Federal Reserve Bulletin November 1928 - St. Louis Fed · FEDERAL RESERVE BULLETIN VOL. 14...
Transcript of 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
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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.
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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
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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
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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,
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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
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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.
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738 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
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NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 739
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.
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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.
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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.
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742 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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
CURRENCY DEMAND( CHANGES BY WEEKS )
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,
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NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 743
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
CURRENCY DEMAND( CHANGES BY WEEKS )
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
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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.
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MILLIONS OF DOLLARS60
CURRENCY DEMAND~f CHANGES BY WEEKS )~
MILLIONS OF DOLLARS60
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
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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.
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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,,
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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.
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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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
750 FEDERAL RESERVE BULLETIN NOVEMBER, 1928-
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 751
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."
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
752 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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]
MILLIONS OF DOLLARS1100
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 753
MONETARY GOLD STOCK AND MONEY IN CIRCULATIONMONETARY »GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
754 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 755
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
756 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
MEMBER BANK CREDITALL M E M B E R BANES
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
FromNew Yorkbanks andtrust com-
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
FromNew Yorkbanks andtrust com-
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
For ac-count ofout-of-townbanks
807773728737799843805830861851857849891942902981
1,0831,0841,0361,2041,1981,1431,1361,1781,3321,507
1,4481,4901,5241,5391,532
For ac-count ofothers
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
For ac-count ofout-of-townbanks
321333320308305284286301330328330376394385374373387416414413431425407344276213
234225209198200
For ac-count ofothers
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 759
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
[In millions of dollars]
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
760 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
762 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 763
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
764 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 765
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
Federal Reserve District
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
766 FEDERAL RESERVE BULLETIN NOVEMBER, 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
[Amounts in thousands of dollars]
Federal reserve district
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 »
[Amounts in thousands of dollars]
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 *
[Amounts in thousands of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
Federal reserve district
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
Estimate,Oct. 1,1928
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
Estimate,Oct. 1,1928
Bushels
20985
164
6,812723
261, 58015, 759
18839, 651
325,266
Federal reserve district
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
Estimate,Oct. 1,1928
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
Estimate,Oct. 1,1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
768 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 769
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
770 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 771
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[In thousands of dollars]
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
[In thousands of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 773
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
774 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
776 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 777
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
778 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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).
15 per cent of ag-gregate deposits(1).
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
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780 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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).
Balances in reserve depositaries
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).
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NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 781
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).
Provisions for enforcement ofregulations
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.
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782 FEDERAL RESERVE BULLETIN Is OVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Delaware.. _
District ofColumbia.
Florida
Georgia
Idaho•
Illinois
Indiana
Dis-trictNo.
3
5
6
6
12
7-8
7-8
Institutions affected
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).
Total amount ofreserve required
10 per cent of de-mand depositsand 5 per centof its savingsdeposits (1).
5 per cent of de-posits (1).
20 per cent of ag-gregate deposits(1).
5 per cent of sav-ings and timedeposits and 15per cent of de-mand deposits(1).
5 per cent ofamount of de-posits.
15 per cent of ag-gregate deposits(1).
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(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).
Balances in reserve depositaries
Amount
% of re-servesrequiredagainstdemanddeposits(1). (Al-so see' ' R e -marks".)
3/5
May be carried in—
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
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NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 783
ING TO BANK RESERVES—Continued
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).
Carried in Federalreserve bank
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).
Provisions for enforcement ofregulations
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.
(2) Sec. 3892 andp. 57, respec-tively.
(3) Act of 1927,chap. 152, andBanking Lawsof 1927, p. 80.
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784 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
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).
Total amount ofreserve required
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).
8 per cent of de-posits (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).
10 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).
Balances in reserve depositaries
Amount
17/20
2/3
May be carried in—
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).
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NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 785
ING TO BANK RESERVES—Continued
Remainder
Amount May consist of—Carried in Federal
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.
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786 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
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).
20 per cent of de-mand deposits(1).
20 per cent of de-mand deposits(3).
4 per centof de-m a n ddeposits(1).
Cash (1).
Balances in reserve depositaries
Amount
16 per centof d e -m a n ddeposits(1).
May be carried in—
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).
15 per cent of de-mand deposits(1).
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).
15 per cent of de-mand deposits(1).
5 p e rcent ofdemanddeposits(1).
Cash (1).
10 p e rcent ofdemanddeposits(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.")
!
10 p e rcent ofdemanddeposits(1).
Same as above, except part of |this may be cash in hand (1). I
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NOVEMBER 1928 FEDERAL RESERVE BULLETIN 787
ING TO BANK RESERVES—Continued
Remainder
Amount May consist of—Carried in Federal
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.)-
Provisions for enforcement ofregulations
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.
