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Federal Reserve Bulletin November 1928

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Federal Reserve Bulletin November 1928 FEDERAL RESERVE BULLETIN NOVEMBER, W28 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates and Bank Credit District Data on Currency Demand State Laws Relating to Bank Reserves UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor, EDMUND PLATT, Vice Governor. A. W. MELLON, 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 Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. J. F. HERSON, CARL E. PARRY, Assistant Director^ Division of Re- Chief\ 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 Presidents District No. 6 (ATLANTA) . P. D. HOUSTON. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) .__„___ W. W. SMITH. 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) F. L. LIPMAN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of- C hair man Governor Deputy governor Cashier W. Willett. Boston Frederic H. Curtiss. W. P. G. Harding. W. W. Paddock._._ 1 New York... G. W. MeGarrah... Gates W. McGarrah (act- J. H. Case J. W. Jones. ing). L. F. Sailer Ray M. Gidney 1 G. L. Harrison J. E. Crane1 E JR. Kenzel W. B. Matteson.1 A. W. Gilbart _ C. H. Coe.i L. R. Rounds, Philadelphia.. R. L. Austin Geo. W. Norris___ Wm. H. Hitt C. A. Mcllhenny W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M. J. Fleming. H. F. Strater. Frank J. Zurlindeii. Richmond Win, W. Hoxton George J. Seay C. A. Peple Geo. II. Keesee. R. H. Broaddus John S. Walden, ji 2 Atlanta .! Oscar Newton Eugene R. Black.. Hugh Foster., M. W. Bell. ! Creed Taylor Chicago i Wm. A. Heath J. B. McDougal... 0. R. McKay W. C. Bachman 2 John H. Blair K. C. Childs 2 J. H. Dillard a D. A. Jones 2 O. J. Netterstrom 2 St. Louis. Wm. McC. Martin D. C. Biggs O. M. Attebery. A. H. Haill 2 F. N. Hall.2 S. F. Gil more.2 G. O. Hollocher.2 C. A. Schacht.2 Minneapolis John R. Mitchell-. W. B. Geery B. V. Moore Gray Warren. Harry Yaeger Frank C. Dunlop.2 Kansas City... M. L. McClure W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas C. C. Walsh Lynn P. Talley R. R. Gilbert Fred Harris. R. B. Coleman W. D. Gentry1 San Francisco. Isaac B. Newton. J. U. Calkins- Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. i Controller. 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: Charlotte branch Hugh Leach. El Paso branch. W. 0. Ford. Atlanta: Houston branch.. D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch „ W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. 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. 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 Review of the month—Recent course of money rates and bank credit 735 Easing 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 740 Provisions of State laws relating to bank reserves 746 National summary of business conditions , . 749 Financial, industrial, and commercial statistics: Reserve bank credit 750, -752 Monetary gold stock and money in circulation 753 Discount rates and money rates 754 Member bank credit 756 Bankers' balances ._ 757 Bankers' acceptances and commercial paper outstanding 757 Brokers' loans __ 758 Commodity prices, security prices, and security issues 759 Production, employment, and trade 760 Industrial production 761 Factory employment and pay rolls 762 Building 763 Trade and distribution 764 Bank suspensions and commercial failures 766 October crop report 767 Financial statistics for foreign countries: Condition of central banks 768 Condition of commercial banks 770 Discount rates of central banks 770 Money rates 771 Gold exports and imports 772 Foreign exchange rates 773 Price movements - .-_ .-_ 774-776 Law department: Amendment to regulation re bankers' acceptances 777 Amendment to regulation re rediscount of paper for Federal intermediate credit banks 777 Provisions 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 806 Changes in national and State bank membership.. 807 Fiduciary powers granted to national banks 807 Detailed banking statistics for the United States 808-822 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 14 NOVEMBER, 1928 No. 11 REVIEW OF THE MONTH DOLLAR BANKERS' ACGEPTANCES OUTSTANDING Conditions in the money market have become [In millions of dollars] somewhat easier in recent weeks, notwithstand- Sept. 30, Sept. 30, ing an increase in the outstand- 1925 1928 Increase E a sing of ing volume of member bank Imports 283 321 38 money condi- credit and some growth in foe Exports _ 205 370 165 Domestic 15 15 demand for reserve bank credit. Warehouse credits 74 99 25 Dollar exchange 16 28 12 At the reserve banks the effects of an inflow Based on goods stored in or shipped be- of gold from abroad have been more than offset tween foreign countries __ 14 171 157 by an increase in member bank reserve require- Total 607 1,004 397 ments, caused by an increase in the banks7 deposit liabilities, and by the seasonal growth Compared with September, 1925, the volume in the demand for currency. An influence in of acceptances has increased by nearly $400,- easing money r^tes has been a growth of about 000,000. The larger part of dollar acceptances, $200,000,000 since the middle of September as is shown by the table, is used to finance in reserve bank holdings of bankers' accept- imports and exports of commodities. Accept- ances purchased in the open market. Funds ances for domestic use are still in relatively released by the reserve banks through the small amount. A large increase in the three purchase of acceptances have been used to years has occurred in the volume of acceptances meet the demand for currency and for reserve based on goods stored in or shipped between balances and also to reduce the indebtedness foreign countries. The volume of such accept- of member banks to the reserve banks. As a ances at the present time is about $170,000,000. consequence, in October, for the first time The growth of this class of acceptances may since last June, discounts for member banks be due in part to a liberalization by the Federal declined below $1,000,000,000, and this reduc- Eeserve Board of its rulings relating to accept- tion in indebtedness has been an influence ances in November, 1927. At that time the toward easier conditions in the money market. board ruled that " acceptances may be prop- American bankers' acceptances outstanding at the end of September were in excess of erly considered as growing out of transactions involving the importation or exportation of $1,000,000,000, the largest vol- goods when drawn for the purpose of financing Growthofac- ume Qn record for fois season the sale and distribution * * * of im- ceptance credit. » , mi i r oi the year, lhe volume ot ported or exported goods, * * * whether bankers' bills accepted in this country increased or not the bills are accepted after the physical importation or exportation has been com- rapidly in the autumn of 1927, when rates and 7 credit conditions in the United States were pleted/ more favorable than abroad, and the volume of The larger volume of acceptances outstand- bills has remained at a high level throughout ing in the United States has been accompanied this year.
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