 35,236 3,276; 5, 456 34,306 11, 335 17,117 15,795 18,720 Sept. 26 229,032 7,436 50,941 21, 306 34, 397 3, 276! 6, 905 34,456 11,625 10,861 16, 086 14, 562 17,181 Other securities: Sept. 5 990 500 490 Sept. 12 2, 020! 500 490' 1,000,. Sept. 19 4,580| I. 1,050 500 3,000. Sept. 26 4,580 1,050 500 3,000l_ Total bills and securities: Sept. 5 _ 1,474,288 87,821 431,651 138,959 129,529 68,222; 95,951 161,701 68,291 39,190 52,769 56, 350 143,854 Sept. 12 1, 503,770 78, 023 467, 763 137, 324 142, 066 64,812; 97,695 148,936 67,675 39,934 52, 751 56,178 150, 613 Sept. 19 ..-. 1,560, 329 79,190 518, 330 139,269 127,466 65,394< 103,824 164,647 63,132 39,857 58,467 58,605 142,148 Sept. 26 _• 1, 507, 797 76,342 467,909 141, 678 127, 240 70,198^ 104,160 170, 520 71, 806 40, 203 55,848 82,350 119, 543 Due from foreign banks: Sept. 5 571 37 215 47 52 21 14 18 17 35 Sept. 12 572 37 216 47 52 21 14! 18 17 35 Sept. 19 573 37 217 47 52 21 14! 18 17 35 Sept. 26 573 37 217 47 52 21 14| 18 17 35 Uncollected items: Sept. 5 --_. 681,587 63,066 178, 656 53,047 64,440 53,207 24,531 83,593 33,557 15,558| 45,212 28,146 38, 574 Sept. 12 771,589 73,800 199,852 63,268 73, 356 56,265 24, 338100, 721 35, 707 17,093! 48, 045 31,294 47,850 Sept. 19 818, 337 79,657 223,885 65,968 78,119 59,512! 26, 701102,470 37,220 17,6991 47,584 33, 333 46,189 Sept 26 689, 765 65, 773 181,228 57,121 66,650 50,440; 23,403 86, 233 32, 866 15, 281 43, 615 28,134 39,021 Bank premises: Sept. 5 60,255i 3,824 16,675 1,752 3,486! 2,838 8,720 3,902 2,202! 4,308 1,907 3,835 Sept. 12 60,305 3,824 16,675 1,752 6,806 3, 5311 2,844 8,720 3,901 2,202| 4,308 1,907 3,835 Sept. 19 60,3141 3,824 16,675 1,752 6,806 3,531! 2,844 8,720 3,910 2,202! 4,308 1,907 3,835 Sept. 26 60,320 3,824 16, 6751 1,752 6,806 3, 532! 2, 845 8,720 3,911 2, 202! 4,308 1,917 3,828 All other resources: Sept. 5 82 1, 588! 292 416; 1,2551,021 322 1,007 503 531 621 S S S e e e p p p t t t . . . 1 1 2 9 2 6 ___ -.. 1 9 8 0 0 6 0 1 1 1, , , 3 9 3 2 3 0 2 0 2 1 ! ! 3 1 1 0 3 1 5 5 7 1 1 1, , i , 2 3 2 5 6 7 7 4 2 4 4 3 1 8 9 7 3 5 ! ' ! 1 1 1 , , , 2 2 8 5 4 5 2 8 0 1 1 1 , , , 1 0 0 4 4 7 5 0 1 3 3 3 2 8 2 5 9 3 8 8 72 1 6 5 9 4 ! 4 4 4 7 2 2 2 1 9 5 5 5 4 5 5 8 2 1 6 6 6 2 3 2 8 3 8 Total resources: Sept. 5 5,025,275| 394,270 1,504,815 352,390 487,460 198,151 229,768 764,107 187,069 131,823 208,458 141,419 425, 545 Sept. 12___-_ 5,176, 249, 399,810 1,558,253 361,353 505,345 197,947 228,375| 792,711 191,038 135,423 209,620 152,307 444,067 Sept. 19 _ 5,275,310! 414,297 1,571,441 371,484 517,945 206, 651 237, 210| 804, 219 199,167 140,952; 216,606 159,455 435,883 Sept. 26 5,094, 554 393,350 1,519,184: 357,363 D 50 l^ 2 , tT 1 X 4 U 4 tJ 1 VJ 9 K 7 Jy , K 8 J 5 UX 4 2 Ja 2 U 9 I , y 1 &X 0 \J 0 \ 7 U 7 U 6 l , j 8 JU 0 J 6 .0 193, 056136,445) 208,648152,240 428, 364 LIABILITIES Federal reserve notes in circulation: Sept. 5 1,701,035 153,261 359,216 132, 669 199,687 58,067 127,507 287,544 57,129 55,002 60,769 36,015 174,169 Sept. 12.__ 1, 688,267 150,805 344,107 131,867 204,712 58, 505 125,799 287,109 57,002 55, 548 60,787 38,386 173,640 Sept. 19 1,679,521 150,024 339,228 130, 599200,173 59,333 125,325 288, 541 57,357 56,446 61,143 40,300 171,052 Sept. 26 . 1, 681, 581149, 324 335,178 130, 603 203,868 59, 873 125,214 290,452 57,363 57,113 61,308 41, 635169, 650 Deposits: Member bank—reserve account- Sept. 5 2,273,343 150,719 866,874 132,146 185,841 68,142 61,973 343,875 79,184 50,917 91,335 63,382 178,955 Sept. 12 2,348, 676 147,726 917,249 133, 250 187,375 65, 577 62,122 357,122 79, 294 52,804 91,198 67,927 187,032 Sept. 19-__ 2, 360, 534 147,767 907,199 137, 587 197, 527 69,180 63,073 360,736 82,161 54,404 92,395 65,474 183,031 Sept. 26 2,315, 812 150,149 888,308 134, 212 189, 021 68, 817 63,484) 349,917 81, 287 52,312 89,605 66, 538182,162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 721 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- | Atlanta Chicago M ap in o n li e s - K C an it s y as Dallas . F S ra a n n - ! Cisco Deposits—Continued. Government- Sept. 5 30 77 2,478 1, 030J 1,321 554 209 827j 161 Sept. 12._ 9,617 402 426 951 532 868i 1,303 843 722 740; 1,644 Sept. 19 45,379 8,731 8,106 3,909 6,218 117 7,0631 930 1,502 895 3,974 j 3,645 Sept. 26 12, 699 264 3,620| 1,004 300 476 1,9841 385 291 1,315 1,386 Foreign bank- Sept. 5. 6,347 473 1,823 598 655 321 265 876 271 170 227 221 447 Sept. 12 5,952 473 1,429 598 655 321 265! 876 2711 170 227 220 447 Sept. 19 7,459 473 2,935 599 655 321 2651 876 271 170 227 220 447 Sept. 26.. 7,337|j 472 2,814 599 655 321 876 271 170 227 220| 447 Other deposits- Sept. 5 16,941 235 6,994 50 1,143 149 121 1,112 463 300 644 45 5,685 A Sept. 12 23,875 181 10,759 685 2,111 3621 473 1,549 639 289 480 58 * Sept. 19 45,580 1,265 6,799 2,100 5,535 2,0491 1,223 7,105 4,596 2,006 6,797 1,028 5,077 Sept. 26 30,302 6,955 858 3,021 1,2411 442 2,480 2,675 4,194 324 6,144 Total deposits: | Sept. 5. 2,305,577 151,457 875,768! 133,418 188, 005 71,090 63,3891 347,184 80,472 52,656 92,415 64,4751 185,248 ' Sept. 12 2,388,120 148, 782 929,863 134,871 191,092 66, 792 63,728 360,850 81,047 54, 111 92,627 68,945 195,412 Sept. 19 2,458,952 158,236 925,039J 144,195 209,935 71,667 71, 624 369,647 88, 530 57,475 99,708 7700,6699 6 119922,200 Sept. 26 | 2,366,150151,873 901, 697| 136,673 192,997 70, 855 ,175 353,981 84,618 54,428 94,317 68,397 190,139 Deferred availability items: j Sept. 5—. ! 615,257 60,041 150, 207! 48, 553 58,923 49,2431 22,1691 74, 220 32, 616 12,964 41,235 27,497 37,589 Sept. 12 .I 694,9251 70, 637 163,980'! 56,727 68,580 22,039! 89,450 36,072 14,540 42,157 31,497 46,348 Sept. 19. ! 730,605 76,456 186, 2261 58, 689 66, 728 55,830 23, 387 90,624 36,351 15, 789 41,676 34,962| 43,887 Sept. 26 __j 638,620 62, 501 161,159J 51,972 64,118 47, 245| 20, 751 76, 691 33,402 13, 543 38, 900 28, 631 39, 707 Capital paid in: i Sept. 5— __ 144,924 10,034 48, 908] 14, 369 14,301 6,080 5,240| 18, 213 5,400 3,017 4, 200 4,304 10,858 Sept. 12 144,986 10,034 48,908 14,416 14,306 6,081 5, 239 18, 225 5,400 3,0131 4,203 4,303 10,858 Sept. 19 145,376 10,041 49, 3071 14,416 14, 306 6,078 5, 238 18, 231 5,400 3, Oil] 4,198 4,f" 10,852 Sept. 26 145,618 10, 056 49, 316| 14,416 14,306 6,102| 5, 238j 18,362 5,399 3,015 4,198 4,309 10,901 Surplus: Sept. 5. j 233,319 17,893 63,007j 21,662 24,021 12, 324 9, 996!32, 778 10, 397 7,039 9,046 8,527| 16,629 Sept. 12. _„ | 233,319 17,893 63,007 21,662 24,021 12,324 32, 778 10, 397 7,039 9, 046 8,527 16,629 Sept. 19 | 233,319 17, T 63,0071 21, 662 24, 021 12, 324 32, 778 10, 397 7,039 9,046 8, 5271 16,629 Sept. 26 I 233,319 17,893 63, 007J 21, 662 24, 021 12, 324 32, 778 10, 397 7,039 9,046 8, 527] 16, 629 All other liabilities: ! Sept. 5. i 25,163 1,584 7, 709J 1,719 2,523 1,347 1,467 i 4,168 1,055 1,145 793 6011 1,052 Sept. 12 ! 26,632 1,659 8,388! 1,810 2,634 1,347! 1, 574.1 4, 299 1,120 1,172 800 649| 1,180 Sept. 19 I 27,537 1,647 8, 6341 1,923 2,782 1,419! 1,640 4,T " 1,132 1,192 835 672 1,263 Sept. 26 ! 29,266 1,703 8,827! 2, 037 -2,834 1,455 1, 726 4, 542 1,877 1,307 879 741 1,338 Total liabilities: Sept. 5 _ 5,025,275 394,270 1,504,8151 352,390 487, 460198,151 229, 768 764,107 187,069 131,823 208,458 141,419 425, 545 Sept. 12 5,176,249 399,810 1,558,253! 361,353 505,345 197,947 228,375 792,711 191,038 135,423 209,620 152,307 444,067 Sept. 19_. 5,275,310 414t,, 229977 1,571,441 371,484 517, 945206, 651 237, 210 804, 219 199,167 140,952 216,606 159,455 435,883 Sept. 26 ._ _j 5,094,554 393I,, 350]1,519,184 357,363 502,144 197, 854 229,100 776, 806 193,056 136, 445 208, 648152, 240428, 364 MEMORANDA | Ratio of total reserves to Federal reserve note and deposit i I liabilities combined (per 1 cent): j Sept. 5. j 68.6 76.9 69. 6| 58.8 72.7 53.7 52.9 79.1 56.4 67.7j 67.7 52.2 65.5 Sept. 12 i 68.0 79.4 66. 9! 58.9 70.4 55.0 51.61 81.0 57.7 67.8 66.0 56.1 64.4 Sept. 19 ! 66.9 79.6 62.7; 59.2 73.0 56. 3j 50.21 62.5 69.5 64.6 56.9 65.8 Sept. 26 ! 68.5 80.0 67.4| 58.1 74. 53.1 48.7 77.9 56.9 69.0 65.8 52.2 72.7 Contingent liability on bills purchased for foreign correspondents: Sept. 5 279,049 20,875 79,207 26,441 28,946 14,195 11,690 11,968 7, 515| 10,020 9,742 19,762 Sept. 12 277,265 20,875 77,422 26,442 28,946 14,195 11,690 11,968 7,515 10,020 9,742 19, 762 Sept. 19 274,054 20,489 77,906 25,953 28,411 13,932 11,474 37,973 11,747 7,376 9,835 9,562 19,396 Sept. 26.. 272,886 20,489 76,738 25,953 28,411 13,932! 11,474 37, 973 11, 74" 7,376 9,835 9,562 19, 396 Own Federal reserve notes held by Federal reserve banks: Sept. 5— 343,798 20,849 101,026 23, 212 29,928 14, 456 28,179 36, 572 10,994 8,807 6,870 55, 306 Sept. 12.. 385,199 29,316 116,301 27,384 24, 519 17,394! 28,803 45, 543 12, 653 7,147 8,582 8,769 58,788 Sept. 19 403,033 28,971 122,087 28,674 28,027 17,363J 30,042 49,084 11,108 7,119 9,923 8,502 62,133 Sept. 26.. 403,266 30,079 120,840 29, 247 28,060 1177,663322]| 3300,771100 4488,557722 11,940 6,915 9,020 8,786 61,465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN OCTOBER, 1928 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal reserve notes received from comptroller: Sept. 5 2,811,418 239,960 721,722 178,081 264,145 93, 772222, 296441,486 85, 693 78,075 101,556 59,157 325,475 Sept. 12 _.. 