frb_011926

JANUARY, 1926

ISSUED BY THE

AT WASHINGTON

Trade, Industry, and Bank Credit in 1923Business Condition® in the United StatesLoans to Brokers and Dealers in Securities

WASHINGTONGOVERNMENT PRINTING OFFICE

1926

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex offleio members: | D. R. CBISSINGEE, Governor.

A, W, MELLON, I E D M U N D P L A T T > Vice Governor.Secretary of the Treasury, Chairman. | ^ D 0 L P H G ' MILLEB.

| CHARLES S, HAMLIN.

J. W. MCINTOSH, I GEORGE It. JAMES.

Comptroller of the Currency. j EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary. j WALTER WTATT, General Counsel*3'C-\™^Assistan\SecretarV> \ Director, Division of Research andE. M. MCCLELLAND, Assistant Secretary. \ StatisticsW. M« IMLAY, Fiscal Agent •j e ^e HERSON, I E. A. GOLDENWEISEU, Assistant Director, Division of

Chief\ Division of Examination, and Chief FederalReserve Exa?ninera

Research and Statistics,o L. SMEAD, Chieft Division of Bank Operations.

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON). CHAS. A. MOESS.District No. 2 (NEW YORK) JAMES Sa ALEXANDER.District No. 3 (PHILADELPHIA) L. L. RUE.District No. 4 (CLEVELAND) _ GEORGE A. COULTON.District No. 5 (RICHMOND) JOHN F. BRTJTON.District No. 6 (ATLANTA) P. D. HOUSTON.District No. 7 (CHICAC4O) ._ „ „ FRANK O. WETMORE.District No. 8 (ST. LOUIS) BRECKINRIDGE JONES.

District No. 9 (MINNEAPLOIS) 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.

u


TABLE OF CONTENTS

The month; PageReview of the month—Bank credit in 1925 .__,,«.; . . >_- 1Business conditions in the United States.. . . . 8Treasury finance 5

The London money market in 1925 „ 40Reserve bank credit, gold stock, money in circulation, and member bank reserve balances,.- 30Loans and investments of national member banks, by class of bank.. _ . . , . „ 31Official:

Changes in State bank membership „„.,. . 32Changes in national bank membership. . . „ . ^ „ 32Fiduciary powers granted to national banks .„„„„.. . . . 32

Business statistics for the United States:Industrial activity. „--- . , » .. 34Commodity movements „ » 37Wholesale and retail trade . ... 38Final estimate of crop production 33

Foreign banking and business conditions:Financial statistics for principal foreign countries „ „ . „ 42Foreign trade of principal countries—-..--. „ . «. 45Price movements in principal countries-

Federal Reserve Board wholesale price indexes 46Wholesale prices in principal countries . . 47Retail prices and. cost of living in principal countries . . 49

Banking and financial statistics:Federal reserve banks—

Condition of Federal reserve banks . * . . 50Federal reserve note account. . . - , . . 54Holdings of earning assets . . - , — 55Discount and open-market opex*ations of Federal reserve banks „ . 56Gold settlement fund , „ 65Discount rates of Federal reserve banks-... 65

Member banks—Condition of reporting member banks in leading cities . . „ , . , 57Banker's balances at reporting member banks in Federal reserve bank cities 58Deposits of all member banks . . . „ 59

Changes in membership in Federal reserve system 60All stock banks in the United States—Condition on September 28, 1925 61Bank debits _ . 66Member banks and nonmember banks on par list and not on par list_. - 67Money rates in principal cities . . . - . ~»- 68Money in circulation „„„ .. _—-- . . . » - . . . . . 67Gold and silver imports and exports „-- - . - . - . „„-.„„. 69Foreign exchange rates- » » . - . - - - - - - - - - . . - 70


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

Boston ,„„•,„ ,-New York.

Philadelphia

Cleveland., —

Richmond

Atlanta

Chicago

St. LouisM inneapolis

Kansas City..Delias

Ssa Francisco

Chairman

Frederic K CurtissPierre Jay—

R. L. Austin™ .._.

George DeCamp

Wm, W. Hozton

Oscar Newton

Wm A. Heath

Win. McC. Martin „John R. Mitchell

M. L. MeClure ..„„_C. C. Walsh

JohnPerrin „

Governor

W. P. O* HardingBenj. Strong .._

Geo. W.Norris

E. R. Fancher

George J. Seay

M. B. Wellborn

J. B. McDoogal

D. C. Biggs......R. A. Young

W.J. BaileyLvnn P. Talley.

J. U. Calkins..

Deputy governor

W. W. Paddock ,J. H. CaseL. F. SailerG. L. Harrison... „ .E. R. Kennel.

Wm. H. Hutt

M. J. FlemingFrank J. ZurlindenC. A. Peple...R. H. BroaddiiS ,J. L. CampbellCreed TaylorC. R. McKay „..._John H. Blair

...0 . M. Attebery.....W. Bo Gcery..13 xr TUfncrnHarry Yaeger *C. A. WorthingtonR. Ro Gilbert .- . .

Wm. A. DayIr& ClerkL. C. Pontious «.„„

Cash!®?

W. WJJlettoL. H. Hendrkks.1

A. W. GUbart.>J. W. Jones.*

' G. B. Chapin.iRay M. Oidjaej.L. XL Rounds.1

0 . A. MellfceEsay.W. G. McCreedy.iJ, C. Nevln.

Geo. H . Ksess®*John S. Waldos* Jr.aM, W. Bell.

We C. Bacbmao.1

K. C. Childs.sJ, H . Dillard.sD . A. Jones.*O. Jn Netterstrom.iJ. W, Whit®,Gray Warren. >Frank 0 . Doalop*5

J. W. Helm.Fred Harris.

W. N, Ambrose,

* Controller. s Assistant deputy governor,

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Beserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati braaehPittsburgh branch..

Richmond:Baltimore branch..

Atlanta:New Orleans branchJacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branch,.,.Memphis branchLittle Bock branch

Managing director

W. W. Schneckenburger

L. W. Manning.

A. H. Dudley.

Marcos Walker.Geo. B. DoSaussure.A. E. Walker.J, B. Fort, Jr.

W. R. Cation.

W. P. Klncheloe.V. S. F-squa

! Federal Reserve Bank of— : Managing dlresftor

I Mmaeapolis:; Helena branch „._! B. E. Towle.

Kansas City: •Omaha branch L. H. Earhart.Denver branch....... . . : JF. E.Olson.

i Oklahoma City branch.. i C. E. Daniel,; Dallas:

Ei Paso branch...„„_ ; M. Crump.Houston branch „ 1 D. P. Reordasa.

; San Francisco: ;i Los Angeles branch ..J B. B. Motherweli.; Portland branch »...| B. B. West.•i Salt Lake City branch ; W. L. Partner.

Seattle branch 0 . R. Shaw.Spokane branch D. L. Davis,

iA. F. Bailey. r

\: !

SUBSCRIPTION PE1CE OF BULLETIN

FEDERAL RESEBVE BULLETIN is the board's medium of communicationwith member banks of the Federal reserve system and is the only official organor periodical publication of the board. It contains, in addition to the regularofficial announcements, the national review of business conditions, detailedanalyses of business conditions, research studies, reviews of foreign banking, andcomplete statistics showing the condition of Federal reserve banks and memberbanks. The BULLETIN will be sent to all member banks without charge. Toothers 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,Mexieo9 and the insular possessions, $2.60; single copies, 25 cents.


FEDERAL RESERVE BULLETINVOL. 12 JANUARY, 1926 No. 1

Bank credit in1925.

REVIEW OF THE MONTH

Banking developments in 1925 reflect alarge increase in the volume of credit extended

by member banks to financethe year's unusually active busi-ness and the increased volume

of transactions in the security market. Thevolume of member bank credit in use dur-ing 192,5 was larger than in an}^ previousyear, and the volume of reserve bank creditoutstanding was considerably above the levelof 1924 and approximately at the average levelof the two preceding years, With the in-creased demand for bank credit from industryand finance the member banks maintainedtheir own investments in securities at thehigh level reached the year before, whenabundance of funds had caused these banksgreatly to increse their holdings of investments.At the reserve banks the increase in the volumeof credit outstanding in December, 1925,compared with the closing month of the yearbefore was due to the withdrawal of gold forexport, amounting to about $150,000,000 dur-ing the year, and to a comparatively smallincrease in the reserve balances of memberbanks from the high level reached at the endof 1924. Domestic currency demand increasedsomewhat during the year, owing to the activecondition of business, but this increased de-mand was met through the use of Americancurrency returned from abroad in sufficientvolume to meet the increase in domestic re-quirements. In general, the year may becharacterized from the point of view of bankingdevelopments as one during which memberbanks financed a larger volume of domesticbusiness out of their own resources and met ademand for gold for export by obtaining addi-tional funds from the reserve banks.

In 1925; for the first time in five years, theannual average of reserve bank credit in usewas larger than for the preceding year, Theaverage volume of bills and securities during1925 was $1,140,000,000. compared with anaverage of $950,000,000 in 1924. This higherlevel of reserve bank credit was due to themaintenance by member banks of a higheraverage of reserve balances, in keeping withthe larger volume of their own deposit liabilities,and to the change in the direction of goldmovements, which during the preceding fouryears had been an important factor in. reducingthe volume of reserve bank credit. Yearlyaverages of reserve bank holdings of bills andsecurities, which measure the total of reservebank credit in use, are shown below:

R E S E R V E B A N K C R E D I T OUTSTANDING

[Yearly averages in millions of dollars]

Year

Bills and! securities! held byi reserve

banks

Changefrom

previousyear

1920.1921..1922...1923..1924...1925. .

3,2432,1601,1871,151

9501,140

- 1 , 0 8 3- 9 7 3

- 2 0 1+190

credit and goldstock.

While the increase in the average level ofreserve bank credit during 1925, after a con-

tinuous decline for four years*w a s c a u s e d hJ t h e l a r s e r Yol~ume of reserve balances and bygold withdrawals, the changes

from month to month during the year re-flected chiefly changes in the domestic demandfor currenc}?. The chart shows for the years1922 to 1925 month-to-month changes in thevolume of reserve bank credit, in the volumeof reserve bank credit combined with the


EEDEEAL BESEBVE BULLETIN" JANUARY, 1926

country's stock of gold, in the volume ofmoney in circulation, and in reserve balancesheld by member banks with the reserve banks,,The figures on which the chart is based appearon page 30 of this issue.

SCALE FOR 2 AND 4

6000rMILLIONS OF DOLLARS

5500 j —

3500 lv—v"-—1922 1323

5001325

The reserve bank figures are daily averages and the gold stock and moneyin circulation figures are averages of figures for the first of two con-secutive months. The curves representing reserve bank credit andmember bank reserve balances are on a scale running from $500,000,000to $3,000,000,000, and the curves of money in circulation and of reservebank credit plus gold stock on a scale running from $3,500,000,000 to$6,000,000,000.

In the chart the curve representing reservebank credit shows changes from month tomonth in the average volume of bills andsecurities held by the reserve banks. To thisamount is added for every month the total ofgold stock in the country, and the combinedtotal is shown in the curve at the top of thechart. Fluctuations in this curve, therefore,represent monthly changes in the funds avail-able to member banks at the reserve banksresulting from changes in the stock of gold andfrom increases or decreases in the volume ofreserve bank credit. The reason for combiningthe stock of gold and the volume of reservebank credit into a single curve is that goldreceived from abroad is immediately depositedwith the reserve banks and is first reflected inan addition to the member bank reserve ac-counts, and that gold for export is obtainedby member banks from the reserve banks

and is charged directly to the member banks3

balances. During the years of net goldimports the gold added to the reserve balancesof member banks was either used to reduceindebtedness at the reserve banks or to meeta demand for currency, or remained in thebalances and so increased the lending powerof the member banks in the same way asborrowing. To which of these various possibleuses the reserve bank funds arising fromthe imported gold was put by member bankshas depended upon credit and currency con-ditions prevailing at the time. Changes inthe two factors that determine the domesticdemand for reserve bank credit are shown inthe curves representing money in circulationand reserve balances of member banks. Whenmember banks axe called upon to meet an in-creased demand for currency they are obligedto use a corresponding amount of the fundsheld to their credit at the reserve banks.When, however, funds added to member banks'balances through the deposit of imported goldare not used in meeting a currency demand orin repayment of borrowings at the reservebanks, they remain on deposit as reservebalances and form the basis of additionallending power of the member banks.

The chart shows that in 1925 month-tomonth fluctuations in reserve bank credit werelargely in response to changes in the demandfor currency, as changes in reserve balances wererelatively small, and that, while the volume ofreserve bank credit increased considerably dur-ing the year, the total reserve bank funds avail-able to member banks, as represented by thecurve for reserve bank credit plus gold, changedbut little. This is in contrast to the otheryears shown on the chart, in each of whichgold imports were more than sufficient to offsetthe decrease in reserve bank credit, and thetotal of reserve bank funds, as shown in theupper curve, increased. In 1922 this increasewas used both in meeting a. growing demandfor currency and in supplying additional re-serves to member banks; in 1923 the increasein currency demand arising from an increasedvolume of domestic trade and employment,


JANUARY, 1926 FEDEKAL BESEBVB BULLETIN

together with a demand for American currencyfrom abroad, absorbed the entire growth in re-serve bank funds; and in 1924, with currencydemand showing only seasonal variations andonly a slight increase for the year, and withthe level of reserve bank credit about the sameat the end of the year as at the beginning, theincrease in reserve bank funds arising fromgold imports was added in large part to mem-ber bank reserve balances, and constituted thebasis of a rapid growth in member bank credit.In 1925, with little change in the demand forcurrency and with gold exports absorbing thegrowth in reserve bank credit, there was littlechange for the year in the volume of memberbank reserve balances. The maintenance ofthese balances at the high level reached theyear before, however, required the continuoususe of a larger amount of reserve bank funds.

With only a slight increase during 1925 inmember bank balances at the reserve banks,

the total of member bankBasis of growth ^ ^ i n c r e a s e d considerably.

of member banK T> . ~ , , . _ . __",

CTedit Between October 10, 1924,and September 28, 1925, the

latest date for which a condition statement forall member banks is available, loans and in-vestments of these banks increased by about$2,000,000,000, or nearly 7 per cent, andmonthly figures for deposits indicate a furthergrowth in bank credit during the last quarterof the year. This growth during 1925 in thevolume of credit extended by member banks,without corresponding increase in their reservebalances with the reserve banks, is explainedchiefly by changes in the character of the de-posits and their distribution among banks sub-ject to different legal reserve requirements.Between October 10, 1924, and September 28,1925, as is shown in the table below, time de-posits of member banks, against which only a 3per cent reserve is required, increased by$870,000,000, while net demand deposits,which carry a much larger reserve require-ment, increased by only one-half this amount.Furthermore, net demand deposits in centralreserve cities, where the required reserves are

13 per cent, declined by $226,000,000, and thosein banks outside of reserve cities, where onlya 7 per cent reserve is required, increased by$435,000,000., The decrease in net demanddeposits at the financial centers reflectedlargely the decline in balances carried by citybanks for their country correspondents, a de~cline which was due chiefly to the employmentby these country banks of their idle balancesin making loans on securities. As a conse-quence of these changes the reserve balances ofmember banks in central reserve cities declinedby $35,000,000 during the period, while thosefor banks in reserve cities increased by $17,-000,000, and those for country banks by$43,000,000. The net result was an increaseof $26,000,000 in the total of member bankreserves. As has been pointed out in earlierreviews, the ratio of reserves of member banksto deposits remains continuously at or near 10per cent, when the calculation is based on thenet amount of deposits on which reserves arecomputed, an amount in which time depositsare reduced to a net demand deposit basis.When reserve balances are related to the com-bined total of net demand and time deposits,however, the two classes of deposits againstwhich reserves are required, a decline in theratio from 7,8 per cent to 7.5 per cent is shownfor the past year. While 7,5 per cent is theaverage ratio of reserves to deposits for allmember banks, the ratio is 11.3 per cent forbanks in central reserve cities, 7.2 per centfor banks in other reserve cities, and 5.3per cent for country banks. This variation inreserve ratios for the different classes of banksindicates tha t in New York and Chicago, thetwo central reserve cities, owing both to largerreserve requirements against demand depositsand the larger proportion of this class of de-posits, deposits of member banks are onlyabout nine times as large as reserves,; while incountry banks, with smaller reserve require-ments and a larger proportion of time deposits,total net demand and time deposits are nearlytwenty times as large as reserve balances.


FEDEEAL RESERVE BULLETIN JANUARY, 1926

DEPOSITS AND RESERVES OF MEMBER BANKS[In millions of dollars]

i Oct. 10,i 2924

Net demand deposits: ITotal „ : 17,780

In central reserve city banks......| 6,299In reserve city banks., ._ 5, 946In country banks . . . . . 5,535

Time deposits | 9,597

Total net demand and time de-posits „„„. 27,377

Reserve balances 2,122Ratio of reserve balances to net demand I

plus time deposits: ;For all member banks 7.8For banks in central reserve cities _. 11.5For banks in reserve cities ' 7.6For country banks.. j 5.4

Sept. 28,1925

18,2336,0736,1905,970

10,467

28,7002,147

7.511.37.25.3

Change

+453-226+244+43.5+870

+1,323+26

Growth of time .deposits.

Growth of time deposits has been a continuousfactor in the increase of deposit liabilities of

member banks since the organ-ization of the Federal reservesystem, and the fact that they

have increased more rapidly than demanddeposits has been an influence toward decreas-ing the average ratio of reserves that memberbanks have been required to carry against theircombined deposits. The volume of demanddeposits has fluctuated with changes in businessconditions, and after a rapid decline in 1921and the early part of 1922 and a subsequentrecovery, their level in 1925 was considerablyhigher than at the peak five years earlier.Time deposits, on the other hand, increasedthroughout the period of recession in 1921-22and the later period of increased businessactivity, and their level in September, 1925,was $4,300,000,000 above that of November,1920. While time deposits have increased atbanks in all classes of cities and while their rateof growth in recent years has been even greaterat banks in financial centers than at countrybanks, they constitute a much larger proportionof total deposits in the smaller cities. InSeptember of the year just closed the propor-tion of time deposits to total deposits was 13per cent in central reserve city banks, 33 percent in reserve city banks, and 46 per cent incountry banks.

The large volume of time deposits at countrybanks has been a source of additional lending

power for these banks. Not

demand, time deposits are usu-ally considered by the banks as available foruse in the purchase of long-term investments.The large volume of time deposits at themember banks, and particularly at memberbanks in smaller towns and in country districts?indicates that these banks are not only com-mercial banks engaged in making loans tofinance the current operations of trade andindustry and in carrying the proceeds ofthese loans as deposits payable on demand,but are also to a considerable extent servingtheir customers as savings banks and invest-ment institutions receiving time deposits andinvesting them in Government and othersecurities. The relation between time depositsand investments for each of the differentclasses of banks is brought out in the table:

TIME DEPOSITS AND INVESTMENTS OP MEMBERBANKS, SEPTEMBER 28, 1925

[In millions of dollars]

Class of bank j Time1 deposits

All member banks ' 10,467Member banks i n -

Central reserve cities j 3,115 1,930Other reserve cities .• 3,759 i 2,890Country banks i 5,593 j 4,09S

Invest-ments

8,919

For all member banks combined, time de-posits on September 23, 1925, considerably-exceeded total investments, indicating that acertain proportion of funds obtained throughtime deposits has been used by member banksin increasing their loan account. This hasbeen particularly true for country banks, whosetime deposits in 1925 exceeded their invest-ments by about $1,500,000,000, while incentral reserve cities the banks' security hold-ings were larger than their time deposits.


, :L926 FEDERAL RESERVE BTJIAMTfE

The proportion of the member banks' fundsemployed in different classes of loans and

Composition of investments also differs for themember bank different classes of banks,. Thecredit, composition of member bankearning assets, by classes of banks, at the closeof the last fiscal year is shown below:L O A N S AND I N V E S T M E N T S O F M E M B E R B A N K S O N

J U N E 30, 1925


I; Member banks in—

i All ii m c m ? e r '• CentralI banks

Loans on securities.. I 6,718All other loans .." 14,081

Total loans 20,799Investments j 8,888

Total loans and invest- iinents .; 29,687

Percentage distribution: iLoans on securities 22.6All other loans -! 47.4

Total loans .j 70.1Investments _ 20.9

Total loans and invest-ments... 100.0

reservecities

2,8572,651

Otherreservecities

Countrybanks

5, 5082,014

2,275 |5,191 |

3,586G, 239

7,460 !2,866

7,8254,008

13.452.7

73.226.8

100.0

72.327.7

86.133.9

100.0 ! 100. 0

In central reserve and reserve city banksloans constituted considerably more than 70per cent of total earning assets of memberbanks, and in country banks they were two-thirds of the total. At member banks in thefinancial centers, where the surplus fundsof the country are largely emplojT'ed, loans onsecurities are larger than all other loans,while at country banks only 13 per cent ofearning assets are employed in collateral loans.Differences in banking practice may accountin part for the difference in the compositionof earning assets of banks in the financialcenters and outside, but these differences alsoreflect the fact that banks throughout thecountry, after using a large part of theirfunds to meet the financial requirements oftrade and industry in their own localities, placethe funds not required locally on deposit withcity correspondents. Funds thus placed at thedisposal of city banks are subject to with-

75164—26f -2

drawal on demand whenever increased busi-ness activity in the interior of the countrycauses a growth in local financial requirements,,Under these circumstances city banks employthe funds received from the interior chieflyin making demand or short-term loans onsecurities. During 1924 and 1925, with loan-able funds throughout the country in excess oflocal credit requirements, there has been arapid growth of collateral loans by memberbanks.

This review indicates that the most import-ant banking developments during the year1925 have been a continuous growth of memberbank loans on securities, and a, considerableincrease in the second half of the year in loansfor agricultural and commercial purposes.Furthermore, owing to changes in the characterand geographic distribution of the deposits ofmember banks, they were able to support theincrease in the total of their deposits without acorresponding increase in their reserve balances.At the reserve banks the increase in the volumeof credit outstanding reflected the influence ofgold exports, following upon four years of acontinuous inflow of gold from abroad.

TREASURY FINANCE

December Unandng*On December 7 the Treasury announced an

offering at par through the "Federal reservebanks of one-year Z% per cent Treasury cer-tificates, dated December 15, 1925, and ma-turing December 15, 1926, The offering wasfor $450,000,000 or thereabouts, and it wasannounced that the Treasury would accept inpayment for the new certificates outstandingTreasury certificates and 4 ^ per cent Treas-ury notes maturing December 15, 1925. Pre-ferred allotment would be given to subscrip-tions for which payments were tendered inthese certificates and notes, of which theamount outstanding was approximately $480,-000,000. The offering was intended withbalances on hand and December tax receiptsto cover the cash requirements of the Treasuryuntil March, when further financing will be


FEDERAL. RESERVE BULLETIN JANUARY, 1926

necessary. The same exemptions from taxationwere provided as have been provided for otherissues under the act of September 24; 1917,and the new certificates will be accepted atpar in payment of income and profits taxespayable at maturity of the certificates. Sub-scriptions for the now issue were closed at closeof business on December 9 and amounted to$875,780,900, Subscriptions were allotted inthe amount of §452,749,000, of which 8167,-210,700 represented allotments on subscrip-tions for which maturing Treasury notes andcertificates were tendered in payment. Allsuch subscriptions were allotted in full, allot-ments on other subscriptions being made on agraduated scale—on subscriptions in amountsnot exceeding $100,000, 50 per cent but not less 'than $500 on any one subscription, and on sub-scriptions in larger amounts, 30 per cent butnot less than $50,000 on any one subscription.Subscriptions and allotments in the severalFederal reserve districts were as shown in thetable following:

Federal reserve district Subscrip-tions Allotments

Total._ ._._ _. _.| $875,780,900 I&152,7-10,000

Boston _ ____| 66,930,500New York .__ _ | 320,927,500Philadelphia.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City. _.DallasSan Francisco...

81,333,00066,192,50028,611,00035.230,50087,226,50029,515,50022,099, 50017,292,40033,015,50087,370,500

30,055,000171,995,00044,997,00029,165,00012,830,50017,744,50044,4.04,00016,988,50014,219.50012,040,00017,622, 50040,687,500

In his annual report for the fiscal year 1925,the Secretary of the Treasury notes that " theaverage rate of interest borne by certificates ofindebtedness offered in the fiscal year 1925 wasonly 2o9 per cent/? the average rates for earlierfiscal years being: For 1921, 5=7 per cent; for1922, 4.5 per cent; for 1923, 4,1 per cent; andfor 1924, 3,9 per cent. In June the Treasuryissued at par one-year certificates bearinginterest at 3 per cent, and in September, nine"months certificates at 3 3^ per cent.

Payments received from foreign governments.On December 15, payments in the amounts

given below were received from foreign coun-tries on account of their funded indebtedness tothe United States:

Country

Total

Amount of payment

Principal Interest

Total... I $95,253,371.85 \ $26,057,018.00 | $69,196,353.85

Great Britain j 92,310,000.00 ! 24,000,000.00 i 68,310.000.00Belgium ' 677,432.22 : _„.; 077,432.22Czechoslovakia i 1,500,000.00 I 1,500,000.00 ; „Finland. _J 180,650.00 j 47,000.00 I 133,650.00Hungary 39,611.25 ! 10,018.00 I 29,593.25Lithuania ! 45,678.38 I .._.._ _ „ 45,678.38Poland.- ; 500,000.00 ! 500,000.00 _„.

NOTESAgreement with Belgian National Bank.

On December 10 the Federal Reserve Bankof New York; with the approval of the Fed-eral Reserve Board, made an agreement withthe Belgian National Bank to stand ready topurchase Belgian prime commercial bills, whensuch purchases are desired. This agreementwith the Belgian central bank is in pursuanceof the system's policy of cooperating withforeign countries in the reestablishment of thegold standard. The statement issued by theNew York Federal Reserve Bank follows:

As an aid to the plans which are in progress for im-proving the monetary position of Belgium, the FederalReserve Bank of New York, in association with otherFederal reserve banks, has indicated its readiness tocooperate with the Belgian bank of issue, the BanqueNationale de Belgique, if desired, by purchasing primecommercial bills. It is understood that offers of coop-eration have also been made by the Bank of Englandand other European banks of issue.

Annual reports of Secretary of the Treasury and Comp-troller of the Currency.The text of the annual reports of the Secre-

tary of the Treasury and of the Comptroller ofthe Currency for the fiscal year ending June 30,1925, were issued during December.

First annual report of the Agent General for Repara-tion Payments,The first annual report of the agent general

for reparation payments, issued early in De-cember, reviews the progress of the reparationsprogram and of Germany's economic recoveryunder the Dawes plan., The report states:"The plan realized during the year its firstessential preliminary objects; that is to say, abalanced budget and a stable currency. * * *Side by side with the achievement of these twoobjects, the output and distribution of goods,according to available figures, have consider-ably exceeded the experiences of the immediate-


JANUARY, 1926 FEDERAL BESERVE BULLETIN

ly preceding year and begun to resemble thosebefore the war. At the same time Germanbusiness and industry have found themselvesconfronting the double problem of replenishingthe working capital and remolding their or-ganization along lines that the changed condi-tion require/7 The report states that theinitial annuity payments of 1,000,000,000 goldmarks for the year to September 1, 1925. weremade in full, chiefly in reichsmarks in Germanyfor deliveries in kind. However, the opera-tions of the plan for the year has been "not somuch a test of German capacity to pay as atest of the ability of German economy to adjustitself to a return to stable conditions."

The share of the United States in the firstannuity amounted to about 15,328,000 goldmarks. Up to the date of the report no partof this had been utilized by the American Gov-ernment, this sum remaining to the credit ofthe United States on the books of the agentgeneral.

Appointment of Federal reserve agent at Cleveland.Mr. George De Camp, manager of the Pitts-

burgh branch of the Federal Reserve Bank ofCleveland since 1918, has been appointed asclass C director of the Federal Reserve Bank ofCleveland for the unexpired term of Mr. I). C.Wills, deceased, and designated Federal reserveagent and chairman of the board of directorsof the Cleveland bank for the year 1926.

Appointment of assistant secretary and assistantcounsel.Effective January 1, 1926, Mr. E. M. Mc-

Clelland has been appointed assistant secretaryof the Federal Reserve Board and Mr, B. M.Wingneld has been appointed assistant counsel.

Election of directors.The following directors of Federal reserve

banks have been elected for the three-yearterm beginning January 1, 1926:

CLASS A DIRECTORS

Frederick S. Chamberlain, Boston (reelected).Jackson E. Reynolds, New York.John C. Cosgrove, Philadelphia (reelected).Chess Lambert on, Cleveland (reeiected).J, C. Bras well. Richmond.E. C. Melvin, Atlanta.Charles H. McNider, Chicago (reelected).John C. Martin, St. Louis (reelected).Paul J. Leeman, Minneapolis.Frank W. Sponable, Kansas City (reelected).W. H. Patrick, Dallas (reelected).C. K. Mclntosh, San Francisco (reelected).

CLASS B DIRECTORS

A. C. Bowman, Boston (reeleeted),Owen D. Young, New York (reelected).Alba B. Johnson, Philadelphia (reelected).R. P. Wright, Cleveland (reelected).Edwin C. Graham, Richmond (reelected),W. H. Hartford, Atlanta (reelected).S. T. Crapo, Chicago (reelected),W. B. Plunkett, St. Louis (reelected).Paul N. Myers. Minneapolis.John S. Owen, Minneapolis.1J. Mo Bernardin, Kansas City (reelected).J. EL Nail, Dallas (reelected),E. EL Cox', San Francisco (reelected).

CLASS C DIRECTORS

Charles H. Manchester, Boston (reelected),Pierre Jay, New York (reelected).H. L. Cannon, Philadelphia (reelected).L, B. Williams, Cleveland (reelected),Robert Lassitcr, Richmond (reelected),.W. H. Kettig, Atlanta (reelected).F. C. Ball, Chicago (reelected).C. P. J. Mooney, St. Louis (reelected).George W. McCormick, Minneapolis (reelected),W. S. Bulkley, Kansas City.C. C. Walsh, Dallas (reelected).William Sproule, San Francisco (reelected).

Appointment of chairmen and deputy chairmen.The following have been designated as Fed-

eral reserve agents and chairmen of the boardof directors of the Federal reserve banks forterms of one year, expiring December 31, 1926:

Boston—Frederic H. Curtiss.New York—Pierre Jay.Philadelphia,-—Richard L. Austin,Cleveland—George DeCamp.Richmond—William W. Hoxton.Atlanta—Oscar Newton.Chicago—William A. Heath.St. Louis—William McC. Martin.Minneapolis—John R. Mitchell.Kansas City—M. L. McClure.Dallas—C. C. Walsh.San Francisco—John Perrin.

The following have been designated asdeputy chairmen of the Federal reserve banksfor terms of one year, expiring December 31,1926:

Boston—Allen Hollis.New York—William L. Saunders.Philadelphia—Charles C. Harrison.Cleveland—L. B. Williams.Richmond—Frederic A. Delano,Atlanta—Wo H. Kettig.Chicago—James Simpson.St. Louis—John W, Boehne.Minneapolis—Homer P. Clark.Kansas City—Heber Hord.Dallas—C. E. Linz.San Francisco—Walton N. Moore.

1 Elected for unexpired term, ending Dec. 31, 1927, of 5\ B, Hixon*resigned.


8 E B D E B A X J BE83SRVE BULLETIN , 1926

BUSINESS CONDITIONS IN THE UNITED STATESProduction of basic commodities in November continued in about the same volume as the

month before, and the general level of prices remained unchanged. Activity of wholesale andretail trade was below the record level of October, but larger than in November of last year.

Production.—Output of basic industries included in the Federal Reserve Board's index ofproduction was at about the same rate in November as in October, but owing to a smallernumber of working days the index declined by about 1 per cent. Employment and pay rolls inmanufacturing industries Eihowed small increases in November as compared with October.iimpioyment and workmen's earnings increased in the machinery industries, while in foodproducts and tobacco and in the clothing industry there were seasonal declines. Building con-tracts awarded were smaller in November than in October, but were large when comparedwith the volume for November of previous years.

Final estimates by the Department of Agriculture in 1925 indicate that the acreage of allcrops harvested was slightly larger than in 1924, but that the aggregate production of cropswas in about the same volume. Yields of cotton, corn, and tobacco were considerably largerthan last year, while the production of wheat, oats, potatoes, and hay was smaller.

Trade.—Sales in leading lines of wholesale trade showed the usual decline in Novemberfrom the seasonally high levels in October, but continued larger than in the correspondingmonth of any of the past five ^ears. Total volume of trade at department stores and mail-order houses was smaller than in October, owing largely to the smaller number of businessdays in November. Compared with earlier years, however, department-store sales were thelargest on record for November and sales at mail-order houses were the largest for that monthin the past six years. Merchandise stocks at department stores showed considerably morethan the usual increase In November and were 4 per cent larger than in November of last year.Distribution of commodities by railroads during November reached new high levels for themonth.

Prices.—Wholesale prices, according to the index of the Bureau of Labor Statistics, re-mained the same in November as in October. Prices of livestock, meats, and cotton goodsdeclined, but these decreases were offset in the general averages by advances in the price ofgrains, fuel, lumber, and rubber. In the first three weeks of December prices of wheat, flour,and hardwood lumber were slightly higher than in November, while quotations on cattle, cotton,coke, copper, and. hides were lower.

1922Index of 22 basic commodities^adjusted for seasonal variations*

<19I9=»100.) Latest figure, November, 115.

1925Index of United States Bureau of Labor Statistics. (1913-100, bass

adopted by bureau.) Latest figure, November, 158.


JANUABY, £#26 FEDERAL RESERVE BULiLETIN 9

BILLIONS Or DOLLARS2

BILLIONS OF DOLLARS2

FEDERAL RESERVESANK CREDIT

1922 1925

Weekly figures for 12 Federal reserve banks,, Latest figures* Decem-ber, 23.

BILLIONS OF DOLLARS B5LLIONS OF DOLLARS

10

1322 1923 1924- 1925

Weekly figures for banks In 101 leading cities. Latest figures Decem-ber, 16,

Bank credit.—At member banks in leading cities the volume of credit outstanding onDecember 9.was near the high level reached early in November. Loans for commercial andagricultural purposes declined somewhat during the period, and there was also a decrease inthe banks7 security holdings; continued growth of loans on securities, however, was sufficientto offset these reductions and the total of loans and investments remained practically unchanged.

