federal reserve bulletin november 1928 - st. louis fed · federal reserve bulletin vol. 14...

FEDERAL RESERVEBULLETIN

NOVEMBER, W28

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Money Rates and Bank CreditDistrict Data on Currency DemandState Laws Relating to Bank Reserves

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON

1928

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

FEDERAL RESERVE BOARD

Ex officio members:

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

J. W. MCINTOSH,

Comptroller of the Currency.

ROY A. YOUNG, Governor,EDMUND PLATT, Vice Governor.ADOLPH C. 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\ Division of Examination, and Chief FederalReserve Examiner.

WALTER WYATT, General Counsel.

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

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

E. L. SMEAD, Chief, Division of Bank Operations.

District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.

FEDERAL ADVISORY COUNCIL

1 (BOSTON) ARTHUR M. HEARD.2 (NEW YORK) JAMES S. ALEXANDER.3 (PHILADELPHIA) L. L. RUE.4 (CLEVELAND) HARRIS CREECH.5 (RICHMOND) JOHN F. BRUTON, Vice Presidents6 (ATLANTA) . P. D. HOUSTON.7 (CHICAGO) FRANK O. WETMORE, President.8 (ST. LOUIS) .__„___ W. W. SMITH.9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) P. W. GOEBEL.11 (DALLAS) B. A. MCKINNEY.12 (SAN FRANCISCO) F. L. LIPMAN.


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of- C hair man Governor Deputy governor Cashier

BostonNew York...

Frederic H. Curtiss.G. W. MeGarrah. . .

Philadelphia..

Cleveland

Richmond

Atlanta

Chicago

R. L. Austin

George DeCamp

Win, W. Hoxton

.! Oscar Newton!i Wm. A. Heath

W. P. G. Harding.Gates W. McGarrah (act-

ing).

Geo. W. Norris___

E. R. Fancher

George J. Seay

Eugene R. Black..

J. B. McDougal...

W. W. Paddock._._J. H. CaseL. F. SailerG. L. HarrisonE JR. KenzelA. W. Gilbart _L. R. Rounds,Wm. H. H i t t

M. J. Fleming.Frank J. Zurlindeii.C. A. PepleR. H. BroaddusHugh Foster.,

St. Louis. Wm. McC. Martin

Minneapolis John R. Mitchell-.

Kansas City. . .Dallas

M. L. McClureC. C. Walsh

San Francisco. Isaac B. Newton.

D. C. Biggs

W. B. Geery

W. J. BaileyLynn P. Talley

J. U. Calkins-

Creed Taylor0 . R. McKayJohn H. Blair

O. M. Attebery.

B. V. MooreHarry YaegerC. A. Worthington..R. R. GilbertR. B. ColemanWm. A. DayIra Clerk

W. Willett.J. W. Jones.1

Ray M. Gidney 1

J. E. Crane1

W. B. Matteson.1

C. H. Coe.i

C. A. McllhennyW. G. McCreedy.2

H. F. Strater.

Geo. II. Keesee.John S. Walden, ji 2

M. W. Bell.

W. C. Bachman 2

K. C. Childs 2J. H. Dillard aD. A. Jones 2

O. J. Netterstrom 2

A. H. Haill 2F. N. Hall.2S. F. Gil more.2G. O. Hollocher.2C. A. Schacht.2

Gray Warren.Frank C. Dunlop.2

J. W. Helm.Fred Harris.W. D. Gentry1

Wm. M. Hale.

1 Assistant deputy governor. i Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:New Orleans branchJacksonville branch „Birmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branch _Memphis branchLittle Rock branch

Managing director

W. W. Schneckenburger.

C. F. McCombs.J. C. Nevin.

A. H. Dudley.Hugh Leach.

Marcus Walker.W. S. McLarin, jr.A. E. Walker.J. B. Fort, jr.

W. R. Cation.

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

Federal Reserve Bank of—

MinneapolisHelena branch ^

Omaha branchDenver branchOklahoma City branch

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

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle 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.

W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

!

SUBSCRIPTION PRICE OF BULLETIN

THE FEDERAL RESERVE 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, 25cents.

in


TABLE OF CONTENTS

Review of the month—Recent course of money rates and bank credit 735Easing of money conditions—Growth of acceptance credit—High level of money rates—Effect on

volume of bank credit—Cost of commercial credit—Rates in the United States and abroad.District data on currency demand 740Provisions of State laws relating to bank reserves 746

National summary of business conditions , . 749

Financial, industrial, and commercial statistics:Reserve bank credit 750, -752Monetary gold stock and money in circulation 753Discount rates and money rates 754Member bank credit 756Bankers' balances ._ 757Bankers' acceptances and commercial paper outstanding 757Brokers' loans __ 758Commodity prices, security prices, and security issues 759Production, employment, and trade 760Industrial production 761Factory employment and pay rolls 762Building 763Trade and distribution 764Bank suspensions and commercial failures 766October crop report 767

Financial statistics for foreign countries:Condition of central banks 768Condition of commercial banks 770Discount rates of central banks 770Money rates 771Gold exports and imports 772Foreign exchange rates 773Price movements - .-_ .-_ 774-776

Law department:Amendment to regulation re bankers' acceptances 777Amendment to regulation re rediscount of paper for Federal intermediate credit banks 777Provisions of State laws relating to bank reserves 778-805

Rulings of the Federal Reserve Board:Eligibility of paper rediscounted for Federal intermediate credit banks as collateral security for

Federal reserve notes 806Changes in national and State bank membership.. 807Fiduciary powers granted to national banks 807

Detailed banking statistics for the United States 808-822IV


FEDERAL RESERVE BULLETINVOL. 14 NOVEMBER, 1928 No. 11

REVIEW OF THE MONTH

Conditions in the money market have becomesomewhat easier in recent weeks, notwithstand-

ing an increase in the outstand-E a sing of ing volume of member bank

money condi- c r e d i t a n d s o m e g r o w t h in foe

demand for reserve bank credit.At the reserve banks the effects of an inflowof gold from abroad have been more than offsetby an increase in member bank reserve require-ments, caused by an increase in the banks7

deposit liabilities, and by the seasonal growthin the demand for currency. An influence ineasing money r^tes has been a growth of about$200,000,000 since the middle of Septemberin reserve bank holdings of bankers' accept-ances purchased in the open market. Fundsreleased by the reserve banks through thepurchase of acceptances have been used tomeet the demand for currency and for reservebalances and also to reduce the indebtednessof member banks to the reserve banks. As aconsequence, in October, for the first timesince last June, discounts for member banksdeclined below $1,000,000,000, and this reduc-tion in indebtedness has been an influencetoward easier conditions in the money market.

American bankers' acceptances outstandingat the end of September were in excess of

$1,000,000,000, the largest vol-Growthofac- u m e Qn r e c o r d for fois s e a s o n

ceptance credit. » , mi i roi the year, lhe volume ot

bankers' bills accepted in this country increasedrapidly in the autumn of 1927, when rates andcredit conditions in the United States weremore favorable than abroad, and the volume ofbills has remained at a high level throughoutthis year. Changes in the volume of accept-ances by classes during the past three years, ascompiled by the American Acceptance Council,are shown in the following table:

DOLLAR BANKERS' ACGEPTANCES OUTSTANDING

[In millions of dollars]

ImportsExports _DomesticWarehouse creditsDollar exchangeBased on goods stored in or shipped be-

tween foreign countries __

Total

Sept. 30,1925

283205157416

14

607

Sept. 30,1928

321370159928

171

1,004

Increase

38165

2512

157

397

Compared with September, 1925, the volumeof acceptances has increased by nearly $400,-000,000. The larger part of dollar acceptances,as is shown by the table, is used to financeimports and exports of commodities. Accept-ances for domestic use are still in relativelysmall amount. A large increase in the threeyears has occurred in the volume of acceptancesbased on goods stored in or shipped betweenforeign countries. The volume of such accept-ances at the present time is about $170,000,000.The growth of this class of acceptances maybe due in part to a liberalization by the FederalEeserve Board of its rulings relating to accept-ances in November, 1927. At that time theboard ruled that " acceptances may be prop-erly considered as growing out of transactionsinvolving the importation or exportation ofgoods when drawn for the purpose of financingthe sale and distribution * * * of im-ported or exported goods, * * * whetheror not the bills are accepted after the physicalimportation or exportation has been com-pleted/7

The larger volume of acceptances outstand-ing in the United States has been accompaniedby an increase in acceptance holdings of thereserve banks. Growth of the reserve bankbill portfolio is usual at this season of the year,

735


736 FEDERAL RESERVE BULLETIN NOVEMBER, 1928

when the total volume of acceptances increasesin connection with the marketing of crops andwhen the autumn demand for currency andcredit brings pressure on the money market,causing bill dealers to dispose of a larger partof their portfolios to the reserve banks. Theincrease in acceptances held by the reservebanks has been larger than usual this autumn,the increase from the low point early in Augustto the end of October being about $280,000,000,compared with about $130,000,000 for thecorresponding period of last year. A factorin the larger offerings of acceptances to thereserve banks this year has been the greaterdifference between the rate borne by acceptancesand other money rates. The higher level ofmoney rates has made acceptances less at-tractive for investors and has exerted a pres-sure on bill dealers to reduce their portfolios.Another factor has been the sale of dollaracceptances in this market by foreign centralbanks, which have supported the exchangevalue of their currencies during the period ofseasonal pressure on the exchanges by disposingof a part of their dollar assets. An indicationof such sales of bills by the foreign centralbanks is seen in the decrease of over $50,000,000in the bills carried by the Federal reserve banksfor account of their foreign correspondents.The amount of these bills, which appears inthe weekly statement of the reserve banksunder the caption " Contingent liability onbills purchased for foreign correspondents,"declined from $305,000,000 on August 8to $251,000,000 on October 31. Increased billpurchases by the reserve banks at the time ofseasonal growth in currency demand have beenan influence toward easier conditions in themoney market.

Recessions in recent weeks have occurred inrates on all classes of short-time money in the

open markets. In the last weekmSyVatS °f of October the renewal rate on

call loans averaged about 7J4per cent, as compared with 7 Y2 per cent duringthe last week in August. During the sameperiod the rate on 90-day bankers' acceptancesdeclined from 4% per cent to 4}^ per cent.

Since the middle of September the rate on4 to 6 months' commercial paper declined from5 / ^ - 5 ^ per cent to a level of 5J^ per centand the rate on time loans secured by stockexchange collateral from 734~7H> VeT cent toslightly under 7 per cent. Notwithstandingthese recent reductions in short-term moneyrates in the open market, the general level ofrates continues to be higher than at any othertime in nearly eight years. The chart showsthe course of the rate on call loans in the NewYork market since 1921. Movements ofopen-market rates on bankers' acceptancesand on commercial paper are shown in otherconnections in this review and also appear for alonger period in the regular monthly charton page 754 of this issue of the BULLETIN.

The rise of money rates over the level of ayear ago has been due to causes that have

1921 7922 1923 192<h 1925 1926 192.7 1928

Renewal rate on call loans. Monthly averages of daily figures. Latestfigures are for October

been frequently discussed in these reviews.During the past 16 months member banks havehad to meet a demand for nearly $500,000,000of gold for export, which was obtained at thereserve banks and charged in the first instanceto the member banks' reserve accounts. Sincethe member banks' reserve requirements in-creased, reflecting the continued growth in thebanks' loans and investments and in theirdeposits, they had to make up the loss of re-serves through gold withdrawals by additionalborrowing at the reserve banks. Furthermore,the reserve banks during the first half of thisyear, in view of the rapid growth of bankcredit with only moderate demand from trade


NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 737

and industry, disposed of a considerable partof their holdings of United States securities,and these security sales by the reserve banksmade it necessary for the member banks fur-ther to increase their discounts with the reservebanks. In June of this year the total volume ofmember bank indebtedness rose above $1,000,-000,000 for the first time in nearly seven years,and remained above that level practically con-tinuously until recent weeks. The reservebanks, furthermore, during the same periodincreased their discount rates from the level of33^ per cent that prevailed at the beginning ofthe year to a level of 5 per cent at eight of thereserve banks and 4}4 per cent at the remainingfour banks. The present high level of moneyrates, therefore, reflects the combined effecton the money market of a large loss of goldand of a firm money policy by the reserve banksduring a period in which the volume of bankcredit continued to expand.

The steady advance in money rates, whichbegan early in the year and continued until

Effect on vol- t h e m i d d l e o f September, hasume of bank exerted a restraining influencec r e d l t # on the growth of bank credit.In the autumn of 1927 and in the early part ofthis year loans and investments of reportingmember banks were increasing at a very rapidrate. A large part of this growth, furthermore,was in loans on securities, and during part ofthe time in investments, though loans for com-mercial purposes also increased. The volumeof loans and investments of reporting memberbanks reached its peak in the middle of May,and between that time and the third week inAugust it decreased by nearly $500,000,000.In September and October seasonal and otherdemands for credit began to be felt by thebanks, the volume of loans and investmentsonce more increased, and by the end of Octo-ber the total was nearly $400,000,000 abovethe August level. A part of the growth sinceAugust has been in loans for commercial andagricultural purposes required to finance autumntrade expansion and the marketing of crops.A larger part of the growth, however, has beenin security loans, and particularly in loans to

brokers and dealers in securities. Of the growthin brokers7 loans, amounting to $700,000^000between August 22 and the end of October,about $270,000,000 represented an increase inloans by others than banks, and about $430,-000,000 in loans by New York banks for theirown account and for account of out-of-townbanks. Total bank loans to brokers on Octo-ber 31, however, were still about $50,000,000below the level reached in the early part ofJune.

The course of bank credit for the period sincelast spring, taken as a whole, appears to indi-cate that firmer money conditions have hadthe effect of causing member banks to reducetheir investment holdings and also to reducetheir loans on securities. Loans for commercial

1926 ' 1927 1928

Figures for rates charged customers are weighted averages of prevailingrates. Latest figures are for September

purposes, however, have continued to increase,and in October were at the highest level inabout eight years.

Continued growth in commercial credit, not-withstanding the rise in money rates, has been

due in part to the fact that ad-

mercial Credit!"y a n c e s i n rates for commercialpaper have not been as large

as advances in rates charged for loans on securi-ties. Compared with a year ago, rates on open-market security loans have increased fromabout 4 per cent to about 7 per cent, whileopen-market rates on commercial paper haveincreased from 4 to 5}^ per cent and rates onbankers' acceptances from 3J4 to 43^ per cent.



The rise in rates charged by member banks totheir regular customers has been even smallerthan the rise in open-market commercial rates,as is brought out by the chart.

This chart shows for the period beginning in1926 the course of open-market rates on com-mercial paper compared with the movement ofrates charged to customers by member banksin New York City, by banks in eight othercities in the North and East, and by banks in25 cities in the South and West. The ratesshown in the chart are averages for differentkinds of loans made to customers, weighted bythe volume of each class of loans and also by thevolume of loans in the cities included in theaverages. The chart brings out the.fact that,while open-market rates for commercial paperhave increased by about 1}/% per cent since lastyear, rates charged to customers by New Yorkbanks increased by more than 1 per cent, ratescharged customers by banks in other northernand eastern cities increased by less than 1 percent, and rates charged to customers by banksin southern and western cities increased by lessthan one-half per cent.

These figures indicate that the greatest pres-sure of the higher money rates has been feltin the open-market where rates are most sensi-tive to changes in credit conditions. Amongopen-market rates those for call loans and othersecurity loans have shown the largest advance.Among the factors causing this differential hasbeen a preference accorded by member banksto their regular commercial and industrialcustomers as against borrowers in the openmarket with whom the banks have no estab-lished customer relationship. Another factorhas been the tendency of member banks, inview of their heavy indebtedness at the reservebanks, to prefer loans of a nature that makesthem eligible for discount with the reservebanks.

Geographical differences in the rate move-ments indicate that the largest advances haveoccurred at banks in New York City, thatbanks at other financial and industrial centershave raised their rates to customers by asmaller amount, and that rate advances madeby banks in the South and West have beenrelatively insignificant.

A comparison of rate changes in the UnitedStates with those in foreign countries over the

past three years is made in theTT ?*a*? s V?* ihe following chart. Rates on ac-United States J

& . „ ,_ . . .and abroad. ceptances m all the principal

foreign centers, after decliningearly in 1928, rose in subsequent months, butwere this autumn still somewhat below thelevel of a year ago. During this period therate in New York advanced steadily, and fromits position as the cheapest money market NewYork has changed to a level of rates higher thanany other international center with the exceptionof Berlin. The decline in rates in New York in1927 was a factor in enabling foreign countriesto go through the period of autumn creditdemand last year without an advance in inter-est rates to trade and industry. This year

ACCEPTANCE RATESIN INTERNATIONAL CENTERS

1926 1927 1928Open-market rates on a weekly basis

financial conditions abroad are greatly im-proved and, notwithstanding the higher ratesin New York, rates in foreign centers remainsomewhat lower than in the autumn of lastyear.

To summarize, banking developments inrecent weeks indicate that the early autumn

peak of credit demand has beenpassed without causing the

banks to increase their borrowings at the reservebanks, and that, on the contrary, sales of bills tothe reserve banks have enabled member banksto reduce their rediscounts with the reservebanks. As a consequence, conditions in the

Summary.



money market have become somewhat easier,though the level of rates is still much higher thanin other recent years. The rise in rates duringthe past year has been larger for loans on thestock exchange than for other open-marketloans, while the advance in rates charged tocommercial customers has been still smaller.Thus the pressure of higher rates has been feltmost by operators in the security market andleast by persons engaged in trade and industry.While the cost of credit has been higher thisyear than in other recent years, the growth sinceAugust in commercial loans and in outstandingacceptances indicates that credit has beenavailable in adequate volume to finance autumntrade expansion and the movement of crops tomarket.

Death of Governor StrongBenjamin Strong, governor of the Federal

Reserve Bank of New York since its organiza-tion in 1914, died on October 16, 1928. GatesW. McGarrah, Federal reserve agent and chair-man of the board of directors, has been desig-nated acting governor.

Renewal of Polish Credit

As reported in October, 1927, the FederalReserve Bank of New York, in association

with all other Federal reserve banks, partici-pated in a credit arrangement granted byvarious banks of issue to the Bank of Polandin furtherance of the plans which were com-pleted last year for the stabilization of thePolish currency on a gold basis. Under theterms of this arrangement, the Federal ReserveBank of New York agreed, for a period of oneyear, to purchase from the Bank of Poland, ifdesired, up to a total of $5,250,000 of primecommercial bills. Following a request of theBank of Poland, the Federal Reserve Bank ofNew York and all of the other Federal reservebanks have agreed to extend their participationfor a period of one year from October 13, 1928.Each of the foreign banks of issue participatingin the original arrangement has agreed to dolikewise.

New Handbook of Federal Reserve System

The revised edition of the Digest of Rulingsof the Federal Reserve Board has been receivedfrom the printer and is now ready for distribu-tion. This book, which has been described insome detail in previous announcements (page449 of the July BULLETIN and page 657 of theSeptember BULLETIN), constitutes a completehandbook of the law, regulations, and rulingspertaining to the Federal reserve system andthe national banking system. Copies boundin buckram may be obtained from the FederalReserve Board at the price of $2 per volume.


740 FEDERAL RESERVE BULLETIN NOVEMBER, 192S

DISTRICT DATA ON CURRENCY DEMAND

Since changes in the demand for currency areone of the principal factors in fluctuations inthe demand for reserve bank credit, an anal-ysis of this demand as it is felt at the differentFederal reserve banks throws light on creditconditions in the twelve Federal reserve dis-tricts. For such an analysis the statisticalbasis has recently been developed by the Fed-eral Reserve Board and data have been com-piled for the period since March 31, 1927.The nature of the figures now made availableis described in the following paragraphs, andsome characteristics of currency movementsinto and out of the different Federal reservebanks are illustrated graphically in the accom-panying charts.

Description of district currency figures.—Statistics have been compiled showing for eachweek the excess of currency, including coin as wellas paper, paid out by each Federal reserve bank(and its branches) to member and nonmemberbanks in its district, or the excess depositedwith the reserve bank by these banks.2 Themethod used in arriving at the net movement ofcurrency between a reserve bank and other banksin its district is explained in detail in a note atthe end of this article. It consists essentiallyof measuring changes in the bank's holdingsof cash and in its Federal reserve note circula-tion, and then making allowances for cashtransactions wTith the Treasury and with otherreserve banks and, in the case of certain re-serve banks, for gold imports and exports.2The method may be illustrated by the followingsimplified example. Assume that the cashholdings of a reserve bank during the periodfor which the net currency flow is to be cal-culated show an increase of $5,000,000. If dur-ing that period the reserve bank received$1,000,000 of imported gold, $1,000,000 of goldfrom another reserve bank through the goldsettlement fund, and $1,000,000 in currencyfrom the Treasury, and if there was no changein the volume of the bank's notes in circulation,then the three transactions would account forall but $2,000,000 of the increase in cash hold-ings. If these were the only cash transactionswith others than member or nonmember banksin the district, it would appear that the increasein cash holdings of the reserve bank must,in the amount of $2,000,000, represent excessof deposits by local banks over withdrawals by

1 The series of currency statistics, by Federal reserve districts, have beendeveloped by Walter R. Stark of the Division of Research and Statistics.

2 Allowance is made, in the case of certain of the reserve banks, forcurrency transactions of the Treasury or its agencies.

these banks. Such an excess of deposits wouldin general reflect a decrease in the local demandfor currency, while an excess of withdrawalswould indicate an increase in the currencydemand.

A limitation on the accuracy of these figuresas indicators of changes in the volume of cur-rency in circulation within a given districtarises from the fact that currency deposited bya local bank may have been brought or shippedin from outside the district and currency with-drawn may ultimately be carried or sent toother districts. There are no figures availableto measure accurately this interdistrict flowof currency, and for this reason the figures herepresented give only an approximate measureof changes in the demand for currency for cir-culation within a Federal reserve district.They do, however, afford an accurate measureof those changes in currency demand whichaffect the local demand for reserve bank credit,and are, therefore, an important aid in analyz-ing the credit situation in a given Federalreserve district.

A test of the accuracy of the district figureshas been made by comparing their combinedtotals with changes in money in circulation forthe country as a whole, derived from othersources. Since practically all changes in thevolume of money in circulation involve reservebank transactions,3 figures obtained by com-bining the calculated net flow of currency intoor from circulation at each Federal reserve bankshould agree, for the country as a whole, withTreasury figures of changes in the total volumeof money in circulation. Detailed comparisonsof the two series show that they are in closeagreement, though the figures for individual dis-tricts show a persistent but slight tendency tofall below the published figures for total moneyin circulation. Thus between the last ofMarch, 1927, and the middle of October of thisyear the series based on combined district calcu-lations show a discrepancy of about $10,000,000for the 18-month period, which represents thecumulative effect of an average discrepancyof less than $600,000 per month.

Changes in currency demand at New Yorkand elsewhere.—In connection with changes in

3 Relatively small amounts of currency enter into circulation or areretired from circulation through mints and. assay offices (particularlythose in New York, Philadelphia, and San Francisco), through the cashoperations in Washington of the United States Treasury, and throughthe passage of national-bank notes between the Comptroller of the Cur-rency and the national banks. In deriving the figures used in this articlethese factors have been taken into account and their statistical effectallowed for in the Federal reserve districts affected.


NOVEMBEE, 1928 FEDERAL RESERVE BULLETIN 741

the demand for currency throughout the coun-try, interest attaches to a comparison of figurescompiled separately for the New York districtwith those for the rest of the country. Such acomparison covering the past 18 months ismade in the following chart.

100

200

100

200J. F. M. A. M. J. J. A. S, O. N. D. J. F. M. A. M. J . J. A. S. 0. N. D.

1927 1928Cumulative change from March 31, 1927

The chart indicates that in 1927 the demandfor currency was at its seasonal peak at thesame time (Christmas week) in the New Yorkdistrict and in other Federal reserve districts.Temporary movements around important holi-days—Memorial Day, Fourth of July, LaborDay, and Christmas—were also generalthroughout the country. The autumn increasein demand for currency, however, made itselffelt in other districts nearly four months earlierthan in the New York district—at the end ofJuly as compared with the middle of November.From the third week in November until Decem-ber 21 increased demand for currency was feltboth at the Federal Reserve Bank of NewYork—in the amount of about $65,000,000—and at the reserve banks in the other districts—in the amount of about $140,000,000. Thismovement was largely seasonal in character,reflecting primarily increased trade activitypreceding the Christmas holiday season. AfterChristmas, when the total amount of currencyin circulation decreased by nearly $440,000,000(to the end of January), it was in the Federalreserve districts other than New York that mostof the currency returned, the approximatefigures being $130,000,000 for New York and$310,000,000 for all other districts combined.Both in the New York district and in the otherdistricts more currency returned from circula-tion over the turn of the year than had gone intocirculation in the autumn.

In April of this year total money in circula-tion was about $160,000,000 below the level of ayear earlier. The decline represented a netinflow of currency in about equal volume at the

New York Federal Reserve Bank and at allother reserve banks taken together. SinceApril this net decline has been somewhatreduced by an outflow of currency from thereserve banks other than New York.

Interdistrict currency movements.—As hasbeen pointed out, the currency series for theseveral Federal reserve districts represent thenet flow of currency between the reserve banksand other banks in their districts, without regardto movements of currency from district to dis-trict, in the pockets of travelers or otherwise.Some indication of the direction and magnitudeof the interdistrict flow of currency is providedby records of the daily note-settlement oper-ations between Federal reserve banks.4 Thisinformation is not, however, adequate for ad-justing the figures here presented in such man-ner as to show changes in the amount ofcurrency actually in circulation within eachdistrict, because it is available only for thetime at which notes return to the issuing bank,not for the time at which they have left thedistrict, and because it relates only to Federalreserve notes. While it is possible, therefore,to obtain for any week the amount of ClevelandFederal reserve notes, for example, which haveat some time in the past moved eastward, finallyreaching the Boston district and the BostonFederel Reserve Bank to be returned to Cleve-land for redemption, it is impossible to deter-mine the time at which these notes left theCleveland district. This means that fromexisting records it is not possible to say whatportion of the currency paid into circulation ina given district circulates in that district andwhat portion finds its way into other districts.

Figures derived from records of the Federalreserve note-clearing operations help, however,to interpret the currency movement at indi-vidual reserve banks, as may be illustrated byreference to the figures for the Clevelanddistrict. The chart on the following pageshows the course of currency movements be-tween the Cleveland Federal Reserve Bankand other banks in the Cleveland district.Throughout much of the period to which itrelates the curve shows an upward trend, whichreflects a persistent outflow of currency fromthe Cleveland Federal Reserve Bank. Theoutflow indicated for the autumn of last yearwas doubtless in part a seasonal movement,and the increase since the spring of this year

4 Under the law no Federal reserve bank may pay out the notes of otherreserve banks into circulation. When Federal reserve notes issued byone reserve bank come into the possession of another they are returnedto the issuing bank for redemption. The necessary payments betweenreserve banks are effected by means of a daily clearing accomplishedthrough the agency of the gold settlement fund.



reflected to some extent marked growth inemployment and pay rolls in the district.During the entire period, however, there ap-pears to have been an outflow of currency fromthe Cleveland district. This indication is con-firmed by the following table, which shows for

MILLIONS OF DOLLARS

120MILLIONS OF DOLLARS

CURRENCY DEMAND( CHANGES BY WEEKS )

CLEVELAND F. R.BANK

20

, 28J . F. M. A. M. J. J. A. S. 0. N. D. J . F. M. A. M. J. J. A. S. 0. N. D

1927 1928Cumulative change from March 31,1927

each month of the year ending in June, 1928,the net position of the Cleveland FederalReserve Bank in the note settlement.

PARTICIPATION OF FEDERAL RESERVE BANK OFCLEVELAND IN FEDERAL RESERVE NOTE CLEAR-ING OPERATIONS

[Net figures for calendar months in millions of dollars]

1927JulyAugustSeptemberOctoberNovemberDecember .

1928JanuaryFebruaryMarchAprilMayJuneYear ending June

30, 1928

Excess of Cleveland Federal reserve notes returnedfromthe

other reserve banks over notes returned byCleveland Federal Reserve :

reserve banks

AllFed-

eral re-servebanks

4.27 36.95 54 94.6

4.64 05.02 54 5o o

57.8

NewYork

• 1 . 9

2 33.01 81 91.9

1.61 81.8

71.01.3

21.5

Phila-del-phia

0.29

.75

. 2

.4

. 2

. 2

.23

. 3

.2

4.3

Rich-mond

0.3. 7.6. 7.4.6

.6

.4

.95

.4

6.8

Chi-cago

1.01 81.21 31 2. 7

.83

.9

.01 2

.6

11.1

Bank to other

St.Louis

0.5. 6.3

66

. 3

. 45

. 353

.7

5.7

AllotherFed-

eral re-servebanks

0 31 01.0

66

1.0. 8. 9

55

. 5

8.4

During each month of the fiscal year theCleveland bank was called upon to redeemamounts of its own notes which had reachedother Federal reserve districts and were returnedto the Cleveland bank for redemption in excess

of amounts of notes of other Federal reservebanks which had come into the Cleveland districtfrom outside and were presented by Clevelandto other Federal reserve banks for redemption.This indicates that more currency was carriedout of the Cleveland district during this periodthan was brought into the district from sur-rounding territory. The districts into whichmost of this currency ultimately found its wayare naturally those in closest proximity to theCleveland district—New York, Chicago, Rich-mond, St. Louis, and Philadelphia. Recordsfor these districts in turn show similar evidenceof a persistent interdistrict movement of cur-rency. For example, the note settlement rec-ords for this same period indicate for theChicago district a recurrent net inflow of cur-rency from the Cleveland district, but thismovement appears to have been somewhatmore than offset by a persistent outward flowof currency from Chicago into the New York,St. Louis, and Kansas City districts, indicatingthat the net movement of currency betweenthe Chicago district and all others taken to-gether was relatively small.

Currency movements in three northeasterndistricts,—Differences between districts in re-

LIOHS OF DOLLARS

20

20

60

80

100

120

140


BOSTON, NEWYORK,AND PHILADELPHIA F. R. BANKS

Ni'.LI0xNS OF DOUARS

100

80

60

40

20

20

4-0

60

80

500

120*

noJ. F. M. A. M, J . J. A. S. 0. H. D. J. F. M. A. M. J. J A S 0 N D1927 1928

Cumulative change from March 31,1927

spect to the character of their major activities—as industrial and financial on the on3 hand andagricultural on the other—are reflected in thecourse of their currency movements. Theaccompanying chart shows the course of thecombined demands for currency at the Boston,



New York, and Philadelphia reserve banks,which serve three districts of industrial andfinancial character.

It appears to be characteristic of these threedistricts that changes in the demand forcurrency, as indicated by the figures herepresented, are frequent and abrupt. Thisdoubtless reflects in considerable part fluctua-tions in the currency requirements of banks inlarge cities, particularly New York, Boston,and Philadelphia. In these cities memberbanks can without delay obtain currency fromthe reserve banks to meet sudden cash with-diawals. As a consequence banks in thesecenters depend less upon their own vault cashand more upon accommodation at the reservebank to meet current changes in demands forcurrency. The chart shows that the broadestof the currency movements during the pastyear and a half occurred at the time of theFourth of July holiday both in 1927 and in1928, and around the Christmas holiday andthe turn of the year. The net inflow of cur-rency in January of this year was considerablyin excess of the net outflow during the latterpart of 1927. The net movement of currencyin subsequent months of this year has beensmall, and at the end of the second week inOctober the figures indicated a net inflow ofcurrency into these three banks of about$70,000,000 for the preceding year.

Currency movements at reserve banks inagricultural districts.—Currency movementsin districts which are characterized mainly bythe importance of their agricultural activitiesare in sharp contrast with those shown for theBoston, New York, and Philadelphia districts.The accompanying chart shows the course of

MILLIONS OF DOLLARS

60

40

20

0

20

40

60

MILLIONS OF DOLLARS


ST. LOUIS, MINNEAPOLIS, KANSAS CITY, AND DALLAS F.R. BANKS

60

40

20

0

20

40

60J. F. M. A. M. J. J. A. S. 0. H. D. J. F. M. A. M- J. J- A. S. 0. N- D.

1927 1928Cumulative change from March 31,1927

currency movements at the Federal ReserveBanks of St. Louis, Minneapolis, Kansas City,

and Dallas, which serve districts that areprimarily agricultural in character.

The chart indicates that in these districtsthe week-to-week fluctuations in the currencyflow are much less pronounced than in the caseof the three industrial and financial districts.This characteristic of the currency movementin agricultural districts is explained in part bythe smaller volume in these districts of theperiodic demand for currency arising from in-dustrial pay-roll requirements and other simi-lar sources. Another influence may be foundin the greater area of the agricultural districtsand the greater distances separating manymember banks from their reserve banks orbranches, since this remoteness may cause amember bank to rely somewhat more on itsvault cash and somewhat less on the reservebank for meeting minor changes in the cur-rency demand. A further contrast betweenthe three eastern and the four selected agricul-tural districts is evident in the relatively rapidand persistent outflow of money into circula-tion which began after the end of July, 1927,and reached its peak early in November. Fol-lowing this autumn peak there was a returnflow of currency to the reserve banks duringNovember, and a recurrence of net payments ofmoney into circulation up to the week beforeChristmas. From this date to the end of Jan-uary currency returned rapidly to the reservebanks, a movement which was continued at amore moderate pace during the remainder ofthe first half of this year. The usual fall in-crease in the demand for currency appears tohave been felt by these four reserve banks some-what earlier this year than last, but the netoutflow from the last week in June to the secondweek in October, nearly $50,000,000, was aboutthe same as in the corresponding period lastyear.

Charts for individual districts.—On page745 appear charts which show the courseof currency movements between each Federalreserve bank and the member and non-member banks in its district. Since theunderlying data are cumulative, comparisonbetween any two points on the curve for anydistrict indicates the amount of the net inflowor outflow of currency during the interveningperiod. As already stated, the charts give onlyan approximate measure of changes in the de-mand for currency for local use in the districts,owing to the fact that complete data on inter-district currency movements are not available.The charts, however, reflect accurately changes



in currency demand as it reaches the Federalreserve banks from whatever source and, there-fore, give a complete picture of the influenceexerted by these changes on credit conditionsin each Federal reserve district.

Note on derivation of district currency figures.—The sources of information utilized in deriving theseries here presented are the balance sheets of theFederal reserve banks, the records of the gold settle-ment fund, certain special reports made to the boardby Federal reserve banks with reference to (1) golddeposited and withdrawn and (2) certain transactionsbetween the reserve bank and the Treasury, and reportsfrom the Bureau of the Mint on gold bullion sales bycertain of the mints and assay offices, and from theComptroller of the Currency on new issues of nationalbank notes.

The manner in which the net currency movement inor out of a reserve bank is derived is illustrated belowby an example showing the derivation of the $10,940,000inflow of currency at the Federal Reserve Bank of NewYork for the week ending October 17, 1928. Thisfigure is derived by ascertaining, first, the change forthe week in the reserve bank's total cash, and thenthe amount of this change that resulted from operationswhich did not involve receipts and payments of currencybetween the reserve bank and other banks in the dis-trict. The balance of the change in cash, therefore,measures the net inflow of currency to the reserve bankfrom other banks in the district.

Some currency that passes into and from circulationdoes not go through the reserve banks but throughthe United States Treasury and certain of its agencies—the Bureau of the Mint and the Comptroller of theCurrency. For example, in the illustration givenbelow, $30,000 of gold certificates and coin was receivedby the New York assay office in payment for goldbullion sold. Since these currency movements, whichare relatively small in volume, are in all essentialrespects of the same nature as currency movementsthrough the reserve banks, they have been includedin the calculations for the district in which they occur.CALCULATIONS FOE N E W YORK DISTRICT, W E E K ENDING OCTOBER

17, 1928

Actual increase in cash holdings of FederalReserve Bank of New York* $24,930,000

Net result of operations that have the effect ofincreasing cash holdings of New York FederalReserve Bank but are not in the nature ofcurrency receipts from other banks in the^district:

Excess of cash receipts from the Treasury(or from other reserve banks on Treasuryaccount) over payments to the Treasury,(or to other reserve banks on Treasuryaccount) $40,480,000

CALCULATIONS FOR N E W YORK DISTRICT, W E E K ENDING OCTOBER17,1928—Continued

Net result of operations, etc.—Continued.Excess of imported gold deposited with this

bank over (1) gold sold by this bank toother Federal reserve banks, (2) goldwithdrawn from this bank for export, and(3) gold sold by this bank to other banks inthis district for use in industry and thearts 2 7,370,000

Total .._ _ 47,850,000Less -

Excess cash payments by this bank(own account) to other reserve banksover receipts (own account) from otherreserve banks 3 28,970,000

Net increase in cash resulting from operationsnot in the nature of currency receipts and pay-ments between the New York Federal ReserveBank and other banks in the district 18,880,000

Increase in cash resulting from net receipts ofcurrency at the New York Federal ReserveBank from other banks in the district. 6,050,000

A d d -Excess of Federal reserve notes of New York

Federal Reserve Bank returned from cir-culation over notes of this bank put intocirculation4. 4,860,000

Excess of currency (gold coin and goldcertificates) received by New York assayoffice in payment for gold bullion soldchiefly for use in industry and the arts($30,000) over new issues of national banknotes put into circulation (shipped directto issuing national banks) by the Comp-troller of the Currency (none in thisperiod) 5 30,000

Net inflow of (decrease in demand for) currency. 10,940,000

1 Underlying data as follows: Oct. 17—total gold reserves, $811,832,000;reserves other than gold (legal tender notes, silver certificates, standardsilver dollars), $22,038,000; nonreserve cash (national-bank notes, Federalreserve bank notes, subsidiary silver, nickels and cents), $16,366,000;Federal reserve notes of other Federal reserve banks, $7,395,000; totalcash, $857,631,000, Oct. 10—total gold reserves, $788,079,000; reservesother than gold, $21,055,000; nonreserve cash, $15,403,000; Federal reservenotes of other Federal reserve banks, $8,170,000; total cash $832,707,000.

2 When imported gold is deposited by the importing bank directlywith the New York assay office, as frequently occurs, the Treasurysheck received in payment is ultimately deposited with the reservebank. Such checks are included in imported gold "deposited withthis bank" and an offsetting adjustment is made in the figures relatingto transactions with the Treasury.

3 The receipts and payments here specified are exclusive of those whicharise from the daily note settlement among the reserve banks and whichregister themselves elsewhere in the calculation.

4 Difference between notes of this bank in circulation on Oct. 17 ($337,-556,000) and Oct. 10 ($342,420,000).

5 Only notes representing additions to existing issues are here takeninto account. When notes are reissued to take the place of old noteswhich have been redeemed (by charge to national bank 5 per cent redemp-tion accounts kept with the Treasury) national banks are required tobring their redemption accounts up to the required limits, and thenecessary transfers of funds to these accounts are usually made throughthe reserve banks; they are effected by payment to the Treasurer throughthe gold settlement fund: Thus the reissuance of national-bank notes isin effect registered elsewhere in the calculation—in change in cash hold-ings of the reserve bank.



MILLIONS OF DOLLARS60

CURRENCY DEMAND~f CHANGES BY WEEKS )~


DALLAS .wF.RBANK /

J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F.. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. j . A. S. 0. N. D.

1927 1928 1927 1928Cumulative change from March 31,1927


746 FEDERAL RESERVE BULLETIN NOVEMBER, 1928-

PROVISIONS OF STATE LAWS RELATING TO BANK RESERVES

A summarization of provisions in State lawsrelating to banking reserves is given on pages778-805 of this issue of the BULLETIN. Com-parison from State to State of these provisionsis rendered somewhat difficult not only by thevarying classification of banking institutionsimplied or expressed in the provisions, but aswell by the varying terminology of the Statebanking codes and the overlapping of require-ments imposed under different enactments andamendments of these codes. The considerablevariation from State to State shown in the re-serve percentages designated for differentclasses of institutions and in the proportionrequired or permitted of vault cash and of bal-ances in reserve depositary banks, or of invest-ment of reserve funds in certain securities,indicates clearly that State banking codes havedeveloped more or less independently of oneanother and with reference to local conditionsand banking experience. Nevertheless, a gen-eral similarity of provisions as regards the char-acter and amount of reserves is in evidence, andit will be found on comparison with earlier sum-maries of reserve provisions in State laws thatthe legal character of bank reserves has not onthe whole changed very materially in recentyears.1 Some of these general characteristicsare noted in the paragraphs following.

Classification of institutions.—In a numberof States the laws specify reserve requirementsfor banking institutions generally, without dif-ferentiation of requirements with reference tothe character of the institution. The require-ments are imposed indifferently upon "anybank" or "all banks," or "all banking com-panies," or, more specifically, as in the case ofPennsylvania, upon "all banks, banking com-panies, savings banks, savings institutions, andtrust companies authorized to receive depositswhich are incorporated under the laws of Penn-sylvania," or still more inclusively, as in Ala-bama, upon "all banks, firms, persons, andcorporations doing banking business."

Where two or more general classes of insti-tutions are designated, separate provisions maybe made respectively for commercial banks,trust companies, mutual and joint-stock sav-ings banks, reserve depositary banks, institu-tions located in cities of specified size, or incenters designated by State laws as reservecenters, and institutions operating with a speci-

* The board 'published tabular summaries of reserve provisions inState laws similar to the present summary in the FEDERAL RESERVEBULLETIN for March, 1924, and October, 1917, and in its Annual Reportfor 1915, pp. 104-113.

fled amount of capital, or operating as membersof the Federal reserve system.

While the provisions generally relate to bank-ing institutions incorporated under State laws,the classifications are in some instances ex-tended to cover unincorporated persons or firmsengaged in banking.

It is specifically provided in some Statesthat provision for commercial banks, or trustcompanies, or savings banks, shall apply to-commercial, or trust, or savings departments inany banks operating such departments, andvery generally lower reserve percentages aredesignated for time or savings deposits thanfor demand deposits in commercial banks andtrust companies.