2,850,462 240, 771 717,568 183,651 266, 961103.148 221,562 453,422 86,245 79,209 101,349 71,348 325, 228 Sept. 19.. _. 2,848, 579 237,445 714,155 189,273 264, 230102, 625222, 647454, 795 85,535 78,694 102, 246 70,949 325,985 Sept. 26 _. 2,859, 232 241,053 708,858 190,850 267,158 102,984 222,664 456,894 85,853 81,367 101, 508 70, 528329, 515 Federal reserve notes held by Federal reserve agent: Sept. 5 766, 585 65,850 261,480 22, 200 34,530 21,249 66,610 117, 370 17, 570 15,474 31,980 16,272 96,000 Sept. 12.._ 776,996 60,650 257,160 24,400 37,730 27, 249 66,960 120,770 16, 590 16, 514 31, f 24,193 92, 800 Sept. 19 766,025 58,450 252,840 30,000 36,030 25,929 67, 280117,170 17,070 15,129 31,180 22,147 92, 800 Sept. 26 774,385 61,650 252,840 31,000 35,230 25,479 66,740 117,870 16,550 17,339 31,180 20,107 98,400 Federal reserve notes issued to Federal reserve bank: Sept. 5 2,044,833 174,110 460, 242 155,881 229, 615 72, 523155,686 324,116 68,123 62,601 69, 576 42, 885229,475 Sept. 12__ 2,073,466 180,121 460,408 159, 251229,231 75, <°™154, 602332, 652 69, 655 62,695 69, 369 47,155 232,428 Sept. 19.. 2, 082, 554 178,995 461,315 159,273 228, 200 76, i 155,367 337, 625 68,465 63,565 71, 066 48,802 233,185 Sept. 26 2,084,847 179,403 456,018 159,850 231,928 77,505 155,924 339,024 69,303 64,028 70,328 50,421 231,*15 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Sept. 5 341,321 35,300 153,161 50,000 27,100 7,600 14,167 12,303 35,000 Sept. 12 341,321 35,300 153,161 50,000 6,690 27,100 7,600 14,167 12,303 35,000 Sept. 19 341, 567 35, 300 153, 407 50,000 6,690 27,100 7,600 14,167 12, 303 35,000 Sept. 26 344,067 35,300 153,407 50,000 6,690 27,100 7,600 14,167 14,803 35, 000 Gold redemption fund- Sept. 5 92,994 16,573 16,930 11,104 12, 352 7,023 3,607 1,449 1,268 2,322 3,620 2,052 14, 694 Sept. 12 91,016 14,384 16,930 8,674 11,768 5,760 7,573 1,448 1,940 1,456 3,012 3,643 14,428 Sept. 19,. 88,586 11,058 16,810 11, 296 11,738 4, 237 6, 817 1,327 750 2,941 4,309 3,244 14,059 Sept. 26.. _ 91, 105: 18, 666 16, 730 8,873 12,665 3,236 5, 294 1,253 2,268 2,454 3,071 2,824 13,771 Gold fund- Sept. 5 648,114 58,000 5,000 66, 677 80,000 5,000 35,500 213,000 6,000 28, 000 42,860 1,000 107,077 Sept. 12 711,133 68,000 5,000 76,177 80,000 10,000 28, 000253, 000 6,000 28,000 48,860 4,000 104,096 Sept. 19.. 737,179 78,000 5,000 71,177 80,000 10,000 24, 000273,000 9,000 28,000 46,860 4,000 108,142 Sept. 26 779, 717 73,000 5,000 74, 977 90,000 14,000 27,000 273,000 8,000 28,000 46,860 4,000 135,880 Eligible paper- Sept. 5 1,226,166 78,985 385, 503 96,807 92,292 61,513 90,428 127,132 68,256 25,052 35,332 40,335 124,531 Sept. 12 1,236,448 69,188 401, 390 95,130 106, 549 57,948 92,193 114, 510 67,651 25,827 35,418 39,785 130,859 Sept. 19 1,277,362 70, 354 442,720 95,047 90,243 58,236 130,207! 63,106 25,760 41,254 39,649 122,518 Sept. 26 1, 214,971 391, 085 97,339 90,982 97,036 135,942 60,158 26,628 39,660 44,736 101,950 Total collateral: Sept. 5 2,308,595! 188,858 560,594 174,588 234,644 80,226 156,635 341,581 83,124 69,541 81,812 55,690 281,302 Sept. 12_. 2,379,918 186,872 576,481 179,981 248,317 80,398 154,866 83,191 69,450 87,290 59,731 284,383 Sept. 19 2,444,694 194,712 617,937 177,520 231,981 79,163 156,185 404,534 80,456 70,868 92,423 59,196 279,719 Sept. 26 2,429,860 195,853 566,222 181,189 243,647 84,494 156,430 410,195 78,026 71, 249 89,591 66,363 286,601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

723 OCTOBER, 1928 FEDERAL RESERVE BULLETIN MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s m O o v n e t r h 6 s Bills discounted: Sept. 5 1,080,117 899,167 57,716 78,090 36,717 8,078 349 Sept. 12 1,069,246 899,027 54,108 ! 69,054 38,781 7,976 300 Sept. 19 1,093,833 924,738 57,735 ! 65, 552 37,258 8,213 337 Sept. 26 1,010, 766 863,522 44,257 | 57, 729 37, 780 7,185 293 Bills bought in open market: Sept. 5 _ 186,796 90,527 29,577 I 37,230 22,660 6,802 Sept. 12 211,160 97,147 36,551 40,304 31,622 5,536 Sept. 19 237,189 93,229 34,741 39,862 63, 551 5,806 Sept. 26 263,419 97,048 35,435 I 43,168 81,424 6,344 Certificates of indebtedness: Sept. 5 65,476 2,115 32,853 30,508 Sept. 12 80,096 16, 375 745 32,496 30,480 Sept. 19 83,746 2,308 45,324 33,202 2,912 Sept. 26 86,433 4,330 40, 583 38,804 2,716 Municipal warrants: Sept. 5 Sept. 12 Sept. 19 Sept. 26 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM AUGUST 23-SEPTEMBER 19, 1928, INCLUSIVE [In thousands of dollars] Changes in ownership Tran m sf e e n r t s a fo cc r o G u o n v t ern- Transit clearing Federa c l l e re a s ri e n r g ve note of f g e o rs ld a t n h d ro c u le g a h r i t n r 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 19,000 784,429 818,218 5,542 5,696 14,943 69,790 New York 106,000 75,500 2,894,558 2,800,878 11,282 16,792 118,670 140,597 Philadelphia- 12,500 669,095 688,214 6,407 5,892 6,104 37,300 Cleveland . . 6,500 40,500 735, 686 720,780 8,920 3,613 13,787 96,163 Richmond 7,000 7,500 724,094 734,659 2,316 2,429 11,178 32,913 Atlanta 7,500 700 . 269,197 270,445 2,799 3,459 4,892 16,822 Chicago . ._ 19,000 2,000 1,253,782 1,323,497 9,193 7,671 51,193 165,998 St. Louis 1,000 30, 500 499,879 497,930 2,658 2,463 27,356 40,991 Minneapolis 7,800 171,032 171,667 1,488 2,910 9,857 24,173 Kansas City . _ - ._ _ 20,100 448,128 417,964 2,142 2,779 9,427 37,906 Dallas 4,500 2,000 322, 511 343, 752 1,093 1,286 18,934 24, 611 San Francisco. 10,000 6,400 392,050 376,437 3,181 2,031 20,363 33,081 Total 4 weeks ending- Sept. 19,1928 193,000 193,000 9,164,441 9,164,441 57, 021 57, 021 153,352 153,352 720, 345 Aug. 22,1928 19, 700 19, 700 8, 753,839 8, 753,839 56, 111 56, 111 715,242 Sept. 21, 1927 178,900 178,900 9, 281, 534 9,281, 534 57,120 57,120 614, 773 Aug. 24, 1927 27.200 27, 200 8, 648, 640 8, 648, 640 53. 9S0 53, 980 643, 574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN OCTOBER, 1928 ALL MEMBER BANKS BORROWINGS FROM FEDERAL RESERVE BANKS, BY STATES [End of month figures. In thousands of dollars] 1927 1928 State August October United States 400,524 437,425 411, 525 477,025 581,503 423,310 492,568! 598,681; 834,22S 1,021,3521,095,423 1,030,9801,107,512 New England: Maine.- ._. 95] 2,394 1, 1,473 909 752 718 909 1,072 2,123 2,672 1,901 1,309 N V e er w m o H n a t mpshire 9 8 2 8 7 4 8 7 7 8 5 3 1,1 7 2 3 8 C 6 6 3 4 6 9 8 5 0 5 5 8 1,1 5 1 3 2 4 1, 6 30 98 5 2, 9 74 9 6 2 i 1,3 9 3 3 2 4 2 1 , , 3 0 3 2 4 9 2 1 , ,7 5 1 8 1 4 1 1, , 3 3 5 4 8 0 1 1 , , 2 6 0 7 4 5 Massachusetts 28,760 25,520 20, 388 33,404 24,314 33,751 49,918 44,350 36,340 69,264 62,703 48,727 39, 314 Rhode Island 2,047 1,772 787 552 304 102 396 1,225 593 5,918 4,291 8,310 7,368 Connecticut 4,439 2,530 2,504 3,096 3,083 2,196 3,260 1T" 1,759 5,203 7,619 6,713 6,246 Middle Atlantic: New York 84,443 104,472 83,170| 129,769 266,687 103,025! 69,063 128,001! 262, 280 328,125 415,561 273,071 247, 904 New Jersey 24, 924 25, 258 22,225 22,140 19,150 19, 923 j 19,642 23,051) 32,784 35, 636 44, 111 52, 000 49,245 Pennsylvania 45, 242 51,733 46,622 57,920 104,217 59, 006 83, 277 80,029J 82, 553 103,524 143,416 123,920 149,496 East North Central: Ohio 13,485 21,483 24,403 15,868 15, 535 12,783 34,405 33,392' 28, 779 42,039 43,741 50,436 44, 738 Indiana 3,321 3,545 3,577 1,686j 3,115 3,587 6,209 4, 825J 5,491 4,361 5,191 8,940 9p92 Illinois 9,712 17, 639 25, 266 23, 7971 14,203 15,356 18,6451 66,447! 63, 390 64,288 74,320 77, 243 99,335 Michigan.. 13, 751 10, 691 21, 582 27, 6961 27,231 17,884 23, 093i 23,152! 33, 599 52,692 59,1471 50, 501 42, 281 Wisconsin __., 4,679 3,944 4,132 3,320 j 6,658 2,735 12,9321 16,6671 14,781 13,837 15,555| 12, 528| 17,025 West North Central: j Minnesota I 3,4fil 1,416 1,033 2,375 722 2,408 2,895 2, 696! 12,814 8,371 5,696 11, 674 17, 550 Iowa i 2,913 4,555 6,870 4,023 4,586 3,772 3,887! 3,599 4,015 1,547 2,927 2,833 Missouri ...I 17,850 16,947 9,913 11,837 11,475 16,228 20,277 24,168j 20,753 45,216 43,707 39, 304| 52, 773 North Dakota | 1,761 830 427 312 319 472 369 543! 575 734 688 1, 050J 1,475 South Dakota | 1,283 794 570 695 640 619 508 381! 391 421 511 558] 547 Nebraska ! 1,310 1,697 5,167 9,119 4,701 4,182 2,940 4,429! 5,990 4,992 2.32? 3,723 2,523 Kansas | 1,338 1,417 3,639| 2,980 1,24P 1,199 1,061 1,0521 1,452 3,269 963 1,722 South Atlantic: J ml Delaware i 532 31? 783 474 620 719! 597! 979 1,977 3,063 1,283| 1,431 Maryland j 1,477 5,150 5,547 7,098 5,498 11,744 5,315 3,747; 9,547 11,214 8,323 5,894! 8,161 District of Columbia- 115 1,315 1,465| 500 920 320 5501 245 1, 5201 3,895 3, 770| 1,470 Virginia I 7,520 11,267 11,289! 5,877 11,894 9,297 ,68 13,3471 14,257 15,394 19,755! 20, 703! 22,832 Wes t Virginia. I 2,450 3,227 2,497 1,631 5,363 3,367 2,710 3, 543; 3,497 3,951 5,847 5, 665! 6,225 North Carolina i 7,856 6,077 5,293 2,429) 4,T~ 7, 0€2! 7,4491 10,043 10,105 12,563 18,407! 21,614 South Carolina | 2,607 1,529 1,323 1,671- 1,425 2,172 2, 610| 3,471! 