(2) P . 118 andp. 9 respec-tively.
(3) P . 112 andp. 27 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
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788 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Massachu-setts.
Michigan...
Minnesota..
Dis-trictNo.
11
7.9
9
Institutions affected
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).
Total amount ofreserve required
I
15 per cent of de-mand deposits(1).
20 per cent of de-mand deposits(1).
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).
12 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).
Balances in reserve depositaries
Amount
3/5 (b u tsee "Re-marks").
1/2
3/4
3/4
May be carried in—
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 789
ING TO BANK RESERVES—Continued
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.
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790 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Mississippi _
Missouri
Montana.. .
Nebraska,..
Dis-trictNo.
6,8
8,10
9,12
10
Institutions affected
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).
Total amount ofreserve required
15 per cent of de-mand depositsand 7 per cent oftime deposits (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).
10 per cent of de-posit liabilities(1).
15 per cent of de-posit liabilities(1).
20 per cent of de-mand deposits(1).
15 per cent of de-mand deposits(1).
5 per cent of de-posits (1).
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).
Balances in reserve depositaries
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 791
ING TO BANK RESERVES—Continued
Remainder
Amount May consist of—
i
Carried in Federalreserve bank
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).
Provisions for enforcement ofregulations
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.
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792 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Nevada _
New Hamp-shire.
New Jersey.
New Mexico
Dis-trictNo.
12
1
2-3
10-11
Institutions affected
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.")
Total amount ofreserve required
25 per cent of de-posits (1).
15 per cent of en-tire deposits (1).
10 per cent of de-posits (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).
Balances in reserve depositaries
Amount
2/3
2/3
1/2
2/3
3/5
4/5
May be carried in—
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).
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MOVEMBER, 1928 FEDERAL RESERVE BULLETIN 793
ING TO BANK RESERVES—Continued
Remainder
Amount May consist of—Carried in Federal
reserve bank
Compliance with re-serve requirementsof Federal reserveact by members ac-cepted in lieu ofcompliance withState law require-ments (2).
Provisions for enforcement ofregulations
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
New York_.
Dis-trictNo.
Institutions affected
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).
Total amount ofreserve required
18 per cent of ag-gregate demanddeposits (1).
15 per cent of ag-gregate demanddeposits (1).
12 per cent of ag-gregate demanddeposits (1).
Vault reserve
Amount May consist of—
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
15 per cent of ag-gregate demanddeposits (3).
10 per centof aggre-gate de-
. mand de-pos i t s(3).
13 per cent of ag-gregate demanddeposits (3).
i 8 per centofaggre-gate de-mand de-pos i t s(3).
10 per cent of ag-gregate demanddeposits (3).
10 per cent of ag-gregate demanddeposits (3).
4 per cent ofaggregatedemanddeposits(3).
3 per centof aggre-gate de-mand de-pos i t s(3).
15 per cent of de-mand deposits(4).
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.")
Balances in reserve depositaries
Amount May be carried in—
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).
10 per cent of de-mand deposits(4).
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBEB, 1928 FEDERAL RESERVE BULLETIN 795
ING TO BANK RESERVES—Continued
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).
Provisions for enforcement ofregulations
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.
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796 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Ohio
Oklahoma..
Oregon
Pennsyl-vania.
Dis-trictNo.
4
10,11
12
3,4
Institutions affected
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).
Total amount ofreserve required
15 per cent (1).
15 per cent of de-mand depositsand 10 per centof time depos-its (4), (7), (6).
20 per cent of de-posits (1).
15 per cent of de-posits (1).
25 per cent of de-posits (1).
20 per cent of de-posits (1).
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).
Balances in reserve depositaries
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 797
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).
Carried in Federalreserve bank
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).
Provisions for enforcement ofregulations
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.
(3) Gen. Code,s e c . 710-5;Banking Laws,1921, p. 7.
(4) Gen. Code,s e c . 710-144;Banking Laws,1921, p. 57.
(5) Gen. Code,s e c . 710-129;Banking Laws,1921, p. 51.
(6) Gen. Code,s e c . 710-167;Banking Laws,1921, p. 65.
(7) Gen. Code,s e c . 710-180;Banking Laws,1921, p. 69.
Comp. Stat. 1921and BankingLaws of 1926.
(1) Sec. 4124 asamended 1924and p. 16, re-spectively.
(2) Sec. 4156-7and p. 34, re-spectively.
(3) Sec. 4158 andp. 34, respec-tively.
(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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
798 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Rhode Is-land.
