Federal Reserve Bulletin, 1928-12
FEDERAL RESERVE BULLETIN DECEMBER, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Current Banking Developments Earnings and Expenses of Member Banks Condition of All Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: ROT A. YOUNG, Governor, EDMUND PLATT, Vice Governor, A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman, CHARLES S. HAMLIN. J. W. POLE, 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 /2e- 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. MCKINNBY. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. W. P. G. Harding.. W. W. Paddock_ W. Willett. G. W. McGarrah... Geo. L. Harrison J. H. Case J. W. Jones.* New York.. L. F. Sailer Ray M. Gidney.1 J. E. Crane.1 E R. Kenzel W. B. Matteson.i A. W. Gilbart C. H. Coe.i L. R. Rounds Philadelphia R. L. Austin Geo. W. Norris__- Wm. H. HAU C. A. Mcllhenny. W. G. McCreedy.» Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zuriinden.. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. ; R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black.. Hugh Foster..- M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal C. R. McKay W. C. Bachman.» John H. Blair K. C. Cbilds.i J. H. Dillard." D. A. Jones.8 O. J. Netterstrom.* St. Louis. Wm. McC. Martin D. C. Biggs O. M. Attebery- A. H. Haill* F. N. Hall.* S. F. Gilmore.1 G. O. 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. McClure W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas C. C. Walsh Lynn P. Talley. R. R. Gilbert Fred Harris. R. B. Coleman W. D. Gentry.* San Francisco ^ Isaac B. Newton J. U. Calkins__. Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. 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—Current banking developments 823 Recent course of bank credit—Condition of all member banks—Decline in credit at New York banks—Growth of nonbank loans—Bank credit and bank reserves—Reserve bank credit. Earnings and expenses of member banks 826, 877-881 Condition of all member banks on October 3 823, 883-887 Classification of loans and investments of all member banks , 882 British currency amalgamation 847 The return to gold—Guatemala 847 Annual report of the Danish National Bank 848 National summary of business conditions 829 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 830-832 Analysis of changes in monetary gold stock 831 Discount rates and money rates 833, 834 Member bank credit 835 Bankers' balances 836 Bankers' acceptances and commercial paper outstanding 836 Brokers' loans 837 Commodity prices, security prices, and security issues 838 Production, employment, and trade 839 Industrial production 840 Factory employment and pay rolls 841 Building 842 Trade and distribution 843, 844 Bank suspensions and commercial failures 845 November crop report 846 Financial statistics for foreign countries: Condition of central banks 851, 852 Condition of commercial banks 853 Discount rates of central banks 853 Money rates 854 Gold exports and imports 1 855 Foreign exchange rates 856 Price movements 857-859 Industrial statistics for England, France, Germany, and Canada 860 Changes in national and State bank membership 862 Fiduciary powers granted to national banks 862 Detailed banking statistics for the United States 863-876 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 14 DECEMBER, 1928 No. 12 REVIEW OF THE MONTH Condition reports for all member banks of the reserve system as of October 3, 1928, show In recent weeks the volume of member bank a decrease in loans and investcredit increased, reflecting the renewed growth Condition of all ments of about $130,000,000 of loans on securities. Demand for loans for commercial and member banks, during the third quarter of of 1928.1 The following table industrial purposes reached its shows the principal items of the condition seasonal peak at the end of October and destatement and the changes for the quarter and clined somewhat in November, and the banks for the year: also further reduced their holdings of investment securities. Collateral loans, however, ALL MEMBER BANKS which include loans to brokers and dealers in [In millions of dollars] securities, showed a rapid increase in November, accompanying the growth in the volume of Increase (+) or transactions on the stock exchange and the decrease (—) Oct. 3,June 30, Oct. 10, for— continued rise in security prices. The recent 1928 1928 1927 increase in security loans, which for the past Quarter I Year three months has amounted to over $500,- Loans and investments, 000,000 at member banks in leading cities, has total1 34,929 35, 061 33,186 -132 +1, 744 carried the total to a level above the maximum I L n o v a e n s s tments 2 1 4 0 , , 3 6 2 0 5 4 2 1 4 0 , ,7 3 5 0 8 3 2 9 3 , , 9 2 5 2 9 7 - + 15 2 4 2 +1 + ,0 6 9 4 9 5 reached last summer. The total volume of N Ti e m t e d e d m ep a o n s d i ts deposits 1 1 8 3 , , 4 9 1 9 0 5 1 1 3 9 , , 4 1 3 9 8 1 1 12 9 , , 4 1 5 7 9 0 -1 -2 9 9 6 + -1 9 7 5 5 0 member bank credit, however, as measured by R Bo es rr e o rv w e i n b g a l a a t n r c e e s s erve banks.. 2 1 , ,0 3 2 4 0 8 2 1 , ,0 3 9 4 6 2 2,3 4 2 5 0 8 - + 76 6 + + 5 2 6 8 2 the reports of these banks, is still considerably 1 Exclusive of acceptances of other banks and bills of exchange or drafts below the midyear level, as the result of sold with indorsement. liquidation of security holdings by the member For the year ended on October 3, 1928, the banks. The volume of reserve bank credit growth in member bank credit amounted to outstanding in November was larger than in $1,744,000,000, or 5.3 per cent. For the last the summer, owing largely to the seasonal quarter, however, there was a decrease of demand for currency, but in consequence of $132,000,000, entirely in the banks' investlarge purchases of acceptances in the open ments. Net demand deposits decreased for market by the reserve banks, member bank the year, while time deposits increased by indebtedness to the reserve banks declined to $950,000,000. During the last quarter there the lowest point since last May. In the early were decreases both in demand and time depart of December, however, a loss of gold and posits. Owing to the decline in demand the seasonal demand for currency resulted in deposits, which carry higher reserve requirea rapid increase in member bank borrowing, ments, reserve balances of member banks, notand money rates, which had eased somewhat withstanding the large growth in total deposin the preceding weeks, rose to the highest level since 1921. i See pp. 883-887 and Member Bank Call Report No. 41. 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
824 FEDERAL RESERVE BULLETIN DECEMBER, 1928 its, showed little change for the year. The last June, but usually the third quarter, during much larger growth of loans and investments which occurs a seasonal demand for credit and than of deposits for the year, which reflected currency in connection with autumn trade and chiefly the withdrawal of gold for export, crop marketing, shows a net growth in the accounted for the large increase in member volume of bank credit. For this reason an bank indebtedness at the reserve banks. analysis of the decline in credit between June 30 A reduction in bank credit, particularly at and October 3 may be of interest. this season of the year is an unusual occur- ALL MEMBER BANKS rence, as is indicated by the [In millions of dollars] Decline in hart, which shows the course credit at New c - , , , , - ,, v York banks. ol member bank credit tor the Changes in loans and investments between June 30 and Oct. 3,1928 past nine years. Declines in the volume of credit have been infrequent dur- Investments ing the years shown in the chart, the year 1921 Total Loans U.S. Total securi- Other BILLIONS OF DOLLARS BILLIONS OF DOLLARS ties 40 40 All member banks -132 +22 -154 +161 -316 Banks in New York City -241 -173 -68 +27 -95 Banks in other central reserve and reserve cities +19 +67 -48 +84 -132 Banks outside reserve cities +90 +128 -38 +50 -88 Reduction in the volume of member bank credit during the quarter was entirely at banks in New York City, while the combined total for the other banks, and particularly for the so-called country banks located outside reserve cities, increased for the period. At banks in New York City there was a decrease both in loans and in investments, while outside of New York City the banks increased their loans but reduced their holdings of investments. Holdings of United States securities showed considerable increases in all classes of member banks, while holdings of other investments declined 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 throughout the system, the aggregate decline Figures are for dates on which member banks made call reports being in excess of $300,000,000. The figures being the only one in which liquidation was indicate that the pressure of higher money considerable and continuous. Ordinarily bank rates, which have been in effect during the credit has expanded from quarter to quarter in quarter, has been an influence in inducing memconjunction with the growth of the country's ber banks throughout the country to dispose of business, and occasional declines have occurred a part of their holdings of municipal and coras a rule only from seasonal high peaks reached porate securities and that banks in New York at the end of a calendar or fiscal year. The City, where rates have shown the greatest recent decline is measured from the high figure advance, have reduced both their investments reported for the end of the fiscal year ended and their loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
825 DECEMBER, 1928 FEDERAL RESERVE BULLETIN The decline in loans at New York banks, to the credit extended by these banks but also indicated by the reports of member banks for to the credit extended by nonmember banks, the third quarter, was accompanied by a growth which hold a large part of their legal reserves ^ , . of loans extended through these on deposit with the member banks. The chart Growth of non-i 1 i ,• j • shows that in recent years, and particularly bank loans. banks by corporations and in- since 1925, the growth in bank credit has been dividuals. During the period much more rapid than the growth in member of low money rates from 1922 to 1927 securities bank reserves, as is indicated by the increasing were floated by corporations in exceptionally divergence between the dotted line and the large volume, and the proceeds of these flotaline for loans and investments of member banks. tions not only strengthened the cash position of the corporations and enabled them to reduce BILLIONS OF DOLLARS BILLIONS Of DOLLARS their bank loans but also placed at their dis- 60 t>U posal funds in excess of their current require- y ments. The high money rates prevailing in Joh1 BankCredit recent months on loans in the security markets 50 50 have attracted large amounts of these surplus / funds, with the consequence [that loans to brokers for the account of 'nonbank customers ¥) 40 increased very rapidly during the last quarter. One of the effects of this transfer of lending y from banks to corporations has been a decline Memher Bar,kCred in bank deposits as the deposi- 30 30 Bank credit and tors have drawn on their bal- if bank reserves. ances to provide funds for the loans. The decline in deposits, 20 20 in turn, has been a factor in diminishing reserve requirements of member banks. Loans to brokers by corporations, therefore, have had 10 10 the incidental effect of supplying credit for the use of the stock market while at the same Meniber Bank time releasing member bank reserves. The Rese-ve Bal*jnces 0 n growth of bank reserves in general has been 1919 1S20 1921 1922 1923 1S24- 1925 1926 1927 1928 relatively slow in recent years and has fallen The total loans and investments of all banks for June dates and of all member banks for all call dates. Member bank reserve balfar behind the rate of growth in bank credit. ances are shown by months—solid line giving actual amounts and A chart is here introduced showing the course broken line these amounts multiplied by 13. of bank credit and of bank reserves since 1919. This development has been due chiefly to the The lower line represents member bank reserve fact that the increase in deposits has taken balances, and the dotted line represents these place largely in time deposits, which has balances multiplied by 13, the average ratio enabled member banks greatly to increase of member bank credit to member bank their operations without a corresponding reserves. The two upper lines represent, growth in reserve requirements or in the respectively, loans and investments of member demand for reserve bank credit to meet these banks and of all banks in the United States. requirements. The growth which has occurred The chart brings the volume of bank credit in the demand for reserve bank credit since in the country into comparison with the the autumn of 1927 has been caused by gold volume of member bank reserves. The re- exports rather than by a growth in member serves of member banks are related not only bank reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
826 FEDERAL RESERVE BULLETIN DECEMBER, 1928 In recent weeks, however, a growth of loans, at the end of November were larger than at both commercial loans and security loans, and any other time in nearly nine years. Purof demand deposits, has re- chases of bills by the reserve banks until eserve an ^ j { ipxease in mem- December were in fact larger than the increase credit. su e( n an i ll • . in the total of reserve bank credit, and disber bank reserve requirements. counts for member banks declined by the end Average reserves carried by member banks of November to the lowest level since last increased by about $78,000,000 between Augspring. This reduction in indebtedness of ust and November. At the same time the member banks has placed them in a position seasonal demand for currency caused a further more easily to meet the heavy seasonal demand demand of about $115,000,000 for reserve bank for currency which became active in the credit. While these factors of additional debeginning of December. When the return mand for reserve bank credit were offset in part flow of currency sets in after the Christmas by gold imports, largely from England, there holidays, the decrease in the demand for was nevertheless an increase of about $168,000,reserve bank credit may be expected to result 000 in the volume of reserve bank credit outboth in a reduction of the reserve banks' standing. This increase in reserve bank credit, holdings of acceptances, as these bills mature, however, was not until December reflected in and in a further liquidation of discounts for a growth of member bank indebtedness to the member banks. reserve banks, because it had been obtained entirely through the sale of acceptances to the Appointment of Governor at New York Bank reserve banks. The comparatively low rates On November 23, 1928, Mr. George L. carried by bills in the open market have Harrison was appointed governor of the Federal resulted in a large increase in the use made of Reserve Bank of New York to succeed the late these bills for financing the marketing of Governor Strong. Mr. Harrison was at one crops and other products, and the much time general counsel of the Federal Reserve higher rates on other classes of paper have Board and since 1920 has held the office of made acceptances unattractive to investors. deputy governor of the Federal Reserve Bank The bills, therefore, have been offered in large of New York. volume to the reserve banks, whose holdings EARNINGS AND EXPENSES OF MEMBER BANKS Combined net profits of all member banks in growth in the volume of member bank loans the Federal reserve system amounted to and investments gross earnings for the first half $254,000,000 for the first half of 1928. These of 1928 showed an increase of about $27,000,000 profits represent an increase of nearly over the preceding six months. This increase $40,000,000 over the last six months of 1927 was partially absorbed by an increase of $10, and constitute a return of 9.32 per cent on 000,000 in expenses. The net amount of assets the banks' capital funds, as against 8.21 per which were charged off during the period, after cent for the last six months of 1927 and 9.13 allowing for recoveries on assets previously per cent for the first six months of that charged off, showed a decrease of more than year. Earnings and expenses of all member $20,000,000. The decline in losses charged off banks for 6-month periods since December was largely in losses on loans. Declines in bond 31, 1926, are summarized in the table on values during part of the period were reflected page 827. in an increase of $2,000,000 in amounts charged The increase of nearly $40,000,000 in net off on bonds and securities. During the same profits for the first half of 1928 resulted from period, however, member banks as a group an increase in gross earnings only partially showed an increase of $4,000,000 in profits on offset by growth in expenses, and a decline in securities sold (which are reported among their net losses charged off. As a result chiefly of gross earnings). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
827 DECEMBER, 1928 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF ALL MEMBER BANKS, Earnings and expenses of member banks are DECEMBER 31, 1926, TO JUNE 30, 1927 summarized in the following table and are [In thousands of dollars] shown in somewhat greater detail in the table on page 877 of this issue of the BULLETIN. First 6 months of 1928 EARNINGS AND EXPENSES OF MEMBER BANKS DURING Increase or decrease as com- Last 6 First 6 THE YEAR ENDING JUNE 30, 1928 pared with— months months Amount of 1927 of 1927 [In thousands of dollars] Last 6 First 6 months months . All National State of 1927 of 1927 member member member banks banks banks Gross earnings 1,110, 315 +27,203 +73.150 1,083,112 1,037,165 Expenses 786,670 +10,002 +47, 634 776,668 739,036 Gross earnings: Interest earned,- - 1,808,769 $1,154,523 $654, 246 Net earnings 323, 645 +17, 201 +25,516 306,444 298,129 All other earnings. _ 384,658 189,040 195, 618 Losses on loans 53, 702 -15,719 -622 69,421 54,324 Total 2,193,427 1,343, 563 849, 864 Losses on investments 21, 520 +1,971 +3, 785 19,549 17,735 Expenses _ 1, 563, 338 957,131 606, 207 All other losses 19,297 -9,001 -69 28,298 19, 366 Net earnings 630, 089 386,432 243,657 Total losses 94, 519 -22, 749 +3,094 117,268 91,425 Losses 211, 787 152,970 58,817 Recoveries on loans... 13,307 -105 +709 13,412 12,598 Recoveries 52,048 36,460 15, 588 Recoveries on investments 4,877 -743 -333 5,620 5,210 Net losses 159, 739 116, 510 43,229 All other recoveries... 7,026 -780 +543 7,806 6,483 Net profits 470, 350 269,922 200,428 Total recoveries. 25, 210 -1, 628 +919 26,838 24,291 Loans and investments 34,147, 535 21,367, 297 9,305, 252 Net losses 1 69,309 -21,121 +2,175 90,430 67,134 Capital funds 12 5, 362, 391 3,388,848 3,474,986 Net profits. 254,336 +38,322 +23, 341 216,014 230,995 Increase or decrease in 1928 as compared with 1927 * Total losses charged off less recoveries on assets previously charged off. Summary for the fiscal year, 1928.—Mem- Gross earnings: ber banks earned net profits of $470,000,000 dur- Interest earned +85,282 ' +78,432 +6,850 All other earnings +39,275 i +22, 869 +16,406 ing the year ending June 30,1928, an increase of about $30,000,000 over the preceding fiscal year. Total +124,557 j +101,301 +23, 256 The banks' capital funds, at $5,362,000,000 1 in Expenses +88,137 +75, 259 +12,878 1928, were $360,000,000 larger than in 1927, Net earnings. . _ _ .. _ +36,420 +26,042 +10,378 and the increased profits constituted about the Losses - +9,513 +11, 328 —1, 815 same rate of return on capital funds in 1928 Recoveries +4,026 +3,132 +894 (8.77 per cent) as was earned in 1927. Net losses. +5,487 : +8,196 -2, 709 Gross earnings showed an increase of about Net profits +30, 933 +17, 846 +13, 087 $125,000,000 for the year, owing chiefly to a Loans and investments +2, 045,421 +1, 631, 420 +414, 001 growth of $2,000,000,000 in the volume of mem- Capital funds _ _ +359,917 +227, 242 +132, 675 ber bank loans and investments. Of this increase in gross earnings nearly $90,000,000 was 1 Average of amounts from reports of condition for 5 call dates, June 30, 1927, to June 30, 1928. absorbed by increased expenses attributable in 2 Capital, surplus, and undivided profits, less reserve for taxes, interest, etc., accrued. large measure to increase in the amount of interest paid on deposits, in consequence of growth Operating ratios.—As has already been pointed in the volume of deposits, and to increase in out, growth during the year in the volume of salaries and wages. Despite an increase in re- loans and investments in part explains increases coveries on assets previously charged off there in the amounts of both their earnings and their was an increase of more than $5,000,000 in net expenses. In the table following, in which earnlosses charged off.2 ings and expenses are expressed as ratios, the effect of this growth in volume is eliminated, 1 Average of amounts from reports of condition for five call dates during and what may be called the earning power of a the year. 2 Profits on securities sold, which showed an increase of $17,000,000 in dollar of active bank assets in 1927 and 1928 1928 and which are reported among the banks' gross earnings, have not may be compared. been taken into account in the computation of net losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
828 FEDEBAL BESERVE BULLETIN DECEMBER, 1928 OPERATING BATIOS FOR THE YEARS ENDING JUNE 30, been reported to show separately amounts 1927 AND 1928 received on loans, on investments, and on balances with other banks; and amounts paid All member N m a e t m io b n e a r l • State mem- on time deposits, on demand deposits, and on banks banks ber banks balances due to other banks. Comparison of amounts of the several classes of interest for 1928 1927 1928 1927 1928 1927 the year 1928 with the average amounts on Per $100 of earning assets * which they were earned or paid indicates Gross earnings: approximately the rates that were effective Interest earned $5.30 $5.37 $5.40 $5.45 $5.12 $5.24 during the year. Ratios computed in this All other earnings 1.13 1.08 .84 1.53 1.45 manner are presented in the accompanying Total__ 6.42 6.44 6.29 6.29 6.65 6.68 Expenses 4.58 4.60 4.48 4.47 4.74 4.80 table. It should be noted that the average Net earnings 1.85 1.85 1.81 I 1.8 1.91 1.89 amounts of loans, investments, and deposits Losses... . . 1 6 5 2 . .1 6 5 3 . . 7 1 2 7 . .1 7 7 2 . . 1 4 2 6 . . 1 4 2 9 derived from figures for five call dates are only Recoveries approximations to the amounts upon which .47 .48 .55 .55 .34 .37 Net losses 1.38 1.37 1.26 1.28 1.57 interest was actually earned and paid during Net profits the year. Per $1 of capital funds Earning assets - $6. 37 $6.42 $6.31 $6.24 $6.48 $6.72 INTEREST EARNED AND DEPOSIT INTEREST PAID BY MEMBER BANKS DURING THE YEAR ENDING Per $100 of capital funds JUNE 30, 1928 Net profits *_. $8. 77 $8. 78 $7.97 $7.97 ?10.16 $10.18 [Amounts in thousands of dollars] * Total loans and investments. J Equivalent to the product of the two preceding ratios, i. e., of the Amount1 Rate» ratios shown for net profits per $100 of earning assets and earning assets per $1 of capital funds. Interest and discount earned: During 1928 total interest earned by mem- On loans . 1,290,200 5.4 ber banks amounted to $5.30 per $100 of On investmentss 483,118 4.7 earning assets (loans and investments) as Total 1,773,318 5.2 against $5.37 in 1927.- This decrease in the On balances with other banks 35,451 1.8 rate at which interest was earned, per $100 of Interest paid on deposits: earning assets, was offset by increase in the Time.__ _ _ 422,260 3.3 Demand.. 234,258 1.3 rate of other earnings, with the result that Bank 81,198 2.0 gross earnings per $100 of earning assets, at Total 737,716 2.1 $6.43, were about the same for 1928 as for the preceding year. Expenses and net losses per 1 Figures for interest received and interest paid include $1,334,000 of interest earned and $2,310,000 of interest paid by State banks and not $100 of earning assets showed practically no classified on their reports of earnings and expenses. These relativelychange as between 1927 and 1928 and as a small amounts have been apportioned, by Federal reserve districts, on the basis of the distribution of the classified amounts. consequence net profits in 1928, at $1.38 per 2 Obtained by dividing the amounts of interest (adjusted) by averages of the amounts of related assets and deposits for five call dates. $100 of earning assets, were practically the a Includes dividends. same as in 1927. More detailed statistics of member bank Comparison of averages for the two fiscal earnings and expenses for the years ending years, 1927 and 1928, shows that growth in the June 30, 1927 and 1928, are presented in the capital funds of member banks was at about tables on pages 877-881 of this issue of the the same rate as growth in the volume of their BULLETIN. These and the statistics presented loans and investments, so that the proportion in the preceding summary tables are based between the two showed little change. In upon reports which the banks are required to 1928 member banks held $6.37 of earning assets make semiannually—State banks reporting to for each dollar of capital funds. Profits of the Federal Reserve Board and national banks $1.38 per $100 of earning assets represented, reporting to the Comptroller of the Currency.3 therefore, a return 6.37 times as large on the banks7 capital funds, or 8.77 per cent, which J Statistics of member bank earnings and expenses, together with approximates closely the figure, 8.78 per cent, some analytical material, have been published in previous issues of the BULLETIN. (See pp. 402-405 of the issue for June, 1925; pp. 869-873 of for 1927. the issue for December, 1925; pp. 409-414 of the issue for June, 1926; Interest received and interest paid.—Begin- pp. 22-28 of the issue for January, 1927; pp. 460-463 and 549-553 of the issue for July, 1927; pp. 830-832 and 882-885 of the issue for December, ning with the last half of 1926, interest, dis- 1927: and pp. 450-452 and 536-539 of the issue for July, 1928.) Statistics for years ending June 30,1919 to 1927, were published also in the Annual count, and dividends earned by member banks, Report of the Federal Reserve Board for 1927. (See pp. 247-252.) together with interest paid on deposits, has Detailed figures for national banks are published In the annual reports of the Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 829 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industry continued active in October, and showed somewhat less than the seasonal inthe distribution of commodities was in large crease from the high level of September. Involume. Wholesale commodity prices declined ventories of these stores increased during the sharply, owing chiefly to decreases in the prices month, but continued smaller than a year ago. of farm products. Member bank credit in use The volume of distribution at wholesale was increased in October and November, while re- larger than in September and showed a subserve bank credit outstanding showed little stantial gain over October, 1927. Freight-car change. Conditions in the money market were loadings continued larger in October and somewhat easier. November than a year ago, reflecting chiefly Production.—Industrial production contin- large loadings of miscellaneous freight. ued in October at the high level of September Prices.—Wholesale commodity prices deand considerably above the level of a year ago. clined in October after a continuous increase for Output of minerals increased over September, three months, and the Bureau of Labor Stawhile the production of manufactures declined tistics index for October, at 97.8 per cent of the slightly. Factory employment and pay rolls 1926 average, was over 2 per cent below that increased to the highest level since early in 1927. for September. This decline reflected chiefly The production of pig iron was particularly large decreases in prices of farm and food prodlarge in October and the first half of November, ucts and hides and leather. Prices of industrial and the output of steel continued in record commodities increased slightly, with small volume. Automobile production declined con- gains recorded in metals, building materials, siderably in October, after exceptional activity and chemicals and drugs. The principal inin September, and showed further reduction in creases occurred in prices of iron and steel, cop- November, as is usual at this season. Activity per, and raw silk. During the first three weeks increased in October in meat-packing and in of November prices of cotton, pig iron, copper, the textile industries, with the exception of silk. and petroleum increased, and prices of wheat, Copper mining and smelting continued at a high oats, and rye recovered somewhat from the low level, and the output of coal and petroleum in- levels of October. Prices of meats, livestock, creased by more than the usual seasonal amount, and corn declined. while the production of zinc declined. There Bank credit.—Between October 24 and Nowas also a decline in the output of lumber and vember 21 there was a considerable increase in building materials. loans and investments of member banks in Building contracts awarded continued to in- leading cities, but at the end of this period the crease in October and were larger than in that total was still below the large volume outmonth of any previous year, but declined standing at the middle of the year. Loans sharply during the first two weeks of Novem- chiefly for commercial purposes remained at a ber. The increase in October was due princi- high level during the period, and loans on sepally to large contracts for engineering and curities showed further growth, reflecting a industrial projects. marked increase in the volume of loans to The November cotton crop estimate of the brokers and dealers in securities. Invest- Department of Agriculture was slightly larger ments showed further decline. than the October estimate and indicated a During the four weeks ending November 21 yield of 14,133,000 bales—1,178,000 more than there was little change in the volume of reserve the production of 1927. Ginnings of the cur- bank credit in use. Reserve bank holdings of rent crop prior to November 14 totaled 11,320,- acceptances increased further and discounts for 302 bales, compared with 10,894,912 in the member banks declined. similar period of a year ago. Indicated yields During the last week of October and the first of wheat, corn, oats, potatoes, and tobacco were three weeks of November conditions in the larger than in 1927 crops, while estimates of money market were somewhat easier; the rate hay, rye, and flaxseed were smaller. on four to six months commercial paper declined Trade.—Department-store sales in October from a level of 5}^ per cent to a range of from were in about the same volume as in the cor- 5)4 to 5}^ per cent, and rates on call and time responding period in the preceding year, but loans in the open market also declined slightly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
830 FEDERAL RESERVE BULLETIN DECEMBER, 1928 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS '54001 ' 1 ' 1 ' 1 ' 1 ' I ' I ' I ' 1 ' I ' 15400 I I .1 I 5200 5000 Member Bank Reserve Balances 1924- 1925 1926 1927 1928 Based on weekly averages of daily figures; latest figures are for week ending November 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
831 ECEMBER, 1928 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Bills and securities held by Federal reserve banks Member Monetary Money in bank Month or week vo T lu o m ta e l l co B u il n ls te d d i s fo - r Bill United gold stock circulation b r a e l s a e n r c v e e s Total 2 member bought banks 1927—November- 1,377 1,331 415 336 579 4,490 4,936 2,373 December 1,568 1,513 529 378 606 4,416 5.049 2,399 1928—January- 1, 389 1, 350 465 373 512 4,377 4^785 2,426 February. _ _.__ 1,264 1,237 471 360 406 4,373 4,709 2,368 March 1,295 '• 1,272 513 343 415 4, 335 4,710 2,365 April . 1, 405 1,371 661 358 351 4,287 4,730 2, 396 May.. - . ... .-. -_ -_ _ 1,472 1,442 836 349 257 4,207 4,722 2,388 June 1, 531 1, 495 1,019 244 232 4,119 4,736 2,355 July 1,531 1,488 1,090 185 213 4,113 4,746 2,324 August-. __. . . 1, 485 1,449 1,061 178 210 4,118 4,743 2,274 September 1, 581 1,534 1,064 226 240 4,125 4,804 2,314 October _ _ __ 1,622 1,584 975 368 237 4,133 4,837 2,332 November 1,653 1,610 897 471 238 4,151 4,860 2,352 Week ending— Oct. 27 1,598 1,566 922 405 235 4,139 4,824 2,324 Nov. 3 1,625 1,591 915 438 235 4,142 4,834 2,342 Nov. 10 1,662 1,631 940 454 233 4,148 4,865 2,347 Nov. 17 1,652 1,586 880 474 227 4,158 4,852 2,357 Nov. 24 1, 597 1,555 816 484 251 4,160 4,835 2, 346 Increase or decrease of week ending Nov. 24 compared with week ending— Nov 17 —55 —30 -64 +10 +24 +2 -17 -11 Oct. 27.. 0 -11 -105 +79 +17 +21 +11 +23 Nov. 26, 1927 +217 +207 +403 +159 -357 -305 -99 -25 1 Includes total bills and securities, amounts due from foreign banks, and reserve bank float (see p. 864). 2 Including "other securities." ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars] Increase (+) or decrease (—) during month Gold 1928 stock Throu!igh Through; Through Month m at o o e n f n t d h Total n i e m t o p g r o oi r ll t dd m o a p e r e a k r r i a - n - g! d p o r t m o io d e n u s , e ti - c Co or u n d t e ry st i o n f a t o i r o i n gin November ! October Ja O nu ct a o r b y e r to export tions etc.1 1927— F J e a b n r u u a a ry r y 4 4 , , 5 5 8 6 6 4 + +2 7 1 2 . . 3 3 + + 1 4 9 4 . . 9 5 + + 1 3 9 . . 2 5 + -1 8 . . 8 3 p I o m rt - s I po E rt X s - p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s March i 4,597 +11.1 +10.8 -1.5 +1.8 April 4,610 +12.9 +11.9 -1.0 +2.1 May 4,608 -1.4 +31.7 2 -35.5 +2.4 Belgium, 2,000 June 4,587 -20.9 +12.8 2 -36. 7 +3.0 England. _. 24,800 j 10,126 12, 573 32, 525 July 4,580 -7.5 +8.9 2 -23.1 +6.7 France 10 149 308,002 August 4,588 +8.5 +6.4 -2.5 +4.6 Germany.. 209 1 28,289 September _ 4,571 -17.5 —11.5 -9.0 +3.0 Italy ... 2 26, 093 October 4,541 -30.1 -8.6 -25.0 +3.4 Netherlands.-.. 4,000 November. 4,451 -89.7 -53.2 -40.0 +3.5 Canada 22,000 891 73 78,125 494 December.- 4,379 -71.7 -67.4 -8.5 +4.2 Central America. - 62 870 323 Mexico 7 366 278 3,918 4,393 Total(12 mos.)- -112.8 +6.1 j -160.1 +41.2 A Br r a g z e i n l. t in _ a.. - 2,500 2,000 2,000 6 2 9 5 , , 4 0 0 1 0 2 1928—January I 4,373 I -6.0 -13.8 +5. 5 +2.3 Chile 54 559 February j 4,362 -11.2 —11.1 +2.9 -3.0 Colombia. . 129 1,150 2,053 March ! 4,305 —57.6 -94.9 +35. 8 +1.5 Ecuador 132 1,240 April i 4,266 -38.7 —91.2 +45.7 +6.8 Peru 105 1,273 May ! 4,160 -105.7 -81.7 -26.5 +2.5 Uruguay..-. 9,000 June i 4,109 -51.0 -79. 9 +30.1 -1.2 Venezuela 100 24 433 5 470 J S A O u e u c l p t y g o t u e b s m e t r b er i j | 4 4 4 4 , , , , 1 1 1 1 1 2 4 2 3 5 3 3 + + + + 1 1 3 2 8 0 . . . . 4 1 3 3 + -6 1 + + 3 3 . . . . 9 5 7 3 + + + - 6 1 1 5 0 . . . . 2 2 9 9 + + + + 2 3 3 6 . . . . 8 7 4 8 C D B h r u K i i t t n o c is a n h h g E I a n a n d s d t i a In H di o e n s g 114 2 1 7 4 1 9 0 3 1,039 2 8 2 1 , , , 3 3 4 3 2 6 0 9 1 Novembers j 4,125 -18.3 +5.7 -25.0 +1.0 Japan.. ._ 187 Philippine Islands. _ 256 1,503 Total (11 mos.)'— -254.3 j| -417.3 +135. 3 +27.7 All other countries. . 2 733 2 223 40 9,498 6,847 1 This figure, derived from preceding columns, represents in general an Total _ 28, 033 22, 330 14,311 992 •114,336 536,208 excess of domestic production over domestic consumption in the arts. It is subject, however, to certain unavoidable inaccuracies in official * November figures are preliminary—3 customs districts: New York reports of gold imports and exports; in any given month, furthermore, St. Lawrence, and San Francisco. it may be affected by the fact that at the end of a month (a) gold recently 2 Includes all movements of unreported origin or destination. imported (e. g., Canadian ore) may not yet have reached a reserve bank or the Treasury for inclusion in the official figures of monetary gold stock and (b) gold recently withdrawn from stock for export may not yet have been actually exported. 2 Includes effect of earmarking operations connected with gold held abroad by Federal reserve banks. 3 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
832 FEDERAL RESERVE BULLETIN DECEMBER, 1928 M1LLIQNS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 1924- 1925 1926 1927 1928 This chart is based on weekly averages of daily figures; latest figures are for week ending November 24 DISCOUNTS FOR MEMBER BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 700T 700 DISCOUNTS FOR MEMBER BANKS Reporting member banks in leading cities Member 600 600 All banks Month mem- Other leading outba b n er ks New cities l s e i a d d e - Total Y C o it r y k Chi- c i i n ti g es 500 Total cago 1927—January 476 299 76 223 18 177 February 392 233 60 173 14 159 March 419 268 73 195 20 151 April 421 270 78 192 20 151 May 459 302 90 212 19 157 June 435 271 51 219 20 164 July 434 273 59 213 12 161 August 413 256 74 182 6 157 September. _. 417 267 90 177 8 150 October 428 283 75 208 10 145 November... 421 276 73 203 11 145 December 532 388 127 261 21 143 1928—January 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 35 149 100 May 826 644 222 422 49 182 June 1,012 796 271 525 61 216 July 1,079 854 274 580 80 225 August 1,045 806 223 583 80 239 September.. _ 1,063 823 266 557 41 240 N O o ct v o e b m er ber 9 96 0 0 1 7 6 3 8 6 1 2 1 0 5 2 7 5 5 3 2 4 4 6 5 7 8 2 2 2 2 4 0 1924 1925 1926 1927 1928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
833 DECEMBER, 1928 FEDERAL RESERVE BULLETIN MONEY RATES IN NEW YORK CITY 1923 192** 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- Average rate Average yield on— B N o e s w to F Y n e o d r e k ral reserve bank e R f D f a e e t c c e t . i o n 1 n J J D u u l l a y y t e 1 1 9 3 e , , s t 1 1 a 9 9 b 2 2 l 8 8 ished Pr r e a v t i e ous Month or week m m p P 4 c o a r o e t n p i r m o m c e t h i - r 6 e a , s l a P a b c d n e r a c a 9 i r c n e m y s 0 e k p ' s s e - t , - d l T o a i 9 a m y n 0 s s e ' , N C e a w ll lo ne a R w n e- s a ' l c T c 3 n U e a u a r o r t e n t r t o t e i a y d e 8 f s s s i 6 , - - b T o u r n e ry d a s s - * Philadelphia July 26, 1928 months Cleveland Aug. 1, 1928 S C A R t h i t . l c i a c L h n a o m g t u a o o is n d.. _ J J J J u u u u l l l l y y y y 1 1 1 1 1 3 9 4 , , , , 1 1 1 9 1 9 9 2 9 2 2 2 8 8 8 8 N D o ec v e e m m 1 b b 9 e 2 e r 7 r • 3 4 . . 6 4 0 3 3 4 . . 6 3 0 8 *3 3. . 0 1 4 7 3 3 . .3 3 4 9 Minneapolis Apr. 25, 1928 1928 Kansas City June 7, 1928 January 4 4.15 4.24 3.31 3.35 Dallas —_ May 7,1928 February 4 4 33 4.38 3 33 3.36 San Francisco ,. June 2,1928 March 4 -AH 4.48 4.47 M3 3 . . 3 2 0 3 3.30 April 4H-5 5.06 5.08 »3.62 3.32 May 5 -5H 5.69 5.70 »3.90 3.35 BUYING RATES ON ACCEPTANCES June AH 5^5% 6.21 6.32 »3.92 3.40 July -5H 6.06 8. &*) 4.12 3.50 [Buying rates at the Federal Reserve Bank of New York] August 4! 6 91 6.87 4.36 3.56 September _ 4 7.40 7.26 4.57 3.54 Maturity e R f D f a e e t c e c t . i o 1 n n Date established Pre r v at io e us N W O o c e t v e o e k b m e e r b n e d r ing— 4H 7-7M 7 6 . . 1 8 2 6 6 6. . 6 9 7 8 1 4 4 . . 7 2 2 6 4 0 3 3. . 4 5 8 5 Nov. 3 7.53 7.50 4.58 3.49 1-15 days H! July 26, 1928.. Nov. 10 6.35 6.38 \t 4" 4.5148 3.47 16-30 days... 4H do Nov. 17 -7 6.20 6.20 jl *4.00 3.48 31-45 days... do. 6.50 6.50| 3. 99 3.46 48-60 days... .do.. Nov. 24 9 8 1 1 - - 1 9 2 0 0 d d a a y y s s .. . . . . . . d d o o. ... 1 Stock exchange call loans; new and renewal rates. 121-180 days. ..do—. • Stock exchange 90-day time loans • 3 issues—Z%i, 4, and k\i per cent; yields calculated on basis of last redemption dates—1956, 1954, and 1952. NOTE.—Rates on prime bankers' acceptances. Higher rates may be « Ch*nge of issues on which yield is computed. charged for other classes ot bills. « Maturities of 6 to 9 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
834 FEDERAL RESERVE BULLETIN DECEMBER, 10 28 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. F E D E R AL R E S E R VE B A NK C I T I ES Month Boston Y N o e rk w d P e h l i p l h a- ia C l l a e n v d e- m Ri o c nd h- Atlanta I Chicago I St. Louis M a i p n o n lis e- K C an it s y as Dallas San c is F c r o an- Prime commercial loans 1927—November 4 -4M 4 -4;4 4^-44 4)4-5 5 -5)/2 4)4-0 4)4-5 4 -5 : 4V£-5)i 5 4 -6 December 4 -4H 4)4-4 4 4)4-41-2 4 -6 4)4-6 434-434 4 -5 4)4-5 5 4)4-6 6 -6 1928—January 4 -434' 414-4)4 4 -4Vo 4 -5 4^4-5 * 4)4-6 434-4)4 4 -5 4}4-5 5 4)4-6 434-534 February 44 4)4 434-44 4M-5 4)4-5 44-6 44-4^4 4 -5 4M-5 5 44-8 4H-5 J J M A M u p u a a l y r r n y il c . h e . . . . .. _ 4 4 4 4 5 3 ) ) ) 4 4 4 4 - - - -5 4 4 4 -6 * ) ) 4 4 4 4 4 4 4 5 / > 3 1 4 4 4 4 - - - - 4 5 5 4 - 4 3 5 V 4 ^: ; ! 4 4 4 ) 4 1 ^ ) M 4 4 2 5 - — - ~ 5 ) 4 5 4 4 )4 - 3 54 5 - 4 i 4 4 4 4 4 34 1 ? ) ) - 4 4 6 4 4 - - - - 6 6 6 6 4 5) )4 4- -5 5 5 5 5 1 ) 4 4 4 4 4 5 5 1 1 ) ) .^ 4 4 4 2— - - - - 6 8 6 6 6 4 4 5 1 ± 3 ^ 4 4 . - - - - - 5 ^ 5 5 5 1 > ., 4 4 4 4 5 ! 1 4 4 4 ' - - r - - 5 - 5 5 5 0 4 4 4 4 5 4 4 1 ) ^ 4 ^ 4 - - - - - 5 6 5 5 5 ) ) ' 4 4 '4 ! ! 5 - 5 5 5 5 54 4 4 4 5^ V ^ )4 4 ? - - - - 6 6 6 6 4 4 4 4 3 3 3 H 4 4 4 - - - - 6 6 5 5 August 534- 534 5)4-5)4' 5)4-5)4 5)4-6 5)4-6 5 -5>; 5 -5 ',2 5-6 5 -5)4 434-6 September gi/£_§ 54' 54-53^ 5)4-6 54 514-6 534-5" 1 534-5% 5)4-54 5)4 5 -8 October 53^-6 514; 5^-5% 534-6 51/2-6 53-4-8 534-3^4 51,2-0 3 4 534~5/i 534-6 5H-6 November 54-6 534-54: 5)4-6 534-6 5)4-6 54-6 o^-5k' 5)4 5)4-6 4)4-5)4 Loans secured by prime stock-exchange collateral 1928—May... 5 -534 4^-5 4^-6 5 -8 5 -6 434-5V^ 5 5 -7 534-6 June... 5 -5% 5K-5H 51^-6 5M-6 5 -6 514-6 5 -8 5 -6 6 -7 54-6 July... 5 -6 5V2-534 5 -6 5>'2-6 5 -6 514-6 I 514-6 5)4-6 5 -6 5 -7 54-6 A S Oc e u t p g o t b u e e r s t mber I 5 5 5 ) K 4 % - 6 -6 6 5 5 5 3 M H 4 - - - 6 6 6 S 5 5 3 i J / 4 ^ 2 - - - 6 6 6 5 5 5 3 3 H 4 4 - - - 6 6 6 5 5 5 M 3 54 4 ~ - - 6 6 6 5 5 5 3 > ^ 4 4 7 - 6 6 H 5 IT )4 - - 6 6 i M I | 5 5 3 ^ 4 ^ -6 5 5* 4 6 - - 6 6 5 5 5 - - - 6 6 6 6 6 5 - - - 7 8 7 * * * 5 5 5 V 3 4 4 2 ~6 - - 6 6 November 534-6 534-6 5^-6 534-6 54-7 6 -6)4; 5M-3 5 -6 6 -8 5) Loans secured by warehouse receipts 1 9 2 8 — M ay ... 5 -54 5 -6 5 -6 434-6 6 5 -6 5 -54 4H-5 5 -6 5 -6 -6 June. 534-6 5 -6 5 -6 434-6 6 5 -6 5 -541 5 -6 5 -6 5 -6 -6 July. 534-6 5 -6 5 -6 6 6 5 -6 54-6 : 5 -6 5 -6 5 -6 6 August 534~6 54-6 6 6 54-6 54-6 ! 5 -6 5 -6 6 September 6 5^-6 6 6 6 534-6 514-6 ! 5K-6 5)4- 6 October 6 51/1-6 6 6 6 5)4-6 5H-6 i 534-6 6 November 8 54-6 6 6 6 534-6 534-6 ! 5)4-6 6 -7 6 Interbank loans 1928—May 434-5 4)4-5 434-5 4)4-5 5 -5)41 5-6 5 I 5 -54i 5 -6 5 -6 5 -6 June 5 4)4-5 5 -5K 5)4-514! 5-8 5 -5)4! 5 -5)4! 54-6 5 5 -6 July 5 -6 5 -514 5)4-6 5' -st 5)4-5541 5 -6 I 5 -6 I 5 -5)4 i 5)46 5 5 -6 August 54 534~5/^i 5)4~6 j 5 -5;4! 5)4-5Voi 54~6 514-6 5 -6 5 -6 September 6 5)4-6 o)4 5)4-554: 54-6 I 5 -54! 5J4-6 "j 534-8 5^-6 5 -8 October 5H 5Vi-6 54-5% 5)4-6 hVi-W\\ 5V-i-0 I 5-6 534-6 I h\b-fi 51/2-6 5 -6 November 54-6 5J4~6 5)4-5%;! 5)4-6 5)4-6 I 5)4-6 I 54! 5)4-8 ! . 5)4-6 5 -6 F E D E R AL R E S E R VE B R A N CH C I T I ES Loans secured by prime Loans secured by warehouse Prime commercial loans stock-exchange collateral receipts Interbank loans City Se b 1 p 9 e t 2 e r, 8 m- Oct 1 o 9 b 2 e 8 r, I ber, No 1 v 9 e 28 m- Se 1 b p 9 e t 2 r, 8 em- Oct 1 o 9 b 2 e 8 r, I b N e o r, v em- 1 928 j I I i O 1 c 9 t 2 o 8 ber, b N e o r, ve 19 m- 28 Se 1 b p 9 e t 2 r, e 8 m- Oct 1 o 9 b 28 e r, I I ber, Nov 1 c 9 m 28 - Buffalo-. 5H-6 5)4-6 54-6 51/2-6 6 6 6 5)4 51/4-6 5)4-6 Cincinnati 6 6 6 6 -64 6 -7 6 -7 6 -7 5M-6 5)4-6 Pittsburgh 5 -6 5)4-6 5)4-6 5)4-6 6 6 6 ! 6 Baltimore 5)4-6 534-6 53-4-6 54-6 6 6 5)4-6 534-6 i 5 -8 Charlotte 54-6 5K'~6 54-6 5M-8 6 6 6 5?4-6 534-6 1 5)4-6 Birmingham... 5 -6 5 -6 5 -6 6 6 -7 6 -7 6 -7 5 -6 5 -6 j 5 -6 Jacksonville 5 -7 5 -7 5 -7 6 -8 54-7 5 V2-8 5* 6 6 ! 8 Nashville 6 6 6 6 534-6 5)4-6 5)4-6 I 5^6 New Orleans... 54-6 5)4-6 6 -634 6 2-e>4 6 -6)2 6 -634 54-6 5H~6 I 5)4-6 Detroit 5^4-6 534-6 534-8 5 -6 5H-6 6 5 -6 534-6 I 5K-6 Little Rock.... 5)4-7 5J4-6 5)47 6 -i 6 -7 6 -7 6 -7 5 -6 6 I 5 -6 Louisville. 6 6 6 6 6 6 54 5J4| 5H Helena 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 ! 6 -8 Denver 534-6M ^3 534-6 6 -634 6 -8 6 -8 6 -8 6 -6)4 6 -6I/2 6 -634 Oklahoma City. 5 -6 5 -6 5 -6 6- 7 6 -7 6 -7 6 _7 6 6 i 6' Omaha 5)4-6 5)4-6 54-6 6 -6)4! 6)4-7 634-7 6 -7 6 6 6 El Paso 8 8 6 -8 6 -8 7 -8 7 -8 7 -8 6 6 6 Houston _. 5H-6 5)4-6 5)4-6 6 -7 6 -7 6 _7 5 -54 5 -5)4 54 San Antonio 5 -8 5 -8 5 -8 6 -8 6 -8 6 -8 6 -8 5 -6 0 -6 L P o o s rt A l n a g nd eles *6 6 6 -7 6 6 - -7 6: 6 6 - - 7 7 6 6 - - 7 7 6 6 - _ 7 7 6 6 6 6 -54 Salt Lake City. 6 -7 6' 7 7 7 6 8 Seattle 6 -7 6 -6 6 -7 6)4-7 6 _7 6 6 Spokane 6 -7 7 7 6 6 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 835 MEMBER BANK CREDIT ALL MEMBER BANES MILLIONS OF DOLLARS MILLIONS OF DOLLARS [In millions of dollars] 10000 10 000 REPORTING MEMBER BANKS Reporting member banks in Memleading cities ber j All Month Other leading boauntk-s I ber New cities side I banks Total York lead- 8000 18000 City Total Chi- ing cago cities Borrowings at Federal ! reserve bank: j 1927-November | 421 276 73 203 11 145 December i 532 388 127 261 21 143 1928—January j 439 315 94 221 2K 124 iSOOO February ! 483 338 78 200 13 125 March. „..! 489 362 75 2S7 25 12? April I 637 488 145 343 35 149 May- ! 826 644 222 422 49 182 June.. -I 1,012 796 271 525 61 216 July I 1,079 854 274 580 80 225 August j !,045 806 223 583 80 239 September ' 1,063 823 266 557 41 240 October j 960 736 202 534 58 224 4000 November 901 681 157 524 67 220 Reserve balances: 1927—November j 2, 400 1,767 768 999 180 634 December j 2,410 1,787 769 1,018 189 623 1928—January 2,436 1,805 781 1,024 193 631 February ( 2.384 1,755 754 1.011 188 620 March | 2,351 1, 733 738 995 181 618 April 2,411 1,789 111 1,012 182 622 2000 L 2000 May 2,395 1.778 767 1,011 187 617 1923 1924 1925 1926 1927 1928 June. 2,364 1,747 749 998 184 617 July... 2,344 1, 730 730 1,000 190 614 REPORTING MEMBER BANKS August 2,289 1.679 705 974 180 610 September 2,325 1, 707 716 991 184 618 October | 2,343 1,714 720 994 179 629 [Monthly averages of weekly figures. In millions of dollars] November j 2, 350 1,721 721 1,000 184 629 Net demand plus I time deposits: Total Loans 1 1 9 9 2 2 7 8 — — D F N J e e a o b n c v r e u e u m a m a ry b r b y e e r r | 3 3 3 3 2 2 2 1 , , , , 1 2 6 7 5 6 4 5 2 3 7 9 2 2 2 2 0 0 0 0 , , , , 2 3 3 6 1 9 9 4 7 7 5 6 6 6 6 6 , , , , 6 5 4 7 0 6 8 3 4 4 5 2 1 1 1 1 3 3 3 3 , . , , 7 9 8 7 3 1 3 9 2 4 3 1 1 1 1 1 , , , , 9 9 9 9 1 3 6 3 9 9 4 1 1 1 1 1 1 1 1 1 , , , , 8 8 7 9 3 2 6 1 2 3 1 1 Month a m l n v o d e e a s n n i t t n - s s - Total j O c t u i n e r s i s - e- o A th l e l r I m nv e e n s ts t- March 32,165 20, 375 6,547 13,828 1,923 11,800 April 32,650 20,686 6,727 13,959 1,944 11, 921 Total: May 32,735 20, 760 6,759 14,001 1,995 11,933 1927—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 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 32,059 19, 999 6,267 13, 732 1,932 *11, 971 March 21,922 15, 323 6,502 8,821 6,599 October 32,241 20,171 6, 358 13,813 1,943 *12,138 April 22,366 15, 758 6,841 8,917 6,608 November 32,515 20, 337 6,472 13,865 1,941 12, 249 May.-. 22, 568 15, 906 6,991 8,915 6.662 Set demand deposits: June 22, 486 15,816 6,873 8.943 6, 670 1927—November 19,180 13,734 5,430 8,304 1,337 5,650 July 22,430 15, S42 6,845 8,997 6,588 December j 19,586 13, 904 5,570 8. 334 1, 298 5,627 August 22,227 15,766 6,704 9,061 6,461 1928—January 39, 719 14,012 5,633 8,378 1, 326 5, 611 September. 22, 288 15, 834 6,729 9,105 6, 454 February- _. _.. 19,182 13, 707 5,471 8,236 1,272 5,476 October 22, 378 15, 981 6, 768 9,193 6,416 March 19,106 13,611 5,467 8,144 1,262 o. 455 November. 22, 494 16,127 6,973 9,154 6, 367 April.... 19,391 13,849 5,607 8,242 1,255 5,486 New York City: May 19,315 13, 794 5,566 8,228 1,281 5,472 1927—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 August.. 18,273 12,943 5,061 7,882 1,230 5,394 February- 7,103 5,111 2,509 2,602 1,992 September 18,691 13,094 5,092 8,002 1,251 *5, 493 March 7,148 5,143 2,423 2,714 2,005 October 18,779 13, 255 5,152 8,103 1,266 *5, 582 April 7,383 5,435 2,655 2,780 1,948 November 19,005 13,413 5,264 8,149 1,268 5,659 May 7,514 5. 539 2,765 2,774 1,975 Time deposits: June 7,399 5,380 2,589 2,791 2,019 1927—November 12,579 6,483 1,055 5,428 622 16,174 July 7,400 5,400 2,601 2,799 2,000 December 12,677 6,491 1,034 5.457 633 16, 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 October 7,253 5,342 2,534 2,808 1,911 March 13,059 6,764 1,080 5,684 661 6,345 November. 7,341 5,436 2,666 2,771 1,905 April.. 13,259 6,837 1,120 5,717 689 6,435 Other leading cities: May 13,420 6,966 L, 193 5,773 714 6,461 1927—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 13,368 6,905 1,175 5, 730 681 *6, 478 March 14, 774 10,180 4,073 6,107 4,594 October 13,462 6,916 1,206 5,710 677 *6, 556 April 14,983 10,323 4,186 6,137 4,660 November 13,511 6,923 1,208 5,715 674 6,590 May 15,054 10,367 4,226 6,141 4,687 June 15,087 '10,436 4,284 6,152 4,651 * Revised. i Corrected. July 15,030 10,442 4,244 6,198 4,588 August 15,039 10,458 4,211 6,246 4,581 NOTE.—All figures in this table are monthly averages of weekly figures September. 15,045 10, 497 4,210 6,287 4,547 except those for deposits of (1) all member banks, and (2) banks outside October... 15,125 10, 619 4,234 6,385 4, 505 leading cities; these are for a single date in the month. See BULLETIN November. 15,153 10, 691 4,307 6,384 4,462 for December. 1927. p. 828. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