4, 358 3,739 2,812 5,101J 4,496 Georgia j 6,457 5,467, 4,722 6, 575 3,582 4,013 5,229 7,041! 20,600 23,114 14,191 22, 5231 19,306 Florida.. | 3,445 4,142! 4,406 3, 502 2,619 1,799 l,94fi 1,345; 1,360 2,643 3,353! 4,512 East South Central: I Kentucky 6,503 9,575 9,667 6,911 6,663 2,177 3, 5 8,276J 14, 597 14,783 13,935 15, 242 19,175 Tennessee 5,27^ 6,879 3,914| 3,096 2,845 1,842 2,803 1,900 4,540 4.378 5,444 V " 9,148 Alabama _. 5,310 3,670 2,830! 5,380 2,411 4,641 4,961 6,412J 10,412 8,632| 11,075 13, i 19,019 Mississippi 4,028 3, 72.F 1,9451 1,563 1,239 1,225 1,639 3,4561 4,103 5,4641 5,180 5,846 6,814 Wes A t r S k o a u n th sa s Central: 3,306 4, 55C 2, 3321 2,001 210 2,688 2,017 1, 606| 2,529 2,077 2,680 4,973! I 7,559 Louisiana 12, 612 8,736 11,156, 21, 557! 16, 620 13,853 12, 926 9,014! 20,703 15,688 21, 788 28, 900 T O e k x la a h s o .. ma ._. 12 2 , , 5 5 8 7 3 4 4 4 , , 7 fi 6 9 7 5 1 2 0 , ,3 3 2 8 3 8 1 ! 6 1, , 4 2 3 4 6 5 ) | 6 84 8 8 8 4 1 , , 9 3 6 2 0 5 1 1 , , 6 9 6 4 1 9 2 3, , 9 2 9 8 1 7| 3 9 , , 6 3 5 0 6 2 ] ! 9 5 , , 9 00 3 6 8 4 8 , , 6 1 4 9 6 2 ! | 2 3 4 , ,1 9 3 86 3! 2 4 7 , , 6 7 1 8 8 0 Mou M nt o a n i t n a : na „ 79 j 30 21 41 39 33 126! 250 231! 275i j 505 Idaho 1,328 779 5511 351 1C1 199 234 241 339 j 405 5541 664! 658 Wyoming ._. 427 230 104- 48 48 2 103 129 96! 151 212 Colorado 1,366 1,388 1,938 1, 282 1,018 1,542 2,561 2,527 3,407 3,773 1,305! 2, 792: 3,541 New Mexico 186 200 99 10 129 124 187 175 77 178i 176| 242 Arizona 389 325! 284 180i 190 164 183 198 184 180 1871 205! 193 Utah 1,977 1,1711 952 1981 168 255 368 2,163 1,644 1,278| 1, 657| 1,912 Pacific: Washington 2,421 ,| 2, 254 1,788 330 1 SAO 1,566! 3,540 3,720 2,492; 6,104J 5,079 Oregon 672 4921 875 j 24" 393 958 1,< 2,203 3,4031 3,077 1,8861 1,890! 1,948 California 38, 763 46,218! 38, 955| 38.490J 3, 978 45,210 60, 869 48,1911 81,553 I 66.068 9,873? 55,984! 83, 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 725 ALL MEMBER BANKS AND MEMBER BANKS IN SMALL CENTERS NET DEMAND AND TIME DEPOSITS, BY DISTRICTS AND BY STATES [In thousands of dollars] All member banks j Member banks in centers having a population under 15,000 Net demand deposits Time deposits Net demand deposits Time deposits Federal reserve district or _ State 1928 I 1927 1928 1927 1928 ! 1927 1928 I 1927 Sept. 12 Aug. 8 Sept. 28 | Sept. 12 Aug. 8 Sept. Sept. 12 Aug. 8 Sept. 28 Sept. 12 Aug. 8 | Sept. 28 I United States.. 118, 672, 933 18,272,613 18,666,525,13,353, 758 13,378,311(12,451,544 2,839,788 2,784,458 2,835,912 3,316, 2713,309,1271 3,130,542 DISTRICT Boston ! 1,385,765 1,384,033 1,425,472| 979,894 991,045 971,929 135, 555 129, 097! 133,461 175,802 175, 968j 164,131 New York... I 6,647,735 6,497,182 3,087,923!3,085,212]2,754, 522 368,826 368,103! 342, 545 629,432 625,8171 568, 314 Philadelphia ___| 1,161,237 1,138, 375! 1, 219, 6431,090,696;1,095,017 1,023, 376 225,434 214,080 222,1301 457,655 455, 881 430, 274 Cleveland 1,531,254 1, 513,370 1, 535, 8091,635,785 1,644, 4091, 572,135 263,019 262, 576i 277,9011 381,655 379,237 370,847 Richmond ...I 574,838j 566,070 636, 223! 595,133 598, 507 575,168 148,468 146,8531 165, 279 253,492 254,808 245,368 Atlanta 550,543 556,721 599, 5891 466,857 471,1 458,129 134,479 136,7331 156, 588! 138,645 139,479 132, 243 Chicago 2,659,68312, 589, 223 2, 537, 5632, 239, 522!2,230,312 2,046,417 328,910 325, 444| 320, 728! 454,064 452,008! 437,558 St. Louis | 694,656 694, 742i 717,414 539,876 542, 247 518, 958 165,124 166, 708 172,231 156,342 156,123| 147,393 Minneapolis | 445,021 424,107! 445,796 465,640 458,016 432,851 188,184 182, 7411 185,321 271,277 270, 5611 257,489 K D Sa a a n n l l s F a a s r s a . . n C c i i t s y c o I ! | 1,4 8 6 3 9 9 7 2 1 , , , 8 3 9 4 6 9 8 3 0 ] ! 1, 8 6 3 9 5 5 1 9 7 , , , 8 0 8 2 8 7 5 7 8 i )1, 8 6 3 5 6 4 2 7 2 , , , 1 8 6 5 6 1 4 341, 3 2 6 1 6 7 0 9 2 , , , 9 0 3 8 8 6 5 0 7 [ ]1, 3 2 6 7 1 7 2 2 7 , , , 0 1 1 0 7 0 8 631, 3 1 5 4 7 8 0 4 3 , , , 1 5 3 3 4 8 1 2 6 3 3 2 0 3 4 2 5 2 , , , 8 9 9 9 7 2 1 7 1 1 ] 3 2 2 3 9 2 0 2 9 , , , 5 0 4 9 4 8 1 5 7 ; ' i 3 2 3 4 1 0 0 5 3 , , , 9 5 2 7 1 3 7 4 7 1 17 5 6 7 5 5 , , , 3 1 3 9 5 6 1 4 2 1 1 6 5 7 6 5 7 , , , 3 5 3 3 1 9 9 3 3 ; ! ; 1 1 4 5 7 7 9 0 , , , 0 3 5 2 2 7 3 5 7 STATE Maine 40,994 46,651 54, 314 99,7: 110,014 117,081 20,740 19,803! 20,939 65,441| 61, 742 New Hampshire 41,183 39, 449 38,527 22,163! 21,825 19,941 23,708 22, 513! 22,428 14,168 13, 833 12, 392 Vermont 19,459 18,498 18,822 39,838 39, 580 36,636 16,958 15,997|. 16,430 37,452 37, 245 34, 648 Massachusetts 1,009,264 1,008,125 1,037,805 557,164 557,115 541, 556 52,644 49, 72l! 51,708 43,158 44, 382 41, 625 Rhode Island 123,170 123, 286 128, 954) 185,816 187, 473 187,131 978 997i 1,061 35 5 C onnecticut 180,902 175,174 175,927| 106,144 105, 272 96, 579 23, 215 22, 748! 23, 754 18,110 17,980 16, 716 New York 6,098,861 966,116 6,158,013J2,424,944 2,425,758 2,153, 399 243,471 243, 26l| 226, 626 436,935 435,442 401,898 New Jersey 635, 561 615, 507 610, 525| 757, 242 753,968 693, 264 173,950 171,365 161, 519 254,658 251,853 222,852 Pennsylvania 1,630,641 1,599, 5721,698,805|1,481, 7471, 507,1601,382,935 278,004 265,846j 284, 273 600,028| 598, 213| 574, 269 Ohio 847, 222 842, 249 841, 713 1,045, 5451,035, 326 1,022, 779 122, 951 125, 683, 127, 578 129, 715) 129, 730J 126, 773 Indiana 213,184 211,313 211, 6021 182, 501 182,838 167,867 59,891 59, 775! 62, 332 56,510| 56, 5021 54,079 Illinois 1, 591,8331,573, 2951, 563,052 996,849 997,138 859, 246 154,882 156, 276! 151,872 168,349; 168,103| 160, 328 W Mi is c c h o i n g s a i n n .. 2 5 2 9 9 8 , , 7 3 0 4 9 1 5 22 5 4 4 , , 8 6 7 5 9 1 2 51 1 8 5 , , 8 6 4 4 7 8 8 2 4 3 6 9 , , 9 5 2 9 5 6 8 2 3 3 6 8 , , 7 7 6 1 3 4 8 2 0 2 6 7 , , 8 0 1 8 7 4 4 85 7 , , 9 5 1 1 2 9 7 4 9 9 , , 6 0 0 9 1 6 S | 4 7 6 7 , , 1 4 5 4 5 0 1 9 9 5 0, , 0 3 8 0 0 7 ! 18 9 8 4 , , 1 7 3 7 3 3 1 1 1 8 7 9 8 , , 7 6 7 3 7 1 I N M M o o w i i n s r a s t n h o e u s D r o i a ta kota 2 5 1 6 6 3 7 3 4 4 9 , , , , 3 8 2 7 9 1 9 8 1 6 3 2 2 1 5 3 5 6 7 3 3 2 8 , , , , 4 4 4 6 9 7 6 2 7 5 8 9 2 1 5 7 8 6 3 5 0 9 7 , , , , : 9 5 9 7 2 4 5 9 2 2 1 2 4 4 8 7 6 4 7 1 , , , , 8 4 0 2 6 5 1 5 5 9 8 3 2 1 2 4 7 8 4 3 8 5 2 , , , , 2 9 7 3 7 4 8 3 2 1 1 2 2 2 1 3 6 4 8 8 6 0 1 , , , , 7 2 9 8 4 3 8 5 9 7 0 7 5 7 4 2 9 8 1 9 , , , , 1 8 0 0 3 7 2 3 5 1 9 7 5 7 4 2 9 0 8 7 , , , , 1 7 0 5 9 6 3 8 9 8 8 2 8 3 3 59 0 9 2 , , , , 1 8 3 5 6 3 9 3 5 9 11 8 2 3 1 9 7 5 , , . , 9 4 3 2 0 6 5 2 9 7 7 9 1 9 1 2 35 0 7 0 , , , , 1 3 7 7 4 3 5 8 0 1 9 7 1 9 3 0 2 1 9 5 6 , , , , 1 1 6 6 7 1 4 1 7 2 0 1 South Dakota 41,168 39, 391 37,081 31,440 31,069 28, 305 34,157 32, 578 30, 960 29,043 28, 700 26, 274 Nebraska 131,523 131,273 117,153 54,947 54, 498 51,352 48,662 47,139 40,990 35,63" 35, 467 34,100 Kansas 156, 273 159, 703 141,488 60, 202 61, 258 55, 908 94,432 94, 209 86, 924 40,485 41, 436 39, 377 Delaware 41, 274 41, 461 39, 683 15, 341 15, 214 13, 687 3,749 3,692 3,817 10.468 10,320 9,407 Maryland 139, 702 139,668 156,313 149,338 150,128 140,078 23,332 23, 347 24, 637 59, 741 60,142 56,934 District of Columbia. 79,077 78,493 77, 661 44, 799 44, 354 42, 249 Virginia 151,921 147,013 165, 332 173,771 175, 944 170,130 41,835 40, 271 42,880 78, 741 79,138 74,032 N W o e r s t t h V C ir a g r i o n l i n a a 9 79 7 , , 1 9 1 9 9 8 8 9 0 5 , , 4 0 0 0 5 9 10 92 9 , , 7 7 3 9 7 5 9 8 4 8 , , 9 6 4 0 9 9 8 94 8 , , 7 2 4 2 3 7 8 9 4 0 , , 7 9 8 9 1 7 3 3 5 7 , , 5 2 5 1 2 1 3 3 6 6 , , 9 0 6 7 0 3 4 4 1 1 , , 3 5 1 9 6 4 4 4 6 9 , , 2 1 9 3 8 0 4 4 9 6 , , 0 7 6 1 8 6 4 4 7 4 , , 2 78 0 3 4 South Carolina 39, 708 38, 406 47,814 61,634 62, 925 64,458 14,386 14, 208 19, 487 25,889 26, 014 Georgia 122,843 120, 706 135, 750 106,768 110, 260 103,419 24,543 25,028 32,908 24,848 25, 427 24,491 Florida 95, 333 100, 257 114,496 102,032 101, 39r 107, 077 31,614 33, 397 38, 302 33,865 33,876 32,879 Kentucky 134,879 136,893 146, 738 122,009 120,262 116, 872 49,342 48,924 53, 262 47,769 46, 265 42, 961 Tennessee 128, 677 126, 675 124, 424 118,318 119, 409 114, 306 27,704 28,083 27, 524 30,496 30,47 27, 869 Alabama 107, 631 107, 268 118,124 80,187 80, 415 73, 705 29,479 29, 789 35, 750 28, 580 28, G80 25, 641 Mississippi 33,880 33,962 38, 380 33,823 34, 225 34,261 21,018 21, 564 25, 255 19,941 20,181 20,130 Arkansas 65, 715 68,535 66, 592 49,179 49, 598 48,445 32, 260 32, 494 33, 054 22,994 23,015 22,157 Louisiana 144,057 147, 723 154.753 78,112 78,190 76, 086 17,556 16,800 19, 304 12,328 12, 456 12,102 Oklahoma 241, 267 236, 991 237, 769 104,058 104,150 88, 589 114,318 114, 601 115,036 39,495 39, 521 37, 950 Texas 646,107 611,897 623, 218 189, 583 191,409 163,416 282, 510 269,121 281, 685 46,689 47, 000 40, 776 Montana 64, 596 59,823 58, 403 61,121 55,846 47,914 36,051 35, 44' 35, 33' 30,589 30,491 26, 421 Idaho -. 32,858 32, 257 34, 548 21,812 22, 504 20,428 24,674 22, 726 24, 93' 13,484 13,866 12, 981 Wyoming 21, 597 20, 755 20, 345 14,920 15, 14, 044 21, 597 20, 755 20, 345 14,920 15, 03(5 14, 044 Colorado 140,365 135,472 139, 717 100,461 99, 505 95, 629 42,806 42,117 42,070 30,082 30,125 27,817 New Mexico.. 