South Car-, olina.
South Da-kota.
Tennessee..
Dis-trictNo.
1
5
9
6,8
Institutions affected
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).
Total amount ofreserve required
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).
Balances in reserve depositaries
Amount
3/5
Amountde te r -minedby boardof direc-tors (1).
May be carried in—
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 799
ING TO BANK RESERVES-Continued
Remainder
Amount
3/5
May consist of—
United States bondsowned by the bank.
Carried in Federalreserve 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).
Provisions for enforcement ofregulations
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
800 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
StateDis-trictNo.
Institutions affected Total amount ofreserve required
Vault reserve
Amount May c'onsist of—
Balances in reserve depositaries
Amount May be carried in—
Texas- State banks with cap-ital stock less than$25,000 and notmembers of Federalreserve bank (5).
20 per cent of de-mand deposits(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).
12 per cent of de-mand depositsand 5 per centof time deposits(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).
15 per cent of de-mand depositsand 5 per centof time deposits(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).
Lawful money ofUnited States(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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 801
ING TO BANK RESERVES—Continued
Eemainder
Amount May consist of—Carried in Federal
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
802 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Vermont
Virginia
Washington
West Vir-ginia.
Dis-trictNo.
1
5
12
4,5
Institutions affected
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).
Total amount ofreserve required
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).
10 per cent of de-mand depositsand 5 per centof time deposits(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).
Lawful money ofUnited States(1).
Balances in reserve depositaries
Amount
1/10
1/5
4/5
May be carried in—
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ISOVEMBER, 1928 FEDERAL RESERVE BULLETIN 803
ING TO BANK RESERVES—Continued
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).
Carried in Federalreserve bank
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).
Provisions for enforcement ofregulations
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
804 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
PROVISIONS OF STATE LAWS RELAT
State
Wisconsin..
Wyoming. _
Dis-trictNo.
7,9
10
Institutions affected
State banks not Statereserve banks (1).
Reserve banks (1).
Trust companies (2).
Mutual savings banks(4).
Savings associations(1).
Banking associationsand trust companies(2).
Total amount ofreserve required
12 per cent of totaldeposits (1).
20 per cent of totaldeposits (1).
12 per cent of de-posits (2).
5 per cent of totaldeposits (4).
10 per cent of sav-ings deposits (1).
20 per cent of lia-bilities to de-positors (2).
Vault reserve #
Amount May consist of—
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).
Balances in reserve depositaries
Amount May be carried in—
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 805
ING TO BANK RESERVES—Continued
Remainder
Amount
1/3
May consist of—
United States Gov-ernment bonds (inthe case of Statebanks only) (1).
Carried in Federalreserve bank
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).
Provisions for enforcement ofregulations
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 807
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
808 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
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
OctoberNovemberDecember
1028—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober
Memberbank reserve bal-ances:
1927—SeptemberOctoberNovember . __December
1028—JanuaryFebruaryMarchAprilMayJuneJulyAugust -SeptemberOctober _. _
Government deposits:i 1927—September
OctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 809
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH
[In thousands of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
810 FEDERAL RESERVE BULLETIN NOVEMBER, 1928-
FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER ANDSEPTEMBER, 1928
[In thousands of dollars]
Federal reserve bank
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 811
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
812 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued
EESOURCES—Continued[In thousands of dollars]
Total
Federal Reserve Bank
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—
Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 813
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES
[In thousands of dollars]
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
Federal Reserve Bank
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
814 FEDERAL RESERVE BULLETIN NOVEMBER, 1928-
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Total
Federal Reserve Bank
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:
Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 815
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Bank
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
816 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BYFEDERAL RESERVE BANKS
[In thousands of dollars]
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
[In thousands of dollars]
Federal reserve bank
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 817
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
818 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
ALL MEMBER BANKS AND MEMBER BANKS IN SMALL CENTERSNET DEMAND AND TIME DEPOSITS, BY DISTRICTS AND BY STATES
[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 819
WEEKLY REPORTING MEMBER BANKSREPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[Amounts in thousands of dollars]
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—
Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31
Other bonds, stocks,and securities—
Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31
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
Federal Reserve District
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-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
820 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued
[Amounts in thousands of dollars]
Total
Federal Reserve District
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER, 1928 FEDERAL RESERVE BULLETIN 821
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIESPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
822 FEDERAL RESERVE BULLETIN NOVEMBER, 1928
LAND BANKS AND INTERMEDIATE CREDIT BANKSLOANS OP FEDERAL AND JOINT-STOCK LAND BANKS
[In thousands of dollars]
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
[In thousands of dollars]
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
[In thousands of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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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