fraser.stlouisfed.org · federal reserve board ex officio members: a. w. mellon, secretary of the...

J • • . • • - • • • • •

FEDERAL RESERVEBULLETIN

NOVEMBER, 1927

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Money Rates Abroad and in the United StatesBusiness Conditions in the United StatesEarnings and Expenses of State Member Banks

UNITED STATESGOVERNMENT PRINTING OFFICE

WASHINGTON1927

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:

A. W. MELLON,Secretary of the Treasury, Chairman.

J. W. MCINTOSH,Comptroller of the Currency.

ROY A. YOUNG, Governor.EDMUND PLATT, Vice Governor.ADOLFH G. MILLER.CHARLES S. HAMLIN.GEORGE R. JAMES.EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary,J. C. NOELL, Assistant Secretary.E. M. MCCLELLAND, Assistant Secretary.W. M. IMLAY, Fiscal Agent.J. F. HERSON,

Chief 9 Division of Examination, and Chief FederalReserve Examiner.

WALTER WYATT, General Counsel.

E. A, GOLDENWBISER, Director, Division of Researchand Statistics.

CARL E. PARRY, Assistant Director, Division of Re*search and Statistics.

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 ( R I C H M O N D ) . . . . . . . JOHN F. BRUTON, Vice PresidentDistrict No. 6 (ATLANTA)---. . „ „ „ . . . P. D. HOUSTON.District No. 7 (CHICAGO) „-. „ . FRANK O. WETMORB, President.District No. 8 (ST. LOUIS)_ - . . •_._ BRECKINRIDGE JONES.District No. 9 (MINNEAPOLIS) . . . . THEODORE WOLD.District No. 10 (KANSAS CITY) . - . - - . - . - - P. W. GOEBEL.District NO. 11 ( D A L L A S ) . . . . . . . . . . . . . B. A. MCKINNEY,District No. 12 (SAN FRANCISCO)._---_ . HENRY S. MCKEE.

II


OFFICERS OF FEDERAL EESEEVE BANES

Federal Reserve Bank of—

Boston . . —New York....,

Philadelphia.. . . . . . . . . . .

Cleveland. „_„

Richmond.*. ..._.„„

Atlanta

Chicago.--..... . . . . .

St. LouisMinneapolis.... __...•

Kansas City.. . . . . . .Dallas

San Francisco....

Chairman

Frederic H. Curtiss.G. W. McGarrah . . . . . .

R. L. Austin.. ..„«,„..

George DeCamp..

Wm, W. Hoxton.. . . . . . . . . .

Oscar Newton..

Wm. A, Heath....

Wm. McC. Martin...John R. Mitchell...

M. L. McClure.. . . . . . .0 . C. Walsh . . . . . . . . . . . . . . .

Isaac B. Newton..... . .

Governor

W. P. G. Harding.Benj. Strong...

Geo. W. Norris

E. R. Fancher

George J. Seay...

M. B. Wellborn.

J. B. McDougal.

D. C. Biggs . . . . . . . . . . . . .W. B. Geery..

W. J. Bailey......Lynn P. Talley...

J. U. Calkins

Deputy governor

W* W. Paddock.J. H. Case . . . . . . . .L. F. Sailer . . . . . .G. L. Harrison.. . . . . . . . . . . .E. R. KenzeL..—.Wm. H. Hutt . . . . . . . . .

M. J. Fleming.. . . . . . . .Frank J. ZuriindenC. A. Peple.—_..„ . . .„ . . .R. H. Broaddus . . . .Hugh Foster.._.Creed TaylorC. R. McKay.—.. . . . .—.John H. Bla i r . . . . . . . . . . . . . .

0. M. Attebery.B. V. Moore . . . . . . . .Harry YaegerC. A. WortbingtozL,. . .R. R. Gilbert : .„—...R. B. Coleman.. „„.Wm. A. Day —Ira C l e r k . — — . . —L. 0. Pontious.............

C ashlar

W. Willeti.A. W. Gilbart.sJ. W. Jones.* \.Ray M. Gidney.iL. R. Rounds.»0. A. Mcllhenny.W. G. McCreedy.*H. F. Strater.

Geo. EL Keesee.John S. Walden, Jr.*M. W. BelL

W. 0. Bachmaxs*2

K. C. Childs.iJ. H. Dillard.iB. A. Jones.i 10. J. Netterstrom.a j0. M. Attebery.Gray Wan-en.Frank C. Dunlop.2J. W. Helm.Fred Harris.

W. No Ambrose.

* Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS


New York:Buffalo b ranch . . . . . . . . . . . . . .

Cincinnati branch. . . . . . . . . . .Pittsburgh branch

Richmond*Baltimore branch...

Atlanta:New Orleans branch. . . . . . . . .Jacksonville branch... .Birmingham branch. . . . . . . . .Nashville branch . . . . . . .

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branch . . . .Little Rock branch,...

Managing director

W. W. Schneckenburger.

C. F. McComb3.J. C. Nevin.

A. H. Dudley.

Marcus Walker.Geo. R. DeSanssure.A. E. Walker,J. B. Fort, jr.

W. R. Cation,

W. P. Kincheloe.W. H. Glasgow.A. F. Bailey.


Minneapolis:Helena branch . . . . . . . . .

Omaha branch —Denver branchOklahoma City branch

Dallas:El Paso branch „. . . . .„.Houston branch.... . . . . . . .San Antonio branch-... . .

San Francisco:Los Angeles branch . . . . . . .Portland branch „Salt Lake City branch.. . . . . . .Seattle branch..Spokane branch

Managing director

R. E. Towle,

L. H.Earhart.J. E. Olson.C. E. Daniel.

W. 0. Ford.D. P. Reordan.M. Crump.

Wm. M. Hale.H. B. West.W. L. Partner, |C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

THE FEDERAL RBSEEVE BULLETIN is the board's medium of communicationwith member banks of the Federal reserve system and is the only official organor periodical publication of the board. The BULLETIN will be sent to all memberbanks without charge. To others the subscription price, which covers the cost ofpaper and printing, is $2. Single copies will be sold at 20 cents. Outside of theUnited States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents.

in


TABLE OF CONTENTS

PageReview of the month—Money rates abroad and in the United States 749Earnings and expenses of State member banks in the first six months of 1927 751, 794

National summary of business conditions 752

Financial^ industrial, and commercial statistics:Reserve bank credit-

Reserve bank credit in use 754Discounts and deposits of Federal reserve banks 754

Gold imports and exports and money in circulation 755Money rates in New York City 756Federal reserve bank rates 756Open-market rates 756Rates charged customers by banks in principal cities 757Member bank credit—

Member bank reserve balances and borrowings at Federal reserve banks 758Loans, investments, and deposits of reporting member banks 758Bankers' balances in Federal reserve bank and branch cities . 759

Commodity prices, security prices, and security issues 760Industrial production 761Factory employment and pay rolls 762Building _, 763Commodity movements. 764Wholesale trade 764Retail trade. 765Bank suspensions and commercial failures 766

Foreign banking and business conditions:Currency and banking reform in Poland 767Description of wholesale price indexes 769

Financial statistics for foreign countries:Condition of central banks__. 771Condition of commercial banks 773Discount rates of 32 central banks 773Money rates in foreign countries 774Gold exports and imports of principal countries 775Foreign exchange rates_ _ > ; 776Price movements in principal countries—

Wholesale prices 777Retail food prices and cost of living . 779

Changes in national and State bank membership . . 780Fiduciary powers granted to national banks - . _ _ 780

Detailed banking statistics for the United States 781

IV


FEDERAL RESERVE BULLETINVOL. 13 NOVEMBER, 1927 No. 11

REVIEW OF THE MONTH

Increased demand for bank credit in recentweeks carried the volume of loans and invest-

ments of member banks inBank credit October to the highest level on

andmoneyrates ^ ^ T h e g r o w t h ^ m e m _

ber bank credit has been composed in part ofincreases in loans for commercial and agri-cultural purposes, as is usual at this season ofthe year, but in larger part it has reflected anincrease in investments and especially in loanson securities. The increase in commercialloans since midsummer has been smaller thanfor the same period last year, while the rapidgrowth of loans on securities is in contrast toa decline in this Jjrpe of loans in the autumnof 1926. Deposits of member banks, andparticularly their demand deposits, have alsoincreased, and consequently there has been aconsiderable increase in the member banks'reserve balances at the reserve banks. In-creased reserve requirements of member banksand some seasonal demand for currency haveresulted in a growth of reserve bank credit, andthere has also been an export of gold. As aconsequence, the volume of reserve bankcredit outstanding in October was larger thanat any time since January. Conditions inthe money market, however, have continuedto be easy, and open-market rates for money,though some of them have had slight seasonaladvances in October, are considerably lowerthan in midsummer. In foreign money mar-kets there has been a more pronounced risein money rates, reflecting the influence ofseasonal requirements superimposed upon thecontinuous strong demand for bank credit.During October two of the important Europeancentral banks, the German Eeichsbank and theNetherlands Bank, established higher rates fortheir discounts and advances, and on NovemberJ the Bank of Norway also raised its rate.

tions in Ger-many

In Germany the rate at the Reichsbank hadbeen reduced in January to 5 per cent, the

lowest rate since 1922. This^ Credit condi- reducti.on was made largely as

an adjustment to the prevailinglevel of open-market rates.

Demand for credit, however, increased rapidlyafter the early weeks of the year, owing to thegrowing financial requirements of industry andtrade, as well as to the large volume of activityin the security market. At the Reichsbankthe demand for additional funds was reflectedin a constant growth of notes in circulation,partly to replace rentenmarks which were beingretired, but chiefly to supply the increasedcurrency needs of the public. At the sametime there was a large demand for foreign bills,both to pay for goods purchased abroad and totransfer. funds for temporary investment inforeign markets. These demands gave rise toa. large increase in the volume of domestic billsdiscounted by the commercial banks at theReichsbank. Changes in the position of theReichsbank between January 22 and May 7 areshown in the table below:

GERMAN REICHSBANK

[In 'millions of dollars]

Increase(+) or de-crease (—)

Gold reservesForeign exchange reserves-Bills and checksNotes in circulation

Jan. 22,1927

437119329709

.

May 7,1927

44130460835

+131+126

The growing demand for credit at theReichsbank arising in part out of a contin-

uous large volume of loansCredit re- m a c [ e w commercial banks on

strictions and ,-, , -, -, i i ^rate advances t l l e s t o c k e x c h a n g e l e a t o a n

announcement on May 12 bythese banks, supported by the Reichsbank,that by mid-June the}^ would reduce their loans

749


750 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927

on the stock exchange by 25 per cent. Thepurpose of this measure was to limit loans onthe stock exchange and thus to increase thevolume of bank credit available for trade andindustry. But, notwithstanding the fact thatthis program was carried out, demands uponthe Reichsbank continued to grow, its foreignexchange reserve declined further, and therewas a rapid rise in open-market money rates.Consequently, on June 10 the Reichsbankadvanced its discount rate from 5 to 6 per cent.This measure was followed by a slowing downIn the rate of growth of the Reichsbank'sdomestic portfolio and in some growth of itsreserves. But the demand for circulation con-tinued, and between June 15 and October 7changes in the principal items of the Reichsbankstatement were as follows:

GERMAN REICHSBANK

[In millions of dollars]

Gold reserves - - - -Foreign exchange reservesBills and checks -Notes in circulation

June 15,1927

43018

504796

Oct. 7,1927

44137

620

Increase

1119

116158

This growth in Reichsbank credit was ac-companied by an advance in open-marketrates, the rate on acceptances rising from 5 to6 per cent. In these circumstances the Reichs-bank on October 4 advanced its discount ratefrom 6 to 7 per cent and its rate for advancesfrom 7 to 8 per cent.

This rise in central bank rates in Germanywas followed by rate advances at the Neder-

landsche Bank. The discountR a t e ad« r a t e m Netherlands at 3}^ per

! n , the cent had been much lower thanands ...the level prevailing at other

European central banks, with the exception ofthe Swiss National bank, and the open-marketrates in Amsterdam had been correspondinglybelow the rates in other international moneymarkets, as will be seen from the chart. Thiscondition caused a movement of funds out ofthe Netherlands, resulting in an increasedrecourse by the commercial banks to thecentral bank and a decline in the gold andforeign exchange holdings of that bank.Changes in the principal items in the condition

Netherlands

statement of the Netherlands Bank betweenJanuary 24 and October 10 are shown below:

N E T H E R L A N D S B A N K


Gold reserves.Foreign bills__Loans and discounts.Notes in circulation.

Jan. 24,1927

1677881

319

Oct. 10,1927

Increase(+) or de-crease (—)

15550

124331

- 1 2- 2 8+43+12

The movement of funds out of the Nether-lands increased further after the advance inthe Reichsbank rate, and the exchange valueof the guilder declined close to the gold exportpoint. On October 13 the rate at the centralbank on bills was advanced by one full percent from 3 y% to 4 3^ per cent, the level pre-vailing at the Bank of England.

In Great Britain the rate at the Bank ofEngland, which had been maintained at 5 per

cent since December, 1925, wasMoney rates r e d u c e d t o ±y p e r c e n t o nEngland and rm England and . n n i . ,, . m i .

France April 21 of this year. I his re-duction was made possible by

the growth in the bank's gold holdings and bythe relatively easy condition in the short-termmoney market in the spring. On the day fol-lowing the reduction of the bank rate, the Bankof France, out of its holdings of London bal-ances, repaid a debt of about $160,000,000 tothe Bank of England and thus regained controlof $90,000,000 in gold which had been heldunder pledge as partial security for this debt.The gold thus released was acquired by Ameri-can interests, and $30,000,000 of it was ex-ported to New York on private account, while$60,000,000 was purchased by the reservebanks and temporarily kept on deposit abroad.Subsequently the reserve banks sold this goldin Europe. In the meantime the strength ofFrench exchange, and expectations of itsfurther rise, attracted a large volume of foreignfunds to Paris, and since the foreign exchangebills arising from the movement were sold to theBank of France its holdings of foreign currenciesincreased rapidly. The accompanying abun-dance of short-term money in Paris put theBank of France, which maintained a discountrate of 5 per cent, out of touch with the market.


NOVEMBER, 1927 FEDEEAL KESERVE BULLETIN 751

At the same time an increasingly large propor-tion of the central bank's portfolio was con-verted into foreign bills. These developmentscaused the Bank of France to convert a partof its exchange holdings, in London and else-where, into gold. The consequent withdrawalof gold from the London market was aninfluence in tightening money conditions there,and rates for bankers7 bills advanced sharplyto within a small margin of bank rate, and haveremained near this level since that time.Movements since the beginning of 1926 inopen-market rates for bankers' acceptances inthe principal foreign money markets and inin New York are shown on the chart.

MONEY BATES IN INTERNATIONAL CENTERS

1S2S . 1927

Eates shown are open-market rates for bankers' acceptances, andfigures are on a weekly basis

In the United States money rates in thespring and early summer were at a fairly con-

stant level, slightly higher thanRate policy i n t h e p r e c edmg year. This

in the United -, , . , : -, T -, ,* . level was maintained largely by

the continuous growth in thedemand for bank credit from the securitiesmarket, since there was no considerable growthof commercial loans owing to the somewhatreduced rate of industrial activity. Towardthe end of July, however, and during the monthof August open-market money rates declinedsharply following upon the reduction of thediscount rates at the Federal reserve banks

from 4 to 3 ^ per cent and the correspondingreduction of the reserve banks7 buying ratesfor bankers' acceptances. The decline in therate on bankers' acceptances is shown on thechart. The reductions of discount rates at thereserve banks were accompanied by purchasesof United States securities, and money rates inthe open market declined to the lowest levelsince the spring of 1925. The reserve system'spolicy of rate reduction and open-market pur-9

chases adopted in July and its relation to domesticand international credit conditions was dis-cussed in the review of the month for Septem-ber. The increased holdings of Governmentsecurities by the reserve banks have enabledthe member banks to meet the seasonaldemands for credit and currency without mate-rially increasing their borrowings at the reservebanks, with the consequence that the volumeof discounts for member banks was smaller inOctober of this year than at the same period ofeither of the two preceding years. The smallerindebtedness of the member banks at thereserve banks, together with the lower levelof discount and bill rates of these banks, hasbeen an important factor in maintaining aneasy condition in the money market during theautumn. The relatively lower level of ratesin this country than abroad has also had theeffect of strengthening sterling and other for-eign exchanges and thus facilitating the financ-ing of our exports. At the same time themovement of gold, which had been into theUnited States in considerable volume earlier inthe year, changed in direction, and during thepast six months there has been a small decreasein the country's stock of monetary gold.

EARNINGS OF STATE MEMBER BANKS

A statement showing the earnings and ex-penses of State member banks during the firsthalf of 1927 is given on page 794. Correspond-ing figures for the first half of last year weregiven in the BULLETIN for last November, andfor the last half of 1926 in the BULLETIN forMay, 1927. Annual figures for the period1919-1926 are given in Table 96 of the board'slatest annual report.


752 FEDEKAL RESEKVE BULLETIN NOVEMBER, 1927'

NATIONAL SUMMARY OF BUSINESS CONDITIONSIndustrial and trade activity increased less

in September than is usual at this season ofthe year and continued to be in smaller volumethan a year ago. The general level of whole-sale commodity prices showed a further rise,reflecting chiefly price advances for agricul-tural commodities.

Production.—The Federal Reserve Board'sindexes of both manufacturing and mineralproduction, in which allowance is made forusual seasonal variations, decreased betweenAugust and September. Production of ironand steel was in smaller volume in September

PER CENT

tso

100

50

INDUST RIAL PRODUCTION

PER CENT150

100

50

1923 1924 1925 1926 1927

Index number of production of manufactures and mineralscombined, adjusted for seasonal variations. (1923-1925 aver-age =100.) Latest figure, September

than in any month since 1925. There werealso decreases from August to September inthe output of nonferrous metals, automobiles,and rubber tires, while the textile and shoeand leather industries continued active. Theproduction of bituminous coal showed aboutthe usual seasonal increase in September andOctober, but continued in smaller volume thanduring the same period of other recent years.The output of anthracite was considerablyreduced during September and the first half ofOctober, following an increase in August, andthe weekly output of crude petroleum has de-creased slightly since the early part of August.The value of building contracts awarded con-tinued somewhat smaller during September andthe first three weeks of October than duringthe corresponding period of 1925 or 1926; de-clines occurred in contracts for residential,commercial, industrial, and educational build-ings, while contracts for public works and pub-lic utilities were larger in September than inthe corresponding month of any previous year.

Crop conditions improved in September,and the Department of Agriculture's estimatesfor October 1 indicate larger yields of most graincrops than were expected a month earlier.The estimate for the corn crop was increasedby 148,000,000 bushels and was only 43,000,000bushels smaller than the yield in 1926. Wheatproduction is expected to be 34,000,000 bushelslarger than last year, while the estimated cottoncrop of 12,678,000 bales is more than 5,000,000bales below last year's yield.

Trade.—Trade of wholesale and retail firmsincreased in September by somewhat less thanthe usual seasonal amount. Compared with ayear ago, sales of wholesale firms in nearly alllines, except shoes and drugs, were smaller.Sales of department stores were in about thesame volume, and those of mail-order housesand chain stores were somewhat larger. In-ventories of merchandise carried by reportingwholesale firms in leading lines were reducedin September and continued smaller than lastyear. Stocks of department stores, on the otherhand, increased slightly more than is usual inSeptember and at the end of the month weresomewhat larger than a year ago.

Freight-car loadings were in smaller volumeduring September and the first week of Octoberthan in the corresponding period of last 37earfor all groups of commodities, except grainand grain products, of which loadings werelarger than in the same period of any previousyear since 1924.

Prices.—Wholesale commodity prices ad-vanced in September for the fourth consecu-

PER CENT1501

50

WHOLESALE PRICES

PER CENT1150

100

50

1923 1924- 1925 1926 1927

Index of United States Bureau of Labor Statistics. (1926 = 100,base adopted by bureau.) Latest figure, September

tive month, and the Bureau of Labor Statisticsall-commodities index rose to the highest level


NOVEMBER, 1927 FEJDEBAL BE-SERVE BULLETIN 753

since last January, There were large increasesbetween August and September in the pricesof livestock, meats, and cotton, and smalladvances in the prices of leather, coal, andchemicals, while prices of grains, buildingmaterials, and rubber declined. During thefirst three weeks in October the prices of springwheat, corn, cotton, coal, and iron and steeldeclined, while prices of livestock, raw wool,and rubber advanced.

Bank credit.—Total loans and investmentsof member banks in leading cities showed afurther increase for the four weeks endingOctober 19 and on that date were about$660,000,000 larger than in midsummer. Ofthis growth in member bank credit about$325,000,000 represented an increase in com-mercial loans, a considerably smaller increasethan for the same period last year, and about$335,000,000 increase in investments and loanson. securities.

: At the reserve banks total bills and securitiesincreased during the four weeks ending October19, as is usual at this season, but were on theaverage about $60,000,000 below the level ofthe corresponding period last year. Theincrease, which was largely in the form of addi-tions to the banks' holdings of acceptances,

reflected chiefly an increase in member-bankreserve requirements and an export demandfor gold.

BILLIONS OV OOLLAr

10BILLIONS OF DOLLARS

10

- 2

1923 1924- 1925 1926 1327

Monthly averages of weekly figures for banks in 101 leadfng cities.Latest figures are for October

Some seasonal firmness in the money marketin October was reflected in an increase from 3 Y%to 334 P^r cent in rates on 90-day bankers'acceptances. The rate on commercial paperremained unchanged at 4 per cent.

FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE

Year andmonth

Indus-trial

produc-" tion i"

1926June.---.-_July—„„_AugustSeptember.,-October. _„_November..December..

1927January. = „„February. __March. . . . .April-- .—M a y . . . . . . .June., . .- . . .Ju ly . . . . . . . .August __.__September, _

Produc-tion ofmanu-

fac-tures 1

Produc-tion ofminer-

als^

Building contractsawarded *

Unad-justed

Ad-justed

Rail-roadcar

load-ings 1

Factoryemploy-

ment

Factory Whole-sale

trade

Department-storesales *

Department-storestocks l

Unad-justed

Ad-justed

Unad- Ad-justed justed

Monthly average 1923-1925=100 Monthly average 1919-100

Bankdebits .outsideof NewYorkCity i

107107111112111108105

107109111108111108106107106

107107111112110106103

105107110109111108106107106

106107109111115118119

116118118104108104100106105

133126146137126119131

• 9496151147135154130135127

125124129130126130136

123131131128126144128119121

109108108109109108106

105109109108107104101104104

95939496969594

929494939392919192

109104108108112109108

102109110108108106101104104

84828897948678

757383787981778891

13099105131158156234

11410712914313113097113130

130133134144139138146

130139129140127130130143143

131125130142153156128

124131142143138129124130143

138133130132137138137

139139140139138136133130133

127136126126126123126

125133134137133134132133138

1 The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts anddepartment-store sales and stocks are shown both with and without seasonal adjustments.

68914—27—2


754 FEDEKAL EESEKVE BULLETIN NOVEMBER, 1927

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS

RESERVE BANK CREDIT

BILLIONS OF DOLLARS2

BILLIONS OF DOLLARS2

1923 1924 1925 1926 1927

Monthly averages of daily figures for 12 Federal reserve banks.Latest figureslare averages for October

RESERVE BANK CREDIT IN USE

[Monthly averages of daily figures. In thousands of dollars]

Monthbank

credit inuse1

1926—April . - . . . 1,158,891May 1,155,191June _—_. 1,139,808July -I 1,166,564August.. 1,158,264September . „ 1,225,236October _ 1,269,356November 1,270,057December... 1,380,571

1927—January.. _._.___ 1,146,523February 1,007,624March 1,029,319A p r i l . . . . . . .__„ 1,038,857M a y — . 999,504June 1,033,123July . . . _ . . . 1,026,152August... 1,021,830Sep tember . . . . . . . . . . . | 1.139,342October.... 1,213,155

Bills dis-counted

formemberbanks

539,594514,559476,044

555,799641,797665, 566618,367671,722486,875393,636427,716447,286472,984428,563453,9974Q9,439422,192424,426

I UnitedBills I States

bought securi-ties

235,956230, 555244,038231,132245,094263,992294,296346,859

345, 448305,013254, 618248,429233,224205,273189,774173,122215,926281,903

369,779

408,776379,745353,90S315,747306,413302,30&321,446310,637306; 707344,921341,081291,495397,754381,081438,511500, 637506,128

i Total holdings of bills and securities by all Federal reserve banksincluding "other securities" and foreign loans on gold.

DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS

[Monthly averages of daily figures. In thousands of dollars]

Month Total

Federal Reserve Bank

BostonNew-York

Phila-delphia

Cleve-land

Kich-mond

At-lanta

St.iChicago I jjjjjjg Minne-

apolis

6,3866,9205,2547,556

13,07611,21211,1458,6135,1014,1464,3244,6096,0586,7376,5145,9526,1094,4352,672

54,66362,93451,69851,63849,78750,09951,57453,07052,55052,27850,75951,48450,37149,15649,67850,60749,71452,57855,623

KansasCity

19,04420,14918,47216,16412,69313,54212,45516,86613,66310,2569,4378,584

11,90217,33316,52412,4609,330

10,69815, .730

88,27888,77588,15592,65194,61993,70692,84891,39391,12790,88091,42590,78990,83289,37888,34290,91691,61190,15590, 542

Dallas

7,4009,8S2

11,92116,13820,13925,00019,45117,22310,3206,6063,2153,1974,4034,6706,1727,374

12,74210,9817,151

61,58059,39957,08767,47857,59558,91360,98461,14862,90262,15663,76363,17062,58761,64559,76560,20959,75963,04466, 381

SanFran-cisco

Discounts:1926—April _.

May. . . .JuneJulyAugust—.-.SeptemberOctoberNovember...December

1927—JanuaryFebruaryMarchAprilMay. _.__.._June _._.July . . . . . . . .AugustSeptemberOctober

Deposits:1926—April

MayJuneJulyAugustSeptemberOctober .NovemberDecember.-.

1927—JanuaryFebruaryMarcha

ay_JuneJulyAugustSeptember.October. __

539,594514,559476,044648,966555,799641,797665,566618,367671,722486,875393,636427,716447,286472,984428,563453,997409,439422,192424,426

2,251,8462,253,2942,241,4152,262,4202,253,3502,273,2052,280,1802,279,135

2,300,2042,266,4602, 284,8092,301,1202,326,8162,355,4282,339,4782. 331,4522, 350,875

28,45027,06824,81634,62936,65345,49342,18038,03155,72634,476

35,53823,20137,12933,84329, 68929,85428,37733,290

148,224146, 111145,362148,013145,625147,447163,231155,409150,252148,810149,134146,177148,394148,045149,846152, 568151,977153,393157,165

129,202136,767117,785165,983163,270182,447164,579134,908154,570120,78790,232

114,391121,628137,76591.932

122,892118,418142, 360126,862

851,678856,697865,577857,668847,061862,912853,359856,416879,596885,641856,053878,285882,386908,188941,867918,918902,138911, 090921,315

53,29549,72249,24348,13545,85146,22449,91843,82660,78544,18436,15841,81943.74445,84145,22746,79139, 56638,24038,425

137,832137,307135,361137,621136,602137,152139,637139,260139,419141,195139,360

140, 451138,961137,874137,993138,571140,911141,539

56,20752,07143,97737,22133,66644,96670,38675,60290,05162,10739,42431,88853,89043,62441,801

27,80434,76243,720

180,681181,553181,333185,981188,314188,048185,945184,749181,215182,290183,035188,427188,122188,376190,247189,620192', 145190, 489190,085

45,06846,63747,36641,77544,91846,35945,66435,51629,62022,49823,40922,22122,50625,45022,37421,83919,67126, 25128,888

69,31469,31466,55671,41870,05470,06172,24072,62671,01073,33572,27670,48471,21172,58671,67974, 26274,47874, 61874,666

44,35435,18338,38442,01147,586 i55,345 I55,68150,45547,55334,43526,73831,38934,14034,62532,61836,27334,67131.08525,999

80,74476.13372,47773,45371,87372,71874,64072,93871,80272,72372,53171.13472,76671,12668,81068, 47167,482

70,827

I75,26666,31162,54760,85454,69167,73689,224 j105,702119,16590,84778,29770,69156,28152,67963,91759,68540,47031,41436,483

325,392332,762329,191

340,386338,071

332,040329,801331,215329,680328,167

338,974338,545337,875345,465343,955346, 798

28,23626,66228, 53630,64235,19643,46242,16337,54837,84419,07214,53114,37416,20224,02426,25329,81824,74927,99221,484

83,53883,39481,27082,91782,09280,93783,74582,77182,82383,32583,75482,78083,82783,19382,43482, 62281,58981, 57584, 745

46,68847,23737,74347,95848,16160,00662,72054,07747.32438,46139,20249,01553,33143,10741,39045,83146,05535, 59743,722

169,922168,915167,348168,376169,442173,141175,334177,315177,13S176,356174,690175,018177,810177.188176,341175,417176,523180, 219181,122


NOVEMBER, 1927 FEDBBAL RESERVE BULLETIN 755

GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATIONMH.U0NS OF DOLLARS MILLIONS OF DOLLARS

GOLD IMPORTS AND EXPORTS

Bars above base line represent Imports-Bars below base line represent Exports •Black portions represent excess Imports or Ex

60

801921 1922 1923 1924- 1925 1926 1927

GOLD STOCK i[First of month figures. In millions of dollars]

Month

January.—.February..March.,...AprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1922

3,6573,6813,7213,7513,7673,7743,7863,8253,8593,8743,9023,909

1923

3,9333,9383,9613,9693,9824,0234,0494,0794,1094., 1354,1684,210

1924

4,2474,2894,3384,3684,4174,4604,4914,5174,5314,5484,5544,570

1925

4,5474,4824,4244,4054,3944,3964,3904,3914,4004,3994,4424,426

1926

4,4094,4154,4454,4954,4974,4944,5004,5194,5114,4994,4914,495

1927

4,5024,5374,5864,5994,6094,6084,58845864,5934,5824,548

i Gold coin and bullion held by United States Treasury and Federalreserve banks (including gold held abroad) and gold coin in circulation.