21, 763 22,264 18, 638 8,088 7,860 6,354 16, 740 16, 939 13,800 4,461 4,441 3,712 A N U r e t i a v z h a o d n a a 2 4 8 7 9 , , , 1 8 4 3 2 9 1 7 4 4 28 8 4 , , , 4 0 5 3 8 0 6 6 8 2 4 2 3 8 , , , 3 6 7 7 5 0 7 r 7 33 7 ' , 9 5 2 8 5 1 3 1 7 3 6 , , , 9 1 1 2 6 8 0 3 6 3 1 0 7 3 , , , 1 4 3 4 8 1 5 9 8 6 9 8, , , 8 0 4 9 9 5 4 6 8 8 8 6 , , , 7 4 7 2 3 8 1 6 1 8 9 5 , , , 3 2 2 7 7 7 7 0 2 11 3 7 , , , 9 9 5 2 9 9 5 0 5 1 4 1 7 , , , 1 9 5 0 2 8 1 6 5 10 4 7 , , , 1 0 5 4 1 6 5 4 2 Washington.. 203,848 195,325 191, 241 137,672 137, 424 131, 062 49,175 47, 032 47,076 36, 377 36, 233 33,496 Oregon 123,682 118,106 120, 691 102,086 103, 214 95,877 56, 708 53, 694 55,117 35, 279 36,172 33, 390 California 998,014 939, 018 926, 000 1,355,394 1, 362, 708 1, 280,965 91,034 85, 713 92, ~~^ 70, 776 69, 505 70, 950 NOTE.—For back figures and explanatory notes, especially as regards California, see BULLETIN for December, 1927, pp. 828, 873, and 886-925. 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726 FEDERAL RESERVE BULLETIN OCTOBER, 1928 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS (In thousands of dollars) Federal Reserve District Total New Phila- Cleve- Rich- St. Minne-Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Loans and investmentstotal: Sept. 5 22,252,1061 1,505,846 8,471,0901,249,922 2,193,482 678,852j 638,413 3, 279,426 724,587 372,377 455,784 2,001,463 Sept. 12 _. 22, 205,863! 1,511,624 8,424,768 1249,988 2,191,349 678,365 637,36013,271,571 721,597 377,693 682,458 460,6211,"" •" Sept. 19 22,415,1021 1,520,262 8,503,384 lj265,937 2,195,702 682,221 649,73613,314,809 727,007 378,568 683,494 476,273 2,017,709 Sept. 26 22,310,518 1,518,9718,440,337 1,261, 088 2,189,27f 684,496 644, 307 3, 290,395728,196 378,146 685,462 480,604 2,009, 244 Loans and disccunts^total: Sept. 5 ..15,846,885 1,057,737 6,164,150 849,119 1,465,476 521, 062!504,062 2,4031,,439 516,248 239,794 437,937 336,5141,351,347 Sept. 12 15,814,912 1,066,368:6,098, 782 851,0431,469,774 521, 689! 505,430 2,401,,108 516, 574 246,871 441,152 342,974 1,353,147 Sept. 19 15,889,099; 1,054,750 6,145,368 858,8891,463,613 522,717 502,923 2,438,743 518, 511 245,460 438,116 350,7331,1,349,^76 Sept. 26.. —. 15,808,461 1,057,754 6,075,557 857, 620 1,459,490 526,265 504,480 2,418,529 520,553 244,369 441,332 353,6011,L, 348,911 Secured by U. S. Government obligations— Sept. 5 126,460 11,585 50,602 12,993 3,161 19,245 4,322 2,374 3,564 2,339 4,983 Sept. 12 119,973 11,178 44,359 8,125 13,117 2,997 2,895 20,003 4,218 2,404 3,256 2,345 5,076 Sept. 19 123,752 12,856 44,189 8,877 12,820 2,781 2,871 22,432 3,519 2,337 3,221 2,391 5,4-58 Sept. 26 117,589 12,589 44,445 8,759 12,377 2, 574! 2,848 17,991 3,382 3,066 2,353 4,936 Secured by stocks and I I bonds Sept. 5 6,640,887 378,126 2,903,215 465,916 654,500 183,837 140,703 1L, 052,701214,052 73,042 125,411 85,509 363,875 Sept. 12 6,601,821 381,692 2,849,598 463,341 656,969 186,109 143,139 1L, 053,208213,763 74,761 127,946 89,474 361,821 Sept. 19 6,661,921 376,997J2,911,927 471,158 647,195 186,501 133,607 11,068,642 213,412 74,307 123,176 91,143 363,856 Sept. 26 6,614,9341 381,669 2,841,273 467, 705 652,743 186,545 142,313 L1, 065,175214,439 73, 707 123,550 87,941 377,874 All other loans and dis- j counts- Sept. 5 9,079,538 668,026 3,210,333 374,810 797,983 334,064 360,460 1,331,493 297,874 164,378 308,962 248,666 Sept. 12 9,093,118 673,498i3,204,825 379,577 799,688 332,583 359,396 1,327,897 298,593 169,706 309, 950 251,155 986,250 Sept. 19 9,103,426 664,897(3,189,252 378,854 803,598 333,435 366.445 1,.347,669 301,580 168,816 311,719 257,199 979,962 Sept. 26 9,075,938! 663/ 381,156 794,370 337,146 359>,, 319 L1, 335,363302,7321 168,393 314, 716263,307 966,101 Investments—total: Sept. 5 6,405,2211 448,1092,306,940 400,803 728,006 157,790 134,351 875,987 208,339 132, 583 242,927 119,270 650,116 Sept. 12 6,390,951 445,256;2,325,986 398,945 721,575 156,676 131,930 870,463 205, 023 130,822 241,306 117,647 645,322 Sept. 19 6,526,003 465,51212,358,016 407,048 732,089 159,504 146,813 876,066 208,496 133,108 245,378 125, 540 668,433 Sept. 26 6,502,057 461,217|2,364,780 403,468 729,782 158,231 139,827 871, 866 207,643 133,777 244,130 127,003 660,333 United States Govern- I ment securities— Sept. 5 2,925,212 166,9811,117,923 121,008 321,820 70,323 61,914 371,099 72,957 72,719 116, 225 80,778 351,465 Sept. 12 2,926,670 165,993J1,134,323 119, 722 319,871 70, 054 59,988 369,728 72,224i 70,994 114,530 79,575 349,668 Sept. 19. 3,060,749 187,361)1,166,515 121,832 332,114 72,857 74,342 376, 713 76,4461 73, 534 119,380 372, 670 Sept. 26 3,032, 579 184,499; 1,166,393 120,108 330, 593 72,974 67,781 371,346 76,061j 73,520 117,294 88,649 363, 361 Other bonds, stocks, J and securities— Sept. 5 3,480,0091 281,,1281,189,017 279,795 406,186 87,467 72,437 504,888 135,382| 59,864 126, 702 38,492 298,651 Sept. 12 _. 3,464,281 279,,263 1,191,663 279,223 401,704 86,622 71,942 500,735 132,7991 59,828 126,776 38,072 295,654 Sept. 19 3,465, 2541 278,1511,191, 501 285, 216 399,975 86, 647 72,471 499,353 132,050! 59,574 125,998 38,555 295,763 Sept. 26 | 3,469,478! 276, 718 1198, 387 283, 360 399,189 85,257 72, 046 500, 520 131, 582 60, 257 126,836 38, 354 296,972 Reserve balances with | Federal reserve bank: j Sept. 5 11,666,194 100,815 747,962 77, 539 129, 653 41,922 37, 639 255,078 45, 275 23,898 56,891 32, 533 116,989 Sept. 12 _ ! 1,731,382 97,353 795,119 77,855 130, 743 39,699 37,442 267,213 46,116 26,312 55,960 36,131 121,439 Sept. 19 i 1, 739,231 97,279 803,765 76,358 133, 575 41,492 38,399 267,038 45,530 26,193 56,242 32,895 120,465 Sept. 26 11,692,482 99,627 767,784 76,894 133,082 41,836 37,984 260,464 46, 202 24,585 53,929 33, 325 116,770 Cash in vault: | Sept. 5 _ ! 248,682 19,041 67,691 13,574 28,403 12,471 9,850 42,036 7,278 11,172 9,124 21,960 Sept. 12 | 254,331 20,783 68,695 13,779 29, 524 11,872 10, 540 41,138 7,380 6,074 11,927 9,429 23,190 Sept. 19 1 246,904 19,926 66,047 13,893 29, 663 12,035 9,787 40,340 7,110 5,958 11,291 9,091 21,763 Sept. 26__ | 249,189 19,361 67,170 13,998 29,260 12,416 9,902 40,686 7,132 6,153 11, 752 9,437 21,922 Net demand deposits: Sept. 5 13,063,728 895,592 5,679,816 717,954 1,044,424 353,564 313,654 1,859, 267 377,781 214,164 499,435 291,179 Sept. 12 ...13,198,288 912,168i5,709,819 721,55511,043,795 358,800 314,403 1,879, 592 380,506 219,809 501, 508303, 299 853,034 Sept. 19 13,099,533 908,675(5,640,204 719,8901,046,734 358,677 303,8821,874,998 379,910 220,814 494,966 301,585 849,198 Sept. 26 .13,023,641 902,828 5,607,096 712,4521,051,053 360, 880 305,878 1,852,385 383,670 218,865 500,878 303,658 823,998 Time deposits: I Sept. 5 I 6,899,999 487,9241,714,686 301,450 961,001 246, 232 236,3211L,, 256,194240,938 130,184 177,782 128,358 1L,, 018,929 S~ ept. 1'2 .. 6,890,468 488,1551,707,432 299,880 961,947 245,405 236, 770 1L, 257,651239,588 130,096 178,992 129, L, 015, 524 Sept. 19 6, 913,571 485,4021,726,333 305,234 964,430 245,136 236,i,3661L,, 265, 551239,367 130,611 178,906 130,928 iL;, 005,307 Sept. 26 6,932,064 487,065| 1,731,506 303,063 964,098 245,387 236,1,6851I,, 264, 582240,813 130,205 179,684 131,, 263 L1,, 017,713 Government deposits: Sept. 5 94,254 18,832 18,134 11,521 10, 872 2,939 5,530 13,177 2,086 1,284 2,207 3,121 4,551 Sept. 12 66,940 13,427 12,917 8,194 7,749 3,748 9,389 1,487 905 1,572 2,222 3,242 Sept. 19 206,5601 20,917? 59,624 10,790 17,001 5,565 13,710 20,561 7,238 1,665 4,006 13,055 32,428 Sept. 26 165,0791 16,553] 48,017 8,647| 13,6041 10,733 16,366 5,785 1,653 33,220022 1100,444411 25,942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

727 OCTOBER, 1928 FEDERAL RESERVE BULLETIN PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS (In thousands of dollars) Federal Reserve District Total New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louig | apolig city Francisco Due from banks: Sept. 5 1,116,748 49,510 120,465 56,521 93,979 46,422 71,9781 254, 591 45, 661 49, 663 121,956 60, 651 145,351 Sept. 12 1,159,173 47,144 140,014 56,474 102,980 46,084 71,1331 253,185 46,079 50,942 126,813 63,158 155,167 Sept. 19 1,183, 205 46,866 149, 759 57, 247 100,739 46,651 71,826' 253,046 48,171 49, 518 124,241 67,096 168,045 Sept. 26 1,141,968 53,075 142, 573 56, 404 99,474 47,527 69,494j 241,645 48,438 52,017 123,434 59,427 148,460 Due to banks: Sept. 5_— 3,135, 536 139, 785 1, 193, 766 166, 332 224,811 97,851 94,052 490, 396 113,085 84,974 230,327 98, 542 201, 615 Sept. 12.... 3,142,167 140, 760 IL], 195,942 167,224 224, 621 94, 978 93,174 112, 792 89,059 219,184 104,526 211,247 Sept. 19 3,236,888 141,, 77f9~0 1',, 195, 223 175,847 241,415 101, 526 94, 265 513,953 126,853J 223,2221 111,286 221,809 Sept. 26.... 