836 FEDERAL RESERVE BULLETIN DECEMBER, 1928 BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES [Monthly averages of weekly figures. In millions of dollars] Other leading cities New Total Y C o it r y k Total Boston d P e h lp il h a i - a b P u i r tt g s h - C l an v d e- Chi- L S ou t. is ne M ap i o n- lis K C a i n ty sas F c S i r s a a c n n o - o A th l e l r Doe to banks: 1926—October 1,067 125.8 170.8 48.2 359.7 79.3 50.4 98.4 107.2 November., 1,052 128.3 165.8 45.6 349.2 78.9 52.7 97.0 105.8 December.. 1,078 126.5 163.1 45.1 349.1 79.5 50.8 98.7 107.6 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 March 3,304 1,118 2,186 134. 6 172.5 128.8 54.0 374.1 87.0 53.6 90.3 104.1 988.7 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 82.8 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 2,144 168.7 169.1 125.0 60.3 363.4 81.9 46.5 91.8 108.4 936.8 August 3,313 1,160 2,154 152.1 167.9 128.5 60.4 363.9 7& 6 45.5 91.2 107.4 958.2 September. 3,379 1,177 2,202 141.4 168.6 127.3 61.4 372.0 78.7 57.6 87.9 105.7 1,001.5 October 3,475 1,209 2,266 146.8 172.9 130.8 61.2 376,8 78.9 63.8 83.8 110.1 1.040.8 November . 3,653 1,324 2,330 156.5 173.5 132.9 63.1 368.1 85.3 62.3 83.8 127.9 1.076.1 December.. 3,587 1,282 2,306 150.7 168.0 131.2 59.6 370.0 86.4 58.4 88.1 128.3 1.068.9 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 89.4 117.1 998.1 April 3,463 1,281 2,182 149.8 185.8 118.5 60.2 381.7 77.5 58.5 84.5 114.1 951.4 May 3,320 1,247 2,073 141.2 174.2 112. 2 59.1 357.7 78.6 55.1 82.2 96.6 916.1 June 3,153 1,160 1,993 130.0 162.9 10L8 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 2,042 130.9 162.2 108.9 64.5 352. 3 75.7 53.2 88.6 102.5 903.5 October 3,307 1,195 2.112 136.8 166.8 112.3 63.0 352. 6 77.2 60.2 85.5 101.6 956.1 November.. 3,280 1,187 2,093 138.1 168.2 104.7 61.5 335.2 78.0 56.2 80.3 102.4 968.3 Doe from banks: 1926—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 52.1 638.2 March 1,194 100 1,094 41.0 55.4 43.2 22,3 154.9 29.9 19.8 40.6 54.4 632.5 April.. 1,175 107 1,068 48.2 54.4 36.8 22.9 151.8 28.2 19.8 38.6 50.8 616.7 May 1,166 102 1,064 42.8 53.4 38.4 22.7 173.9 27.3 19.6 33.5 51.3 601.4 June 1,152 95 1,057 45.8 56.4 40.9 24.5 150.6 26.5 19.9 33.4 53.5 605.9 July 1,148 92 1,056 45.9 50.7 36.1 22 9 1483 25.6 21.7 36.0 52.8 616.1 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 A J S N M M J A O u u e p u c o a a n l p t r g v y r y e o i t c u l e . e b h s m m e t r b b e e r r . . 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 1 0 2 1 1 1 1 1 6 2 5 0 7 9 5 3 6 9 3 4 8 7 2 0 5 0 1 1 1 1 1 1 1 1 8 0 2 0 1 1 0 0 0 8 8 3 4 0 5 2 ? 0 1 1 1 1 1 1 1 1 , , , , , . , , 0 0 0 0 0 0 0 1 9 5 6 2 7 4 3 4 0 6 9 9 0 7 8 3 5 1 5 3 4 4 4 3 3 3 3 38 6 1 2 0 7 4 4 7 . . . . . . . 8 5 1 1 6 7 9 8 3 5 5 5 5 5 5 5 5 5 0 7 1 0 3 6 3 7 6 . . . . . . . . 8 5 7 5 6 3 0 5 3 3 3 3 3 3 2 3 3 3 2 2 1 1 3 9 7 6 4 . . . . . . . . . 7 3 0 0 2 3 0 6 9 2 2 2 2 2 2 2 2 2 3 3 2 3 5 3 2 4 4 . . . . . . 7 6 6 9 9 1 4 1 1 1 1 1 1 1 1 1 1 1 5 6 6 7 6 5 6 6 6 0 1 1 9 3 2 5 2 1 . . . . . . . . . 8 4 0 1 7 4 0 6 4 2 2 2 2 2 2 2 2 9 9 7 8 5 5 5 6 . . . . . . . . 9 6 2 6 8 3 3 8 2 1 2 1 1 2 2 2 1 0 9 7 3 9 1 5 4 9 . . . . . . . . . 4 7 7 8 8 0 6 0 1 3 3 3 3 3 3 3 3 1 2 0 0 3 4 5 2 . . . . . . . . 8 4 6 5 5 5 1 8 8 5 4 5 5 5 5 5 5 1 9 8 6 4 5 5 4 3 . . . . . . . . . 8 0 2 5 0 8 8 6 3 6 6 6 5 5 5 5 6 5 1 4 2 4 7 2 9 8 8 4 5 4 2 2 5 7 1 4 . . . . . . . . . 6 6 5 4 2 0 0 9 8 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In millions of dollars] Total outstanding Bankers' acceptancesl Commercial paper • ED3 of month 1925 1926 1927 1928 1925 1926 1927 1928 1925 1928 1927 1928 January ,. 1,655 1,442 1.325 1,635 835 788 774 j.nsa 820 654 551 677 February 1,628 1,422 1,362 1,623 808 767 785 1,056 820 655 577 567 March 1,613 1,414 1,415 1, 655 800 746 809 1,085 813 668 606 570 April 1,558 1,384 1,410 1.642 757 721 811 L,071 801 663 599 571 May 1,456 1,353 1,357 1, 582 680 685 775 L, 041 776 668 582 541 June _. - 1,367 1,274 1,330 1,529 608 622 751 1,026 759 652 579 503 July 1,296 1,255 1,310 1,461 569 600 741 978 727 655 569 483 August 1,277 1,221 1.373 1,410 555 583 782 952 722 638 591 458 September . 1,315 1,226 1,464 1,434 607 614 864 ,004 708 612 600 430 October 1,358 1,275 1,586 1,550 674 682 975 .123 684 593 611 427 November 1,356 1,292 1,632 690 726 1,029 666 566 603 December 1,395 1,281 1,636 774 755 1,081 621 526 555 1 Figures collected and compiled by American Acceptance Council. 1 Paper maturing within 7 months. Figures reported by about 25 dealers to the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
837 DECEMBER, 1928 FEDERAL RESERVE BULLETIN BROKERS' LOANS BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In millions of dollars] On demand and on time On demand On time From From From From private From private From private Date New York banks, > New York banks, New York banks, Total banks and brokers, Total banks and brokers, Total banks and brokers, trust com- foreign trust com- foreign trust com- foreign panies banking panies banking panies banking agencies, agencies, agencies, etc. etc. etc. 1926—Oct. 30.. 3,111 2,667 444 2,289 1,924 365 822 743 78.5 Nov. 30. 3,129 2,636 493 2,330 1,932 397 800 704 95.9 Dec. 31. 3,293 2,804 489 2,542 2,128 414 751 676 75.6 1927—Jan. 31.. 3,139 2,671 469 2,328 1,964 365 810 707 103.9 Feb. 28. 3,256 2,758 499 2,475 2,085 391 781 673 108.4 Mar. 31. 3,290 2,791 500 2,505 2,112 393 785 679 106.6 Apr. 30. 3,341 2,865 476 2,541 2,146 395 800 719 81.4 May 31. 3,458 2,967 490 2,674 2,254 420 784 713 70.5 June 30_ 3,569 3,065 504 2, 757 2,316 441 812 749 63.5 July 30- 3,642 3,145 497 2,765 2,343 421 877 802 75.5 Aug. 31. 3,674 3,170 504 2,746 2,330 415 928 840 88.8 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 2,675 459 958 844 113.4 Dec. 31. 4,433 3,812 621 3,481 2,963 518 952 849 103.4 1928—Jan. 31- 4,420 3,805 615 3,393 2,882 511 L, 027 923 104.2 Feb. 29. 4,323 3,737 585 3,294 2,807 488 L, 028 931 97.7 Mar. 31. 4,640 3,947 693 3,580 3,016 564 L,060 931 128.8 Apr. 30. 4,908 4,246 662 3,739 3,201 537 L, 169 1,045 124.2 May 31. 5,274 4,568 707 4,070 3,455 616 L, 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 L, 070 967 102.5 Aug. 31. 5,051 4,260 791 4,094 3,420 674 958 840 117.3 Sept. 29. 5,514 4,647 860 4,690 3,939 751 824 709 115.6 Oct. 31. 5,880 4,994 886 5,116 4,3fi0 756 764 634 129.9 Nov. 30. 6,392 5,412 979 5,614 4,771 843 777 641 136.1 LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In millions of dollars. Monthly data are averages of weekly figures] Demand and time loans Demand loans Time loans For ac- For ac- For ac- Month or date count of For ac- count of For ac- count of For ac- Total POT own out-of- count of Total 1: or own out-of- count of Total if or own out-of- count of account town others account town others account town others banks banks banks 1926—October 2,698 866 1,106 726 1,97s 549 773 653 723 317 333 72.8 November... 2,615 819 1,048 748 1,911 520 728 663 704 298 320 85.4 December 2,698 887 1,045 766 2,012 596 737 679 686 291 308 87.0 1927—January 2,778 933 1,104 741 2,094 639 799 656 685 295 305 84.8 February 2,733 841 1,127 765 2,069 548 843 678 664 293 284 87.1 March _ 2,816 901 1,091 824 2,154 615 805 734 661 285 286 89.9 April 2,866 929 ]1,131 806 2,190 642 830 718 677 287 301 88.4 May. 2,933 936 1,191 805 2,219 639 861 719 714 297 330 86.4 June 3,115 1,077 ,180 858 2,385 772 851 762 730 306 328 95.8 July 3,096 1,032 1,188 877 2,336 705 857 774 760 327 330 102.9 August 3,181 1,048 ]1,225 908 2,366 726 849 791 815 322 376 116.4 September._. 3,261 1,061 1,285 916 2,463 777 891 795 799 284 394 120.5 October 3,392 1,103 ]1,326 962 2,603 820 942 841 789 283 385 121.4 November.,. 3,441 1,175 ]1,276 990 2,632 879 902 851 809 296 374 138.7 December 3,621 1,282 1,354 985 2,782 948 981 853 839 334 373 132.3 1928—January 3,802 1,342 1,470 990 2,938 992 1,083 863 863 350 387 126.8 February 3,784 1,187 1,500 1,117 2,871 820 1,084 967 913 S47 416 150.6 March 3,761 1,064 L.450 1,247 2,861 741 1,036 1,084 900 323 414 162 9 April 4,092 1,193 L, 617 1,252 3,122 843 1,204 1,075 940 350 413 177.3 May . 4,414 1,272 L,628 1,514 3,368 885 1,198 1,285 1,046 386 431 229.1 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 — 4,239 835 .,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 October 4,701 933 1,720 2,048 4,075 744 1,507 1,825 625 189 213 223.3 November... 5,102 1,105 L, 749 2,248 4,483 895 1,559 2,030 618 210 190 218.0 Nov. 7.. . 4,979 1,064 L 726 2,188 4,368 867 1,530 1,972 611 197 197 216.6 Nov. 14 4,981 994 1.751 2,235 4,347 . 787 1,554 2,006 633 207 197 229.0 Nov. 21 5,157 1,126 i;75i 2,280 4,532 908 1,566 2,058 625 218 185 222.3 Nov. 28 5,290 1,235 1,768 2,287 4,685 1,016 1,586 2,083 605 219 182 204.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
838 FEDERAL RESERVE BULLETIN DECEMBER, 1928 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926 -100] Month m Al o l d c it o i m es - pr F o a d r u m cts l H e a a i n t d h d e e s r p T ro e d x u ti c le ts F li u g e h l t i a n n g d M m a e e n t t d a a l l s i j ! m B a u t i e ld ri i a n l g s I j |c C al b s e a m n i d - ! j f H ur c n u i s s e h - - l M an i e sc o e u l s - c N c o u o m l n t m u ag r o a r d l i- products products drugs I ing goods ities 1927—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... 98.5 105.9 96.5 112.5 98. fi 84.2 97.6 92.1 96.4 98.6 89.2 94.0 October 97,0 105. 0 100.0 113.0 98.4 83.8 97.1 91.6 97.1 ! 98,5 88.3 94.8 November.— 96.7 104.3 101.5 114.3 87.5 82.9 97.0 90.2 97.4 j 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 I 89.0 94.8 1928—January 96.3 106.1 98,5 121.0 96.7 80.8 98.1 90.8 96.3 I 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. S 98.4 81.0 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 I Otf. 7 100.3 123.7 96.3 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 September.. 100.1 108.8 106.9 120. 7 95.6 85.1 100.5 94.7 95.1 I 97.2 79.7 97.8 October 97.8 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 96.4 * New index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM » SECURITY PRICES August, 1909-July, 1914-100] Common stocks 1 (1926=100) Bonds: Month 30 m i t c o i o e d s m - * Grains t F v a a e r b n u g 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 t s y r - y c C o s a o e t n t t e t o d d o n n - c U f la ie n s d s - i- 19 M 27 o — nt A h u o g r u s w t eek co s m t 3 o 1 b 9 c 2 i 4 k n 2 s e .0 d ; ! ! ! i t n r 3 d i 1 2 a u 1 5 l 2 s s - .3 33 1 r 2 a 3 il . s 1 u p t u il 3 1 b i 6 1 t l i 8 i e c .5 s 4 A p 0 r v i i e c s r 9 e s a 7 u o g . e 7 f e s 6 September.. 127.7 i 128.9 125.2 124.1 98.00 October 126.7 I 127.5 124.3 124.5 November.. 129.6 ! 131.3 124.9 125.6 Augu 19 s 2 t 7 132 138 172 136 127 136 81 1928— D Ja e n c u e a m ry ber. __ 1 1 3 3 4 3 . . 4 1 ! 1 13 3 7 5 . . 4 5 1 12 2 5 6 . . 3 8 1 1 2 2 7 9 . . 2 5 9 9 9 9 . . 2 3 5 5 September. 140 134 145 142 137 179 87 February 132.3 ! 134.8 121.6 130.9 99.31 October 139 128 138 145 146 169 83 March 137.9 ! 141.1 125.9 134.4 99.20 November.. 137 120 136 141 153 162 86 April 145.9 i 149.5 130.7 142.5 99.18 December.. 137 123 141 138 158 153 90 May 152.1 154.9 133.2 155.3 98.79 June 145.3 i 148.2 126.7 148.1 97.38 1928 July 144.2 147.8 124.6 145.3 96.56 January . 137 ! 125 144 138 154 152 91 August 148.3 ! 152.6 126.5 147.9 95.82 February... 135 128 153 139 144 141 90 September.. 156.1 161.6 129.7 155.2 96.47 March.... 137 136 174 139 187 147 89 October j 159.1 166.2 128.2 154. 5 96.58 M Ap a r v il 1 1 4 4 8 0 1 1 4 6 4 0 1 1 8 7 1 9 1 1 4 5 2 1 1 1 3 3 4 4 1 1 5 6 4 6 8 8 5 6 Week N en o d v in e g m — be r..! | 169.2 177.1 133.7 165.5 96.90 J J A u u u l n y g e ust 1 1 1 4 4 3 5 5 9 1 1 1 5 2 4 2 0 2 1 1 1 3 5 6 7 6 8 1 1 1 5 6 5 0 2 7 1 1 1 3 3 3 4 6 2 1 1 1 6 7 5 2 0 3 8 8 8 8 7 7 N N N o o o v v v . . . 3 1 1 0 7 J i ! 1 1 1 7 6 6 2 6 2 . . . 4 8 1 1 1 1 7 8 6 4 0 9 . . . 5 0 7 1 1 1 3 3 2 5 2 8 . . . 7 9 8 1 1 1 6 7 5 2 1 7 . . . 9 5 8 9 9 96 6 7 . . 8 0 9 2 1 5 September- 141 117 127 174 145 142 85 Nov. 24 i 175.3 ; 184.2 137.2 169.9 96.83 October 137 116 114 160 150 147 83 November. 134 110 109 150 155 146 86 i Index of common stock market values (revised series) computed by Standard Statistics Co. from closing prices on Friday. »Index numbers of Department of Agriculture, FOREIGN CAPITAL ISSUES DOMESTIC CAPITAL ISSUES [In millions of dollars] [In millions of dollars] January-Octobei October, January-October 1928 October, Class of issue 1928 1927 1928 Class of issue 1928 1927 Gov- Cor- Gov- Cor- Gov- Corern- po- ern- po- ern- po- Re- Re- Re- ment rate ment rate ment rate New fund- New fund- New funding ing ing Total.. 59.4 25.2 775.8 527.8 867.5 491.1 Total. 650.6 49.5 4,849. 91, 456. 3 5,104.11,497. 8 New issue 48.7 18.3 663.3 397.0 757.9 436 1 Europe _ 6.6 7.7 288.1 210.6 282.9 194.0 Corporate issues 554.0 48.3 3, 752. 7 1, 435. 8 3, 806.11, 381. 7 Canada and Newfound- Bonds and notes- land . 3.2 7.1 39.7 87.5 102.0 85.6 Long-term 192.2 1122.. 2211,, 772233.. 99 997722.. 55l2l, 490. 5 1,087. 3 Latin America 19.1 2.3 252.9 25.3 252.6 63.6 Short-term 6.2 1100.00 116633.55 44883.3 1188664. 4 77227.7 United States insular Stocks 355.6 26.11,886655..33;; 415.01,129.2 221.8 possessions . 6.2 5.4 17.3 Farm-loan issues 44400..099!! 9 !- 8 648866..44 92.8 Miscellaneous 19.9 1.2 76.4 73.6 114.8 75.6 Municipal issues 95.8? 1.21,056.3' 20.5 1,211.7\ 23.2 Refunding issues. 10.7 6.9 112.5 130.8 109.6 54.9 Total new and re- Total Government and funding 700.1 6, 306. 2 6,602.0 corporate 84 6 1,333. 5 1, 358. 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBEK, 1028 FEDERAL RESERVE BULLETIN 839 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Buildingcontraets Wholesale dis- Department- Department- Year and month p I r t n t o i r o d d i n a u u l s c i - - P t t m u i r o f o r a a n e d c n s u - u o c l - f - P m t r i a o o i l n n d s e u o * r c f - - e F m a m c p e t l o n o r t y y - Fa r p c o a t l o l y s ry Un a a w d- arded A J d- F i l r n o c e a g a i d g r s1 - ht Un t a r d ib - utio A n d- Un s a to d r - e sale A s d l - U s n to ad re - stock A s d i justed justed justed justed justed justed justed justed Mo. av. 1923-1925*100 Mo. av.1919=100 Monthly average 1923-1925--»100 ANNUAL INDEX 1919 83 84 77 100 100 64 84 no 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 1G1 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 June 85 84 92 93 100 101 91 92 82 91 94 100 97 100 July 83 82 92 89 92 87 84 92 86 93 72 96 93 100 August- 89 88 92 89 96 89 85 95 105 95 74 95 96 100 September 94 93 97 91 99 87 90 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, l 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 06 102 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 1928 January 106 109 92 96 107 111 146 102 M 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 97 103 103 •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 94 124 110 114 103 November 108 108 118 95 109 119 130 108 97 98 121 106 117 104 D ecember 105 103 119 94 108 131 136 106 84 95 184 110 96 102 1927 January 107 105 116 92 102 94 123 105 86 94 89 106 92 103 February -. 109 107 118 94 109 96 131 91 95 83 107 97 102 March 111 110 118 94 110 151 131 109 103 96 100 105 106 103 A pril 108 109 104 93 108 147 128 108 80 93 111 105 106 102 May 111 111 108 93 108 135 126 107 88 95 102 103 103 101 June 103 108 104 92 106 154 144 104 87 93 101 103 97 100 July 106 100 91 101 \?.o 128 101 88 95 75 104 94 101 A ugu st „ 107 107 106 91 104 135 119 104 111 100 89 111 97 101 September 105 105 105 92 104 127 121 104 112 96 100 108 107 103 October._ 103 102 105 92 105 137 137 101 lOfi 91 119 106 113 103 November 99 98 101 90 101 114 125 96 93 122 107 116 103 December 99 99 103 89 102 116 121 94 82 93 186 111 96 102 1928 January 106 106 103 88 m 104 137 100 8? 94 m 106 91 102 February 109 110 103 89 104 113 155 102 93 97 85 in* 97 102 March.,. _ . 109 110 105 90 105 144 125 103 99 93 103 105 103 100 April 109 110 103 89 103 157 136 104 86 89 102 104 104 100 May __ 109 110 105 89 104 163 152 106 89 107 104 101 99 June . . 108 11.0 99 90 104 158 148 102 84 89 M04 105 95 98 July. . 109 111 101 88 100 142 139 102 87 93 78 108 92 99 August 112 *113 105 90 104 126 111 104 109 98 85 106 96 100 September __ *114 116 108 91 105 143 136 106 109 94 106 120 101 98 October 114 114 114 92 109 145 145 106 111 95 123 105 110 100 1 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 arid without seasonal adjustments. 2 Corrected. • He vised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
840 FEDERAL RESERVE BULLETIN DECEMBER, 1928 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION PRODUCTION OF [Index numbers, adjusted for seasonal variations MANUFACTURES AND MINERALS 1923-1925 average—100] Month 1922 1923 1924 1925 1926 1927 1928 January 73 100 100 105 106 107 106 February 76 .100 102 105 107 109 109 March 80 103 100 104 107 111 109 too April _... 77 107 95 103 107 109 109 May 81 107 89 103 106 111 109 June 86 105 85 102 107 108 108 July 86 103 83 103 107 106 109 August 84 102 89 103 111 107 112 80 80 September 88 100 94 102 112 105 *114 October. 94 99 94 105 111 103 114 November 97 97 97 106 108 99 December 100 96 101 108 105 99 Annual index. 85 101 95 104 108 106 60 60 192A- 1925 1926 1927 1928 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Year and month Total s I a r t n e o e d n l Textiles p F u r o c o o t d s d - p P r a i a n n p t d e in r g Lumber m A o u b t i o le - s L s e a h a n o t d h es er a C n b e d r m i g c e k la n , s t s , f m e N r e r o t o a n u l - s s re P l f e e i u n tr m i o n - g R t u i b re b s er T f m a o c a b tu n a r u c e c - s o ] 1927 June. 109 105 121 102 112 105 109 108 134 131 116 July— 107 103 118 96 114 113 111 106 136 124 109 August 107 102 119 97 112 112 115 108 136 119 119 September 106 98 118 93 113 113 113 107 139 113 123 October 102 94 113 94 112 108 108 106 142 116 121 November 88 112 94 110 97 107 106 140 117 122 December 93 105 95 113 105 111 137 110 113 1928 January 106 110 106 102 116 92 111 101 135 124 118 February 110 115 107 110 117 103 103 115 109 139 139 118 March 110 114 106 105 118 114 102 109 107 141 135 119 April. 110 125 101 97 119 110 97 108 110 147 131 119 May 110 117 107 96 121 108 96 113 111 150 134 120 June 110 112 109 93 117 119 107 112 115 153 145 126 July... 111 121 100 89 117 120 112 117 112 155 155 125 August •113 121 109 91 117 133 112 124 116 160 154 131 September..*. 116 127 108 97 118 139 111 126 118 162 *165 129 October 114 125 111 99 117 120 106 119 120 160 166 127 *Revised. INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Year and month Total n B o i u t s u m co i a - l Ant c h o r a a l cite C tr r o ud le e u m pe- sh Ir ip on m -o en re ts Copper Zinc Lead Silver 1927 June 104 90 101 120 101 105 114 112 93 July 100 87 74 124 99 101 109 116 94 August . 106 92 106 123 99 101 114 112 94 September 104 92 99 124 87 104 111 111 90 October 105 90 106 124 95 102 110 105 91 November 101 85 105 124 49 106 107 110 100 December., _ 103 87 91 124 105 109 109 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 95 123 105 116 121 107 87 September 108 94 95 125 109 121 114 115 79 October 114 99 119 128 115 128 110 108 81 NOTE,—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The eombined 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 meth» ods of construction were described and monthly indexes for the above groups were published in the BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 841 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES October, Septem- October, October, Septem- October, 1928 ber, 1928 1927 1928 ber, 1928 1927 Iron and steel: Leather and products: Pig iron 111 105 91 Leather, tanning— Steel ingots 127 130 94 Sole leather i 103 107 99 Textiles: Upper leather- Cotton consumption ___ 114 108 120 Cattle 69 71 81 Wool- Calf and kip 103 99 114 Consumption __ 95 95 Goat and kid 128 150 128 Machinery activity * 84 93 Boots and shoes... 107 113 111 Carpet and rug loom activity L_ 87 87 Stone, clay, and glass: Silk- Cement 117 123 115 Deliveries 137 145 140 Face brick _. 114 131 107 Loom activity l 128 117 107 Plate glass 123 127 106 Food products: Nonferrous metals: Slaughtering and meat packing— Copper. 128 119 106 Hogs.. ___ -. 98 81 Lead 109 •115 105 Cattle _ 80 92 93 Zinc — 110 114 110 Calves _ 91 93 96 Tin* 115 121 104 Sheep... 130 125 115 Chemicals and allied products: Flour __ 95 94 96 Petroleum refining— Sugar meltings 129 127 118 Gasoline l 186 188 162 Paper and printing: Kerosene 99 103 94 Wood pulp and paper- Fuel oill - 135 139 124 Newsprint 93 90 90 Lubricating oil1 124 122 115 Book paper 124 123 107 Coke production- Fine paper 113 114 115 By-product 134 132 122 Wrapping paper 104 *100 104 Beehive 39 37 40 Paper board _ 118 123 116 Rubber tires and tubes: Wood pulp, mechanical 98 106 94 Tires, pneumatic... 173 *171 121 Wood pulp, chemical 109 112 106 Inner tubes 110 119 85 Paper boxes 127 146 127 Tobacco products: Newsprint consumption _ 130 124 Cigars 107 104 108 Lumber: Cigarettes 147 152 135 Lumber, cut 77 *78 • 93 Manufactured tobacco and snuff. 93 93 95 Flooring 119 126 102 Transportation equipment: Automobiles 120 139 70 Locomotives 23 49 Shipbuilding 85 117 * Without seasonal adjustment. * Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Metals and products Textiles and products L b u e m r - Rail- Paper Foods Leather Stone, To- C i h ca e l m s - Month Total Group s I a r t n e o e d n l Group Fabrics P u r c o t d s - p u a r n c o t d d s - v r c o e l h a e d s i- m A o u b t i o le - s p a r in i n n g d t- p u a r c n o t d d s - p u a r c n o t d d s - c g a l l n a a d s y s , b p u a r c o c t c d s o - p u a r n c o t d d s - Employment: 1927—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 84.6 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 September- 91.2 87.2 87.2 86.8 87.0 86.6 89.6 71.2 154.2 106.7 86.8 83.1 114.6 80.6 77.0 October 92.0 88.2 88.2 89.4 90.8 87.6 89.5 70.6 152.1 108.1 88.7 81.8 112.1 82.6 78.4 Pay rolls: 1927—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 90.5 105.7 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 104.9 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 94.1 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 September 105.0 94.3 93.5 94.4 93.3 95.7 102.6 75.7 185.8 146.8 103.4 87.2 139.6 85.4 105. 7 October. .. 109.3 99.6 98.7 100.5 100.5 100.6 105.5 80.2 193.3 149. 6 105.6 84.0 140.8 87.6 112.3 NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668,cf BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
842 FEDERAL RESERVE BULLETIN DECEMBER, 1928 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925-100] Without seasonal With seasonai adjustment adjustment Month 1925 1926 1927 1928 1925 1926 1927 1928 January. __„_. 75 111 94 104 101 146 123 137 February . 76 106 96 113 104 145 131 155 March . . 120 146 151 144 107 128 131 125 April 138 139 147 157 112 120 128 136 May 124 134 135 163 115 125 126 152 June .. 137 133 154 158 125 125 144 143 July . 133 126 130 142 128 124 128 139 August.. ._ 149 148 135 126 135 131 119 111 N S O e o c p t v o t e e b m m er b b e e r r 1 1 1 2 3 1 9 8 6 1 1 1 2 1 3 6 9 7 1 1 1 1 3 2 4 7 7 *1 1 1 4 1 4 5 5 3 1 1 1 2 3 2 9 5 7 1 1 1 3 2 3 0 6 0 1 1 1 2 3 2 1 7 5 *1 1 1 4 3 2 5 6 6 W W i i t t t h o S u e t a s A on d a ju l' s t A m c e f/ n u t st/ne/it December 129 131 116 138 136 121 I I Jo 1924- 1925 1926 1927 1928 •Ee vised. BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Total New Phila- Cleve- Rich- Minne- Kansas Boston York delphia land mond Atlanta Chicago St. Louis apolis City Dallas 1927 September.. 521,611 32,863 107,448 40,174 65,235 57,464 30,917 106,296 32,573 8,038 22,253 18,350 October 562,816 27,486 169,299 34,211 49,315 29,553 26,023 141, 523 41,405 9,305 19,317 15,379 November.. 466,393 40,070 132,481 30,138 39,136 24, 811 39,151 84,182 27,793 7,138 16, 516 24,9Z7 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 21,826 140,227 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 650,466 38,519 178,448 48,698 69,605 46, 227 28,600 128,607 44,225 11,042 28,070 28,426 July 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, 370 129, 524 33, 967 50,408 30.172 28, 548 ] 08, 306 40, 706 12,944 26,177 19. 847 September.. 587, 674 69, 918 156, 588 45, 634 67, 748 39, 843 25, 989 99,176 33, 241 9,213 22,611 17. 715 October 597,104 39, 521 189, 696 48,098 57,118 40,329 36,097 j110,795 32,409 12,645 15,699 16, 697 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS Public [Value of permits in thousands of dollars] Month d R en e t s i i a - l In tr d ia u l s- m C e o rc m ia - 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 th l e l r Number October, Septem- October, utilities Federal reserve district of cities 1928 ber, 1928 1927 1927 September. 202,877 48,546 59,617 126,230 29,244 55,097 United States. 168 235,548 217, 626 232,308 N D Oc e o 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 , , , 5 9 2 6 6 8 2 3 1 5 2 5 9 2 0 , , , 9 8 7 8 9 1 9 0 2 7 43 9 , , 7 5 2 2 0 1 1 9 7 0 2 6 8 , , , 6 0 2 5 8 1 7 9 0 2 3 3 3 1 0 , , , 7 2 1 4 4 7 1 8 0 3 4 5 7 7 0 , , , 2 1 4 5 8 4 6 9 2 B N Ph o e i s w l t a o d n Y el o p r h k i . a . . . . , 2 1 1 2 4 4 7 1 1 2 0 1 , , , 3 4 7 8 5 3 4 7 7 7 1 8 2 1 , , , 4 0 1 5 3 0 6 0 8 8 1 8 4 2 , , , 4 3 0 2 2 1 3 1 8 1928 Cleveland—.. 12 16, 738 15, 624 16, 893 January 193,189 37,970 68,852 72,039 23,369 31,750 February.. 238,985 34,881 57,695 59,980 18,651 55,139 Richmond 15 8,278 13, 226 6,574 March 275,192 48,804 73, 075 110,338 33,881 51,277 Atlanta 15 8,370 8,289 8,401 April. 276, 586 85,093 82, 758 117,401 32, 885 48,413 Chicago 19 54,157 42,857 48, 348 May 288,826 37,146 91,200 150,223 47,851 52,851 St. Louis 5 6,631 6,087 5,709 June 258,084 63,537 93,942 130,852 46,135 57,917 July 228, 703 31,400 95,697 137,075 36,926 53,632 Minneapolis.. 5,269 4,421 2,593 August 213,705 42,607 58,911 118,890 35,713 47,144 Kansas City.. 9,122 8,021 9,361 September. 202,807 114, 780 60,068 119, 014 38,801 52, 205 Dallas-- 6,681 5,620 5,772 October 239, 692 62, 259 67,330 148, 697 31, 293 47,833 San Francisco. 25, 724 21, 907 23, 894 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
843 DECEMBER, 1928 FEDERAL RESERVE BULLETIN TRADE AND DISTRIBUTION FKEIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925=100] Merchan- Month Total G p g a r r r n o a a d i d i n n - L st i o v c e k - Coal F p u o r c o re t d s s - t m 1 d a . i s n i c s c d . e e l 1 - . ucts laneous 1927—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 01 96 93 106 March 103 116 196 96 89 108 April 104 109 89 99 85 10S May 106 102 88 101 90 110 June 102 89 86 90 88 107 July 102 109 80 88 89 109 August 104 102 82 96 92 111 September 106 109 93 102 91 111 October _ 106 106 92 102 92 111 50 1924 1925 1926 1927 1S28 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 1P25 1926 1927 1928 1923 1824 1625 1926 1927 1928 Januar 7 102 103 102 102 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 95 99 99 95 96 94 87 90 SI 88 89 June 102 91 100 99 93 89 92 82 91 91 87 84 July- . . . 101 93 102 97 95 93 92 86 94 91 88 87 August. 103 95 101 97 100 98 115 305 113 10? 111 109 September 99 101 100 100 96 94 115 118 117 117 112 109 October. _ _. 103 99 105 94 91 95 123 118 124 111 106 111 November 100 99 100 98 95 100 97 99 97 93 December 95 101 98 95 93 82 88 89 84 82 Annual average 101 98 101 98 95 j SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE With seasonal adjustment Without seasonal adjustment Month c G er r i o e - s Meats g D oo ry ds M cl i o n e t 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 s h- - s B 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 September- 94 109 91 92 66 104 99 114 103 102 117 113 140 95 127 106 122 117 October 90 109 86 8.1 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 97 108 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 93 110 96 85 108 89 128 88 87 82 101 96 March 97 109 83 94 55 96 91 110 95 95 105 87 131 89 111 95 121 107 April 93 112 78 57 94 87 111 87 88 105 70 75 53 99 89 113 88 May__ 99 109 86 96 62 113 94 117 92 96 109 ' 75 57 35 114 97 110 87 June 94 112 79 76 49 82 92 110 95 97 114 71 39 21 77 95 103 83 July 91 111 80 79 83 123 91 107 95 92 113 74 68 46 98 90 102 78 August 100 116 90 90 68 109 95 117 106 101 118 110 148 92 119 96 115 108 September.. 92 122 84 89 62 90 92 112 112 100 130 105 137 88 110 100 119 126 October 95 111 85 99 62 87 97 116 110 107 124 99 123 100 108 108 134 131 NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes from January, 1919, to October, 1927, were published in the BULLETIN for December, 1927, pp. 817-828. Indexes of sales of furniture revised in May, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
844 FEDERAL RESERVE BULLETIN DECEMBER, 1928 DEPARTMENT STORES: SALES AND STOCKS. BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1923-1925»100] Federal Reserve District United Month States Bos- New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas Dal- San ton York delphia land mond lanta cago Louis apolis City» las Francisco Sales (unadjusted): 1927—June 101 110 109 97 99 100 99 107 93 91 86 95 95 July _ 75 74 74 65 78 72 76 82 68 75 68 69 89 August -. 89 84 84 73 93 80 86 99 90 92 83 80 114 September 100 99 106 83 95 91 97 114 97 93 96 105 111 October 119 115 128 109 113 121 128 119 127 109 106 125 119 1928—June 104 111 112 95 100 102 98 114 94 84 84 98 101 July 78 75 77 64 78 75 77 91 73 68 71 71 92 August 85 78 78 65 85 78 86 101 83 80 85 80 116 September __ __ 106 97 110 88 101 96 98 135 1 07 96 102 112 113 October 123 119 135 114 112 125 123 133 119 88 110 125 129 Sales (adjusted) : 1927—June 103 105 111 96 99 99 105 107 98 91 99 103 July 104 105 108 96 107 103 105 112 100 97 100 111 August 111 112 119 100 110 111 110 120 117 103 110 116 September.. ._ 108 110 117 98 102 103 107 114 96 95 102 120 October 106 104 108 98 102 105 106 109 110 99 106 112 1928—June 105 106 114 94 100 101 104 115 99 84 103 109 July. 108 107 112 95 106 107 106 124 108 89 103 116 August 106 104 111 89 101 109 110 123 108 89 110 119 September.. _ 120 114 127 108 114 114 112 141 110 102 113 127 October 105 103 110 99 97 104 98 117 99 77 102 116 Stocks (unadjusted): 1927—June 97 99 98 92 98 98 92 95 97 84 104 83 103 July 94 95 95 89 93 94 91 93 95 83 101 79 101 August 97 95 99 91 97 93 96 99 97 87 116 88 103 September _ 107 106 109 101 107 107 107 108 108 94 123 96 108 October „ 113 113 116 111 112 118 112 114 112 97 129 97 113 1928—June „ - 95 97 99 87 94 95 96 96 91 79 108 76 103 July 92 91 96 85 91 91 93 94 87 78 106 72 101 August 96 91 100 86 95 92 95 102 93 80 118 83 104 September.. 101 98 106 92 100 102 104 109 98 84 123 88 106 October ._ __ 110 108 117 101 108 116 109 120 104 87 129 92 112 Stocks (adjusted): 1927—June .._ 100 103 103 97 99 102 97 100 101 87 89 10<J July 101 104 104 97 100 10' 99 101 101 88 85 105 August 101 102 105 97 IOI 101 98 100 97 88 86 104 September 103 102 103 97 103 102 101 102 102 90 88 104 October _ 103 102 104 100 102 104 101 103 101 88 88 105 1928—June . .. .. „ 98 101 103 91 95 99 101 101 95 81 81 106 July_ , 99 100 105 93 98 100 101 102 93 83 78 105 August 100 98 106 92 98 100 97 103 93 80 81 105 September 98 94 101 88 96 97 98 102 93 80 81 102 October 100 97 106 92 98 101 98 108 94 79 83 104 i Monthly average in 1925=100. NOTE.—For description of indexes given in this table see BULLETIN for February, 1928. SALES OF CHAIN STORES AND MAIL-ORDER HOUSES » [Index numbers of sales. Monthly average 1923-1925=100] Number of stores Sales without seasonal adjustment Sales with seasonal adjustment Number of rep f o i r r t m in s g Oc 1 t 9 o 2 b 8 er, b S e e r p , te 1 m 92 - 8 Oc 1 t 9 o 2 b 7 er, Oc 1 t 9 o 2 b 8 er, b S e e r p , t 1 e 9 m 28 - s Oc 1 t 9 o 2 b 7 er, Oc 1 t 9 o 2 b 8 er, b S e e r, p t 1 e 9 m 28 - « Oc 1 t 9 o 2 b 7 er. Chains: Grocery 29.809 29,154 228 200 190 216 222 187 5-and-10-cent__ 3,164 3,126 2.908 163 144 153 148 165 144 Apparel 1,265 1,247 1,073 289 246 250 213 248 191 Drag 1,047 1,020 898 169 164 151 164 177 1/52 Cigar 3,634 3,608 3,461 107 105 111 102 111 109 Shoe— 681 674 618 126 131 121 113 146 112 Candy 310 267 134 122 124 127 127 122 Mail-order houses. 0) 0) C1) •183 »143 "147 »140 U54 •117 1 It is to be noted that some of the reporting mail-order houses have been establishing throughout the country during recent years an increasing number of branch stores in which sales are made "over the counter." Changes in the volume of sales by these firms, therefore, no longer measure changes in sales through the mails. * Figures corrected. 1 Including sales made through branch stores. NOTE.—For description of indexes given in this table sea BULLETIN for April, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
845 DECEMBER, 1928 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS. BY CLASS OF BANE COMMERCIAL FAILURES. BY CLASS OF ENTERPRISE » [Amounts in thousands of dollars) [Amounts in thousands of dollars] Nonmember Number Liabilities All banks Member banks banks Month N b u e m r - p T o d o s e t i - a ts l Num- posits N b u e m r - p T o d o s e t i - a ts l Month Total f M a i c a n t n u g u r- - " A br g e o e t k c n . e ts n , ,Total f M a i c a n t n u g u r- T i r n a g d- A br g e o t e k c n e . t r s s , , :L927 1927 July 12,162 2,638 9,524 January 2,465 501 1,842 122 51,200 19,996 24,530 6,764 August.,.. 17,364 8,881 8,483 February. 2,035 411 1,508 116 46,941 10, 51823,406 13,017 September 1,257 7,731 March 2,143 569 1,468 106 57,891 22,368 28,191 7,332 October 11,542 3,729 7,813 April 1,968 492 1,342 134 53,156 25,278 22,308 5,570 November 11,210 3,105 8,105 May 1,852 444 1,292 116 37.785 13,802 19,978 4,005 December 8,476 1,310 7,166 June 1,833 427 1,310 96 34,465 13,587 17,856 3,022 July 1,756 448 1,187 121 43,150 16,743 16,832 9,57* Total, 12 months. 193,891 124 538 127,555 August 1,708 438 1,174 96 39,196 14,921 14,702 9,673 September 1,573 389 1,083 101 32.786 15,349 12,052 5,386 J F a e n b u r a u r a y ry 1928 1 2 2 0 , , 7 7 2 6 1 7 1 3 0 , , 4 0 5 8 6 2 10 9 , , 2 6 6 8 5 5 N O o c v to e b m e b r e .. r . 2 1 1 , , , 8 7 1 6 8 6 4 7 2 4 4 5 8 7 9 8 8 7 1 1 1 , , , 2 1 4 7 7 3 6 0 0 1 1 1 2 3 1 9 5 0 3 3 5 6 6 1 , , , 2 1 0 3 4 6 6 7 2 2 1 1 9 7 2 , , , 0 1 7 2 3 8 4 4 6 1 1 16 6 4 , , , 7 9 6 3 4 5 3 9 7 4 6 5 , , , 4 4 3 1 4 0 2 5 5 March 19,443 4,373 15,070 December- A M p a r y il 9 6 , , 9 9 1 6 0 8 3 2 , , 3 2 6 8 1 7 4 6 , , 6 5 8 4 1 9 Total..- 23,146 5,682 16, 1,382 520,105211,506 228,194 80,405 June 15,209 1,699 13,510 1928 S J A O u e u c p l t g y t o e u . b m s e t r ber 8 6 9 6 , , , , 1 8 0 9 3 4 7 2 4 9 6 7 3 2 1 , , , 8 4 4 1 0 6 9 5 8 6 3 4 4 5 5 7 , , , , 0 4 6 9 4 3 0 8 3 4 8 0 J A M F a e p n a b r u r i r c l a u h r a y r ._ y _ . 2 2 2 1 , , , , 2 8 1 6 1 3 7 4 8 6 6 3 4 5 4 5 4 6 3 5 6 8 2 3 1 1 , , < , 5 9 5 2 8 4 6 7 1 6 6 6 1 1 1 1 2 4 2 1 4 4 7 0 4 6 4 3 4 5 7 7 , , , , 0 8 6 9 7 1 3 8 1 4 4 5 2 1 1 1 0 2 6 4 , , , , 4 2 8 7 1 3 7 5 2 6 0 1 2 2 2 1 6 6 4 6 , , , , 4 1 9 0 4 8 5 4 6 6 2 9 8 6 7 5 , , , 3 3 7 2 1 6 0 1 8 8 0 6 May 2,008 470 1,407 131 36,117 14,230 18,900 2,987 Tots.1,10 months. 371 116,004 54 33,179 317 82,825 June 1,947 513 ,325 109 29,827 12,723 13,781 3,324 July 1,723 450 , 161 112 29,587 12,932 12,899 3,755 August 1,852 493 ,241 118 58,202 16,877 19,096 22,229 September 1,635 454 •,073 108 33,957 14,727 13, 567 5,662 BANK SUSPENSIONSi IN OCTOBER, 1928, BY DISTRICTS October... 2,023 528 126 34,990 13,490 17,268 4,232 Total, 10 [Amounts in thousands of dollars] months _20,061 4,907 13,945 1,209 408,184 149,250 189,145 69,790 Member Nonmember All banks banks' banks COMMERCIAL FAILURES. BY DISTRICTS i Federal reserve district [Amounts in thousands of dollars] Num- Total Num- Total Num- Total ber deposits* ber deposits1 ber deposits' Number Liabilities Boston New Yors Federal reserve Philadelphia.. district Octo- Sep- Octo- Octo- Sep- Octo- C R l i e c v h e m la o n n d d 3, 2 7 5 9 9 5 772 3,0 2 2 5 3 9 b 19 e 2 r 8 , tem 19 b 2 e 8 r, b 19 e 2 r, 7 1 b 9 e 2 r 8 , tem 19 b 2 e 8 r, 1 b 9 e 2 r 7 , Atlanta 2,412 2,412 Chicago 693 217 476 St. Louis. 827 165 662 Boston 217 169 175 4,592 5,843 3,396 Minneapolis _ _ 1,111 1,111 New York 412 297 276 9,609 9, 510 9,502 S D K a a a n n l l s a F a s r s . a _ n C _ c . i i t s y c o ._ . (4) 37 0) 37 C P R h l i e c i v l h a e m d la e o n l n p d d hia- 1 1 10 6 1 6 2 3 1 1 6 5 1 6 9 9 1 1 5 7 0 1 5 4 2 2 1 , , ,6 7 3 3 1 5 4 3 9 2 3 2 , , , 7 3 7 1 3 0 6 6 1 7 1 , , 0 7 9 6 1 5 2 0 3 Atlanta. 131 111 101 1,966 1,788 902 Total... 9,134 1,154 35 Chicago 285 224 264 6,113 3,246 4,857 St. Louis 93 85 63 1,075 1,010 1,345 Minneapolis.-.. 74 67 678 406 660 i Banks closed to the public by order of supervisory authorities or byKansas City... 81 71 963 839 1,704 th 1 e I d n i c re lu c d to e r s s 2 o f n t a h ti e o n b a a l n k b s a n o k n s a w cc it o h u n d t e p o o f s f i i t n s a o n f c $ i 3 a 8 l 2 d ,0 if 0 fi 0 c u a l n ti d es 1 . State mem-S D a a n ll a F s rancisco.. 28 6 4 5 22 4 6 1 353 2,4 8 3 5 1 7 2,0 5 2 3 9 3 3,5 5 9 5 1 5 ber bank with deposits of $772,000. • Figures represent deposits for the latest available date prior to the Total 2,023 1,635 1,787 34, 990 33,957 36, 236 suspensions and are subject to revision when information for the dates of suspension becomes available. * Deposit figures not available. i Figures furnished by R. G. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
846 FEDERAL RESERVE BULLETIN DECEMBER, 1928 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [District figures derived from November estimates, by States, made by the Department of Agriculture] (In thousands of units) Corn Oats Spring wheat Federal reserve district Y 1 i 9 e 2 ld 7 , na P r 1 r y , e , l 1 N i 9 m 2 o i 8 - v. Y 1 i 9 e 2 ld 7 , na P 1 r r , y e 1 , l 9 N i 2 m 8 o i- v i . Y 1 i 9 e 2 ld 7 , n P a 1 r r , y e 1 , l 9 i 2 N m 8 o i- i v. Bushels Bushels Bushels Bushels Bushels ! Bushels Boston 8,493 9,602 9,215 8,891 92 95 New York.... 26,394 29,160 36, 636 35, 230 222 Philadelphia _ 45,929 47, 638 24,844 21,427 110 85 Cleveland 150, 323 179, 084 78, 362 108, 286 114 164 Richmond-... 163,763 140, 201 26,104 22,849 Atlanta 184,477 151,473 14, 282 10, 600 Chicago 787,986 1,033,317 454,805 616,324 5,304 6,812 St. Louis 342, 426 383,059 40, 547 68,403 509 723 Minneapolis. _ 304,986 281, 371 283,709 323, 499 253, 804 261, 580 Kansas City._ 612,497 512,243 138,400 164,988 12, 713 15, 759 Dallas 134,968 117,448 43, 807 38, 029 143 188 San Francisco. 11, 476 10, 853 33,435 34,420 46, 296 39, 651 Total.. . 2,773,708 2,895,449 1,184,146 1,452, 319, 307 325, 266 Tame hay Tobacco White potatoes Cotton I Federal reserve district Yield, na P r r y e , l i N m o i- v . y. V ]d ^' - n a P r r y e , l i N m o i- v. Yield, na P r r y e , l i N m o i- v . I | Yield, Estimate, 1927 1,19281 19^ 1,1928 1927 1,1928 ! 1927 I Nov. 1,1928 I Tons Tons Pounds Pounds Bushels Bushels Bales Boston 4, 733 5,187 37,280 40,793 45,287 46,073 New York 7,683 7,039 1,249 1,392 33,152 37, 622 Philadelphia. .. 3,636 3,398 44, 880 47, 250 25, 998 30, 857 Cleveland 7,620 5,800 80, 647 113,482 21, 501 23, 655 Richmond 4,584 4,408 706, 036 685,133 40, 798 47, 769 1,622 1,663 Atlanta 3,033 3,028 121,134 160,455 12, 303 15, 751 2,836 2,578 Chicago 20,940 16, 782 32, 840 47,089 51,925 76.137 St. Louis 9,038 7,224 166,876 245, 510 14, 061 20,833 2 2, 319 3 2,542 Minneapolis... 14, 070 11, 712 1,990 2,782 65,833 71, 923 Kansas City... 14,401 11,951 2,948 2,680 36, 928 43,157 976 1,137 Dallas ._.. 1,552 1,528 3,128 3,413 5,029 5,944 San Francisco. 15,178 14,631 58, 050 48,461 173 269 Total.— 106,468 92, 688 1,195,880 1, 346, 566 406, 964 465, 651 12, 955 14,133 1 Estimated production of wheat, oats, and hay unchanged from October report. 2 Includes 7,000 bales grown in miscellaneous territory. 8 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 847 FOREIGN BANKING AND BUSINESS CONDITIONS BRITISH CURRENCY AMALGAMATION BANK OF ENGLAND BANKING DEPARTMENT On November 22 the British Currency and [In thousands of pounds sterling] Bank Notes Act of 1928, which was passed on J a u c l t y a s 2 p o a f s s th ed is p y r e o a v r i , d c e a d m t e h a i t n t i o t " o p sh e a ra ll t i c o o n m .1 e i T n h to e No 1 v 9 . 2 8 21, No 1 v 9 . 2 8 28, c ( r I + e n a ) c s r o e e r a ( s — d e e ) operation on the appointed day and the ap- Notes 48,162 52,086 +3,924 pointed day shall be such day as his Majesty Gold and silver coin. 871 758 -113 Securities 83,097 85,981 +2, 884 may by Order in Council appoint —." No- Deposits 114,370 121,017 +6, 647 vember 22 having been fixed as the appointed Capital, etc 17, 760 17, 808 +48 day, the act now comes into full operation and the reorganization of the British currency after The table shows that the note holdings of the the war is now completed. bank increased by only £4,000,000 during the week. This increase represents the net result of The principal items in the issue department the addition to the holdings of the banking of the Bank of England for the Wednesday department of £10,000,000 released by the preceding and the Wednesday following Noamalgamation, less £4,000,000 representing the vember 22 are given below: growth in circulation for the week, and £2,000,- 000 withdrawn in gold, which necessitated the BANK OF ENGLAND ISSUE DEPARTMENT redemption of a corresponding amount of notes [In thousands of pounds sterling] held in the banking department. While the reserves of the banking department show a net Increase Nov. 21, Nov. 28, (+)or increase of about £4,000,000 during the week, 1928 1928 decrease (-) deposits increased by over £6,500,000, the increase being largely in the form of public Gold 161, 214 159,087 —2,127 Securities and silver 19, 750 260,000 +240,250 deposits. As a consequence of the growth of liabilities during the week, the reserve ratio Notes issued 180, 964 ' 419,087 +238,123 increased by less than 1 per cent. Had it On November 21, prior to amalgamation, not been for the amalgamation, however, the the volume of Bank of England notes out- ratio, which on November 28 was 43.66 per standing was £180,963,000, and the amount of cent, would have been about 38 per cent. currency notes outstanding was £286,750,000, The amalgamation, therefore, has had the making a total gross amount outstanding of result of strengthening the position of the £467.713,000. Of this amount £56,250,000 in banking department of the Bank of England. bank notes was used as cover for currency It is to be noted, however, that the Christmas notes, making the net amount outstanding currency demand, which in past years has been about £411,000,000. Of this amount £19,750,- covered largely by the issue of fiduciary cur- 000 of bank notes and £230,500,000 of cur- rency notes, must this year be met by the withrency, a total of £250,250,000, was not covered drawal of notes from the reserves of the banking by gold but by securities and to a small extent department of the Bank of England. by silver, and constituted the so-called fiduciary currency. By the terms of the amalga- THE RETURN TO GOLD—GUATEMALA mation act this amount was raised to £260,- 000,000, and when the issues were consolidated The following addition should be made to the the issue department of the bank turned over list of countries returning to the gold basis since to the banking department in exchange for 1922, as published in the FEDERAL RESERVE securities the surplus of £10,000,000 in notes. BULLETIN of August, 1928, page 562: This amount constituted an addition to the 1924—November 26: Guatemala.—New monetary law reserves of the banking department, which are became effective prohibiting the issue of additional held largely in the form of bank notes. fiduciary notes, fixing the value of the existing peso circulation in terms of a new unit (the quetzal), and A table showing the principal items of the specifying the gold content of the quetzal. The stabilibanking department on November 21 and zation office already under obligation to maintain November 28 is given below: stability of exchange was thereby given an official standard to maintain. Full legal convertibility of notes into gold or gold exchange was achieved with the found- 1 The act and an article discussing it were published in the FEDERAL RESERVE BULLETIN of August, 1928, pages 564-569. ing of the Central Bank of Guatemala on June 30, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