Member and nonmember State banks.—Comparison with earlier summaries preparedby the board indicates that in general theclassifications implied or expressed in Statelaws—i. e., the incidence of reserve provisionsin State laws with respect to the characterand location of institutions affected by specificreserve provisions—has continued throughoutthe period since the establishment of the Fed-eral reserve system with relatively few materialchanges. One change of importance is asso-ciated with the establishment of the reservesystem itself, and is found in those provisionsof State laws which authorize State bankinginstitutions to become members of the reservesystem and to comply with the reserve re-quirements of the Federal reserve act in lieu ofthe State law requirements. Forty-six of the48 States have expressly or by implication au-thorized State banks to become members of theFederal reserve system, and some 35 of theseStates authorize banks operating as memberbanks to comply with the reserve requirementsof the Federal reserve act in lieu of the Statelaw requirements. Illinois, one of the two re-maining States, has enacted no reserve provi-sions whatever for its banking institutions, therequirement of reserves in this State being leftas an administrative matter within the discre-tion of the State auditor. Florida, the oneremaining State, has not legally authorized forits banking institutions membership in the re-serve system or compliance with the require-ments of the Federal reserve act. The effect oflegislation authorizing Federal reserve member-ship and compliance with requirements of theFederal reserve act has been to set up a dualsystem of reserves for State institutions in a.majority of the States.


ft OVEMBER, 1928 FEDERAL RESERVE BULLETIN 747

Percentage basis of reserve requirements.—The reserve provisions of State laws indicatedifferent bases for calculating reserve percent-ages, including aggregate deposits, or aggregatedemand, or time, or savings deposits. Otherdesignations found in the statutes include"deposits received from other banks/7 "de-posits subject to check/7 "commercial depositspayable on demand and subject to check/7

" deposits in commercial department/7 " com-mercial deposits," "immediate liabilities/7 "de-posits and demand liabilities77 of commercialbanks, "general deposits/7 "matured obliga-tions (of trust companies) and money due andpayable/7 "liabilities to depositors77 of bankingassociations and trust companies, "deposits ex-clusive of public deposits secured as requiredby law/7 "savings deposits and time certificateshaving definite time of maturity/7 and, inTexas, the "whole amount of assets77 of savingsbanks.

Requirements expressed in these terms mayin given instances apply to all banks in theState or to specified classes of banks. Ala-bama, for example, requires 15 per cent ofdemand deposits to be held by "all banks,firms, persons, and corporations doing a bank-ing business/7 no requirement being specifiedfor time deposits of any institutions. Arkansasrequires "all banks77 to hold 15 per cent ofaggregate deposits, but provides that reserveagents shall hold 20 per cent of their aggregatedeposits. Michigan designates certain per-centages of total deposits for commercial banksand for savings banks, and a percentage of"matured obligations and money due and pay-able77 for trust companies. "All banks77 inNew Mexico are required to hold 12 per centof "general deposits.77 Banks and trust com-panies in New York, including private bankers,are required to hold specified percentages oftheir "aggregate demand deposits/7 no per-centages being designated for their time de-posits; but it is provided that savings banks,savings and loan associations, land banks, andcredit unions shall maintain guaranty funds forthe security of their depositors or to meet con-tingencies, and it is provided further by NewYork, as by a majority of other States, thatcompliance with the reserve requirements ofthe Federal reserve act, which covers time aswell as demand deposits, shall exempt memberbanks and trust companies from compliancewith State law requirements.

In a number of States, however, the reservepercentage applicable to a given class of insti-tutions varies with the character of the deposits,as for example, in Connecticut, which requires

State banks and trust companies to hold 12 percent of demand and 5 per cent of time deposits,and in Kansas, where banks are required tohold 15 per cent of demand and 5 per cent oftime deposits and trust companies to hold 25per cent of deposits subject to check and 10per cent of time deposits. Similar variationswill be noted in the requirements of some otherStates.

It would seem that precise interpretation ofthe reserve requirements of State laws ex-pressed in terms such as are noted above mustin some instances depend upon other provisionsof the banking codes or upon administrativerulings and practice involving the exercise ofdiscretionary powers in considerable latitude.Further, it may be noted that where the reserverequirements relate to total deposits and varywith reference to the general character of theinstitution, as a commercial or savings bank ora trust company, rather than with the char-acter of the deposit, the diversification f ofactivities of individual banks—which maycarry time or savings deposits and at the sametime engage in a general commercial bankingand trust company business—is not fullyreflected in the reserve requirements of thebanking code.

Percentages designated.—With respect tothe specific percentages designated, the re-quirements of the State codes show a wide rangeof variation—for time or savings deposits from3 to 15 per cent with 5 per cent most frequentlydesignated; for total or demand deposits from7 to 20 per cent, the proportion most frequentlyspecified being 15 per cent; and for deposits inreserve depositaries a somewhat higher rangeof from 15 to 25 per cent. In a number ofStates, including California, Iowa, Kentucky,Michigan, Massachusetts, Minnesota, Missis-sippi, Missouri, Nebraska, New York, Texas,,and Utah, reserve requirements are variedwith reference to the location of institutions inlarger or smaller cities, or in reserve or non-reserve cities.

Vault reserves.—Under the State codesbank reserves in the several States may in-clude in varying proportions cash or lawfulmoney in vault, balances carried with reservedepositaries, and in some instances assets inthe form of designated securities.

The proportion required to be held in theform of vault cash varies from State to State,and in any given State may or may not varywith the character of the institution or of thedeposit liability. No State requires its entirebanking reserves to be held in the form ofvault cash, and in some States as, for example,,


748 FEDERAL RESERVE BULLETIN lM OVEMBER, 1928

in Georgia, Mississippi, Montana, North andSouth Carolina, South Dakota, Tennessee,Virginia, and Wyoming, no specified proportionis required to be in vault. Specified propor-tions required in other States to be in vaultrange from one-tenth to two-thirds of thereserve required, including such portions asthree-twentieths, one-eighth, one-fifth, one-fourth, one-third, two-fifths and one-half. Inthese proportions, or in some proportion ad-ministratively determined, the reserve requiredto be in vault must generally take the form ofcash, variously defined to include as items,lawful money, gold or silver coin and certifi-cates, national-bank currency, and Federalreserve notes. But one-fifth of the vaultreserves of Nebraska banks may consist ofUnited States* bonds at their market value;one-half of vault reserves of Massachusettstrust companies may consist of United Statesbonds or certificates of indebtedness or of Mas-sachusetts bonds; clearing-house certificatesmay be carried in the vault reserves of Penn-sylvania banks; and it would appear that inWisconsin and Wyoming balances carried withother banks may be counted as vault reserve.

Balances and other reserve items.—Reservesnot held in vault must commonly consist ofbalances in approved reserve depositaries, oras the law may provide, in any bank in theState or any such bank having a specifiedcapital and surplus, or any national bank lo-cated in a reserve city, or any member of aclearing-house association of designated cities,or any correspondent bank, or any bank lo-cated not more than 100 miles from the de-positing bank, or more inclusively any solventbank, Federal reserve banks being specificallydesignated in some States. The proportion

designated for reserve balances varies inverselywith the proportion of reserves required to bein vault cash or permitted to be invested incertain securities.

More than one-third of the States permitbanks of one kind or another to carry someportion of their reserves in holdings of securi-ties. One-half of the reserves of Californiasavings banks may consist of United Statesbonds; Colorado banks of all classes may hold30 per cent of required reserves in the formof Liberty bonds or United States certificatesof indebtedness; one-sixth of the required re-serves of Connecticut banks may consist ofbonds which are legal investments for savingsbanks; Delaware banks may hold one-half oftheir required reserves in United States obli-gations to the amount of 90 per cent of theface value of such obligations. And similarprovisions, in some cases covering State andmunicipal securities, are found in the laws ofOregon, Pennsylvania, South Dakota, Florida,Georgia, Idaho, Kansas, Louisiana, Maine,Maryland, Massachusetts, North Dakota, Okla-homa, Vermont, and Wisconsin.

Miscellaneous provisions of State laws.—Inthe summary of reserve provisions of Statelaws some detail is given covering proceduresfor enforcement of regulations in event of fail-ure of any bank to maintain the requiredreserves, the usual provision being that banksshall not during any period of deficiency oftheir reserves make any new loans or discounts(except of sight drafts) or pay any dividends.Provisions for maintenance of guaranty fundsfor the protection of depositors in certainStates are noted and finally certain miscella-neous statutory provisions with such explana-tory comments as have seemed to be required.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

Volume of production and distribution ofcommodities increased seasonally in Septemberand was larger than a year ago. There wasa further advance in the general price level.Loans of member banks in leading cities in-creased in September and October in responseto the seasonal demand for commercial credit.

Production.—Industrial production increasedfurther in September, and the output of manu-factures was in larger volume than in anyprevious month. Factory employment andpay rolls also increased. Production of ironand steel and of automobiles was unusuallylarge during September and October, althoughthere has recently been some curtailment ofoperations in these industries. There werealso increases in September in the activity ofthe textile, meat-packing, and tire industries,and in the output of coal, petroleum, and cop-per, while lumber production showed a decline.

Building contracts awarded, after decliningin volume for three months, increased consider-ably in September and exceeded all previousrecords for that month. The increase was duechiefly to certain large contracts for industrialplants and subway construction. During thefirst three weeks of October awards exceededthose for the same period last year, the excessbeing especially large in the eastern districts.

Department of Agriculture estimates of thisyear's crop yields indicate that the productionof all crops in the aggregate will exceed lastyear's output by about 5 per cent. The corncrop is estimated at 2,903,000,000 bushels, or5 per cent above last year's production. TheOctober 8 estimate indicated a cotton crop of13,993,000 bales, or 446,000 bales less than wasforecast on September 8, compared with a yieldof 12,955,000 in 1927.

Trade.—Department-store sales increasedconsiderably in September and were larger thana year ago, reflecting in part the influence ofcooler weather. Inventories of departmentstores at the end of the month were smaller

than on the same date of last year. Wholesaledistribution in all leading lines except meatswas somewhat smaller than in September,1927. Freight-car loadings showed more thana seasonal increase in September and continuedlarge in October. Shipments of miscellaneouscommodities in recent weeks have continuedin larger volume than in previous years.

Prices.—Wholesale commodity prices in-creased further in September, and the Bureauof Labor Statistics index advanced to 100.1 percent of the 1926 average. Increases, whichwere largest in farm products and foods, oc-curred in nearly all groups except hides andleather and textiles, which showed slight de-clines. Since the latter part of Septemberthere have been decreases in the prices of live-stock and meats, grains, wool, and hides, andincreases in cotton, silk, rubber, and iron andsteel.

Bank credit.—Demand for bank credit forcommercial purposes increased between themiddle of September and the middle of October,reflecting seasonal activity in trade and themarketing of crops. There was also a growthin loans to brokers and dealers in securities,though total loans on securities of reportingmember banks showed little change.

During the four weeks ending October 24a growth of about $40,000,000 in the totalvolume of reserve bank credit in use was duechiefly to continued increase in the demand forcurrency, offset in part by a small inflow ofgold from abroad. Reserve bank holdingsof acceptances increased by about $140,000,000during the period, while the volume of dis-counts for member banks declined by about$100,000,000. United States security holdingsremained practically unchanged.

Open-market rates on commercial paperand on bank acceptances remained unchangedbetween the middle of September and thelatter part of October, while rates on securityloans declined in October.



RESERVE BANK CREDITRESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES

MILLIONS OF DOLLARS MILLIONS OF DOLLARS

2600f

Member BankReserve Balances

1924 1925 1926 1927Based on weekly averages of daily figures given for past year on following page

1928



RESERVE BANE CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY WEEKS

[Weekly averages of daily figures. In millions of dollars. For monthly data see pages 753 and 810.]

Week ending-

Reserve bank credit outstanding

Totalvolume *

Bills and securities held by Federalreserve banks

>tal»

1,1691,2121,2251,1871,219

1,2571,3051,3581,348

1,4031,4491,4971,5531,592

1,5361,3821,2941,235

1,2461,2401,2381,223

1,2621,2661,2801,2431,289

1,3681, 3581,3681,371

1,4261,4241,4421,447

1,5071,4881,5151,4631,492

1,6101,5101,4351,420

1,4511,4561,4291,440

1,4751, 5161, 5291,5391,544

1,5891, 6041,5881,566

Bills dis-counted

formemberbanks

430445442405409

396433376413

482468481585599

545461436432

445465475471

510519491490543

627615660'705

768781827870

9851,0041,0061,0041,017

1,1831,1031,0451,041

1,0731,0771,0381,048

1,0751,1031,0641,0121,040

1,0451,019

967921

Billsbought

UnitedStates

securities

Mone-tarygoldstock

Moneyin circu-

lation

Memberbank

reservebalances

Change as compared with precedingweek

Reserve-bankcreditout-

standing

Mone-tarygoldstock

Moneyin circu-

lation

Member-bank

reservebalances

1927Oct. 1Oct. 8Oct. 15Oct. 32Oct. 29

Nov. 5Nov. 12Nov. 19Nov. 26

Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31

1928Jan. 7Jan. 14Jan. 21Jan. 28

Feb. 4Feb. 11Feb. 18Feb. 25

Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31

Apr. 7Apr. 14Apr. 21Apr. 28

May 5May 12May 19May 26

June 2June 9June 16June 23June 30

July 7July 14July 21July 28

Aug. 4Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

•Oct. 6Oct. 13Oct. 20Oct. 27

1,2031,2541,2671,2381,250

1,3011,3691,4111,380

1,4371,4881,5461,6341,647

1,5931,4221,3291,258

1,2711,2671,2721,247

1,2851,2921,3081,2621,309

1,4071,3921,4091,397

1,4581,4561,4771,472

1,5311,5261,5561,4991,522

1,6621,5581,4801, 453

1, 4861,4901,4721,474

1,5071,5561,5811,6001,582

1,6341,6371,6331,598

241261272277

340335326

358379373375

387386364352

375370358350

348341340340347

348363360361

370367353337 |

302265 !242 S231 I224 I

207190180171

165169183184

186194210232

305340374406

497506510505503

523532646

562601642592605

603533493450

426405404401

403405448412398

393379346303

287275260239

219218267227221

220216209207

213210207207

214217253260235

234240242235

4,5744,5714,5734,5724,555

4,5304,5084,4874,465

4,4494,4374,4204,4034,391

4,3774,3764,3764,380

4,3744,3764,3764,373

4,3624,3574,3354,3244,310

4,3044,3014,2804,267

4,2634,2364,1944,180 I

4,1654,1484,1064,1034,105

4,1104,1154,1144,115

4,1134,1154,1194,120

4,1234,1234,1244,1264,128

4,1254,1284,1364,139

4,9174, 9424,9514,9294,909

4,9264,9494,9264,934

4,9564,9975,0335,1205,075

4,9514,8114,7294,690

4,7084,7104,714

4,7194,7184,7054,6994,705

4,7514,7354,7184,710

4,7384,7264,7174,709

4,7424,7374,7284,7274,740

4,8164,7694,7204,696

4,7144,7334,7444,752

4,7694,8184,7974,7894,806

4,8364,8524,8484, 824

2,2992,3222,3322,3242,328

2,3382,3422,4162,372

2,3952,3992,4052,3772,415

2,4662,4412,4242,390

2,3872,3782,3722,351

2,3662,3692,3922,3422,353

2,3972,4002,4012,382

2,407 |2,401 !2,391 i2,377

2,3792,3722,3772,3252,326

2,337

2,294

2,2982,2742,2712,259

2,2782,2842,3242,3352,312

2,3342,3312,3402,324

+39+51+13-29+12

+51+69+42-31

+57+52+58+87+13

-53-171-93-71

+13- 4+5

-25

+38+8

+15-45+46

+99-15+17-12

+62Q

+21- 5

+59- 6

+30-57+22

+141-105- 7 8- 2 7+33+4

-18+2

+33+50+25+19-18

+52+3- 4

-35

- 3

+2- 1 7

- 2 5—22- 2 1- 2 2

- 1 6- 1 2- 1 7- 1 7- 1 2

- 1 4- 1

0+4

+20

- 3

- 1 1- 5

- 2 2- 1 1- 1 4

- 6- 3

- 2 1- 1 3

- 4- 2 7- 4 2- 1 4

- 1 5- 1 7- 4 2- 3+2

+5+5- 1+1

o+2+4+1+3

+1+2+2- 3+3+8+3

+8+25+9

- 2 2- 2 0

+17+23- 2 3+8

+22+41+36+87-45

-124-140-82-39

+6+12+2+4

+5- 1 3- 6+6

+46-16-17

+28-12

+33- 5- 9- 1

+13

+76-47-49-24

+18+19+11+8

+17+49-21- 8

+17

+30+16- 6

-22

+15+23+10—8+4

+10+5

+73- 4 4

+23+3+7

-29+39

+50-24-17-33

- 4

-21

+15+3

+23-50+11+44+3+1

-19

+26

- 9- 1 5+2- 7+5

- 5 3+1

+43- 3 2- 2 8- 1 4

+4-24- 3

-13

+20+6

+40+11-23

+22- 3+9

-17

1 Includes total bills and securities, amounts due from foreign banks, and reserve-bank float (see p. I2 Includes " Other securities."



MILLIONS OF DOLLARS

2000

1500

RESERVE BANK CREDIT

1000

500

2000

1500

1000

500

MILLIONS OF DOLLARS'1100

1000

1924- 1925 1926 1927 1928This chart is based on weekly averages of daily figures given for the past year on preceding page

DISCOUNTS FOR MEMBER BANKS[Monthly averages of weekly figures. In millions of dollars]


DISCOUNTS FOR MEMBER BANKS

1925 1S27

Month

1927—January.FebruaryMarch _AprilMayJune.JulyAugustSeptember...OctoberNovemberDecember

1928—JanuaryFebruaryMarchApril...MayJuneJulyAugustSeptember...October

Allmem-

berbanks

476392419421459435434413417428421532439463489637826

1,0121,0791,0451,063

960

Reporting member banks inleading cities

Total

299233268270302271273256267283276388315338362488644796854806823736

NewYorkCity

7660737890515974907573

127947875

145222271274223266202

Other leadingcities

Total

223173195192212219213182177208203261221260287343422525580583557534

Chi-cago

1814202019201268

10112123132535496180804158

Mem-ber

banksout-sidelead-ing

cities

177159151151157164161157150145145143124125127149182216225239240224



MONETARY GOLD STOCK AND MONEY IN CIRCULATIONMONETARY »GOLD STOCK OF THE UNITED STATES


I 1923

End of month:January . . .February..March...AprilMayJuneJulyAugustSeptemberOctober.._ _jNovemberDecember. i

Daily average: jJanuary. .FebruaryMarch .AprilMayJune .July.August. .SeptemberOctoberNovemberDecember

3,9533,9633,9703,9824,0284,0504,0794,1114,1364,1674,2074,244

3, 9453,9603,9663,9753,9934,0404,0614,0974,1234,1554,1824,226

4,2894,3234,3844,4114,4554,4884,5114,5214,5114,5094,5274,499

4,2664,3024,3404,3834,4334,4714, 5034,5164,5154,5064,5174,507

1925

4,4234,3694,3464,3504, 3614,3654,3704,3834,3824,4074,3974,399

4,4684,3934,3474, 3464,3594,3644,3654,3744,3864,3914,4074,397

1926

4,4124,4234,4424,4384,4334,4474,4714,4734,4664,4734,4774,492

4,4074,4254,4444,4484,4344,4384,4604,4674,4714,4724,4774,481

4,5644,5864,5974,6104,6084,5874,5804,5884,5714,5414,4514,379

4,5274,5764,5954,6014,6514,6064,5754,5854,5844, 5664,4904,416

4,3734,3624, 3054,2664,1604,1094,1134,1234,125

14,143

4,3774,3734,3354,2874,2074,1194,1134,1184,125

14,133

NOTE.—For current weekly data see p. 751. 1 Preliminary.

NET IMPORTS OR NET EXPORTS ( - ) OF GOLD

[In thousands of dollars]

Month

JanuaryFebruary. __MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

Total..

1922

25,70827,00732,52510,6655,587

11,37642,34318,13623,0663,275

14,87723,730

238,295

1923

24,3486,9845,6598,533

45,33218,88527,40730,65526,94128,48839,01031,930

294,073

1924

44,85534,60633,50544,02740,48124,91318, 50715,7522,076

15,57713,173

-29,401

258,073

1925

-68,488-46,997-17,768-12,734-1,997-2,287

5,7872,726

-2,65622,702

-13,9041,248

-134,367

1926

16,26421,56539,188

-4,768-6,40815,54414,751

-17 , 764-7,094

7,7019,0119,808

97,796

1927

44,46519,89510,75711,91131, 70212,7718,9356,353

-11,465-8,642

-53,184-67,418

6,080

1928

-13,766-11,120-94,853-91,150- 8 1 , 721-79,932-63,859

747463

112,197

NOTE.—For current data by countries see p. 772. 1 Prelimiary.

INCREASE OR DECREASE ( - ) IN GOLD STOCKTHROUGH CHANGES IN GOLD UNDER EAR-

MARK FOR FOREIGN ACCOUNT

[In thousands of dollars j

Month 1922 1923 ! 1924 1925 I 1926 1927 1928

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember...December.._

Total..

- 1 , 5 0 0- 2 0 0

- 2 , 0 0 0

-3,700

- 1 , 6 2 94,329

T666

- 1 , 5 0 0

500-2,000

+700

593- 2 , 4 5 2

- 5 5 81,0002,000

- 2 , 5 8 3- 7 , 9 8 4

-13 , 229-17,000

- 5 0 0- 1 , 5 0 0

-8101-1,3661-6,825J14,850|12,7255,075

- 3 , 9 0 18,725

9012,8702,000

- 2 , 0 0 0

- 6 , 0 4 3-11,000-22,988

- 5 8 04,000

19,200- 2 , 4 0 0

4- 7 , 4 9 8

1,008

-42 ,213+32 ,244 j -26 ,297

19,4873,180

- 1 , 5 0 2- 1 , 0 0 0

-95 ,000- 5 0 0

184~ 2 , 501- 9 , 0 0 0

-25 ,001-40 ,000- 8 , 5 0 0

-160,153

5,500

35,80045,740

-26,53930, 05360, 9475,916

—1,2001,200

MILLIONS OF DOLLARS

100

80

60

40

on

0

20

40

60

80

100

I l i lIWpL• U

CHANGES INMONETARY GOLD STOCK

INCREASES

u14-h

-j

I I DECREASES ' | j |J

1

MILLIONS OF DOLLARS

peo

60

60

40

20

0

20

40

60

80

10G1921 1922 1923 1924- 1925 192§ 1927

Based on figures for end of month

UNITED STATES MONEY IN CIRCULATION[In millions of dollars]

End of month:JanuaryFebruary. . .MarchAprilMay_JuneJulyAugust.SeptemberOctoberNovemberDecember...

Daily average:JanuaryFebruaryMarch I 4, 713April I 4.731May _ 4,764June. 4,779July.__ _.. | 4,812August 4,833September „ 4,901October 4, 941NovemberDecember

1923 1924 1925 1926 1927 1928

4,6144,7034,7474,7594,7974, 8234.7874,8764,9454,9295, 0185,044

4,6794, 672

4,7774,8874,8994,8534,9054,8494,7564,8594,8634,9425,0525,047

4,8474,8324,870

4.9535,071

4,8664,8304,8104,8004,8534,8914,9705,088

4,8024,8534,8184,7894,8414,8154,7954, 8674,9164,9695,0445,104

4,8634,8074,8214,8094,7974,7944,7984,8194,9084,9454,9605,119

4,8414,9044,8604,9074,9234,8854,9094,9304,9785,0215,0375,095

4,8914,8544,8644,8824,8714,8814,9164,9124,9695,0015,0085,131

4,8464,8854,8624,8914,8934,8514,8464,8544,9484,9464,9525,003

4,9034,8434,8564,8804,8604,8314,8514,8494,9174,9344,9365,049

4,6774,6904,7494,7484,7444,7974,7014,8034,846

14, 808

4,7854,7094, 7104,7304,7224,7364,7464,7434,804

H837

NOTE.—For current weekly data see p. 751. 1 Prelimiary.

KINDS OF MONEY IN CIRCULATION[In millions of dollars]

End of month

1928—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..Octoberi . . .

Total

4,6774,6904,7494,7484,7444,7974,7014,8034,8464,808

Goldcoin

389386383381380377375374373375

Goldcertifi-cates

1,0161,0041,0251,0201,0131,019

9779S2978960

Federalreservenotes

1,5611,5701,5881,5861,5871,6261,5921,6621,6991,689

Na-tionalbanknotes

617639654652649650637«650649639

U.S.notes,

silver cer-tificates,and allother

money

L.094,091

1,0991,1091,1151,125L, 120L, 1351,147L, 145

i Preliminary.



MONEY RATES IN NEW YORK CITY

1923 1925 1926 1927 1928

FEDERAL RESERVE BANK RATESDISCOUNT RATES

[Rates on all classes and maturities of eligible papei]

Federal reserve bank

BostonNew YorkPhiladelphiaClevelandRichmond..AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco ....

Rate ineffect onN o v . l

4H4H

Date established

July 19, 192JJuly 13, 1928July 26, 1928Aug. 1, 1928.July 13, 1928July 14, 1928July 11, 1928July 19, 1928Apr. 25, 1928June 7,1928May 7, 1928June 2,1928

Previousrate

BUYING RATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New YorkJ

Maturity

1-15 days . - .18-30 days . .31-45 days—46-60 days . .61-90 days . .01-120 days.,121-180 days

Rate ineffect onN o v . l

Date established

Ay2\ July 26, 1928.4 ^ do__4M! d o . . . _ . . .4MI do4V£l do*H\ do5 I do

Previousrate

NOTE.—Rates on prime bankers' acceptances,charged for other classes of bills.

Higher rates may be

OPEN-MARKET RATESRATES IN NEW YORK CITY

Month or weekPrimecom-

mercialpaper,4 to 6

months

1927OctoberNovemberDecember

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober . . .Week ending—

Oct. 6Oct. 13Oct. 20Oct. 27

Prevailing rate on—

k

Primebank-ers'

accept-ances,

90days

3H

4 -Q

Timeloans,

90days1

4 -4H

4^-41/2W4H

5 -5HbVh%

6

7 -7M

Average rate

Call loans 1

N e w

3.883.604.43

4.154 334.48

5.065.696.216.066.91

7.407.12

7.706.4!7.066.85

Re-newal

3.903.604.

4.244.384.47

5.085.706.326.056.87

Average yield

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

Treas-ury

bonds3

3.083.04

<3.17

3.31!3 33 i3. 23 1

i. 5 3.30)5 3.62!fi3.90

•"3 3.92*4 .12 !*4 . 36J

3.433.393.34

3.353.36

7 266.98

7.506.507.006.50

( * 7

4.70

4.864! 774.714.53

3.323.353.403.503.563.54

3.55

3.563.583.553.52

1 Stock exchange call loans; new and renewal rates.1 Stock exchange 90-day time loans.» 3 issues~3%, 4, and ili per cent; yields calculated on basis of last

redemption dates—1956, 1954, and 1952.4 Change of issues on which yield is computed.« Maturities of 6 to 9 months. *Revised.



PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIESThe rates shown are those at which the bulk of the loans of each class were made by representative banks

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

FEDERAL RESERVE BANK CITIES

Month

1927— October. _.November-December .

1928—January...February. .MarchAprilMayJuneJulyAugustSeptember.October . . .

1928—AprilMayJune.JulyAugustSeptember.October . . .

1928—AprilMayJuneJulyAugustSeptember.October . . .

1928—AprilMayJuneJulyAugustSeptember-October

Boston

5 -5%5 5y

5J4-6

6%

4%-55

5 -6

NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

City Dallas San Fran-cisco

Prime commercial loans

-5

5H-6 5^-6

4K-54 -54 -54 -54 -5

434-5

55 -5)4534-5%5H-5H 5M-5U

Loans secured by prime stock-exchange collateral

55 -5345 -5%5 -6

4H-54M-55M~5>5^-5^534-6

5 -64i/2-6534-65 -6

5 -5^5 -65^-6

5 -65 -65 -65 -6

5

534-6

5 -6

5H-6

55

5 -65 -65 -65 -65 -6

Loans secured by warehouse receipts

Interbank loans

4^-64 -64^-64^-6

884^-6434-64^-65 -64tf-65 -65^-6

5 -75 -76 -75 -75 -86 -76 -7

5 -6

4%-55 -65 -65 -6

5Y2~t5K2-6

65 -65 -65 -6534-6

66

4%-64%-64%-6

6666

6666666

5 -65 -65 -65 -6534-6534-65H-6

4K-54%-5345 -5M

534^65^-6

43^-65 -5345 -65 -65^-653^-65^-6

4^-5434-5

4^-5345 -6

5H-5H

5 -65 -65 -65 -65 -6

5H-6

5 -65 -65 -65 -6

43^-4%4M-5434-55 -534

5H534-65^-6

434-54%-55 -534534-6

5345Yi

5H-5-K

43^-53^434-54%-5345 -5)45yir5Yi

5)4534-6

55x -5H

5Yz~5*A&}/z~5%53^-5%534-5%

1)4-65 -65 -65 -651^-65H-6

55

5 -5H5 -65 -5145 -5345 -6

5 -5345 -53^5 -5345 -53^5)4,-5)4534-6

5 -65 -6

5>|-6

5^-6

666

5^-6

5^-6

55 -6

55

5 -65

5 -5H

5 -65 -65 -6

5 -65 -65 -65 -65 -6

FEDERAL RESERVE BRANCH CITIES

City

Prime commercial loans

August,1928

Septem-ber,1928

October,1928

Loans secured by primestock-exchange oollateral

August,1928

Septem-ber,1928

October,1928

Loans secured by warehousereceipts

August,1928

Septem-ber,1928

October,1928

Interbank loans

August,1928

Septem-ber,1928

October,1928

BuffaloCincinnatiPittsburghBaltimore ,_.CharlotteB irminghamJacksonvilleNashvilleNew Orleans...DetroitLittle RockLouisvilleHelenaDenverOklahoma City.OmahaEl PasoHoustonSan AntonioLos AngelesPortlandSalt Lake City.SeattleSpokane

65 -6

5 -65 -7

6

5*1-768

5 -6

8534-65 -8

6 -76 -7

53^-66

53^-6

5 -65 -7

651/2-6534-651/2-6

35 -6

-68

5 -86

t5\_534-6

66

5 -8

5M-7

5 -666

6 -85 -66 -86 -7

-7-7

53^-66 -6345 -65 -6

66 -88 -8

66 -6Y25Y2-66 -7

6 -76 -8534-65 -86 -7

66

6 -76 -7

6 -6I/2514-653^-6

66 -86 -8

66 -6H

6 -7

6 -76

6 -85^-76 -86 -7

67

6 -76 -7

534-65^-66 -7

5Y2-W2534-6534-7

6 -86 -76 -77 -85Y2-77 -86 -76 -7

634-7

66 -7

6

66 -75H-7

6 2-6^5 -66 -7

6 -86 -763^-77 -86 -76 -86 -76 -7

7634-7

6 -7666

6 -7

651/6 - 7

6 -86 -763^-77 -86 -76 -86 -76 -7

7

5Y2

5 - 66

5H-65^-6

5H534-65 -5Y26 -86 -6J*

666

5 -65 -66 -7

5Y2Y6

H5 -6

5 -65 -6

5Y26 - 86 -6JK

666

5 -51.5 -6

6666

/534-6

6

53^-65 -6

6/

51/2-61-6

6

m666

5 -5H5 -6

> Revised.



MEMBER BANK CREDITALL M E M B E R BANES


Month

Borrowings at Federalreserve bank:

1927- OctoberNovemberDecember

1928—JanuaryFebruaryMarchAprilMayJuneJuly —August . .SeptemberOctober

<Reeerve balances:1927—October

NovemberDecember

1928—JanuaryFebruaryMarchAprilMay -JuneJuly . -AugustSeptemberOctober

Net d e m a n d p l u stime deposits:

1927—OctoberNovemberDecember

1928— JanuaryFebruaryMarchAprilMayJuneJuly._August.SeptemberOctober

Net demand deposits:1927—October

NovemberDecember

1928—JanuaryFebruaryMarch. _AprilMayJuneJuly.August. _.SeptemberOctober _.

Time deposits:1927—October

NovemberDecember

1928—JanuaryFebruaryMarchAprilMayJuno . .JulyAugustSeptemberOctober ._

Allmem-ber

banks

Reporting member banks inleading cities

Total

428421532439463489637826

1,0121,0791,0451,063

960

2,3552,4002,4102,4362,3842, 3512,4112,3952,3642,3442,2892,3252,343

31,48731,75932,26332,64732,15232,16532,65032,73532, 61332, 21131,651'32, 05932, 241

18,96019,18019,58619,71919,16219,10619, 39119, 31519, 17018, 78918,273

'18, 69118, 779

12, 52712, 57912, 67712,92812,99013,05913, 25913,42013, 44313, 42213,378

C13, 36813,462

283276388315338362488644796854806823736

1,7251,7671,7871,8051,7651,7331,7891,7781,7471,7301,6791,7071,714

19,87120,21720,39520, 64620,39720,37520,68620,76020,48420,22619, 84819, 99920,171

13,44713,73413,90414,01213,70713, 61113,84913, 79413, 48813,28812., 943* 13,09413, 255

6,4246,4836,4916,6346,6906,7646,8376,966

6,905*6,9056,916

NewYorkCity

7573127947875145222271274223266202

728768769781754738777767749730705716720

6,2696,4856,6046,7326,5646,5476,7276,7596,5896,4476,2226,2676,358

5,2555,4305,5705,6335,4715,4675,6075,5665,3795,2735,0615,0925,152

1,0151,0551,0341,0991,0931,0801,1201,1931,2101,1741,1611,1751,206

Other leadingcities

Total

208203261221260287343422525580583557534

997939

1,0181,0241,011995

1,0121,011998

1,000974991994

13,60213,73213,79113,91413,83313,82813,95914,00113,89513,77913, 62613, 73213,813

8,1928,3048,3348,3798,2368,1448,2428,2288,1098,0157,882

*8,0028,103

5,4095,4285,4575,5355, 5975,6845,7175,7735,7865,7645,744*5,7305,710

Chi-cago

10112123132535496180804158

186180189193186181182187184190180184179

1,9291,9391,9311,9641,9191,9231,9441,9951,9911,9311,9081,9321,943

1,3041,3171,2981,3261,2721,2621,2551,2811,2661,2421,2301, 2511,266

625622633638647661689714725689678681677

Mem-ber

banksout-sidelead-ing

cities

145145143124125127149182216225239240224

630634623631620618622617617614610618629

11,72111,82311,83211,91111,76111, 80011, 92111,93311,89411,91411,87412,06012, 070

5, 5585,6505,6275,6115,4765,4555,4865,4725,4535,4515,394

*5,5975,524

5,1635,1745,2056,3006,2856,3456,4356,4616,4416,4636,480

*6, 4636,546

* Revised.NOTE.—All figures in this table are monthly averages of weekly figures

except those for deposits of (1) all member banks, and (2) banks outsideleading cities; these are for a single date in the month. See BULLETINfor December. 1927. p. 828.

MILLIONS OF DOLLARS

10000

8000

6000

4000

2000

REPORTING MEMBER BANKS

1923

MILLIONS OF D9LLARS10000

8000

6000

4000

200019281924 1925 1926 1927

REPORTING MEMBER BANKS

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

Month

Total:1927—October. _.

November.December

1928—JanuaryFebruaryMarchAprilMayJuneJulyAugust..September _October _

New York City:1927—October

NovemberDecember __.

1928—JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember _October

Other leading cities:1927—October

NovemberDecember

1928—JanuaryFebruary _.March___AprilMayJuneJulyAugustSeptemberOctober

Totalloans

and in-vest-

ments

21,22721,46221, 72821,91721, 73721, 92222,36622,56822,48622,43022,227>22, 28822, 378

6,7836,9547,1247,2777,1037,1487,3837,5147,3997,4007,1887,2437,253

14, 44414, 50814,60414, 64014,63414,77414,98315,05415,08715,03015, 039

"15, 04515,125

Loans

Total

15,11215,19815,33215,39515,17715, 32315, 75815, 90615,81615,84215,76615, 83415, 961

5,0095,1155,2285,3125,1115,1435,4355,5395,3805,4005, 3085,3375,342

10,10210, 08310,10510,08310, 06610,18010,32310,36710,43610,44210,45810, 49710, 619

On se-curi-ties

6,3256,4106,5946,7316,5276,5026,8416,9916,873

*6, 845*6,704*6, 7296,768

2,3702,4652,6052,6922,5092,4292,6552,7652,5892,6012,4932,5192,534

3,9563,9463,9884,0394,0184,0734,1864,2264,284

*4, 244*4, 211% 2104,234

Allother

8,7878,7878,7398,6648,6508,8218,9178,9158,943

*8,997*9,061*9,1059,193

2,6402, 6512,6222,6192,6022,7142,7802,7742,7912,7992,8152,8182,808

6,1476,1366,1166,0456,0486,1076,1376,1416,152*6,198*6, 246*6, 2876,385

Invest-ments

6,1156,2656,3966,5226,5606,5996,6086,6626,6706,5886, 461

*6,4546,416

1,7731,8381,8971,9651,9922,0051,9481, 9752,0192,0001,8801,9071,911

4,3424,4274,4994,5574,5684,5944,6604,6874,6514,5884, 581

*4, 5474, 505

c Revised.


NOVEMBER, 1928 FEDERAL RESEHVE BULLETIN 757

BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES(Monthly averages of weekly figures. In millions of dollars]

Doe to banks:1926—September

OctoberNovember.,.December -.

1927—JanuaryFebruary..March...AprilMayJune ..--JulyAugustSeptember -OctoberNovemberDecember

1928—JanuaryFebruary _„_March _.AprilMayJune _.JulyAugust.SeptemberOctober.

Dae from banks:1926—September

OctoberNovemberDecember

1927—JanuaryFebruaryMarchAprilMayJuneJulyAugust _SeptemberOctoberNovember....December .

1928—January .February. _MarchApril...,MayJuneJuly__August.SeptemberOctober

Total

3,3023,3043,2433,2253,2293,3083,3133,3793,4753,6533,5873,7483,6343,5483,4633,3203,1533,1843,0393,1773,307

NewYorkCity

1,0621,0671,052

1,1771,1941,175"., 166,152,148,129,194.253

1,2751,2151,2891,1891,1691,1921,1601,1241,1351,0531,1501,177

1,0781,1071,0901,1181,1041,1171,1711,1641,1601,1771,2091,3241,2821,3731,3311,3181,2811,2471,1601,1751,1101,1341,195

10211110397

10093

10010710295928595

11110410311210511012311510410288

102100

Other leading cities

Total |iBoston

2,2122,1862,1392,1082,0582,1442,1542,2022,2662,3302,3062,3752,3032,2302,1822,0731,9932.0091,9292,0422,112

1,0831,0941,0681,0641, 0571,0561,0441,0991,1421,1711,1131,1571,0841,0591,0691,0451,0201,033

9651,0481,077

119.5125.8128.3126.5136.8135.8134.6142.2137,3143.1160.7152.1141.4146.8156.5150.7167.5148.9141.3149.8141.2130.0136.2122.7130.9136.8

40.337.041.037.840.239.141.048.242.845.845.944.143.152.645.742.252.341.236.742.840.137.141.934.634.537.8

Phila-delphia

170.0170.8165.6163.1173.0173.1172. 5170.6169.1164.2169.1167.9168.6172.9173.5168.0204.2192.4188.2185.8174.2162.9163.1153. 7

•162. 2166.8

59.353.456.855.155. 258.055.454.453.456.450.752.351.252.360.952.656.752.150.357.856. 653.553.360. 7

•51.556.5

Pitts-burgh

134.5128.8128.8124.3121.3125.0128.5127.3130.8132.9131.2131.3132.2118.4118.5112.2101.8101.199.2

108.9112.3

35.543.236.838.440.936.139.738.341.037.333.336.734.632.732.331.029.331.033.237.034.9

Cleve-land

49.948.246.645.148.863.654.055.655.156.160.360.461.461.263.159.662.062.961.260.259.158.859.558.364.563.0

25.127.627.124.327.523.322.322.922.724.522.924.226.424.924.322.323.624.923.123.923.622.725.123.624.124.4

Chi-cage

374.6359.7349.2349.1372.4364.5374.1364.8374. 4347.9363.4363.9372.0376.8368.1370.0379.8375.0378.6381.7357.7367.4353.5344.0352. 3352.6

151.7155.6154.6161.8154.2144.5154.9151.8173.9150.6148.3146.8152.2152.7158.1150.4147.7145.9150.8161.1173.7169.0162.0151.4165. 4161.4

St .Louis

80.379.378.979.588.588.387.086.181.881.481.978.678.778.985.386.488.585.977.977.578.674.474.073.075.777.2

25.628.029.528.431.729.929.928.227.326.525.627.025.628.030.633.136.632.929.929.628.627.225.825.325.326.8

Min-neapolis

45.650.452.750.853.155.553.650.947.547.546.545.557.663.862.358.457.158.161.858.555.152.850.947.453. 260.2

20 322.322.822.221.520.019.819.819.619.921.719.827.729.324.520.521.018.819.717.420.719.823.819.121.024.0

KansasCity

103.798.497.096.7

101.295.390.386.782.682.791.891.287.983.883.888.192.292.989.484.582.277.090.091.388.685.5

44.943.750.543.744.641.940.638.633.533.436.033.132.936.135.136.035.233.131.832.430.130.534.533.535.632.8

SanFran-cisco

109.0107.2105.8107.6105. 9127.1104.191998.499.9

108.4107.4105.7110.1127.9126.3117.7114. 5117.1114.196.6

101.3100.890.1

102.5101.6

53.953.050.654.450.852.154.450.851.353.552.353.358.856.866.870.568.864.761.856.255.858.554.649.055.853.3

Allother

983.8986.7958.2937.8913.8936.6958.2

l, ooi. a1,040. 81, 076.11,066.91,074.71,040.2

996.1951.4916.1866.6879.9849.3

*903. 5956.1

639.2632.5616.7601.4605.9616.1603.8642.6668.4687.7651.9678.4635.8622.2615.5584.8572. 4581.0544.6

*597. 9625.0

* Revised.