3,192,254 136,8:'61,., 195, 398 164,980 238, 914 99,491 96,843 497, 298 123,863 91, 057 220,424 114,642 212,468 Borrowings from Federal Reserve bank—Total: Sept. 5 826,897 33,871 302,079 74,089 59,860 30,644 49, 712 46, 7381 13,075 15,074 19, 833 94,938 Sept. 12 824,986 26,497 307, 949 74,172 71, 067 26, 054 52, 496| 74, 614 46,143; 13, 968 18, 770 19,820 93,436 Sept. 19 862, 381 31,925 348,737 76, 910 55, 471 25, 549 57, 381| 92,903 41,946 12, 308 20, 516 17,217 81, 518 Sept. 26 778, 917 28,184 283,165 78, 796 56,007 28, 384 56, 795 40, 210 12,117 16, 414 22, 281 57, 699 Secured by U. S. Government obligations— Sept. 5 539,857 17, 590 57, 568 32,038 11,348 13, 603 i3,415 19,035j 7,535 8,700! 11,238 71, 70X Sept. 12. 550, 778 14,365 231, 537 58,402 43,448 9,143 12 502 54, 567! 17,8701 9,155 10,816 11, 582 77,391 Sept. 19 576, 37r 14, 530 250, 512 62, 743 32,442 9,161 18,935 70,407 15, 706! 5,070 13, 911 11, 614 71, 342 Sept. 26 510,751 16,635 202, 937 62,117 32,832 13,173 14,175 73, 352 19,992| 7,995 9, 256 15, 050 43,237 All other- Sept. 5. 287,040 16, 281 75, 993 16, 521 27,822 19,296 36,109 23, 569 27, 703 5,540 6,374 8,595 23, 237 Sept. 12. 274,208 12,132 76, 412 15, 770 27, 619 16,911 39,994 20,047 28,273! 4,813 7,954 8,238 16,045 Sept. 19 17, 395 98,225 14,167 23,029 16, 388 38,446 22,496 26,240; 7,238 6,605 5,603 10,176 Sept. 26-... 268,166 11, 549 16, 679 23,175 15,211 42, —' 25,513 20,218 4,122 7,158 7,231 14,462 Number of reporting banks: Sept. 5 635 31 29j 54 Sept. 12 635 31 29 54 Sept. 19 635 31 29j 54 Sept. 26 635 31 29! 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN OCTOBER, 1928 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C la l n e d ve- 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 - City F c S r is a a c n n o - Loans and investments: Sept. 5 .4,091,262 1,003,236 7T,, 260,9131, 074,069792, 758 111,188 99, 646 2,035,532 446,562 183,510 190,010 134,858 758,980 Sept. 12 .4,034,829 1,007,177 7\ ,213,2361, 073,001792, 792 109,429 98,910 2,026, 619 445,417 184,4601 189,229 134,965 759,594 Sept. 19 .4,186,195 1,020,5417,', 284,1441, 087,924795, 396 110, 303 101,229 2,052,574 447, 885 185,935 187,668 142,591 770,005 Sept. 26 .4,092,280 1,019,915 7\ ,214,786 1, 081,030800,885 112,777 97,834 2,036,558 445,527 186,546 186,526 144,368 765,528 Loans— Sept. 5 0, 447,953 791,123 5, 386,488 740, 663 618,337 90,470 701,,734 I1,564,447 323,793 116,304 118,826 99,790 526,978 Sept. 12 .0, 388,289 795,5415,3185, ,6"3"2 741,217 621,51" 70, 6271,560,099 323,809 118,907 120,688 99,927 528, 355 Sept. 19 0, 439,921 788,266 5>,, 35"9, 866 748,213 616,774 68,128 11,581, 766324,160 117,840 117, 630 101,963 525, 922 Sept. 26 .0,359,158 790,843 5»,, 281,319 744,937 622,912 92,630 68,324 1,570,897322, 816 117,918 117,306 103,238 526,018 On securities- Sept. 5 4, 710, 282 266,264 2, 551,027 410, 675 229, 909 27, 610 28,113 797,427 155, 365 31,515 22, 883155,598 Sept. 12 4,647,396 266,678 22,,494,745 406, 507 228,858 27, 629 26,791 797,142 150, 428 32,605 34,960 22, 757158,296 Sept. 19 4,713,488 265, 2, 552, 361 414,210 226,409 27,343 23,777 811,010 149,643 31,787 33,053 22, 363156,^01 Sept. 26 4, 639,249 268,442 2,476,578 409,465 229,380 29, 594 802,841 150,132 31,477 32,626 21,702 160,219 All other- Sept. 5 _ 5, 737,671 524,859 2,835,461 329,988 388,428 62, 860 42,621 767,020 168,428 84,789 84,930 76,907 371, 380 Sept. 12 5, 740, 893 528, 863 2, 823, 887 334, 710392, 659! 61, 341 43, 836 762, 957 173,381 86, 302 85,728 77,170 370, 059 S S e e p p t t . . 2 1 6 9 5 5 , ,7 7 2 1 6 9 , , 9 4 0 3 9 3 5 5 2 2 2 3 , , 4 0 0 35 1 2 2 , , 8 8 0 0 4 7 , , 7 5 4 05 1 j 3 33 3 4 5 , , 4 0 7 0 2 3 3 39 9 0 3 , , 5 3 3 6 2 5 6 62 3 , , 0 0 3 5 6 0 4 44 1 , , 5 3 3 5 1 1 7 7 6 7 8 0 , , 0 7 5 5 6 6 1 1 7 7 2 4 , , 6 5 8 1 4 7 8 8 6 6 , , 4 0 4 5 1 3 8 8 4 4, , 6 5 8 7 0 7 8 79 1 , , 5 6 3 0 6 0 3 3 6 6 5 9 , , 7 6 J 2 9 1 9 Investments- Sept. 5 3, 643, 309 212,1131,874,425 333,406 174,421 20,718 28,912 471,085 122,769 67,206 71,184j 35,068 232,002 Sept. 12 3, 646,540 211,636!1,894,604 331,784 171,275 20,459 28,283 466,520 121,608 65,553 68,541 35,038 231,239 Sept. 19.... 3, 746, 274 232,275!1,924,278! 339,711 178,622 20,910 33,101 470,808 123,725 70,038 40,628 244,083 Sept. 26 _. 3, 733,122 229,072 1,933,467 336,093 177, 973 20,147 29,510 465,661 122,711 69,220 41,130 239,510 Reserve with Federal reserve bank: Sept.5.. 1,180, 833 78,946 685,5521 69,692 44,423! 6, 665 6,499 180,930 28,993 12,492 17,566 8,199 40,876 Sept. 12 1, 227,732 73,960| 728,700 69, 731 43, 674| 6,861 6,759 186,197 30,219 14, 667 16,303 9,803 40, 858 Sept. 19 . 1, 246,563! 77,184 742, 880 68,644 44,953| 7,207 6,533 186,878 28,867 14,047 17,429 9,736 42,205 Sept. 26 1,200,6821 76,991 705, 399 68,883 44,375 6,867 6,077 183,224 29,888 12,793 16,998 40,489 Cash in vault: Sept.5 114,668 8,822 53, 429 10,789 1,146 16, 853 3,133 1,912 2,348 1,229 5,609 Sept. 12 117, 339 9,345 53,814j 11,064 9,359! 858 1,096 17,058 3,181 1,856 2,400 1,371 5,937 Sept. 19 113,766 8,717 51, 923 11, 268 9,4131 782 1,071 16,647 3,161 1,841 2,222 1,354 5,367 Sept. 26 114,552 8,511 53,145 11,435 8, 806 1,000 16, 757 3,108 1,994 2,270 1,361 5,370 Net demand deposits: Sept. 5 8, 942,191 664,919 5,109, 733 632,119 282,007J 55,515 52,375 1, 244,682247,309 107,884 163,093 79,684 302,871 Sept. 12 9, 006,087 675,518'5,129,234 632,436 283, 600i 55, 770 5"3", 4'5"6 "1 ,250,345251,375 110,271 161,405 84,944 317, 733 Sept. 19_ .._ 8,970,229 682,4795,078,12l! 631,688 283, 513 57,984 51.,, 298, 1 259,148251, 024 111,071 160,897 84,684 318,322 Sept. 26 8,928,551 676,445 5,049,583j 626,230 288,461 60,369 51,, 876 ,12,50,761 252,261 111,346 162,182 86,518 312,519 Time deposits: Sept. 5 3,484,105 257,833 1,171, 794 238,508 499,890 34,372 36,630 677,547 136,146 58,406 19,823 29, 792 323, 364 Sept. 12 3,471, 7761 258,103 1,164,711 237,355 501,464 33,910 36,453 679,266 134, 705 58,309 20,358 29,800 317,342 Sept. 19 3,490,1791 257, 94911,180,114 243,126 502, 770 33, 959 36,379 683, 928 133,860 58,433 19,392 29,606 310, 663 Sept. 26 _. 3,494,997! 259,496 1,185,342 241,128 502,480 33,848 36,317 682,393 134,'~~ 57,785 19,427 29,358 312,985 Government deposits: Sept. 5.. ..... 68,816i 18,251 15, 700 10,836 3,033 732 2,155 7, 932 1,816 1,168 1,153 2,310 3,730 Sept. 12 48,899| 13,012 11,184 7,706 2,162 522 1,410 5, 65l| 1, 295 832 823 1,645 2,657 Sept. 19 153,752! 18,881 55,659 10,446 5,780 696 3,728 13, 630 5, 534 1,581 2,022 9,127 26, 668 Sept. 26 122,976 15,101 44, 5281 8,372 4,625 616 2,901 10,893 4,423 1,264 1,616 7,302 21,335 Due from banks: Sept. 5 _. 524,0161 34,684 86, 074 51,609 23,245 5,922 11,557 160,398 24,117 20,270 35,443 17,391 53,306 Sept. 12 550, 942! 33,263 103,429 51, 279 21,599 5,815 10, 755 168,921 25,237 21,699 36,822 19,029 53,094 Sept. 19.__. 576, 093! 33,180 112,345 51, 6581 24,2291 6,755 12, 491 169, 757 25,109 20,270 36,263 20,498 63,538 Sept. 26r 556, 519| 37, 106,762 51,902 27,187 5,792 11,384 162,502 26,543 21,641 33,683 18,792 53,293 Due to banks: Sept. 5 2, 201,1251 131,01211,135,353 160,547 61,' 22,836 12, 923 340,642 72,584 50, 853 90,630 27,84, 94,432 Sept. 12 _. 2,207,20211 132,400 1L, 134,987 161,251 61, 7101 22,830 12,341 341, 675 72,152 53, 712 85, 912 29,509 98, 723 Sept. 19 2,284,529 ' 132, 234 I1,132,405 169,464 68,135 26,364 13,147 372, 271 81,478 53,816 90,029 32,917 112,269 Sept. 26 2,236,308 128,052 1., 134,793158,531 66,604 23,734 12,129 354,642 76,414 54,475 87,857 34,681 104,3S6 Borrowings from Federal reserve bank: Sept. 5.... 552,409 20,847 260,205 64,846 10,014' 8,255 7,989 41,924 26, 292 8,764 10,618 8,318 84,337 Sept. 12... _. 549,173 14,866 269, 584 66, 095 8,147 6,597 6,939 36,090 24, 486 10,178 11,035 7,139 88,017 Sept. 19.. 580,084 20,816 305,336 67,853 7,208 5,517 8,257 40, 722 21,337 9,661 5,293 79,201 Sept. 26 477,404 14,300 228,852 71,643 8,844 5,956 5,241 44,772 19,903 9,182 5,582 8,938' 54,191 Number of reporting banks: S S e e p p t t . . 5 12 1 1 7 7 4 4 5 5 3 37 7 i 8 8 1 1 1 1 5 5 1 1 3 3 7 7 | 9 9 Sept. 19 208 17 45 8 11 5 13 7| 9 Sept. 26. 17 45j 11 13 7; 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