GOLD IMPORTS AND EXPORTS, BY COUNTRIES[In thousands of dollars]

Country of originor destination

Imports Exports Imports Exports Imports Exports

EnglandFranceGermany. _NetherlandsCanadaCentral AmericaMexico „..ArgentinaChile..ColombiaEcuadorPeruVenezuelaAustraliaBritish IndiaBritish MalayaChina and Hong

KongDutch East Indies._

Philippine Islands __All other countries..

Total

1927

September

855106

34164

1,08511062

9,739

87

57423,140

133

11778

12,979

37300

110180

1724,444

January-Sep-tember

39,39121,016

115,07552,952

9524,724

23

1,1341,9251,

41021,912

1,6741,232

20,0001,229

479

192,966

14

13,994

4,511253

5,17323,249

""17661"

1192,316

4,302

1926

Calendar year

1,212351

1

82,5431, 516

23,9139

21,1801,6631,3072,644

64751,119

5

6,5401,707

14,0001,990

1,441 1,15757,642 J213,504

1847,550

42,3923,8556,202

438

1,700

5783,342

4,4952,221

60

832115, 708

5500

5000

4500

4000

US OF DOLLARS

A/

.MONEY IN CIBC

MILLIONS 8F DOl

ULAT10N

i

5500

5000

4500

B23 1924. 1925 1S26 .13274000>

on averages. Latest figure, October, $4,847,000,000, averagelafigures for October 1 and November 1

MONEY IN CIRCULATION

[First of month figures. In millions of dollars]

Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.

1922

4,6054,3534,4024,4134,3854,3704,3744,3374,3944,5214,5704,617

1923

4,7334,5094,6114,6564,6684,7084,7294,6964,7784,8504,8354,923

1924

4,9514,6824,8084,8134,7604,8154,7554,6654,7744,8064,8804,994

1925

4,9934,7524,8044,7764,7254,7744,7364,7204,7844,8274,9014,972

1926

5,0084,7404,8144,8064,8544,8714,8354,8584,8644,9064,9334,949

1927

5,0014,7134,7794,7584,7844,7864,7454,7444,7504,8504,844

KINDS OF MONEY IN CIRCULATION


Kind of money

Gold coin and bullionGold certificatesStandard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silverUnited States notes.. . . „Federal reserve notes.__Federal reserve bank notes-_National bank notes

Total

First of month figures

Septem-ber

3871,045

48379

1277299

1,6574

651

4,750

Octo-ber

3921,062

48390

1280304

1,7154

653

4,850

Novem-ber

3891,068

49392

1282298

1,7114

648

4,844

Averages 1

Septem-ber

3891,053

48385

1279302

1,6864

652

4,800

Octo-ber

3901,065

48391. 1

281301

1,7134

651

4,847

1 Averages of figures for first of given month and first of followingmonth.


756 FEDERAL "RESERVE BULLETIN NOVEMBER, 1927

MONEY SATES IN NEW YORK CITY

3 -

1 -

0

- 1

1922 1923 192*+ 1925 1926 1327

FEDERAL RESERVE BANK RATESDISCOUNT KATES

[Rates on all classes and maturities of eligible paper]

Federal reserve bank

-Boston...New YorkPhiladelphia..Cleveland.Richmond.Atlanta.. _Chicago. ___._„St. Louis......Minneapolis...Kansas City......DallasSanTrancisco.

Rate ineffect onNOT. 1

3H

1

Date established

Aug. 5, 1927 . . .Aug. 5, 1927 ISept. 8, 1927. \Aug. G, 1927..—-JAug. 16, 1927Aug. 13, 1927..Sept. 7, 1927....._Aug. 4, 1927..Sept. 13, 1927July 29, 1927..Aug. 12, 1927Sept. 10, 1927..

BUYING BATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-15 days . . .16-30 days. .31-45 days. .46-60 days __81-90 days. .91-120 days.121-180 days

Rate ineffect onNov. 1

Date established

Aug. 5, 1927..Aug. 22, 1927........doAug. 5, 1927..,

do . . . .do

July 29, 1927 _.

Previousrate

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.

OPEN-MARKET RATESRATES IN NEW YORK CITY

Month or week

1926August..__..__.September... . . .October __NovemberDecember..

1927January. .„_„FebruaryMarchA p r i l . . . . . . . .MayJune.. .J u l y . . . . . . . . .August ._September.... . .OctoberWeek ending—

Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29

Prevailing rate on- A verage rateon—

Average yieldon—

Timeloans,

90days 2

Call loans 1

N e w

4.585.054.704.605.16

4.274.064.134.214.274.263.953.663.843.88

3.924.184.103.753.50

Re-newal

U. S.Treas-ury

notesand

certifi-cates,,3 to 6

months

Treas-ury

bonds5

4.525.02i4.75!4.565.16

4.324.034.134.184. 264.334.053.683.803.90

4.004.204.003.903.50

3.27«3.47

3.583.35

< 3.11

3.233.29

4 3. 213.393.33

2.2.70

4 2.813.

3.033.063.3.103.09

3.753.743.733.683.64

:3.603.583.483.473.443.473.483.453.443.43

3.443.443.443.443.43

1 Stock exchange call loans; new and renewal rates.2 Stock exchange 90-day time loans.3 Three issues—3%, 4, and 4M per cent; yields calculated on basis of

last redemption dates—1956, 1954, and 1952.* Change of issues on which yield is computed.


NOVEMBEE, 1927 FEDERAL EESSEYE BULLETIN 757

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 banksduring the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding$7,500,000,000.

FEDERAL RESERVE BANK CITIES

Month Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

CityDallas San Fran-

cisco

1926—OctoberN o v e m b e r — .December

1927—January _„February..MarchAprilM a y jJuneJuly. .—August.. _SeptemberOctober

Prime commercial loana

1927—AprilMay—June.—.JulyAugustSeptember.October

1927—AprilMay.—JuneJulyAugustSeptember..October

1927—April_->May.. „JuneJuly - . _ -August..SeptemberOctober

_-4K-4M

4^-4

534-85^-65 -6

5 4-65 -6

5 -65^-65 -5>5 -b1/

5 -65 -85 -65 -65 -6

5 -65 -65 -65 -6o -65 -6

4N-5

414-5434-5

4iJ-54^-54^-54 -5

0- 5}4\5 -5%!tyi-Âl4*4-5344M5K|

5 „5 ~5M5 -5 1

5 -5,-555555555

5 -65 -6

5 -643^-6

43^-643^-6

4M-5

43^434-4^43^-4^243^-434

43^-5

tm4%-5434*54^-5

ty'l41^-54/^-4^4M-4M

Loans secured by prime stock exchange collateral

6666

534-666

5 -666

4^-65 -65 -64M-6

5 -85 -65 -65 -65 -65 -65 -6

434-5

434-54^-5

43/2~54M-5

5 "~Â

5 -oj^5 ~~b\^2

5 -5H5

43/2--r>3/2

434-6

41I-64K-64^-6434-6

5 -65 -65 -65 -65 -65 -65 -6

5 -76

6 -75 -75 -65 -65 -7

5 -85 -65 -65 -65 -65 -65 -6

Loans secured by warehouse receipts

54M-54^4-54^|-54^-54H-54M-5

5 -65 -5H5 -65^-65 -64H-65 -6

6666566

65 -65 -6

6

65 -6

5 -65 -65 -6

•5 -6-5

5 -65 -6

4^-5434-5344^-5344^-54^-54H-5

. 4K2-5

555

4M-54H-54M-5434-5

Interbank loans

4HQ/24M4 ^

-4M

4

43^4^.-5

41^-54 -543^-43/24 -4M

4.%-b4^-5

43 '"5434-5434-5^

555555

4^-5

555

5 -5H555

5 ~65 -65 -65 -65 -65 -65 -6

5 -&H555555

5 -53^5 -5345 ~~h /25 -51/25 ~b}/25 -5y2

4M-5M

5 -65 -65 -85 -65 -65 -65 -6

6666666

555555

5 -6

5 -65 -65 -655 -65 -65 -G

FEDERAL RESERVE BRANCH CITIES

City

Buffalo—-----------Cincinnati—PittsburghBaltimore —B irminghamJacksonville »Nashville ..-.--.New Orleans.„DetroitLittle Kock—Louisville -Helena —Denver.Oklahoma CityOmahaEl Paso.-- . -HoustonSan Antonio..-Los Angeles..-.Portland -Salt Lake CitySeattle „.. .„..-Spokane

Prime commercial loans

August S eêe

rm" October

5 -6534-6

. 5 -65 -5H5 -65 ~6

5 -85 -65 -6

S5 -65 -6

85 -6

666

6 -7

434-8

55 -55 -65 -6

65 -65 -65 -65 -6

84 -65 -6

5 -$

6/4-86666

Loans secured by primestock-exchange collateral

5 -6

5 -64^-5345 -65 -8

65 -65K-65 -6

86

5 -64K-6

85 -6

6 -7666

August Segf rm- October

5 ~66 -86 -7

6 -7

5 -6

5 sy5 -65 -6

65 -8

65H-65 -66 -75 -6

86 -75 ~66 -85 -66 -86 -7

6 ,

6 -7 i6 !

5 -6oM-Q5 -64>2'-6

65 -8

V24M-66 -75 -6

853- -6

65K-66 -80 -66 -86 -7

6

Loans secured by warehousereceipts

August SePte

erm" October

66 -7

6534-6

68 -853^-65 -65 -66 -7

66 -8

65 -67 -85 -77 -8

76 --7

76 -76 -7

66 -8

5 -65 -66 -7

534-86 -86 -6M7 -85 -76 -86 -76 -7

76 -7

7

6G -7

666

6 -8

5 . -6

6 2 -7 '0

6 -85M-7

66 -6>7 -85 -66 -86 -76 -7

76 -7

Interbank loans

August

55 -5H5 -£5M-65 -6

6

5 -55 -65H-6

6 -8

Jm" October

55 -5K2o -85 -85 -6

6

55 -65 -6

56 -86 -6>

6

65

5 -6

55 -534£ -65 -5H5 -6

6

5 -65 -hY53-2-6

56 -8.6-6H

6;

6'-5-

5 -66'.66

5 -6M;


758 FEDERAL RESERVE BULLETIN NOVEMBEK, 1927

MEMBER BANK CREDITMEMBER BANK RESERVE BALANCES AND BOKROWINGS AT FEDERAL RESERVE BANKS

[Monthly averages of weekly figures. In thousands of dollars]

Month

1926—AugustSeptember.—...October. __„—.November ._December

1927—JanuaryFebruaryMarch. .Apr i l . . .Maylune. „I n l y . . . . -AugustSeptember... . .October

Reserve balances

Reporting member banks

New YorkCity

679,145711,833662,329672,948725,298717,310682,026709,853687,972720,255775,900728,491724,240726,262728,171

Otherleadingcities

964,171965,294969,406983,186960,263960,239962, 691961,184971,108976, 346973,318967,062983,241982,785996,927

Total

1,643,3161,677,1271,631, 7351,636,1341,685,5611,677, 5491,644, 7171,671,0371,659,0801,696,6011,749, 2181,695,5531,707,4811,709,0471,725,098

Othermember

banks

571,988578,811583, 111580,514579,291587,647584, 612593,492594,900593,528592, 650603,200605,427613, 709629,976

Total

2,215,3042,255,9382,214,8462,216,6482,264,8522,265,1962,229,3292,264, 5292,253,9802,290,1292, 341, 8682,298,7532,312,9082,322, 7562,355, 074

Borrowings at Federal reserve banks

Reporting member banks

New YorkCity

111,296128,17384,40671,16299,61175f89459,90773,11878,45990,16751,48559,38373,86590, 42074, 502

Otherleadingcities

224,147299,449355,892350, 687347, 515223,259172,986195,001191,883213,476219,307213,252182,027176,509208,435

Total

335,443427, 622440,298421,849447,126299,153232,893268,119270,342303,643270, 792272, 635255,892266,929282, 937

Othermember

banks

215,007209,261196,211191,127200,647177,141158, 791150, 734151,086155,476163, 753160,970156,838150,495145,245

Total

550,450636,883636,509612, 976647,773476,294391,684418,853421,428459,119434, 545433, 605412,730417,424428,182

LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING MEMBER BANKS

[Monthly averages of weekly figures. In thousands of dollars]

Month

Im"iNew York City:1920—September

October .„November. . .December

&9I7—•January....February. . . . . .March —A p r i l . — — — — , .MayJune —J u l y . . . .AugustSeptemberOctober.. .

In other leading cities §~ 1926—September , .

October... . . . . .November .December

1927—January..-,.. . . . .-.FebruaryMarchA p r i l . . . -M a yJune -—.July „AugustSeptember..'October.

to ta l s1926—September.-—....

October -November . . ...December.—„-..

1927—JanuaryFebruary —March —April „ . .May .June -JulyAugustSeptember —October

Loans and investments

Total

6,237,6076,179,2296,174,2506,308,8866,341,1146,189,0526,349,7016,421,1656,534,8826,692, 2436,601,8416,578,6606, 705,1706, 782,502

13,654,39513,781,83713,699,69013,644,28913,549,74113,559, 44413,816,86713,813,14113,911,81213,990,13213,948,10313,965,60314,118, 66014,336,762

19,892,00219,961,06619,873,94019,953,17519,890,85519,748,49620,166, 56820,234,30020,446,69420,682,37520,549,94420.544,26320,823,83021.119,264

Loans

Total

4,484,0844, 472,1594,464,4164,575,0214,593,3794,436,6614,525,8654,570,0294,628,5674,767,1624, 720,1394,748,0524,910,9435, 009, 556

9,785,3939,902, 6149,859, 6669,845,9189,775, 4019,725,0269,810,8199,782,499

9,870,9649,820,407

9,927, 35510,042,416

14,269,47714,374,77314, 324,08214, 420,93914,368, 78014,161,68714,336, 68414,352,52814,455,43114,638,12614,540, 54614,616,87214,838,29815,051,972

On securi-ties

2,108,2901,992,1071,912,5802,018, 7312,097,9071,981,2612,039,0332,100, 0792,140, 5622, 270,9842,225, 7812,228, 6102, 268, 6602,331,157

3,608,4943, 637,2883,608,0313,639,0433, 630,1893, 618, 6653, 654,9533,857,8053, 701,0273,781, 252

13,772,074i 3, 799,2861 3,845,801

3,909,278

5,716, 7845, 629,3955,520,6115, 657,7745,728/.0965,599,9265,693,9865, 757,8855,841,5896,052,236

i 5,997,85516,027,896i 6,114,461

6,240,435

All other

2,375,7942, 480,0522,551,8362,556,2902, 495, 4722, 455, 4002,486,8322,469,9502,488,0052,496,1782,494,3582, 519,4422,642,2832, 678,399

6,176,8996,265,3266,251, 6356,206, 8756,145,2126,106,3616,155,8666,124, 6946,125,8S76,089, 712

16,048,333i 6, 069,534i 6, 081,5546,133,138

8,552,6938,745,3788,803,4718,763,1658,640,6848,561,761

8,594,6438,613,8428,585,890

1 8, 542,6911 8, 588,976i 8,723,8378, 811, 537

Invest-ments

1,753,5231,707,0701,709,8341,733,8651,747, 7351,752,3911,823,8361,851,1361,906,3151,925,0811,881, 7021,830,6081,794,2271, 772,946

3,869,0023,879,2233,840,0243,798,3713,774,3403,834, 4184,006,0484,030,6424,084,9484,119,1684,127,6964,096,7834,191,3054,294,346

5,622,5255,586,2935,549,8585,532,2365,522,0755,586,8095,829,8845,881,7785,991,2636,044,2496,009,3985,927,3915,985, 5326,067,292

Net demand, time, and Government deposits

Total

5,908,9095,863,0585,858,6356,030,8096,080,8945,894, 4786,063,7716,079,8696,169, 5186,421,3586,268,8446,229,4756,291, 8796,371, 720

12,989,15813,076, 63912,962,91312,922,00912, 995,27413,015,91113,220,90913,226,69313,274, 77413, 324,83813,317,08313,360,07013, 507, 55613, 694, 015

18, 898,06718,939,69718,821,54818, 952, 81819,076,16818,910,38919,284,68019,306,56219,444, 29219,746,19619, 585,92719, 589, 54519, 799, 43520, 065, 735

Netdemand

5.025,3874,978, 7844,959,0465,093,9515,127,3084,935,0065,068,2815,066,0815,179,0925,389,7405,264,5435,213,2355,224,0565, 254, 646

7,994,7958,044, 8277,990.7917,948', 1487,951,3237, 961, 6067,973,9477,977,5238,011, 7318,034,3148,017,612

1 8,073,4748,102,1768,165,308

13,020,18213,023, 61112,949, 83713,042,09913,078, 63112,896,61213,042,22813,043,60413,190, 82313,424,05413,282,155113,286, 70913,326. 23213,419, 954

Time

833,852872,198901, 789917,608929, 499929,103950,045956, 334

1,009,999992,370

1,010,4411,003,9131,014, 507

4,848,8314,883,1384,898,1714,881,3824,951,2884,977,5585,082,3785,091,8515,179,4285.174, 2945, 204,050

1 5,239,9815, 289,1265,351,448

5, 688, 4775, 716, 9905,770,3695,783,1715,868,8965,907, 0576,011,4816,041,8966,135, 7626,184, 2936,196,420

1 6,250,4226,293,0396,365,955

Govern-ment

43,87850,42227,39135,06935, 97829,97366,38763,74334, 09221,61911,9315,799

63,910102,567

145,532148,67473,95192, 479

76,747164, 584157,31983,615

116, 23095, 42146,615

116, 254177,259

189, 408199,096101,342127,548128, 641106,720230,971221,062117,707137,849107,35252,414

180.164279,826

i Revised figures


NOVEMBER, 1927 FEDERAL RESERVE BULLETIN 759

BANKERS*' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIESFEDERAL RESERVE BANK CITIES

[Weekly reporting member banks. Monthly averages of weekly figures]

[In thousands of dollars]

Month

Dae from banks:1926—April

May..June...July . _AugustSeptember.October. __November.December .

1927—January...February..March..-..April——MayJuneJulyAugust....September-October

LIU© tO Dil l lKS.

1926—April.May.June „_July . .August. . . .September.October.._November.December.

1927—January...February..March.....April. .—May.......June..JulyAugust.-..September-October

City

Boston

44,45642,59244,28239,46888,73240,25836,98341,03137,75540,24639,05040,96348,19642,81545,84645,94744,12643. 06652, 594

135,075131,158126,416130,199119,858119,490125,816128,262126,533136,801135,794134,562142,243137,294143,113160,660152,083141,354146,826

NewYork

108,123101,225107,517104,84691,973

102,4^5111,081102,63696,640

100,30393,479

100,235106,574101,68094,87092,48085,33095, 323

110,715

1,086,3181,071,8461,097,6721,066,9121,040,2501,061,7701,066,9541,052,1881,078,0481,107,4051,090,4371,118,3001,104,3661,116,7811,170,7111,164,0951,159,5801,177,0911,208, 959

Phila-delphia

69,63563,65865,92258,79153,44159,25663,38556,82855,07955,21258,03655,36254,43053,44756,37450, 66852,33351, 23352,330

180,893180,040179,362174,699167,796169,984170,767165,589163,054173,041173,142172,512170,573169,109164,173169,079167,855168, 581172, 928

Cleve-land

28,61527,11730,01827,11325,60725,09027,64627,05724,34027,45923,25022,31822,91222,67424 49922,94824,15626, 38024, 880

47,47045,04946,34449,52948,94949,93248,21446,64745,14348,84553,57854,01755,61355,08956.13560,29060,42061,39561,232

Rich-mond

16,42616,53815,77814,86214,08315,93416,34118,46517,68012,8397,5207,5446,8206,7136,7186,8476,2146,4446,237

31,67232,17729,56830,812*29,17330,14731,65433,06733,09533,25633,58533,46031,22329, 58530,34630,35931,26632, 42833, 786

Atlanta

13,04914,03712,22612,82611,83312,27414,42012,68812,08214,92313,32311,74411,65811,46710, 51111,67510,86712.57812, 874

17,78816,31515,50515,43814,80216,55417,92718,36318,25719,41318,62317,06315,42715,54414,11315,39414,87218, 68220, 058

Chicago

153,225165,357168,279157,130148,873151,708155 681154,680152,680148,857139,348143,846147,663169,597145,323143,247142,140147, 293145,935

383,232379,873381,543373,312371,742374,605359,722349,234347,137370,264362,476371,986362,808372,351346,052361,439361,869369, 798374,500

St. Louis

28,66330,21029,30027,85926,23525,58228,03729,50328,40031,67329,85029,85228,20827,29626, 50325,62626,99525, 58127,958

84,28683,69181,44183,87082,66480,33179,29278,93679,49588,53388,34787,03986,08581,81081,40181,92078,63978, 69778, 930

Minne-apolis

21,82921,67921,62022,65819,25220,26422,26422,79422,23921,63220,01719,82219,83619,60219,93221,74419,84427,65429,302

47,33150,37848,61346,73343,11345,62750,36452,69850,77153,08055,47153,58650,93447,52147, 51446,46345, 52557, 55563, 751

KansasCity

38,37339,53737,83146,98946,94744,93943,65450,46643,73344,62141,88440,64638,64933,49033,44536,04133,08632,94236, 058

91,00791,62693,669

108,780110,499103,73498,41397,03896,657

101,17095,33790,26886,74182,55182,67491,83791,23887,87283,780

Dallas

22,96222,66824,44723,37219,67924,41528,16629,06926,30927,97520,24119,18418,76816,61315,79515,16213,40618,15219,211

26,72025,14924,86025,51624,07226,67932,76433,77132,34032,57533,23431,91328,62427,03624,89424,80124,22232,02337,433

San Fran-cisco

60,13248,38151,29563,98050,27753,91753,01650,60654,38060,79862,11254,37150,83251,32553, 51652,26953,31358,84656,817

89,01087,76494,849

101,182106,473109,046107,216105,774107,583105,868127,068104,05594,91698,38799,877

108,422107,400105, 736110, 056

FEDERAL RESERVE BRANCH CITIES

[Weekly reporting member banks. Monthly averages of weekly figures for 1927]


City

Buffalo .Cincinnati —Pittsburgh. __—Baltimore . -.Birmingham „_..JacksonvilleNashville -New Orleans _.D e t r o i t . . -Little Rock.-. .-Louisville.._—MemphisHelena - —Denver .Oklahoma CityOmaha .__El Paso —Houston -_San Antonio . . . . . .Los AngelesPortland .Salt Lake City „Seattle..—Spokane....

Due from banks

June

12,86414,94.940,85214,4068,08511,3255,09515,49537,2563,4849,15013,0851,41014,88411,45415,4482,53216,5716,968

53,6459,8025,17116,4333,778

July

12,89314,04236,09614,3339,98811,2365,75315,36334,7053,4507,41013,2681,89114,07412,21917,9782,74215,9517,13754,26410,1314,95916,6383,912

August

14,34114,68539,67414,6879,18110,8364,33715,48933, 3783,0296,53411,3921,87814,43610,16117,3962,39716,2868,08254,47610,5864,56117,6464,857

Septem-ber

12, 83414,01338,31013, 83710, 48110, 6325,28718, 83334,2373,7617,227

11, 8252,17215, 46510,02317, 5262,27519,1058,07752, 68211,1084,90918, 5144,840

October

13, 24416,38741, 01615, 64812,33111, 3776,977

21, 55234,0044,3497, 425

15, 5262,46816,41113,26319,4823,02417,6547,35055,12410,6435,457

18, 2434,637

City

BuffaloCincinnati,-.Pittsburgh.. _.„.Baltimore „.BirminghamJacksonvilleNashville .New OrleansDetroitLittle Rock _«...„Louisville..——Memphis _„Helena.DenverOklahoma City-OmahaEl PasoHoustonSan Antonio..—Los AngelesPortlandSalt Lake City..Seattle

Due to banks

June

23,59333,703121,27735,7876,09213,36611,15337,97744,51610,58524,13412,9092.37914,53117,01132,1992,11524,7307,59855,51815,33910,28816,3798,316

July

25, S8034,863125,04938,3467,47912,94212,50737,38441,89710,48927,08512,3032,38113,83618,63933,2982,17322,6597,01759,98715,86310,00716,7907,783

August

24,51038,047

128,46740,4497,22418,55910,85136,78241,88C9,41726, 45010,8702,406

16,79216,29C40,6042,091

8,40356,71817,0989,418

18,010

Septem-ber

25,17536,454

127, 28438, 6449,123

18,04811,11442, 62943, 6509,832

27, 79512,888

October

17,95815,99038,1421,977

34,4849,086

44,68820,46710, 46419,46410,124

24, 886

130, 75335,80611,80017, 70712,87246, 04138, 84712, 589

18,5843,862

20, 76421,10335,3492,566

35, 7577,801

48,061

12,89019,09410,304


780 PEDEEAL EESEEVE BULLETIN NOVEMBER, 1927

COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUESWHOLESALE PRICES, BY COMMODITY GROUPS 1

[1926=100]

Month

JulyAugust . . , . .September-OctoberNovember.December..

1926

All com-' modities

99.599.099.799.498.497.9

JanuaryFebruary._March. . . . . .AprilMay - .JuneJulyAugust . . . . .September.

1927

95.994.593.793.793.894.195.296.5

Farmproducts

98.697.299.397.994.794.9

96.595.494.294.3

102.1100.2101. 2102.2105.9

Foods

98.897.599.8

100.8100.5100.7

96.995.994.594.694.494.493.994.296.5

Hidesand

leatherproducts

99.099.798.8

101.0100.4100.4

101.0100.2100. 5101.7103.7107.3111.7111.7112.5

Textile Fuel andproducts lighting

98.598.598.997.796.395.2

94.394.694.094.293.994.394.396.298.5

99.5100.6101.5101.3102.599.4

97.795.890.084.983.984.284.284.184.2

Metalsand

metalproducts

100.7101.0101.2101.0100.8100.4

98.898.098.297.898.698.297.798.097.6

Buildingmaterials

99.499.599.599.5

100.199.2

97.596.295.395.095.194.693.792.992.1

Chemi-cals and

drugs

100.499.8

100. 299.198.698.8

97.697.697.197.895.495.895.395.496.4

Rouse-furnish-

ing goodsMiscel-laneous

99.599.499.198.8

97.997.997.897.897.898.098.098.6

97.595.494.293.490.8

90.390.690.991.391.390.289.389.989.2

1 New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699.

PRICES OF FARM PRODUCTS AT THE FARM i

[August, 1909-July, 1914=100]

Month or week

Month

1926JulyAugust.September -OctoberNovember .December..