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING[In millions of dollars!

Er i of month

January .FebruaryMarchAprilMayJuneJuly .AugustSeptemberOctober . _NovemberDecember

1925

1,6551,6281,6131, 5581,4561,3671,2961,2771,3151,3581,3561,395

Total outstanding

1926

1,4421,4221,4141,3841,3531,2741,2551,2211,2261,2751,2921,281

1927

1,3251,3621,4151,4101,3571,3301,3101,3731,4641,5861,6321,636

1928

1,6351, 6231,6551,6421,5821,5291,4611,4101,434

i

1925

! 835! 808: 8ooI 757! 680

608569555607674690774

B a n k e r s ' accep tances

1926

788767746721685622600583614682726755

1927

774785809811775751741782864975

1,0291,081

l

1928

1,0581,0561,0851,0711,0411,026

978952

1. 004

1925

820820813801776759727722708684666621

Commercial paper J

1926

654655668663668652655638612593566526

1927

551577606599582579569591600611603555

1928

577567570571541503483458430

i Figures collected and compiled by American Acceptance Council.1 Paper maturing within 7 months. Figures reported by 24 dealers to the Federal Reserve Bank of New York. Prior to May, 1928, reportswere received from 25 dealers and prior to January, 1928, from 26 dealers.


758 FEDERAL RESERVE BULLETIN NOVEMBEB, 1928-

BROKERS' LOANSBROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings. In millions of dollars]

Date

1926—Sept. 30...Oct. 30 . . .Nov. 30...Dec. 3 1 . . .

1927—Jan. 31.Feb. 28. . .Mar. 31. . .Apr. 30. . .May 31—June 30.. .July 30 . . .Aug. 31—Sept. 30...Oct. 3 1 . . .Nov. 30...Dec. 31—

1928—Jan. 31.._.Feb. 29. . .Mar. 31. . .Apr. 30. . .May 31—June 30. . .July 3 1 . . .Aug. 31—Sept. 29. . .Oct. 31_. . .

On demand and on time

Total

3,2193,1113,1293,2933,1393,2563,2903,3413,4583,5693,6423,6743,9153,9464,0924,4334,4204,3234,6404,9085,2744,8984,8375,0515,5145,880

FromNew Yorkbanks andtrust com-

panies

2,7452,6672,6362,8042,6712,7582,7912,8652,9673,0653,1453,1703,3403,3633,5193,8123,8053,7373,9474,2464,5684,1694,1504,2604,6474,994

Fromprivatebanks,

brokers,foreign

bankingagencies,

etc.

474444493489469499500476490504497504575583573621615585693662707730687791866886

On demand

Total

2,4192,2892,3302,5422,3282,4752,5052,5412,6742,7572,7652,7463,0183,0233,1343,4813,3933,2943,5803,7394,0703,7423,7684,0944,6905,116


panies

2,0211,9241,9322,1281,9642,0852,1122,1462,2542,3162,3432,3302,5392,5492,6752,9632,8822,8073,0163,2013,4553,1223,1833,4203,9394,360

Fromprivatebanks,

brokers,foreign

bankingagencies,

etc.

398365397414365391393395420441421415479475459518511488564537616619585674751756

On time

Total

800822800751810781785800784812877928897923958952

1,0271,0281,0601,1691,2041,1571,070

958824764


panies

724743704676707673679719713749802840801814844849923931931

1,0451,1131,046

967840709634

Fromprivatebanks,

brokers,foreign

bankingagencies,

etc.

75.878.595.975.6

103.9108.4106.681.470.563.575.588.895.8

108.5113.4103.4104.297.7

128.8124.290.8

110.3102.5117.3115.6129.9

LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1926—September-..OctoberNovember-..December

1927—JanuaryFebruaryMarchAprilMayJune- _JulyAugustSeptember...OctoberNovember. . .December

1928—JanuaryFebmaryMarch-April..MayJuneJulyAugustSeptember. _.October

Oct. 3Oct. 10Oct. 17.. .Oct. 24Oct. 31

Demand anc

Total

2,7832,6982,6152,6982,7782,7332,8162,8662,9333.115S,0963,1813,2613,3923,4413,6213,8023,7843,7614,0624,4144,3604,2324,2394,4174,701

4,5704,5904,6644,7724,907

For ownaccount

974866819887933841901929936

L,077,032,048

1,0611,103L, 1751,282L.3421,167L.064,193

1,272.048929835887933

930867890957

1,021

1 time loans

For ac-count ofout-of-townbanks

1,1281,1061,0481,0451,1041,1271,0911,131L, 1911,180,188.225

M851,3261,2761,3541,4701,5001,4501,6171,6281,5681,5431,5221,6071,720

1,6821,7151,7331,7371,732

For ac-count ofothers

682726748766741765824806805858877908916962990985990

1,1171,2471,2521,5141,7441,7601,8811,9242,048

1,9582,0082,0412,0782,154

Demand loans

Total

2,0741,9751,9112,0122,0942,0692,1542,1902,2192,3852,3362,3602,4632,6032,6322,7822,9382,8712,8613,1223,3683,3093,2073,3593,6844,075

3,9173,9534,0484,1624,296

For ownaccount

656549520596639548615642639772705726777820879948992820741843885687614590675744

739677706770828


807773728737799843805830861851857849891942902981

1,0831,0841,0361,2041,1981,1431,1361,1781,3321,507

1,4481,4901,5241,5391,532


611653663679656678734718719762774791795841851853863967

1,0841,0751,2851,4791,4561, 5911,6771,825

1,7301,7851,8181,8531,936

Time loans

Total

710723704686685664661677714730760815799789809839863913900940

1,0461,0511,025

880733625

652637616610611

For ownaccount

318317298291295293285287297306327322284283296334350847323350386361315245212189

190189184187192


321333320308305284286301330328330376394385374373387416414413431425407344276213

234225209198200


71.072.885.487.084.887.189.988.486.495.8

102.9s

116.4120.5121.4138.7132.3126.8150.0162.9177.3229.1265.2303.2290.2246.1223. £

228222222225219



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

[1926-100]

Month

1927—JulyAugustSeptember...OctoberNovember. __December

1928—JanuaryFebruaryMarchAprilMayJune .JulyAugustSeptember...

All com-modities

94.195.296.597.096.796.896.396.496.097.498.697.698.398.9

100.1

Farmproducts

97.6102.2105.9105.0104.3104.4106.1104.5103.5107.6109.8106.7107.1107.0108.8

Foods

93.994.296.5

100.0101.5100.798.598.798.099.5

101.2100.3102.3104.1106.9

Hidesand

leatherproducts

111.7111.7112.5113.0114.3116.9121.0124.1124.0126.7126.3123.7124.2121.0120.7

Textileproducts

94.396.298.598.497.597.296.796.696.596.596.696.396.896.395.6

Fuel andlighting

84.284.184.283.882.982.580.881.2

• 80.880.881.882.182.884.685.1

Metalsand

metalproducts

97.798.097.697.197.098.498.198.398.498.498.698.798.6

100.4100.5

Buildingmaterials

93.792.992*191.690.290.490.891.091.092.593.593.994.494.694.7

Chemi-cals and

drugs

95.395.496.497.197.497.296.395.895.695.895.394.994. 594.795.1

House-furnish-

ing goods

98.098.698.698.598.998,898.698.498.397.997.897.096.997.297.2

Miscel-laneous

89.389.989.288.388.389.089.087.386.884.985.182.280.879.379.7

Nonagri-culturalcommod-

ities

93.293.394.094.894.694.893.794.294.094.795.695.295.996.797.8

* New index of Bureau of Labor Statistics.

PRICES OF FARM PRODUCTS AT THE FARM »

August, 1909-July, 1914-100]

Month

1927JulyAugustSeptember.OctoberNovember..December..

1928JanuaryFebruary. _-MarchAprilMayJuneJulyAugustSeptember..October

30 com-mod-ities

130132140139137137

137135137140148145145139141137

Orains

139138134128120123

125128130144160152142120117116

Fruitand

vege-tables

195172145138136141

144153174179181168156137127114

Meatanimals

131136142145141138

138139139142151150157162174160

Dairyand

poultryprod-ucts

125127137146153158

154144137134134132134136145150

Cottonand

cotton-seed

124136179169162153

152141147154166162170153142147

Un-classi-fied

818187838690

91908985868788878583

»Index numbers of Department of Agriculture.

DOMESTIC CAPITAL ISSUES


Class of issue

Total

Corporate issuesBonds and notes—

Long-term. __Short-term. __

Stocks- -Farm-loan issuesMunicipal issues

Total new andrefunding

September,1928

New

393.1

328.5

174.16.8

147. 6.2.0

62.6

Re-fund-ing

39.1

37.1

23.7

13.4

2.0

432.2

January-September

1928

New

4,199.3

3,198.7

1, 531. 7157. 3

1, 509. 740.1

960.5

Refund-ing

1, 406.8

1, 387. 5

960.338.3

388.9

19.3

5, 606.1

1927

New

4, 512.1

3, 360.5

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

5,875.7

SECURITY PRICES

Month or week

1927—AugustSeptember. .OctoberNovember..December.. .

1928—JanuaryFebruaryMarchAprilMay.JuneJulyAugustSeptember. .October

Week ending—Oct. 6Oct. 13 .Oct. 20Oct. 27

Common stocks * (1926 = 100)

394stocks

combined

122.0127.7126.7129.6133.1134.4132.3137.9145.9152.1145.3144.2148.3156.1159.1

156.4157.9161.7160.2

325indus-trials

112.3128.9127.5131.3135.5137.4134.8141.1149.5154.9148.2147.8152.6161.6166.2

162.8164.8169.5167.7

33 rails

123.1125.2124.3124.9126.8125.3121.6125.9130.7133.2126.7124.6126.5129.7128.2

127.4127.4129.5128.6

36public

utilities

118.5124.1124.5125.6127.2129.5130.9134.4142.5155.3148.1145.3147.9155.2154.5

153.5154.3155.7154.5

Bonds:Averageprice of

40 issues

97.7698.0098.6298.9899.2599.3599.3199.2099.1898.7997.3896.5695.8296.4796.58

96.5696.5196.5996.67

i Index of common stock market values (revised series) computed byStandard Statistics Co. from closing prices on Friday.

FOREIGN CAPITAL ISSUES


Class of issue

Total .

New issue...Europe _..Canada and Newfound-

landLatin America.United States insular

possessionsMiscellaneous

Refunding issues.Total Government and

corporate..

September,1928

Gov-ern-

Cor-po-

53.0 54.8

January-September

1928

Gov-ern-ment

713.1

52.012.5

39.830.6

4.23.0

611.3281.5

33.3233.8

6.2; 2.0 56.5 72.4

1.0 I 15.0 ! 101.9 123.9

Cor-porate

502.5

378.7202.9

80.423.0

107.8 1, 215. 6

1927

Gov-ern-ment

Cor-po-

rate

17.7



PRODUCTION, EMPLOYMENT, AND TRADE[Index numbers of the Federal Reserve Board]

Year and month

Indus-trial

produc-tion i

ANNUAL INDEX

191919201921_1922_-.-192319241925.1926_1927.

MONTHLY INDEX

1924MayJuneJuly.AugustSeptemberOctoberNovemberDecember

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober.NovemberDecember

1926JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober-_NovemberDecember

1927JanuaryFebruaryMarch . . . .AprilMayJuneJulyAugustSeptemberOctober. _NovemberDecember

1928JanuaryFebruaryMarchApril ._._May _JuneJuly.August. _September

Produc-tion ofmanu-

fac-tures »

Produc-tion ofminer-

als i

Mo. av. 1923-1925=100 Mo. av. 1919=100

Factoryemploy-

ment

Factorypayrolls

Build ing contractsawarded i

Unad-justed

Ad-justed

Wholesale dis-Freight

carload- |ings1 ! Unad-

justed

tribution

Ad-justed

Department-store sales *

Unad-justed

Ad-justed

Department-store stocks *

Unad-justed

Monthly average 1923-1925=-100

87678510195104108106

85 j838994 I94 |97101

105105104103103102103103102105106108

106107107107106107107111112111108105

107109111108111108106107105103

106109109109109108109112115

8487678710194105108106

848288939597101

106106106103103102103102104107109

no109108 |108107107107107111112110106103

10510711010911110810610710510298

778970741059699107107

929292978996100

104100969810410110410890919493

9296106106104106107109111115118119

116118118104108104100106105105101103

106no110110110110in114116

10310310510310599101105108

000382900495959692

9693898991939294

949696969594939495979797

969797969695939496969594

929494939392919192929089

888990898990889091

1001248489113104107109105

10510092gg99103101106

103109110107107105102105104111112112

107112113110109109104108108112109108

102109110108108106101104104105101102

98104105103104104100104105

818495122129128

1081018789871039583

7576120138124137133149138129116129

111106146139134133126148137126119131

9496151147135154130135127137114116

104113144157163158142126143

959184859010010394

101104107112115125128135135129127138

146145128120125125124131130126130136

123131131128126144128119121137125121

137155125136152148139111136

8491798610098103107103

I97 i92 j92 !9599 |9999 I100

103103100104105101101105102100104105

102104

110114878910198101

95

93971099890919411311712496

94 !97 !

105107108109108108109109108106

105109109108107104101104104101yo94

100102103104106102102104106

107949191911071171119784

869110390888788111112106noyo82

87939986898487

*1091C9

8782801051181189788

9591noDO

951019999101

10210110010099100102101100105100

1021011009799999797100949895

9495969395939510096919593

949793899689*93•9894

103106106

10094727493111111168

9510610099757895129114178

89811021031071017883101124121184

89831001111021017589100119122186

851031021071037885106

97100969510095101 I100 j

98 I103 I103 !102 |101 i100 i100 i101 |102110104106

106105101103107102104107109110106110

105 j

89 I

101101103102

104 !97 |93 !96 i105 !Ill j113 !94 i

104 !106 !102 I97 !94 j98 i06111 ;115 !97 j

93 I98 !10710710398949710711411796

Ad-justed

1061071051051031031041111081C6107111

105105105104104105108106120

929710610610397949710711311696

9196103104101959296101

102100100100101101100100

102101101101100100101102102101102103

105103104103101101101101103103104102

103102103102101100101101103103103102

103101100100

100

* The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contractstion, and department-store sales and stocks are shown both with and without seasonal adjustments. * Revised.

wholesale distribu-


KOVEMBER, 1928 FEDERAL RESERVE BULLETIN 761

INDUSTRIAL PRODUCTIONINDEX OF INDUSTRIAL PRODUCTION

[Index numbers, adjusted for seasonal variations.1923-1925 average *100]

Month 1922

January _ J 73February . 76March 80April 77May 81June . 86July . . .I 86Augus t , . . . . . . * . . . . . : 84September. i 88October.^ 94November. . . . ..{ §7December „ _< 100

Annual index . 8f>

1923

100100103107107105103102100999796

101

1924

1001021009589858380949497101

95

1925

105105104103103102103103102105106108

104

1926

106107107107106107107111112111108105

108

1927

1071091111081111081061071051039999

106

1928

106109109109109108109112115

PRODUCTION OFMANUFACTURES AND MINERALS

80

601924- 1925 1926 1927 1928

INDEX OP PRODUCTION OF MANUFACTURES, BY GROUPS

Year and month Total

1927MayJune...JulyAugust.September...OctoberNovember....December

1928JanuaryFebruaryMarchAprilMayJune _JulyAugust.September

1111081061071051029899

106110110110110110111114116

Ironandsteel

11610510310298948893

110115114125117112121121127

TextilesFoodprod-ucts

Paperand

printingLumber

116121118119118113112105

303102969793949495

112112114112113111110112

106107106101107109100109108

102110105979693899197

116117118119121117117117118

Auto-mobiles

10395848981704753

92103114110108119120*133139

Leather

shoes

1001051131121131089796

991021019666105112*112111

Cement, | Non- Petro-hrick, | ferrous j leum

and glass! metals ; refining

108 i109 |111 i115 i113 I108 I107 |105 j

111115 !109 !108 |113 j112117 I124 i126 !

Ill108106108 !107106106111

101 !109 ,'107110 i111 |115112 !116 I118

132134136136139142140137

Rubbertires

127131124119113116117110

135139141147150153160160162

124139135131134145155154166

Tobaccomanu-factures

122116109119123121122112

118118119119120126125131129

INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS

Year and month

1927May.June«_.™July .AugustSeptember ..OctoberNovember.. ... . .December

1928January.. ._FebruaryMarchAprilMay___ . .June . .JulyAugustSeptember

Total

108104100106105105101103

10310310510310599101105108

Bitumi-nous coal

*93*90879292908587

929499879389949194

Anthracitecoal

•116*101*74*106*99*106*iO5*91

88887910911474669595

Crude pe-troleum

120120124123124124124124

121119121119119117119*123125

Iron-oreshipments

1201019999879549

80107103105109

Copper

107105101101104102106105

102104102103110110113116121

Zinc

108114109114111110107109

104107112114113117117121114

Lead

113112116112111105110109

1031091091001019997

*107116

Silver

90939494909110095

93839489859376*8779

•Revised.

NOTB.—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 data andmethods of construction were described and monthly indexes for the above groups were published in the BULLETIN for February and March, 1927.



PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES

Iron and steel:Pig ironSteel ingots .

Textiles:Cotton consumption . .Wool—

0 on siiTi P tionMachinery activity *Carpet and rug loom activity !.

Silk-DeliveriesLoom activity * . . . .

Food products:Slaughtering and meat packing-

HogsCattle . . . . . . .CalvesSheep

FlourSugar meltings. . . .

Paoer and printing:Wood pulp and paper—

Newsprint . . . . . . . . . . . . . . . . .Book paper . .Fine paper . . . . . . . . . . .WraDDins DaDerPaper boardWood pulp, mechanicalWood pulp, chemical

Paper boxesNewsprint consumption

FlooringTransportation equipment:

\utomobiles . . . . . . . . . . . . . . .Locomotives . . . . . . .Shipbuilding

Septem-ber, 1928

105130

108

958487

145117

869293

12594

127

90123114103123106112146130

84126

13923

August,1928

106122

114

967986

134114

808894

11397

106

91124

#1 2 2

*111104104134127

*89124

*13321

Septem-ber, 1927

9598

129

989188

142104

839691

10993

111

96107117103 111587

112121130

97112

81 '7099 :

Leather and products:Leather, tanning-

Sole leather»Upper leather-

CattleCalf and kip ;Goat and kid

Boots and shoesStone, clay, and glass:

CementBrick-

Face brickPlate glass

Nonferrous metals:CopperL«ad. I . . . : : . . : : : : : : :ZincTin*

Chemicals and allied products:Petroleum refining •

Gasoline *KeroseneFuel oil iLubricating oil * . . . . . .

Coke production-By-productBeehive _ . _

Rubber tires and tubes:Tires, pneumaticInner tubes

Tobacco products:

CigarettesManufactured tobacco and snufl

Septem-ber, 1928

107

7199

150113

123

131127

119116114121

188103139122

13237

173119

10415293

August,1928

101

7796

138•117

126

109132

119*107

121109

185114136121

13735

158123

9915893

Septem-ber, 1928

101

85107134117

120

110112

104111111112

15595

122120

12053

11388

10514095

i Without seasonal adjustment. • Revised.

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

Month

Employment:1927—June

JulyAugustSeptemberOctober..._November.December.

1928—January. . .February._MarchAprilMayJune.—_...JulyAugustSeptember-

Pay rolls:1927—June

JulyAugustSeptember.October. __November.December.

1928—January...February..MarchAprilMayJuneJulyAugustSeptember.

Total

92.490.791.291.991.790.289.187.989.489.989.389.589.688.590.091.2

105.8101.1104.4103.8105.1101.0im 967.8

103.5104.9102.6103.7103.6100.1103.9105.0

Metals andproducts

Group

87.885.785.285.184.582.881.980.983.084.384.685.385.584.786.087.2

95.287.490.388.189.086.087.584.791.993.992.995.194.590.094.394.3

Ironandsteel

87.585.485.084.784.082.381.480.782.784.084.284.985.084.686.087.2

94.786.789.887.388.285.286.684.191.293.392.294.393.789.393.393.5

Textiles and products

Group

93.191.092.393.994.594.293.692.993.892.990.087.887.484.585.386.8

102.899.1

102.7104.8106.9101.6103.6100.2103.5101.994.793.493.588.791.794.4

Fabricsi

96 394.895.696.597.097.296.495.195.193.691.088.988.686.286.387.0

107.0102.8105. 8107.3108.9104.5106.1100.3102.4100.395.595.394.290.291.493.3

T>__ JrTOQ*ucts

88.986.288.290.591.490.389.989.992.392.088.786.385.982.284.186.6

97.694.698.9

101.9104.398.1

100.6100.0104.8103.993.891.192.686.992.095.7

Lum-DOT

andprod-ucts

91.891.292.393.092.591.388.284.985.086.087.087.087.786.789.189.6

104.8101.1105.5107.1109.0106.3103.191.996.198.198.398.899.996.4

100.3102.6

Rail-roadvehi-cles

78.978.276.776.175.573.472.070.570.471.372.072.572.771.771.671.2

87.983.085.481.383.682.28p.275.178.280.481.280.781.376.577.075.7

Auto-mobiles

117.2109.9114.3111.0109.9100.7105.0114.0124.8130.2133.6141.2141.1141.0149.9154.2

131.4125.2136.3128.7133.6117.6127.8127.2160.0168.9171.8178.8169.5166.0184.9185.8

Paperand

print-ing

106.9106.3106.9107.8108.6109.7110.1108.6108.1107.0105.9106.3106.1106.1106.3106.7

148.2145.4147.2148.9151.0149.0152.7148.8147.5147.7146.7146.7146.7144.6144.5146.8

Foodsand

prod-ucts

87.686.785.888.789.287.786.783.884.884.482.883.084.284.483.986.8

104.6103.1101.7104.4104.8103.0102.299.0

100.8100.496.599.0

101.3101.4100.1103.4

Leatherand

prod-ucts

82.285.388.288.586.581.579.883.284.684.179.877.777.681.282.983.1

85.190.297.595.288.576.877.883.588.987.575.372.776.382.688.087.2

Stone,clay,andglass

124.2119.5120.2119.3116.2114.7109.0101.6101.9105.7109.1113.8114.9112.8115.7114.6

154.5143.7149.0145.7145.0140.8133.6122.1123.8128.7134.6140.9141.3136.1143.3139.6

To-baccoprod-ucts

80.380.374.483.585.384.680.373.877.177.976.076.877.573.479.080.6

86.785.779.790.591.390.587.078.178.179.473.877.382.578.181.685.4

Chem-i/tolaicaisandprod*ucts

75.975.075.376.977.878.577.275.177.276.976.774.575.173.973.977.0

109.1103.6105.2105.7110.0109.7112.4106.3109.3110.2108.8106.6106.1103.4104.0105.7

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 wasdescribed in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for Mav, 1925. See also p. 668 orBULLETIN for September 1925, for certain revisions.



BUILDINGBUILDING CONTRACTS AWARDED

[Index numbers based on value of contracts. Monthly average,1923-1925-100]

Month

January. . __February. .MarchAprilMayJune .._ .July .August .SeptemberOctoberNovemberDecember.

Without seasonaladjustment

1925

7576

120138124137133149138129116129

1926

111106146139134133126148137126119131

1927

9496

151147135154130135127137114116

1928

104113144157163158142126143

1925

101104107112115125128135135129127138

With seasonaladjustment

1926

146145128120125125124131130126130136

1927

123131131128126144128119121137125121

1928

137155125136152148139111136147

PER CENT200

150

100

50

BUILDING

_ I*I*

1CONTRACTS

'ith Seasona/A'itftot/Md/i/st/i

\

AWARDED

djustment?ei7t

r A

U

PERCENT200

150

100

50

1924- 1925 1926 1927 1928

BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS

[Value of contracts in thousands of dollars]

Federal Reserve District

Month TotalBoston New

YorkPhila-

delphia

1927 IAugust | 552,488September ! - 521,611October..November.

Cleve-land

Rich-mond

562,816466,393

December _...l 477,364

1928 |January 427,169February.March,ApriL.May . .June . .Ju ly .__ , | 58M32August.. I 516,970September 587,674

465,331592, 567643,137668,097650,466

37,46132,86327,48640,07029,407

33,41021,82639,69442,95756,097 |38,51934,456 136,37069,918

144,049107, 448169,299132,481130,346

133,271140,227155,154154,369188,687178,448139,821129, 524156, 588

53,51940,17434,21130,13828,634

35,34,46,oU,49,

765980317QfiO

74348,69841,33,45,

259967634

62, 44765,23549,31539,13635,275

26,40337,84166,82170,18463,81369,60556,10350,40867,748

31,81357,46429,55324,81137,285

27,60722,30142,06166,59139,42146,22732, 88430,17239,843

Atlanta

28,17630,91726,02339,15124,816

27,69623,37629,82624,37132,49728,60031,99628,54825,989

Chicago

109,646106,296141,52384,182

126,841

77,806108,789108,093128,643139,784128,607140,689108,30699,176

St. Louis Minne-apolis

34,13432,57341,40527,79333,352

29,18735,29440,62643,81836,36044,22550,55740, 70633,241

12,3718,0389,3057,1384,473

4,428

8,33910,24913,17811,04211,08812,9449,213

19,06122,25319,31716,51612,316

13,31813,79333,17420,65820,19928,07023,80726,17722, 611

19,81118,35015,37924,97714, 619

18, 27822,93822,46320,31528,31828,42620, 77119,84717,715

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING

[Value of contracts in thousands of dollars]

Month Resi-dential

Indus-trial

1927August 209,456September 202,877October I 243,562November 214,963December 207,281

1928January 193,189February 238,985March 275.192April I 276,586May j 288,826June 258,084July 228,703August ! 213,705September ! 202,807

41,03948, 54650, 71252,89029,989

37,97034,88148,80485,09337,14663,53731,40042,607114, 780

Com-mercial

76,91559,61779,72043,52186,933

68,85257,69573,07582,75891,20093,94295,69758,91160, 068

Publicworksand

publicutilities

119,741126,230108,21076,08992,657

72,03959,980110,338117,401150,223130,852137,075118,890119, 014

Educa-tional

41,03529,24430,17031,74123,248

23,36918,65133,88132,88547,85146,13536,92635,71338,801

BUILDING PERMITS ISSUED, BY FEDERAL RESERVEDISTRICTS

[Value of permits in thousands of dollars]

Allother

64,30255,09750,44247,18937,256

31,75055,13951,27748,41352,85157, 91753,63247,14452, 205

Federal reserve district

United States.

BostonNew York. . . .Philadelphia-Cleveland

RichmondAtlantaChicagoSt. Louis.

Minneapolis..Kansas City. .Dallas..San Francisco.

Numberof cities

168

14221412

1515195

Septem-ber, 1928

217, 626

8,43872,05611,10015, 624

13,226 I

August,1928

42,857 !6,067 |

I

9149

20

4,4218.0215,620

21,907

259,530

8,500106, 93216,69021, 519

8,3997,62741,1877,790

3,5917,4787,261

22, 557

Septem-ber, 1927

236,062

7,60281,82316, 03113, 402

7,57010, 49652, 4967,423

3,0085,9576,42123,834

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



TRADE AND DISTRIBUTIONFREIGHT-CAR LOADINGS, BY LINES

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

Month

1927—September— .OctoberNovemberDecember

1928—JanuaryFebruaryMarch.AprilMayJuneJulyAugustSeptember

Total

1041019694

100102103104106102102104106

Grainand

grainprod-ucts

108106

9494

102108116109102

89109102109

Live-stock

8794878291

10196898886808293

Coal

10294919394969699

10190889f>

102

Forestprod-ucts

95938782909389859088899291

Mer-chan-dise

1. c. 1.and

miscel-lane-ous

108106102

99106106108108110107109111111

For description and early figures see p. 562 of August, 1927, BULLETIN.

PER CENT

WHOLESALE DISTRIBUTION

• • With Seasonal AdjustmentWithout Adjustment

80

701924- 1925 1926 1927 1928

INDEX OF WHOLESALE DISTRIBUTION—NINE LINES OF TRADE

[1923-1925 average -100]

Month

JanuaryFebruary .MarchAprilMayJuneJulyAugustSeptember .October.NovemberDecember ._ ._

Annual average

Sales with seasonal adjustment

1923

10210010410010310210110399

10310095

1924

103102949995919395

1019999

101

1925

10210110010099

10010210110010510098

1926

1021011009799999797

100949895

1927

94959693959395

10096919593

1928

949793899689

*93*98

94

Sales without seasonal adjustment

1923

9396

11497949292

11511512310082

101

1924

9498

10296878286

1051181189788

98

1925

9397

10998909194

1131171249989

101

1926

9497

10794919191

1071171119784

98

1927

8691

10390888788

1111121069382

95

1928

87939986898487

109109

SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE

Month

1927AugustSeptember-OctoberNovember..December. .

1928JanuaryFebruary . . .MarchAprilMayJune__JulyAugustSeptember..

With seasonal adjustment

Gro-ceries

9794909492

93989793999491

*10092

Meats

109109109105109

106113109112109112111

*116122

Drygoods

10291868987

898883788679809084

Men'scloth-

ing

10192818693

999994779676799089

Wom-en's

cloth-ing

7266546761

707055576249836862

Bootsand

shoes

111104

91105101

1151109694

11382

12310990

Hard-ware

979994

10097

92939187949291

*9592

Drugs

112114111112106

108110110111117110107117112

Fur-niture

109103

99100

89

89969587929595

106112

Without seasonal adjustment

Gro-ceries

97102102100

90

85859588969792

*101100

Meats

111117122101103

106108105105109114113

*118130

Drygoods

125113

998870

85898770757174

110105

Men'scloth-

ing

165140101

6148

76128131

75573968

148137

Wom-en's

cloth-ing

9895874539

658889.533521469288

Bootsand

shoes

12212711411082

9487

11199

1147798

119110

Hard-ware

98106105

9890

8282958997959096

100

Drugs

110122128113

99

106101121113110103102115119

Fur-ni-

ture

11111711810583

7896

10788878378

108127

* Revised.

NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes fromJanuary, 1919, to October, 1927, were published in the BULLETIN for December, 1927, pp. 817-828. Indexes of sales of furniture revised in May, 1928.



DEPARTMENT STORES: SALES AND STOCKS. BY FEDERAL RESERVE DISTRICTS[Index numbers. Monthly average 1923-1925»100]

Month

Sales (unadjusted):1927—May

JuneJulyAugustSeptember _.

1928—MayJuneJuly.AugustSeptember..

Sales (adjusted):1927—May

JuneJulyAugustSeptember..

1928—May...June._lJuly . . . .AugustSeptember..

Stocks (unadjusted):1927—May

JuneJulyAugustSeptember..

1928—MayJuneJulyAugustSeptember. _

Stocks (adjusted):1927—May

JuneJulyAugustSeptember...

1928—MayJune _July . . .AugustSeptember...

i UnitedStates

1 102101

i 75891001071047885106

103103104111108104105108106120

103979497107101959296101

101100ioi !101 110399989910098


Bos-ton

1C1110748499101111757897

10210510511211098106107104113

106999595106106979191101

1051031041021021051011009897

NewYork

10210974841061091127778110

104111108119117107114112111127

1059895991091049996100106

105103104105103104103105106101

Phila-delphia

94976573839495646588

9696961009892949589108

989289911019387858692

98979797979391939288

Cleve-land

105997893951061007885101

10399107110102

100100106101114

102989397107100949195100

98991001011039695989896

Rich-mond

103100728091106102757896

10599103111103104101107109114

104989493107100959192102

10lOi10L101102999910010097

At-lanta

1089976869711498778698

105105105110107107104106110112

103929196107103969395103

1029799981011021011019798

Chi-cago

108107829911412211491101136

107107112120114116115124123143

1019593991081039694102109

100100101100102102101102103102

St.Louis

9693689097104947383107

98981001179610399108108110

1029795971089691879398

100101101971029495939393

Minne-apolis

91917592939084688096

9091971039585848989102

91848387948378788184

88878888908081838180

KansasCityi

888668839694847185102

112104101116123116108106118123

Dal-las

112956980105116987180112

10899100110102107103103110113

90837988968376728288

89898586888181788081

SanFran*cisco

107958911411111610192116113

1061031111161201111091

116119127

107103101103108108103101104106

106106105104104107106105105102

* Monthly average in 1925=100.

NOTE.—For description of indexes given in this table see BULLETIN for February, 1928.

SALES OF CHAIN STORES AND MAIL-ORDER HOUSES i

[Index numbers of sales. Monthly average 1923-1925=100]

Chains:Grocery5-and-10-cent_ApparelDrugCigarShoeCandy

Mail-order houses

Numberof re-

porting

3414513474

4

N u m b e r of stores

Septem-ber, 1928

29,8093,1261,2471,0203,608673326

0)

August,1928

29, 2533,0821,2131,0193, 591669329

0)

Septem-ber, 1927

28, 8922,8781,056868

3,457610280

0)

Sales without seasonal adjustment

Septem-ber, 1928

143200144246164105130

122

August,1928

205133197169104109123

2 127

Septem-ber, 1927

171128198137106108119

2118

Sales with seasonal adjustment

Septem-ber, 1928

154222165248177111145

127

August,1928

215144230169105131122

2 160

Septem-ber, 1927

182141192141107115118

'122

1 It is to be noted that some of the reporting mail-order houses have been establishing throughout the country during recent years an increasingnumber of branch stores in which sales are made "over the counter." Changes in the volume of sales by these firms, therefore, no longermeasure changes in sales through the mails.

2 Including sales made through branch stores.

NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.



BANK SUSPENSIONS AND COMMERCIAL FAILURESBANK SUSPENSIONS, BY CLASS OF BANK

[Amounts in thousands of dollars]

MonthNum-

ber

1926June.-,.JulyAugustSeptemberOctober.NovemberDecember

Total for year. _.

',.' 1927January..FebruaryMarch ,.___AprilMayJuneJulyAugust _September.... _OctoberNovemberDecember

Total

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.

Total, 9 months.

All banks Member banks

77140

37

154116

956

1338175494741372736444349

662

332

Totalde-

positsNum-

ber

34,229

10,00112,05018,20945,98339,166

272,488

32,03825,15731,22211,75013,19810,78412,16217,364

11,54211,2108,476

160

193,891 I 124

12, 72120,76719,3999,9106,96815,2096,0766,9278,816

106,793

Totalde-

positsNum-

ber

5,3181,6372,1274,3176,28019,38914,413

68,812

11, 5558,7447,7005,4626,4345,5212,6388,8811,2573,7293,1051,310

3,45610,0824,3733,3612,2871,699468

2,4933,806

51 32,025

Nonmemberbanks

61135

43

121

796

1066559393632352230353742

538

281

Totalde-

posits

28,91146,981

7,8747,733

11,92926, 59424, 753

203,676

20,48316,41323,5226,2886,7645,2639,5248,4837,7317,8138,1057,166

127,555

9,26510,68515,0266,5494,68113, 5105,6084,4345,010

74, 768

BANK SUSPENSIONS^ IN SEPTEMBER, 1928, BY DISTRICTS



BostonNew YorkPhiladelphiaClevelandRichmond .AtlantaChicagoSt LouisMinneapolisKansas CityDallasSan Francisco

Total.

All banks

Num-ber

11

1

34

2

61

19

Totaldeposits'

1,130609

277

1,8361,807

266

2,754137

8,816

Memberbanks >

Num-ber

1

I2

4

Totaldeposits8

1,130

1,5651,111

3,806

Nonmemberbanks

Num-ber

1

1

22

2

61

15

Totaldeposits3

609

277

271696

266

2,754137

5,010

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

2 Includes 3 national banks with deposits of $3,239,000 and 1 Statemember bank with deposits of $567,000.

« 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 »


MonthTotal

1926January...February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.NovemberDecember.

Total ___

1927January...February.MarchAprilMayJuneJulyAugustSeptemberOctober...NovemberDecember.

Total...-

1928January...February.MarchAprilMayJuneJuly..AugustSeptember

Total,months _

2,296;1,801 j1,9841,9571, 730l1,708i1, 605|1,593!1,437|1,7631,830!2,069|

21,773

Number

Manu-factur

ing

_Agents

510447469494437435396449374450440494

2,465!2,035|2,1431,9681l,852jj1,83311l,756|ll,708|!l,573|j1,7871,864||2,162 |

501411569492444427448438389488478597

1,61,2821,4241,3781,2161,1601,1221,071958

1,2051,2851,471

5,395 15,268

1,8421,5081,4681,3421,2921,3101,1871,1741,0831,1701,2761,430

23,146

2,6432,1762,2361,8182,0081,9471,7231,8521,635

5,682; 16,082

553| 1,9464681 1,5815461 1,566432| 1,276470' 1,4075131 1,325450| 1,161493! 1,241454 1,073!

90729185771138773105108105104

122116106134116

96121

96101

Liabilities

Total

43,65134,17630,62338,48733,54329,40829,68028,13029,99033,23132,69445,620

1,110 409,233

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

129j 36,236110! 36,147135J 51,062

1,382 520,105

144 47,634127 45,071124 54,8141101 37,98513l| 36,117109 29,827112! 29,587118j 58,202108; 33,957

18,038H 4,37912,576! 1,083 373,194

Manu-factur-

ing

16,09410,8229,862

16,73416,15710,09211,16812,51610,09311,65016,09716,759

158,044 201,335

19,99610,51822,36825,27813,80213,58716,74314,92115,34917,13412,78629,024

14,87012,75120,41216,23614,23012,72312,93216,87714, 727

Trad-ing

Agents,brokers,

etc.

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

24, 53023,40628,19122,30819,97817,85616,83214, 70212,05214,65716,94916,733

211,506 228,194

26,44624,95226,18616,04918,90013,78112,89919,09613,567

135,759 171,876

6,0553,0372,1382,6591,6763,7913,8981,5188,6545,7072,4398,282

49,854

6,76413,0177,3325,5704,0053,0229,5759,5735,3854,4456,4125,305

80,405

6,3187,3688,2165,7002.9873,3243,75522,2295,662

65,558

COMMERCIAL FAILURES. BY DISTRICTS *


Federal reservedistrict

Boston --._New York _. ___PhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas....San Francisco

Total

Number

Sep-tember

1928

169297

66159119111224

85677141

226

1,635

Augus t ,1928

212318

8715611490

31199469341

285

1,852

Sep-tember

1927

157281

73149104

65242

53818258

228

1,573

Liabilities

Sep-tember

1928

5,8439,5102,3363,7162,7011,7883,2461,010

406839533

2,029

33,957

August ,1928

4,05012,0243,1504,2312,5471,310

20,4374,766

404916628

3,740

58, 202

Sep-tember

1927

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

185536852

1,0544,084

32, 786

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


NOVEMBEE, 1928 FEDERAL RESERVE BULLETIN 767

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS

[District figures derived from October estimates, by States, made by the Department of Agriculture]

[In thousands of units]


Corn

Yield, 1927

BostonNew YorkPhiladelphia. _ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco-

Bushels8,493

26,39445, 929

150, 323163, 763184,477787,986342,426304, 986612,497134,968

11,476

Total 2,773,708

Estimate,Oct. 1,1928

Bushels9,546

27,43047, 704

177,652139, 461140, 208

1,049, 658381,943287,282515, 509117,015

2,903,272

Oats

Yield, 1927

Bushels9,215

36, 63624, 84478, 36226,10414, 282

454,80540, 547

283, 709138,40043,80733,435

1,184,146


Bushels8,891

35,23021,427108,28622,84910, 600616,32468,403323,499164,98838,02934,420

1,452,966

Spring wheat

Yield, 1927

Bushels92

222110114

5,304509

253,80412, 713

14346,296

319,307


Bushels

20985

164

6,812723

261, 58015, 759

18839, 651

325,266


BostonNew YorkPhiladelphia.-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _.Kansas City...DallasSan Francisco.