729 OCTOBER, 1928 FEDERAL RESERVE BULLETIN LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollars] Net amount of loans outstanding 1928 1927 Date Federal Joint-stock Class of loan Aug. July June May Aug. Total land banks land banks 31 31 30 31 27 (12 banks) (54 banks) Direct loans outstanding 1926 on- Nov. 30.. 1,692,826 1,068,596 624,230 Cotton 192 2,052 3,137 6,105 83 Dec. 31.. 1,710,295 1,077,819 632,476 Tobacco 2,230 2,335 2,441 2,557 6,243 Wheat 1,734 700 361 605 1,161 1927 Canned fruits and vege- Jan. 31 1,724,821 1,085,170 639,651 tables. . . . 2,157 913 476 428 859 Feb. 28 1,745,404 1,097,642 647,762 Raisins 5,555 5,555 5,571 5,671 5,000 Mar. 31 1,765,365 1,109,354 656,011 Wool. 951 934 577 258 1,381 Apr. 30 1,732,395 1,117,914 614,481 Rice 569 751 858 1,002 612 May 31 1,741,275 1,124,055 617,220 Allother.. 89 60 69 79 6 June 30 1,738,165 1,130,648 607, 517 July 31 1,742,575 1,134,896 607,679 Total— 13,477 13,300 13,490 16, 705 15,345 Aug. 31 1,749,393 1,139,502 609,891 Sept. 30 1,752,665 1,143,130 609,535 Rediscounts outstanding Oct. 31 1,757,185 1,147,135 610,050 for— Nov. 30 1 1,758,834 1,150,943 607,891 Agricultural credit cor- Dec. 31 I 1,765,121 1,155,644 609,477 porations 32, 201 32, 311 32, 289 31,385 29, 253 National banks 2 2 3 8 37 1928 State banks 331 386 396 405 365 Jan.. 31 1 1,767,515 1,158,717 608,798 Livestock loan compa- Feb. 29.. 1,778,338 1,168,354 609,984 nies . 20,846 21, 745 22, 355 22,145 19, 547 Mar. 31.. 1,786,862 1,175,858 611,004 Savings banks and trust Apr. 30... 1,791,341 1,180,420 610,921 companies 121 71 46 11 89 May 31.. 1,793,035 1,183, 672 609,363 June 30- 1,794,236 1,184,656 609, 580 Total . 53, 501 54, 515 55,089 53,954 49,291 July 31.. 1,793,610 1,185, 714 607,896 Aug. 31- 1,796,591 1,187, 365 609, 226 1 NOTE.—Publication of these two tables will be discontinued hereafter, owing to the fact that underlying figures now become available only at quarterly intervals. BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS MEMBERSHIP, BY FEDERAL RESERVE DISRICTS [In thousands of dollars] [Number of banks at end of August] jNuin-j Nonmember banks ber of August, : July, 1928 August, Member banks ! c te e r n s - 1928 1927 Fede d r i a s l t r r i e c s t erve On par list Not on par list1 New York City I 1 35,102,280 35,084, 638 31,653,452 1928 1927 1928 1927 1928 1927 Outside New York City I 140 23,401,299 23, 896, 653 22,048, 247 Federal reserve district: Boston i 11 2,536,386 2,636, 846 2,427,251 United States 8,912 9,099 12,838 13,486 3,936 3,858 New York _j 7 35,978,762 !35,990,432 32,449,623 Philadelphia ! 10 2,157,841 2,335, 701 2,087,160 Boston 409 414 j 251 245 Cleveland. ! 13 2, 553,261 2,700,414 2,468, 506 New York 933 929 411 410 Richmond _| 7 693,466 728,113 747,566 Philadelphia .... 785 774 497 503 Atlanta I 15 1,047,013 1,063, 738 1,057,109 Cleveland 820 837 1,021 1,031 10 16 Chicago. _,.! 21 6, 221,393 6,168, 618 5, 798,321 Richmond 554 568 637 661 579 602 St. Louis. | 5 1,156,661 1,207,166 1,114,545 Atlanta 456 469 310 318 1,000 1,018 Minneapolis _i 9 720,975 739, 584 667, 756 Chicago 1,262 1,304 3,610 3,728 204 186 Kansas City.. _._< 15 1,389,075 1,387,852 *1, 277, 301 St. Louis.. 593 597 1,795 1,928 469 435 Dallas _| 10 640, 636 628,898 577,883 Minneapolis 725 741 702 818 1,133 1,116 San Francisco I 18 3,408,110 3,393,929 3,028,678 Kansas City 944 975 2,261 2,433 283 233 Dallas 787 818 641 682 203 198 Total I 141 58,503,579 I 58,981,291 S *53, 701, 6 San Francisco... 644 673 702 729 55 60 1 Revised. 1 Incorporated banks other than mutual-savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN OCTOBER, 1928 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE 1.—ALL BANKS IN THE UNITED STATE31—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [Revised series.2 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 an ts d invest- Loans 2>3 Investments Dep b o a s n it k s , 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 l a e nd Federal reserve district and call date All Mem- Non- All Mem- Non- All Mem- Non- All Mem- Non- All 1 Mem-Nonbanks ber mem- banks ber mem- banks ber mem- banks ber mem- banks ber member ber ber ber ber All districts: [ i 1926—June 30... 51,562 31,184 20,378 36,157 22,060 14,097 15,404 9,123 6,281 49, 695 29, 743 19,952 1,010 612 398 Dec. 31 — 52,018 31, 642 20,376 36,759 22, 652 14,106 15,260 8,990 6,269 50,009 30,454 19, 555 1,084 760 324 1927—June 30—*53, 750 32, 756 *20,994 *37,360 22, 938 •14,421 *16,391 9,818 *6, 573 * 51,620 31,227 *20, 393 816 541 275 Dec. 31... 55,450 34, 247 21,204 38,407 23, 886 14, 521 17,043 10, 361 6,683 52, 887 32,041 20,846 894 663 230 1928—June 30— 57,233 35,061 22,172 39,446 24, 303 15,144 17,787 10, 758 7,029 53,355 32,090 21, 265 1,542 1,209 333 Boston: 1926—June 30... 5,891 2,409 3,482 3,779 1,690 2,089 2,112 719 1,393 5,579 2,296 3,283 73 48 25 Dec. 31... 5,940 2,428 3,512 3,817 1,708 2,109 2,123 720 1,403 5,593 2,285 3,308 91 84 7 1927—June 30.._ 6,199 2,536 3,663 3,930 1,744 2,186 2,269 792 1,477 5,810 2,358 3,452 70 60 10 Dec. 31 — 6,367 2,583 3,784 4,021 j 1,765 2,256 2,345 817 1,528 6,008 2,443 3,565 40 32 8 1928—June 30-. 6,644 2,642 4,002 4,226 1, 849 2,377 2,418 793 1,626 6,105 2, 350 3,755 108 ! 92 16 1926—June 30--. 15,364 9,308 6,056 10, 310 6,399 3,911 5,055 2,910 2,145 14,971 9,177 5,794 207 ! 111 96 Dec. 31... 15, 728 9,667 6,061 10, 793 6,861 3, 932 4,935 2,806 2,129 15,153 9,686 5,467 253 212 41 1927—June 30— 16, 693 10,126 6, 567 11,388 7,026 4,362 5,305 3,100 2,205 16,233 9,971 6,262 136 113 23 Dec. 31... 17, 502 10,947 6,555 12,166 7,789 4,377 5,336 3,158 2,178 16, 297 10,006 6,291 328 314 * 14 1928—June 30— 18, 201 11,098 7,102 12, 604 7,759 4,845 5,597 3,340 2,257 16, 583 9,953 6,630 523 481 42 Philadelphia: 1926—June 30— 3,920 2,420 1,500 2,434 1,574 860 1,485 845 640 3,479 2,094 1,385 98 67 31 Dec. 31 — 4,034 2,478 1,556 2,547 1,616 931 1,487 862 625 3,602 2,166 1,436 111 75 36 1927—June 30. — 4,115 2,531 1,584 2,504 1, 604 900 1,611 927 684 3,645 2,186 1,459 93 66 27 Dec. 31— 4,241 2,588 1,653 2,592 1,616 976 1,650 972 678 3,787 2,243 1,543 101 73 r 29 1928—June 30— 4,365 2,656 1,709 2,636 1, 690 946 1,729 966 763 3,763 2,231 1,532 160 113 47 Cleveland: 1926—June 30... 4,487 3,161 1,326 3,037 2,135 902 1,449 1,025 424 4,226 2,929 1,297 84 59 25 Dec. 31 — 4,481 3,133 1,348 3,067 2,144 923 1,414 989 425 4,145 2,882 1,263 120 91 29 1927—June 30— *4, 635 3,267 •1, 368 *3,098 2,179 *919 •1, 538 1,089 •449 *4,328 3,031 *1,297 69 49 20 Dec. 31 — 4,689 3,296 1,393 3,100 2,162 939 1,588 1,135 454 4,352 3,026 1,326 93 68 24 1928—June 30— 4,887 3,448 1,440 3,231 2,266 966 1,656 1,182 474 4,484 3,133 1,351 140 111 29 i"tlj il «CV> YIY1i /"miY"* i "lO *DQ. 2,401 1,281 1,120 1,865 1,016 849 536 265 271 2,170 1,138 1,032 105 59 46 1926—DJuenc.e 3310 —— 2,395 1,275 1,120 1,865 | 1,011 854 530 264 266 2,222 1,164 1,058 73 37 36 1927—June 30... 2,423 1,311 1,112 1,841 i 1,014 827 582 297 285 2,244 1,193 1,051 67 35 . 32 Dec. 31... 2,517 1,362 1,155 1,871 1 1,028 843 642 334 308 2,378 1,242 1,136 47 31 16 1928—June 30— 2,523 1,344 1,179 1,873 1,021 853 650 324 326 2,304 1,188 1,116 90 69 21 Atlanta: i 1926—June 30— 1,849 1,172 677 1,518 ! 939 579 331 233 98 1,805 1,108 697 88 49 39 Dec. 31. __ 1,787 1,158 629 1,458 927 531 329 231 98 1,741 1,092 649 89 53 36 1927—June 30— 1,726 1,141 585 1,373 885 488 353 256 97 1,674 1,066 608 69 42 27 Dec. 31 — 1, 754 1,165 589 1,369 i 888 481 384 276 108 1,736 1,104 632 56 34 22 1928—June 30— 1,753 1,173 579 1,378 910 468 375 263 112 1,640 1,072 568 94 54 39 Chicago: 1926—June 30... 7,186 4,579 2,607 5,452 3,374 2,077 1,735 1,205 530 7,005 4,340 2,665 153 99 54 Dec. 31... 7,174 4,543 2,631 5,497 3,388 2,109 1,676 1,154 522 6,970 4,316 2,654 182 108 74 1927—June 30— 7,407 4,712 2,695 5,575 3,461 2,114 1,832 1,251 581 7,167 4,462 2,705 131 68 63 Dec. 31... 7,495 4,859 2,636 5,583 3,519 2,064 1,911 1,339 572 7,325 4,647 2,679 123 68 55 1928—June 30— 7,826 5,118 2,709 5,810 3,698 2,113 2,016 1,420 596 7,514 4,803 2,712 225 165 60 St. Louis: 1926—June 30— 2,086 1,320 766 1,575 952 623 511 368 143 1,985 1,171 814 60 35 25 Dec. 31— 2,059 1,313 746 1,541 946 595 517 366 151 1,965 1,186 779 67 36 31 1927—June 30— *2,096 1,337 *759 *1,537 930 *607 *558 406 •152 •1, 976 1,187 *789 63 38 25 Dec. 31 — 2,128 1,377 752 1,546 953 592 583 423 159 2,053 1,250 803 47 21 26 1928—June 30... 2,129 1,384 744 1,532 942 590 597 442 155 1,992 1,215 777 100 65 35 Minneapolis: «>- 1926—June 30— 1,549 881 668 1,039 568 471 509 313 197 1,576 861 715 20 5 15 Dec. 31... 1,495 862 633 995 554 441 499 308 192 1,526 847 679 19 - 5 14 1927—June 30— 1,485 851 634 956 531 425 528 320 209 1,507 842 665 18 5 13 Dec. 31 — 1,527 897 630 955 547 408 571 350 222 1,560 886 674 12 3 9 1928—June 30— 1,549 909 640 947 544 403 601 365 237 1,567 895 673 19 8 11 Kansas City: 1926—June 30... 1,848 1,157 691 1,418 812 606 430 345 85 1,920 1,154 766 32 17 15 Dec. 31... 1,828 1,136 692 1,374 777 597 454 359 95 1,924 1,148 776 21 7 14 1927—June 30... 1,832 1,154 678 1,355 776 579 476 377 99 1,916 1,158 758 27 12 15 Dec. 31 — 1,868 1,191 677 1,353 783 570 515 408 107 1,957 1,185 773 22 10 12 1928—June 30... 1,893 1,224 669 1,336 789 547 557 436 122 1,962 1,208 755 29 19 9 1926—June 30. _. 1,044 808 236 855 650 205 189 158 31 1,008 761 247 37 25 12 Dec. 31... 1,029 807 222 841 652 189 189 156 33 1,053 800 253 15 10 5 1927—June 30— 1,064 831 233 853 654 199 211 177 34 1,049 800 249 19 12 7 Dec. 31... 1,136 898 238 891 694 197 245 204 41 1,182 897 285 4 2 2 1928—June 30... 1,163 916 248 895 692 203 268 224 44 1,146 885 261 18 11 6 1926—June 30._. 3,937 2,688 1,249 2,877 1,952 925 1,060 736 324 3,971 2,714 1,257 53 39 14 Dec. 31— 4,068 2,842 1,226 2,962 2,067 895 1,107 776 331 4,115 2,882 1,233 43 42 1 1927—June 30... 4,077 2,961 1,116 2,949 2,134 815 1,128 827 301 4,072 2,973 1,099 54 41 13 Dec. 31— 4,227 3,084 1,143 2,959 2,141 818 1,267 943 325 4,252 3,113 1,139 20 7 13 1928—June 30... 4,300 3,149 1,151 2,977 2,144 833 1,323 1,005 318 4,295 3,158 1,137 37 19 17 1 Includes all national and State banks and all private banks under State supervision. * Figures for loans exclude acceptances of other banks and foreign bills of exchange sold with indorsement; for back figures see Tables 33, 34, and 77-80, annual report of Federal Reserve Board for 1927. 