1927JanuaryFebruary—March . . . . . .AprilMayJuneJulyAugustSeptember..October . . . .

30com*rnod«ities

136133134130130127

126127126125126130130132140139

Grains

125128121123121120

120122121119127140139138134128

Fruitand

vege-tables

195166136136142137

140142140147158201195172145138

Meatani-mals

152144148148142140

140143144143137129131136142145

Dairyand

poultryprod-ucts

131130139144157161

152142133133130124125127137146

Cottonand

cotton-seed

126130134

948881

8594

102101113119124136179169

Un-classi-

fied

858193979791

87848180798281818783

1 Index numbers of Department of Agriculture.

DOMESTIC CAPITAL ISSUES[In millions of dollars]

Class of issue

Total

Corporate issuesBonds and notes—

Long-termShort-term

StocksFarm loan issuesMunicipal issues

Total new andrefunding

September,1927

• New

413.3

296.1

184.94.5

106.7

Re-fund-

ing

76.4

January-September

1927

New

4. 512. 3

75.2

71.8.5

2 93 . 7 . — -

113.5! 1.2

48 5.7

3, 360.7

2,166.0160. 7

1, 033. 854.6

1,097.1

Re-fund-

ing

1,363. 5

1,248. 4

1,017. 242.0

189.392.822.2

5,875. 9

1926

New

4,010. 8

2, 919. 9

1, 846. 8199.6873.486.5

1,004. 6

Re-fund-

ing

524.6

470.2

410.336.823.140.214.0

4,535.4

SECURITY PRICES

1926—October...November.December.

1927—January...February-MarchAprilMayJune _.JulyAugustSeptember.October...

Week ending—Oct. 1 -Oct. 8Oct. 15Oct. 22Oct. 29

Common stocks i

198indus-trial

stocks a

155.4157.5161.7

158.4163.0165.7165.1174.5175.4179.0189.0197.0197.5

203.1200. 9201. 4191.8190.3

31railroadstocks*

129.6132.4135.2

136.7142.1143.1147. 4150.5151.9153.9156.0157.1158.9

160. 2160. 2159.9157.8156.6

Total,229

stocks

Bonds:Average

priceof 40

issues

147.9150.2 |153.9

94.9395.6696.05

153.5156.9159.0166.2167.5168.5171.7179.3191.1186.2

190.5189.0189.2182.0180.5

96.4396.4496.6397.2497.5597.0697.0397.7698.0098.62

98.3998.6198.6998.6998.70

1 Index numbers of Standard Statistics Co..* Average of 1917-1921 prices=100.3 Average of yearly high and low prices, 1913-1922=100.

FOREIGN CAPITAL ISSUES[In millions of dollars]

Class of issue

Total

New issuesEuropeCanada and New-

foundlandLatin AmericaUnited States insular

possessionsMiscellaneous __

Refunding issues

Total, Governmentand corporate

September,1927

Gov-ern-

ment

58.3

31.87.0

12.012.8

26.5

lit

Cor-po-rate

58.0

54.312.5

21.82.0

2.415.63.7

. 3

January-September

1927

Gov-ern-

ment

701.2

613.2191.4

97.5204.0

5.3114.888.0

Cor-po-

rate

388.0

348.1123.2

73.163. 6

12.575.639.9

1, 089. 2

1926

Gov-ern-

ment

477.7

385.0134. 2

61.7178.7

10.4

92.7

88?

Cor-po-rate

405.6

325.7154.4

114.123.9

1.331.979.9

.3


NOVEMBEK, 1927 FEDERAL EESERVE BULLETIN 761

INDUSTRIAL PRODUCTION[Index numbers, adjusted for seasonal variations. 1923-1925 average=100]

Month

January . „ 73February . . . . ____ 75MarchAprilMayJuneJulyAugustSeptember.October. __November.December.

Index of Industrial Production

Total

1922

Annual index.

807781868684889497100

85

1923

100100103107106105103102100

101

1001021009589858389949497101

95

1925

105105104103103102103103102105106108

104

1926

106107107107106107107111112111108105

108

1927

106109111108ill108106107106

Manufactures

1922

7375788186909187899498100

87

1923

1001001031071061041021001019896

101

1924

10210195888482

9597101

94

1925

106106106103103102103102104107109110

105

1926

1091081081071071G7107111112110106108

108

1927

105107110109111108106107106

Minerals

778592535459576281909497

74

1923

1011001031091081081111109810410599

1924

102104999293929292978996100

96

1925

1041009698104101104108909194

1926

9296106106104106107109111115118119

107

1927

116118118104108104100106105

Month

Index of Production of Manufactures, by Groups

TotalIronandsteel

TextilesFoodprod-ucts

Paperand

printingLumber Auto-

mobilesLeather

andshoes

Cement,brick,

and glass

Non-ferrousmetals

Petro-leum

refiningRubber

tiresTobaccomanu-

factures

1926JulyAugustSeptember..OctoberNovember...December—.

1927JanuaryFebruaryMarchAprilMayJune.July _."AugustSeptember,..

107111112110106103

105107110109111108106107106

113120117115104102

10511311411511610410210197

99105109110110110

108108114112116121118119118

1021031029896

100

103102

113115116137116113

112113113114113112113111113

10095

1061281241058865

959910410410593838881

10110110510699100

102

100105113106113

11811811711410795

101107119109108109111115116

110110112112119118

116112108112111108106108107

126128128129133135

135134135134132134136136139

117128132126108112

118117123131127131124119113

110113113116115111

114113116122122116109119123

Month

Index of Production of Minerals, by Products

Total Bitumi-nous coal

Anthracitecoal

Crude pe- Iron oret l h i t

ptroleum shipments Copper Zinc Lead Silver

1926JulyAugustSeptemberOctoberNovember _.December....

1927January . . . . .FebruaryMarchAprilMayJ u n e . . . . . . . . .July.._.AugustSeptember

107109111115118119

116118118104108104100106105

106107109112124121

119125131879491879292

119118127125114115

101958810811710275107100

103105108113117121

120123123119120120124123124

11012611613297

120101999987

111108113113116112

114111100106107105101101104

111120121121120119

113113114110108114109114111

113116117118116122

113112115120113112116112114

9096969393107

979590909093949489

NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important com-ponents. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals.Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal varia-tions, and the individual products and industries have been weighted in accordance with their relative importance. The sources of daU andmethods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927

68914—27 3


762 FEDERAL RESEBVE BULLETIN NOVEMBER, 1927

PRODUCTION OF MANUFACTURES, BY INDIVIDUAL IJNES

Septem-ber, 1927

August,1927

Septem-ber, 1926

Septem-ber, 1927

August,1927

Septem-ber, 1926

Iron and steel:Pig ironSteel ingots. _

Textiles:Cotton consumption _W o o l -

ConsumptionMachinery activity 1

Carpet and rug loom activity 1 _Silk—

Deliveries.._ __Loom activity 1

Pood products:Slaughtering and meat packing-

HogsCattleCalvesSheep

Flour . - -Sugar meltings

Paper and printing:Wood pulp and p a p e r -

Newsprint __Book paper _ __Fine paperWrapping paperPaper boardWood pulp, mechanicalWood pulp, chemical

Paper boxesNewsprint consumption _

Lumber:Lumber, cu t . .Flooring

Transportation equipment:AutomobilesLocomotivesShipbuilding _.

129

142104

33969110993111

10711710311492112121129

97112

100102

137

99

124110

951039911088103

100107124

113122120

94107

57165

108118

929185

125105

11310411299129

114111116104116128116139122

96133

1248357

Leather and products:Leather, tanning—

Sole leather iUpper leather—

CattleCalf and k ip_ .Goat and kid..

Boot;; and shoesStone, clay, and glass:

CementBride—

Face brickI aving brick

Plate glassNonferrous metals:

Copper

Zinc

Chemicals and allied products:Petroleum refining—

Gasoline *Kerosene ._Fuel oil iLubricating oil!___ __

Coke p roduc t ion -By-productsBeehive.

Rubber tires and tubes:Tires, pneumaticInner tubes . __ .

Tobacco products:CigarsCigarettesManufactured tobacco and snuff.

101

85107135116

120

110

104114111112

15595122120

12052

116

10514095

97

87107130108

123

10389122

105112114110

152

124115

11359

97139

87

10588118110

114

11080137

112113121101

139106115114

122101

13411.9

126

1 Without seasonal adjustment. 2 Revised

FACTORY EMPLOYMENT AND PAY ROLLS[Index numbers without seasonal adjustment. Monthly average, 1919=100]

Month

Employment;1926—August

September-October. >_November-December..

1927—JanuaryFebruary.-MarchAprilMayJuneJuly ._ „AugustSeptember

Pay rolls:1926—August

September-OctoberNovember-December..

1927—JanuaryFebruaryMarchAprilMayJuneJuly - . _.AugustSeptember.

Total

94.495.896.365.294.192.493.693.993.292.692.490.791.291.9

107.6108.3112.4108.8107.8101.9108.5109 9108.4108.1105.8101. 0104.4103.8

Metals andproducts

Group

91.992.993.391. 790.588.990.190.689.988.787.885.785.485.1

97.098.4

102.699.399.394.199.1

100.799.596.895.287.490.487.8

Ironandsteel

91.792.793.091.690.488.790.190.389.688.487.585.485.084.7

96.797.9

102.299,099.193.898.7

100.199.196.294.786.789.887.3

Textiles and product

Group

88.491.393.793.695.095.296,996.695.193.693.191.092.393.9

96.598.9

105.3102.0106.3105.3111.0110.8305.1103.3102.899.1

102.7104.8

Fabrics

88.692.895.997.097.597.698.598.397.596.596.394.895.696.5

96.0100. 7108.2107.3109.8107.6111.7111.3108.1107.6107.0102.8105.8107.3

Prod-ucts

88.089.590.889.491.992.294.794.592.089.988.986.288.290.5

97.096.7

101.795.5

102.0102. 6110.3110.3101.498.197.694.698.9

101.9

Lum-berand

prod-ucts

100.3100.0100.299.497.392.991.891.2

• 91.091.691.891.292.493.0

112.6113.7117.8116.4112.9101. 6103.4104.6103.2105.3104.8101.1105.8107.3

Rail-rosdvehi-cles

84.985.083.983.082.379.879.278.078.478.578. 978.276.776.1

93.188.993.492.191.984.689.387.088.089.887.983.085.481.3

Auto-mobiles

125.1124.6119.9110.2

- 104.0104.2117.3122.4123.4123. 7117.2109.9114.3111.0

152, 7148.9151.3131.3111.594.0

140.2153.4157.7158.7131.4125.2136.3128.7

Paper

print-ing

106.6108.4109.8111.1110.7108.8109.0109.0108.1107.3106.9106.3106.9107.8

144.4146.8151.0152.3154.7150.3150.8152.2150.7150.3148.2145.4147.2148.9

Foods

prod-ucts

86.088.690.488.686.785.184.984.183.183.787.686.785.888.7

100.6103.6105.6102.9102.199.399.399.198.0

100.7104.6103.1101.7104.4

Leather

prod-ucts

89.590.990.689.087.188.588,988.684.282.682.285.388.288.5

97.697.497.390.488.590.095.693.287.084.485.190.297.595.2

Stone,clay,andglass

129.7129.3126.6123.9117.9109.6110.1115.9121.5124.0124. 2119. 5120.2119. 3

162.3157.0159.5154.6147.6129.5136.8144.9151.6157.6154.5143.7149.0145.7

To-

prod-ucts

76.780.682.782.381.873.579.078.977.378.280.380.374.483.5

82.887.691.390.688.476.279.280.977.983.686.785.779.790.5

Chem-icalsand

prod'ucts

75.677.478.278.277.877.677.878.278.175.375.975.075.376.9

101.1102.3109.0108.6109.1107.0108.9111. 7109.9107.0109.1103.6105.2105.7

NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for importantindustrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was de-scribed in detail and indexes for the above groups since January, 1919. were published in the BULLETIN for May, 1925. See also p. 668 of BULLETINlor September, 1925, for certain revisions.


NOVEMBER, 1927 FEDEBAL EESEEVE BULLETIN 763

BUILDINGBUILDING CONTRACTS AWARDED 1

[Index numbers based on value of contracts. Monthly average, 1923-25-100]

Month

January __FebruaryMarchAprilMayJune - « .JulyAugustSeptemberOctoberNovemberDecember

Without seasonal adjustment

1922

485285

1021051001029379737162

1923

617194

10110993797573918076

1924

7678

109121108101

878987

1039583

1925

7576

120138124137133149138129116129

1926

11199

146139134133126146137126119131

1927

9496

151147135154130135127137

With seasonal adjustment

1922

707083828582928681718277

1923

8597877989817672

. 76889090

1924

10110199969591848590

10010394

1925

101104107112115125128135135129127138

1926

146136128120125125124129130126130136

1927

123131131128126144128119121137

BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS i

[Value of contracts in thousands of dollars]

Month Total

Federal Reserve District

Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

City Dallas

1926JulyAugustSeptember..OctoberNovember..December...

1927JanuaryFebruary---MarchAprilMayJune __.July-AugustSeptember..

518,932600, 809562,371515,727487,013537,396

384,455393, 583

604,391552,349632,478534,390552, 488521, 611

39,22842,09842,42729,29734, 58431,570

15,84820,29842,80640, 64939,02333,56929,65837, 46132, 863

110,671158, 608151,251127,176118, 757228,021

116,973105,958157,873168,170141,177175,991157, 597143, 088107, 969

37,48339, 76739,189

28,60931,018

32,35333,08852,35152, 92536,17247,63237,57845, 43343, 237

66, 74957, 36155,22655,23638, 73341, 795

48,50945,74162,73374,36672,78272,26654,70771,49461, 651

25,00929, 25238, 70435,25044, 31822, 596

27,77624,94434,69431,19239,73635,50234, 24131, 81357,464

42,71531, 65637,19434,97940,08428,232

32,45431,92845,92131,00431,10031,18828,09328,17630, 917

106,661128,213110,760108,944114,45692,113

56,37269,698121,426112,070103,226138,187105, 070107, 554104,015

34,75248,74335,18740,98130, 58622,504

21, 53325, 69742,70434, 88831,34444,17132,20534,13432,573

11,83912,95513,7129,752

4,3375,548

16,10713, 94412,99914,13415, 52114,46310,319

21, 55923, 55618,44522,93511,97911, 520

11,41916,17316, 34222, 64421,52817,59817,20319,06122, 253

20,24229,71621,03318, 37415,15519,439

16,88114,51027, 78122,53923,26222,24022,51719,81118,350

BUILDING CONTRACTS AWARDED,BUILDING i

BY TYPES OF

[Value of contracts in thousands of dollars]

Month

1926J u l y . .AugustSeptember.OctoberNovember.December..

1927JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.

Resi-dential

184,940223, 292225, 516226, 794229,821

167, 866163,088250, 078267, 417219,980239,814186,935209, 456202,877

Indus-trial

62,76488,27949,11346,46564, 78151,181

27, 87541, 24748,07744, 60244,88933, 87930, 30341,03948, 546

Com-mercial

67,21981,34397, 37863, 60159, 65775,196

80,11667,896

113, 76680,75472,54188,12283, 01076, 91559,617

Publicworks

andpublic

utilities

111,448125,68398,167103,75750,129120, 290

58,95552,180106, 827116, 264111,368151,399143,916119, 741126,230

Educa-tional

42,01642,12434,53123, 56734, 57222,178

17, 01222,04636, 52235, 67834, 54542,12236,43441,03529,244

Allother

50,54560,08857,66651,54348,05364, 585

32, 63147,12665; 46859, 67669,02677,14253,79264, 30255,097

BUILDING PERMITS ISSUED, BY FEDERAL RESERVEDISTRICTS

[Value of permits in thousands of dollars]

Federal reserve district

United States.

BostonNew YorkPhiladelphia..Cleveland

RichmondAtlanta.ChicagoSt. Louis

Minneapolis..Kansas City..DallasSan Francisco.

Numberof cities

168

14221412

1515195

914920

Septem-ber, 1927

236,071

7,60281, 82316, 03113,402

7,57010,49652, 4967,423

3,0085, 9576, 430

23,833

August,1927

281, 726

12,874100,69518,04023,781

10, 2198,634

51, 6057,421

5,5855,7038,212

28, 957

Septem-ber, 1926

272,519

10,85799,43513,84316,214

14,98711,05656,6787,677

2,9806,0886,386

26,318

1 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjustedindexes by months from. 1910 to date given in the BULLETIN for August, 1927, p. 563.


764 FEDERAL EESEEVE BULLETIN NOVEMBER, 1927

COMMODITY MOVEMENTS

FREIGHT-CAR LOADINGS, BY LINES 1[Index numbers, adjusted for seasonal variations. 1923-1925=1001

1926—AugustSeptemberOctoberNovemberDecember

1927—JanuaryFebruaryMarchAprilMayJuneJuly „_AugustSeptember

Total

108109109108106105109109108107104101104104

Grainand

grainprod-ucts

10192

104939996

1029897

1001059798

108

Live-stock

95103979086888792929593899187

Coal

1111141131281241141211221071039689

102102

Forestprod-ucts

981001009490949591909391949595

Mer-chan-dise

I.C.I.and

miscel-lane-ous

109109110106106108109110110108108107109108

i Revised. For description and early figures see p. 562 of AugustBULLETIN.

AGRICULTURAL M O V E M E N T S !

[Indej numbers, without seasonal adjustment. 1919-100]

1926—July...AugustSeptember-OctoberNovember..December..

1927—January „. . .February.-.MarchApril.MayJuneJulyAugustSeptember. _

Total

10710614419016513811510410385949495

123165

Live-stock

8088

102113107

95998191829591799387

Ani-mal

prod-ucts

152118104

961171268695

118137161169149129102

Grains

170158124125

9982868471506384

135195207

Cot-ton

1248

213375343251152118117

7458321380

205

Vege-tables

134101186251135

98118113146146140162133119233

Fruits

177204295435204104

9997

100128174127140142267

To-bacco

266

192261286344404383212

3181

50255

1 For description and early figures see BULLETIN for March, 1924, andfor certain revisions see p. 739 of the BULLETIN for October, 1925.

WHOLESALE TRADESALES, BY LINES

[Index numbers,1 without seasonal adjustment. Mo. av. 1919=100]

Month

1926—AugustSeptemberOctober.November...December...

1927—JanuaryFebruaryMarch.AprilMay . .JuneJulyAugustSeptember. _

Total

8897948678757383787981778891

Gro-ceries

8292918780746979778185788385

Meat

8186857673777371717472727580

Drygoods

102114102917172789075717475

108106

Shoes

7384766760465373685658537987

Hard-ware

99112114104998082

10710299

1029499

109

Drugs

115124133117110112104130122113115118126131

t For description of wholesale trade index see BULLETIN for April, 192 3

CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS

[Increase or decrease (—), per cent]

Line and Federal reservedistrict

Groceries:United StatesBoston . . . . _.» . . .New YorkPhiladelphiaCleveland •...<...,.••._„.Richmond - . .-AtlantaChicago - . . . . .St. LouisMinneapolis .Kansas City .DallasSan Francisco

Sales: September,1927, comparedwith—

August,1927

3.51.86.32.47.19.38.12.5

17.1—1.0- 5 . 211.21.0

Septem-ber, 1926

- 7 . 1- 6 . 4- 3 . 2

-11.8- 9 . 7- 5 . 2

-12 .6- 8 . 1

—16.56.0

-9.9- 6 . 2- 5 . 8

Stocks: September,1927, comparedwith—

August,1927

2.47.59.42.90.8

10.4- 0 . 6- 0 . 1

4.1- 1 . 0

1.57.8

25.2

Septem-ber, 1926

- 6 . 2—2 5- 4 . 9- 4 . 1

1 5—0.1

-14 .1-14 .2—2.8- 6 . 0- 2 . 7- 2 . 6- 6 . 6

NOTE.—Changes in stocks are computed as of end of month; figuresfor the United States are weighted averages computed on the basis offirms which have reported regularly since January. 1923.

C KANGES IN SALES AND STOCKS—Continued

Line and Federal reservedistrict

Dry goods:United States.New YorkPhiladelphia-Cleveland—...RichmondAtlantaChicagoSt. Louis ..Kansas City..DallasSan Francisco.

Shoes:United States.BostonNew YorkPhiladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..San Francisco.

Hardware:United States.New YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.

Drugs:United States.New York....Philadelphia..ClevelandRichmond....AtlantaChicagoSt. LouisKansas City..Dallas

- San Francisco.

Sales: September,1927, comparedwith—

August, Septem-1927

- 2 . 4-15 .0

23.93.83.49.85.0

-20 .8-13 .5-13 .8

2.5

9.73.65.24.17.9

-3.78.4

- 7 . 4- 1 . 1- 6 . 0

3.9

10.014.06.98.39.98.46.66.28.07.1

27.06.0

3.927.72.05.47.69.48.7

14.44.46.35.3

ber, 1926

-7.0-20.8-8.4-5.5

0.18.7

-18.3-7.9- 2 . 2

8.03.1

4.06.67.6

-17 .1-16 .1

0.65.0

-13.40.6

-17 .0—1.4

- 2 . 5- 2 . 0- 4 . 5- 6 . 8

3.0—8. 6- 9 . 0- 1 . 0.4.0

- 3 . 24.5

- 0 . 8

5.54.1

- 1 . 90.42.56.04.44.2

13.5- 1 . 2

6.8

Stocks: September1927, compwith—

August, Septem-1927

-6.0

2.62.2

- 6 . 6- 5 . 4- 3 . 1- 6 . 0- 8 . 6- 9 . 3- 7 . 4

- 1 . 9—7.9

-12.6- 8 . 5

-13 .9-14 .2

ber, 1926

-2.6

-19 .7-10 .3

4.6-24 .5-15 .0

13.613.0

- 3 . 7- 1 . 5

3.7- 3 . 840.8

-20 .4- 4 . 6

-11 .7

7.3—7.8

-14 .0- 0 . 6

- 1 . 13.3

- 0 . 5- 3 . 7

1.90.2

- 5 . 0- 5 . 6- 1 . 0- 0 . 6- 1 . 3- 4 . 0

- 1 . 3- 1 . 9

3.5

8.2- 3 . 5

-29 .0- 4 . 6

- 3 . 0-16 .6

0.7- 3 . 3- 1 . 8

-12 .9—1.9

-20 .9- 1 . 0

1.7- 1 . 6

-4.8-12.2

25.8

- 1 . 5 I 0.7

- 2 , 9- 4 . 6

1.2- 9 . 6

3.2



RETAIL TRADESALES OF DEPARTMENT STOKES, MAIL-ORDER HOUSES, AND CHAIN STORES

[Index numbers.^ Average monthly sales 1919=100]

Month

1926AprilM a yJuneJulyAugust.--..September-OctoberNovember-December.

1927January...February..MarchAprilMayJuneJulyAugust . . . .September.

Sales without seasonal adjustment

De-part-mentscores(359)

13313713099

105131158156234

114107129143132130

97113130

Mail-orderhouses

(4)

1201051139798

121151153166

108107132128106114100113126

Gro-cery(27)

329322309317296307334347373

347332392385383399373382384

5-and-10-cent

(5)

202214204206204211257247466

177191213244224224221237232

Drug(9)

191188184195193192206198261

209201224223206210217215210

Chains

Cigar(3)

150160152155148153162150222

134137153157157151153147146

Shoe(6)

166174153145122142158150215

106110125198143155145132140

Music(4)

111109118108121137151146223

9498

108104

88878098

126

Candy(5)

226220204210194218227232303

178194216257216215211208223

Sales with seasonal adjustment

De-part-mentstores(359)

130132130133134144139138146

130139129140127130130144143

Mail-orderhouses

(4)

118117133131130128116123139

110118113125119135135150134

Gro-cery(27)

324321314329310323324344357

345346361380382405388401404

5-and-10-cent

(5)

216225222227215227237237252

243256222261236244243249250

Drag

m196191187194192195202210215

217222222230209213214215214

Chains

Cigar(3)

156157156157151152155151164

154162158163154155154150146

Shoe(6)

143151144159155148140138164

140164126170124145159168146

Music(4)

130131149145136137125117118

114119120122106109107110125

Candy(5)

226228218214193221221244208

212230213257224229215207226

i For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925;comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board

DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS

[Index numbers. Monthly average 1919=100].

UnitedStates


Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago

115121164114138160

151148172151167169

136152163143152165

146147152153146154

Minne-apolis

8184

103768997

9993

102929997

9497

103889299

999899949395

Dallas

7991

1147283

109

112128114102117109

11011712695

106115

118111112102100103

SanFrancisco

Sales (unadjusted):1926—July

AugustSeptember.

1927—JulyAugustSeptember.

Sales (adjusted) :1926—July . . .

AugustSeptember.


Stocks (unadjusted):1926—July

August. ___September.


Stocks (adjusted):1926—July

AugustSeptember.

1927—JulyAugust .—.September.

10513197113130

133134144130144143

125130142125130143

133130132133130133

9712290106124

131129135126141137

111111125115114127

121116118125120120

136

106138

141145155137156157

124128142122128142

135132133133132133

87891168592110

128123143125127136

171175180171175194

184177168184178181

10010812398116118

129132138127141133

118122136117122134

124122126124122125

931108997109

131130129122135128

119118135117117132

127120122125119119

8082927987101

104105103104112113

108109122107113126

115109111113113116

124151158127160161

148155168152164172

129134143134141146

135133136140139139

NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reservedistricts: United States, 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22* Chicago63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29.


766 FEDERAL RESERVE BULLETIN NOVEMBER, 1927

BANK SUSPENSIONS AND COMMERCIAL FAILURESBANK SUSPENSIONS, BY CLASS OF BANK

[Amounts in thousands of dollars]

1926JanuaryFebruary...MarchApril......May. . .JuneJulyAugust..SeptemberOctoberNovemberDecember

Total-1927

JanuaryFebruaryMarchApril._MayJuneJulyAugustSeptember

Total 9 months..

All banks

Sfum-ber

Totaldeposits

655251566877140523788154116

956

1338275484741382735

526

13,38411,76310,24912,51216,32434, 22948, 61810,00112, 05018, 20945,98339,166

272, 488

38, 29832, 91844, 89312, 49214,18512,07214,01220, 111

197, 680

Memberbanks

Num-ber

Totaldeposits

160

102

Num-ber

2,861710

3,5344,2345,3181,6372.1274,3176,280

19,38914, 413

68, 812

11,836

5,4717,1725,5212,6389,4391,315

61,286

Nonmember

Totaldeposits

796

106

424

544245505861

135432969

12189

9,3928,9029,5398,978

12,09028,91146,981

7,8747,733

11,92926, 59424, 753

203, 676

26,46224, 02335, 8947,0217,0136,551

11,37410, 6727,384

136,394

BANK SUSPENSIONS,! IN SEPTEMBER, 1927, BY DISTRICTS


Federal reserve district

BostonNew YorkPhiladelphiaClevelandRichmondAtlanta .ChicagoSt LouisMinneapolisKansas CityDallas ._San Francisco

Total

All banks

Num-ber

213

12447

2

35

Totalde-

posits 3

423265

1,0623,912

664931

1,007

435

8,699

Memberbanks 2

Num-ber

1

13

1

6

Totalde-

posits 3

371

102566

276

1,315

Nonmemberbanks

Num-ber

1129446

2

29

Totalde-

posits 3

52265960

3,346664931731

435

7,384

J Banks closed to the public by order of supervisory authorities or bythe directors of the banks on account of financial difficulties.

2 Comprise 2 national banks with deposits of $504,000 and 4 Statemember banks with deposits of $811,000.

* Figures represent deposits for the latest available date prior to thesuspensions and are subject to revision when information for the dates ofsuspension becomes available.

COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i


Total

1926January.FebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember. _December. . ,

Total..