Tame hay

Yield, 1927

Tons4,7337,6833,6367,6204,5843,033

20, 9409,038

14,07014,4011,552

15,178

Total. 106,468


Tons5,1877,039

5,8004,4083,028

16, 7827,224

11,71211,9511,528

14,631

Tobacco White potatoes Cotton

Yield, 1927

92, 688

Pounds37, 2801,249

44,88080, 647

706, 036121,134

32, 840166, 876

1,9902,948

E s t i m a t e , i V i l d , Q 9 8Oct. 1,1928 I Y i e l <M928

Pounds41, 540

1,47245, 570

118, 752679,211158,885

46, 087256,270

2,7342,737

Bushels45,28733,15225,99821, 50140,79812,30351, 92514,06165,83336, 928

3,12856,050

1,195,880 1,353,258

Estimate,Oct. 1,1928 Yield, 1927

Bushels46,10737,35229, 65124,35945, 62615,49577,08620,42371, 65842, 9823,407

49, 576

Bales

1,6222,836

i 2,319

9765,029

173

463,722 12, 955


Bales

1,7902,535

2 2,450

1,1615,793

264

13, 993

1 Includes 7,000 bales grown in miscellaneous territory. Includes 9,000 bales grown in miscellaneous territory.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESCONDITION OF CENTRAL BANKS

[Figures are for the last report date of month]

Bank of England (millions of poundssterling):

Issue depar tment-Gold coin and bullionNotes issued

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

serve to deposit liabilities(per cent)

Bank notes in circulation *Currency notes and certificates ._

B»nk of France (millions of francs):GoldSight balances abroadForeign billsForeign exchange loanedLoans and discounts-Negotiable bondsNote circulation.Public depositsOther deposits

German Reichsbank (millions ofreichsmarks):

Gold reserveGold abroadReserves in foreign exchangeBills of exchange and checksMiscellaneous assetsDepositsReichsmarks in circulationRentenmarks in circulation

Bank of Italy (millions of lire1):Gold at homeCredits and balances abroadLoans and discountsAdvances to treasuryTotal note circulationPublic depositsOther deposits

Bank of Japan (millions of yen):GoldAdvances and discountsAdvances on foreign bills _ _Government bondsNotes issued.Total deposits

1928 1927

Sep-tember

170.6190.3

2.655.831.741.69.7

103.7

51.578.2293.9

30,62312,69218,4733,4558,1735,930

62,65410,9605,169

2,31186

1792,576

545503

4,830577

5,0526,5944,414

17,476300

2,561

1,06383830

1881,308

916

Austrian National Bank (millions ofschillings):

GoldForeign bills of the reserveOther foreign billsDomestic billsTreasury bills.Note circulationDeposits

National Bank of Belgium (millionsof belgas):

GoldForeign bills and balances in gold.Domestic and foreign billsLoans to StateNote circulationDeposits

134298327120166

1,00840

807505584377

2,220116

August

173. 2192.9

2.757.529.143.419.295.3

52.579.2

296.9

30,35114, 24217, 7214,4264,0835,93062,18410, 2315,751

2,16386195

2,604490565

4, 673579

5,0026,7444,641

17,140300

3,019

1,08383714188

1,270956

134308332131166

1,00370

July

173.2193.0

2.857.028.348.411.5106.8

50.479.8295.1

29,91816,81112,6426,9755,1995,93060,4369,3545,869

2,11486184

2,510579542

4,569581

5,0016,8834,395

17,395168

3,277

1,063840

11192

1,271958

805496563381

2,22497

119298315159168

1,00952

803468559384

2,140134

Sep-tember

149.5169.2

1.632.756.350.925.797.5

27.980.3

294.8

1,78667

1542,746

494630

4,1821,041

4,301* 4,155

5,9314,227

18, 02314

3, 344

1,063903

5167

1,1631,142

8439224581

17394632

674466505400

1,99697

National Bank of Bulgaria (millionsof leva):

GoldForeign bills, etcLoans and discountsAdvances to StateNote circulationDeposits

Central Bank of Chile (millions ofpesos):

Gold at homeDeposits abroadLoans and discountsNote circulationDeposits

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

Gold at home _._.Gold abroadLoans and discountsNote circulationDeposits

Czechoslovak National Bank (mil-lions of Czechoslovak crowns):

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

dationNote circulationDeposits

Bank of Danzig (thousands of Dan-zig gulden):

GoldBalances with Bank of England-Foreign bills, etcLoans and discounts. __ __Note circulationDeposits

National Bank of Denmark (millionsof kroner):

GoldForeign bills, etcLoans and discounts.Note circulationDeposits..

National Bank of Egypt (thousandsof Egyptian pounds sterling):

GoldEnglish Government seciu'ties..Egyptian Government securities.Note circulation.Government depositsOther deposits

Bank of Estonia (thousands ofkrones):

GoldNet foreign exchangeLoans and discountsNote circulationDeposits-

GovernmentBankersOther

1928

Sep-tember

1,312969

1,1554,3714,5012,567

6153011

309200

24, 65141,2915,98849,85111,903

1,1592,092473

4507,806590

2,41815,37222,08622,98738,6512,659

173998536032

10,04525,94326,52239,564

15,8031,3465,038

August

1,308788

1,0384,4714,2852,591

61476

17314137

24, 54242,0944,50149,44311, 544

1,1581,990389

4567,549547

2,35616,10024,97822,47338,1503,839

1829263

34124

July

1,304543

1,0124,5184,1312,504

1927

Sep-tember

1.266602

1,1054,5164,1042,719

61 60488 43315 37

317 268146 117

24,40143,2044,29350,45713,006

1,1291,868244

460 !7,344 |451 !

20, 31423.07713,84940,1828,892

1,0572,132142

5227,650

2,35615,88327, 30820,45237, 6813, 577

6034026

3,80218, 66023,41022, 06719,15214,341

2,24318, 07741, 20919,00738,1131,372

182788535120

3,67627,10521,44129, 60217, 33215, 490

10, 04826, 88825, 01738, 288

10,04027,45525, 06237, 243

5,1176,30456,00520, 476

16,8331,3294,681 j 4,955

17,002 J 34,641\

, J1, 515 j \4955 1/

1 Notes issued, less amounts held in banking department andin currency note account.

1 New form of bank statement adopted in June.

1 New par.* Not including 1,535 million lire of gold pledged abroad.



CONDITION OF CENTRAL BANKS—Continued[Figures are for the last report date of month]

1928

Sep-tember

307

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

GoldBalances abroad and foreign

credits. . . .Foreign bills..Domestic bills 1,183State debts |Note circulation.__ 1,599Demand liabilities I 182

National Bank of Greece (millions ofdrachmae).: *

GoldNet foreign exchange in reserve. _Total foreign exchangeGovernment obligationsNote circulationOther sight liabilities

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

GoldForeign bills, etc—Loans and discountsAdvances to treasuryOther assets.Note circulation. __DepositsMiscellaneous liabilities

5373,3624,2683,7905,7191,707

19747398104129500223126

Bank of Java (millions of florins):Gold. „_Foreign billsLoans and discountsNote circulationDeposits

Bank of Latvia (millions of lats):GoldForeign exchange reserveBills.LoansNotecirculation...Government depositsOther deposits.

2486844146

114

Bank of Lithuania (millions of litas):GoldForeign currency.Loans and discountsNote circulationDeposits

Netherlands Bank (millions of flor-ins):

GoldForeign billsLoans and discounts _Note circulation ;__Deposits

Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic creditsNote circulation...Foreign depositsTotal deposits

Reserve Bank of Peru (thousands oflibra):

GoldGold against demand deposits...Foreign exchange reserveBillsNote circulationDeposits

August

309

61674

1,122

435 |193154 i797 i38 I

147 j37 i

268 !313

285

4,128288

1,2201,3626,028

576

1,565154

5333,0373,9453,7905,2581,847

19767369104155497239130

1733110531653

248183424411365

45820214979234

147392823183

102

4,145271

1,2651,3666,091

542

July

310

67462

1927

Sep-tember

1,543115

5313,2614,1403,7905,1312,187

321

1,23169592124

1,476491

19758

104168

206135

1732410531356

247883434211367

43520415581037

14732281319282

4,126290

1,4871,2516,210580

19793310115273477261224

1842513932175

38612727379635

14731

266325

597

4,199217750

1,7245,949

435

Bank of Poland (millions of zlotys):Gold at homeGold abroadForeign exchange, etc.—

Serving as note coverAll other

Loans and discountsNote circulationCurrent account of the treasury..Other current accounts._

Bank of Portugal (millions of escu-dos):

GoldBalances abroadBills.NotecirculationDeposits

National Bank of Rumania (millionsof lei):

Gold at homeLoans and discounts .Advances to StateNote circulation

State Bank of Russia (note issuingdepartment; thousands of cher-vontsi):

GoldForeign currencyLoans and discounts.

14,8108,432

81,777Bank notes 109,010

National Bank of the Kingdom ofSerbs, Croats, and Slovenes (mil-lions of dinars):

GoldForeign notes and creditsLoans and discountsAdvances to StateNote circulationDeposits

South African Reserve Bank (thou-sands of pounds sterling):

GoldForeign billsDomestic billsNote circulationDeposits-

GovernmentBankersOthers

91275

1,6982,9665,751

648

7,657737

9,011

1,1905,282

210

Bank of Spain (millions of pesetas):Gold _•Silver...Balances abroadLoans and discounts. _ _.NotecirculationDeposits.

Bank of Sweden (millions of kronor):Gold....Foreign bills, etc...Loans and discountsNotecirculationDeposits I

Swiss National Bank (millions of |francs): !

GoldForeign balances and billsLoans and discountsNotecirculationDimand deposits.. __

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

GoldLoans and discountsNotecirculationDeposits

2,60970039

2,0134,323

903

14,6537,420

73,77199,633

90268

1,6642,9665,562

694

8,0647,351

6979,124

1,6885,006

248

2,60970639

1,8934,251

977

238119401565121

230123377514145

468211238892

64

449227224864

81

66,07297,26865,90881,313

16,5437,010

77,261.01,397

90250

1,5952,9665,313

678

7,8208,095

5788,476

1,7575,040

485

17, 3637,440

76, 838102, 657

88384

1,5432,9665, 7631,310

7,9926,1861,6468,58o

1,9784,842

243

70937

1,9024,243

959

230136339497139

448199240860

73

2,59867839

1,7054,142

985

231216285560

4712 263748773 84

55,42198, 56363,19576,096

1 New form of bank statement adopted in May.1 Foreign balances only.*Total deposits.



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

Nine London clearing banks (mil-lions of pounds sterling):

Money at call and short notice-Advances and discountsInvestments --Deposits

Six Berlin banks (millions of reichs*marks):

Bills and treasury notes1

Due from other banksMiscellaneous loansDepositsAcceptances1 -

Tokyo banks (millions of yen): 3Cash on handTotal loansTotal depositsTotal clearings

Banks of Buenos Aires, Argentina(millions of gold pesos):

Gold-Bank of the NationOther banks

Other cash-Bank of the NationOther banks

Loans and discounts-Bank of the NationOther banks.

Deposits—Bank of the NationOther banks

1928 1927

Sep-tember

1421,175

2441,732

2,1891,0135,865

2702,0612,0672,553

Au-gust July I Sep-

tember

I

1371,186

2371, 732'

2,016944

5,9938,292

406

2942,0832,0852,720

146 !1,190 j236 j

1,749

1341,131234

1,668

1, 948975

5,9228,229402

2782,0722,0402,986

21,4292 880

2 4,7882 6, 6002 399

2721,9231,8791,794

1928I

1927

Au-gust

Chartered banks of Canada (mil-lions of dollars):

Gold coin and bullion 4

Current loans and discountsMoney at call and short notice-Public and railway securitiesNote circulationIndividual depositsGold reserve against Dominion

notes. _Dominion note circulation

14012

158216

485770

778970

July

14012

156207

753

776945

June

'1,407

566 i500 i176 !

2,533 |

77 !197 !

1,421538508172

2,521

75200

14012

153231

485732

764953

1,457508531183

2,561

81201

Au-gust

147183

541743

895874

691,288

446536167

2, 295

106186

Joint-stock banks of Denmark (mil-lions of kroner):

Loans and discounts.Due from foreign banksDue to foreign banksDeposits and current accounts...

Joint-stock banks of Finland (mil-lions of Finnish marks):

Loans and discountsDue from abroad._Due to abroadDeposits

Three commercial banks of France(millions of francs):

Bills and national defense bondsLoans and advancesDemand depositsTime deposits

Four private banks of Italy (millionsof lire):

CashBills discountedDue from correspondents,Due to correspondentsDeposits

Joint-stock banks of Norway (mil-lions of kroner):

Loans and discounts.Due from foreign banksDue to foreign banksRediscounts ^Deposits

Joint-stock banks of Poland (mil-lions of zlotys):

Loans and discountsDue from foreign banksDue to foreign banks ;RediscountsDeposits

1928

Au-gust

1,87313495

1,972

9,463291432

7,659

July

1,87211884

1,975

9,458212458

7,744

1,1858,8714,975

13, 6282,926

1,41010298

1461,615

Joint-stock banks of Sweden (mil-lions of kroner):

Loans and discounts.Foreign bills and credits abroad-Due to foreign banks..RediscountsDeposits...

5 729«33« 136« 1505 468

4,128303125215

3,547

1,42499

101145

1,610

•71533

124142

•473

4,142269119187

3,567

June

1,86011077

1,964

9,430195501

7,807

19,2548,413

31,970470

Au-gust

1,89654

1212,011

7,955437326

7,116

12, 6595,198

23, 523444

1,1758,8715,08213,775

1,42980108147

1,611

1,3488,8495,53813,7562,533

1,63583152133

1,789

36119137450

4562552105306

4,102257133252

3,487

4,151197119115

3,557

* Revised.1 Checks formerly included under "Acceptances" are included under " Bills and treasury notes" beginning with the March statement.2 Figures are for August, 1927.3 Beginning in November, 1927, figures have been included for 10 banks not previously covered by the reports.* Not including gold held abroad.5 Preliminary.

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

Country

AustriaBelgiumBulgariaChile _ColombiaCzechoslovakia-Danzig ,DenmarkEngland

Rate

1067565

In effectsince—

July 17,1928June 30,1928Aug. 31,1924Oct. 22,1928May 15,1924Mar. 8,1927June 21,1927June 24,1926Apr. 21,1927

Country

Estonia. __Finland...FranceGermany.GreeceHungary..India.Italy

Rate

m

10

I

In effect |since—

Jan. 2,192SAug. 7,1928Jan. 19,1928Oct. 4,1927May 14,1928Oct. 2,1928July 19,1928June 25,1928

j

Country

JapanJava....,LatviaLithuania „Netherlands-NorwayPeruPoland

Rate

5.4866-77

5H68

In effectsince—

Oct. 10,1927May 3,1925Apr. 1,1928Feb. 1,1925Oct. 13,1927Mar. 27,1928May 17,1928May 13,1927

Country

[ Portugal1 Rumania

RussiaSouth AfricaSpainSwedenSwitzerland-Yugoslavia—

Rate

868

5

m6

In effectsince—

July 2?, 1926Sept. 4,1920Mar. 22,1927Jan. 9,1928Mar. 23,1923Aug. 24,1928Oct. 22,1925June 23,1922

Change: Central Bank of Chile from 63 to 6 per cent on October 22, 1928.



MONEY RATES IN FOREIGN COUNTRIES

Month

1926September...OctoberNovember...December...

1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember. _.December...

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..

England (London)

Bankers'accept-ances, 3months

4.54

4.574.53

4.174.194.334.043.884.344.334.334.324.324.334.31

4.194.184.124.023.973.823.994.274.23

Treasurybills, 3months

4.654.804.804.60

4.214.324.364.043.844.364.334.354.334.334.344.31

4.134.184.074.013.953.803.974.264.19

Day-to-daymoney

3.994.073.953.78

3.653.934.073,643.733.433.503.613.553.573.623.44

3.493.633.633.573.583.263.273.503.55

Bankers'allow-

ance ondeposits

Germany (Berlin)

Privatediscount

rate

4.884.824.634.72

4.204.234.594.614.905.395.005.825.906.696.766.87

6.276.206.726.716.666.596.746.686.65

Money for1 month

Day-to-daymoney

Netherlands (Am-sterdam)

Privatediscount

rate

6.216.146.127.13

4.77J4.75 !4.455.88

6.065.776.916.576.957.738.498.388.308.728.729.10

3.785.194.875.635.995.797.065.816.007.196.037.24

7.667.307.517.577.808.088.188.19

5.166.666.816.647.006.377.746.126.65

2.782.833.213.39

Money for1 month

2.812.753.233.96

2.973.47 I3.50 '3.47 j3.46 !3.57 !3.53 I3.45 !3.56 !4.11 I4.50 !4.49 !

4.29 i3.97 !3.97 I4.18 |4.27 !4.184.10 I4.13 i4.35

2.933.623.553.723.763,873.253.403.824.294.734.85

4.103.803.893.934.174.113.843.904.39

Switzer*land

Privatediscount

rate

2.522.802.963.35

3.162.872.983.133.193.423.473.443.393.383.393.40

3.293.123.203.293.323.403.443.413.38

Belgium(Brussels)

Month

France(Paris)

Private [ Privatediscount j discount

rate rate

Italy(Milan)

Private | Privatediscount i discount

rate j rate

Japan (Tokyo)

1926September....OctoberNovemberDecember

1927JanuaryFebruaryMarchAprilMayJuneJulyAugust. . .SeptemberOctoberNovember...,December

1928January . . . . . .FebruaryMarchApril..MayJuneJulyAugustSeptember

6.72 j6.645.774.34

3.903.994.194.334.234.173.843.843.753.874.094.15

4.083.904.104.254.254.274.024.003.96

6.987.25

5.77

4.994.453.893.172.462.252.132.042.011.822.752.95

2.812.752.722.622.622.903.123.233.26

Moneyforl

month

Loans upto 3

months

Callmoney

overnightDay-to-day

money

6. 39-8.406. 21-8. 406. 39-8.406.75-8.76

6.39-8.766. 21-8.035.84-7. 675. 84-8.036. 57-7.676. 67-8. 766.21-8.405. 48-8.035.11-7.674. 75-7. 305,11-7.305 48-7 67

9.259.259.259.258.507.607.007.006.816.506.276.00

4,38-7.674.38-6. 214.02-5.844.75-5.844. 75-5. 844.38-5. 844. 38-5. 844. 38-5. 84

6.005.895.755.495.255.255.255.255.25

NOTS.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927.


772 FEDERAL RESERVE BULLETIN N O V E M B E R , 1928

GOLD MOVEMENTS[In thousands of dollars]

Month

1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.. _OctoberNovember.._December

Total...

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. __

United States

Im-ports

Ex-ports

59,35522,30916,382114, 503134, 21214,61110,7387,877

12,9792,0562,082

10, 431

207,535

14,8902,4145,6252,5922,5101,8401,8031,524

24,44410,69855, 26677,849

Netimports

or ex-

44,46519,89510,75711,91131, 70212, 7718,9356,353

-11,465-8,642

-53,184-67,418

201,455J 6,080

52,086 -13,76625,806 -11,12097,536 -94,853

-91,150—81, 721-79.932-63,859

747463

99, 93274,190U3,810

Germany

Im-ports

14,0886,2316,576

935705711705

11,2591,4831, "1,6271,635

47,622

I NetEx- sports

ports

I

525659840666673)662685680876969975925

9,135

704844

1,008• 822688707632765

13,5635,5725,736

269324920

10,579607699652710

Great Britain

Im- Ex-ports ports

11,51415,7427,526i

24,678!

16,464!8,435

13,07121.4698,381

15,0129,485

38,487j 157,905

18,18115.4806,8943,73526. 5809,6746,0615,7827,6374,726

21, 70910. 546

4095,2308,010

29,0121487!

10, 56927,39213,29336,302

20,04213,0266,28911,76018,74639, 67223, 95824, 05519, 233

137,008

10,87519,25778,6052,9435,4986,4099,43620,18028, 247

Netimportsor ex-port,

-6,667262632

20.943-10,116-1,239

7,01015,687

7441,400

- 6 , 696-1,060

20,896

9,16-6,231

-72,3168,816

13,24833,26314, 5223,87;

-9,014

Netherlands

Im-ports

1,30341148828146

2,653202103125189433

4,264

10,498

12,72522719266

15789

107125

Ex-ports

74

1, 3343,0155,1904,6232.477

4735

1022

16,937

1.147

193793831

1 !

Netimports

or ex-ports

1,228411449

-1,053-2,969-2,537-4. 421-2,373

78154331

4,262

-6,439

12, 716-920

18547

-2225176

103386

SouthAfrica

Netimportsor ex-

-18,89y-15,036-16,924-21,785-14,720-16,923-21,896-12,053-23,064-15,435-16,456-19,087

-212,279

-12,834-21,339-18,303-17,923—17,339—21,028-16,919

India

Netimports

or ex-

2,5186.54310.041< 9414,8907,1225,93f2 8603,3152,6854,4083,916

59,176

8,5906,9529,5448,2508,6646,2382,1282,994

MOVEMENTS TO AND FROM UNITED STATES


Country of originor destination

BelgiumEngland .FranceGermany. .ItalyNetherlandsCanada-Central America .Mexico..ArgentinaBrazilChileColombia-EcuadorPeru.Uruguay. .VenezuelaBritish IndiaChina and Hong

Kong. __Dutch East IndiesJapanPhilippine IslandsAll other countries. _

Total

1928

October 1

Im-ports

10,173

2,000

2 551

12, 724

Ex-ports

141

13

202 353

527

September

Im-ports

2,434

77974

301

Ex-ports

2042,031

6123

519

January toSeptember

Im-ports

2,447139

2

77, 234809

3,552

2773

11654

102

109

185106

4,273

177532

263

3,810

5051,0201,1071,168

4092

925

1,2479,458

100, 026

Ex-ports

2,00032, 525

308, 00228,08026,0934,000

421323

4,11569, 40025, 012

2,053

9,0005,4701,448

8,0502,190

187

6,847

535, 216

MOVEMENTS TO AND FROM GREAT BRITAIN


192S

Country of originor destination

September

48FranceNetherlandsRussiaSpain and Canaries.SwitzerlandUnited StatesSouth AmericaBritish IndiaBritish MalayaEgyptRhodesia ! 464Transvaal . . ___! 17,807West Africa j 272All other countries..: 634

Im-ports

Ex-ports

January-September

205365

54691

2,434

704123

Im-ports

96125

18, 414

32. 5201,099

71

4,045106, 233I 2,530

23,671 I 11,646

Total 19,233 28,247 176,780

Ex-ports

96, 2295,862

1927

Calendar year

Im-ports

1789,0032,434973

8,2751,1961,384

6272,3131,049

8,5672,017

1655,901

5, 958124, 3484, 7058,320

Ex-ports

4,7186, 4867,7327,4456,213

28,0426,959

12,4623,4523,799

2049, 680

181,451 |157,905 137,008I I

1 October figures are preliminary—3 customs districts: New York,St. Lawrence, and San Francisco. |

includes all movements of unreported origin or destination.



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

Austria(schilling)

Par value

1927—OctoberMarchAprilMayJuneJuly. . . .August..September...October

14.07

14. 082014.072814.067414.065614. 068514.085214.086014. 078814. 6079

Par value.

Italy(lira)

5.26

1927—OctoberMarch.AprilMayJuneJulyAugust. !September.._ iOctober |

5. 46165. 28225. 27645.26885. 26075. 24065. 23345. 23035. 2365

Belgium(belga)

13.90

13. 926013.938713.964113. 959713.961513.935113. 907013. 898813. 8959

Bulgaria(lev)

19.30

.7229

.7218

.7211

.7191

.7199

.7212

.7213

.7213

.7203

Nether-lands

(florin)Norway(krone)

40.20

40.192040, 250140.309140. 347340.333140. 247940. 105640. 9fi4640. 0908

26.80

26. 340426.663426.739026.782926. 784526. 727026. 688126. 665626. 6543

Czechoslo-vakia

(crown)

2.96272.96222.96242.96242.96252.96242.96232. 96242. 9627

Poland(zloty)

Denmark(krone)

26.80

26. 793226.791226.822426.824526.817326. 734926. 689026. 666226. 6578

England Finland(pound) I (markka)

486.65 2.52

486.9676487.9944488.2045488.1594 I488.0262 |486.3571485.3525485.0516484.9500 i

2. 51872. 51762.51762. 51742. 51712. 51712. 51692. 51662. 5167

France(franc)

»3.92

3.92363.93433.93633,93593. 93113.91633.90703.90553. 9061

Portugal(esoudo)

Rumania(leu)

11.22

11. 209611.225511.196811.213311.209411.201111.205311.203211. 2012

108.05 19.30

4. 94564. 25724. 21014.22074. 42584.45654. 52604. 49664.4993

.6193

.6185

.6273

.6194

.6152

.6136

.6110

. fiOP8

. 6072

Russia i(chervo- |netz)

Spain(peseta)

Germany(reichs-mark)

23.82

23. 862423.904723.915423.929223.900923.862623.832723. 828723. 8143

Sweden(krona)

514. 60 19.30 2&S0

* 515.0000 i* 515. 0000 I• 515.0000 |« 515.0000 I• 515.0000•515.0000 l

« 515. 00,00< 515.0000« 515. 0000

17.2540 !16,821216.764116.730916.5681 |16.475916.610116. 532516.1798

26. 9236

26.849226.830026.833426.784326. 761926. 755626. 7378

Greece(drachma)

1.3

1. 32621.3237.3158:. 3036. 3023.. 2991.. 2952.. 2937

Switzer-land

(franc)

19.30

19. 286819.256119. 271319.272419.275419. 261219.252119. 249119. 2447

Hungary(pengo)

17.49

17.462417.468517.460817.458917.447517.435017.427317.425117. 4256

Yugo-slavia(dinar)

19.30

1.76071.75961.75991.76021. 76051.76021.75981. 75961. 7591

Far value

1927—OctoberMarchAprilMavJuneJuly. . .August.September...October

Par value1927—October

March.AprilMayJuneJuly. . .AugustSeptember.._October

NORTH AMERICA

Canada(dollar)

100.00

100.109999.9963

100.029099. 911799. 760599. 789499. 9958

100. 038299. 9667

SOUTEAMERTCA—

continued

Vene-zuela i

(bolivar)

19.30

19.170019. 250019. 250019. 250019.250019. 250019. 250019. 250019. 2500

Cuba(peso)

100.00

99. 9387100.064499. 987799.961599. 949599.934499. 966799. 944199. 9270

Mexico(peso)

49.85

47. 666748.743648. 738748.558847. 826747. 292047. 485947.851747. 5742

Argentina(peso-gold)

96.48

97.157297 254797.191597.200896. 943896.140895.895595. 664295. 5933

Bolivia >(boliviano)

38.93

34.800034.800034. 800034.800034.761534.800035. 300736. 490036.4900

Brazil(milreis)

32.44

11.917212.026512. 032912.032711. 992411.938511. 940411. 929311. 9477

SOUTH AMERICA

Chile(peso)

12.17

12.171212.211512.203812.191012.198012.139012. 077912. 086012.0843

Colombia3

(peso)

97.33

97. 473697. 794498.212898.192398.104698.102497. 260497. 259697. 5146

Ecuador •(sucre)

20.00

19. 375019.953720.000020.000020.000020.000020.000020. 000020. 0000

Peru a(libra)

486.65

384.1600391.0925397. 7600399.2692399.5000400.4800398. 0000398.1250399.0385

ASIA

China(Mexicandollar) »

48.11

44. 737645. 610645. 797247. 789947.793047.084046. 961746.181346. 5591

China(Shanghai

t a e l ) '

66.85

61.832863. 054563. 250266. 445066.232165. 233264. 996563. 694564.0374

China(Yuan

dollar)«

47.50

44. 060045.368845.495847. 294847.481546. 848346.854945. 946146.1963

HongKong

(dollar) «

47.77

48. 855249. 800849.865851.016850. 541149. 991749. 897449. 714649.9471

India(rupee)

36.50

36. 409236. 528036. 564736. 591336.461836.257136. 250136. 331236.4541

Japan(yen)

49.85

46. 566447.146347.713646. 609746.614945.847645.050545. 783246. 2019

Java»(florin)

40.20

40.261840. 349840. 222840. 244640.232740.152839. 975240. 030040.1161

StraitsSettle-ments

(Singaporedollar)

56.78

56. 033256.346956.250856.136256.142656.041655.981556. 073156. 3404

Turkey(Turkishpound)

439.65

52. 962450.500050.908451.202351.087750. 838451.4607

Uruguay(peso)

103.42

101. 8796103.677fi103. 5345102. 9908102.2513102.2849102. 5100102.1055101. 8431

AFBICA

Egypt(Egyptianpound)

494 31

499. 2900500.3780500.6343500.5540500.4409498. 9014497.8298

» Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pur-suance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, pp. 56-62.

* Effective June 25, 1928.* Averages based on daily quotations of closing rates as published by New York Journal of Commerce.* Nominal.» Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content oi 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 $0.58398 for October, 1928, $0.57849 forSeptember. 1928, and $0.£6347 for October, 1927 The corresponding London prices (converted at average rate of exchange) were $0.58382, $0.57758,and $0.56533.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICESALL COMMODITIES

Month

1927January « .February.. . . .March. . . . . .AprilMayJuno . .JulyAugust......September.OctoberNovember .December.. . . . _.

1928January . . . .FebruaryMarchAprilM a yJune _. . . . . .Julv . . .August ._SeptemberOctober.

Month

1927January. . . . . .February. . . . . . . . .March . . . . . . . . .April . . # .MayJune. . .JulyAugust... . .SeptemberOctoberNovemberDecember .•

1928January...February...March..AprilMayJune _JulyAugust... _SeptemberOctober

UnitedStates

(BureauofLaborStatis-tics) i

979895949494949597979797

9696969799989899

100

EUBOPS

Aus-tria

(goldbasis)

130130133135137142140133130129127127

129128129131131133133133131

Bel-gium

856854858846848851845850837839838841

851848848847844844841831830

Bul-garia

2,7062,6882,6492,6922,7512,8232,7752,7452,7362,7472,7072,739

2,7822,8262,8392,8912,9062,8662,9112,790

Czecho-slo-

vakia «

979975976979988990992983975966967975

982985978984987986979996986

EUROPE—continued

Po-land

195197200206208206207207206206208205

204203214215215215162158

Russia1

177179179177175174173171170170170170

171171171171171172172173173

Spain

184180179177172171168168169169168169

166166165166164164164164168

Sweden

146146145143145146146146148147148148

148147149151152151150149146

Switzer-land*

141141141140142141141143144145147146

145144145146145145144

*145145

""-"

Den-mark

157156153152152152152153153154154154

153152153154155155155154151

Canada

151150149149152154152152151152152152

151151153153153150150149150

Eng-land

(Boardof

Trade)

144143

,141140141142141141142141141140

141140141143144143141139138

Peru

200204206201207206205204205200200199

199195193197195195193190188187

Fin-land(goldbasis)

144144143143142144144147148148149148

144143144145143145145147146

Aus-tralia

154153150151152155161165170173166162

163160160162159158157154153

France

Statis-tical

Bureau

622632641636629623617618601587595604

607609623619632626624616620

FederalResei veBoard

591595600610618605590578574554545567

569569587601617621613607598

ASIA AND

China(Shang-

hai)

173172175173171169171171172169166164

163164163163165160159157156

DutchEast

Indies

156156154154155155153154153152151150

150149149150151150150

Ger-many(Fed-eral

Statisti-cal Bu-reau)

136136135135137138138138140140140140

139138139140141141142142140

Hun-gary(goldbasis)

127129128130133133133134133133133135

135134136136135135133134

OCEANIA

India(Cal-

cutta)

146148146145146149150151150147148148

145144144146147145148143142

Japan(To-kyo)

170171171170171173170167169170168168

169169169170171169169170174

Italy(Bachi)

558556545521496473467465465468466463

463461464464465462453

*456458

NewZea-land

151147147147145146143148146146147148

150147147147148148148147

Nether-lands

148145144143148148160149150150152152

154151153153152152148145146

Nor-way

(Oslo)

175165160159160159160161158157157156

157157157156156158160153153

AFRICA

(Cairo)

126124124122124123118117120118115114

114114116120117117117119120

SouthAfrica

128

126

120

122

120

121

119

»New index—1926=100. 1 First of month figures. 8 New official index. • Revised.

NOTE .—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statis-tical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Nether-lands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913;1910) to a 1913 base. Index numbers of commodity groups for mast" of the countries are also available in the office of the Division of Research andStatistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the monthto which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927.


hj OVEMBER, 1928 FEDERAL RESERVE BULLETIN 775

WHOLESALE PRICES—Continued

GROUPS OF COMMODITIES

[Pre-war-100]

ENGLAND—BOARD OF T R A D E SWEDEN—BOARD OF T R A D E

1927

All commoditiesTotal food

CerealsMeat and fishOther foods

Industrial products.Iron and steelOther minerals and

metals.CottonOther text i les . . ,Miscellaneous

FRANCE—STATISTICAL B U R E A U

All commoditiesAll foods

Animal foodsVegetable foodsSugar, coffee, cocoa

All industrial materialMineralsTextilesSundries

620603565594690634535784627

616589545586676639525812629

624610546624703636525813623

626615548648675635525817618

632623536678675640533811628

G E R M A N Y - F E D E R A L STATISTICAL B U R E A U

All commodities. __ . 140 I 142Total agricultural products * 134 i 138

Vegetable foods 134 145 jCattle 119 ! 120 !Animal products 149 ! 142 |Fodder 139 I 149 j

Provisions 131 i 136Total industrial raw mate- I |

rials and semi-finished !products 134 i 134

Coal 133 133Iron 128 ! 128Nonferrous metals 105 I 105Textiles. 155 j 160Hides and leather 149 | 151Chemicals 127 127Artificial fertilizers.... 81 96Technical oils and fats. 125 124Rubber 25 28Paper materials and I

paper 151 j 151Building material 160 j 160

Total industrial finished |products 1C0 i 160

Producers* goods ! 138 | 138Consumers' goods 176 I 176

142137150115136155138

141136153115126160139

141136156105132162140

151 ,161 |

160138176

151161

159137176

148160

158136175

ITALY—CHAMBER OF COMMERCE OF MILAN

All commoditiesTotal food.. .Vegetable foodsAnimal foods

All industrial productsTextilesChemicals.-Minerals and metals—Building materialsOther vegetable prod-

uctsSundries

•Revised.

488549584506465462438426517

483556

493565617503466456441427517

506552

496567621504469466443425518

516553

601558529564591636542813611

140139144121152142130

1351321281041651531277812228

1351311281051641511268212027

1351311281041671561268211825

1341301241051661391248212142

151162

151131166

484509533480474456453456541

465535

All commoditiesVegetable productsAnimal productsFuels and oils__Raw materials for manu-

facture in iron and metalindustry

Paper pulp and paperRaw materials for manu-

facture in leather indus-try

Raw and manufacturedchemicals _

Raw materialsSemifinished materialsFinished materialsProducers' goodsConsumers' goods

Sep-tem-ber

146 !134 i145 ;112 !

115 i161

145

164139147149137154

Au-gust

149140143111

114161

146

164147149149141155

1928

July

150143142112

114161

148

165147154149143155

June

151148140112

114161

146

165146155150143157

May

152152138112

113161

149

166149167151143159

1927

Septernber

148147142114

117158

130

167137152151137157

CANADA—DOMINION BUREAU OF STATISTICS

All commodities —Total raw materials-_.._..Total manufactured goods.Vegetable productsAnimal productsTextilesWood and paper products.Iron and its productsNonferrous metals _Nonmetallic mineralsChemicals..

150 I150 I148 I144 j161 I163 i156 !139 !95 I172 i149 i

14914914814815216615613996172149

15015014815214716915613896171149

15015214815914116815614096171149

15315614916913816815614296170150

15115314816214416515414394170152

AUSTRALIA—BUREAU OF CENSUS AND STATISTICS

All commoditiesMetals and coalTextilesAgricultural productsDairy products -Groceries and tobaccoMeatBuilding materialsChemicals -

153174152157147165116161186

154174155157145165117162186

157174166162148165122159186

168174165163149165126159189

159174169163151165122158189

170178168181157168164144183

INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS

All commoditiesCerealsPulsesTeaOther foodsOil seedsRaw juteJute manufactures-Raw cottonCotton manufacturesOther textilesHides and skinsMetals -Other articles

1928

Au-gust

143133154167153143111160154lfil139115124140

Jul y

148133155166160139112166180162144115121142

June

145132150165155139108157182161147130124136

May

147132150176155140102149179159144149125137

April

146130148172162139101152173157145156125137

1927

Au-gust

151142158182171145114161181158124102130159



RETAIL FOOD PRICES AND COST OF LIVINGRETAIL FOOD PRICES

[Pre-war = 100]

Month

EUROPEAN COUNTRIES OTHER COUNTRIES

UnitedStates(51 cit-

ies)Aus-

(vf-enna)

1927January. _-February..MarchAprilMay IJune IJuly. [August |September.!October. __ iNovember, iDecember. j

1928 iJanuary.._February. _MarchAprilMayJuneJulyAugustSeptember.October, _.

156153151151152155150149151153153153

152149148149151150150151155

119119118119119122122120119120119118

118117116117117122119120120

207210201200196201205202206210211212

211207201202197200

Czecho- Eng-slovakia land2

2.5862,5692,5332,4782,6302,6992,6532,6252,6152,6262,5872,618

2,6602,7012,7132,7662,778 !2,740 I

202 | 2,783 I205 I 2,667210 I. J

914914915923930949962914910907905913

913910902905908928943943923

167164162155154154159156157161163163

162159155155156157156

Esto-1 Francenia23, (Paris)

119120118118119120122118111112113113

118118122128126126130

156156 |157

Ger-many

592585581580589580557539532520500523

530522524

Greece! Italy Neth(Ath- (Mi- er-ens) | Ian) I lands; w a y

151152151150151153156150151152152153

1133 1113 1103 111

152151151

532 I 152546 I 151

2,0021,9951,9972,0212,0632,0632,0592,0442,0702,0712,0862,101

2,127 !2.098 I2,0872,119

3 145 !152 3 144 !154 i 3 138156 3 134I

625 147642 146635 146617 ! 145565 145541 I 145524518509509510513

1523132

148149150150150150150150

180177173169139172175175174173171171

170170171171172170173170

Rus-sia 2

Swit-zer-land

148 ! 164

208208205203201199199199198198199200

201202203203205206211211210

158158157156156157156156158158159159

158157156156156157157156157

Aus-j Ind iatra- i(Bom-lia bay)

153151149146145146147147147148149151

151149147146146145146149150

155152152151150151

NewZea-land

148

154 144155 1 143151 143148 j 143147 ! 144149 I 146

151 147146 I 145142 I 145140 144140 146142 147143 ! 147142 ! 146141 | 147142 !_.__.

SouthAfrica

116117118119121120119118117119116119

119118118119120114116115115

COST OF LIVING

[Pre-war=100]

Month

1927January. _.February...MarchApril _MayJune—.JulyAugustSeptember-October...November-December.

1928January...February..MarchAprilMayJuneJulyAugustSeptember-October..-

Mas-

chu-setts

158157156156157156155155155155157157

157156155155156155157157158

EUROPEAN COUNTRIES

Bel-gium*

198200195195193196199198202207208208

210207204205202204205207211

Czecho-slovakia

747746744749756761753739738734735740

741739737741743741753761756

1

Eng-|land

175172171165164163166164165187169169

168166164164165165165165165166

Fin-land

1,1871,1891,1831.1731, 1661,1841,2031,2371,2301,2371,2511, 243

1,2161,2061,2141,2121,2071,2191,2361. 2581,249

France(Paris)

524

525

507

"498*

507

3 105

Ger-many

145145145146147148150147147150151151

151151151151151151153154152152

Greece(Ath-ens)

1.9001,8961,8981,911 I1,938 j1,9511,9601,9511,9551,9561,9641,978

1,9731,9661,9913 1353 1353 131

129127

Hun-

119120119119119121U9119119120120120

121120119121121121121126

Italy(Mi-lan)

Neth-er-

lands

655 j667663651612588548543537539536531

145145145145144

3 1453 1433 142

Nor-way

"l6fi"

167

167

170

"203"

201

197

195

169

170

169

193

202 i 195201 1 194200 I 197203205

193

205199201202205210205

207 i204 !205 I208 j209 '

178 I175 i176 j175 !171 I

209 } 172210 ! 173210 ! *175

185 I 174

Swe-den

171

Swit-zer-land

OTHER COUNTRIES

Can-ada'

170 i 158160160

169

172

171

"in

160 I 152160 I 151159 I 150

14814S

173

"l72"

160160161161162162

161161160 j160 I160161161161161 !

149149149149150150151

151150149149149148148150151

Aus-tra-lia

India(Bom-bay)

155

157

159

157

156155155153152154156157154151150151

154148145144147146146146145146

SouthAfrica

130130131131132132132131131132132132

132131132133133132131131131

U921 = 100. 1 First of month figures. • Revised on a gold basis.

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



LAW DEPARTMENT

Amendment to regulation re rediscount of paper forFederal intermediate credit banks.

The Federal Reserve Board recently amendedsubdivision (d) of Section VI of Regulation A,series of 1928, relating to rediscounts by Federalreserve banks for intermediate credit banks, toread as follows:

(d) Discounts for Federal intermediaie credit banks.—Any Federal reserve bank may discount agriculturalpaper for any Federal intermediate credit bank; but noFederal reserve bank shall discount for any Federalintermediate credit bank any such paper which bearsthe indorsement of any nonmember State bank or trustcompany which is eligible for membership in theFederal reserve system under the terms of section 9 ofthe Federal reserve act as amended. In discountingsuch paper each Federal reserve bank shall give prefer-ence to the demands of its own member banks and shahhave due regard to the probable future needs of its ownmember banks. Except with the permission of theFederal Reserve Board, no Federal reserve bank shalldiscount paper for any Federal intermediate creditbank when its own reserves amount to less than 50 percent of its own aggregate liabilities for deposits andFederal reserve notes in actual circulation. Exceptwith the permission of the Federal Reserve Board, theaggregate amount of paper discounted by all Federalreserve banks for any one Federal intermediate creditbank shall at no time exceed an amount equal to thepaid-up and unimpaired capital and surplus of suchFederal intermediate credit bank.

Amendment to regulation re bankers' acceptances.

The Federal Reserve Board, on October 9,amended Section XI (3) of Regulation A,series of 1928, which has to do with theeligibility for discount at a Federal reservebank of bankers' acceptances arising out ofthe storage of readily marketable staples, soas to provide that warehouse, terminal, orother similar receipts securing such accept-ances be issued by a party independent of thecustomer "or issued by a grain elevator orwarehouse company duly bonded and licensedand regularly inspected by State or Federalauthorities with whom all receipts for suchstaples and all transfers thereof are registeredand without whose consent no staples maybe withdrawn." The entire Section XI ofRegulation A now reads as follows:

SECTION XI. ELIGIBILITY

A Federal reserve bank may discount any such billbearing the indorsement of a member bank and havinga maturity at the time of discount not greater thanthat prescribed by Section XII (a) which has been

drawn under a credit opened for the purpose of con-ducting or settling accounts resulting from a transac-tion or transactions involving any one of the following:

(1) The shipment of goods between the UnitedStates and any foreign country, or between theUnited States and any of its dependencies orinsular possessions, or between foreign countries,or between dependencies or insular possessionsand foreign countries;

(2) The shipment of goods within the UnitedStates, provided shipping documents conveyingsecurity title are attached at the time of accept-ance; or

(3) The storage in the United States or in anyforeign country of readily marketable staples,provided that the bill is secured at the time ofacceptance by a warehouse, terminal, or othersimilar receipt, conveying security title to suchstaples, issued by a party independent of the cus-tomer, or issued by a grain elevator or warehousecompany duly bonded and licensed and regularlyinspected by State or Federal authorities withwhom all receipts for such staples and all trans-fers thereof are registered and without whoseconsent no staples may be withdrawn; and pro-vided further that the acceptor remains securedthroughout the life of the acceptance. In theevent that the goods must be withdrawn fromstorage prior to the maturity of the acceptance orthe retirement of the credit, a trust receipt orother similar document covering the goods maybe substituted in lieu of the original document,provided that such substitution is conditioned upona reasonably prompt liquidation of the credit. Inorder to insure compliance with this condition itshould be required, when the original documentis released, either (a) that the proceeds of thegoods will be applied within a specified timetoward a liquidation of the acceptance credit or(b) that a new document, similar to the originalone, will be resubstituted within a specified time.