At the reserve banks the seasonal demand for currency and credit resulted in an increaseof total bills and securities in December to the highest level in nearly four years. This increase-in reserve bank credit in use has been in the form of discounts for member banks, as the volumeof purchased bills held changed but little between the middle of November and the middle ofDecember, and holdings of United States securities also remained constant, except for a tem-porary increase connected with Treasury financing on December 15. Money in circulation in-creased by $71,000,000 between November 1 and December 1 and the continued demand forcurrency in December was reflected at the reserve banks both in increased Federal reserve notecirculation and in a decline in cash reserves.

During the latter part of November and the early part of December open-market rateson commercial paper and acceptances remained substantially unchanged. Later in Decemberincreased demand for credit and currency, largely seasonal in character, was reflected in firmermoney conditions.

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD

(Monthly average 1919*-100]

Yea? and month

OctoberNovember.December..

1924

JanuaryFebruary._M a r c h . . . . .April . .MayJaneJulyAugustSeptember.October. . . .November.

1925

Produc-tion inbasic

indus-tries i

.109107117

127124120119111110113108112118115

1

Factoryemploy-

ment-

939294

94m9666m94S3949597S7

Railroad-

1031021G6

1031.09

266196180

168159

no |108108 !105 !

103 i105 !104 j111112 :

178 j176 I151 |171189 i228 |224 i210229

120116124

123125117129123117122123121121121

79'!&83797983S38794

10187

Department-storesales i

Unad-justed

141141210

1081011211361281289598

122165145

Ad-justed

124126131

12413112113312412612812513414512*

Department-storestocksJ

Unad-justed

1481481.24

119127139141136129125131143140

Ad-justed

132132133

134135137138137135133131133134137

Bankdebitsoutsideof New

YorkCity i

107US

12.1120122119122125120

m12S121

* T h e iodexes of product ion in basic indust r ies , building contracts , car loadings, and b a n k deb i t s are adjusted to allow for seasonalthe indexes of depar tment-s tores sales and stocks aro shown both w i th and wi thou t seasonal ad ju s tmen t s .


10 FEDERAL RESERVE BULLETIN JANCAEY, 1020

BANK CREDIT

Banking conditions during the past year arediscussed in detail in the review of the month,which appears at the beginning of this issue,with reference particularly to the relation be-tween the volume of reserve bank credit andthe volume of member bank credit outstandingand the relation of changes in member bankreserves to the movement in their deposit lia-bilities. Statistics relating to all banks in theUnited States (exclusive of mutual savingsbanks and private banks not under Statesupervision) have become available for Septem-ber 28, 1925, and are presented on page 61,together with data covering the past five years.Loans of these banks showed an increase of$827,000,000 between June 30 and September28 and investments an increase of $58,000,000,so that at the end of September the totalvolume of loans and investments was nearly$1,000,000,000 larger than three months earlierand about $3,000,000,000 larger than on Octo-ber 10, 1924. Deposits of these banks, ex-clusive of bank deposits, increased by about$400,000,000 between the end of June and theend of September, and at the end of the periodwere about 83,500,000,000 larger than theyear before.

MONEY RATES

A tendency toward increasing firmness char-acterized the money market during 1925, andtoward the end of the year open-market com-mercial paper, 90-day bankers' acceptances,and the yield on United States certificates ofindebtedness were at the highest levels sinceApril, 1924, while call money on stock-exchangecollateral averaged the highest since the closingmonths of 1923. Rates on open-market com-mercial paper, which had receded to the lowestpoint in recent years during the late summerand early fall of 1924 when prime 4-6 monthspaper was quoted at 3 to 3 per cent, advancedsteadily thereafter, quotations opening theyear 1925 at 3J^-3M P e r cent and reachinga high for the year during the last three monthst 4 3 /~4 J^ per cent. In general through theear, the commercial paper market found its

most active demand proceeding from interiorbanks, in contrast to New York City, where thehigher rates offered by collateral loans madecommercial paper relatively less attractive tothe investing banks. As compared with thesummer of 1924, when New York rates on90-day bankers' acceptances, call loans onstock exchange collateral, and the yield on 4-6

months United States certificates of indebted-ness all reached low points of about 2 per cent,the call renewal rate during 1925 averagedSyi per cent in January and over 5 per cent inDecember, 90-day bankers* acceptances were3 per cent in January and 3J > per cent inDecember, and the yieled on 4-6 months UnitedStates certificates of indebtedness was 2.61per cent in January and over 3J^ per cent inDecember. The yield on Liberty bonds, onthe other hand, did not fluctuate greatlyfrom 4 per cent during the year. During theclosing months of the year, with the exceptionof call money, stability characterized themoney markets and December rates weregenerally unchanged from the Novemberlevels. The renewal rate on call money wasdistinctly higher, however, the average duringthe week ending December 26 reaching 5.88 percent, the highest weekly average since August,1921. The table below shows the money ratesprevailing in the New York market during thelast three months.

In the London money market,1 the bank ratewas raised early in December from 4 to 5 percent and rates in the market quickly followed,3-months bills being quoted at 5 per cent, thehighest since June, 1921, in the latter part ofDecember,

MONEY RATES IN NEW YORK

September, 192o_ _.October, 1925November, 1925. _.December, 1925Average for week

ending-Dec. 5 __..Dec. 12Dec. 19...Dec. 26

Primecommer-

cialpaper,

4-6months

Averageon ccrtifi-j yield on

t f | ±y! indebted-' t

90 days : m o n t h s

Renewalrate on

call loans' y

m o n t h s b o n d s

3 3.00 \2 3.33 /*3.532 3. 65

3.51

2 3. 652 3. 652 3.48 \3 3.44 ./3 3.54

3.984.024.04 ;4.04

I

4.02 !4.02 ;

4.05

4.06

4.62

4.874.755.32

5.00

5.0°4.905.88

1 Issues maturing Dec. 15, 1925.2 Issues maturing Mar. 15, 19263 Issues maturing June 15, 1926

ACCEPTANCES

An increased supply of bills was reportedfrom the New York acceptance market duringthe four weeks ending December 16, and, withrelatively good demand, the market was active,total turnover during the first week of Decem-ber being near the high point for the year.

i An account of the London money market in 1925 appears on page 40«


JANUAKY, 1926 FEDERAL RESERVE BULLETIN 11

The increased supply; which appeared mainlyduring the first part of the period accompany-ing firmer money conditions, was moved withthe aid of relatively heavy purchases for foreignaccount, while during the closing days, whenmoney conditions turned temporarily easier,fewer offerings were accompanied hj an evengreater decrease in demancl, with the resultthat dealers7 portfolios reached the highest forthe yearo Offerings to the reserve bank weresomewhat in excess of the preceding period.In Boston the supply of bills was light, butduring the first two weeks of the period inexcess of demand, with the result that offeringsto the reserve bank were substantial at thattime In both Philadelphia and Chicago thebill market was reported quiet during theperiod, supply being only fair but somewhatin excess of demand. Rates remained un-changed in all markets. On December 16they were quoted in New York as 3% per centbid and 3 j | per cent offered for 30-day bills,33^ per cent bid and 3% per cent offered for60-day bills, 3% per cent bid and 3}4 per centoffered for 90~da}^ bills, 3% per cent bid and3% per cent offered for 120-day bills, and 4 percent bid and 3% per cent offered for 150 and180 day bills.

CAPITAL ISSUESTotal capital flotations in the United States

during 1925 will probably be found to exceedthe record totals of 1924. In October thevolume of new domestic security issues, ac-cording to the compilation of the Commercialand Financial Chronicle, amounted to $33 7r000,000, slightly less than the volume issuedin September, and nearly $100,000,000 lessthan in October, 1924, which was one of thehigh months of last year. Refunding issueswere unusuall}^ large, however, amountingto $80,000,000, as compared with $20,000,000in September. Municipal securities formed asomewhat smaller and corporate securities alarger proportion of the total than in Septem-ber. Of the' latter, industrial and railroadissues showed increases over the previousmonth, while public utility issues declined.The following table shows the domestic se-curities issued in October, 1925, as comparedwith those of September, 1925, and of October,1924.

Foreign flotations in this country were ofmoderate volume in October, according to thecompilation of the New York Federal ReserveBank, the revised total amounting to

390,000. In November $182,525,000 of foreignsecurities were issued in the United States, thelargest amount floated during any month of1925. The kingdom of Italy loan of $100,000,-000 chiefly accounted for this large total.

DOMESTIC CAPITAL ISSUES


October,1925

September," 1925

October,1924

I Re-New fund-

1 ing

: Re- ! Re-Ncw I fund- . Now fund-

ing ing

Total corporate ' 257.6 i 70.3 ! 263.0 | 16.4! 325.9; 56.5Long-term bonds and I • j | iI ;

notes... I 126.0 j 61.1 173.1 : 11.1 220.2 j 46.5Short-term bonds and I ! I ; j

notes j 15.8 i 4.0 18.6 i 2.0 | 27.4 10.0Stocks „„; 115.8 ' 5.2 71.3 I 3.3 I 78=3 !

Farm loan issues _| 8.3 : 5.0 i 4.7.___ J 15.5 1Municipal ! 71.4 \ 4.9 I 109.8 3.3 ! 91.3 i .8

Total 1337.3! 80.2! 377.5 j 19. 7 ! 432. 7 I 57.3

SECURITY PRICES

Rising prices for common stocks charac-terized the security markets during 1925, Asindicated by the weekly index of 232 repre-sentative common stocks computed by theStandard Statistics Co., stock prices rose intonew high ground with fair continuity through-out the year, breaking sharply in March andin early November, but subsequently recover-ing to higher levels than those preceding thedecline,, This general advance was sharedby both industrial and railroad stocks, but wasmuch more marked in the case of the formerup to August, The largest increase in the railprices has occurred since the prices of indus-trials were checked early in November, thehigher level of the general average in Decemberbeing attributable to new high levels reachedby representative railroad "stocks in thatmonth. Stock market activity during the finalthree weeks of December, as measured by num-ber of shares traded, fell off somewhat from therecord levels of October and November, butwas higher than during the preceding month.Bond prices rose somewhat during the firstpart of December to the highest levels sinceJune, 1925. The following table gives indexesof stock prices computed by the StandardStatistics Co. of New York, the average pricesof 40 bonds computed by Dow, Jones & Co,,and the average number of shares of stock sold


12 FEDERAL RESERVE BTJLLETIK , 1926

daily on the New York Stock Exchange forthe last six months:

INDEX NUMBERS OF SECURITY PRICES

Price indexes of1-

Average for—December, 1924.. „July, 1925August, 1925September, 1925.,October, 1925November, 1925..December, 1925. .

Average for week ending— iDec. 7 iDec. 14... |Dec. 21_ IDec. 28 j

!201 in- i

dustrialjstocks I

i

119.7 !I 135. 0 i

136. 0 |139.9 !145.8 i150.4 .151.6

31 rail-road

stocks

111.3111.0114. 3115. 8116. 2120.0125.4

Total,232

stocks

117.2128.1129.7132.9137,, 2141.61410

152.0 i151.6 •149.5 !153. 2 '

124.1125. G125. 0127.4

143.9143. 9142. 4145.7

92. 5792. 6592. 8692.96

Aver-age

priceof 40

bonds2

90.6792.5091.7092.1992,1792.4492.76

Averagenumberof sharesof stock

sold daily(000

omitted)3

1,7831,3531,4581,7112,3022,3971,883

1,9031,8401, 9181,582

1 For the industrial stocks, the average of 1917-1921 prices equals 100;for the rails the average of the high and iow prices made in the 10 years,1913-1922, equals 100. The indexes are weighted by the number of sharesof each stock outstanding. Prices used are closing quotations on Mon-day.

2 Arithmetic average of daily average closing prices, as published inthe Wall Street Journal. Weekly averages arc for week ending withSaturday preceding date given.

8 Saturdays omitted. Weekly averages; ;?*re for five days ending withFriday preceding date given.

AGRICULTURAL CREDIT

During the month of November the inter-mediate credit banks closed direct loansamounting to $15,758,000, which was $2,-156,000 less than in October. Rediscountsgranted amounted to $6,154,000, or 74 per centmore than in the preceding month. The banksat Baltimore, Louisville, and Springfield ex-tended more than two-thirds of the total directloans, chiefly on tobacco, while the bank atWichita loaned $1,560,000 on wheat and cottonand the Berkeley bank nearly $1,340,000,largely on fruits and vegetable products andraisins. Notwithstanding the large volume ofrediscounts granted during the month, the netamount outstanding on November was about$240,000 less than a month earlier.

The following table shows the volume ofdirect loans outstanding on December 12, thelatest available date, as compared with a monthand a year earlier, classified by commoditieson which the loans were based. Rediscountsoutstanding on the same dates are also givenand are classified by types of re-discountinginstitutions.

I N T E R M E D I A T E C R E D I T B A N K S

[In thousands of dollars}

Direct loans outstanding o n -Cotton -Tobacco _Wheat .Canned fruits and vegetablesRaisinsPrunes..PeanutsWoolRiceAll other.. .„.. .

Total __„ .._.

Dec. 12,1925

21,26420,9152,2161,3143,600

1711,044

265141

50,930

Nov. 14, Dec. 13,1925 ; 1924

19,889 13,01418,282 19,7463,223 '• 3,07?1,763 6572,250 4, OOG

1,500145 341

1,580 • 4367 304

101 187

47,306 . 43,459

Rediscounts outstanding for— !Agricultural credit corporations iNational banks... ._ . JState banksLivestock loan companiesSavings banks and trust companies...

Total..

15,86334

3949,886

16,59531

4289,141

82

10,25627

8707,539

374

26,259 i 265277; 18,866

Tine intermediate credit bank system hasmade considerable growth, during the past year,as is shown by the accompanying chart, givingthe changes that have occurred in direct loansto cooperative marketing associations and redis-counts for financial institutions and the com-

MILUQKS DF BOLLAPS60 LOA^S OF INTERMEDIATE CREDIT BANKS

L

WLLI0NS CC-" DOLLARS

80

7C

1925

bined total. The seasonal differences in redis-count and direct loans are accounted for by thefact that rediscounts are granted largely forproductive purposes and hence are largest inthe spring and summer, while direct loans aremade entirely for marketing purposes and arelargest in the fall and "winter. The tableprinted above indicates that the system has-made the largest advances to tobacco and cot-


JANUARY, 1926 FEDERAL RESERVE BULLETIN 13

ton cooperative associations, since, on Decem-ber 12, 83 per cent of the outstanding directloans were made to such associations. Com-mercial banks this year have made less use ofthe facilities of the intermediate credit banksthan was made last year, While the loans tolivestock loans companies were about a thirdlarger this year than in 1924, the greatest in-crease in the use of rediscounts was made byagricultural credit corporations.

Below is given a table showing the outstand-ing volume of net mortgage loans granted bythe joint-stock land banks, by the 12 Federalland banks, and by 41 life insurance companiesowning more than'82 per cent of the assets of alllife insurance companies.

N E T FARM-MORTGAGE LOANS OUTSTANDING

• [In thousands of dollars]

Nov. 30,1925

Total all joint-stock land banks • 534,134Total 12 Federal land banks j 999,415

Oct. 31, ! Nov. 30,1925 I 1924

526,042 !995,207 I

440, 046919,188

Life insurance companies 1,518,000 1,515,000 | 1,444,379

AGRICULTURE

In 1925 the aggregate production of allcrops, as measured by Federal Reserve Board'sannual index of crop production, was in ap~Droximately the same volume as in 1924.Yields of wheat, oats, rye, hay, white potatoes,and apples were smaller than in the precedingyear, but the production of corn, cotton",tobacco, and barley was larger. For thecountry as a whole agricultural operationswere generally satisfactory, although in sec-tions of the Southeastern States the prolongeddrought in the summer and early autumnmonths resulted in considerable damage andin crop failures in some counties. In certain.areas of the Dallas Federal reserve districtthe drought curtailed the production of cottonand resulted in almost a complete failure offeed crops. The total production of corn wasnearly 600.000,000 bushels larger than in1924,"but the decline in the price resulted in a•considerable reduction in the returns for the•crop, especially in those counties where thecrop is sold rather than fed to livestock, Theacreage planted in cotton was the largest inthe history of the industry and total produc-tion exceeded 15,800,000 bales, the third largestcrop on record, Improvement in the livestockindustry, which began in the late summer of1924, continued in 1925, and prices of live-stock averaged considerably higher through-out 1925 than in 1924.

75164—26f 3

Farm, prices, as measured by Department ofAgriculture's index, averaged higher duringmarketing season than in 1924, the most sub-stantial increases being in the prices of fruitsand vegetables and livestock, as is shown inthe table below:AVERAGE FARM PRICES^ JUNE THROUGH. NOVEMBER.

1924 AND 1925[July, 1909-July, 1914-100]

1924 1925

GrainsFruits and vegetablesMeat animalsDairy and poultry products...Cotton and cottonseed _._Unclassified..

Total .

337126113132198101

17417114314417591

135 ! 147

Grains,Developments in wheat production "have

been especially significant during the pastyear. In 1924 the world at large produced acomparatively small crop, while the crop in theUnited States was exceptionally large, In1925 the situation was reversed, Europe andCanada producing much larger yields thanin 1924, but the United States produced a verysmall crop and recent reports indicate thatharvests in the Southern Hemisphere will besmaller than a year ago. Final estimates by

OJiTS PER 3US.HEL

220

6 0 Jvu/ws -uwv.JUL. AUG-Sti*!1. OCT. NOV. DEC JAM. FEB. MAS. APR. MAY JUH. JUL. AUG.SEFT. OCT. MOV. DEC.

1325

60

the Department of Agriculture in Decemberindicated the total wheat crop at 669,000,000bushels, a reduction of 28,000,000 bushels fromthe preliminary figures issued in Novemberand 22 per cent less than the 1924 crop.Although a yield of 669,000,000 bushels prac-tically places the United States on a domesticbasis, 55,000,000 bushels of wheat and flourwere exported during the first five months ofthe crop year.


14 FEDERAL RESERVE BULLETIN JANUARY, 19 2 C

The yield of corn, indicated in the finalcrop report, was 100,000,000 bushels less thanthe preliminary estimates made in .November,but was 25 per cent larger than in 1924.Yields of oats and barley were larger thanindicated by the November figures, while theyields of other grains were less. The followingtable gives the December final estimates of theprincipal grain crops:

[in thousands of bushels]

1924

All whcat_ ! 862,027Winter wheat _ ! 589.032Spring wheat j 272,995Corn..... ' 2,3.12,745Oats .__ i 1,522,055Barley _ _.__! 178,322 iE y e __. ' 04,038 !Flaxseed i 31,711 i

1925

609,305398,486270, 879

2, 900, 5811, 501, 909218,00248, 09022,007

Prices of grains have fluctuated widely duringthe past year, as is shown in the accompanyingchart. After the declines in the early monthsof the year, prices of wheat followed tlie variousreports on the conditions and expected yieldof both the domestic and world crops. Re-ports of large crops in Europe and Canada andthe earlier reports of a large crop in the Argen-tine depressed prices in the early fall. Bymid-October, however, reports indicated thatthe Russian surplus had been overestimatedand that crops in the Southern Hemispherewere likely not to be as large as anticapated,and a rapid rise in the price of wheat followed,which was further augmented by the final esti-mates on crop yields reported in December.The price of corn was steadily lowered byforecasts of a large crop and since harvest bythe very poor quality caused by excessivemoisture content.

Early reports indicated that the acreage ofwinter wheat would be increased about 9 percent, but unfavorable weather for plowing andseeding prevented the fulfilling of these inten-tions, aiid the acreage is about 1 per cent lessthan the area seeded last fall. The conditionof the crop, however, was slightly.higher thanin 1924, but was below the average conditionof the crop on December 1 for the past 10years. The following table shows the acreageand condition of wheat and rye as reported bythe Department of Agriculture for December 1:

Acreage sown

1925 1924

Condition Dec.l

1925 ! 1924

Winter wheat... . . 39,540,000 j 39,956,000 ! 82. 7 :Eye I 3,420,000 : 4,088,000 ; 83.8 I

81.087.3

Cotton,In 1925 the cotton-growing industry was

characterized by the largest acreage on recordand a total production that exceeded all previousyields except in 1911 and 1914. Estimates bythe Department of Agriculture based on the con-dition of crop on December 1 indicated a yieldof 15,603,000 bales, as compared with a pro-duction of 16,250,000 bales in 1911 and 16,-992,000 bales in 1914, the two largest yields onrecord. Notwithstanding this large increase inyield, harvesting has progressed as rapidly asin other recent years, and 14,826,000 Daleswere ginned prior to the middle of December,which was approximately 95 per cent of thecrop, as compared with 94 per cent prior to thesame date in 1924 and 1928. Increased pro-duction during the year occurred in all of thecotton growing Federal reserve districts exceptDallas, the greatest increase being in theAtlanta and St. Louis districts. Marketing,as reflected by the movement of cotton fromfarms and plantations to the interior marketsand ports, from the beginning of the seasonthrough the middle of December, continued atabout the same rate as last year, despite thelower price that has prevailed this year thanin the autumn season of 1924. Exports andtakings by American and Canadian spinnershave also exceeded those of last year, but theyhave not increased sufficiently to absorb theincreased marketings, and stocks at publicwarehouses are considerably larger than a yearago.

With a large increase in yield the price ofcotton has declined gradually, but almost con-tinuously since early in the autumn and hasaveraged considerably lower than last year.In addition to the effect of the increased yieldon prices, unfavorable weather during the har-vesting season resulted in considerable damageto the cotton that was open in the fields, and alarge proportion of the crop is of a lowerquality than in other recent years.

Tobacco.Final estimates by the Department of Agri-

culture indicated a total production of tobaccoin 1925 of 1,349,660,000 pounds, as comparedwith a yield of 1,242,456,000 pounds in 1924.This increase in the aggregate output was dueprincipally to larger yields in the Richmond,Cleveland, and Atlanta Federal reserve dis-tricts. In Kentucky, the largest tobacco-growing State, the final output was approx-imately 3 per cent smaller than in 1924 andwas the smallest crop in recent years. ID.


JANCAKY, 1926 FEDERAL RESERVE BULLETIN 15

North Carolina, on the other hand? the secondlargest producing State, the crop was 30 percent larger than in 1924; and the increase inthe total production for the country was duelargely to the increased yield in this State,The quality of the crop is somewhat lower thanthat of the previous year and prices at thebeginning of December averaged 18.3 cents apound, compared with 20.7 cents a pound ayear earlier. Marketing of the 1925 cropcontinued to increase in November and salesof nearly all types of tobacco were larger thanin November of last year. Sales early inDecember of approximately 5,500,000 poundsof re-dried 1923 and 1924 burley tobacco werereported by the Burley Tobacco GrowersAssociation.

Production of tobacco products in Novemberdeclined from the large volume in October, andthe output of all products except cigarettes wassmaller than last year. For'the 11 monthsending with November, production of cigar-ettes continued to increase and exceeded thevolume of 1924, but the production of cigarsdeclined. The following table shows the totaloutput of tobacco products for the 11 monthsending with November, 1924, and 1925:

PRODUCTION OF TOBACCO PRODUCTS

[000 omitted]

Eleven months endingNovember—

bage axe particularly high, the former beingtwo to four times as high as last year. Theaccompanying chart shows the yield and pricesof white potatoes, by the crop year, for thelast several years. Prices have reflected cropconditions and supply very closely. The finalreport on the yield of potatoes indicated a totalcrop of 23,000,000 bushels, or more than 6 per

PRODUCTION AND PRICE OF POTATOES

1924 j 1925

Large cigars (number) _' 6, 147,130 I 6,023,410Small cigars (number) ._.._"• 498.888 ' 420,287Cigarettes (number) __ _j 65,-566,887 j 73,308,092Manufactured tobacco (pounds) • 348,112 340,704

Fruits and vegetables*The marketing of late fruits and vegetables

in November declined to about one-half of theOctober volume. Early winter vegetablesbegan to move during November from thesouthern producing areas, and oranges beganto move in considerable quantities in bothFlorida and California, although in neitherState were shipments as large as in Novembera year agoa TotaJ car-lot shipments of allfruits and vegetables from the beginning oftheir respective seasons to the end of the firstweek in December were 3 per cent larger in1925 than in 1924. Prices on most producehave remained comparatively stable sinceOctober and as a whole are much higher than ayear ago. Prices of white potatoes and cab-

Jo•JULY DEC. JULY DEC. JULY DEC- JULY DEC. JULY DEC JULY

1321-'22 1322-23 1923-'24- 1924-25 1825-26

cent less than was shown in the preliminaryreport in November. The figures of the finalreport as given by the Department of Agricul-ture as to the size of the" principal fruit andvegetable crops are presented in "the followingtable:

FINAL, REPORT BY DEPARTMENT OF AGRICULTURE ASTO SIZE OF THE PRINCIPAL FRUIT AND VEGETABLECROPS

Unit

Fruits: '•Appios— !

" Total _ I Bushels._ _Commercial • Barrels

Poaches.-.. Bushels...Pears i doGrapes.. i Tons IOranges (2 States) ,.__! Boxes

Vegetables: jPotatoes-

White... ' Bushels....Sweet ' do

Cabbage ...I TonsOnions . j Bushels...Tomatoes Tons

Yield (000 omitted)

.1925 1924

164,61631,90946,56519,8201, 96734,500

323,24362,494

86917,1732,188

171,25028,06354,11918,8631,76432,200

425,28354,564

96217,8521,606

Livestock.

Conditions on the western ranges, accordingto the December livestock and range report,continued very favorable. The snow which fell


16 FEDEEAL RESERVE BULLETIN JANUARY, 192G

early in November in the mountain States ofthe Kansas City and Minneapolis reserve dis-tricts had melted, and winter ranges were inmuch better condition than a year ago. Duringthe past year ranges, except in the drought-stricken sections of the Southwest, have beenconsiderably better than a year ago, and evenin the Southwest early fall rains resulted in con-siderable improvement and good winter rangeswere assured. Cattle and sheep closely re-flected the condition of the ranges and enteredthe winter in much better shape than last year.

In November marketings of meat animalsfollowed the usual seasonal trend, cattle andsheep declining from the peak in October, whilethe receipts of hogs greatly increased. In allcases, however, receipts were less than inNovember of last year. For the 11 monthsending with November, receipts of livestock atpublic stockyards were smaller than in thesame period in 1924. Receipts of cattle andcalves decreased 2 per cent, while those of hogswere nearly one-fifth smaller, due partly to theshort corn crop in 1924.

Reports by the Department of Agricultureindicate that, notwithstanding the low priceof corn, the numbers of sheep. Iambs, and cattleon feed on December 1 in the corn belt Stateswere considerably less than a year earlier.Sheep and lambs were 8 per cent less, duolargely to the smaller lamb crop and to theexpansion of both farm and range flocks, whilecattle were 3 per cent less,

Prices of cattle and hogs showed slight de-clines in November from the October quota-tions, while prices of sheep increased slightly.Prices on all classes of livestock continuedabove corresponding prices of last year, andone of the outstanding features of the livestocksituation this past year has been the muchhigher range of prices paid for all classes oflivestock.

Dairy products.

Seasonal declines in production, decreasedmarketings, and a reduction in stocks in stor-age v<rere the outstanding developments in thebutter situation during November, As com-pared with November of last } ear, however,production was larger, receipts at principalmarkets increased considerably, but stocks asreported for December 1 were 26 per centsmaller than a year earlier. Cheese productionand movements followed the same generaltrends, except that stocks in cold storage on

December 1 were 13 per cent larger as com-pared with the same date the previous year.Prices of butter declined slightly during themonth and on December 18 reached the low-est point since the middle of September. Com-pared with last year, current quotations areabout 4 cents a pound lower.

The year 1924 was characterized by an ex-ceedingly heavy production of all kinds ofdairy products, and exceptionally heavy stocksof butter were in existence at the beginningof 1925. Low prices stimulated consumption,and these heavy stocks were reduced to aminimum by the first of May. Productionof butter and cheese for the first II monthsof 1925, as measured by receipts at principalmarkets, was extraordinarily heavy, the 1925receipts for butter being exceeded only bythose of last year, while receipts of butterduring October and November were the largeston record for those months, and the marketingof cheese for the year reached new high levels".

Prices, which at the beginning of the yearwere the lowest since 1922, began to improveafter the season of heavy production, and inthe late fall months were about 9 cents perpound higher than a year earlier. Consump-tion has continued to expand, and, notwith-standing the increased production during thefall months stocks, though large, were consid-erably smaller than last year. Production ofother dairy products reflected the general de-crease in milk production from the high levelsreached in 1924.

MININGCoal and coke.

Stimulated by a high level of general indus-trial activity and, during the latter part of theyear, by the cessation of anthracite coalproduction, total 1925 output of bituminouscoal exceeded that for 1924 by about 9 per cent.As compared with previous years, it was alsohigh, the 1925 totals being surpassed only oncesince 1920, when in 1923 export orders due tothe Ruhr stoppage accompanied large indus-trial demand in the United States. Despiteincreased output, however, prices ruled gen-erally lower during 1925, the Coal Age indexfor spot prices for bituminous coal averagingthe lowest since its war peak. In comparisonwith preceding years, monthly output during1925 displayed the same mid-year slumpobservable in 1921, 1922, and 1924, in contrastto 1923, when a high level of production wasmaintained throughout the year. The regular


JANUAKY,1926 FEDERAL BESERVB BULLETIN 17

fall increase in output in 19255. however, wasincreased by demand for anthracite coal sub-stitutes, with, the result that production forthe fourth quarter was close to that in thecorresponding period of 1920 and in excess ofoutput for the quarter in all intervening years,including 1923. During the four weeks endingDecember 12 average daily production reachedthe highest levels since 1920, and on November23 the Coal Age index of spot prices for bitu-minous coal touched $2.32* the highest sinceOctober, 1923. During the first half of Decem-ber, though output was maintained, the firm-ness of the market was affected by the closingof the lake season and mild fall weather, withthe result that prices receded somewhat, theindex standing at $2.20 on December 14, ascompared with 32.30 four weeks earlier, Due tothe small number of working days in November,total output for the month fell to 50,780,000net tons, as compared with 53,203,000 net tonsin October. Average production per workingday was 2,150,000 net tons for the weekending December 12, as compared with 2,~135,000 net tons for the week ending November14 and 1,947,000 net tons for the week endingOctober 10. ' Up to December 12 total 1925output of bituminous coal was 93,876,000 nettons—8.5 per cent above the correspondingfigures for 1924.

Total production of anthracite coal for thefirst eight months of 1925 was the highest forthat period in recent years with the exception of1923," when output for the first eight monthsran about 9 per cent higher. The totalcessation of production attendant upon thestrike during the last four months of the year,however, brought total 1.925 output below anyother recent year except 1922, when productionwas also seriously impaired as a result of labordifficulties.

Total output of coke during 1925 fell mate-rially below the levels reached in 1923 but wasabove any other year since 1.920, By-productcoke, however, established a new record intotal 1925 production, while output of beehive,,though in excess of 1924, was well below thetotals established, in several previous years,Total November production of coke was4,770,000 short tons, the largest since July,1923. Of this total, 3,557,000 short tonsrepresented by-product output, a new monthlyrecord for this type of coke, while the 1,213,000short tons of beehive produced in Novemberwas the largest since March, 1924=, Coke prices

during the first part of December continued torecede from the high levels reached in earlyNovember, Connellsville coke being quoted at33.50 on December 11 and $4 on December 18.as compared with $8 on November 6, 1925

Petroleum.Production of crude petroleum, which began

to decline early in the summer, continued tofall off in November, and the output in theearly weeks of December indicated furthercurtailment. Although this decline in pro-duction has been practically continuous sinceMay, the total output for almost every monththis year exceeded that of the correspondingperiod in 1924, and. for the 11 months endingwith November aggregate production was 5per cent larger than in 1924. Consumption ofcrude petroleum, has been considerably largerthan in 1924, and stocks east of the RockyMountains were reduced from 318,438,000barrels at the end of November last year to296,690,000 barrels this year. In the firstthree months of the year prices of crude petro-leum reflected the usual seasonal increase, butin the late spring and summer months, afterproduction began to decline, they advancedslight!}7" and remained considerably above thelevels of the preceding year. In July, August,,and September prices declined slightly, but inNovember they" turned upward "and in themiddle o_f December averaged, according tothe Oil, .Paint, and Drug Reporter's averageprice for 10 fields, 34 per cent higher than ayear earlier.

The output of gasoline for the 10 monthsending with October was 21 per cent largerthan in 1924 and exceeded the output forthe corresponding period in any previousyear. Consumption of gasoline was also inlarge volume during the year, but in viewof the increased production stocks did notdecline during the summer and early autumnmonths as much as in 1924, and at the endof October they 'were 33 per cent larger thanlast year. Increases in gasoline stocks arepartly due to the conversion of large stocksof petroleum at the beginning of the yearto gasoline, which has resulted in a reductionof petroleum stocks and an increase in stocksof gasoline. Production of other refined prod-ucts also increased in 1925, and stocks of allthese products are larger than last year.Prices of gasoline advanced rapidly during thefirst six months of the year, but from. J


18 FEDERAL BESERVE BULLETIN 1926

through November they declined; throughoutthe year, however, they remained at a higherlevel than in 1924.Nonferrous metals.

Both production and consumption of non-ferrous metals was high during 1925, whileprices ruled generally higher than in recentyears. Notwithstanding the fact that pro-duction of copper, lead, and zinc in the UnitedStates and imports of tin during the year wereat the highest rate since the war and aroundthe war peaks, stocks of these commodities onhand at the end of the yeax were all at lowlevels. The average price of lead during theyear was the highest since 1917 and close to thepeak established in that year, tin was quotedhigher on the average than in any year since1919, and zinc since 1920; but copper, thoughabove 1924, did not bring as much on theaverage as in 1923. Silver averaged higher inprice during 1925 than in any year since 1920,but output was the lowest since 1922.