848 FEDERAL RESERVE BULLETIN DECEMBER, 1928 ANNUAL REPORT OF THE DANISH NATIONAL BANK The annual report of the Danish National placed with savings institutions, and thus the Bank for the year ending July 31,1928, contains volume of funds available to commercial banks the following sections dealing with financial and for lending would be reduced. economic conditions: Under the unchanging discount rate, ad- Influence of the American market.—An vances made by the banks have remained at important feature in the reports of international the same level throughout the year, and the money markets during the past year has been price level has shown no great fluctuations. the advance in discount rates. * * * The Wholesale prices and foreign trade.—Foladvance in the discount rate of the Federal lowing are the official wholesale price indexes Reserve Bank of New York, which to some for Denmark: extent inevitably influenced the rise in other centers, was due in part to the return to a gold August, August, basis by Italy and France, because this action 1926- 1927- Juiy, July, August, July, brought about a net export of gold from the 1927, 1928, 1927 1928 American banks amounting to slightly more average average than half a billion dollars during the period from August, 1927, to the end of June, 1928. Imported goods 158 148 148 151 Exported goods 141 136 133 140 Considerable pressure was thus brought to Goods in the domestic market. 166 165 165 164 bear upon the Federal reserve banks, all the General index 159 154 153 155 more as loans made for stock exchange investments increased at the same time, and this The slight advance in the general index from also added to the stringency in the money August, 1927, to July, 1928, is seen to be market. The raising of the discount rate was attributable to the group of exported goods intended partly to induce liquidation in the (agricultural products) but this advance is large volume of loans on the stock exchange, slightly less than the rise in price indexes of, partly to reduce the foreign demand for loans, for example, the United States Bureau of and to check in some measure the enlarged Labor and of the Swedish " Kommerskolledomestic demand for credit normally experigiuin"; furthermore, the Danish price level has enced in the autumn, with a view to restoring throughout the year been coming more nearly the normal relationship between loans and deinto line with the world price level. One posits, the latter of which had declined as a should add that prices of agricultural exports result of exportation of gold. However, as during the spring of 1928 were considerably business has given no signs of any great lower than they were at the beginning of the expansion, and as the price level has remained fiscal year; and the average of the price instable, one does not expect an increase in the dexes for both imports and exports for the discount rate to exert much influence in these year August, 1927, to July, 1928, was somedirections. These facts may explain why it what below that of the year before. The inhas not been necessary to follow the raising crease in value of our foreign trade shown in of the American discount rate by similar the figures given below is due to an increase in increases in other countries. the volume of commodities imported and ex- The Danish money market.—In the case of ported : Denmark, the discount rate throughout the [In millions of kroner] past year was maintained at 5 per cent, the point to which it declined on June 24, 1926. August, August, Further reduction has seemed out of the ques- 1926-July, 1927-July, 1927 1928 tion, as the discount rate is lower than the market rate (based on the effective rate of Imports 1,649 1,723 interest on Government obligations and mort- Exports: Danish goods. 1,394 1,489 gage loans), and also because the savings banks Foreign goods 103 111 are slow to follow with a decrease in interest Excess imports 152 123 rates on their deposits—a fact of considerable importance in this country, where savings in- Inasmuch as the increase im value was greater # stitutions handle so large a proportion of for exports than for imports, the value of the deposits. There would have been danger that excess of imports declined from 152,000,000 deposits would be withdrawn from the com- kroner in 1926-27 to 123,000,000 kroner in mercial banks in order that they might be 1927-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
849 DECEMBER, 1928 FEDERAL RESERVE BULLETIN Foreign balances.—As this reduction in ex- the commercial banks have risen by about cess imports was accompanied by large bor- 10,000,000 kroner during the year. The folrowings abroad (the largest loan being that lowing table shows the advances made by the floated by the Government for reorganization National Bank: of Den danske Landmandsbank, under the law of April 4, 1928, in a nominal amount of [Millions of kroner] $55,000,000), the holdings of the commercial banks and of the National Bank with their July 30, July 31, 1927 1928 foreign correspondents increased considerably, as shown below: Mortgage loans 4.9 4.4 Loans on securities.. 23.4 29.1 [In millions of kroner] Real estate loans ._ 4.9 8.8 Loans guaranteed by the Government 1.8 1.6 Danish loans 78.2 30.9 National Bank Commercial Total Sundry debits 9.8 2.7 banks Total _... 123.0 77.5 July 30,July 30,July 30,July 30,July 30,July 30, 1927 1928 1927 1928 1927 1928 This decline of 45,500,000 kroner is, however, compensated by an increase of 31,500,000 Credits with foreign correspondents 60.4 92 56.0 117.8 116.4 209.8 kroner in the foreign-exchange holdings of the Debits to foreign bank, and by an increase of 12,200,000 kroner correspondents .6 2 123.8 84.2 124.4 86.2 in its securities portfolio; hence the National Balance 59.8 90 -67.8 33.6 -8.0 123.6 Bank as well as the commercial banks has made available to the domestic market an Commercial banks.—A detailed examination undiminished volume of purchasing power of changes in the balance sheets of the commer- throughout the year. * * * cial banks shows that the volume of their ad- Eeorganization of the Landmandsbank.—As vances has not increased during the past year. was noted in the annual report for 1926-27, The total amount of advances (discounts, loans the National Bank agreed to lend its assistance on security, credits in current account) has in in making such final settlement with regard fact been reduced during the course of the year to Den danska Landmandsbank that the from 1,915,000,000 kroner to 1,872,000,000 bank "should be enabled to continue its busikroner. Considering that a large part of this ness as a private bank by means of an issue of reduction is due to provision for writing off new shares" (art. 1 of the law of July 16, losses and for amortizations undertaken at the 1927, in respect to preparing for a reorganizaend of 1927, and furthermore that the portfolio tion of the Landmandsbank). For this reason of stocks and bonds has increased by the sum the National Bank was prepared to participate of 29,500,000 kroner, the volume of funds avail- in a subscription to new capital for the Landable in the market has, practically speaking, mandsbank in the amount of 10,000,000 kroner. undergone no change. That this has been pos- The offer was not taken up, however, on the sible in a period of improvement in industry theory that the Government was responsible and commerce should perhaps be attributed to for all the affairs of the Landmandsbank a tendency on the part of commerce and in- according to the law of April 19, 1928, governdustry to carry on business with reduced stocks, ing the relations between the Government and as is probably being done in other countries. the Landmandsbank. Simultaneously with On the other hand, the items of the balance the reorganization of the Landmandsbank, the sheets indicate that the general position of the balance of the National Bank was reduced by banks is essentially very strong, and it will of 30,000,000 kroner, which had been set aside in course be still further strengthened if the in- 1922 as a reserve fund of the Landmands-bank. crease in deposits, which in recent months Repatriation of Danish currency.—After the seems to have succeeded the previous decline, restoration of the former gold parity of the continues to be maintained. Danish crown, the Government settled its Advances by the National Bank.—The influx debts to the Swedish Kiksbank; these debts of foreign capital into this country has been re- grew out of the exportation into Sweden of flected in lessened activity of the National Bank subsidiary silver coins and their subsequent in the matter of advances, as the commercial repatriation. The securities loan of 10,000,000 banks have been able to reduce the volume of kroner which the Government had obtained their rediscounts with the National Bank; under the law of February 15, 1924, from the moreover, deposits of savings institutions in Swedish Riksbank was paid at the close of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
850 FEDERAL RESERVE BULLETIN DECEMBER, 1928 year; furthermore the account in Swedish was authorized to float a loan of 30,000,000 kronor which the Danish Government opened kroner for the purpose of redeeming the 5 per with the National Bank, and which on July 30, cent treasury bonds issued under the law of 1927, was included under " Sundry credits" as July 25, 1925. The National Bank became " Correspondents abroad for account of cus- underwriter for this loan, and offered to the tomers" in the amount of 5,863,678 kronor, public 30,000,000 kroner of 5 per cent treasury has been settled. bonds, maturing in 5 years, at the subscription In this connection it is worth noting that price of 98 per cent. The amount was fully since the beginning in July 1923, of the ex- subscribed. Inasmuch as the Government change of subsidiary currency with Sweden, the loan of 60,000,000 kroner, issued under the bank has received from that country for ac- law of June 15, 1918, matured on June 15, count of the Minister of Finance, Danish sub- 1928, the National Bank, together with a sidiary coin in the amount of 20,700,000 group of six private banks, floated the two kroner, while it has sent back to Sweden following loans under authority of the law of 5,400,000 kronor in Swedish subsidiary coin. April 4, 1928—30,000,000 kroner in Government bonds bearing 5 per cent and maturing Convertibility of notes.—By ordinance of in 20 years, and 30,000,000 kroner in treasury December 10, 1927, of the Ministry of Industry, bonds at 5 per cent and maturing in 5 years. Commerce, and Navigation, the provisions of The subscription price to the public was 973^ the ordinance of January 1, 1927, published by per cent and 98% Per cent, respectively. virtue of the law of December 27, 1926, in These loans also were fully subscribed. respect to convertibility of notes of the National * * * * Bank, were renewed until December 31, 1928. Under these provisions, the National Bank is Scandinavian Monetary Union.—After the not required until that date to redeem its notes Bank of Norway on May 1, 1928, resumed in gold, unless they are presented for redemp- the conversion of its notes in gold at their tion in amounts of 28,000 kroner or in multiples former parity, conditions seemed favorable thereof, and the redemption may be made at for entering into negotiations for a Scandithe option of the bank in Danish gold coin at navian monetary union. The National Bank its par value, or in gold bullion, or in any other will participate in these discussions with the form of gold, reckoned at the value of 2,480 desire to reestablish among the Scandinavian kroner per kilogram of fine gold. No export countries a type of cooperation similar to that of gold from the bank took place during the which formerly obtained. It is our opinion year, either for foreign or for its own account. that agreements between the banks of issue The provisions of the law of December 27, 1926, in respect to the circulation of our currencies will remain in force until the close of in common are important to the three countries 1929. * * * not only in their relations with one another, Government conversion loans.—By the law but also in their relations with other foreign of October 28, 1927, the Minister of Finance countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 851 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1928 1927 1928 1927 O b c e t r o- te S m ep b - er August O b c e t r o- O b c e t r o- tember August O b c e t r o- Bank of England (millions of pounds National Bank of Bulgaria (millions sterling): of leva): Issue department- Gold 1,317 1,312 1,308 1,272 Gold coin and bullion 163.5 170.6 173.2 150.3 Foreign bills, etc 1,092 969 788 550 Notes issued 183.2 190.3 192.9 170.0 Loans and discounts 1,238 1,155 1,038 1,037 Banking department- Advances to State 4,471 4,371 4,471 4,514 Gold and silver coin 1.5 2.6 2.7 1.5 Note circulation. 4,610 4,501 4,285 4,039 Bank notes 48.7 55.8 57.5 34.3 Deposits 2,726 2,567 2,591 2,781 Government securities 42.6 31.7 29.1 40.7 Other securities - 42.6 41.6 43.4 53.0 Central Bank of Chile (millions of Public deposits -. 14.1 9.7 19.2 21.0 Other deposits 103.5 103.7 95.3 90.8 Gold at home , 61 61 61 60 Ratio of gold and note re- Deposits abroad 571 530 476 423 serve to deposit liabilities Loans and discounts.. 11 11 17 32 (per cent) 42.6 51.5 52.5 32.0 Note circulation 312 309 314 263 Bank notes in circulation » 78. 3 78.2 79.2 79.5 Deposits 235 200 137 115 Currency notes and certificates __ 291.6 293.9 296.9 292.5 Bank of France (millions of francs): * Bank of the Republic of Colombia N G S F F L o o i o e o g r r a g l h e e d n o i t i s g g t b i n n a a a b n l e b l a d x e i n l c l d c b s h i e o a s s n n c a o g d b e s u r n l o o t a s a d ned 3 1 1 0 8 6 5 3 1 , , , , , , 7 2 9 9 7 5 2 8 5 3 8 2 3 0 0 2 6 5 3 1 1 2 0 3 5 8 6 , , , , , , 1 4 4 9 6 6 7 5 7 3 9 2 3 3 5 0 2 3 3 1 1 4 4 0 7 5 4 , , , , , , 0 4 9 2 3 7 8 2 3 4 5 2 3 6 0 2 1 1 (th N D L G G o o e o o o u a p l l t s d d e n o a s s n c a a i i a b d t t r s s n r c h o u d o o a l m f d d a t i p e i s e o c .. s n o o u s n ): ts 4 5 2 11 1 7 1 4 , , , , , 0 0 9 7 7 0 9 5 2 7 1 1 0 7 9 4 4 2 1 1 9 4 5 1 , , , , , 9 9 2 8 6 0 8 9 5 5 3 8 1 1 1 4 4 2 1 9 4 2 4 1 , , , , , 5 4 0 5 5 0 4 4 9 4 3 1 4 4 2 4 2 2 1 8 0 3 0 3 , , , , , 2 6 6 2 0 2 7 8 2 9 1 9 3 3 9 Note circulation 61, 327 62,654 62,184 Public deposits 11, 928 10,960 10, 231 Czechoslovak National Bank (mil- Other deposits 6,880 5,169 5,751 lio G ns o l o d f a C n z d e c s h il o v s e l r ovak crowns): 1,159 1,159 1,158 1,058 German Reichsbank (millions of Foreign balances and currency... 2,129 2,092 1,990 2,133 reichsmarks): Loans and advances 491 473 94 Gold reserve 2,447 2,311 2,163 1,785 Assets of banking office in liqui- Gold abroad 86 86 86 67 dation 445 450 456 519 Reserves in foreign exchange 163 179 195 161 Note circulation 7,825 7,806 7,549 Bills of exchange and checks 2,348 2,576 i 2,604 2,802 Deposits 563 590 547 Miseellansous assets 513 545 490 571 Deposits 494 503 565 608 Bank of Danzig (thousands of Dan- Reichsmarks in circulation 4,672 4,830 4,673 4,231 zig gulden): Rentenmarks in circulation 558 577 579 1,021 Balances with Bank of England- 15, 475 15,372 16,100 18, 452 Bank L G C o r o o e a l f d d n I i s t a t a s a t l n y a h n d o ( d m m d i b e i s l a c l l i o a o u n n n c s t e s o s f a l b i r r o e a ): d 1 6 5 5 , , , 1 1 0 9 2 5 8 5 2 4 6 5 , , , 4 5 0 1 9 5 4 4 2 4 6 5 , , , 6 7 0 4 4 0 1 4 2 « 4 5 4 , , , 3 6 1 0 2 4 2 3 4 N L D Fo o e o r a p t e e n o i s g s c i n i a t r s n c b u d il l l d a s t i , i s o e c n o tc unts 2 2 3 2 2 7 0 , , , , 1 3 8 4 5 8 2 1 6 6 1 2 2 2 3 2 2 2 8 , , , , 6 0 9 6 8 8 5 5 6 7 9 1 3 2 2 3 8 2 4 , , , , 8 1 4 9 3 5 7 7 0 9 3 8 3 3 1 6 3 7 9 , , , , 3 9 9 5 6 1 7 6 1 5 7 0 Advances to treasury. 4,227 Total note circulation 17, 236 17,476 17,140 18,092 Danish National Bank (millions of P O u th b e li r c d d e e p p o o s s it i s ts 2,3 3 1 0 9 0 2,5 3 6 0 1 0 3,0 3 1 0 9 0 3,1 5 0 9 6 9 kr F o G n o o e r l e d r i ) g : n bills, etc.._ 1 10 7 5 3 1 9 7 9 3 1 9 8 2 2 1 8 8 4 2 Bank of Japan (millions of yen): Loans and discounts 74 85 73 Gold 1,063 1,063 1,063 1,063 Note circulation 361 360 341 365 Advances and discounts 826 838 837 927 Deposits 33 32 24 19 Advances on foreign bills 29 30 14 15 Government bonds 190 188 188 159 National Bank of Egypt (thousands Notes issued 1,306 1,308 1,270 1,320 of Egyptian pounds sterling): Total deposits 916 956 972 Gold 3,803 3,706 Austrian National Bank (millions of English Government secu:'ties-_ 18, 360 28,605 schillings): Egyptian Government secunties. 23, 212 23,487 Gold 169 134 134 84 Note circulation 21,659 31,143 Foreign bills of the reserve 246 298 308 389 Government deposits 18,413 19,328 Other foreign bills. 323 327 332 251 Other deposits 14, 371 16,781 Domestic bills 147 120 131 83 Treasury bills. 166 166 166 173 Bank of Estonia (thousands of Note circulation 1,007 1,008 1,003 953 krones): Deposits 47 40 70 30 Gold 10,015 10,045 10,048 5,120 Na o t f i N D G L F o b o o n o o o e r a a l l m t e d g e n l i a e s g c B s s n i t ) t a r o i : c b c n u S i k a l l t l a n s a o t d t a i f e o n f B n o d e r b e lg i a g i l u n a m n b c i e l ( s l m s in il l g io o n ld s . 2, 8 6 3 5 3 7 1 1 2 4 1 3 7 4 5 2, 5 8 3 5 2 8 7 0 0 2 4 7 7 5 0 2, 8 8 4 5 2 8 0 9 6 24 1 5 6 3 1, 6 4 4 5 9 1 6 8 0 98 9 8 4 0 N N L D o e o e a t t p e n G B O f o s o c a o t s r h i a e i n v r e n t i c e k g s r d u r - e n n l r d a m e s t i x i . s e . o c c n n o h t u an n g ts e 2 2 3 1 8 3 4 8 7 1 , , , , , , 2 4 5 1 8 6 8 6 0 9 9 8 7 5 6 2 8 9 2 2 3 1 5 6 9 5 5 1 , , , , , , 9 5 5 3 8 0 4 2 4 6 0 3 3 2 4 6 3 8 2 2 1 6 5 4 6 1 , , , , , 8 0 6 3 8 8 1 8 2 3 8 7 1 9 3 5 2 3 8 5 6 2 7 , , , , , 8 3 4 5 2 2 8 2 8 3 3 2 2 8 9 Deposits 81 116 97 112 1 Notes issued, less amounts held in banking department and 1 New par. in currency note account. 4 Not including 1,535 million lire of gold pledged abroad. * New form of bank statement adopted in June. 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852 FEDEKAL RESERVE BULLETIN DECEMBER, 1928 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1928 1927 1928 1927 O b c e t r o- te S m ep b - er August Oc—to- O b c e t r o- te S m ep b - er August O b c e t r o- Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nis G h o l m d arks): 306 307 309 319 G G o o l l d d a a t b h ro o a m d e . . _ _ 4 1 0 9 8 5 4 1 0 9 8 5 4 1 0 9 8 5 327 Balances abroad and foreign Foreign exchange, etc.— Fo c r r e e i d g i n t s b .. i _ lls. _ 68 4 3 1 60 7 1 7 61 7 6 4 1,32 6 5 3 S A e ll r v o i t n h g e r a s note cover „... 4 1 8 9 2 7 4 2 6 0 2 0 4 2 8 0 0 0 441 Domestic bills. 1,208 1,183 1,122 577 Loans and discounts- 727 744 708 488 State debts 122 Note circulation 1,313 1,261 1,207 929 Note circulation. __ 1,539 1,5 1,565 1,483 Current account of the treasury.. 249 302 335 96 Demand liabilities 339 182 154 685 Other current accounts 227 136 219 119 National Bank of Greece (millions of Bank of Portugal (millions of escudrachmae).:l dos): N G N T G o o e o o t t t v l a e d f e l o . r c — r f n i e o r m i r c g e u n e ig l n a n e t t x i o e o c b x n h l c a i h n g a g a n e ti g o i e n n s reserve _. 4 3 3 5 , , , , 7 4 5 7 5 6 9 4 5 4 0 0 0 9 3 3 4 3 5 , , , , 5 7 2 3 7 3 1 6 6 9 7 9 8 2 0 3 3 3 5 , , , , 9 5 2 0 7 4 3 5 3 9 3 5 8 7 0 N G B B D a o i o e l l l p t l a d e s 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 2 7 1 9 5 6 238 1, 2 8 1 1 2 0 7 2 3 4 7 5 Other sight liabilities 1,851 1,707 1,847 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Gold at home 156 155 155 149 lions of pengo): Loans and discounts _. 12, 388 13,732 13,393 11, 585 Gold 201 197 197 197 Advances to State 10,679 10,679 10,679 10, 679 Foreign bills, etc.— 52 47 67 103 Note circulation 21, 959 21,054 21,052 21,032 N M L A D O o o d e 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 e s s n c n s s d u e e t l o o d t a u s t i t i s . s . o r c e l n o i a u a s b n u t i r s l y i ties— . _ . 4 5 2 1 1 1 4 0 1 0 1 2 4 3 7 3 1 5 2 1 1 9 2 2 0 0 2 8 3 9 0 4 6 3 4 2 1 1 1 6 9 3 5 0 3 9 7 9 5 4 0 3 2 5 2 1 2 2 6 0 0 1 6 9 0 8 3 5 7 St v d a o e t F L e G p n o o a t o B s r a r l e i d t n a ) m i s : n g k n e a n n c o t d ; u f r d r R t i e h s u n c o c s o u s y u s i a n a t n s ( d n s o te o f i ss „ c u b in e g r- 8 1 3 5 8 , , , 5 7 8 3 2 3 0 1 8 8 1 8 1 4 , , , 7 4 8 7 1 3 7 0 2 7 1 7 4 3 , , , 4 7 6 2 7 5 0 1 3 8 1 0 7 8 , , , 4 6 5 4 8 3 7 2 2 Bank of Java (millions of florins): Bank notes 112, 328109, 010 99,633 107, 654 Gold 172 173 184 National Bank of the Kingdom of Foreign bills 33 31 26 Serbs, Croats, and Slovenes (mil- Loans and discounts 104 105 138 lions of dinars): Note circulation. _ 320 316 321 Gold... 91 91 90 Deposits 52 53 77 Foreign notes and credits 271 275 268 382 Loans and discounts 1,710 1,698 1,664 1,550 Bank of Latvia (millions of lats): Advances to State _ 2,966 2,966 2,966 2,966 Gold 24 24 24 24 Note circulation 5,786 5,751 5,562 5,793 Foreign exchange reserve 84 86 81 48 Deposits _ 643 648 1,294 Bills 84 84 83 72 South African Reserve Bank (thou- Loans. _ 42 41 42 53 sands of pounds sterling): N G O o o th t v e e e r 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 0 7 5 3 7 1 4 1 6 6 4 6 1 4 6 1 4 5 3 3 9 6 1 6 2 F D G o o o r l m e d i e g s n t ic b i b ll i s lls 7 7 , , 6 2 7 9 9 2 5 9 0 8 7 , , 7 0 6 3 8 5 7 9 7 8 7, , 3 0 6 5 6 9 1 4 7 6 7 1 , , , 3 3 5 9 6 3 0 2 6 Note circulation 7,980 9,011 9,124 8, 446 Bank of Lithuania (millions of litas): Deposits- Gold Government 1,703 1,190 1,688 1,391 Foreign currency. Bankers 5,279 5,282 5,006 4, 612 Loans and discounts Others 237 210 248 305 Note circulation Deposits Bank of Spain (millions of pesetas): Gold 2,609 2,609 2,609 2,603 Ne in t s h L F G ): e o o o r r a l l e d n a i s n g d n a s n b d B i ll d a s i n s k c o ( u m n i t l s l . ions of flor- 4 1 1 3 9 8 5 9 7 4 1 1 5 3 9 4 5 3 ! j i 4 2 14 5 0 9 8 2 3 1 0 2 4 8 N D B L Si o a e o l l v a p t a e n e o n r s s c c i i a e t r s s n c d u a l b d a r t i o i s o a c n d ounts 4 2 , , 3 6 9 0 8 3 9 4 5 1 9 3 6 8 2 4 , , 9 7 0 3 0 3 1 2 0 3 9 0 3 3 4 1 , ,8 2 9 7 9 5 7 3 0 3 1 7 9 6 4 1 , , 1 6 7 9 3 7 6 3 3 8 7 Note circulation 829 797 ! 792 854 Bank of Sweden (millions of kronor): Deposits _ 34 38 ! 34 40 Gold 237 230 231 Foreign bills, etc 156 119 123 228 Bank of Norway (millions of kroner): Loans and discounts 308 401 377 225 Gold _ 147 147 i 147 147 Note circulation 517 565 514 522 Foreign balances and bills 31 37 i 39 23 Deposits _ 116 121 145 94 Domestic credits 274 268 I 282 268 Swiss National Bank (millions of Note circulation 307 313 318 324 francs): Foreign deposits 2 2 ! 3 5 Gold 470 468 449 [462 Total deposits 95 85 i 102 L Fo o r a e n i s g n a n b d a l d a i n s c c e o s u a n n ts d bills 2 2 3 3 8 4 2 2 1 3 1 8 2 22 2 4 7 !3 > 6 4 2 6 Reserve Bank of Peru (thousands of Note circulation 885 892 ' 861 libra): Demand deposits., 92 64 3 101 Gold 4,128 I4,145 4,198 Bank of t^e Republic of Uruguay F G o o r l e d i g a n g a e i x n c s h t a d n e g m e a r n es d e r d v e e posits. __ 1, 2 22 88 0 ! 1, 2 2 7 6 1 5 2 7 1 4 8 8 (th G o o u l s d ands of pesos): 66,072 55, 422 Bills. 1,362 !1,366 1,769 Loans and discounts 97,268 99, 655- Note circulation. __ 6,028 i6,091 5,938 Note circulation 65,908 62, 641 Deposits 576 ! 542 437 Deposits 81,313 76, 562 1 New form of bank statement adopted in May. 3 Total deposits. 2 Foreign balances onto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
853 DECEMBER, !92S FEDERAL RESERVE BULLETIN 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 O b c e t r o- te S m ep b - er g A u u s - t O b c e t r o- tem Se b p e - r g A u u s - t July te S e n p i - ter Nine London clearing banks (mil- Joint-stock banks of Denmark (millions of pounds sterling): lions of kroner): Money at call and short notice- 145 142 137 142 Loans and discounts 1,879 1,873 1,872 1,888 Advances and discounts.. 1,187 1,175 1,186 1,150 Due from foreign banks 139 134 118 56 In veQtro exits 243 ' 244 237 238 | Due to foreign banks .... 92 95 84 87 Deposits _- 1, 753 1, 732 1, 732 1,710 Deposits and current accounts.-. 1,975 1,972 1,975 2,056 Six Berlin banks (millions of reichs- Joint-stock hanks of Finland (milmarks): lions of Finnish marks): Bills and treasury notes1—. 2,332 2,189 2,016 1,509 Loans and discounts . 9, 621 9,463 9,458 7,973 Due from other banks 1 016 1 013 944 921 Due from abroad. 279 291 212 414 M" iscellaneous loans 6 208 * 6 067 5 993 5 042 Due to abroad - 460 432 458 356 Deposits 8*923 8, 636 8,292 6,872 Deposits ... 7,613 7,659 7,744 7,001 400 410 406 '410 Three commercial banks of France Tokyo banks (millions of yen):8 (millions of francs): C^ash on hand 371 276 294 195 Bills and national defense bonds 20, 062 12, 656 Total loans 2 051 2 061 2 083 1 925 Loans and advances _. 8,131 5,074 Total deDOsits 2 139 2 067 2 085 1 837 1 Demand deposits 32, 621 23, 636 Total clearings— 2,660 2,553 2,720 1,856 Time deposits..__ 481 450 Four private banks of Italy (millions of lire): 1928 1927 Cash 1,185 4 1, 348 "Bills discionntGfl 8,871 * 8, 849 Sep- Au- Sep- Due from correspondents 4, 975 * 5, 538 tember gust July tember Due to correspondents 13, 628 * 13, 756 Deposits. 2,926 * 2, 533 Banks of Buenos Aires, Argentina Joint-stock banks of Norway (mil- (millions of gold pesos): lions of kroner): Gold- Loans and discounts 1,394 1,410 1,424 1,626 Bank of the Nation. 152 140 140 38 Due from foreign banks _ 123 102 99 86 Other banks 12 12 12 11 Due to foreign banks 110 98 101 174 Other cash- Rediscounts . _ . 137 146 145 131 Bank of the Nation 161 158 156 151 Deposits 1,591 1,615 1,610 1,754 Other banks 218 216 207 181 Loans and discounts— Joint-stock banks of Poland (mil- Bank of the Nation 487 485 486 537 lions of zlotys): Other banks 776 770 753 735 Loans and discounts 5 746 733 715 462 Deposits— Due from foreign banks 5 30 32 33 20 Bank of the Nation 774 778 776 708 Due to foreign banks 5 130 137 124 54 Other banks 970 970 945 871 Rediscounts 5 149 148 142 103 5 477 466 473 312 Chartered banks of Canada (millions of dollars): Joint-stock banks of Sweden (mil- Gold coin and bullion • 68 68 68 70 lions of kroner) * Current loans and discounts 1,430 1,407 1,421 1,312 Loans and discounts 4,147 4,128 4,142 4,144 Money at call and short notice- 555 566 538 461 Foreign bills and credits abroad— 323 303 269 234 Public and railway securities 486 500 508 533 Due to foreign banks. 135 125 119 124 Note circulation 193 176 172 172 Rediscounts 231 215 187 117 Individual deposits 2,510 2,533 2,521 2,347 Deposits 3,562 3,547 3,567 3, 561 Gold reserve against Dominion notes 82 77 75 109 Dominion note circulation 197 197 200 183 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. * Not including gold held abroad. * Figures are for August, 1927. s Preliminary. * Revised. DISCOUNT RATES OF 33 CENTRAL BANKS {Prevailing rates, with date of last change] Country Kate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 6K July 17,1928 Estonia ... Jan. 2,1928 Japan 5.48 Oct. 10,1927 Portugal.... 8 July 27,1926 Belgium _ June 30,1928 Finland... Nov. 15,1928 Java.... 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France Jan. 19,1928 Latvia...... 6-7 Apr. 1,1928 Russia . 8 Mar. 22,1927 Chile _ 6 Oct. 22,1928 Germany. Oct. 4,1927 Lithuania._. 7 Feb. 1,1925 South Africa Jan. 9,1928 Colombia 7 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 4H Aug. 24,1928 Danzig 6 June 21,1927 India _ 6 Nov. 15,1928 Peru 6 May 17,1928 Switzerland- 3K Oct. 22,1926 Denmark 5 June 24,1926 Italy 5M June 25,1928 Poland 8 May 13,1927 Yugoslavia.. 6 June 23,1922 England Apr. 21,1927 Changes: Bank of Finland from 6H to 7 per cent on November 15, 1928; Imperial Bank of India from 5 to 6 per cent on November 15, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
854 FEDERAL RESERVE BULLETIN DECEMBER, 1928 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Am- Switzer* sterdam) land Month Bankers' Bankers' a m a n c o c c n e e s t p h , t s - 3 T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e - y day d a a e n l p c lo o e w s o i - t n s d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P i r s r i c a v o t a e u t n e t . 1926 October 4.69 4.80 4.07 4.82 6.14 4.75 2.83 2.75 2.80 November 4.57 4.80 3.95 4.63 6.12 4.45 ! 3.21 3.23 2.96 December 4.53 4.60 3.78 4.72 7.13 5.88 3.39 3.96 3.35 1927 January 4.17 4.21 3.65 4.20 6.06 3.78 2.97 2.93 3.16 February 4.19 4.32 3.93 4.23 5.77 5.19 3.47 3.62 2.87 March 4.33 4.36 4.07 4.59 6.91 4.87 3.50 3.55 2.98 April 4.04 4.04 3.64 4.61 6.57 5.63 3.47 3.72 3.13 May 3.88 3.84 3.73 4.90 6.95 5.99 3.46 3.76 3.19 June 4.34 4.36 3.43 5.39 7.73 5.79 3.57 3.87 3.42 July 4.33 4.33 3.50 5.90 8.49 7.06 3.53 3.25 3.47 August 4.33 4.35 3.61 5.82 8.38 5.81 3.45 3.40 3.44 September 4.32 4.33 3.55 5.90 8.30 6.00 3.56 3.82 3.39 October 4.32 4.33 3.57 6.69 8.72 7.19 4.11 4.29 3.38 November 4.33 4.34 3.62 6.76 8.72 6.03 4.50 4.73 3.39 December 4.31 4.31 3.44 6.87 9.10 7.24 4.49 4.85 3.40 1928 January 4.19 4.13 3.49 6.27 7.66 5.16 4.29 4.10 3.29 February 4.18 4.18 3.63 6.20 7.30 6.66 3.97 3.80 3.13 March.. 4.12 4.07 3.63 6.72 7.51 6.81 3.97 3.89 3.20 April ... 4.02 4.01 3.57 6.71 7.57 6.64 4.18 3.93 3.29 May 3.97 3.95 3.58 , 6.66 7.80 7.00 4.27 4.17 3.32 June 3.82 3.80 3.26 6.59 8.08 6.37 4.18 4.11 3.40 July 3.99 3.97 3.27 6.74 8.18 7.74 4.10 3.84 3.44 August 4.27 4.26 3.50 6.68 8.19 6.12 4.13 3.90 3.41 September- 4.23 4.19 3.55 6.65 8.58 6.65 *4.39 *4.35 3.38 October 4.35 4.37 3.80 6.57 8.26 6.70 4.40 4.42 3.38 Sweden (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Austria (Vienna) Hungary ( h S o t l o m c ) k- Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t M m f o o o n n rl t e h y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p co b D u i i n l s l - t s ed ov m e C o rn a n l i e l g y ht 1926 October 6.64 7.25 8.96 6.21-8.40 5.11-7.12 November... 5.77 6.69 9.25 6 -7 6.39-8.40 4.75-7.48 December... 4.34 5.77 9.25 6 -7H 6.75-8.76 5.11-8.03 1927 January 3.90 4.99 9.25 6. 39-8.76 4.56-7.30 February 3.99 4.45 9.25 6. 21-8.03 2.92-7. 30 March... 4.19 3.89 9.25 5.84-7.67 4. 38-6. 21 April 4.33 3.17 9.25 5.84-8.03 4.38-5. 2» May 4.23 2.46 8.50 6.57-7.67 4.38-4. 75 June 4.17 2.25 7.60 6.57-8. 76 4.38-5.11 July 3.84 2.13 7.00 6.21-8.40 3.65-5.11 August 3.84 2.04 7.00 5.48-8.03 3.65-4.75 September... 3.75 2.01 6.81 5.11-7.67 2.19-4.38 October 3.87 1.82 6.50 4.75-7.30 2.19-4.38 November 4.09 2.75 6.27 5.11-7.30 2.74-4.02 December... 4.15 2.95 6.00 5.48-7.67 2.19-5.84 1928 January. 4.08 2.81 6.00 4.38-7.67 1.64-5.11 February 3.90 2.75 5.89 4.38-6.21 1.46-4 02 March 4.10 2.72 5.75 4.02-5.84 2.92-4.02 April 4.25 2.62 5.49 4.75-5.84 2.56-4.02 May 4.25 2.62 5.25 4. 75-5.84 1.46-4.02 June 4.27 2.90 5.25 4.38-5.84 1.46-4.02 July 4.02 3.12 5.25 4. 38-5. 84 1.46-4.02 August 4.00 3.23 5.25 4. 38-5. 84 2. 92-4. 02 September... 3.96 3.26 5.25 4.75-5. 84 2. 37-4.02 October 3.94 3.37 5.25 NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
855 DECEMBER, 1928 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands A So fr u ic th a India Month Net Net Net Net Net Net p I o m r - ts p E o x rt - s im or p e o x r - ts p I o m r - ts p E o x rt - s im o p r o p r o e t r x s t - s p I o m r - ts p E o x rt - s im or p o ex r - ts p I o m r - ts p E or x t - s im or p o ex r - ts im o p r p o e r o x t r - , ts im o p r p o e r o x t r s - ts () 1927 January 59,355 14,890 44,465 14,088 525 13,563 11,514 18,181 1,303 74 1,228 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 6,894 632 488 449 -16,924 10,041 April 14,503 2,592 11,911 935 666 269 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 20 13,071 6,061 7,010 202 4,623 -4.421 -21,896 5,93* August 7,877 1,524 6,353 11,259 680 10,579 21.469 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 4" 78 -23,064 3,315 October 2,056 -8,642 969 699! 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, 709 433 102 331 —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 3,916 Total... 207, 535 201,455 6,080 47,622 9,135 38,487j 157,905 137,008 20,896 10,498 16,937 -6,439 -212,279 59,175 1928 January 38,320 52,086 -13,766 704 409 20,042 12,725 -12,834 8,590 February 14 686 25,806 -11,120 844 5,230i 13,026 227 1,147 -21,339 6,952 March 2,683 97,536 -94,853 1,008 8, OlOi 6,289 192 7 -18,303 9,544 April 5,319 96,469 -91,150 822 29,012| 11,760 66 19 -17,923 8,250 May 1, 83,689 —81,721 688 487 18, 746 157 379 —17,339 8,664 June 20,000 99,932 -79,932 707 10, 569 39,672 89 38 —21,028 6,238 July- 10,331 74,190 -63,859 632 27,392 23,958 107 31 -16,919 2,128 August 2,445 1,698 747 765 13,293 i 24, 055 125 22 22,300 2,994 September... 4,273 3,810 463 783 36,301 j 19, 233 389 3 1,680 October 14,311 992 13,319 844 33,302; 15,824 856 36 r MOVEMENTS TO AND FROM GREAT BRITIAN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1928 1927 1928 . 1927 January- C o ou r n d t e r s y t in o a f t o io ri n gin October October Calendar year Co o u r n d t e r s y t i o n f a t o io ri n gin September S J e a p n t u em ar b y e - r Calendar year Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports France. _ 27 280 123 96, 509 627 4,718 G ermany 2 28,164 257 66, 239 190 17, 034 England 454 8,432 13,780 Netherlands 674 125 6,535 2,313 6,486 United States 4,074 525 Russia- 51 18,465 1,049 7,732 Aden and depen- Spain and Canaries 5 183 7,445 dencies 101 620 1 288 Switzerland ._ 3,200 12, 203 6,213 Arabia 129 531 1 1,089 United States 9,442 32, 520 11,876 8,567 28, 042 British Oceania 296 3,976 2,224 South America 43 100 1,141 1,074 2,017 6,959 Bahrein Islands . 37 282 730 British India _. __ 845 --- 9,120 12,462 Ceylon 643 36 1,028 2 British Malaya, _ 197 1,393 3,452 China 8 90 186 Egypt 1,384 3,799 Mesopotania 68 1,033 1,160 Rhodesia ._ . 393 4,439 5,958 Straits Settlements 5 199 44 375 91 Transvaal _ 14, 657 120,890 124, 348 Egypt 72 4,766 7,361 West Africa 237 2,766 16 4,705 20 Natal 522 30,453 29,486 All other countries. _ 413 2,691 11,807 20, 515 8,129 32,647 All other countries 1 25 4 49 11 Total 15,824 45, 597 192,605 227,047 157, 905 137, 008 Total 1,686 6 55,125 86 59,280 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
856 FEDERAL RESERVE BULLETIN DECEMBER, 1928 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 ( e b l e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m in ar l k an k d a) F (f r r a a n n c c e ) G ( m e re r a i m c r h k a ) s n - y (d G ra r c ee h c m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 26.80 486.65 2.52 »3.92 23.82 1.30 17.49 November 14.0874 13.9467 .7230 2.9629 26.7988 487.4012 2. 5191 3. 9288 23. 8629 1. 3242 17.4658 1927—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 October 14.6079 13.8959 .7203 2.9627 26. 6578 484.9500 2. 5167 3. 9061 23.8143 1. 2868 17. 4256 November... 14. 0602 13. 8966 .7193 2.9626 26. 6541 484.9213 2. 5173 3.9066 23.8234 1.2925 17.4220 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 a u n v g a i o r a - ) Par value .. 8.26 40.20 26. SO 1L22 108.05 19.30 514.60 19,30 26.80 19-30 19.30 November 5.4458 40. 3612 26. 4871 11. 2063 4. 9396 .6155 * 515.0000 ; 16.9400 26.9246 19. 2850 1. 7607 1927—April 5.2764 40.3091 26.7390 11.1968 4.2101 .6273 • 515.0000 i 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 * 515.00.00 ; 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 October 5. 2365 40. 0908 26. 6543 11. 2012 4. 4993 .6072 * 515. 0000 i 16.1798 26. 7378 19. 2447 1.7591 November 5. 2385 40.1374 26. 6511 11.1985 4.4708 .6042 515.0000 16.1201 26. 7278 19. 2494 1. 7581 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia« Brazil Chile Colombia 3 Ecuador» Peru « Uruguay (dollar) (peso) (peso) (peso-gold)(boliviano) (milreis) (peso) (peso) (sucre) (libra) (peso) Par value .„._ 100.00 100.00 49.85 96.48 38.93 32.44 12.17 97.33 20.00 486.65 103.42 November... 100.1369 99.9289 47. 9125 97.0521 34. 8000 11.9333 12.1763 97.4950 19.3750 376.1458 103.3658 1927—April 100.0290 99.9877 48. 7387 97.1915 34.8000 12.0329 12.2038 98.2128 20.0000 397.7600 103. 5345 May 99.9117 99.9615 48. 5588 97.2008 34. 8000 12.0327 12.1910 98.1923 20.0000 399.2692 102.9908 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 36.4900 11.9293 12.0860 97.2596 20. 0000 398.1250 102.1055 October 99. 9667 99. 9270 47. 5742 95. 5933 36. 4900 11.9477 12.0843 97. 5146 20. 0000 399.0385 101. 8431 November... 100.0043 99. 9300 47. 8901 95.8150 36.4900 11. 9429 12. 0603 97.1109 20. 0000 400. 3043 102. 3049 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V u o e e li n l v a e a - 8 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 i n l) n g a * hai d f 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 ti t ) an dollar) Far value 19.30 48.11 66.85 47,50 47.77 36.50 49.85 40.20 56.78 439.65 494, 31 November... 19.1700 45. 5958 63. 2683 44. 8638 49. 7917 36. 4504 45. 9796 40. 4090 58.0687 52. 4871 499. 6888 1927—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 46.9017 64. 9965 46.8549 49. 8974 36. 2501 45.0505 39.9752 55.9815 51.4607 497.8298 September.._ 19. 2500 48.1813 63.6945 45. 9461 49. 7146 36.3312 45. 7832 40.0300 56. 0731 51. 6896 497.4590 October 19.2500 46. 5591 64. 0374 46.1963 49. 9471 36. 4541 46. 2019 40.1161 56. 3404 November _ _ 19.2839 46.5538 64. 0020 46.1675 49. 9763 36.4563 46. 3503 40.1226 56.4409 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. 1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. * Nominal. * Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content or 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 $0.58266 for November, 1928, $0.58398 for October, 1928, and $0.57787 for November, 1927. The corresponding London prices (converted at average rate of exchange) were $0.58339, $0.58382, and $0.58244. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
857 DECEMBER, 1928 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUBOPS United States France Ger- Month o (B S f t L i t u c a a r s t b e i ) s a o i - u r b ( A t g a r o s u i i a s l s d - ) g B iu el m - g B a u r l 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 n o n d g a f d e r - 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 r r v al e S c m ( a t F e a l a r t e a i B n d s l y t u - i - - 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 o s a l r y o - ) Bureau Board reau) 1927 February - . 93 130 854 2,688 975 156 143 144 632 595 136 129 556 145 165 March - 65 133 858 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 2,775 992 152 141 144 617 590 138 133 467 150 160 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 98 129 851 2,782 982 153 141 144 607 569 139 135 463 154 157 February.. _ 96 128 848 2,826 985 152 140 143 609 569 138 134 461 151 157 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 2,911 979 155 141 145 624 613 142 133 453 148 160 August 99 133 831 2,790 996 154 139 147 616 607 142 134 456 145 153 September. _ 100 131 830 2,805 986 151 138 146 620 598 140 137 458 146 153 October 98 129 835 971 150 138 146 617 585 140 146 151 November 140 150 EUROPK—continued ASIA AND OCEANIA AFRICA Month l P an o d - Russia1 Spain SwedenS l w an it d ze * 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 In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - ( E C g a y ir p o t ) S A o fr u ic th a 1927 February._.». . . 197 179 180 146 141 150 204 153 172 156 148 171 147 m 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 200 174 171 146 141 154 206 155 169 155 149 173 146 123 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 208 170 168 148 147 152 200 166 166 151 148 168 147 115 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 162 172 164 150 144 150 193 157 159 150 148 169 148 117 119 August. __ . -. 158 173 164 149 145 149 190 154 157 148 143 170 147 119 September 173 168 146 145 150 188 153 156 142 174 120 October 176 168 145 145 150 187 152 159 143 174 126 November . __ 176 186 i New index~1926=100. 8 First of month figures. * New official index. NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Nether* lands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913; 1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
858 FEDERAL RESERVE BULLETIN DECEMBER, 1928 WHOLESALE PRICES—Continued GROUPS OP COMMODITIES [Pre-war~100] ENGLAND—BOARD OF TRADE SWEDEN-BOARD OF TRADE 1928 1927 1928 1927 O b c e to r - t S b e e e p m r - - g A u u s - t July June O b c e to r - O b c e t r o- t S e b e m e p r - - g A u u s - t July June O b c e to r - All commodities 138 138 139 141 143 141 All commodities 145 146 149 150 151 147 Tota C l e r f e o a o l d s — 1 1 4 4 2 8 1 14 4 1 8 1 1 5 4 1 6 1 1 5 5 3 1 1 1 5 5 8 5 1 1 5 5 3 6 V A e n g im et a a l b l p e r o p d ro u d ct u s cts 1 14 3 4 1 1 1 3 4 4 5 1 1 4 4 0 3 1 1 4 4 3 2 1 1 4 4 8 0 1 14 4 3 4 Meat and fish 138 141 143 140 146 138 Fuels and oils 113 112 111 112 112 114 Other foods . 165 160 163 167 171 164 Raw materials for manu- Industrial products _ _ 132 132 133 135 135 136 facture in iron and metal Iron and steel 112 112 112 112 112 115 industry 115 115 114 114 114 115 Other minerals and Paper pulp and paper 160 161 I 161 161 161 157 metals . 113 112 110 110 112 113 Raw materials for manu- Cotton 160 158 162 172 172 172 facture in leather indus- Other textiles 158 162 166 168 167 159 try 141 145 I 146 148 146 135 Miscellaneous 141 141 143 143 142 144 Raw and manufactured chemicals 165 164 164 165 165 167 Raw materials 139 139 147 147 146 140 Semifinished materials 145 147 149 154 155 149 FRANCE—STATISTICAL BUREAU Finished materials 148 149 149 149 150 150 Producers' goods 136 137 141 143 143 137 Consumers' goods 152 154 155 155 157 156 All commodities 617 620 616 624 626 587 All foods 595 603 589 610 615 530 Animal foods 573 565 545 546 548 486 Vegetable foods 604 594 586 624 648 547 CANADA—DOMINION BUREAU OF STATISTICS Sugar, coffee, cocoa 610 690 676 703 675 577 All industrial material 635 634 639 636 635 633 M T Su e i x n n t d e i r l r e i a e s l s s 6 5 7 3 2 9 6 4 4 5 6 7 3 2 8 5 7 4 5 8 6 2 2 1 5 9 2 8 5 6 1 2 2 3 5 3 8 5 6 2 1 1 5 7 8 5 7 6 3 9 2 0 0 5 A T T o o ll t t a a c l l o m r m a a w m n o u m d fa a i c t t i e t e u r s i r a . e - l d s goods- 1 1 1 4 4 4 9 8 9 1 1 1 4 5 5 8 0 0 1 1 14 5 5 8 2 0 1 1 14 5 5 8 4 2 Vegetable products 148 152 159 162 Animal products 152 147 141 146 GERMANY—FEDERAL STATISTICAL BUREAU Textiles 166 169 168 173 Wood anrl paper products. 156 156 156 154 Iron and its products 139 138 140 142 A To ll t a c V l o a e m g g m e ri t c o a u d b l i l t e t u i e f r s o a o l d p s roducts 1 1 1 3 4 3 5 0 2 1 1 1 3 4 3 4 0 4 1 1 1 3 4 4 8 5 2 1 1 1 3 5 4 7 0 2 1 1 1 3 4 5 6 1 3 1 1 1 3 4 4 8 4 0 N N Ch o o e n n m f m i e c r e r a t o a l u l s l s i . c m _ m et i a n l e s r als . 1 1 Q 4 7 A 9 2 1 1 Q 7 4 A 1 9 1 1 Q 7 4 A 1 9 1 1 9 7 5 4 0 2 Cattle 119 119 120 115 115 115 Animal products 155 149 142 136 126 154 Fodder 140 139 149 155 160 142 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Provisions. _ 129 131 136 138 139 131 Total industrial raw materials and semi-finished products 133 134 134 135 135 134 All commodities 152 153 154 157 158 173 Coal 135 133 133 132 131 131 Metals and coal 174 174 174 174 174 176 Iron ... 128 128 128 128 128 124 Textiles 152 152 155 166 165 164 Nonferrous metals 107 105 105 104 105 104 Agricultural products 158 157 157 162 163 195 Textiles 152 155 160 165 164 163 Dairy products 146 147 145 148 149 153 Hides and leather 145 149 151 153 151 145 Groceries and tobacco 164 165 165 165 165 168 Chemicals 127 127 127 127 126 124 Meat 112 116 117 122 126 168 Artificial fertilizers 82 81 96 78 82 83 Building materials 161 161 162 159 159 143 Technical oils and fats. 127 125 124 122 120 121 Chemicals 186 186 186 186 189 186 Rubber 26 25 28 28 27 42 Paper materials and paper 152 151 151 151 151 151 Building material 159 160 160 161 161 162 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Total industrial finished products 160 160 160 160 159 153 Producers' goods 139 138 138 138 137 131 1928 1927 Consumers* goods 176 176 176 176 176 169 t S e ep m - - Au- July June May t S e ep m - ber gust ber ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 142 143 148 145 147 150 Cereals ... - 136 133 133 132 132 136 All commodities 492 488 486 488 493 484 Pulses. - 159 154 155 150 150 155 Total food 563 549 543 549 565 520 Tea 167 167 166 165 176 181 Vegetable foods. 587 577 576 584 617 541 Other foods »___ - 152 153 160 155 155 170 Animal foods 532 515 502 506 503 495 Oil seeds. - 147 143 139 139 140 145 All industrial products 465 464 464 465 466 470 Raw jute 94 111 112 108 102 92 Textiles- 450 446 447 462 456 447 Jute manufactures - 145 160 166 157 149 156 Chemicals 435 435 435 438 441 450 Raw cotton 149 154 180 182 179 201 B M u i i n l e d r i a n l g s m an a d t e m ria e l t s als 5 4 1 3 9 2 5 4 1 2 6 8 4 6 2 1 8 7 4 5 2 1 6 7 5 4 1 2 7 7 5 4 3 4 7 7 C O o t t h t er o n t e m x a t n il u e f s a c - tures 1 1 6 3 1 3 1 1 6 3 1 9 1 14 6 4 2 1 1 6 4 1 7 1 1 5 4 9 4 1 1 6 2 3 3 Other vegetable prod- Hides and skins. _ 121 115 115 130 149 109 ucts 504 519 513 483 506 474 Metals _. 124 124 121 124 125 133 Sundries 556 556 556 556 552 548 Other articles 140 140 142 136 137 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