Provided, That acceptances for any one customer inexcess of 10 per cent of the capital and surplus of theaccepting bank must remain actually secured through-out the life of the acceptance, and in the case of theacceptances of member banks this security mustconsist of shipping documents, warehouse receipts, orother such documents, or some other actual securitygrowing out of the same transaction as the acceptance,such as documentary drafts, trade acceptances, ter-minal receipts, or trust receipts which have beenissued under such circumstances, and which covergoods of such a character, as to insure at all times acontinuance of an effective and lawful lien in favorof the accepting bank, other trust receipts not beingconsidered such actual security if they permit thecustomer to have access to or control over the goods.

A Federal reserve bank may also discount any billdrawn by a bank or banker in a foreign country ordependency or insular possession of the United Statesfor the purpose of furnishing dollar exchange as pro-vided in Regulation C, provided that it has a ma-turity at the time of discount of not more than threemonths, exclusive of days of grace.



PROVISIONS OF STATE LAWS[NOTE.—The following summary of the legal provisions in force in the various States on the subject of bank reserves brings up to date a similar

cited in the last column. The amounts expressed in percentages are based

State

Alabama. _.

Arizona

Arkansas. _.

California. _

Dis-trictNo.

6

1-12

8

12

Institutions affected

All banks, firms, per-sons and corpora-tions doing bankingbusiness (1).

Any bank authorizedby law to receivedeposits, d e a l incommercial paper,or to make loansthereon, and to lendmoney on real orpersonal property (1).

Savings banks (3).

Reserve agents (2).

All other banks (1).

All commercial banksand all trust com-panies doing com-mercial businesswhich have prin-cipal place of busi-ness in cities of 100,-000 or over (2), (9).

All commercial banksand trust companiesdoing commercialbusiness in cities of50,000 to 100,000 andall reserve deposi-taries in judicialtownships of lessthan 50,000 (2), (9).

All commercial banksand trust companiesdoing commercialbusiness and locatedelsewhere in theState (2), (9).

Total amount ofreserve required

15 per cent of de-mand deposits(1).

15 per cent of ag-gregate depositsand demand li-abilities (2).

20 per cent in citiesover 50,000 (2).

10 per cent of de-posit liabilities(3).

20 per cent of ag-gregate deposits(2).


18 per cent of de-posits exclusiveof pubic depos-its secured as re-quired by law(2).

15 per cent of de-posits exclusiveof public depos-its secured as re-quired by law(2).

12 per cent of de-posits exclusiveof public depos-its secured asrequired by law(2).

Vault reserve

Amount

2/5

1/3

1/4

2/5

A part (1).

6 per centof suchdepositsunless areservedeposi-t a r y ,then y2of t hetotal re-servesrequir-ed (2).

May consist of—

Cash on hand (1).

Lawful money ofUnited States(2).

Lawful money ofUnited States.

Cash(l) .

Cash (1).

Gold bullion orany form ofmoney author-ized by laws ofUnited States(2).

Balances in reserve depositaries

Amount

3/5

2/3

3/4

3/5

Remain-der (1).

Remain-der.

May be carried in—

Banks and bankers; provided saidbalances are payable on demand(1).

Solvent banks approved by thesuperintendent other than sav-ings banks. Reserve deposit inany bank shall not exceed 15 percent of the capital and surplusof the depositary bank, and notmore than 25 per cent of a bank'sreserve on deposit shall be keptin any bank with a capital andsurplus of less than $200,000 (2).

Solvent banks other than savingsbanks (3).

j

Other banks or trust companies,in or out of State, approved bycommissioner (2).

Any other bank, banks, or trustcompanies which have been ap-proved by commissioner as re-serve agents (1).

Federal reserve bank or bank des-ignated as depositary by super-intendent of banks. Such de-positaries may be banks ornational banking associationslocated in the State, or bankingcorporations with capital andsurplus of $1,000,000 or morelocated in any city in UnitedStates. But no bank or nationalbanking association shall bedesignated as a depositary unlessit has a capital and surplus of thefollowing amounts: $250,000 if ina city of 300,000 or over; $200,000if in a city of 100,000 to 300,000;$150,000 if in a city of 50,000 to100,000; $100,000 elsewhere in theState (2).

i


NOVEMBER, 1928 PEDEEAL RESERVE BULLETIN 779

RELATING TO BANK RESERVESstatement which was published in the FEDERAL RESERVE BULLETIN for March, 1924.on the amount of deposits; those expressed in fractions, on the total reserve]

The figures in parentheses refer to the authorities

Remainder

Amount May consist of—Carried in Federal

reserve bank

Banks and trust com-panies may becomemembers and au-thorized to keep re-serve required byFederal reserve actand amendments inlieu of State law re-quirements (3).

Banks and trust com-panies may becomemembers and maycomply with reserver e q u i r e m e n t s ofFederal reserve actin lieu of State lawreserve r e q u i r e -ments (5).

Any bank, trust com-pany, or savingsbank including re-serve agents becom-ing a member of theFederal reserve sys-tem ma y carry suchreserves as are re-quired by the Fed-eral reserve act inlieu of State law re-quirements (5).

All State banks al-lowed to becomemembers of Federalreserve system andconform to all re-quirements thereof(5). And banks be-coming members ex-pressly permitted tocomply with the re-serve requirementsof the Federal re-serve act in lieu ofthe State law re-quirements (2).

Provisions for enforcement ofregulations

If a bank violates any of the pro-visions of the State law, it maybe taken charge of and liqui-dated by the State bankingauthorities (2).

Any bank failing to make goodits reserve within 30 days afterreceipt of notice from thesuperintendent of banks so todo may be deemed insolventand proceeded against as such(2).

No new loans shall be madewhile reserves are impaired(3).

If two consecutive statementsof reserve agent show defi-ciency in its reserve, commis-sioner shall notify bank to re-store it, and if third consecu-tive statement does not showthat it has been restored thecommissioner shall immedi-ately revoke the right to actas reserve agent. Nationalbanks may substitute copiesof statement required by thenational banking act (3).

While the reserve of any banknot a reserve agent is belowthe required amount, it mustmake no new loans or dis-counts (except sight drafts),pay no dividends, and, after30 days' notice, receiver maybe appointed (4).

If any bank fails to maintaintotal reserves required, thesuperintendent of banks mayimpose a penalty on it for anyencroachment amounting to 1per cent or more of its depositsas follows: 6 per cent per an-num upon any encroachmentnot exceeding 2 per cent; 8 percent per annum upon any en-croachment in excess of 2 percent and not exceeding 3 percent; 10 per cent upon any en-croachment in excess of 3 percent and not exceeding 4 percent; and at the rate of 12 percent per annum upon any ad-ditional encroachment in ex-cess of 4 per cent of deposits (2).

While reserves are below the re-quired amount, no new loansor discounts (except of sightdrafts) nor any dividendsshall be made; and, after 30days' notice from the banksuperintendent, it may bedeemed insolvent (2).

Remarks

Banks maintaining commercialand savings departments re-quired to maintain reserves foreach department as providedfor commercial and savingsbanks respectively (4).

Any State or national bankdoing business in the Statemay, after examination andapproval by bank commission-er, become reserve agent. Re-serve agent must furnish com-missioner five statements eachyear (2), (3).

All banks must maintain sepa-rate reserves for each depart-ment, of the kind required forthat department (3).

Trust funds held by a bank ortrust company can not becounted as part of reserve (4).

All or any part of the reservesrequired by State law may bedeposited subject to call withthe Federal reserve bank ofthe district in which the bankis located (2).

Authorities

Banking Lawsof 1928, sec. 19,and Code ofAlabama, 1923.

(1) Sec. 6337.(2) Sec. 6299.(3) Act of Sept.

17, 1919.

General BankingLaws, 1922, andSession Laws of1922, chap. 31.

(1) Sec. 16.(2) Sec. 31 as

amended byChap. 92 ofSession Lawsof 1927.

(3) Sec. 32.(4) Sec. 33.(5) Sees. 72, 73,

74.

Banking Laws of1925, and Cran-ford & MosesDigest of theStatutes of Ar-kansas, 1926.

(1) Sec. 689.(2) Sec. 690.(3) Sec. 691.(4) Sec. 692.(5) Sec. 738.



PROVISIONS OF STATE LAWS RELAT

State

California-Oontd.

Dis-trictNo.

Institutions affected Total amount ofreserve required

Savings banks andsavings d e p a r t -ments of banks (8).

5 per cent of ag-g r e g a t e d e -posits, exclusiveof public de-posits securedas required bylaw (8).

Vault reserve

Amount May consist of—

2Y2 per centof d e -p o s i t s ;but re-se rveson handin anyc a s eneed notexceed$400,000(8).

Mutualbanks

s a v i n g sexisting at

time of enactmentof statute (1).

M u t u a l s a v i n g sbanks created afterenactment of thestatute (6).

10 per cent of anyamount up toand including$1,000,000; 5 perc e n t of a n yamount in ex-cess of $1,000,000and to and in-cluding $3,000,-000; 3 per cent ofany amount inexcess of $3,000,-000 and to andincluding $25,-000,000; 1 percent of anyamount in ex-cess of $25,000,-000 (1).

At least $1,000,000(6).

Gold bullion orany form of cur-rency author-ized by the lawsof United States(8).


Amount May be carried in—

2)4, per centsubjectto call.

Reserve depositaries same as forcommercial banks (see above)(8).

Colorado. _. 10Reserve banks (1). 25 per cent of de- |

posits (1).

Savings banks (1).

15 per cent of sav-ings depositsand 20 per centof o t h e r d e -posits (1).

All other banks (1). 20 per cent of de-posits (1).

20 per centof r e -qu i redreserve(1).

Cash (1).

That partnot r e -qu i redt o beheld incash (1).

National banks located in citiesdesignated by Federal law as re-serve cities, or banks or trustcompanies designated by theState bank commissioner. TheState bank commissioner mustdesignate as reserve banks suchbanks or trust companies inother States as he may deemnecessary (1); but no bank shallcarry on deposit with any otherbank for more than 60 days inany year more than 20 per centof its own deposits (2).

Connecticut 1-2

State banks and trustcompanies (1).

12 per cent of de-mand deposits,5 per cent oftime deposits(1).

1/3

Gold and silvercoin, demandobligations ofUnited States,or national bankcurrency, orFed-eral r e s e r v enotes and Fed-eral r e s e r v ebank notes (1).

T h e r e -mainder.

Federal reserve banks; or anotherbank being member of ClearingHouse Association of New York,Boston, Philadelphia, Chicago,Albany, or Buffalo; or a nationalbanking association, State bank,or trust company located in NewHaven, Hartford, Bridgeport,Stamford, or Waterbury, andapproved by bank commis-sioner (1).



ING TO BANK RESERVES—Continued

Remainder

! Amount

\y2 perc e n t(8).

May consist of—

Reserves on h a n d ,bonds of the UnitedStates or gold coin orbullion, U n i t e dStates gold certifi-cates or notes, or anyother form of cur-rency authorized bylaws of U n i t e dStates (8).

Carried in Federalreserve bank

Members of Federalreserve system maycomply with reserverequirements o fFederal reserve actin lieu of State lawrequirements (8).


Subject to penalties providedin section 20 for commercial jbanks. j

No new loans may be made dur- iing deficiency in total reserves(8). !

Remarks

' No savings bank or savings de-partment shall receive depositsof other banks other than sav-ings deposits, and such de-posits shall not be treated orconsidered as part of the re-serves on deposit of such de-positing bank; provided, thatthe sum so deposited shall notexceed 30 per cent of the paid-in capital and surplus of thedepositing bank nor morethan 15 per cent of the capitaland surplus of the depositarybank" (8).

The deposits shall not be in-creased while the reserve re-quirements are not compliedwith (1).

The directors of any mutual sav-ings bank must, before eachdividend, carry at least yV ofthe net profits for the preced-ing 6 months to reserve fund;but such bank may provideby its by-laws for the disposalof any reserves above the re-quired amounts (7). Lossesmay be paid from the reservefund; but the fund must notbe reduced below the re-quired amount (7).

Authorities

Bank act of Cali-fornia, a p -proved M a r .1, 1909, asamended.

(1) Sec. 19 asamended, 1923.

(2) Sec. 20 asamended in1925 and 1927.

(3) Sec. 25.(4) Sec. 32.(5) Sec. 56.(6) Sec. 60.(7) Sec. 64.(8) Sec. 68.(9) Sec. 106.

| Liberty bonds and| United States cer-I tificates of indebt-

edness not to exceed30 per cent of its re-quired reserves (1).

Banks and trust com-panies b e c o m i n gmembers of theFederal reservesystem are relievedof State law reserverequirements (4).

While reserve is impaired thebank may make no new loansor discounts (except of sightdrafts against actually exist-ing values) nor pay any divi-dends, and it must be fully re-stored within 30 days' noticefrom bank commissioner (3).

(1) B a n k i n gLaws, 1928, sec.29, p. 17, andComp. Lawsof Colorado,1921, Sec. 2679.

(2) Id., sec. 46and sec. 2694,respectively.

(3) Id., sees. 30,54, and sees.2680, 2700, re-spectively.

(4) Laws of 1923,ch. 70 andbanking laws,1928, sec. 149.

1/6Bonds which are legal

investments for sav-ings banks of theState (1).

Statute expressly per-mits reserve to con-sist of balances inFederal r e s e r v ebank (1).

The provisions of theState law relatingto reserves and cashbalances of banksand trust companiesshall not apply toany bank or trustcompany which is astockholder in anyFederal r e s e r v ebank (2).

No new loans, discounts, or divi-dends may be made while re-serve is below requirement;and if requirement not metafter 30 days' notice, receivermay be appointed (1).

"Demand deposits" include alldeposits payable within 30days, and "time deposits" in-clude all deposits payableafter 30 days (1).

(1) General Stat-utes, 1918, asamended bych. 45, Pub.Acts of 1927,and BankingLaws of 1927,sec. 3919.

(2) Public Acts,1925, ch. 135,and BankingLaws of 1927,p. 17.


782 FEDERAL RESERVE BULLETIN Is OVEMBER, 1928


State

Delaware.. _

District ofColumbia.

Florida

Georgia

Idaho•

Illinois

Indiana

Dis-trictNo.

3

5

6

6

12

7-8

7-8


Every bank and trustcompany except sav-ings banks (1).

Savings banks (1).

All banking compa-nies (1).

Banks whose depositsare subject to check(1).

Savings banks andtrust companies notsubject to check (1).

Every bank (includ-ing trust companies)not a member of theFederal reserve sys-tem (1).

Savings banks andtrust companies notengaged in commer-cial banking andmaintaining a sav-ings department (4).

Banks and trust com-panies.

All banks of discountand deposit, sav-ings banks, loan andtrust and safe de-posit companies, andprivate banks re-ceiving commercialdeposits payableupon demand andsubject to check (1).


10 per cent of de-mand depositsand 5 per centof its savingsdeposits (1).

5 per cent of de-posits (1).


5 per cent of sav-ings and timedeposits and 15per cent of de-mand deposits(1).

5 per cent ofamount of de-posits.


5 per cent of sav-ings deposits (4).

15 per cent of ag-gregate deposits.

12H per cent of ag-gregate commer-cial depos i t spayable on de-mand and sub-ject to check(1).

Vault reserve

Amount

H of re-servesrequiredagainstdemanddeposits(1). (Al-so see" R e -marks".)

2/5

All.

May consist of—

Lawful money ofUnited States,gold or silvercertificates, o rnotes and billsissued by nation-al banking asso-ciations or Fed-eral r e s e r v ebank notes (1).


Lawful money ofUnited States,gold and silvercertificates, Fed-eral r e se rvenotes, nationalbank notes.

Cash in its vaults(1).

Actual cash (4).

"On hand or inbank, in cash orcurrency" (1).


Amount

% of re-servesrequiredagainstdemanddeposits(1). (Al-so see' ' R e -marks".)

3/5


Any bank or trust company inDelaware having capital of atleast $50,000 and surplus of atleast $50,000, or any bank ortrust company, or individualbanker or firm of bankers doingbusiness in Philadelphia, NewYork City, or Baltimore, all ofwhich must bo approved bybank commissioner (1).

Banks or bankers in other citieswith which such company maykeep its current account (2).

Banks and bankers approved by 1superintendent of banks (1).

On deposit subject to check withany other bank approved by thecommissioner as reserve deposi-tory (1).

Approved reserve agents.i




Remainder

Amount

1/2

3/5

1/3 ofsuchr e -serve.

May consist of—

Bonds or other obliga-tions of the UnitedStates owned abso-lutely by bank ortrust company, un-hypotheeated andunpledged, to ex-tent of 90 per centof face value, withexpress approval ofbank commissioner(1).

Balances; or bonds ofthe United States,Florida, or countiesor cities of Floridaapproved by theComptroller (2).

Reserves against sav-ings and time de-posits may be in-vested in bonds ofUnited States andGeorgia (1).

May consist of UnitedStates Governmentbonds not hypothe-cated (1).


Member bank not re-quired to c a r r ygreater reserve thanthat required byFederal Reserve act(2).

Any bank which is amember of Federalreserve system maykeep such reserve asis required by Fed-eral reserve act inlieu of that requiredby State law (1).

All State banks andtrust companies ex-pressly permitted tobecome members ofFederal reserve sys-tem, and such mem-bers may complywith the reserve re-quirements of theFederal reserve actin lieu of the Statelaw requirements(1) (3).

Banks, trust compa-nies, or savingsbanks which aremembers of the Fed-eral reserve systemmay comply withreserve require-ments of Federalreserve act in lieu ofState law require-ments (3).


While the reserve of any institu-tion is below required amount,it must not make any newloans or discounts (except onsight drafts) or make any divi-dends; and if reserve is notrestored after 30 days' noticefrom bank commissioner, theinstitution will be deemed in-solvent (1).

While the reserve is below therequired amount the companymust make no new loans ordiscounts (except of sightdrafts) nor make any divi-dends; and, after 30 days'notice, a receiver may be ap-pointed (1).

While reserve is below requiredamount, no bank or trustcompany shall increase its lia-bilities nor make new loans ordiscounts (except sight drafts)nor pay any dividends. Ifreserve not raised to require-ments within 30 days superin-tendent of banks may takecharge of its business andassets (2).

While reserve of any bank ortrust company engaged incommercial banking is belowrequired amount no new loansor discounts (except of sightdrafts) shall be made; and,after 30 days' notice, bankcommissioner may proceed asin act provided (2).

Remarks

The whole of the reserve re-quired against savings depos-its may be kept on deposit sub-ject to call with depositariesspecified as reserve deposi-taries of banks and trust com-panies or a part of such reservemay consist of lawful moneyof the United States, gold cer-tificates, silver certificates, ornotes and bills issued by anational bank, or Federalreserve bank notes (1).

There is no statutory require-ment of reserves in the Dis-trict of Columbia.

There is no provision regulatingthe proportions of the variouskinds of reserve.

No reserve required by statute,but auditor requires reservesindicated, as matter of prac-tice.

Banking is under supervision ofbank commissioner.

Savings banks are also permittedto "keep in reserve not exceed-ing 20 per cent of the totalamount of deposits withoutinvestment, or deposit thesame on call with or withoutinterest in any bank organ-ized under the laws of thisState, or in any bank in anyadjoining State organized un-der the laws of such State, orin any national bank in theUnited States, provided thatno such deposit shall be madeoutside the State of Indiana,excepting in national banksas aforesaid, without the ap-proval of the auditor of theState of Indiana" (2).

Authorities

(1) Laws of 1921,pp. 294, 295,and 296, andBanking Lawsof 1921, pp. 20,21, and 22.

(2) Laws of 1919p. 255, sec. 9,and BankingLaws of 1921,p. 9.

(1) Code andBanking Lawsof 1926, sec.2710.

(2) Code andBanking Lawsof 1926, sec.2711.

Banking Lawsof 1919, art.X I X , a n dMichie's Ann.Code, 1926.

(1) Sec. 27 andand sec. 2366(173), respec-tively.

(2) Sec. 28 andsec. 2366 (174),respectively.

Banking Lawsof 1925 and Ses-sion Laws 1925,ch. 133.

(1) Sec. 26.(2) Sec. 27.(3) Sec. 47.(4) B a n k i n g

Laws of 1925,p. 52, and Ses-sion Laws of1925, chap. 230,sec. 5.

Burns A n n o -tated Stats.1926 and Bank-ing Laws ol1927.

(1) Sec. 3865 andp. 79, respec-tively.


(3) Act of 1927,chap. 152, andBanking Lawsof 1927, p. 80.




State

Iowa__

Kansas

Kentucky..

Dis-trict , Institutions affectedNo.

7

10

4,8

Savings banks doingcommercial businessand located in citiesor towns of less than3,000 (1).

Savings banks doingcommercial businessand located in citiesand towns of 3,000or more (1).

Savings banks doingexclusively savingsbank business (1).

State banks and trustcompanies.

Every bank doingbusiness under theact (1)

Trust companies re-ceiving deposits (4).

Banks and trust com-panies in central re-serve cities underFederal reserve act0).

Banks and trust com-panies located in re-serve cities (1).

All other banks andtrust companies in-corporated underlaws of Kentucky(1).


15 per cent of sightand demand de-posits and 8 percent of savingsdeposi ts andtime certificateshaving definitetime of matu-rity (1).

20 per cent of sightand demand de-posits and 8 percent of time andsavings deposits(1).


(See "Remarks.")

15 per cent of de-mand depositsand 5 per cent oftime deposits (1)

25 per cent of de-posits subject tocheck and 10per cent of timedeposits (4).

13 per cent of de-mand depositsand 3 per cent oftime deposits (1).


7 per cent of de-mand depositsand 3 per cent oftime deposits(1).

Vault reserve

Amount

Ho of re-s e r v efund.

H of re-quiredreserve.

1/3

May consist of—

Cash (1).

Cash in its vaultsor in balancesw i t h c o r r e -spondent banks(1)

(See "Remainder.")

"Money" (1).


Amount

17/20

2/3


On deposit subject to call withother State or National banks(1), (2).

Correspondent banks none of thestockholders of which are stock-holders in the depositing bank,except when approved by Statebank commissioner (1).

(See "Remainder.")

"Other banks subject to call" (1).




Remainder


reserve bank

All State banks, sav-ings banks, and trustcompanies are em-powered to becomemembers of Federalreserve banks andneed carry only suchreserve funds as maybe required fromtime to time to bemaintained by na-tional bank mem-bers of Federal re-serve system (3).

Provisions for enforcement ofregulations Remarks

By a later enactment, all theprovisions of the section regu-lating reserves of savings banksare made applicable to trustcompanies (4) and State banks(2).

Authorities

Code of Iov.a19 2 7 , a n dBanking Lawsof 1927.

(1) Sec. 9201.(2) Sec. 9216.(3) Sees. 9269 and9270.

(4) Sec. 9304.

1/2

May be invested inbonds or other evi-dences of indebted-ness of the UnitedStates or in Kansasmunicipal bonds orwarrants or securedbonds of private cor-porations subject tocertain stipulatedconditions (1)

Reserves are to bekept in same man-ner and subject tosame rules as Stateb a n k s , e x c e p tUnited States bondsand demand loanssecured by UnitedStates, State, coun-ty, or municipalbonds to cash valueof such loan shall beaccepted as part oflegal reserves oftrust companies inlieu of deposits inbanks (4).

Any bank may be-come a member of aFedera l r e se rvebank (1).

No bank shall make new loans orpay dividends unless at thetime the required reserve ismaintained (1).

Any bank the reserves of whichare below the required amountwhich shall violate any regu-lation of the bank commis-sioner as to such reserve, andshall fail to restore its reservesafter 30 days' notice, may bedeemed insolvent (3).

The bank commissioner maysuspend any of the reserve re-quirements for a period not toexceed 30 days and may renewsuch suspension for periodsnot to exceed 15 days (2).

There are also very detailed pro-visions for a guaranty fund tothe benefits of which any bankfilling certain requirement andmaking certain contributionsmay become entitled (5).

Rev. Stats, ofKansas, 1923,and bankinglaws of 1927.

(1) Sec. 9-112, asamended 1927,and p. 7, re-spectively.

(2) Sec. 9-115 andp. 7, respec-tively.

(3) Sec. 9-116 andp. 8, respec-tively.

(4) Sec. 17-2003and p. 38, re-spectively.

(5) Sec. 9-201 tosec. 9-215 andp. 29 to p. 35,respectively.

Banks and trust com-panies may becomemembers of the Fed-eral Reserve systemand may complywith the reserve re-quirements of theFederal reserve actin lieu of State lawrequirements (1), (2). !

While reserve is below requiredamount, no new loans or dis-counts (except of sight drafts)shall be made; and, after 30days' notice, receiver may beappointed (3).

I

"Demand deposits" include alldeposits payable within 30days, and "time deposits" in-clude all deposits payableafter 30 days and all savingsaccounts and certificates of de-posit which are subject to notless than 30 days' notice beforepayment (1).

Carroll's Ky.Stats., sixthe d i t i o n a samended bySession Lawsof 1922.(1) Sec. 584.(2) Sec. 584(a)(3) Sec. 585.




State

Louisiana. _

Dis-trictNo.

6,11

Institutions affected Total amount ofVault reserve

reserve required A m o u n t j May consist of-

All banking associa-tions carrying on thebusiness of a bankof discount, deposit,and exchange andcirculation (1).

Corporations conduct-ing savings, safe de-posit, or trust bank-ing business (3).



4 per centof de-m a n ddeposits(1).

Cash (1).


Amount

16 per centof d e -m a n ddeposits(1).


Cash balances in other banks (1).(See also " Remainder.")

4 per centof de-m a n ddeposits(3).

Cash (3).

16 per centof d e -m a n ddeposits(3).

Cash balances in other banks (3).(See also "Kemainder.")

Maine

Trust and bankingcompanies havingauthority to receivedeposits (1).

Savings banks (2).


Lawful money ornational-banknotes of UnitedStates (1).

2/3

Any national bank or any trustcompany created under laws ofMaine or any trust company lo-cated in New England States orNew York and approved bybank examiner (1), (but seeFederal reserve act).

of 1 per cent ofaverage amountof deposits every6 months untilreserve fundamounts to 10per cent (2).

5 per cent(2).

Maryland..All banks except sav-

ings banks withoutcapital stock (1).


5 p e rcent ofdemanddeposits(1).

Cash (1).


Such banks or trust companiesof the State of Maryland or else-where, of good standing, as theboard of directors may direct(1).

All trust companies (1)15 per cent of de- j

mand deposits i(1). i (See "Balances.")

!


Same as above, except part of |this may be cash in hand (1). I


NOVEMBER 1928 FEDERAL RESERVE BULLETIN 787


Remainder


reserve bank

16 percentof de-manddepos-its.

16 percentof de-manddepos-its.

Same as below (1).

All State banks, sav-ings banks, and trustcompanies are ex-pressly permitted tobecome members ofthe Federal reservebank of their dis-trict (4); cash re-serves of memberbanks deposited inFederal reservebank are construedas cash on hand (1)(3).

Lawful money of theUnited States, orcash due from otherbanks or bills of ex-change or discountedpaper m a t u r i n gwithin not morethan one year, orbonds, stocks, orsecurities of theUnited States, or ofany of the UnitedStates or of themunicipalities o rcorporations, publicor private, thereof,or of the levee boardsof the State of Lou-isiana (3).

(See above.)-


If the amount of lawful moneyon the premises, cash depositsin other banks, or short paperfalls below the requiredamount and remains so for 10days, it is the duty of thepresident of the bank to notifythe bank examiner of theshortage, and it is unlawful forthe bank to discount any newpaper until the proper reserveis reestablished. By failureto comply with this regula-tion a bank forfeits $10 for eachday it is in default (2).

Remarks Authorities

Savings deposits not subject towithdrawal "except uponnotice" are not considered de-mand deposits (1) (3).

Wolf's Const ,and Statutes ofL o u i s i a n a(1920) a n dBanking Lawsof 1923.

(1) P . 117 andp. 8 respec-tively.



(4) Act 305 of1914 sec. 1, andbanking lawsof 1923, p. 73.

1/3

Bonds of the UnitedStates or State ofMaine (1), (but seeFederal reserve act).

Trust companies per-mitted to becomemembers of Federalreserve system, andthereupon becomesubject to the re-serve requirementsof the Federal re-serve act instead ofState reserve re-quirements (1).

Whenever the reserve falls.belowthe required percentage, itmust not be further dimin-ished by new loans until therequired reserve is restored (1).

Before declaring dividend }4 of 1 jper cent of average amount of Ideposits for preceding 6 |months must be "passed tothe reserve fund" until thereserve fund amounts to 10per cent of the deposits. Thereserve fund must be kept \constantly " to secure againstlosses and contingencies" un-til it amounts to 5 per cent ofthe deposits. All losses mus 1be passed to the debit of thereserve fund (2). \

Public Laws of1923 and Bank-ing Laws of1927.

(1) Chap. 144,sec. 80.

(2) Chap. 144,sec. 34.

5 p e rcentof de-mand jdepos-its(l)

Balances, or bonds, orpublic stock of Unit-ed States or Mary-land, or Baltimore,or bonds of anycounty or municipalcorporation of Mary-land, which shall beapproved by thebanking commis-sioner; securities de-posited with Statetreasurer may becounted in this re-serve (1).

Any banking institu-tion which is a mem-ber of the Federalreserve system shallnot be required tokeep any reservesother than those re-quired of bankinginstitutions whichare members of theFederal reserve sys-tem (3).

When reserve is below requiredamount no new loans or dis-counts may be made (exceptof sight drafts); and, after 30days' notice, a receiver maybe appointed (2).

In estimating the amount of de-posits of a trust company forthe purpose of determining theamount of reserve, depositsmade by city of Baltimore andsecured by counter deposits ofBaltimore city stock are notcounted (1).

Banking Laws ofMaryland inforce in 1922and MarylandA n n o t a t e dCode 1911, Art.XL

(1) Sec. 62.(2) Sec. 63.(3) Sec. 62 (c).

(Amendmentapproved Mar.22, 1918.)

I




State

Massachu-setts.

Michigan...

Minnesota..

Dis-trictNo.

11

7.9

9


All trust companiesdoing business inState (1).

Trust companies inBoston and less than3 miles from state-house.

Trust companies au-thorized to act asreserve agents (3).

All banks in cities lessthan 100,000 whichhave been desig-nated as reservecities (3).

Commercial banks.Located in cities less

than 100,000 (2).

Located in cities over100,000 (2).

Savings banks (5).

Trust companies (7).

State banks and trustcompanies in reservecities (2).

State banks and trustcompanies not in re-serve cities (2).


I



20 per cent of totald e p o s i t s re -ce ived fromother banks (3).

12 per cent of totaldeposits.

20 per cent of saiddeposits.

12 per cent of totaldeposits (5).

20 per cent of ma-tured obligationsand money dueand payable (7).

15 per cent of de-mand depositsand 5 per cent oftime deposits(2).


Vault reserve

Amount

2/5; b u tt h i sm u s talwaysequal atleast 5per centof t h ea g g r e -g a t eamountof timeand de-m a n ddepositse x c l u -sive ofsavingsdeposits(2).

1/2

1/2

1/4

1/4

May consist of—

At least one-halfof said two-fifthsshall consist oflawful money ofUnited States,gold or silvercertificates, ornotes and billsissued by anynational bank-ing associationor Federal re-serve bank; theother one-halfmay consist ofUnited States orMassachusettsbonds or UnitedStates certifi-cates of indebt-edness (2).

Lawful money oft h e U n i t e dStates, gold cer-tificates, silvercertificates, ornotes and billsissued by anylawfully organ-ized nationalbanking associ-ation (3).

Lawful money (3).

On hand (2).

On hand (5).

On hand (7).

Cash, includingspecie, legal ten-der, nationalbank notes, andFederal reservebank notes (2).


Amount

3/5 (b u tsee "Re-marks").

1/2

3/4

3/4


Any trust company in Boston au-thorized to act as reserve agent,with consent of bank commis-sioner; or any national bankingassociation doing business inMassachusetts, New York City,Philadelphia, Chicago, or Al-bany; or the Federal ReserveBank of Boston (2) (3).

Any trust company in Boston au-thorized to act as reserve agent,any national banking associa-tion doing business in Massa-chusetts, New York City, Phila-delphia, Chicago, or Albany (3).

Any banks in cities approved bythe commissioner as reservecities (2).

National or State banks or trustcompanies in State reserve cities(5).

Any bank or trust company ap-proved by the commissioner (7).

Solvent banks; but no bank hav-ing less than $25,000 capital andsurplus shall act as reserve agent,except with approval of super-intendent of banks (2).




Remainder

Amount

Not over1/5

May consist of—Carried in Federal

reserve bankProvisions for enforcement of

regulations

I

Remarks

Bonds of United Statesor Massachusettscomputed at fairmarket value, whichare absolute proper-ty and in possessionof corporation (2).(This may be sub-stituted for part ofrequired balanceswith reserve depos-itaries.)

Authorities

Member trust compa-nies may carry re-serves required byFederal reserve actin lieu of those re-quired by State law

Balances required tobe carried in reservedepositaries are ex-pressly permitted tobe carried in theFederal ReserveBank of Boston (2).

No new loans or investmentsmay be made while reserve isbelow required amount; andif reserve is not restored after30 days' notice from bankcommissioner, he may takepossession of the business andliquidate its affairs, or if bankacting as reserve agent fails tomeet reserve requirementsafter 10 days' notice from bankcommissioner he may revokeauthority to act as reserveagent (4).

The bank commissioner mayauthorize any trust companyin Boston to act as reserveagent (3).

General Lawsand BankingLaws of 1926,ch. 172.

(1) Sec. 73.(2) Sec. 74.(3) Sec. 75.(4) Sec. 76 as

amended 1922.(5) Sec. 81.

State banks are per-mitted to becomemembers of Federalreserve bank, ands ta tu te providesthat reserve of bankdoing so shall befixed by Federal re-serve act (1).

When the reserve of a commer-cial bank is below the requiredamount, it may make no newloans or discounts (except ofsight drafts); and, after 30days' notice, a receiver may beappointed (4); and a bank in areserve city failing to complywith the reserve requirementsmay be denied the right to actas a legal depositary of reservefunds (3).

Savings banks may be closed ifreserves not made good within30 days.

It is the duty of the bank com-missioner to annually desig-nate certain cities as reservecities (3).

When a bank combines com-mercial and savings businessseparate reserves must be keptfor each (6).

Trust companies are not per-mitted to do general bankingbusiness.

Compiled Lawsof 1915 asamended andBanking Lawsof 1927.

(1) Sec. 7970.(2) Sec. 7993.(3) Sec. 7991.(4) Sec. 7994.(5) Sec. 7996.(6) Sec. 7998.(7) Sec. 8053.

State banks and trustcompanies expresslypermitted to be-come members ofFederal reserve sys-tem (1).

While reserve is impaired nonew loans or discounts (ex-cept of sight drafts) shall bemade and no dividends de-clared (2).

The term "reserve city" meanscities designated as reservecities by Federal authority(2).

Banking Laws of1927 and Ma-son's Minn.Stats., 1927.

(1) p. 22 and sec.7649, respec-tively.

(2) pp. 21 and 50and sees. 7680and 7726, re-spectively.




State

Mississippi _

Missouri

Montana.. .

Nebraska,..

Dis-trictNo.

6,8

8,10

9,12

10


Banks doing businessin cities or towns ofless than 50,000 (1).

Banks doing businessin cities of over50,000 (1).

Banks and trust com-panies in cities of200,000 or over (1) (2).

Banks and trust com-panies in cities of25,000 to 200,000 (1),(2).

Banks and trust com-panies located else-where (1), (2).

Banks not reservebanks (1).

Reserve banks (1).

Banks in cities of morethan 25,000 (1).

Banks elsewhere (1).

Savings banks andsavings depart-ments of commer-cial banks (1).



25 per cent of de-mand depositsand 10 per centof time depos-its (1).

18 per cent of de-mand depositsand 3 per cent oftime depositsU), (2).

15 per cent of de-mand depositsand 3 per centof time deposits(1), (2).

15 per cent of de-mand depositsand 3 per cent oftime deposits(1), (2).






Vault reserve

Amount

7 per centof de-m a n ddeposits,and 3per centof timedeposits.

6 per centof de-m a n ddeposits,and 3per centof timedeposits.

3 per centof timedeposits.

May consist of—

Actual cash orbalances (1).

Reserves on handin any .form ofcoin or currencyauthorized bvlaw of UnitedStates (1), (2).

Cash; but one-fifth may consistof United Statesbonds at theirmarket value(1).


Amount

Such partas boardof direc-tors mayde te r -mine(l).

May be carried i n -

Good solvent banks (1).

Banks, trust companies, or na-tional banking associations ap-proved by bank commissioner(3), (4).

Banks approved by superintend-ent of banks as reserve banks(1).

Depositaries approved by thebanking department (1).




Remainder


i


Banks and trust com-panies may becomemembers of Federalreserve system andmay carry reservesrequired by Federalreserve act in lieu ofthose required byState law (3).

State banks and trustcompanies are ex-pressly permitted tobecome members ofFede ra l r ese rvebanks and complywith and enjoy theprivileges of the Fed-eral reserve act (5),(6). Member trustcompanies and mem-ber banks shall onlybe required to carryreserves required byFederal reserve act(1), (2).

Any bank becomingmember of Federalreserve system andc o m p l y i n g withregulations of sameshall be deemed tohave complied withState regulations (1),(3).

Any State bank ortrust company maybecome a member ofthe Federal reservesystem and shallhave power to as-sume such liabili-ties and exercisesuch powers asgranted by the Fed-eral reserve act (2).


Any impairment of cash reserveshall be made good in 30 days(2).

Upon relation of the bank com-missioner the Attorney Gen-eral may institute proceedingsagainst any institution failingto comply with the bankinglaws (7).

While any bank or trust com-pany has less than requiredamount of reserve it shall makeno new loans, discounts, oracceptances except discountsof sight drafts (8), (9).

While reserve is below requiredamount, no new loans or dis-counts (except of sight drafts)shall be made. Where reservefalls below required amountand so remains for stated pe-riod, or continually falls belowrequired amount, superintend-ent may close bank (4).

May not make new loans or dis-counts (except sight drafts)nor pay dividends, while re-serves are below requirements,and if reserves not made goodin stated time bank may beplaced in hands of receiver (3).

Remarks

Reserve must be in "actual cashor balances due from good sol-vent banks"; and no certainproportion of each is required

a).

Savings banks must create guar-anty fund by setting aside atleast & of net profits beforeeach dividend until theamount equals the capital (10).

Any solvent bank having paid-up capital and surplus of$100,000 which does businessin any State of United Statesmay be designated by thesuperintendent of banks as areserve agent for Montanabanks (1).

The term "bank" includes anycorporation formed to conductthe business of receiving de-posits or transacting a trust orinvestment business (2).

For the purpose of providing aguaranty fund for the protec-tion of depositors, every Statebanking corporation is subjectto assessments (4). New banksmust contribute to the fund 4per cent of their capital stock(5). When the fund amountsto 1£ per cent of the average de-posits no new assessments willbe made until it is depletedbelow 1 per cent, and if it fallsbelow 1 per cent a special as-sessment may be made to re-store it (6), (7).

Authorities

(1) Miss. Code(1927) sec. 3852and BankingLaws 1925, p.64.

(2) Acts of 1922,ch. 72, sec. 21,a n d BankingLaws of 1925,p. 41.

(3) Miss. Code(1927) sec. 3874and BankingLaws of 1925,p. 83.

Banking Laws;Rev. Stats, of1919, as amend-ed by the actsof 1927.

(1) Sec. 11743.(2) Sec. 11810.(3) Sec. 11744.(4) Sec. 11811.(5) Sec. 11737.(6) Sec. 11799.(7) Sees. 11698,

11697.(8) Sec. 11745.(9) Sec. 11812.(10) Sec. 11881.

Session Laws of1927, ch. 89,and BankingLaws of 1927.

(1) Sec. 53.(2) Sec. 2.(3) Sec. 28.(4) Sec. 121.

(1) B a n k i n gLaws, 1925, p.11, Comp. Stat.1922, sec. 8003.

(2) B a n k i n gLaws, 1925, pp.51, 52, Comp.Stat. 1922, sees.8044-8045.

(3) B a n k i n gL a w s , 1925,p. 11, Comp.Stat. 1922, sec.8004.

(4) B a n k i n gLaws, 1925, p.21,Comp. Stat.1922, sec. 8024.

(5) B a n k i n gLaws, 1925, p.22, Comp. Stat.1922, sec. 8026.

(6) B a n k i n gLaws, 1925, p.23,Comp. Stat.1922, sec. 8027.

(7) B a n k i n gLaws, 1925, p.,24, Comp. Stat.1922, sec.L8028.




State

Nevada _

New Hamp-shire.

New Jersey.

New Mexico

Dis-trictNo.

12

1

2-3

10-11


Banks acting as re-serve depositaries(1).