1927JanuaryFebruaryMarchAprilMay _JuneJulyAugustSeptember..

Number

2,2961,8011,9841,9571,730V"1, 6051,5931,4371,7631,8302,069

21, 773

2,465|2,0352,1431,9681,8521,833i1,7561,7081,573

Total 9 months 17,333

Manu-factur-

ingTrad-

ingAgents,brokers,

etc.

510 ,447 1,282469 1,424494| 1,378437 1,216435; 1,160396 1,122449, 1,071374! 958450 1,205440 1,285494 1,471

5,395 15, 268

501 1,842411| 1,508569; 1,468492! 1,342444! 1,292427! 1,310448 1,187438 1,174389 1,083

4,11912,206

Liabilities

TotalManu-factur-

ing

90 43,65172i 34,17691! 30,62385; 38,487771 33,543

113i 29,40887j 29,68073 .28,130

105108105104

1,110 409, 232 158,042 201, 335

122116106134116

96121

96101

29,99033, 23132, 69445, 620

51, 29046, 94157,89153,15637,78534, 46543,15039,19632,786

16, 09410,8229,862

16,73416,15710,09211,16712, 51610,09311, 65016,09716, 758

19,99610, 51822.36825, 27813, 80213, 58716,74314. 92115', 349

1,008 396, 660 152, 562 179,855

Trad-ing

21,50220,31718,62319,09415, 71015, 52514, 61414,09611, 24315,87414,15820, 579

24,53023, 40628,19122, 30819,97817, 85616,83214, 70212,052

COMMERCIAL FAILURES, BY DISTRICTS 1


Federal reservedistrict

BostonNew York. _ _PhiladelphiaCleveland _RichmondAtlantaChicago .St. Louis .Minneapolis..Kansas CityDallas _San Francisco

Total..

Number

Sept.,1927

157281

7314910465

24253818258

228

1,573

Aug.,1927

154240

54173143142251103859254

217

1,708

Sept.,1926

134242

701558575

19748958744

205

1,437

Liabilities

Sept.,1927

2,19911,0581,2953,2133,7401,3193,252

185536852

1,0544,084

32,786

Aug.,1927

2,67514,5411,1064,2762,1563,0203,741

7501,8201,468

8972,746

39,196

Sept.,1926

2,34613,2991,2781,8891,605

9322,905

5481,1061,140

4322,511

29, 990

i Figures furnished by R. G. Dun & Co.


NOVEMBER, 1927 FEDEKAL EESEKVE BULLETIN 767

FOREIGN BANKING. AND BUSINESS CONDITIONS

CURRENCY AND BANKING REFORM IN POLAND

Adoption by the Polish Government of aprogram of currency and banking reform wasannounced on October 13. The program pro-vides for the legal stabilization of the currencyat approximately 11.22 cents per zloty; thatis, on the basis of 5,924.44 zlotys per kilogramof pure gold. The actual exchange value ofthe zloty has been close to the level of its newparity for more than a year. The programincludes also the appointment of an Americanadviser to the Government and the Bank Polskiand the flotation of an international loan tobe known as the stabilization loan of 1927.

The stabilization loan.—The stabilizationloan, which was floated simultaneously in theprincipal money markets of the world, amountsto $72,000,000, carries an interest rate of 7 percent, and matures in October, 1947. Thebonds are direct obligations of the Republic ofPoland and will be retired by semiannualpayments from a sinking fund. For theservice of the loan the Government willassign the gross customs revenues, whichwill be paid into a special account of thefiscal agents of the loan with the Bank Polski.The proceeds of the loan will be availableonly for the purposes of the program of reform.

The American adviser will be elected tothe board of directors of the Bank Polskifor three years; at the end of that time hemay continue for a further period at hisown discretion and with the approval of thebank. Charles S. Dewey, former AssistantSecretary of the United States Treasury, hasbeen selected as financial adyiser.

In addition to the stabilization loan to thePolish Government, an international credithas been extended to the Polish Central Bank—the Bank Polski—by 14 other banks of issue.Under the terms of these arrangements theFederal Reserve Bank of New York, with, theparticipation of the other Federal reservebanks, has agreed, if desired, to purchase fromthe Bank Polski up to a total of $5,250,000 ofprime commercial bills. The terms of thisarrangement are similar to those made withthe Bank of Belgium in 1926.

Currency reform.—The currency reformmeasures provide that the Bank Polski shaUhave the exclusive privilege of note issue andthat the Government shall renounce its rightto issue currency notes. One-half of the out-standing treasury notes are to be replaced bynotes of the Bank /Polski and the other halfwill be converted into silver coin. The notesof the Bank Polski are made redeemable ingold or in foreign exchange.

Bank reform.—The Bank Polski, as statedabove, is given the exclusive privilege of noteissue.

Against both note and deposit liabilitiesthe bank is required to maintain a minimumreserve of 30 per cent in actual gold and of 40per cent in gold or foreign exchange. Anothermeasure provides that the capital of the bankshall be increased by 50 per cent; that is, to150,000,000 zlotys.

Budget reform.—The reform program pro-vides for balanced budgets and for the controlof departmental expenses through the estab-lishment of monthly budgets. The budget forthe year ending March 31, 1927, according toofficial figures, showed a surplus of about $17,-500,000, as compared with a deficit of $26,500,-000 during the previous year, while estimatesfor the fiscal year 1927-28, based on returns forthe first five months, indicate that the currentyear will show a surplus of about $39,000,000.The floating debt of the treasury is to beredeemed, and a working fund for the treasuryof 75,000,000 zlotys is to be created for thepurpose of enabling the Government to meetany seasonal or temporary deficits. The Gov-ernment will not borrow at long term for budg-etary purposes.

Unification of the currency.—The presentcurrency reform is the final step in the unifica-tion of the currency which began during thewar. Prior to the war the Russian ruble, theGerman mark, and the Austrian crown cir-culated in the portions of Poland under thecontrol, respectively, of Russia, Germany, andAustria-Hungary. When the Germans occu-pied the country in 1916, they established


768 FEDEEAL RESERVE BULLETIN NOVEMBER, 1927

the Polish National Loan Bank and authorizedit to issue paper money in terms of Polishmarks. Early in 1920 these Polish marks weredeclared legal tender and gradually replaced allother currencies in Poland. T hese marks,however, depreciated to such an extent thatin 1924, in accordance with the recommenda-tions of the Hon. Hilton-Young, Poland'sBritish adviser, a new currency unit—thezloty—was adopted, having a par value equalto that of the French gold franc, namely, 19.30cents in United States currency, and Polishmarks were made redeemable in zlotys at therate of 1,800,0.00 Polish marks per zloty. Atthe same time a new central bank—The BankPolski—was organized with the exclusive rightof note issue.1

Shortly after the opening of the Bank Polskion April 28, 1924, it had a reserve of gold andstable foreign exchange aggregating 286,000,000zlotys and a note circulation of 245,000,000zlotys. The fiduciary issues of the Govern-ment outstanding after the liquidation of thePolish State Loan Bank amounted tol95,000,000zlotys, and by the end of 1924 their volume hadbeen reduced to 125,000,000 zlotys. For morethan a year the zloty remained practically atpar.

The financial crisis of 1925.—During thelatter part of 1925, which was a year of poorcrops and financial disturbance, the value of thezloty declined rapidly, and the foreign exchangereserve of the Bank Polski fell from 259,000,000zlotys in March, 1925, to 49,000,000 zlotys bythe eind of March, 1926. During this periodthe bank withdrew from circulation a con-siderable amount of the notes presented forredemption, reducing its note circulation from563,000,000 zlotys at the end of March, 1925, to389,000,000 zlotys at the end of March, 1926.During the same period, however, the Govern-ment increased its fiduciary issues from 192,-000,000 zlotys to 460,000,000 zlotys, with theresult that the total monetary circulation in-creased. The decline in the exchange value ofthe zloty continued until May, 1926, when itreached its low point of 9.03 cents. The

iSee Federal Reserve Bulletin, June, 1924, p. 486.

accompanjdng chart shows the movement ofthe exchange value of the zlotjT- from June, 1924,to September, 1927.

CENTS PER ZLOTY

25CENTS PER ZLOTY

25

10

1925 1926 1927Monthly average of noon buying rates in New York

Recovery from the crisis.—Beginning wTiththe summer of 1926, the foreign exchange re-serve began once more to advance, and at theend of September, 1927, the foreign exchangeholdings of the bank amounted to 243,000,000zlotys. On the same date the gold reserves ofthe bank were 182,000,000 zlotys, havingincreased steadily from about 70,000,000 zlotysin April, 1924. The fiduciary issues of theGovernment were reduced by about 50,000,000zlotys, while the note issues of the Bank Polskiincreased considerably. The percentage ofgold and foreign exchange reserves against thenote circulation of the Bank Polski alone atthe end of September was about 50 per cent,and against the aggregate circulation of thebank and of the Government, about 35 percent. The exchange value of the zloty beganto appreciate during the summer of 1926 andin August of that year reached about 11 cents—a level which it has since maintained withslight fluctuations.

A table showing movements of the reservesof the Bank Polski and of currency in Polandsince May, 1924, is given on the following page.


NOVEMBER, 1927 FEDERAL. RESERVE BULLETIN 769

GOLD AND FOREIGN EXCHANGE RESERVES AND NOTECIRCULATION OF THE BANK POLSKI; AND NOTECIRCULATION OF THE TREASURY

[In millions of zlotys]

End of—

1924MayJune .July _August _September...OctoberNovember...December.. _

1925JanuaryFebruaryMarch.AprilMayJuneJuly.AugustSeptember...OctoberNovember.. _.December

1926JanuaryFebruaryMarchApril __May_JuneJulyAugustSeptember....OctoberNovember.. _.December

1927JanuaryFebruaryMarchAprilMayJuneJuly...AugustSeptember...

Reserves of the BankPolski

Gold

72839498

100101103103

104107117117119120122132132132133133

134134134134134135135135135135136138

144149152157157161164174182

Foreignex-

change

214257292267234242247269

242206259216173120926372616070

4951537991108109114138165

187220235237230219221236243

Total

286340386365334343350372

346313376333292240214195204193193203

195194183185187214226243244249274303

331369387394387380385410425

Notes in circulation

BankPolski

245334394430460504498551

553550563567557503462440397382362381

362377389393413448511560581585558593

588634

727728745794844

Treas-ury

195156137134131139131125

141187192185209244284306343380383434

436442460470447427451447427451426428

407413423434399394384397

Total

440490531564591643629676

694737755752766747746746740762745815

•798819

860875962

1,0071,0081,036

9841,021

°9951,0471,0911,1281,1261,1221,1291,191

DESCRIPTION OF WHOLESALE PRICEINDEXES

Thirty index numbers of wholesale commod-ity prices in 29 countries are published regu-larly in the FEDERAL RESERVE BULLETIN.These index numbers are obtained from cur-rent publications or received by letter or cabledirectly from the various foreign statistical offi-ces compiling them. Indexes of commoditygroups for 9 of these 29 countries are currentlypublished in the BULLETIN and for 10 morethey are available in the office of the Divisionof Research and Statistics of the Board, fromwhich they may be obtained at any time upon

68014—27—4

request. A brief description of these variousindex numbers—base period, source, number ofcommodities, and period of month to whichthe figures refer—is given below.

United States.—Index number compiled bythe Bureau of Labor Statistics, including 550commodities or price series; base, average for1926 = 100; prices are monthly averages, usu-ally of weekly quotations. Index numbersfrom January, 1923, to July, 1927, for all com-modities and for 10 major groups were pub-lished in the October FEDERAL RESERVE BUL-LETIN, page 699, and the same figures togetherwith indexes for subgroups, a list of commodi-ties and weights, and information regardingmethods of computation are given in Bureau ofLabor Statistics Bulletin No. 453, September,1927.

Austria.—Official index number of the Fed-eral Bureau of Statistics; 42 price series, base,average for first six months of 1914 = 100;prices are as of the 15th of the month.

Belgium.—Official index number of the Min-istry of Industry and Labor Statistics; 128price series; base, April, 1914 = 100; prices areas of the last half of the month.

Bulgaria.—Official index number of theGeneral Statistical Office; 38 price series; base,average for 1913 = 100; the index refers to themonth as a whole.

Czechoslovakia.—Official index numberpublished by the Statistical Office of the Re-public of Czechoslovakia; 69 price series; base,July, 1914 = 100; prices are as of the 1st of themonth.

Denmark.—With this issue of the BULLE-TIN, the official index number of the Govern-ment Statistical Department is substituted forthe Finanstidende index formerly published.The official index includes 118 price series;base, average for 1913 = 100. Prices are month-ly averages of weekly quotations except forcertain articles for which quotations are usedfor the 25th of the month. Monthly indexnumbers are available from January, 1925.

England.—Index number of the Board ofTrade; 150 price series; base, average for1913 = 100; prices are monthly averages.

Finland.—Official index number of the Cen-tral Statistical Office; 135 price series; base,corresponding month of 1913 = 100; the indexrefers to the month as a whole; gold basis.

France.—Official index number of the Statis-tique Generale; 45 price series. For publica-tion in the BULLETIN, the index has been re-computed from its original base (average, 1901-


770 FEDERAL EESERVE BULLETIN NOVEMBER, 1927

1910 = 100) to a new base, average 1913 = 100.Most prices are as of the end of the month.

Index number of the Federal Eeserve Boardcompiled by the Division of Research and Sta-tistics; 98 price series; base, average for 1913= 100; prices are monthly averages of weeklyfigures.

Germany.—Official index number of theFederal Statistical Bureau; 400 price series;base, average for 1913 = 100; prices ace monthlyaverages.

Hungary.—Official index number of the Cen-tral Statistical Office; 52 price series; base,average for 1913 = 100; prices are as of the endof the month.

Italy.—With this issue of the BULLETIN,Prof. Biccardo Baehi's revised index numberof wholesale prices for Italy is substituted forhis old series. The new index is a geometricaverage of relatives for 100 series and thebase of the index published in the BULLETINis the average for 1913 = 100; prices are as ofthe end of the month. The index is also com-puted by Professor Bachi by means of anarithmetic average.

Netherlands.—Official index number of theCentral Bureau of Statistics; 48 price series.For publication in the BULLETIN, the indexhas been recomputed from its original base(average 1901-1910 = 100) to a new base, aver-age 1913 = 100. Prices are as of the end of themonth.

Norway.—0konomisk Revue index number;93 price series; base, average for December,1913, to June, 1914 = 100; prices are as of theend of the month.

Poland.—Official index number of the CentralStatistical Office; 73 price series; base, Janu-ary, 1914 = 100; prices are as of the last weekin the month. Beginning January, 1926, anew series has been used. It is computed fromaverage gold prices for the last week of themonth for 73 commodities.

Russia.—Official index number of the Con-juncture Institute of the State Planning Com-mission; 69 price series; base, average for1913 = 100; prices are as of the 1st of themonth.

Spain.—Official index number published bythe Institute of Geography and Statistics; 74price series; base, average for 1913 = 100;prices are as of the 1st of the month.

Sweden.—Official index number publishedby Kommerskollegium; 160 price series; base,

average for 1913 = 100; prices are as of the15th of the month.

Switzerland.—Index number compiled byDr. J. Lorenz; 71 price series; base, July,1914 = 100; prices are as of the 1st of the month.

Canada.—Official index number of the Do-minion Bureau of Statistics; 236 price series;base, average for 1913 = 100; prices are monthlyaverages of weekly figures.

Peru.—Official index number of the Direc-tor-General of Statistics; 58 price series; base,average for 1913 = 100; prices are as of the15th of the month.

Australia.—Official index number of theBureau of Census and Statistics; 92 priceseries; base, July, 1914 = 100; prices are as ofthe end of the month.

China.—Official index number of the Bu-reau of Markets; 147 price series; base, averagefor 1913 = 100; prices refer to Shanghai and areas of the last ¥v7ednesday in the month.

Butch East Indies.—Official index number ofthe Statistical Bureau; 92 price series; base,average for 1913 = 100; prices are monthlyaverages of weekly figures.

India.—Official index number of the Depart-ment of Statistics; 75 price series; base, July,1914 = 100; prices refer to Calcutta and are asof the end of the month.

Japan.—Index number of the Bank of Japan;56 price series. For publication in the BUL-LETIN, the index has been recomputed fromthe original base (October, 1900 = 100) to anew base, average 1913 = 100. Prices refer toTokyo and are averages for the month.

New Zealand.—Official index number of theCensus and Statistics Office; 180 price series.For publication in the BULLETIN the index hasbeen recomputed from its original base (aver-age 1909-1913 = 1,000) to a new base, averagefor 1913 = 100; prices are as of the 15th of themonth.

Egypt.—Official index number of the Statis-tical Department of the Ministry of Finance;26 price series; base, average January, 1913-July, 1914 = 100; prices refer to Cairo and aremonthly averages of weekly figures.

Union of South Africa.—Official quarterlyindex compiled by the Office of Census andStatistics; 188 price series. For publicationin the BULLETIN the index has been recomputedfrom its original base (1910=1,000) to a newbase, average for 1913 = 100; prices refer tothe month as a whole.


NOVEMBER, 1927 FEDEBAL KESEEVE BULLETIN 771

FINANCIAL STATISTICS FOR FOREIGN COUNTRIESCONDITION OF CENTRAL BANKS

[Figures are for the last report date of month]

B a n k of IBngland (millions ofpounds sterling):

Issue department—Gold coin and bullion _Notes issued ___

Banking depar tment -Gold and silver coinBank notesGovernment securitiesOther securitiesPublic depositsOther depositsRatio of gold and note re-

serve to deposit liabilities(per cent) __.

Bank notes in circulation1

Currency notes and certificates.. _B a n k of F rance (millions of francs):

Gold reserve2 __..,.Silver reserve...Gold, silver, and foreign exchange-Credits abroadLoans and discountsAdvances to the GovernmentMiscellaneous assets. _Note circulationTotal deposits

G e r m a n Heichs^auik (millions ofreichsmarks):

Gold at home ._Gold abroadReserves in foreign exchangeBills of exchange and checksMiscellaneous assetsDeposits..Reichsmarks in circulationRentenmarks in circulation..

Bank of I ta ly (millions of lire):Gold reserveCredit and balances abroad..Loans and discountsAdvances to the GovernmentNote circulation for commerce, __Note circulation for the StateTotal deposits

S a n k of J a p a n (millions of yen):Gold at home and abroadAdvances and discountsAdvances on foreign billsGovernment bondsTotal note and deposit liabilities..

Notes issuedTotal deposits __.

Austrian National Bank (millionsof schillings):

GoldForeign bills of the reserve.Other foreign billsDomestic bills.. ,.Treasury bills _Note circulationDeposits

National Bank of Belgium (mil-lions of francs):

Golds _Foreign bills and balances in

golds .Domestic and foreign billsLoans to State . . . _Note circulationDeposits

1927

Sep-tember

149.5169.2

1.632.756.350.925.797.5

27.980.3

294.8

3,682343

2,28258

3,56724, 40023; 73354,15610, 439

1,78667154

2,746494630

4,1821,041

1,0639035

1672,3061,1631,142

843922458117394632

3,372

2,3292,5252,0009,982

August

149.7169.4

1.632.058.441.622.193.2

29.081.2

295.9

3.682343

2,24553

3,35725,05023, 96552, 67212, 524

1,78667157

7243,9351,042

1,1721,4746,1324,22713, 5644,2273,322

1,0639333

1672,3451,2101,136

8439322111317393947

3,291

2,2252,3532,0009, 631485

July

150.2170.0

1.632.050.047.99.9

103.5

29.681.7

298. fi

3,682343

2,22255

3,38225, 65024,55152,75613,163

1,74358179

2,512471553

3,9281,044

1,170154736,5724,227

13,6174,2273,238

1,0639543

1882,3491,3321,017

41019415117495634

3,231

2,2202,3412,000

1926

Sep-tember

154.3174.0

1.633.533.672.021.2

101.2

28.684.3

287.9

3,684339

7579

8,03036, 6504,07255,0102,922

1,396202522

1,384556595

3,2511,497

1,1371,0088,7804,229

14,1034,2292,535

1.05822444289

1,8411,125717

474811388717886570

274

2,2506,7059,507353

* Notes issued, less amounts held in banking d apartment and in cur-rency note account.

J Not including gold held abroad.

Nat iona l B a a k of Bulgar ia (mil-lions of leva):

Gold4

Foreign bills, etc ~_.Loans and discountsAdvances to StateNote circulationDeposits

Centra l B a n k of Chile (millions ofs):

Gold at homeGold abroadLoans and discountsNote circulation..Deposits .

B a n k of the Republic of Co lom-bia (thousands of pesos):

Gold at home ._. „__„_-.Gold abroad ~—Loans and discounts „„.„.->.Note circulation..., „__„_-.Deposits „_ „_„_ ._..

Czechoslovak Na t iona l B a n k(millions of Czechoslovak crowns):

Gold and silverForeign balances and currency...Loans and advancesAssets of banking office in liqui-

dat ion. .Note circulation _Deposits

B a n k of Danzig (millions of Dan-zig gulden):

Balances with Bank of England..Foreign bills, etcLoans and discountsNote circulationDeposits .

National Baiak of D e n m a r k (mil-lions of kroner):

Gold.Foreign bills, etcLoans and discounts..Note circulation... _„Deposits.__ ___

National B a n k of Egypt (thou-sands of Egyptian pounds sterling):

GoldEnglish Government securities...Egyptian Government securities.Note circulation .Government depositsOther deposits

B a n k of Estonia (millions of Esto-nian marks):

Gold. _Cash in foreign currencyForeign correspondents' account.Foreign billsLoans and discountsNote circulation ..-__Total deposits—_„„ ._>-.,

1927

Sep-tember

1,266602

1,1054,5164,1042,719

6043337

268117

1,0572,132

142

5227,650

699

1827885

35119

August

1,258526

1,0154,5624,0862,747

6048636264168

20,15623, 33612,99240, 370

1,0561,895105

5297,215791

July

1,247330964

4,5623,8422,640

8548335266185

20. 21422,10613, 25641,0408,118

1,0561,693191

7,046787

18267

34319

3,67621,10522,98323,84016,62717,648

5113745086

5. 543i;S664,336

1826410235322

3,66520, 50525, 63923, 50419, 54616, 729

51039

39981

5, 6741,9344,494

1926

Sep-tem ier

6241,5195,5583,7083,151

14633159369107

317,124«18,855* 11,813«36, 512«6.096

1,0291,491200

6557,510902

211417364

2093011037722

3,47923,40427,45726,19520, 58814,484

50327

201136

5,8811,8844,510

3 Figures previous to Oct. 25,1926, carried at par.* Figures previous to 1927 carried at par.• Figures are for August, 1926.



CONDITION OF CENTRAL BANKS—Continued

1927 1926

| August

Bank of Finland (millions of Fin-nish marks):

GoldBalances abroad and foreign

credits __.Foreign bills _.Domestic bills _State debtsNote circulationDemand liabilities

321

1,231

592124

1,476491

M&tioeai Bank of Greece (millionsof drachmae):

Gold and balances abroadGovernment loans and securities.Loans and discounts. . . . . . . . . . . . .Note circulation...... . ---Total deposits _ . - - .

National Bank of Hungary (mil-lions of pengo):

Gold __.. —.Foreign bills, etcLoans and discounts....Advances to treasuryOther assetsNote circulation -Deposits- . - .Miscellaneous liabilities

Bank of Java (millions of florins):Gold _ . — _ . _ . . —Foreign bills.—...Loans and discounts „-„-_Note circulation _.__ __.Deposits . . . . .

Bank of Latvia (millions of lats):Gold... -Foreign exchange reserveBillLoans _ -Note circulationGovernment deposits.Other deposits._-._„.

Bank of Lithuania (millions oflitas);

GoldForeign currencyLoans and discounts „.Note circulation _Deposits .

19793310115273477261224

1842513932175

Netherlands Bank (millions offlorins):

Gold - .Foreign bills .Loans and discounts ~-Note circulation . . .Deposits —

Bank of Norway (millions of kro-ner):

Gold.. . . . . . . -Foreign balances and bills..Domestic credits „Note circulation..Foreign deposits.._Total deposits _-.

127273768

35

Reserve Bank of Pera (thousandsof li bras):

GoldGold against demand depositsForeign exchange reserve...._,Bil ls . . . . . . . .Note circulationDeposits

14731

266325

597

4.199217750

1,7245,949

435

322

1,09570628124

1,414

19790287115286472256220

18427123325

38613226680322

14720

285328

5

4,197219782

1,6516, 046

438

July Sep-tember

323

91469686122

1, 377303

2,4293,8372,9244,7724,158

196

115268466226226

1853110032655

329956104521262

1,335392

1, 9463, 7323,2534, 6863,947

16981182150265441182195

52

38712829179052

1475

291331697

4,097318709

1,8846,124637

1992410732967

41921818582445

147693963288

245

4,3981,154684

1, 8796,5051,178

Bank of Poland (millions of zlotys):GoldForeign exchange, etc .Loans and discounts---.,...Note circulation -Current accounts-

PrivateTreasury...

Liabilities in foreign currency

Bank of Por tuga l (millions of escu-dos):

Gold.. _.Balances abroadBills. . . :Note circulationDeposits..

Nat ional B a n k of R u m a n i a (mil-lions of lei):

Gold 6 . .Bills. . . - . . - -Advances to State .Note circulationDeposits...

S ta te B a n k of Russia (note-issuingdepartment; thousands of cher-vontsi):

GoldForeign currency ,.Loans and discountsBank notes

17, 3637,440

76, 838102, 657

Nat ional B a n k of t h e K ingdomof Serfos, Croats , a n d Slovenes(millions of dinars):

Gold _Foreign notes and. creditsLoans and discountsAdvances to State ._.».Note circulationDeposits- „..__-

S o u t h African Sleserve B a n k(thousands of pounds sterling):

GoldForeign bills .Domestic bills.. .Note circulationDeposits. . .

B a n k of Spain (millions of pesetas):G o l d . . . . . . . . .Si lver .—.. rBalances abroadBills discountedChecks and draftsNote circulation —Deposits „ - - . _ .

B a n k of Sweden (millions of kro-ner):

Gold.Foreign bills, etcLoans and discounts..Note circulationDeposits.

Swiss National Bank (millions offrancs):

Gold...Funds on demand abroad.Loans and discounts...Note circulationDeposits. -_

Bank of the Republic of Uruguay(thousands of pesos):

GoldLoans and d i s c o u n t s —Note circulationDeposits

1927

temper

182243470

13012522

1489,08716, 35921,02210,183

3841,5432,9665,7631,310

7,9926,1861,6468,5867,063

2,59867839464

1,2414,142

23121628556098

4712637487784

174236456

12213121

171221

1,82158

1488,78316, 35921,0429,304

17,3037,28570,41995,330

1,4492,9665,6281,443

7,6366,1841,6457,5777,218

2,59868138527

1,2374,1231,053

221204

505119

44447394843104

164221447745

11910821

168207

1,79180

1478,76416,35921, 0518,689

17,7487,''"

3841,3172,9665,5221,521

7,9424,9571,8098,5627,043

2,59768139546

1,3144,1411,048

221176279499112

4444836683985

55, 41997, 82962, 73877, 566

55,41895, 55264,93074,059

1926

Sep-tember

185109382581

1051221

9258200

1, 87971

1428,99110, 67921,0448,032

15,335. 5,12064,29685, 677

83320

1,5292,9665>719

7,6247,037180

6,8627,152

2,55766933657

1,6294,3561, 076

22617728754970

43719

39183486

54,94391, 97962,21266,095

1 Not including gold held abroad.


"NOVEMBER, 1927 FEDEKAL BESERVE BULLETIN 773

CONDITION OF COMMERCIAL BANKS[Figures are for the last report date of month except for London clearing banks, which are daily averages]

1927

tember August July

1926

Sep-tember

1927

August July June

1926

August

•Nine L o n d o n c lear ing b a n k s(millions of pounds sterling):

Money at call and short notice. . .Advances and discountsInvestmentsDeposits ___ _

T o k y o foanSss (millions of yen):Cash on hand . .Total loansTotal depositsTotal clearings =_

1341,131

2341,668

1381,123

2361, 669

1331,135

2371,682

1131,096

2481,623

2721,9231,8791,794

1,9311,8071,647

2161,9551,7881,753

1152,5161, 9182,902

1927 1926

August

•Ctiartered banks of Canada(millions of dollars):

Gold coin and bullion 1

Current loans and discountsMoney at call and short notice...Public and railway securitiesNote circulationIndividual deposits

Gold reserve against Dominionnotes

Dominion note circulation

••Joint-stock banks of Denmark(millions of kroner):

Loans and discountsDue from foreign banks..Due to foreign banksDeposits and current accounts...