859 DECEMBER, 1928 FEDERAL RESERVE BULLETIN 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 i s 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 an n d g * - n E i s a to ^ -F (P ra a n ri c s e )m G a e n r y - G ( e A r n e t s e h ) c - eI ( l t M a a n l i y ) - N la e e n r t - d h s - N w o a r y - R si u a s * - S l z a w e n r d i - t- a C d a a n ^ - A t l r i u a a s - - ( I b B n a o d y m i ) a - 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 »113 152 U44 3 142 150 170 206 157 145 154 142 147 114 July 150 119 202 2,783 943 156 130 3 111 154 »138 3 140 150 173 211 157 146 152 143 147 116 August 151 120 205 2,667 943 156 3 110 156 3 134 8 138 150 170 211 156 149 150 142 146 115 September. 155 120 210 2,682 928 156 8 111 153 8 132 148 164 210 157 150 150 141 147 115 October _. 153 215 157 152 148 163 211 152 149 142 115 November. 152 161 213 144 COST OP LIVING [Pre-war=100] EUROPEANCOUNTRIES OTHER COUNTRIE8 Mas- Month s c s e h a t u t - s - g B iu e m l- 1s C lo z v ec a h k o ia - l E a n n g d - 1 l F a i n n d - F (P ra a n ri c s e )m G a e n r y - G ( e A r n e t s e h ) c - e H ga u r n y -I ( l t M a a n l i y ) - l N a e e n r t d - h s - N w o a r y - l P an o d - Spain S d w en e- S l z a w e n r d i - 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 -S A o fr u ic th a 1927 January _ 158 198 747 175 J.1R7 145 1,900 119 655 202 195 171 160 152 159 130 February- 157 200 746 172 1,189 145 1,896 120 667 201 194 160 151 155 130 March 156 195 744 171 1,183 524 145 1,898 119 663 166 203 200 197 159 150 "156" 155 131 April 156 195 749 165 1,173 146 1,911 119 651 203 191 170 158 148 153 181 May 157 193 756 164 U166 147 1,938 119 612 205 186 160 148 152 132 June „._ 156 196 761 163 1,184 525 148 1,951 121 586 167 201 205 185 180 149 155 154 132 July— . 155 199 753 166 L,203 150 1,960 119 548 199 184 169 160 149 156 132 August 155 198 739 164 1,237 147 1,951 119 543 201 192 160 140 157 131 September. 155 202 736 165 1,230 507 147 1,955 119 537 167 197 202 187 ----- 161 149 ~"l57~ 154 131 October... 155 207 734 187 1,237 150 1,956 120 536 205 189 161 150 151 132 November. 157 208 735 169 1,251 151 1,964 120 536 210 188 162 150 150 132 December. 157 208 740 169 1L,243 498 151 1,978 120 531 170 195 205 186 162 151 159 151 132 1928 January 157 210 741 168 L, 216 151 1,986 121 *145 207 178 171 161 151 154 132 February. . 156 207 739 166 L,206 151 1,973 120 •145 204 175 161 150 148 131 March 155 204 737 164 1,214 507 151 1,966 119 3 145 169 193 205 176 160 149 ~~157~ 145 132 April 155 205 741 164 1,212 151 1,991 121 3 145 208 175 ~~171~ 160 149 144 133 May- 156 202 743 165 1,207 »105 151 »135 121 3 144 209 171 160 149 147 133 June 155 204 741 165 L,219 151 »135 121 3 145 170 193 209 172 161 148 "l57" 146 132 July 157 205 753 165 L, 236 153 3 131 121 8 143 210 173 173 161 148 146 131 August 157 207 761 165 1,258 3 105 154 129 126 3 142 210 •174 161 150 146 131 September- 158 211 756 165 L249 152 127 127 169 185 *178 161 151 145 131 October 157 215 166 1,254 152 178 "172" 152 146 131 November 152 147 11921-103. 2 First of month figures. 1 Revised on a gold basis. * Revised. NoTE.—Infonnation as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
860 FEDERAL RESERVE BULLETIN DECEMBER, 1928 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Raw Unem- Coal i P ro ig n i S n c i a n a g t n e g s o d e t s t - l s i s F s t h i e n e e - d l v c p s i o s u l t i t p y b o - 1 l n e m u t s I a u r t f n e a a r o e e d n c n s l - - Coal m t u C u t f o a a r o n e c n t s - - - w W ti o s a o s r n o s u d l t e e e s n d R c to o a n t w - w R o a o w l r C u r b u b d e e r h R w id a e w e t s c c S l w a e h r a i g i t r p h o e s d 2 r B F e r t r c r e i e a t i i i g i p s n h h t t s - r a F i t t r l r r w e a a f i a g f i i n y h c s t-i a n m p m s lo e u o n y r n e t - g d Thousand long tons T b h a o le u s s. T lo h n o g u s to a n n s d s M q li . o y i n l d - .s T q h . o y u d s. . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ l h i s o n t g u er s - . M m t i o l i l l n i e o - s n c P e e n r t 1927 July « 23,776 646 581 1,467 390 4,176 338 15,978 67 26,059 6,829 5,607 8,854 *9.2 August 17,852 596 643 587 1,350 342 4,257 366 17,460 57 22,534 5,570 5,642 8,997 1,525 •9.3 September . 19,504 592 777 625 1,241 385 4,242 343 14,395 72 28,806 5,049 5,715 9,364 1,581 9.3 October 3 24,712 596 699 584 1,190 385 4,141 316 13,061 96 28,000 7,035 •5,299 9,377 1,483 9.5 November. 19,634 576 699 582 1,148 399 4,127 406 16,351 119 24,707 8,031 5,286 9,315 1,455 10.0 December. 3 23,858 559 605 542 1,100 352 293 15,041 116 23,885 8,814 4,914 8,649 1,402 9.8 1928 January 20,046 561 626 567 1,061 332 3,905 340 16,919 88 102 24,754 6,665 4,932 8,600 1,504 10.7 February.. 20,119 551 764 614 1,070 317 4,008 319 14,458 130 119 19,851 6,930 4,753 8,766 1,385 10.4 March »25,194 593 793 674 1,052 409 4,111 401 15,119 142 135 26,636 6,399 5,382 9,502 1,528 9.6 April 17,679 563 644 530 1,081 344 3,722! 317 9,970 134 92 20,287 6,860 4,859 8,129 1,275 9.6 May 19,191 592 753 615 1,057 359 4,487 292 11,789 127 99 12,860 6,172 5,499 1,364 9.9 June 3 21,056 564 709 614 973 366 4,3461 281 14, 682 114 52 19,077 5,850 1,327 10.8 July 16,902 538 667 549 892 333 4,163 342 17,954 84 28 18,473 5,853 5,491 8,219 1,313 11.7 August 16,199 519 643 540 818 370 4,274 344 19,395 84 27 17.500 7,C" 5,972 8,411 1,360 11.7 September. 3 23,275 504 719 737 295 3,995| 301 12,773 52 19 23,079 6,1 5,466 11.5 October 18,519 377 4,630; 337 12,712 109 21 16.501 5,546 5,721 11.8 i End-of-month figures. * Includes Irish Free State. »5 weeks. •Revised. FRANCE EX- PRODUCTION PORTS IMPORTS TRANSPORTATION Unemployed receiv- Busi- CoaU i P ro ig n C s r te u e d l e C y o a t r to n n . C c o lo tt t o h n v T o o lu ta m l e v T o o lu ta m l e f c s o R u o t r i m t o a t c w o n p o n n - -f s o R u t s r i i m o a l c k w n o p n - -f s o u C t r i m o o c a n p o l n - -c S c l w e a h a r i i t g r p h e o s d Fr l i o e c n a i a g g d r s h - t- o R p f a w e p l c a r e r i y a i n p s i c l t - i s - i n P a n i i a g c d r i m i p i s n a » u l - u n f r a e e i s l s - s ^ Thousand metric tons T g k h r i a o l m o u - s s . o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s. A nu d v m a e i r l b a y g e e r T fr b a o n u cs s. N b u e m r - N b u e m r - 1927 July___ 5,382 769 677 10,119 24,086 *3,357 •3,656 14,859 355 1,210 3,796 57,391 1,023,131 7,531 176 August 5,499 773 694 11,086 28,389 *3,024 •4,198 17,155 417 1,513 3,733 57,386 1,022,819 6,401 141 September 5,334 761 693 10,306 25, 522 •3,332 *3,601 18, 520 515 1,262 3,657 61,032 1,084,700 6,094 81 October 5,503 796 723 11,211 29,781 3,378 4,095 28,642 537 1,480 3,800 66,507 1,074,836 6,860 164 Norember 5,333 764 684 10,744 29,076 3,216 3,810 44,432 519 1,364 3,485 62,963 * 1,000,419 8,106 180 December 5,517 796 735 11,360 30,174 3,423 3,908 53,025 597 1,425 3,508 61,456 4 1,263,928 10,075 160 1928 January __ 5,541 809 750 12,204 27, 784 3,001 3,519 39,056 415 1,299 •3,148 60,426 917,976 14,012 188 February 5,283 785 738 9,241 26,994 3,590 3,653 28,924 598 1,349 •3,113 64,792 968, 577 12,989 161 March 5,763 858 804 12,231 29, 744 3,314 4,086 28,179 677 1,540 3,850 65,446 4 1,064,286 10,483 146 April 5,129 834 738 10,937 26,598 3,422 4,328 27,748 584 1,552 3,913 61,265 1,098,175 5,796 184 May 5,245 871 794 11,530 28,423 3,262 4,161 21,494 452 1,658 4,029 60,680 1,103, 660 2,978 184 June. _ . 5,527 844 797 11,347 26,745 3,576 4,153 30,153 772 1,425 4,364 61,535 4 1,400, 342 1,227 199 July 5,360 836 757 3,367 3,926 19,006 526 1,326 4,067 59,763 1,083, 826 796 August 5,589 857 793 3,738 4,238 21, 888 303 1,592 3,994 61, 696 1,175,462 732 September 5,331 821 759 3 846 4 234 15,184 1,169 1,223 3,951 66,186 4 1,561,466 474 October 1,228, 445 365 i 1 Coal and lignite, including Lorraine and the Saar. 3 Number of failures in the Department of the Seine. •Revised. 2 End of month figures. 4 5 weeks. 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861 DECEMBER, 1928 FEDERAL RESERVE BULLETIN INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY I TRANSPORTA- UNEMPLOY- PRODUCTION EXPORTS IMPORTS TION MENT Coal L ni i t g e - i P ro ig n C s r te u e d l e P a o s t h - f m a I i a c r r a n t o o n u d n n u re - s ch t p e s M a r i u l i l n n e i c p a e e d c - a - s r - l y s D d a tu y y n e f d e - f s s Coal R w a o w ol R c p o a e p w r - - C to o n t- I o ro re n A H a b v l r a u e s r s m r i - g v o - f - F l r i o c e n a a i g g d r s h - t p T u u m l b n r n o a e e e i y m d o r m e s n e d - - - p p U r S e e l n o a i c r t n s i y a e e d g o i t e m v e n d - - s B n u fa e r u i e s l s s s - i- I Thousand metric tons Metric tons Th r n e o e g u t . s.T w h o o a n g u s - s. c P e e n r t Number tons 1927 July 12,635 12,089 1,100 1,362 *352,007 48, 538 13,669 2,401,116 165,,34717, 68731,515 1, 831,819 1, 3,905 5.5 452,007 i 428 August__. Jl2,997 12,817 1,116! 1,432 104 344,981 42, 748 12,824 2,402, 044 11L,, 93724, 77824, 3902,056, 052 1,604 4,059 5.0 403, OOO! 407 September |12,71112,9071,105; 1,375 109*358, 20155,971 13,435 2,076,169 7,329 23, 87624, 253 1, 737,088 1,661 4.6 355, 500! 360 October. _Jl3,094 12,5311,140 1,414 104 352, 734 51,658 13,699 2,155, 732 6,919 21, 21837, 240 1,593,""" 1,764 4^326 4.5 339,982 445 November. 12,874|13,430 1,119i 1,401 109 336,485 55, 788 12,488 1,845, 519 11 17,200 51,026 1,431,493 1,727 4,156 7.4 604, 509 574 December. 13,238 14,133 1,150,' 1,368 115 352,472 59,620 13, 987 1, 903, 237 12,668 19, 64152,633 1,289, 597 1,854 3,811 12. 9 1,188, 274 619 1928 January 13,42114, 222 1,181 1,469 132 363,026 48,810 12,458 2, 272,995 18,08420, 56637,032 1,183, 214 1, 3,541 11. 2il, 333,115 766 February.. 12,92613,4191,122 1,323 133 390,776! 50,449 11,985 2,229,956 25i,,260 18, 56336, 8391,146,188 1,564 3,584 10. 41, 237, 504 699 March 14,11814,4011,170: 1,422 132 4•3"4' ,7•""' 54,788 15, 799 2, 250, 616 2,1433 22,941 28,001 1,407,989 1,767 4,069 9. 2 1, 010, 763 791 April 11,71512,2631,045 1,161 96 412, 810 57,102 14, 318 2,115,16122, 333 20,443 30, 772 1, 275,088 1,849 3,439 6*. 9" 729,321 614 May i11,932|12,964 1,044 1,248 99 398,470 56,516 14,645 1, 665, 48119, 312 19, 21431, 0451,053, 621 3,727 6.3 629,470 692 June 11, 831;13, 2411,021 1,295 111 453, 231 53,880 14, 613 1,420, 802 1\6 ;47319, 36229,989 1, 279, 688 1^819 3,844 6.2 610, 687 702 July 12,483 j 13, 5311,035 1,311 113 '466,079•53,194•13,411 "1,841,962 8, 403N21,809K23, 861"1, 282, 767 1,791 3,917 6.3 564,064 655 August 13, 021! 14,330.1,031 1,329 123 505,857 52, 393 13, 602 1, 850, 5777,958 20, 642 19, 3571, 516,096 1,926 4,083 6.5 574,475 552 September 12,157113, 6161 985 1,190 480, 647 74, 006 13, 387 1, 829, 5565,274 17,144 16,730 1, 394,715 1,749 4,036 577,093 530 October.. _13, 31115, 226 1,016, 415,690 64,163 12,959 2, 019,1778,788 16,650 33, 6621, 552,182 1,732 685 •Revised. CANADA Re- Receipts at ceipts stock- In i d o n f e - x PRODUCTION s C t t i r o o u n n c - - wh a o e t f at T W o y r a o in r n d n t s o i p i a e n g nd T re o v t e a - l Ind of ex Busidus- con- Fort nue em- ness | | | d t t r i u o i c a n l - Coal N pr e i w n s t - Flour a t w ra e a d c r t d s - l t P W a A i h a o n u r i m d r l - r t - C tl a e t- Hogs [ P b l a o a n a n r d k d s s W pu o, l o p d Wheat Coal C p le e r u t u r m d o e - R c to o a n t w - c M e h r i a y n - - l i o c n a a g d r s - m pl e o n y t - l u f r a e il s - 2 1 1 9 9 1 2 1 0 4 9 0 = - T sh h o o r u t s t a o n n d s T b h re a o l r u s - s . T d h la o o r l u s - s. T b h u e o l s s u h s - . Number M l f i e o i e n l t - Th lb o s u . s. T b h u e o l s s u h s - . T t h o o n u s s. Thous.T l h b o s u . s. Th d la o o r l u s - s. N b u e m r - J 1 a 9 1 n 2 0 . 0 0 1 = 7, N b u e m r - 1927 July 151. 2 1, 2301 163 1, 019 50, 881 10, 679 39,980! 37,157 215 154, 801 6,620 1,434 70, 305 8,484 3,488 260,113 108.4 117 August 157.0; *1,318| 180 1,158! 29, 881 2,399 70, 347! 40,112 204 171, 134 12,197 1,495 77, 253 7,267 4,181 282, 807 109.2 147 September- 147.61 *1, 3421 179 1, 528!32, 788 8,580 79,141! 35,026 188 164, 228 14, 071 1,599 91, 865 4,814 4,137 304, 295 109.7 126 October 151.5| *l,480i 191 2, 005!47,135 51,416 94,718; 46,419i 182 144, 795 19,430 1,479! 78,905 6,684 4,185 360, 238 109.0 168 November- 151.0 *l,757i 190 2,120 30,261 70,9651109,927! 70,910 174158, 396 52, 805! 1,548 64,978 11,987 4,124 344, 767 107.5 152 December.. 161.51 *1,872 182 1,767 50,427 41,025 44,936 62,204! 122 147, 531 44,1 ' 1,366 67, ""19,:" 3,970 286, 719 106. 160 1928 January 160.3 *l,i 187! 1, 579; 20,4801 21, 095 44,311 71, 535! Ill 113, 297 15, 201 1,226 58, 501 19, 635 3,904 265,487 99.5 197 February... 166.1' *l,406| 190- 1, 464 25, 875! 9, 545! 33, 889! 63, 286! 117 128, 606 18, 372 1,235 47, 810 11, 854 3,858 267,131 100. 167 March 168.2 *l,404! 198! 1, 617}22, 946J 3,251 31, 374| 47, 733J 150 182, 229 18, 655 *l,350 82, 871 12, 239 5,720 285, 567 101.4 163 April 160.6 *1,146! 193 1, 304 56, 346! 879137, 306! 50, 000! 99 113, 220 8,361 *930 23,876 •7,100 4,058 252,131 101.1 132 May 187.91 *1,263;' 204! 1,541170, 684117, 618' 39, 898; 50,4581 151 148, 272 30, 282 1,288 75, 670 6,910 5,204 300, 295 105.5 146 June 176.2! *],331! 192 1, 359!59, 926i 20,146132, 806 44, 047] 178 146, 917 21, 960 1,176 95, 725 8,469 5,402 294,451 112.4 130 July *172.9| 1,309! 184^ 1,458! 38, 360! 14, 393!57, 553! 43, 262; 182 146,184 32, 426 1,168 80,434 7,462 5,125*290, 677 116.3 138 August 181.6 1, 535 201! 1,158 39,4411 3, 538; 73, 233! 32, 598; 161 137, 829 25, 057 1,611 n,8,164 7,300 4,790 312,816 119.9 142 September- 170. 7 1,396: 185L 45,439! 39,132! 71,487| 24, 873! 140 134,440 26, 923 1,423 107, 297 4,971 4,552 361, 247 119.5 161 October l,702!. 81, 361181, 599! 39,178! 153 162, 286 43, 687 1,779100,023 13,842 4,884 118.9 1 First of month. 2 Total number of firms failing during the month. * Revised. 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862 FEDERAL RESERVE BULLETIN DECEMBER, 1928 Changes in State Bank Membership (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of The following list shows the changes affecting State estates of lunatics; (9) in any other fiduciary capacity bank membership during the month ended November in which State banks, trust companies, or other corpo- 21, 1928, on which date 1,224 State institutions were rations which come into competition with national members of the system: banks are permitted to act under the laws of the State in which the national bank is located. ADMISSIONS Dis- Powers Capital Surplus T s o o t u a r l c e re s - Location t N ri o c . t Name of bank granted District No. 4 Weehawken, N. J 2 Hamilton National Bank___ Ito9. New York City, N. Y. 2 Commercial National Bank 1 to 9. BankTof Commerce & Trust Co., Cincinnati, Ohio _ $976,800 $314,860 $8,071,770 Patchogue, N. Y 2 Peoples National Bank 1 to 9. Bangor, Pa 3 First National Bank 1 to 9. Bridgeport, Pa 3 Bridgeport National Bank.. Ito9. CHANGES Easton, Pa 3 First National Bank 1 to 9. Myerstown, Pa 3 Myerstown National Bank. 5 to 9.1 Paintsville, Ky 4 Second National Bank Ito8. District No 3 Brookville, Ind 7 National Brookville Bank... 5 to 9.1 Plainfield, Ind— 7 First National Bank 1 to 9. Oxford Bank & Trust Co., Philadelphia, Ottumwa, Iowa . 7 First National Bank Ito9. Pa. (consolidated with Corn Ex- Oshkosh, Wis 7 City National Bank 5 to 9.1 change National Bank & Trust Co., Paducah, Ky 8 First National Bank 4 to 9.1 Philadelphia, Pa.) $500,000 $450,000 $9,755,000 South Omaha, Nebr__ 10 Packers National Bank Ito9. Oklahoma City, Okla. 10 Fidelity National Bank 1 and 4. District No. 5 Corpus Christi, Tex.. 11 City National Bank & Trust 1 to 9. Palmetto Bank & Trust Co., Florence, McKinney, Tex 11 Collin County National 1 to 9. S. C. (closed).... 100,000 26,000 1,007,970 Bank. District No. ? 1 Supplemental. Alta Vista Savings Bank, Alta Vista, Iowa (voluntary withdrawal) 30,000 20,000 371,895 Changes in National Bank Membership Citizens Savings Bank, Eldora, Iowa (voluntary withdrawal) 50,000 25,000 272,470 Mayer State Bank, South Whitley, Ind. The Comptroller of the Currency reports the follow- (voluntary withdrawal)__ 25,000 18, 000 300, 536 ing increases and reductions in the number and capital Hinckley State Bank, Hinckley, 111. (voluntary withdrawal) _ 50, 000 25, 000 529, 600 of national banks during the period from October 20 to November 23, 1928, inclusive: District No. 8 Bank of Earle, Earle, Ark. (voluntary withdrawal) 25,000 7,500 345,000 N be u r m o - f Amount of District No. 9 banks capital Merchants Bank, Winona, Minn, (voluntary withdrawal) 200, 000 50, 000 4,464,000 New charters issued ._ __ _ .. 7 $9,550,000. 00 First State Bank, Philipsburg, Mont, Restored to solvency 0 (voluntary withdrawal) 50, 000 10, 000 440,000 Increase of capital approved 1 10 1, 758, 333. 33 Aggregate of new charters, banks, restored Acceptances to 100 Per Cent to solvency, and banks increasing capital- 17 11,308,333.33 Liquidations . 11 1,445,000. 00 The following member institution has been author- Reducing capital2 1 150,000. 00 ized by the Federal Reserve Board to accept drafts and Total liquidations and reductions of capital 12 1, 595,000. 00 bills of exchange up to 100 per cent of its capital and surplus: Bank of America, National Association, New Consolidation of national banks under act of York, N. Y. Nov 7, 1918 1 6,350, 000. 00 Consolidation of a national bank and a State bank under act of Feb. 25,1927 2 3,183,333.33 Total consolidations 3 9, 533,333. 33 Fiduciary Powers Granted to National Banks Aggregate increased capital for period 11,308,333.33 Reduction of capital owing to liquidations, etc 1, 595,000.00 During the month ended November 21, 1928, the Federal Reserve Board approved applications of the Net increase __ 9, 713, 333. 33 national banks listed below for permission to exercise one or more of the fiduciary powers named in section 1 Includes one increase in capital of $333,333.33 incident to a consoli- 11 (k) of the Federal reserve act as amended, as dation of State bank under act of Feb. 25, 1927. 2 Reduction in capital incident to a consolidation under act of Nov. 7 follows: (1) Trustee; (2) executor; (3) administrator; 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
863 DECEMBER, 1928 FEDERAL RESERVE BULLETIN 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 Restjrve Band Total Boston Y N o e f 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 o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Bills discounted: 1927—October 424.4 33.3 126.9 38.4 43.7 28.9 26.0 36.5 21.5 2.7 15.7 7.2 43.7 November 415.2 36.4 106.5 38.1 46.8 21.5 32.7 46.9 18.1 2.6 18.1 8.4 39.1 528.6 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 52.8 March 513.2 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 3.8 63.1 April 660.9 44.4 210.9 52.7 60.8 34.6 38.9 87.6 33.1 10.1 18 8 8.0 61.3 May 835.5 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 A 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 77.8 57.2 82.9 113.8 65.0 17.8 24.0 29.6 86.5 October 975.2 45.9 300.7 93.7 75.5 47.8 79.4 134.1 49.8 18.1 31.3 25.3 73.5 November... 897.3 50.6 238.1 79.3 85.6 42.5 68.7 138.8 43.9 16.0 43.1 21.3 69.6 Total deposits: 1927—October - 2,380. 9 157.2 921.3 141.5 190.1 74.7 70.8 346.8 84.7 55.6 90,5 66.4 181.1 November. . 2,430.0 161.7 946.3 142.3 192.8 76.7 70.4 345.7 87.9 57.8 94.2 69.2 184.9 December „.. 2,436. 0 156.8 959.1 140.1 188.8 75.1 70.5 350.0 87.9 56.4 93.3 69.8 188.1 1928—January 2,472.4 158.4 974.4 143.8 192.0 76.0 72.6 355.8 87.6 55.1 94.3 70.6 191.9 February . 2,419. 5 154.1 942.7 140.4 192.2 75.1 72.5 349.7 87.5 54.6 95.0 70.6 185.0 March 2,411. 7 153.7 948.8 140.7 189.5 72.9 71.2 349. 7 84.5 55.3 94.4 68.5 182.5 April 2,450. 2 159.0 972.8 142.3 190.3 73.4 72.4 353. 5 84.3 53.9 94.1 67.0 187.3 May 2,438.8 155.7 965.1 140.8 191.8 71.8 70.9 358.2 84.1 53.1 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 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. 6 889.8 134.4 189.3 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 67.3 189.5 October. __ 2,380.6 155.0 902.9 137.0 190.9 71.3 65.8 357.7 83.5 57.0 95.7 70.8 193.1 November 2, 401. 6 154.7 920.9 136.4 188.9 71.5 67.1 357.7 83.8 57.5 94.8 73.1 195.1 Member^bank reserve balances: 1927—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 65.2 91.3 69.0 182.3 1928—January 2,426.4 155.9 957.9 141.7 188.9 73.8 70.7 352.1 86.1 53.3 92.1 68.8 185.2 February 2,368.1 151.0 924.4 138.5 188.1 72.4 70.0 345.8 85.0 53.1 92.4 69,3 178.2 March 2,365.0 151.2 931.6 138.6 186.0 70.6 69.4 345.7 82.8 53.9 92.4 67.1 175.8 April 2,396. 5 156.3 955.5 139.3 186.7 69.9 69.1 348.1 82.5 52.4 91.9 65.4 179.5 May 2,387. 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 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 63.7 179.9 August. __ 2, 273. 9 147.1 872.0 132.0 185.8 66.2 63.7 344.8 78.5 50.7 92.4 62.5 178.2 September 2, 314. 3 149.6 883.2 134.9 190.3 67.6 62.7 352.3 80.1 53.0 92.8 65.5 182.4 October 2,332. 2 152.5 889.7 134.8 J87.8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November 2,352. 3 152.0 903.4 134.4 185.4 69.1 64.8 354.0 81.5 56.1 93.0 71.4 187.3 Government deposits: 1927 October 20.4 1.1 5 4 1.3 .9 2.4 1.6 1.7 1.2 1.0 .9 1.3 1.7 November 12.8 .9 2.9 1.2 .9 1.3 .8 .9 .9 .7 .7 1.0 .8 December 10.0 .8 2.2 .6 .7 1.0 .7 .8 .6 .6 .6 .5 .8 1928—January . 19.4 1.9 2.6 1.4 1.4 1.8 1.5 1.9 1.0 1.3 1.3 1.4 2.0 February 25.6 2.0 6.8 1.3 2.2 2.3 1.9 2.3 1.4 1.2 1.4 1.0 1.8 March 23.0 2.0 5.9 1.6 9 2.0 1.5 2.2 1.2 1.0 1.1 1.2 1.6 April 26.8 2.1 5.2 2.3 .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 6 2.3 2.0 2.8 1.3 1.1 1.4 1.1 1.9 June 12.8 .6 4.1 .8 8 1.2 .8 1.1 .7 .6 .6 .7 .9 July 19.5 .7 3.7 1.3 0 2.2 1.4 1.8 1.1 .9 1.2 1.5 2.7 August 27.9 1.6 6.9 1.4 ?, 2.7 2.2 2.7 1.2 1.4 1.4 2.0 3.2 September 17.6 1.6 4.2 1.3 .3 1.7 1.6 1.2 .8 .8 .7 1.2 1.1 October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 .9 1.1 1.6 1.6 November 17.5 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 .9 .9 1.4 1.3 Allother deposits: 1927—October 34.4 1.1 20.0 .9 1.8 .5 .7 2.0 1.1 .6 .8 .3 4.5 November 44.2 3.4 20.9 1.4 3.4 1.3 1.0 2.3 1.7 .8 2.6 .5 4.8 December 26.8 .9 12.1 .8 1.9 .7 .4 2.0 1.0 .6 1.3 .3 4.9 jg28—January 26.6 .6 13.9 .7 1.8 .5 .3 1.8 .6 .4 1.0 .3 4.7 February 25.8 1.2 11.5 .6 1.9 .4 .6 1.7 1.0 .3 1.2 .2 5.0 March 23.7 .5 11.3 .6 1.6 .3 .3 1.8 .5 .4 .9 .2 5.2 April 26.9 .6 12.1 .8 1.9 .5 .6 2.4 .6 .5 .S .3 5.9 May . . 27.3 .6 13.1 .8 1.6 .4 .6 2.3 .6 .4 .9 .3 5.9 June 27.5 .7 12.1 .9 2.1 .5 .4 2.8 .7 .5 .9 .3 5.6 July . 29.7 .9 13.4 1.1 2.3 .7 .5 2.7 .8 .5 .8 .4 5.7 August 28.4 .9 10.8 1.0 2.3 .7 .6 3.1 1.0 .5 1.0 .4 6.0 September 38.2 1.4 10.4 1.7 4.2 1.5 1.0 3.5 2.8 1.2 4.0 .5 6.1 October 29.7 .7 9.9 1.0 2.1 .8 .8 3.0 1.7 1.0 2.1 .3 6.3 November 31.8 1.3 14.6 .8 2.4 .5 .5 2.3 1.1 .5 .9 .3 6.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
864 FEDERAL RESERVE BULLETIN DECEMBER, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1928 1927 Oct. 31 Sept. 29 Oct. 31 RESOURCES Total gold reserves 2,641,096 2,608,652 2,922,087 Reserves other than gold. 131,900 130, 771 131,476 Total reserves.. 2,772,996 2, 739,423 3,053, 563 Nonreserve cash 56,874 47,265 51,736 Bills discounted. 932,271 I 1,070,759 411, 525 Bills bought: Outright._ 356,479 223,479 265,863 Under resale agreement. 83,897 60,171 75, 757 Total bills bought. 440, 376 283, 650 341, 620 United States securities: B ought outright 200, 470 213, 807 519,420 Under resale agreement . 26, 629 28, 837 2,917 Total United States securities. 227, 099 242,644 [ 522, 337 Other securities 3,730 4, 580 ; Total bills and securities. 1, 603,476 1, 601, 633 1, 276,082 Due from foreign banks 732 571 564 Reserve bank floatl __ 19,387 38,437 19,444 Total reserve bank credit outstanding. _. 1,623, 595 1, 640, 641 1, 296, 090 Federal reserve notes of other reserve banks._. 19, 584 18, 720 21, 707 Other uncollected items not included in float.. 655, 508 614, 677 575, 569 Bank premises 60, 548 60, 318 59, 774 All other resources 8,933 8,655 13, 556 Total resources. 5,198, 038 5,129, 699 5,071,995 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 19, 584 18, 720 21, 707 Outside Federal reserve banks 1,690, 232 1,699,891 1,712,467 Total notes in circulation. 1, 709,816 1, 718, 611 1, 734,174 Deposits: Member bank—reserve account. 2,370,988 2, 334,197 2, 324,178 Government 20,498 17, 676 21,177 Foreign bank 6,586 9,467 Other deposits 21,437 30,137 31,241 Total deposits .— 2,419,022 2, 388, 596 2,386,063 Deferred availability items 655, 508 614, 677 575, 569 Capital paid in 145,878 145,618 131, 305 Surplus 233, 319 233, 319 228,775 All other liabilities 34,495 28,878 16,109 Total liabilities 5,198,038 5,129,699 5,071,995 Contingent liability on bills purchased for foreign correspondents. 250,941 I 265,411 189, 272 i Uncollected items (exclusive of Federal-reserve notes of other Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION [End of month figures. In thousands of dollars] Total G co o i l n d G ti o fi l c d a t c e e s r- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - n T o 1 u r t 8 e e r 9 y a s 0 s o - f Su ia b r s y id- M c i o n in or U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l r F e b n e s o a d e n t e r e k v r s a e l t n b i N o o a n n t a e a - k s l 1927—Nov. 30.. 4,951,972 382,647 1,094,767 48,812 392,299 1,318 285,058 111,249 298,116 1,694,354 4,323 639,029 Dec. 31-. 5,002,956 402,087 1,073,735 48,775 400,269 1,315 285,602 111, 771 292,889 1,762,794 4,282 619,439 1928—Jan. 31... 4,677,055 389,364 1,015,888 46,764 372,485 1,312 276,105 109,727 283,119 1,560,763 4,237 617,290 Feb. 29.. 4,690,430 385,856 1,003,880 46,412 368,938 1,311 275,101 109,640 286,187 1,570,063 4,178 Mar. 31.. 4,748,934 383,116 1,024,875 46,188 372,709 1,308 274, 544 109,922 290,046 1, 588,391 4,138 653,696 Apr. 30.. 4,748,458 381,203 1,020,267 46,154 377,946 1,306 276,089 110,306 293,119 1,585, 904 4,096 652,068 May 31.. 4,744,074 379,684 1,013,139 46,228 379,604 1,305 277,404 110,921 296,189 1,586,975 4,072 648,552 June 30.. 4,796,621 377,017 1,019,149 46,223 384,577 1,304 278,174 111,067 298,438 1, 626,433 4,029 650,212 July 31— 4,700,535 374,980 977,077 46,082 384,159 1,301 279,072 111,400 293,235 1, 592,137 3,985 637,109 Aug. 31.. 4,802,820 373,558 981,785 46,241 391,047 1,300 280,661 111,937 300,563 1, 662,249 3,948 649,532 Sept. 29.. 4,846,198 372,909 977,673 46,411 397,589 1,298 283,296 112,431 303,110 1,698,908 3,916 648,656 Oct. 31... 4,807,430 374,402 959, 652 46,298 394, 328 1,296 285,350 113,427 300,659 1,689,171 3,880 638,965 Nov. 30 V 4,987,499 371,610 1,030,605 46,373 404,849 1,295 288, 036 114, 644 306,006 1, 770,160 3,848 650,074 i Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 865 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN NOVEMBER AND OCTOBER, 1928 [In thousands of dollars] Total cash reserves Total deposits Fede in r a c l ir r c es u e l r a v ti e o n notes Reserve percentages Federal reserve bank November October November October November October November I October Boston 217,749 236, 206 154, 707 154,950 151,984 151,845 71.0 77.0 New York 891,345 835, 532 920,930 902,865 341,015 341,068 70.6 67.2 Philadelphia... 179, 527 164,471 136,423 136,994 135, 783 130,390 66.0 61.5 Cleveland 254,915 278,509 188,930 190,870 207, 351 204, 052 64.3 70.5 Richmond 86, 820 80,054 71,461 71, 296 79, 573 69, 556 57.5 56.8 Atlanta 130,154 97, 530 67,146 65,829 130, 558 129,345 52.2 50.0 Chicago 477,046 491, 215 357, 688 357, 722 296,916 297,649 72.9 75.0 St. Louis 80, 312 80, 535 83, 813 83,500 61,110 60,315 55.4 56.0 Minneapolis 77, 589 79, 207 57, 540 56,991 62,464 61,589 64.7 66.8 Kansas City- 83,938 95, 271 94, 791 95, 650 64,403 63,748 | 52.7 59.8 Dallas 64, 307 64,345 73,061 70,798 47, 868 47,114 ' 53.2 54.6 San Francisco. 250, 857 251, 081 195,147 193,129 166, 652 69.3 69.4 Total I 2,767,559 2,753,956 2,401, 637 2, 380,594 1, 745, 677 1,725,464 66.7 67.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
866 FEDERAL RESERVE BULLETIN DECEMBER, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total B to os n - Y N o e r w k P a p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M e l a i i p s n o - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: Nov. 7 1,134,989 123,640 174,703 81,736 138,251 37,099 62,917 233,824 21,118 43,532 34, 703 22,883 160, 583 Nov. 14 1,172,075 121,762 174, 585 86,005 137,929 46,142 65,050 233, 732 23,557 45,532 33,618 25,307 178, 856 Nov. 21 _.. 1,125,095 119,159 174,462 83,247 117,900 44, 68,254 233,590 22,305 44,504 29,478 24,793 162,537 Nov. 28 1,148,031 117, 598 169,462 93, 216 116,876 75,347 233,590 31,789 43,724 33,884 24, 215 159,448 Gold redemption fund with United States Treasury: Nov. 7 69,083 4,354 13, 923 11, 585 4,439 2,906 5,195 7,087 4,704 4,714 4,255 2, 726 3,195 Nov. 14 80,193 5,486 24,311 12, 739 5,235 2,888 4,860 8,754 4,696 2,404 2,923 2,417| 3,480 Nov. 21 83,444 7,265 22, 514 14,393 6,415 3,065 4,785 7,691 5,232 3,215 3,181 2,147i 3, 541 Nov. 28 75,335 8,267 21,136 6,254 8,403 2,145 4,671 6.682 5,345 3,671 3, 37; 2,096 3,290 Gold held exclusively against Federal reserve notes: Nov. 7 1,204,072 127,994 188, 626 93,321 142, 690 40,005 68,112 240, 911 25, 822 48,246 38,958 25,609| 163,778 Nov. 14 1, 252, 268127,248 98, 744143,164 49,030 69,910 242,486 28, 253 47,936 36, 541 27,724! 182,336 Nov. 21 1,208, 5391126,424 196,976 97,640 124,315 47,931 73,039 241,281 27, 537 47, 719 32,659 26,940 166,078 Nov. 28 1,223,366j 125, 865 190,598 99,470| 125,279 51,027 80,018 240, 272] 37,134 47,395 37,259 26,311 162,738 Gold settlement fund with Federal Reserve Board: Nov. 7 763,380 49, 574 233,701 50,787 56, 266 31,801 14, 535156, 644! 32,499 22, 850 36,398 29, 772 48, 553 Nov. 14_._ 721,680 36.290 237,973 40,040 47,939 20,358 17, 606176,902j 24, 231 22,391 34,206 25,145 38, 599 Nov. 21 796,380 25.291 307,115 50,144 66,357 21,247 16,632 159,715 29,362 21,088 32,067 24,335 43,027 Nov. 28 781,011 19,866 283,466 61, 240 62,949 19,684 16, 696160,019) 26, 683 23, 582 45, 253 25, 276 36,297 Gold and gold certificates held by banks: Nov. 7 675,315 37,900 430,151 28,398 9,148 4,360 59, 893 9,254 5,182 6,323 7,045 30, 773 Nov. 14.._. 685,184 38,157 438,467 28,142 46,083 9,782 4,551 61, 744 9,100 5,369 6,274 7,008 30, 507 Nov. 21 662, 548 39, 201 418,455 27, 853 48,314 10,164 4,804 54,776 9,765 5,487 6,357 7,133 30,239 Nov. 28 596,094 38,023 360,903 26,851 46,170 10,252 5,319 51,4811 9,475 5,013 5,967 7,159 29,481 Total gold reserves: Nov. 7 2,642, 767 215,468 852,478 172, 506245, 844 80,954 87,007 457,4481 67,575 76,2' 81, 679 62,426 243,104 N N N o o o v v v . . . 2 2 1 1 8 4 2 2 2 , , , 6 6 6 5 0 6 9 0 7 , , , 1 4 4 3 7 6 2 1 7 2 1 1 9 0 8 0 1 3 , , , 6 7 9 9 5 1 5 4 6 9 8 8 2 7 3 2 5 4 , , , 3 9 5 3 6 4 6 7 61 1 1 7 8 6 5 7 6 , , , 9 5 6 2 6 3 6 1 7 2 2 3 3 7 4 , ,398 8 7 7 0 9 9 , , , 9 1 3 6 7 4 3 0 2 1 9 9 0 2 4 2 , , , 0 4 0 6 7 3 7 5 3 4 4 4 5 5 8 5 1 1 , , , 1 7 7 3 7 7 2 2 2 1 j 6 6 7 1 6 3 , , , 6 2 5 6 9 8 4 4 2 7 7 7 5 5 4 , , , 2 6 n 9 < n 4 n 1 7 7 8 7 1 8 , , , 4 0 0 7 2 8 9 1 3 5 5 5 8 9 8 , , , 4 7 8 0 4 7 8 6 72 2 2 2 5 3 8 9 1 , , , 3 4 5 4 4 1 4 2 6 Reserves other than gold: Nov. 7 125, 600 16, 229 19, 566 6,620 11,481 7,021 12,144 14,127; 16,125 1, 5, 630 5,196 9,652 Nov. 14 128,968 16, 697 21,108 6,329 11, 724 7,302 11,368 15,1511 16, 250 1,843 5,400 5,583 10,213 Nov. 21 132, 622 17,063 23,227 6,349 12, 735 7,438 11,109 14, 698' 16,176 1,743 5,482 5,730 10, 872 Nov. 28 121,943 15, 777 20,875 4,854 10, 401 7,099 10,490 12, 5431 15,821 1."" 5,351 5,445 11,419 Total reserves: Nov. 7 2, 768,367231,697 872,044 179,126 257,325 87,975 99,151 471,575 83, 700 78,087 87,309 67,622 252, 756 Nov. 14 2, 788,100 218,392 896,444 173, 255248,910 86,472 103,435 496,283; 77,834 77,539 82,421 65,460 261, 655 Nov. 21 2,800,089 207,979 945, 773181, 986251, 721 86, 780105, 584470,470 82, 840 76,037 76,565 64,138 250,216 Nov. 28 2, 722, 414199, 531 855,842 192,415 244,799 88,062 112, 523464,315 89,113 77,858 93, 830 64,191 239,935 Nonreserve cash: I Nov. 7_ . 51,494 7,684 14,078 1,084 2,950 4,244 3,486 7, 246; 2,588 805 2,038 3,392 Nov. 14 60,478 7,651 18,954 1,042 3,798 5,102 3,632 8,4471 2,916 1,260 2,105 2,478 3,09S Nov. 21 64,051 8,853 19,606 902 4,831 5,467 3,674 7,570 2,973| 1,303 2,272 2,529 4,071 Nov. 28.. 50,366 7,516 14,493 2,945' 4,455 3,245 6,190 2,511 799 lf~~ 2,297 3,388 Bills discounted: Secured by U. S. Govern ment obligations— Nov. 7 584,154 19, 544 230, 720 61,292 55,364 20, 258 18,325 83, 781 21,615 8,227 16,168 15, 274 33, 586 Nov. 14 524,931 29,673] 154,684 70,002 66, 712 21,332 20,239 72,991 25, 733 12,856 14,002 11, 753 24,954 Nov. 21 470,127 25,055 129,024 54, 513 52,029 16, 610 17,834 80,159 24,681 10,064 18, 717 11, 704 29, 737 Nov. 28 673, 540 26,700 272,212 54,952 66,095 18,920 19, 231102,663 21,850 11,052 20,456 13,360 46, 049 Other bills discounted— Nov. 7 373,236 j 12,930 63,802 18, 557 28,721 22, 512 53,724 68, 795i 21,470 6,369 25,023 9,160 42,173 Nov. 14 21,052| 39, 713 19,384 26,451 23,049j 47,554 52,638 21,958 5,404 26,941 7,350 41,114 Nov. 21 329, 819 28, 266 40, 728 15, 540 27,924 22,209 45,861 57, 836 16,500 3,931 27,410 7,014 36, 600 Nov. 28 316, 700 35,484 44, 494 20, 854 28,390 22, 902 41, 503 44,174 16,140 3,021 26, 627 6,128 26,983 Total bills discounted: Nov. 7 957,390 32,474 294, 522 79, 849 84,085 42, 770 72,049 152, 5761 43,085 14, 596 41,191 24,434 75,759 Nov. 14 857, 539 50, 725 194,397 89, 386 93,163 44,381 67, 793 125,629! 47,691 18, 260 40,943 19,103 Nov. 21 799,946 53,321 169, 752 70,053 79,953 38,819 137,995j 41,181 13,995 46,127 18,718 66,337 Nov. 28 990, 240 62,184 316, 706 75, 806 94, 485 41, 822 60, 734 146,837 36,990 14,073 47,083 19,488 73,032 Bills bought in open market: Nov. 7 448,645 43,421 131, 564 21, 570 45, 773 24,102 26, 678 34, 620 11,642 19, 749 26,408 22,475 40,643 Nov. 14 474,400 48, 858 142, 770 22,927 49, 861 24,926 27, 762 36, 601 9,992 20,429 24, 514 23,295 42,465 Nov. 21 484,164 47,262 142,964 22,104 51,649 26,676 29,415 39, 894 21, 507 22,985 24,938 45,071 Nov. 28 482,343 49,189 143,086 20, 226 54,805' 27,326 30,054 40, 755 9,281 21,208 10,464 25, 741 50, 208 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 867 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total B to o n s- Y Ne o w rk P a p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - la A n t- ta c C a h g i- o L S o t u . is n M e l a i i s n p - o- K C s a a i n s t - y Dallas F c S r i a s a n c n o - U. S. Government securities: I Bonds— Nov. 7 54,359 701 1,384 585 548 1,152 208 19,927 7,125 4,519 9,505 8,663 42 Nov. 14.._ 54,377 701 1,384 585 548 1,152 226 19,927 7,125 4,518 9,505 8,663 43 Nov. 21 54,068 1,384 585 548 1,152 154 19,927 7,125 4,518 8,755 9,186 45 Nov. 28 53,442 1,384 585 548 1,152 351 19,927 7,125 4,518 7,755 9,363 45 Treasury notes— Nov. 7 114, 295 3,383 23,079 10,600 28,879 1,243 3,665 7,026 11, 771 4, 775 1,902 4,527 13,445 Nov. 14... 108,961 2,892 21,330 10,135 28, 338 1,063 3,500 6,755 11,441 4, 527 1,902 4,185 12,893 N N o o v v . . 2 2 8 1 r 1 11 1 5 3 , , 1 7 6 9 6 8 3 3 , , 5 5 4 4 7 7 2 2 2 0 , ,4 6 0 5 0 5 1 1 0 0 , , 7 7 5 5 5 5 2 2 9 9 , , 0 0 5 5 9 9 1 1 , , 3 3 0 0 3 3 3 3 , ,7 7 2 2 1 4 8 7, , 4 8 6 4 9 4 1 1 1 1 , , 8 8 8 8 1 1 1 4 4 , , 8 8 5 5 8 8 1, 9 90 0 2 2 4 4, , 6 6 4 4 1 1 1 1 3 3 , , 6 6 2 3 9 0 Certificates of indebtedness— Nov. 7... 54,028 2,804 18,709 9,887 3,859 1,029 1,500 5,902! 1,880: 1,412 1,075 2,823 3,148 Nov. 14. 59,001 3,295! 20,083| 10, 352 4,400 1,209 1,243 6,6081 2,210! 1,661 1,075 3,165 3,700 Nov. 21_ 58,821 3,295; 19, 628 10,352 4,400 1,209 1,243 7,758! 2,210 1,661 1,075 2,290 3,700 Nov. 28 60,042 3,295 20,493 10,352 4,400 1, 209 1,229 8,073 2,210 1,661 1,075 2,345 3,700 Total U. S. Government securities: Nov. 7 222, 682 43,172 21,072 33, 286 3,4241 5,373 32,855 20, 776! 10, 706 12,482 16,013 16, 635 Nov. 14 42, 797 21,072J 33, 286 3,424 4,969 33, 290 20, 776; 10, 706! 12,482 16, 013 16,636 Nov. 21 226,055 7,531 41,412 21,692 34,007 3,664 5,118 35,154 21, 216' 11, 037 11, 73216,117 17, 375 Nov. 28. 229,282 7,531 44,532| 21,692 34,007 3,664 5,304 36,844 21,216; 11,037 9,732 16,349 17,374 Other securities: Nov. 7 3,730 200 30. 500 3,000 Nov. 14... 3,855 155 5001 3,000 Nov. 21... 4,390 155 535' 3,500 Nov. 28 4,390 200J 155!. 535| 3,500 Total bills and securities: Nov. 7 1,632,447 82, 783! 469,458' 122,521 163,144 70, 296 104,100 220,051 75,503 45,551! 80,081 65, 922133,037 Nov. 14 1, 558,133 106,471! 380,164 133,540 176, 310 72, 731 100, 524195, 520! 78,459; 49,895! 77,939 61,411 125,169 Nov. 21 1, 514, 555108,114; 354,328 114,004 165, 609 69,159 213,043! 72,0961 47,074! 80,844 63, 273 128, 783 Nov. 28... 1,706, 255 118,904) 504,524 117, P'70183, 297 72, 812 96,092 224,436 "" 87 i 46,853 67,279 65,078 140, 614 Due from foreign banks: Nov. 7 728 37 371 47 52 25 21 21 i 18 35 Nov. 14 729 37! 372 47 52 25 21 69 21! 18 35 Nov. 21.... 728 371 371 47 52 25 21 21) 18 35 Nov. 28 725 37 j 368 47 52 25 21 21 18 35 Uncollected items: Nov. 7 658,155 64, 628 i 167,350 52,811 56,979 58, 935 26, 042 80,443 29,639' 15,801 37,964 30, 211 37.352 Nov. 14 968, 055 99, 576 j 245, 568 82,237 86, 507 82, 595 33, 005 125,855 46, 383; 20,054 52,937 40, 985 52.353 Nov. 21... 800, 760 76,911 231,163 64,077 68,440 62, 737 "8,935 90,448 35,629; 17,375 43,491 35,405 46,149 Nov. 28 707,919 67, 0951 199,827 56, 744 64, 74" 59,244 22,3241 80,939 32,369 15,246 39,4x4 29,372 40,598 Bank premises: Nov. 7 60, 551 3,824! 16, 675 1,752 6,806 2, 867! 8, 720 3,930 2,202 4,308 1,941 3,828 Nov. 14 60, 574 3,8241 16, 675 1,751 6,806 3, 2,867; 8, 720 3,953 2,202 4,r~ 1,941 3,828 All o N N t o o h v v e . . r r 2 2 e 8 1 sources: ._. 6 6 0 0 , , 5 59 9 5 0 3 3 , , 8 8 2 2 4 4 1 ! 1 16 6 , , 6 6 7 7 5 5 1 1, , 7 7 5 5 2 1 6,806 3 3, , 7 6 0 9 3 9 2 2, , 8 8 6 6 7 7 ! 1 8 8 , , 7 7 2 2 0 0 ! j 3 3 , , 9 9 5 5 4 4 2 2 , , 2 20 0 2 2 4 4 , , : 308 1 1, , 9 9 5 5 6 6 3 3 , , 8 8 2 2 8 8 Nov. 7 8,480 193! 1,421 162 1,358 448 1, 599; 477 651 376 416 671 Nov. 14 8,668 166! 1,409 1711 1, 405 489 1, 592i 721! 499 663 394 474 685 Nov. 21.. 8,902 173i 1,359 182 1,422 467 1, 585! 736| 645 816 418 437 662 Nov. 28 9,918 158| 1,491 179 1,404 429 2,699! 780 509 744 419 445 661 Total resources: Nov. 7 _ 5,180, 222 390,846| 1,541,397 357, 503488,614 225,621 237,266 788,812 195,858 143, 111 211,955 168,168 431,071 Nov. 14 _ 5,444, 737 436,117] 1,559,586 392,043 523, 788251,113 245,076! 835,615i 210,065 151,627 220,122 172,767 446,818 Nov. 21 5,249,675 405,8911 1,569,275 362,949 498,881 228,334| 240,894! 791,056i 198,158 144,821 207,916 167,756 433,744 Nov. 28 5,258,192 397,065 1,593,220 369, 844504,050 228,730! 239,771 785,449! 196,964 143,716 206,967 163,357 429,059 LIABILITIES Federal reserve notes in circulation: Nov. 7 , 1,742,409 150,907 341,971 132,930 203, 694 77, 299 130, 320300,018 60,893 63, 017 64,198 48,756 168,406 Nov. 14 1, 732,051 151,880 332, 685 136,017 207,694 78,898 129,116 294, 573 60, 710 62,317 64,089 47j26Q 166,812 Nov. 21. 1,716, 635 149,606 333,497 129,180 204, 620 79,932 128,127 291,845 60, 762 62, 383 64, 466 47, 397 164,820 Nov. 28 1,765,585 154,339 343,818 144,367 212, 527 82,203 131, 284296,475 61,395 62, 581 64, 787 47,340 164, 469 Deposits: Member bank—reserve account— Nov. 7 2,329,820 149,880 893, 732 134,160 185, 743 69,607 64, 268 348,164 81,900 54, 226 92,414 70, 275 185,451 Nov. 14 2,364,508 153, 781 894, 993 135,888 188, 665 70, 232 67, 307 359, 702 82,196 56,631 92,024 70,040 193, 049 Nov. 21 2, 346,141 151,983 898, 694 135,142 183, 316 69,625 66, 683355, 789 81,663 54, 070 89,718 72,014 187,444 Nov. 28... 2,360,973 146,030 932, 608 131, 483180, 551 68,587 66, 585349,415 82,301 54, 288 90,711 72,027 186,387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