All other State banks(I) . '

Banks doing savingsbank or trust com-pany business butnot general bankingbusiness (1).

Trust companies orsimilar corporationsincorporated for thepurpose of doing thebusiness of trustcompanies or a gen-eral banking busi-ness (1).

All banks except sav-ings banks (1).

All trust companies re-ceiving demand de-posits (2).

All banks (1), (2).(See "Remarks.")



15 per cent of en-tire deposits (1).


15 per cent of ag-gregate depositsin commercialdepartment (1).

15 per cent of im-mediate liabili-ties (1).

15 per cent of im-m e d i a t e de-mand liabilities(2).

12 per cent ofgeneral deposits(2).

Vault reserve

Amount

1/3

1/3

1/2

J/3

2/5

1/5

May consist of—

Actual cash (1).

Actual cash (1).

Actual cash (1).

Lawful money ofUnited States,gold or silvercertificates, Fed-e r a l r e s e r v enotes or national-bank notes (1).

Cash on hand (1).

Cash on hand (2).


Amount

2/3

2/3

1/2

2/3

3/5

4/5


Good solvent banks approved bybank examiner (1). But bankexaminer may refuse to consideras part of its reserves balancesdue from any bank which shallfail to furnish him with informa-tion required to enable him todetermine its solvency (1).

Other banks approved by bankcommissioner (1).

Good solvent banks or trust com-panies (1).

Good solvent banks or trust com-panies (2).

Reserve shall be kept on depositwith any bank authorized to do !business in State having capital \of not less than $50,000 or anyother bank approved by Statebank examiner (2).


MOVEMBER, 1928 FEDERAL RESERVE BULLETIN 793


Remainder


reserve bank

Compliance with re-serve requirementsof Federal reserveact by members ac-cepted in lieu ofcompliance withState law require-ments (2).


While reserve is below requiredamount no new loans or dis-counts (except of sight drafts)nor any dividends shall bemade; and, after 60 days' no-tice, the bank may be deemedinsolvent (1).

Remarks Authorities

(1) Rev. Laws of1912, vol. 1,sec. 629 andBanking Lawsof 1927, sec. 14.

(2) Acts 1919, ch.126, p. 241 andBanking Lawsof 1927, p. 34.

Trust companies per-mitted to becomemembers of Federalreserve system, andthereupon becomesubject to the re-serve requirementsof the Federal re-serve act instead ofthe State reserve re-quirements (2).

No new loan or investment per-mitted when reserve require-ments not met (1).

Every State bank, trust com-pany, or similar corporationdoing a general banking busi-ness, must set aside annuallyat least 10 per cent of its netearnings as a guaranty funduntil such fund amounts to 25per cent of its capital stock (3).

Every savings bank must annu-ally pass to its guaranty fund10 per cent of its net earningsuntil such fund amounts to 5per cent of its deposits (4).

All trust companiesand State banks per-mitted to becomemembers oi Federalreserve system andassume liabilitiesand become entitledto benefits underFederal reserve act(3); and upon doingso they become sub-ject to reserve re-quirements of Fed-eral reserve act in-stead of State re-serve requirements(3), (5).

Whenever the reserve is belowthe required amount the bankor trust company shall notmake any new loans or dis-counts, except of sight drafts,nor make any dividends (1),(2).

(1) Pub. Laws,1926, ch. 264,s e c . 6, a n dBanking Laws,1925, p. 29.

(2) Pub. Laws,1926, ch. 264,s e c . 7, a n dBanking Laws,1925, p. 29.

(3)|Pub. Laws,1926, ch.*265,sec. 34, and ch.264, sec. 8 andBanking Laws,1925, pp. 37and 29.

(4) Pub. Laws,1926, ch. 261,sec. 18 andBanking Laws,1925, p. 12.

Savings banks are required to in-vest their deposits; but areallowed to keep not over 10 percent as an "available fund"for the purpose of meeting cur-rent expenses and payments.This fund may be kept onhand or on deposit in any sol-vent New Jersey bank or trust |company or national bank in |New Jersey; or deposited oncall, at interest, in a solventNew Jersey, New York, orPennsylvania bank or trustcompany or national bank inNew York or Pennsylvania;or loaned upon proper securi-ties; or not more than one-halfof the "available fund" maybe invested in certain securi-ties (4).

(1) Laws, 1899,ch. 173, sec. 20;Banking Laws,1928, p. 31.

(2) Laws, 1899,ch. 174, sec. 20;Banking Laws,1928, p. 78.

(3) Laws, 1914,ch. 159; Bank-ing Laws, 1928,p. 123.

(4) Laws, 1906,ch. 195, sec. 36as amended;Savings BankLaws, 1925, p.14.

(5) Act Mar. 29,1917; Laws of1917, ch. 225;Banking Laws,1928, p. 124.

Any incorporatedState bank may be-come a member ofthe Federal reservesystem and exerciseall powers of mem-ber banks (5).

Compliance with Fed-eral reserve act re-serve requirementsdeemed compliancewith State law re-quirements (2), (5).

While capital or reserve is im-paired the bank shall make nonew loans or discounts (ex-cept of sight drafts againstactual existing values); and ifnot restored after 60 days'notice its capital stock may bereduced equal to the amountof such impairment, exceptthat in no event shall the capi-tal stock be reduced below$25,000 (3).

The bank act provides: "Theword 'bank' as used in this actincludes every person, firm,company, copartnership orcorporation, except nationalbanks, engaged in the businessof banking in the State of NewMexico. Banks are dividedinto the following classes: (a)Commercial banks; (b) sav-ings banks; and (c) trust com-panies" (1).

Any State bank maintaining therequired reserve and makingproper application to the Statebank examiner may be desig-nated a reserve bank (2), (4).

(1) Laws of 1915ch. 67, sec. 2and BankingLaws of 1927,sec. 2.

(2) Laws of 1923,ch. 149, sec. 2,a n d BankingLaws of 1927,sec. 28.

(3) Id., ch. 149,sec. 7, andBanking Lawsof 1927, sec. 30.

(4) Id., ch. 149,sec. 3, andBanking Law1

of 1927, sec. 29.(5) Laws of 1919,

ch. 120, sec. 35,and BankingLaws of 1927,sees. 96 and 97.




State

New York_.

Dis-trictNo.


2 !Banks having an office

in boroughs of 1,500,-000 or over (1).

Banks with offices inboroughs of between1,000,000 and 1,500,000 and no office ina borough of 1,500,000 or over (1).

Banks located else-where in State (1).

Trust companies withoffices in boroughs of1,500,000 or over (3).

Trust companies withoffices in boroughsof from 1,000,000 to1,500,000 and no of-fice in a borough of1,500,000 or over (3).

Trust companies incities of first and sec-ond class with lessthan 1,000,000 popu-lation (3).

Trust companies incities of third classand in villages (3).

Private bankers incities of first class (4).

Private bankers inother cities (4).


18 per cent of ag-gregate demanddeposits (1).



Vault reserve


12 per centof aggre-gate de-mand de-pos i t s(1).

10 per centofaggre-gate de-mand de-pos i t s(1).

4 per centofaggre-gate de-mand de-jpos i t s i(1). I


10 per centof aggre-gate de-

. mand de-pos i t s(3).


i 8 per centofaggre-gate de-mand de-pos i t s(3).



4 per cent ofaggregatedemanddeposits(3).

3 per centof aggre-gate de-mand de-pos i t s(3).


Any part of abank's reserveson hand in ex-cess of 4 per centof its aggregatedeman de-posits and anypart of a trustcompany's re-serves on handin excess of 3per cent of itsaggregate de-mand depositsmay be depos-ited, subject tocall, with a Fed-eral r e se rvebank in the dis-trict in whichsuch bank ortrust companyis located; andthe reserves onhand not so de-posi ted shallconsist of gold jbullion, go ldcoin, U n i t e dStates gold cer-tificates, UnitedStates notes orany form of cur-rency authorizedby the laws of theUnited States(1), (3). (Butsee "Carried inFederal reservebank.")



Depositaries designated by super-intendent of banking, whichmay be a bank, trust company,or national banking associationin the State having combinedcapital and surplus of at least(a) $1,000,000, if located in aborough of 1,500,000 or over; (b)$750,000, if located in a borough of1,000,000 to 1,500,000, or in a cityof 400,000 or over; (c) $500,000, iflocated elsewhere in the State.No corporation, if located in aborough of 1,500,000 or moreshall be a depositary for an in-stitution having a combinedcapital and surplus greater thanits own, unless the combinedcapital and surplus of such de-positary exceeds $2,000,000.Such depositary may also be abanking corporation with cap-ital and surplus of $2,000,000 ormore located in Chicago, Bos-ton, or Philadelphia, providedsuch banking corporation makesreports and submits to examina-tions as required by superin-tendent of banking (5).


1/10 9/10 Any State bank, national bankingassociation, or trust company (4).

North Caro-lina.

All banks (1)15 per cent of ag-

gregate demanddeposits and 5per cent of timedeposits (1).

Cash. Other solvent banks designated asdepositaries (2).

North Da-kota.

All State banking cor-porations and asso-ciations (1).

20 per cent of de-mand depositsand 10 per centof time deposits(1).

All State banks ortrust companies (5).

10 per cent of" Se-cured SavingsDeposits" (5).

2/5

Actual cash onhand. Cashitems will not becounted and noassociation shallcarry as cash orcash items any-thing except le-gitimate bankexchange whichwill be clearedon same or nextbusiness day (1).

3/5

Bank of North Dakota or goodsolvent State or national banks,or trust companies carryingsufficient reserve to entitle themto act as such depositary banks,located in such commercial cen-ters as will facilitate the pur-poses of banking exchange, andapproved by State bankingboard (1).

1/5 In another de-partment of thebank.

4/5Balances due from reserve agentsto be approved by the Statebanking board (5).


NOVEMBEB, 1928 FEDERAL RESERVE BULLETIN 795


Remainder

Amount I May consist of—Carried in Federal

reserve bank

Any part of a bank'sreserve on hand inexcess of 4 per centof its aggregate de-mand deposits andany part of a trustcompany's reserveson hand in excess of3 per cent of its ag-gregate demand de-posits may be de-posited, subject tocall, with a Federalreserve bank in thedistrict in whichsuch bank or trustcompany is located(1), (3). (See "Re-marks;" "Vault re-serve.")

Compliance with re-serve requirementsof Federal reserveact by memberbanks and trust com-panies exempts themfrom compliancewith State law re-quirements (1), (3).


Banks, trust companies, and pri-vate bankers failing to main-tain the required reserves areliable to assessments varyingwith the amount of shortage(1), (2), (3), (4).

Remarks

The reserves indicated in the col-umn headed "Vault reserve"are the reserves which theNew York law defines as "re-serves on hand," which underthat law includes reserves invault and balances with aFederal reserve bank (17).

All savings banks, savings andloan associations, land banks,and credit unions are requiredto maintain guaranty fundsfor the security of their deposit-ors or to meet contingencies(6), (7), (8), (9), (10), (11), (12),(13), (14), (15), (16).

Authorities

(1) Laws 1914,chap. 369, sec.112 (as amend-ed by Laws of1927).

(2) Id., sec. 30.(3) Id., sec. 197 (as

amended byLaws of 1927,chap. 44).

(4) Id., sec. 166.(5) Id., sec. 38,

(a s amendedby L a w s of1927, chap. 44).

(6) Id., sec. 252,(as amendedb y L a w s of1915, chap. 372).

(7) Id., sec. 253.(8) Id., sec. 254.(9) Id., sec. 255,(10) Id., sec. 234.(11) Id., sec. 236.(12) Id., sec. 392.(13) Id., sec. 393.(14) Id., sec. 395,

(as amended byLaws of 1921,chap. 75).

(15) Id., sec. 427.(16) Id., sec. 457,

(a s amendedb y L a w s of1925, ch. 383).

(17) Id., sec. 3 (asamended b yLaws of 1917,chap. 579).

Banks becoming mem-bers shall maintainreserves required ofmember banks inlieu of those requiredbyStatelaw(l),(3).

When reserve is below requiredamount the bank shall notmake any new loans or dis-counts, except of sight drafts,nor make any dividends (2).Upon failure to repair reserveswithin 30 days, corporationcommission may take chargeof bank until reserve is ad-justed or bank is liquidated(4).

No provision as to amount to becarried as cash on hand.

No reserve is required on depos-its secured by a deposit ofUnited States bonds or bondsof the State of North Carolina(1).

Banking Laws of1921 and Acts1921, ch. 4.

(1) Sec. 31.(2) Sec. 32.(3) Sec. 42.(4) Sec. 71.

1/4

May carry, with per-mission of Statebanking board, inUnited States bonds,or certificates of in-debtedness, NorthDakota Land seriesbonds, Bank ofN o r t h D a k o t abonds, or North Da-kota mill and eleva-tor bonds (1).

Banks may becomemembers of the Fed-eral reserve system(4).

While reserve is below requiredamount, no new loans or dis-counts, except of sight drafts,and no dividends shall bemade; and, after 30 days' no-tice, State banking board mayimpose penalty of from $100to $500 (1).

State banking associations, sav-ings banks, trust companies,building and loan associations,and all other corporationswhich make a business of re-ceiving money on deposit aresubject to the provisions of thebank act (2).

North Dakota law provides fora depositors' guaranty fund(3).

The reserves, bonds, and in-vestments of the secured sav-ings department shall be keptseparate and apart from theother reserves, bonds, invest-ments, loans, and discounts ofthe bank and shall be applica-ble only to the repayment ofsuch secured savings deposits(5).

Supplement tothe 1913 Com-piled Laws(1913-1925) andBanking Lawsof 1927.

(1) Sec. 5170.(2) Sec. 5191 a 12.(3) Sec. 5220 b 1,

et sequi.(4) Sec. 5187.(5) Laws of

North Dakota,1927, chap. 96,and BankingLaws of 1927, p.57.




State

Ohio

Oklahoma..

Oregon

Pennsyl-vania.

Dis-trictNo.

4

10,11

12

3,4


Commercial banks (1).

Savings banks (4),trust companies (6),and special planbanks (7).

Banks in towns ofmore than 2,500 (1).

Banks in towns orcities of less than2,500(1).

Reserve banks (1).

Savings banks whichdo not transact ageneral bankingbusiness (1).

All State banks andtrust companies (1).

Savings banks andsavings departmentsof banks and trustcompanies (1).

All banks, bankingcompanies, savingsbanks, savings insti-tutions and trustcompanies author-ized to receive depos-its which are incor-porated under lawsof Pennsylvania (1).


15 per cent (1).

15 per cent of de-mand depositsand 10 per centof time depos-its (4), (7), (6).





15 per cent of totaldemand depos-its and 10 percent of totaltime deposits ofthe commercialdepartment, ex-cepting depositsof United Statesor postal savingsfunds (1), (2).

5 per cent of sav-ings deposits.

15 per cent of de-mand deposits(2); 7M per centof time depos-its (3).

Vault reserve

Amount

4 p e rcent ofdemanddepositsand 2per centof timedeposits(1).

4 p e rcent ofdemanddepositsa n d 2per centof timedeposits(4), (7),(6).

1/3

10 per centof depos-its (l).

3/20

1/2

H of r e -s e r v eagainstdemanddeposits(2) andpar t ofreserveagainsttime de-pos i t s(3).

May consist of—

Lawful money,national banknotes, Federalreserve notes,Federal reservebank notes, orbills, notes, andgold or silvercertificates ofUnited States(1).

Same as above (4).

Actual cash (1).

Actual cash (1).

Actual money ofUnited States.

Lawful money ofthe U n i t e dStates.

Lawful money ofUnited States,gold or silver cer-tificates, notesor bills of anynational bank-ing associationor Federal re-serve bank, orclearing-housecertificates (2).


Amount

11 p e rcent ofdemanddepositsand 13per centof timedeposits(1).

11 p e rcent ofdemanddepositsand 7per centof timedeposits(4), (7),(6).

2/3

17/20

1/2

}£ reserveagainstdemanddeposits(2) andpar t ofreserveagainsttime de-posi ts(3).

May be carried i n -

Other banks or trust companiesdesignated by resolution ofboard of directors and subjectto approval of superintendentof banks. No two banks shallbe reciprocal depositaries (2).

Same as above (2).

Good solvent banks selected fromtime to time with approval ofbank commissioner (1). (Seealso "Remarks.")

Banks or trust companies havingunimpaired capital and surplusof not less than $75,000 and ap-proved by superintendent ofbanks (1), (2), (3).

Any bank or trust company inPennsylvania, or in any otherState, approved by commis-sioner of banking (2).



ING TO BANK RESERVES-Continued

Remainder

Amount

10 pe rc e n tof de-p o s -its.

H of re-serve

requiredagainstsavingsdeposits

1/3

May consist of—

Good bonds of UnitedStates, or State,county, school, dis-trict, or municipalbonds of State ofOklahoma worthnot less than par (1).

Bonds or interest-bear-ing obligations ofthe United States atthe actual cash mar-ket value thereof.

Bonds of U n i t e dStates, Pennsyl-vania, or any city,county, or boroughof Pennsylvania, orbonds authorized asinvestments by sav-ings banks and in-stitutions (2).


Compliance by mem-ber banks with re-serve requirementsof the Federal re-serve act expresslyaccepted in lieu ofState reserve re-quirements (3).

Any bank or trustcompany organizedunder the laws of theState may becomem e m b e r s of theFederal reserve sys-tem and exercise allpowers of members(2).

Compliance with re-serve requirementsof F e d e r a l r e -serve act deemedcompliance withState law (3).

State reserve laws donot apply to mem-ber banks and trustcompanies who main-tain the reserves re-quired by Federal re-serve act (1).

State banks and trustcompanies expresslypermitted to becomemembers of Federalreserve system, andthereupon becomesubject to all provi-sions of Federal re-serve act and shallcomply with reserverequirements of Fed-eral reserve act inlieu of State require-ments (6).


While reserve fund is below re-quired amount no new loansor discounts, except of sightdrafts, can be made; and after30 days' notice the superin-tendent of banking may takepossession of the property andwind up the affairs of the in-stitution (5).

While reserve is below the re-quired amount the bank shallmake no new loans or dis-counts, except of sight drafts,nor make any dividends; andafter 30 days' notice from thebank commissioner it may bedeclared insolvent (1).

While reserve of any bank ortrust company is below re-quired amount it shall not in-crease its loans and discounts(except of sight drafts) normake any investment of itsfunds or dividend of its profits,and after 30 days' notice fromsuperintendent of banks maybe declared insolvent (4), (5).

While the reserve is below therequired amount, no new loansor discounts (except of sightdrafts) and no dividends shallbe made; and if it is not re-stored after 30 days' notice theinstitution may be proceededagainst by the commissionerof banking (5).

Remarks

Trust companies are not re-quired to keep reserve on trustfunds (6). Special plan banksare not required to keep re-serves against deposits hy-pothecated to secure indebted-ness of the depositor to thebank (7).

The banking commissioner mayrefuse to consider as part of thereserve of any bank balancesdue to it from any other bankwhich shall refuse or neglect tofurnish such information as hemay require relating to itsbusiness with any other Statebank which shall enable himto determine its solvency (1).

The commercial banking andsavings department of a trustcompany is subject to the Statelaws relating to State banks (4).

Cash items are not considered aspart of the reserve, exceptingunpresented checks on othersolvent banks in same town orcity received in regular courseof business (1).

Banks and trust companies arerequired to maintain for eachdepartment the reserves re-quired for that departmentand to keep the reserves foreach department separate anddistinct from any other depart-ment (6).

•'Immediate demand liabilities "include all deposits and claimspayable on demand; and"time deposits" include alldeposits not payable by thecontract of deposit on de-mand (4).

Authorities

(1) Gen. Code,s e c . 710-138;Banking Laws,1921, p. 55.

(2) Gen. Code,s e c . 710-127,128, BankingLaws, 1921, p.51.






Comp. Stat. 1921and BankingLaws of 1926.

(1) Sec. 4124 asamended 1924and p. 16, re-spectively.

(2) Sec. 4156-7and p. 34, re-spectively.


(4) Sec. 4217 asamended byact of April 8,1925, and p. 75,respectively.

Banking Laws of1925 and Gen-eral Laws of1925, ch. 207.

(1) Sec. 92.(2) Sec. 93.(3) Sec. 94.(4) Sec. 95.(5) Sec. 96.(6) Sec. 134.

(1) Act of May8, 1907 (asamended byact of July 11,1917), sec. 1.

(2) Id., sec. 2.(3) Id., sec. 3.(4) Id., sec. 4.(5) Id., sec. 5.(6) Act of June

15,1923.




State

Rhode Is-land.

South Car-, olina.

South Da-kota.

Tennessee..

Dis-trictNo.

1

5

9

6,8


All banks and trustcompanies in theState except sav-ings banks (1).

All banks (1).

All banks (1).

Reserve banks (1).

All banks, firms, per-sons, and corpora-tions doing bankingbusiness (1).


15 per cent of ag-gregate deposits,excepting sav-ings or partici-pating deposits

7 per cent of de-mand depositsand 3 per cent oftime deposits.

173 per cent of to-tal deposits (1).

20 per cent of totaldeposits (1).»

10 per cent of de-mand depositsand 3 per centof time and sav-ings deposits(1).

Vault reserve

Amount

2/5

May consist of—

Gold and silver,demand obliga-tions of UnitedStates, or na-tional bank cur-rency (1).

Cash (1).

Cash (1).


Amount

3/5

Amountde te r -minedby boardof direc-tors (1).


Banks, national banking associa-tions or trust companies, beingmembers of clearing-house asso-ciations of Providence, and na-tional banks and Federal re-

. serve banks and banks or trustcompanies incorporated in theState where located and locatedin cities of New York, Boston,Philadelphia, Chicago, and Al-bany, all of which must be ap-proved by bank commissionerand must be members of the Fed-eral reserve system or maintainthe reserve required by the Fed-eral reserve act, except thatbanks and trust companies incities other than Providence maydeposit reserve in any bank, na-tional banking association, ortrust company in Providencewhich is member of Providenceclearing-house association andmaintains merely same reserveas banks not acting as reserveagents (2).

Any bank (1).

Banks approved by superintend-ent of banks as reserve banks (1).

Banks and bankers (1).



ING TO BANK RESERVES-Continued

Remainder

Amount

3/5

May consist of—

United States bondsowned by the bank.


Banks and trust com-panies are expresslypermitted to becomemembers of the Fed-eral raserve system,and thereupon be-come subject to allprovisions of theFederal reserve actand entitled to allpowers and privi-leges of memberbanks (4).

Banks are authorizedto become membersof the Federal re-serve system (2).

State banks and trustcompanies may be-come members ofFederal reserve sys-tem (4).

Compliance by mem-ber banks and trustcompanies with re-serve requirementsof Federal reserveact is accepted inlieu of State law re-quirement (2).


While reserve fund is below 15per cent the company mustmake no loans or discounts,ex-cept of sight drafts, nor makeany dividends; and if companyfails to restore reserve in 30days after notice from bankcommissioner, receiver may beappointed (1).

While reserve is below requiredamount no new loans or dis-counts (except of sight drafts)shall be made; and after 30days' notice bank examinermay wind up affairs of bank(2).

While reserve is below requiredamount, the bank may makeno new loans or discounts (ex-cept of sight drafts) nor makeany dividends; and, after 30days' notice, superintendentmay take charge (1).

Remarks

Every savings bank must re-serve as a guaranty fund fromthe net profits each year notless than Y% per cent nor morethan x/i per cent of the wholeamount of deposits, until suchfund amounts to 5 per cent ofthe whole amount of deposits,which fund shall be thereaftermaintained and held to meetlosses in its business from de-preciation of its securities, orotherwise (3).

There is no provision as to theamount which must be car-ried as cash in vault.

Cash items standing longer than10 days may not be counted ascash reserves (1).

Cash items not considered as partof reserve (1).

There are also very detailed pro-visions for a depositors' guar-anty fund (3).

The reserve may consist of cashor balances and the proportionof each is not stipulated (1).

Authorities

Gen. Laws, 1923,ch. 277, andBanking Laws,1925, ch. 277.

(1) Sec. 1.(2) Sec. 3, as

amended byPub . Laws,1925, ch. 653.

(3) Sec. 2.(4) Gen. Laws,

1923, ch. 271,sec. 9, andBanking Laws,1925, ch. 271,sec. 9.

Code of SouthCarolina, 1922yand BankingLaws of 1923.

(1) Sec. 3993 asamended bychap. I l l ofacts 1923.

(2) Sec. 4202.

Revised Code of1919 as amend-ed and Bank-ing Laws of1927.

(1) Sec. 8978.(2) Sec. 8979,(3) Sec. 9005 et

(4) Ch. 120 of theLaws of 1919and BankingLaws, 1927, p.59.

(1) Code (1917),sees. 3273a-51,3273a-52, asamended byPub. Acts 1927,pp. 80, 82.

(2) Code Sup.(1920), sec.3625a-6.




StateDis-trictNo.

Institutions affected Total amount ofreserve required

Vault reserve

Amount May c'onsist of—



Texas- State banks with cap-ital stock less than$25,000 and notmembers of Federalreserve bank (5).


Actual cash (3).

Banks not in centralreserve city, hav-ing capital stock of$25,000 or more andnonmembers ofFederal reservebank (5).

15 per cent of de-mand(5).

Any bank or banking associationof Texas or any State or UnitedStates bank, banking associa-tion, or trust company approvedby commissioner and havingpaid-up capital stock of $50,000or more; but the deposit in anyone bank or trust companyshall not exceed 20 per cent oftotal deposits, capital, and sur-plus of the depositing bank (5).

Banks members ofFederal reservebank not in reserveor central reservecities (3).


A for 36monthsafter es-tablish-ment ofreserveb a n kand per-manent-ly there-after n(3).

Same as requiredof n a t i o n a lbanks underUnited Stateslaws (3).

5/12

In Federal reserve bank, & for12 months after establishmentthereof and additional •& semi-annually thereafter until itamounts to &, which shall beamount permanently required(3).

Banks members ofFederal reservebank and in reservecity (3).


\ for 36monthsafter es-tablish-ment ofFederalreserveb a n kand per-manent-ly there-after tv(3).

Same as requiredof n a t i o n a lbanks underlaws of UnitedStates (3).

Savings departmentsof State banks andtrust companies (2).

15 per cent ofwhole amountof savings de*posits (2).

1/3Actual cash in

such savingsdepartment (2).

Savings banks (1).15 per cent of

whole amountof assets (1).

Any part(1). On hand (1).

Utah. 12 Commercial banks incities of 50,000 ormore (1).

20 per cent of ag-gregate amountof deposits anddemand liabili-ties (1).

1/8

Commercial bankselsewhere (1).

15 per cent of ag-gregate amountof deposits anddemand liabili-ties (1).


6/15

In Federal reserve bank, -^ for12 months after establishmentthereof and additional TV semi-annually thereafter until itamounts to T \ , which shall beamount permanently required(3).

2/3 Reserve agents designated and ap-proved by the commissioner ofinsurance and banking (2).

Any part.

Any bank or banking associationof Texas or under laws of theUnited States approved by su-perintendent of banking andhaving paid-up capital stock of$50,000 or more; but the depositsin any one bank or trust com-pany must not exceed 20 per centof the total deposits, capital, andsurplus of such savings banks (1).

7/8

j Solvent banks other than savingsbanks (1).

Savings banks (2).10 per cent of de-

posit liabilities(2).

1/4Lawful money of

United States(2).

3/4




Eemainder


reserve bankProvisions for enforcement of

regulations Remarks Authorities

For 36 months after es-tablishment of Fed-eral reserve bank invaults of Federal re-serve bank or na-tional bank in re-serve or central re-serve city. There-after in own vaultsor in Federal reservebank or in both (3).

All State banks andtrust companies ex-pressly permitted tobecome members ofFederal reserve sys-tem (4).

Whenever the reserve of anybank falls below the requiredamount it shall make no newloans or discounts until it shallrestore it by collection (5).

'Demand deposits" include alldeposits payable in 30 days;and "time deposits" includeall deposits payable after 30days and all savings accountsand certificates of deposit sub-ject to not less than 30 days'notice before payment (6).

Any part may be in-vested in UnitedStates bonds (2).

Baldwin's TexasS t a t s , a n dBanking Lawsof 1927.

(1) Art. 417.(2) Art. 432 as

amended byacts of 1927.

(3) Art. 521.(4) Art. 519.(5) Art. 522.(6) Art. 523.

Compliance by mem-ber banks and trustcompanies with re-serve requirementsof Federal reserveact shall be in lieu ofcompliance with re-serve requirementsof State law (4).

While reserve is below requiredamount the loans and dis-counts (except of sight drafts)shall not be increased; and,after 30 days' notice from bankcommissioner, the bank maybe deemed insolvent (1).

Banks having both commercialand savings departments mustmaintain required reserve foreach (3).

Compiled Lawsof Utah, 1917,Title 19, chap.6, and Bank-ing Laws, 1927.

(1) Sec. 996.(2) Sec. 997.(3) Sec. 998.(4) Session Laws

cf 1919, chap.. 19, and Bank-

ing Laws, 1927,p. 21.




State

Vermont

Virginia

Washington

West Vir-ginia.

Dis-trictNo.

1

5

12

4,5


All banks (1).

All banks.

Banks and trust com-panies, except mem-bers of Federal re-serve system com-plying with require-ments of Federalreserve act (1).

All banks and trustcompanies (1).


15 per cent of com-mercial depositsand 3 per cent ofsavings deposits(1).

10 per cent of de-mand depositsand 3 per centof time deposits.

15 per cent of totaldeposits and 100per cent of itsuninvested trustfunds (1).


Vault reserve

Amount

1/10

3/5

May consist of—

Cash on hand (1).

Cash.

Actual cash orchecks on sol-vent banks insame city (1).



Amount

1/10

1/5

4/5


Banks or national banking associa-tions located not more than 100miles from the depositing bank

Banking associations and trustcompanies approved by bankcommissioner under supervisionof State or Federal authority inVermont or in cities of NewYork, Boston, Chicago, Albany,Philadelphia, Concord, N. H.,or any other bank designated asUnited States depositary, andnational banks in St. Paul, Min-neapolis, and Kansas City (1),(2), or not exceeding 4 per centin aggregate of depositing bank'sassets in chartered Canadianbanks (2).

Other solvent banks.

Such banks or trust companiesas State bank examiner mayapprove (1).

Any national or State bankdoing business in the State, orany solvent banking institutionoutside of State approved byState supervisor, provided sucnbalances are payable on de-mand (1).


ISOVEMBER, 1928 FEDERAL RESERVE BULLETIN 803


Remainder

Amount

! 3/5

May consist of—

Bonds of U n i t e dStates, any State, orany city of UnitedStates of at least100,000 inhabitants(1).


Compliance by mem-ber banks and trustcompanies with re-serve requirementsof Federal reserveact deemed com-pliance with Statelaw (3).

State banks may be-come members ofFederal reserve sys-tem (2).

State banks and trustcompanies are ex-pressly permitted tobecome members ofthe Federal reservesystem and to thatend may complywith any UnitedStates laws (2).

State banks and trustcompanies becom-ing members of theFederal reserve sys-tem and duly com-plying with all re-serve and other re-quirements thereofare expressly ex-cepted from theState reserve re-quirements (1).

Compliance by mem-ber banks and trustcompanies with re-serve requirementsof Federal reserveact accepted in lieuof compliance withState law reserverequirements (3).


No new loans may be madewhen bank's reserve does notmeet requirement (1).

While reserve is below requiredamount no new loans may bemade (1).

Remarks

No provision as to the amountwhich shall be carried as cashand in solvent banks.

Mutual savings banks are re-quired to invest their deposits;but, for the purpose of payingwithdrawals or meeting ex-penses or awaiting more favor-able opportunities for invest-ment, they are allowed tokeep on hand or on deposit inany bank or trust company inthe State or in any bank ortrust company in New YorkCity, Chicago, Portland, SanFrancisco, or Los Angeles, anavailable fund not exceeding20 per cent of its aggregate de-posits, but the sum depositedby any such savings bank inany one bank or trust com-pany shall not exceed 25 percent of the paid-up capital orsurplus of such bank or trustcompany, and no more than 5per cent of the aggregate de-posits of any savings bankshall be deposited in a ank ortrust company of which atrustee of such savings bankis a director (3).

Mutual savings banks are alsorequired to maintain guarantyfunds for the security of theirdepositors, and the statutecontains detailed provisionsfor the regulation of suchfunds (4).

Savings banks must, every 6months, set aside % to XA percent of total deposits from anyprofits until this amounts to 5per cent of deposits, and thismust be held as guaranty fundto meet losses (2).

Authorities

(1) Gen. Laws,1917, chap. 226,Banking Lawsof 1918, sees.5398, 5399, asamended byAct approvedMar. 24,1927.

(2) I d . , s e c .5363, VI-B, asamended byacts of 1921,No. 152.

(3) Act Feb. 21,1919 and Bank-ing Laws of1927, p. 10.

V a . C o d e asamended byacts of 1920and BarikingLaws of 1922.

(1) Sec. 4113.(2) Sec. 4135.

(1) Laws of 1917,ch. 80, sec. 46;and BankingLaws of 1921,sec. 59.

(2) Laws of 1919,ch. 209, sec. 7;and BankingLaws of 1921,sec. 28.

(3) Laws of 1915,c h . 175 , asamended byExtra SessionLaws of 1925,ch. 80, sec. 11.

(4) Laws of 1915,ch. 175, sec. 20et sequi; andBanking Lawsof 1921, sec. 144et sequi.

i

Barnes Code ,chap 54 andBanking Lawsof 1925.

(1) Sec. 80 asamended 1925and sec. 15 re-spectively.

(2) Sec. 81 (b).(3) Sec. 79 (a)

and sec. 13 (e)respectively.




State

Wisconsin..

Wyoming. _

Dis-trictNo.

7,9

10


State banks not Statereserve banks (1).

Reserve banks (1).

Trust companies (2).

Mutual savings banks(4).

Savings associations(1).

Banking associationsand trust companies(2).






10 per cent of sav-ings deposits (1).

20 per cent of lia-bilities to de-positors (2).

Vault reserve #


Lawful money orbalances (1), (2),(4).

Reserves may bekept either onhand or on de-posit (1).

Cash in vaults orsafes of the asso-ciation, or bal-ances (2).



Banks approved by commissioner(D,(2),(4).

National banks or other banksorganized under general laws (1).

National or State banks approvedby the State examiner as reserveagents (2).




Remainder

Amount

1/3

May consist of—

United States Gov-ernment bonds (inthe case of Statebanks only) (1).


Banks and trust com-panies becomingmembers of the Fed-eral Reserve Systemare required to main-tain only the reserverequired to be keptby member banks(1).

Any bank or trustcompany that is amember of the Fed-eral Reserve Systemmay keep the re-serve required bythe Federal reserveact in lieu of Statelaw requirements (3).


Whenever the reserve of banksis below required amount noloans or discounts (except ofsight drafts) may be made;and, after 30 days' notice,receiver may be appointed (3).

Whenever the reserve of a bankis below the required amountit shall not increase its loans(except by discounting sightdrafts) nor make investmentsor pay dividends and if thebank fails to make good its re-serve within 30 days afternotice it shall be deemed in-solvent (4).

Remarks

Cash items are not considered aspart of reserve of any bank(1).

Mutual savings banks are alsorequired to semiannually setaside from the net profits 14per cent to 1 per cent of theirtotal deposits as a guarantyfund until it amounts to 10 percent of deposits (5).

Trust companies doing a bank-ing business are subject to theprovisions of the act with refer-ence to State banks (5).

Authorities

Wisconsin Stats.1927 and Bank-ing Laws of1925.

(1) Sec. 221.27.(2) Sec. 223.04.(3) Sec. 221.36.(4) Sec. 222.20.(5) Sec. 222.16.

Session Laws of1925, chap. 155and BankingLaws of 1925.

(1) Sec. 61.(2) Sees. 39 and

73.(3) Sees. 39 and

69.(4) Sec. 40.(5) Sec. 69.


806 FEDERAL RESERVE BULLETIN TNOVEMBER, 1928

RULINGS OF THE FEDERAL RESERVE BOARD

Eligibility of paper rediscounted for Federal inter-mediate credit banks as collateral security forFederal reserve notes.

The Federal Reserve Board has recently beenasked for a ruling on the question whetheragricultural paper rediscounted by a Federalreserve bank for a Federal intermediate creditbank under the provisions of section 13 (a) ofthe Federal reserve act may be used as collat-eral security for Federal reserve notes.

After considering this question the board hasreached the conclusion that notes, drafts, andbills of exchange rediscounted by a Federalreserve bank for a Federal intermediate creditbank under the provisions of section 13 (a)may lawfully be used as collateral security forFederal reserve notes. Section 13 (a) providesthat upon the indorsement of a member bank aFederal reserve bank may discount notes,drafts, and bills of exchange issued or drawn foran agricultural purpose or based upon livestock and having a maturity not exceedingnine months and makes such notes, drafts,and bills eligible as collateral security forFederal reserve notes. It is then provided thatFederal reserve banks may " rediscount such

notes, drafts, and bills for any Federal inter-mediate credit bank" (with a stated excep-tion). In the board's opinion it is the intentionof the statute that all notes, drafts, and billslawfully discounted by a Federal reserve bankunder the provisions of section 13 (a), whetherrediscounted for a member bank or for aFederal intermediate credit bank, may beused as collateral security for the issuance ofFederal reserve notes. Where the maturity ofsuch paper exceeds six months, it must, in orderto be used as security for Federal reservenotes, be secured by warehouse receipts orother such documents as required by thestatute.

In this connection it may be noted that theFederal Reserve Board is authorized to pre-scribe regulations and limitations governingthe rediscount of notes, drafts, and bills forFederal intermediate credit banks. This au-thority clearly is broad enough to permitthe board to regulate, limit, or prohibit theuse of such paper rediscounted for Federalintermediate credit banks as collateral securityfor Federal reserve notes, if at any time itsees fit to do so.



Changes in State Bank Membership

The following list shows the changes affecting Statebank membership during the month ended October 21,1928, on which date 1,231 State institutions were mem-bers of the system:

ADMISSIONS

District No. 2

The Merchants Bank, New York,N. Y

District No. 3

The Bank of Auburn, Auburn, Pa...

District No. 4

Union Trust Co., Newark, Ohio

District No. 11

Texas Bank & Trust Co., Browns-ville, Tex

Capital

$300,000

50,000

300,000

75,000

Surplus

$100,000

50,000

60,000

25,000

Total re-sources

$1,743,429

777,670

7,300,440

1, 307, 501

CHANGES

District No. 2

Guardian Trust Co. of New Jersey,Newark, N. J. (consolidated withBroad & Market National Bank &Trust Co., Newark, N. J.)

District No. 4

United Banking & Trust Co., Cleve-land, Ohio.. _

Lake Erie Trust Co., Cleveland,Ohio

(The above members have con-solidated under the title of theUnited Banking & Trust Co.)

City Deposit Bank, Pittsburgh, Pa.(title changed to City DepositBank & Trust Co.).

District No. 6

Southern Bank & Trust Co., Miami,Fla. (voluntary withdrawal) _.

District No. 8

Citizens Bank, Gillett, Ark. (volun-tary withdrawal)

Fidelity Bank & Trust Co., Mem-phis, Tenn. (absorbed by Manhat-tan Savings Bank & Trust Co.,Memphis, Tenn., nonmember)

District No. 9

Joliet State Bank, Joliet, Mont, (vol-untary withdrawal)

$5,000,00« $2,500,000 i$29,077,000

500,000

000,000

100,000

25,000

500,000

25,000

750,000

250,000

100,000

2,000

250,000

1,000

28,643,000

7,774,000

6,824,315

103,609

5,846, 241

274,620

Fiduciary Powers Granted to National Banks

During the month ended October 20, 1928, theFederal Reserve Board approved applications of thenational banks listed below for permission to exercise

one or more of the fiduciary powers named in section11 (k) of the Federal reserve act as amended, asfollows: (1) Trustee; (2) executor; (3) administrator;(4) regist ar of stocks and bonds; (5) guardian ofestates; (6) assignee; (7) receiver; (8) committee ofestates of lunatics; (9) in any other fiduciary capacityin which State banks, trust companies, or other corpo-rations which come into competition with nationalbanks are permitted to act under the laws of the Statein which the national bank is located.

Location

Ipswich, MassMedford, Mass.

Manasquan, N. JNewark, N. JAlexandria, VaBiloxi, MissWaterloo, Iowa.*.Green Bay, Wis

Manhattan, KansTulsa, Okla

Do

Seattle, WashTonopah, Nev _Chehalis, Wash

Dis-trictNo.

11

225677

101010

121212

Name of bank

First National Bank.First National Bank in

Medford.Manasquan National Bank-Port Newark National BankCitizens National BankFirst National Bank..Commercial National Bank_Kellogg Citizens National

Bank.First National BankProducers National Bank...First National Bank &

Trust Co.Pacific National Bank.Nevada First NationalFirst National Bank _._

Powersgranted

1 to 9.1, 2, 3, and

5.1 to 9.1 to 9.5 to 9.i5.i5 to 9.1Ito9.

Ito9.1 to 9.3, 5 to 9.1

1 to 9.9.11 to 9.

i Supplemental.

Changes in National Bank Membership

The Comptroller of the Currency reports the follow-ing increases and reductions in the number and capitalof national banks during the period from September22 to October 19, 1928, inclusive:

New charters issued..Restored to solvencyIncrease of capital approved *

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

LiquidationsReducing capital 2~ - - .

Total liquidations and reductions of capital __

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

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

Total consolidations

Aggregate increased capital for periodReduction of capital owing to liquidations, etc

Net increase . - _.._

Num-ber ofbanks

61

18

25

173

20

2

3

5

Amountof

capital

$325, OCO25, OCO

5,025,000

5, 375, 000

4,590,000337,500

4,927, 500

312,500

5,900,000

6,212,500

5,376, 0004, 927, 500

447,500

1 Includes three increases in capital aggregating $2,075,000 incident toconsolidations of State banks under act of Feb. 25, 1927.