•Joint-stock banks of Finland(millions of Finnish marks):

Loans and discountsDue from abroadDue to abroad _ _Deposits.-

691,288

446536167

2,295

106186

1,89654

1212,011

7,955437326

7,116

July

1,281424542174

2,267

104177

1, 91556

1242,024

7,952378321

7,033

June August

1,282446534178

2,327

106177

711,207

384528167

2,199

110181

1,91956

1432,025

2,00053

1192,151

7,823215359

6,958191329

5,876

Three commercia l b a n k s ofFrance (millions of francs):

Bills and national defense bonds.Loans and advancesDemand depositsTime deposits ,

Sis Berlin b a n k s (millions of reichs-marks):

Bills and treasury notes ,Due from other banksMiscellaneous loans ,DepositsAcceptances.-

Four private b a n k s of I ta ly (mil-lions of lire):

CashBills discounted _Due from correspondentsDue to correspondents...Deposits

Joint -s tock b a n k s of Norway(millions of kroner):

Loans and discounts _.Due from foreign banksDue to foreign banksRediscountsDeposits

Join t -s tock b a n k s of Sweden(millions of kroner):

Loans and discountsForeign bills and credits abroad..Due to foreign banksRediscounts _Deposits...

Swiss C a n t o n a l b a n k s (millionsof francs):

Loans and discountsMortgagesForeign b i l l s . . . . .Due from banks and correspond-

entsCommercial depositsSavings deposits

12,1475, 002

25, 237447

11,1274,927

24,045424

1,429880

4,7886,600

1,373843

4,6606,409

404

1,374

5,42313, 4892,456

1,63583

151133

1,789

1,65575

149136

1,792

1,64566

167137

1,807

4,151197119115

3.557

1,7612,841

20

310708

1,560

4,172185127125

3,552

4,352179117171

3,515

1,7682,835

23

291705

1,554

1,7552,826

21

284699

1,551

14, 9555, 28521,928

297

1,339731

3,3485,1021,249

1,2059,3885,32113, 7592,313

1,888134263186

1,897

4, 33814712996

3,574

1,7102,727

25

266650

1,457

i Not including gold held abroad.

DISCOUNT RATES OF 33 CENTRAL BANKS[Prevailing rates, with date of last change]

Country

Austria"BelgiumBulgariaChileColombiaCzechoslovakia.DanzigDenmark^England

Rate

510775654H

In effectsince—

Aug. 25,1927June 23,1927Aug. 31,1924Mar. 7,1927May 15,1924Mar. 8,1927June 21,1927June 24,1926Apr. 21,1927

Country

Estonia. .Finland. -France. --Germany _Greece __Hungary . .IndiaItaly

Rate

8

m7

10657

In effectsince—

Oct. 1,1926Aug. 11,1927Apr. 14,1927Oct. 4,1927June 6,1927Aug. 26,1926Sept. 10,1927June 18,1925

Country

JapanJavaLatviaLithuania -NetherlandsNorwayPeruPoland

Rate

5.48677

568

In effectsince—

Oct. 10,1927May 3,1925Jan. 1,3927Feb. 1,1925Oct. 13,1927Nov. 1,1927Apr. 1,1923May 13,1927

Country

PortugalRumaniaRussia.South AfricaSpainSwedenSwitzerland.Yugoslavia..

Rate

868654ZlA6

In effectsince—

Julv 27,1926Sept. 4,1920Apr. —,1924Sept. 10,1927Mar. 23,1923Apr. 22,1927Oct. 22,1925June 23,1922

Changes: South African Reserve Bank from 53^ to 6 per cent on Sept. 10, 1927; German Reichsbank from 6 to 7 per cent on Oct. 4, 1927; Bank•of Japan from 5.84 to 5.48 per cent on Oct. 10, 1927; Netherlands Bank from 3K to AlA per cent on Oct. 13, 1927; Bank of Norway from 4-H to 5per cent on November 1, 1927.


774 FEDEBAL KESEEVE BULLETIN NOVEMBER, 1927'

MONEY RATES IN FOREIGN COUNTRIES

Switzer-land

1926JanuaryFebruaryMarchAprilMayJuneJ u l y - . .AugustSeptember-OctoberNovember-December.-.

1927JanuaryFebruaryMarchApr i l s .MayJuneJuly.AugustSeptember...

i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1026. Rates for Belgium,France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque NationalSuisse—and are quoted in the same way.


NOVEMBEK, 1927 FEDERAL RESERVE BULLETIN 775

GOLD MOVEMENTS[In thousands of dollars]

Month

1925January. ____..FebruaryMarch __„AprilMay...JuneJuly...AugustSeptemberOctoberNovemberDecember ,.

Total.

1926January ..FebruaryMarchAprilMayJuneJuly..August _.SeptemberOctoberNovemberDecember....

Total,.

1927JanuaryFebruaryMarch _.AprilMayJuneJulyAugustSeptember

United States

Im-ports

5,0383,6037,3378,870

11,3934,426

10,2044,8624,128

50, 74110, 4567,216

Ex-ports

73,52650, 60025,10421,60413,3906,7134,4162,1366}784

28,03924.3605,968

128, 272| 262,640

19, 35125,41643, 413j13,1162, 93518,890j19,82011,97915.9S78,857j16, 73817,004

213, 504

59,35522, 30916, 38314, 50334,21214.61110, 7387,87712, 979

3,0873,8514,22517, 8849,3433,3465.07029, 74323,0811,1567,7277,196

115, 708

14,8902,4145, 6252,5922,6101,8401,8031,524

24,444

Netimports

or ex-ports

-68,488-46,997-17 . 767-12.734-1,997- 2 , 287

5,7882,726

- 2 , 65622. 702

-13,904

-134,367

16, 26421, 56539,188

- 4 , 768-6,40815, 54414, 750

-17 , 764-7,094

7. 7019,0119,808

97, 796

44, 46515,89510. 75811,91131,70212,7718,9356, 353

-11,465

Germany Great Britain

Im-ports

19,73710,96914,91216,21818, 75912, 9285,28728,9767, 2518,9977,990727

152, 750

5,51714,0309,5611,393

838571626

10.63123, 60836,343 i16,462118, 407!

Ex-ports

590661630616658673672587896

1,0761,013812

Netimportsor ex-ports()

Im-ports

19,14710,30814,282i15, 60218,101112, 25514, 615 j

28,3896,3557,9216,977

- 8 5

143,867

823740768604

621634702869902858

137,987 • 8,720

14, 08810, 3296, 576

935705711705

11, 259

525659840771673662685680

4,69413,290

789145

- 6 05

9,99722, 90635,47415, 56017, 549

11,02721,4819,0615,017

12,89627,35043,46813,6414,059

26,33717,06210;604

202.004

22,02116, 8096,2787. -""

18, 68716,10319, 51018,86712,13716,91818, 56114, 531

129,267 187,

13, 5639,6705,736

164324920

10, 579

11,51415,7427,526

24, 67816,4648,435

13,07121,4698,381

Ex-ports

23,35418, 60514, 6729,694

12,8187,86415, 91813,14413, 32449, 51741,57021, 257

Netimports

or ex-ports

-12,3272,876

-5, 611-4 , 677

7819.48627, 550

497-9,265-23,180-24, 508-10, 653

Netherlands

Im-ports

2,6483, 637

29865

12119

1,029931

4,8929,2049,566

241, 739]-39, 735

I11,91317,611

12. 7503,489!6,8524,8816, 2108, 9595,017

21,2622-159018, 609

10,1089,198

-6,472

132,140

18,18115,4806,8943, 73526, 5809,6746,0615,7827,637

11,83511,22213.300

7,120-4,346-6,029-4,078

55,468

-6,667262632

20,943-10,116-1,2397,01015, 687

744

32,157

6,61515661987270

1,010330136800580464108

11,174

1,30341148828147

2, 653203105125

Ex-ports

2,2832,559

2535,0495,0599,701

14,6312,043

139731

741

42,495

354832028

20051

2,01460656150174

2,613

6,483

74

391,3343,0155,1904,6232,477

47

Netimportsor ex-ports

3651,078-224

-4,963-5,054-9, 689-14, 512-1,014

7924,1619,1979,525

-10,338

6,580-3275995970959

- 1 , 68476

144430290

- 2 , 505

SouthAfrica

Netimports

or ex-ports()

- 6 , 767-8,361

-26 , 286-14 , T "-10,566-27,580-21,363—21,107-18,976!-18,3221-9,479j

-15, 734!

India

Netimports

or ex-

4,691

1,228411449

-1,053-2,968-2,537-4,420-2,372

78

-19,952|-14,8921-8,4791

- 2 9 , 737-18,003-21,002-22 , 668- 1 5 , 723i

-29,082—13, 376-10 , 553

-212,152

- 1 7 , 522-14,079- 2 0 , 718-23,146-15,7171-17,470

28S 24144,24053, 9574,746

11.3768,4929,2269,810

13,96715, 76711,2757,903

-198,930| 219,000

8,6197,06217,233

12,3177,2414,0764,4044,83?4,0043,4663,530

83,627

2.5186,54310,0414,9414,8907.1225,936

2,860

MOVEMENTS TO AND FROM GREAT



France .Netherlands .RussiaSpain and Canaries.SwitzerlandUnited StatesSouth AmericaBritish IndiaBritish MalayaEgyptRhodesiaTransvaalWest AfricaAll other countries..

Total .

1927

September

Im-ports

36

74 '

4672 245

2775,282

8,381

Ex-ports

123124

10486

3,40753918

547

2,384

7,637

January-September

Im-ports

5832,291

907

501,970

4,892104 521

3,9168,148

127, 281

Ex-ports

3,7145,7287,7326,3473,328

28,0426, 9599,7522,1532,976

1823, 278

100,025

BRITAIN

1926

Calendar year

Im-ports

8021,175

12, 349

180168

9,842153,240

6,2933,557

187,607

Ex-ports

8,25714, 7045 1442,0994 2421,1381,543

12,8187,7521,199

3673,207

132,138

M O V E M E N T S TO AND F R O M INDIA



England.FranceUnited StatesAden and dependen-

cies .Arabia..Bahrein IslandsBritish OceaniaCeylonChina...Mesopotamia -Straits Settlements. _JavaEgyptNatal . _All other countries. .

Total...

1927

August

Im-ports

285

865475

49197455773

724877

2,863

Ex-ports

3

3

January-August

Im-ports

9,4183977

727661535

1,613966156

1,025322

5,75723, 597

10

44,905

Ex-ports

2

47

3

53

1926

Calendar year

Im-ports

12,8331,032

552

1,133358485

11, 565155217

2,737339

2,86549,837

14

84,123

Ex-ports

7

4

24214485

11

497


776 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927

FOREIGN EXCHANGE RATES[Monthly averages of daily quotations.1 In cents per unit of foreign currency]

Par value

1926—October1927—March "...

AprilMayJuneJulyAugustSeptemberOctober

Par value _

1926—October1927—March

April.. __MayJuneJulyAugustSeptemberOctober

Par value


AprilMayJune . . .JulyAugust __September...October

Par value. . .


April ____MayJuneJuly ____AugustSeptemberOctober

EUROPE

Austria(schilling)

14.07

14. 084214. 073814.073614. 067414. 062514. 069514. 062914. 081614. 0820

Italy(lira)

19.30

4.11964. 50595. 02045.40165. 58195.44885.43965. 44325. 4616

Belgium(belga)

13.90

2 2. 778413.900013. 900013. 896813.890013. 898013. 910713. 922013. 9260

Nether-lands

(florin)

40.20

40. 003640.013740. 002340. 019640. 051540. 060040. 071940. 077640.1920

Bulgaria(lev)

19.30

.7260

.7246

.7249

.7238

.7218

.7232

.7230

.7246

. 7229

Norway(krone)

26.80

23. 608026. 047425.859225. 836025.889625.835225. 937426. 362026. 3404

NORTH AMERICA

Canada(dollar)

100.00

100.068599.9019

100.0942100. 065899.936099. 852099. 9404

100. 0497100.1099

SOUTHAMERICA—

continued

Vene-zuela 3

(bolivar)

19.30

19.000018. 750018.750018.750018.762019.128019.155219.170019.1700

Cuba(peso)

100.00

99.9252100. 0265100.026099. 960699. 915099. 9288

100.007399. 952499. 9387

Mexico(peso)

49.85

48.054547. 008446. 868146. 586746.419746. 538347. 393147. 721947. 6667

Czechoslo-vakia

(crown)

2. 96182.96182. 96162. 96152. 96162.96262. 96272.96262. 9627

Poland(zloty)

19.30

11.089211. 370311.422611. 381611. 306511.250011. 224011.216811. 2096

Denmark(krone)

26.80

26. 574426. 645626. 668126. 678426. 720726. 727626. 778526.768026. 7932

Portugal(escudo)

108.05

5.11085.11705.11385.12205.04195. 00084. 95744.92884. 9458

England(pound)

486. 65

485. 0328485.4025485. 6546485. 7020485. 6088485. 5056486. 0233486. 3528486. 9676

Rumania(leu)

19.30

. 5357

.6128

.6157

. 6176

.5964

.6094

.6163

.6181

.6193

Finland(markka)

2.52

.2. 52112. 52052. 52052. 52012. 51942. 51962. 51892. 51S92. 5187

Russia 3(chervo-

netz)

514. 60

* 515.00004 515. 00004 515. 00004 515. 00004 515. 00004 515. 00004 515. 00004 515. 00004 515. 0000

France(franc)

19.30

2. 94043.912G3. 91883. 91683. 91693.91123. 91933. 92003. 9236

Spain(peseta)

19.30

15.101617.408817. 638517. 591217.198817. 085616. 900017.150417. 2540

Germany(reichs-mark)

23.82

23.802823.713723. 701123.692423.692323.742823. 785923. 800423.8624

Sweden(krona)

26.80

•26. 728826. 745226. 778826. 748026. 7792-26. 778426. 820326. 875226. 9238

Greece(drachma)

19.30

1.20871.28981. 32951.32111. 34301.32321. 30831. 32431. 3262

Switzer-land

(franc)

19.30

19. 308419.235919. 232319. 232419. 238519,252819. 275919.281619. 2868

Hungary(pengo)

17.49

17. 581617. 507417.477317. 455617.443817.437617. 436317.468817.4624

Yugo-slavia(dinar)

19.30

1. 76741. 75931. 75811. 75791. 75771. 75851. 75961. 76041. 7607

SOUTH AMERICA

Argentina(peso-gold)

96.48

92.753695. 981196.173896. 200896.437396. 554096. 844897.124897.1572

Bolivia 3

(boliviano)

38.93

33.750034. 000034.000034. 000034.423134. 595034. 754634. 800034. 8000

Brazil(miireis)

32.44

13. 976811. 845211. 796511.808411. 805011. 791611.823711. 859611.9172

Chile(peso)

12.17

12.100012.004112. 032712. 020412. 023512. 022412. 029212. 073612.1712

Colombia3

(peso)

97.33

97.665697. 566395. 018197.468897.419697. 534598. 279897.987297. 4736

Ecuador 3

(sucre)

48.67

18.187518. 312518. 312518. 312519. 601919. 575019. 375019,375019. 3750

Peru3

(libra)

486.65

364.2200366. 5926363.3077364. 6400374.4231374. 6000374. 9626388. 5600384.1600

ASIA

China»(Mexican

dollar)

48.11

44. 866844.134145.538845. 613645. 507744.600443. 380743. 957244. 7376

China 5(Shanghai

tael)

66.85

59.976060.504862.013862.168062. 736262. 276060.378161. 206861. 8328

HongKong 5

(dollar)

47.77

47. 768448.685549.686549. 271649. 074248. 977248.160048. 498048. 8552

India(rupee)

36.50

36.149636.300436.142336.233236.197336.110836.125236. 335636. 4092

Japan(yen)

49.85

48. 661249.141148.373847. 083246.689647.131247.332246. 824846. 5664

Java 3(florin)

40.20

40.312540.170240.150340.163840.207940.196340.174040.167540. 2618

Persia(kran)

9.46

9. 91249. 59529. 59469. 56929. 65629. 69769.6375

StraitsSettle-ments

(Singaporedollar)

56.78

56. 072855. 955655. 953555. 989655. 980755. 960055. 971155. 990856. 0332

Turkey(Turkishpound)

439.65

51. 088450.312250.903552. 223251.999251.054449. 9774

Uruguay(peso)

103.42

100.2104101. 2763101. 9750100. 7088100. 370899.1684

100.1381100. 4052101.8796

AFRICA

Egypt(Egyptian

pound)

494.31

497. 2896497.6670497.8981497.9792497.8950497. 7768498. 2844

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, inpursuance of the provisions of sec. 522 of the tariff act of 1922.

2 Rate on franc.3 Averages based on daily quotations of closing rates as published by New York Journal of Commerce.4 Nominal.5 Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content of unit by New York average price

of silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.56347 for October, 1927, $0.55757 forSeptember, 1927, and $0.54817 for October, 1928. The corresponding London prices (converted at average rate of exchange) were $0.56533, $0.55988,and $0.55216.


NOVEMBER, 1927 FEDERAL KESERVE BULLETIN 777

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES

ALL C O M M O D I T I E S

Month

1926JanuaryFebruaryMarchApril.—M a yJune .JulyAugust . _ _September. ._ __ .OctoberNovemberDecember

1927JanuaryFebruary _.MarchAprilMay „JuneJulyAugustSeptember .October

Month

1926JanuaryFebruaryMarch.AprilMayJuneJuly „ . . . .AugustSeptemberOctoberNovemberDecember . .

1927JanuaryFebruaryMarchAprilM a yJune. __July .AugustSeptember -October

UnitedStates

(BureauofLaborStatis-tics) i

10410210010010110110099

100999898

979695949494949597

Aus-tria

(goldbasis)

122120119119118124126126123125128127

130130333135137142140133130

Bel-gium

560556583621692761876836859856865860

856854858846848851845850837

Bul-garia

2,9012,8992,8442,7742,9382.8422,8382,7592,7282,7162,7392,718

2,7062,6882,6492, 5922,7512,8232,7752,745

Czecho-slo-

vakia 2

966950938923928926948962973972978978

979975976979988990992983975

Europe—Continued

Po-land 3

154158158178197191181188190192193195

195197200206208206207207206

Russia2

183190194196197189183182180179178178

177179179177175174173171170170

Spain

186183183179179177178180178179185186

184180179177172171168168

Sweden

153152149150151150148147146148148150

146146145143145146146146148

Switzerlands

156155151148147145145146146145147148

147145147147147147147147148148

Den-mark 3

172165158157158157158162162178170158

157156153152152152152153

Canada

164162160161157156156154153151152151

151150149149152154152152151

Eng-land

(Boardof

Trade)

151149144144145146149149151152152146

144143141140141142141141142

Peru

206205204204206204204204202202198199

200204206201207206205204205200

Europe

Fin-land(goldbasis)

143142141141140141141143143143143144

144144143143142144144147148

France

Statis-tical

Bureau

634636632850688739836770787752684627

622632641636629623617618601

Feder-al Re-serveBoard

527540545565597631704691691695662592

591595600610618605590578574

Ger-many 8

(FederalStatis-tical

Bureau)

136134133133132132133134135136137137

136136135135137138133138140

Hun-gary(gold

basis)

127125123123122122123122122125127126

127129128130133133133133134

Italy 3(Bachi)

608604592590598605618633622597594574

558556545521496473467465465

Asia and Oceania

Aus-tralia

161160163168167163162162158154155155

154153150151152155161165170

China(Shang

hai)

164163164163160156157161164171174172

173172175173171169171171172

DutchEast

Indies

160157156156155156158157156

156157154154155155153

India(Cal-

cutta)

159154151149146147145147146144146146

146148146145146149150151150

Japan(To-kyo)

192188184181177177179177175174171170

170171171170171173170167169

NewZea-land

159159157156156155156154153153151153

150146146146145146146

Nether-lands

154150145143144144142140140143147146

146145144143146148150149150

Nor-way

(Oslo)

214211204198196195196196197188182176

170165160159160159160161158

Africa

Egypt(Cairo)

134134134133128129129129129129130130

126124124122124123118117120

SouthAfrica

124

120

122

126

12S

126

120

» New index—1926=100. 8 First of month figures. _ 3 New index.

pNOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign

statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France,Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; 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 Researchand Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of themonth to which the figures refer may be found on pages 769-770 of this issue of the BULLETIN.


778 FEDERAL RESEEVE BULLETIN NOVEMBER, 1927

WHOLESALE PRICES—Continued

GROUPS OF COMMODITIES

[Pre-war=100]

ENGLAND—BOARD OF TRADE

All commoditiesTotal food

CerealsMeat and fish....Other foods

Total, not foodIron and steel_._Other minerals

and metalsCottonOther textiles-..Miscellaneous

1927

Sep-tember

142153157142160136116

114178159142

August

141151157135162136117

115168158142

July

141154156134171135118

115160157

. 142

June

142156157137175134120

117155154141

May

141153154133172135122

121150153141

1926

Sep-tember

151153148152158150127

171163156145

FRANCE—STATISTICAL BUREAU

All commoditiesAll foods.. __..

Animal foodsVegetable foods.Sugar, coffee,

cocoaAll industrial mate-

rialMineralsTextilesSundries

601558529564

591

636542813611

618585537618

599

645557830613

617597551624

622

640574804606

623611557653

616

633574767608

629630574674

637

629579734615

All commoditiesTotal agricultural

productsVegetable foods.CattleAnimal prod-

uctsFodder

ProvisionsTotal industrial raw

materials andsemi-finishedproducts..

Coal.Iron.Non f e r rous

metalsTextiles.H i d e s a n d

leather..ChemicalsArtificial ferti-

lizersTechnical oils

and fats.RubberPaper materials

and paperBuilding mate-

rialTotal industrial

finished products _Producers' goodsC o n s u m e r s '

goods

140

139144121

152142130

134130124

105166

139124

82

12142

151

162

151131

166

138

139150116

138146129

133130126

107159

136124

81

12345

150

161

148130

162

138

138162111

129151130

132130127

106155

134123

80

12544

151

161

147130

160

138

140168112

126157128

132130126

107153

125124

85

12647

150

161

146130

158

137

139169107

128157129

131129126

108150

124124

84

12951

150

160

144129

156

S W I T Z E R L A N D i—DR. J. L O R E N Z

All commoditiesConsumers' goods. __Agricultural prod-

uctsIndustrial products -

148157

123146

147157

125144

147156

126144

147155

128146

147155

128145

146158

113144

787722576810

825

840

G E R M A N Y — F E D E R A L S T A T I S T I C A L B U R E A U

135

134139128

146116132

130134124

118150

120122

84

131

55

147

147144130

155

1 First-of-month figures.

ITALY—CHAMBER OF COMMERCE

All commoditiesTotal foodVegetable foods.Animal foods

All industrial prod-ucts .

Textiles.-_ChemicalsMinerals and

metalsBuilding mate-

rialsOther vegetable

productsSundries

1927

temb'er A u § u s t

509533480

474456453

456

541

465535

485513549470

474443455

465

554

457540

491534563497

475436455

471

566

445540

J u n e

509558579531

490446470

483

589

494550

537

621552

516475

601

536571

1926

Sep-tember

700727665

701622

709

651

SWEDEN—BOARD OF TRADE

All commoditiesVegetable products-Animal productsFuels and oilsRaw materials for

manufacture iniron and metalindustry

Paper pulp and pa-perRaw materials formanufacture inleather industry...

Raw and manufac-tured chemicals...

Raw materialsSemifinished mate-

rialsFinished materials..Producers' goodsConsumers' goods...

148147142114

117

158

130

167137

152151137157

146148135116

117

159

122

168138

151148137154

146151127117

117

158

122

169137

151148138153

146151128118

i118

158

119

170138

151148137153

145150128113

118

162

118

170136

148148136153

146141143117

126

171

123

171138

146151135156

AUSTRALIA—BUREAU OF CENSUS AND STATISTICS

All commoditiesMetals and coalTextiles.. _Agricultural prod-

uctsDairy productsGroceries and to-

baccoMeat „.Building materials..Chemicals

170178168

181157

168164144183

165178155

174157

169153153183

161179150

167161

168139152183

155178142

162160

167124152179

152178145

157156

167113150179

158176145

189140

169104154180

INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS

All commoditiesCereals™PulsesTeaOther foodsOil seedsRaw jute . „Jute manufactures._.Raw cottonCotton manufac-

tures ___Other textilesHides and skinsMetalsOther articles - _

1927

August

151142158182171145114161181

158124102130180

July

150138152188169151108152185

155127102130161

June

14914015517917115590

139169

154129110132155

May

14614015413816514186

132160

158126112137154

April

14514115413816714488

142148

159126116137144

1926

August

14714814817316613895

133162

170119112141132


"NOVEMBER, 1927 FSDEEAL BESERVE BULLETIN 779

RETAIL FOOD PRICES AND COST OF LIVING

RETAIL FOOD PRICES

[Pre-war=100]

Month

1926JanuaryFebruary..-.,

AprilMayJuneJulyAugustSeptember. __October __-November.-.December....

1927JanuaryFebruaryMarch - >AprilMayJuneJulyAugustSeptember. _October

UnitedStates

(51cities)

161158157159158157154153156157158159

156153151151152155150149151

European countries

Aus-tria

(Vien-na)

119117114114113116115117116117117118

119119118119119122122119

Bel-gium1

141141137139146155177187184194204206

207210201200196201205202206

Bul-garia

2,7732,7712,7192,6522,8082,7172,7132,6372,6412, 5972,6182,598

2,5862,5692,5332,4782,6302.6992,6532,625

Eng-land 2

171168165159158158161161162163169169

167164162155154154159156157

Es-tonia2

137138136139139139139138128127127128

131132129130130131134130

France(Paris)

480495497503522544574587590624628599

592585581580589580557539532

Ger-many

143142141142142143145146145145148150

151152151150151153156150151152

Greece(Ath-ens)

1.7fiO

1

L, 738L, 805L, 821L, 817L, 870L, 8491,871L,890L9331,9861,973

1,9751,9751,9751,9751,975

Italy(Mi-lan)

681676654645664657654660652654630631

625642635617565541524518

Neth-er-

lands

148148147146146146146146145146147146

147146146145145145144143143

Nor-way

216212205198195194198196193191186184

180177173169169172175175174

Rus-sia 2

226230234241250243236234231230234335

208208205203201199199199198198

Swit-zer-land

165163161161159159159157158160159159

158157156156156157157157

Other countries

Can-ada 2

157155154153152149149150147147148151

153151149146145146147147147

Aus-tralia

155154159163163162159157155153155158

158153151151152153152155

India(Bom-bay)

151150151150150152155153152153152154

155152152151150151154155151148

NewZea-land

154153152151151151149149148147146149

148146146145145144144

SouthAfrica

116117118119119118117117117120119117

116117118119121120119118

COST OF LIVING

[Pre-war = 100]

Month

1926January. _-February._MarchApril _MayJuneJuly _ _--AugustSeptember-OctoberNovember.December .

1927JanuaryFebruary..MarchAnrilMayJuneJulyAugustSeptember.October.