868 FEDERAL RESERVE BULLETIN DECEMBER, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Total Bos- New Phil- Cleve- Rich- At- Chi- St. Min- Kan- San ton York a p d h e ia l- land mond lanta cago Louis ne l a i p s o- C sa it s y Dallas F c r is a c n o - Deposits—Continued Government— Nov. 7 , 24, 671 3,477 8,365 902 907 98 2,434 1,106 1,452 854 1,305 2,251 1,520 Nov. 14_.__ 15, 385 1,547 1,138 1,086 1,312 2,875 1,201 668 1,356 1,447 1,348 1,027 380 Nov. 21 7,090 187 1,096 86 516 171 865 26 867 920 930 767 423 Nov. 27 24,199 1,367 1,585 2,130 3,897 2,747 3,970 1,390 963 1,381 1,534 2,358 Foreign bank— Nov. 7 -. 6,594 457 2,215 579 634 311 256 165 220 214 433 Nov. 14 6,314 457 1,935 579 634 311 256 848 262 165 220 214 433 Nov. 21 648f 457 2,109 579 634 311 256 848 262 165 220 214 433 Nov. 28 457 1,916 S79 634 311 256 848 262 165 220 214 433 Other deposits— Nov. 7 23, 624 141 12,077 215 1,064 206 147 1, 765 395 579 50 6,655 Nov. 14 19, 513 230 8,940 229 781 216 144 1,144 725 324 500 54 6,226 Nov. 21... 18, 246 104 8,500| 112 1,125 156 116 1,074 704 380 521 56| 5,398 Nov. 28 19, 609 225 9,169 123 1,130 158 152 1,240 666 320 33, 31 6,051 Total deposits: Nov. 7 2, 384, 709153,955 916,389 135,856 188,348 70, 2221 67,105 351,448 84,379 55,640 94,518 72,7901 194,059 Nov. 14. --- 2, 405, 720156,015 907,006 137, 782191,392 73, 6341 362, 362 84,539 58,567 94,092 71,335 200,088 Nov. 21. _ 2, 377, 965152,731 910, 399135,919 185, 591 70, 263 67,920 357,973 83,496 55, 535 91,389 73,051 193,698 Nov. 28 2, 411, 076147, 580 945, 060!133, 770184,4451 72,953 69, 740355,482 84, 628 55, 736 92, 647 73, 806 195, 229 Deferred availability items: I Nov. 7 637, 764 56,004 158,896 49, 968 54, 7261 22,391 80, 640 33,144 13, 052 38, 752 32, 870 39,394 Nov. 14... 890,T " 98,149 195,497 79,422 82,710! 57,927! 29, 570 121,910 47, 324 19,319! 47, 428 40,414 50, 679 Nov. 21 .--. 737, 873 73,4031 200, 580 59,037 66, 5781 78,407! 27, 282 84, 271 36,371 15, 477 37, 524 33, 567 45, 880 Cap 1 it 9 a 2 l 8 paid in: 663,280 178,992 52,866 64,829! 5 5 3 7 , , 3 9 4 0 7 3 ! j21,155 76, 426 33, 378 13,968 35, 052 28,418 39, 941 • Nov. 7 146,308 10,122 49, 633 14, 582 14,392 6,102! 5,239 18, 447 5,404 3,008 4,197 4, 317 10,865 Nov. 14 146, 415 10,131 49, f" 14,602 14,390; 6,103! 5,230 18,451 5,404 3,008 4,218 4,317 i1n0 ,o8"6r5 Nov. 21 146, 502 10,158 49,784 14, 530 14,412 6,103! 5,231 18, 470 5,404 3,009 4,216 4,318 10,867 Nov. 28 146,436 10,146 49,724 14, 522 14,421! 6,1031 5,231 18,471 5,404 3,009 4,217 4,321 10,867 Surplus: Nov. 7 233, 319 17, 893 63,007! 21,662! 24,021! 12,324| 32, 778 10,397 7,039 9,046 8, 527 16,629 Nov. 14 233,319 17, 893 21, 662i 24,021 12, 324! 9,996 32, 778 10,397 7,039! 9,046 8, 527 16, 629 Nov. 21 233, 319 17, 893 63J007 21, 662 24,021 12,324 j 32,778 10,397 7,039 9,046 8, 527 16,629 Nov. 28 233, 319 17, 893 63, 007 21, 662 24, 021 12, 3241 32, 778 10, 397 7,039 9,046 8, 5271 16, 629 All other liabilities: I Nov. 7.. 35, 713 1,965 11, 501 2,505 3,433 1, 747^ 2,215 5,481 1,641 1,355 1,244 1,718 Nov. 14 .•_-. 36,403 2,049 11,695 2,558 3,5811 1, 747! 2,256 5,541 1,691 1,377 1,249 914 1,745 Nov. 21. 37,381 2,100 12,008 2,621 3,6591 1,809! 2,338 5,719 1,728 1,378 1,275 1,850 Nov. 28 38,496 2,199 12,619! 2,657 3, 8071 l,800j 2,365 5,817 1,762 1,383 1,218 945 1,924 Total liabilities: Nov. 7 5,180,222 390, 846 1, 541,397357, 503 488,614 225,621 237,266 788,812 195,858 143,111 211,955 168,168 431,071 Nov. 14 5,444,737 436,117 1,559,586 392,043 523,788 251,113 245,076 835,615 210,065 151,627 220,122 172,767 446,818 Nov. 21 .-.. 5,249,675 405,891 1, 569, 275 498,8811 228,334 240, 894 791,056 198,158 144,821 207,916 167,756 433,744 Nov. 28 5, 258,192 397,065 1, 593, 220369,844 504,0501 228,730 239, 771785,449 196,964 143,716 206, 967163,357 429,059 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Nov. 7 67.1 76.0 69.3 65.6 59.6 50.2; 72.4 57. 65.8 55. 55.6 69.7 Nov. 14 67.4 70.9 72.3 63.3 62.4 56.7 52.2! 75. 5 53.6 64.1 52.1 55.2 71.3 Nov. 21 68.4 76.0 68.6 64.5 57.8 53.9| 72.4 57.4 64.5 49.1 53.2 69.8 Nov. 28. 65.2 66.1 66.4 69.2 61.7 56.8 56.0! 71.2 61.0 65.8 59.6 53.0 66.7 Contingent liability on bills purchased for foreign correspondents: Nov. 7 _. 253,117 18,821 72,941 23,839 12,798 10,540 34,881 10,790 6,775 9,034 8,783 17,817 Nov. 14 256,953 19,169 73,441 24, 281 26, 581 13,035 10, 735 35, 527 10,990 6,901 9,201 8,945 18,147 Nov. 21 263,844 19,697 75,274 24,950 27,314 13,394 11,031 36, 506 11,293 7,091 9,455 9,192 18,647 Nov. 28 268, 794 19, 697 80,224 24,950 27,314 13,394 11,031' 36,506 11,293 7,091 9,455 9,192 18,647 Own Federal reserve notes held by Federal reserve banks: Nov. 7 350, 555 31,970 85, 713 24,607 29, 220 17,269 29,986; 38,945 12,879 6,817 9,142 8,926 55,081 Nov. 14 __ 368,045 32,119 101,979 24,988 24, 298 17,954 30,784' 39,844 12,902 7,517 9,066 9, 846 56,748 Nov. 21 389,895 35,390 100, 504 33, 667 32,842 19,513 32,2371 38,920 11, 598 7,298 9,349 9,196! 59,381 Nov. 28_. _ 361,984! 34,996 95, 204 21, 249 23,312 16,258 31,473 40,871 11,969 9,180 9,434 8,675| 59,363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 869 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 i o n l n is e-K C an it s y as Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Nov. 7 ! 2,905,369 238,087 719,464 211,53' 268,944 117,317 218,: 459,233 91,182 83,598 106,000 72,994 318,687 Nov. 14 j 2,913,201 236,209 726,444 211,205 266,822 118,561 218,260 460,087 90,622 83,598 105,415 72,418 323, 560 Nov. 21 2,918,730 236, 606 730,781 216,047 270,892 118,484 217,884 454,135 89,850 82, 570 105,375 71,905 324,201 Nov. 28.. 2,929,419 237,045 735,482 221,216 123, 900 218,027 453,416 90, 934 81, 790 105, 781 71,327 322,232 Federal reserve notes held by Federal reserve agent: Nov. 7. 812,405 55,210 291, 780 54,000 36,030 22, 749 58,020 120,270 17,410 13,764 32,660 15,312 95,200 Nov. 14 813,105 52,210 291, 780 50,200 34,830 21, 709 58,360 125, 670 17,0101 13,764 32,260 15,312 100,000 Nov. 21 812,200 51, 610 296, 780 53,200 33,430 19,039 57, 520123,3701 17,490 12,889| 31,560 15,312 100,000 Nov. 28. ! 801,850 47, 710 296,460 55,600 32,430 25,439 55, 270116, 070] 17, 570 10, 029 31, 560 15,312 98,400 Federal reserve notes issued to Federal reserve bank: Nov. 7 _ -| 2,092,964 182,877 427,684 157, 537232, 914 94,568 160,306 338,963 73,772! 69,834 73,340 57, 682223,487 Nov. 14 l 2,100,096 183, r 434,664 161,005 231, 992 96,852 159,900 334,417 73,612! 69,834! 73,155 57,106 223,560 Nov. 21 _ ! 2,106,530 184, 996 434,001 162,847 237,462 99,445 160,364i 330,765 72,360! 69, 6811 73,815 56,593 224,201 Nov. 28 !2,127, 569 189,335 439, 022 165, 616235, 839 98, 461162,757; 337,346 73,364! 71,7611 74,221 56,015' 223,832 Collateral held as security for I Federal reserve notes issued to i Federal reserve bank: Gold and gold certificates— I Nov. 7 — _ 346,557 35,300 153,407 50,000 6,690 27,100 L 7, 600^ 14,1671. 17,293 35,000 Nov. 14 I 346,557 35,300 153,407 50,000 6,690 27,1001 . 7, 600 14,167L 17, 293 35,000 Nov. 21.. ! 346, 557 35,300 153,407 50,000 6,690 27,1001. 7, 600 14,167j. 17,2931 35, 000 Nov. 28 ' 341, 207 35,300 148,407 50, 000 6,690 26,760!. 7, 600 14,167!. 17,2931 35,000 Gold redemption fund— ! Nov. 7. ! 100,658 15, 340 16,296 7,960 13, 251 6,409 8,317| 2,824 2,518! 1,365 3,843 3, 590 18,945 Nov. 14 .! 98,105 13,462 16,178 10,628 12, 929 5,452! 6,950! 2,732 1,957| 3,365 2,758! 3,014 18,680 Nov. 21. ! 87, 774' 10,859 16,055 7,870 12,900 4,176 6,154! 2,590 705'; 2,337 2,118 3, 500 18,510 Nov. 28 ..! 96,199 19, 298 16, 055 10, 239 11, 876 3,1921 4, 5971 2, 590 2,189; 1,557 3,524i 2,922| 18,160 Gold fund— I Nov. 7 J 687, 774 73,000 5,000 73, 776| 75,000 24,000 \ 27, 5001 231,000 11,000, 28,000 30,860! 2,000 106, 638 Nov. 14 | 727, 413 73,000 5,000 75,377| 75,000 34,000 31,000i 231,000 14,000 28,000! 30,860! 5,000 125,176 Nov.21 \ 690, 764 73,000 5,000 75,3771 55,000 34,000 35,000) 231,000 14,000; 28,000 27,360! 4,000 109,027 Nov. 28 710, 625 63, 000 5,000 82,9771 55,000 39,000 44,000! 231,000 22,000 28, OOOj 30,360 4,000 106,288 Eligible paper— j Nov. 7 ...i 1,356, 716 75,875 403,884 85,335| 127,889 61,168! 54,6311 32,107 67,354 46,805 116,037 NOT. 14 1, 277,031 99,563 314,928 92,753| 141,330 62,208! 95,442! 162,031 57,587! 36,432 65,138 42,287 107,332 Nov.21 1,250,537 100, 564 295,504 84,7151 130,122 62,727 j 93,05li 177,681 50, 709 33, 262 68,610| 43,377 110,215 Nov. 28... 1,417,062 111,354 432,934 79,951 [ 146,480 62,856; 90, 7221 187,387 47, 256 33,042 57, 050 45,182 122,848 Total collateral: Nov. 7 J 2,491,705 199,515 578,587 167,071 266,140 98,267! 161,559! 420,813 75,7491 75,639 102,057 276,620 Nov. 14 I 2,449,106 221,325 489,513 178,758' 279,259 108,350; 160,492 395,763 81,144 81,964 98, 756 67, 594286,188 Nov. 21 _ I 2,375,632 219,723 469,966! 167, 962 248,022 107,593! 161,305| 411,271 73,014! 77,766 68,170 272, 752 Nov. 28.. _ ! 2, 565,093 228,952 602,306| 173,167' 263,356 111,738 166,069! 420,977 79,045! 76,766 90,934! 69,397 282, 296 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] Total Wi d th a i y n 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: Nov. 7 957,390 793,490 47,813 65,999 31,566 17,616 906 Nov. 14 857, 539 703,343 54,815 54,962 24,880 18, 725 814 Nov. 21 799,946 655,062 42,048 52,693 29,975 19,114 1,054 Nov. 28 990,240 855, 540 36,200 47, 981 29, 979 19,467 1,073 Bills bought in open market: Nov. 7 448, 645 119,823 68, 415 155, 617 100,987 3,803 Nov. 14 474,400 130,469 86,944 159,494 93, 505 3,988 Nov. 21 484,164 140,932 94,682 159, 346 85,804 3,400 Nov. 28 ... 482, 343 139,415 91, 570 154, 218 93,194 3,946 Certificates of indebtedness: Nov. 7 54,028 9,905 11,051 32,080 992 Nov. 14 . . . . 59,001 9,580 13,953 34, 684 784 Nov 21 58,821 8,250 14,463 34,854 1,254 Nov. 28 60,042 8,910 14,314 34, 779 2,039 Municipal warrants: Nov 7 30 30 Nov 14 155 155 Nov 21 190 190 Nov 28 190 125 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
870 FEDERAL RESERVE BULLETIN DECEMBER, 1928 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM OCTOBER 18 TO NOVEMBER 21, 1928, INCLUSIVE fin thousands of dollars] Changes in ownership Federal reserve bank Tran m sf e e n r t s a fo c r c o G u o n v t ern- Transit clearing Federa c l le re a s r e in r g ve note o t in r f a g n s sf g e o rs ld and t hr c o le u a g r h - B f a c u l lo a n s n d e c e o a t f in period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 7,500 1,181,570 1,148,829 8,087 5,447 42,881 25. 291 New York 17,100 1,666 4,175,785 4,308,484 12,469 21,882 126,012 307,115 Philadelphia 3,000 1,200 1,046,765 1,059,244 7,949 6,157 8,887 50,144 Cleveland- 10,000 1,026,362 997,185 10,992 5,040 25,129 66,356 Richmond ._ _ 2,000 500 1,057,471 1,059,893 3,057 4,210 2,075 21,248 Atlanta 7,500 500 435,513 449, 540 3,340 4,020 7,707 16,632 Chicago 1,000 14,600 1,845,962 1,803,665 12,317 9,422 31, 592 159, 714 St. Louis _ _ . 2,500 734,561 731, 530 3,431 4,338 376 29,361 Minneapolis 500 1,000 256,194 249,016 2,154 2,492 6,340 21,088 Kansas City. - 8,000 604,884 571,792 3,028 3,836 24,284 32,068 Dallas . 4,500 300 508,389 510,376 1,685 2,324 1,574 24, 336 San Francisco 3,500 550, 479 534,381 3,732 3,073 13,257 43,027 Total 5 weeks ending— Nov. 21,1928.. 43,100 43,100 13,423,935 13,423,935 72, 241 72, 241 145,057 145,057 796,380 Oct. 17,1928 322, 300 322,300 13, 357,662 13, 357, 662 75,635 75,635 677, 753 Nov. 23, 1927. 237,950 237, 950 13,225,385 13,225, 385 67, 603 67, 603 588,008 Oct. 19, 1927 192,408 192,408 12, 707,917 12,707,917 74,754 74, 754 637,091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 871 ALL MEMBER BANKS AND MEMBER BANKS IN SMALL CENTERS NET DEMAND AND TIME DEPOSITS, BY DISTRICTS AND BY STATES fin thousands of dollars] Member banks in centers having a population under All member banks 15,000 Net demand deposits Time deposits Net demand deposits Time deposits Federal reserve district or State 1928 1927 1928 1927 1928 1927 1928 1927 Nov. 7 Oct. 10 Nov. 9 Nov. 7 Oct. 10 Nov. 9 Nov. 7 Oct. 10 Nov. 9 Nov. 7 Oct. 10 Nov. 9 United Statesl 19,004,754 18,779,257 19,180,127 13, 510, 529 13, 461,88112,578,934 2,957, 537 2,933,306 2,933,982 3,378,571 3,363,466 3,165,871 DISTRICT Boston 1,447,277 1,414, 9231,476, 972 973, 929 970,431 136, 547 137,139} 136,044 179,263 178,925 166,207 New York 6,709,171 6,596, 5976,896,616 3,156,649 3,120,921 2,839,617 362,587 366,351 352,260 644,890 638,466 584,078 Philadelphia 1,170, 2051,153,963 1,219,54511,096,927 1,092,963 1,034,367 227,317 229,423 224,599 467,885 466,967 437, 773 Cleveland 1, 506, 2861,533, 5681,527,733!1,646,135 1,639,185 1,537,534 259,613 265,113 267,411 390,895 388,480 371, 576 Richmond 604,885 591, 569 655,311 596, 846 600,446 587,606 165,188 159,509 178, 744 256,393 256, 275 248,206 Atlanta... 569,676 560,961 611,139 466, 625 468,768 465,869 145, 614 140,260 160,390 139,910 139,680 133,443 Chicago 2,660,852 2, 655,174 2,555,678 2, 264,057 2,264,062 2,066,312 324,601 328,926 315,268 461,942 460,161 438,940 St. Louis. 721, 771 721,208 754,377 544, 917 544, 910 522, 481 175, 704 173,431 179,385 159,233 159, 111 148,236 Minneapolis 498, 644 473, 224 489,870i 474,927 471,498 442,892 205,327 201,614 199,152 273, 540 272,998 257,261 Kansas City 896, 230 905,489 873, 282; 376,152 375,113 342,213 343, 657 344,135 335,053 166, 352 166,239 157, 738 Dallas 748,140 730,676 721, 728 214,999 215,395 185,415 353, 994 335, 717 333,579 56,099 56,258 48,482 San Francisco 1,471,617 1,441, 9051,397,876 1,704,169 1, 694,6911,584,197 257, 388 251,688 252,097 182,169 179,906! 173,931 STATE . Maine 38,182 39, 401 47,406 100,1781 100,464 109,842 19,034 19,886 19,940 65,780 66,323 62,330 New Hampshire 40, 543 40,965 39,8981 23, 290 22, 757 20,497! 22, 665 23, 280 22,554 14, 672 14,4441 12, 722 Vermont-- 19,079 20,436 i 19,004 40, 428 37,184| 16, !" 18, 055 16, 540 38,571 38,037! 35,322 M assachusetts 1,072,7181 l,039,9671 1,089,3441 548,8791 554,099i 546,875 56,; 53,907 55,040! 44,937 44,692| 41,586 Rhode Island 127, 240. 124, 710 131,5441 178,8501 180,643! 184,786 1,000 991 1,1271 37 37 7 Connecticut 178, 687 178,273 j 179,486J 106, 374) 106,545j 23, 326 23,692 23,982 18, 271 18,398 17,176 New York 6, 170, 301 054, 785 j6,348,982;2,477, 23ll 2,453,2621 2,214,982 240, 058 241,1581 230, 716 445, 697 441, 859 407,391 New Jersey.. 619, 502 619,0321 630,1021 774,332 762, 644 718,238| 169,355 171,990| 167,136 263,275 260, 289 233, 709 Pennsylvania 1, 651,644 647,043 1,705,077 1,491,498 1,482,320 1,394,715! 285,972 289,508 284,598 613, 501 611, 230 581,610 Ohio 815,934 832,986 828,611 1,050, 87411,048,844 984,876 115,014 119, 271 119,091 133,044 132, 550 127,122 Indiana 226, 548! 218, 763 217,625 184, 232. 183, 564! 168, 409 64,927 60, 798| 65,4171 57, 822 57, 951 53,957 Illinois 1, 609, 942J 603, 36211,580,047 998,577 j1,008, 414 868, 033 151,202 154,6051 147, 831! 171,395 170,933 161,424 Michigan 572, 822 569, 722j 510,578s 864,727| 858,223 814,989 80,005 81,231 75, 5451 194,423 193,087 179, 740 Wisconsin 224, 512 228,570; 221,024 245,1681 242, 251 231,419 46, 559 47,861 45,092| 97,291 96,357 90, 923 Minnesota 301,795 277,074! 308,054 251,3031 250, 292! 246,601i 64,: 60,492 64,781! 111, 659 111,860 108, 776 Iowa 180,403 175, 913 185, 784! 185,054! 180,884- 78,895 82, 983! 76, 824^ 89,923 90,143 90, 410 Missouri 574, 639 582,139 586,260 280, 245! 278, 209! 42,425 42,057! 40,364| 27, 868 27,749 26,375 North Dakota 41,611! 42,496 42,9821 41,362' 41, 711 40, 34,999 35, 542 36,416: 34, 861 35,180 34,769 South Dakota 41,8171 42,363 39,555 32, 2811 31,934 28,654 35,022 35,169 33,185! 29, 839 29, 522 26, 521 Nebraska 122, 009 128,0141 114, 973 55, 0851 55, 951 51, 702 45,422 48,444 39,936! 35,733 36,391 33,932 Kansas 147,036 155,127| 138,939 60,307! 60,422 56, 748 89,980 95,026 85, 294 40,147 40,175 39,439 Delaware 40, 697 42,6201 37,449! 15, 5591 15,628 13,835 3,600 3,709 3,888* 10, 529 10, 659 9,499 D M i a s r tr y i l c a t n o d f Columbia 1 7 3 8 6 , , 9 9 5 4 5 8 1 8 3 0 8 , , 9 4 7 6 6 3 ! 1 7 4 9 7 , ,0 8 2 9 0 3 ! : 1 4 5 4 0 , ,3 9 8 9 3 0 ! 1 4 5 5 1 , , 1 9 8 0 2 0 ! 1 4 4 2 9 , , 1 6 4 3 6 5 24,028 24, 755 25,03l! 61, 216 61,122 57,519 Virginia 165, 74.7 159,148 176, 310: 173, 600 173,833! 169,288 46, 721 45, 230 46, 217i 79, 667 78, 978 74,177 West Virginia 83,916 83,160 93,444! 97,025! 96,354 91,451 37,034 37,061 42, 738 50, 838 50,421 47,438 North Carolina 109,082 101,473 123, 717| 88, 915: 89,389 86, 927 45, 713 40,809 49,026! 45, 816 45,911 45, 778 - S F G o lo e u o r t i r h d g i a a Carolina 1 9 4 2 1 3 9 , , , 9 5 5 0 0 2 2 2 4 j ; 1 4 9 2 1 0 5 , , , 8 8 0 5 6 5 6 8 4 1 13 4 1 6 8 1 , , ,5 3 3 9 9 9 4 8 0 i | | 10 9 6 8 9 0 , , ,4 5 2 5 8 9 6 9 2 ; 1 10 6 0 1 2 7 , , , 8 2 2 9 4 1 6 6 5 1 1 0 0 6 5 5 4 , , , 8 6 2 0 1 9 3 3 4 | | 2 3 1 1 5 8 , , , 9 5 8 9 3 3 7 8 4 2 3 1 6 0 5 , , , 5 4 0 8 1 6 1 9 4 2 3 3 4 0 7 , , , 1 2 6 9 9 8 9 1 7 J 1 3 2 2 4 5 4 , , , 4 7 2 0 4 1 6 4 7 2 2 3 6 4 4 , , , 3 9 5 4 4 1 9 0 7 2 2 31 9 4 , , , 3 4 9 1 7 8 3 7 2 Kentucky 139,087 142,087 153,82lj 124,6411 123,546 116,876| 49,450 49,894 53,786 48,613 48,499 43, 314 Tennessee 135,624; 130, 258 129,193; 118, 509 118, 958 118,8121 29, 689 28,595 28,273 31,944J 30,933 28, 221 Alabama 113,193 113, 521 125,436 79,979 80,265 74,580 34, 635 32,122 39,4251 28,7331 28,772 26, 509 Mississippi 38, 258! 37,435 40,261 33, 834: 33, 557 34,458 24, ,"~ 23, 779 26, 572; 19, 6881 19,516 20, 217 Arkansas 71,981 69, 727 74,9351 50, 843! 50,148 48,844 36,920 35,529 37,880! 23, 542: 23,328 22,177 Louisiana 150, 754 147, 310 161,834' 78,365| 79, 010 80,871 18, 714 19,314 19, 5861 12,008] 12, 495 13,140 Oklahoma 256, 886 250, 957 254, 639| 104, 249, 104, 772 88, 429 126,924 121,902 130, 278; 39, 558 39, 407 37,495 Texas 694, 554 681,356 671,974| 193, 219: 194,128 165,571 325,776 309,943 307,901 j 47, 546! 47,817 40,367 Montana 73,467 71,831 63, 833| 62, 520' 61, 580 48,965 42, 511 42,072 38,9361 31,060 30, 750 26,762 Idaho 37,496 37,170 37,2691 22,913! 22,577 21,188 27,048 26, 706 27, 080! 14, 305 14,043 13,372 Wyoming 25, 648! 24, 260 23, 557j 15, 654: 15,030 14, 573 25, 648 24, 260 23, 557 15,654 15,030 14,573 Colorado 144, 780| 142,683 144,938 100,387: 100,981 94, 692 45, 338 44,510 45, 209 30,089 30, 252 27,666 New Mexico 25,034! 22,104 22,815 8,178 8,224 6,6391 ]9,331 16,905 17,127! 4,568 4,521 3,841 Arizona _ 32,825! 29, 256 26,429! 16, 704 16,062 13, 737 7,142 6,!" 6, 076! 4,162 4,078 4,077 Utah 51, 240! 51,357 47, 798' 33, 692i 33,491 30,509 11,133 11,016 10, 528: 11, 648 11, 594 10,471 Nevada 9,42lj 9,736 8, 656 8,024 7,237 9,421 9,736 8, 656 j 8,288 8,024 7,237 Washington 201,052 206,490 189, 450 140,928 138, 719 134,842 49,949 50,347 47,549 37,117 36,441 34,800 Oregon 130,278| 125,841 127,394! 102,778 103,324 98,694 60,632 58,820 59,296 38,023 35, 983 34, 679 California 1, 015, 939) 966,2761 1,384,464! 1,377,811 1,282,889 95,491 91,454 95, 781 72, 846 71,879 71,529 NOTE.—For back figures and explanatory notes, especially as regards California, see BULLETIN for December, 1927, pp. 828,873, and 886-925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN DECEMBER, 1928 ALL MEMBER BANKS BORROWINGS FROM FEDERAL RESERVE BANKS, BY STATES [End of month figures. In thousands of dollars] 1927 1928 State October No b v e e r m- De b c e e r m- Ja ar n y u- Fe a b r r y u- March April May June July August Se b p e te r m- October United States 411,525 477,025 581, 503 423,310 492, 568 598,681 834, 228 1,021,3521, 095,423 1, 030,980 1,107,512 1, 070,759 932, 271 New England: Maine 1,808 1,473 909 752 718| 909 1,072 2,123 2,672 1,901 1,378! 2,204 New Hampshire 730 636 805 1,112 1,305 2,746 1, 332 2,334 2,584 1,340 1,675 1, 738| 1,502 Vermont 1,128 649 558 534 698 992 934 1,029 1,711 1,358 1,204 9371 980 Massachusetts 20,388 33,404 24,314 33, 751 49,918 44,350 36,340 69, 264 62, 703 48, 727 39,314 34,270! 19,144 Rhode Island 787 552 304 102 396 1,225 593 5,918 4,291 8,310 7,: 6,113 Connecticut 2,504 3,096 2,196 3,260 1~" 1,759 5,203 7,619 6,713 6,246 4, 436 Middle Atlantic: New York 83,170 129, 769266, 087 103,025! 69,063 j 128,001 262, 280 328,125 415, 561 273, 071 247, 904 324,420 218, 675 New Jersey 22,225 22,140 19,150 19,923 19,642 23,051 32,784 35, 636 44,111 52,000 49,245 51, 620 48, 685 Pennsylvania 46,622 57,920 104,217 59, 006' 83,277! 80, 029 82, 553 103, 524 143,416 123,920 149,496 135, 274 104,113 East North Central: Ohio 24,403 15,868 15, 535 12,783 34,405 33,392 28,779 42,039 43, 741 50,436 44, 738 39,432 41, 622 I Il n l d in i o a i n s a 2 3 5 , , 5 26 7 6 7 23 1, , • 7 " 9 " 7 1 3 4 , .2 l 0 l 3 f 1 3 5 , , 5 3 8 5 7 6 1 6 8 , , 2 6 0 45 9 6 4 6, , 4 8 4 2 7 5 1 | 6 5 3 , , 4 3 9 90 1 64 4 , , 3 2 6 8 1 8 7 5 4 , , 1 3 9 2 1 0 77 8 , , 9 2 4 4 0 3 99 9 , , 3 9 3 9 5 2 49 7, , 00 " 9 " 8 1 8 0 , ,1 3 2 5 8 3 Michigan 21,582 27,696 27,231 17,884 23,093 23,152 33, 599 52,692 59,147 50, 501 42, 281 47,418 46,584 Wisconsin 4,132 3,320 6,658 2,735 12,932 16,557 14,781 15, 555 12,528 17,025 17,161 21, 020 West North Central: Minnesota 1,033 2,375 722 2,408 2,895 2,696 12,814 8,371 5,696 11,674 17, 550 12, 391 12, 479 Iowa 4,555 6,870 4,023 4,586 3,772 3,887 3,599 4,015 1,547 2,927 4,618 Missouri 9,913 11,837 11,475 16,228 20,277 24,168 20, 753 45,216 43,707 39,304 52,773 34,464 23, 849 North Dakota 427 312 319 472 369 543 575 734 688 1,050 1,475 972 395 South Dakota 570 695 640 619 508 381 391 421 511 558 547 436 414 Nebraska 5,167 9,119 4,705 4,382 2,940 4,429 5,990 4,992 2,329 3,723 2,523 4,644 11,066 Kansas 3,639 2,980 124P 1,199 1,061 1,052| 1,452 3,269 ir~ 963 1,722 4,026 11, 799 South Atlantic: Delaware 711 783 474 620 719 597! 979 1,977 3,063 1,283 1,433 1,295 1,494 Maryland— 5,547 7,098 5,498 11, 744 5,315 3,747 9,54 11,214 8,323 5,894 8,161 7,652 6, 775 District of Columbia. 1,465 500 920 320 550 245 1,520 3,895 3,770 1,470 1,320 2,121 Virginia 11,289 5,877 11,894 9,297 11,868 13,347 14,257 15,394 19,755 20, 703 22,832 20,461 16, 458 West Virginia 2,497 1,631 5,363 3,367 2,710 3,543 3,497 3,951 5,847 5,665 6,225 4,052 5,386 North C arolina 5,293 2,429 1,998 4,738 7,602 7,449 10,043 10,105 12,563 18,407 21, 614 18,310 11, 738 South Carolina 1,323 1,671 1,425 2,172 2,610 3,471 4,358 3,739 2,812 5,101 4,496 4, 066 3, 549 Georgia 4,722 6, £75 3,582 4,013 5,229 7,041 20,600 23,114 14,191 22, 523 19,306 20,242 15, 652 Florida. 4,406 3,502 2,619 1,799 1,946 1,345 1,360 2, 643 985 3,353 4,512 3,903 8,281 East South Central: Kentucky 9,667 6,911 2,177 3,587 8,276 14, 597 14,78* 13,935 15,242 19,175 17,460 17,468 Tennessee 3,914 3,096 2,845 1,842 2,803 1,900 4,54C 4.378 5,444 7,349 9,148 14,1— 8,039 Alabama 2,830 5,380 2,431 4,641 4, 961 6,412 10.4r 8,632 11,075 13, 879 19,019 19,136 19, 330 Mississippi 1,945 1,563 1,239 1,225 1,630 3,456 4,103 5,464 5,180 5,846| 6,814 6,815 4,705 West South Central: Arkansas 2,332 2,001 210 2,688 2,017 1,606 2,529 2,077 2,680 4,973 7,559 7,788 6,934 Louisiana... 11,156 21,557 16,620 13,853 12,926 9,014 13,889 20,703 15,688 21, 788 28,900 30,972 25,162 Oklahoma 2,388 1,245 688 1,325 1,661 2,287 3,656 5,006 4,646 3,986 4,618 4,248 1,406 Texas 10,323 6,436 848 4,960 1,949 3,991 9,302 8,192 24,133 27,780 26,156 21, 350 Mountain: Montana 79 30 21 41 39 126 250 231 275 505 218 60 Idaho 551 351 1C1 199 234 241 339 405 554 664 658 251 150 Wyoming 104 48 48 2 303 129 96 151 212 222 139 Colorado 1,938 1,282 1,018 1,542 2,561 2,527 3,407 3,773 1, 2,792 3,541 2,766 5,360 New Mexico 99 10 129 124 187 175 77 178 176 242 242 152 Arizona 284 180 190 164 183 198 184 180 187| 205 193 170 147 Utah 952 198 168 255 368 860 2,163 1,644 1,278| 1,657 1,912 998 897 Pacific: I Washington 2,254 1,788 330 1,543 1,317 1,566 3,540 3,720 2,492 6,104 5,079 2,011 7,506 Oregon 875 247 393 958 1,948 2,203 3,463 3,077 1,886 1,890 1,948 1,763 1, 849 California 38,955 38,490 3,978 45,210 60,869 48,191 81,553 66,068 9,873 55,984 83,607 65,784 59, 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
873 DECEMBER, 1928 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [Amounts in thousands of dollars] Federal Reserve District Total Boston Y Ne o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo St u . is M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - Loans and investmentstotal: Nov. 7... 22,474,4021,537,250 8, 542,248 1.,,223311,, 586 2,195,i,506j 677,907 644,,040 3,335,163 714,499 403,745 479,24412,031,026 Nov. 14.. 22,377,525- 529>,, 056 8,439', 049|l* 233' 387 2,197","' 0"7"6 1677,158 639,350 3,,332299',,274 715, 264404,093 686,954 482, 210J2, 043, 760 Nov. 21.. 22,488, 7661, 528,243 8, 545, 624 1,221, 888 2,199,463 681,656 638,08133,/349,114 710,806 400,784 688,345 481,759 2,043,003 Nov. 28.. 22, 635, 2321, 532, 583 8, 681,322 1,2291,,966 2!,, 201,145 678,352 637',, 7023 ,33,32,165 716, 516 400,498 683,798 485,621 2,055, 564 Loans and discountstotal: Nov. 7.. 16,098,670 106,780 6,:211,451 845.7211,477,437 522,952 509, 742 2,469, 322511, 592 272,809 439,298 358,568 1, 372,998 Nov. 14 16.015,663 098,707 6,111144',, 3I89 849,2711,478,142 523,211 505,99212,465,670 512,693 274, 697 441,965 361,97811,388,948 Nov. 21 16.133,664 . 102., 303 6,. 2r 38',424 841,114 1,483,604 522,125 505,109 2,470,878505,650 265,379 445,123 362,5811,391,374 Nov. 28.... 16,260,441 1,106,386 6,342,844 847,494 1,485,801 524,170 506,896 2,463,791509,420 265,818 440, 282 366,090;!, 401,449 Secured by U. S. Government obligations— Nov. 7 123,242 11,593 51, 522 5,563 12,180 2,551 3,342 20,237 4,080 2,514 3,296 2,361 4,003 Nov. 14 110,926 11,627 39,120 4,676 12, 257 2,645 3,363 20,881 4,102 2,475 3,230 2,365 4,185 Nov. 21 121,485 12,088 49, 747 4,714 12,241 2,962 3,351 20,176 4,018 2,430 2,971 2,474 4,313 Nov. 28 115,192 12,246 42,155 5,094 12,309 2,902 3,367 21,056 3,992 2,435 3,035 2, 319 4,282 Secured by stocks and bonds— Nov. 7 6, 796,122 429, 306 2,995, 623 443, 560 646,017 183,242 133,206 1!, 082, 724208,029 109,904 89,439 Nov. 14 6,724,196 420,015 2,907,004 445,005 642,602 186, 373 134\,, 666i 1,, 084, 390213,233 89,801 112, 588 91,155 397,3 Nov. 21 6,870,608 431, 785 3,035,928 444,887 653, 732 186, 530 131,, 6621[, 082,432212,419 81,340 115,453 91,936 402,504 Nov. 28—_ 7,029,188 436,323 3,150,264 454,854 666,168 186,831 135,i, 306L 1,, 087,160214,844 81,446 110,474 90,864 414, 654 All other loans and discounts— Nov. 7 9.179, 306 i 665,8813,164,306 396, 598 818, 340 337,159 373,194 1, 366, 361299,483 184,207 326,098 266,768 980, 911 Nov. 14...... 9.180, 541 667,065^, 168, 265 399,590 823,283 334,193 367,963 1,360,399 295,358 182,421 326,147 268,458 987,399- Nov. 21 9,141, 571 658,430,3,152, 749 391, 513 817, 631 332,633 370,096jl,368,270 289, 213 181,609 326,699 268,171 984, 557 Nov. 28 9,116,061 657,817 3,150,425 387,546 807,324 334,437 368, 223 1, 355, 575290, 584 181,937 326,773 272,907 982, 513 Investments—total: Nov. 7 6,375,732 430,470 2, 330,797 385,865 718,069 154,955 134,298 865,841 202,907 242,890 120,676 658,028 Nov. 14 6,361,862 430,349:2,324,660 384,116 718,928 153,947 133,358 863,604 202,571 130,296 244,989 120,232i 654, 812 Nov. 21 6,355,102 425,940 2,307, 200 380, 774 715,859 159, 531 132,972 878, 236 205,156 135,405 243, 222 119,178 651, 629 Nov. 28 6,374,791 426,19712,338,478 382,472 715, 344 154,182 130, 806 868, 374 207,096 134,680 243, 516 119, 531 654,115 United States Government securities— Nov. 7_. 3, 013, 7451 162.532J 1,194,583 113, 629 334,124 70, 597 59,071 368,180 74,811 72,356 121,092 82,907 359,863 Nov. 14 2,997,888 162,4491,178,099 112,352 334,887 69,631 58,631 367,850 75, 556 71,992 121,126 83,050 362,265 Nov. 21 2,976,683 160,80611,168,031 108, 626 333,106 69, 413 57, 076 365, 927 75, 540 76,614 120,469 81,553' 359,522 Nov. 28. 2,981,689 160,599|l,174,392 108, 394 333,433 69, 541 55, 793 367,482 75,173 75,830 120,640 81,531 358,881 Other bonds, stocks, and securities— Nov. 7 3,361,987 267, 938 1,136, 214 272,236 383, 945 84, 358 75,227 497, 661 128, 096 58,580 121, 798 37,7691 298,165 Nov. 14... 3, 363,974 267,900]l, 146, 561 271, 764 384,041 84,316 74, 727 495, 754 127,015 58,304 123,863 37,182 292, 547 Nov. 21 3,378,419 265,13411,139,:~~ 272,148 382, 753 90,118 75,896 512,309 129, 616 58, 791 122, 753 37, 625 292,107 Nov. 28 3, 393,102 265, 598 1,164,086 274,078 381,911 84, 641 75,013 500,892 131,923 58,850 122,876 38,000 295, 234 Reserve balances with Federal reserve banks: Nov. 7 1, 705, 819 773,425 78, 670 130,160 41,946 259,088 47, 843 25,5461 56,838 35, 514 117, 914 Nov. 14 ._ 1,721, 743 102, 392 771, 395 79,030 131, 291 42,456 40, 246 267,159 47, 203 26, 8911 56, 202 34, 253 123, 225 Nov. 21 1, 723,894 100,456 781,084 78, 546 125,912 42, 213 40,861 268, 279 46,687 25,920 54,964 36,315 122, 657 Nov. 28__._ 1, 733, 542 97, 317 807,034 77,862 124,590 41,413 40, 391 261, 631 47,376 26,485 55,418 36, 541 117,484 Cash in vault: Nov. 7 270,496 19, 828 75, 813 15,403 31,034 13, 289 10, 618 44, 729 6,486 11,929 10, 213 22,166 Nov. 14 266, 950 20, 217 70, 791 17,113 31,511 12, 599 11, 285 43, 206 8,706 6,635 11, 823 9,479| 23, 585 Nov. 21.... 253,861 19,409 67,108 15,467 30,238 12,636 11, 220 40,445 7,916 6,118 11,403 9,508 22,393 Nov. 28 269,474 17, 658 78, 287 18,122 31,419 13,070 11,415 41, 714 8,521 6,412 11,492 8,9211 22,443 Net demand deposits: Nov. 7. 13, 345, 384 945,944 5, 7699,, 2\94 729,26811,031,875 367,904 318, 577 1,881,814 396,161 243,637 499,325 312, 687 Nov. 14.IIIIIZIZIIIIZIZ 13,409, 947, 539 5, 7644,,1657 726,0731,041,494 365, 764 323, 549 1,899, 613392, 598 239,505 506,041 320, 382 881,873 Nov. 21.. 13,438,608 939,863 5; 851,182 729,2391,041,094 366,675 322,706 1L, 899,860389,901 237, 714 495,645 311,984 852,745 Nov. 28____ 13,460,362 909, 208 5,919, 937 723, 368 1,031, 641 366,146 325>,, 632L ,i ;868, 750399, 371 237,021 500,058 316,666 862, 564 Time deposits: Nov. 7 6, 920, 738 470, 7001., 748,831 294,484 958,018 244, 211 234, 736 1, 266, 414239, 914 135, 584 180, 546 131, 115 1, 016,185 Nov. 14 6, 927,193 469, 1171., 756, 873 292, 340 956, 287 243,460 234, 304 1, 268,063239, 387 137,465 181,160 131, 4081-, 017, 329' Nov. 21 6, 923, 944 471, 974 1:, 746,852 296, 234 957,379 242, 579 237,201 1, 268,105 238, 069 137, 214 180,640 131, 5201L, 016,177 Nov. 28. 6,921, 214 474, 8501, 743,464 297, 265 957, 95r 241,092 235,099 1, 207,490 238,199 137,195 180,073 132,143 1L, 013,386 Government deposits: Nov. 7.... 91, 767 7,168 29, 273 7,049 7,836 3,437 8,601 2,496 525 2,084 6,661 8,375 Nov. 14 72, 504 5,637 23,416 5,639 6,265 2,716 6.144 6,588 1,999 419 1, 667{ 5,313 6,701 Nov. 21 72,816 5,726 23,416 5,640 6,184 2,716 6,145 6,588 I,1"" 721 1,6671 5,313 6,701 Nov. 28 54,333 4,325 17,470 4,231; 4,701 2,014 4r"~ 4,952 1, 313 1,2511 3,984 5, 025 Due from banks: Nov. 7 1, 200,199 53, 338 135, 213 66,417 91, 57, 296 85,060 248, 966 57,813 64,322 119,420 71,955 148,463 Nov. 14 1, 275,011 51, 266 151, 767 105, 364 59, 321 87, 383 264, 228 60, 596 63,471 131,454! 73, 496 163, 779 Nov. 21.... 1, 200, 775 53,862 153,569; 5„9,, 4„0_1. __98,,_14„0 52, 245 84,940 238,473 58,818 55,980 123,976 68,841 152, 530 Nov. 28.... '__ 1,157,481 44, 795 143, 7881 60, 5791 94,838 54,845 226, 394 54, 699 52,834 131, 573 66,876 145, 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
874 FEDERAL RESERVE BULLETIN DECEMBER, 1928 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [Amounts in thousands of dollars] Federal Reserve District Total San Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F ci r s a c n o - Due to banks: Nov. 7 3,321,938 151, 265 1,255, 0011 175,965 223, 261 114,995 113,687 489,335 134,296 102,698 211,663 132,849 216,923 Nov. 14 ' 3, 359,173 153,030 1,254, 707| 183,137 232, 592115,864! 116,930 488, 788 136,006 99,043 220,855 133,318! 224,903 Nov. 21 3, 241, 086 148,2791,242,004! 168,3021 216, 952107,846' 111,997 459, 715133,120 93,159 211, 518128, 217 219, 977 Nov. 28 3,198, 460 137,3111,242,440; 170,970 213,932 110,096! 115,702 440,071 133, 821 90,922207,387 128,814 Borrowings from Federal reserve bank—total: Nov. 7 736, \ 18, 264 249,665! 51, 276 70,042 23,8321 45,497 128, 579 9,941 22, 622 19, 250 69, 792 Nov. 14 641, 240 32, 565 151,531! 60,475 79,422 26,311 42,205 104,132 33,574! 14,142 21,915 14, 291 60, 677 Nov. 21 584, 566 32,844 128, 485 ^ 42,129 20, 661 38,177 113,810 29,167; 9,701 27, 597 14, 918 60, 581 Nov. 28 761, 996 41, 316 271, 528 45, 515 10,157 25,114 34, 624 119, 224 23,792 10,122 28,012 15, 602 66,990 Secured by U. S. Government obligations— Nov. 7 490, 512 11,775 205,158 41,230 46,091 13,432 10,851 68,496 14, 374 4,540 12,932 12, 331 49, 302 Nov. 14 433,436 19,165 129,113 49,635 57,290 14, 885! 12,974 60,071 18,457) 9,650 10, 506 8,723 42,967 Nov. 21 365, 352 12, 025 103,403| 35, 020| 42,869 9, 598!10, 538 64, 557 16,118! 6,525 15,119 9,223 40,357 Nov. 28 549, 904 12, 820 242, 304| 34, 255 56, 921 12, 880 12,030 84, 542 12, 654| 7,695 17,858 10, 838 45,107 All other— Nov. 7 246, 456 44, 507: 10,046 23,951 10,400 34,646 60,083 13,834 5,401 9,690 6,919 20,490 Nov. 14 207,804 13,400 22,418! 10, 840 22,132 11,426 29, 231 44,061 15,117 4,492 11,409 5,568 17, 710 Nov. 21 219, 214 20, 819 25,032 7,109i 23, 627 11, 063 27,639 49,253 13,049! 3,176 12,478 5,695 20,224 Nov. 28 212,092 29, 224 11, 260! 23, 236 12, 234 22, 594 34, 682 11,138 2,427 10,154 4,764 21, 883 Number of reporting banks: Nov. 7 630 77 70 64 31 92 29 24 64 44 54 Nov. 14 631 7 70 641 31 29 24 64 44 55 Nov. 21 631 77 70 64! 31 29 24 64 44 55 Nov. 28 630 76 70 64 31 92 24 64 44 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
875 DECEMBER, 1928 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlan- Chicago L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - Loans and investments: Nov. 7 14,232,779 1, 042, 056 7\, 328, 503 1,,051,240 800, 885 110, 230 98, 793 2, 069,325 193, 950 188,393 144, 603 771,708 Nov. 14 14,109,872 1,031,424 7\, 226,308 1,, 053, 604 801,538 109,569 98,407 2,056,338 433, 532 194,351 188, 259 143,309 773,233 Nov. 21 14,227,118 1,035,128 7f,, 340, 452 1, 043, 295 802,180 108, 613 98, 582 2,078, 323427, 818 192,997 186, 202 144,103 769, 425 Nov. 28 ...14,367,786 1,038,139 7\, 467,385 1,, 045,674 808,234 111, 885 99,157 2,071, 654434,072 192,771 185,689 146,915 766, 211 Loans: Nov. 7 10,599,469 840,846 5,419,689 731, 226 630, 284 89,961 72,345 1,607,491 314, 430 128, 857 119,719 108,923 535,698 Nov. 14 10,484,483 830, 552 5,322,184 734,192 630,331 89, 247 72,1971,596,083 314,637 129, 756 119, 395 108,073 537, 836 Nov. 21. 10,612,435 837,070 5, 452!,,7 3"9 727, 222 631, 520 88, 424 72, 269 1, 601, 473 307, 663128, 380 119,111 108, 788 537, 776 Nov. 28-— 10,732,882 840,568 5, 5491,,905 727,891 637,411 91,441 72,854 1, 606,479 312, 637128, 770 118,684 111, 049 535,193 On securities— Nov. 7 ._.. 4,851,904 319,080 2, 646,349 380,877 229,945 26,071 24,0051 819,187 147,230 31, 891 31,696 23,957 171,616 Nov. 14.... 4,748,136 308,643 2, 543,105 381,399 227,928 26,320 24, 7481 818,907' 152,099 33, 282 31,314 23,948 176,443 Nov. 21 _ 4,905,609 320,46712,688,374 382,101 [ 233, 671 26, 475 24,062 816,976s 151,906 32, 607 30,199 24,199 174,572 Nov. 28.... 5,032,068 325,536;2,784, 562 386,808 240,534 28, 508 24, 529 825,094| 155,383 33,5471 29,851 24,267 173,449 All other— Nov. 7... 5,747,565 521,766;2,773,340 350,349 400,339 63,890 48, 340 788,304 167,200 96,966 84,966 364,082 Nov. 14 5,736,347 521,909 2,779,079 352, 793 402,403 62,927 47,449 777,176! 162,538 96,474 88,081 84,125 361,393 Nov. 21 5,706,826 516, 603i2, 764, 365 345,121 397, 61, 949 48, 207 784,497 155,757 95, 773 88, 912 84,589 363,204 Nov. 28 5,700,814 515,032,2, 765,343 341,083 396,877 62,933 48, 325 781,385 157,254 95, 223J 88,833 361,744 Investments: Nov. 7 3,633,310 201,210Jl, 908, 814 320, 014 170, 601 20,269 26, 44s| 461,834 118, 663 65, 093 68, 674 35, 680 236, 010 Nov. 14.. 3,625,389 200,872(1,904,124 319, 412 171, 207 20,322 26, 210 460,255 118,895 64, 595 68,864 35, 236 235,397 Nov. 21 3, 614, 683 198,0581,887,713 316, 073 170, 660 20,189 26, 313 476,850 120,155 64, 617 67,091 35, 315 231, 649 Nov. 28 3,634,904 197, 5711, 917,480 317, 783 170,823 20,444 26,303 465,175 121,435 64,001 67,005 35,866 231,018 Reserve with Federal reserve bank: Nov. 7 1,207,077 77, 631 712,138 70, 825 43,256 7,354 6,050 180,120 30,142 11, 727 16, 701 10,076 41,057 Nov. 14 _ 1,211,207 78,266 707,016 71,717 43,758 7,161 6,944 186, 231 29,432 13,176 16,619 9,920 40,967 Nov. 21 1,222,648 77, 319 721, 587 71, 613 41, 755 7,395 6,242 184, 929| 30,186 12, 764 16, 346 10,185 42, 327 Nov. 28 1,241,413 75,856 744,829 70,477 42, 505 7,485 184,124 29,983 12,694 17, 250 10,433 38,791 Cash in vault: Nov. 7 127,059 60, 561 12,590 8 973 947 1,098 18, 512 4,251 2,133 2,486 1,679 5,460 Nov. 14 124,615 8,693 56, 230 14,175 845 1,197 18,153 4,252 1,972 2,432 1,433 5,571 Nov. 21 117,325 8,163 53, 335 12, 817 888 1,076 17, 540 3,719 1,875 2,351 1,494 5,173 Nov. 28.... 131,870 8,216 63, 586 15,195 9,576 963 1,189 17,857 4,021 1,947 2,361 1,452 5,507 Net demand deposits: Nov. 7 9,181,487 710,057 5, 209,778 641,608 285,099 60,320 54,857 1,273,023 259,420 119,288 162,055 88,044 317,938 Nov. 14 9,161,970 707, 794'5,198,350 638,712 59,432 55, 689 1, 262,471257,721 116,338 162, 544 90, 567 324,264 Nov. 21 9,246,910 703, 964 5, 293, 610 643, 229284,029 60, 24" 53,113 1, 271, 634257, 513 117, 201 157, 341 89, 861 315,168 Nov. 28 9,283,577 678,463 5,354,812 288,263 61,915 53,2711], 263,828261,668 116,179 161, 693 92, 716 315,896 Time deposits: Nov. 7 3,484,648 247,4921,206,311 234,706 495,719 33,045 37,043 673,551 134,331 58,465 21,130 28,815 314,040 Nov. 14 3,489,083 246,2281,215,304 232,705 495,128 33,015 36,995 671,941 134,139 58,345 21,523 28, 768 314,992 Nov. 21 3,485,016 250,33911,205,280 237, 375 494,076 32, 699 38, 023 671, 874 132, 812 58, 448! 21, 004 29, 045 314, 041 Nov. 28. 3,489,434 253,604 1,204,817 239, 849 494, 646 32, 595 37,981 677,179 132,984 58,572| 20,711 29,212 307, 284 Government deposits: Nov. 7 64,368 27,561 6,817 1,65' 495 2,656 5,366 2,305| 39o' 1,074 4,459 5,252 Nov. 14__ _. 51,467 5, 22,047 5,454 1,325 390 2,102 4,293 1,8461 311! 859 3, 568 4,203 Nov. 21__ 51,383 5,065 22, 047 5,454 1,244 390 2,103 4,293 1, 846! 311 3, 568) 4, 203 Due N f o ro v m . 2 b 8 a _ n _ k s: 38,568 3,804 16, 530 4,092 994 293 1,549 3,218 1, 3831 233 j 645 2,676 3,151 N N N N o o o o v v v v . . . . 2 2 7 1 _ 8 4 1 _ _ . . _ _ __. 5 6 5 5 7 0 3 6 3 3 1 8 , , , , 1 4 6 3 1 4 1 2 5 8 2 8 3 4 4 3 1 3 7 0 , , , , 9 4 2 7 8 5 2 3 4 5 5 3 1 1 1 0 1 1 9 4 5 1 8 , , , ,4 2 7 6 9 6 0 6 5 3 5 8 6 5 5 5 4 7 0 4 , , , , 9 4 6 9 7 2 7 5 5 6 8 4 2 2 2 23 1 1 4 , , , , 2 5 6 9 6 6 9 4 4 4 2 4 8 7 6 5 , , , , 1 2 9 5 6 6 8 3 9 3 4 ' 1 1 1 14 3 5 3 , , , , 5 0 4 2 3 4 8 5 5 8 2 1 1 1 1 1 5 5 6 7 0 7 3 7 , , , ,8 4 5 5 2 8 8 5 8 3 7 0 3 2 2 2 9 6 1 9 , , , , 4 1 7 9 8 0 6 4 8 6 0 2 ! ; I | 2 2 2 2 8 1 3 9 , , , , 4 4 0 5 0 0 9 9 5 8 4 1 1 j : 2 3 2 3 7 1 0 8 , , , , 8 9 7 7 8 4 3 5 6 6 7 4 2 2 2 1 0 2 1 9 , , , , 9 1 8 6 8 5 8 8 1 6 7 1 5 5 5 54 3 7 0 , , , , 4 0 9 3 7 8 1 7 3 8 5 3 Due to banks: I Nov. 7__ 2,320,805 142,2321,193,185 169,657 61,362 27,252 16,099 349,062! 79,974 60,539 81,608 37,986 101,849 Nov. 14 2,336,319 143,4681,191,886 175, 797 64,943 28,949 17,139 349,4481 78,7441 56,462 85,256 39,592 104,635 Nov. 21 I 2,266,478 138,26511,181,009 162, 367 60,150 26, 804 15, 982 328, 036 78, 040 53,858 77, 571 39, 558 104, 838 Nov. 28__ 2,238,028 128, 622 1,183, 288 164,812 59, 636 27,052 16, 850 314,131! 75,041 53,819; 76, 786 39, 713 98,278 Borrowings from Federal reserve banks: Nov. 7. I 430,530| 10,514 202,813 42,293 10,038 4,494 3,383 64,301 8,720 5,217| 9,430 10,580 58,747 Nov. 14__ 359,942 20,585 108, 343 52,242 12,033 4,664 3,585 67, 786 11, 615J 10,178 8,551 7,561 52,799 Nov. 21__ 327,261 25, 330 91,945 32, 952 13,858 3,704 4,279 70, 080| 5,840 6, 678: 10,817 7, 825 53, 953 Nov. 28 478,067 32,408 223, 785 35, 634 17, 243 5,748 4,907 67,035 5,875 7, 628! 12,152 7,961 57, 691 Number of reporting banks: Nov. 7__ 205 17 45 34 8 8 5 43 11 7 Nov. 14__ 204 16 45 34 8 8 5 43 11 7 Nov. 21 _ 204 16 45 34 8 8 5 43 11 7 Nov. 28_ I 203 44 34 8 8 5 43 11 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
876 FEDERAL RESERVE BULLETIN DECEMBER, 1928 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANES LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollars] Net amount of loans outstanding 1928 1927 Date Total l ( a 1 F n 2 d e b d b a e a n ra n k l k s) s l J a o n i d n t b -s a t n oc k k s1 Class of loan O 3 c 1 t. Se 3 p 0 t. A 3 u 1 g. Ju 31 ly O 2 c 9 t. 1927 Direct loans outstanding Jan. 31 1,724,821 1,085,170 639,651 on- Feb. 28 1,745,404 1,097,642 647,762 Cotton . . 16,684 4,172 192 2,052 9,125 Mar. 31 1,765,365 1,109,354 656,011 Tobacco 1,768 1,955 2,230 2,335 5,778 Apr, 30 1,732,395 1,117,914 614,481 Wheat 2,517 2,123 1,734 700 2,413 May 31 1,741,275 1,124,055 617,220 Canned fruits and vege- June 30 1,738,165 1,130,648 607,517 tables 2,723 2,983 2,157 913 1,414 July 31 1,742,575 1,134,896 607,679 Raisins ..» 4,627 5,039 5,555 5,555 3,800 Aug. 31 1,749,393 1,139,502 609,891 Wool 769 946 951 934 1,015 Sept. 30 1,752,665 1,143,130 609, 535 Rice 650 415 569 751 538 Oct. 31 1,757,185 1,147,135 610,050 Allother 205 108 89 60 367 Nov. 30 1,758,834 1,150 943 607,891 Dec. 31 1,765,121 1,155,644 609,477 Total 29, 943 17, 741 13,477 13, 300 24,450 1928 Rediscounts outstanding Jan.31 1,767,515 1,158,717 608,798 for— Feb. 29 1, 778,338 1,168,354 609,984 Agricultural credit cor- Mar. 31 1,786, 862 1,175,858 611,004 porations 27,112 30,461 32,201 32,311 24, 668 Apr. 30. 1,791,341 1,180,420 610,921 National banks o 3 2 2 25 May 31 1, 793,035 1,183,672 609, 363 State banks. 305 331 386 228 June 30 , 1,794,236 1,184,656 609, 580 Livestock loan compa- 192 July 31 1, 793,610 1,185, 714 607,896 nies 19, 992 20,846 21, 745 17,034 Aug. 31 1, 796,591 1,187, 365 609,226 Savings banks and trust 19,198 Sept. 30 1, 797, 796 1,1K9,345 608,451 companies 117 121 71 32 Oct. 31 1,797,910 1,190,278 f 607,632 99 Total 46, 604 50,878 53,501 54, 515 41, 987 1 Number of banks, 1927: January-March, 55; April-May, 54; June- August, 53; September-November, 52; December, 51. 1928: January- April, 51; May to date, 50. PAR COLLECTION SYSTEM BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS •; [Number of banks end of October] DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Nonmember banks Member banks N be u r m o - f October, Septem- October, Fede d r i a s l t r r i e c s t erve On par list Not on par listl centers 1928 ber, 1928 1927 1928 1927 1928 1927 1928 1927 New York City 1 45,189,470 38,725,290 34,090,832 Outside New York City. 140 27, 704,646 24,450,348 25,110,580 Federal reserve district: United States 8,893 9,081 12,758 13,358 3,936 3,890 Boston 11 3,045,973 2, 518,906 3,082, 754 New York 7 46, 202, 767 39, 609,970 34,992, 766 Boston 409 414 251 247 Philadelphia 10 2,756,601 2,383,107 2,353,126 New York 935 935 408 409 .... . Cleveland 13 3,065,085 2, 656, 764 2, 647,308 Philadelphia. 781 777 493 500 Richmond 7 809,363 672,403 845,513 Cleveland 819 838 1,017 1,030 10 10 Atlanta,! __. _ 15 1, 242,693 1,061,090 1,276,939 Richmond 553 568 632 657 577 602 Chicago 21 7,033,058 6,438, 021 6,047,944 Atlanta 454 466 309 317 982 1,016 St. Louis 5 1,419, 634 1,186,385 1,332,106 Chicago 1,258 1,294 3, 591 3,706 206 183 Minneapolis 9 1,021,939 869,135 1,014,455 St. Louis 589 596 1,778 1,904 479 448 Kansas City 15 1, 510, 571 1, 362,914 *1,334, 798 Minneapolis 724 742 697 789 1,129 1,139 Dallas_. 10 851, 997 739,429 756,320 Kansas City 939 972 2,251 2,406 288 235 San Francisco 18 3,934,435 3,677, 514 3, 517,383 Dallas. 788 811 633 679 209 198 Total 141 72,894,116 63,175, 638 *59, 201,412 San Francisco. __ 644 668 698 714 56 59 *Revised. 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1928 FEDERAL RESERVE BULLETIN 877 EARNINGS AND EXPENSES OF MEMBER BANKS Table 1.—ALL MEMBER BANKS, BY CLASS OP BANK, YEARS ENDING JUNE 30, 1927 AND 1928 Amounts (in thousands of dollars) Amounts per $100 of earning assets 1 All member banks Nation b a a l n k m s ember State member banks All b m an e k m s ber N m b a e a t m i n o b k n e s a r l Stat b e a m nk e s mber 1928 1927 | 1928 1927 1928 1927 1928 1927 1928 1927 1928 1927 Interest earned 1, 808, 769 1, 723, 487 1,154,523 1, 076,091 654, 246 647, 396 $5.30 $5.37 $5.40 $5.45 $5.12 $5.24 Domestic exchanges and collection charges 21,159 20, 549 S 17,262 16,206 3,897 4,343 .06 .06 .08 .08 .03 .04 Foreign department 27, 303 32, 262 13,435 13, 761 13,868 18, 501 .08 .10 .06 .07 .11 .15 Commissions received 21,989 17, 969 • 997 1,015 20,992 16, 954 .06 .06 .01 .16 .14 Trust department . 59, 830 47,838 16,158 10, 807 43,672 37, 031 .18 .15 .08 .05 .34 .30 Profits on securities sold 107, 807 90, 945 59, 261 52, 655 48, 546 38. 290 .32 .28 .28 .27 .37 .31 Other earnings. _ 146, 570 135,820 81, 927 71, 727 64, 643 64^ 093 .43 .42 .38 .36 .51 .52 Gross earnings _ 2,193,427 2,068, 870 1,343, 563 1,242, 262 849, S64 826, 608 6.42 6.44 6.29 6.29 6.65 6.68 Interest on deposits 737, 716 687,021 452,098 408,161 285, 618 278., 860 2.16 2.14 2.12 2.07 2.23 2.26 Interest on borrowed money 29, 785 29,363 18, 612 18, 342 11,173 11,021 .09 .09 .09 .09 .09 .09 Salaries and wages— _ _. 430,099 408,048 262,406 243,061 167, 693 164, 987 1.26 1.27 1.23 1.23 1.31 1.33 Taxes 110, 486 109, 708 68, 723 70, 304 41, 763 39, 404 .32 .34 .32 .36 .33 .32 All other expenses _. 255,252 241,061 155, 292 142,004 99, 960 99,057 .75 .75 .73 .72 .78 .80 Total expenses 1, 563,338 1,475, 201 957,131 881, 872 606, 207 593, 329 4.58 4.60 4.48 4.47 4.74 4.80 Net earnings 630,089 593,669 386,432 360, 390 243, 657 233,279 1.85 1.85 1.81 1.83 1.91 1.89 Losses on loans 123,123 120,676 92,087 86,497 31,036 34,179 .36 .38 .43 44 .24 .28 Losses on investments 41,069 37,200 29,152 27, 568 11,917 9,632 .12 .12 .14 .09 .08 All other losses 47, 595 44,398 31, 731 27,577 15, 864 16,821 .14 .14 .15 !l4 .12 .14 Total losses 211,787 202 274 152,970 141,642 58, 817 60, 632 .62 .63 ' .72 .72 .46 .49 Recoveries 52,048 48,022 36,460 33, 328 15, 588 14, 694 .15 .15 .17 .17 .12 .12 Net losses 2._ _ 159,739 154,252 116, 510 108,314 43,229 45,938 .47 .48 .55 .55 .34 .37 Net additions to profits 470, 350 439,417 269,922 252,076 200,428 187,341 1.38 1.37 1.26 1.28 1.57 1.51 Dividends declared 324,294 292,066 205, 219 180, 629 119,075 111,437 Loans" 23, 850,355 22,713, 794 14, 545,103 13,653,645 9,305,252 9,060,149 Investments 3 10 297 180 9,388,320 6, 822,194 6,082,232 3,474, 986 3, 306,088 Earning assets 3 __ __34,147, 535 32,102,114 21,367,297 19, 735, 877 12,780,238 12,366,237 i " |l" " Capital funds 3 i 5, 362,391 5,002,474 3,388,848 3,161, 606 1, 973, 543 1, 840, 868 Other ratios } Earning assets per $1 of capital funds $6.37 $6. 72 Net profits per $100 capital funds ___ 8.77 10.18 Losses on loans per $100 of loans I . 52 Losses on investments per $100 of investments j .40 1 These ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and such ratios as are shown in this and the follovying tables are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Total losses charged off less recoveries on assets previously charged off. 3 Averages of amounts from reports of condition for 4 call dates (Jun3 30, 1926, to June 30, 1927), and for 5 call dates (June 30, 1927, to June 30, 1928). * Capital surplus and undivided profits less reserves for taxes, interest, etc., accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