2 Includes one reduction in capital of $37,500 incident to a consolida-tion under act of Nov. 7,1918.



DETAILED BANKING STATISTICS FOR THE UNITED STATESFEDERAL RESERVE BANES

BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT

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

Bills discounted:1927—September . . .

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

February,....Mareh . . .AprilMay

JulyAugustSeptemberOctober

Total deposits:1927—September


1028—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober

Memberbank reserve bal-ances:

1927—SeptemberOctoberNovember . __December

1028—JanuaryFebruaryMarchAprilMayJuneJulyAugust -SeptemberOctober _. _

Government deposits:i 1927—September


1028—JanuaryFebruaryMarchAprilMay . _ __June..July . .August .SeptemberOctober

All other deposits:1027— September

October . . . . .NovemberDecember

1028—January. . . . . . .February . . . . . . .MarchAprilMayJune.. . . . .JulyAugustSeptemberOctober

Total

422.2424.4415.2528.6465.3470.7513.2660 0835.5

1,018. 71,089.61,060. 81,064.3

974.9

2,350.92,380.92,430.0% 436.02,472.42.419. 52,411.72,450.22,438.82,394. 92,372. 62,330. 22,370.12,380.6

2,300. 52,326.02,373.02,399. 22,426.42,368.12,365.02,396.52,387.62,354. 52,323. 52,273. 92,314. 32,332.2

20.320.412.810.019.425.623.026.823.812.819.527.917.618.7

30.134.444.226.826.625.823.726.927.327.529.728.438.229.7

Boston

28.433.336.440.223.545.249.544.459.684.868.061.150.945.9

153.4157.2161.7156.8158.4154.1153.7159.0155.7150.6151.4149.6152.6155.0

151.0155.0157.4155.1155.9151.0151.2156.3153.6149.3149.9147.1149.6152.5

1.41.1. 9.8

1.02.02.02.11.6

.6

.71.61.61.7

1.01.13.4.0. 6

1.2. 5.6. 6. 7. 9. 9

1.4.7

NewYork

142.4126.9106.5171.1152.9119.3130.0210.9296.9376.1382.6321.33o2.3300.4

011.1921.3946.3959.1974.4942.7948.8972.8965.1942.1919.4889.8897.8902.9

888.7895.9922.5944.9957.9924.4931.6955.5946.8925.9902.4872. 0883.2889.7

4.25.42.92.22.66.85.95.25.34.13.76.94.23.3

18.220.020.012.113.011.511.312.113.112.113.410.810.49.9

Phila-delphia

38.238.438.147.944.453.149.252.760.480.293.899.1

106.593.7

140.9141.5142.3140.1143.8140.4140.7142.3140.8137.8137.2134.4137.9137.0

138.6139.4139.8138.7141.7138.5138.6139.3138.5136. 2134.7132.0134.9134.8

1.61.31.2.6

1.41.31.62.31.6

.81.31.41.31.2

.7

. 01.4.8.7. 6. 6.8. 8.9

1.11.01.71.0

Cleve-land

31843.746.858.651.050.8-57.060.868.489.3

100.880.177.875.5

190.5190.1192.8188.8192.0192.2189.5190.3191.8188.9190.1189.3195.8190.9

187.4187.4188.5186.3188.9188.1186.0186.7188.7185.9186.8185.8190.3187.8

1.3. 9. 9.7

1.42.21.91.71.6

.81.01.21.3.9

1.81.83.41.01.81.01.61.91.62.12.32.34.22.1

Federal Reserve Bank

Rich-mond

26.328.021.524.426.927.327.834.643.048.054.956.657.247.8

74.674.776.775.176.075.172.973.471.870.270.169.770.871.3

72.171.874.173.573.872.470.669.969.068.567.266.267.668.3

2.12.41.31.01.82.32.03.02.31.22.22.71.72.2

. 4

. 51.3.7. 5. 4.3. 5. 4.5. 7. 7

1.5.8

At-lanta

31.126.032.736.129.328.325.238.951.959.868.576.882.979.4

68.870.870.470.572.672.571.272.470.967.866.566.465.265.8

67.668.568.669.370.770.069.469.168.366.664.763.762.763.4

. 91.6. 8.7

1.51.91.52.72.0

.81.42.21.61.6

.3

.71.0.4. 3. 6. 3.6. 6.4.5. 6

1.0.8

Chicago

31.436.546.965.059.050.067.987.6

109.5136.1156.7159.4113.8134.1

344.0346.8345.7350.0355.8349.7349.7353.5358.2355.9355.4350.6357.0357.7

339.7343.0342.5347.2352.1345.8345.7348.1353.2352.0351.0344.8352.3353.3

2.41.7.9.8

1.92.32.23.02.81.11.82.71.21.4

1.82.02.32.01.81.71.82.42.32.82.73.13.53.0

St.Louis

28.021.518.119.316.624.026.133.139.052.955.158.865.049.8

81.684.787.987.987.687.584.584.384.181.681.680.883.683.5

80.182.585.386.386.185.082.882.582.380.379.778.580.180.5

1,01.2. 9.6

1.01.41.21.21.3

.71.11.2

.81.2

.51.11.71.0. 6

1.0. 5.6. 6. 7.8

1.02.81.7

Minne-apolis

4.42.72.63.03.74.03.3

10.110.68.5

12.218.517.818.1

52.655.657.856.465.154.655.353.953.154.053.352.655.057.0

51.054.056.355.253.353.153.952.451.652.952.050.753.055.1

1.31.0.7.6

1.31.21.01.01.1

.6

. 91.4. 8.9

. 3

. 6

.8

.6

. 4

. 3

.4

.5

. 4

. 5

.5

.51.21.0

KansasCity

10.715,718.115.212.711.410.518 822.922.423.922.724.031.3

90.200.594.293.394.395.094.494.192.891.893.794.897.595.7

88.988.891.091.392.192.492.491.990.690.391.792.492.892.5

. 9

. 9

.7,6

1.31.41.11.31.4

.61.21.4.7

1.1

. 4

.82.61.31.01.2. 9.S.9.9.8

1.04.02.1

Dallas

11.07 28.45.44.34.13.88.09.0

11.316.729.829.625.3

63.066.469.269.870.670.668.567.066.365.265.664.867.370.8

61.764.867.769.068.869.367.165.464.964.163.762.565.568.9

1.11.31.0.5

1.41.01.21.41.1

.71.52.01.21.6

.2

.3

.5

.3

.3

.2

. 2

. 3

. 3

. 3

. 4

. 4

.5

.3

SanFran-cisco

35.643.730.142.441.052.163.161.364.349.456.576.786.573.5

180.2181.1184.0188.1191.9185.0182.5187.3188.0189.0188.3187.4189.5193.1

173.8174.9179.3182.3185.2178.2175.8179.5180.3182.5179.9178.2182.4185.2

2.11.7.8.8

2 01.8l .«1.91.9

.92.73.21.11.6

4.34.54.84.04.75.05.25.95.95.65.76.06.16.3



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH


RESOURCES

Total gold reservesReserve other than gold. H

Total reservesNonreserve cash _ _ _

Bills discounted . " . .Bills bought:

Outright . .Under resale agreement._. _ -

Total bills bought . . . _United States securities:

Bought outrightUnder resale agreement

Total United States securities . . _.Other securities. _

Total bills and securities..Due from foreign banksReserve bank float! .

Total reserve bank credit outstanding _ _

Federal reserve notes of other reserve banksOther uncollected items not included in float.. .Bank premisesAll other resources _ _ _

Total resources

LIABILITIESFederal reserve notes:

Held by other Federal reserve banksOutside Federal reserve banks

Total notes in circulation _ . . .Deposits:

Member bank—reserve account . -. - .GovernmentForeign bank - .Other deposits _

Total deposits - . ___Deferred availabilitv itemsCapital paid in --Surplus . _ __ . . .All other liabilities ._

Total liabilities _

Contingent liability on bills purchased for foreign correspondents. __ __

1928

Sept . 29

2, 608,652130, 771

2, 739,42347, 265

1, 070, 759

223,47960,171

283, 650

213, 80728,837

242, 6444, 580

1, 601, 633571

38,437

1, 640, 641

18, 720614, 677

60, 3188,655

5,129, 699

18, 7201, 699,891

1, 718, 611

2, 334,19717, 6766,586

30,137

2, 388, 596614, 677145, 618233, 319

28,878

5,129, 699

265,411

Aug. 31

2, 600,049137,170

2, 737, 21949, 470

1,107, 512

160, 14331, 524

191, 667

208, 67710, 516

219,193990

1, 519, 362574

33,400

1, 553, 336

22, 999546, 315

60, 1408, 794

4,978, 273

22,9991, 663, 287

1, 686, 286

2, 293, 72921, 5969,927

17, 590

2,342, 842546,315144, 896233,319

24,615

4,978,273

278, 332

1927

Sept. 30

2,964, 273131, 225

3,095, 49842, 340

437,425

173, 61376, 223

249, 836

486, 64519,485

506,130820

1,194,211833

35, 729

1, 230, 773

18, 228605, 268

59, 60912, 975

5, 064, 691

18, 2281, 718,116

1, 736, 344

2, 292, 63227,417

5,10523, 574

2, 348,728605, 268131, 074228, 775

14, 502

5,064,691

188, 254

1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess, of deferred availability items.



FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER ANDSEPTEMBER, 1928



Total cash reserves

October

236,206835,532164,471278,50980, 05497,530

491,21580,53579, 20795, 27164,345

251,081

2,753,956

September

238,338831,378158,223287,13768,61897,720

507,75282,09976,322

105,35555,489

242,786

2,751,167

Total deposits

October

154,950902,865136,994190,87071,29665,829

357,72283,50056,99195,65070,798

193,129

2,380,594

September

152,642897,823137,855195,75770,83265,219

357,04583,62255,01097,46967,287

189,514

2,370,075

Federal reserve notesin circulation

October

151,843341,068130,390204,05269,556

129,345297,64960,31561,58963,74847,114

168,793

1,725,464

September

151,597349,566133,318202,99159,826

127,084290,03157,64755,92761,13039,568

172,552

1,701,237

Reserve percentages

October

77.067.261.570.556.850.075.056.066.859.854.669.4

67.1

September

78.366.658.372.052.550.878.5-58.168.866.451.967.0

67.6

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City..-DallasSan Francisco.

Total..

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY MONTHS

[Monthly averages of daily figures. In millions of dollars. Changes in monetary gold stock, money in circulation, and member bank reservebalances are based on figures appearing on pages 753 and 808]

Month

1927

FebruaryMarchAprilMayJune . --July

September..OctoberNovember .December

1928January » _ .February .March-. . .April. . - . . .May

JulyAugust ._ _ .SeptemberOctober

Reserve bank credit outstanding

Totalvolume l

1,1861,0431,0551,0871,0411,0811,1151,0931,1871,2541,3771,568

1,3891,2641,2951,4051,4721,5311,5311,4851,5811,622

Bills and securities held by Federal reserve banks

Total»

1,1381,0061,0241,0391,0001,0331,0261,0221,1391,2131,3311,513

1,3501,2371,2721,371

• 1 ,4421,4951,4881,4491,5341,584

Bills dis-counted for

memberbanks

481393425447473429454409422424415529

465471513661836

1,0191,0901,0611,064

975

Billsbought

343304253248233205190173216282336378

373360343358349244185178226368

UnitedStates

securities

310307345341291398381439501506579606

512406415351257232213210240237

Change as compared

Volumeof reserve

bankcredit out-standing

-263-143+12+32-46+40+34- 2 1+94+67

+123+191

179-125+32

+110+67+59

-46+96+41

Monetarygold stock

+46+49+19+7

+49-44-81+10

-18-76-74

-39—4

-38-48-80-88- 6+5+7+8

with preceding month

Money incirculation

-224- § 1+14+24—21-29+21- 3

+69+17+2

+112

-264-76+1

+20—7

-13+10

- 3+61+33

Memberbank

reservebalances

+25- 3 1+28+8

+14+39-12- 6

+17+26+47+26

+27-58- 3

+32- 9

- 3 3- 3 1- 5 0+40+18

* Includes total bills and securities, amounts due from foreign banks, and reserve bank float (see p. 809).»Including " other securities ".Back figures.—See annual report of Federal Reserve Board for 1927 (Table 1).



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS

RESOURCES


Gold with Federal reserveagents:

Oct. 3Oct. 10Oct. 17Oct. 24 _Oct. 31

Gold redemption fund withUnited States Treasury:

Oct. 3Oct. 1 0 . . .Oct. 17Oct. 24Oct. 31

Gold held exclusively againstFederal reserve notes:

Oct. 3Oct. 10Oct. 17 _Oct. 24Oct. 31

Gold settlement fund withFederal Reserve Board:

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 '.

Gold and gold certificates heldby banks:

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Total gold reserves:Oct. 3 -----Oct. 10. -Oct. 17Oct. 24Oct. 31 - -.

Reserves other than gold:Oet. 3 --.Oct. 10 —Oct. 17Oct. 24. . . -Oct. 31

Total reserves:Oct. 3Oct. 10 -Oct. 17Oct. 24Oct. 31 -

Nonreserve cash:Oct. 3 -Oct. 10 - -Oct. 17Oct. 24Oct. 31

Bills discounted:Secured by U. S. Govern-

ment obligatioms—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Other bills discounted—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Total

1,178,3121,198, 5681,207,4481,180, 3521,182,044

69,94769,43972, 28268, 55871,833

1, 248, 259'1,268,0071, 279, 7301, 248, 9101, 253,877

688,054

677, 753706, 947709, 223

680, 32:673, 726678, 629690, 373677,996

2. 616, 6352, 624, 7252, 636,1122, 646, 2302, 641,096

134, 766128, 213133, 275132, 064131,900

2, 751,4012,752, 9382, 769, 3872, 778, 2942,772,996

53,80150, 26656,19257, 48756,874

616,087609, 355569, 984553, 393562,096

409,831384,047365,826358, 534370,175

Federal Reser/e Bank

Boston

124,017122,216120,860123, 446121,047

7,8,6899,1896,0087,567

NewYork

175,040174,932174,932174,800174,703

16, 50015,11,18, 57616,95915,472

131, 660130,905!130, 049J129, 454128, 614!

68, 33452, 231i66,973;60,436156,400j

33,143'33,618134,167!35, 51435, 409

Phila-del-phia

82,12179, 66985,63282, 65484,763

7,9789,4915,7,4429,408

191, 5401190,047193, 508191, 759190,175

148,841162, 531177,895214, 795271, 502

435,723435, 501440,429448,447434, 008

Cleve-land

153,180152,601151,560153,363152, 210

5,1154,4306,0934,9494,778

233,137216, 754231,189j225,404220,423

13,74413,92514,69715, 07115,924

776,104

811,832855, 001895,685

22, 67221,05522,03822, 586!21,046

90,099 158,29589,160 157,03191,125 157,65390,096 158,31294,1711 156,988

34, 09928, 64246, 85750, 066

28,37928,65128,86727, 91428,119

73,30969,45157,48755, 63753, 672

44,73845, 75145, 38546,44445, "

152,577 276,342788,079 146,453 272,233811832 166849 260525

, , 3166,849 260,525168,076 260,393161,170 256,350

246, 881230, 679|245,886240, 4751236, 347 j

798,776809,134833,870877, 587916,731

6,1325,4076, 6477,331!7, 455|

24,12326,453!18, 859!17,86720,198

22,93430, 68016, 83415,13212,628

16,09715,403

17,07416,097

230, 767222,920193, 806155, 646191,345

123,231115,084104, 50391, 60770,116

7,5637,1887,r~7,3527,044

160,140153,641174, 538

14,00911, 23313,74711, 95912, 44r

290, 351283,466274,272

175,428 272,352168,214 268,792

1,!1,218]1, 310i945

1,054

78,66086,14668,86763, 64470,434

24,65120,22316,32914,82215,684

4,4752,5754,553*3,2334,106

39,17844,98741,00847,65946,871

29,79531,61532, 60929,36724,259

Rich-mond

!At-lanta

27,55531,36935,319,34, 29333,031

59,41964, 77066, 61762, 76259,189

2,400 5,1602,5052,5142,527

4,6344,7755,334

2,852i 4, 765

29,95533,87437, 83336, 820

31, 27728,15427, 57327, 57633,927

7,3007,5677,682

8,462

68, 53269, 59573,172, 58578, 272

8,555

8^4668,4068,326

77,08777,46381, 55480,991

3,8923,3353,7183,7184,178

16,29618,45117,37721, 88019,391

30,33629,18626,454•24,75625, 224

64, 57969,40471,39268,09663,954

11,32211, 24512,33711,88516,294

4,0624,0004,2874,4664,594

79, 96384, 64988,01684, 44784,842

13, 52613, 55913, 38713, 21312, 277

Chi-cago

254,136254,136254, 014253, 934253,824

5,6017,4636,3378,270

260, 834259, 737261,477260, 271262,094

156, 017177, 061155, 504142, 255102,972

61, 36159, 33158,85360,47862,091

478,212496,129475,834463, 004427,157

17,71117,05217, 38316,06216, 073

St.Louis

16,77429,46828,07622, 89621,324

5,9215,7016,5336,0825,144

22,69535,16934,60928, 97826,468

37, 73227,466

22^ 60622,437

9,5429,3888,5838,9828,873

69,96972, 02363,17760, 56657,778

15, 34'15,20014,89715, 50215, 544

93,489 495,923 85,31698,208 513,181 87,223101,403 493,2171 78,07497,680 479,066 76,06897,119 443, 230 73, 322

3,3303,5693,8504,1343,589

24, 62323,94022,31923,04820, 563

59,96553, 60653,37453, 82755,623

7,9687,8018,1488,2968,234

93, 55981,13092, 984101, 311100,182

29, 54128,32432, 82042, 20667,849

2,7193,1102,7'3,3553,201

25,81721,77727,30023,93224,278

31, 58723,46323,83122, 93123,115

Min-neapo-

lis

44,62145, 53345, 53344, 58644,586

KansasCity

49,16148,53147,72641,93040, 295

2,8403,6863,4354,1223,905

47,46149, 21948,96848,70848,491

27, 04325, 60321,42620,48125,712

5,5405, 0315,2295,5205,285

80,04479,85375,62374, 70979,488

1,9552,0871,8621,8542,127

81,99981,94077,48576, 56381,615

1,08

1,0871,1131,284

9,4009,11514,40013, 5067,058

5,6005,954

7,0556,585

3,7213,9282,3032,7053,975

52,88252, 45950,02944, 63544, 270

39, 34634,14827,85233,08926, 604

7,3266,7346,3926,150:6, 564|

Dallas

20,99125, 26324,92824, 37623, 701

2,1992,2832,2802,0972,123

23,19027, 54627, 20826, 47325,824

26, 01925, 54728, 91127, 66828, 005

9,8127,2817,1037,1237,030

99, 55493,341 j84,27383, 87477,438

5,2765,167 i5,053'5,482,5,966!

59,02160,37463,22261, 26460, 859

4,:5,0695,0645,6465,418

104,83098, 50889, 32689, 35683,404

1,8351,8291,7512,1022,131

9,3078,52013,38718, 03213, 722

14,69016, 60419, 29521,40024,35&

63,90965,44368, 28666, 91066, 277

•1,7921,9402,1672,5411,966

14,93014,68713,41914, 78312,731

11,3638,1608,543

10, 0579,743

SanFran-cisco

171,297170,080172, 251161, 312173, 371

3,7723,3763,6283,9963,574

175,069173,456175,879165, 308176,945

34, 71540, 91334, 95340, 45332, 818

33,39630, 87331,16531,14631,871

243,180245, 242242,484236, 907241, 634

9,5208,810

8,9319,713

252,700254,052251,476245, 838251,347

3,1703,1853,8473,6453,579

49,42751,22951,25852,08535,323

26,13821,14824, 84525, 374£4,993



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

EESOURCES—Continued[In thousands of dollars]

Total


BostonNewYork phia land

Rich- At-mond | lanta

Chi-cago

St.Louis

Min-neapo-

lisKansas

City DallasSan

Fran-cisco

Total bills discounted:Oct. 3 _Oct. 10Oct. 17.Oct. 24 _Oct. 31

Bills bought in open market:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

U. S. Government securities:Bonds—


Treasury notes—Oct. 3Oct. 10 . - .Oct. 17Oct. 24Oct. 31

Certificates of indebted-ness—

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 . -

1,025,918993,402935,810911,927932, 271

309,976331,768!379,409401,478*440, 376J

53,149I53,271!53,071I53,412!53,359j

90,36386,281124,339125,667121, 582

87,09287,1G053,95551,96852,158

47,05757,13335,69332,99932,826

26,98429,82134,46244, 23843,895

1,296702702

1,7131,2713,5883,8093,482

4,4274,5562,3512,4882,705

Total U. S. Government se-curities:

Oct. 3Oct. 10.Oct. 17Oct. 24Oct. 31.

Other securities:Oct. 3_Oct. 10Oct. 17__Oct. 24Oct. 31_ - . _..

230,604226,712231,365231,047227, 099

4, 5804, 5805, 2803, 730|3,730|

7,4366,5296,6416,999

Total bills and securities:Oct. 3__ — -Oct. 10.Oct. 17Oct. 24__Oct. 31__

Due from foreign banks:Oct. 3 _.Oct. 10_Oct. 17Oct. 24Oct. 31

Uncollected items:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Bank premises:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 _

All other resources:Oct. 3_Oct. 10 _Oct. 17Oct. 24 _Oct. 31

Total resources:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

1, 571, 0781, 556,4621, 551,8641,548,1821,603,476

574574574732'732

716, 985975,181734, 235694,479

60,31860,36860,49360, 51360,548

8,909|9,135

10,4738,4491

8,933;

81,47793,48376, 79684, 23683, 609

373733737

75,14365, 35195, 20870, 73168,499

3,8243,8243,8243,8243,824

156157168171166

5,226,4305,146, 7285,424,1645,187, 8925,198,038

413,650

428,566406,805399,937

353,9983d8,004298,309247,253261,461

99,902100,510131,402121,454138,196

3,4251,3841,3841,3841,384

11,87312,43127,59629,96629,044

36,41332,38120,26019,18216,899

103,311106,36980,19678,46686,118

16,44917,27718,47219,13120, 671

964585585585585

9,0028,58910,75011,00310, 693

11,34011,4619,3309,4849,794

51,71146,19649,24050, 53247,327

1,0501,0501,750200200

21,30620,63520,66521,07221, 072

3030!30i30;30|

68,97376,60273,61777,02671,130

28,03230,48932,12237, 647)41, 531!

27,009126,53129,03129,34728,986

6,1366,2663,7613,9563,752

46,632; 84,58847,637 77,54643,831 — -""46,63644,615

14,21115,96117,391

75,69376,87576,186

123,100109,454125,804143, 517168,031

15,78317,66718,496

19,112 21,553' 29,33620,998 25,614 31,619

21,29123,27128,024

34,33333,34533,34033,85133,286

506, 661485,760480, 701419,439447,184

218218218376376

217, 268184, 722279,696199,289192, 578

16,67516,67516,67516, 67516, 675

1,1071,1261,1631,2941,142

141,096144,311119, 363118, 699127,891

4747474747

71,02055,65176,00457, 62556,678

1,7521,7511,7521,7521,751

126227165153151

1,556,8021,513,0381,628,6891,531,7341,590,783

375,487356,846373,179354,649355,786

131,338140, 436139,079148, 524145,947

5252525252

70,929

90,78967,40561,229

6,8066,8066,806

1,1531,1531,1531,1521,152

594441

1,2421,4001,279

1,5291,574773872993

3,2763,1683,1683,4243,424

1,39897019

270

3,7553,6203,6263,8163,695

2,1682,1601,4661,2611,367

19,92719,92719,92719,92719,927

5,5123,0698,2478,6307,688

9,2565,5425,6636,710

57,40445,24051,13146, 86347,393

111,2384,5209,465

11,918

2,1257,1257,1257,1257,125

9,50010,34011,86812,05711, 837

3,0041,4761,5941,814

15,00015,06920,78920, 56113, 643

13,26514,42915,22416, 52219,018

4,7224,5194,5194,5194,519

I3,9253,7034,8624,9894,824

2,2142,2791,1201,1981,363

7,3216,7505,1115,3475,270

35,30632,25233,71634, 22034, 325

11,62520,46920,46920, 77620,776

10,86110,50110,50110, 70610,708

500500500500|500

23, 99725,12432,68239,432138, 078!

17,61319,96520,50222, 80624,908

8,3127,7558,5058,5058,505

2,4122,0225,0581,9021, ,02

4,9625,0763,0411,0751, 075|

26,29322,84721,962|24,840}22,474!

16,52618,58318,90120,36621, 732

7,9388,5638,5638,6538,663

3,5153,2034,8314,8244, 596

3,1094,0762,3432,5262,649

15,68614,85316,60411,48211,482

14,56215,84215,73716,00315,908

3,0003,0003,0003,0003,000

64,11966, 76664, 39069,17269,037

2525252525

56,02958, 53270,93459, 68055,471

3,5323,5383,6563,6613,698

541467424378

107,692101, 96399,300

179, 697164, 977187, 544

6,806

1,2881,300!1,3171,3461,335|

505,239 205,225 234,278498,320; 210,126 232,897516,8681 224,701 242,766499,718 217,625 237,339488,267 219,470 236,829

103,775 207,073107,070j 233,975

2121.2l|2121

25,07424,52333,60627,18124,473

2,8442,8522,8522,8672,867

1,8281,7611,7341,701l r "

93,76388,713117,71488,06282,834

8,7208,7208,7208,7208,720

1,0781,114708723707

69,04066, 94776,12077,10480,087

2121212121

36, 22735,84241,76634,00431,794

3,9103,9303,9313,9313,930

5452,339465448

39,62640, 49947,014

43,867

1414141414

17,16119, 58321,12816,91715,380

2,2022,2022,2022,2022,202

739846

1,058804

1,408

787, 218784,575816,120792,009777,769

197,616197,618204,999194,948192,803

142,826145,978149,988145, 902145,770

57, 29659,94269,78873, 720|74,468

1818181818

48, 23247,60152,19241, 82439,707

4,3084,3084,3084,3084,308

488408370367359

217,007212,614217,753211, 695204,395

60, 38160,27259, 60064,20963,114

1717171717

28,94530,78640,23130, 63828,844

1,9171,9341,9391,939If'"""

554558406419410

157,515160,950172,646166,673162,567

75, 56572,37776,10377, 45970, 316

39,90942,55739,89339, 84840, 276

70140414242

11,55311,06113,64013, 92413, 556

4,9275,0712,4922,6893,037

17,18116.17216.17316,63516, 635

132,655131,106132,169133, 942127, 227

3535353535

40, 55841,99655,91340, 87936,992

3,8283,828

621626621628654

433,567434, 828447,889428,795423,662



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

LIABILITIES


Federal reserve notes in cir-culation:

Oct. 3_.Oct. 10Oct. 17Oct. 24Oct. 31 _

Deposits:Member bank—reserve ac-

count—Oct. 3 . . .Oct. 10.Oct. 17Oct. 24Oct. 31

Government—Oct. 3Oct. 10 . . .Oct. 17Oct. 24Oct. 3 1 . .

Foreign bank—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Other deposits—Oct. 3Oct. 10Oct. 17.Oct. 24Oct. 31

Total deposits:Oct. 3.Oct. 10Oct. 17Oct. 24Oct. 31 . .

Deferred availability items:Oct. 3.Oct. 10Oct. 17Oct. 24Oct. 31

Capital paid in:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 _.

Surplus:Oct. 3.Oct. 10.. ._Oct. 17 .._Oct. 24Oct. 31

All other liabilities:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Total

1,703,6301,725,2121,717,0501, 710,4091,709,816

2,349, 5532, 313,1952,358,8742,321, ""2,370,988;

32, 5693,1946,210

25, 24020,498

5,9425,2666,945

6,099

25, 92624,10123,08520, 70921,437

2,413,9902, 345, 7562,395,1142,374, 4732,419, 022

700,191666,067900,479689,914655, 508

145,658145, 588145,677145, 926145,878

233, 319233, 319^33,319233,319233,319

29,64230,78632,52533,85134,495

Total naDilities:Oct. 3_Oct. 10_Oct. 17.Oct. 24Oct. 31_

5,226,4305,146,7285,424,1645,187,8925,198,038


Boston

151, 585152, 599151,036149, 238149, 712

155, 679151,899155, 589153,180151,171

2.864105212

4,5251.865

494494395395

635378227219213

NewYork

Phila-del-phia

Cleve-land

339,506' 128,012! 200,385342,420 131, 714| 206,452337,556; 128,238! 202,122332,304: 126,2181 205,175333,457i 128,123! 200,927

902,802 140,731 190,665878,495| 134,056! 188,557905,153) 135,879 187,223881,428 134,719 186,755944,109; 133,368 184,739

10,117!970!663!

4, 4501

2,307

1, 215!538|

3,16412,905|2,318

7,9927, 2188, 232!7, 557|

10,428;

2,771114135

1,091884

626626500500500

753446378221136

159,672'152,87'156,423158, 319153,644

72, 75963, 74891, 32869. 31666, 685

10.05610.05710,09210. 122; ,122

17,89317, 89317, 89317, 89317,893

1,6851,7651,7941,9171,8811

922,126887, 2211917, 212;896, 340!959,162j

173,495'161,678i250,989!179,811!174,705|

49,343'49,12849,14649,19149, 206

63,00763,00763,00763,00763,007

9,3259, 584

10, 77911, 08111,246

413,650398,938428, 566406,805399,937

144,881135, 242136,892136, 531134,888

64, 39351,42669, 52853, 29054,110

14,41914,57814,57814, 5714, 578

21,66221,66221, 66221, 66221,662

2,1202,2242,2812,3692,425

2,37085355

1,2391,""

685685548548548

2,3831,5271,3781,0861,145

Rich-mond

63, 52166,80969,31271, 50373, 481

68, 27567, 31469,13967,35170,026

99122134

2,6293,264

336336269269

960566452267379

At-lanta

Chi-cago

63,46363,87764,95664, 29665,125

1,655521703

2,6352,328

276277221221221

499423261241176

1,556,802 375,4871,513,038 356,8461,628,689. 373,1791,531,734| 354,6491,590, 783j 355,""

196,103190,854189,50418!). 628187, i

67,53459, 66983,81263, 27358,136

14,31714,31014,325)14,40214, 392

24,02124,02124,02124, 02124,021

2,8793,0143,0843,2193,271

19, 670

505,239498,320516,868499, 718488, 267

70, 516!73,938

52,09455, 008!65, 376i55, 51751,947

6,1026,102|6,102J6,102!6,102

12,32412,32412,32412, 32412,324

1,5141,5451,5931,6631,678

205,225210,126224, 701217,625

65,89365,09866,14167, 39367,850

22, 61222,43330,43123, 74922,953

5,2375,2305,2395,2395,239

9,9969,9969,996

1,8301,9131,9332,0402,107

234,278232,897242, 766237,339

219,470! 236,829!

128,710! 294,262128,227129,026128,922128, 684

296,901297.737297, 041

St.Louis

58,81359, 05860,66760, 71860,974

346,027348, 673351,050350, 756342, 218

4,779104;556i

1,680:2,431!

915;915;7321732!732j

1, 404|3,140;2, 534!2,531|2, 281"

Min-neapo-

lisKansas

City

81,99782, 92781,26779,12579,718

1,4161!22

1,4271,198

283283226226226

1,4771,0741,028

693721

353,125!352, 8321

354,872!355, 699!347,662

84,07479, 8341

108,314J82, 282!

76, 524!

18, 362;18,362!18, 36118,44918,447

32, 77832, T~'32, 778'32, 778!32,778i

4,6174,7414,8945,064|5,3171

60,13661,84862,19862,10361,768

54,90954,17656, 72155,89956,433

416391674917

1,048

178!178!142142142

873841649464404

63, 72363,99563,60363,269

93,27190,19892, 58692,47989, 544

83267630

1,3181,025

237237

44,60945,84147,35148, 58148,042

67,55469,38470, 62570, 56670,352

2,537482

1,929

SanFran-cisco

85, 22584,34582, 54381, 47181,863

36,37436,97544,47235, 36332, 588

5,3995,4125,4135,405

10, 39710,39710, 39710, 39710, 397

1,4081,4441,5081,5861,576

190|l!

2,9951,8841,248855

787,218! 197,616784,575 197,618816,120 204,999792,0091 194,948777,7691 192,803

56,37655, 586158,186|57, 42258, 027

15,03417, 22318, 27115, 01114,601

3,0143,0143,0143,0143,008

7,0397,0397, <"7,0397 r ~

1,227

l,'28O1,3131,327

142,826145,978

145, 902145,770

97,33592, 38694, 65494, 84291, 408

230230!184184184

16810416896!77

171,055170,493168, 648164,307164, 338

184,180183,639188,686185,284184,185

2,800117

1,6441,4002,172

467467374374374

5,7876,5006,5306,4794,828

70,350 193,23470,255; 190,72371,459! 197,23472, 775| 193,53771,50l | 191,559

42, 443!42, 224)44, 79638, 84135,315

4,2004,2004,200J4, 200!4,197

9,0469,0469, 046!9,04619,046|

94711,0351,062!1,1631,160!

29,00031,23li40,211131, 65329,316

4,3124,3124,312!4,3164,317

8,5278,5278,5278,5278,527

717784786821864

217,007 157,515212,6141 160,950217,753; 172,646211,695; 166,673204,395 162,567

40,37944,61852,95141,80838, 628

10,89710,89610,89610, 89910,865

16,62916,62916,62916, 62916,629

1,3731,4691,5311,6151,643

433,567434,828447, 889428,795423,662



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

LIABILITIES—Continued


Total


Boston

79.375.580.078.277.9

19,91319,91320,16519,42419,424

27, 26927, 25431,06133, 04533, 772

NewYork

63.365.866.571.470.9

76,99978,22665,93676,47464,994

116,148109,347119,398115,196100, 668

Phila-del-phia

58.757.665.866.864.0

25, 22425, 22425, 54224,60324,603

30,10925,75529, 39432, 43630,440

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neapo-

lisKansas

City DallasSan

Fran-cisco

MEMORANDA

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

Oct. 3Oct. 10__Oct. 17 -Oct. 24Oct. 31

Contingent liability on billspurchased for foreign corre-spondents:

Oct. 3 1Oct. 10_Oct. 17_._Oct. 24_Oct. 31

Own Federal reserve notesheld by Federal reservebanks:


66.867.6;67.3i68.0!67. 2j

267, 635268,863258,979262,421250,941

375, 039396, 502404,073387,572

1

73.271.370.069.069.2

28, 05726,41127, 70028, 55130,446

57.957.358.557.058.7

27,613 13, 54127, 613! 13, 54127,96226,934

,13, 71213, 20813, 208

16, 67415,93918,347115, 72915, 599

48.050.852.049.749.4

11.15111.15211,29210, 87710, 877

29,36830,88230, 69131, 29031, 214

76.679.175.7;73.368.7

36,90636,90637,37235,99835,998

59.260.854.553.551.3

11,41711,41711, 56111,13611,136

45, 701 12,01645, 547S 13, 46546,864; 12,26445, 006 13, 23345,475 j 12, 205

70.469.864.464.168.1

7,1697,1697, 25916,9926,992

65.463.156.356.453.9

9,5589,5589,6799,3239,323

7,792 8,0226,452 8,3657,462! 8, 2886, 810 10, 3637,145 10,063

55.656.457.555.155.4

9,2939,2939,4109,0649,064

8,3517,8918,0469,34510,448

66.470.3-68.768.770.6

18,85118,85119,08918,38818,388

57,18&57, 73156,98763,06960,097



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


Total


Boston NewYork

Phila-del-

phiaCleve-land

Rich-mond At-

lantaChi-cago

St.Louis

Min-neapo-

lisKansas

City DallasSan

Fran-cisco

Federal reserve notes receivedfrom comptroller:

Oct. 3Oct. 10Oct. 17 . . .Oct. 24Oct. 31 _

Federal reserve notes held by-Federal reserve agent:

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 _

Federal reserve notes issued toFederal reserve bank:

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 .._.

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

Gold and gold certificates—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Gold redemption fund—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Gold fund—Oct. 3Oct. 10Oct. 17 -Oct. 24Oct. 31

Eligible paper—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

"Total collateral:Oct. 3Oct. 10 _Oct. 17Oct. 24Oct. 31

2,864,0432,872,2922,883,0122, 912, 6322, 911,308

773, 720772,041769,460798,150813,920

2,090,3232,100,2512,113,5522,114,4822,097,388

344,06'346,568346,568346, 567346,567

98, 51092,75592,36092,470102,686

735, 735759, 245768,520741,315732, 791

1, 291, 6751, 270,6381,244, 2811,257, 7401,318,367

245,464243,663242,307242,893240,494

66,61063,81060, 21060, 61057,010

178,854179,853182,097182, 283183,484

35,30035,30035,30035, 30035, 300

15, 7113,91612, 56010,14617,747

73,00073,00073,00078,00068,000

74,02286,93470,13577,21876, 701

710,494707,607712, 794722,280720,905

254,840255,840255,840274, 780286,780

455, 654451,767456,954447, 500434,125

194,121193,669199, 632204,454208, 563

36,00036,20042,00045,80050,000

158,121157,469157,632158, 654158, 56T

153.407153,408153.408153,407153,407

16, 63316, 52416, 52416,393]16,296!

5,0005,0005,0005,0005,000

11,144

6,8558,87710,986

70,97770, 97"78, 77773, 77773,777

427,018! 110,870419,156 103,676394,219 74,"'"345,414 76,635375,669 86, 764

2,469,9872,469, 2062,451, 7292,438,0922,500,411

198,039209,150190,995200,664197,748

602,058594,088569,151520, 214550,372

263,672265,093262, 052271, 756268, 603

35, 23032, 23032,23038,03037, 230

228,442232,863229,822233, 726231, 37f

50,00050,00050,00050,00050,000

13,18012, 60111,56013, 36312,210

90,00090,00090, 00090,00090,000

95, 578103,096102,287112,486110, 759

103,094102, 907107, 578113,151113, 589

22,89920,15919, 91925, 91924, 509

80,19582,74:87,65987,23289,080

221,788221,359220,207220,972220,098

63, 71062, 25060,49060, 76060, 200

158,078159,109159,717160,212159,898

458,633458, 245461,935460,313462, 786

118,670116, 670118,170117, 570120, 270

339,963341,57,r

343,765342, 743342, 516

6,6906,6906,6906,6906,690

6,8655, 6794,6293,6037,341

i14,00019, OOOj24.00024.000119,000!

27,10027,10027,10027,10027,100

9,3197,6706,5175,1624,089

23,00030,00033, 00030,50028,000

57,386 100,04456,396! 95,16257,333| 94,13559,949 98,35660,462' 101,737

192, 991183, 345160, 274159, 289171,527

248,758255,697253,847265,849262,969

1,1361,1361,0142,9342,824

253,000253,000253, 000251,000251,000

144, 248132,548153,652172,651199,436

87,23989,49389,38190,88190, 589

16,410116,970!16,450!16, 930117,410

70,82972,523!72, 931 i73, 951173,179!

7,6007,6007,6007,6007,600

1,1741,8682,4762,2962,724

8,00020,00018, 00013,00011,000

57,30546, 38155,55656,29259,260

84,941 159,46387,765| 159,93292,652| 160,75294,242) 161,11893,493! 160,926

398, 384386, 684407,666426, 585453,260

74,07975,84983,63279,18880, 584

81,36785,59985,59984,65284,652

13,43917,29915,93915, 73915,739

67,92868,30069,66068,91368,913

14,16714,16714,16714,16714,167

2,4543, T3,3662,4192,419

28,00028,00028,00028,00028,000

25,92827, 28433, 78434,87830,451

101,638102,668102,463102,626105,992

30,58030,58030,18028,66032, 660

71,05872,08872,28373,96673,332

4,3013,6712,8664,0702,435

44,86044,86044,86037,86037,860

41,50144,98252,97662,00462,715

69,89275,36575,02974,47873,802

16,93221,63319,63216, 55215,312

52,96053,73255,39757,92658,490

14,80317,30317,30317,30317,303

3,1884,4604,1253,573V"3,0003,5003,5003,5002,000

42,73041,33940,83745,18144,161

70,54972,81779,31779,46475,037

90,66293, 513100,702103,934103, 010

63, 72166,60265,76569, 55767,862

326,641326,624324,035324,176321, 235

98,40098,40098,40096,80096,800

228,241228,224225,635227,376224,435

35,00035,00035,00035,00035,000

13,39913,17219,86819, 63419,217

121,908117,383106,678119,154

115,045113, 684114,725116, 676110, 252

286,342283,764286,976277,988283,623



MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BYFEDERAL RESERVE BANKS


Bills discounted:Oct. 3 .Oct. 10 __.Oct. 17Oct. 24.Oct. 31

Bills bought in open market:Oct. 3Oct. 10Oct. 17.. __ _._Oct. 24Oct. 3 1 . . - . _..

Certificates of indebtedness:Oct. 3 - . _ _Oct. 10Oct. 17Oct. 24Oct. 31

Municipal warrants:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31. -

Total

1,025,918993,402935,810911,927932, 271

309,976331,768379,409401, 478440,376

87, 09287,16053, 95551, 96852,158

3030303030

Within15 days

887,007860,385800,659770,689770,441

121,609114, 237132,637119,1)5131,511

5,3804,2754,1264,4614,830

i

16 to 30days

39,19335,78837,45738,51642, 312

30,88930, 57937,78139, 70352, 332

i

31 to 60days

55,40154,17456,49057, 78066,556

57,77773, 62696,808

123, 392139, 843

11, 05811, 59611, 229

61 to 90days

34,30831,35727,94229,25135,014

94,304107, 588105,813114,293111,296

37, 75932,805

26

3030303030

91 days to6 months

9,73211,41912,70515,05517,096

5,3975,7386,3704,9755,394

41,66548,74937,47934, (7334,029

Over 6months

277279557636852

2,2881,3311,2661,2382,070

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM SEPTEMBER 19 TO OCTOBER 17, 1928, INCLUSIVE



Boston. _.New YorkPhiladelphia-..ClevelandRichmondAtlantaChicago ._.St. LouisMinneapolis-..Kansas City. . .DallasSan Francisco..