Mas-sa-

chu-setts

164163161161159159159158158158159159

15b1571*6156157156155155155

European countries

Bel-gium1

138138136137142150166175174184191195

198200195195193196199198202

Czecho-slovakia

854845832832837861876878878888902912

914914915923930949962914910

Eng-land 2

175173172168167168170170172174179179

175172171165164163166164165

Fin-land

1,1661,1751,1721,1631,1591,1751,1831,2131,2031,1971,1931,197

1,1871,1891,1831,1731,1661,1841,2031,2371,230

France(Paris)

451

485

539

545

524

525

Ger-many

140139138140140141142143142142144144

145145145146147148150147147150

Greece(Ath-ens)

1,6731,6641,7061,7311,7411,7911,8081,8181,8331,8621,8951,889

1, 8961,8961,8981,9111,915

Hun-gary

122121119119118116117116114114116116

119120119119P 9121119119

Italy(Mi-lan)

665661647642652650649652647672657657

655667663651612586548543

Neth-er-

lands

174

171

164

168

166

367

167

Nor-way

225

218

217

213

203

201

197

Po-land

170171169177185184178182189193197199

202201200203205205199201202

Spain

188183185187183183186178187190191193

196190194196179179189221

Swe-den

174

173

172"

"l7l"

171

170

169

Swit-zer-land

167165163162160160160159159160159159

160160159158159160160160

Other countries

Can-ada2

155154154153152150150150149149150151

1521511501481481491491*9149

Aus-tra-lia

157

161

158

157

156

India(Bom-bay)

155154155153153155157155155155154156

156155155153152154156157154151

SouthAfrica

131131131131132131130130130131131129

130130131131132132132131

11921=100. The cost of living index for Belgium has been changed from an average of seven provinces, on April, 1914, base, to a workingman'sbudget in 59 cities, on a 1921 base.

2 First of the month figures.

NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April,.1925, issue of the BULLETIN.


780 FEDERAL RESERVE BULLETIN NOVEMBER, 1927'

Changes in State Bank Membership

The following list shows the changes affecting Statebank membership during the month ended October 21,1927, on which date 1,299 State institutions weremembers of the system:

ADMISSIONS

District No. 2

Trust Co. of Orange, Orange, N. J

District No. 3

Dollar State Bank & Trust Co.,Scranton, Pa

Capital

$700,000

196, 950

Surplus

$250,000

40,370

Totalresources

$2, 587, 018

1, 273,162

CHANGES

District No. 2

Springfield Avenue Trust Co.,Newark, N.-J. (merged with Fed-eral Trust Co., a member)

District No. 6

Evangeline Bank & Trust Co., VillePlatte, La. (voluntary withdrawal).

Pittard Banking Co., Winterville, Ga.(voluntary liquidation)

Wartrace Bank & Trust Co., War-trace, Tenn. (closed)

District No. 8

Citv Trust Co., St. Louis, Mo. (titlechanged to Fidelity Bank & TrustCo.).

District No. 11

First State Bank, Seminole, Tex. (with-drawn on account of expiration ofcharter) ____

$400,000

150,000

25,000

25,000

40,000

$200, 000

30,000

800

2,000

30,000

$9, 390,000

1,147,000

54, 639

81,000

179, 700

Acceptances to 100 Per Cent

The following-named bank has been authorized bythe Federal Reserve Board to accept drafts and billsof exchange up to 100 per cent of its capital and surplus:Rhode Island Hospital Trust Co., Providence, R. I.

Fiduciary Powers Granted to National Banks

During the month ended October 21, 1927, the Fed-eral Reserve Board approved applications of thenational banks listed below for permission to exerciseone or more of the fiduciary powers named in section11 (k) of the Federal reserve act as amended, as fol-lows: (1) Trustee; (2) executor; (3) administrator;(4) registrar of stocks and bonds; (5) guardian ofestates; (6) assignee; (7) receiver; (8) committee ofestates of lunatics; (9) in any other fiduciary capac-ity in which State banks, trust companies, or othercorporations which come into competition with

national banks are permitted to act under the laws ofthe State in which the national bank is located.

Location

Nashua, N. H -_.St. Johnsville, N. Y_.Little Falls, N. JWest New York, N. J.Pemberton, N. JAltoona, PaCovington, Ky

Waynesboro, VaFayette, AlaStatesboro, GaChicago, 111

Joliet, 111Sterling, 111Tipton, IndCharles City, Iowa_-.Columbus Junction,

Iowa.Battle Creek, Mich__Kenosha, Wis

Calumet, MichLaurium, Mich

Minneapolis, Minn. .Bristow, OklaAbilene, Tex

Bonham, TexMarshall, Tex

Dis-trictNo.

Name of bank

Second National BankFirst National BankLittle Falls National Bank. .First National B ankPeoples National BankSecond National BankFirst National Bank &

Trust Co.Waynesboro National Bank!First National BankFirst National BankContinental & Commercial

National Bank.First National BankSterling National BankCitizens National BankCitizens National BankLouisa County National

Bank.Central National BankUnited States National

Bank.First National Bank __.First National Bank

First National BankAmerican National Bank. . .Farmers & Merchants Na-

tional Bank.First National BankMarshall National Bank.__.

Powersgranted

1 to 9.1 to 9.I to9.1 to 9.1 to 9.

1 to 9.Ito9.Ito9.Ito9.

5 to 9.1Ito9.5 to 9.1Ito9.1, 2, 3, and!

5.5 to 9.11 to 9.

I t o 9 .2, 3, 5, and

8.Ito9.1 to 9.Ito9.

5, 6, and 7.**5 1

1 Supplemental approvals. 2 Powers granted Aug. 17.

Changes in National Bank MembershipThe Comptroller of the Currency reports the follow-

ing increases and reductions in the number and capitalof national banks during the period from September 24to October 21, 1927, inclusive:

New charters issuedRestored to solvencyIncrease of capital approved * _„

Aggregate of new charters, banks restored tosolvency, and banks increasing capital

Liquidations _Reducing capital2

Total liquidations and reductions of capital..

Consolidation of national banks under act of Nov.7, 1918

Consolidation of a national bank and a State bankunder act of Feb. 25, 1927

Total consolidations - .

Aggregate increased capital for period._Reduction of capital owing to liquidations, etc.

Net increase

Num-ber ofbanks

819

18

72

9

1

1

2

Amountof

capital

$550,00050,000

2,490,000

3,090,000

555,000100,000

655,000

1,325,000

1,200,000

2,525,000

3,090,000655,000

2,435,000

1 Includes one increase in capital of $900,000 incident to the consolida-tion of a State bank under act of Feb. 25, 1927.

2 Includes one reduction in capital of $75,000 incident to a consolida-tion under act of Nov. 7, 1918.


NOVEMBER, 1927 FEDERAL EESEKVE BULLETIN 781

DETAILED BANKING STATISTICS FOE THE UNITED STATES

FEDERAL-BESERVE BANKSRESOURCES AND LIABILITIES, BY WEEKS


RESOURCES

Gold with Federal reserveagents:

Oct. 5Oct. 12Oct. 19, .__ _._.Oct. 26

Gold redemption fund withUnited States Treasury:

Oct. 5-. .Oct. 12Oct. 19 ..._.Oct. 26

Gold held exclusively againstFederal reserve notes:

Oct. 5Oct. 12Oct. 19Oct. 26 —.

Gold settlement fund withFederal Reserve Board:

Oct. 5 -.Oct. 12 .Oct. 19 •_.Oct. 26

Gold and gold certificates heldby banks:

Oct. 5Oct. 12Oct. 19Oct. 26

Total gold reserves:Oct. 5Oct. 12Oct. 19Oct. 26

Reserves other than gold:Oct. 5Oct. 12Oct. 19Oct. 26

Total reserves:Oct. 5 _.Oct. 12Oct. 19 _.Oct. 26

Nonreserve cash:Oct. 5_— ...Oct. 12Oct. 19__Oct. 26

Bills discounted:Secured by U. S. Govern-

ment obligations—Oct. 5Oct., 12 ________Oct. 19Oct. 26

Other bills discounted—Oct.. 5Oct. 12Oct. 19Oct. 26

Total bills discounted:Oct. 5Oct. 12Oct. 19Oct. 26

Total

1, 561, 8641, 604,9481,632, 5071, 623,253

45, 69547. 954i40; 52842,028


Boston

132, 295129, 756127, 743124,720

3,3635,1266,0257,814

1,607, 55911 135,6581,652,902!1,673,03511,665,281

704,384661, 099637, 092634, 8851

j

653, 841!657,497 j665, 378656,886'

2, 965, 78412, 971,498j2, 975, 505]2,957,052

136,774132,396!136,475135,793

3.102, 5583.103, r •3,111,13,092,845

51,15050,32859,69561,137

242.557192; 753224,821236,428

219,928^237,496!192,7761165,970!

462,485430, 249!417, 597;402,398;

134, 882133, 768132, 534

43, 81743, 50044, 31225,656

33, 30934, 34737,18239, 643

212, 784212, 729215,262197,833

14,11313, 02914, 50414, 232

NewYork

241,214281, 214331, 081330,536

16, 76815,112, 95911,430

257, 982296,301344, 040341, 966

Phila-del-phia

128,825126,191134, 399131, 524

9,47811,1842,7994,245

138,303137, 375137,198135,769

290,620i 49,563241,310 47,273277,1721 32, 940289,219 31,626

413, 5401 27, 651409,323! 27,893409,032 28,606393,328 28,166

962,142946,934

1, 030,2441,024, 513

215, 517212, 541198, 744195, 561

25,6071 8,48124,237 j 9,14024,786 8,44024,656 7, 976

226.897225, 758229,766212,065

5, 7375,3376,753

17,39718,76814,37828,953

14,66515,16413,2639,429

32,06233, 93227,64138,382

Cleve-land

Rich-mond

218, 984| 24, 331219,285! 23,250203, 679 22, 716203, 980! 17,904

2, 222 2,1872,671| 2,7r"4, 111 2, 5174,304 2,518

221, 206221, 956207, 7902085 284;

42,10737, 68541,21951, 258

36,17037,13737,40939,128

299,483296, 778286,418298,670

11,0999,391

11, 610!

26, 51826, 01825, 23320,422

14,46310, 26617, 02920,649

21, 04421, 52121, 59827,251

987,749 223,998971,1711 221,681

1,055,030 207,1841,049,169 203,537

15,43615,87218, 97321, 555

110,94736,64454,95368,34.8

1,0s

1,092870

18, 50922,34824,53725,089

62, 538 12,97383,143i 13,05641,920 14,02642,076' 15,197

173,485' 31,482119,7871 35,40496873 38 563,96,873

110,424|

38, 56340,286

62,025

57, r-63, 86068,322

4,1514,1924,6435,843

Atlanta

163, 531167,122164,431164,106

1,4491, 8281,3521,399

164, 980168, 950165, ^'165,505

12,94016, 2338,4666,140

7,1917,5527,9027,788

Chi-cago

273,483273,483273, 285273,164

2,054985

2,7711,599

275, 537274,468276, 056274, 763

134,873140,826110, 359'

53, 30456, 22858, 33556,932

St.Louis

37, 01943, 71537,86737,839

1, 7681,3791/5831,729

38, 78745, 09439,45039; 568

19, 62818, 94314, 55921,849

9,58010,42312,17411,686

I185,111 463,714192, 7351 471, 522182,151 444,750179,433 425,573

11,93511,82511,92512,903

310, 582306,169298,028i308, 6G9J

4,129:2,675 i4,7723,590

I24,899!33, 748J24,89818,9231

17, 85720,842!18,408110, 966

r66,176| 197,04661,99768, 50374,165

204, 560194,076192,336

3,355; 3, 7692,991! 3,9403,671? 3,7264,141 4, 292

9, 537j9,760

12,2249, 657

20, 212!19, 254121,15117,922

5,6634,3845,0964,337

21,15518,12120,03318,101

42,756!54,59043,30629,889J

29,74929,01433,37527,579

26,81822, 50525,12922.438

22,17021,35220,92120, 528

67, 99574,46066,18373,103

12,16012,90912,88512,475

485,884492,874465,671446,101

6,4936,9018,0567,399

25, 235

37,76830, 834

12,63912,10713,361

80,15587,36979,06885, 57"

3,3023,5913,589

13,19812,13417, 78216,228

7,8756,671

10,47813,340 6,682

37,87433, 04351,129J

21,07318,805

44,1741 22,910

Minne-apolis

59,33458,86058,65155,061

8851,1121, 0211,395

60, 21959, 97259, 67256,456

14,39415,20911,88711,580

KansasCity

55,31955,26448,43547,382

2,4692,1462,5233,131

57, 78857,41050,95850,513

23,843i30,130118,54627,674

Dallas

39, 54040, 55338, 59233, 986

1,1321,2451,3211,456

6,5017,422

8,014,_,j 7,522

6,854! 7, 6956,897 i 7,442

I81,114 89,64582, 603 95,06278,413 77,19974,933 85,629

4,036 6,1353, 886 5, 5214,171 5,2024, 212 5,580

85,15086,48982, 58479,145

1,0021,2951,1581,111

7664,592208276

2,0281,9011,7991,877

95,780100,58382,40191,209

2,6072,5092,5922,546

3,2972,22711,727

8,82610, 2899,98010,675

2,794 12,1236,493 12, 5162,0071 21,7072,153| 17,480

40, 67241, 79839, 91335,422

19, 11118,84914, 83717,103

7,0367,0597, 0456,998

66, 81967, 70661, 79559,523

8,0638,2688,1938,298

74,88175,97469,98867,821

1,7541,8172,2092,413

1,9702,0355,6605,794

3,1432,762

4,192

5,1134, 7977,7569 r ~ "

Fran-cisco

187, 989186,255191, 628203,071

1,9202,4231,5461,008

189, 909188, 678193,174204,079

39, 02540, 87545, 76638, 253

30,50131, 07031, 54631,627

259,435260, 623270,486273,959

8,824

9,1959,151

269,269279,681283,110

2,8522,7593,1022,732

11,13925,17715,59021,184

36,01734,18626, 26115, 513

47,15659,36341,85136,697


782 FEDERAL KESEKVE BULLETIN NOVEMBER, 1927

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued


RESOURCES—Continued

Bills bought in open market:Oct. 5__Oct. 12 _Oct. 19Oct. 26

U. S. Government securities:Bonds—

Oct. 5Oct. 12____Oct. 19Oct. 26

Treasury notes—Oct. 5___Oct. 12 ._ _..Oct. 19 „__.Oct. 26__

Certificates of indebted-ness—

Oct. 5_Oct. 12 __.Oct. 19Oct. 26

Total U. S. Government se-curities:

Oct. 5_Oct. 12 _Oct. 19 . . . .Oct. 26.-

Other securities:Oct. 5_Oct. 12Oct. 19 „ . .Oct. 26 —

Total bills and securities:Oct. 5__ „_.Oct.l2__ „„ . .Oct. 19Oct.26__

Due from foreign banks:Oct.5_ mOct. 12__Oct. 19__—...___Oct. 26

Uncollected items:Oct. 5. _ - .Oct. 12 __.Oct. 19 _.Oct. 26 - _-.

Bank premises:Oct. 5___._Oct. 12Oct. 19 _Oct. 26

All other resources:Oct. 5 . . . .Oct. 12Oct. 19_.„,_.__ _„.Oct. 26

Total resources:Oct. 5. -__-Oct. 12Oct. 19Oct. 26

Total

262,165274,361282,503301, 111

255, 972258, 780255,075261,876

126,624133,114124, 710124,941

122,277118, 235120, 608123,813

504,873510,129500,393510, 630

820820620620

1,230,3431,215,5591,201,1131, 214,759

563|563563564

724, 370775,265851,251688,277

59, 60959, 77459, 77459,774!

13,64013, 52212, 69513,159

5,182,2335,218, 9055,297,0715,130,515


Boston

27,46728,87330,36632,588

12, 04312,41512, 51112,876

7,6617,4727,2908,167

7,3547,1627,7918,323

27, 05827,04927, 59229,366

86,58789,85485, 599100,336

41363636

68,96067,74283,89465,538

3,9463,9463/9463,946

120122120123

392, 288392, 795410,114388,943

NewYork

104, 528111, 125102,84399,152

42, 56144,11643,40045,233

29,45934, 40228,63626,912

28,99126, 69829, 99029,403

101, 011105,216102,026101, 548

379,024336,128301, 742311,124

172212212213

187,254186, 343210, 008166,825

16, 27616,27616,27616,276

4, 0584,4294,1784,621

1, 589,9691, 530,4311,606,4191,569,783

Phila-del-phia

10,51011,94012,60115,537

13,36813,39514, 36114,928

9,2079,376

10,276

13,61913, 45114,12214,541

36,19436, 22238,17239,745

100100

78,18683, 56689,43695,668

52474747

62, 56659,99170, 33258,779

1,7491,7491,7491,749

125138145137

367, 704368,102369, 985360,787

Cleve-land

16,06616,62018, 75719,530

32,84632,88733,38933,943

13, 58513, 82514, 54314,453

9,1138,8739,2719,627

55, 54455, 58557,20358,023

114,366126, 795119,266107,442

57515151

64, 639

78, 62163,860

7,1197,1197,1197,119

1,0341,0611,0821,109

501, 926505,852

491, 780

Rich-mond

30,25233,25138,05343,247

12, 62512, 6256,1966,345

6,2156,4252,6412r~

8,6158,4053,6183,696

27,45527, 45512, 45512,439

87,45689,"""83,183,265

28252525

58, 60575, 53371,'""61,713

2,4652,5642,5642,564

477471478467

218, 562233, 301230, 530226,340

Atlanta

3,1652,4042,4142,281

6,2256,2636,3286,475

3,3993,4813,5593,577

3,3233,2443,4833,713

12,94712,98813,37013,765

300300

Chi-cago

23,02925,01430, 53336, 235

43,81744, 49644, 09845,157

14,31414,37514, 59816,065

St.Louis

Minne- Kansasapolis City

4,4163,8663,7004,174

18,19218,20418, 44218,752

11,:11,42411,34911,077

15,26315,356 „ ,„ . -15,887 7,10916, 732 7, " ~

7,1326,972

73,39474,22774,58377,954

36, 60036,90037,118

9,41510,18611,65215, 352

11,13811,16511, 83812,241

7,2467,3697, 5807,970

4,4684,3464,8125,107

22,852

24, 23025,318

520520520

43,230' 134,297!38,1971 132, 28440, 91338,484

22202020

30,41434,99635.41728.4182,9012,9012,9012,901

1,4351,4471,4621,428

278, 817286, 061278, 515267,879

156,245158,363!

75676767

82, 59580, 774103,10879,767

8,602

8, 667 i8,667

1,4841,4861,0651,160

719,430723, 053742,879701,524

62,077[59,271!68,860;64,202

23212121

36,19355,06141, 75433,883

3,9573,9573, 9573,957

870876772776

186,263209,857198,023192,006

35, 58140,07938,40943,343

16151515

17,18420,80719,93416,239

2,7742,7742,7742,774

1,4961,4591,444

143, 694152, 955146,333144,071

10,4289,82210,65610, 637

19, 56219, 59020,05320,500

7,!8,0218,0167,869

7,6737,4717,7638,044

35,05435, 08235,83236,413

57,60557,42068,19564,530

20181818

44,17055, 76049, 81743,292

4,4744,4754,, 4754,475

554498583540

205,210221,263208,081206, 610

Dallas

11,67411,67213, 50416,467

17, 51917,54718,18818,673

6,9957,1967,3267,477

6,4616,2806,7137,039

SanFran-cisco

11,2159,5887,4245,911

26.07626.07726, 27126,753

9,4609,7489,4838,700

10,2659,97710,04910,299

30,97531,02332, 22733,189

45,80145.80245.80345,752

47,762 104,17247,492| 114,75353, 48759,642

19171717

27,20532,11634, 70229,273

1,8271,8271,8271,827

611619474474

154, 060159,862162, 704161.467

95,07888,360

38343434

44, 58544,16052,25840,690

3,5193, 5193,5193,519

885879877

424, 310435,373434, 549419,325

LIABILITIES

Federal reserve notes in circu-lation:

Oct. 5Oct. 12Oct. 19 . „ . ,Oct. 26

1,717,0491, 733,8291,716, 7851,702,999

142, 586143, 513143,290140,224

368, 536365, 052363,236361,972

130, 594136,435131,143129,664

210,829216,124210,379211,820

66,89569,478' 70,80071,232

163,339162, 898160,551156,511

239,425241,182239,276235,302

47, 50149,62451,22551, 537

62,99262,17562,46762,250

64,08664,98564,30864,247

48,50748,09949,00149,704

173, 759174,264171,109168,536



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued


LIABILITIES—Continued

Total


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond Atlanta Chi-

cagoSt.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Deposits:Member bank—reserve ac-

count—Oct. 5._ _Oct. 12__Oct. 19Oct. 26. ._.

Government—Oct. 5__.Oct. 12 .___.Oct. 19__ ._._.Oct. 28 ____.

foreign bank—•Oct. 5_—_—_._——.Oct. 12Oct. 19— _-.Oct. 26 ._

Other deposits—Oct. 5__ _Oct. 12 „_._Oct. 19_ ___Oct. 26__

Total deposits:Oct. 5 - . . -Oct. 12.

r Oct. 19—__~Oct. 26..

Deferred availability items:Oct. 5__ —

L. Oct. 12Oct. 19. —Oct. 26

•Capital paid in:Oct. 5 —Oct. 12Oct. 1 9 . . . -Oct. 26

Surplus:Oct. 5 - -

L Oct. 12" Oct. 19.... -

Oct. 26 - . . . . . - - . - .All other liabilities:

Oct. 5. -.Oct. 12Oct. 19Oct. 26 .

Total liabilities:Oct. 5Oct. 12 . .Oct. 19 _Oct. 26 -

MEMORANDA

Ratio of total reserves to Fed-eral reserve note and depositliabilities combined (percent):

Oct. 5Oct. 12Oct. 19Oct. 26

Contingent liability on billspurchased for foreign cor-respondents:

Oct. 5Oct. 12 ._Oct. 19. -._._Oct. 26 ._._

•Own Federal reserve notesheld by Federal reserve bank:

Oct. 5 -Oct. 12Oct. 19 ._•_.Oct. 26

2,360,3782,324,3382,383, 7112,351,870

37,21512,8068,80819,794

5,3825,36912,383

23,35262,45424,19623,928

152,339155,114156,885155,347

1,79171916645

383785.570

102105513435

879,142936, 769933,776

22,8771,2231,4335,159

I,1

4,8172,863

15,96715,84715,91815,505

142,205140,252137, 702139,902

1,406897367284

490490

1,005730

296174245

188,497187,962186,687176,597

647422

1,050

541541

1,109806

974945988961

72,75469,99272,55573,010

1,6431,753

962,958

265265544395

95183145142

69,52466,59566,82265,926

1,6772,097967

1,802

209209429312

9,579143116

350,130351,526360,274337,474

1.635'492416

1,046

704704

. 1,4441,049

1,0521,0921,1271,152

82,19379,81684,09284,713

1,3201,3371,096

219219450327

27914,678

303465

52,54755,55953,62954,437

870757916

1,290

153153314228

4476,248237123

87,39287, 61684,12687,928

408950620949

189189387281

1709,575164184

63,02566,22663,67366,190

1,0761,033982

1,829

179179366

174,944184, 538180,497176,570

1,316918

1,0862,286

357357733532

3,9974,3684,218

2,426,3272,404,9672,429,0982,403,951

664,038704,844775,545646,615

131,098131,171131, 275131,293

228, 775228, 775228, 775228,775

14, 94615,31915, 59316,882

154,615156,321158,349156,397

67, 56965,42080,91764,659

9,4669,4629,4289,428

17, 60617, 60617, 60617,606

446473524629

965,365897,892958,937957,303

153,231162, 562179,158144,691

39, 62739, 69739,81339,820

61, 61461, 61461, 61461,614

3,5963,6143,6614,383

144,397141,813139', 319141,479

57,71054,79964,46054,506

13, 22813, 24313, 24313,245

21, 26721, 26721, 26721,267

508545553626

190,860190,095189,206179,414

61,01360,33070,03661,161

13,93913,93913,93813,953

23,74623, 74623, 74623,746

,51,6181,634

74,75772,19373,34076,505

57,53172,22366,91859,087

6,2536,2536,2536,248

12,19812,19812,19812,198

928956

1,0211,070

71,47878,48068,36168,156

28,45229,13634,06427,646

5,1405,1425,1405,140

9,6329,6329,6329,632

776773767794

353,521353,814363,261340,721

74,62976,13888,37173,477

17,32917,31017, 30817,301

31,88131,88131, 88131,881

2,6452, 7282,7822,842

84,35996,033

86,601

37,94047, 70944,05737,279

5,2915,2935,3235,323

9,9399,9399,939

1,2331,2591,2971,327

54,01762,71755,09656,078

15,15316,50917,21814,193

3,0003,0113,0113,011

7,5277,5277,5277,527

1,0051,0161,0141,012

88,15998,33085,29789,342

38,95843,91944,442

4,2204,2204,2204,225

9,0299,029

758780785829

64,31767,46965,06668,349

28,13531,19235, 54430,225

4,2814,2804,2774,277

8,2158,2158,2158,215

605607601

180,482189, 810186,684183,606

43,71744,90750,36040,753

9,3249,3219,3219,322

16,12116,12116,12116,121

907950954987

I5,182, 2335, 218,9055, 297,0715,130,515

74.975.075.175.3

189,168201,956198, 810194,886

385,370372, 042405, 227421,787

392, 288392, 795410,114

76.375.376.271.5

14,11914, 96214, 96214,593

29, 79630, 53028, 74031,983

1, 589,'1, 530,4311, 606,4191,569,783

74.276.979.879.5

53,06157, 72154, 57454,206

118,017117, 477131,891135,181

367, 704368,102369, 985360,787

81.579.776.675.1

18,07219,15219,15218,680

33, 23126, 75634. 85636,460

501,926505,852

491,780

77.375.474.678.9

19,95521,14721, 14720,625

39, 21734, 42338, 86337,323

218,562233,301230, 530226,340

46.743.847.550.2

10,37410,37410,118

7,43710,47311, 27711,771

278, 817286,061278, 515267,879

83.984.784.885.6

7,7188,1798,1797,978

29,915

31,18232,067

719,430723,053742, 879701,524

81.982.877.377.4

25,97927, 53027, 53026,852

51,19448, 64550,14353,024

186, 263209, 857198,023192,006

60.860.057.562.0

8,0958,5788,5788,367

9,1238,5366,4877,847

143,694152, 955146,333144,071

205, 210221, 263208,081206,610

72.869.370.2|

5, 648|5,985|5,9855,837

4,9745,3174,8165,843|

62.961.55.159.4

6,9657,3817,3817,199

8,3507,8758,3939,002

154,060159, 862162, 704161,467

66.465.761.457.4

6,5896,982

6,810

6,0427,2397,6988,907

424,310435, 373434, 549419,325

75.774.078.280.4

13,17813,96513,96513,621

48,07445, 83550, 88352,379


784 FEDERAL RESERVE B U L L E T I N NOVEMBER, 1927

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS


Total

Federal reserve notes receivedfrom comptroller:

Oct. 5Oct. 12Oct. 19___.__Oct. 26

Federal reserve notes held byFederal reserve agent:

Oct. 5Oct. 12 _Oct. 19Oct. 26

Federal reserve notes issued toFederal reserve bank:

Oct. 5Oct. 12__Oct. 19Oct. 26

Collateral held as security forFederal reserve notes issued toFederal reserve bank:

Gold and gold certificates—Oct. 5Oct. 12Oct. 19Oct. 26

Gold redemption fund—Oct. 5Oct. 12 . _ . .Oct. 19Oct. 26

Gold fund—Oct. 5 _.Oct. 12Oct. 19Oct. 26.

Eligible paper—Oct. 5Oct. 12Oct. 19Oct. 26

Total collateral:Oct. 5Oct. 12Oct. 19Oct.28

2,908,2, 901,096J2, 920, 217!2,928,021

806,250795,225798, 205803,235

2,102,4192,105,8712,122, 0122,124, 788

408, 631406, 332406, 691400,994

104, 556103,992101, 80295, 537

1,050, 6771,094, 6241,124,0141,126,722

705, 356674, 592669, 786674,931

2, 267, 2202, 279, 5402, 302, 2932,298,184


Boston

246, 782244,243242,230i239,2071

74,40070,20070,20067,000

776,633! 205,825771,809 207,191778,207 205,399780,233 206,524

172, 382174,043172,030172,207

35, 30035, 30035, 30035,300

17, 99515, 45613,44310,420

79,00079,00079, 00079,000

59, 52962,80558,00770,970

292,080!289,080283,080283,080

484, 553482, 529495,127497,153

215,150215,150215,150215,150

21,06421, 06420, 93120,386

5, 00045,00095,00095,000

266, 463214, 592178, 347190, 599

42,00044,00039,40040,400

163, 825163,191165, 999166,124

10,9488,314

11, 5228,647

117,8771117,877122,877

Cleve- ;land :

Rich-mond

272,0361 104,286271,537; 103,205278,272! 110,171276,973, 114,757

21,990: 29, 95420,9901 23,25429,030 28,09427,830! 31,754

250,046!250, 547249,242249,143

74,33279,95182,07783,003

At-lanta

244,484244, 574242,683240,358

51,23052, 74050, 95051, 780

40,00040,00040, 00040,000

13, 984]

14,285!13, 679j13,980|

165,000L165,000!.150,000!.