878 FEDERAL RESERVE BULLETIN DECEMBER, 1928> Table 2.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING JUNE 30, 1927 AND 1928 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1928 1927 1928 1927 I 1928 1927 1928 1927 1928 1927 1928 1927 Interest earned 133,063 127,002 524, 363! 479, 343' 136,408 134,406 185,365 180,555! 76,476 74,380 70,254 71,058: All other earnings. 26,5 21,411 143, 639! 127, 973; 24, 974 20,934 34, 750 33,243 10, 757 10,005 12, 764 12,219 Gross earnings.. 159,6 148,413 !, 002 607,316! 161,382 155,340 220,115 213,798i 87,233 84,385 83,018; 83,277 Interest on deposits 62,951 58, 755 216,970i 196,074 52,568 50,180 85, 621 80,904 29,290 27,361 24,882 23,589 Interest on borrowed money. __ 2,163 1,933 8,630| 6,807J 2,399 2,330 2,420 2,611 1,721 2,096 2,168 2,730 Salaries and wages 26, 723 25,407 123,325 112,625 28,059 27,168 39,499 38, 7691 16,954 16, 765 17,653 17,707 Taxes 6,302 6,004 23, 779 26, 596 8,808 7,837 13,436 11,8721 5,551 5,614 5,642 5,843 All other expenses 16,360 15,428 71,998 67,233 16,175 15,406 21, 242 21,351j 9,711 9,137 11,192 11,124 Total expenses.. 114,499 107,527 444,702! 409,335 108,009 102, 921 162,218 155, 507! 63, 227 60,973 61,537 60,993: Net earnings. __ 45,130 40,886 223,300! 197,981 i 53,373j 52,419j 57,897 58,291; 24,006 21,481 22,284 Losses on loans j 10,961 10,019 24,520| 20,251 7,131 4,093 8,730 6,230 6,149 7,937 8, 785- Losses on investments I 5,123 6,747 16,777) 11, 554 2,712 3,214 3,879 5,479 1,824 820 942 674 All other losses 2,726 2,812 9,576 2,441 2,522 4,379 4,214! 1,787 1,582 2,115 1,841 Total losses- 18,810 19, 578 49,789 41,381j 12, 284 9,829 16,1 19,582 9,841 8, 551 10, 994 11,300' Recoveries 5,501 4,241 12,048 11,7811 3,909 3,127 3,275 3,551! 1,994 1,335 2,395 2,075 Net losses . 13,309 15, 337 37, 741 29,6001 8,375 6, 702! 13, 713 16,031 7,847 7,216 8,599 9,225 Net addition to profits.. 31,821 25, 549 185. 559 168,381i 44,998 45,717! 44,184 42,260 16,159 16,196i 12,882 13,059 Dividends declared 20,859 20,145 107,226 97, 859J 26, 813 26,4.931 28, 737 27,636j 12,7, 13, 096 11, 247 12, 208 Loans 1 1,808, 788 1, 730,041 7,659, 717 6,885,980,1,630,363 1,600,635 2,206,317 2,162,107jl, 024,404|l, 013, 85l| 894,732 916,674 Investment *_ 807, 228 745, 096 3,176,348 2,952,457i 962, 221 697,1,137,8101,043,802! 321,787) 276,636) 262,792 242,895' Earning assets l. 2,616,016 2,475,137 10,836,065 9,838,437|2, 592,584 2,490,3323,344,127 3, 205,909! 1,346,1911,290,487 1,157, 524 1,159,569! Capital funds * 399,690; 374,020 1,712,58911,523,385! 543,902J 507,975! 550,808 533,93l| 240,677 235,321! 194,993 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1927 1928 1927 1928 1927 1928 1927 1928 1927 Interest earned 251,333 243,573 75, 710 74, 783 50,406 49, 3711 73,044 71.295! 57, 299! 54,749 175,048 162,972' All other earnings _ 59,914 52, 511 12,184 11, 758 6, 379, 11,197 11,772; 7,292! 6,621 33,673 30,557 Gross earnings.. 311, 247 296,084 87,894 :6, 541 57, 354 55, 750| 84,241 83,067; 64,59l| 61,370 208,721 193, 52$ Interest on deposits _. 104, 274 97, 753 28,033 27,461 21,029; 20, 569 24,917 24,248! 15,084 13, 72,097 66, 239 Interest on borrowed money 3,648 3,497 2,445 2,443 316! 4441 844 853! 845 1,307 2,186 2, 312 Salaries and wages 63, 281 60, 766 18,035 17,6S9 12,454! 12, 293 20,034 19,515! 15, 781 15,489 48. 301 43, 855 Taxes.. _ 20,985 18,846 5,522 6,44" 2, 967' 3,033; 5,034 4,808! 4,571 4,611 7,889 8,197 All other expenses 40, 219 37, 755 10,566 10,448 6,958 j 6, 724 12,205 11,977! 8,658 8,577 29,968 25,901 Total expenses.. 232,407 218, 617| 64, 601 64,488 43,724! 43,063 63,034 61,4011 44,939 43, 872 160,441 146, 504 Net earnings. __ 78,840 77,467 23,293 22,053 13,630! 12,687; 21,207 21,666: 19,652 17,498 48, 280) 47,025 Losses on loans 15,893 14, 651 5,472 6,000 5,918! 6,433; 8,780 12,389! 8,791 8,591 12, 760 13,426 Losses on investments. 2,700 3,492 936 822 793] 871i 1.340 1,426! 341 428 3, 702 1, 673 All other losses 6, 617 6.176 1,901 2,685 1, 582! 1,133 3,452 3,31l! 3,045 2,063 9,058 6,483 Total losses. 25, 210 8,309 9,507 8,293! 8,4371 13,572 17,126! 12,177 11,082 25, 520 21, 582' Recoveries 5,1""" 2,523 2,665 2, 564! 1,931; 3,901 4,063; 3,133 2,602 5,197 4,614 Net losses I 19,602 5,786 6,842 5, 729; 6, 506, 9,671 13,063 9,044 8,480 20,323 16,968 Net addition to profits 59,1 _ 59,185 17, 507 15, 2111 7,9011 6,181 11, 536 8, 603 10,608 9,018 27,957 30,057 Dividends declared 45,198 36,317 12, S 13, 746! 5, 780 5,699 9,821 8,347J 9,156 33, 713 22,231 Loans 1 13,534,163 3,394,614 942,823 941,033! 543,969 548,383 782, 506 787,959 686,344 656,280 2,,136,229 2,076,237 Investments1..- 11,332,0021,218,071 423,861 384,840j 344, 769; 315, 644 404,461 363, 603 199,218 165,948 924, 683 789,631 Earning assets 1 4,866,165 4,612,685 1,366,684 1,325,873J 888,738; 864,027 1,186,967)1,151,562 885,562 822,228 3,060,912! 2,865,868 Capital funds 1 704,501 661,604 208,737 205,103! 115,009! 113,720 157, 341 154,402 162,776 161,281 371,3681 341,867 1 Averages of amounts from reports of condition for four call dates (June 30, 1926, to June 30, 1927) and for five call dates (June 30,1927 .to- June 30, 1928). 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879 DECEMBER, 1928 FEDERAL RESERVE BULLETIN Table 3.—RATIOS—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING JUNE 30, 1927 AND 1928 Federal Reserve District Boston NewYork Philadelphia Cleveland Richmond Atlanta 1928 1927 1928 1927 1928 1927 1928 1927 1928 1927 1928 1927 Amount per $100 of earning assets: Interest earned _ __ _ _. $5.09 $5.13 $4.84 $4.87 $5.26 $5.40 $5.54 $5.63 $5.68 $5,76 $6.07 $6.13 All other earnings _ _ _-.___ 1.02 .87 1.33 1.30 .96 .84 1.04 1.04 .80 .78 1.10 1.05 Gross earnings _ --.___ 6.10 6.00 6.17 6.17 6.23 6.24 6.58 6.67 6.48 6.54 7.17 7.18 Interest on deposits... 2.41 2.37 2.00 1.99 2.03 2.01 2.56 2.52 2.18 2.12 2.15 2.03 Interest on borrowed money .08 .08 .08 .07 .09 .09 .07 .08 .13 .16 .19 .24 Salaries and wages .. _ _ 1.02 1.03 1.14 1.14 1.08 .1.09 1.18 1.21 1.26 1.30 1.53 1.53 Taxes .24 .24 .22 27 .34 31 .40 .37 .41 .44 .49 .50 All other expenses .63 .62 .66 .'68 .62 .64 .67 .72 .71 .97 .96 Total expenses... __ _ 4.38 4.34 4.10 4.16 4.17 4.13 4.85 4.85 4.70 4.72 5.32 5.26 Net earnings 1.73 1.65 2.06 2.01 2.06 2.10 1.73 1.82 1.78 1.81 1.86 1.92 Total losses.. .72 .79 .46 .42 .47 .39 .51 .61 .73 .66 .95 .97 Recoveries . _ _ _. .21 .11. . 12 .15 . 13 .10 .11 .15 .10 .21 .18 Net losses _ _ .51 .62 .35 .30 .32 .27 .41 .50 .58 .56 .74 .80 Net addition to profits 1.22 1.03 1.71 1.71 1.74 1.84 1.32 1.32 1.20 1.26 1.11 1.13 Other ratios: Earning assets per $1 of capital funds 6.55 6.62 6.33 6.46 4.77 4.90 6.07 6.00 5.59 5.48 5.94 6.11 Net profits per $100 of capital funds 7.96 6.83 10.84 11.05 8.27 9.D0 8.02 7.91 6.71 6.88 6.61 6.88 Losses on loans per $100 of loan .61 .58 .32 .29 .44 .26 .40 .46 .61 .61 .89 .96 Losses on investments per $100 of investments _ .64 .91 .53 .39 .28 .38 .34 .52 .57 .30 .36 .28 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1928 1927 1928 1927 1928 1927 1928 1927 1928 1927 1928 1927 Amount per $100 of earning assets: Interest earned $5.17 $5.28 $5.54 $5.64 $5.67 $5.71 $6.15 $6.19 $6.47 $6.66 $5.72 $5.69 All other earnings 1.23 1.14 .89 .89 .78 .74 .94 1.02 .82 .81 1.10 1.07 Gross earnings 6.40 6.42 6.43 6.53 6.45 6.45 7.10 7.21 7.29 7.46 6.82 6.75 Interest on deposits. . 2.14 2.12 2.05 2.07 2.37 2.38 2.10 2.11 1.70 1.69 2.36 2.31 Interest on borrowed money. . .08 .08 .18 .18 .04 .05 .07 .07 .10 .16 .07 .08 Salaries and wages ... _ 1.30 1.32 1.32 1.33 1.40 1.42 1.69 1.69 1.78 1.88 1.58 1.53 Taxes .43 .41 .40 .49 .33 .35 .42 .42 .52 .56 .26 .29 All other expenses._ _ __ .83 .82 .77 .79 .78 .78 1.03 1.04 .98 1.04 .98 .90 Total expenses 4.78 4.74 4.73 4.86 4.92 4.98 5.31 5.33 5.08 5.34 5.24 5.11 Net earnings 1.62 1.68 1.70 1.66 1.53 1.47 1.79 1.88 2.22 2.13 1.58 1.64 Total losses _ _ .52 .53 .61 .93 .98 1.14 1.49 1.38 1.35 .83 :ll Recoveries .12 .13 .19 '.20 .29 .22 .33 .35 .35 .32 .17 Net losses .40 .40 .42 .52 .65 .75 .82 1.13 1.02 1.03 .66 .59 Net addition to profits 1.22 1.28 1.28 1.15 .89 .72 .97 .75 1.20 1.10 .91 1.05 Other ratios: Earning assets per $1 of capital funds.._ 6.91 6.97 6.55 6.46 7.73 7.60 7.54 7.46 5.44 5.10 8.24 8.38 Net profits per $100 of capital funds 8.41 8.95 8.39 7.42 6.87 5.44 7.33 5.57 6.52 5.59 7.53 8.79 Losses on loans per $100 of loans . .45 .43 .58 .64 1.09 1.17 1.12 1.57 1.28 1.31 .60 .65 Losses on investments per $100 of investments .20 .29 .22 .21 .23 .28 .33 .39 .17 .26 .40 .21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
880 FEDERAL KESERVE BULLETIN DECEMBER, 1928 Table 4.—NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1928 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Similar information for the last half of 1927 was published on page 539 of the July, 1928, issue of the FEDERAL EESERVE BULLETIN; additional statistics for the fiscal year ending June 30, 1928, will be found in the Annual Eeport of the Comptroller of the Currency for 1928 [In thousands of dollars] Member national banks, by Federal reserve districts Nonmem- i All Total B t o o s n - • | N Yo ew rk i P p d h h e i l i - l a a- C la le n v d e -I i r R n i o c n h d - j la A n t t - a ; c C a h g i- o | i L S ou t. is n M o e l a i i n p s - - i j K C s a i a t n s y - | i Dallas; | ' F c S i r s a a c n n o - b b t e a io r n n k n a a s l 1 - ; ] n b a a t n io k n s al Gross earnings: Interest received— On loans 2'_ 413,289; 30,522, 91,196j 31,547 30,982 25, 257j 22,589: 54,024 17,369 14,724! 24,435! 23,472! 47,172 185: 413,474 O O n n in b v a e la s n tm ce e s n t3 w ith I 161, 738 ! 13,575 I 46,177 16,516 17,9321 i 5,679 4,519 i 16,604 ! 6,480 I ; 6,965 I ] 7, 749 I | 3,66 I 5' 15,877 113! 161,851 other banks. 12,472;| 770, 1,046 588 1,139; 734 958; 1,461; 693; 851! 1, 534 j 1, 208| 21 12,493 Domestic exchange and I collection charges 7,946j! 235! 1,3961 220 255: 526 1,242] 3251 878! 605! 6591 736! 28: 7,974 Fo p r a e r ig tm n en e t xchange de- 6,030 M 356; i 3,184i 415 142' 22 106 887| 3*1 61 7721 1 6,031 T C r o u m st m d is e s p io a n rt s m r e e n c t eived... 8,4 47 4 2 6 j " 775 6 ! ! 3,40 1 7 3 30 3 6 408 1' 276J 168 8 | | 1,0 1 1 09 6 ! | 10 1 2 5 ! ' 22 4 0 8 ! i so; oi 1,56 4 3 1 0 1 8,4 4 4 7 6 3 Profits on securities sold. 31,536!; 3,214! 10,810 4,218 3,879 991! 583 i 1,9611 541! 535| 289 258; 3,981 51! 31, 587 Other earnings 42,70i|; 4,308 10,973 lf~~ 2,624 1,802| 1,9871 5,456; 1,227; 1,193 2,558615 l,950l 6,912! 23 42, 724 Total earnings.. 684,630 53,761168,202 55,501 57,362 35,2 31, 787' 82, 760; 26, 768| 25,4491 37, 814| 31,389! 78, 544 423! 685, 053 Expenses: Salaries and wages 129,505! 8,752' 27,913 8,? 9, 757! 6, 722 6,584 15,863! 5,449 5,722 8,959 7,189! 17,609 99| 129, 604 Interest paid— On borrowed money 11,195!| l,0 3,170 878 830! 860 702| 1,221; 587j 174 404 367 934 oi 11,195 On deposits- Time 135,94l!! 11,974 25,351 12,538 14,189 8,899 6,619 14,743: 5,358! 7,399 6,101 3,473 19,297 511 135,992 Demand. 64,674 i! 6, 792! 21,246 4,649| 5,608 2,112 1,8631 9,108; 2,160 1,344 3,132 2,600: 4,060 35! 64,709 Bank 27,267h 1,530 8,562 1,033 1,987 971 1,164 3,639 1,4021 1,142 2,120 1,367 2,350 101 27, 277 Taxes. 33,415! 1,377 5,312 3,482 3,282 11,, 777733 1,2091 6,535! l,558j 1, 2, 1,9151 2, 8 13 33,428 Other expenses I 80,79lJ; 5,148 17,617 5,369 5,702 32, 889Q9Q] 4±', 11115s1 1in0 ,88298R;: 33, 11119a -3i,330 5,364 4,1221 12,178 80, 852 Total expenses 482,788!! 36,641; 109,171 36,935] 41,355 25,236| 22,256; 61,937; 19, 633J 21,019; 28, 2491 21,033 59,323 Net earnings 201,842 17,120 59,031 18, 566 16,007! 10,057 9, 5311 20,823 7,135 4,430 9,565l 10,356 19,221 154; 201,996 Recoveries on charged-off assets: Loans and discounts 9,422; 311 1,492 305 394l 372 681j 1, 273| 834 1,303 1,030 941 1! 9,423 Bonds, securities, etc I 3,697; j 562; 995 570 285! 10s! 22 146) 135 56 85 52 686 0! 3,697 Allother 4,564 | 418 574 1,299 3071 1841 243 232 114 291 371 239 292 0i 4,564 Total net earnings and recoveries 219, 525 \ 18,411 62, 092 20,740j 16,993 10,716 10,477 22,474i 7,870 5,611 11,324] 11,677 21,140 155; 219,680 Losses charged off: On loans and discounts.. 41, 298 4, 242| 6, 262 2,874 2,333 2, 246 3,127 4,505 1,791 2, 604 3,879 3,342 4,093 9' 41,307 O O n n b b o a n n d k s i , n s g e c h u o r u it s i e e , s , f e u t r c - . 16, 734! 1,449J 8,2~~ 1, 326 933: 647 210 970i I 215 359 721 207 1,408 25 16,759 niture, and fixtures 6, 524 472 1,218 3481 605 247 5 669 252 347 520! 263! 1,332 5! 6,529 On foreign exchange 46 2 6 20 6. 1 5 4! 2|- I 46 All other losses 6,559 536 628 294 240! 303 1,255 269 369; 753! ' 9381"~544 l! 6,560 Total losses charged off- 71,161 j 6,701; 16,403 4,862 4,117! 3,443 4,0 4 1 3 8 01 J 7,400 2,532 3,e 5,875j 4,750! 7,377 40! 71,201 Net addition to profits- 148,364 11, 710 45, 68915,878 12,876 7,273 6,4591 15,074! 5,338J 1,928 5,449 6,927! 13,763 1151 148,479 Dividends declared 98, 299 j 7,449: 27,855 8,487 7,930! 5,080 4,308? ll,55l| 3,9581 2,560 4,263 3,569! 11,295 53 98, 358 Capital stock paid in* !1, 592,981 124,387 376, 087|113,19l!l25,200: 96,04 77, 529^01,813! 74,220! 59, 847; 84,418j 89,755 170,492! 875 1,593,856 S~ urpl' us f*u nd' 4 ' ,1,418, 710 jl^ 1i099,,9 <94 438,389] 203,885; 135,188 74,51 | 54,694139,795! 37,944; 32,795! 39,503! 42,339; 109,674 9851,419,695 Capital and surplus 4._J3,011,691 i234,381814,476I317,076J260,388 170, 552 132, 223|341, 608 112,164J 92, 642 123,921J132, 094 280,166 1,860 3,013,551 Number of banks 4_ 7,685; I 373; 771 718; 507! 379 964J 483! 668! 923; 695! 7,691 1 Includes national banks of Alaska and Hawaii. 2 Includes discount. 3 Includes dividends. 4 As on June 30,1928. 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881 DECEMBER, 1928 FEDERAL RESERVE BULLETIN Table 5.—STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1928 [In thousands of dollars] Federal reserve district Total Boston i Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - AtlantaChicago L S o t u . is M ap i o n l n is e- K C an it s y as Dallas : - c F S i r s a a c n n o i Gross earnings: Interest received— On loans 1 239, 379 15,946 95, 782 11,907 31,833 5,483 6,451 40, 627 9,108 1,046 1,670 1,524 18, 002 On investments 2 86,413 6,216 35,998 7,738 10,413 1,061 1,092 13, 765 3, 746 465 912 75 : 4, 932 On balances with other banks ._ __ 4,495 206 1,270 181 502 246 183 847 218 61 129 64 i 588 Unclassified 600 4 236 241 98 Domestic exchange and collection charges 1,860 62 199 43 175 98 103 608 318 47 16 41 150 Foreign department. _ 4,935 221 3, 507 15 184 50 127 558 30 2 2 23 C ommissions received 10, 728 644 5,330 202 315 106 542 2,749 632 46 28 4 130 Trust department 22, 821 1,527 9,675 2,822 2,862 239 308 3,548 480 23 150 1,187 Profits on securities sold 24,438 1,218 11, 005 1,779 2,464 573 460 5, 253 1,007 7 104 4 564 Other earnings 30, 016 945 10, 638 1,233 4,314 518 956 6,804 1, 316 64 950 87 2,191 Total earnings 425, 685 26, 985 173,408 25,920 53, 062 8,374 10, 243 74,995 17,096 1,859 3,966 1,801 27, 976 Expenses: Salaries and wages 82, 735 4, 518 32, 913 4,828 9.620 1,520 2,061 15, 557 3,416 431 937 516 6,418 Interest paid— On borrowed money 1 6,769 275 2,243 555 688 196 424 1,231 752 20 63 28 294 On deposits— Time 78,121 6,102 21, 938 3,493 14,320 1,685 1,389 16, 009 3,358 543 333 105 8,846 Demand 51,162 4,874 24, 272 3,537 5,451 597 1,022 7,538 1,511 95 510 74 1.681 Bank. _ 11,898 395 6,336 346 1,388 357 426 1,423 368 54 255 38 512 Unclassified 1 426 1 313 6 94 13 Taxes _ __ 21,439 939 6,422 1,585 3,997 353 561 5,283 751 52 144 126 1,226 Other expenses 50, 332 2,957 19,517 2,796 4,969 1,162 1,598 9,763 2,512 233 891 290 3, 644 Total expenses 303, 882 20, 060 114,954 17,140 40, 433 5,870 7,487 56,898 12, 668 1,441 3,133 1,177 22, 621 Net earnings 121,803 6,925 58, 454 8,780 12,629 2,504 2,756 18, 097 4,428 418 833 624 5,355 Recoveries on charged-off assets: Loans and discounts 3,885 307 1,723 114 368 30 77 583 239 54 38 71 281 Bonds, securities, etc. 1,180 290 411 133 21 1 159 70 47 4 15 29 All other 2,462 723 313 115 100 61 95 476 177 5 53 10 334 Total net earnings and recoveries 129,330 8,245 60,901 9,142 13,118 2,596 3,087 19,226 4,891 481 939 705 5,999 Losses charged off: On loans and discounts 12,404 1,092 4,297 1,026 1,134 457 515 1,699 721 142 120 347 854 On bonds, securities, etc 4,786 728 2,247 225 537 127 79 380 179 12 16 5 251 On banking house, furniture, and fixtures 3,271 195 760 168 559 8 29 731 379 12 21 All other losses 2,897 57 516 56 172 31 192 341 124 111 177 118 1,002 Total losses charged off. ._ 23, 358 2,072 7,820 1,475 2,402 623 815 3,151 1,403 277 313 491 2,516 Net addition to profits -- _ 105, 972 6,173 53,081 7,667 10, 716 1,973 2,272 16,075 3,488 204 626 214 3,483 Dividends paid 58,115 3,074 27, 391 4,678 6,564 957 1,142 8,535 2,128 170 454 78 2,944 Capital stock paid in 3.._ . 822, 071 47,425 341,443 55, 663 94, 305 20, 623 24, 295 129,976 39, 785 4,087 8,680 5,452 50,337 Surplus fund3 866,820 51,018 368, 512 104,488 121,197 15, 043 15,064 131,676 26,685 1,771 3,267 ! 2,218 25,881 Capital and suplus 3_. 1, 688,891 98,443 709,955 160,151 215, 502 35, 666 39,359 261,652 66,470 5,858 11,947 7,670 76, 218 Number of banks 3_ , 1,242 37 163 93 105 50 78 300 110 59 22 95 130 1 Includes discount. 2 Includes dividends. s As of June 30, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
882 FEDERAL RESERVE BULLETIN DECEMBER, 1928 CLASSIFICATION OF LOANS AND INVESTMENTS OF ALL MEMBER BANKS This table is based on figures published in the annual report of the Comptroller of the Currency for national banks, and on figures compiled from reports of member State banks to the Federal Reserve Board. CLASSIFICATION OF LOANS ON JUNE 80, 1925-1928 [In millions of dollars] Loans on securities All other loans T lo o a t n a s l Total b G S o y m e t o b i c o v l U e u i n e g n r . r s a e t n S - d - . b S s b y e t a o o c o n n u c t d d r k h e s s e d r Total To S ta e l cured F l b a a y n r d r m e s al est e O a r s t e t t e h a a e t l e r w c O c u u i a u s n t r n h r e e s e d e e d d s r - 1 e - - N of u b m a b n e k r s Total: 1925 , 20,655 6,718 243.3 6,474 13,937 2,338. 3 11,599 9,538 1926 22,060 7,321 206.7 7,114 14,740 2,649. 5 488.9 2,160.6 12,090 9,375 1927 22, 938 8,156 180.8 7,975 14,782 2,926.4 477.8 2,448.6 11,856 9,099 1928 24,303 9,068 178.2 8,890 15,235 3,068.3 444.4 2,623.9 12,167 8,929 Central reserve city banks— 1925 5,382 2,857 80.2 2,777 2,525 117.9 2,407 86 1926 5, 753 2,985 64.5 2,920 2,769 151.0 2.7 148.3 2,618 79 1927 ._ 6,267 3,398 56.5 3,342 2,868 180.1 2.6 177.5 2,688 84 1928 6,889 3,610 63.0 3,547 3,279 169.8 3.2 166.6 3,109 74 Other reserve city banks— 1925 7,443 2,275 87.7 2,187 5,168 1,184. 2 3,984 553 1926 7,987 2,557 74.5 2,483 5,430 1, 323. 3 122.0 1,201. 3 4,107 544 1927 . . ----- 8,291 2,824 61.4 2,763 5,467 1,475.9 154.2 1,321. 6 3,991 522 1928 8,657 3,213 71.7 3,141 5,444 1, 514. 6 134.7 1, 379. 9 3,930 530 Country banks— 1925 7,831 1,586 75.5 1,510 6,245 1,036.3 5,209 8 899 1926. . . 8,320 1,779 67.8 1,711 6,540 1,175.2 364.2 ! 811.0 5,365 8,752 1927 8,380 1,934 62.9 1,871 6,446 1,270.4 321.0 ! 949.4 5,176 8,493 1928. . 8,757 2,245 43.5 2,201 6,512 1, 383.9 306.4 i 1,077.4 5,128 8,325 * Includes overdrafts; excludes acceptances of other banks and bills of exchange or drafts sold with indorsement. CLASSIFICATION OF SECURITIES ON JUNE 30, 1925-1928 [In millions of dollars] Domestic securities Foreign securities se T cu o r t i a ti l es Total s G e m U c o u v . e S r e n i . r t t n ie - s a c n n S o i d c u ta i n m p t t e a y u , l , - A b ll o o n t d h s er S F re t e o s d e c e r k v r a e o l f c o o S f r t o p o t o c h r k e a r - s A d e o l c l m u o r e t i s t h i t e e ic r s Total B g f o o o r n v e d e ig s rn n o - f ] 1 ! s A e i f c n o l u l c r e r o l i u i t t g h i d n e ' e s r , (total) bonds bank tions ments ing municipal i Total: 1925 8,863 8,362 3,781 1,029 2,781 115.0 275.3 381.5 500.5 327.3 173.2 1926 9,123 3,744 1,149 2,948 122.5 327.2 334.7 498.1 300.6 197.5 1927 9,818 9,246 3,796 1,277 3,343 129.0 348.3 351.8 572.1 316.3 255.8 1928 10, 758 10,032 4,225 1,367 3,512 142.1 407.3 378.8 726.4 392.3 334.1 Central reserve city banks— 1925 2,012 1,913 1,066 233 476 28.0 73.8 36.3 99.2 62.8 36.3 1926 2,053 1,987 1,066 250 478 31.6 91.0 69.8 66.1 37.3 1927 2,195 2,110 1,080 287 547 34.1 83.2 78.7 84.8 48.4 36.5 1928 2,458 2,335 1,314 277 485 40.4 95.4 123.9 123.0 66.9 56.1 Other reserve city banks— 1925 2,855 2,715 1,331 343 702 38.9 134.0 165.9 140.4 92.6 47.7 1926 2,932 2,793 1,325 406 776 41.0 149.9 94.4 139.3 81.8 57.4 1927 3,191 3,050 1,408 461 885 43.3 163.1 89.3 141.7 71.4 70.3 1928 3,535 3,352 1,599 504 917 47.2 190.5 94.3 182.8 95.3 87.5 Country banks— 1925 3,996 3,735 1,385 453 1,603 47.8 67.3 179.1 260.7 171.7 89.0 1926 4,138 3,845 1,353 493 1,693 49.7 86.2 170.3 292.5 181.3 111.2 1927- 4,432 4,087 1,308 530 1,911 51.5 101.9 183.8 345.6 196.6 149.0 1928 4,765 4,345 1,312 586 2,110 54.4 121.4 160.6 420.6 230.1 190.5 NOTE.—Of the total loans of all member banks on June 30, 1928, about $4,650,000,000, or 13.3 per cent of their total loans and investments was reported as eligible for rediscount at the reserve banks; this compares with about $4,770,000,000, or 14.5 per cent, for June 30,1927, and $4,920,000,000, or 15.7 per cent, reported for June 30,1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
I CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH OCTOBER 3, 1928 [Amounts in thousands of dollars] Sept. 28, Dec. 31, Apr. 12, June 30, Dec. 31, Mar. 23, June 30, Oct. 10, Dec. 31, Feb. 28, June 30, Oct. 3, 1925 1925 1926 1926 1926 1927 1927 1927 1927 1928 1928 1928 BESOURCES Loans and discounts (including overdrafts) 21,450,373 22,275,285 22,006, 30822, 267,47922, 906, 55022, 532,41923,148, 72623, 491, 52024, 318, 36123, 553,89424, 739, 273 24,758,678 United States Government securities 3,760,933 3, 728,359 3, 805,467 3, 744, 929 3, 388,963 3, 835,151 3, 796,347 3, 856,149 3, 977, 557i 4,215,8224,224,730 4,385,830 Other bonds, stocks, and securities | 5,129,347 5,159, 541 5, 228, 5645,378, 479 5,600, 708 5, 786, 776 6,021,927 6,103,119 6, 382, 962! 6,373,6306,533,656 6,218,145 Total loans and Investments 30,340,653 31,163,185 31,040,339 31,380,887 81,896,221 32,154,346 32,967,000 33,450,788 34,678,880 34,143,346 35,497,659 35,362,653 Customers' liability on account of acceptances 383,873 498,143 486, 259 431, 307 512,945 500, 232 502,024 576, 223 699, 701! 695,319 710,207 727,258 Banking house, furniture, and fixtures 919,046 927, 357 955, 563 969, 380 998,212 1, 012,103 1,036, 731 1,059,930 1,067, 200! 1,077,5291, 099,210 1,105, 558 Other real estate owned 171,741 170, 763 173,906 172,986 173,727 178, 230 175, 829 180, 546 177, 229I 180,511 184,109 178, 443 Cash in vault 524,592 574, 532 540,261 534,120 522, 596 538,305 537, 856 539,137 523, 370I 525,992 449,198 519,126 Reserve with Federal reserve banks .._ 2,147, 111 2, 238, 233 2,135, 948 2, 236,172 2, 210, 048 2, 321,414 2, 280, 439 2,319, 736 2, 514,465j 2,366,6052,342,045 2,348,018 Items with Federal reserve banks in process of collection 647,432 825, 543 722, 055 732,161 810, 250 673, 512 740, 816 739,871 784,391 | 686,881 680,492 856,655 Due from banks and trust companies 2,031,130 2,155,306 1, 933, 5011, 980, 0512, 065, 518 1, 896, 383 1, 968, 326 2,077,441 2,209,831 ! 1,940,6191,897, 231 2,026,873 Exchanges for clearing house and checks on other banks in same place 1,268,087 2,195,466 1,450,457 1, 762, 736 2, 077, 090 1, 222, 670 1,912, 942 1, 564, 796 1,508,418 I 1,311,8171, 447,219 1,634, 689 Outside checks and other cash items 103,369 159,060 142, 939 137,866 181, 593 101,676 177, 771 157, 841 200,159 134,916 217,291 163,527 Redemption fund and due from United States Treasurer - 32,850 32,982 32,879 32, 997 32, 785 32, 480 32, 891 33, 054 33,281 32,823 33,025 33,001 Securities borrowed 42,946 49,643 45,304 44, 631 44, 345 41, 521 33, 539 29,464 35, 212 29,248 37,733 36,551 Other assets 440,524 435,082 416, 029 419,895 504,314 445, 592 444,028 426, 891 456,003 456,050 496,430 491,345 Total. 39,053,354 41,425,295 40,075,440 40,845,189 42, 029, 64441,118,464 42, 810,19243,155, 71844,888,140 43, 581, 65645,091,849 45,483, 697 LIABILITIES Capital stock paid in 2,092,909 2,105,308 2,162,434 2,169,484 2,203,447 2, 248, 210 2, 273, 737 2, 304,708 2,337, 780 2,345, 519 2, 415,376 2,453,859 Surplus 1, 760,076 1,832,691 1,880, 620 1,899, 565 1,955,349 1,992,174 2,030,342 2,049,325 2,124, 020 2,144,182 2,285, 536 2,382,393 W U Re n s d e i r v v i e d s e d f o p r r o d f i i v ts i — de n n e d t s , continge _ ncies, etc \ 834,802 739,934 783,012 763,156 785,517 845, 596 843, 319 940, 505 879,480 914,114 924,012 I f 8 1 8 2 6 0 , , 0 0 2 2 5 0 d Reserves for interest, taxes, and other expenses accrued and unpaid 133,387 108,903 132,688 124,484 120,386 139, 315 128,142 152, 531 128, 757 137, 345 145,458 150,438 f Due to Federal reserve banks 49,933 51,112 47,893 45, 214 51, 445 47,221 53, 043 54,402 52,073 45, 360 49,823 65,379 Due to other banks and trust companies _ 3, 827,575 4,169, 470 3,801,513 3, 935,113 4, 002, 995 3, 834,194 4, 070, 610 4,148, 273 4, 541, 516 4,131,048 3,867,342 3, 942, 431 Certified and cashiers' or treasurers' checks outstanding _ _ 808,756 1, 225, 758 863, 466 962, 694 1,141,102 788, 522 1, 064, 605 977,944 839, 556 848, 064 787, 770 1,041,114 Letters of credit and travelers' checks sold for cash and outstanding i 25,643 21, 965 23, 266 38, 415 20, 499 25,015 41,696 26, 391 21, 641 29, 015 43,177 27, 338 Demand deposits 16,617,456 17,824,702 116,823,148 17, 380, 04117, 638, 64816, 830, 70917, 735, 24417,374,426 18,170,140 17, 304, 64617, 606, 564 17, 501,430 Time deposits 10, 467, 23710, 653, 028 (10, 954, 74171,172, 86311, 439, 85911,817,694 12, 209, 83412,459,248 ;12,764,798 12, 922,63813,438, 585 13,409,608 United States deposits 278,211 304,131 379,450 227, 647 234,116 406,850 217, 622 435,475 ! 266,981 86,032 256,681 158, 761 Total deposits _ 32,074,811 34,250,166 32,893,483 33,761,987 34,528,664 33,750,205 35,392,654 35,476,159 36,656,705 35,366,803 36,649,942 36,146,061 Agreements to repurchase United States Government or other securities sold 5,081 7, 081 15,800 5,632 32,537 I 13,248 17,967 17,845 I 32, 785 21,375 18,103 95,161 Bills payable and rediscounts 711,554 732,824 619, 568 611,619 759,866 546, 433 541, 248 528,215 ! 663,475 580,892 1,209, 437 1,153,916 Acceptances of other banks and bills of exchange or drafts sold with indorsement 165,108 278, 988 221, 290 207, 292 254, 506 205, 382 210, 519 265,007 J 431,968 454,958 436,486 433, 665 Acceptances executed for customers _ 384,993 486, 548 470, 292 425,751 515,046 505, 586 503, 595 575,636 ! 721, 473 705,001 716, 270 717,931 Acceptances executed by other banks for account of reporting banks 40,334 53, 608 55, 002 42, 054 35, 917 29, 013 32, 042 26,075 I 22, 318 26,008 28,235 41,417 National-bank notes outstanding _ 648,719 647,951 648,954 650,662 C45,956 642,067 650,445 649,390 649, 877 646,162 648, 602 648, 046 Securities borrowed - 42,946 49,643 45,304 44,631 44, 345 41, 546 33, 564 29,471 I 35, 936 29, 352 37, 782 36,556 Other liabilities _. 158,634 131,650 ! 146,993 138, 872 148,108 159, 689 152, 618 140,851 ! 203, 566 209, 945 176,610 218,209 Total 39, 053,35441,425, 295 40,075,44040,845,189 42,029,644 (41,118,464 42,810,162 43,155, 718 44, 888,14043,581,656 45,091,849 45, 483,697 Number of banks. 9,539 9,489 9,412 9, 375 9,260 9,144 9,C 9,087 j 9,034 8,929 8,896 i Not included in deposits in statements issued prior to Oct. 3, 1928. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON OCTOBER 3, 1928, BY CLASSES OF BANKS 00 [Amounts in thousands of dollars] • All member banks National banksl State bank members Total ci C r t e y e s n e b t r a r v a n e l ks s O e b r t v h a e e n r k c r s i e ty - C b o a u n n k t s ry Total ci C r t e y e s n e b t r a r v a n e l ks s O e b r t v h a e e n r k c r s i e ty - C b o a u n n k t s ry Total ci C r t e y e s n e b r t a r v a n e l ks s O e b r t v h a e e n r k c r s i e ty - C b o a u n n k t s ry RESOURCES Loans and discounts (including overdrafts).__ 24,758,678 7,118,254 8, 755,389 8,885,035 15,126,184 3,415,467 5,088,351 6, 622,366 9,632,494 3,702,787 3,667,038 2,262,669 United States Government securities 4,385,830 1,320,703 1,702,907 1,362, 220 3,010,088 758,219 1,134,781 1,117,088 1,375,742 562,484 568,126 245,132 Other bonds, stocks, and securities 6,218,145 1,026,439 1,826,848 3,364,858 4,100,677 484,569 993,543 2,622, 565 2,117,468 541,870 833,305 742,293 Total loans and investments — 35,362,653 9,465,396 12, 285,144 13, 612,113 22, 236,949 4, 658, 255 7, 216, 675 10, 362, 019 13,125,704 4, 807,141 5, 068, 469 3,250,094 Customers' liability on account of acceptances 727,258 554,543 163, 663 9,052 429,034 293,386 130,807 4,841 298, 224 261,157 32,856 4,211 Banking house, furniture, and fixtures 1,105,558 177,435 412,486 515,637 732,330 89,970 242,271 400,089 373,228 87,465 170, 215 115, 548 Other real estate owned.. 178,443 5,648 58,419 114,376 122,767 1,509 31,081 90,177 55,676 4,139 27,338 24,199 Cash in vault _ ... 519,126 64,089 153,450 301, 587 30,895 94,304 238, 067 155,860 33,194 59,146 63, 520 Reserve with Federal reserve banks 2,348,018 891,743 793,098 663,177 1,467,535 459, 248 494,747 513, 540 880,483 432,495 298,351 149.637 Items with Federal reserve banks in process of collection 856,655 272,179 455,193 129, 283 567,942 161,068 315, 691 91,183 288,713 111, 111 139,502 38,100 Due from banks and trust companies 2,026,873 202,161 834,959 989,753 1, 554,119 112,301 606, 703 835,115 472,754 89,860 228, 256 154.638 Exchanges for clearing house and checks on other banks in same place 1,634,689 1, 229,044 328,995 76,650 989,881 711,859 225, 256 52,766 644,808 517,185 103, 739 23,884 Outside checks and other cash items _ 163,527 59,909 74,209 29,409 99,129 29,534 45,813 23,782 30,375 28,396 5,627 Redemption fund and due from United States Treasurer | 33,001 2,039 8,174 22, 788 33,001 2,039 8,174 22,788 Securities borrowed I 36,551 350 22,432 13, 769 18,414 350 9,772 8,292 18,137 12,660 ! 5,477 Other assets _. _ ! 491,345 303,658 136,695 50,992 295,148 171,354 94, 220 29,574 196,197 132,304 42,475 | 21,418 Total -45,483,697 13, 228,19415, 726,917 16, 528, 586 28,909, 515 6,721, 768 9, 515, 514 12,672,233 J16,574,182 6, 506,426 6,211,403 3,856,353 s LIABILITIES Capital stock paid in _ 2,453,859 659,138 817,585 977,136 1, 614,869 341,750 508, 995 764,124 838,990 317,388 308,590 213,012 Surplus 2,382,393 807,277 775,340 799, 776 1, 449, 509 407,445 424, 216 617,848 932,884 399,832 351,124 181,928 U Re n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , contingencie _ s , etc _ 120,020 2 5 6 0 9 , , 8 1 6 6 4 3 | 2 4 5 1 1 , , 1 4 5 3 0 2 3 2 6 8 5 , , 0 43 0 0 6 5 5 4 8 9 , , 0 3 2 9 5 5 11 2 2 2 , , 5 59 6 8 1 1 1 4 8 7 , ,9 6 3 7 4 6 2 1 8 6 8 , , 7 8 8 6 8 3 33 6 6 1 , ,9 6 9 3 5 0 1 2 5 8 6 , , 3 56 0 5 3 1 2 0 2 3 , , 4 4 7 9 4 8 7 1 6 1 , , 2 5 1 6 8 7 d Reserves for interest, taxes, and other expenses accrued and unpaid-. 150,438 44,969 60,077 45,392 81,454 17,079 35, 665 28, 710 [ 27,890 24,412 16,682 Due to Federal reserve banks 65, 379 152 16,800 48,427 49,745 14,431 35,314 15,634 152 2,369 13,113 Due to other banks and trust companies 3,942,431 1,726,960 1,781,859 433,612 2,842,004 1,110, 717 1,374,031 357,256 I 1,100,427 616,243 407,828 76,356 Certified and cashiers' or treasurers' checks outstanding 1,041,114 794,931 155, 372 90,811 602, 211 440,429 97,037 64, 745 438,903 354, 502 58,335 26,066 Letters of credit and travelers' checks sold for cash and outstanding 2 27,338 19,867 662 12,389 5,908 6,122 359 I 14,949 13,959 687 303 Demand deposits 17,501,430 5,599,663 5,860,787 6,040,980 11,066,580 2,734,203 3, 698, 903 4,633,474 6,434,850 2,865,460 2,161,884 1,407, 506 Time deposits 13,409,608 1,768,614 4,843,181 6,797,813 8,308,216 722,889 2, 463,776 5,121, 551 5,101,392 1,045,725 2,379,405 1,676, 262 United States deposits 158, 761 35,622 86, 740 110,990 19,844 59, 535 31,611 47,771 15, 778 27, 205 4,788 Total deposits ___ _ 36,146, 061 9,945, 809 12, 751, 548 13,448, 704 22,992,135 5, 033, 990 7, 713, 835 10,244,310 [13,153,926 4, 911,819 5, 037, 713 3,204,394 Agreements to repurchase United States Government or other securities sold 95,161 58,877 30,868 5,416 35,591 25,719 5,360 4,512 59,570 33,158 25, 508 904 Bills payable and rediscounts. _. 1,153,916 329,192 490, 518 334, 206 707,581 206,478 268, 223 232,880 j 446,335 122,714 222, 295 101,326 Acceptances of other banks and bills of exchange or drafts sold wih indorsement _ 433,665 358,781 i 74,380 504 222, 508 162, i82 59,940 386 I 211,157 196, 599 14,440 118 Acceptances executed for customers—. 717,931 546,142 | 164,171 7,618 420,754 289,306 127, 541 3,907 297,177 256,836 36, 630 3,711 Acceptances executed by other banks for account of reporting banks._ _. 41,417 27,401 12,683 1, 333 26,133 16,110 9,055 968 15, 284 11,291 3,628 365 National-bank notes outstanding 648,046 j 39,835 160,381 447,830 648,046 39,835 160,381 447,830 Securities borrowed _ 36,5561 350 22,432 13,774 I 18,414 350 9,772 8,292 18,142 12,660 5,482 Other liabilities— 218,209j 90,396 74,352 53,461 85,101 46, 365 25,921 12,815 133,108 44,031 48,431 40,646 Total- 45,483,697 | 13,228,194 15,726,917 16,528,586 |28,909,515 6,721,768 j 9,515,514 12, 672, 233 16, 574,182 6, 506,426 6, 211,403 3,856, 353 Number of banks.. 79 523 I 8,294 7,670 370 7,264 1,236 43 153 1,030 i Member banks only, i. e.,Exclusive of national banks in Alaska and Hawaii. 2 Not included in deposits in statements issued prior to October 3,1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON OCTOBER 3, 1928, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Total Boston Y N o ew rk m Ri o c n h d - Atlanta Chicago Lo S u t. is n M ea i p n o - lis K C an it s y as Dallas Fra S n a c n isco RESOURCES Loans and discounts (including overdrafts) 24, 758, 678 , 842, 848 7,946,060 1, 732,284 2,282, 425 ,024, 781 902,667 3, 775,498 973, 693 557,642 806,155 727,518 2,187,107 United States Government securities -- 4,385, 830 269, 057 1, 399, 687 249, 598 447, 786 131,460 134,003 559,299 149,654 146, 729 206,458 156,541 535,558 Other bonds, stocks, and securities --6,218,145 511, 604 1, 836, 733 713,919 704, 727 184,384 152,370 805,939 278,135 223, 735 229,094 78,028 499,477 Total loans and investments - 35, 362, 653 2, 633, 509 LI, 182, 480 2, 695, 801 3, 434,938 , 340, 6251,189, 040 5,140, 736 401,482 928,106 , 241, 707 962, 087 3, 222,142 Customers' liability on account of acceptances 727,258 75,543 531,117 17,730 10, 652 5,210 11,456 29,487 1,458 2,998 427 5,826 35,354 Banking house, furniture, and fixtures 1,105,558 70, 734 249,009 93,096 139,548 61, 619 61,504 167,305 43,224 24,358 45,045 43,902 106,214 Other real estate owned... 178,443 6,948 17,300 14,368 22,010 15,458 13,238 27,080 9,573 10,511 10,875 11,669 19,413 Cash in vault 519,126 42,144 109,298 41,129 57,107 24,564 81,460 22, 631 18,341 25,373 25,703 44,415 Reserve with Federal Reserve banks 2,348,018 157, 605 891, 999 142,438 191,919 70,995 64,351 344, 880 81,855 55,323 94,286 68,974 183,393 Items with Federal Reserve banks in process of Du co e l l f e ro c m tio n banks and trust companies 2,0 8 2 5 6 6, , 8 6 7 5 3 5 9 7 2 3 , , 2 96 1 5 8 3 1 0 9 0 1 , , 9 7 2 5 8 3 1 6 1 2 9 , , 7 6 0 8 3 1 1 7 8 8 2 , , 5 9 4 5 3 0 1 4 04 3 , , 2 6 1 6 9 8 1 2 2 8 7 , , 8 2 6 5 7 8 3 9 3 2 5 , , 3 2 2 8 2 2 1 4 1 5 6 , , 1 8 1 0 2 3 1 1 2 0 1 , , 5 4 7 3 4 8 2 4 2 3 0 , ,2 9 6 4 4 0 1 3 6 3 1 , ,2 8 9 0 1 7 2 4 5 2 3 , , 4 4 6 7 5 7 E R S O O e x e u b t c h c d t a u s h e e n i r r a m d i k n t a e i s p g s e c s i t e s i n e h s o b t e s n s o c f a o r k m f r u r s o n e w c a d l n p e e l d a d a a r n c o i d n e th g d e u r h e o c a u fr s s o h e m , i t a e U n m . d s S c . h T e r c e k a s s u o r n er - o - t - her 1, 4 1 6 3 3 6 9 3 3 6 3 1 4 , , , , , 0 3 6 5 5 0 4 8 5 2 1 5 9 1 7 4 4 2 7 9 6 , , , , 2 0 1 0 3 1 3 4 0 6 5 9 4 1 1 1,1 3 4 9 0 4 5 8 1 , , , , 3 5 0 1 6 7 7 4 2 9 3 8 0 8 5 6 1 3 3 2 5 8 , , , , , 7 0 5 0 7 4 8 7 5 6 5 6 3 7 2 I 3 1 1 0 3 6 8 , , , , 9 5 5 7 7 2 4 7 6 3 4 5 1 2 3 2 5 8 , , , , , 7 5 1 2 5 6 5 2 6 4 1 9 2 7 6 1 2 2 9 5 7 , , , , , 8 9 1 1 6 1 6 2 6 6 5 1 6 2 0 10 3 3 6 4 7 8 7 , , , , , 4 4 8 0 7 3 4 6 8 2 7 0 2 5 5 1 4 2 6 5 9 , , , , , 0 9 2 2 3 3 1 2 8 4 1 8 9 9 4 1 1 2 7 1 1 , , , , 4 1 5 2 7 3 0 1 9 9 3 3 3 8 1 2 5 0 7 1 , , , , 4 5 1 6 6 1 6 2 4 8 6 6 0 2 7 1 4 2 3 4 , , , , 4 3 3 1 9 3 8 4 5 2 0 3 7 1 2 3 7 1 2 1 6 6 8 , , , , , 6 8 5 9 0 6 6 4 7 6 2 4 7 6 9 Total. 45,483,697 3,247,426 15,023, 698 3,280,169 4,196, 7241, 701,0101,558,002 6,413,101 1, 759,949 1,204,787 1, 717,3481,338,492 4,042,991 i LIABILITIES U S R C u e a n r s p d p e i i l r t v u a v i s l e d s s e t d f o o c p r k r d o p i f v i a t i i s d d — e i n n n d e s t , contingencies, etc 2 2 , , 4 3 8 1 5 8 8 2 3 2 6 0 , , , , 8 3 0 0 5 2 9 2 9 5 0 3 1 1 8 6 7 7 1 3 2 , , , , 2 2 4 2 5 8 4 2 3 2 3 9 8 3 7 3 2 9 4 8 7 1 7 , , , , 6 8 0 5 4 0 6 7 9 9 0 0 3 1 8 1 1 7 4 3 0 3 , , , , 2 9 6 2 3 8 3 0 1 3 9 6 2 2 2 5 7 1 6 0 7 5 , , , , 4 1 5 7 1 0 5 9 1 5 0 6 1 8 3 13 3 2 7 , , , , 7 4 8 6 9 6 2 4 9 3 2 0 1 2 6 0 3 6 9 2 , , , , 5 5 6 1 0 1 7 8 6 4 2 5 3 2 1 3 7 3 0 1 6 5 4 , , , , 1 4 5 9 5 8 0 3 2 4 0 0 1 3 6 1 2 1 4 3 , , , , 0 5 4 5 7 2 8 2 1 2 8 7 6 3 1 3 4 7 1 , , , , 5 0 3 7 7 0 0 0 9 5 6 2 9 4 2 3 3 2 1 , , , ,7 9 1 2 7 1 5 0 1 1 6 8 9 2 4 5 4 1 5 , , , , 3 1 7 3 7 2 6 0 3 2 2 5 2 1 2 5 3 3 5 3 5 , , , , 3 1 4 7 2 0 7 0 0 9 6 1 w Reserves for interest, taxes, and other expenses ac E D Du c u e r e u t t e o o d o F a t e n h d d e e r u r a b n l a p R n a k e id s s e a r n v d e t b r a u n s k t s companies 3,9 1 4 6 5 2 5 0 , , , 4 3 4 3 7 3 9 1 8 1 1 8 8 1 6 , , , 9 5 0 1 3 6 1 6 6 1,4 2 4 6 1 4 8 , , , 7 4 9 2 4 8 9 8 2 20 9 7 4 , , , 5 5 2 1 3 4 4 7 4 27 1 4 0 7 , , , 4 6 6 0 7 0 5 7 0 12 5 6 7 , , , 5 0 3 3 9 7 2 5 9 13 5 2 5 , , , 5 1 8 5 3 3 1 7 8 5 2 7 3 6 1 , , , 2 9 4 6 6 4 0 4 7 17 4 9 , , 3 7 2 2 9 7 2 2 8 11 4 9 , , 4 9 2 7 3 1 7 3 8 26 2 7 0 , , , 9 7 0 7 9 8 9 9 0 2 1 , ,6 8 9 9 4 6 2 1 5 1 3 9 , , , 2 3 0 6 2 5 8 1 1 Certified and cashiers' or treasurers' checks out- 3 standing 1,041,114 21,965 788,226 22,093 24,250 12, 634 8,334 56,948 10,888 13,843 17,660 14,348 49,925 Letters of credit and travelers' checks sold for cash T T D U i o e n a m m n t it a e d e a l d n d o d d e u S e p t t p d s o a t e s o t a e p i n s t s o s i d t s d i s i n e t - s g p o i_ s _ it * s . 3 1 1 6 3 7 , , , 1 4 5 1 4 0 0 2 5 6 9 1 7 8 , , , , , 4 6 0 3 7 3 0 6 3 6 0 8 1 8 1 2 1 , , 5 3 9 9 8 7 1 0 4 3 4 , , , , 5 8 4 9 8 6 9 3 8 4 4 6 1 3 6 1 , , , 0 0 4 3 1 6 1 1 4 1 8 9 2 , , , , , 6 4 0 0 3 3 4 1 8 3 6 9 9 1 7 2 1 1 , , , 4 1 1 0 6 1 6 8 7 8 , , , , 9 1 4 6 1 0 8 7 1 9 1 6 7 7 9 1 3 1 , , , 6 4 4 4 5 1 1 5 0 4 2 3 , , , , , 7 7 3 6 9 0 7 7 3 3 3 0 2 7 3 1,3 5 5 2 9 6 10 9 6 9 , , , , 0 4 6 7 1 5 7 9 2 2 8 8 1,1 4 5 6 6 3 1 5 6 9 2 , , , , 1 8 1 7 4 8 2 7 5 6 9 3 3 8 2 2 5 , , , 2 4 3 5 4 5 1 3 6 0 2 6 , , , , , 0 6 6 4 4 0 5 4 1 5 7 0 0 4 0 1, 5 6 3 4 5 9 4 3 5 4 , , , , 5 8 9 7 4 1 9 7 9 7 4 4 1, 4 4 0 3 6 3 0 4 8 7 , , , , 5 5 2 6 3 7 0 9 3 6 9 0 9 3 1, 3 8 4 7 2 9 4 8 7 6 , , , , 3 4 0 7 1 1 6 3 3 2 3 7 1,0 2 6 8 1 8 9 1 4 0 , , , , 6 4 3 7 1 6 9 8 6 2 5 9 0 3 3 3 1 1 , , , 4 3 6 1 8 8 2 1 9 8 1 , , , , 9 2 8 1 9 7 0 8 3 6 4 5 3 7 5 Agreements" to repurchase United States Govern- ! Bi m lls e n p t a y or a b o l t e h e a r n s d e r c e u d r i i s ti c e o s u s n o t l s d _ 1,15 9 3 5 , , 9 1 1 61 6 51,8 2 5 5 0 0 39 7 1 2 , , 1 3 5 8 0 0 11 5 3 , , 0 8 5 0 4 8 7 3 8 , , 4 3 5 6 4 8 6 1 3 , , 3 1 1 65 2 I i 11 5 0 , , 6 9 6 0 7 3 13 3 2 , , 4 9 9 64 9 70, 7 1 0 3 S 5 13,9 2 5 5 1 20, 6 6 7 1 8 3 2 1 9 , , 7 9 0 1 0 0 77,0 4 9 3 9 7 Acceptances of other banks and bills of exchange or Ac d c r e a p ft t s a n s c o e ld s e w x i e t c h u i t n e d d o f r o s r e c m u e st n o t m -_ ers 4 7 3 1 3 7 , , 6 9 6 3 5 1 3 7 6 3 , , 3 93 5 7 3 3 5 5 2 5 2 , , 5 1 6 1 3 6 1 2 2 , , 3 9 4 1 0 9 1 7 0 , , 9 58 6 3 0 5 1 , ,6 1 4 7 4 2 ! 16 1 l ,5 1 2 6 7 5 2 3 9 , , 3 0 8 9 8 9 1, 9 4 7 5 0 8 2,9 1 2 2 8 0 425 2 5 , ,8 0 2 3 6 3 2 3 1 7 , , 7 3 6 0 7 3 Acceptances executed by other banks for account of N S O e a r t c h e t u i e p o r r o i n t l r a i i t e a i l n - s b b g i b l a i o b n t r i a k r e n o s n w k o s e t e d s outstanding !___ 2 6 4 3 1 4 1 6 8 8 , , , , 4 5 2 0 1 5 0 4 7 6 9 6 4 1 3 3 1 , , , 4 3 4 3 7 6 7 6 3 9 2 1 1 2 8 0 5 5 8 , , , 5 6 4 8 9 9 7 1 5 9 5 4 5 2 4 5 5 1 , , , , 6 0 4 6 8 5 7 2 2 7 9 0 7 9 8 7 , , , 2 1 5 4 3 0 7 8 9 5 2 4 3 , , , 1 3 8 2 8 2 7 7 1 3 1 4 2 2 3 1 , , , , 5 7 9 9 1 1 6 7 5 6 1 1 8 2 2 7 1 7 , , , , 6 1 0 8 4 2 5 8 9 4 7 5 3 2 9 9 6 , , , 5 2 6 5 4 2 2 1 4 9 27 1 , ,3 3 1 8 9 0 7 0 0 3 0 3 2 2 , , 5 0 9 4 6 1 2 2 7 3 45 1 , ,7 9 4 5 5 8 0 5 0 5 5 6 1 , , , 6 3 5 7 6 1 6 1 2 8 2 2 Total 45,483,697 3,247,426 15,023,698 3,280,169 4,196, 7241, 701,010 1,558,002 |6,413,101 1,759,949 1,204,787 1,717,348 1,338,492 4,042,991 Number of banks.. 934 784 818 554 454 1,260 590 722 941 787 644 oo 1 N«t included in deposits in statements issued prior to Oct. 3,1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
886 FEDERAL RESERVE BULLETIN DECEMBER, 1928 ALL MEMBER BANKS—RESERVE POSITION ON OCTOBER 3, 1928 [Amounts in thousands of dollars] Reserves with Federal reserve Net demand deposits banks Ratio of required Demand Net reserves Class of bank and Federal deposits, Time demand to net reserve district a e e o n x r f n d c l b m u G a s e n i o n v k v t e - D b n a u e n e t k t 2 s o Total deposits p d lu ep s o t s im its e Required Held Excess 3 ( p p d d l e u e e m r p s o c t a s i e n m i n t d s t e ) depositsl All member banks 17, 501,430 1,493,654 18,995,084 13,409, 608 32,404, 692 2,312,459 2,348,018 35, 559 7.1 Central reserve city banks. 5, 599, 663 878, 705 6,478, 368 1,768,614 8, 246,982 895,246 891, 743 -3,503 10.9 Reserve city banks 5,860,787 532,950 6, 393, 737 4,843,181 11, 236, 918 784, 670 793,098 8,428 7.0 Country banks 6,040,980 81,999 6,122, 979 6, 797, 813 12, 920, 792 632, 543 663,177 30,634 4.9 All member banks: Boston 1, 384,864 55, 267" 1, 440,131 973,494 2, 413, 625 151,959 157, 605 5,646 6.3 New York 6,011,441 729,993 6, 741,434 3,069, 337 9,810, 771 889, 235 891,999 2,764 9.1 Philadelphia 1,118,187 59, 499 1,177, 686 1,106,901 2, 284, 587 135,022 142,438 7,416 5.9 Cleveland 1,450,933 102, 779 1, 553, 712 1, 645, 637 3,199, 349 187,006 191,919 4,913 5.8 Richmond 569, 412 28,904 598, 316 599, 678 1,197,994 68,059 70,995 2,936 5.7 Atlanta 539, 773 24,624 564, 397 466,823 1,031, 220 62,317 64, 351 2,034 6.0 Chicago 2,443,007 222, 940 2, 665, 947 2, 256, 640 4,922, 587 348, 980 344,880 -4,100 7.1 St. Louis 653, 994 58,643 712, 637 544, 774 1, 257, 411 78, 722 81,855 3,133 6.3 Minneapolis 430, 633 41, 571 472, 204 468, 509 940, 713 52, 952 55, 323 2,371 5.6 Kansas City 828,412 78,470 906,882 374,313 1, 281,195 90,077 94,286 4,209 7.0 Dallas 680, 799 40,826 721,625 214, 665 936, 290 65,809 68,974 3,165 7.0 San Francisco 1, 389, 975 50,138 1,440,113 1, 688,837 3,128, 950 182, 321 183, 393 1,072 5.8 Central reserve city banks: New York 4, 548, 326 708, 338 5, 256, 664 1, 201,142 6,457, 806 719, 400 722,187 2,787 11.1 Chicago 1,051, 337 170,367 1, 221, 704 567, 472 1, 789,176 175,846 169,556 -6,290 Reserve city banks: Boston... 682, 529 731, 515 280, 482 1,011,997 81, 566 83, 757 2,191 8.1 New York 315, 612 12,885 328,497 304, 703 633, 200 41,991 41, 653 -338 6.6 Philadelphia 588, 709 57,178 645, 887 248, 694 894, 581 72,050 74, 293 2,243 8.1 Cleveland 862,100 100,487 962, 587 829,469 1, 792,056 121,142 123, 481 2,339 6.8 Richmond 252,423 20, 479 272, 902 167,443 440, 345 32, 313 33, 646 1,333 7.3 Atlanta — 274, 701 18, 759 293, 460 208,396 501,856 35, 598 35,072 -526 7.1 Chicago 672, 683 39, 401 712, 084 743, 271 1, 455, 355 93, 506 91, 905 -1,601 6.4 St. Louis 373, 421 43, 071 416, 492 257, 471 673, 963 49, 373 50, 216 843 7.3 Minneapolis 156, 336 38,391 194, 727 101, 498 296, 225 22, 518 22, 580 62 7.6 Kansas City 440, 796 71,400 512,196 182, 358 694, 554 56, 690 58,460 1,770 8.2 Dallas 258, 615 36, 509 295,124 124,055 419,179 33, 236 33, 586 350 7.9 San Francisco 982, 862 45, 404 1,028, 266 1, 395, 341 2, 423, 607 144,687 144,449 -238 6.0 Country banks: Boston 702,335 6,281 708, 616 693,012 1, 401, 628 70, 393 73, 848 3,455 5.0 New York 1,147, 503 8,770 1,156, 273 1, 563, 492 2, 719, 765 127, 844 128,159 315 4.7 Philadelphia _. 529, 478 2,321 531, 799 858, 207 1, 390, 006 62,972 68,145 5,173 4.5 Cleveland 588, 833 2,292 591, 125 816,168 1, 407, 293 65,864 68, 438 2,574 4.7 Richmond 316,989 8,425 325, 414 432, 235 757, 649 35, 746 37,349 1,603 4.7 Atlanta 265,072 5,865 270, 937 258, 427 529, 364 26, 719 29, 279 2, 560 5.0 Chicago 718,987 13,172 732,159 945, 897 1, 678,056 79, 628 83, 419 3,791 4.7 St. Louis 280, 573 15, 572 296,145 287, 303 583, 448 29,349 31,639 2,290 5.0 Minneapolis 274, 297 3,180 277, 477 367,011 644, 488 30,434 32, 743 2,309 4.7 Kansas City 387,616 7,070 394, 686 191, 955 586, 641 33, 387 35,826 2,439 5.7 Dallas 422,184 4,317 426, 501 90, 610 517,111 32, 573 35, 388 2,815 6.3 San Francisco 407,113 4,734 411, 847 293, 496 705, 343 37, 634 38,944 1,310 5.3 i Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding. * Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place. 3 Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-OCTOBER, 1928 [Amounts in millions of dollars] Loans and investments Call date N T o (S o te e t a e A l ) N Lo o (S a te e n e s A 12 ) Total Invest u G e m r o . n e v - n s - t . s 3 s b O t o o t n c h d k e s s r , , ba f D r n o u k m e s 4 s C p u v u r a a r i n o p p d n d f l d i e i u i t d t - a s s l , , N de T o ( p o S t o e t e s a e B i l t ) s D p e o d m s e i - a ts nd p T o d s i e m i - ts e 6 d U S ep n ta o i t t s e e i s d ts b D a u n e k s t o 7 d d N e e o ( N p m S t o e e e a s t e B n it d ) s t N d p i o e m o p ( N m t s S l e i e u e e a t d t s s n e B e d 8 - ) R F r b e e e w a s s d e n i e e t r k r h r v s v a e l e c r o B p a e a u b a d n i n l y l i d l e t s - s s - 2 b N b a e u r n m k o s - f ment and sesecuri- curities ties 1922 Mar. 10 23,278 17,080 6,198 2,701 3,497 1,614 4,185 23, 660 13, 503 6, 662 330 3,165 14,498 21,160 1,723 758 9,816 June 30. 24,182 17,165 7,017 3,205 3,812 1,647 4.214 25, 547 15,065 7,175 156 3,150 15, 539 22, 714 1,835 592 9,892 Dec. 29 25, 579 17,930 7,649 3,754 3,896 1,806 4,364 27, 288 15, 689 7,645 462 3,492 16, 203 23,848 1,939 727 9,859 1923 Apr. 3 26,141 18,419 7,722 3,849 3, 873 1,774 4, 356 27, 200 15,145 8,143 404 3,508 16, 086 24, 229 1,909 815 9, 850 June 30 26, 507 18, 750 7,757 3.835 3,922 1,596 4,367 27, 088 15,196 8,378 297 3,217 16, 066 24, 444 1,871 9,856 Sept. 14 26, 319 18, 719 7,600 3,685 3,915 1,640 4,436 26, 942 15,128 8,466 145 3,203 15, 919 24, 385 1,869 983 9,843 Dec. 31-. 26,487 18, 842 7,645 3,603 4,042 1,824 4, 378 28, 507 16,107 8,651 237 3,512 16, 376 25, 027 1,900 808 9,774 1924 Mar. 31 26,663 19,045 7,618 3,534 4,084 1,644 4,468 28, 270 15, 609 8,890 292 3,480 16,112 25, 002 1,893 614 9,681 June 30 27,167 19, 204 7,963 3,575 4,387 1,940 4,486 29,566 16, 329 9,204 179 3,854 16,838 26,042 1,965 443 9,650 Oct. 10.. 28,311 19, 713 8,599 3,866 4, 733 2,430 4,594 30, 795 16, 406 9,597 302 4,490 17,804 | 27,401 2,121 325 9,635 Dec. 31.... 28, 746 19,933 8,813 3,874 4,939 2,339 4,532 32,384 17, 788 9,805 242 4,548 18,468 i 28, 273 2,228 9,587 i 1925 Apr. 6 29,046 20,176 8,869 3,894 4,975 2,091 4,669 31, 249 16, 629 10,127 412 4,081 17,708 27, 835 2,092 9,531 June 30 29, 518 20, 655 8,863 3,780 5,082 2,017 4,690 32,457 17,882 10, 381 177 4,018 18, 277 28, 658 2,191 559 9,538 Sept. 28 30,176 21, 285 3,761 5,129 2,031 4,688 32, 075 17,452 10,467 278 3,878 18, 259 28, 726 2,147 712 9,539 Dec. 31__ 30,884 21, 996 3,728 5,160 2,155 4,678 34, 250 19,072 10, 653 304 4,221 19, 260 29, 913 2,238 733 1926 Apr. 12.. 21, 785 9,034 3,805 5,229 1,934 4,826 32,893 17, 710 10,955 379 3,849 18, 392 29,347 2,136 620 9,412 June 30 31,184 22,060 9,123 3,745 5,378 1,980 4,832 33,762 18,381 11,173 228 3,980 18, 804 29, 977 2,236 612 9,375 Dec. 31 31,642 22,652 3,389 5,601 2,066 4,944 34, 528 18,800 11,440 234 ' 4.054 18,922 30, 362 2,210 760 9,260 1927 Mar. 23 31,949 22, 327 9,622 3,835 5,787 1,896 5,086 33,750 17,644 11,818 407 3,881 18, 542 30, 360 2,321 546 9,144 June 30 32, 756 22,938 9,818 3,796 6,022 1,968 5,147 35,393 18,842 12, 210 218 4,124 19, 250 31,460 2,280 541 9,099 Oct. 10 33,186 23, 227 9,959 3,856 6,103 2,077 5,295 35,476 18, 378 12,459 435 4,203 19,170 31, 629 2, 320 528 9,087 Dec. 31 34, 247 23,886 10,361 3,978 6,383 2,210 5,341 36,657 19,032 12, 765 267 4,594 20,105 32,870 2,514 663 9,034 1928 Feb. 28.... 33, 688 10, 590 4,216 6,374 1,941 5,404 35, 367 18,182 12, 923 86 4,176 19, 236 32,158 2,367 581 8,983 June 30 35,062 24, 303 10, 758 4,225 6,534 1,897 5,625 36,050 18, 437 13,439 257 3,917 19,191 32, 629 2, 342 1,209 8,929 Oct. 3 34, 929 23,325 10, 604 4,386 6,218 2,027 5,843 36,146 18, 570 13, 410 159 4,008 18,995 , 32,405 2,348 1,154 8,896 1 Includes rediscounts and overdrafts. 2 Excludes acceptances of other banks and bills of exchange sold with indorsement. 'Excludes bonds borrowed. * Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches. «Includes certified and cashier's or treasurers' checks and letters of credit and travelers' checks sold for cash. 8 Includes postal-savings deposits. 7 Includes amounts due to Federal reserve banks, foreign banks, and other banks, bankers, and trust companies; does not include due to own foreign branches. 8 Deposits subject to reserve requirements. NOTE A.—These series are on the same basis as those given for 1914-1927 in Table 35 of the Board's latest annual report and in the October Bulletin (pp. 683 and 730)- they differ from those given on p. 883 by excluding "acceptances of other banks and bills of exchange sold with endorsement" ($434,000,000 on Oct. 3,1928). NOTE B.—Revised series—on same basis as those given on p. 883; they differ from those given in Table 35 of the Board's latest annual report by including "Letters of credit and travelers' checks sold for cash and outstanding" ($27,338,000, on Oct. 3,1928). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 Acceptances: Annual reports—Continued. Bankers'— Bank of Bulgaria 503 Amendment to Regulation A re eligi- Bank of Chile 410 bility for rediscount 777 Bank of Czechoslovakia 497 Form of certificate evidencing eligi- Bank of Denmark 848 bility 517 Bank of France -__ 190 Market rates in foreign countries— Bank of Hungary 577 Discussion of 738 Bank of Italy 488 Monthly 50, Bank of Japan 330 144, 200, 277, 346, 418, 511, 591, 648, Bank of Netherlands 638 709, 771, 854. Bank of Norway 580 Outstanding— Bank of Poland 333 Growth in, discussion of 615, 735 Bank of Rumania 583 Monthly 101, Bank of Switzerland . 268 162, 180, 250, 316, 383, 464, 551, 627, Bank of Yugoslavia 403 695, 757, 836. Federal Reserve Board 231, 544 Banks granted authority to accept bills up Financial adviser to the Polish Governto 100 per cent of capital and surplus 522, ment 338 597, 658, 715, 862 German Reichsbank 326 Buying rates of Federal reserve banks— Apples, stock of, in the United States 6 Discussion of 1 109, 736 Argentina: Monthly 15, Foreign exchange rates- 128, 177, 247, 313, 380, 461, 548, 624, 692, Monthly average 52, 146, 202, 754, 833. 279, 348, 420, 513, 593, 650, 711, 773, 856 Administrator, power to act as. (See Fiduciary Yearly and monthly averages, 1919powers.) 1927 _" 56,60 Advisory Council, Federal, meeting of 171 Gold holdings, 1913-1927 261 Agent general for reparation payments, report Gold imports and exports «._ 51, 145, 201, of . 28, 474 — fe£ P 278, 347, 419, 512, 592, 649, 710, 772 Agricultural commodities, stocks of »6 Gold standard in ^ 562 Agricultural credit: Assessment for expenses of Federal Reserve Discussion of 680 Board 164, 611 Germany 42, 328 Assets and liabilities. (See Resources and lia- Agricultural credit banks. (See Federal interbilities.) mediate credit banks.) Assignee, power to act as. (See Fiduciary Agricultural developments during 1927, discussion of 3 powers.) Agricultural movements, index of 23, Australia: 138, 187, 257, 323 Bank of— Agricultural paper rediscounted for Federal in- Gold holdings, 1913-1927 261 termediate credit banks as collateral security Legal reserve requirements 563 for Federal reserve notes, ruling on 806 Gold imports and exports ._ 5, 145, Agricultural prices: 201, 278, 347, 419, 512, 592, 649, 710 Discussion of 3, 680 Gold standard in 562 Monthly statistics 19, 132, Retail food prices and cost of living 55,149,205, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 282, 351, 423, 516, 596, 653, 714, 776, 859 Albania: Wholesale prices— Bank of— All commodities 53, 147, 203, Annual report 585 280, 349, 421, 514, 594, 651, 712, 774, 857 Legal reserve requirements 563 Groups of commodities 54, 148, 204, Gold standard in 562 281, 350, 422, 515, 595, 652, 713, 775, 858 Amount "due to" banks, deposits of mutual Austria: savings banks, etc., classed as, in computing Bank of— reserves; ruling on 426 Annual report 396 Animals, meat, wholesale prices 19, 132, Condition of 47, 141, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 197, 274, 343, 415, 508, 645, 706, 768, 851 Annual reports: Discount rates— Agent general for reparation payments 28, 474 Changes in 143, 590 Bank of Albania 585 Monthly 49, 143, 199, 276, Bank of Austria 396 345, 417, 510, 590, 647, 708, 770, 853 Bank of Belgium 262 Gold holdings, 1913-1927 261 Bank of Brazil 506 Legal reserve requirements 563 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
