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Federal Reserve Bulletin January 1927

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Federal Reserve Bulletin January 1927 FEDERAL RESERVE BULLETIN JANUARY, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Bank Credit in 1926 Business Conditions in the United States Earnings and Expenses of Member Banks WASHINGTON GOVERNMENT PRINTING OFFICE 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDEN WEISER, Director, Division of Research W. M. IMLAY, Fiscal Agent. and Statistics. J. F. HERSON, E. L. SMEAD, Chieff Division of Bank Operations. Chief} Division of Examination, and Chief Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS, Vice President. District No. 2 (NEW YORK)___ JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L, RUE. District No. 4 (CLEVELAND) GEORGE A. COULTON. District No. 5 (RICHMOND) JOHN F. BRUTON. District No. 6 (ATLANTA) P. D. HOUSTON. District No. 7 (CHICAGO) -__ FRANK O. WETMORE, President District No. 8 (ST. LOUIS) . BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) . THEODORE WOLD. District No. 10 (KANSAS CITY) . __„ P. W. GOEBEL. District No. 11 (DALLAS) ... — — — B. A. MCKINNEY. District No. 12 (SAN FRANCISCO).. HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston „-_ Frederic H. Curtiss. W. P. G. Harding.. W. W. Paddock W. Willett. Benj. Strong.„ . J. H. Case L. H. Hendrtcfcs.* New York „ L. F. Sailer.. A. W. Gilbert.* G. L. Harrison....._ J. W. Jones.* E. R. Kenzel. ... Ray M. Gidney.* r L. R. Rounds.1 Philadelphia. R. L. Austin,...„.._...._. Geo. W. Norris... Wm. H. Hutt...._... C. A. Mcllhenny. W. G. McCreedy.i Cleveland..... George DeCamp E. R. Fancher... M. J. Fleming H. F. Strater. Frank J. Zmiinden.. Richmond Wm. W. Hoxton „.. George J. Seay_.. C. A. Peple Geo. H. Keesee. R. H, Broaddus John S. Walden, jr.» Atlanta.. Osear Newton.. M. B. Wellborn.. Creed Taylor M. W. Bell. Chicago. Wm. A. Heath. J. B. McDougaL. C. R. McKay W. C.Bachman.i John H. Blair....... K. C. Childs.i J. H. Dillard.i D. A. Jones.* O. J. Netterstrom.i St. Louis Wm. McC. Martin. D. C. Biggs O. M. Attebery J. W. White. John R.Mitchell... W. B. Geery Gray Warren. Minneapolis. R. A. Young B. V. Moore Frank C. Dunlop.* Harry Yaeger l Kansas City.. M. L. McClure.. W.J. Bailey—. O. A. Worthington.. J. W. Helm. Dallas C. O. Walsh .... Lynn P. Talley. R. R. Gilbert....... Fred Harris. R. B. Coleman „ San Francisco. Isaac B. Newton. J. U. Calkins Wm. A. Day __„ W. N. Ambrose. Ira Clerk L. C. Pontious 1 Controller. Assistant deputy governor, MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS • Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch Marcus Walker. Houston branch D. P. Reordan. Jacksonville branch Geo. R. DeSaussure I San Francisco: Birmingham branch A. E. Walker. Los Angeles branch ....... R. B. Motherweil. Nashville branch J. B. Fort, jr. Portland branch.... „.._ R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch. C. R, Shaw St. Louis: Spokane branch D. L. Davis. Louisville branch „_„.. W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch... A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents Outside of the United States, Canada.,, Mexico, and the insular possessions, $2,60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS The month: Page Review of the month—Bank credit in 1926 _. 1 Treasury finance- „ _ _ _ 4 Business conditions in the United States 7 Earnings and expenses of member banks, 22 Report of the agent general for reparation payments „ _ ._ 44 Denmark's return to the gold standard „ 48 Official: Rulings of the Federal Reserve Board— Loans by Federal reserve banks on promissory notes of other banks secured by notes of veterans in turn secured by adjusted service certificates 29 Law department— Rediscount of notes secured by adjusted service certificates— Regulation M of Federal Reserve Board 30 Regulation of United States Veterans' Bureau 31 Sections 502 and 503 of World War adjusted compensation act 33 Forms of note and affidavits prescribed by Veterans' Bureau 35 Election of directors of Federal reserve banks _ 5 Changes in State bank membership... ___ .