20,084i20, 08420, 44415,046

4,2473,1662, 2722,858

51,780191,834191, 733188,578

18.11718.11818; 11718,118

9,5147,6045,714

Chi-cago

435,119433,327438,319441,226

144, 500143, 500148, 900152,900

290,619289,827289,419288,326

122,877 150,000:-

37, 937j 57, 957;38,075 69', 723|46,999 60, 32050,432 "" •" -

58,00060, 30769,05068,212

191,824 507,6771 166,762; 276,941!

192,561 495,8061 184,266 289,008185,750! 509,428! 181,398! 263,999195,690, 521,135 181,956: 252,478

82, 33183, 55791, 76686,116

.1,4831,4831, 28511,164

135,900 272,000141,400 272,000140,600! 272,000137,600 272,000

St.Louis

29,83124, 77227. 42124, 579

60,84057,91881,59580,333

74, 80476,26076, 77278,524

18,18018,10019, 06019,140

56, 62458,16057, 712'59, 384

Minne-apolis

85, 580

87,81787,227

KansasCity

110,336110, 760110, 551110,899

17,614 37,90020, 534 37, 90020, 534 37,85019,134 37,650

1

67, 966 72,43667,492| 72,86067,283! 72,70168,0931 73,249

8,1008,1008,1007,800

2,9192,6153, 767

8,100 12. 267~ • 12,267

12, 26712,267

2, 067!1, 5931.384'794

26,00033, OOO!26,00027,000

25, 35122, 53131,84326,971

193,362! 334,323191,8941 331,401191,852' 354,880188,685 353,497!

62, 37066,24669, 71064, 810

i45, OOOJ45, 000145,000!42,000

11,95316, 41013, 51117,354

3,4594,4043,572,522

51,86050,86044,86044,860

22,46022,25332,25528,028

71, 287 77. 77975, 270 77, 51772,162 80, 69072,415 \ 75,410

70,45169, 76569,30472,678

15,90214,42712, 60714,067

54, 54955,33856,69758, 611

SanFran-cisco

282,333280, 599280,492279,415

60, 50060, 50058, 50058, 500

221, 833220,099221,992220,915

17, 613 40, 00017,313| 40,00017,313| 40,00017, 313 40,000

2,9273, 2403,779

13,94920, 76820,451

3,153| 20,186

19,000| 134,04020,000i 125,48717,500 131,17713,500! 142,885

16, 73116,41321,24426,428

56,27156, 96659,836

58,304

49,19442,527

246, 293255, 048240, 822

60,394 245,59S

M A T U R I T Y D I S T R I B U T I O N OF BILLS, C E R T I F I C A T E S O F I N D E B T E D N E S S , AND M U N I C I P A L W A R R A N T S H E L D BYF E D E R A L R E S E R V E B A N K S


Bills discounted:Oct. 5 . .Oct 12Oct 19 . _ _Oct. 26 - - .

Bills bought in open market:Oct. 5Oct. 12Oct 19Oct. 26 - - .

Certificates of indebtedness:Oct 5Oct. 12 - _Oct 19Oct 26

Municipal warrants:Oct 5Oct 12Oct 19Oct 26 - -

Total

462, 485430, 249417, 597402,398

262,165274,361282, 503301, 111

122, 277118,235120, 608123,813

2020

120120

Within 15days

389,835361, 063344,124330,843

130,133130, 006141,989125,700

1,59345

1.845'158

2020

18 to 30days

21,27719,15820, 92617,524

60, 96463, 96657, 47466, 361

2020

31 to 60days

30,24628, 74029, 57931,467

53, 77556,08151, 26459,583

100

61 to 90days

17,96017,83518, 72817,276

14,19021, 26329, 52045,566

100

91 days to6 months

3,0073,2674,0355,044

3.1033,0452,2563,901

120, 684118,190118, 763123,655

Over 6months

160186205244



FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER AND SEPTEMBER,1927


Total cash reserves


October

Boston. _ _ 224,079New York . . I 1,001,225Philadelphia..ClevelandRichmondAtlantaChicago __St. LouisMinneapolis. __Kansas City..-Dallas•San Francisco.

212, 939308, 83166,265196, 780474,17182,14784,121

71, 476273, 480

September

235,978996, 027222, 081325,166i 72, 644186,169484,89766,51182, 572101,85367, 797275,367

Total., 3, 089, 483 I i 3,117, 062 |

Total deposits.

October

157,165921, 315141, 539190,08574,66670, 827

346, 79884, 74555, 62390, 54266, 381

181,122

2, 380, 808

September

153, 393911, 090140,911190,48974, 61868,848

343,95581, 57552, 57890,15563, 044

180, 219

2, 350.875

Federal reserve notesin circulation

October

143, 513370,137134,393213,283

69,952161, 520240, 380

50, 48462, 50464, 33049,099

172, 601

1, 732,196

September

141,908371,303136,708215,119i 63, 221162,420245,327

43,73858, 78264,13445,920

173,146

i 1. 721, 726

Heserve percentage

October

74.577.577.276.645.884.780.860.771.260.761.977.3

75.1

September

79.977.780.080.252.780.582.353.174.166.062.277.9

76.5

i Revised.

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, SEPTEMBER 22-OCTOBSR 19, 1927, INCLUSIVE



BostonNew YorkPhiladelphiaClevelandRichmond-AtlantaChicagoSt. Louis...Minneapolis _Kansas CityDallas _San Francisco.... .

Total, four weeks endin;Oct. 19, 1927Sept. 21, 1927Oct. 20, 1926Sept. 22, 1928

Transfers for Govern-ment account

Debits

4.50027; 0004,0002,0005,5002.5001,5001,000500500

2,0005,000

56, 000178, 900

28,000131,000

Credits

1,80021, 500

8003,5003, 5001, 5006, 9003,500500

8,700300

3,500

56, 000178,90028, 000131,000

Transit clearing

Debits

880,3403,055,588770,970752.165628; 200343,118

1, 314, 291588,040206, 615456. 218380,055401,963

Credits

880,3343,124,470763,291731, 243634, 662354, 457

1, 289,056594,129208. 571421,879382, 541392,930

9, 777, 563 9, 777, 5639,281.534 j 9,281,5349, 320; 737 9,320,7378,213,996 I 8,213,996

Federal reserve noteclearing

Debits

5,26910,7176,0819, 9562,1623,3868,0501,4631,7112,4251,3533,023

55, 59657,12062,45051, 072

Credits

4, 56517,1634,9603,7413,2903,0217,9583,1431,3722,1311,2513,001

55, 59657,12062,45051,072

Changes in ownershipof gold through trans-fers and clearings

Decrease Increase

3,410

12,00025, 637

19,927

26,433

~W~ 555"

97,962

69,828

5,5909,974

10,2691,617

97,962

Balance infund atclose ofperiod.

44,312277.17232; 94041, 21917,029

110,35814. 559Hi 88618,54614,83745,766

637,090. 614,773745,617743, 657


786 FEDERAL RESERVE BULLETIN NOVEMBER, 1927'

FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES, SEPTEMBER, 1927


Holdings on Sept. 30,1927

Total bills and securitiesBills discounted. _ . __Bills bought in open market _United States securities _Other securities

Bills Discounted

Rediscounted bills:Commercial and agricultural

paper, n. e. sDemand and sight draftsBankers acceptances...Trade acceptancesSecured by United States

Government obligation s _ _ _Member bank collateral notes:

Secured by United StatesGovernment obligations...

Otherwise secured. I .

Total discounted bills *

Bills Bought

Bills payable in dollars:Bankers' acceptances based

on—ImportsExportsDomestic transactions.._D ollar exchangeShipments between or

storage of goods in for-eign countries _--

All otherTrade acceptances based on—Pmnorts

Domestic transactions . . .Bills payable in foreign curren-

cies

Total bills purchased

United States Securities

United States bondsTreasury notesCertificates of indebtedness

Total United States secu-rities

Dally average holdings duringSeptember

Total bills and securitiesBills discountedBills boughtUnited States securities.Other securities

Total

1,194,211437,425249,836506,130

820

115,30431476

1,852

766

229,37489,739

437,425

66,89271,98947,2136,672

42,9864 790

689110

8,495

249,836

256,751142,012107,367

506,130

1,139,342422,192215, 926500,637

587


Boston

84,83233,66426,74524,423

13,631

7629

82

19,846

33, 664

9,3654,0757,141

360

5,315

489

26,745

11,2926,7636,368

24,423

73,64228,37722,25923,006

NewYork

325,074126,21292,727

106,135

8,401

101

73,75943,951

126,212

20,83429,12412, 0052,942

21,7033,515

689110

1,805

92, 727

44,38836,86224,885

106,135

329,759142,36078,899

108,500

Phila-delphia

83,69535, 91712,09935,679

8,792

75

3

21,5295,518

35,917

3,0263,1893,010

285

1,714250

625

12,099

13,3409,565

12, 774

35,679

82,00938,2408,430

35, 339

Cleve-land

113, 70442, 313

Rich-mond

83,47329.124

16,581 26, 82254,810 27,527

7,685 12.074

533

65

26,7157,315

42,313

4,3273,7513,008

490

2,335

2,670

16,581

32,80914,0957,906

54,810

103,29434, 76214, 71853,814

73

68

10,8316,078

29,124

10,0008,7572,453

789

4,349135

339

26,822

12,5957,3307,602

27,527

73,15426,25120,47626,427

Atlanta

46,16828,8633,904

13,101300

19,12729

297

135

4,3224,953

28, 863

1,6261,154

62340

194

267

3,904

6,4223,7392,940

13,101

51,54531,0856,476

13,684300

Chi-cago

135,64736,84124,47374,333

11,899

589

77

23,0741,202

36, 841

6,7475,7718,087

813

2,156

899

24,473

43, 57117,44713,315

74,333

128,11831,41423,32773,377

St.Louis

71,70230,8344,470

36,398

11,98161

68

44

17,0651,615

30,834

1,3281,0491,228

30

555

280

4,470

18,16811,8856,345

36,398

67,46127,9924,967

34,502

Minne-apolis

34,8543,5318,481

22,322520

2,294

14

1,112111

3,531

2,4423,1351,037

248

1,153270

196

8,481

11,1187,3603,844

22,322

33,3684,4356,604

22,042287

KansasCity

58,48213,9899,941

34,552

9,197

12

4,346434

13, 989

3,0733,2231,621

257

1,376150

241

9,941

19, 5318,3576,664

34, 552

52, 70910,6988,024

33,987

Dallas

47,6015,639

11,01230,950

3,445205

261

1,332396

5,639

2,1184,3192,672

93

1,56220

SanFran-cisco

108,97950,49812,58145,900

6,77819

87

6

25,443>18,166

50,498-

2,0064, 442*4,328

325

B574450

_i

228

11,012

17,4817,6145,855

30,950

49, 53410,9818,638

29,915

456-

12,581

26,03610,9958,869

45,900

94, 74935, 59713,10846,044

i Includes $81,000 secured by adjusted service certificates held under discount for nonmember banks.


NOVEMBER, 1927 FEDERAL EESEKVE BULLETIN 787

FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 1927


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Total Volume of Operations. 13,744,504 214,803 1,930,592 203,636 317,028 180,77' 73,527 275,177134,899 133,132 64,535 62, 111 254,287

Bills discounted for member banks 2 „_.Bills bought:

In open market .From other Federal reserve banks

United States securities bought:In open marketFrom other Federal reserve banks

Bills DiscountedRediscounted bills:

Commercial and agricultural^ paper,n. e. s

Demand and sight draftsTrade acceptancesSecured by U. S. Govt. obligations....

Member bank collateral notes:Secured by U. S. Govt. obligationsSecured by eligible paper 3 _

Total

Average rate (365-day basis), per cent .„Average maturity (in days):

Member-bank collateral notes . . . . . . . . .Rediscounted bills.

Number of member banks on Sept. 30.. . . .Number of member banks accommodated

during month . . . . . _ . . . . _ .Per cent accommodated. .„

Bills Bought in Open MarketFrom member banks _From nonmember banks, banking corpora-

tions, etc.;Bought outrightBought with resale agreement

Total

Bills payble in dollars:Rates charged—

3 per cent...V/i per cent _Zl/i per cent. _ _ZVs per cent ____3H P e r centZYs per cent... . . . . _3% per cent. __3% per cent... __4 per cent

Average rate (365-day basis), per centAverage maturity (in days)4 _.Class of bills: *

Bankers' acceptances based on—ImportsExports. _ __Domestic transactionsDollar exchange .Shipments between or storage of

goods in foreign countriesAll other _

Trade acceptances based on—Imports _Domestic transactions

Bills payable in foreign currencies. _.

Total

U. S. Securities Bought in Open MarketBought outright:

United States bonds.. _Treasury notes... .Certificates of indebtedness

B ought, with resale agreement

Total..

2,468,430

403, 75510,501

851,19510,123

143,988 1,195,285 169,718 272,358 136,848

47,634 227,136

58,995 130,098 105,162

22,670511

507,0431,128

10,1693,001

20,288460

12,588

30,3951,687

19,5232,000

21,832574

2,856

11,487 116,

27,833

189,104

1,142

2,359700

24,4642,214

3,398

5,9221,800

21,186326

26,814192,079

6,6741,900

21,7155

9,7121,100

23,989496

31,349

30,020839

97,760797

1,3751,329

1,734,456632,713

2,749 6,034 7,400 7,147 5,417

515

82,24758,936

71

831,70S 127,754 235,357,472 34,505

6078

i, 55829,038

3848

71,90759,438

25, 68614136784

12,210

10,688 109,93922,029 7,834

16,228' 148

4767

75,13513,537

248 6,318 3,54:488

2,928222

26,401968

4,7812087

2

13,776 146,41540,774

1,048

13,7767,960

2,468,430 143,988 1,195,285 169, 718 272,358 136,848 58,995 130,098105,162 3,398 33,687 26,814192,079

3.53

5.9048.709,088

2,36126.0

3.50

7.2347.88

414

14134.1

55,348

95,026j253,381

11,124

8,85727,653

3.50

4.8553.80

930

31934.3

10,948

25,919190,269

3.62

7.4246.59

773

34744.9

3.50

4.1351.32

836

20424.4

3.50

3.2851.02

568

19935.0

3.50

12.7650.44

466

1431.5

3.57

12.6354.861,301

36127.7

3.50

7.1239.16597

19833.2

3.62

12.5295.86741

567.6

3.50

4.8360.02974

15415.8

3.50

9.7732..59818

10412.7

1,:

8,343

6,389

6,199

4,636

14,887

2,324

532

8,461

7,85611,516

971

1,388

1,695

4,227

2,239

4,435

2,155

4,8832,674

, 3.68

8.2S44.36670

13119.6

2,580

7,50021,269

403, 755 47,634 227,136 10,169

122,3272,459

261, 7245,9283,290

1416689

3.2039.42

33, 78347, 57726, 7054,248

27, 0882,454

59693

7,830

19,054291

27,69354

32,54574

191,44327478872

7,261223

1,850141

12,588

10,764

19,523 2,856 27,833 2,359 5,922 6,674 9,712 31,349

44314

8,872323

6,8362,943172

44555137

3.1237.67

5,0173.7274,847350

5,498

542

3.2429.50

7,13612,8364,3481,445

7,fi519

59693

2,003

3.1540.67

2,4802,9091,706160

1,720500

3.0638.38

2,6863,7242,138

145

2,213

3.2662.07

6,3056,7452,004659

3,249185

3.4740.28

14,9011,3467,8192,1794037

16389

3.2238.69

1,976 5,4646

20827

6,2618

138

5,88110

3,281287

8,903123

21,813

2921 2,8231,469 3,878

575 5,146708

2, 564200

224

694 1,367 376 296

150,374 19,981 36,867 10,169 12, 588 19, 523 2,856

76,592119,295

« 563,57791,731

4,5737,053

10,417627

17,96027,619

398,18563,279

4,0146,250

10,024

6,2029,340

14,853

5, 527 4,2747, 784 3,8618,521 3,352

851,195 22, 670 507,043 20,288 21,832

3.0634.69

57568539250

346

998

16,317

311

2,359

9,92317,95260, 92927,300

3,8339,043

11,588

11,487116,104 24,464

3.0636.48

1,8741,4031,021

55

1,067285

3.0535.98

2,0882,177754207

1,026155

3.1441.29

1,5442,5891,061

94

1,252245

3.1738.48

9635,4352,713

75

38350

217 267 253 506

5,922 6,674 7,038 10,080

2,9564,519

13,711

4,8927,7659,060

4,7387,081

11,645525

7,70011,02811,292

21,186 21,717 30,020

i Includes $500,000 Federal intermediate credit bank debentures for Minneapolis.* Includes $7,000 secured by adjusted service certificates discounted for nonmember banks.3 Includes bills taken under a resale contract.4 Exclusive of bills bought under a resale contract.«Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston $3,000,000; New York $367,000,000; Phil-

adelphia $3,500,000; Chicago $45,000,000; St. Louis $4,000,000; Minneapolis $9,000,000; Kansas City $1,000,000; and Dallas $4,500,000; and excludes$95,000,000 of special 1-day certificates sold under repurchase agreement and subsequently repurchased.


788 FEDERAL KESEKVE BULLETIN NOVEMBER, 1927

WEEKLY REPORTING MEMBER BANKS

REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Total

Loans and investments—total:

Oct. 5 21,147,821Oct. 12 21,105,786Oct. 19 . . 21,138,737Oct. 26 21,084,659

Loans and discounts-total:

Oct. 5__ 15,092,192Oct. 12 . . . . 15,039,259Oct. 19__.._. 15,055,990Oct. 26. _ „ 15,020,446

Secured by U. S.Government obliga-tions—

Oct. 5 122,817Oct. 12 125,896Oct. 19.___ 121,"""Oct. 26 119,846

Secured by stocks andbonds—

Oct. 5 — . . . - 6,167,896Oct. 12 6,072,353Oct. 19 _ 6,104,716Oct. 26. . . __,. 6,126,613

All other loans anddiscounts—

Oct. 5 8,801,479Oct. 12 8,841,010Oct. 19 „ 8,829,672Oct. 26 8,773,987

Investments—total:Oct. 5-_ 6,055,629Oct. 12 __.. 6,066,527Oct. 19 6,082,797Oct. 26 6,064,213

IT. S. Governmentsecurities—

Oct. 5 -- 2,601,621Oct. 12.. . 2,609,019Oct. 19 2,619.016!Oct. 26 2,606,045|

Other bonds, stocks,and securities—

Oct. 5 . . . 3,454,008Oct. 12 3,457,508Oct. 19 3,463,781Oct. 26 3,458,168

Reserve with Federal re-serve bank:

Oct. 5 ._ 1,712,525Oct. 12 1,704,678Oct. 19 ______ 1,753,868Oct. 26.. 1,729,319

Cash in vault: iOct. 5 . j 263,909Oct. 12 268,215Oct. 19 264,761Oct. 26 267,130

Net demand deposits: !Oct. 5. . . . 13,418,320Oct. 12 _13,409, 572Oct. 19 !13,449,821Oct. 26 13,402,102

Time deposits:Oct.'5.._ 6,356,138Oct. 12 6,374,855Oct. 19 6,368,609Oct. 26 6,364,217

Government deposits:Oct. 5 _ 336,28'Oct. 12 337,232Oct. 19. 252,093Oct. 26... 193,692


Boston NewYork

1, 505, 564 7, 968, 705 1.1, 502, 770 7, 891, 286 1.1,517,846 7,910,184 1:, 521,21317,907,9051,

,269 5,1 , 0 4 4 , , ,1,045, 550 5, 666, 4401,051,186 5.1,060,623 5.

6, 5616,0796,536

391,385,389, 07394,19

329 2,446 2,078 2,194 2,

646,458 3,653, 543 3i

i, 747,092i, 666, 440>, 677,980

43,92344, 76440, 63340,441

2, 679, 3535, 580,8635, 600, 9841,606,789

i, 023,8163,040,813

656; 029 3, 036, 363659, 893 3,030,992

461, 295 2, 221, 613457. 220 2, 224,846466,660 2, 232,204460,590 2,229, '

153, 344152, 004163, 572157, 622

307,9511,237,326305,216 1,239,892

'.,240,1*86., 234, 847

303,088 1.302,!, 968 1.

100,962103,867104,269104,284

18,27317, 94619, 07519,065

480,4891479,476,475,

), 472 1>,085 1>, 490 1,

31, 66931,66923,65618,006

984,287984, 954992, 018994, 836

778,326757,123813,867811 , •

73,66473,801170, 719|73,303

Phila-delphia

s 2,117, 377, 512 2,123, 084

, , 677 2,123, 608,220,088 2,098,962

, 230s 384 2,, 231, 512 2,, 224, 677 2,220088 2

958, 965 5, 853, 997940,742 5, 790,150959,825 5,872, 969952,890 5,838,489

,499,721, 518,973., 512, 531, 522,159

130,491130,49197, 548|74,896i

813,777 1.811,809,805,

., 361 1,), 397 1,

8, 6208 3278,1088,074

416, 208409,188406, 932403,562

393,846394,357394,350

416,607420,151415, 280414,102

117,024117, 225112,685111, 562

299,583302,926302, 595302, 540

Cleve-land

., 412, 560, 416, 516., 417,245., 404,337

17, 92517, 71117,12017,182

599, 540602, 265600, 015614, 668

795,095796, 540800,110772,487

704,817706, 568706, 363694, 625

310,850314, 090311,356309,081

392,478395.007385', 544

84,303! 130,47385,544 131,53281,8571 127,09983,896; 119,177

15,410! 29,16,444: 30,11716, 545 31,66316,663. 30,421

790,434:1,026.46'783,7991,042,573779,362jl,040,879782,93811,035,446

273,472! 920,228273,685! 917,439272,791! 918,106272, 863 j 911,490

33,878! 23,14'33, 879; 24,08325,327; 17,98819, 504J 13,872

Rich-mond Atlanta

702,879706, 709"19,986

619,937 3,040,970624, 402 3,047, 754619,694 3,058,368

>,441| 616,413 3,061,803

Chicago

533,134! 501,967 2,248,422536, 4521 504, 628 2,254, 461530. 046) 501,260 2, 262, 642526,136 498,260|2,258,847

4, 760| 5,1624, 698| 5, 3515,093 5,2774, 831 5,272J

157, 749158,842157, 928

St. iMinne-: KansasLouis i apolis j City

712,340 370,177 625,928716, 408| 373,452 629,529715.953 376,152713; 325 380,501

513, 416515,076514,319511. 928

118,872 982,719994, 943

., 008,481155,018J 117; 638 1.014,727

113,117, 0051

370, 625372, 9121367, 025366,287

i169, 745|170, 2571169, 940169,305!

80,41180, 58380,36578,875

89, 67489,57590,430

43,32142,17943,23342,647

13,75314,24413,42013,816

395,281395,299386,370387,420

238,755241, 83/242,296242, 380

11,25911,2688,5186,508

377,933 1.385, 788 1,378, 978 1375,350 I]

117, 970119, 774118,434118,153

56, 76858, 50156,37155,259

61,20261,27362,0636 2 , T" •

40,81439,10538, 93537, 844

11,42712, 36111, 74611, 527

17, 231! 4, 57019, 983 4,40120,025| 4,23318, 847 4, 303

,248,472, 239, 535,234,136, 225,273

792, 548793, 293795, 726802,956

207,153207, 573207, 656207, 705

301. 693303; 102302, 430299,920

198, 924201, 332201, 634201,397

313,829 74,726315, 792 75,195317,523 75, 585316,182 75, 790

478,719477, 501478,203486,774

266,994266,068274', 660254,315

44,02444,87843,10643,511

336,323 1,852,511343,4271,875,754336,62811,859,473332,039 1, 858,480

240,330 1.240, 218 1.2 4 1 , " - -243,

, 956 1;, 334 1

., 127,195

., 126,046

., 134,754L, 134,727

17,242 33,28317,242 j 33,28312, 864| 24,8479, 887 i 19,054

124,198126,137126,049125, 607

48, 09646,65348, 61351,317

7,7118,1087,7157 ""

410,153415,440407,177

238,622237,988237,689237,943

7,7,9895,9684, 790

250,714254, 362255, 635258,865

2, 3252, 3582,4442,384

80, 08684,11782,88681,624

168, 303167,887170, 305174,857

119,463119, 090120, 517121, 636

63,85763, f "64, 33865,265

633, 309625,892

414,144415,106419,173415,358

4,0603,9233,9553,r~

120,275123, 074123, 560122,063

289,809288,109291, 658

211, 784214,423214,136210, 534

100,042100, 889100, 34695, 631

55,606 111,74255,460; 113,53456,179i 113,79056,371- 114,903

26,18028, 86426, 74327,719!

I5,6,112;5,7096,002

234, 598

239,777

53,74053. 79251,15653, 532

12,29112, 57712,25513,002

486,310492,0254.78,824482,748

125,416 157,944125,872! 157,954130,196 158,276130,558 158,331

1,420| 4,1,420 4,1831,057 3,129

744: 2,408

i SanDallas I Fran-

! Cisco

423,423,431,432,

72612331144 i;4 9 3 1

L, 829,8341,835, 647L, 827,886L, 810,623

328,15011,284,547328,199 1, 291,108335, 809 1, 281,298336,0611, 265, 823

2, 650! 5,1092, 649! 5,1702,6551 5,9809 704 " "2,704!

82, 06181,04682,107

242,441243,489;252,108251,250

95, 57

95,335196,432 i

64,85963,29063, 58365,058

30,71731, 74431,75231,374

31,83234,22731,90233,928

9,6679,75810,22910,407

290, 510296,296295, 919296,310

110,113109,937110, 537111, 372

11, 51411, 5138,6046,628

5,363

331,553330,492329,145326,518

947,885955,446946,173933,942

545, 287544, 539546, 568544,800

281, 624282,866281,274280,884

261,673265,294283,916

107,484115,724111, 534109,591

21,96121,86922, 57921,724

782, 771793,084794,386786,763

943,853945,438933,392923,570

30,21230,21222, 58717,395


NOVEMBER, 1927 FEDERAL JRESERVE BULLETIN 789

REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued


Due from banks:Oct. 5 _.Oct. 12. _Oct. 19__ .„Oct.26__ _

Due to banks:Oct. 5 . . .Oct. 12Oct. 19Oct. 26

Borrowings from Federalreserve bank—total:

Oct. 5__Oct. 12 „Oct. 19 __.Oct. 26 _„

Secured by U. S.Government obliga-tions—

Oct. 5_.Oct. 12__ ___.Oct. 19Oct. 26__ ___.

