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Fifteenth Annual Report of the Federal Reserve Board 1928

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Fifteenth Annual Report of the Federal Reserve Board 1928 FIFTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1928 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE FEDERAL RESERVE BOARD DECEMBER 31, 1928 EX OFFICIO MEMBERS ROY A. YOUNG, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency, EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. E. A. GOLDENWEISER, J. C. NOELL, Assistant Secretary. Director, Division of Research and E. M. MCCLELLAND, Statistics. Assistant Secretary. CARL E. PARRY, J. F. HERSON, Assistant Director, Division of Re- Chief, Division of Examination, and search and Statistics. Chief Federal Reserve Examiner. E. L. SMEAD, WALTER WYATT, General Counsel. W. M. IMLAY, Fiscal Agent. Chief, Division of Bank Operations II ADDITIONAL COPIES OF THIS PUBLICATION MAY BE PROCURED FROM THE SUPERINTENDENT OF DOCUMENTS U. S. GOVERNMENT PRINTING OFFICE WASHINGTON, D. C. AT 35 CENTS PER COPY (paper covers) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS TEXT OF REPORT Member bank credit 1 Federal reserve policy 3 Position of reserve banks in the banking structure 7 Banking policy and credit policy 9 Money rates 10 Acceptances 12 Progress of the gold standard 14 Federal reserve bank credit in 1928 17 Earnings, expenses, and volume of work of the Federal reserve banks 19 Branches and agencies of Federal reserve banks 23 Building operations of Federal reserve banks 23 Changes in membership in the Federal reserve system 24 Bank examinations 26 Bank suspensions 26 Branch banking 28 Chain banking 30 Bank mergers 32 Banks on the par list 33 Trust activities of national banks 34 Agreements with foreign central banks in 1928 35 Changes in the board's regulations 35 Amendments to the Federal reserve act 36 The Clayton Antitrust Act 37 Discretion of board in approving the organization of foreign banking corporations 37 Discretion of Federal reserve system regarding matters relating to credit poli cies 39 Check clearing and collection 40 Legislation recommended 40 Meetings of the Federal Advisory Council 42 Conferences held by the Federal Reserve Board 42 Board's organization, staff, and expenditures 43 TABLES FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT: No. 1. Reserve bank credit outstanding, by months, 1914-1928 47 No. 2. Deposits, reserves, note circulation, and reserve percentages of Federal reserve banks, by months, 1914-1928 50 No. 3. Reserve bank credit outstanding, by weeks, 1922-1928 53 No. 4. Deposits of Federal reserve banks, by weeks, 1922-1928 60 No. 5. Principal resources and liabilities of Federal reserve banks, by weeks 63 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IV CONTENTS RESERVE BANK CREDIT—Continued. page No. 6. Resources and liabilities of Federal reserve banks, in detail, December 31, 1928 64 No. 7. Resources and liabilities of Federal reserve banks at the end of each month 66 No. 8. Condition of each Federal reserve bank at end of 1927 and and 1928 68 No. 9. Number of member banks discounting paper at Federal reserve banks, by months, 1914-1928 70 No. 10. Average maturity of bills discounted and bills bought by Federal reserve banks, by years, 1918-1928 70 No. 11. Bills discounted by Federal reserve banks—Holdings at the end of each month, by classes 71 No. 12. Bills bought by Federal reserve banks—Holdings at the end of each month, by classes 71 No. 13. Holdings of bills discounted and bills bought by Federal reserve banks, by maturities 72 No. 14. Holdings of United States securities by Federal reserve banks at the end of each year, 1924-1928, by classes 73 No. 15. Holdings by Federal reserve banks of United States securi- ties in special investment account, 1923-1928 74 No. 16. Holdings by Federal reserve banks of temporary one-day certificates of indebtedness issued by the United States Treasury, 1923-1928 75 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 17. Volume of operations in principal departments, 1924-1928-_ 76 No. 18. Bills purchased by Federal reserve banks during 1928, classified according to underlying commodities 76 GOLD SETTLEMENT FUND: No. 19. Summary of transactions through the fund, 1923-1928 77 FEDERAL RESERVE AGENTS' FUND: No. 20. Summary of transactions through the fund, 1923-1928 77 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 21. Number of banks on par list and not on par list, 1920-1928-. 78 FEDERAL RESERVE BANK PREMISES: No. 22. Cost of premises of Federal reserve banks and branches to December 31, 1928 79 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 23. Gross and net earnings and disposition made of net earn- ings, 1914-1928 80 No. 24. Earnings, by sources, 1914-1928 80 FEDERAL RESERVE NOTES: No. 25. Federal reserve agents' accounts at the end of each month.. 