890 INDEX TO VOLUME 14 A ustria—Continued Page Page Foreign exchange rates— Bank of Czechoslovakia. (See Czechoslovakia.) Monthly averages 52, 146, 202, Bank of Danzig. (See Danzig.) 279, 348, 420, 513, 593, 650, 711, 773, 856 Bank of Denmark. (See Denmark.) Yearly and monthly averages, 1919- Bank of Egypt. (See Egypt.) 1927 56 Bank of England. (See England.) Gold standard in 562 Bank of Estonia. (See Estonia.) Money rates 50, 144, 200, Bank of Finland. (See Finland.) 277, 346, 418, 511, 591, 648, 709, 771, 854 Bank of France. (See France.) Retail food prices 55, 149, 205, Bank of Greece. (See Greece.) 282, 351, 423, 516, 596, 653, 714, 776, 859 Bank of Hungary. (See Hungary.) Wholesale prices 53, 147, 203, Bank of Italy. (See Italy.) 280, 349, 421, 514, 594, 651, 712, 774, 857 Bank of Japan. (See Japan.) Automobiles, index of production 20, 134, 184, Bank of Java. (See Java.) 254, 320, 387, 468, 555, 631, 699, 761, 840 Bank of Latvia. (See Latvia.) Balance of trade: Bank of Lithuania. (See Lithuania.) Austria 399 Bank of Netherlands. (See Netherlands.) Belgium 262 Bank of Norway. (See Norway.) Italy 491 Bank of Peru. \See Peru.) Japan 332 Bank of Poland. (See Poland.) Bank of Portugal. (See Portugal.) Poland 342 Bank of Rumania. (See Rumania.) Balance sheet of Bank of France, explanation of _ 576 Bank of Russia. (See Russia.) Balances, bankers'. (See Bankers' balances.) Bank of Spain. (See Spain.) Balances due from American branches of for- Bank of Sweden. (See Sweden.) eign banks, deduction of, in computing re- Bank of Switzerland. (See Switzerland.) serves; ruling on 208, 656 Bank of Uruguay. (See Uruguay.) Bank credit: Bank of Yugoslavia. (See Yugoslavia.) Crop moving, discussion of 679 Bank premises, Federal reserve: Discussion of 6, 111, 167, 170, 308, 373, 613, 679, 681, 737, 823 By weeks 90, 152, Extended to Italy by Federal reserve banks. 27, 214, 290, 356, 431, 526, 601, 663, 720, 812, 867 112, 494 Depreciation charges 165, 611 Extended to Poland by Federal reserve End-of-month figures 211, banks 739 288, 354, 429, 524, 599,«660, 717, 809, 864 Federal reserve— Bank suspensions 25, 140, Chart showing 13, 189, 259, 325, 392, 473, 560, 636, 704, 766, 845 126, 174, 245, 311, 378, 546, 622, 689, 750, Bankers' acceptances. (See Acceptances.) 752, 832. jankers' balances: Discussion of 111, 170, 373, 613, 681 Member banks in Federal reserve bank End of month figures 211, cities 98, 160, 288, 354, 429, 524, 599, 660, 717, 809, 864 221, 298, 364, 439, 534, 609, 679, 728, 821, 875 Monthly averages of daily figures 13, Member banks in leading cities— 126, 174, 245, 311, 378, 459, 546, 622, 689, By weeks 97, 159, 220, 810, 831. 297, 363, 438, 533, 608, 670, 727, 820, 873 Monthly averages of weekly figures. 752, 832 Monthly averages of weekly figures 18, Weekly averages of daily figures 666, 131, 180, 250, 316, 383, 464, 551, 627, 695, 690, 751, 831 757, 836. Germany 482 Banking, branch, in Italy 945 Member bank— Banking and currency reform: Discussion of 374, 445, 613, 823 Austria 401 Monthly averages of weekly figures 17, Belgium 262 130, 179, 249, 315, 382, 463, 550, 626, 694, Estonia 195 756, 835. British currency and bank-notes act 393, 564 Out-of-town banks in New York mark et _ 168 Report of fcunliffe Committee 564 Bank debits 101, 163, French monetary law and administrative 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 conventions 570 Bank deposits. (See Deposits.) Greece 396 Bank failures 25, 140, Italy.. 492 189, 259, 325, 392, 473, 560, 636, 704, 766, 845 (See also Currency stabilization.) Bank notes: Banking laws: Law relating to issue of, by Bank of Eng- British currency and bank-notes act- 393, 564, 847 land 393, 564 Bulgaria 504 (See also Federal reserve bank notes; Na- French monetary law and administrative tional-bank notes.) conventions 570 Bank of Albania. (See Albania.) Italian currency 492, 641 Bank of Austria. (See Austria.) State laws relating to bank reserves, sum- Bank of Belgium. (See Belgium.) mary of 746-748, 778-805 Bank of Brazil. (See Brazil.) Bankruptcies. (See Failures.) Bank of Bulgaria. (See Bulgaria.) Banks of issue, foreign: Bank of Chile. (See Chile.) Annual reports. (See Annual reports.) Bank of Colombia. (See Colombia.) Condition of. (See Condition of banks.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 891 Banks of issue, foreign—Continued. Borrowings of brokers: Discount rates. (See Discount rates.) Discussion of 167, 373, 445, 617, 737, 823 Gold holdings, 1913-1927 260 Monthly figures 100, 162, Legal reserve requirements 563 181, 251, 317, 384, 465, 552, 628, 696, 758, 837 Belgium: Borrowings of member banks from Federal reserve Bank of— banks: Annual report 262 By States 218, Condition of 47, 141, 197, 294, 360, 434, 529, 605, 667, 724, 817, 872 274, 343, 415, 508, 588, 645, 706, 768, 851 Discussion of 448, 616, Discount rates- Monthly averages of daily figures 174, Changes in 510 245, 311, 378, 459, 546, 622, 689, 810, 831 Monthly 49, 143, 199, 276, Monthly averages of weekly figures 17, 130, 345, 417, 510, 590, 647, 708, 770, 853 179, 249, 315, 382, 463, 550, 626, 694, 756, 835 Gold holdings, 1913-1927 261 Reporting banks in Federal reserve bank Legal reserve requirements 563 cities 98, 160, Currency reform 262 221, 298, 364, 439, 534, 609, 671, 728, 821, 875 Debt payments to United States 10 Reporting banks in leading cities 97, 159, Foreign exchange rates— 220, 297, 363, 438, 533, 608, 670, 727, 820, 874 Monthly averages 52, Weekly averages of daily figures 690, 751, 831 146, 202, 279, 348, 420, 513, 593, 650, 711, Branches, bank: 773, 856. Chile 414 Yearly and monthly averages, 1919- Italy 495 1927 56 Brazil: Gold standard 562 Bank of— 506 Money rates 50, 144, Annual report 261 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 Gold holdings, 1913-1927 Retail food prices and cost of living 55, 149, Foreign exchange rates— 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Monthly averages 52, 146, 202, Wholesale prices 53, 147, 279, 348, 420, 513, 593, 650, 711, 773, 856 Yearly and monthly averages, 1919- 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 1927 56, 60 Bills: Gold imports and exports 51, 145, Bought by Federal reserve banks— 201, 278, 347, 419, 512, 592, 649, 710, 772 By weeks 90, Brick: 152, 213, 290, 356, 431, 526, 601, 662, 719, Production, index of 20, 134, 812, 866. 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 End of month figures 211, Stocks in United States 6 288, 354, 429, 524, 599, 660, 717, 809, 864 Brokers, loans to: Monthly averages of daily figures 174, Discussion of 167, 373, 445, 617, 737, 823 245, 311, 378, 459, 546, 622, 689, 810, 831 Monthly and weekly figures 100, 162, Weekly averages of daily figures. 690, 751, 831 181, 251, 317, 384, 465, 552, 628, 696, 758, 837 Discounted by Federal reserve banks— Budget: By weeks 89, Austria 398 151, 213, 290, 356, 430, 526, 601, 662, 719, Italy _. 489 811,866. Building: Earnings on 164, 611 Contracts awarded, index of___ 133, End of month figures 211, 183, 253, 319, 386, 467, 554, 630, 698, 760, 839 288, 354, 429, 524, 599, 660, 717, 809, 864 Construction— Monthly averages of daily figures 174, Canada 207, 425, 655, 861 245, 311, 378, 459, 546, 622, 689, 810, 831 United States, discussion of._ ___.. 2, 306 Weekly averages of daily figures. 690, 751, 831 Materials, wholesale prices 19, 132, Maturities of bills held by Federal reserve 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 banks 92, 154, Value of contracts .. 22, 137, 217, 293, 359, 436, 531, 604, 665, 723, 816, 869 186, 256, 322, 389, 470, 557, 633, 701, 763, 842 Black, Eugene R., appointed governor of Federal Building and loan associations, deposits of, in Reserve Bank of Atlanta 7 member banks, classed as amounts "due to" Bolivia, foreign exchange rates: banks in computing reserves; ruling „_ 426 Monthly 52, 146, Bulgaria: 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Bank of— Yearly and monthly averages, 1919-1927. _ 56, 60 Annual report „ 503 Bonds: Condition of 47, 141, 197, Average price of 40 issues 19, 132, 274, 343, 415, 508, 588, 645, 706, 768, 851 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Discount rates 49, 143, 199, United States, held by Federal >reserve 276, 345, 417, 510, 590, 647, 708, 770, 853 banks 90, 152, Gold holdings, 1913-1927 261 213, 290, 356, 431, 526, 601, 662, 720, 812, 867 Legal reserve requirements „ 563 Foreign exchange rates— Boots and shoes: Monthly averages 52, 146, 202, Production, index of 21, 135, 279, 348, 420, 513, 593, 650, 711, 773, 856 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Yearly and monthly averages, 1919- Wholesale trade 23, 138, 1927 . ---- 56 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
892 INDEX TO VOLUME 14 Bulgaria—Continued. Capital: Gold standard 562 Federal reserve banks— Retail food prices 55, 149, By weeks 91, 153, 215, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 291, 357, 432, 527, 602, 664, 721, 813, 868 Wholesale prices 53, 147, End of month figures 211, 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 288, 354, 429, 524, 599, 660, 717, 809, 864* Bureau of Labor Statistics, wholesale price in- State bank members 371 dex. 53, 147, State banks admitted to membership 88, 150, 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 Business and financial conditions: Capital issues: Albania 585 Foreign and domestic 19, 132, Austria 396 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Belgium 263 Germany 478 Chile 410 Car loadings: Germany 326, 474 Canada 207, 425, 655, 861 Hungary 577 Index of 133, 183, Italy 491 253, 319, 386, 467, 554, 630, 698, 760, 839 Japan 330 By lines 23, 138, 187, Netherlands 638 257, 323, 390, 471, 558, 634, 702, 764, 843 Norway 580 Carson, W. J., index of department-store sales Poland 333, 341 prepared by 114 Rumania 583 Cashier's check for Federal reserve exchange Switzerland 269 purchased, liability incurred by a member United States— bank through issuance of 656 Discussion of 1, 305 Cattle: Summary 11, 125, Receipts, Canada 207, 425, 655, 861 173, 244, 310, 377, 458, 545, 621, 749, 829 Slaughtering, index of 21, 135, Yugoslavia 403 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Business failures: Cement: Canada 207,425, 655,861 Index of production... 20, 134, France . 206, 424, 654, 860 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Germany 207, 425, 655, 861 Stock in United States 6 United States 25, 140, Central banks of issue, foreign: 189, 259, 325, 392, 473, 560, 636, 704, 766, 845 Annual reports. (See Annual reports.) Call dates, condition of banks on. (See Condi- Condition of. (See Condition of banks.) tion of banks.) Discount rates. (See Discount rates.) Call loan interest rates: Gold holdings, 1913-1927 260 Discussion of 109, 445, 736, 823 Legal reserve requirements 563 Monthly 15, 128, Central reserve cities, condition of banks in 225, 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 367, 674, 884 Canada: Certificates of indebtedness, Treasury: Business failures 207, 425, 655, 861 Held by Federal reserve banks— Chartered banks, condition of 49, 143, By weeks 90, 152, 213, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 290, 356, 431, 526, 601, 662, 720, 812, 867 Employment 207, 425, 655, 861 Maturities 92, 154, 217, Foreign exchange rates- 293, 359, 436, 531, 604, 625, 723, 816, 869 Monthly averages 52, 146, 202, Issues of 10, 456 279, 348, 420, 513, 593, 650, 711, 773, 856 Chain stores, retail trade: Yearly and monthly averages, 1919- Index of 24, 139, 1927 56,60 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Gold holdings, 1913-1927 261 New index 232-235 Gold imports and exports 51, 145, Chairman of board of directors of Federal reserve 201, 278, 374, 419, 512, 592, 649, 710, 772, 855 banks. (See Federal reserve agent.) Gold standard 562 Changes in demand for currency in the United Imports and exports 207, 425, 655, 861 States 684, 740 Industrial statistics 207, 425, 655, 861 Changes in discount rates. (See Discount rates.) Production statistics 207, 425, 655, 861 Changes in membership in Federal reserve Retail food prices and cost of living 55, 149, system 9, 242 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Changes in title, State member banks 88, 150, Wholesale prices— 522, 597, 658, 807 All commodities 53, 147, 203, Charters issued to national banks 88, 280, 349, 421, 514, 594, 651, 712, 774, 857 150, 208, 286, 427, 522, 597, 658, 715, 807, 862 Groups of commodities 281, Charts: 350, 422, 515, 595, 652, 713, 775, 858 Acceptance rates in international centers. 543, 738 Candy chain stores, retail trade: Bank credit, money rates, and business Index of __ ___ 24,139, activity; pamphlet form 231 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Bankers' acceptances outstanding 615 New index 232-235 Borrowings from Federal reserve banks.- 376, 616 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
893 INDEX TO VOLUME 14 Charts—Continued China: British currency notes outstanding 564 Foreign exchange rates— Brokers, loans to 167, 445, 617 Monthly averages 52, 146, 202, Building contracts awarded 186, 279, 348, 420, 513, 593, 650, 711, 773, 856 256, 322, 389, 470, 557, 633, 701, 763, 842 Yearly and monthly averages, 1919- Call money rate in New York 736 1927 56, 61 Currency demand in Federal reserve Gold imports and exports 51, 145, districts 742, 743, 745 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 Department store sales and stocks 4, Wholesale prices 53, 147, 114,115,237,239 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Deposits of country banks 681 Cigar chain stores, retail trade: Discounts for country banks 682 Index of 24, 139, Farm products in central markets 680 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Federal reserve bank credit 13, 126, 174, 245, New index - 232^-235 311, 374, 378, 446, 546, 622, 689, 750, 752, 832 Cigars and cigarettes, index of production 21, 135, Freight-car loadings 843 185, 255, 321, 388, 469, 556, 632, 700, 762, 844 Gold stock of the United States 14, 127, 175, Circulation, currency. (See Currency; Money.) 229, 246, 312, 379, 460, 547, 623, 691, 753 Classification of loans and investments of all Industrial production 1, member banks 882 184, 254, 320, 387, 631 Clayton Antitrust Act: Lira exchange, Italy 27 Amendment to 283 Loans and investments of member banks 249, Regulations of Federal Reserve Board 315, 375, 382, 463, 550, 626, 682, 694, 756, 835 under 85 Loans and investments of all banks in the Amendment to 283 United States 682 Clearing-house bank debits 101, 163, Loans, investments, and deposits of all 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 member banks 171,309, 618,824 Closed State member banks 209, 286, 352, 522 Manufactures and minerals, production Clothing, wholesale trade 23, 138, of 11, 105, 468, 555, 699, 761, 840 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 Member bank credit 12, 825 Coal: Money in circulation, Germany, and Production, imports, and exports— Reichsbank holdings of goldfand foreign Canada 207, 425, 655, 861 exchange and domestic bills 327 England 206, 424, 654, 860 Money in circulation, United States. 684, 685, 686 France 206, 424, 654, 860 Money rates— Germany 207, 425, 655, 861 Berlin market 327,481 United States 20, Customers' rates 737 135, 184, 254, 320, 387, 468, 555, 631, 699, International centers 112, 737 761, 840. New York market 15, 128, 177, Stock in United States 6 247, 313, 380, 461, 548, 624, 692, 754, 833 Coin circulation 176, Out-of-town banks, credit furnished by, to 246, 312, 379, 460, 547, 623, 691, 753, 864 New York market 168 Coke production 21, Reichsbank purchases of domestic bills 328 135, 185, 255, 321, 388, 469, 556, 632, 700, Security prices on the Berlin bourse 485 762, 841. Wholesale prices— Collateral held by Federal reserve agents as Italy 27 security for Federal reserve notes 92, United States 11 154, 216, 292, 358, 433, 528, 603, 665, 722, Wholesale trade 4, 390, 471, 558, 634, 702, 764 Check clearing and collection: 815, 869. Decision of Supreme Court of Minnesota in Colombia: case of First State Bank of Hugo, Minn., Bank of— v. Federal Reserve Bank of Minneapolis. _ 517 Condition of 47, Number of banks on par list 101, 163, 141, 197, 274, 343, 415, 508, 588, 645, 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 706, 768, 851. Chile: Discount rates - 49, Bank of— 143, 199, 276, 345, 417, 510, 590, 647, Annual report 410 708, 770, 853. Branches of 414 Gold holdings, 1913-1927 261 Condition of 47, 141, 197, Legal reserve requirements 563 274, 343, 415, 508, 588, 645, 706, 768, 851 Foreign exchange rates— Discount rates— Monthly averages 52, Changes in 49, 770 146, 202, 279, 348, 420, 513, 593, 650, Monthly 49, 143, 199, 276, 711, 773, 856. 345, 417, 510, 590, 647, 708, 770, 853 Revision in 112 Gold holdings, 1913-1927 261 Yearly and monthly averages, 1919- Legal reserve requirements 563 1927 56,60, 112 Foreign exchange rates— Gold imports and exports 51, Monthly averages 52, 146, 202, 145, 201, 278, 347, 419, 512, 592, 649, 710, 279, 348, 420, 513, 593, 650, 711, 773, 856 772, 855. Yearly andmonthlyaverages, 1919-1927 56, 60 Gold standard 562 Gold imports and exports 51, 145, Commercial failures: 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 Canada 207,425,655,861 Gold standard 562 France 206, 424, 654, 860 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
894 INDEX TO VOLUME 14 Commercial failures—Continued. Copper: Germany 207, 425, 655, 861 Imports, Germany 207, 425, 655, 861 United States 25, Production, index of 20, 135, 140, 189, 259, 325, 392, 473, 560, 636, 704, 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 766, 845. Stocks in United States 6 Commercial paper: Corn: Discount rates 15, Crop estimates 26, 561, 637, 705, 767, 846 128, 177, 247, 313, 380, 461, 548, 624, 692, Stocks in United States 6 754, 833. Cost of living 55, Outstanding 100, 149, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 162, 180, 250, 316, 383, 464, 551, 627, 695, Cotton: 757, 836. Crop estimates 26, 561, 637, 705, 767, 846 Commodity movements. (See Freight-car load- Manufactures— ings; Agricultural movements.) Exports, England 206, 424, 654, 860 Commodity prices 19, Production, France 206, 424, 654, 860 Raw— 132, 182, 252, 318, 385, 466, 553, 629, 697, Consumption, index of 21, 135, 185, 759, 838. 255, 321, 388, 469, 566, 632, 700, 762, 841 Condition of banks: Imports— All banks in the United States— Canada 207, 425, 655, 861 By Federal reserve districts 102, England 206, 424, 654, 860 300, 441, 730 France 206, 424, 654, 860 By States 105, 301, 442, 731 Germany 207, 425, 655, 861 Discussion of 9, 231, 376, 682 Stocks in United States 6 Bank of France, balance sheet, explanation Wholesale prices 19, 132, of 576 182, 252, 318, 385, 466, 553, 629, 697, 759, 759 Federal reserve banks— Cottonseed: At end of month 211, Stock in United States 6 288, 354, 429, 524, 599, 660, 717, 809, Wholesale prices 19, 132, S64. 182, 252, 318, 385, 466, 553, 627, 697, 759, 759 By weeks 89, Country banks, condition of 225, 367, 674, 884 151, 212, 289, 355, 430, 525, 600, 661, Court opinion, Supreme Court of Minnesota in 719, 811, 866. Minneapolis par clearance case 517 Foreign central banks 47, Credit, bank: 141, 197, 274, 343, 415, 508, 588, 645, Crop moving, discussion of 679 706, 768, 851. Discussion of 6, (See also Annual reports.) 111, 167, 170, 308, 373, 613, 679, 681, 737, 823 Foreign commercial banks 49, Extended to Italy 27, 112, 494 143, 199, 276, 345, 417, 510, 590, 647, 708, Extended to Poland 739 770, 853. Federal reserve— Member banks— Discussion of 111, 170, 373, 613, 681, 825 All banks— End of month figures 211, By Federal reserve districts. 226, 675, 885 288, 354, 429, 524, 599, 660, 717, 809, 864 Discussion 171, 309, 618, 823 Monthly averages of daily figures 13, On call dates 103, 126, 174, 245, 311, 378, 459, 546, 622, 689, 224, 228, 366, 370, 673, 677, 883, 887 810, 831. Central reserve city banks. 225, 367, 674, 884 Monthly averages of weekly figures. 752, 832 Country banks 225, 367, 674, 884 Weekly averages of daily figures 666, Reporting banks in Federal reserve 690, 751, 832 bank cities 97, Germany 482 159, 221, 298, 364, 439, 534, 609. Member bank— 670, 728, 821, 875. Discussion of 374, 445, 613, 823 Reporting banks in leading cities— Monthly averages of weekly figures 17, By weeks 96, 130, 179, 249, 315, 382, 463, 550, 626, 694, 158, 219, 296, 362, 437, 532, 607, 756, 835. 669, 726, 819, 873. Out-of-town banks in New York market.__ 168 Revision of weekly statements 8 Crop estimates 26, 561, 637, 705, 767, 846 State banks, on call dates. 225, 367, 674, 884 Crop moving, bank credit for, discussion of 679 National banks, on call dates— Cuba, foreign exchange rates: By class of bank 225, 367, 674, 884 Monthly averages 52, 146, By States 106, 302, 443, 732 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Nonmember banks, on call dates 104 Yearly and monthly averages, 1919-1927. _ 56,60 State banks, on call dates— Cunliffe Committee, report of, on British cur- All banks in the United States 107, rency problems 564 303, 444, 733 Currency: Member banks 225, 367, 674, 884 Circulation— Consolidations, State bank members 88, Albania 586 150, 209, 286, 352, 427, 597, 715, 807, 862 Changes in demand for 684 Cooperative banks, deposits of, in member banks Chile 413 classed as amounts "due to" banks in com- Discussion of 447 puting reserves 426 District data on demand for 740-745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 895 Currency—Continued. Decision of court in Minneapolis par clearance Circulation—Continued. case 517 France 193 Deferred availability items, Federal reserve Germany 28, 329, 487 banks: Italy 490 By weeks... - 91, 153, 215, Switzerland 271 291, 357, 432, 527, 602, 663, 721, 813, 868 United States— End of month 211, Monthly 14, 127, 175, 246, 288, 354, 429, 524, 599, 660, 717, 809, 864 312, 379, 460, 547, 623, 691, 753, 864 Deficient reserve penalties collected 164, 611 Monthly averages of daily figures. 459, Demand deposits. (See Deposits.) 546, 622, 689, 810, 831 Denmark: Revised figures, 1921-1927 176 Bank of— Weekly averages of daily figures. _ 666, Annual report 848 690, 751 Condition of 47, 141, 197, 274, Federal reserve, cost of 164, 611 343, 415, 508, 588, 645, 706, 768, 851 Par value of foreign 52, 146, Discount rates 49, 143, 199, 276, 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 345, 417, 510, 590, 647, 708, 770, 853 Currency reform: Gold holdings, 1913-1927 261 Belgium 262 Legal reserve requirements 563 Foreign exchange rates— British currency and bank-notes act. 393, 564, 847 Monthly averages 52, 146, 202, Report of Cunliffe Committee 564 Estonia ._ 195 279, 348, 420, 513, 593, 650, 711, 773, 856 French monetary law and administrative Yearly and monthly averages, 1919conventions 570 1927 56 Gold standard 562 Greece 396 Italy 492, 641 Joint-stock banks, condition of 49, 143, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Currency stabilization: Wholesale prices 53, 147,203, Albania 585 280, 349, 421, 514, 594, 651, 712, 774, 857 Czechoslovakia 498 Department-store sales and stocks, index of: Greece 396 By Federal reserve districts 24, 139, Poland 336, 338 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Rumania 584 New, description of 114-124 Yugoslavia 409 Seasonal variations, description of 236-242 Czechoslovakia: Total 133, 183, Bank of— 253, 319, 386, 467, 554, 630, 698, 760, 839 Annual report 497 Depositaries of public moneys, State member Condition of 47, 141, 197, banks as, law regarding 426 274, 343, 415, 508, 588, 645, 706, 768, 851 Deposits: Discount rates 49, 143, 199, All banks in the United States, on call 276, 345, 417, 510, 590, 647, 708, 770, 853 dates— Gold holdings, 1913-1927 261 By Federal reserve districts 102, Legal reserve requirements 563 300, 441, 730 Debt payment to United States 10 By States 105, 301, 442, 731 Foreign exchange rates— Discussion of 169 Monthly averages 52, 146, 202, Federal reserve banks— 279, 348, 420, 513, 593, 650, 711, 773, 856 By weeks 91,153,214,291, Yearly and monthly averages, 1919— 357, 432, 527, 602, 663, 720, 813, 868 1927 56 Daily average 93, 155, 212, 289, Gold standard 562 355, 429, 525, 600, 661, 718, 810, 865 Retail food prices and cost of living 55, 149, End of month figures 211, 288, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 354, 429, 524, 599, 660, 717, 809, 864 Wholesale prices , 53, 147, Monthly averages of daily figures 13, 126, 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 174, 210, 287, 353, 428, 523, 598, 659, Dairy products, wholesale prices 19, 132, 716, 808, 863. 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Member banks— Danzig: All banks, on call dates _ 103, Bank of— 228, 370, 677, 883, 887 Condition of 47, 141, 197, Demand and time— 274, 343, 415, 508, 588, 645, 706, 768, 851 All banks and banks in small cen- Discount rates 49, 143, 199, ters, by States 99, 161, 222, 295, 276, 345, 417, 510, 590, 647, 708, 770, 853 361, 435, 530, 606, 668, 725, 818, 871 Legal reserve requirements 563 Country banks, discussion of 681 Gold standard.' 562 Monthly averages of weekly figures _ 17, Dawes plan, report of agent general for repara- 130, 179, 249, 315, 382, 463, 550, tion payments under 28,474 626, 694, 756, 835. Debits to individual account 101, 163, Reporting banks in Federal reserve 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 bank cities 98, Debt: 160, 221, 298, 364, 439, 534, 609, 671, Foreign Governments to United States, 728, 821, 875. payments on . .. 10 Reporting banks in leading cities 96, Italy.! 490 158, 220, 296, 362, 437, 532, 607, 669, United States, reduction in, discussion of. _ 448, 456 726, 819, 873. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 INDEX TO VOLUME 14 Deposits—Continued. Page National banks, on call dates... 106, 302, 443, 732 Due from foreign banks to Federal reserve banks: Nonmember banks on call dates 104 At end of each month 211, Of mutual savings banks, Morris Plan 288, 354, 429, 524, 599, 660, 717, 809, 864 banks, etc., classed as amounts "due By weeks 90, 152, to" banks in computing reserves 426 214, 290, 356, 431, 526, 601, 663, 720, 812, 867 Public moneys in State member banks, Due to and from banks and bankers. (See law regarding 426 Bankers' balances.) Savings— Dutch East Indies: Germany 44, 483 Gold imports and exports 51, 145, Italy 491 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 State banks, on call dates 107, 303, 444, 733 Wholesale prices 53, 147, Depreciation charges, Federal reserve bank 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 ••• premises 165,611Dyes and dyestuffs, Germany, exports of 207, Deputy chairmen of Federal reserve banks, 425, 655, 861 appointment of 8 Earmarked gold for foreign account 14, 127, Dewey, Charles S., financial adviser to Polish 175, 246, 312, 379, 460, 547, 623, 691, 753, 831 Government, report of 338 Earnings and expenses: Digest of rulings of Federal Reserve Board, Federal reserve banks 112, 164, 611 publication of 449, 657, 739 Member banks.._ 371, 450, 536-539, 826, 877-881 Directorates, interlocking bank: National banks 539, 880 Amendment to law regarding 283 State bank members 371, 881 Regulations of board governing 85 Earnings on bills and securities held by Federal Revision of 283 reserve banks 164, 611 Directors of Federal reserve banks, election of, Economic conditions. (See Business conditions.) Ecuador: for year 1928 7 Foreign exchange rates— Discount rates: Monthly averages 52, 146, 202, Buying rates on acceptances 15, 128, 279, 348, 420, 513, 593, 650, 711, 773, 856 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 Yearly and monthly averages, 1919- 1927 :.__ 56, 60 Changes in— Gold imports and exports 51, 145, Austria ^ 402 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 Chile 411 Gold standard 562 Denmark 848 Legal reserve requirements 563 Federal reserve banks 112, Egypt: 170, 308, 373, 376, 445, 449, 544 Bank of— Finland. _ 853 Condition of 47, 141, 197, France 191 Germany 326 274, 343, 415, 508, 588, 645, 706, 768, 851 India_ 853 Gold holdings, 1913-1927 261 Japan 331 Legal reserve requirements 563 Netherlands 639 Foreign exchange rates— Poland 335 Monthly averages 52, 146, 202, Switzerland 270 279, 348, 420, 513, 593, 650, 711, 773, 856 Federal reserve banks— Yearly and monthly averages, 1919- Discussion of 110, 373, 445, 543, 736 1927 56, 61 Monthly 15, 128, 177, Wholesale prices 53, 147, 247, 313, 380, 461, 548, 624, 692, 754, 833 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Foreign central banks 49, 143, Election of directors of Federal reserve banks.- 7 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Employment: Open-market rates in New York City 15, 128, Austria 400 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 Canada 207,425,655,861 Prevailing rates charges customers 16, 129, England 206, 424, 654, 860 178, 248, 314, 381, 462, 549, 625, 693, 755, 834 France 206,424,654,860 Discounts of Federal reserve banks: Germany 207, 425, 655, 861 Monthly averages of daily figures 13, 126, United States— 174, 245, 311, 378, 459, 546, 622, 689, 810, 831 Discussion of 307 Weekly averages of daily figures 666, 690, 751 Index of— Dividends: By industrial groups..21, 136, 185, 255, Federal reserve banks 165, 611 321, 388, 469, 556, 632, 700, 762, 841 Member banks— Total 133, 183, 253, All banks 536, 877 319, 386, 467, 554, 630, 698, 760, 839 Declared, but unpaid, reserves against; England: ruling on 208 Bank of— National banks.. 880 Act relating to issue of bank notes 393, State banks 371 564, 847 Drafts, sight and demand, amendment to Fed- Condition of 47, 141, 197, eral reserve act regarding rediscount of 520 274, 343, 415, 508, 588, 645, 706, 768, 851 Drug chain stores, retail trade: Discount rates 49, 143, 199, Index of 24, 139, 276, 345, 417, 510, 590, 647, 708, 770, 853 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Gold holdings, 1913-1927 261 New index 232-235 Legal reserve requirements 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 897 England—Continued. Page British currency and bank notes act_ 393, 564, 847 Federal intermediate credit banks: Cunliffe committee, report of, relating to Amendment to regulation A relative to recurrency problems 564 discpunt of paper for 777 Debt payment to United States 10 Eligibility of paper rediscounted for, as Foreign exchange rates— collateral security for Federal reserve Monthly averages 52, 146, 202, notes 806 279, 348, 420, 513, 593, 650, 711, 773, 856 Federal land banks, loans of 101, 163, Yearly and monthly averages, 1919- 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 1927 _" 56 Federal reserve act, amendments to: Gold imports and exports 51, 145, Deposits of public moneys in State member 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 banks 426 Gold standard 562 Rediscount of sight and demand drafts 520 Imports and exports 206, 424, 654, 860 Federal reserve agents: Industrial statistics 206, 424, 654, 860 Appointment of, for year 1928 8 London clearing banks, condition of 49, 143, Federal reserve note account 92, 154, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 216, 292, 358, 433, 528, 603, 665, 722, 815, 869 Money rates 50, 144, Federal reserve bank credit. (See Credit.) 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 Federal reserve bank notes, circulation 864 Production statistics 206, 424, 654, 860 Revised figures, 1921-1927 176 Retail food prices and cost of living 55, 149, Federal Reserve Bank of Minneapolis, First 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 State Bank of Hugo, Minn., v.) par clearance Transportation statistics 206,424,654,860 case; opinion of Supreme Court of Minnesota_ 517 Unemployment 206, 424, 654, 860 Federal reserve banks: Wholesale prices— Condition of— All commodities 53, 147, 203, At end of each month 211, 280, 349, 421, 514, 594, 651, 712, 774, 857 288, 354, 429, 524, 599, 660, 717, 809, 864 Groups of commodities 54, 148, 204, By weeks 89, 151, 212, 281, 350, 422, 515, 595, 652, 713, 775, 858 289, 355, 430, 525, 600, 661, 719, 811, 866 Estonia: Directors elected for year 1928 7 Bank of— Discount rates— Condition of 47, 141, 197, Changes in 112, 274, 343, 415, 508, 588, 645, 706, 768, 851 170, 308, 373, 376, 445, 449, 544 Discount rates— Discussion of 110, 373, 445, 543, 736 Change in 143 Monthly 15, 128, 177, Monthly 49, 143, 199, 276, 247, 313, 380, 461, 548, 624, 692, 754, 833 345, 417, 510, 590, 647, 708, 770, 853 Dividends paid member banks 165, 611 Gold holdings, 1913-1927 261 Earnings and expenses 112, 164, 611 Legal reserve requirements 563 Fiscal agency department expenses 165, 611 Currency and banking reform 195 Franchise tax paid 165, 611 Debt payment to United States 10 Governors of— Gold standard 562 Black, Eugene R., appointed at Retail food prices 55, 149, Atlanta 7 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Harrison, Geo. L., appointed at New Exchange rates. (See Foreign exchange rates.) York 826 Executor, power to act as. (See Fiduciary Strong, Benjamin, death of, at New powers.) York 739 Expenses, Federal Reserve Board, assessment Wellborn, M. B., resignation of, at for 164, 611 Atlanta 7 Expenses and earnings. (See Earnings and Profit and loss account 165, 611 expenses.) Federal Reserve Board: Exports. (See Imports and exports.) Annual report 231, 544 Expressage, Federal reserve banks, cost of 164, 611 Assessment on banks for expenses of 164, 611 Factory employment and pay rolls, index of: Digest of rulings of, publication of_. 449, 657, 739 By industrial groups 21, 136, Regulations of. (See Regulations.) 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Statistical work of 453 Total 133, Federal reserve clearing system: 183, 253, 319, 386, 467, 554, 630, 698, 760, 839 Minneapolis par clearance case; decision of Failures: Supreme Court of Minnesota 517 Bank, United States 25, 140, Number of banks on par list 101, 162, 189, 259, 325, 392, 473, 560, 636, 704, 766, 845 223, 299, 365, 440, 535, 610, 672, 729, 882, 876 Commercial— Federal reserve notes: Canada 207, 425, 655, 861 Circulation— France 206, 424, 654, 860 By weeks 90, 152, 214, Germany 207, 425, 655, 861 291, 357, 432, 527, 602, 663, 720, 813, 867 United States 25, 140, 189, Daily average 93, 155, 212, 259, 325, 392, 473, 560, 636, 704, 766, 845 " 289, 355, 429, 525, 600, 661, 718, 810, 865 Farm products, prices of: End of month figures 211, Discussion of. 3, 680 288, 354, 429, 524, 599, 660, 717, 809, 864 Monthly statistics 19, 132, Monthly 14, 127, 175, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 246, 312, 379, 460, 547, 623, 691, 753, 864 Federal advisory council, meeting of 171 Revised figures, 1921-1927 176 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 INDEX TO VOLUME 14 Federal reserve notes—Continued. Foreign central banks of issue—Continued. Page Eligibility of paper rediscounted for Federal Discount rates. (See Discount rates.) intermediate credit banks as collateral Gold holdings, 1913-1927 260 security for 806 Legal reserve requirements 563 Federal reserve agents' accounts 92, 154, Foreign exchange rates: 216, 292, 358, 433, 528, 603, 665, 722, 815, 869 Austria 403 Fiduciary powers granted to national banks. _ 88, 150, Chile 411 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 Colombia 112 Financing, Treasury 10, 456 Czechoslovakia 501 Finland: Discussion of 543 Bank of— Germany 479 Condition of 48, 142, 198, Italy i 491 275, 344, 416, 509, 589, 646, 707, 769, 852 Japan 332 Discount rates— Norway 581 Changes in 590, 853 Switzerland 271 Monthly 49, 143, 199, 276, Monthly averages 52, 146, 345, 417, 510, 590, 647, 708, 770, 853 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Gold holdings, 1913-1927 261 Yearly and monthly averages, 1919-1927 9, Legal reserve requirements 563 56-62, 112 Cost of living 55, 149, Foreign trade: 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Austria 399 Debt payment to United States 10 Belgium 262 Foreign exchange rates— Denmark 848 Monthly averages 52, 146, 202, Italy 491 279, 348, 420, 513, 593, 650, 711, 773, 856 Japan 332 Yearly and monthly averages, 1919- Poland 342 1927 56 Forms of certificates evidencing eligibility of Gold standard 562 bankers' acceptances ,. 517 Joint-stock banks, condition of 49, 143, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 France: Wholesale prices 53, 147, Bank of— 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Annual report 190 Finlayson, H. C. F., financial adviser of Bank Balance sheet, explanation of 576 of Greece 396 Circulation 193 First State Bank of Hugo, Minn., v. Federal Condition of 47, 141, 197, Reserve Bank of Minneapolis; par clearance 274, 343, 415, 508, 588, 645, 706, 768, 852 case; opinion of Supreme Court of Minnesota__ 517 Discount rates— Fiscal agency expenditures of Federal reserve Changes in 49, 143, 191 banks 165, 611 Monthly 49, 143, 199,276, Five-and-ten-cent chain stores, retail trade: 345, 417, 510, 590, 647, 708, 770, 853, Index of 24, 139, Gold holdings, 1913-1927 261 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Legal reserve requirements 563 New index 232-235 Monetary law and administrative con- Float, Federal reserve 211, ventions 570 288, 354, 429, 524, 599, 660, 717, 809, 864 Business failures 206, 424, 654, 860 Flour production: Commercial banks, condition of 49, 143, Canada 207, 425, 655, 861 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Index of 21, 135, Debt of 190 185, 255, 321, 388, 469, 566, 632, 700, 762, 841 Foreign exchange rates— Food prices: Monthly averages 52, 146, 202, In principal countries 55, 149, 279, 348, 420, 513, 593, 650, 711, 773, 856 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Yearly and monthly averages, 1919- Wholesale 19, 132, 1927 56 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Gold imports and exports 51, 145, Food products, index of production 20, 134, 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Gold standard 446, 541, 562 Foreign bank deposits of Federal reserve banks: Imports and exports 206, 424, 654, 860 By weeks 91, 153, Industrial statistics 206, 424, 654, 860 214, 291, 357, 432, 527, 602, 663, 721, 813, 867 Money rates 50, 144, End of month figures 211, 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 288, 354, 429, 524, 599, 660, 717, 809, 864 Monetary law and administrative conven- Foreign banking corporations, organization of, tions 570 under section 25a of Federal reserve act, Production statistics 206, 424, 654, 860 regulations governing 81 Retail food prices and cost of living 55, 149, Foreign banks, American branches of, deduction 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 of balances due from, in computing reserves; Unemployment 206, 424, 654, 860 ruling 208, 656 Wholesale prices— Foreign capital issues 19, 132, All commodities 53, 147, 203, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 280, 349, 421, 514, 594, 651, 712, 774, 857 Foreign central banks of issue: Groups of commodities 54, 148, 204, Annual reports. (See Annual reports.) 281, 350, 422, 515, 595, 652, 713, 775, 858 Condition of. (See Condition of banks.) Franchise tax paid by Federal reserve banks _ _ 165, 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 899 Freight-car loadings: Gold—Continued. Page Canada 207,425,655,861 Imports and exports— England 206, 424, 654, 860 By countries 51, 145,201, France 206, 424, 654, 860 278, 347, 419, 512, 592, 649, 710, 772, 855 Germany 207, 425, 655, 861 Germany 329 Index of— United States— Bylines 23,138,187, Discussion of 109, 229 257, 323, 390, 471, 558, 634, 702, 764, 843 Monthly 14, 127, 175, Total 133, 183, 246, 312, 379, 460, 547, 623, 691, 753 253, 319, 386, 467, 554, 630, 698, 760, 839 United States, Germany, Great Brit- Fuels, wholesale price 19, 132, ain, Netherlands, South Africa, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 India 51, 145, 201, 278, Furniture, wholesale trade 23, 138, 347, 419, 512, 592, 649, 710, 772, 855 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 Stock, monetary— Gasoline: Changes in 459, 546, 622, 689, 810, 831 Production, index of 21, 135, Discussion of 109, 229, 374, 446, 613 185, 255, 321, 388, 469, 566, 632, 700, 762, 841 Monthly 14, 127, 175, Stocks of 6 246, 312, 379, 460, 547, 623, 691, 753, 831 Germany: Monthly averages of daily figures 459, Agent general for reparation payments, 546, 622, 689, 810, 831 report of 28,474 Weekly averages of daily figures 666, Berlin banks, condition of 49, 143, 690, 751 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Gold settlement fund transactions 93, 155, Business failures . 