3 Includes overdrafts. • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 731 TABLE 2.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1928 AND DECEMBER 31, 1927, BY STATES [Revised series.2 Amounts in thousands of dollars] Loans and investments D>eeppoossiitts, exclusive Rediscounts and Number of reof bank: deposits bills payable porting banks Total Loans 2-3 Investments State Decem- Decem- Decem- Decem- De- June ber June ber June ber June December June ber June c b em er - New England: Maine. 428,161 411,483 209,846 194,472 218, 315 217,011 392, 705 389,293 9,508 3,193 140 142 New Hampshire 300,9511 283,645 147,721 " 140,032 153,230 143, 613 270,514 259, 692 3,852 1, 285i 123 123 Vermont - | 251,131! 239,269 156,108 151,551 95,023 87,718 236,909 230,768 3,947 1,468; 105 105 Massachusetts i 4,137,793 3,959,874 2,831,849 2,690,9S4 1,305,944 3,794,144 3,728,654 70, 346 29, 697 446 444 Rhode Island I 537,403| 525,112 285,131 276,499 252,272 248, 613 504,721 508,521 4,280 303 37 37 Connecticut | 1,282,064 1,224,640 738,557 702,529 543,507 522, 111 1,176,913 1,151,485 20,530 7,001 234 233 Middle Atlantic: New York ..15,880,65315,290,455 11,148,54510,787,744 4,732,108 4, 502,711141,,437,702 14,173,096 457,191 302,957 1,1461 1,152 New Jersey J 2,450,198 2, 351,532 '1 , 606,573 1,535,810 843, 625 815,722 2,262,486 2,257, 378 76,100 33,7051 567j 575 Pennsylvania i 5,742,601 5,557, 259 3,309, 601 3,206, 733 2, 433,000 2, 350,526 4,942, 600! 4,912,989 205,518 137,889| 1,628| 1,623 East North Central: | Ohio I 2,684,5162,562,591 1,968, 784 1,906,219 715, 732 656, 372 2,551, 622 2, 466, 975 71, 453 40,014 1,048 1,059 Indiana 890,194 875,935 662,539 658,714 227, 655 217,221 843,764 839,958 48,413 44,0091 1,028 1,050 Illinois -J 3,885,482 3,710,430 2, 831, 827 2, 714, 317 1, 053, 655 996,113 3, 682,773 3,578, 417 89,324 34,736! 1,816| 1,834 Michigan \ 1,986,148 1,860,842 1,424,269 1,330, 627 561, 87" 530,215! 1,890,191 1,816, 683 73,559 36,832 748! 748 Wisconsin ..! 938,502 905,902 642, 752 618, 333 295,750 287,569| 925, 948 905, 044 20, 280 9,752 967| 970 West North Central: Minnesota 922, 416 539,018 549,912 387, 661 372,5041 897, 344 895, 075 14, 731 7, 872| 1,134! 1,163 Iowa - I 787;990| 786,805 670,403 678,185 117, 587 108, 6201 827,470 825,439 5,780 10,150! l,326j 1,355 Missouri I 1,"1"6",972! 1,269,777 885,447 902, 855 381, 525 366, 922i 1,179,903 1, 225, 857 61,120 22, 290 j 1,3881 1 416 North Dakota 125,279 127,950 91,114 93,262 34,165 3~4" , "68"8' ! 135,567 144,105 1,762 991 489; 512 South Dakota _. 131,979 126, 786 94,278 93, 316 37,7011 33,470 150,046 142,055 1,295 1,621 412! 415 Nebraska 399,619 410,974 308, 305 335,263 91, 314 75, 711 416, 620 421,880! 4,201 9 065 904 1 012 Kansas I 407,106 400, 574 298, 383 303, 001 108, 723 97,573 427, 327 416,499 6,111 5, 393' 1,114! 1,153 South Atlantic: i Delaware -J 144,039J 136,212 92,609 83,158 51,430 53,054 124,436 120, 371 4,346 1,179 48! 49 Maryland J 820,443! 837, 641 484, 364 493,037 336, 079 344, 604 763,024 794,531 15, 631 8, 998 238 243 District of Columbia | 254,495| 236,472 190, 389 176, 672 64,106 59, 800 248,495 232,115 4,540 2,466! 42! 42 Virginia | 556, 7411 560,011 463,892 469, 796 92, "'" 90, 215 465,248 472, 527 23,798 18,5511 495! 496 West Virginia j 363,794 364, 562 294, 911 299, 928 68, 883 64, 634! 331,705 336,199 15,431 13, 2671 330! 335 North Carolina 414,489; 408,042 354,801 348,594 59, 688 59, 448 383,262 413,163 25, 951 4, 715; 451; 458 South Carolina I 195,947 190, 201 147,569 144,418 48, 378 45, 783 188, 381 201,495 6,102 1, 967! 262; 271 Georgia ! 371,584 360 579 312 789 295 294 58, 795 65, 285 326,098 342,081 25,170 9, 555; 454! 466 Florida | 357,923! 376, 550 235,451 251,969 122,472| 124, 581 369, 364 385,927 4,713 13, 6211 302 317 East South Central: \ i Kentucky 511,263! 513, 959 395, 266 395, 517 115, 997 118,442 426,543 435,347 18, 347 10,870 586! 587 Tennessee _ 407,630; 400, 649 343,764 344, 693 63, 866 55,956 408, 363 411,208 8, 322J 7,852; 507! 512 Alabama 301,651 289,569 j 243, 694 231, 689 57, 957 57, """ 271,117 298,149 18,399 4,4681 357! 356 Mississippi.— 223,684J 225,066 172,169 172,298 51, 515 52, 768 215,967 241, 924 17,092 5, 638! 325! 325 West South Central: j Arkansas 204,749] 199,331 167, 623 166, 652 37,126 32, 679 202,389 212,665 8,615 2, 276! 437! 447 Louisiana 402,048; 413,18" 330, 648 336,142 71,400 77,045 371,023 406,038 36, 368 21, 506' 229! 232 Oklahoma 395,219! 379,655 255,111 246, 019 140,108 133, 636 425,909 419,788 6,631 1, 365 668! 679 Texas... 1,032,156! 1,007,3 793,632 793,364 238, 524 214,628 1,013,345 1,038,074 13,408 2,666 1, 372j1,391 Mountain: J Montana 147,615i 140, 848| 94, 536 88, 083 53, 079 52, 785; 160, 582 160,433 205 Idaho .._. 79,015| 78,290! 48, 000 48,615 31, 015 29, 675 87,120 91,700| 143 Wyoming... 55,333! 54,609; 39, 011 38,442 16,322 16,167! 59,941 61,229 Colorado.... 266,070! 284,155 165,824 164, 285 100,246 99,870 285,811 289,672 . New Mexico 37,513i 35,426! 23,849 22, 783 13, 664 12, 643 40,312 42,493 Arizona 75,403 66, 349 51,184 44,170 24, 219 22,179! 86,142 81,378 Utah 152,349 152, 219 119,427 122, 521 32, 922 29, 6981 129, 245 136, 691 Nevada 37,734i 35,894 28, 740 27,817 8,994 8,077 40,159 39,892 Pacific: I Washington... _| 439,8031 423,122 275,84: 262,519 163,960 160,603 451,444 439,404 352! 357 Oregon 262,1971 147, 571 149,649 114, 626 111, 050 273, 548 275,472 2431 247 California- 3,281,119 3,234,920| 2,322,639 2,318, 609 958,480 916,311 3,258,454 3,217,638 496! 511 Total 57,233,427,55,450,460 39,446,35638,407,08117,787,07117,043,379 53,354, 696 l 52,887,467 1,542,420 2 893,519! 25,95026,416 I j jj I ' ' I I I! 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than June 30,1928, and Dec. 31,1927. 2 Figures for loans exclude acceptances of other banks and foreign bills of exchange sold with indorsement; for back figures see Tables 81-83, annual report of Federal Reserve Board for 1927. 3 Includes overdrafts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN OCTOBER, 1928 TABLE 3.—NATIONAL BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1928, AND DECEMBER 31, 1928, BY STATES [Revised series.1 Amounts in thousands of dollars] Loans and investments j Deposits, exclusive Rediscounts and Number of reof bank deposits bills payable porting banks Total Loans i. 2 Investments State June De b c e e r m- June De b c e e r m- June De b c e e r m- June De b c e e r m- June i I D b e e c r em- June De b c e e r m- New England: Maine 144,773 144, 9011 75, 984' 72,426 68, 789 72, 475 129,233 133, 954 4,315 1,394 55 57 New Hampshire _ 70,285 68,065 41,689! 40,0051 28, 596 28,060 57,385 60,285 3,804. 1,197 55 55 Vermont 68,206 65, 557 39, 412: 37, 705 28, 794 27, 852 58,123 57, 326 2,321 882 46 46 Massachusetts 1,200,550 1,176,423 861,381 821,442 339,169 354,981 1,037, 5811,086,419 51,008 14,822 152 153 Rhode Island 58,141 57, 058 34, 311 33, 537 23,830 23, 521 43, 691 47,081 2,600 300 13 13 Connecticut 277, 719 262,3651 194, 510 179.821 83, 209 82, 544 245,316 244, 665| 11,191 3,030 65 65 Middle Atlantic: New York 5, 000, 670 4, 955, 390|3,373,721! 3,438,930 1, 626, 9491, 516,4604,238,660 4,106,8S6 281,939! 247, 958 562 563 New Jersey. _._ 872, 631 842, 526 549, 7941 524, 646 322,837 317,880 813, 880 806, 978 30,3031 18,337 299 295 Pennsylvania _ 2, 654, 022 2, 570, 018 1,579,745 1,513,756 1,074, 2771, 056, 2622, 238, 983 2, 230, 429111,965 65,322 871 867 East North Central: Ohio 726,136 714,488 477,142 467,132 248, 994 217, 356 662,125 669, 012 23, 746 j 13,854 331 338 Indiana 362, 033 351, 705 243,845 236, 700 118,188 115,005 336, 381 329, 207 5,123! 2,520 227 230 Illinois 1, 596,824 1, 513,891 1,173, 396 1,098,118 423, 428 415, 773 1, 453,3701, 377,896 54,310 16,432 484 *• 487 Michigan 508,169 434, 7821 343, 791 292, 268 164,378 142, 514 483,823 433, 644 29, 584, 10,803 133 133 Wisconsin 392,822 375, 746 262,054 249, 604 130, 768 126,142 371,306 354, 643 11,026, 5,627 157 156 West North Central: Minnesota 524, 971 530, 060 317, 795 329, 319 207,176 200, 741 498, 509 495,863 6,099 920 279 281 Iowa 274,946 272, 515 182,386 187,368 92, 560 85,147 263, 928 2(50,942 1,364 3,512 270 281 Missouri 518,842 534,187 375, 952 399, 818 142,8901 134, 369 411, 553 446, 919 28,374! 7, 7231 134! 136 North Dakota 73,722 74, 537 46,636 47,361 27,086 27,176 76,044 79, 397 783; 384 136 141 South Dakota 61, 784 58, 650 36, 609 35, 208 25,175 23, 442 65, 433 61, 731 422: 562 97 97 Nebraska 181,922 174,388 128, 769 129,354 53,153 45, 034 165, 377 154,907 2,357J 4,837 158 157 Kansas 199,840 194, 967 132, 929 133, 507 66,9111 61, 460 202, 992 199, 359 2,247j 1,340 250! 257 South Atlantic: l Delaware 22, 657 22, 767 12,561 12,477 10, 096 10,290 19,100 19, 309 75l! 616 18! 19 Maryland 237,321 256, 911 152,861 155, 620 84, 460 101,291 211,521 227, 936 10,1731 6,495 84 District of Columbia. _. 