While domestic consumption of copperduring the fall has continued high, exportdemand has fallen off, and the price of refinedelectrolytic copper delivered in New Yorkdropped during November and the first partof December from 14J^ cents per pound onNovember 5 to 14 cents on December 8, thelowest since July 8. At the middle of Decem-ber it was quoted at 1 4 ^ cents, as comparedwith 14J^ cents four weeks earlier. Produc-tion of copper in the United States duringNovember was 135,794,000 pounds—6,000,000pounds below October and the first month in1925, when output was below the correspond-ing month of the previous year. Stocks ofrefined metal at the end of the month werereported at another new postwar low, whilestocks of blister copper increased slightly,total stocks being at about the low levels ofthe year. Lead output in the United Statesduring- November was 7 per cent above thecorresponding month of 1924, but slightlyunder the October peak. Quotations for leadin New York, which reached §% cents duringthe middle of November, receded subsequentlyand stood at 9M cents the second week ofDecember. Though output of zinc duringNovember was the highest since March, it wasexceeded by shipments, with the result thatstocks of slab zinc in refineries at the end ofthe month made another new low of 6,922 tons.Quotations for zinc at St. Louis fluctuatedbetween 8}4 and 8% cents during Novemberand the first two weeks of December, closingthe period at the lower price.

Quotations for bar silver were fairly steady,ranging from 69 to 69 34 during the last twoweeks of November and the first week ofDecember. In the second week of Decemberheavy sales from China depressed the market,and on December 16 bar silver was quoted inNew York at 6834 cents, the lowest since June5, and 4^g cents under the high for the year,November deliveries of tin to the UnitedStates were the lowest of the year, with theexception of May, and stocks in New York atthe end of the month were also the lowest sinceMay. Quotations for tin fell off somewhat inthe last two weeks of November and the firsthalf of December. Straits tin being quotedat 6134' cents on December 16, as comparedwith a high of 6 4 ^ cents on November 12.

MANUFACTURING

Food products.

Sugar meltings in November were 32 percent less than in the previous month and wereconsiderably smaller than in November, 1924,but the total meltings for the first 11 monthsof the year were 6 per cent larger than for thesimilar period last year, reflecting the increaseof the 1924-25 sugar crop. Throughout theyear, and especially during the fall, refinershave carried stocks that exceeded those of lastyear, though the usual autumn declines haveoccurred. The sugar market has reflected theuncertainties caused by a record world cropof sugar and more recently by the prospectsof an even greater crop ixi 1925-26. Priceshave averaged lower throughout the year thanin 1924 and in October reached the lowest pricessince early in 1922e However, prices have re-covered to some extent and were fairly stableby the middle of December,,

The meat-packing companies during the yearto December 1 slaughtered considerably morecattle and calves than in the corresponding periodin 1924, while the number of sheep killedshowed practically no change, but hog slaughter-ings, largely because of the short crop of corn in1924 and a large reduction in the number of hogson farms, were very much less than last year.During November the usual seasonal decline inthe slaughterings of sheep, cattle, and calvesoccurred, while those of hogs greatly exceededthe number killed in October, but there was asmaller number of all classes of animals killed,except of calves, than in November a year ago.Although stocks of beef and mutton showedsome increases during the month, those of porkand lard were smaller, and all stocks were be-low those of last year. Domestic demand con-


JANUARY, 1928 FEDEBAL BESEBVE BULLETIN 19

tinned active for lamb, pork, and pork prod-nets, but was only fair for beef, and whenmeasured in dollar amounts was 10 per centgreater than in November, 1924, Exports con-tinued to decline and were less than a year agoin physical volume, as they have been, most ofthe year.

Flour milling in November was small, not-only because of seasonal inactivity, but wasadversely affected by the advance in wheatprices during the month, and as a result pro-duction was 13 per cent less than in November,1924. Milling activity has been considerablycurtailed this year in comparison to 1924 sincethe foreign demand for American flours hasfallen off since the new crop of wheat beganto be ground. Exports during the first 11months of the year were but 38 per cent smallerthan during the corresponding period last year.Flour prices reflected the advance in wheat,which began a year ago this fall, and as a con-sequence quotations on flour, especially dur-ing the spring, showed a large margin overcorresponding prices of the preceding year.By the middle of December, However, follow-ing the decline in the price of wheat in theautumn, flour quotations were reduced to $8.95per barrel, a decline of 30 cents from the pre-ceding month, and was slightly lower than ayear ago.

Textiles.In textiles conditions during 1925 have varied

among the different trades. In cotton manu-facturing prices averaged lower than in anyyear since 1922, while production was greaterthan in 1924 and 1922," but slightly less thanin 1923, the year of greatest activity since 1917.At the beginning of the year the woolen in-dustry was moderately active and raw woolprices were at the highest level since 1920;since that time prices have declined consider-ably and production has averaged somewhatless than in recent years. For the silk indus-try 1925 has been a year of great prosperity,raw silk prices have been stable, demand hasbeen large, and manufacturing operations ex-ceptionally active. The knit-goods industrywas also more active than in 1924, and thevolume of output, as indicated bv employmentand earnings of workers in the industry, hasbeen greater than in 1923.

At the beginning of 1925 prices of cottonproducts were steady and manufacturing active*During the spring months prices declined andproduction was reduced to a notable extent,but late in the summer prices strengthened and

mills began to increase operations. Productioncontinued to increase slowly, but when it be-came evident that the new cotton crop wouldbe the largest since 1914 and when this cropbegan to come on the market in great volumein September, prices turned downward. TheFaircnild indexes, showing average prices ofraw cotton, cotton yarn, gray goods, and fin-ished goods declined in October, were fairlysteady in November, and turned downwardagain in December, finally falling to the lowestlevels since early in 1922. Although Novemberhad two or three less working days than Octo-ber, the consumption of raw cotton by millswas practically the same in volume during bothmonths and has been exceeded in Novemberonly in 1916, 1917, and 1922., In the SouthernStates, particularly in the Carolinas where op-erations have been curtailed because of drought,consumption and spindle activity was greaterin November than in October, whereas in theother States there were decreases. Finishers ofcotton fabrics have reported during the yearconditions similar to those noted in the cotton-goods industry—activity at the beginning ofthe year, slight depression in the summer, andimprovement during the autumn.

Manufacturing in the woolen industry wasalso rather active at the beginning of 1.925 anddecreased in the summer. In the autumn theworsted branch of the industry improved, con™siderably. The general level of employmentand production during the year, however, hasaveraged somewhat less than in other recentyears. Prices of raw wool, tops, yarns, andcloths at the beginning of 1925 were at thehighest levels since 1920 or 1921. Quotationson raw wool, particularly on the fine grades,and on yarns declined precipitiousiy during thespring months, and in May tlie Fairchildindexes of raw wool and worsted yarn pricesreached the lowest points since 1922, Pricesof suitings were maintained at high levels dur-ing the spring, but were reduced in the latesummer at openings of the spring, 1926, lines.The feature of the year was the improvementin the demand for worsted goods, which fortwo years had been in relatively poor request.

1 The activity of worsted spindles increased con-siderably, while that of woolen spindles

i changed but slightly. In October the per-centage of active worsted spindle hours tomaximum single shift capacity was the largestreported for any month in two years. Othermachinery, however, has been more activeupon several occasions than during the autumnmonths of 1925. Prices of worsted suitings


20 FEDERAL BESBBVE BULLETIN JANUAKY, 1926

were raised slightly about the 1st of December.Taking the year as a whole, employment andearnings of workers in the men's and women'sclothing industries was smaller than in 1924,Sales of women's coats and suits by whole-salers in the New York Federal reserve dis-trict averaged less in 1925 than in 1923 and1924. On the other hand, sales of men'sclothing at wholesale showed an increase dur-ing the year.

The past year has probably been the mostactive year in the history of the silk industry.Imports of silk into the country during thefirst 11 months of 1925 exceeded totals for an}7

year on record, and deliveries to Americanmills have been even greater, as stocks inwarehouses at the end of November weremuch smaller than they were at the beginningof the year—46,813 bales on November 30 ascompared with 61,533 bales on January 1.Statistics of machinery activity indicate thatmills have consumed these large takings, and,according to nonstatistical reports, the demandfor silk goods has been great enough to absorbmill production. Sales of silk goods by whole-salers in the New York district and retail salesof silk goods hj certain reporting departmentstores have continued throughout the yearlarger than in 1924. On the average, prices ofraw silk and of silk goods have risen onlyslightly during this period of large demand andactive buying. Rayon markets have beenactive, and imports throughout the year havebeen enormouso

Demand for knit goods, particularly silkhosiery, was large during 1925, Statistics ofemployment and pay rolls and of productionand shipments generally show increases ascompared with 1924. The Federal ReserveBoard's index of pay rolls in the knit-goodsindustry was at the highest level in Novemberthan for any month since early 1920, and theaverage for 1925 will exceed that of any pre-vious year, November hosiery production,largely because of fewer working days, wassmaller than the October output. Productionof both winter and summer underwear in-creased in October; shipments were especiallylarge, and unfilled orders were reduced.

Iron and steel.

In the iron and steel industry during 1925,movements of production and prices weresimilar to those of 1924, with production al-ways at higher levels and prices at lower levelsthan a year earlier. Buying was large at theend of 1924 and also at the close of 1923, and

both 1925 and. 1924 began with a growingvolume of unfilled orders, rising prices, andincreasing production, Production rapidlyreached large proportions, orders were promptlyfilled, buying decreased, and early in the springprices began to decline and production sched-ules were curtailed. The recession in outputwas considerable in 1924, and employmentand pay rolls in iron and steel industries de-clined to the lowest levels since early 1922.The drop in 1925, however, was not so great,nor was the recovery in the autumn monthsas rapid. Prices of iron and stool products inthe summer ol 1925 reached low points, andthe averages for the year will be the lowestsince 1922. Despite the summer recession,the total yearly production of steel ingots willbe the largest for any year on record. Owingto the increasing use of scrap iron in the manu-facture of steel, the production of pig iron hasnot shown proportionate increases, and the1925 output Vas exceeded in 1916, 1917, 1918,and 1923. The year 1925 ends very much ashave the previous two years, with "increasingorders and production and slightly higherprices than during the summer.

Differences between 1924 and 1925 appearin the sources of the demand for steel products.In both }Tears new construction required largequantities of steel, more in 1925 than in 1924,The recession in 1924 was caused largely bysharp declines in automobile production, a:o..dthe later increase was to a great extent due toenhanced activity in this industry, which con-tinued to be an important consumer of steelthroughout 1925, touring the past year therailroads, generally the largest users of steel,have required less than in previous years, andthe summer recession may be largely attributedto their withdrawal from the market. Recentlythey have commenced active buying again,and during the last three months of the yearorders for rails, cars, and locomotives haveincreased and inquiries preceding future ordershave been numerous, Can manufacturers havetaken a greater volume of steel this year thanin recent years, owing to the large pack ofcanned goods. Buying of pipe and tank plateby the petroleum industry was not as largein 1925 as in 1924 and 1923,

Automobiles and tires.Automobile production in 1925 exceeded

records for all previous years, and in the closingmonths of the year output was exceptionallylarge, The yea,r began with manufacturingoperations at a moderate rate, and during the



first few months the number of cars producedwas less than in corresponding months of 1923or 1924, A higher rate of production than inthe other years was maintained, however,during the late spring and summer until Augustand September, when changes in Ford plantsincidental to the introduction of new modelscaused a sharp reduction in actual output ofnew cars. Much of the exceedingly large pro-duction in October and November was to makeup the shortage caused by this previous cur-tailment., The number of trucks produced,during the year was also exceptionally largeand continued heavy in all the months.

Other characteristics of the year were thewidespread introduction of new and improvedmodels by the majority of the manufacturers,the increasing popularity of closed cars, and thegeneral and large price reductions. Most ofthe decreases in prices occurred during thesummer, but further reductions of importancewere scattered through the later,months.

The great output of the manufacturers wasapparently called for by the demands of auto-mobile buyers, as, at least during the first halfor three quarters of the year, distribution ofcars equaled or exceeded production, and.stocks Held by manufacturers and dealers werekept small. In the later months, as is usual,production exceeded sales, and stocks wereapparently being accumulated. The sales ofthe General Motors Corporation to dealers inSeptember, October, and November ' werelarger than dealers' sales to users. Dealersreporting to the Federal reserve banks of Phila-delphia and Chicago showed smaller sales inNovember than in October. In the Chicagodistrict both sales and stocks were larger than ayear ago,

Production of automobile tires and. tubesduring 1925 exceeded previous records; ship-ments were equally as great, and consequentlystocks were practically the same at the close asat the beginning of the year. Late in 1924and early in 1925 production was particularlyheavy and stocks were increased to the largeston record. Later, however, shipments in-creased and stocks were reduced, "in Novem-ber shipments were smaller than in any monthfor a year and production was also at aboutthe same level as a year earlier. Crude-rubberprices soared in 1925 to the highest lev-els innearly a decade, influenced by the reducedsupply resulting from export restrictions inproducing countries under the Stevenson plan.The price rose from a low point of 19 cents apound in June, 1924, to a high point of about

75164—26t 4

$1.20 a pound in July, 1925, fell to below 80cents in August, and advanced again to over $1in November. Recently the removal of importrestrictions has been announced for Februaryand the price has fallen some. Imports werelarge throughout the year. Tire prices wereadvanced several times during 1925 and in somecases as much as 70 per cent higher than at thebeginning of the year.Lumber.

Shipments and production of lumber ran innearly equal volume in November, with orderswell in excess of both production and ship-ments, but separate compilations for softwoodsand hardwoods show production of softwoodsrunning above and of hardwoods below ship-ments. In the period of 50 weeks from Jan-uary 3 to December 12 production of soft-woods, according to compilations of theNational Lumber Manufacturers Association,exceeded shipments by approximately 2 percent. In November, for the first time sinceAugust, orders for softwoods exceeded both,production and shipments. The demand forhardwoods has run above production by largemargins for several months, shipments exceed-ing production in November by approximately60 per cent. In the period of 25 weeks endedDecember 12, the period for which data havebeen separately compiled for hardwoods, theexcess of shipments over production amountednearly to 25 per cent,, With hardwood ship-ments running above production by thesearge margins, orders exceeded shipments inNovember, and also in the 25-week period as awhole _ by approximately 7 per cent. Mills ofthe West Coast Lumbermen's Association re-

I port production of Douglas fir in November inexcess of shipments, and mills of the SouthernPine Association report shipments of southernpine for the month running above production.Hides, leather, and shoes.

Hide, leather, and shoe markets during 1925j had few distinguishing features from earlierI years, Production was slightly greater andstocks of leather were further recluced. Pricesaveraged somewhat higher than in 1924, butshowed few significant changes during theyear. Stocks of cattle hides were reducedduring 1925 to the smallest on record (since1920), but supplies of skins, which were verylight at the beginning of the year, were in-creased. Prices of hides, which at the be™ginning of 1925 were the highest in two years,fell slightly in the spring, advanced in thesummer, and declined again during the autumn


22 FEDERAL. XtESERYE BULLETUST JANUARY, 1926

months, and at the end of the year were slightlylower than at the beginning.

Production of some types of upper leatherwas greater in 1925 than in 1924, but in generalthe total output of the industry showed littleif any increase, continuing at a relatively lowlevel of activity as compared with earlieryears. Stocks of sole leather increased slightlyduring the summer, but later were reduced,and at the close of the year were of practicallythe same volume as at the end of 1924. Stock'sof upper leathers were further reduced, inmany cases to the smallest on record. Shoemanufacturers held substantially larger stocksof sole leather during 1925 than in earlier years,but less of cattle and calf upper leather.Leather prices, which rose rapidly in the lasthalf of 1924, reached a peak in March and laterdeclined rather steadily and were lower at theend of 1925 than a year earlier.

Production of boots and shoes in 1925 wasslightly larger than in 1924, smaller than in1923, and about the same as in 1922. Themonth-to-month movements were in accordwith the usual seasonal variations noted inprevious years. Prices of shoes, according tothe index" of the Bureau of Labor Statistics,were slightly higher during 1925 than at anytime since 1921. Sales of shoes at wholesaleincreased during 1925 from a very low pointat the beginning of the year, and in the lasthalf of the year were greater than in the sameperiod of 1924. Sales of shoe chain storeswere a little larger in 1925 than in 1924a

BUILDINGAmong outstanding features of the present

building situation may be noted a persistentcontinuance upon a very high level throughoutthe year to the end of November of demandfor new construction under building and en-gineering contracts, and a persistent stabilityand resistance to speculative influences inprices of building materials, indicative of extra-ordinary elasticity in the productive power ofthe building materials industries. In the 11months from January 1 to December 1 thevolume of building and engineering projectsbrought under contract in 36 States, accordingto compilations of the F. W. Dodge Co., ex-ceeded the corresponding total for 1924 by28 per cent, and exceeded the total construc-tion contracted for in the 12 months of 1924by _ 19 per cent. In general, the course ofbuilding and engineering construction during1924 and 1925 is indicated in the followingtable, showing the percentage excess, 1925 over

1924, of aggregate values contracted for eachmonth from January to November, inclusive.

VALUE OF CONTRACTS AWARDED

Percent-age ex-

cess. 1925over 1924

January ! —0.2February ! 0.2March.. _ 10.9April . . ..: 14.0May _| 18.7June ! 35.1

i Percent-1 age ex«; cess, 1925I over 1924

July.... - 52.7August- : 66.6September „ ... 58.6October 28.1November ; 21.8

Although demand for new construction con-tinued throughout November, as in earliermonths of this year, at record high level for themonth, it will be noted that the margin bywhich aggregate dollar values covered underawards of contracts this year have exceededvalues of awards in the corresponding monthsof 1924 has decreased from month to monthsince August, in January and February newconstruction was brought under contract thisyear in practically the same volume as in 1924.For each succeeding month to August the per-centage excess over 1924 increased from 10.9per cent for March to 66.6 per cent for August,and for each month since August the percent-age excess has decreased—to 21.8 per cent forNovember. This regular increase, followed byan equally regular decrease from, month tomonth, would seem to indicate peak activitv ofthe construction industries in August, winchwas in fact the record high month for all timein value construction brought under contract.Too much importance should not, however, beattached to the appearance of regularity in thedevelopment of a peak at this time, since themargin shown from month to month is affectedby the course of building in 1924 as well as in1925, the seasonal developments in these twoyears being somewhat irregular and dis-similar.

Moreover, it would appear that the statisticalevidence of a major reaction from a peak levelof activity found in the October returns wasnot consistently substantiated by develop-ments in November. Values contracted forfell off in November from the aggregate of thepreceding month, but this decline was very con-siderably less than the usual seasonal October-November decrease. Adjusted for seasonalvariation, the Federal Reserve Board's index forvalue of building contract awards rose from 210for October to 230 for November, taking valuein 1919 as 100. Thus, although the value of


JANUARY, 1920 FEDEBAL BESERVE BULLETIN 23

construction contracted for rose to a recordhigh level in August, the index adjusted forseasonal variation reached its record highpoint of 235 in September. It fell off inOctober to 210? indicating that activity inthe construction industries failed to maintainin October the high level of September.

In current discussion much has been madeof the fact that values contracted for fell offin October, whereas the usual seasonal Sep-tember-October trend is upward. Novemberfigures, however, indicate a resumption of thetrend upward which has characterized build-ing activities since early in 1921. This re-sumption of the general trend is apparent onthe accompanying chart showing the changefrom month to month over this period in ourbuilding-contracts index adjusted for seasonalvariation. On reference to the chart it willbe apparent that sharp declines in theadjusted index have provided equally goodevidence of reaction on several occasions atintervals since 1921, as, for example, in Mayand again in December, 1924, and in July of1923. In each case the decline has been fol-lowed by an equally sharp recovery to a pointin line with the trend of the period. Andthat seems to have happened again in Novem-ber of this year.

BUILDING CONTRACTS AWARDED(1913 = 100)

Adjusted for Seasonal VariationUnadjusted

1320 1921 192.2 1923 192** 192S

Although as nearly as it can be statisticallydetermined the building shortage brought for-ward from the war period has been alreadylargely covered, November reports to theF. W. Dodge Co. of contemplated new con-struction work in 36 States, which account forapproximately seven-eighths of the total volumeoi building in the country, aggregated nearly$700,000,000, which is 35 per cent above thecorresponding total for November of 1924.In a review of the month by this corporation

it is noted, however, that "the strongest in-fluence now holding the volume of buildingup to record proportions is the big increasein New York City activity, largely specula-tive in character.'J"

In New York City, as in other urban com-munities, the demand for new building appearsoo be in large measure a demand for moremodern and conveniently located structuresrather than merely for more space. Morethan one-third of the contracts awarded inNovember (34- per cent) were reported forthe New York Federal reserve district, reportsfrom this district representing principally build-ing projects in the Metropolitan area of NewYork City. New York's proportion of thetotal volume of building increased over themonth from 28 per cent in October. In.earlier months of 1924 the percentage rangedfrom 20 to 35 per cent.

November reports covering the value of per-mits issued in the principal cities indicatethat generally in the larger cities, when allow-ance is made for seasonal variation, buildingoperations were continuing on the high levelof recent months and well above the level of1924, although in the case of individual citiesdecreases are reported., In 168 selected, citiespermits were issued in November covering anestimated cost of construction aggregating8293,857,094, running above the correspondingvalue for' 1924 by §65,864,602, or 28.9 per cent.In comparison with 1924, very large per-centage gains are reported for cities of theAtlanta district, among which may be notedthat for Jacksonville, 568 per cent; for Miami,294; for Orlando, 375; for Pensacola, 84; forTampa, 280; for Lakeland, 486; for Augusta,697; for Columbus, Ga., 323; for Macon, 224;and for Knoxville, 63 per cent, Individualcities in other sections of the country, also,show large gains over November of 1924, thegain for Indianapolis amounting to 67 percent, that for Grand Rapids to 113 per cent,for Madison to 49 per cent, and for "Dallas to74 per cent,

Compilations by S. W. Staus & Co. coveringthe value of November permits issued in 402cities show a net gain for these cities as agroup over 1924 of approximately 26 per cent,the gain for the 25 leading cities of the countrybeing, however, relatively greater and amount-ing to 50 per cent.

In its issue of December 12, commenting onNovember returns, Bradstreet's noted that thebuilding industry was continuing "one of thewonders of the country's industrial develop-


24 FEDERAL RESERVE BULLETIN JANUARY, 1926

ment, despite the fact that for two years pastsome of the ablest authorities in that industryhave been setting varying periods to theactivity which has marked construction sincebuilding emerged from war-retarded con-ditions/'7

The Bureau of Labor Statistics wholesaleprice index for building materials advanced inNovember from. 173,9 to 175=6, reflecting anadvance in the price of lumber, Prices ofbrick, structural steel, and other building ma-terials continued through November practicallyon the level of the preceding month.

TRANSPORTATION

Fast and regular movement of freight, con-tinuous maintenance of an adequate supplyof cars for the orderly handling of seasonal peakofferings of agricultural and other products,general avoidance of congestion at marketterminals, and increasing economy of operationhave characterized the service rendered bycarriers during the past year.

It is recalled that the cost to the country offreight congestion and car shortages in 1920, asestimated by Secretary Hoover, amounted to abillion dollars. Unquestionably the annualsaving on these counts in recent years, as thecapacity of the roads has been brought upunder large capital expenditures more nearlyto current requirements, has run into verylarge aggregates.

.'Ill evidence of increased economy of opera-tion, the Railway Age notes that althoughoperating revenues during the first 10 monthsof 1925 were $200,000,000 less than in thecorresponding period of 1923, net operatingincome earned in 1925 was greater by$108,000,000, the gain in income representingthe relatively greater reduction in operatingexpenses as compared with the decrease inrevenue,

One important, consequence of improvedtransportation service has been, it is contended,a general and. very considerable reduction ofstock inventories in all lines of business. Inthe lumber industry alone, it is estimated"approximately $600,000,000 have been takenout of the stock account since 1923/' the reduc-tion in stock being "equivalent to 12J^ percent increase in the production of lumber/7

The reduction of stock inventories in all lineswithin the past five years is estimated at severalbillion dollars, and although the amount cannot be estimated with tmy near approach toaccuracy, the evidence seems conclusive that-liquid funds formerly tied up in inventories and

in goods in transit have in fact been released forother employment in a large aggregate amount,and that this release has been made possiblein large measure by improvement in the freightdelivery service of the railways.

In general, reports covering operations ofthe carriers in November indicate a continuanceof freight distribution in large volume. Totalfreight-car loadings fell off seasonally inNovember, but in this month, as in earliermonths, ran above 1924. For each class ofcommodity except coke a decrease in loadingsis shown over the month, In comparisonwith November of 1924, loadings of grain andgrain products, of livestock, and of forestproducts fell off and loadings of ore, coke, coal,and of miscellaneous freight, including mer-chandise in less than carload lots, increased.For all classes of freight combined decreasesover the month are shown in car loadingsreported from each of the seven transportationdistricts for which data are separately com-piled, but in each of these districts, exceptingthe southwestern, loadings in November, i925?exceeded the corresponding total for 1924.

In the 49 weeks, January 1 to December 5,according to compilations by the Bureau ofRailway Economics, the carriers loaded 48,-500,173 cars in 1925, the excess over 1924 forthis period amounting nearly to 2,500,000 cars,an increase over 1924 being shown for eachgeneral class of freight except grain and grainproducts and livestock.

Operating revenues of the carriers in the 10months, January 1 to November 1, amountingto $5,129,774,465, exceeded .revenues earned inthese months of 1924 by $153,177,890, or 3.1per cent; and operating expenses, amountingto $3,809,091,395, ran above 1924 by $5,222,107,or 0.1 per cent. Net railway operating incomein this period totaled $935,047,508, exceedingthe total for 1924 by $128,380,947, or 15.9 percent. The operating ratio, or percentage ofoperation expenses to operating revenues inthese 10 months, was 74,25 per cent, the ratio forthis period of 1924 being 76.44 per cento Therate of return earned by the carriers in the 10months to November 1 was equivalent to 4.83per cent on property investment as shown bythe carriers' books. Roads in the easterndistricts earned 5.21 per cent, those in thesouthern district 6.06 per cent, and those inthe western district 4.07 per cent.

Freight-car surplus, which decreased to104,000 cars on November 8, increased in eachsucceeding quarter of November to 137,000cars on November 30. Since March the


JAXUAHY, 1920 FEDERAL BESERVE BULLETIN 25

surplus of freight cars has fallen off frommonth to month from an average of 310,000cars in March to an average of 119,000 cars,including 54,000 box and 39,000 coal cars inNovember.

TRADEWholesale trade.

Wholesale trade in all leading lines declinedin November from the seasonal peak reachedin October, but the total volume of trade con-tinued larger than a year ago... For the 11months ending in November, the volume oftrade in the six leading lines included in theFederal Reserve Board's index of wholesaletrade was approximately 4 per cent largerthan for the corresponding period in 1924.Sales in all lines were larger than in 1924,except groceries, which were in approximatelythe same volume, the greatest increase beingin the sale of meats, due partly to the higherlevel of prices prevailing" this year than in1924.

Declines in aggregate sales in Novemberfrom the seasonally high levels in October,when retailers purchased in large volume tobuild up stocks for the Christmas tradingseason, were about of the same extent as inother recent yea,rs. Declines in the sales ofdry goods, slices, hardware, and drags werelarger than last year, while declines in sales ofgroceries and meats were less.

As a result of the reduction in sales in No-vember, stocks at wholesale firms, as measuredin dollar values, increased and at the end ofthe month were slightly larger than a yearearlier. Stocks of groceries and drugs 'werelarger than in October, while those of meats,dry goods, and shoes were smaller. Comparedwith. November, 1924, inventories of groceriesand drugs were considerably larger in value,but those of the other leading lines were smaller.Accounts receivable at reporting wholesalefirms at the end of Movember were slightlylarger in the eastern Federal reserve districtsthan a month earlier, but o were generallysmaller in the western districts from whichreports were received.

Retail trade.Trade at retail stores declined in November

from the exceptionally large volume in October,owing partly to fewer business days, but itcontinued larger than in the correspondingmonth of 1924. Department-store sales werein the largest volume on record for that xnonthand sales of mail-order houses exceeded thoseof any November in the past six years.

Department-store sales, as measured by theFederal Reserve Board's index, have exceededfor each month those of the correspondingmonth in 19.24, and for the 11 months endingwith November total sales at these storesaveraged more than 4 per cent larger than in thecorresponding period in 1924. Increases overthe corresponding 11 months of 1.924 variedfrom 1 per cent in the Boston Federal reserve

, district to 7 per cent in the Chicago district.,| Stores in nearly all cities in ail districts reported| larger sales for the 11 months than in* 1924.except those in certain cities near the anthracitefields of the Philadelphia Federal reserve dis-trict. Analysis of sales, by separate depart-ments, at stores in seven Federal reserve' dis-tricts indicates that sales of silks and. velvets,linens, neckwear and veilings, ribbons, toiletarticles and drugs, women's "dresses, furniture,china and glassware, toys and sporting goods,luggage, books and stationery, and musical in-struments and radios were more than 10 percent larger than in November, 1924. Sales weresubstantially smaller than last year at depart-ments carrying boys' wear, women's coats andskirts, and waists "and blouses.

In view of the increase in the expectedvolume of Christmas trading, department-store stocks increased considerably more than.usual in November and at the end of the monthwere 3.2 per cent larger than a year ago.Departments carrying toilet articles and drugs,men's furnishings, boys' wear, women's coats,furs, women's and children's hose, knit under-wear, infants'' wear, and luggage reported thelargest increases in stocks, and those sellingwomen's suits and skirts, waists, and blouses,ciiina and glassware, and musical instrumentsand radio supplies showed the greatest de-creases.

The rate at which stocks were turned overat department stores continued faster in No-vember than in the preceding year, and for the11 months ending with November stocks were

I turned over 2,82 times, as compared with 2.71times during the corresponding period in 1924.Compared with last year the largest increasesin stock turnover were in the Richmond, At-lanta, St. Louis, Dallas, and San FranciscoFederal reserve districts, amounting to morethan 5 per cent

EMPLOYMENT

Employment and earnings of factory workersduring 1925 were slightly greater than in 1924,but less than in 1923. The increase in amount of'pay rolls since 1924 has been greater than the


26 FEDERAL RESERVE BULLETIN JANUARY^ 1926

increase in number employed, and the decreasesince 1923 less, indicating growing earnings perworker. The monthly changes in employmentand pay rolls during 1925 were similar in direc-tion to those of 1924, but less pronounced.In the late spring and early summer of eachyear there were declines, which in 1924 insome industries were of considerable impor-tance. The low point of 1925 was above that of1924, and the latest year ended with both em-ployment and earnings at higher levels than atthe close of 1924, and the level of pay roils al-most equaled that of December, 1923. Theaccompanying chart shows the Federal Re-serve Board's indexes of factory employmentand pay rolls for the past four years.

FACTORY EMPLOYMENTPAYROLL

1922 1923 1325

In some industries employment or pay rolls,or both, reached higher levels during 1925 thanin any year since 1920, and in a few cases theyexceeded all years included in the index, 1919to 1925. Examples of these more active in-dustries are silk goods, textile dyeing and iimsh-ing, knit goods, furniture, automobiles, paperboxes, printing and publishing, clay products,and glass. On the other hand, other industriesremained at relatively low levels or continuedto show downward tendencies evident in recentyears—some of these are the clothing industries,particularly women's clothing, slaughtering andmeat packing, Hour milling, sugar refining,leather tanning, and tobacco. Certain im-portant basic industries showed movementssimilar to and in fact determined the trend ofthe indexes for all industries; these are notablyiron and steel, machinery, cotton, wool, paperand pulp, and boots ^nd shoes. Those in-dustries closely connected with building—lumber, and stone, clay, and glass products—reported relatively high levels of employmentand earnings.

Few changes of importance were made in thewages of factory workers during 1925, and nodefinite general trend in the level of industrialwages could be noted, although of those changesreported decreases probably dominated. Wide-spread reductions occurred in the cotton-goodsindustry during the latter part of 1924 andearly in 1925 and during 1925 scattered de-creases were made in the woolen and worsted,dyeing and finishing, iron and steel, boot andshoe, lumber, and glass industries. A numberof small increases were reported, but few ofthem affected a significant number of em-ployees.

Statistics of building activity indicate thatemployment in this phase of industry must havebeen maintained at high levels throughout theyear. Road construction and crop harvestingprovided seasonal demands for a large numberof workers. Work in the bituminous coal-min-ing industry was limited during most of theyear, but since the anthracite strike began inSeptember activity in bituminous coal fieldshas increased, a3id toward the end of the } earthe amount of coal mined, which is a fair in-dicator of the extent of employment, was asgreat as at any time in the history of the in-dustry. Railroads reported employment andwage payments during the year at practicallythe same level as in 1924,

SAVINGS DEPOSITS

Savings deposits on December 1, as reportedto the Federal Reserve Board by 888 banks inselected centers throughout the country,totaled §8,003,303,000, an increase of nearly$42,000,000 over the previous month and ofnearly $481,000,000 over the figure for Decem-ber'of last year. Comparative figures forsavings deposits of the reporting banks aregiven, by Federal reserve districts, in the fol-lowing table for December 1, 1925, November1, 1925, and December 1, 1924.

SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS

[Amounts in thousands of dollars]

! Numberi of banks

Boston.. i 64New York: . 30Philadelphia—. 78Cleveland _ 68Richmond. 86Atlanta... : 93Ciiicago ; 184St Louis. 31Minneapolis ; 26Kansas City 52Dallas.- • 96San Francisco 7t)

Total 888

Dec. I,1925

1,335,9782,113,380

523,646854,964350,245265.919960,338142,838109,007106,663103,988

1,130,337

8,003,303

Nov. 1,1925 .

1,332,6052, 108,618

523,094845,840352,868260,868953,075141.904108,783106,475102,436

1,124,992

7,961,556

Dec. 131924

1,271,490% 008,184

494,478798. 916324,357239,495921,174140,938101.395103,45993,198

1,027,404

7,522,488


JANUARY., 1926 FEDERAL RESERVE BULLETIN" 27

PRICES

The wholesale price index of the Bureau ofLabor Statistics for November stood at 158,unchanged from October. None of the indexnumbers of the several component groupsshowed material changes, the decline m farmproducts, cloth and clothing, and house fur-nishings being offset by advances in all theother groups. The food index, at 160, is at thefigure of January of this year, which was thehighest since February, 1921. On the otherhand, house furnishings, which have beensteadily declining since January, fell in Novem-ber to the lowest figure since March, 1919.

Since midsummer, while there has been only asmall movement in the general index, severalof the groups have shown sustained movementsin one direction or the other. From August toNovember farm products have steadily fallen,from 163 to 154, and smaller but continuousdeclines have occurred in cloth and clothing.and house furnishings. Fuels, metals, buildingmaterials, and miscellaneous commodities havehad a steady advance, while for foods and chem-icals there has been little net change, bothgroups remaining at approximately the highlevels reached earlier in the year.

During December price movements were ir-regular, with the majority of changes in a down-ward direction. Wheat was higher, but beefcattle, cotton, wool, and eggs were lower.Among industrial products iron and steel werefirm, but copper and lead were rather lower andcoke and bituminous coal declined. Lower•quotations were recorded for lumber, bothhard and soft, hides, rubber, and cottonseedoil.

COMMERCIAL FAILURES AND BANK SUSPEN-SIONS

The number of commercial failures duringNovember, as well as the aggregate liabilitiesinvolved, were larger than in the precedingmonth or in November of last year,, The num-ber of failures for the month was reported byR. G. Dun & Co. as 1,672, about 1 per centhigher than in November last year, and totalliabilities as $35,922,421, about 15 per centabove the figure for a year ago. The increasein total indebtedness in default was to a con-siderable extent due to an increased number oflarge failures (each involving liabilities of$100,000 or more) and to a somewhat higheraverage indebtedness for this class of ^failure,but there were increases also in the number andaverage indebtedness of smaller insolvencies.The number and total indebtedness of insolventmanufacturing firms were larger in November

this year than last; in the trading class of en-terprise, although the number of failures wassmaller this year, the indebtedness in defaultwas nearly 20 per cent higher, while amongagents, brokers, etc, both number and liabili-ties were smaller than in November last year.In the following table commercial failures areshown, by class of enterprise, for the month ofNovember:

COMMERCIAL FAILURES DURING NOVEMBER

Class of enterpriseNumber •, Liabilities

i

1925 1924 j 1925 i 1924

All classes „ \ 1,672 i 1,653 | $35,922,421

Manufacturing.T d i

n u a c t u r n g . 442 i 361 !Trading j 1,146' 1,193Agents, brokers, etc ..! 84; 99

I i '

13,993,70113.907,0913,021,629

$31,123,910

10,252,12715.781,6215,090,262

The number of failures was larger in Novem-ber than, in the preceding month in all exceptthe Philadelphia, Cleveland, Richmond, andSt. Louis districts. Liabilities were higher in theNew York, Cleveland, Atlanta, Chicago, St.Louis, Dallas, and San Francisco districts andlower in the other five districts. Comparingthis year and last, the number of failures waslarger in the Boston, Cleveland; Chicago,Minneapolis, Dallas, and San Francisco dis-tricts and smaller in the other six districts.,while liabilities in default were higher in. allexcept the Boston, New York, Philadelphia.,Richmond, and Minneapolis districts. In theSan Francisco district the number of insolven-cies and in the St. Louis district total defaultedindebtedness were higher than for any previousmonth since the district record has been main-tained. Comparative data, by districts, for themonth of November are presented in the follow-ing table:

COMMERCIAL FAILURES DURING NOVEMBER, BYDISTRICTS

Federal reserve district

Total.

BostonNew YorkPhiladelphia.. .„ClevelandRichmondAtlantaChicagoSt. Louis...MinneapolisKansas City.. . .DallasSan Francisco..

Number

1925 1924

1,672 : 1,653

Liabilities

1924

$31,123,910

158302491659174218749010071280

141323021331111132111026512368201

2,118,3345,734,8751,011,2283,428,1141,631,3702,005,0907,065,3915,173,004963,797

1,153,488995,237

4,582,493

5,368,8466.278.3581,129; 3682,441,0421, 715,39S3,604,0134,42918901,039,9452.063', 1421,082,957

904,8203,066,133


28 FEDERAL RESEBVE BULLETIN JANUARY,1926

During November 75 banks, with capitaland surplus of $3,295,910, were reported tothe federal reserve banks as having been closedor declared insolvent. This was the largestnumber of suspensions since January, and was23 larger than the total for last month. Theincrease resulted largely from increases in theChicago and Minneapolis districts, among non-member banks; the number of member bankssuspending during the month was smaller thanfor the month before. Of the suspensions inNovember, 11 were member banks—10 withcapital and surplus of $712,500 were nationalbanks and 1 with capital and surplus of$100,000 was a member State bank—and 84,with capital and surplus of $2,483,410, werelionmember banks. One bank in the St. Louisdistrict and 3 in the Minneapolis district,which had previously been closed, were reportedto have resumed operations during the month.The figures for closed banks represent, as faras could be determined, banks which havebeen declared insolvent or have been closed byorder of supervisory authorities, and it is notknown how many of the latter institutions mayultimately prove to be solvent.

BANKS CLOSED DURING NOVEMBER, 1925

Federal reservedistrict

All banks Member '- Nonmcmber

Num-ber

Capita!and

surpius

I Capitaland

surplus

! N u m j Capitalv.,ir i anaDcr . surplus

I "All districts j 75 |$3,295,910 ! 11 ! $812,500

ClevelandRichmond _Chicago...St. LouisMinneapolis. _Kansas CityDallasSan Francisco

75,250429,500

16, 500565.140825, 00026,500 ;_.

1,010,210 • 5 ! 307,750221,360 I _i ..„! 7 !81,200 : J ; 2 :

550,000 j ..; 3 :

64 $2,483,410

11 !12 I

2 :

26

36,500489,890395, 500

26, 500702,460221,36081,200

550,000

i Comprises 10 national banks with capita] find surplus of $712,500 andone State member bank, in the Chicago district, with capital and sur-plus of $100,000.

FOREIGN TRADE

Total imports and exports of merchandiseduring November, the merchandise trade bal-ance of the United States by months in 1924

and 1925, and the trade balance, including im-ports and exports of gold and silver, for the11 months ended November, 1924 and 1925;are shown in the tables following:

MERCHANDISE TRADE BALANCE OF THE UNITEDSTATES

[In thousands of dollars]

Month

1924January...FebruaryMarch..AprilMay __ _June _July „AugustSeptemberOctoberNovemberDecember „

Year _

1925January „_February. _MarchAprilMayJune...JulyAugust—.SeptemberOctober.._November

Imports ! Exports Excess ofimports

295,506332,323 j320,482 I324,291 I302,988 i274,001 '278, 594254, 542287,144310, 752290,148 i333,192 i

395,172 '_.305,782 ..339,755 •_.340,936 _335,089 ...306.989 .276; 649330,659 |_,427,460 i.527,172 j .493,573 L445,748 L

Excess ofexports

99,66633,45919,27322. 64532', 101

1,945

3,609,963 : 4,590,984

346,165 :333,457 :385,379 I346,091 !327,519 !325,216 I325,648!

446,443370, 676453, 653398,255370,945

350,095374,104378, 000

339, 652379,877420, 319490,610448, GOO

1,868 ;

76,117140,3If216,420197,425112, 556

981,021

100, 27837,21968,27452,16443,426

14,00439, 79170, 224116, 50670,000

TRADE BALANCE OF THE UNITED STATES FOR 11MONTHS ENDED NOVEMBER, 1924 AND 1925


1924Imports.Exports

Net imports (—) orexports (+) --

1925ImportsExports...

Net imports (—) orexports (+)

Mer-chandise

3,276, 7714,145, 236

•-I-868,465

3,831,7604,441, 778

+610., 018

Gold

309,44721,974

-287,473

121, 057266, 672

-4-135, 615

Silver

68,08198,611

+30,530

58,84891,538

+32,690

Total

3,654,2994,265,821

+611,522

4,011,6654,789,988

+ 778,323


.TANUAKY, 1020 FEDEEAL RESERVE BULLETIN 29

GOLD MOVEMENTS

UNITED STATES

Total imports and exports of gold duringNovember and during the 11 months endingwith November, by" countries of origin ordestination, and comparative figures for thecorresponding month and period last year, areshown in the following table:

GOLD IMPORTS INTO AND EXPORTS FROM THE UNITEDSTATES


Country of origin or dc-;iiiui-tion

m P O U T S FKO.M-—

1925 l i months endedNovember—

No vein- :

bcr October :i92o 192-1

England-..--FranceGermanyNetherlands..CanadaMexicoArgentinaChina ..--JapanAll other

-I 2, 579 1, 891 i

TotalEXPORTS TO—

2,85S .370 :

3,451535

3,0003044

10, 450

291

England —France -Germany _NetherlandsCanada i 20,185Mexico ! 389Argentina —.ColombiaUruguay _..VenezuelaBritish IndiiiHongkongAustralia _. _ _Allothcr

1.004

400

208

1,823

Total.

4,000 !804 i

49, 294. 130,8980,500 : 21,423

2 : 4,82^10,085 : 50,90531,848 i 38,7004.514 i 4,98(5

2 i 19, 590120 ! 5,022

7,008 i11, 594 : 32.975

50,741 ! 125,057 : 309,417

I

238

22, 475326

SI

143, 459

1,476

21, 360 | 28, 039

Net imports ! : 22,702Net exports ; 13,904 ;_.._

6.160 ; 2,0001J339 i 80

68,043 :4,318 I45.557 •: 2,9148,21.1 ! 3,5035,561 i3-004 i 5

802 ! 1002,560! 1,102

58771 :58,77111,858 •26,925 j13,558 ! 2,09'

5,3504,103

256,672 !

135s6i5 i

_21,974

287, 473

GREAT BRITAIN

Following is a table showing gold importsinto and gold exports from Great Britain forOctober and November. 1925, and also for

75164—26t—5

the 11 months ended November, 1924 and1925.

GOLD IMPORTS INTO AND EXPORTS FROM GREATBRITAIN

1925

'•November October

Country of origin orcleslirnUio:i

IMPORTS VROM —

France : iNetherlands ; •Rhodesia £170,040 \I{;ussia : 1,095,000Transvaal 2,004,728 : 2,880,089United States 201 ._West Africa 98,298 ;

! l t i '

£3,800289,473

137,29293.858

2,145, ] SI

Total 3,500,185 j 5.412,401

Hclgium 72,258British India '. 273,080Egypt...- 56,430France ! 05,380Netherlands '• 3,185,230KiissiaStraits Settlements j 297,891Switzerland ; 032,805United States I 2,094,494 iWest Africa... ! 575 |All other ! 904,074 j

Total.

Net exports.

5,366291,678

08, 098102,821

1,401,37;)

121,2581,247, 9056, 444,429

11 months endedNovember-•-

1925

£.1.23,9835.087.595i;920. 8184,277,385

20, 048,0034,275,0131,132,6702,404, 043

39,330,710

432r 723

202,18312,702,081

583,152434, 727

0, 085, 322380, 048

1,224,1094,981,901JO, 095, 281

49, 1897, 908,288

8,5:12,283 j 10,175,254 • 45,300,941

£8,579117, 953

2, 235, 721

"20.7)497300144,094

1, 298, 984437,050

30,892, 287

82, 03110, 570, 2241,359,360385, 831

1, 047, 04478, 027

240, (543152,554

29, 906, 22035,108

1,300, 691

45,230,333-

5,036,118! 4,702,853 5, 970, 231 j 14,338,04(5

FOREIGN EXCHANGE

During December the foreign exchange rateswere generally firm. The pound sterling rosefrom $4.8441 on December 1 to $4.8521 onthe 30th, and Swiss francs stood at 19.35 centson the 28th, both at the highest levels in threemonths. Netherlands florins and Swedishcrowns were strong, the latter being quotedslightly above dollar parity. Fluctuations inItalian lire were nominal, the high for the monthbeing 4.04 cents and the low 4,02, while onBelgian francs the rate was virtually unchangedthroughout the month at 4.53 cents, the levelof November. French francs, on the otherhandj were weak, dropping from 3.91 centson the 1st to 3.59 on the 15 th, but subsequently



recovering part of this loss. Fluctuations inother European rates were small except inPolish zlotc, which rose from 9.69 cents on the2d to 12,76 on the 7th, but in the last half ofthe month steadied about 10 J^ cents.

As a group, the South American rates weresomewhat heavy, the quotations on Argentinaand Brazil being slightly below the highestfigures reached in November, a fact also trueof the exchanges in Canada, Mexico, and Cuba.

Far Eastern exchanges were firm. Japaneseyen touched 43.70 cents, the highest figuresince March, 1924, and Indian rupees were alsostrong at about the highest level of the year.

FOREIGN EXCHANGE RATES

[In cents]

Exchange Parvalue •

December,2G25

Low j High

November, 1925

Low

Sterling 480.05; 484.411 485. 37| 48-139French franc i 19.30 3.59' 3.01' 3.74German roichsmark." 23.82: 23.80: 23.81 23.80Italian lira 19.30! 4.02! 4.01; 3.94Netheilards florin.-i 40.20 40.10! 40.24: 40.19Swedish krona : 20.80 2o. 7f>:- 20,85' 26. 741Swiss fi-nnc 10,30 19.27' 19.35j 10.20'Canadian dollar " 100.00 99.88:100.04' 99,98'Argentine peso '•• 00. 4S 93.9i: 94.43 93.08:Shanghai tael 00.85 75.23 7(5.08 75.27i

.High Aver-age

No-vem-ber,1924.aver-age

" I "4S4.70J

4.18!23. 811

4. 00;

2(i'! 7619. : 8

100. 1094. 8J.70. 44

!•184. 5P!

23!8li4. 001

40.23;

IS)! 27!100. 08.94. 4475.82

100. 805.72

23. 804, 33

40. 0520. 8119. 2899. 9985. 4970. 30

RESERVE BANK CREDIT, GOLD STOCK, MONEY IN CIRCULATION, AND MEMBERBANK RESERVE BALANCES

The following table gives the four series offigures which underlie the chart in the reviewof the month, page 2 of this issue of the BULLE-TIN, and presents separately the series for goldstock which appears on the chart only in com-bination with one of the other series, i. e., theone for reserve bank credit. All of the figuresare monthly averages. Those for reserve bankcredit give for each month the daily average

holdings of bills and securities by all Federalreserve banks, and the figures for memberbank reserve balances are also the daily aver-ages for the month. The averages for goldstock and for money in circulation, however,are based on the amounts reported for the firstof the month and for the first of the followingmonth, as given in the United States TreasuryDepartment circulation statements.

RESERVE BANK CREDIT, GOLD STOCK, MONEY IN CIRCULATION, AND MEMBER BANK RESE.HVE BALANCES


Month

JanuaryFe brim* yMarch

AprilMayJune

JulyAugust.Septern her

OctoberNovemberDecember

Reservebiinkcrclit

], 304,1031,215.2201,191,013

1,190.0041,188.8:9l,100?0J7

1, 127,8881,053,0081,113,813

1,184,7001.2.10,120i; 304, 433

, ReserveGold I bankstock • credit plus

; ^old. stock

1022

3, 008, 930 : 4, 973.0993, 700, b 19 : 4, 9if), 0393, 735, (387 i 4, 82(5, 700

3,758,092 : 4,918,09(5?:, 770. 018 •• 4, 0/50, 4073, 779,996 : i,9HJ,013

MemberMoney in bankcirculation \ reserve

balances

4,478,8974,377,2f>24, 407, 558

4.398. 9904.377, 6004,372.243

Reservebankcredit-

Goldslock

"• Reserve i Member: bank Money in ' bank1 credit plus circulation reserve! ,&old stock I balances

1923

\1,707,286 I 1,191,191 | 3,935.519 ! 5,120,710.1, 088, 037 i 1,152, 862 ! 3, 949, 259 i 5, 102,1211,711,360: 1,178,919! 3,905,075 • 5,113.99-1

3. 805,182 • 4, 933, 070 4, 350, 4873,841,000 . 4,894,794 . 4,365,4633,866,364 4,979,707 4,457,201

3, 888, 010 ::>,905,237

3,921,017 .

5, 072, 7195, i! 5,3035, 225,480

4,545, 5884,593,3954. 674, 704

1,733, 250 I1.782, 5! 5 !1,820,254

1,812,0221,799,155l,81J,036

1,835,728J,825,0921, 840, 300

1,164, 000 iJ,.173,194 :

I, 124,891 •

3,975,487 5,140,0934,0('2.5!5 i 5.175.7094,030.402 5, K)i,2i;3

1.119,787 4,064,061. \ 5, 183,8181,078,201. 4,093.811 i 5.172,0151, 123,4.72 4,122,259 j 5,215,73!

1, 150,593 ! 4, 151.779 5,302,3721.147,765 ! 4, 188'863 5.330|f;281,200,351 • 4,228,418 5, 428; 709

4.4.4,

4.

'!,

4,

4,

4.4'.4,

621, 014 i5.S9.882 '(533,

60!.OHO.717,

712,73(5,813,

842,870,937.

156 •

859 j

082051

574 '•

838 •

914

587200J CfC,

1.918, 3531, 000, 6G31,87;-;,

1. 868,1.873.1,800,

1, m^,1,834,1,847,

1,8(»4.i.875.1,881,

0.1. S

55 i

obi020761762503

140291013

1924 1925

January..February.March

A pril _May..June..

1,000921951,

6(5858S774

910. 493839842

571963

July 825,999 IAugust ! 836,534 ISeptember ; 930, 9(55

October. . .1.005,742November ! \\ 085,027D eccin b er I 1,220, 700

4, 208, 247 !4,313,7.1-4,353,142

4,392,780 '4,438,792 I4.475,449 j

4.4.4,

4,4.4J

50-1,524,539,

550,5(51,558,

100317408

716857737

5,268,915., 235.299i. 304^916

4,816,3974,744/743 '4.810,320

5,333,273 ! 4,786,488 :

'». 278. 303 ' 4, 787, 758 •i, 31 M i 2 '' 4,785,402

>, 330. 099 4.710.29.:-.,300,851 • 4,719,533 ..,470,433 ; 47 700,123 •

i,550,458 ! 4,843,030j, 040,884 ! 4,930,632

"70,443 | 4; 993, 251I

1.910,877 i 1,072,077 j 4,514.757 ! 5,580,834 4,872,2351,892,160 i 1,050,323 ! 4,452,855 i 5,503,178 4.777.SV41,915,420 ! 1,078,9.12: 4,414,383; 5,493,295 4,7<K);188

1.905,354 !1,922,012 '2, GOO, 505

2.040,240 1,005,252 i 4,300,840 5,450,0022,071,875 : 1, 002, 264 j 4,395, 74(5 0, 488,0102,120, 210 . 1,163, 898 I 4,399,4.1.3 5, 563, 3.11

1,1,1,

060,066 ;049,232 :OGO, 667 •

4,399, 5404,394. 9384, 393, 096

5, 4595,4445, 453

C0<>170763

4.7507)97;:-*

679752274

2,140.701 1,255,031 4,420,391 j 5,676.0222,104,42s) 1,288,731 j 4,434,149 ; 5,722,8802,181,701 __.| L-_'-

4. 721), $7 74,751,7724,805,5.15 •

4, 803, 0224, 930, 302

2,194, 2702.158,8102,137, 427

2, 123,1312,132,0872,141,271.

2, 1C0, 281.2,151.4782,16i,329

2.203,0112,221,307


l-, 1026 FEDERAL RESERVE BULLETIN" 31

LOANS AND INVESTMENTS OF NATIONAL MEMBER BANKS, BY CLASS OF BANK

The following tables, derived from annualreports of the Comptroller of the Currency,give for the last seven years the loans andinvestments of national member banks, withloans so classified as to show separately thevolume of loans on securities and the volumeof all other loans. The information is givenseparately for the national banks in New YorkCity, in the city of Chicago, in other reservecities, and for other national member banks.The banks included for New York City and forthe city of Chicago include only those whichare subject to central reserve city reserve re-quirements. The banks included for otherreserve cities include, besides a few nationalbanks in New York City and in Chicago, whichare not subject to central reserve city reserverequirements, all the national banks in otherreserve cities except a few banks which aresubject to so-called country bank reserve re-quirements. '' Other national member banks "includes all national banks in the UnitedStates that are subject to country bank re-serve requirements.

.For the end of June, 1925, information cor-responding to that given in the table is avail-

able for all member banks (8,066 nationalmembers and 1,472 State members). At thistime the total loans (including overdrafts) andinvestments of all member banks were $29,702,-525,000, their investments were $8,888,345,000,and their total loans (excluding overdrafts)amounted to 820,798,714,000, of which 86,717,-511,000 were loans on securities and 814,081,-203,000 were other loans. The distributionof each of these classes of loans, by class ofcity, was published in the November BULLETIN.

LOANS AXD INVESTMENTS OFBANKS

NATIONAL MEMBER


i Loans on I

i !1911) ! 3,436,3-191920 3,110,843192J i 2,098,2671022 ..._' 2,006,439J923 ", 2,98.1,1881924 _„' 3,103,5751925 ; 3,659,041

All otherloans

7, 570,56810,491,0309,302,9758,339, 6258, 833, 841

Totalloans

Invest-ments

Totalloans and

invest-ments

II , 007,117 ! 4,990,539 j 15,997, 65613,607,873 I 4,118,60(5 ' 17,726,479

8,871,569 ' 11,975,1449,011.077 j 12,670,118

12,001,242 ! 4,022,116 | 16,023,35811,246,064 i 4,559,353 ! 15,805,41711,815.029 ' 5,065,306 ! 16,880,335

' 5,137,721 17,112,8655, 725, 622 18,395, 740

LOANS AND INVESTMENTS OF NATIONAL MEMBER BANKS, BY CLASS OF BANK


National banks in New York City National banks in the city of Chicago

End oi June

191.9.1920.1921.1922.1923.1924.1925.

1919 _19201921192219231924.1925...

Loans onsecurities

All otherloans Total loans

1,134,795785,131 i598,469856,125751,191881,016

1.289,9231, 959,1131, 603, 7961,206,0881,075, 8421,127, 484

2,424, 7182, 744, 2442. 202, 2652,062, 2131, 827,0332,009,100

Invest-ments

•Total loansand invest-

ments

992,874 i 1,091,431 j 2,084,305

703. 096593, 169549. 636812,614773. £58854,, 455950,187

3,187,8143,3H7,4J3 !2, 75 L, 9012,874,827 |2,600.891 i2, 803 555. i3,034,492

National banks in other reserve cities

Loans onsecurities

164,283177, 559159,717156,421170,816200, 495252, 977

All otherloans

368,812554, 701473,439375,178377, 549394,169357,040

i

Total loans

533,095732,200 |633,156 !

i 531,599 j: 548,365 !

594,664 !! 610,617

Other national memo

Invest-ments

134,85670. 61549, 53482,816114, 750127,998109,349

Total loansand invest-

ments

667,951802,875082,090014,415063,115722, 002719,966

1,1,

1,

1,

230 878118, 750949955014

930479480

986,912259, 023

2, 339,3, 203,2, 734,2,428,2, 720,2, 028,2, 735,

127388173695303059023

3, 570.. 0054,382; 1443,084,1033,384,1743, 740, 7833, 014,9713,994} 640

1,438,1901,014,^:92

916,2901,130,6811,303,2451. 238, <.-551,495,756

5,014,1955,396, 5364, 600,3994, 514,8555, 044, 0284,853,4265,490,402

900, 5931,035,397

990,151938,414

1,044,7011.034, 552

3,572,706 ! 4,473,2994,71.3,828 j 5,749,2254,491,567 I 5,481,7184,329,064 i 5,263,0784,054,147 ! 5,098,8484,721,857 i 5,756,409

1,154,167 4,826,383 ; 5,980,550

2,054,397 !.2,440,430 !2,506,050 ,2,533,242 i2,873,453 j2,910,813 I3,170,330 |

7,127, 0908,189,0557,988,3087,801, 3208, 572,3018,673, 2229,150,880


32 FEDERAL RESEBVE BtJLLETIN JANUARY, 1920

Changes In State Bank Membership

The following list shows changes affecting Statebank membership during the month ended December21, 1925, on which date 1,451 State institutions weremembers of the system:

ADMISSIONS

Capital : Surplus

District No. 2

Manufacturers & Traders Bank,Buffalo, N. Y _.

District No. 3

Montgomery Trust Co., Norristown,Pa...,,

District No. 7

La Grange Trust & Savings Bank,La Grange, 111

$2,000,000 $1,500,000

500,000 ! 250,000

100,000 : 25,000

$61,935,189

6, G13,687

1,988,682

CHANGES

District No-1 j ! ;

Converted into national bank: IMassachusetts Trust Co., Boston, I • iMass :$1,000,COO ; $500,000 $24,078,258

jDistrict No. 2 j|Fidelity Trust Co., Buffalo, N. Y. J

(merged with Manufacturers & ITraders Bank under title of Man- ,ufacturers & Traders Trust Co.) — 1

District No. 8 ;Voluntary withdrawal: V o 1 u s i a

County Bank & Trust Co., De-Land, Fla —|

District No. 7 iVoluntary withdrawal: Paw Paw j

Savings Bank, Paw Paw, Mich._JClosed: i

Sac County State Bank, SacCity, Iowa —

Commercial State Bank, Britt,Iowa

District No. 8The Wood & Huston Bank, Mar-

shall, Mo., a member, has absorbedthe following nonmcinbor: Bankof Alt. Leonard, Mt. Leonard, MoJ

District No. 11 [

Insolvent: First State Bank, Mount !Calm, Tex. (assets sold to non- Imember).. ...

Withdrawn: Farmers State Bank, :Garvin, Okla_. _

District No, 12Consolidated with another State

member: Iron Commercial & Sav- '.ings Bank, Cedar City, Utah •

1,000,000 •• 1,000,000 ; 35,251,000

200,000 1 40,000; 2,6-18,197

40,000 ! 10,000 : 543,216

75,000 | 25,000 j 1,202,587

100,000 | 130,000 i l,458,90i

10,030 ! 3,300 • 46,000

40,000 ! 400 "= 147,084

15,. 000 | 1, ,500 i 70, 705

50,000 j 11,000 | 283,007

Change of title.—The Farmers Guaranty State Bank, North Zulch,Tex., has changed iis title to Guaranty Bond State Bank.

Fiduciary Powers Granted to National Banks

During the month ended December 21, 1925, theFederal Reserve Board approved applications of thenational banks listed below for permission to exerciseone or more of the fiduciary powers named in section 11(k) of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4)registrar of stocks and bonds; (5) guardian of estates:(6) assignee; (7) receiver; (8) committee of estates oflunatics; (9) in any other fiduciary capacity in whichState banks, trust companies, or other corporationswhich come into competition with national banks arepermitted to act under the laws of the State in whichthe national bank is located.

Location

Boston, Mass

Portsmouth, N, H_.

Stamford, N. Y

West Grove, Pa

Charleston, S. C - .

Dis-trict

! NO.

Clarksville, TermChicago, HIIonia, Mich_Rockford, 111Stevens Point, Wis __San Bernardino, Calif

Name of bank

Massachusetts NationalBank.

New Hampshire NationalBank.

National Bank of Stam-ford.

National Bank of WestGrove.

Bank of Charleston, N. B.A.

First National BankIrving Park National BankNational Bank of Ionia..™.Security National Bank..Citizens National Bank...American National Bank..

Poweisgranted

1 U>9

1 and 9

I t o 9

5 to 9

I t o 9

11 to 9I to 9I t o 9I t o 91 to 9

Changes in National Bank Membership

The Comptroller of the Currency reports the follow-ing increases and reductions in the"number and capitalof national banks during the period from November 21to December 25, 1925, inclusive:

New charters issuedRestored to solvency. _...Increase of capital approved..

Aggregate of new charters, banks restored tosolvency, and banks increasing capital

LiquidationsReducing capital..

Total liquidations and reductions of capital

Consolidations of national banks under act of Nov.7, 1918..

Amountbanks;

12 i $2,080,0000 ! 0

15 ; 3,215,000

27 | 5,295,000

22 !2 i

3,265,00050,000

24 I 3,315,000

275,000

Aggregate increased capital for period i _; 5,295.000Reduction of capital owing to liquidations, etc !_... ' 3J 315,000

Net increase __ .__! 1,930,000


.IAXUART, 1926 FEDEBAL RESERVE BULLETIN 33

FINAL CROP EEFORT[Estimates of the Department of Agriculture. In thousands of units]

Corn (bushels)


Total wheat(bushels)

Winter wheat(bushels)

Boston..New YorkPhiladelphia. .ClevelandRichmond.AtlantaChicagoSt. LouisMinneapolis....Kansas CityDallas.. —San Francisco.

United States.

1924

9,31226,64043,121

129,509 I120,755156,149721,792326,285269,978425,70574,722

8, 777

1925 1924 1925 1924 1925

Spring wheat(bushels)

1924

2,312, 745


Hay (tons) !

Boston..New YorkPhiladelphia. .ClevelandRichmondAtlanta . . .ChicagoSt. LouisMinneapolis....Kansas C i t y -Dallas.San Francisco.

10,40030,60265,074227,875140,291159,448

1,092,525404,167288,582430,31740,05011,250

1256, 78617.29337,72223,5223,68867S 3014.9,357260,355303,09626,39066,992

2, 900, 581 862,627

2106,814

20,71129,38426,3935,214

55,96049,277

209,459158,896

6.820 i100I227 i

6,653 j17,29337,630 !23,5223,688 |65,572 j49.185 ;16.601 I294,409 !26.186 |

20,711 i.29,292 !26,393 !_.5,214 L.53,673 i49,073

125133

210148

92 92

1,729172

_7,486 • 243,754150,185 j6,70643,087

8,687204

18,099

% 287204

201,9738,711114

57,140

669,365 589,632 398,486 j 272,995 ! 270,879

Oats (bushels)

8,78136,55124.31385| 68621,77510,067605,79559,403444,270 j149,966 |51,712 i24,347

10,85439,57426,918105, 55424,00014,389588,11363,577415,105159,46815,45138,906

1,522,685 ! 1,501,909

Tobacco (pounds) Potatoes (bushels) , Cotton (bales)

1924 1925 1924 1925 1924

4,3857,677 !3,6047,6754,2672,428

22, 5098,788

18,35618,9111,661

12,535

4,6437,1553,099 i6,090 '2,0201,974

16,1186, 537

17,30516,6121,157

16,805

12,45741,68357,500

154,419

113,49338,453

329,4852,1433,685

United States. 112,796 99? 515 1,242,456

12,81941,70157,400160,958582,795127, 51845,210315,8892,6402, 730

53,440

25,59218,45535,70210,93374,11916,29476,26331,2702,25632,566

1,349,660 j 425,283

1925 I 1924

42, 41027,15823,25219,78924,9318,421

50,85210,37348S 99529,4022,117

35, 543

323,243

1,6712,455

» 2,231

1,4425,654

175

13,628

1925

2,0153,302

51 3,402

1,5475,126

211

15,003

1 Includes 17,000 bales grown in. miscellaneous territory.

75164—26f-—6

2 Includes 22,000 bales grown in miscellaneous territory*


34 FEDERAL RESERVE BULLETIN JANUARY, 102(1

BUSINESS STATISTICS FOR THE UNITED STATESINDUSTRIAL ACTIVITY IN 1925

According to statistics based upon recordsof the first 11 months, the volume of manu-facturing in 1925 was greater than in anyprevious year. Production of minerals, owingto the small production of bituminous coalearly in the year and the anthracite strike inthe autumn, averaged somewhat less than in1923. Construction activity, as measured b}^the volume of permits issued and of contractsawarded, was far in excess of ail previousrecords; and this was an important factor inmaintaining a high rate of production in many

an increasing rate of production per employee.Although at a lower level relative to previousyears, the general trend of monthly fluctuationsin factory employment and earnings during1925 was "comparable with that of manufactur-ing production. The indexes of employmentand pay rolls are shown on the chart on page 26.

Fluctuations in production during 1925 wererelatively stable throughout the year, with aslight recession in the summer months, owingtoc declines in a few particular industries.At all times, however, activity was greater

INDEXES OF INDUSTRIAL ACTIVITY

MANUFACTURING PRODUCTION- -M INERAL PRODUCTION

25

1919 1920 1921 1922 1923 1.924 1925

industries. Distribution of commodities, ac-cording to statistics of railroad freight ship-ments and of retail and wholesale trade, hasbeen correspondingly large in volume.

Factory employment and pay rolls weregreater than in 1924, but were at a lower levelthroughout the year than in 1923. Accordingto the Federal Reserve Board's indexes,manufacturing production in 1925 was nearly30 per cent greater than in 1919 and about 5per cent greater than in 19235 while the num-ber employed in factories in 1.925 was smallerthan in both 1919 and 1923, and their earningswere less than in 1923 and only 7 per centgreater than in 1919. These figures indicate

than in corresponding months of 1924. Theoutput of steel ingots during the year totaledmore than in any previous year, despite acurtailment of production in iron and steelindustries during the summer. The auto-mobile industry broke all previous recordsdaring 1925 in both monthly and annualproduction, and output of gasoline and tireswas correspondingly large. The building mate-rials industries—lumber, cement, and brick—equaled or exceeded output of earlier years.Cotton and woolen textiles were active earlyin the year, but later became less so. Thesilk industry, on the other hand, had a year ofmaximum production.


JANUAUY, 1 0 2 6 FEDERAL KESERVE BULLETIN 35

Among the minerals, petroleum productionexceeded that of previous years, and morecopper and zinc were mined than in any yearsince the war. Bituminous coal productionwas low in the early months and at a maximum

rate of output at the end of the year. Owing tothe small wheat crop and reduced shipments oflivestock during 1925, movements of agriculturalcommodities to market were smaller than in1924, a year of exceptionally heavy marketings.

INDEX OF PRODUCTION IN BASIC INDUSTRIES 1

[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919=100]

Lumber

120116128

192cJanuary,February.March.AprilMay.June.July.AugustSeptember.October...November

Food products

Animals slaughteredbg

meltings | G a t t l e j C a l v e s | g h e e p

JanuaryFebruary.MarchAprilMay_JuneJulyAugustSeptember.OctoberNovember-

12510995

10599

101105109114121126

10411696

106106101113120

1. 1

2

! This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of pageS, together with the series of relatives used in constructing the index, In making the final index the relatives are adjusted to allow for seasonalfluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were pub-lished on pages 1414-1421 of the BULLETIN for December, 1922.

INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES *

[Monthly average, 1919=1001

Year and month

1924OctoberNovembe"December

1925January.February._MarchAprilMayJuneJnlyAugustSeptember. _OctoberNovember ...

Generalindex

92. 792.594.1

94.495.896.495. 994. 99-t. 293.193. 995.197. 0\)7. 2

Metals andproducts

Groupindex

82.582.8Set 7

87. 589.690.189. 288.086. 985. 686.1S7.489. 491. 0

Ironandsteel

82.182.485.2

87.1.89.189. 588. 787. 586.384.985.4SO. 688.489. 9

•: Text i le

1 Group :i index j

. 93.6 •: 93.1 :

96.2

97.4 ,. 99.9 i

100. 0i 98.9, 96.4i 95.4 j

i 93.31 94.0: 94.1; 96.9 .i 97.3 .

s and products

95.4 91.496.1

100.0

100.6 :

101.4101.0 :100.899.1 :97.593. "i93.6 :93.397. 799. J

89.293.2

93.497.998. G90, 592.992. 8(>3 494. 5'Jo. 1a.i>. 895. 0

Lum- !her jand !

prod- :

ucts j

101.9 '101.1 :301.0

99.8 ;100.4 i99.6 i

100.6 •99.8 !

100.1 .• 99 3' 99.9102.2102. 8102. 0 ,

Rail-roadvehi-cles

89.889.189. 7

89.389.889.988.884.984, 784. 584. 583. 783. 082. 0

Auto- imobiles'

98.696.399.3

103.8 ,105.1112.7121.7128.5 "1 2 2 . 8 :122.2 i124.2120.4137.7

Paperand

print-ing

104.5105. 2105.9

105.1104.9105. 7104. 7103. 8103.5103.4103. 2104.3106.0107.2

! Food ••1 and ;, prod- j

ucts

92.2 <• 90.6 !

91.1 ;

: 83.4 :

88.5 !1 8fi.2 ;

S3.0 !. 83.2 ;: Sfi.6 i

8;"'. 4 1: 85.9 j

88.0 !

90.6 !89.(3 ;

Leather,and :

prod-ucts

89.288. 787.9

90.992. 592.588.886.883.08;5. 790. 292.191.8

Stone,clay,andglass

118.8117.7116.1

109. 7110.7116.8123.2125.5125.912 L. 3124.8125. 3124.7123.1

To-baccoprod-ucts

83.391.891.1

87. 087. 788. 581. 787.085.885. 9So. 087.190. i89. 7

\ Chem-! icalsI and. prod-

: UCtS

: 71.972.574.1

74. 074. 675. 575. 473.2

; 72.9i 73.0

72. 675.476. -1

1 This table contains for certain months index numbers of employment, together with group indexes for important industrial components. Thegeneral index is a weighted average of relatives for 34 individual industries.. The method of construction was described in detail and indexes for theabove groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN for September,1925, for certain revisions.


36 FEDERAL RESERVE BULLETIN JANUAEYJ 1926

INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES *

[Monthly average, 1919««1QO]

Year and month .General!! index

1924 iOctober . . . ; 102.6November ! 100.8December I 105.6

1925January ! 102.9February : 108. 5M a r c h . . . ! 110.1Aprii l 107.3May.. . ; 107.4June i 104.8July I 102.4August.. i 104.5September j 103.9October...... ...! 111.3November _ _ J 111.7

Metals andproducts

Groupindex

84.985.191.6

92.996.397.294.494.091.186.389.788.796.297.7

Ironandsteel

i Textiles and products Luxn-ber

! i i ' andI Group v, . • ^ Prod- prod-i index , ucts : ucts

84. 7 I 103. 0 ; 105.6 ".84.5 99.1 i 104.591.1 107.5 : 113.9

99.8 : 111. 292. 5 . 110.299.7 111.9

92.6 I95.8 I90. 5 j93,. 9 i94.. 0 !90,4 i86,1 !88.8 j87. 7 j95.3 |96. 3.

108.6113.4114.4108.0105.0101.8101,2103.899.1

107.5107.0

112. 9114.2114.2111.7109.9 ;103.9100.9101.796.6 I

107.9 .!109.0 !

103.3112.4114.7 :103.599.098.8

101.6106.2 •102.1107. 0 ;104. 5

103.1108.5109. 7107.9108.6109. 7105. 9108.0111. 8117.2116.7

i

Rail-roadvehi-cles

97.694.697.4

91.5100.0100.2

95.491.690.486.788,084.989.291.4

Auto-mo-biles

116.8111.4114.5

99.9132.1142.9156. 2163.9151. 2150.0146.1155.3178.0178.9

Paper j Foodsand ! and

print- i prod-ing i ucts

135.8 ; 103.2136. 0 ! 102. 5139.9 I 104.5

Leather! Stone,and clay,

prod- i anducts ' "

138.2 i137.5 !139.4137.1 ;136.7 i135.5 j133.8 !133.7 i135.8 i142.3 !145.4 i

100.499.898.894.097.2

100.098,999.1

100.0104.5103.6

1

I To-j bacco

prod-I ucts

J..

96.2 149.687.9 j 145.1 j91.5 143.6 I

85.597.9

100.0

95.399.7

100. 091.590.3 j85.189.0 i98.9 j94.8 I95.8 \87.9 !

128.8 I136.4 |143.4 !

149.9 !

154. 6 i154.3 i145.9 I155.7151.6156.8155.4 J

93.587.088.374.290.990.389.090.090.097.198.7

Chem-icalsand

prod-ucts

95.495.598.2

97.099.7

101.697.698.495.795.693.194.9

101.3103.6

* This table contains for certain months index numbers of pay rolls, together with- group indexes for important industrial components. Thegeneral index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for theabove groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. Seo also page 668 of BULLETIN for September,1925, for certain revisions.

INDEXES OF INDUSTRIAL ACTIVITY i

[No seasonal adjustment. Monthly average, 1919** 100]

Agricultural movements

Year and month ii Total

I Ani-Live- i malstock ! prod-1 ucts

j1924 i

October ..; 193November.. 160December I 143

1925 !January I 118F b | 88FebruaryMarchApril. J. I—1.1-MayJuneJulyAugustSeptemberOctoberNovember-

104152168159

123120132

12294918786

91

117105

104123

8990

108123139164150119101101159

Grains

230156120

112767340627599

1.3314990

108

Cot- Vege-ton j tables

278 ,271 i231 !

127 i79 i71 i4328 !

SI75 ;234310277 !

13686

130121128125135142110107204233116

Fruits

35015786

8572

10694

13692

151121244391177

To-bacco

165148184

292161531751

<*)73

171166223

Mineral production

TotalAn-thra-citecoal

i

134122130

141119123118125125129136121130125

10592100

1019896102111106113

2117112

Bitu-mi-nouscoal

125108119

13410097879196

102116121137131

!Petro-leum

190179180

180171191194216212214212206204197

Pig I Cop-iron

9799116

132126140128115105105106107 i119 i118 j

per

137136135

148137149140140139136135134

3141135

Zinc

108109121

128119131124127117121122121129129

Lead

147145143

146131154143147151145143138

a 164155

119119120

1171071041091111181141041082 98101

Manufacturing production

Year and month

OctoberNovember-December. .

1924

JanuaryFebruary. . .MarchAprilM a y . . .JuneJulyAugustSeptember.OctoberNovember _

1925

tal

124113117

127120134132129125126121126141129

Ironandsteel

108108125

145132147128121112109118120134134

Auto-mo-biles

178140125

142169223260250239239153193270225

as113105111

121114122119109105107104107118115

Foodprod-ucts

114108117

118

958887949798

10511498

Lum-ber

160132122

145134150155165ieo164167ISO172138

Paperand

print-ing

133128127

135125142142136133125128128139131

shoes\ Petro- Cement

andbrick

101 j84 !90 i

186185196

89 I9199 i9684 i82 ;85 I95 !96 i10182

169148138

199186204201212216222222209218 |

To-bacco

131114106

118105116113119 j133135127131 '141 i120 i

Rub-bertires

191155163

171176190193195194202203183185156

1 For description and early figures see BXJLLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.2 Revised. 3 Preliminary. * Less than one-half of 1 per cent.


JANUARY,1020 FEDEBAL BESBRVE BULLETIN 37

COMMODITY MOVEMENTS

The following statistics are secured from va-rious sources and compiled in the form givenbelow by the board's division of research andstatistics. Earlier figures (in most cases since1919) can be obtained from previous issues ofthe BULLETIN or upon application to the divi-sion of research and statistics. Federal ReserveBoard.

No-vem-ber,1925

Octo-ber.,1925

No-vem-ber,1924

Grain and Flour

Receipts at 17 interior centers (000 omitted): iWheat (bushels) _. _ . . 35,581Corn (bushels),_.„ ' 19,764Oats (bushels) • 14,596Rye (bushels) _ __J 2,598Barley (bushels)— L 4,791

34,690 ;11.9U719,210 i3,3C4 :0,445 !

59, 583.15,9141 9,4588,9327. 258

Total grain (bushels).. : 77,330 I 75,652 ! 111,148

Flour (barrels) I 2,741 j 3,322 ; 2, 698

Total grain and flour (bushels) . 89,666 j 90,600 [ 123,287

Shipments at 14 interior centers (000 omitted): :

Wheat (bushels) 25,724 ; 24,783 ! 18,0-10Corn (bushels) 6,863 ' 7, 750 . 5, 7(i0Oats (bushels) „ • 13,234 ;• 15,233 . 14,828Rye (bushels) 1,071! i,303 ' 5.045Barley (bushels) 2,471 j 4.744. 4,9-19

Total grain (bushels) 49,304 I 53,813 , 79, 228Flour (barrels) _ _ j 3,979 | 4,869 i 4,395

Total grain and flour (bushels) 67,208 " 75,724 j 99,008

Stocks at 11 interior centers at close of month(000 omitted):

Wheat (bushels)..Corn (bushels) __. _Oats (bushels)..Rye (bushels)Barley (bushels)..

27,489 ! 31,453 j2,002 1,270 i

50,140 : 57,332 !10,089 ; 8,689 !4, 08.2 I 4, COO i

0 , 350/i, 148

57, 57313,4493,292

Total grain (bushels) ._ 100,708 103,644 I 143,817

Receipts at 9 seaboard centers (000 omitted):Wheat (bushels)..Corn (bushels).Oats (bushels)Rye (bushels)Barley (bushels)

Total grain (bushels).Flour (barrels.

19,720 '•• 18,499 '1,301 : 1, -'482,203 . 3, ;72 i

407 i i54 i4,202 • 5,920 :

22, 409578

2, 5894,1167.281

27,893 , 28,893 j 37,0341,917 :- 2, 119 ! 2,191

Total grain and flour (bushels) ! 36,519 ; 38, 423 ! 46, 892

Stocks at 8 seaboard centers at close of month !(000 omitted): :

Wheat (bushels)... ......;Corn (bushels) !Oats (bushels).... JRye (bushels) :Barley (bushels) i

4,986254 197

4443,177

5,040 ! 12,. 855494

2,4424; 5163,111

1,550 : 2.027 i'" ' ' 301 !

3. 519 j

10,412 11/084 1 23,418

10,809 13,165 j 11,615

Total grain (bushels) __j

Wheat flour production (barrels, 000 omitted).|

Tobacco i

Tobacco sales at loose-leaf warehouses ;(pounds, 000 omitted): ;

Dark belt Virginia ; 5.659Bright belt Virginia I 20,079North Carolina „„_•: 86,139South Carolina_..__ - 5,542 ,Burley —-. ! 355 117Western dark J 383 75

10.197 j82, 720

3,30416,89245,180

40572

Transportation

Revenue freight loaded and received fromconnections (ears loaded, 000 omitted):

Classified by nature of products-Grain and grain productsLivestockCoalCoke.... _Forest productsOre.Merchandise, 1. c. 1Miscellaneous

No-vem-ber,1925

Octo-ber,1825

Mo-vein-ber,1924

I Total..

Classified by geographical divisions-EasternAlleghenyPocahontasSouthernNorthwesternCentral westernSouthwestern

205 .146769 •65 '

277 1134 ;

1.079 !

1,590 ;

4,265 ;

952 ':

840 :

242637 :581 :701313 ;

20839184162

3.16222

1, 2181, 923

4r 981

1,107963264727745830345

2291667624228878

1, 0241, 492

4, 081

041797202631531G61318

Total _._ | 4,265 ; 4,981 4,081

BUILDING STATISTICS

Building permits issued in 168 cities,, groupedby Federal reserve districts:

Number of pe rmi t s -Boston (14 cities)New York (22 citias)Philadelphia (14 cities)Cleveland (] 2 cities)Richmond (15 cities)Atlanta (lo cities)....Chicago (19 cities)St. Louis (5 cities)Min neapolis (9 cities)Kansas City (14 cities)Dallas (9 cities)San 2Trancisco (20 clLies)

Total.

Value of permits (dollars, 000 omitted)—Boston (14 cities)New York (22 cities) _..Philadelphia (14 cities)Cleveland (12 cities)Kichmond (15 cities)Atlanta (15 cities) ._Chicago (19 cities)St. Louis (5 cities)Minneapolis (9 cities)Kansas City (14 cities)..Dallas (9 cities)San Francisco (20 cities)..... __

2,2149,288 -2,005 •"3.902 :

3,363 •3,9609,926 I2,192 j1, 009 i2.068 :

2; 033 i10,248 !

3,15211,3752,7205, 9433,9715, 58013,5172,6701.9292,8522,34412,308

52,808 I 63,361

11.097106} 967J 8, 00110,17415.00514,45158, 0886, 7587,1926,2375,343

27,884

Total 293,857

Building contracts awarded, by Federalreserve districts (dollars, 000 omitted):

Boston ..__ __New York... _Philadelphia.Cleveland ._.RichmondAtlantaChicago _St. Louis . . .MinneapolisKansas City 1Dallas _.._,

34,863163, 52324,99437, 37123,26446,24477,00334,9328,35812,(58111, 560

14,244129,31322, 29924,35412,62418,86657,8977,9094,4229,52113,25232,335

2,0108,6592,2414, 7983,9803,39210, 7992,2541,4552,4432,1669,608

54,465

11,98160,56911,90716, 04111,6117,75150,1365,8524,9436,6255,31328,604

347,036 ! 227.993

37,269 ! 2-1,622143,605 j 110,31232,239 ! 24,90671,298 i 55,35729,780 21,97059,82289,94230,994,10,25111.63113,423

26,42970, 79028,4008, 1767,139

11,810

rotal (11 districts).... 474,793 1530,254 ;! 389,971

1 Excluding Colorado.


38 FEDEKAL, RESERVE BULLETIN J A N u A.U Y, 1920

WHOLESALE AND RETAIL TRADE

WHOLESALE TRADE IN THE UNITED STATES BY LINES[Average monthly sales 1919=100]

1924

February.MarchAprilMayJuneJulyAugust.

October..November-.December..

1G25 j.7 anuary jFebruary--•• --!March _!April iMay ;.sane !July iAugust |September ,.jOctober JN o vember :

Gen- .era! iindex '.,

80 !78 '

80 i78 j77 ;70 ;78 ;83 :

92 '95 '84 :79

79 :

70 !

83 .79 •

79 iS3 !S3 !8794 •

301 •

87 '

Gro-ceries

80 177 '8079 :

8i ;83 '83 !

83 i93100 j89 i83 i

i80 !

73 !7G '75 '79 !

848o iS3 :

92 :

9990 =

Meat .Dry

goods•. Shoes Hard-

ware Drugs

66 i03 !62 !G I :04 jG40768 !71 i78 i69 i68 i

71 iGG ;73 j68 j75 I79 i79;78 ,82 !87 i78 j

9 7 ;9 8 ;90 j

72 '70 ;

79 !102 :

116104 •88 •77 ,

82 |88 ,96 !

^ \82 I85

ICG11211891 i

4 9 ••49 i65 i6956 !52 I44 !56 i69 jG7 '57 !57 !

«i46 !63 j6554 !54 i47 i65 i72 !77 j5 9 ;•

91 !90 I

104 I108 i104 ;

93 I93 i

106 i110 |

98 i99 I

89 |90 :

107 |107 !101 '1059998109122103

1101091 IS114110105110107117128109109

116109121115106110111108120133110

' For description of the wholesale trade index see FEDERAL RESERVEBULLETIN for April, 1923,

CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINESAND D I S T R I C T S

Percentage change Percentage changein sales, November, in stocks at end of

1925, compared : November, 1925,with— compared with1—

! October, i Novem- October, ! Novem-: 1925 ' I bcr, 1924 1925 ] bcr, 1924

Groceries:United Stales •:Boston districtNew York districtPhiladelphia (jistrictCleveland districtRichmond district "At lan ta district •Chicago d is trictSt. Louis district __.Minneapolis district „:

Kansas C i ty d istrict 'Dallas districtSan Francisco district

D r y goods:United States ,New York district :Philadelphia district :C leveland district..._Richmond distr ict .Atlanta districtChicago district .St. Louis districtMinneapolis district..Kansas Ci ty districtDallas districtSan Francisco district

Shoes:Uni ted States „B oston districtNew York districtPhiladelphia districtCleveland districtRichmond districtAtlanta d is trictChicago distr ict .St. Louis distr ict . .Minneapolis districtSan Francisco district

-8.6— 7 . 5-4.8- ! ) . 3-12.2-5.1)-14.5

—K'.3 '-G. 0 i-1.0.7 I— 12.1 I-4. 8 |

-22.7!-3.7 .-21.1 !-20. 9 \-30.2 :-3-i. 4 '

1.0- 1 . 5

.3—0. 7

.44. 98.1

-(>. 1- . 82. 5

0.4 4.814. 7

—5. 9.8

1.2

2 2- o ! o

2 2!i .~c~

3.3

CHANGI? IN CONDITION OF WHOLESALE TRADE, BY LINESAND DISTRICTS—Continued

I Percentage change j Percentage chaDge'• in sales, November, \ in stocks at end of• 1925, compared | November, 1925,j with— j compared with i—

i October,! 1925

Novem- ; October, ' Novem-ber, 19241 1925 i ber, 1924

- 9 . 33.725. 3-{>. 0 - 7 . G- 2 . 8 '- 3 . 5 - 8 . 5

8.9

-1.9

-2. 6

—23. i :-G . 2 i

- 1 8 . 1 '- 2 9 . 0 .—14. 0 ;

22 8 :

—22°. o !—18.0 i- 1 8 . 1 I—20.' '

—3. G- 7 . G

- J o . 95.1

-1.5.010.2

4.51.3.913.213.3

-5 .G

- 0 . 2- 1 2 . 4

- 3 . i3.8

-1G.4

- 1 . 7- 2 . 9

-28.7 i 1.1-27.0 ! 14.0-29.2 j -17.3 !-13. 8 ; -16. 8-18.6 11.4-18.0 I 8.3!

--7. 8

~9.T

- 1 8 . 7- 9 . 534. 3

-.12. 7

—17. 5

-3 . 42. 0

-29.720.9

- 4 . 5 ,

—.0

2.4 ,

-10.9 ,

6.4

2.52.4

9.4

~9.~9

Hardware: : ! iUnited States ' —15.1 i 5.9 i - . 7 - . 9New York district I - 1 2 . 8 ! 5 .8 ' -11.4Philadelphia district ' -14.6 | 1.8 j - 3 . 7 . -35.2Cleveland district... _i —19.0 .81 :Richmond district. _ j -13. 3 1.0Atlanta district ._..! —10. 2 27. 2Chicago district - 2 0 . 9 1.0St. Louis district —21.1 1.2Minneapolis district —7.2 4.3Kansas Ci ty district —18.0 —4.1 ' __Dallas district..... —19.3 2.3 : 2. 1 ' 0.0San Francisco district - 1 3 . 9 . 8. 0 ; !

Drugs: ; \United States —15.8 2 . 7 ; 1 .3, 7.4New York distrfct -27 .5 - 3 . 4 j _..iPhiladelphia district - 8 . 2 5. 5 , •Cleveland district —i —I2.G 5. 6 • j _Richmond district ! —10.0 2.1 'Atlanta district.... ; -14.! . 7.2iChicago district j -14 .7 4 . 8 :St. Louis district '• - 3 . 8 8.4Kansas City district j -13 .7 1.0Dallas district. _ . . J - L 7 . 0 . - 7 . 4 ;San Francisco district : — 1L. 9 G. 0

Furniture: ; :Richmond district ' —10.0 1.2.5:Atlanta district ,_J -iO.O 21.0:St. Louis district : -17 .0 <{.{)•• '17.8: -10. ZKansas City district • -14 .8 . - 5 . 1 '• •San Francisco district ! —13.7 14 .6 : :__

Agricultural implements: ' ! \United States « I - 2 2 . 5 20.5 j !Atlanta district ' ' !Minneapolis district .! —1.2 22. 5 j :

Dallas district | - 1 5 . 3 - 2 2 . 2 ; 2 . 4 - —4.1San Francisco district . - 2 7 . 5 22.8 .

Stationery and paper: INew York district ' —8.1 10. 9 :

Philadelphia district I — 9 . 5 : 3 . 7 .At lanta disirict . . . J - 3 5 . 3 22.1 .San Francisco district : —7.8 2. 8 :_

Automobile? supplies:San Francisco district ; - G . 9

Clothing: :New York district —517 ; —17.5 _!

St. Louis dis t r ic t . . ' - 3 2 . 4 - 8 . 3 :

Cotton jobbers: iNew York district _. _, - 2 5 . 0 • 2. 8 . •

Silk goods: : :New York district ! — 5. 2 32. 2 !__

Machine tools: ; : iNew York district : -6 .4 i 33.1! ;

Diamonds: ,New York district i —10.0- 30.8 '

•Jewelry: :New York district 3.0 13.7Philadelphia district > - 8 . 1 • 15.0 —8.0.

Electrical supplies: ,Philadelphia district j — 9. 7 • 13.2 5 . 1 .Atlan ta district_ , G. 3 i 66. 5 •St. Louis district \ —(5.8 : 37. G -.San Francisco district ' - 4 . 1 : 14. 8

Millinery: j ; :

Kansas Ci ty district ; —6-1.8 ; —.3 !

Stoves: \St. Louis district i - 3 3 . 4 . G.6 3 . 5 ! —21.4

4.0

5.8 '

- 9 . 5

3 4G. 7

^ 8. 5- 1 . 6

-17.7

-21." 5

1 Changes in total stocks for the United States are weighted averagescomputed on the basis of firms which have reported regularly to theFederal reserve system since January, 1923.,

2 Sales of agricultural implements for the United States are compiledby the Chicago Federal Reserve Bank from reports of leading manufac-turers and include all of their domestic business.

3 Stocks at 1st of month—quantity, not value.4 Includes diamonds.


JANUARY, 1.920 FEDERAL RESERVE BULLETIN 89

HETAJIL TEASE, BY REPORTING LINES I

[Average monthly sales 1919= 100]

Sales without seasonal adjustment; Sales with seasonal adjustment

Year and month «¥ ' 32 2

^S-HTS 2 2-e-™.> cy: pa K M op.' «:*

O bi> I (

August.September...OctoberNovember..December..

192493

119341141210

1925January ....- ! 108February _ 1 101March j 121\oril -...: 130

May \ 128June.._. .— I 125.July i 95August _.. I 93Sept ember ' 122October ' 16RNovember _; 145

74 ! 201 '106 210 •141 24Q131 . 232 !

148 ' 253

1081051193.17 :

951028739113170

250 ;233 !

252 :258 •

254 ;

254 :259;243 i243 :318

144 • 2C8

172 •

109 :203 jlyQ :3oo;

151 !150 (377 ;J95 !191 j

187 !

383 !195 i391 !237 j220 !

152145 :

159345187 .

13813714413S192 !

108 j124 "138 !140

91

124

in186 i 384

ISO 118•189 131109 i 124186 120282 • 131

155 ' 122 i140 3.39 :

100 ! 3.31159 134103107lfifi171

1 4 3 ••134.130 i142 !

109 ! 342379 353107 , 136

107100

177149152 :122320 •

129 ir>4 :130 j

92991053079009104A2S336141.139

175 :

188230.195184J81202202215195 •

124131 !121133124 :32f,128125234345

98 ,112 i109 :505 •

123

1101101C3 :134306 :

120317 '118 .320 !

211221 .2154230212

249243

257209255255309200

181 : 3 51 : 143 j 138 :183 i 147 ; 137 I 129188 , 150 j i37 j 122 :

191 ; 1M 139 ! J34108 ! 153 ! K2

102 '110 i302 i

98

ITS392

IS

20918.20S203203201205200219211

I i 161 ! 141 I 141101 : 140 I 149159 : 135 ! 127 i104 • 139 152 i1C0 [ 140 ! 3 29 j

170 I 337 j 142 i104 i371 i172 ''175 !177 !

137 134145 ! 153142 i 135146 | 145138 120

112 ,120 ;110 :

1213 .J.36 •125140 i143 i136 !117 ;311

•93207ifcO

2!0202197

202204209205

i For description of the retail trade indexes see Federal "Reserve Bulletins for January and March, 1924.s index of sales of grocery chains revised. Comparable indes numbers for all months since January, 3919, may be obtained from Division of

Research and Statistics, Federal Reserve Board.

DEPARTMENT STOKE SALES, BY FEDERAL ESSEEVS DISTRICTS

•Average inon-:hly sales 1919=100]


United States.

BostonNew YorkPhiladelphia...ClevelandRichmondAtlanta.ChicagoMinneapolis...DallasSan Francisco..

; Sales without seasonal adjustmentNum-

ber ,of re-port- '•ing : ,-

firms : „ !

:• ]\OV.

Sales with seasonal adjustment

1925 1924 1925 3924

359 j

24 :

0322 ;54 I23 !35 !03 !

232131 i

145

143358108133140122153105115158

Oct.

165

156186107100160139373135141108

Sept.

122

1181281111151058914531)4

11?139

Aug.

98

88908fl103877811392<>:.•

."July ! Nov, Oct. ; Nov. ! Oct.

95

9294859891781058172123

141

140153153139137113154111315144

Hlj137 I1 6 1 •1 4 4 •134 !137

136120157 !

129 !

130 ;137 j130 '123 ,125100 ;

138 !98 !

145

1421551453461391.17358320120154

Sept. : Aug. July ! Nov. j Oct.i ' ; i

134 I 125 ; 128 320

130146137;129 "323 .300153104 :112 !

149

317 i132118 •326 :12199 ,137 j102 !108 !144 i

129 I134 !120 j

127 !124 i103 !138 ;99 j102 j147 ;

128132118128317OH139103100112

19413/;126122120] 00j 1'2103107144


DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS

[Average monthly stocks 1919=100]

United States.

BostonNew YorkPhiladelphia-Cleveland...RichmondAtlantaChicagoMinneapolis...DallasSan Francisco..

Num-ber

of re-port-ing

firms

314

240333523922 i5i !22 |1929

Stocks without seasonal adjustment

1925 . ! 1924

Nov.

164

140153213145147120173124135

Oct.

149

132H8210141 |138 I124 I108 j122135347

Sept. j Aug. ' July j Nov. • Oct.

143 i 131 : 124 ! 148

Stocks with seasonal adjustment

1925

I !Nov. Oct. I Sept. Aug. : July

; 1924

Nov. i Oct.

125 !140 '195337 !

135 •12.1159 •320334140 .

3 2 4 ••179 \12f. ;

u s •

l'l<J ;1 1 1 •

m !13S i

113120 i364 :120 :119 ;303 ."140300H i129

141 :347 i372 !145 I345 |123 i108 :

122332 ;14S

148

135 ;

34G :

171 \140 !343 i120 |370 '121 I133 !347 j

137

121385192321)1291.13154113122135

134 |

137 I133 I188 j120 j319 i111 !150 I112 i319 i136 <

133;

118131.181 .328 j122 :

311J48 :1.15 :119 !133 ;

131 ! 133 ; 132 i

120 .J28 j

120 j114 i343 •

313 ;117132 ;

332

122 .130 :

i7o:127 ;

327 :

110150 :

112120 ;135 =

122 '329 '155 :120 ;127:no i1*19 i112 'US j135 i

120331353330124112152111IIS130


40 EEDEKAL BESERYE BULLETIN JANUAKY, 192 0

FOREIGN BANKING AND BUSINESS CONDITIONSTHE LONDON MONEY MARKET IN 1925

The advance in the discount rate of theBank of England from 4 to 5 per cent onDecember 3 restored it to the level that pre-vailed at the time of the resumption of thegold standard last spring. The open-marketbill rate also rose to about 5 per cent in themiddle of December, the highest level in overfour years, this advance being a continuationof the general upward trend which had pre-vailed, except for a decline from July to Octo-ber of this year, from the middle of 1923.

At the opening of 1925 the London bill ratestood at about 3 ^ per cent, a level well overthe New York market, whether on acceptances,call loans, or commercial paper. By the mid-dle of February, owing to a- rise in the NewYork rates, the differential between the Londonand New York money markets had practicallydisappeared, but the rise in the London raleto about A.% per cent following the advancein the New York discount rate at the end ofFebruary restored the differential. Althoughthe Bank of England rate was raised from 4to 5 per cent in the first week of March, thebill rate developed an easier tendency, andby the end of April it stood, at about i}4 percent and remained during May and June atthat level, which was more than 1 per centabove the New York acceptance rate andabout one-half per cent above the call andcommercial paper rates.

After the end of June the London bill ratebegan to decline until in the first week ofAugust it was 4 per cent, or 1 per cent belowthe bank rate, and on August 5 the officialrate was reduced to 4}/o per cent. The down-ward movement of the market rate in July co-incided with an influx of gold and was com-monly attributed to it, but this explanation docsnot appear to agree with the facts. Since goldis not at present used as money in circulationin England and is not held as cash by thecommercial banks, an increase in the supplyof credit in the London market arising fromgold imports must be reflected in increases inthe deposits of the Bank of England, which area portion of the reserves of the j oint-stock banks,or in a growth in currency in circulation. Sofar as can be ascertained from the statementsof the bank, the effects on the market of thisinflux of nearly £9,000,000 of gold were largelyneutralized by an equivalent decline in secur-ity holdings of the Bank of England, leaving

the bank's deposits practically unchanged,and there was no considerable change incurrency in circulation. This is brought outby the following table:

A pr. 29, 1925.Au?. 5, 1925. . . .

Net change

THE BANK OF ENGLAND

[Millions of pounds]

1 1 !! ' Govern- ••1 : merit '

i G o l d | other. sccuri-

; : ties

. ' li>i). 7 '' 1 1 3 . 1 •

! 1C4.5 ! 101.7

'• 4-8.8 i —11.3

Totaldeposits

122. 5121. 5

- 1 . 0

Notes inthe re-servo ofbankingdepart-ment

25.336.1

+10.8

It would seem, therefore, that the influx ofgold was not accompanied by an increase in thevolume of credit actually employed in themarket, and the easing of money rates duringthat period may be ascribed to a diminisheddemand for bank credit due to a slackening inbusiness activity. Between January and Aug-gust there had been a considerable decline incommodity prices, a noticeable slackening incertain kinds of production and in the export

1323 192*

trade, increasing "unemployment, and a con-siderable degree of uncertainty as to theeconomic outlook, further complicated bypossibilities of serious labor difficulties in thecoal industry.

These influences causing a decline in thedemand for credit, continued to be operative


Tj I92G FEDERAL RESERVE BULLETIN 41

through August and September, and moneyrates eased further, notwithstanding the factthat the direction of gold mo Yemen ts hadchanged and exports on a considerable scale hadbegun, Between August 5 and early Octoberthe market rate had fallen below Z% per cent,and was again about I per cent below the bankrate, and the official rate was reduced to 4 percent on October 1. In the market the£4,000,000 of gold exports were more thanoffset by an increase of nearly £ll,000,0C0in the security holdings of the bank, and itstotal deposits increased hj £9,000,000.

The relation of money rates in London tothose in the New York market had undergonea fundamental change during this period. Upto early August, the London bill rates had beenabove the Now York rates not only on accep-tances, but also on commercial paper and oncall loans. Since August it had been contin-uously below both the renewal rate and thecommercial paper rate. In the first week o:October, when* the London bill rate stood at3% per cent, it was below the New York Iacceptance rate, nearly 1 per cent below thecommercial paper rate, and almost^2 per centbelow the call-loan renewal rate. Under suchcircumstances the retention in London of fundswhich could bo put into the call or commercialpaper market in New York became unprofit-able, and it is understood that there was aconsiderable movement of funds from Londonto New York, resulting in a low exchange rateattended by a further'loss of gold, not merelyto New York, but to Amsterdam and Zurich.

During the period of gold exports betweenAugust and October, increases in the Bank ofEngland's security holdings had offset theeffect of the loss of gold on the money market.In the first two weeks of October this situationwas altered. In addition to a further loss inthe fortnight of nearly £5,000.000 of gold, thesecurity holdings of the bank declined"by over£15,000,000 and total deposits consequentlydecreased by £18,000,000/ These movementswere accompanied by a sharp upturn in themarket rate, which rose to 3% per cent earlyin November and to 4 per cent by the end ofthat month. The last statement of Novem-ber, however, showed that a further loss of£9,000,000 of gold during the preceding sixweeks had been more than counterbalanced bythe increase of £20,000,000 of securities andthe level of deposits had been restored.,

The drain on the London market throughgold exports, which late in the year was in-tensified by heavy demand from the EastIndies, was accompanied by a growth in the

demand for credit arising out of a. revival oftrade and production, a decrease in unemploy-ment, and considerable activity in the securitymarkets. Furthermore, on November 5 theembargo on foreign loans had been removed,,All these factors contributed to the tighten-ing of conditions in the London market in theautumn months, which preceded the advancein the Bank of England rate from 4 to 5 percent on December 3.

That the changes from August 5, when thebank rate was reduced from. 5 per cent, to thatof the first week in .December, when the ratewas raised to 5 per cent, reflect an increaseddemand for credit rather than a decrease in thesupply of credit is indicated by the followingtaole:

THE BANK OF ENGLAND

Apr. 30, 1925._.Aug. 5, 1925 ._Nov. 25, 1925

[In millions of pounds]

\ !

! Gold j: !

155,7 '.104,5 !1*G 7 i

I

Secur-ities

113.1101.7117.2

Deposits

122.5121 5125.7

Notes inbankingdepart-ment

25.3SG 122.7

Between August 5 and November 25 theloss of gold amounted to nearly £18,000,000,but this gold had been replaced bv securitiesto the amount of over £15,000,000, and thetotal deposits were actually larger by about£4,000,000 on the latter "date. The state-ment of November 25 compared with that ofApril 29 shows that in the seven months fol-lowing the return to the gold standard thebank lost £9,000,000 in gold, but as a result ofthe increased holdings of securities the volumeof central bank deposits available to the com-mercial banks was larger at the end than atthe beginning of the period.

Since the beginning of December an addi-tional factor in tightening money conditions inLondon has been the seasonal increase in cur-rency demand for holiday trade and end-of-yearsettlements. The bill rate in London at theend of November was about 4 per cent, butin the two weeks which followed the advancein the bank rate to 5 per cent on December 8 themarket rate hardened rapidly to nearly thesame figure. This movement completely re-versed the relation of the London and NewYork markets which had prevailed betweenAugust and November. With the Londonbill rate at or near 5 per cent, it was almosteven with the New York renewal rate, and 1%per cent above the New York acceptance rate.


42 FEDERAL RESERVE BULLETIN" ^ 192G

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES[Bank figures are for the last report date of month, except for London clearing banks, which are daily averages]

ENGLAND

[Millions of pounds sterling]

Bank of England:Issue department-

Gold coin and bullion.Notes issued

Banking department-Gold and silver coin.. „=BanknotesGovernment securitiesOther securitiesPublic deposits..Other depositsRatio of gold and note reserve

to deposit liabilities (percent)...

Bank notes in circulation *..Currency notes and certificates..,,Nine London clearing banks:

Money at call and short notice . . . jDiscounts and advances :

Investments .._„'Total deposits ,

Total clearings jGovernment floating debt: !

Total . . . . 'Treasury bills iTemporary advances

Index of security prices (December, !1921=100) (per cent) i

Index number of foreign exchange :

value of the pound sterling (percent)

No-vember

.145165

223427714

111

19.588

290

1111,072

2611,0193,243

76'D647122

116,3

127.5

1925

Octo-ber

148188

225307411

103

23.887

292

1121,082

2601,6273,629

772638134

118.7

126.6

Sep-tember

159178

234377627

102

27.489

293

1121,075

2551,8132,996

775644131

116.0

130.9

1924

No-vember

127146

223418219

112

19.3101285

1021,045

3071,6283,317

788624164

117,4

128.1

1 Notes issued, less amounts held in banking department and incurrency note account.

FRANCE[Millions of francs]

Bank of France:Gold reserve*.Silver reserveWar advances to the GovernmentNote circulationTotal deposits

Three commercial bp.nks:Deinand deposits ...BillsOther loans..

Clearings, daily average of Paris

Price, of 3 per cent perpetual rente

3,683 | 3,CS3315 j 310

31,950 I 29,95048,0853,022

40, 6792,517 !

18, 295

1,831 ! 1,47545.20 i 46.15

3,683310

28, 90045, 5572,176

18.16412,1844,880

95147.70

30422, 60040,4471,994

15,37611, 0494,293

95650. 00

* Not including gold held abroad.

CANADA

[Millions of dollars]

J...

Octo-ber

Chartered banks : |Gold coin and bullion 1 __!Current loans and discounts JMoney at call and short not ice—IPubl ic and railway securities iNote c i r c u l a t i o n |

i i d l d

501, 184355573186Note t o . . , |

Individual deposits ! 2,222Gold reserve against Dominion notes.j 112Dominion note circulation ! 215Bank clearings " \ 1,710Bank debits a i 2,867

1925

Sep-tomber

541.128

37J.564170

2,209102200

1,3322,196

August

541,100

338571164

2,1101162C9

1,2482,090

1924

Octo-ber

551,170

269554173

1,708123240

1,7722, 721

i Not including gold held abroad. 1 Total for month.

GERMANY

[Millions of reichsmarks]

Xleichsbank:Gold at home _Gold abroadReserves in foreign exchangeBills of exchange and cheeksMiscellaneous assets....Deposits ._

Reichsmarks in circulation.Rentenmarks in circulationReichsbank clearings _6 Berlin banks: l

CashBillsDue from other banks.™Miscellaneous loansDeposits

Index of security Drices (Jan. 2,1925-™100) (per cent).".

Capital issues _

Novem-ber

1,11197

4021,650

578587

2,7711,611

61. 64504

1925

Octo-ber

1924

Sep- Novem-tember

1,080128348

1,630682618

2,8033,8164,650

1,07699

3191,717

460620

2,6491,8334,382

455240232

2,2901,655

7041,8631,9802,994

1111,142

6352,3914,330

66.1670

70.3531

ber

75

* Bimonthly statements.ITALY

[Millions of lire]

1925

Octo-ber

Banks of issue: \Gold reserve l 1,133Total reserve 2,022*Loans and discounts 10,576Note circulation for commerce i 12,412Note circulation for the State i 7,067Total deposits. _| 2,489

Leading private banks: \Cash ; 991Loans and discounts- = 8,765Due from correspondents.. __.' 4,296Participations 515Total deposits 12,970

State note issue._.. i 2,100Index of security prices (per cent) ! 214

August

1,1322,00710,41212,3637,0682, 538

9638,6594,5605G4

13,2222,100229

i Not including gold held abroad.

JAPAN

[Millions of yen]

1925

1924

Octo-ber

1,1321,8297,603

10,7747,2972,810

9778,3704,088399

12,4242,400241

1924

i Sep- jNovem-I tember j ber

Bank of Japan:Reserve for notes l

Loans and discountsAdvances on foreign bills..Note circulation _.Government deposits...Private deposits..

Tokyo banks:Cast on hand . . .Total loans..Total depositsTotal clearings

1,057 i364 i130

1,05732399

1,33432940

1252,3321,8803,208

1,35424031

1092,3411,8643,241

1,05731183

1,32223233

113 !2,343 ;

1,888 ;3.364 ;

1,061390118

1,36428837

1212,6201,8452,808

* Gold abroad, gold coin and bullion in Japan.


J .1926 FEDERAL RESERVE BULLETIN 43

CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES

Novera- Octo- I SepI tembar |

Austrian National Bank (millionsof schillings):

Gold... . . 'Foreign bills (reserve)Other foreign billsDomestic bills, etcNote circulationDeposits-

1925 1G24

Novem-ber

National Bank ©ff Belgium (mil- jlions of francs): j

GoldForeign bills and balances abroad..Bills ..... , JNote circulationPrivate deposits—

National Barak of Bulgaria (mil-lions of leva):

Metallic reserve., - „Foreign notesBalances abroad and foreign bills.C o-mmercial billsGommorcial loansNotes in circulationDeposits _..

femkiieg Offlce9 Czechoslovakia(millions of Czechoslovak crowns):

Gold and silver-.. . . .

Balances abroad and foreign cur-rency

Bills discounted I I _ 1'.Advances on collateralNot© circulation.~.. .„.Deposits

tak of Danzig (thousands ofDanzig guidon):

On deposit with Bank of Eng-land, foreign bills, etc

Loans and discounts33,679 ' 35,04317,853 ' 18,113

Notes and circulation ! 32,716 I 34,043Deposits .J 5,461 i 5,664

42,891 !:.8, 622 j35,2989,343

24,49020, 76828,93922,388

National Bank of Denmark (mil- !lions of kroner): !

Gold !Bills. !Loans.. __Foreign bills and balances abroad.Note circulationDeposits..

& of Estonia (millionsEstonian marks):

Cash in foreign currencyLoans on foreign currency.Bills discounted.Advances on current accounts.Bank notes issuedDeposits of the exchequer-Deposits

Stank of Finland (millions of Fin-nish marks):

Gold. 43Balances abroad, etc.-. 1,428Finnish and foreign government j ,

securities 305Domestic bills ! 330 INote circulation... J, 1,253 .Deposits— I j

Private _.j 110 ,Treasury ; 322 '

National Hank of Qrecce (millions i ~ ; :

of drachms): ^ j !

431,341

385331

1,271

74255

Gold and balances abroad...Government loans and securities.I.Discounts and loans . j .Note circulation __-.Private deposits— I

Sight LTime , . J .

43 :1,165 :

395 !3G3 ,

1,279 j

8 7 j220 ;

43621

7661,223

79213

I2,724 |3,794 ;8,3335,548 !

1,942993

2, 1S23,9872, 528

1,7791,066

1925 1924

jNovem-j Octo- 'Septem-Novern*ber i ber • ber ber

National Bank of Hungary (mil-lions of pengos):

. . ; .Foreign exchange.Bills, etc .__Note circulation.™..Deposits-

Public .Private--

59 50 | 50205 202 | 187"120 ' 135 I 139406 ; 435 ; 408

168 : 16412

of Java (in thousands offlorins):

GoldForeign bills ,Domestic bills ,LoansNote circulation . . .

_'143,456 132,086J 27,713 | 29,582J 17,019 1 17,173J 91,055 107,102. 338, 570 ;323, 632

Bank ®f Latvia (thousands of lats): |Gold.. . . . .Foreign exchange reserveBills.. „ 'Loans «...Note circulation .._Government deposits ,Other deposits

23,554 i30, 460 '63,449 =50,49229,183 i72 136 !50,609 !

23,550 23, 55133, 535 j 33, 96763, lP>0 ! 61, 59449,749 i 48,47929,539 ; 29,44170', 70154,818

32,212 :30,428 :48,015 •85,191 i24,301 i

458 i72 !

245 :

136 I90037

Lithuania (thousands of fIitas):

Gold ,Foreign exchange reserve . :Loans and discounts. . „.._!Note circulation...Deposits !

Netherlands Basak (millions of i"florins): \

Gold ;Domestic b i l l s . . . . . 'Foreign bills !

Loans. . ...INote circulation __:Deposits '

B a n k of N o r w a y (millions of j"kroner): i

Gold !Loans and discounts 'B alances abroad jNote circulation 'Deposits—

"State.... ;Pr iva te . - j

Reserve Bank off Peru (millions of !

libras):Gold at home i 4,124Gold abroad 732Bills _ ] 2,156Notes in circulation ; 6,207Deposits __i 602

Bank of FoSand (millions of zlote):Gold..Foreign exchange, etcBills ...,Note circulationCurrent accounts, etc.—

Treasury , ...Private-

70, 86452, 817

32,15829, 64944, 20884, 65314,852

33,64824, 76841,73581, 09113,451

41890244126 |88134

4188324312887934

147302 !.58 i351 ;

1 6 i73 i

147 j310 I66 i366

14730966372

1965

Bank of Portugal (millions of es-cudos):

Go ld . . . .Balances abroad ._ i 314Bills „ : 171Note circulation .; 1,687Deposits • 78 ;

National Bank of Rumania (mil-lions of lei): : ;

Gold.. . . . . : | 5G6Bills ... | I 8,462Government loans ;-... I 11,774Note circulation _ i _ i 20,494Deposits- | 7,952

41145159355

13321

134,03717,05634, 85995, 768276, 701

48. 28643; 28944, 78926, 00078, 52950, 211

30, 71361, 24138,09789, 34440,127

14348

93320

147

39376

2871


44 FEDEBAL BESEBVE BULLETIN JAITOABY, 1926

•Novem-! ber

department; thousands of cher<vontsi): i

Gold ;

Foreign currency ... ;Loans and discounts.... .!Bank notes \

National Bank of the SO]s.gd©2& ':©f Serbs, Croats, and Slovenes |(millions of dinars):

Gold 'Foreign currency and balances

abroad.. „ „ _Bills...Note circulation _ . _.Deposits

South African Reserve Bank(thousands of pounds sterling):

Gold coin and bullion IGold certificatesTotal bills discounted „

Domestic bills_„„„Foreign bills.. „

Union Government treasury bills.British Government treasury

billsNotes in circulationBankers'deposits

8858,9495, 618

1925

Octo-ber

1924

Sep- -Novem-tember, her

18,2654,85852,32278,650

75394

1,0926,017420

7P 3411,6356,448

204,293I, 250

18,4844, 076f.2,48676,569

74419

1,0526,158492

R, 1241,7087,079137

4,6861,470

18, 4764,676 ,52,494 '75,064 ,

74 '419 '995

6.097'583

5,0094,502 ,6, 500841

2,7802,000 :

13,14010,13933,74957,719

72397

1,3166,034247

55210, 2235,4062,0131,1831,200

885 ! 8859,126 i 9,1585,106 ' 4,815

1,01011.132< 954

1925

B&iak of Spain (millions of pesetas):Gold. .! .Balances abroad ..Bills discounted,., ,,Note circulation... . . .Deposits

Bsak of Sswsdesi (millions of kro-ner):

Gold.,..Balances abroad and foreign bills

and securitiesDomestic bills. _ _ „Swedish Govermnanfc securities--Note circulation . „Deposits

230 i

196 j197 |

522 '102 !

Swiss National B&nk (millions offrancs):

GoldDomestic billsLoans..Balances abroad and du© from

correspondents „Note circulation

45630146

819

1924

Sep- jNovem-tember, ber

2,53728

695 ;

4,376

2,53530

SIS4,474

921

231

20120413523102

46529345

5484177

232

204229IS551107

49129042

4584587

239

9732824537134

50528467

64859123

DISCOUNT RATES OF 31 CENTRAL BANKS[Prevailing rates with date of last change]

Country i Rate 1 In effect1 since— Country

AustriaBelgiumBulgariaCzechoslo-

vakiaDanzig...Denmark ..„„..England.—

9 ! Sept. 3,1925 .: Estonia....7 Nov. 30,1925 !i Finland-...

10 ! Aug. 3I?1924 | France• ': Germany...

&A Dec. 1,1925 : Greece9 i Mar. 8.1925 •! Hungary..5}4 Sept. 8,1925 ;. India5 i Dec. 3.1925 ,! Italy

Rate In effectsince—

July 1,1825j Oct. 29,1825• July 9,19251 Feb. 26,1925

Aug. 18,1925Oct. 21,1925Dec. 3,1925June 18,1925

Country | Kate

I, Japan!. Java-...i LatviaI' Lithuania.. .' Netherlandsi Norway!i Peru ,i Poland

Country j Rate

7.3 Apr. 15,1925 Portugal ! 96 j May 3,1925 ;i Rumania™...; 68 i Feb. 10,1924 :i Russia . . . . ! 87 j Feb. 8,1925 ,: South Africa I 5*>3A Oct. 2,1925 i Spain... , 65 Sept. 14,1925 ! Sweden 4&6 Apr. 1,1923 ; Switzerland- 3>

12 j Aug. 12,1925 ! Yugoslavia.. 8

In eSectsince—

Sept. 12,1923Sept. 4,1920Apr. —,1924Nov. 21,1824Mar. 23,1923Oct. 9,1825Oct. 22,1925June 23,1922


jANUABTj1926 FEDEBAI/ RESERVE BULLETIN 45

FOREIGN TRADE OF PRINCIPAL COUNTRIES

ADDITIONAL FOREIGN TRADE STATISTICS

Beginning with the current issue, the foreigntrade statistics of the following countries areadded to those previously recorded in the Bui/-LBTZX: Czechoslovakia, Estonia, Hungary, Po-land, Switzerland, and Egypt-

UNITED STATES

[Thousands of dollars]

1925

I Novem- Qcto-

.! 12 monthsi ended November

ber ber

By classes of commodities:Total.,... .„_

Crude materials IFoodstuffs, crude, and food |

animals.. ,Manufactured foodstuffs - - -!Semimanuf act ures IFinished manufactures ,Miscellaneous ._ -..'

By countries: jTotal Europe „ _ !

France jGermany jI ta ly . . . ,,-iUnited Kingdom ,

Total North America •C anada ;

Total South America IArgentina „ j

Total Asia and Oceania .Japan,

Total Africa...... ... ,_.J

376, 665 374,104I

1925

4,163, 447

165,904 151,144 11,677,239

46,588 :29,339 i62,22370,515 i2,096

118,231 '14,492 i15.728 :

9.323 '42; 3-12 :

75,868 •43,233 i43,319

6,714 •'131,459 i37,242 .

7,788 i

44,278 |33,192 j65,713 '77,224 I2,553 ;

115.83415,67515, 7039,680

37,71781.98747,11538, 789

4,003133,98939,0798,506

I

By classes of commodities:Total , 447,59 6 I 490,609

172,534 i 209,659i

Grade materials. •Foodstuff's, crude, and food I

animals 19,485 19.312Manufactured foodstuffs _ _ _ j 46,972 I 51,474Semimanufactures-- ., 50,036 ! 50,751Finished manufactures • 149,232 151,070Miscellaneous • 1,191 660Reexports ! 8,147 7S688

iJy countries: \Total Europe • 237,644 282,702

France.. _ J 29,560 34,051Germany j 39,120 56,481Italy... ! 16,766 17,392United Kingdom ..J 107,247 121,394

Total North. America j 93, 739 96,491Canada _ „ j 53,650 55,798

Total South America ! 34,991' 31,135Argen tina. i 13,230 12,144

Total Asia and Oceania.....! 72,854 73,421Japan ... . . . j 29,861 33,170

Totai Africa— ._•' 8,568 6,861

488,931432, 530750. 539791,24825,390

1,233,110156, 822155, 685101,837414,91.2971, 552448, £76515, ."SB•79,218

.1,350,550384,533

93, 320

4,887,153

1,429,732

336, 223575,46S7659,757

1. 788,8917,960

89,185

|2.629,735279, 944

I 485,030211, 585

1.033, 560I) 122,004638,109388, 813142, 590060,346227, 35786, 221

3, £.35, 076

1,208,464

420,253' 521,119648,8347-15,17323, 232

1.078,643' 146,384140,13874, 716

35C, 123993, 785398,514459,09773, 260

964,794333.2SG6S; 756

4,571,902

1, 340,522

367,945575, 858607,738

1, 581,5408,465

91,828

2,417,386283, 7814.22,140183,071989,145

1,092,690323,010304,636112,699

261, 61168,284 I

FOREIGN COUNTRIES

i1925

i 1 * 0 ^ " ! October

12 months endedNovember—

1925

42,653 ;44,827 ,

13,711 i8 ,774,

France (million francs): : iImports ._ .__; 4,574 ! 4,476Exports ! 4,193 | 4,375

Germany (million gold marks): !Imports i 894 j 1,119Exports __i 797 ! 851

Italy (million lire): i IImports |.. | 1,856Exports... ..: j 1,800

Switzerland (million francs): ! •Imports '• 239 i 269Exports __i 153 j 170

United Kingdom (thousand £ ,sterling): ! ;

Imports : 114,692 | 108,839Exports ! 60,977 ' 67,082'Reexports j 13,538 '• 13,377

Canada (thousand dollars): , !Imports „ _ _ i 75,286 : 80,800 j 874,296Exports '• 141,358 • 144,520 jl, 232,162

Japan (million yen): iImports _J 183 ! 168 iExports...- ....I 213 ,

South Africa (thousand £ ster-ling) : ;

ImDorts ! 6,385 iExports. _ '; 7,454 8) 735

2,618"!2,055 ,

1,320,565 1776,625151,818

2,573 •.2,277 I

1925

i October

Denmark (million kroner):Imports _.._.... .i 156Experts I 145

Czechoslovakia (millioncrowns):

Imports., i, 798Exports _.. 1,617

Estonia (million Estonianmarks):

Imports „_„.Exports-.. _„_ _ i 842

Hungary ( t h o u s a n d goldcrowns):

Imports. 77, 232Exports ! 77,827

Finland (million finmarks):Imports _ 531Exports 607

Netherlands (million guilders):Imports 255Exports _. 163

Norway (million kroner):Imports... _ 97Exports- 87

Poland (thousand ziote):imports 80,083Exports 131,508

Russia (thousand, rubles):Imports 82,500Exports ._... 76; 000

Sweden (million kronor): iImports 131Exports J 137

Australia (thousand £ sterling):Imports 12,195Exports 14,901

Egypt (thousand Egyptian ]pounds): I

Imports ..! 6,117Exports 7,076

India (million rupees):Imports __.i 198Exports., ....J 291

I

leptem-ber

146152

919

77,67580,131

54070S

195178

119

72,842108,905

76.30069,100

125132

9,42810.301

5,3702,493

185279

1924

39,92540? 506

8,5018,370

18,69114,176

2,5002,043

1,257,588790,172138,494

812,8541,070,065

2,4441,773

80,816 • 72,482

12 months ondedOctober—

1925

2,2102,063

1924

2,109

17,15218,918

9.4329j 580

754,900676,100

5,0045,682

2,4881,814

1,4821,096

1,822,9491,315,168

678,899540,473

1,4161,351

153,314160, 474

57, 25884,905

2,3084,147

15,07216,096

8,1056,867

621,100531,700

4,8284,773

2,2781,619

1,022

1,351,1851,181,754

1,3921,241

144,992128,741

49,76265,764

2,4053,710


46 FEDEKALc BESEBYE BULLETIN JANUABY, 1926

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESThe tables below give the all-commodities j to a gold basis. The latter figure takes into

and group index numbers of wholesale prices in j account the depreciation of the foreign currencythe five countries included in the Federal Re- | in terms of the American dollar (or gold) andserve Board's indexes. In the first table the ; the series indicates relative price levels in theall-commodities index for each country is shown several countries when all prices are expressedboth in terms of paper currency and converted in dollars.

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES(1918=100)

ALL COMMODITIES

Year and month

] i On paper currency basis! United i_. ... ._ ._. _ _ (

| s t a t e s • England France , Canada Japan

1923, average.1924, average..

January—February..MarchApril

1924

AprilMay£ayJune _JulyAugustSeptember-OctoberNovember.December..

JanuaryFebruary....March...AprilMayJune..-JulyAugustSeptember..OctoberNovember-

1925

165159 j

163 I163 !160 I158 I156 !154 |156 i158 ,156159 !160 !165 !

168 i167 :168 ;

163 !162 ••163 i165 i164 ,165 :164;160 .

170 ;

176 :

178 •180 •180 ;181 i177 .174 :

174 !

173 •172 i175 i176 I177 ,

446 ,'

445 :

150147;

i

146 j148 !

483428 :428 '442 ',440 j442 ,436 i442449 !

451 '

147143143145147149.146148148149

178178175171166164163161158157156

i456 !457 j463 !460 !467 I483 i490 i491 ,482 :

482 !498 j

156158 !153 ,148 ,149 :1.47;148 !150 '146 i145 ,152

188200

2052002002012001S9191196198206210

204197191189195195197197194187

Converted to gold basis

England ! France i Canada ' Japan

159 i160 I

124 •121

156160158162158155156160158181167171

175175171268166164163161158157156

1081071171371281201171251201201231.26

1271251241554125119119119118110102

147 :

145 :

!142144143 •140 !141 !142 !146 ,149 ,.145:148i4s:119

156 '157153 i148 I3.49;147 '148 i150 ,146 ,145 ;152 ,

18E166

185182'17216618115815816S161181

im161

160168.162160159161161168161158-

GROUPS OF COMMODITIES*

Year and month

•. Grouped by stag© G! .manufacture

Grouped byorigin

All

ties Haw • Pro- g S " i1 ma- dueerd'l ^ ivterials goods ! g J o d g ;

Do- Im-

goods IP

UNITED STATES

1924—No vcmber...1925—June

July. . .jAugust jSeptember...!October !November. .

ENGLAND

1924—No vcmb er..1925—June...

JulyAugustSeptember. _OctoberNovember..

FBANCE

1924—Novemb er. ..1925—June. _

JulyAugust

160163165164165184166

176164163161158157156

165169 :1701C817Q167167

174161161160158155154

449

490491

478 i435 !510 I506 '

147 i144146144142142143

169151151149145147 I146

439471486487

162 :

165 j169 ;171 i170171 ;176 !

187181 i180 :174173 .168 !

167

424481472

161 I165 ,167 '166167165168

176165163160167155154

430468472473 !

150143146143144144 i146 i

portgoods ,

169173174 j172171162160

Year sad month

: Grouped by stage o£I manuiactur©i All

corn-modi- Rawma-

terials

Pro-ducers'goods

178 I162164 '165 I163 !161 !159 I

541 !565 j578 !530 I

178163165161 :154153151

461

513615

FRANCE—COIltd. I

1825—September...;October iNovember ._iCANADA |

1924—November ._j1925—June

July...AugustSeptember.OctoberNovember.JAPAK

1924—November.1925—June

JulyAugustSeptemberOctober...November

482 i482 ,

148 I147 j148150 I146 i145

499495510

137137134136129128

Con-sum-ers'goods

Grouped byorigin j

Do-mes-tic

goods

4S5 463488 466503 i 484

155 ,151ISO '149149149

152 | 132 | 150 j

210 | 217 !195 i 206 i

216 !

196 i195 i 202 I 201197 i 205 ! 204197 | 206 !

..., 194 ; 199 I•-! 187 , 191 !

203 ;198 i189

161161167171170172183

204 i189:189190 !190190184

461459471

147147147150145144150

212195195197 !

198196

• por tIm- . goods

portedgoods i

584592626

160.154154.154154157164

202196195198196184175

510522554

161166182166152147155

213197202202208208199

iComplete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June 1920,June, 192L, and May, 1922; England—February, 1922; France—August. 1922; Panada—July, 1922; Japan—September, 2922.



WHOLESALE PRICES IN PRINCIPAL COUNTRIES

ALL COMMODITIES

[Pre-war^ 100]

Europe

Year andmonth

1924JanuaryFebruary-.MarchAprilMay ._JuneJuly -_AugustSeptember.OctoberNovember.December-

Austria(gold

IBel-gium

1925January.FebruaryMarch.. . iApr i l™ . . „May ._..]June |July __JAugust ___!September __„!October !November iDecember.. ._.. j .

139138141137131127127125

580642825555557585566547550555569568

559551546533537552559567577575

Bul-garia

iCzecho-I slo-i vakia i

2,7112,658% 6122,798

974999

1,0211,008

2,551 I 1,0012,811 9682,7372,8532,8432,9883,1323,181

3,275

3,2723,2443,1773;2253,0412,8702,8342,823

968 .953 I

1,01.3 ,1,024 !

Den-mark "

210223227228225219220233231234231232

1,0451,0431,034 j1,020 :

1.008 .998 !

1.009 i993996 .989 !

977 i

23423423022021621020fi189168163158180

Eng-land

(Boardof

Trade)

16518?16516.5164168163165167370170170

17116916G163159 .158 i

Fin-land

1,0711,0781,0941,0951,0901,0881,085i; in1,1173,1141.120i; 139

1,1371,1411 5 3 1

1 Ger-I many(Federali Statis-

Hun-gary(goldb i )

s (gi tical j basis)i Bureau)

494 117.3544 110.2 I499 '~" "45C459465481477486497504507

120.7 i124.1 !122. 5115.9315.0J20.4126.9131.2128, 5131.3

1231311301251191331451451421493541C0

Italy

571573679579571566567572580602621840

L133l\ 122 j1,129 !158 _,_.„_ .

158 I 1,118 i157 ! 1 1 4 2 '157156155154

1,1: i

lf'l21 i

514515 j514 i513 j520 !543 |657558556 j572 •

138. 2 !3.36.5 !134. 4 j131.0 !131.9 :133. 8 !

134. 8 '131.7 i12;

Nether-j NOT-| (OsYc)

13.7121.1 !_.

159152145144141 !141 i13C !134 '135 !131 j

658660 !659 !658 I680 ;683 !707 :731;721 :716 :

712 '

156158155154153151151151158161161160

160158155161151153155155155154154

2B0262266267263284271274275276277278

279281276267260258254245231221217

Poland Russia *

107112no109104101102 j109 I112 j116 I117 !118 i

120 i121 j122 !119118;110 i120 :124 '127 !

128 !

137 '•

169187193181175168169175173164164188

17217818319519?191388175173174176179

Year1 and month

Europe—Continued

Spain |Sweden

I

January..FebruaryMarch.Apri l—M

1924

M a y . . . .JuneJuly, . . . .August.September-OctoberNovember .December..

JanuaryFebruary.. .MarchAprilMay. ._June....JulyAugustSeptember..OctoberNovember..December...

1925

178180J.80 .184 :179 i}79 :182 j182 |184 j186 I181 !198 •

191 I192 |193 ;190 !191 I187188 •184 I185 !187;

161162162161160158157160163167167

16G169168163162161161159157154155

I

Asia and Oceania

China(Shang-

hai)

156100158154154352152149149153lf:5157

159160159158157163360160159158158

DutchEast

Indies

180

I Japan ! Newi(Tokyo):Zealand

178 :177 j178 !174 i177 !177175173179

178 !177 I176 !175;174 •173 I175 :176 |175:

172178179174176176179 I180 i179 I181 I180176

171172 !168169164157160157158160164

211 !208 j

207205199.195200206 j213 !

214213

213210204202•199200198200201200

175180180178.179180180S81181180181181

178175175175175174175175175176

Africa,

Egypt j South(Cairo) I Africa

131

136134335131132143

156158

157161155154151ifiO151

152153Mo

126

Ub

183

130

130

12?

ra

* First of month figures.

The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbersof commodity groups for most of the countries are also available in the office of the Division of Research and Statistics ol the board, and may behad upon request.

Wherever possible the indexes have been shifted from original bases to a 19 L3 base. Further information as to base periods, sources, numb orof commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.



WHOLESALE PRICES IN PRINCIPAL COUNTRIES—Continued

GROUPS OF COMMODITIES

U N I T E D STATES—BUREAU OF LABOR STATISTICS

[Pre-war^ 100]

Bureau of Labor Statistics groups Federal Reserve Board groups

1823, average1924, average1924—-November _.

December...1925—January

February. „March.AprilMay. .Jane „„JulyAugustSeptember.OctoberNovember.,

All Icom*mod- ] Farm •

; ities | prod- I Foodsj • ucts :

Clothsandcloth-ing

Fueland

154150153157160161181156155157160160160158158

141 '143 i150 i157 |163 !162 i161 !153152 I155 i162163 i180155 :

154 !

144144154158160157159154153155157159160158160

200 i191 '190 i191191191 :

191190188188189180189190188

andmetal

ucts

185 '170 j163165168 I178 i174 i169168173 i172170 I169 j172 '175 j

. jChem-1

ing i icals' ' and

Haw materials

fur- :nish- .

Mis-cella-

Crops

144 !135129 :

133 !136 !136134129 !127 ;126 i126 !

127 :127128 :

130

189 j175 !172 1175179 i183 I180 !174 :

174 ;171 !170 :

172 i174 ,174 :176 !

131 j130 !134135135 !135 !134 !134;1 3 3 •133 !133 ,135 !13G ,135135 '

183 !

173172172173 !

173170170170 i170169139138138166 '

123117123129127125125129131138M3138135138142

168172176186196193183173176175173175168162160

Ani-mal

prod-! Forest

prod-: UCtS

Min-eral

prod-ucts

Totalraw

mate-rials

Fro-I duc-j ers'i goods

Con-sum-ers'

goods

i I ! I

122:120 j124129 •133 i136 !

148;141 j134 I141 '154 ;155 !155 .147 '139 I

210 I186182 j187 !193 !

201 ,196 1187 :189181 ,180 !185184 !185 '187 !

185170166169172175173168167167168170172174176

159154155161167169169161160162166

; 1681 166! 162

160

141133131132134136135131131135137134131133135

156156183167169167168166164160167168169166168

ENGLAND—BOARD OF T R A D E I T A L Y - C H A M B E R OF C O M M E R C E

Groups i N ( > |I vein-;j ber !1 j .

All commodities j 154 iTotal food ! 165 i

Cereals i 152 IMeat and iisb... i 167 !Other foods .„„ j 175 ;

Total, not food.._ ! 148 IIron and steel | 119 |Other minerals and metals..m\ 130 ;Cotton 182 IOther textiles 181 !Other articles 158 |

1925 ! 1924 !__.. _..! i

S« - : ! ! "N-0- '1 torn-, £^; j July | vcm-

1925 1924

Qroups N o "

bor | gust ! ber !

156 ! 157 !

166 ' 166 i159 ! 164 i166 : 161 i ___170 ' 174 ! 185 i151 i 152 I 153 ,

123 I 125 I132 !207 ;177 !157

12113G i204 ,179157 !

158;106 :159 .154 '

i

132 j210 !176:157 I

170 I177 !182 |166 i182160 !137 j141226 |214 '161 i

All commoditiesAll foods...

Vegetable foodsAnimal foods

All industrial productsTextiles..: ;„__ JChemicalsMinerals and metalsBuilding materials..Other vegetable produces !Sundries. !

675654705675737

672 1689658 j732664 '763 ,

, „ . 609 i633 I 638 j704 i 709 i664 I 600 j

676 !692 :660 :

738 '

685686665715

670 i 684776 | 827615640703665653

620657692674658

July

668652617700675821616645664664649

No-vem-ber

578584547638576693534555573544549

CANADA—DOMINION B U R E A U OF STATISTICS

FRANCE—STATISTICAL BUREAU

All commoditiesAil foods. „_„

Animal foodsVegetable foodsSugar, coffee, cocoa..

All industrial material _,MineralsTextilesSundries.

I

608510496522502682606928811

572 i491485498480637 •585830 i578

556492 i486 !

490495 ;

607522 .807 :566 ;

557501500496500603518808557

5575084995204.86596506801551

504 i4.58 !459 '466426541448763489

GERMANY—FEDERAL STATISTICAL BUREAU

Ail commoditiesVegetable productsAnimal productsTextiles „. .Wood prc-ducts „Iron productsNonfcrrous metalsNonmctaliic mineralsChemicalsRaw materials, or partly manu-

factured _Manufactured, fully or chiefly _.Producers* goodsConsumers* goods._ „..

161172152188 :-159147108 ,177157 ;

160 ,157 ;149 !

164 i

157157149189159147107177158

151157145160

157161142191160150107178158

151159150157

160173 i138 :193 '•159 i149107178 i158

157161156 |156 I

158170135195159151105177158

155159155154

158170135193157155100178155

155158154151

All commodities. \ 121 'Total food products.. 115

Grains and potatoes 99Fats, sugar, meat, and fish..! 142 ;Colonial goods, coffee, cocoa, i

etc • 181 ;

Total industrial products _ _, 133 ;Hides and leathers J 120Textiles : 188Metals and minerals , 130 iCoal and iron I 120

Domestic goods 113Imported goods 164 ,

124(18103146

181134123102131120115166

128121106150

181135125189132121118165

132 .130 !120147

175135123190134121125165

SWITZERLAND i—DR. J. LORENZ

129136

179136126 !191 j131123129166

129 !

124 I113 i143 [

170 i137 i135205125122121167

Groups

All commoditiesConsumers' goodsAgricultural productsIndustrial products

1 First-cf-month figures.

1925

De-cem-ber

157172112155

No-vem-ber

157173113155

Octo-ber

159173117160

Sep-tem-ber

159174117159

Au-gust

160174115160

1924

De-cem-ber

170183127172



RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIESINDEX NUMBERS OF RETAIL FOOD PRICES

[Pre-war-100]

I Ij United|i States i

1924January.FebruaryMarch . .April . . . JMay . .JuneJ u l y . . .AugustSeptemberOctoberNovemberDecember •

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober .„Moy ember __December

, Austria Bel-; (Vienna)4

146144 "141138138140140141144 j146 j147!149

151143148148149152157157156158164 !

22,94123,336 '

23,361 ,23,79724,267 I23,499 !25,0£Q25,100 !

25,305 i26,482 i26,806 :

27,16827S 06526,79626,44827,03727,031

25,294

126130128121113118123124127135140139

1401371341271 2 2 •

26; 550 | 130 .25,739 | 135 ,

14025,186 ; 14425,108

Bui- i Eng-garia l and '

2,6742,637 '2,497 :2,5012,438 •'2,687 <2, 6262,727 :

2,723

2,994 .3,040;

3,1313,1633,1283,1003,0323,0832,9002, 7442,710 |2,698

Other countries

! India i N e wi(Bom-l Zea-j b ^ ] J a a d

154 ;151 j147 !143 j143 |14?151356156156.15715G

150149150150150150148146145145148150

SouthAfrica

120122122123122120117117117120122121

152152155153151149152147148J.4.8149

147 '146 :1 4 9 '•

1 4 9 ••

150 :

Me;151252 '1S3155 '

2.2012012112412312212C118118119

m

INDEX NUMBERS OF COST OF LIVING

[Pre-war«100]

1924JanuaryFebruaryMarch. . .AprilMayJuneJulyAugustSeptember...OctoberNovemberDecember.-

1926JanuaryFebruary- -MarchAprilMayJuneJulvAugasLSeptember..OctoberNovember.™

Mas-sa-

chu*setts

157156156154154154155155157:-L57'•57158

J58J5715815835815S160161161IQ'J.162

Bel-gium

480495510498485492493498503513520521

521537511506502505508517525633534534

Czech-oslo-vakia

917917SOS907916923909897908916922928

899911904901894914916894884875

Eng-land »

177179178173171169170171172176180181

180179179175173172173173174176176177

Es*to-nia

959498

104108109

113110114112111112114112

Fin-land

1,1551,1431.1411,1211,1211,1471,1541.1981,1991,2191,2221,217

1,1991,1911,2101 2011,1761,191

ll2661,2421,2281,227

European countries

France(Paris)

S65

"ice"

367

377

886

390

401

Ger-many

1101041G7112115112116J14118122128123

1248 136

136137136138143145145144141

Hun-gary

123101118207104128140138135141141143

1411351321301313301261271261?4123

Italy !Neth-(Mi-| er-Ian) !Sands

i

5105175215225385185125U516546563573

580592602600591596598610624043

. _179

"" l73"

176

181

Nor-way

.238

""244"

258

266

i n 271

179

179

259

248

Po-land

121127126127126124127135141150152153

150151151149147148152151152155158

Spain

178190180195180186182180189185175199

188189192191188190190190190189

Swe-den

178

173~

171

"I74"

178

"177"

176

175

Swit-Eer-land

169168168J66168368169166166169170170

168168167165165165186164165163163

Other countries

Can-ada 1

15014914814514314314S14514614614714.7

149150148147146146146148148149152

Aus-tra-lia

150

"149"

148

14S

loG

153

154~

Indis(Bom-bay)

158166153150ISO153156160160160161160

157157159158156154157152151153153155

SouthAfrica

133134.1341341341331321B2132138134133

133133133184134134133132132132131

s First of the month figures. 8 Revised index.s 1921-100. * January, 1921-100.

NOTE.—Information as to the number of foods and items included, tha original base periods, and sources may be found on page 276 of the April,1925, issue of the BULLETIN. The original bases of the indexes have been shifted to Juiy91914, wherever possible.


50 FEDEEAL RESERVE BULLETIN JANUARY, 192 G

inarnci? A IT

AVERAGE DAILY CONDITION FOR NOVEMBER AND OCTOBER, 1925


Federal reserve banks

Total bills andsecurities

! November i October

Total cash reserves j Total deposits Federal reserve notes j Reserve percent-m circulation i ages

November ! October

•

Boston. _, 125,445 !New York , 260,159 'Philadelphia... : 91,532 'Cleveland..., Ii8,632 'Richmond 52,983 !Atlanta ! 99,329 'Chicago ' 151,220 j

St. Louis • 71,874 'Minneapolis • 31,708 !

Kansas City J 79,357 'Dallas ' 69,351 >San Francisco.II I.! 137,141 i

Total: 1925 : 1,288,731 ,• 1024.. 1,085,027 :

1923 _. 1,147,765 i1922... 1,210,126 ''1921. 1.520'. 283 j1920 3,375'. 395

108.050 I287,292 I95,387

122, 90559,07367,925150.990 I64,210 ;43,581 ;'73,097 I59,135 i123,980 '

206,861 !1,009,204 j214,219 j304,701 i114,355 i141,322 '346,792 '57,168 '95,877 I79,528 !

51,927 ;255,624 j

219,129

211,175303,159103,791169,363345,42765,49383,45783,11659, 849

262, 592

November | October j November j October I Novem-

151,224 |879,713 j134,444 i178,267 j71,068 ;84,214 !

328,459 82,818 '55,525 :

90,552 j64,405 '

173,363 j

149,624 !857,189 I135,902 '180,532 '70,239 !83,064 !-

329,671 i82.556 i54; 523 !•JO, 417 •63,321 :

169,404

169.715360I21C147,551 i225,571 I88,878 i

157,218 i148,641 i39,877 I67,882 !66,874 j47,293 !

204,648

103,666 !

357; 292 !148,436 i223,340 '84,752 I

157,371 i147.303 j4i;074 i67,823 ,86,789 :47,614 '205,263 ,'

64.581.476.0 .75.571.558.572.746.077.750. 548.5 !

67. 6

October

69.979.174.374. 567.070.472.453,068.252.953.970.1

1,255,631 I1,005.7421,150,593 I1.184,700 [

i; 040, 740 i3, S90, 089

2,877,578 13.131,1533,199,810 :Si 208, 752 ,2,964.419 :

2,182', 795 .

2,867,444 i3,124,202 ;3,194,285 i3,211,513 j2,905,727 :2,162,178 '

2,294,052 !

2,223,364 ,1,938,964 !1,890,022 !1,732,504 !1,830,011 '

2.260,442 :2,208,509 !1,919,312i, 876,362 I1/728,029 i1,867,589 I

1,724,362 |1,836,189 I2,256,777 j2,324,805 !2,402,4423. 327. 632

1,713,723 !1,769.3542,276,388 :

2.309,013 !2; 456,121 ."3,336,768 '

71.677.1 •76.376.171.7

1 43. 7

- Calculated on basis of nat deposits and Federal reserve notes in circulation.

FEDERAL RESERVE BANKS—RESOURCES AN© LIABILITIES, 33Y WEEKS

RESOURCES


72.078. 576.176,769.4

1 43.1

Gold v.'ith Federal reserveagents:

"Nov. 25Dec. 2Dec. 9. . . .Dec. 16...

Gold redemption fund withU. S. Treasury:

Nov. 25_.Dee. 2Dec. 9Dec. 10.

Gold held exclusively againstFederal reserve notes:

Nov. 25Dec. 2..Dec. 9Dee. 16

Gold settlement fund withFederal Reserve Board:

Nov. 25 _.Dec. 2.. . . .Dec. 9Dec. 15

Gold and gold certificates heldby banks:

Nov. 25.. .Dec. 2Dec. 9Dec. 16

Totcl I Boston

1,355,403 84. 525-1,343,424 82,845;1,307,572! i 84,030i1.394,759 1 84,540;

50,004 I 8,948'54,162; 10,084'57, 705 i 8, 298'54,5701 i 6.832-

370,2411 .123,085 182,971370,2271 123,709' 182, 755j320,109,' 129,187' 181,265380,109! 136,087 181) 704'

Rich-mond

71,12569,89273:37072; 147

9,139 6,636 2,280| l,296i8,257 7,974. 3.642: l, 8961

12,244,' 10.969 4J041! 2,337J10,876: 14,080 2,243! 2,616!

St.Louis

87,614 114,796 15,40785,8721 114,787 15,22793; 452 114,7871 14,94592,895 114,7361 14J988

Min-neap-olis

KansasCity Dallas

1 I6o,909J 33,882! 19,21162,124| 38,954 j 19,60153,915:" 46,347 18,90453,887! 50,499! 18,745

5,554! 5,629' 1,223|4,8061 4,837; 1,002.'4,667! 3,800: 1,320i4,928i 2,589. 1,215!

1,494-1,4601,166,

SanFran*cisco

179,431177,261194,442

2,320| 3,1663; 524 2,5771 4,0691,810! 2,747 4,0122,228! 2,181' 3,618

l,405,467j!1,397,586.1,365,2771/1,449,329;:

724,0291729,002;753,172:684,899j

Ij61G, 397!616,023!603,836;5S7,358j

93,47392,929!92,32891,372!

50,013144,242;43,767,43,752;

45. 787i49; 380:47,983146,124|

379,380! 120,721 185,251! 72,421: 93,168! 120.425:

378,484, 131,683 186,397 71,788' SO, 678, 119J624!332,353, 140,156 185,306! 75,707! 98,119. 118,587,390,985! 150,167 183,947: 74,763; 97,823 \ 117,3251

232,454; 56,9551 66,689!24J.,377i 55,371 67,298'262,905' 58,259: 65,9631186,168| 55,540: 58,157]

354,276! 18,015' 48,523'351,079, 18,009, 49,423'348,740; 17,345; 47,036,337,044! 17,229 46,827,

Total gold reserves: ii 1Nov. 25 I 2.745,893!! 189,273.Dec. 2 ! 2!742,61lii 186,o5ilDec. 9 I 2. 722, 2Sa!| 184, 058|Dec. 1 6 . . - • 2,701,5861! 18.1,2481

966,110, 204,691. 300,463970,940! 205, 063i 303, llSi943,998i 215,760s 298,305;914,197; 222,9361 288,931!

38,276." 30,546,' 128,608;35,097! 32,140 133,465,36,261' 28,118' 135,830,30,602' 33,024 134.5411

5.354i 3,579, 77,460'5,7911 3,639' 74,71515,9171 3,679j 67,655.6,1581 3,611" 64,800|

1 i r116,05] j 127,293' 320.493.112,676' J26,457i 327,804!117,8851 129,916 322.072i111,523, 134,4581 31Cl 6661

16,6301

18,22916,26516,203

16, 08928,33023,08718,871

11,74811,26212,14911,013

44, 46755,82151, 50146,087

63,618j55,375155,033i

21,108,15,279,19, 018:22, 540!

21,531. 189,86340,478; 22,178 183,50048,157: 21,651'- 181,27352,725 20,926i 198,060

3C,61l! 13.2741 33,40638,079! 11,416! 26,90835,441; 8,7001 35,82330,140: 13,, 670i 37,894

7,142, 4,396' 10,555'i 29,5627,075: 4,007; 10,736! 30,9076,3881 4,043! 10,774. 32,1476,556: 4,238! 10,913. 32,845

85,972180, 781184,129!

I !77,772! 45,360! 252,83182,564! 44,3301 241,31587,64lj 41,125! 249,24337,1031 45,509! 268.799


JANUABY, 1926 FEDERAL RESERVE BULLETIlSr 51

FEDERAL RESSRYE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued

RESOURCES—Continued


I Total ;; Boston]

Reserves ot'acr than gold: i INov. 25 | 114,642!Dec, 2_ 114,938|:Dec. 9 : 107,616;Dec. 16 - . - . —-1 108,358;;

!16,932!17, 773;16,133j16,961 j

NewYork

27,14825,88325, 62025, 642

Total reserves:Nov. 25 „Dec. 2 _ ._Dec. 9.. _.Dec. 16—- - -

"Nonreserve cash:Nov. 25 ._Doc. 2Dec. 9Doc. 16.

.Bills discounted;Secured by U. S, Govern-

ment obligations—Nov. 25.. . _ . - -Deo. 2Dec. 9 —Dec. 16 —

Other bills discounted—Nov. 25...Dec. 2.Dec. 9Dec. 16 ,

2,860,535;'2,857,549!:2,829,901'2,809,944'!

45, 268 i.44, 389 f45,663!!

206,205!204, 324;2G0,191!198, 209j

4,054J3, 965'3, 94213,769!

346, 326 i314, 582i378,2723 4 3 , 1 2 1 j •

278, 388Jj329, 293!301,102J1

275,946::

Total bills discounted: ;Nov. 2:5Doc. 2.Dec. 9 _„..,pec. 36 - ,

Bills bought in onsen market: !Nov/25 I-.... . . , . -Dec. 2Dec. 9. :

Dec. 16. . ."U.S. Government securities: j

Bonds—Nov,25Dec. 2Dec. 9.. .!Doe, 16

Treasury n o t e s -No v. 25 •Dec. 2..... -'Dec. 9 _.,Dec. 16 !

Certificates of indebted-ness—

Nov. 25. "Dee, 2... jDec. 9 . . . JDec. 16 I

Total IT. S. Government se- |eurities:

Nov. 25.Dec. 2.Dee. 9Dec. 16

Other securities:Nov. 25.._Dec. 2Dec. 9._._Dec. 13..

Foreign loans on gold:Nov. 25 ,Dec. 2 „Dec. 9 _Dec. 16 _ _..

624, 714 ji643,8751

679,374 i!

619G67J

359,458'i357, 723 r369, 550352,6921:

56,285-56,269 j.56,276' I73,451 j;

244,439,:254, 858 '266,080!!1 5 3 , 7 4 0 M

31,575!'28,302i I29,517,;

171,280!!

15,724;15,406!18,187!18,841

16, 34623, 55528,02715, 80J

32, 070i38,961'47,114!34, 642i

85,992;79, 71879, 530

52952952S553

1,9932, 093!1,993|1.246|

6,4126,154|6,1549,350

332,299|339, 429351,873398,4711 _

3,150::3,150H..,3,1951:3.195JL.6,500i!8.300!1

8,300!:8,798i

7,9348, 7768, 676

11,149

481614614651

Total bills and securities:Nov. 25Dec. 2.

1,326,121 i 126,4771,352,4771' 128,069

Dec. 9 I 1,412 292.1 135,934Dec. 16 „ i 1,382,223. 128,489

Due from foreign banks: jNov. 25 I 658';

Dec. 2 _. 771/. ,Dec.& I 861" ..Dec. 16-..— i 710;.

993, 258996,823969, 618

Phila-del-phia

7,8516,5915, 2654,580

212, 542211,654221,025

939,839 227,516

14, 49614,96415,12316. 594

129, 49396, 727

144,3891103,177

1,034913809951

33,11335, 39933, 38834,056

63, ISO91, 032!67, G04j43, 490".

!Cleve- Rich-land mond

6, 2321 5,934: 5,959

5, 5254,7""

306,6951 121,985310,944304,009

118,635J23, 410

296,773 116,231

2,042! 3, 3842,823 3,6271 9 6 0 3 43,1,93 1

3, 4333 1 5 4

At-lanta

6,7566,3216,1666,508

Chi-cago

St.Louis

Min-neap-olis

KansasCity

14.995'3^55314.78314,7071

10,93810.61210,82l|10, 276

134,049132,778136,082140,966

3,1982,810% 945

I

1,8831, 9912,1712,171

I341,488344,357!336,855!331,373;

5,80S1

6, 478!6, 245 i

3,190; 3,1541 2,502j 6,0961

44,090!37,842i50, 380:;58,291

21,947j 33,873!23,7091 38,081!23, 750| 36,881122, 200j 43,850,

14,19012, 058;11, 604114, 682|

23, 759!25, 528!2(3, 715;30,181.

6,825! 42,252;6,682, 51,156i3,8>0i 55,767!

5,715 : 55,089:

20, 202! 30,71i;24, 472! 31, 034!21, 228, 34, 379:22,076! 42,405

I55, 405!66, 433!G2, 322,36, 363|

2,89oi2, 7412,6802, 705

9, 360,8,852!8, 26819, 76(5;

21, 508'15,813!14,375|12, 818!

96,97587,96382,95286, 300

6546.19823659

2,495 j2,451il,S48i2,610|

3, 56313, 6143,583 i3,689!

Dallas

5,9105,4845, 5525, 546

I81,802;86, 36991, 46o!90,824|

51, 27049,81446, 67751,055

1,864 I. 7721, 804! l', 4202,0311,897

9,877!

6, 540;8,853;

13,452!15, 209,11,405;116901

If1, 662

% 2522,3002, 4691, 767

6,8378, 47S8, 6797, 562!

SanFran-cisco

5,9706,1405,961

258,80124.7, 455255, 204274, 495

2,6623,1042, 7312, 484

36, 65539. 4004i; 82230, 274

23, 00028, 7GS24, 37620,094

192, 683!187,759!211,1931146, 667

35,408 :

34,83835,57017 908

55, 0G0 77, 963,59,108| 75; 923!

57,138' 87.261156, 256; 102; 1411

14, 570: 9,645'14,620: 9, 210-!

12, 743; 8, 243

37.949:37, 6881

38,31944,803 !

4, 568!

3, 962.3, 632!3,350'

27,027i 72,903'31,154, 82,190"25,038' 90.146J27,793; 97, 5841

05,986" 34, 451 j66,55J-- 31,712,'67, 556i 30, 836'66.038. 29,721;

30,868i 6,058 j

24,665! 6> 065'

22,443! 5,431|99 P.US' ' """

23,329! ?21, 518: 10, 77817,945' 31.14"

59,655

66,19822,584; 6,299. 20.543, 9,329| 50,368

23,425' 7,21, 583: 16,27,741| 21,738!32,408 20,491!

20, 642. 27, C9518,1601 29,96116,83G! 33,84315,635! 33,321

1P 257!1.257iI! 257!

16,419j

585! 7,965!

585j 7,9651585! 7,965604! 8,104

57,127! 11, 428! 21,989,68,114! 11,428! 21,98977,912' 11,428; 21,989=32,286 3,507: 17,608;

3,000 7,050. l ,026L.l,710i 7.. 050! 4761..3,280! ?; 050i 476!.,

91,182 14, 728; 3,010

1,101 j 8601 19,928;1,191: 8361 19,928'1,191' 839 39,928'1,240, 981: 20, 252j

4,253-' 12,406 \ 25,363!4,253, 12,406| 24,445.4,2c3 ! 12,406, 26,020!2,726! 7,873' 17,8681

| ! |...| 1,995! 1,714;;. 1.995! i;n4:j 2,045! 209:

892! 4,157: 12,565:

1,522:1,522-1

3,521|1 74G!

38,873,18,87318,873 i11,849

93L93: .93!

4,196

7,0081 8,13917,558, 8,139'7, 5581 8,139!7,665; 8,387!

i i

9.0201 23, 282i9; 020, 23,2829,020! 23,2S25,6G2\ 15,211

500

I61,384| 19,063j 30,980 5,444! 15,261 j 47,005| 20,488 IS, 5781 33,419|71,08.1! 19,0631 30,430 5,444, 15,237! 45,487: 20,488 16,5781 33,419182,449. 19,063| 30,430| 5,444? 15,290! 46,157 20,487| 17,078, 33 r419|

139,887i 18,839i 28.722' 4,858 : 13,011 50,685 17,791 i 15,289,1 32,970;

G, 7010,7067.033

22,42422,67422, 62314,382

1,690115115'

4,815|

30,36130,42831, 30231,764

535858

467

36, 28136, 28136,281

7,5977,5977,597

15,051

1,7552,24112,241!2,376!

3,050!3,050]3,050|3,050

605772

30,8071

29,490!29,444.26, 230|

43,93643,93643,93639,040

942

291,230i295, 919,331,453!306,8381

658.'_771L861 j .7.101-

92,34!9GS 613!92,76f91, 71:

440:.4401466i

260340|841;3S0!

897j1,145,1,145!1, 214;

382!382405

214!274!273i290!

100 i „100. „_ : .1001 !ioo'r... j

26o! 228 4553321 291: 581332! 29.1: 581352! 308; 616

119,284 48,305: 108,640i 155,316116,451 47,432! 113,2821 160,534:126,822 47,835; 108,225! 108,284'139,065! 53,637' 10^200 179,204;

75,080 30,165i 77,75G67,138, 39,897! 73,52Q!71,053! 44,545i 68,63273,188| 42,414 69,600

j67,219;' 134,40770,520 143.11374,726! 142,01769,188 121,788


52 FEDERAL RESERVE BULLETIN' JANUARY, 1926

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued.

RESOUEOES—Oontinued.


ITotal Boston

Uncollected items:Nov. 25 iDec . 2 74.2; 551;Dec . 9 „ G92.811J1

Dee . 16 952; 147;B a n k premises: 1 !

N o v . 25 _: 61,817jDec . 2 .__' 62,021:Dec . 9 61,552|Dec . 1G [ 61,(307,

All o ther resources: !N o v . 25 J 18,454;Dec . 2_ . ._ 18,166|Dec . 9 „_. ! 19.362."Dec . 1 6 . . . 17; 032!

62,185

NewYork

i Phila- idcl ! Cleve- I Rich- I At- Chi- St. Min-

i ph ia !" i land ' mond : lanta : cago | Louis t ~jj}*f'oiis

. SanDallas | Fran-

i Cisco

60,17590, 655|

4,1904,190j4,190!4,190j

139.128!131"100i

149,786,171,0801

148, 220228,153'

61,179.06,347:

61,136|86,611'

63,937.57,13281, 946

17, 259': i, 334 7,94817,2(51 1,334- 8, 28117,261" 1,386 7,68117, 261. 1,386. 7, 681

4,5154,456:4. 6893| 235

281 388296 380312 1,112376! 1,007

62,81268,38663,51577,653

2,446:2,4462,446.2, 446

388372362377,

r ~ " "i41,918 83,359' 34,60540,818 89,872 36, 68540,979 86,772 36,10049,864 134,776 45,475"

2,781:2, 7902, 7902,791

2,157:2, 1492,1492,125

8,099:

1,506'1,5831,972;1, 998

4, 750:4,611.4,6274, 627

341333335363

15,052i16,048!

15,862!17,487:

I3,066!3,0663,0703,070

2,8052,707!2,622,2, 670!

42,731:45,544'46,38262,266i

I4,7724,77li4,830.4,884'

28,115; 42,10830,927! 44,70331,878! 44,66034,703; 52,568

I1,834' 3,338l,S34i 3,3381,834 3,3381,834: 3,338

737 1,330i 3,867737; 1,198 3,827710 1,201. 3,767541' 1,206' 3,634

Total resources:N o v . 25 _ 4,997.881!Dec . 2 _ ! 5,078,803Dec . 9____ ._ . . " 5,0621168Dec . 16 „ ! 5,2091.926 425,412, 1,512,630, 408,552j 529,662 253,398 305,448 661,546. 182', 721. 152,600- 220,002j 159,648! 458,307

LIABILITIES

Federal reserve notes in actualcirculation:

Nov. 25Dec. 2 _Dec. 9 „Doc. 16

Deposits:" Member bank—reserve ac-

count—Nov. 25Dee. 2...Dec. 9Dec. 16

Government—Nov., 25Dec. 2Dec. 9Dec. 16

Foreign bank—Nov. 25.Dec. 2Dec. 9Dec. 16

Other deposits—Nov. 25 ,.„Dec. 2Dec. 9Dec. 16

1.731, 510".: 171,279.I', 742, 706!-j 171,143^1,765, 627 J 173.179:1,788, 230". I 176; 824

2,219,813;: 142,5552,235,787i!- 142,810:2,246,386.1 143,0782,264,797", 143,492'.

362,455 148,167 227,863. 89,261 157,233 150,0621 39,143361,533 149,597 227,904 89,763- 159,995 152,885! 38,995362,979,156,730 231,549 90,778 161,173 157,1511389,551: 158,573. 232,510 ~~ "

850,396 130,585 176,101.868,834 131,254' 175,358'870,779 130.899 173,288852,827 13(>; 281: 186,482

...J 36,853.i 2,758'44,136"! 4,295'35,840 3,58l!

...... 5,954.1 280,

12,937j 150'.13, 002 I 161

.„....." 11,884-i 161:8,398 161 i

21.181 110:

. . ._• 20; 074: 113=20,420 115.

I 23,356 133;

Total deposits: . < 'Nov. 25 _„.„' 2,290,784 145,573,Dec. 2 __i 2,312,999 147,379Dec. 9 . . . „..„., 2,314,530 146,935sDec. 16 . 2,300,505, :L44.066'

Deferred availability items:Nov. 25 ; 622,853 60,202,Dec, 2 ..J 670,132 64,165"Dec. 9.. • 626,937; 58.180"Dec.16- : 827,072 78; 215.

Capital paid in: i ,Nov. 25 ..„ 116,844i. 8,611,Dec. 2 116,871 8,61liDec. 9. 116,8631,i 8,611:Dec. 16... 116,964 8,611;

Surplus: ] ••Nov. 25 : 217,837 16,382;Dec. 2 217,837: 16,382|Dec. 9 217,837 16,382'Dec.16 217.837, 16,382

All other liabilities: ,Nov. 25 _ _ - : 18,053! 1,203Dec. 2 . . . . . . „ ! 18,258, 1,200Dec. 9 _. 19,374' 1,276Dec.16.. . 19.318;i 1,314

13,717 92310.479 1,574!11,582 860;

533 154'

11,45811,41710, 2986,813

10, 5169, 5939,4668,965

188;202!

202202j

1,6283, 2533,989

766

217232.232232

290j 1,285370 1,211:234i 1,241628: 1,522;

4,3224,279.4, 5124,512:

69,583!69,82369,723'69,268

I3, 252,

731'2, 005:

13j

107|115115115,

90!

5369|

163;

82,039 321,96981,429 318,186180,348 323,530;83,714 336,499|

3,073 2,348!3,455 12,205 j1,745 3,251,443 442!

82,39483,16281,042

1,5942,3972,5101,121

83898989:

614754323

280;2991299:299!

902!934

1,0311,251

886,087 131,986! 179,231.900,323 133,4001 180,054:

902,125 132,195; 178,750869,138 137,265] 189,002:

127,458 56,243J 54,647144,258 61,747! 57,444;126,728 56,0481 51,011178,490 80,190! 70,632

32.131 11,545 13,141.32,132> n f 5G8; 13,141'32.132 11, 568| 13,14132,190 11,616; 13,141 i

58,749 20,059! 22,462158,749. 20,059! 22.46258, 749 20, 059 22; 462;58, 749. 20, 059 22,462

718| 1,511786; 1, 811:834! 1,893;849! 1,915'.

73,03270,722j

71,91269,559:

58,257.61,662"59,53672,501!

5,9785,9785,979:5,979

11,70111,701!11,70111,701;

1,091!1,074!1,095!1,095

85,256; 325,499!85,020 331,62482,236, 328,111!84,569 338,491,

35,183*34,60034,691!42,707

4,6454. 6451

4,6454, 646

71,738'78,073'74,472i

113,414;

15,721'15, 718!15, 71815,722i

8,950 30,426;8,950. 30,426,8,950 30,426!8,950 30,426

1,3761,417:1,4751,491

2,220:2,197!2,349!2,381:

100100100

84479894!

1,216

83,36985, 68786, 71483,479

34,50037,34835,61044,123

5,127j5,127!5,127!5,1271

9,97l |9,9719,97l!9,971!

961793850881

68,302'69,221.69,2I91

69,294

52,95452,480;

52,002:54, 698

1,525;1,6762,019

67.1031 46,920 203,722~ ~ ' " ~ 48,029. 205,446

48,327 206,65347,931; 207,883

68; 197169,0441

230298533

54,72054,45854,39256,267

13,90814,82414,24415,215

3,1783,1793,1803,183

7.4977', 4977,4977,497

1,1031,1211,3421,144

II

87,357 i87, 276.87,954!89, 679

1,8341,394i1,479!

149

818787j87

I, 158890S45j

I59,998! 165,43862,104! 163,77962,968; 168,65561,859| 168,956

1,340| 2,861937 1.740

l,04fl: i; 773163i 92S

717676,76;

89!79!44 i

144!

142152152152

5,G5So,7586,0815,578

j

90,430i 61,498! 174,09489,647 63,256i 171,42990,365! 64,3.34 176,66190,8151 62.242J 175,612

38,125,40.84040; 574i45,379|

4, 2621

4,259|4, 2504,237.

8,97718,977i8,977;8,9771

30,213!31, 486",32,510!36,480,

4, 277!4, 278!4, 278.4, 278,

7,5921

7, 5927,592:,7,592

42,37&43,68543,33349,726

8,2288,2358,2348,234

15,07115,07115,07115,071

819 1,040 1,689834 1,072 1,674841 i l,142i 1,765830! l,125i 1,781


JANUARY, 1926 EEDEEAL liESEBVE BULLETIN 53

F E D E R A L E E S E E V E B A N K S - R E S O U R C E S AND LIABILITIES.. BY WEEKS—Cont inued.

LIABILITIES—Cont inued ,


Total liabilities:Nov . 25.Dee. 2Dec. 9Dec. 16.

MEMORANDA

Ratio of total reserves to de-posit and Federal reservenote liabilities combined(per cent):

Nov. 25Dec. 2 „ ._.Dec. 9 __Dec. 16

Contingent liability on billspurchased for foreign corre-spondents:

Nov. 25.._ -Dee. 2Dec. 9..Dee. 16.

Own Federal reserve notesheld by Federal reservebank:

Nov. 25Dec. 2..Dec. 9». _. _-Dec. 16

Total i Boston i NewYork

; Phila- !i celphia!

4,997,8811.5,078,803;5,061,1685,269,926''

71. l!70.569.468.7,

403,250; 1,471,202;1,501,274;1,487,225!1,512,630

404, 663i425,412; :

368, 713!377,157;377,434|408,552i

Clove- -land ;

498,855!

502,816!498,800:529,6621

Rich-mond

239,320240,898241,001253,398

Atlanta Chi-cago

St.Louis

I

39,959'40,10145,4221

50,9671

306,410.310,131!321,020!325,9341

65.1|64. l |62. 5:61.8i

2,9462,95l!3,20613,206:

18,23319,189!

24,638.

79.6! 75.9 75.379.01 74.8' 76.276.6 76.5| 74.175.9; 76,9: 70.4

10,990.10,98713,795'19,340;

3,702!3,709!4,029'4.0291

595,666' 173,071

Minne-apolis

148,717&U£jUtOi OUUjUVU' itOjlUJ. XtOf IJ. t

294,6271 610,923 177,921! 150,300293,170! 608,227 177,117] 149,874305,448! 661,546 182,721] 152,600

75.2 55.3! 71. g!73.9! 54.21 71.1175.9 55.9. 69.4!71.7 56.9! 66.3 j

4,2604,2674,636

2,1102,11412,296:

2,296!

1,632!1,635iI,776:1,776'

I5,494!5, 504>5,979i5,979!

114,462 30,946'112,536' 34,140s

118,, 647. 28,634124,072! 29,841!

17,44019,983!21,

14,543 !

15,270,13,931 23,748i14,892! 22,580:

19,760j 16,69419,7571 20,972!,"" ""•" 19,981'

19,483'

45.253.3:49.6;46.0'

1,739"1,835i1,9931,993'

6,274:6,442'6,2101

6, 228j

.KansasCity

; SanDallas | Fran-

! cisco

299.716 151,540! 445,183212|754| 155,7131 445,540214,0511 157,983; 451,717220,002! 159,6481 458,307

78.871.167.5.68.7

1,3141,3161,4301,430

2V 6982,254".2,887'2,864j

52.054.7;57.4;56.6

1. 5921J5951,7331,733'

7.5837,0619,2409,472"

Ii

47.3j44.8i41.5!

68.565.766.671.8

1,393! 2,7871,396 2, 7921, 516 3.0331,516 3; 033

6,498! 51,2795,278 47.2495,834 45; 3725,570: 42,803

FEDERAL EESEEVE BANES—MATURITY DISTRIBUTION OP BILLS, MUNICIPAL WARRANTS, AND CERTIFICATES OFINDEBTEDNESS


Bills discounted;Nov. 25Dec. 2Deo.9Dee. Ifi

Bills bought in oren markrt:Nov.'25 1Dec, 2_.

Total

624,714643,875679,374619,067

3£9,458357,723

Dee. 9 ___ ...i 369,550- ~ ' 352,692

31, 57528,30229, .5.17

171,280

Dec. 16.Certificates of indebtedness:

Nov. 2.5Dec. 2 ..._..Dec. 9 . . .Dec. 18 .„

Municipal warrants:Nov. 25__..Dec, 2Dee. 9......Dec. 10... .„.

Within Ifi ! 10 to 30days , days

494,404 ,5io,7i9:549,433483,252 '

104,633 I307,875 ,113,683100,223 i

3,723 '4,691 ; .6,526 :_

92,730 .

31 to 60days

61 to 90 91 days todays 6 months

._... 1. • ._

35,17739, 64938, 27840,275 I

65,345 I61,183 I64,550 i70,338 •

2,424 J.

56, 76152,726 !

49,636 !

49, 247 ;

107,422 1111,115 '108,277 '99,096 i

i28,53831,162 I31,818 j35,871

63,917

50-85* i67.039 !

9,5139,2979,86910,045

18,34116, 09814,56015, 996

Over 8months

4,6894, 68921,323

341322340377

20,73918; 92218,30257,227

4545 '

4545



FEI3E&AL RESERVE NOTES—FEDERAL HESSEVE AGENTS' ACCOUNTS, BY WEEKS


I ':I ! !j Total ,' Boston | ^"ork

Phila- | Cleve-delphiaj land

Federal reserve notes receivedfrom comptroller:

Nov. 25 .. . . 2,912,652"=! 250,412 744,037'Dec. 2 2,922,308i: 254,932 741,189iDec. 9 ! 2,930,395!i 254,117 741,706Deo. .16 ! 2,945,883!: 259,227 743,463!

Federal reserve notes held by , j ! IFederal reserve agent: i' i

Nov . 25 874,732' 60,9001 267,1201Dec. 2 . I 869.531=1 64,600! 267,120;Dec, 9 _ ! 843,748 i 56,300i 260,080Dec. 16 _ | 831,719; 58,600; 249,840."

Federal reserve notes issued to , j ' jFederal reserve bank : I

Nov . 25 _ _ !

Dec. 2__ !Dec. 9 _.!Dec. 1(5 _..!

Collateral held as security forFederal reserve notes issued to .'Federal reserve bank : •; |;

Gold and gold certificates— |Nov. 25 | 305,300iiDec. 2__ 304,901Dec. 9_.._ _ 304,501:;Dec. 16 303,8511

Gold redemption fund— '!Nov . 25 106,481-:Dec. 2 .i 102,8281!Dec. 9__.._ ! 108,645 j'1

Dec. 16 i 108,101.'Gold fund, Federal Reserve L

Board— j1

Nov. 25- 043,682j.Dec. 2 935,695 !