207, 425, 655, 861 217, 293, 359, 436, 531, 604, 666, 723, 816, 870 Credit conditions 28 Gold standard: Foreign exchange rates— Czechoslovakia 500 Monthly averages 52, 146, 202, Foreign countries, discussion of 230, 447, 541 279, 348, 420, 513, 593, 650, 711, 773, 856 France, discussion of 446, 541 Yearly and monthly averages, 1919- Greece 396, 562 1927 56 Italy 27, 562, 641 Foreign loans 28, 475 List of countries reestablishing 562, 847 Gold imports and exports 51, 145, 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 Government deposits: Gold standard 562 Held by Federal reserve banks— Imports and exports 207, 425, 655, 861 By weeks 91, 153, 214, Industrial statistics 207, 425, 655, 861 291, 357, 432, 527, 602, 663, 721, 813, 868 Money rates 50,144, End of month figures 211, 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 288, 354, 429, 524, 599, 660, 717, 809, 864 Production statistics 207, 425, 655, 861 Held by member banks— Reichsbank— Reporting banks in Federal reserve Annual report _ _ __ 326 bank cities 98, 160,221, Condition of 47, 141, 197, 298, 364, 439, 534, 609, 671, 728, 821, 875 274, 343, 415, 508, 588, 645, 706, 768, 852 Reporting banks in leading cities 96, Discount rates— 158, 220, 296, 362, 438, 532, 607, 670, 726, Changes in 39, 326 820, 873 Monthly 49, 143, 199, 276, Government obligations, paper secured by, dis- 345, 417, 510, 590, 647, 708, 770, 853 counted by Federal reserve banks 89, 151, Gold holdings, 1913-1927 261 212, 289, 355, 430, 525, 600, 661, 719, 811, 866 Legal reserve requirements 563 Governors of Federal reserve banks: Retail food prices and cost of living 55, 149, Black, Eugene R., appointed at Atlanta 7 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Conferences of, expenses of 164, 611 Transportation statistics 207, 425, 655, 861 Harrison, Geo. L. ; appointed at New York_ 826 Unemployment _ „ 207, 425, 655, 861 Strong, Benjamin, death of, at New York_ 739 Wholesale prices— Wellborn, M. B., resignation of, at Atlanta. 7 All commodities 53, 147, 203, Greece: 280, 349, 421, 514, 594, 651, 712, 774, 857 Bank of— Groups of commodities 54, 148, 204, Condition of 48, 142, 198, 281, 350, 422, 515, 594, 652, 713, 775, 858 275, 344, 416, 509, 589, 646, 707, 769, 852 Glass, index of production 20, 134, Discount rates 49, 143, 199, 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 276, 345, 417, 510, 590, 647, 708, 770, 853 Gold: Establishment of 396 Coin and certificates, circulation— Gold holdings, 1913-1927 261 Monthly 14, 127, 175, Legal reserve requirements 563 246, 312, 379, 460, 547, 623, 691, 753, 864 Currency and banking reform 396 Revised figures, 1921-1927 176 Debt payment to United States 10 Holdings— Foreign exchange rates— Abroad, discussion of _ „ 230 Monthly averages 52, 146, 202, Belgium 266 279, 348, 420, 513, 593, 650, 711, 773, 856 Central banks, 1913-1927 260 Yearly and monthly averages, 1919- Federal reserve banks 89, 151, 212, 1927 - 56 289, 355, 430, 525, 600, 661, 719, 811, 866 Gold holdings, 1913-1927 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 INDEX TO VOLUME 14 Greece—Continued. Index numbers—Continued. Gold standard 396,562 Employment— Retail food prices and cost of living 55, 149, By industrial groups 21. 136, 185, 255, 205, 282, 351, 423, 516, 596, 653. 714, 776, 859 321, 388, 469, 556, 632, 700, 762, 841 Groceries, wholesale trade 23, 138, Total 133, 183, 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 253, 319, 386, 467, 554, 630, 698, 760, 839 Grocery chain stores, retail trade: Food prices 55, 149, Index of 24,139, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Freight-car loadings— New index 232-235 By lines 23, Guardian of estates. (See Fiduciary powers.) 138, 187, 257, 323, 390, 471, 558, 634, Guatemala, gold standard in 847 702, 764, 843. Hardware, Avholesale trade 23, 138, Total 133, 183, 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 253, 319, 386, 467, 554, 630, 698, 760, 839 Hides: Manufacturing production— Imports, England 206, 424, 654, 860 By groups 20, 134, 184, Wholesale prices 19, 132, 182, 254, 320, 387, 468, 555, 631, 699, 761, 840 252, 318, 385, 466, 553, 629, 697, 759, 838 Total 133, 183, Hogs: 253, 319, 386, 467, 554, 630, 698, 760, 839 Receipts, Canada 207, 425, 655, 861 Mineral production— Slaughtered, index of _^ 21,135, By groups 20, 134, 184, 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 254, 320, 387, 468, 555, 631, 699, 761, 840 Holland. (See Netherlands.) Total 133, 183, Hong Kong, foreign exchange rates: 253, 319, 386, 467, 554, 630, 698, 760, 839 Monthly averages 52, 146, Pay rolls in factories— 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 By groups 21, 136, 185, Yearly and monthly averages, 1919-1927- _ 56, 61 255, 321, 388, 469, 556, 623, 700, 762, 841 House furnishing goods, wholesale prices 19, Total 133, 183, 132, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 253, 319, 386, 467, 554, 630, 698, 760, 839 Hungary: Production, industrial— Bank of— ' By groups of industries 20, 134, 184, Annual report 577 254, 320, 387, 468, 555, 631, 699, 761, 840 Condition of 48, 142, 198, Total 133, 183, 275, 344, 416, 509, 589, 646, 707, 769, 852 253, 319, 386, 467, 554, 630, 698, 760, 839 Discount rates— Retail trade (chain stores, department Changes in 708 stores, and mail-order houses) 24. 139,. Monthly 49, 143, 199, 276, 188, 258, 329, 391, 472, 559, 635, 703, 765,844 345, 417, 510, 590, 647, 708, 770, 853 Security prices 19, 132, Gold holdings, 1913-1927 261 182, 252, 318, 385, 466, 553, 629, 697, 759, 83& Legal reserve requirements 563 Wholesale prices— Cost of living 55, 149, By commodity groups 19, 132, 182, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 252, 318, 385, 466, 553, 629, 697, 759, 83& Debt payment to United States 10 Principal countries 53, 147, 203, Foreign exchange rates- 280, 349, 421, 514, 594, 651, 712, 774, 857 Monthly averages 52, 146, 202, Wholesale trade—• 279, 348, 420, 513, 593, 650, 711, 773, 856 By lines 23, 138, 187, Yearly and monthly averages, 1919- 257, 323, 390, 471, 558, 634, 702, 764, 843 1927 1 56 Seasonal variations, description of in- Gold standard 562 dexes 236-242 Money rates 50, 144, India: 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 Bank of— Wholesale prices 53, 147, Discount rates— 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Changes in 49, 510, 590, 853 Imports and exports: Monthly 49, 143, 199,276, Canada-__ . _ 207,425,655,861 345, 417, 510, 590, 537, 708, 770, 853 England 206] 424, 654, 860 Gold holdings, 1913-1927 261 France____ ^ 207,425,655,860 Foreign exchange rates— Germany 206, 424, 654, 861 Monthly averages 52, 146, 202, Gold. (See Gold imports and exports.) 279, 348, 420, 513, 593, 650, 711, 773, 856 Index numbers: Yearly and monthly averages, 1919- Commodity prices 19, 132, 1927 _^ 56, 61 182, 252, 318, 385, 466, 553, 629, 697, 759, 838* Gold standard 562 Cost of living 55, 149, Retail food prices and cost of living 55, 149, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 205, 282, 351, 423, 516, 596, 653, 14, 776, 859 Department-store sales and stocks— Wholesale prices— By Federal reserve districts 24, All commodities 53, 147, 203, 139, 188, 258, 324, 391, 472, 559, 635, 280, 349, 421, 514, 594, 651, 712, 774, 857 703,765,844. Groups of commodities 54, 148, 204, 281, Total 133, 183, 350, 422, 515, 595, 652, 713, 775, 858 253, 319, 386, 467, 554, 630, 698, 760, 839 Industrial commodities, stocks of 6 New, description of 114-124 Industrial production, index of 20, 134, Seasonal variations, description of__ 236-242 184, 254, 320, 387, 468, 555, 631. 699, 761, 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 901 Page Italy—Continued. Page Industrial statistics for England, France, Ger- Private banks, condition of 49, 143, many, and Canada 206, 424, 654, 860 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Industrial stocks, index of prices _ 19, 132, Retail food prices and cost of living 55, 149, 182, 252, 318, 385, 466, 553, 629, 697, 759, 759 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Insurance, Federal reserve banks, cost of 164, 611 Wholesale prices— Interest rates prevailing in principal cities 16, 129, All commodities 53, 147, 203, 178, 248, 314, 381, 462, 549, 625, 693, 755, 834 280, 349, 421, 514, 594, 651, 712, 774, 857 Intermediate credit banks, Federal: Groups of commodities 54, 148, 204, Amendment to Regulation A relative to 281, 350, 422, 515, 595, 652, 713, 775, 858 rediscount of paper for 777 Japan: Eligibility of paper rediscounted for, as Bank of— collateral security for Federal reserve Annual report 330 notes 806 Condition of 47, 141, 197, Interlocking bank directorates: 274, 343, 415, 508, 588, 645, 706, 768, 852 Amendment to law regarding 283 Discount rates 49, 143, 199, Regulations of board governing 85 276, 345, 417, 510, 590, 647, 708, 770, 853 Amendment to 283 Gold holdings, 1913-1927 261 Investments: Legal reserve requirements 563 All banks in the United States on call dates— Foreign exchange rates— By Federal reserve districts. 102, 300, 441, 730 Monthly averages 52, 146, 202, By States 105, 301, 442, 731 279, 348, 420, 513, 593, 650, 711, 773, 856 Member banks— Yearly and monthly averages, 1919- All banks on call dates- 103, 228, 370, 677, 887 1927 56, 61 Classification of 882 Gold imports and exports 51, 145, Reporting banks in Federal reserve 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 bank cities 97, 159, 221, 298, Money rates 50, 144, 364, 439, 534, 609, 671, 728, 821, 875 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 Reporting banks in leading cities— Tokyo banks, condition of 49, 143, By weeks 96, 158, 219, 296, 362, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 437, 532, 607, 669, 726, 819, 873 Wholesale prices 53, 147, Monthly averages of weekly 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 figures 17, 130, 179, 249, 315, Java: 382, 463, 550, 626, 694, 756, 835 Bank of— National banks on call dates... 106, 302, 443, 732 Condition of 48, 142, 198, Nonmember banks on call dates 104 275, 344, 416, 509, 589, 646, 707, 769, 852 State banks on call dates 107, 303, 444, 733 Discount rates 49, 143, 199, Iron and steel production: 276, 345, 417, 510, 590, 647, 708, 770, 853 England 206,424, 654,860 Gold holdings, 1913-1927 261 France 206, 424, 654, 860 Legal reserve requirements 563 Germany 207, 425, 655, 861 Foreign exchange rates— Index of 20, 134, Monthly averages 52, 146, 202, 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 279, 348, 420, 513, 593, 650, 711, 773, 856 Iron ore: Monthly and yearly averages, 1919- Shipments, index of 20, 135, 1927J _ _ 56, 61 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Gold standard 562 Stocks in United States 6 Joint-stock land banks, loans of 101, 163, Italy: 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 Bank of— Labor. (See Employment.) Annual report 488 Latvia, Bank of: Condition of 47, 141, 197, 274, Condition of 48, 142, 343, 415, 508, 588, 645, 706, 768, 852 198, 275, 344, 416, 509, 589, 646, 707, 769, 852 Credit extended to, from United States Discount rates—• banks 27, 112 Changes in 345 Discount rates— Monthly . 49, 143, 199, Changes in 199,276, 510 276, 345, 417, 510, 590, 647, 708, 770, 853 Monthly 49, 143, 199,276, Gold holdings, 1913-1927 261 345, 417, 510, 590, 647, 708, 770, 853 Legal reserve requirements 563 Gold holdings, 1913-1927 261 Law department. (See Rulings.) Legal reserve requirements 563 Laws, banking: Currency reform 641 British currency and bank-notes act_ 363, 564, 847 Foreign exchange rates— Bulgaria ._ 504 Monthly averages 52, 146, 202, 279, French monetary law and administrative 348, 420, 513, 593, 650, 711, 773, 856 conventions 570 Yearly and monthlv averages, 1919- Italian currency 492, 641 1927 _" 56, 58 State laws relating to bank reserves, sum- Gold standard, restoration of 27, 562, 641 mary of 746-748, 778-805 Money rates 50, 144, Lead production, index of 20,135, 200, 277, 346, 518, 511, 591, 648, 709, 771, 854 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 INDEX TO VOLUME 14 Leather: Page Index of production 20, 134, Member bank call report 103, 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 224, 228, 366, 370, 673, 677, 883, 887 Stocks in United States 6 Member bank credit. (See Credit.) Wholesale prices 19, 132, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Member banks: Legal fees, Federal reserve banks 164, 611 Bankers' balances— Light, heat, and power, Federal reserve banks, Federal reserve bank cities 98, 160, 221, cost of 164,611 298, 364, 439, 534, 609, 679, 728, 821, 875 Lignite production, Germany 207, 425, 655, 861 Leading cities— Lithuania: By weeks 97, 159, 220, 297, Bank of— 363, 438, 533, 608, 670, 727, 820, 873 Condition of 48, 142, 198, Monthly averages of weekly fig- 275, 344, 416, 509, 589, 646, 707, 769, 852 ures 18, 131, 180, 250, 316, Discount rates— 383, 464, 551, 627, 695, 757, 836 Changes in 510 Borrowings at Federal reserve banks— Monthly 49, 143, 199, 276, By States 218, 294, 360, 434, 529, 605, 667, 724, 817, 872 345, 417, 510, 590, 647, 708, 770, 853 Discussion of 448,616,823 Gold holdings, 1913-1927 261 Monthly averages of daily figures 174, Legal reserve requirements 563 245, 311, 378, 459, 546, 622, 689, 810, 831 Debt payment to United States 10 Monthly averages of weekly figures 17, Living, cost of 55, 149, 130, 179, 249, 315, 382, 463, 550, 626, 694, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 756, 835. Loans and investments: Reporting banks in Federal reserve All banks in United States on call dates— bank cities 90, 160, 221, 298, By Federal reserve districts. 102, 300, 441, 730 364, 439, 534, 609, 671, 728, 821, 875 By States 105, 301, 442, 731 Reporting banks in leading cities. 97, 159, 220, Member banks— 298, 363, 438, 535, 608, 670, 727, 820, 873 All banks on call dates. 103, 228, 370, 677, 887 Weekly averages of daily figures 690, Classification of 882 751, 831 Reporting banks in Federal reserve Changes in membership 9, 242 bank cities 97, 156,221,298, Classification of loans and investments 882 364, 439, 534, 609, 670, 728, 821, 875 Condition of— Reporting banks in leading cities— All banks— By weeks 96, 158, 219, 296, By Federal reserve districts. 226, 675, 885 362, 437, 532, 607, 669, 726, 819, 873 Discussion of 171, 309, 618, 823 Monthly averages of weekly fig- On call dates 103, ures 17, 130, 179, 249, 224, 228, 366, 370, 673, 677, 883, 887 315, 382, 463, 550, 626, 694, 756, 835 Reporting banks in Federal reserve National banks on call dates. __ 106, 302, 443, 732 bank cities 97, 159, 221, Nonmember banks on call dates 104 298, 364, 439, 534, 609, 670, 728, State banks on call dates 107, 303, 444, 733 821, 875. Loans to brokers: Reporting banks in leading cities— Discussion of . 167, 373, 445, 617, 737, 823 By weeks 96, 158, 219, 296, Monthly figures 100,162, 362, 437, 532, 607, 669, 727, 819, 873 181, 251, 317, 384, 465, 552, 628, 696, 758, 837 Revision of weekly statement 8 Locomotives, index of production 21, State banks, on call dates. 225, 367, 674, 884 135, 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Deposits. (See Deposits.) Lumber: Dividends— Index of production 20, 134, 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Declared but unpaid, reserves against; , Stocks in United States ... . 6 ruling 208 Machinery: State bank members 371 Exports, Germany 207,425,655,861 Earnings and expenses _. __ 371, Imports, Canada 207, 425, 655, 861 450, 536-539, 826, -877-881 Mail-order houses, retail trade: Earnings, expenses, and dividends of State Index of 24, 139, bank members 371 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Loans and investments. (See Loans and New index 232-235 investments.) Manufacturing production: Loans to brokers. (See Loans to brokers.) During first quarter of 1927 305 Number of reporting banks— Index of— In Federal reserve bank cities 98, 160,221, By groups 20, 134, 184, 298, 364, 439, 534, 609, 671, 728, 821, 875 254, 320, 387, 468, 555, 631, 699, 761, 840 In leading cities 97, 159, 220, Total 133, 183, 297, 363, 438, 533, 608, 670, 727, 820, 874 253, 319, 386, 467, 554, 630, 698, 760, 839 Reserve balances. (See Reserve balances.) Maps. (See Charts.) Reserve position on call dates.. 227, 369, 676, 886 Maturities of bills, certificates of indebtedness, State banks— and municipal warrants held by Federal Admissions to membership 88, 150, 209 reserve banks 92, 154, 286, 352, 427, 522, 597, 658, 715, 807, 862 217, 293, 359, 436, 531, 604, 665, 723, 816, 869 As depositaries of public moneys, law Meats, wholesale trade 23, 138, regarding 426 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 Earnings, expenses, and dividends.. 371, 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 903 Page Page Membership in Federal reservesystem,changes in. 9, 242 Music chain stores, sales of 24, Metals: 139, 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 Index of production 20, 134, Mutual savings banks, deposits of, in member 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 banks classed as amounts "due to" banks in Wholesale prices 19, 132, computing reserves; ruling 426 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 National bank notes, circulation: Mexico: Monthly 14, 127, Foreign exchange rates— 175, 246, 312, 379, 460, 547, 623, 691, 753, 864 Monthly averages 52, 146, 202, Revised figures, 1921-1927 176 279, 348, 420, 513, 593, 650, 711, 773, 856 National banks: Yearly and monthly averages, 1919- Charters issued to 88, 1927 56, 60 150, 208, 286, 427, 522, 579, 658, 715, 807, 862 Gold imports and exports 51, 145, Condition of, on call dates— 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 By class of bank 225,367, 674, 884 Mineral production, index of: By States 106, 302, 443, 732 By groups 20, 134, Earnings and expenses 539, 880 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Fiduciary powers granted to 88, 150, Total 133, 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 183, 253, 319, 386, 467, 554, 630, 698, 760, 839 Netherlands: Money circulation: Bank of— Albania 586 Annual report 638 Changes in demand for 684 Condition of 48, 142, 198, Chile 413 275, 344, 416, 509, 589, 646, 707, 769, 852 Discussion of 447 Discount rates 49, 143, 199, District data on demand for 740-745 276, 345, 417, 510, 590, 647, 708, 770, 853 France 193 Gold holdings, 1913-1927 261 Germany 28, 329, 487 Legal reserve requirements 563 Italy 490 Foreign exchange rates— Switzerland 271 Monthly averages 52,146,202, United States— 279, 348, 420, 513, 593, 650, 711, 773, 856 Monthly 14, 127, 175, Yearly and monthly averages, 1919- 246, 312, 379, 460, 547, 623, 691, 753, 864 1927 56, 58 Monthly averages of daily figures 459, Gold imports and exports 51, 145, 201, 546, 622, 689, 810, 831 278, 347, 419, 512, 592, 649, 710, 772, 855 Revised figures, 1921-1927 176 Gold standard 562 Weekly averages of daily figures 666, Money rates 50, 144,. 690, 751 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 Money market: Retail food prices and cost of living 55, 149, Austria 402 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Bulgaria 504 Wholesale prices 53, 147, Czechoslovakia 502 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Denmark 848 New York City, loans to brokers by member Germany 38, 326 banks in: Japan 331 Discussion of 167, 373, 445, 617, 737, 823 Netherlands 639 Monthly figures 100, 162, Poland 334 181, 251, 317, 384, 465, 552, 628, 696, 758, 837 Yugoslovia 403 New Zealand: Switzerland 270 Gold holdings, 1913-1927 261 United States— Gold standard 562 Discussion of 109, 445, 543, 735, 823 Retail food prices 55, 149, New York City 15,128,177, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 247, 313, 380, 461, 548, 624, 692, 754, 833 Wholesale prices 53, 147, Money rates: 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Chart showing 15,128,177, Nonferrous metals, index of production 20, 134, 247, 313, 380, 461, 548, 624, 692 754, 833 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 f Discussion of__ 109, 445, 543, 735, 823 Nonmember banks: r Foreign countries— Condition of, on call dates 104 Discussion of 111, 543, 739 Number on par list .__ 101, 163, Monthly 50, 144,200, 223, 299, 365, 440, 535, 610, 672, 729, 882, 876 277, 346, 418, 511, 591, 648, 709, 771, 854 Norway: Germany 481 Bank of— New York City 15, 128, 177. Annual report 580 247; 313, 380, 461, 548, 624, 692, 754, 833 Condition of 48,142,198, Money stabilization. (See Currency stabiliza- 275, 344, 416, 509, 589, 646, 707, 769, 852 tion.) Discount rates— Morris Plan banks, deposits of, in member banks Changes in 143,276 classed as amounts "due to" banks in com- Monthly 49, 143, 199, 276, puting reserves; ruling 426 345, 417, 510, 590, 647, 708, 770, 853 Municipal warrants, maturity distribution 92, 154 Gold holdings, 1913-1927 261 217, 293, 359, 436, 531, 604, 665, 723, 816, 869 Legal reserve requirements 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
904 INDEX TO VOLUME 14 Norway—Continued. Pa*e Poland—Continued. Foreign exchange rates— Cost of living. 55, 149, 205, Monthly averages 52, 146, 202, 279, 282, 351, 423, 516, 596, 653, 714, 776, 859 348, 420, 513, 593, 650, 711, 773, 856 Credit extended to, by Federal reserve Yearly and monthly averages, 1919- banks 739 1927 56,58 Currency stabilization 338 Gold standard 562 Debt payment to United States 10 Joint-stock banks, condition of 49, 143, Financial adviser to Government, report of. 1338 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 Foreign exchange rates— Retail food prices 55, 149, Monthly averages 52, 146, 202, 279, 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 348, 420, 513, 593, 650, 711, 773, 856 Wholesale prices 53, 147, Yearly and monthly averages, 1919- 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 1927 56,58 Oats, crop estimates 26, 561, 637, 705, 767, 846 Gold standard 562 Oil production, index of 21, Joint-stock banks, condition of 708, 770, 853 135, 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Wholesale prices 53, 147, 203, Opinion of court in Minneapolis par clearance 280, 349, 421, 514, 594, 651, 712, 774, 857 case 517 Portugal: Paper production: Bank of— Canada 207,425,655,861 Condition of 48, 142, 198, 275, Index of 20, 134, 344, 416, 509, 589, 646, 707, 769, 852 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Discount rates - 49, 143, 199, 276, Par clearance litigation, Federal Reserve Bank 345, 417, 510, 590, 647, 708, 770, 853 of Minneapolis.- 517 Gold holdings, 1913-1927 261 Par list, number of banks on 101, 163, Foreign exchange rates— 223, 299, 365, 440, 535, 610, 672, 729, 822, 876 Monthly averages 52, 146, 202, 279, Par value of foreign currency 52, 146, 348, 420, 513, 593, 650, 711, 773, 856 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Yearly and monthly averages, 1919- Pay rolls in factories, index of: 1927 56, 58 By groups 21, 136, Postage, Federal reserve banks, cost of 164, 611 185, 255, 321, 388, 469, 556, 623, 700, 762, 841 Potash production, Germany 207, 425, 655, 861 Total 133, Potatoes, crop estimates... 26, 561, 637, 705, 767, 846 183, 253, 319, 386, 467, 554, 630, 698, 760, 839 Permits, building, issued 22, 137, Prices: 186, 256, 322, 389, 470, 557, 633, 701, 763, 842 Agricultural— Peru: Discussion of 3, 680 Bank of— Monthly statistics 19, 132, 182,252, Condition of 48, 142, 198, 318, 385, 466, 553, 629, 697, 759, 838 275, 344, 416, 509, 589, 646, 707, 769, 852 Austria 400 Discount rates— Commodity, in 1927, discussion of 5 Denmark... 848 Changes in 143, 417 Discussion of 3, 5, 308, 680 Monthly 49, 143, 199, 276, Farm products, discussion of 680 345, 417, 510, 590, 647, 708, 770, 853 Food, retail, in principal countries.. 55, 149, 205, Gold holdings, 1913-1927 261 282, 351, 423, 516, 596, 653, 714, 776, 857 Legal reserve requirements 563 Security •. 19, 132, 182, Foreign exchange rates— 252, 318, 385, 466, 553, 629, 697, 759, 838 Monthly averages 52, 146, 202, Wholesale— 279, 348, 420, 513, 593, 650, 711, 773, 856 By commodity groups 19, 132, 182, 252, Yearly and monthly averages, 1919- 318, 385, 466, 553, 629, 697, 759, 858 1927 56, 60 Principal countries. __ 53, 147, 203, 280, Grold imports and exports 51, 145, 349, 421, 514, 594, 651, 712, 774, 857 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 Printing and stationery, Federal reserve banks, Wholesale prices 53, 147, cost of 164, 611 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Petroleum: Production, industrial: Imports, Canada 207, 425, 655 Canada 207,425,655,861 Index of production. _ 20, Discussion of 1 135, 184, 254, 320, 387, 468, 555, 631, 699, England 206, 424, 654, 860 761,840. France 206, 624, 654, 860 Stock in United States 6 Germany 207,425,655,861 Poland: Index of— JBank of— By groups 20,134,184, Annual report, 333 254, 320, 387, 468, 555, 631, 699, 761, 840 Condition of 48, 142, 198, 275, 344, 416, Total 133, 183, 509, 589, 646, 707, 769, 852 253, 319, 386, 467, 554, 630, 698, 760, 839 Discount rates— Profit and loss account of Federal reserve Changes in 335 banks . 165, 611 Monthly 49, 143, 199, 276, 345, Public moneys, deposit of, in State member 417, 510, 590, 647, 708, 770, 853 banks, law regarding 426 Gold holdings, 1913-1927 261 Railroad stocks, index of prices 19, 132, Legal reserve requirements 563 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 14 905 Railway freight-car loadings: Reserve balances of member banks—Con. Page Canada 207, 425, 655, 861 Monthly averages of weekly figures 17, 130, England 206,424,654,860 1,79, 249, 315, 382, 463, 550, 626, 694, 756, 835 France 206,424,654,860 Reporting banks in Federal reserve bank Germany 207, 425, 655, 861 cities 98, 160, United States 23, 138, 187, 221, 298, 364, 439, 534, 609, 671, 728, 821, 875 257, 323, 390, 471, 558, 634, 702, 764, 843 Reporting banks in leading cities 96, 158, Rates: 219, 296, 362, 437, 532, 607, 669, 726, 819, 873 Discount. (See Discount rates.) Weekly averages of daily figures. 666, 690, 751,831 Earnings of Federal reserve banks 112 Reserve cities, condition of member banks in___ 225, Foreign exchange. (See Foreign exchange 367, 674, 884 rates.) Reserve ratio: Money. (See Money rates.) Federal reserve banks— Receiver. (See Fiduciary powers.) By weeks 91, 153, 215, Rediscount of sight and demand drafts by 292, 358, 432, 527, 602, 664, 721, 814, 868 Federal reserve banks, amendment to Federal Daily average 93, 155,212, reserve act regarding 1 502 " 289, 355, 429, 525, 600, 661, 718, 810, 865 Rediscounts and bills payable: Discussion of 613 All banks in the United States, on call Foreign central banks 542 dates— Member banks, on call dates.._ 227, 369, 676, 886 By Federal reserve districts 102, Reserves: 300, 441, 730 Against dividends of member banks declared By States 105,301,442,731 but unpaid; ruling 208 All member banks on call dates 103, Deduction of balances due from American 228, 370, 677, 887 branches of foreign banks in computing; All State banks on call dates. __ 107, 303, 444, 733 ruling 208, 656 National banks on call dates. __ 106, 302, 443, 732 Deficient, penalties on 164, 611 Nonmember banks on call dates 104 Deposits of mutual savings banks, Morris Registrar of stocks and bonds. (See Fiduciary Plan banks, etc., classed as amounts "due powers.) to'' banks in computing 426 Regulations of the Federal Reserve Board: Discussion of 169 Regulation A—Rediscounts under sections Federal reserve banks— 13 and 13a 63 At end of each month 211, Amendments to— 288, 354, 429, 524, 599, 660, 717, 809, 864 Eligibility for rediscount of bank- By weeks 89, 151, 212, ers' acceptances 777 289, 355, 430, 525, 600, 661, 719, 811, 866 Rediscount of paper for Federal Daily average 93, 155, 212, intermediate credit banks 777 " 289, 355, 429, 525, 600, 661, 718, 810, 865 Regulation B—Open-market purchases of Legal requirements of foreign central banks, 563 bills of exchange, trade acceptances, and Liability incurred by a member bank bankers' acceptances 67 through issuance of cashier's check for Regulation C—Acceptance by member Federal reserve exchange purchased. 656 banks of drafts and bills of exchange 67 Member banks, monthly averages of weekly Regulation D—Reserves of member banks_ 68 figures 1 17, 130, Regulation E—Purchase of warrants 70 179, 249, 315, 382, 463, 550, 626, 694, 756, 835 Regulation F—Trust powers of national State laws relating to, summary of 778-805 banks 72 Resources and liabilities: Regulation G—Rediscount of notes secured All banks in the United States— by ad j usted service certificates 74 By Federal reserve districts 102, Regulation H—Membership of State banks 300, 441, 730 and trust companies 76 By States 105,301,442,731 Regulation I—Increase or decrease of Federal reserve banks— capital of Federal reserve banks 78 At end of each month 211, Regulation J—Check clearing and collec- 288, 354, 429, 524, 599, 660, 717, 809, 864 tion 80 By weeks 89, 151,212, Regulation K—Banking corporations au- 289, 355, 430, 525, 600, 661, 719, 811, 866 thorized to do foreign banking business.. 81 Member banks— Amendment to 657 All banks— Regulation L—Interlocking bank direc- By Federal reserve districts 226, torates under the Clayton Act 85 675,885 Revision of 283 On call dates J__ 103, Reichsbank, German. (See Germany.) 224, 228, 366, 370, 673, 677, 883, 887 Rent, Federal reserve banks, cost ofl 164, 611 Reporting banks in Federal reserve Repairs, Federal reserve bank buildings, cost of_ 164, bank cities 97,159, 221, 298, 611 364, 439, 534, 609, 670, 728, 821, 875 Reparation payments, German, report of agent Reporting banks in leading cities— general 28, 474 By weeks 96,158, 219, 296, Reserve balances of member banks: 362, 437, 532, 607, 669, 726, 819, 873 Monthly averages of daily figures— Revision of weekly statement, 8 By Federal reserve districts 210, State banks on call dates.- 225, 367, 674, 884 287, 353, 428, 523, 598, 659, 716, 808, 863 National banks, on call dates— Changes in 174, By class of bank 225, 367, 674, 884 245, 311, 378, 459, 546, 622, 689, 810, 831 By States 106,302,443,732 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 INDEX TO VOLUME 14 Resources and liabilities—Continued. Pa&e Rumania: Page Nonmember banks, on call dates 104 Bank of— State banks, on call dates— Annual report 583 All banks in the United States 107, Condition of 48, 142, 198, 303, 444, 733 275, 344, 416, 509, 589, 646, 707, 769, 852 Member banks 225, 367, 674, 884 Discount rates 49, 143, 199, Retail food prices, principal countries 55, 149, 276, 345, 417, 510, 590, 647, 708, 770, 853 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Gold holdings, 1913-1927 261 Retail trade. (See Chain stores; Department Foreign exchange rates— stores; Mail-order houses.) Monthly averages 52, 146, 202, Review of the month 1, 109, 279, 348, 420, 513, 593, 650, 711, 773, 856 167, 229, 305, 373, 445, 541, 613, 679, 735, 823 Yearly and monthly averages, 1919- Revision: 1927 56, 68 Balance sheet of Bank of Fiance 576 Russia: Colombia exchange rates 112 Bank of— Department store sales index 114-124 Condition of 48, 142, 198, Regulation A 777 275, 344, 416, 509, 589, 646, 707, 769, 852 Regulation K 657 Discount rates 49, 143, 199, Regulation L 283 276, 345, 417, 510, 590, 647, 708, 770, 853 Weekly reporting member banks, back Gold holdings, 1913-1927 __._ 261 figures on condition of 8 Legal reserve requirements 563 Rubber, crude: Foreign exchange rates— Imports, England 206, 424, 654, 860 Monthly averages 52, 146, 202, Stocks in United States 6 279, 348, 420, 513, 593, 650, 711, 773, 856 Rulings of the Federal Reserve Board; law Yearly and monthly averages, 1919department: 1927 56, 58 Clayton Antitrust Act— Retail food prices 55, 149, Amendment to 283 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Regulations of Board under 85 Wholesale prices 53, 147, Revision of 283 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Decision of Supreme Court of Minnesota in Salaries, Federal reserve banks 164, 611 Minneapolis par clearance case 517 Seasonal variations in wholesale and retail Deduction of balances due from American trade, description of indexes 114-120, 236-242 branches of foreign banks in computing Securities held by Federal reserve banks 90, 152, reserves ,. 208, 656 213, 290, 356, 431, 526, 601, 662, 720, 812, 867 Deposits of mutual savings banks, Morris Security and capital market, Germany 329 Plan banks, credit unions, building and Security loans (brokers' loans): loan associations, and cooperative banks Discussion of 167, 373, 445, 617, 737, 823 classed as amounts "due to" banks in Monthly figures 100, 162, computing reserves 426 181, 251, 317, 384, 465, 552, 628, 696, 758, 837 Digest, publication of 449, 657, 739 Security prices: Dividends of member banks declared but Germany 484 unpaid, reserves against 208 Index of 19, 132, Eligibility of paper rediscounted for Federal 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 intermediate credit banks as collateral Serbs, Croats, and Slovenes, National Bank of security for Federal reserve notes 806 the Kingdom of, condition of 48, 142, Forms of certificates evidencing eligibility of 198, 275, 344, 416, 509, 589, 646, 707, 769, 852 bankers' acceptances 517 Sheep slaughtered, index of 21, 135, Liability incurred by a member bank 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 through issuance of cashier's check for Shipbuilding, index of 21, Federal reserve exchange purchased 656 135, 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Rediscount of sight and demand drafts, Ships cleared: amendment to Federal reserve act England 206, 424, 654, 860 regarding 520 France 206, 424, 654, 860 Regulations of the Federal Reserve Board. Germany 207, 425, 655, 861 (See Regulations.) Shoe chain stores, retail trade: Reserves—• Index of 24, 139, Against dividends of member banks 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 declared but unpaid 208 New index 232-235 Deduction of balances due from Ameri- Shoes: can branches of foreign banks in Index of production 20, 184, computing 208, 656 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 State laws relating to, summary of 746- Wholesale trade 23, 138, 748, 778-805 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 State member banks as depositaries of Sight drafts, rediscount of, amendment to public moneys, law regarding 426 Federal reserve act regarding 520 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TO VOLUME 14 907 Silk: Stocks—Continued. Imports, France 206, 424, 654, 860 Department stores 24, 139, Index of production 21, 135, 188, 258, 324, 391, 472, 559, 635, 703, 765, 844 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Gold, in United States. (See Gold stock.) Raw, stock in United States 6 Industrial and railroad, prices of 19, 132, Silver: 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Coin and certificates, circulation— Straits Settlements, foreign exchange rates: Monthly figures 14, 127, 175, Monthly averages 52, 146, 246, 312, 379, 460, 547, 623, 691, 753, 864 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Revised figures, 1921-1927 176 Yearly and monthly averages, 1919-1927. _ 56, 61 Price of 52, 146, Strong, Benjamin, governor of Federal Reserve 202, 279, 348, 420, 513, 593, 650, 711, 773, 856 Bank of New York, death of 739 Production, index of 20, 135, Supreme Court of Minnesota, opinion of, in 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Minneapolis par clearance case 517 South Africa: Surplus: Bank of— Federal reserve banks— Condition of 48, 142, 198, By weeks 91, 153, 215, • 275, 344, 416, 509, 589, 646, 707, 769, 852 291, 357, 432, 527, 602, 664, 721, 813, 864 Discount rates— End of month figures 211, Changes in 143 288, 354, 429, 524, 599, 660, 717, 809, 868 Monthly 49, 143, 199,276, State bank members 371, 884 345, 417, 510, 590, 647, 708, 770, 853 State banks admitted to membership 88, 150, Gold holdings, 1913-1927 261 209, 286, 352, 427, 522, 597, 658, 715, §07, 862 Legal reserve requirements 563 Suspensions, bank 25, 140, Gold standard 562 189, 259, 325, 392, 473, 560, 636, 704, 766, 845 Retail food prices and cost of living 55, 149, Sweden: 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Bank of— Wholesale prices . 53, 147, Condition of 48, 142, 198, 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 275, 344, 416, 509, 589, 646, 707, 769, 852 Spain: Discount rates— Bank of— Changes in 49, 345, 647 Condition of 48, 142, 198, Monthly 49, 143, 199, 276, 275, 344, 416, 509, 589, 646, 707, 769, 852 345, 417, 510, 590, 647, 708, 770, 853 Discount rates 49, 143, 199, Gold holdings, 1913-1927 261 276, 345, 417, 510, 590, 647, 708, 770, 853 Legal reserve requirements 563 Gold holdings, 1913-1927 261 Cost of living _. 55, 149, Legal reserve requirements 563 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 . Cost of living 55, 149, Foreign exchange rates— 205, 282, 351, 423, 516, 596, 653, 714, 776, 859 Monthly averages 52, 146, 202, Foreign exchange rates— 279, 348, 420, 513, 593, 650, 711, 773, 856 Monthly averages 52, 146,203, Yearly and monthly averages, 1919- 279, 348, 420, 513, 593, 650, 711, 773, 856 1927 56, 58 Yearly and monthly averages, 1919- Gold standard 562 1927 - 56, 58 Joint-st<3ck banks, condition of 49, 143, Wholesale prices . 53, 147, 199, 276, 345, 417, 510, 590, 647, 708, 770, 853 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Money rates 40, 144, Stablization of currency. (See Currency sta- 200, 277, 346, 418, 511, 591, 648, 709, 771, 854 bilization.) Wholesale prices— Stark, W. R., article by, on currency demand. _ 740 All commodities 53, 147, 203, State banks: 280, 349, 421, 514, 594, 651, 712, 774, 857 Admitted to membership in system 88,150, Groups of commodities 54, 148, 204, 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 281, 350, 422, 515, 595, 651, 713, 775, 858 Condition of, on call dates— Switzerland: All banks in the United States 107, Bank of— 303, 444, 733 Annual report 268 Member banks 225, 367, 674, 884 Condition of 48, 142, 198, Member banks— 275, 344, 416, 509, 589, 646, 707, 769, 852 As depositaries of public moneys, law Discount rates 49, 143, 199, regarding 426 276, 345, 417, 510, 590, 647, 708, 770, 853 Earnings, expenses, and dividends-. 371, 877 Gold holdings, 1913-1927 261 Number of, in system 88, 150, Legal reserve requirements 563 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 Foreign exchange rates— State laws relating to bank reserves, summary Monthly averages 52, 146, 202, of J 746-748,778-805 279, 348, 420, 513, 593, 650, 711, 773, 856 Statistical work of the Federal Reserve Board._ 453 Yearly and monthly averages, 1919- Steel production, index of 20, 134, 1927 56, 58 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Gold standard 562 Stocks: Money rates 50, 144, 200, Agricultural and industrial commodities 6 277, 346, 418, 511, 591, 648, 709, 771, 854 Common, index of prices 19, 132, Retail food prices and cost of living, _ 55, 149, 205, 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 282, 351, 423, 516, 596, 653, 714, 776, 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 INDEX TO VOLUME 14 Switzerland—Continued. Pa,*e Treasury notes: Pag« Retirement of gold coins of Latin Monetary Held by Federal reserve banks 90, 152, Union 272 213, 290, 356, 431, 526, 601, 662, 720, 812, 867 Swiss cantonal banks, condition of 49, Of 1890, in circulation 864 143, 199, 276, 345, 417 Revised figures, 1921-1927 176 Wholesale prices— Trust powers granted to national banks 88, 150, All commodities 53,147,203, 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 280, 349, 421, 514, 594, 651, 712, 774, 857 Unemployment. (See Employment.) Groups of commodities 54, 148, 204, 281 United States notes, circulation: Tax, franchise, paid by Federal reserve banks. 165, 611 Monthly 14, 127, Taxes, Federal reserve banks 164, 611 175, 246, 312, 379, 460, 547, 623, 691, 753, 864 Telephone and telegraph expense of Federal re- Revised figures, 1921-1927 176 serve banks 164, 611 Textiles: United States securities: Index of production 20, 134, Held by Federal reserve banks— 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 By weeks 90, 152, 213, Wholesale prices 19, 132, 290, 356, 431, 526, 601, 662, 720, 812,'867 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Earnings on ^ 164, 611 Time deposits of member banks: End of month figures 211, Banks in small centers 99, 161, 288, 354, 429, 524, 599, 660, 717, 809, 864 222, 295, 361, 435, 530, 606, 668, 725, 818, 871 Monthly averages of daily figures 174, Monthly averages of weekly figures 17, 130, 245, 311, 378, 459, 546, 622, 689, 810, 831 179, 249, 315, 382, 463, 550, 626, 694, 756, 835 Weekly averages of daily figures 666,, Reporting banks in Federal reserve bank 690, 751, 831 cities__ 98, 160, Held by member banks 96, 158, 221, 298, 364, 439, 534, 609, 671, 728, 821, 875 220, 296, 362, 438, 532, 607, 669, 726, 819, 900 Reporting banks in leading cities 96, 158, United States Treasury notes, average yield.- 15, 128, 220, 296, 362, 438, 532, 607, 670, 726, 819, 873 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 Time loans, interest rates on 15, 128, Uruguay: * 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 Bank of— Tin manufacturing, index of production 21, 135, Condition of 48, 142, 198, 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 275, 344, 416, 509, 589, 646, 707, 769, 852 Tires, rubber: Gold holdings, 1913-1927 261 Index of production 20, 134, Legal reserve requirements 563 184, 254, 320, 387, 468, 555, 631, 699, 761, 841 Foreign exchange rates— Stocks in United States 6 Monthly averages 52, 146, 202, Tobacco: 279, 348, 420, 513, 593, 650, 711, 773, 856 Crop estimates 26, 561, 637, 705, 767, 846 Yearly and monthly averages, 1919- Manufactures, production, index of 20, 134, 1927 56,60 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 Vegetables, wholesale prices 19, 132, Stocks in United States 6 182, 252, 318, 385, 466, 553, 629, 697, 759, 838 Trade: Retail. (See Chain stores; Department Venezuela: stores; Mail-order houses.) Foreign exchange rates— Wholesale— Monthly averages 52, 146, 202, During 1927, discussion of 4 279, 348, 420, 513, 593, 650, 711, 773, 856 Index of 23, 138, 187, Yearly and monthly averages, 1919- 257, 323, 390, 471, 558, 634, 702, 764, 843 1927 56, 61 Seasonal variations, description of Gold imports and exports 51, 145, indexes 236-242 201, 278, 347, 419, 512, 592, 649, 710, 772, 855 ^Transportation statistics: Wages. (See Pay rolls.) Canada 207, 425, 655, 861 Warrants, municipal, held by Federal reserve England 206, 424, 654, 860 banks, maturities of 92, France 206, 424, 654, 860 154,217,293,359,436,531,604,665,723,816,869 Germany 207, 425, 655, 861 Weekly statements of condition of Federal re- United States 23, 138, serve and member banks. (See Condition of 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 banks.) Traveling expenses, Federal reserve banks 164, 611 Wellborn, M. B., resignation of, as governor of Treasury bonds, average yield on 15, 128, Federal Reserve Bank of Atlanta 7 177, 247, 313, 380, 461, 548, 624, 692, 754, 833 Wheat: Treasury certificates of indebtedness: Crop estimates 26, 561, 637, 705, 767, 846 Held by Federal reserve banks— Receipts and exports, Canada.. 207, 425, 655, 861 By weeks 90, 152, 213, Stock in United States 6 290, 356, 431, 526, 601, 662, 720, 812, 867 Wholesale prices: Maturities of 92, 154, 217, By commodity groups 19, 132,. 293, 359, 436, 531, 604, 665, 723, 816, 869 182, 252, 318, 385, 466, 553, 629, 697, 759, 85& Issues of 10, 456 Principal countries 53, 147, Treasury financing 10, 456 203, 280, 349, 421, 514, 594, 651, 712, 774, 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
909 INDEX TO VOLUME 14 Wholesale trade: Page During 1927, discussion of 4 Woolens, exports, England 206, 424, 654, 860 Index of 23, 138, Yugoslav1*': 187, 257, 323, 390, 471, 558, 634, 702, 764, 843 Bank of— Seasonal variations, description of in- Annual JV t 403 dexes 236-242 Discr 49,143,199, Withdrawals from Federal reserve system 88, 150, 7, 510, 590, 647, 708, 770, 853 209, 286, 352, 427, 522, 597, 658, 715, 807, 862 13-1927 261 Wood pulp: 409 Exports, Canada 207, 425, 655, 861 Fore. j rates— c a Production, index of 21, 135, Mox. averages 52, 146, 202, 185, 255, 321, 388, 469, 556, 632, 700, 762, 840 279, 348, 420, 513, 593, 650, 711, 773, 856 Stocks in United States 6 Yearly and monthly averages, 1919- Wool: 1927 56, 58 Consumption, index of 21, 135, Zinc: ; 185, 255, 321, 388, 469, 556, 632, 700, 762, 841 Production, index of 20, 135, Imports— 184, 254, 320, 387, 468, 555, 631, 699, 761, 840 England 206, 424, 654, 860 Stock in United States 6 Germany.— 207, 425, 655, 861 Stock in United States 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS Denver, '0 COLO. i 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
Cite this document
Federal Reserve (1928, November 30). Federal Reserve Bulletin, 1928-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192812
@misc{wtfs_bulletin_192812,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1928-12},
year = {1928},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192812},
note = {Retrieved via When the Fed Speaks corpus}
}