Total 4 weeks ending—Oct. 17, 1928Sept. 19, 1928Oct. 19, 1927Sept. 21, 1927

Transfers for Govern-ment account

Debits

26, 20046,1006,0005,50010,00018,0003,0001, 5003,0005,00017,000

Credits

16,500

157,800193,00056,000

178,900

1,00081, 2002,4008, 5008,000

70026, 8007,7003,000

13,800

4,700

157,800193,00056,000

r

Transit clearing

Debits

899, 5243, 323, 556

771, 777827,169825,180327,153

1. 449, 739596,379204,040505, 659399, 248427,341

10, 556, 7659,164, 4419, 777, 5639, 281, 534

Credits

Federal reserve noteclearing

920,5563,344,861 I

786, 679797, 502830, 656351,166

1,393, 555577,961201,603477,434423,937450,855

10, 556, 7659,164, 4419, 777,5639, 281, 534

Debits

5,73210, 5776,7889,5112, 2622,9039,9732,4721,6022,4471,2213,018

58, 50657,02155, 59657,120

Credits

4,88116,9135,0454,1004,4452,6877,7653,7822,2932,3191,3322,944

58, 50657, 02155, 59657,120

Changes in ownershipof gold throughtransfers and clear-

Decrease Increase

5,019

32,078

34, 59210, 908

1,74619, 553

103, 896

62, 7419,559

5,6596,497

7,80011,640

103,896

Balance infund atclose ofperiod

66,973177,89546,85857,48727, 57212,337

155,50519,98521,42527,85228,91134, 953

677, 753720,345637,090614, 773



ALL MEMBER BANKS

BORROWINGS FROM FEDERAL RESERVE BANKS, BY STATES

[End of month figures. In thousands of dollars]

State

1927

j Septem-

United States .

New England:Maine.- iNew Hampshire IVermont jMassachusettsRhode Island |Connecticut. . . . |

Middle Atlantic:New York !

New JerseyPennsylvania...

East North Central:Ohio |Indiana IIllinoisMichigan..- JWisconsin !

West North Central: jMinnesota jIowa IMissouri. . . jNorth Dakota ;South DakotaNebraska iKansas . . .I

South Atlantic: IDelaware- _.jMaryland !

District of Columbia-!Virginia _ _ IWest Virginia !North Carolina.- . . . |South Carolina iGeorgia .\Florida \

East South Central: IKentucky jTennessee jAlabama.aaMississippi

st South Cepp

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtah

Pacifc:Washington..OregonCalifornia

437,425

2,394875783

25, 5201,7722,530

104,47225,25851, 733

21,4833, 54517, 63910, 6913, 944

1,4162,8881Q, 94"

830794

1, 6971,417

3175,1501,31511,26'3,2276,3771, 5295,4674,142

9,5756,8793,6703, 72f

4, 55C8,7364, 6954,767

779230

1,388200325

1,171

1,613492

46,218

October Novem-ber

411, 525

1,808730

1,12820, 388

7872,504

477,025

1,473636649

33,404552

3,096

83,170! 129,76922,2251 22,14046, 622 57,920

24,4033,57725, 26621,5824,132

1,0334, 5559, 913427570

5,1673, 639

7115, 5471,405n,28P2,4975, 2931,3234,7224,40^

9, 667a, 9142,8301,945

15, 8681, 686

2 3 , " "27, 6963,320

2,37.6,870

11, 831

31269.

9,1192,980

7837,098500

5,8771,6312,4291, 6716, £ 753, 502

6,9113,0965,3801, 563

2,3321 2,00111,156 21,5572,388 1, 245

10,323 6,436

79551104

1,93899

284952

2,254875

38,955

30351

1,28210

180198

1,78824^

38,490

Decem-ber

581, 503

909805558

24,314304

3,083

266, 68719,150104, 21r

15, 5353, llf14. 2CS27, 2316,658

7224,023

'319640

4, 7051,246

4745,498920

11,8945,3631,9981,42.*3,5822, 619

6, em2.8452,4111,239

21016, 620

68884!

211G148

1,018

190168

330393

3,978

1928

423,310

7521,112

53433, 751

1022,196

103,025|19,92359,006

Febru-ary

13,8531,3254,960

1,543958

45,210

492, 568

7181,305

69849,918

3963,260

69,06319,64283,277

March

598,681

2,01712,926!

1,60111,949

Apri l

834,22S 1,021,352

2, 746j992

44,3501,22511,809!

I128,001123,051180,029 j

33,392!4,825!

66,447123,152116, 557 j

2,6963,887

24,1685433811

4,429i1,052

5973,747

55013, 347

3, 5437,4493,4717,0411,345

8, 2761,9006,4123,456

1,6069,0142V2873,991

332412

2,527187198

1, 5662,203

48,191

1,0721,332

93436,340

5931, 759

262,28032, 78482, 553

28, 7795,491

63,39033, 59914, 781

12, 8143, 599

20, 75357,e

3915,9901,452

9799,54

24514.25:3,497

10,0434,358

20,6001,360

14, 69'4, 540

10.4124,103

2,52913,8893, 6569,802

126339103

3,407175184

2,163

3.5403,463

81,553

May

1,095,423 1,030,980 1,107,512

2,1232,3341,029

69, 2645,9185,203

328,12535, 636103, 524

42,0394, 36164, 28852, 69213,837

8,3714,01545,216

734421

4,9923,269

1,97711,2141,52015,3943,95110,1053,73923,1142, 643

14, 78*4.3788, 6325,464

2,07720,7035,0069,938

250405129

3,77377

1801,644

3,7203,077

66.068

June

2,6722,5841,711

62, 7034,2917,619

415, 56144,111143,416

43,7415,19174,32059,14715,555

5,6961,547

43,707688611

2,3291,969

3,0638,3233,T~19,7555,84"12, 5632,81214,191

985

13,9355,44411,0755,180

2,68015,6884,6468,192

23155496

1,305178187

1,278

2,4921,8869,873

July August

1,070,759

1,9011,3401,358

48, 7278,3106,713

273, 07152, 000

123, 920

50,4368,940

77, 243150,50112, 528!

11, 674J2,927

39, 3041, 050

5583,723

963

1,2835, 8943,770

20, 7035, 665

18,4075,101

22, 5233,353

15, 2427,349

13,8795,846

4,97321,7883,986

24,133

275664151

2,792176205

1,657

6,1041,890

55,984

Septem-ber

1,3091,6751,204

39,3147,3686,246

247,90449,245149,496

44,7389,99299,33542, 28117,025

17,5502,833

52, 7731,475547

2,5231,722

1,4318,1611,470|

22,8326, 22521,6144,49619, 3064,512

19,1759,14819,0196,814

7,55928,9004,61827,780

505658212

3,541242193

1,912

5,0791,948

83,607

1,3781,738937

34, 2708,9237,092

324,42051, 620135,274

39,4327,62849,00947,41817,161

12,3914,61834,464

972436

4,6444,026

1,2957,6521,32020,4614,05218,3104,06620, 2423,903

17,46014,60719,1366,815

7,78830,9724,24826,156

21S251222

2,766242170

2,0111,763

65,784



ALL MEMBER BANKS AND MEMBER BANKS IN SMALL CENTERSNET DEMAND AND TIME DEPOSITS, BY DISTRICTS AND BY STATES


Federal reservedistrict or State

All member banks

Net demand deposits

1928

Oct. 10 Sept. 12

1927

Oct. 26

Time deposits

1928

Oct. 10 Sept. 12

1927

Oct. 26

Member banks in centers having a population under 15,000

Net demand deposits

Oct. 10 Sept. 12

1927

Oct. 26

Time deposits

1928

Oct. 10 Sept. 12

1927

Oct. 26

United States

DISTRICT

Boston.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

STATEMaineNew HampshireVermont... ...MassachusettsRhode IslandConnecticutNew YorkNew JerseyPennsylvaniaOhio. _IndianaIllinoisMichiganWisconsinMinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansasDelawareMarylandDistrict of Colum-

bia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFloridaKentucky...Tennessee...AlabamaMississippiArkansasLouisiana.OklahomaTexasMontanaIdaho.._ _WyomingColoradoNew Mexico _Arizona... _UtahNevada _WashingtonOregonCalifornia

18,779,257

1,414,9236, 596,5971,153,9631,533,568591,569560,961

2,655,174

18,691,49218; 959, 750 13,461,881•13,367,77312,527,013

1,404,3246, 647, 7351,161,2371, 531, 2.54

574, 838550, 543

2, 659, 683721, 208 694, 656473,224 445,021905,489 892,360730,6761 691, r~"

1,441,905 1,437,848

39,40140,96520,436J

1,039,9671124, 710178,273

6,054,785619,032

1,647,043832,986218,763

1,603, 362569, 722228, 570277,074188,846582,13942,49642, 363128,014155, If"42,6:138, 463

80,976159,14883,160101,47341,856125,06890,854142,087130,258113,52137,43569, 727147,310250,957681,35671,83137,17124, 2601142,683]22,10429, 25651,35719, 736!

206, 490|125,841

*40,88541,18319, 459

•1,022,291*127,183*182, 530

6,098,861635, 561

1,630,641847, 222213,184

1, 591, 833598, 341229, 709

263, 782179, 391564, 29334,81641,168131, 523156.. 27341, 274139, 702

79,077151,92179,99897,11939,708122,84395,333134,879128,677107,631

1, 473, 4006, 795, 5001, 214, 5881, 524, 750638, 583606, 959

2, 574, 257735, 947465, 967864, 645

65, 715144,057241,267646,10764.59632,85821.597140,36521, 76329,42747,1318,894

203,848123,682998,014

1, 366, 215

52,46438, 94118, 493

1,076, 732134, 614180, 913

6, 260. 677616, 667

1, 706,451820, 663209, 346

1,601, 781508, 668223,117287, 280179, 949574, 94042,18538, 617115, 935139, 35237,069147,978

76,661168,89293,548116,07048,961135, 522111,213150,247127, 296124,92639,73871,895159,227251, 038651,552

62, 76536,53823,053142,32320, 70723, 50147,1588,742

187, 627119, 733947,985

973,9293,120,9211,092,9631,639,185600,446468,768

2, 264,062544,910471,498375,113215,395

1,694,691

100,46422, 75740,428554,099180.643106, 545

2,453,262762.644

1,482, 3201,048,844183,564

1,008,414858,223242, 251250,292185,054278, 20941,71131,93455,95160,422

15,628151,900

45,182173,83396,35489,38962, 246107,896101, 215123, 546118,95880,26533, 55750,14879,010

104, 772194,12861, 58022,57715,030100,9818,22416,06233,4918,024

138, 719103,324

1, 377,811

*980,0153,087, 9231,090, 6961, 635, 785595,133466. 857

2, 239, 522539, 876465, 640372,367210, 985

111,682,974

*99,73222,16339, 838

*557,472•185, 707*106,056

2, 424, 944757, 242

1, 481, 7471,045, 545

182, 501996, 849846, 596239, 925

246,059184,418277, 25341. 86531, 44054, 94760, 20215,341

149, 338

44, 799173, 77194, 609

61,634106, 768102, 032122,009118,31880,18733,82349,1778,112104,058189,58361,12121,81214,920100,461

15,80833,5817,925

137,672102,086

964, 2362,802,0921,029, 5431, 560,007

584, 913465, 342

2,066, 318522,076440,060341, 477185,366

1, 565, 583

117, 29320, 23537,124534,905184, 91897, 602

2,179,038716, 722

1, 390, 8641,006,067

168, 650872, 864811,363229,190244, 256181, 478269, 39740,63728, 69451,61156, 57013,852148, 400

42, 323169,83491,44086, 04464,520104, 581106, 201

116,943118, 02374,590134, 31048,42879, 72588, 951165,098

48,69520,88:14,45594,2316,46113,59030,3617,191

133,47297,219

1,267, 710

2,933,306

137,139366, 351229,423265,113159,509140,260328,926173,431201,614344,135335,717251,688

19,88623, 28018,05553,907

99123,692

241,158171,990289, 508119, 27160,798154,60581, 23147, 86160,49282,98342,05735, 54235,16948,44495, 0263,709

24, 755

2,839,788

135, 555368,826225, 434263,019148,468134,479328, 910165,124188,184332, 891305, 977242, 921

20, 74023,716,95852, 644

97823, 215

243, 471173, 950278,004122, 95159,891

154, 88285, 51947, 91259,13578, 87141,02929,03734,15748, 66294, 4323,749

23, 332

45,23037,06140,80915,58126,41930,06449,89428,59532,12223, 77935, 52919,314

121,902309,94342,07226,70624,26044,51016,9056,82811,0169,73650,34758,82091,454

2,888,058

135,310348,090222,013271,854171, 627158, 916314, 209175, 683193,403330, 700322, 579243, 674

20, 38522,10416,19054.3111,070

23, 965

228, 796164, 785283, 996122, 52761, 951147, 66773, 94944, 60061,280

3,363,466

178,925638,466466,967388,480256,275139,680460,161159, 111272,998166,23956,258179,906

66,32314,444

3,316,271

175,802629,432457, 655381, 655253, 492138, 645454,064156, 342271, 277165,39155,154177,362

39, 72535, 66632, 40740, 86185, 9563,65126, 021

44,69237

18,398441,859260,289611, 230132,55057,951170,933193,08796, 357

111, 86090,14327,74935,18029,52236, 39140,17510,65961,122

41,83535,21137,55214, 38624,54331,614

49,34227, 70429,47921,018

32, 26017,556114,318282,51036,05124,67421,59742,80616, 7406,4589,0968,894

49,17556, 70891, 034

43,01642, 26744,81920,00433,80537,471

53,11427, 74438, 62026, 04936,38419,267

125,929298,829'38,42026,25423, 05344,59115,5855,57610,3598,74246,05155,65593,705

78,97850,42145,91126,34924,94034,51748,49930,93328, 77219, 516j

23,32812,49539,40747,81730,75014,04315,03030, 2524,5214,07811, 5948,024

36,441

14,16837,45243,158

3518,110

436, 935254, 658600,028129, 71556, 510168,349190,08095, 307

111, 22989,90927.46735, 35729,04335, 63740, 48510.46859, 741

3,152,385

165,128579, 234432, 672371,170247,101132,389439, 542147,935257, 298157,46949,887172, 560

62,05412, 50735, 27241,489

716, 718403,711232, 692577, 280125, 66254,118161,140179, 88490,456

109,01491, 26926, 27734, 69626, 56734,02239, 5439,48457,178

71,879

78,74149,13046,29825,88924,84833,86547,76930,49628,58019, 94122,99412,32839,49546,68930,58913,48414,92030,0824,4613,99011,5957,925

36,37735,27970,776

74,33647,54845,39528,86024,41232,678

43, 25828,03026,36320,00822,15411,89037, 76041,234

26, 77113,33414,45527,6393,7764,03410, 7817,191

34,06034,35371,025

•Revised.

NOTE: For back figures and explanatory notes, especially as regards California, see Bulletin for December. 1927. pp. 828, 873. and 886-925



WEEKLY REPORTING MEMBER BANKSREPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Loans and investments—total:

Oct. 3Oct. 10_._Oct. 17-.Oct. 24Oct. 31__

Loans and discounts-total:

Oct. 3__Oct. 10Oct. 17.Oct. 24Oct. 31_

Secured by U. S. Gov-ernment obligations—

Oct. 3__Oct. 10Oct. 17Oct. 24__Oct. 31

Secured by stocks andbonds—

Oct. 3Oct. 10__Oct. 17._Oct. 24 ,Oct. 31

All other loans and dis-counts—

Oct. 3_Oct. 10Oct. 17__ ,Oct. 24Oct. 31._

Investments—total:Oct. 3__Oct. 10.Oct. 17._Oct. 24Oct. 31

United States Govern-ment securities—


Other bonds, stocks,and securities—


Keserve balances with Fed-eral reserve bank:

Oct. 3Oct. 10Oct. 17Oct. 24 __..Oct. 31

Cash in vault:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Net demand deposits:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Time deposits:Oct. 3Oct. 10..Oct. 17Oct. 24Oct. 31

Total

22,337,38122,261,92222,410, 50922,378,70122,499, 270

15, 939, 90515,909,47915,946,21315,944,84916,066,870

119,660108,103110,449113,149114, 221

6,639,4616,593,1916,640,0176,663, 7276,737,993

9,180,7849,208,1859,195,7479,167,9739,214,656

6,397,4766,352,4436,464,2966,433,8526,432,400

2,992,0592,979,4113,081,1373,059, 4163,031,956

3,405,417!3,373,0323,383,159:3,374,436|3,400,444

1,715,0431,688,5131,724,506!1,696,4101,745,087

249,547268,305'249,179253,528:250,070

13,219,78113,197,42113,291,02613,203,72013, 364, 2611

6,896,657:6,906,0756,921,3806,918,320


Boston

521,144 8,475,239 1,507,777 8,411,924 1524,764 8,470,9551521,857 8,459,537,078 8, 527,

13,00312,56411,40911, 74411,857

NewYork

., 244, 524 2, 201,727

., 239,780J2,198,208, 236,457 2,203, 699

627 1, 227,23512,195, 798578 1, 236, 503 {2, 206,973

1, 079,237 6,162,1531,072,899 6 ,114.""1,090,165 6,115', 6251, *"" "1.

4,163. . . 5,625, 091, 570 6,117,100, 111, 695 6,168,498

44,33637,18739,96538,74138,769

384,6812,910,684387,809 2,843,518399,204 2,894,379410,496 2,905,173424,053 2,950,914

681,553 3,207,133672,526 3,233,458679,5523,181,281669,330 3,173,186675, 785 3,178,815

441,907 2,313,086434,878 2,297,761434,599 2,355,330430, 287 2,342, 527425,383 2,359,080

168,420 1,161,7841,161,9021, 210,467% 201,345., 196,019

163,910 1167,601162, 0111157, ~~~', 083 I

273,4871270,968 I]

1,151, 302L, 135,8591,144,863

268; 276 1,141,182268,300 1,163,061

103,296101,874102,679102,090102, 226

19,51420,55219,95319, 67019, 523

480,366 1,477,477,474,472,298 1,

, 114 1,', 2411>., 442 1,

780,993760,027785,946762,491821,257

66,58778,30465,33166,81865,991

935,274 5,695,273922,150 5,669,749944,676 5,691,015939,084 5,690, 777950,819 5,826,481

.,719,334, 727,690:, 754,232., 760,345,758,856

Phila-delphia

Cleve-land

847,845,202 1

', 772 1,1,477, 9141,477,580

840J 6621,468,0721835,635 1,467, 545846,319 1,479,147

6,5416,4015,7606,5257,736

444,390446,432444,378439,869445, 67f

396,841392,369390,524389,241392, 907

396,752394,578395,795391,600390,184

119,341117, 911119,226116,106115,488

277,411276,667276,569275,494274, 696

80,60478,45278,44678, 72777,006

13,87515,86514,58314,86314,117

723,198 1,715,724,718,495 1,721, — ''., 670 1

296,819291,375

295,911295,014

Rich-mond

12,81812, 57512,30512, 08512,064

648,166646, 921637,841640,177644, 776

816,930818,084817,926815, 283822,307

723,813720,628735,627728, 253727,826

330,695330,348341,936340, 211340, 907

393,118390, 280393,691388,042

131,870131,497128,450129, 238129,976

29,60030,86531, 27831,61929,498

i, 063,4791,056,685L. 058,7491,038,949L, 047,910

962,187956, 523955,588953,538962,569

677,687674,331678,317678, 969677,900

521,176517,947520,703522, 732521,413

2,6212,5532,5652,5922,554

182,773179, 626180,058184,123183,436

335, 782335,768338,080336,017335, 423

156,511156,384157,614156, 237156,487

71,79270,89273,19272,17371,914

84, 71985,49284,42284,06484,573

39, 74040,83241,10339,88941, r-

14,78912,75912,27612,31112,020

363, 915359,350367,082360,166360,441

246,352247,445245,684245,928244, 746

Atlanta

901 3,303, 673" " 1,301,102

',332,206i, 338,152!, 349,198

638,833 3,650,644,643,

), 274 3,{, 938 3,i, 634 3,

503,835 2,435,660503,154 2,443,724509,118 2,461, " "507, 690 2, 467,

,430r,952

508, 222 2,477, 252

2,8922,7732,7253,5653,586

', 9811137,140,265 1,

:, 060,891L, 061,127

140,4651,059,720138,162 1,068,051132,159 1,074,412

362,9621360,116 1365, 928 1

,353,567,364,758,382,063

365,963.1,377,794372,477 1, 381, 386

136,066135,679141,156137, 248135,412

63,92963, 75868,92864,32059, 680

72,13771,92172,22872,92875, 732

38,23439,14139, 34439,10640,163

10, 22310,81210,57610,17710, 693

309,437 1,317,020 1,318,387 1|310,8011311,705 1,

', 163 1,237,234,234,235,935 1

:, 230 1,:, 100 1,

Chicago

21,20217,83919,64722,10721,454

868,013857,378870,776870,200871,946

366,871362, 708372,456371,184368, 205

501,142494,670498,320499,016503,741

256,046257,255259, 755261, 342253,470

40,27341,80139,87340,63342,149

L, 868,450L, 871, 772L, 894,696L, 884, 056., 856, 520

, 263,237., 269,674, 262,860, 259,187

235; 309 1, 265,929

St.Louis

728,463722,483724,215715,812719, 551

523,264517, 991518,375511,236516, 513

3,2973,4433,3223,3773,933

215,945210,604211,164209.606209,865

304,022

303,889298,253302,715

205,199204,4921205,840204, 576203,038

76,036

Minne-apolis

78,18277, 34477,003

129,163128,799127,658127, 232126,035

46,17248,03546,82545, 55745, 361

7,3187,1747,3887,3597,853

386,974397,658392,322383,413388,007

241,088240,915240,296240,053240,813

382,010390, 773394,992397,109400,020

249,357257, 622262,118262,999267, 792

2,4952,4602,4862,5702,560

74,33778,06680,50583,35184,252

172, 525177,096179,127177,078180,980

132,653133,151132,874134,110132, 228

73,42273,49573,04374, 25272,952

59,23159,65659,83159,85859, 276

26,31525, 45627,81127, 34927,622

5,8866,1466,1666,1376,072

227, 700234,238235,023232,694244,656

130,726133,967134,284134,606134,894

KansasCity

678,322684,530685,144685,107686,411

DallasSan

Fran-cisco

475,193 2,009,498476, 219 2,015,962482,04712,027,439-483,242 2,030,855484,169 2,030, 255

,6811438,198 351,444,105 353,440,989 356,439,932 360,8351442,975 363,4781

3,2033,1503,2643,1923,230

118,730121,488117,617113,950113,637

316,265319,467320,108322, 790326,108

240,124240,425244,155245,175243,436

117.419118.420121,832121, 991121,290

122, 705122,005122,323123,184122,146

57,86754,43356,54256, 61054,165

11,14711,95511,17412,06311,271

508, 769506, 505499,396498,387503,620

179,103179,307180,728179, 741182,448

1,31311,991 li

2,3632,2632,2672,2472,369

85,75492,74790,32687,99188,465

263, 564258,303264,398270, 597272, 644

123,512122,906125,056122,407120,691

81,70082,85186,60784,92582,964

41,81240,05538,44937, 48237, 727

33,80435,34537,31035, 51834,755

8,8639,4468,9289,953

304,178311,435314,163313,407312,893

130,750 1131, ""' "'129,130,130,

., 494 11,677 1>, 052 1,L 6411.

,349,658.,361,779., 361,965'., 359, 623., 363,566

4,88&4,8954,7344,4044,109

375,129

384,36a382, 778

969,640972,296972,871972,441973,109

659,840'654,183665,474671, 232

360,650357,52a367,667373,554368,451

299,190296,660297,807 .297,678

120,102;116,166120,295118,493118,028

21,47222,62621,65a21,92521,803

833,134835,150851,007833,491839,530

,009,532., 016,341,013,080,008,582,016,159-



REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued


Total


IBoston New

YorkPhila-

delphia

• 4,8143,189

14,77911,03810,486

66,95358,35161,32457, 06363,122

190,749170,717174,429162, 790168,922

75,47277,87853, 56350,31056,541

58,98465,46445, 07443,36449,830

16,48812, 4148,4896,9466, 711

4747474747

Cleve-land

8,0775,299

16,45412,11211,513

99,94794,732

107,23096,36794,402

253,471239,927233,574222,292216,199

56,11963,11561,26263,10656, 283

31,55435,88533,90638, 55737,453

24,56527,23027,35624, 54918,830

7070707070

Rich-mond

2,5032.2757,1435,3805,055

55, 86853, 69955,35151,37852,816

108,336107,602113,164103, 854105,783

21,87722,49020,66624, 29522, 794

8, 0158, 9058,794

14, 05611,716

13, 86213,58511,87210, 23911, 078

6464646464

Atlanta

7,0014,301

16,13912,06811,451

81,48180,44484,37879, 21775,660

104,763107,226111,034105,491105,274

53,48447,54148,44848, 29647,229

15,75415,04214,50314, 60012, 548

37, 73032,49933,94533, 69634, 681

3131313131

Chicago

9,8686,348

17,34312,93412, 294

250, 747232,593258,092231,810237, 521

530,179506,164492, 725465,112467, 242

102,30889,154

105,230121, 565143,166

80,45768, 78279,93587,11584,136

21,85120,37225,29534,45059,030

9292929292

St.Louis

Minne-apolis

KansasCity Dallas

SanFran-cisco

Government deposits:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Due from banks:Oct.3Oct. 10Oct. 17Oct. 24Oct. 31

Due to banks:Oct.3Oct. 10 _..Oct. 17Oct. 24 _ _.Oct. 31

Borrowings from Federalreserve bank—total:

Oct.3Oct. 10Oct. 17Oct. 24 _Oct. 31 _..

Secured by U. S. Gov-ernment obligations—

Oct.3Oct. 10Oct. 17Oct. 24 _..Oct. 31

All other—Oct.3Oct. 10Oct. 17Oct. 24Oct. 31

Number of r e p o r t i n gbanks:Oct.3Oct. 10Oct. 17Oct. 24Oct. 31

98,58364,934190,431141, 523134,733

1,203,5951,145,3591,239,5431,135,913!1,161,121

3,406,2613,263,3823,383,9583,169,9293,309,540

800, 525770,121720,010688,174702, 518

509,501499,833466,995445,175463,077

291,024270,288253,015242,999239,441

632632632632632

9,9716,54615,00610,65410,465

50,58544,77357,40248,90357,11

28,34618,73161,39245,83943,541

138,374125,087147,583140,347141,543

154,623 1,249, 700144,6781,177,775147,077 1,310,931139,157 1,215, 583145,80211,330,462

29,69139,54919,34316,f18,186

15,09517,19510,225]9, 235!

11,23,r!

14,59622,354

9,118!7,76l!6,9511

291,962254,394202, 731213, 749

202,537195, 910166,420130, 070163,791

104,04696,05287,97472,66149,958

3636;363636i

3,4222,1075,2343,9073,713

52,62652,28655,50953,062

1,010662

1,104823787

55,95361,25458,57251,928

53,255 58,271

133, 814128,945131,323122, 021125,140

39,32628,61533,25630, 75434,893

17,77313,51118,86415, 73720,155

21,55315,10414,39215, 01714, 738

102,01(103,505102,00395,84398, 773

10,09910,96516,23715, 7408,725

5,9806,00010,9409,8153,240

4,1194,96515,2975, 9255,485

1,9051,2544,3643,2623,097

133, 234129,029127,062118,474116, 526

235,244228,473221,641210, 531210, 600

14,32713,19819,42023,28020,114

7,7856,41710,86115,12710, 621

6,5426,7818,5598,1539,493

6,2174,08313, 92110,3979,875

67,39665,97869,19565, 50365,146

125, 056126,878129,859128,321127,005

21,02317,51216,98619,41116, 797

13, 88013,23811,688|11,763 i9,363|

7,1434,2745,2987,6487,434

15,44910,13917,55213,10912,456

150,431147,133157,845141,861145, 691

218,307221,492216,198198, 934208, 338

70,21668,14271, 20571, 69064,041

51,68753,48455, 78555, 736

18, 52914, 65815, 42015,95415,052

5454545454



REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIESPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Loans and investments:Oct3OctlOOct. 17Oct. 24Oct. 31

Loans:Oct,3Oct. 10Oct. 17 _Oct. 24Oct. 31 ____

On securities—Oct. 3Oct. 10Oct. 17Oct. 24Oct. 3 1 . . .

All other—Oct. 3Oct. 10 . . .Oct. 17..Oct. 24Oct. 31

Investments:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Reserve with F. R. bank:Oct. 3 - . .Oct. 10 -Oct. 17Oct. 24Oct. 31 - .

Cash in vault:Oct. 3Oct. 10Oct. 17.Oct. 24.Oct. 31

Net demand deposits:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31 -

Time deposits:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Government deposits:Oct. 3Oct. 10 __Oct. 17 -Oct. 24Oct. 31

Due from banks:Oct. 3Oct. 10Oct. 17 _Oct. 24Oct. 31

Due to banks:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Borrowings from F. R. banks:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Number of reporting banks:Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

14,135, 63414,050,48414,144, 97314,143, 53814,247,780 1

10,485,22710,438,19710, 455, 70910, 473,07210, 570, 565

4, 679,8054,616,9574, 672, 3674, 709, 7754, 779, 984

5,805,4225,821,2405,783,3425, 763, 2975, 790, 581

3,650,4073,612,28'3, 689, 2643, 670,4663, 677, 215

1,221,3821, ISO, 03'1, 225, 8951, 201,8691, 251, 770

113,132127,613112,938116,116116,448

9,063,7289,026,1339,072,7729,086,6959, 241,886

3,474,1043,482,6833,507,1943,494,6193, 504, 579

73,16047,819134,937100,13195,402

568,464531,053586,865539,090560,408

2,375,8242,254,3102,375, 7772, 219,9662, 360, 05'

514,461486,312436,515386,370393,965

206206206206206

City

!, 400 7,022,015,337025,977 7,027, 528 7, 248^ 689 1,05l| 354043,201 7,310,395 1,055, 752

811,793810,067821,"'827,180 5,327,847, 509 5, 373,337

5,370,4055,320,6361,318,319

" 7 7 1 0

272,216 2274,003 2,47i283, 382 2297, 294 2, HI,

2,547,307~ 75,661

, 525, 517""1,525

314, 734 2, 581, 400

2, 823, 098"1,844,975

539, 577536, '"537, 914 2, 792,802529, 886 2,786,185532,775

6071,2701

3481,

210,205,204, 681200, ~ ~195, 692

80,25477,86279, 48179,8180,489

8,5598,8998,6888,5388,695

!, 679 1,253,251,700252,133 1249,247, 252

9,0005,907

13, 2709,4199,238

34, 74632,15042, 21336,00544,070

134,674 1,137,130,148 1137,465"

15,18525,9449,0158,515

NewYork

, 258,636 1,195,791, 249,8811

., 063,8741,060,3671,058,014

2, 791,937

, 888, 231,875,1551, 931, 562:, 920, 9791, 937,058

719,408697,417723,312700, 779758, 505

52,28061,98150,82252,65453,161

702,925 5,122, 717689,816 5,104, 573707,613704, %716, 552

5,121,542\ 138,3115, 273,188

., 183, 7921,192,630", 219, 015,219,2411,216,949

26, 51117,39257, 79243,15440,991

97,88088,274108,240102,939103,192

Phila-delphia land

144,530 1,184,8271,116,2241,246,1841,156,5361, 272,192

255,989236,319201,323156,535160, 388

454545j4545:

734,114732,736729,085725, 788731, 514

383,025385, 751384,042377, 590384, 852

351,081346, 985345, 043348,198346, 662

329, 760327,631328,929325, 566324, 238

72, 76170,38970,48070, "69, 760

11,42813,06411,89612, 30611, 553

633,023

Cleve-

636,115631,658634, 504

234, 708229,994233,284235,017234, 258

4,6503,043

14, 29110,67510,140'

61,79953.86555,92952, 89758, 200

182,821164,104167, 709156, 705162, 629

68.86669,33244,57441,41148, 867

3535353535

804,708804,04"801,055801,655807,306

628,051629,746625,407625, 971631,470

227,349229,490223,678226, 518225,424

400, 702400,256401, 729399,453406,046

176,65'174,301175, 648175, 684175,836

45,23043,53"43, 22741,90043,129

9,0029,4779,2829,6549, 247

287,105285,274282,593283,556292,187

502,357498,928497,875495,923499,398

2,7771,8233,4882,4522,330

25,808J24, 207125,16423, 05523,941

68, 79962,47464,88860,17358, 884

11, 66514,60715,97411,1546,434

Rich-mond

109,209105,919106, 756111, 448110,600

85, 71586,46691, 36"90, 375

25, 99424,43423, 837

27, 204

62, 87£61,28162, 62963,02463,171

20,34020,20420, 29020, 08120, 225

7,1567,2667,3966,3167,029

848845787848891

58, 22157, 68157,848!60,105!60, 246

33, 54533, 51933,41633, 70633, 601

40526'

1,036774|735|

5,6665,9437,04216,1356,693

24,252125,27126,96925,04424,465 j

4,7994,8124,8124,1633,906

94,508 2,055,1583 2,047,152

, 547 2,064,100, 318 2,071, 549

98, 789 2,083,934

68,040170,71,473 1, 597,72,296 1 " " '

591,981592,363

',710606,361

72,109 1,616, 841

22, 83724,64024, 01824,11323, 384

45,20345, 55347,45548,18348, 725

26,46826, 67528, 07427, 02226, 680

6,3836,2816,9917,15"7,105

1,0541,0411,0531,0561,160

36,41536,40036.34936,80337, 013

1,8521,2315,5334,1403,927

13,92913,44212,30112, 71412, 706

13,16513,90714,70515.35015,230

3,95'4,9172,4903,2133,407

Chicago

804,378799, 576798, 597808,165813,522

787, 603792,787799,11:798,196803, 319

463, T454, 789466, 390465,188467,093

178, 586178,109181,143182, 771176,209

16,37017,65916,41916,83717,083

52,088 1,53, 714 1.55,1611,262,06154,085 1,276, 00053,371

444,432439,162440, 370434,976438, 775

323,552319,345319,431314, 367319,201

151,394147,475149, 551148, 526149, 059172,158171,870169,880165,841170,142

120,880119, 817120, 939120,609119, 574

30,13430, 69430, 50429, 70429, 323

3,1103,1703,2313,2643, 680

,268,713 255,237262,109 262,126o«o nr.i I 263,337

1, 258,857

680,183684,992676,455670,306675,139

6,5634,248

11,261

7,987

164,149153,441173,371155,510160,333

379,225362, 327352,170333,303335, 774

47,40940,31757,87866, 59179,495

4343j43 j4343

Min-neap-olis

254,446257, 079

134, 710134, 941134, 583134,490134,563

2,1, 5924,8353,6093,429

28,02927,262|25,880!25,93726,771

80,42478,16078,71773,73974,803

17,8118,8739,6557,8029,207

1111111111

186, 814193,225194, 853194,405192,869

119, 359125,247127,158125,894126,141

31,88033, 21333, 73834, 075!31, 696

87,47992,03493,42091, 81994,445

67,45567,97867, 69568, 51166, 728

13, 69312,45915,14814, 73713,049

1,9491,9791,8641,9121, r-

Kan-sasCity

186,312189,275189, 250186,051187, 930

117,692119,803119, 359116, 235118, 564

32,00532,94933,10331,11233,041

85,68786, 85486, 25685,12385, 523

69,47269,89169,81669, 366

17,28117,18016, 71017, 22315,849

2,1562,3442,1212,3462,214

115,340[ 164,803120,962! 166,155120,265 161,726118,779 159,665121,406 161,764

57,820:57, 93358,05358,07358,110

751492825|615584!

26,333!26, 73324,96019,42022, 664

62,09663,012!60, 58156,47558, 981

6,8396,61911,57910, 7333,801

5

I55

142,036141, 898144,350146, 296146,959

104,368104,83"107, 845110,849111, 150

20,11823,75523,93323,88423, 783

19,40219,17820,46120,64023, 675

962632

2,2501,68111,598

36, 02135,06532, 57732, 38228,142

93,16189,43684,82979,19580,916

6,4186,2147,6758,6327,532

1313131313

ncisoo

767,547761,443770, 820770, 269771, 270

527,003527,509532,160529,054532,354

161,302166,010168,971168, 630171,885

84,250 365,70181,082 361,49983, 91286,96587,367

37, 66837,06136, 50535,44735,809

10,12611,4498,9499, 503

1,1921,3951,5131,5561,480

86,55790,38189,55489,90989,409

363,189360,424360,469

240,544233,934238, 660241, 215238, 916

41, 89438,71740,05441, 62741,820

5,1845,7595,2625,1455,625

316,999304,894314,957315,940323, 323

30,445 307,04830,440; 312,02828,898[ 316,67228,691! 312,30628,882 315,739

4,:2,8549,3486,9826,632

20,21020, 72922,72620,48318,907

37,58739,26438,87739,60137,910

7,457

6,4457,7557,612

77777

12,7058,33811,0088,2227,811

53,89449,94256,46251,61354,789

104,937105,457102,98793,697100,808

61,69265,09559,86654,421



LAND BANKS AND INTERMEDIATE CREDIT BANKSLOANS OP FEDERAL AND JOINT-STOCK LAND BANKS


Date

1927Jan. 31 ,Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30.Dec. 31

1028Jan. 31Feb. 29Mar. 31Apr. 30.May 31June 30.July 31Aug,31Sept. 30

Net amount of loans outstanding

Total

1,724,8211,745,4041,765,3651, 732,3951, 741,2751,738,1651,742,5751,749,3931,752,6651,757,1851,758,8341,765,121

1,767,5151,778,3381,786,8621,791,3411,793,0351,794,2361,793,6101, 796,5911, 797, 796

Federalland banks(12 banks)

Joint-stockland banks *

1,085,1701,097,6421,109,3541,117,9141,124,0551,130,6481,134,8961,139,5021,143,1301,147,1351,150,9431,155,644

1,158,7171,168,3541,175,8581,180,4201,183, 6721,184,6561,185, 7141,187,3651,189,345

639,651647,762656,011614,481617,220607,517607,679609,891609,535610,050607,891609,477

608,708609,984611,004610,921609,363609,580607,896609,226608,451

1 Arrangements have been made for continuing these two tables.2 Number of banks, 1927: January-March, 55; April-May, 54; June-

August, 53; September-November, 52; December, 51. 1928: January-April, 51; May to date, 50.

BANK DEBITSDEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL

RESERVE DISTRICTS


New York CityOutside New York City.

Federal reserve district:Boston-New YorkPhiladelphiaClevelandRichmondAtlanta-. . .ChicagoSt. Louis....MinneapolisKansas CityDallas...San Francisco

Total

Num-ber of

centers

1140

117

10137

152159

151018

141

Septem-ber, 1928

38, 725,29024,450,348

2, 518,90639,609,9702,383,1072,656, 764

672,4031,061,0906,438,0211,186,385

869,1351,362,914

739,4293, 677,514

63,175,638

August,1928

35,102, 28023,401, 299

2,536,38635,978,7622,157,8412, 553,261

693,4661,047,0136,221,3931,156,661

720,9751,389,075

640,6363,408,110

58,503, 579

Septem-ber, 1927

33,368,87023,381,147

2,620, 62434,216, 6042,223,0592, 521, 242

760,4411,213,8705,852,9041,196,821

912,323•1,256,902

701,1943,274,033

*56,750,017

LOANSOF INTERMEDIATE CREDIT BANKS


Class of loan

Direct loans outstandingo n -

Cotton .Tobacco . - _. - .WheatCanned fruits and vege-

tablesRaisins .WoolRiceAll other

Total

Rediscounts ou t s t and ingfor—

Agricultural credit cor-porations .

National banksState banksLivestock loan compa-

nies .Savings banks and trust

companies

Total

1928

Sept.30

4,1721,9552,123

2,9835,039

946415108

17, 741

30,4613

305

19,992

117

50,878

Aug.31

1922,2301,734

2,1575,555

95156989

13,477

32,2012

331

20,846

121

53,501

July31

2,0522,335

700

9135,555

934751

60

13,300

32,3112

386

21,745

71

54,515

June30

3,1372,441

361

4765,571

577858

69

13,490

32,2893

396

22,355

46

55,089

1927

Sept.24

1,6066,0401,952

1,1894,2501,343

5046

16,890

27,35937

28a

18,315

105

46,099

PAR COLLECTION SYSTEMMEMBERSHIP, BY FEDERAL RESERVE DISTRICTS

[Number of banks end of September]

Federal reservedistrict

United States

BostonNew YorkPhiladelphia....ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco._.

Member banks

1928

8,901

408935784819554455

1,261591724940786644

1927

9,088

414930773836568466

1,301597741974818670

Nonmember banks

On par list

1928

12,800

251411496

1,021635305

3,6021,788

7002,255

637699

1927

13,430

246408503

1,030658319

3,7171,913

8092,417

683727

Not on par list *

1928

3,954

10581

1,003208474

1,132286204

56

1927

3,877

10602

1,018187442

1,126234198

60

* Revised. i Incorporated banks other than mutual savings banks.


FEDERAL RESERVE DISTRICTS

N.DAK, \

9 \ MINN. :

MINOTAPOLISS.DAK.

IOWA PHtrAG

KANSAS CITYKANS.

OKLA.Oklahoma City 1 AR* ,

Little Rock/

DALLAS®

TEXAS

i miji» i BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE, BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

o


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