130,434 122,195 96, 275 90, K8 34,159 32, 047 124,327 118,477 4,095; 1,670 13 13 Virginia 332,440 336, 565 269,014 275,897 63,426 60, 668 280, 750 285, <r" 15, 960 10,334 166 167 West Virginia 165,410 165,885 127,198 129, 747 38,212 36,138 146, 279 149, 328 6,820 5,830 119 120 North Carolina 162,415 157, 036 132, 400 126,883 30, 015 30,153 138, 236 151, 674 12,983 1,783 77 76 South Carolina 109,880 109, 222 78, 574 80,108 31,306 29,114 102, 722 110, 692 2,769; 1,377 62 Georgia 220, 541 212, 733 179,751 166, 034 40, 790 46, 699 198, 048 200, 668 11,916; 2,836 81 83 Florida 198, 927 197, 921 123, 598 120, 691 75,329 77,230 194,724 193,018 2,245: 5,479 63J 62 East South Central: i Kentucky 253,370! 256,066 179,471 179,722 73, 899; 76, 344 211, 293 220,097 13, 578| 6,101 140 141 Tennessee _. 209, 5891 206,484 171, 371 172, 031 38, 218 34, 453 193,945 190,185 3, 793 2, 620 103 104 Alabama 192,038! 186, 301 145, 508 140,662 46, 530 45,639 170,187: 181,471 10, 297! 2, 357 107 106 Mississippi 76,718; 75, 647 56,418 54, 266 20, 300 21, 381 70, 240; 76, 958 6, 280J 1,878 37 West South Central: Arkansas... 79, 8211 77, 309 57, 818 57, 560 22, 003 19, 749 76, 637 77, 448 197 79 78 Louisiana.. 95,425 96, 531 80, 229 80.942 15,196 15, 589 85, 257! 90,757 33 32 Oklahoma 327, 750^ 312, 584 206, 642 199,170 121,108 113,414 346, 230 334, 308 333 341 Texas 812, 422 794,007 609, 641 611, 772 202, 781 182, 235 780, 025; 781, 388 638 643 Mountain: Montana 76,187| 73,801 47, 283 27, 306 26, 518 81,9251 81, 623 70 71 Idaho 41,416! 44, 785 26, 979 28, 926 14, 437 15, 859 43, 949 51, 581 46 52 Wyoming.. 32, 303 32,858 20, 888 21, 074 11,415 11, 784 34,042 35, 359 26 29 Colorado __ 207,152 206,424 123, 743 124, 717 83, 409 81, 707 222,178 222, 456 123 124 New Mexico 27, 200| 26, 307 17, 008 16, 884 10,192 9,423 29,192' 30,803 29 29 Arizona 26,123! 22, 057 16, 376 13.943 9, 747; 8,114 29,4911 27,460 15 15 Utah .._. 45, 386i 46, 796 31, 836 34,578 13, 550 12, 218 39, 667i 43,135 20 20 Nevada 16, 586| 15, 111 11, 217 10, 250 5, 369 4,861 16,040; 15, 563 10 Pacific: Washington... _. 265,9481 256, 588 160, 613 154, 244 105, 335 102,344 271, 232 265,164 576 109 111 Oregon 176, 809 176,878 90,156 93, 979 86, 653 82, 899 182,496! 183, 230 818 93 95 California. 1, 751, 294:1,675,410 1, 222, 295 1,173,440 528,999 501,970 1,738,931 1,649,306 4,014 222 227 Total 22,062,570 21,535, 14, 921,173J14,641,073 7,141,397 6, 894, 325 19, 890, 357 19, 652, 822 801,185 481,3827, 685 7,759 1 Figures for loans exclude acceptances of other banks and foreign bills of exchange sold with indorsement. 2 Includes overdrafts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1928 FEDERAL RESERVE BULLETIN 733 TABLE 4.—STATE BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30,1928 2 AND DECEMBER 31,1927,2 BY STATES [Amounts in thousands of dollars] Loans and investments Rediscounts Number of i I D o e f p b o a si n t k s, d e e x p c o lu s s it i s ve and bills reporting Total Loans2 Investments payable banks State Decem- Decem- Decem De- De- June ber June ber ber cem- June j cember i Ler New England: Maine 266, 582! 133,862 122,046 149, 526 144, 536 263,472! 255, 339 New Hampshire. 230J 666 215, 580 106, 032! 100,027 124, 634 115,553 213,129 199,407 Vermont 182,925 173, 712' 116, 696 113, 846 66, 229 59,866 178, 786 173,442 1,626 586! 59| 59 Massachusetts 937,243| 2,783,451! 1,970,468 1,869,552 966, 775 913, 899 2,756,563 2,642,235 19,3381 14,.S75| 294| 291 Rhode Island 479,262! 468,054! 250,8201 242, 962 228,442 225,092 461,030 461, 440 1, 680! 24| 24 Connecticut 004,3451 962, 275! 544, 047 522, 708 460,298 439, 567 931,597! 906,820 9,339! 3,971. 169; 168 Middle Atlantic: New York 879,983 10,335,065 7, 774, 824 7,348,814; 3,105,159 2,986, 25110,199,042 10,066, 210 175, 252' 54,999| 584 New Jersey 577,567 1,509,006' 1, 056, 779 1,011,164! 520, 788 497, 842 1,448,606 1,450,400 45,797! 15,368, 268! 280 Pennsylvania """579: 2,987, 2411 1, 729, 856 1,692,977J 1,358,723 1, 294, 264 2,703,617 2,682,560 93,553 72, 567 757j 756 East North Central: Ohio 1,958,380 1, 848,103] 1,491, 642 1, 439,0871 466, 738 409,016 1,889, 497 1, 797,963 5 47, 707 J3 26,I60I 717! 721 Indiana 528,161! 524, 230' 418, 694 422, 014! 109,467 102, 216 507,383 510, 751 43, 290! 41,489! SOlj. 820 • Illinois- 2, 228888,J658! 2,196, 539 1, 658,431 1, 616,199! 630, 227 580, 340 2, 229,403! 2, 200, 521 35, 0141 18, 304! 1,332; 1,347 'Michigan 1,477,979 1,426,060 1,080,478 1,038,359 397, 50ll 387, 701 1, 406,368 1,383,039 43,975! 26,029; 615' 615 Wisconsin 545, 680! 530,156; 380, 698 368, 729| 164,982 161,427j 554, 642 550,401 9, 254! 4,125 810 814 West North Central: Minnesota 401, 7081 392, 356 221, 223 220, 593J 180, 485 171, 763J 400,835 399, 212 8, 632' 6,952 855! 882 ^ I M ow is a souri 5 74 1 8 3 , , 1 0 3 4 0 4 1 5 73 1 5, 4 ,29 59 0 0; 4 5 8 0 8 9 , , 0 4 1 9 7 5 1 ! 4 5 9 0 0 3 , , 0 8 3 1 7 7 ! ! 2 2 38 5 , , 0 6 2 3 7 5 23 2 2, 3 ,4 5 7 5 3 3 * 4 7 5 6 6 8 3 , , 3 5 5 4 0 2 ! : 4 4 5 7 6 7 4 8 , , 4 9 9 3 7 8 1 4 8 , , 0 4 5 1 8 6 i 14, 567 1 1, , 2 0 5 5 4 6! 1 1 , , 0 2 7 8 4 0 North Dakota 51, 557; 53,413j 44,4781 45,901! 7,079 7, 512 59,523' 64, 708 979' 607 353 371 South Dakota 70,195! 68,136 57, 669; 58,108! 12, 526J 10,028 84,613! 80, 324 873! 1,059 315 318 Nebraska 217, 697! 236, 586 179, 536; 205,909! 38,161 30, 677 251, 243| 266,973 1, 844| 4, 228! 5 746 855 Kansas 207, 266! 205,607! 165,454! 169,494 41,812 36,113 4 224,335 4 217,140 3,864i 4,053 864 896 South Atlantic: j Delaware _ 121, 382! 113,445J 80, 048! 70, 681 41, 334J 42, 764 105, 336; 101, 062 3, 595 563 30 30 Maryland 583,122' 580, 7301 331, 503| 337,417j 251,619 243, 313 551, 503 566, 595 5,458 2,503 154 159 District of Columbia 124,061 114,277' 94,114 86, 524! 29,947 27, 753 124,168 113, 638 445 796 29 29 Virginia 224, 301 223, 446 194,878 193,899 29,423 29, 547 184,498| 186, 642 7,838 8,217 329 329 West Virginia 198, 384 198, 677 167, 713 170,181 30,6711 28,496 185,426" 186, 871 8,611 7,437 2111 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 86,0671 80, 979 68,995! 64, 310) 17,072 16, 669 85, 659 90, 803 3,333 590! 204; 209 Georgia 151,043! 147,846 133, 038J 129, 260| 18,005 18, 586 128, 050 141,413j 13, 254 6, 7191 373! 383 Florida 178,6291! 111,8531 131. 278! 47,143 47, 351 174, 640 192, 909! 2, 468! 8,142! 239: 255 East South Central: i Kentucky 257, 893! 257,893 215,795 215, 795 42,098; 42,098 215, 250' 215, 250! 4,769 4, 769! 446 446 Tennessee 198, 041 194,165 172, 393 172, 662 25, 648! 21, 503 4 214, 418| 4 221,023J 4,529 5, 232! 404 408 Alabama 109, 613 103, 268 98,186 91, 027 11,427; 12, 241 4 100, 930 4 116, 678 8,102 2,111) 250 Mississippi 146, 966 149, 419 I 115,751 118,032 31, 215 31,387 145, 727 164, 966 10, 812 3, 760; 289 West South Central: j Arkansas 124.928J 122,022 109, 805 109, 092 15,1231 12, 930 125, 752 135, 217 6, 970! 2, 079J 358 369 Louisiana 306,623! 316,656 250, 419 255, 200 56. 204 61,456 285, 766 315, 28l| 30, 444! 20, 698) 196 200 Oklahoma 67,469! 67,071^ 48, 469 46, 849 19, 000 20, 222 79,679; 85, 480 1, C93; 362i 335 338 Texas 219, 734 213, 985 183, 991 181, 592 35, 743; 32, 393 233, 320! 256, 686 4,515] 1, 422| 734 748 Mountain: Montana 71,428 67, 047! 45,655 40, 780 25, 773! 26, 267 78, 657 78,810 345 1041 132 134 Idaho 37, 599 33, 505 21, 021 i 19, 689 16, 578 13, 816 43,171 40,119 296 217i 94 91 Wyoming 23,030| 21, 75l! 18,123| 17, 368 4,907 4,383 25, 899 25, 870 511 12| 60 57 Colorado 58, 918 57, 731 42, 081! 39, 568 16, 837 18,163 63,633| 67, 216 662 314! 162 169 New Mexico 10,313 9,119 6,841 . 5,899 3,472 3, 2201 11,1201 11, 690 98 12! 29 30 Arizona 49,280! 44, 292 34, 808 30, 227 14, 472 14, 085J 4 56, 651 4 53, 918 6 291 «494 30 31 Utah 106, 963! 105, 423 87, 591 87, 943 19, 372 17, 4801 89, 578 93, 556 1,830 729 85 87 Nevada 21,148 20, 783 17, 523 17, 567 3,625 3,216 24,119 24, 329 25 Pacific: Washington 173, 855 166, 534! 115, 230 108,275 58, 625 58, 259 180, 212 174, 240 2,236 580! 243 246 Oregon 85, 388 83, 821; 57, 41 55, 670 27, 973 28,151 91, 052 92, 242 2,525 648| 150 152 California 529,825 1,559,510 1,100, 344 1,145,169 429.481 414,341 1,519,523 1, 568,332 18,217 12,228 274 284 Total. 35,170,857 33,915,062 24, 525,183 23, 766, 008 10, 645,674 10,149,054!33,464,339 33,234,645 721, 287412,134 18,265 18,657 1 Includes all State banks and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes overdrafts; excludes acceptances of other banks and foreign bills of exchange sold with endorsement. 3 Includes bonds borrowed. 4 Includes due to banks. 8 Exclusive of banks operated by the Guaranty Fund Commission. 6 Includes all other liabilities. 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, Dae. 15; Kentucky, June 30,1927; Tennessea, Nov. 16; Oklahoma, Dec. 27; Colorado, Dec. 10. All figures in the June columns are as of June 30 except as" follows: Minnesota, June 25; Missouri, Apr. 12; Virginia, Feb. 28; North Carolina, Feb. 28; Kentucky, June 30,1927; Tennessee, Apr. 24; Alabama, June 29; Louisiana, July 6; Colorado, July 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 7—1. / / —-i— i t BOUNDARIES OF FEDERAL RESERVE DISTRICTS ...... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis