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Federal Reserve Bulletin December 1927

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Federal Reserve Bulletin December 1927 DECEMBER, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Current Banking Developments Gold Stock and Money in Circulation* 1922-1927 New Index of Wholesale Trade Condition of-All Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex offieio 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. EDDT, 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* Chiefy Division of Examination, and Chief Federal search and Statistics. Reserve Examiner, E. L. SMEAD, Chieft 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) I. „ 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. 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.. fc.. A. W. Gilbart.i L. F. Sailer. J. W. Jones.i G. L. Harrison Ray M. Gidney.* E. R. Kenzel L, R. Rounds. 1 Philadelphia.. R. L. Austin „— Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. MeCreedy.i Cleveland George DeCainp E. R. Fancher... M. J. Fleming H. F. Strater. Frank J. Zurlinden 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.» John H. Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.i 0. J. Netterstrom.* St. Louis Wm. McC. Martin.. D. C. Biggs........ 0. M. Attebery ........ 0. M. Attebery. Minneapolis John R. Mitchell W. B. Geery— B. V. Moore .. Gray Warren. Harry Yaeger Frank 0. Dunlop.1 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 San Francisco ...... Isaac B. Newton . ... J. U. Calkins Wm. A. Day. W. N. Ambrose. Ira Clerk L. 0. Pontious 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. 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: 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 Geo. R. DeSaussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch.... Wm. M. Hale. 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. 8t. 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 Page Review of the month—Current banking developments 795 Gold stock and money in circulation, 1922-1927 800 Differentials in interest rates charged customers 803 New index of wholesale distribution 817 Deposits of all member banks, 1923-1927 828, 886-925 Condition of all member banks 829, 876-880 Classification of loans and investments of all member banks 833, 881 Earnings and expenses of member banks 830, 882-885 Treasury finance 833 National summary of business conditions 834 Financial, industrial, and commercial statistics: Reserve bank credit— Reserve bank credit in use 836 Discounts and deposits of Federal reserve banks 836 Gold imports and exports and money in circulation 837 Money rates in New York City 838 Federal reserve bank rates 838 Open-market rates „ 838 Rates charged customers by banks in principal cities 839 Member bank credit- Member bank reserve balances and borrowings at Federal reserve banks 840 Loans, investments, and deposits of reporting member banks 840 Bankers' balances in Federal reserve bank and branch cities . 841 Commodity prices, security prices, and security issues - ; 842 Industrial production „ 843 Factory employment and pay rolls 844 Building . 845 Commodity movements „ . i 846 Wholesale trade ._ . 846 Retail trade - 847 Bank suspensions and commercial failures 848 Financial statistics for foreign countries: Condition of central banks _ _ 849 Condition of commercial banks __. - ; 851 Discount rates of 33 central banks . 851 Money rates in foreign countries . 852 Gold exports and imports of principal countries.- . 853 Foreign exchange rates . - - 854 Price movements in principal countries— Wholesale prices 855 Retail food prices and cost of living. „ „__ 857 Industrial statistics for England, France, Germany, and Canada 858 Ruling of the Federal Reserve Board—Acceptances growing out of the sale of American goods abroad „ 860 Charlotte branch bank opened for business . „ . 860 Changes in national and State bank membership . 861 Fiduciary powers granted to national banks._„ - . -_ 861 Detailed banking statistics for the United States _--- „ 862 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 13 DECEMBER, 1927 No. 12 1 REVIEW OF THE MONTH year. This decline in commercial loans re- flects the somewhat smaller volume of produc- Banking developments during recent weeks tion and trade in 1927, compared with 1926, and have been characterized by a continued the lower level of prices at which business has Continued growth in the outstanding vol- been transacted. growtli of bank ume of bank credit. Comm.er- credit cial loans have been declining ALL MEMBER BANKS 1 slightly since the middle of October, when they [In millions of dollars] reached their seasonal peak, but loans on secur- June 30, June 30, Increase ities and investments have continued to in- 1926 1927 or de- crease. The total volume of loans and invest- crease(—) ments of member banks in leading cities reached Investments..; 9,123 9,818 695 Security loans 7,321 8,156 835 $21,500,000,000 in November and was larger Real estate loans 2,650 2,926 276 than in any previous month. Since November of Other loans 12,281 12,051 -230 last year this amount has increased by 7.4 per Total loans and investments2 31, 375 32, 951 1,576 cent, compared with an increase of about 2.2 1 Figures for national banks are from the Annual Report of the Comp- troller of the Currency and for nonnational members from reports made per cent in the year ending in November, 1926, to the Federal Reserve Board. 2 and 5.5 per cent a year earlier. Thus the Exclusive of overdrafts. growth in the volume of member bank credit The following table shows for member in leading cities has been larger during the past banks in leading cities the classification of year than in either of the two preceding years, their loans and investments in though not as large as in the year ending in cndtV°ToansfSe" November, 1926 and 1927, to- November, 1924, when it was 12.4 per cent. gether with the changes for The rapid growth of member bank credit this the period. year has not been due to an increase in so- called "all other loans/7 which REPORTING MEMBER BANKS Amounts in millions of dollars] Composition of , £ . T growth comprise loans tor commercial, Increase or de- crease (—) agricultural, and industrial pur- Novem- Novem- poses, as well as real estate loans. That loans ber, 1926 ber, 1927 extended to trade and industry have actually Amount Per cent declined during the year is indicated by figures Loans and investments __ X9,874 21,335 1,461 7.4 of loans and investments for all member banks, Loans on securities. 5, 521 6,317 796 14.4 Other loans 8,803 8,800 —3 which have recently become available for June Investments 5,550 6,218 668 12.0 30, 1926 and 1927. During the fiscal year ending June 30, 1927, The growth in loans on securities during the member banks of the Federal reserve system year amounted to $796,000,000, or about 14 showed a large increase in investments and in per cent.
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