All other—Oct. 5Oct. 12__ ___.Oct. 19Oct. 26

Number of reportingbanks:

Oct. 5__ . . . .Oct. 12__Oct. 19 ___.Oct. 26

Total

1,285,1391,278,2581,229,1251,191,660

Boston

75,60273,25858, 53765,126

NewYork

Phila-delphia

3,587,3073,447,8493,478,9743,375,85r

319,907286, 452270,936254,452

189,958146,935163,945169,933

129,949139, 517106,99184,519

660660

159, 360 1,155,3891,160,720 1,153, 740 1,

153,803j161,150|146,062j140,448

20,28820,96617,71529,216

9,9059,8308,18022,450

10.38311,1369,5356,766

36

331,574229,943287,508244, 873

143,11888, 68467,15277,770

98, 76136,02043,67052,870

44,357152,66423,48224,900

59,74957, 96158,42055, 595

190,144" 179,732179,97f175,254

12,21115,24416,74916,873

5,3758,4168,9448,895

6,8366,8287,8057,978

Cleve-land

114,643105,068105,940113,760

265, 952261,052255,618247, 292


Rich-mond Atlanta

67,11361,20157,10557,536

128,760126,871125,723121, 733

32, 758 15,63743,538 15, 66431,838 19,82718,940 14.695

18,065 5,59227,131 5,82217,266| 8,00611, 510 5, 866

14,69316,40714. 5727; 430

10,0459,842

11,8218,829

95,58499,39193, 79287,608

141, 844140, 627136,342133,360

11,4969,539

11,7179,389

3,0132, 7382.3582,508

8,4836,8019.3596.881

67j67|67!67j

Chicago

237,065235,179234, 628218,467

539,881530,490509,707493, 621

24, 69118, 33733,93827,096

19, 33513, 76428,26921, 584

5,3564,573

5,512

St.Louis

Minne- Kansas'

57,95557,167

56,310

144,118142,997142,646141,435

11,8749,95516,227.13,129

9,4208,07015,70011,455

2,454

'o271,674

apoiis City '; Dallas

71,3081 115,983! 73,98373,171 122,129! 68,77663,947| 128,394! 67,59959,0541 121,799! 68,206

112,654108,921108,446108,025

2754,150

2754,150

215,598; 126,943213,662| 124,"""212,003i 130,041208,85o! 129,129

6,340!6,346!

14,766!9, 725 i

2,4701,1304,5853,665

3,8705,216

10,1816,060

I,11,9345.7217.572

1, 5551,6255,3755,425

401309346

2,147

SanFran-cisco

162,351163:807157,836147,751

230,479233,372230,244218, 540

39,26352,09535,28630,047

16,19228,23921,59223, 705

23,07123,85613,6946.342

57575757



REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIESPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Total

City

Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Loans and investments-total:

Oct. 5Oct. 12 „.Oct. 19Oct. 26

Loans and discounts—total:Oct. 5 .Oct. 12Oct. 19.Oct. 26

Secured by U. S. Gov-ernment obligations—

Oct. 5Oct. 12 _Oct. 19. . . .„Oct. 26 _

Secured by stocks andbonds—

Oct. 5 _Oct. 12_.Oct. 19__Oct. 26.-

All other loans and dis-counts—

Oct. 5Oct. 12 __Oct. 1 9 . . .Oct. 26-.- —

Investments—total:Oct. 5__Oct. 12 __Oct. 19.Oct. 26- _

United States Govern-ment securities—

Oct. 5_Oct. 12Oct. 19Oct. 26.

Other bonds, stocks, andsecurities—

Oct. 5Oct. 12 „ - -Oct. 19__ — ~Oct. 26_

Reserve with Federal reservebank:

Oct. 5 - _Oct. 12__ - . . - .„Oct. 19_ _Oct. 26__-_

Cash in vault:Oct. 5__Oct. 12__Oct. 19 _.Oct. 26

Net demand deposits:Oct. 5— ,-Oct. 12-. —Oct. 19Oct. 26

Time deposits:Oct. 5 -Oct. 12_Oct. 19Oct. 26_ - _.

Government deposits:Oct. 5 -Oct. 12Oct. 19Oct. 26_

13,452,77513,387,21913,403,65513, 381, 472

10,022,6089,949,2629,959,5569, 949,471

80,60183,29578,73677,872

4,438,9574,329,7554,356,5324, 369,297

5,503,0505,536,2125,524,2885, 502, 302

3,430,1673,437,9573,444,0993,432,001

1,582,7861,586,4441,595,8061, 585,022

1,847,3811,851,5131, 848,2931,846,979

1,223,2631,211,9631,264,0971, 251,079

124,200125,123123,310125,627

9,290,2039,217,3869,310,6209, 296,371

3,162,05'3,169,2983,157,8613,149,478

260,212260,409194,616149,394

056,782. . ,058,411

028, 533 6,765,020 1,053,409i; 030, 294 6, 765,055 1, 050, 013

017,699 6,840,6661, 014,950 6,759,267 l]

787,799 5,073,024788,169 4, — • "793,216 4,801, — •., 757 4,

5,0255,1244,6085,048

:, 990,142:, 989, 651

41,71942,40838,30238,156

288,052 2,361,999281,212 2,257,329285,107 2,270,302288,001 2. 274, 414

494,722 2,669,306501,833 2,685,671503,501 2,681,538508, 708 2, 677,081

229,900 1,767,642226,7811,773,859235,3171,774,878228, 537 1,775,404

83,76182, 53593,97887, 424

146,139144,246141,339141,113

79,70480,64178,828

7,5787,6598,1618,079

882,025883,736887,496892,262

885,617890,123887,382883,142

715,091694,140751,463751, 991

59,74559,85356,86159,518

718,285 5,268,9755,203,021

716,772 5,285,922j710,066 5,260, 667

252,543 1,252,5961249,127 1249,154 I]

30,55330,55322,81217,363

,008,167., 018,620., 011,317, 019,924

123,521123,52192,33970,885

712,036709, 672709,774707, 370

8,2207,9277,7097,678

364,296358,700356,673353, 961

339,520343,045

345, 731

344,746348,739343,635342, 643

99,54099,82395,27394,180

245,206248,916248,362

75,95177,78674,27575,878

12,71713,53513,58013,788

696,439691,330689,080692,779

206,983207,132206,340206,757

32,57332,57424,35218,752

797,447797, 685796,860782, 696

627,209628, 617624,070617, 586

4,8614,5344,4794,480

226,996228,946225,021227, 301

395,352395,137394,570385, 805

170,238169,06872,790165,110

77,16177,16777,36774, 689

93,07791,90195,42390,421

43,403

41,47637,227

8,4868,7169,3588,821

281,913279,001275,870275,826

504,216500,535499,819492, 831

6,2296,4254,8013,698

114,32711/5,096114,200115, 458

94,97195, 36894,49595, 345

653656590596

22,98923,19223,20423,223

71,32971,52070,70171, 526

19,35619,72819,70520,113

5,0735,0795,0595,051

14,28314,64914,64615,062

7,7227,2317,532

805919828799

3,44661,42566,156

32,01232,17131,95231, 931

1,3261,326991763

98,35299,91197, 99497,181

74,55575,06473, 51471, 233

1,6541, ""1,6191, "~

18,13013,19817,55217, 542

54,77160,16754,34352, 082

23,79724,84724,48025,948

14,24715,25514,27615,275

9,5509,59210,20410, 673

6,2347,8026,1855,916

1,2941,2781,2781,190

864,143, 870,296, 876,722

, 469,318,474,562, 477,627

12,01314,63114,99113,797

768,786776,767790,951798, 071

677,920668,620665, 759

400, 258400,978402,160410,459

176,318177,721178,835177,973

223,940223,257223,325232,486

187,847185,714192,182179,143

19,13518,49818,06818,680

55,375157, '55,055 1

269,205279,535,278,139

53, 678 1, 282, 278

36,26836,23536,35836, 509

3,6893,6892,7482,108

565,223563,195571,385569,174

21,67221,67216,19412,430

443,978446,424443,471440.167

328,290329,967327,519324, 756

2,6972,5442,3772,431

148,155148,047148,075148, 055

177,438179,376177,067174, 270

115,688116,457115,952115, 411

43,66443,78244,04644, 286

72,02472, 67571,90671,125

31,23430,79131,08332,886

3,1843,2513,3173,347

271,898275,115271,192270,812

134,918134,469134,090134, 784

7,0107,0105,2364,032

183,957186,429186,390185, 403

126,977129,528129,441127,985

618614

38,06341, -r '40,64137, 700

88,32586,941

89, 677

56,98056,90156,94957, 418

31,00731,01530,93631. 647

25,97325,88626, 01325, 771

13,93515,17913,74214, 472

1,9201,9191,7121,805

119,293120,705121,309120, 914

57,52657,94658,98058,986

1,0541,054784603

173,209174,278175,560170,489

109,310108,775111, 341110,416

958924932

30,95131,44833,51333,196

77,40176,403

76,286

65,50364,21960,073

34,56234,96334,27629, 210

29,33730, 54029,94330,863

16,27416,77714,69616, 512

2,4232,5382,5032,668

157,105159,794151,794155,177

19,00819,08719,19719,223

3,4813,4812,6032,005

122,067122,839126,182128, 659

93,06793,84497,28799, 632

439449436472

21,17621,05418,02921,033

71,45272,34178,82278,127

29,00028,99528,89529, 027

23,07322,40222,32222, 552

5,9276,5936,5736, 475

8,5278,5958,41510,067

1,4011,3191,3791,448

82,50583,96785,95388,492

18,13018,26718,33818,334

7,8297,8295,8514,506

740,148741, 633739,314727,971

531,485535,532534,195526,113

1,7731,7812,0792,063

149,364147,893147,464146,800

385,858384,652377,250

206,101205,119201, 858

112,355112,966111, 942110,473

96,30893,13593,17791,385

38,65244, 91842,40741, 261

5,5125,6386,2655,484

307,124307,199318,109319, 526

327,063329,045320,958311, 871

21,27521,27515,905.12, 249


NOVEMBEB, 1927 FEDERAL RESERVE BULLETIN 791

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued


Due from banks:Oct. 5_ _.Oct. 12__ _.Oct. 19_Oct. 26___, . . . .

Due to banks:Oct. 5Oct. 12_Oct. 19.._Oct. 26- - . . -

Borrowings from Federalreserve bank—total:

Oct. 5Oct. 12.....Oct. 19_Oct. 26 _...

Secured by U. S. Gov-ernment obligations—

Oct. 5_Oct. 12__ „.»_.Oct. 19Oct. 26-

All other—Oct. 5 . . . . . . . . . .Oct. 12Oct. 1 9 . . . . . .Oct. 26-_

Number of reporting banks:Oct. 5.—.Oct. 12Oct. 19.. .._,...Oct. 26

Total

592,702587,0381571,733548,168

2,475, 5272,354, 5942,406, 7072, 332,119

222,156186, 560152,707149,496

125,73977,64781,72897,804

96,417108,91370,97951, 692

219219219219

City

Boston

58, 51559,23441,95650, 670

148, 5711.144,150,144,

:, 522 11,065 1,:, 145 L

17,12019,13515,01524,075

7,8058,5306,855

18, 450

9,31510,6058,1605,625

17171717

NewYork

115,340118,372106, 501102,648

., 261,800, 168,034, 224,125., 181,876

124,47670, 73246, 65156,149

82, 50020,10025,15033,650

41,97650, 63221,50122,499

52525252

Phila-delphia

53,10452, 68653,33250,197

181,104170, 698172,162167,746

11, 586' 14, 71915,90415,453

4,7757,9168,1747,525

6, 8116,8037,7307,928

36363636

Cleve-land

26,10224,15323,03526,229

64,12561,45060, 54658,807

8,08112,3847,5941,400

1,0003,409

659500

7,0818,9756,935

900

Rich-mond

6,0106,7766,3715,790

32, 64334,82634,13633, 540

7,3106,3167,8124,120

7,:6,2867,7824,060

Atlanta

13,82412,61112,41212,650

20,91220,36919, 98518,964

434249334233

200100

434249134133

5555

Chicago

145,863146,082154,405137, 390

386,427381, 244371,357358,970

10, 2454,226

12, 85911, 583

9,620

. 11, 2449,709

6251,5371, 6151,874

45454545

St.Louis

29,27427,85526,82727, 874

80, 53579,93278, 50576,749

5,8004,4506,2503.290

3,5002,9005,7502,090

2,3001,550500

1,200

13131313

Minne-apolis

31, 25631,22228,47926,251

66, 58762,92562, 73862, 753

2754,150

2754,150

KansasCity

35,09633, 51441, 27934,343

85,91785,39183,10080,711

2,6761,9937,6192,486

1,000300480

1,6761,6937,1392,486

13131313

Dallas

19,67318, 56220,05918, 550

37,46236,42437,36038,487

192646

3,6505,495

5003,6503,695

192146

"1,166' 7

777

SanFran-cisco

58, 64555,97157,07755, 576

109,444108, 779112,628109,371

33,96147, 56029,01925,212

15, 21427,12319, 53622,025

18,74720,4379,4833,187

10101010



BROKERS' LOANSLOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN

NEW YORK CITY


Demand and time loans

Total

Oct. 5_.Oct. 12.Oct. 19.Oct. 26.

3,395,2353, 394,2903,434,1073, 343, 777

For ownaccount

Foraccountof out-of-townbanks

1,175,491 ! 1,297,2391.093,153 ! 1,333,596li 095,947 ! 1,350,2011,048,234 I 1,324,068

Foraccountof others

922, 505967, 541987, 959971,475

Demand loans

Total j| For ownj account

Foraccountof out-of-townbanks

2, 593, 7222, 604,9982, 651,0252, 559, 885

887, 616806,967818,188766,751 1

900, 441951,107967, 797946, 859

Foraccountof others

805, 665846,924865, 040846, 275

Time loans

Total

801, 513789, 292783, 082783, 892

For ownaccount

287,875286,186277,759281,483

Foraccountot out-of-townbanks

396,798382,489382,404377, 209

Foraccountof others

116,840120, 617122,919125, 200

BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings. In thousands of dollars]

Total

Date

Total

1926—Dec. 31 j 3,292,8601927—Jan. 31 _; 3,138,786

Feb. 28Mar. 31Apr. 30.May 31.June 30.July 30 j 3,641,...Aug. 31 3, 673, 891Sept. 30 _.._ 3,914,628Oct. 31. 3,946,137

3, 258, 4593, 289, 7813, 341,2103,457, 8693, 568, 967

On demand

2. 541, 6822, 328, 3402,475,4982, 504, 6882, 541. 3062, 673, 9932, 756, 9692, 764, 5112, 745, 5713,017, 6753,023,238

On time

751,178810,446780, 981785, 093799, 904783, 876811, 998877,184928,320896, 953

Borrowings from—

New York

Total

2,803, 5852, 670,1442, 757,3852, 790, 0802, 864, 9572, 967, 5463, 064, 9753,144, 9773,169, 7863,339, 6493,363,010

banks and 1pames

On demand

2,127, 9961,963, 5542, 084, 8522, 111, 5652,146, 4472, 254,1532, 316, 4402, 343, 3162,330,2612, 538, 5262, 548,572

trust coin-

On time

675,589706,590672, 533678, 515718, 510713,393748, 535801,661839, 525801,123814,438

Private banks, brokers, foreignbanking agencies,

Total

489, 275468, 642499, 074499, 701476,253490, 323503, 992496,718504,105574,979583,127

On demand

413,686364,786390,646393,123394, 859419, 840440, 529421,195415,310479,148474,666

etc.

On time

75, 589103,856108,428106,578

' 81,39470,48363,46375, 52388,79595,831

108,461

ALL MEMBER BANKSDEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY


Boston _New York.*.PhiladelphiaClevelandRichmond __ .AtlantaChicagoSt. Louis..MinneapolisKansas CityDallasSan Francisco

Total . . . .

Banks in cities andtowns having apopulation of—

Less than 5,000. _5,000 to 14,999—15,000 to 99,999_._100,000 and over.

June 22

1,397,2066.771,5421,177,2961,576,897

612,324587,188

2, 517,104727,157409, 701846,366608, 696

1,304,431

18,533,908

1, 597,1481, 111, 5832, 335,074

13,490,103

Net demand deposits

1927

July27

1,416,2736, 774,5901,173,1161,573, 880

633, 759574,848

2, 501, 570722, 073409,322861,280603,312

1,310,292

18,554,295

1, 609,4471, 111, 5732,340, 440

13,492, 835

Aug. 24

1,412, 0416,602,7841,194,4191, 571,276

626,391579, 772

2, 573, 432713,229406,245871,474611,818

1,330,279

18,493,160

1, 631, 8651,114,3452,335, 573

13, 411,377

Sept. 28

1,425,4726,689, 7631,219, 6431, 535, 809

636, 223600, 597

2, 537, 5637.17,414445, 796852,161

• 667, 8541,342,634

18, 670,929

1, 691.0831,155, 5502, 356; 595

1 IS) 467, 701

1926

Sept. 22

1,399, 2506,340,6561,209,2391,548,821

613, 973633, 564

2, 543, 217718, 580420,655878,450612, 834

1,314,693

18, 233,932

1, 702, 4901,144, 0752, 364, 987

13.022.3S0

June 22

914,5742,682,325

989,6511,507,593

' 555, 618460,112

2,019, 010508,726433,219330,407180, 545

1, 577,050

12,158, 830

1, 855,3111, 233, 482

! 2,363, 0666, 706, 971

Time deposit

1927

July 27

941,7392,739, 4201, 007,0571, 532,289

572,086460, 957

2,024,452514, 589430,783334,955178,368

1, 546,054

12,282, 749

1, 896,8381,242,6082,390,2216, 753, 082

Aug. 24

948,3682,726,3051,005,7621, 554,030

577,094456, G19

2,040, 586519,789434,411338,519182,793

1, 549,911

12,334, 487

1,873,3961,252,5532,410, 70665 797. 832

Sept. 28

971,9292,744,2961,023,3761, 572,135

575,168458,129

2, 046,417518,958432,851340,542183,131

1,574,386

12,441,318

1, 872,0921,274, 8152,409, 6946, 884, 717

1926

Sept. 22

871, 5592, 370,375

928,2651.427,422.

528,354:438,738

1,942,804487,071436, 744325,290:165, 732

1,429,159

11,351,513

1,802,3291,180,0842, 244,2006,124,900


NOVEMBER, 1927 FEDERAL BESEKVE BULLETIN 793

BANKERS' ACCEPTANCES OUTSTANDING[In thousands of dollars]

End of—

January _ 834,825February . 808,359March 800,137April 757,074May.__ .___ 680,346June 607,942July 569,386August 555,167September .__ _ 607,025October 674,168November ! 689,768December I 773,736

All reporting banks 1

1925 1926

788,254767,127745, 660720, 611685, 333621,949600,487582, 635614,151681, 647726,395755,360

1927

773, 604

809,446810,966774,720751,270741,258782,055863, 823

Banks in New York City

1925

588,501562,405560,007544, 603499,509451,844425, 725404,247447,387502, 810507,592579,836

1926

574,042559,731543, 502524, 608506,012461, 508440, 797420, 545442, 999500,186532,166560, 964

1927

567, 554574,202598,536604,052579, 698561,274555.262573', 019632,139

Banks outside New YorkCity

1925

246,324245, 954240,130212,471180,837156,098143, 661150, 920159, 638171,358182,176193, 900

1926 1927

214,212207,396202,158196,003179,321160,441159,690 I162,090171,152181,461194,229194,396

206,050211,286210,910206,914195, 022189, 996185, 996209,036231, 684

1 Figures collected and compiled by American Acceptance Council.

LAND BANKS AND INTERMEDIATE CREDIT BANKSLOANS OF FEDERAL AND JOINT-STOCK LAND BANKS


Data

Jan. 31Feb. 2 8 —Mar. 3 1 — .Apr. 30May 31.___.June 30July 31Aug. 31.._-.Sept. 30.__.Oct. 31__._Nov. 30....Dec. 31

1926

Jan. 31 . _Feb. 2 8 . .Mar. 31 . .Apr. 80—May 31 . .June 30_.July 3 1 . .Aug. 3 1 -Sept. 30_.

1927

Net amount of loans outstanding

Total

1,566,8441,587,0301,606,8181,620,2141,632,4131,644,1051,653,9021,664,1301,671,8561,682,2731,692,8261,710,295

1,724,8211,745,4041,765,3651,732,3951, 741, 2751,738,1651,742,5751, 749, 3931, 752, 665

1,011,0881,019,4861,027,3611,033,0451,038,3851,043,9551,048,1841,053,3361,057,217i; 063,0561,068,5961,077,819

1,085,1701,097,6421,109,3541,117,9141,124,0551,130, 6481,134,8961,139,5021,143,130

555,756567,544579,457587,169594,028600,150605,718610,794614,639619,217624,230632,476

639,651647,762656,011614,481617,220607. 517607,679609,891609, 535

LOANS OF I N T E R M E D I A T E CREDIT BANKS

[In thousands of dollars']

1927Class of loan

Oct. 1 ! Oct. 8Oct. lojOct. 22jOct. 29 Oct. 30

Direct loans outstandingo n -CottonTobacco . . .WheatCanned fruits and

vegetablesRaisinsWoolRiceAllother

Total

Rediscounts outstandingfor—

Agricultural credit cor-porations

National banksState banksLivestock loan com-

paniesSavings banks and

trust companies

Total

2, 6285,9762,068

1,3883, 9001,255

466

I4,0775, 9242,246

1, 4743,6501, 241

43614

5,3725,8912, 255

1,4693,4001. 202'393311

7,081 9,1255,843 5,7782,377 I 2,413

1,4413,7001,127371360

17,687 119,062 20,293 122,300

I26,391

32

281

18, 001

105

44, 810

[25, 738! 32

266

17, 695

I 103

143,834

1,4143,8001,015

538367

24,450

i25,485 25,096

32 I 25233

32251 i

1926

15,28717, 8023,379

1, 6353,5001,7661,036

196

44, 601

24, 66825 !

228 i

1,87826

273

17,471 17,171 117,034 12,773! j

I 90 I 32 j 32 I 112

43,329 42,557 ;41,987 40,062

BANK DEBITSDEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE

DISTRICTS[In thousands of dollars]

Num-ber of

centers

NewitYork City |Outside NewYork City.j

Federal reserve district: jBoston INewYork. jPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City-Dallas .___San Francisco.„...

1140

Total. 141

September,1927

33,368,87023, 387,316

2, 620, 62434,216, 6042,223,0592, 521,242

760,4411,213,8705,852, 9041,196,821

912,3231,263,071

701,1943,274, 033

56, 756,186

August,1927

31,653,45222,054,344

2,427, 25132,449,6232, 087,1602,468, 506

747, 5661,057,1095,798,3211,114, 545

667, 7561,283,398577,883

3,028, 678

53, 707, 796

September,1926

25,618, 08921,336,331

2,265, 74326,367,2832,095,3882,406,948723,082

1,142,9645, 209,3631,165, 929729,468

1,249, 597670,203

2,928,452

46, 954, 420

PAR COLLECTION SYSTEMM E M B E R S H I P , BY FEDERAL RESERVE DISTRICTS

[Number of banks at end of September]

Federal reservebank

Memberbanks

United Sta tes . .

BostonN e w Y o r kPhiladelphiaClevelandRichmond.AtlantaChicagoSt. LouisMinneapolisKansas CityDallas__San Francisco.._

1927 1926

9,C

414930773836568466

1,301597741974818670

9,360

415907764857587489

1,361618789

1,006842725

Nonmember banks

On par list

1926

13,430

246408503

1,030658319

3,7171,913

8092,417

683727

14,130

244407511

1,075691334

3,7362,0231,0062.579

741783

Not on par list1

1927

3,877

10602

1,018187442

1,126234

1926

3,924

6501,050

231422

1,09820519267

1 Incorporated banks other than mutual savings banks,


794 FEDERAL RESERVE BULLETIN NOVEMBEE, 1927"

STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDSABSTRACT OF REPORTS FOR THE FIRST SIX MONTHS OF 1927, BY FEDERAL RESERVE DISTRICTS


Gross earnings:Interest received—

On loans2 _On investments 3On balances with

other banks.Unclassified

Domestic exchange andcollection charges

Foreign departmentCommissions receivedTrust departmentProfits on securities sold-Other earnings

Total earnings

Expenses:Salaries and wages - .Interest paid—

On borrowed money2.On deposits-

BankDemandTimeUnclassified

TaxesOther expenses

Total expenses

Net earnings .Recoveries on charge d-off

assets:Loans and discountsBonds, securities, etcAll other

Total net earnings andrecoveries . .

Losses charged off:On loans and discounts. .On bonds, securities, etc.On banking house, fur-

niture, and fixturesAll other losses

Total losses chargedoff

Net addition to profits __

Dividends declared

Capital stock paid in 4_.SurDlus fund4

Total capital and sur-plus 4

Percentage of net profits tocapital and surplus (an-nual basis):

1927—First six months __1926—Last six months . . .1926—First six months. . .

Number of banks 4

Total

222,27380,432

4,11511, 587

1,9339,3238,713

18,77519, 55630, 094

406,801

81, 536

4,681

9,84237, 67969,31021,43320, 23549, 847

294,563

112, 238

2,9361,8123,293

120,279

13, 8994,488

3,8982,724

25, 009

95,270

54,165

800,365774,252

1,574,617

12.112.012.5

1,309

Federal Reserve District—Continued

Boston

15,3526,374

268

7691

5901,263

7621,032

25, 808

4,306

181

6054, 5205,723

9052,825

19, 065

6,743

161386249

7,539

910391

275158

1,734

5,805

2,984

44, 52545,166

89, 691

12.98.0

10.3

38

NewYork

79, 57133,718

9504,458

2397,3864,1947,2187,3099,400

154,443

30, 951

1,346

3,64313, 01114, 52218, 6575,894

18,423

106,447

47, 996

723923678

50,320

4,4582,022

783342

7,605

42, 715

23,930

315, 506294,510

610, 016

14.014.714.9

166

Phila-delphia

10,8856,956

142

3715

1572,2991,850

924

23,265

4,420

277

2682,7742,696

8001,3292,634

15,198

8,067

2173

207

8,368

151179

7835

443

7,925

4,388

SI, 89990,213

142,112

11.210.010.4

90

Cleve-land

30,7699,859

591118

104213329

2,0772,0905,499

51, 649

9,385

468

1,4405,025

13, 520350

2,8545,172

38,214

13,435

494220391

14,540

2,567396

370210

3,543

10.997

6,437

91, 995116, 058

208, 053

10.611.09.1

110

Rich-mond

5,340710

12984

64100162305457501

7,852

1,516

93

325536

1,452135368

1,001

5,426

2,426

667

52

2,551

51063

5118

642

1,909

952

21,09914,786

35,885

10.67.1

10.3

52

Atlanta

7,4011,132

168128

200155231269288

1,041

11, 013

2,146

500

5261,0051,426

31681

1,638

7,953

3,060

16411

115

3,350

65649

28122

853

2,497

1,364

27,42517,198

44,623

11.24.4

13.1

91

Chicago

37,01011,804

8075,380

576992

2,2172,9794,5036,936

St.Louis

9,2383,474

240613

28724

570546876

1, 343

73,204 I 17,211

15,335

756

1,7346,616

14,7101,2615,6949,646

55, 752

17,452

602146182

18,382

1,861938

1,476355

4,630

13,752

8,077

128,537129,458

257,995

10.713.713.9

314

3,467

650

4591,4413,244

146794

2,464

12,665

4,548

2942178

4,939

964172

95110

1,341

3,598

2,231

40, 64025,188

65,828

10.98.6

12.2

114

Minne-apolis

897331

61304

371

49158

64

1,767

452

11

571105353852

237

1,492

275

40125

332

22024

957

310

22

175

4,2721,818

6,090

.73.82.8

66

KansasCity

1,731987

117

216

19102651643

4,277

947

40

254620344

131871

3,207

1,070

401

43

1,154

37030

5306

711

443

457

8,7153,297

12, 012

7.49.39.7

26

Dallas

1,42855

43115

35

9

177

1,763

535

69

307583

SanFran-cisco *

22,6515,032

. 599387

257340186

1, 702761

2,634

34, 54S<

8,076

290

5011,946

n.nfiR.3 1 12

124317

1,236

527

49

14

590

1534

376

1,4094,619

27, 90&

6,641

28212

1,279-

8,214

1, 079220*

727935

236 2.961

354 5,253

71

6,0022,259

8,261

8.6

10*. 9

107

3,099

59,75034,301

94, 051

11.211.315.5

135

1 In comparing these figures with those for the last half of 1926 and earlier dates it is necessary to allow for the taking out of a national charterby the Bank of Italy, formerly a State bank member.

2 Including discount.3 Including dividends.4 As on June 30, 1927.« Net loss.


FEDERAL RESERVE DISTRICTS

! \ / .' I>-.; \ r \ —

-BOUNDARIES OF FEDERAL RESERVE DISTRICTS-BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIESFEDERAL RESERVE BANK CITIESFEDERAL RESERVE BRANCH CITIESFEDERAL RESERVE BANK AGENCY


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