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Federal Reserve Bulletin May 1927

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Federal Reserve Bulletin May 1927 FEDERAL RESERVE BULLETIN MAY, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Business Situation Rearrangement of Federal Reserve Bulletin Branch Banking Developments in 1926 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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. A. GOLDENWEISER, Director, Division of Reseaich E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAT, Fiscal Agent. J. F. HERSON, CARL E. PARRY, Assistant Director, Division of Re- Chief J Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) „ JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) . JOHN F. BRUTON, Vice President District No. 6 (ATLANTA) P. D. HOUSTON. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) 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. New York G. W. McGarrah Benj, Strong J. H. Case A. W. Gilbart.i L. F. Sailer J. W. Jones.i G. L. Harrison Ray M. Gidney.i E. R. Kenzel ... L. R. Rounds.! Philadelphia.. R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland ... George DeCamp.... E. R. Fancher Frank J. Zurlinden H. F. Strater. M, J. Fleming._„ Richmond Wm. W. Hoxton George J. Seay C. A, Peple. Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.i Atlanta Oscar Newton M. B. Wellborn............ Hugh Foster M. W. Bell. Creed Taylor.... 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.* 0. J. Netterstrom.* St. Louis Wm. McC. Martin D. C. Biggs 0. M. Attebery J. W. White. Minneapolis John R. Mitchell.......... R. A. Young ....— W. B. Geery Gray Warren. B.V.Moore Frank C. Dunlop.1 Harry Yaeger«. Kansas City M. L. McClure W. J. Bailey......... C. A. Worthington. J. W. Helm. Dallas. C. 0. 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. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch... L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch....... C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch.. .. M. Crump. New Orleans branch Marcus Walker. Houston branch.... _ D. P. Reordan. Jacksonville branch_„ Geo. R. DeSaussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch.. ._ R. B. Motherwell. 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 0. R. Shaw. St. Louis: Spokane branch D. Lo Davis. Louisville branch W. P. Kincheloe. Memphis branch.» W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2, Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—The business situation ;. 311 Condition of all banks in the United States 314, 378-382 Rearrangement of FEDERAL RESERVE BULLETIN 314 Branch banking developments in 1926 315,384-389 National summary of business conditions 319 Financial, industrial, and commercial statistics: Reserve bank credit- Reserve bank credit in use 321 Discounts and deposits of Federal reserve banks 321 Gold imports and exports and money in circulation 322 Money rates in New York City- 323 Federal reserve bank rates 323 Open-market rates 323 Rates charged customers by banks in principal cities 324 Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks 325 Loans, investments, and deposits of reporting member banks 325 Bankers' balances in Federal reserve bank and branch cities 326 Commodity prices, security prices, and security issues 327 Industrial production . 328 Factory employment and pay rolls 329 Building 330 Commodity movements 331 Wholesale trade 331 Retail trade •___ 332 Bank suspensions and commercial failures 333 Foreign banking and business conditions: Annual report of the German Reichsbank 334 Annual report of the Bank of Poland, 340 Annual report of the Bank of Japan 346 Financial statistics for foreign countries: Condition of central banks , 348 Condition of commercial banks 350 Discount rates of 31 central banks 350 Money rates in foreign countries . 351 Gold exports and imports of principal countries 352 Foreign exchange rates.. „ _ _ ^ 353 Price movements in principal countries— Wholesale prices 354 Retail food prices and cost of living 356 Law department—Textual changes in the Federal reserve act and the national bank act made by the McFadden Act. 357 Changes in national bank membership 363 Changes in State bank membership- 363 Fiduciary powers granted to national banks 363 Detailed banking statistics for the United States 364-382 Earnings, expenses, and dividends of State bank members . 383 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 13 MAY, 1927 No. 5 REVIEW OF THE MONTH and a large volume of advance orders are booked. Silk mills have also continued to be Industrial activity, which has been increas- active, and though there has been some decline ing since the beginning of the year, has been in the output of woolen mills, they continue to larger in recent weeks than in be more active than a year ago. tiont/bariness the corresponding period of last Thus industrial activity in the first quarter year. Production in the steel of 1927 recovered from the decline in the last industry during March was in greater volume three months of 1926 and was larger at the end than at any previous time, and the total output of March than at the same time a year earlier. for the first quarter of the year was unusually Large production was accompanied by con- large. The recent growth in output was^due in tinued demand from consumers, and the dis- part to anticipation of the strike in the bitumi- tribution of commodities by rail and through nous coal fields, but also to active seasonal buy- the channels of wholesale and retail trade was ing by industries that use the products of steel maintained in large volume. Kural purchases, mills as material, including the automobile in- however, showed some decline, chiefly in con- dustry, the railways, and the building "and sequence of the reduced buying power of petroleum industries. In April, however, there farmers that has resulted from the lower level was some reduction in activity at the steel mills. of prices at which last year's crops were Production of automobiles, though show- marketed. ing some seasonal increase, was smaller in The general level of commodity prices, after recent months than in the same period of 1926. an almost continuous decline lasting for nearly Building construction, on the other hand, has Continued two years, was in March, 1927, about continued active, and the total volume of con- price de-10 per cent lower than in the spring tracts awarded in March was larger than for any cline of 1925 and Only about 5 per cent previous month. For the entire first quarter above the postwar low point at the beginning of of the year, however, the volume of construc- 1922. This decline in prices has been general tion was somewhat smaller than in 1926. Bi- for all groups of commodities and for most tuminous coal production has been at an individual articles; of the 400 commodities that unusually high level since the middle of last enter into the Bureau of Labor Statistics price year, reflecting first the increased demand for index, about 300 were lower in price last March coal during the British strike and later in- than two years earlier and only 100 were higher. creased output in anticipation of the strike in Among the commodities that showed advances the union fields in the United States which for the two-year period were cattle, meats, began on April 1. Since the beginning of the certain woolen goods, bituminous coal, and strike the output of bituminous mines has wood pulp.
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