81 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION -GOLD: No. 26. Monetary gold stock of the United States, by months, 1914- 1928 85 No. 27. Monetary gold stock of the United States, by weeks, 1922- 1928 86 No. 28. Gold earmarked by Federal reserve banks for foreign ac- count, 1916-1928 88 No. 29. Gold imports and exports, by countries, 1925-1928 88 No. 30. Gold imports and exports, by months, 1915-1928 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS V MONEY IN CIRCULATION: Page No. 31. United States money in circulation, by months, 1914-1928__ 90 No. 32. United States money in circulation, by weeks, 1922-1928.__ 92 No. 33. Kinds of money in circulation, by months, 1926-1928 94 DISCOUNT RATES AND MONEY RATES DISCOUNT RATES AND MONEY RATES: No. 34. Federal reserve bank discount rates on all classes and maturi- ties of discounted bills—Changes from January 1, 1922, to December 31, 1928 97 No. 35. Federal reserve bank buying rates on acceptances—Changes from January 1, 1919, to December 31, 1928 99 No. 36. Average rates charged by Federal reserve banks on bills dis- counted and bills bought, 1918-1928 100 No. 37. Average rates earned by Federal reserve banks on bills and securities, 1916-1928 101 No. 38. Average rates charged by member banks on customers' paper rediscounted with Federal reserve banks, 1921-1928 102 No. 39. Open-market rates in New York City, by months, 1924-1928. 103 No. 40. Open-market rates in New York City, by weeks 104 No. 41. Money rates in New York City—Prevailing rates charged customers, by months, 1924-1928 105 FOREIGN RATES: No. 42. Discount rates at central banks in foreign countries—Changes from January 1, 1922, to December 31, 1928 106 No. 43. Open-market rates in foreign countries, by months, 1924- 1928 "_ 107 MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: No. 44. Loans and investments of member and nonmember banks, 1914-1928 111 No. 45. Deposits of member and nonmember banks (exclusive of interbank deposits), 1914-1928 111 ALL MEMBER BANKS: No. 46. Resources and liabilities of national and State bank mem- bers, December 31, 1927 and 1928 112 No. 47. Resources and liabilities of reserve city and country banks, December 31, 1927 and 1928 113 No. 48. Principal resources and liabilities, on call dates, 1914-1928-_ 114 No. 49. Net demand and time deposits, by size of city, 1924-1928 116 No. 50. Reserve balances, by months, 1917-1928 117 No. 51. Borrowings at Federal reserve banks, by months, 1914-1928-_ 117 No. 52. Classification of loans on June 30, 1925-1928 118 No. 53. Classification of securities on June 30, 1925-1928 119 REPORTING MEMBER BANKS IN LEADING CITIES: No. 54. Principal resources and liabilities, 1927-28, by weeks (re- vised series) 120 No. 55. Loans and investments, deposits, reserve balances, and bor- rowings at Federal reserve banks, by months, 1919-1928 (old series) 124 No. 55a. Principal resources and liabilities, by wreeks (old series) 126 No. 56. Bankers' balances, by weeks: Total, New York City, other leading cities (revised series) 128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis VI CONTENTS BROKERS' LOANS: page No. 57. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 129 No. 58. Brokers' borrowings, 1926-1928, as reported by New York Stock Exchange 130 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 59. Bankers' acceptances and commercial paper outstanding, by months, 1922-1928 131 No. 60. Bankers' acceptances outstanding, by classes 131 No. 61. Distribution of bankers' acceptances outstanding, by months, 1927-28 132 BANK DEBITS: No. 62. Debits to individual accounts by banks in 141 principal cities, by months, 1920-1928 132 BANK SUSPENSIONS: No. 63. Banks suspended and reopened, by years, 1921-1928 133 No. 64. Bank suspensions, by months, 1921-1928 134 No. 65. Bank suspensions: Number, classified according to capital stock, 1921-1928 136 No. 66. Bank suspensions: By size of town or city, 1921-1928 136 CHANGES IN MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: No. 67. Summary of changes, by years, 1925-1928 137 No. 68. Changes, by class of member, 1927 and 1928 137 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, 1923-1927: No. 69. Earning assets, capital funds, and profits 138 No. 70. Earnings, expenses, and dividends 138 No. 71. Ratios of earnings, expenses, etc., to average earning assets. _ 139 BANKING CONDITIONS IN FEDERAL RESERVE DISTRICTS AND STATES CONDITION OF EACH FEDERAL RESERVE BANK: No. 72. Bills discounted for member banks—Holdings, by months, 1924-1928 143 No.
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