__ 36 Changes in national bank membership _ __ 36 Fiduciary powers granted to national banks __- 36 Business statistics for the United States: Industrial activity.. 39 Commodity movements 41 Wholesale and retail trade_.__ . 42 Final estimates of crop production. „__ 37 Foreign banking and business conditions: Financial statistics for foreign countries ___„ 51 Condition of central banks __ 51 Condition of commercial banks.- 53 Discount rates of central banks 53 Money rates in foreign countries 54 Gold movements 55 Silver movements . _ „ _ _ 56 Foreign exchange rates. .. - —. 57 Price movements in principal countries— Wholesale prices in principal countries 58 Retail prices and cost of living in principal countries._. ___. — 60 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks,.- . 61 Federal reserve note account ._- 64 Holdings of bills and securities and earnings thereon.. „__-__. 65 Discount and open-market operations . 66 Gold settlement fund. - - . 75 Discount rates of Federal reserve banks _ 75 Member banks— Reporting member banks— Condition of reporting banks in leading cities . .. 67 Condition of reporting banks in Federal reserve bank cities _ 68 All member banks— Earnings and expenses 22 Deposits, by size of city _ 70 Bankdebits. .-..-„.-.-._._._ 71 Member banks and.nonmember banks on par list and not on par list . — ._.._.. 74 Money in circulation ; 74 Money rates in principal cities . - — . 72 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 13 JANUARY, 1927 No. 1 REVIEW OF THE MONTH loans, which was $375,000,000, was greater During December the demand for bank loans than in any other year since 1923, while secu- increased seasonally, and at the end of the rity loans showed a decrease of $65,000,000, as month the total volume of bank compared with increases of over $800,000,000 Member bank credit outstanding was larger in each of the two preceding years. Compara- tive figures for recent years are given in the than at any previous time. bank credit. table, which shows, by classes, the growth in The year 1926 as a whole the loans and investments of the weekly showed a growth in the volume of bank credit reporting member banks from December to in use, but the increase was smaller than for December during the last four years: any of the preceding four years. The growth of bank credit has reflected chiefly the increas- CHANGES IN LOANS AND INVESTMENTS OF MEMBER ing volume of business activity in the United BANKS IN LEADING CITIES States, and has been in the form of so-called [In millions of. dollars] commercial loans, as bank investments showed Total loans All little change for the year and loans on securities Year* and invest- Security other Invest- showed a decline. Notwithstanding the in- ments loans loans ments crease in bank loans in 1926, there has been a 1923 +599 +11 +649 -61 decline in the demand deposits of member 1924 _ +2,193 +806 +265 +1,122 1925 +999 +882 +198 -81 banks, while time deposits have continued to 1926.. +351 -65 +375 +41 show a rapid increase. As a consequence of 1 Year ending in the middle of December. the decline in demand deposits, which require a much larger percentage of reserves than The relatively large growth of "all other" time deposits, reserve requirements of the loans, which represent chiefly loans for the member banks show no increase for the year. current requirements of commerce, industry, This absence of growth in member bank re- and agriculture, reflects in part the active serves, together with the importation of about condition of business in 1926. The consider- $80,000,000 of gold from abroad, has enabled able increase in the volume of this class of loans, the member banks in 1926 to increase the total last year as well as in 1923, has occurred at a volume of their credit outstanding without time when the general level of commodity resorting to a larger use of reserve bank credit.
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