Dec. 9 _._. 89'i,42Sijpec. 16.

Eligible paper—Nov. 25-Doc. 2Dec. 9 . . . ....____Dec. 16 ._.!

Total collateral— INov. 25.... IDec. 2 !Dec. 9 'Dec. 16 i

!I

209,713! 280,223214,737| 288,607218,014' 287.917223,214| 290,853

I30,6001

31,000i33,200,

34,92040, 72034,520

34,800, 345020

2,037, 920 i 189,512! 476,917; 179,113! 245,3032,052,837; 100,332! 474.089, 183.737' 247,8872,086,647'; 197,817 481,6261 185J 4141 253,3972.114,184:: 200,627i 493,623, 188,414: 256,836

35,300 186,697i 4,400: 8,78035,300i 186,698' 4,000' 8,78035,300! 186,698: 3.6001 8,78035,300 186,698.' 3,200. 8,780

27,544:27,529,"27,411:27,411'

9 3 0 , 5 5 3 M949,410.999.029!i.919,180 ji

14,225:12,54518, 730!

14,240i

35,000! 156,00035,0001 156,00030.000 106,00035.0001 186,000

118,062' 190,987118,6791 185,501126,644' 212,777116,689! 131,184

12,296;10,320:11,198i11,998,

14,19113,97512,48512,924

2,286,016!- 202,587! 561,2282,292,834'! 201, 524i 555,7282, 306, 601 ii 210, 6741 532,886

106,389109,389114,389120,889

I57,65062,68Gi56,354,53,398

Rich-mond

i I1 Atlanta:

Chi-cago

131,284, 226,453' 429.963;132,510 225,592' 431,144i132,188: 230,23!' 431,369j133,425 23Q,575| 431,332

27,480 49,460j 203,20727,479' 45,840! 257,28727,479i 45,310' 254,23725,970i 44,910! 250,737

103,804' 176,963 166,756105,031! 179,752, 173,857104,709! 184,921i 177,132107,4551 185,665' 180,595

21,180!21, ICOi21,160!21,160!

2, 465;.4, 232;2, 7101

4,487i

I10,200j_10,200'.,10,200'..10,200'.,,

7,4141 4,1515,672! 4,142i9,252.' 4,142j7,695; 4.091i

160,000110,3001160,000,160,000'

I87,578.84,778!95,490:109,388'

47,500,44,50049, 500!46,500;

38,922i40, 515;45,532,

70,00070,00074,00075,000

92,95597,84192,53293,764

180,735! 270,549! 110,051: 180,569186,398: 267,533: 108,814' 183,513185, 541! 270,755' 113,885! 185,984

2,313,939j 201,229, 511,293! 189,485 291,092, 117,679, 186,651

St. Minnie- KansasLouis I apolis j City

eLouis I apolis City

110,645;110,645!110,645'110,645!

107,232113,739,120,807;127,106:

222,028J228,526'235,594!241,842;

70,917170,737169,95569, 748

88,230! 99,31987, 44,'ii 99,09190,196' 100.584.90.33S 102; 136

25,500 17,230! 24,63325,300 55.970' 23,83324,900 18;090! 22,300.24,380i 18,230! 22,900

45,41745,43745,05545,388

10,57510,57510,57510,325

1,152870

1,663

71,00071,47572,10672,158

74,68675,25878,28479,236'

13,05213,05213,052:,. . „13,052i

1,8571,072

863!1,815

68.500- 313,80107,889= 308,49567,193' 306,32566,533." 304,986

15,082!14,582:' 551800IS, 082 54,30C13,032! 54,30C

53,418 255,00153,307 252,69554,161 252,02553,501 250,686

15,136 . . „15,136'15,136-15,136;. . . .

2.5223; 594

4,139

2,575l2,965;2,768!

I

15,90S15,63015,22915,029

3,500; 51,000, 81,3603, SCO1 48,000' 33,3603,500' 40,000! 43,3603,000! 39,000 46,360

54,292j46,111'50,181''64,983!

699699i61,338j65,12869,971 j

12,82022,47626,547126,297)

78,729J84,600,80,482.80,164

43,90439,61934, 720!36,108!

77,786'76, 573,81,067.86S 607!

I1,500'1,50011,000:1,000,

i36,164i40,737'44,987!42,645!55,375.GO, 338!

63,891!61,390,

170,788183,801162,032179,413

98,51897,47582,088

276,680277,949274,736276,528


JANUARY, 1926 FEDEBAL RESEBVE BULLETIN 55

FEDERAL RESERVE BANKS—HOLDINGS OF RILLS AND SECURITIES AND EARNINGS THEREON, NOVEMBER, 1825


i: ITotal

HOLDINGS ON NOVEMBERSO,1825

Total bills and securities.. Jl.391,150Bills discounted for members ' 679,400Bills bought in open market „„! "~ ""United States securitiesOther seem itiesForeign loans on gold

Bills Discounted

Rediscounted bills:Commercial and agriculture I

paper, n. e. s >Trade acceptances, domestic.Secured by U. S. Govern-

ment obligationsMember bank collateral notes:

Secured by IT, S. Govern-ment obligations

Otherwise secured

Total discounted bills

Bills Bought

Bills payable in dollars:Bankers' acceptances based

on—Imports .„.ExportsDomestic transactions. . .Dollar exchangeAll o t h e r . . . „„._

Trad9 acceptances-Based on importsDomestic. _.. _ _

Bills payable in foreign currencies

Total purchased bills

United States Securities

United States bondsTreasury notesCertificates of indebtedness..

Total U. S, securities

DAILY AVER AGE HOLD-INGS DURING NOVEMBER

Total bills and securities >Bills discountedBills boughtUnited States securitiesForeign loans on gold

EARNINGS DURING NOV-EMBER

Total bills and securities i .Bills discountedBills boughtUnited States securitiesForeign loans on gold

ANNUAL RATE OF EAEN-INGS

Total bills and securities *.Bills discountedBills boughtUnited States securitiesForeign loans on gold

358,835341,818

3y1508,147

1G0,7512,888

1,778

121,388

579,400

155,519130,38959,2985,024

729

95183

642

358,635

264,78130,790

341,818

1,288,731595.997352| 229331,943

5,260

3,8211,819

20

Boston I NewYork

! Pfcila- i Clove-jdelpbiai land

Rich- ! At-inond ! lanta

!l34,645 337,17237,284 ;220,60787,974 43,1158,778 71,209

91,299 133,560 49,673 '100,116- • - - - — • - - - - 2 9 o e i

511 i 2.241

54.48313;93119,0033,050

772

73.371 ! 39,9078,871 3,882

30,430 5,444I 64,449! 15,236

440 ! 340

I "T

Chi-cago

St. ' Minne-1 KansasLouis j apclis j City

168,147 ! 73,571 29,34488,306 I 30,434 0,09332,521 i 22,268 j 6,39948,175 I 20,487 16,578

1,145

73,928. 21,015I 19,060i 33,419.1 100

332

19,513 26,027 10,52255 ! 223 • 99

21,551 | 21,821 : 39,327488 i 320 i 292

133 i 429 169 '

17S533 1133,905 ! 3Is107 ' 39,227 12,309 ji 60,452 ! 12,667 j 11,676 5,282 ,

275

6,1013,296

37,284 1220,607 ; 54,483 \ 73,371 j 39,907 , 29,091

I

41,593 !27,918 !

17,434 I1,025 i

15,54117,8596,9841,071 !

479 I_

846 :..83 L

252 .

4,3075,9933,031 '

3,0601, 213

120

1235:35

3,524

28,60428,1866,929

730

27,693 117,171 3,431 11,938 6,925 i 5,032717 | 548 i........ ! 18 | 124

, SanDallas i Fran-

! cisco

60,137 i10,853 i26,973 !31?065 ;

141,66067,95629,187

241 58:;.

10 ! 588 24

j58,439 ! 8,930 . 2,451 j 6,940 ! 2,303 43,3501,447 ! 3,197 ! 211 i 2,113 | 1,600 19,447

88,306 j 30,434 | 6,093 i 21,015 j 10,853 j 67,056

12,961 |12,547 j6,209 i554 '250 '

10,393 3,735 j 9,744 ! 12,135 12,3948,686 ' 2,268 7,504. ! 11,367 10,7682,867 ' 363 1,696 ! 3,099 | 5,349322 l 33 ! 116 I 377 i 676

105

87,974 j 43,115 : 13,931 j 3,871 j 3,882 j 64,449 32,521 j 22,208 | 6,399 j 19,060 ! 26,978 j 29,187

I i : i I !529 ! 1,257 ; 585 1 7,965 I 1,191 ! 835 19,92:

2,093 I 67,619 I 11,428 ' 21,989 j 4,253 i 12,406 24,84;6,154 I 2,333 ' 7,050 j 476 j i 1,995 1,40

8,776 I 71,209 | 19,063 j 30,430 j 5,444 \ 15,236 46,171

1,62118,873

83

7,558 i 8,139 : 6,701 ; 589,020 i 23,282 ! 22,674 ; 36,281

..j 1,998 j 3,690 i 7.597

30,430 j 5,444 j 15,236 46,175 j 20,487 1 16,578 I 33,419 | 31,065 j 43,9

125,445 1200,159 ! 91,532 -,118,1332 i 52,983 I 99,32937,976 :167,O89 -. 53,. 39V , 76,010 ! 42.321 j 24,51378,797 i 29,170 I 15J486 13,137 ! 4,942 i 59.498

' --' " 19,063 .--.-•78,8,2S5

3776.1,5911,409

13,137 i 4,94230,907 ' 5,443

578 '277

. 9 815,104

214

161,22070,18934,84345,469

719

i

361 ;115 '222 •

23 !1 i

749 !483 '

80 :181 !

6 |-

274 !157 I

4362

2

354 I227 !

31 i94 i

2 •

1691391415

29180167431

3.813.713.403.624.50

I

I3.50 !3.683.433.32 !4.50 j

3.50 !3.50 i3.32 '3.58 I4.50 ,

3.643. 583.403.9:4,50

8. 633. 033.433. 684.50

3.87 i4,00 •3.51 I3. 20 [4.50 I

3.574.003.413.464.50

iI

71,87429,17421,96920,484

247

31,708 j 79,357 \ 69,351 137,1415,747 ! 18,524. ! 9,624 ! 60,5333211 ! 26181 i 28722 I 32,273

439573,211 ! 26,181

16,578 I 3-1,226172 I 209

,628,722 I30,826 !

179 ;43,957

378

471 i231 I97

1403 !

21896 :62 ,59 ,

:

98 I 23839 ! 6125 I 73 j53 i 1021 II

202 I32 j8089 !1 !

3961769C

126

I

3.794. 003.403.764.50

3.684.00 "3.41 :.3.52 ;4.50 ;

3.774.003,413.894.50

3.65 !4.00 i3.40 i3.63 j4.50 !

3.554.003.413.534.50

3.513.598.403.494.50

* Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $3,085,000; earnings, $10,313:;annual rate of earnings, 4.06 per cent; Kansas City, average daily holdings, $216,667; earnings, $704; annual rate of earnings, 3.95 per cent.


56 FEDERAL, RESERVE BULLETIN JANUARY,1926

FEDERAL RESERVE RANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING NOVEMBER, 1925


Total Boston ii

NewYork

Phila- i Cleve- Rich- i *tUr.ttldelphia; land i mond A t l a n * a

Chi- St.cago Louis

Total Volume of Operations..|i2,878,846

Bills discounted for member ib a n k s - . - .._ j 2,537,986ill b h t i k t 244943b a n k s . ..

Bills bought in open market..-U. 8. securities bought in |

open marketForeign loans on gold j

244,943

I;203, 775 1,159, 510 1203,400 J270,170 201,867 106, 500 ,245,724

i 150,081 11,007,694 ! 193, 2371 50, 009 | 92, 032 j 5, 679

267,909 -1JS9.9371,705 ; I', 617

2,923 |762 !

56,575 j 4,0003,159 ' 484 313

Rediscounted bills: 'Commercial, agricultural, i

ana livestock paper, in. e. s ! 143, 208

Demand and sight drafts—! 3,856Trade acceptances ' 1,643Secured by U. S. Govern- i

ment obligations i 1,161Member bank collateral notes: |

Secured by U. S. Govern- :ment obligations ....; 1,806,842

3,712

6 2 •

12,329 i 6,955 \ 15,919 | 12,717

151"; B6"j 388~! 189"

__.._! 88 I 210 ! 104

55,366 : 793,504 ; 122, 687 1192,715 1115,988 | 24,888Secured by eligible paper s i 581,256 |, 90,893 I 201,710 j 63,457 i 58,677 i 70,939 ! 16,058

Total bill3 discounted--! 2,537,966 1,150,081 1,007,694 1193, 237 [287,909 ,199,937

Average rate (305-day basis)%| 3.77 •; 3. 83Average matur i ty (in clays): | \\

Member bank collateral iinotes... i 7.08 ii 8.65

Rediscounted bills j 54.05 i; 39.42Number oi' mem.ber banks on 1 ••]

Nov. 30 ! 9,521 i. 419Number of momber banks ae- \ {.

cornmodated during month.! 2,876 / 176Per cent accommodated I 30.2 j: 42.0

Bills Bought in OpenMarket

From member banks ! 70,016 j; 22,401From nonmeraber banks, i ,i

banking corporations, etc.: I ;•With resale agreement • 104,611 ' 5,455All other— , 70,316 i1 22,153

Total bills bought . „...... j 244,943 \ • 50,009

Rates charged: j :"" 1 per cent ! 141,928 ,per cont „ .

per cent „_ . . |Ys per cent j

3% per cent . . . jH per cent ;

4 per cent ....Average rate (365-day basis) %. ••Average maturi ty (in days) 3_Class of bills: :

Bills payable in dollars 3— ;Bankers ' acceptances ;

based on—Imports. . . JExports . 'Domestic trans- ;

actions ,Dollar exchange,-!Unclassified 1

Trade acceptances-- ,Foreign i

Bills payable in foreign icurrencies '

74,84620,0453,8682,286

311,9393. 4360.12

56,228 I44,419 1

24,870 i1,565 112,218 ,

733 •

8,42529,23411,071

448824

Total . . . .I 140,332

U. So Securities Bought In iOpen Marke t \

United States bonds. „•Treasury notes [Certificates of indebtedness...1

Total-.

2,783 ,52,256 !31,966 j

87,005 I

73.46

76.04

23,3168,593

7,598698

4,349

44,554

1502,773

2,923

3.50 ! 3.68 j

! !6. 51 I 8.70 I

60.56 i 52.10 !i !

880 ! 753 I

362 I41.1

363 !

48.2 \

3.75

49.78

863

32537.7

4.00

2.9149.89

604

25642.4

3,160

87,6241,298

2,006 ; 1,705 250

3,673 1,367

92,082 ;

91,102 I273 i48 i105 1

5,679 i

1,483 !4,042 I

1 5 4 •

1,

1,

705

23219358105

52331

1,617

727640250

3.31 !19.03 !

1,322 |1,873 1

207 I5 i

392 1

3.4161.11

3.4778.63

3.5449. G8

2,239 ;2,373 :

1,017 '•50 !..

308 ,397 i

627 j

363

1,254

31

105

4,458 ; 5,679 ! 1,705 i 1,617

41,452 1.15,123 I 4,000 i . . . .!. .„„.

56,575 I 4,000

3 Includes $500,00 federal intermediate credit bank debentures. * Includes bills takes under a resale v contract.* Exclusive of acceptances bought under a resale contract.


JANUARY, .1926 FEDERAL RESERVE BULLETIN 57

REPORTING MEMBER BANKS IN LEADING CITIESPRINCIPAL BESOUBCES AND LIABILITIES, BY WEEKS


Number of reporting banks:Nov. 1 8 . ; 722!Nov. 25 „.. 722;Doc. 2 722;Dec. 9 ._ 722;

Loans and discounts, gross:Secured by TJ. S.

Government obliga-tions—

Nov. 18 | 166,202Nov. 25__.. -i 163,635'Dec. 2 | 167,126Dec. 9.. 175,892!

Secured by stocks andbonds— j

Nov. 18. . . . ! 5,419,724Nov. 25...... ......I 5,417,924Dec. 2 „_„_; 5,415,508!Dee. 9 , 5,440,124

All other loans and \discounts— i

Nov. IS _ 8,429,190Nov. 25__. ..i 8.377,653Dec. 2 _.. _: Si423,302Dec. 9..... .: 8,435,708

Total leans and dis-counts—

Nov, 18 -14,015,1161


10,83011, 75011,89711,480

New Phila- i Clcvc-York delphia! land

Rich-

102;102102!102!

59,863'55,119!55,125164,558

351,865 2,373,185335,89812,394,728!337,429 j2,394,253 i342,05l!2,388,693

672, 3402, 619, 07652,797-2,588,108;668,008:2, 617,535!664,724 2, 623, 670!

1,035,0355,052,126!

54;54!54!54!

11,982-12,380 i12,, 557i12; 726'

380.830,377; 268!378,753i388,553!

371,4001

377,866!365,183!

362,843

757575751

19,028:19,347!.19.598!20; 077|

A+i-, «., r^v,- „„« St. j M i n n e - ! KansasA t l a n t a Chicago L o u i g a p o ] i s j C i t y

72727272|

6,6527,1076,34616,174!

494,008496, 749496,585501,906

7,9507,637!7,4418,333

SanFran-cisco

100-"IOO!100100

S3!33 '33!

24!24:24-24!

147,318! 99,316140,7051149,237,147,073;

94,85892,56893,957

0311776.3321 371,824; 426,770J 626| 373,0881 430,07-765,148: 375,939; 429,9?'759; 206. 376,2291 427,7

!

r4 1.936 1,7311.

N o v . 25 13,9;7J, 212||1,000,443 5,037, 955iDec . 2 ...114,005,936 1,017,334-5, 066, 913j 756J 493.1, 281, 331Dec . 9 . . . . . ...14,051,724;

U. S. pre-war bonds:Nov. 18 _ _..._. • 221,163Nov. 25. . . ____• 220,557Dec. 2 : 221,341Dec. 9 ' 222,425

U. S. Liberty bonds:Nov. 18 ._• 1,380,786Nov. 25.,.. • 1,386,891Dee. 2- 1,396,429'-Dee. 9 ! 1,404,27211

U . S . Treasury bonds:Nov. 18. ; 428,598!Nov. 25.... 429,3041Dec. 2 _., 431,377Dec. 9 ' 434,5021

IT. S. Treasury notes: •• INov. 18...* .-.-! 349, 624jNov. 25 ... — ! 354,9621Dec. 2 . ., 350,5841Dec. 9 ...i 345,448

U. S. Treasury certificates: ;Nov. 18.. 1 86.071Nov. 25.. I 85; 030;Dec. 2 I 84,155Doc. 9.. J 85,951!

Other bonds, stocks, and !securities: |

Nov. 18 .. J 2,937,Nov. 25... i 2,927,9851Dec. 2 .1 2,908,807.Dec. 9. .! 2,924,475:

Total investments: 1 INov. IS 5,409.940'Nov. 25 _ 5,404, 729:Dee. 2 l 5,392,693iDec. 9 i 5,417,073=

Total loans and invest- jments: !

Nov. 18 19,425,056:Nov. 25.. lie, 363,941!Dec. 2... 119,398,629,Dec. 9..,.. 119,468,797;

Reserve balances with \Federal Reserve bank: !

Nov. 18 1,694,454!Nov. 25. - . 1,655,647:Dec. 2... 1,668,229!Bee, 8 l,683,188i

.1,018,255-5,081, 921! 764,122.1,281,189

25,336; 7,039,23,895 9,051-:25,547= .11,096.25,054 9,842,

857,890 192,838,843,296 196,978;840,014 198,094'842,185; 203,607!

2,4332,4132,4292,432

4,0253,9093,9754,011

3,1663,2123, .1733,165

67,293 109,094! 78,092'66,410" 112,683! 77,45267,242 111,6311 77,56369,729." 115,136' 77,202

1,229,2811 308,598! 181,655, 325,829! 233,7991L. 208,898! 308,067, 181,720s 328,206! 239, 5301L, 214,426; 309,697' 181,513; 326,495! 241,762:..229,742' 299,840 181,594 330,082! 239S 738|

7,8987,8157,9428,040

267,995274,901272,139270,032

913.0179I8| 673927,660935.309

764,21S11,289,368; 525,794; 533,297 2,112,507 508,475' 251,381 438,948j 315.057,1,767,514 1, 286, 722 520,900! 532,569 2,076,089 514,096, 250,543 444, 798j 320,194J1,7 * « AG1} "! 9521 3'41 KQ1 KOO: K9Q OAK'1) fV70 O5J7 JVItt £ « 7 0^1 1K4I AAO i(\1 1OO JQC :1

, .188,910. . . . , 320,19411,201,389

531, 522< 529,945,2,079,987! 518,887 251,184! 442,101 322,498:1, 207, 741529.476 530,02112,096,981! 513.289 253,755! 449,229 320,1051,213,381

9.6349,634;9, 634!

85, SW85, 75285, 75585, 708,

18.460.18,941!

18,689-18,689.

4,942'4,3994i 392;

4,391

6,53416,594,6, 5036., 568:

40,3GSJ40,368!40,367-40,457i

595, 1171

590,30G!

604,360!612,117

198,987199,037;201,149,204,302J

lG7.34li168,03]':166,3571

163,743;

15, 755i15, 497:16, 59516,052

206,3081,138,472205,1731,132,456.203,7811,106,301212,2193,106,716

331,247.2,150,040330,493 2,152,295328, 754 2,135,129337,209*2,143.. 387

9,4839,48S9,483!9,483|

49,911149,406!49, 76249,923;

i16,27916,406!16,448'lC, 376;

7,753!7,654!

7, 675!6,9C4!

4, osa'4,070'4,046:

4,196!

i

249,543!249,151!

248, 263!249, 036

337,007;336,175!335, 682'335,923

33,081B3,08333,08133,083

170,420169, 634168,938:168,8141

34,95734,98434,973:34,849!

27,713!26,734!

26, 637!25.691J

jId, 46915. 73315' 712;

G:, 541,

343,262'343, 70ft-354,475356-191'

25,563;25, 563;25, 564 -25,564!

29.263 i29, 283!29,165"29,336j

7, 655|7,6057,605'7,669:

2,0241

2,0241

2,0G3i2,155j

1, 923;

1,923i1, G23i1,923,

63,0761"62,827j

63,007;62,932'

625,902 129.504:623,870; 129; 225!633,810' 129,387,635,1871 129,579

14,89814,33513,98714,881

H, 69915,19,-14,71214,937

5,78?5, 78J5,7825,771

2,3442,3441,9751,975

4,3174.318!4; 3021

4,135

50,303'50,858:49, 579!49,522'

92,3421

92,831'90.337!91J2211

17.56117.56217, 55917,659

176, 6211179,0321179, 675|179,350

52,94753,27253,07753,151

59,74765, 52465; 77564,608

7,2917,] 186,9557,118

12, 707; 7,096 9,17812,7071 7,036! 9.183!12,957 7,171 ! 9; 183112,957 7,1711 9,183

23,158!

23, lOSi23,149;

10,64o|10,65310,640J10,693 i

6,584!6,803!6,5916S 587!

2, 7192,267;2,269!2,295j

26, 704'26, 992.26, 601 i26,456;

12,282-12,28212,277,12,277-

17,1701

16,057:16,552.17,304

2,5203, 6433, 6434.643:

48,85248, 62948, fllOj

14,129!13, 778;14,04714, .175

16,07716,11416,054:15,4531

3,8323,8253,712:3,837

17,20817, 20817,958!17,958'

18,720|17,75417,804!17,950|

6,106J6,186'6S 349;6,239|

7,508!83 338!,6,338'6,539

3f382j3,3821,813]1, S13|

24,38124,39224,39224,392

147,952

147,933147,452

50,37560,37850,341SO, 311

30,36130,34030,175

17,23616, 66216, 68216,830

422,7121 112.019; 43,350 76,982"437,142, H i ; 0581 43,248 77,836:419,219! 110,348! 43,300' 77,46s1

425,374' HO) 355j 43,226= 76,809;

736,879' 167,827! 109,122 169,050'739.6501 166,473! 109,258' 169,365;742,260; 165,913! 109,544' 169,075'747,260| 166,0361 111.077 168,537:

24, 723i23,974;23,826:

78,64fi!77,591!74,236!

74,325'

206,010209f 807209,037

476,315477,50347S, 560477,352

1,366,2827,208,168^1, 330,9367,190,250 1,1, 346,088 7,202,042 1,1,355; 464:7, 225,3081.

101,285:1,915,270' 655,288' 625,639 2,849,3861 676,302! 360.503 607,998; 303,702:1,665,225103, 6891,910, 592i gge, 125J 625,400 2,815,739| 680,569' 359,80i ; 614,163! 397,785=1,678,892092,175!l,91£,147i 660,909; 620,282 2,822,247, 684,800; 360,728' 611,178! 396.734J1,686,3Q1100,045J1, Oie, 356' 659,0551 621,242 2,844,241! 679,325: 364,832 617,786j 3941430,3,690,733

96,225"95,241 i95,574;95,939!

776,085760,422775,184789,945

84,255! ISO., 760' 41,737! 4«,304| 243,707 51,107| 27,20l! 54,928; 30,45l! 111,63481,200! 12S.836. 41,628-' 45,731! 243,695 48,285| 25S 348! 63,082| 28,572; 110,59779,5321 123,536, 43,030! 44,703! 239,585 50,327! 24,937 52,951: 80,440" 110,38078,602! 121", 213: 41,697i 43.468 : 245,451 50,608' 24,283' 53,6141 80,5711 115,787


58 FEDERAL RESERVE BULLETIN JANUAKY, 1926

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued


Total

Cash in vaul t : | •N o v . 18 | 288,5711N o v . 25 ..., I 299,213iDec. 2 j 293,534;Dec. 9 J 313,407!

Net demand deposits: I ;

Nov . 18 'l3,247,076:

Nov . 25 ._ '13,025,048Dec. 2 . . 13,099,512Dec. 9 . . . _ 113,154,207,;

T ime deposits: jNov . 18 J 5,320,800.Nov . 25_._. .._! 5,359,673.Dee. 2... .! 5,347,552.Dec, 9 ! 5,342,727

Government deposits: ;Nov . 18 j

"I50,41245,244.45,146,38, 566'


Boston NewYork

Nov. 25 ._Dec. 2Dec. 9

Bills payable and redis-counts with Federal re-serve bank:

Secured by U. S. Gov- jernment obligations—! !

Nov. 18 I. 202,247,Nov. 25.. ....| 253,066:

Dec. 2 1 224,258:!Dec, 9.

All other—Nov. 18...Nov. 25..Dec.2._.Dec. 9 . . .

:i9,617!18,674!20,225!22,009;

81, 72291,017181.872j89,168

922,600:5,763,804904,285'5,670,209899,87li5,719,198897,67415,726,765

300,614 1,163,624387,332 1,184,8903S6,53411,171,9534C4,55111,169,727

3,310! 15,5612,979' 14,0062,980i 14,0062,531! 11,910

284,5G6 !ji

185,273! I174,628!226,592'1

2,970' 71,3192,4961 108,0623,720! 73,9023,650! 119,891

20,023; 49,1829, 492! 53, 26016,013' 80,91821,449! 56,836

j Atlanta1' Chicago

! !

16, 65018, 63017, 63319, 57~

32,613i 15,410; 11,438 51,41832,341, 15,411; 10,5011 52,36334,556; 15,270' 10,932* 53,55737,530 16,064; 11.879' 53,911

St.Louis

Minne- Kansas!apolis I City 1

SanFran-cisco

8,254'8,1397,0951

8,5851

772,2051,022,210764,939: 997,720i760,4601,012,732!768,0241,009,741

198,964)199,936|

756,307755,510;

201,482! 751,927i200,368| 743,569i

387,074382,728391,133390,948

202,154205,353203,126202,480

4,471! 7,298i 1,0894,026' 6,553! 9814,026! 6,542! 9793,374! 5,420: 834

11,770; 30,101, 7,92511,981! 29,938 7,72114,695! 22,375 6,64612,190 j 35,937; 5,802

12,737! 31,148 11,68411,967! 25,460 9,00212,888] 29,622 11,58512,109 27,662 13,174

5,710!5,997!5,781!6,1311

12,27812,513"12,403113,144j

373,9341,802,185 399, 465!

366,8681,755,518 401,284'362,7301,742,943 418,328'365,756:1,763,421: 421,684

217.692'l.014,272! 213,854:217,504ii;020,866 213,808217,0761,020,626 208,628217,1561,027,704- 205,066:

i ;2,780; 4,814' 1,298'2,505! 4,131, 1.173'2,505; 4; 131! 1,173'2,1421 3,770. 995

235, 606' 483,437!233,124' 476,054:235,544; 478,561 i237.919 487,142!

107,94.1 i 137,994;109,848 144,200

11,157.11,179.10,817'11,208;

282,817;282,264'285,791|286,680;

95,734'96,408'

107,793 144,451 96,528108,804! 143,949: 96,541!

6,0555,230'

15. 51212'. 106117; 155i14,033;

21,872'32,653!

42, 27046,852:

9,7871

12,107'.12,237;16,360!

3,720i4,114!4,028-!

809\724724

2,900'!1,600!i,6oo!1,000

574! 2,202513! 1,983!513! 1,982:437! 1,684:

16.117'..15; 057:10,377-9,283.

326526845

4,473!7,816;4,258,4,670,

6,037[5,5808,179|4,582

1,5062.059119282,289

22,30422,45123,39324,201

801,739790,055792,221798,453

821.650S24i 018827,428822,812

6,2065,5855,5854, 745

37, 63639,39642,85745,522

6,354 6,6925,731 14,4407,615! 19,4777,743 14,760

REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS BALANCES


Federal reserve bank city

; Total II (12 cities)

Boston

Due to banks: !Nov . 18 2,215,437Nov . 25 2,132,809Dec. 2 ._ 2,276,766Dec. 9 2,241,303 ,

D u e from banks : * i!Nov . 18 ! 635,072 |iNov . 25 i 608,979 j |Dec. 2 __.! 649,109 ||Dec. 9 ; 604,927 |i

1,039,3571,018,7781,109,6021,082,863

38,16240,07645,29237,714

ICleve- Rich- * t lnT1*Jland mond ; A t l a n i - a

; i

St. j Minne-! KansasLouis I apolis ! City

i180, 764 1170,527 1180, 526 j171,700 !

43,613 38,526 .. 25,474 j 352,693 84,148 ! 56,276 1101,390An ™* ' 37172 i 26,395 337,316 ' 81,157 | 55,704 | 95,849

17 ; 24,650 • 355,657 •• 87,370 i 57,982 101,33708 1 26,134 355,149 i 86,991 j 6C, 106 102,633

42,29443,80442,930

110,101 I 69,040101,840107,14299,114

59,65573,61362,430

24, 60927,10623,54524,118

20,098 I 15,245 156,455 ! 36,075 23,43621,695 13,379 ! 151,168 ' 37,635 25.40720,729 ! 14,109 j 164,006 1 36,511 j 2Q, 53019,755 I 14,194 j 146,038 : 37,369 j 29,236

54, 43149,58153,01756,832

Dallas

i 42,01340, 11142, 99739,958

32.38729,26432,11229,572

SanFran-cisco

121,637107,276106, 409108, 819

55,03352,17349, 50348, 555



REPORTING MEMBER BANKS IN NEW YORK CITY AND CHIC A GO—PRINCIPAL RESOURCES AND LIABILITIES, BYWEEKS


Number of reporting banks -, -.

Loans and discounts, gross:Secured by United States Government

obligations..Secured by stocks and bondsAll othor loans and discounts -.

New York City

Nov. 18 ! Nov. 25

61

Dec. 2 Dec. 9

61 61

54, 6562,122,9872, 298,897

50,288 : 49,7902,146, 548 i 2,145,1192, 208, 624 i 2, 295, 759

Total loans and discounts...

United States pro-war bondsUnited States Liberty bonds. —United States Treasury bondsUnited States Treasury notesUnited States Treasury certificates-Other stocks and securities

Total investments -

Total loans and investments..

4, 476, 540 I 4, 455, 460 I 4, 490, 668

29, 682503, 870183, 507159,7""

.13,168837, 071

29, 68.1513. 358185, 669159, 424

14,008 !809,579

59, 6302,130, 0332,309,009

4, 498, 672

29, 771521,104188,822156,77033,465

809, G88

1, 727, 000- •

6, 203, 546

1, 728, .155 i 1, 711, 719 j 1, 719,620

City of Chicago

Nov. 18

46

Nov. 25

46

18.055 i656,140 i680,122 !

16, 405638, 251670.138

1, 354, 327

1, 870100, 30416, 17645,8501,163

189, 324

354, 687

1, 324,794

1,871102,46416,33951,6151,001

185, 273

358, 563

6,193, 615 ! 6, 202., 387 j 6, 218, 292 I 1, 709, 014 j 1, 683, 357

Dec. 2

46

17,968633,932670, 705

Dec. 9

46

17,571637,610685,118

1,322,605 I 1,340,299

1,869 i103,174 i

16.133 i51,836 i

931 j187,487 ;

1,968103, 494

16, 21150, 659

945193, 903

361,430 | 367,180

1,684,035 | 1,707,479

Reserve balances with Federal reserve bank..Cash in vaultNet demand depositsTime depositsGovernment deposits.- :Bills payable and rediscounts with Federal

reserve bank: !Secured by United States Government ,

obligations !

All other --;

Total borrcwings from Federal reserve |bank — -.. :

714,170 i64,791 '

5, 209,172 :

776, 112 •32,606 j

703,111 !74,101

5,131, 22S796,192

11, S47

36, 670 i 67, 56542,996 ' 48,790

7175 50964,859

5,165, 865787,515

11, 347

33, 89576,917

79, 666 116,361 110,812

724,91171,119

5,166,027 I785,260 !

83, 795 !53,123 !

166,43923,880 i

1,199, 516 !496, 342

1,842

5,1054,112

167, 70121,955

1,171, 744499,316

1,453

13,1154,975

136,918 ! 9, 217

165,24

628152

1,163, 607499

1130453

14,176 i4,723

168, 60425, 223

1,188, 504502, 302

1, 497

17,1253,883

21,008

ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY



Boston _New YorkPhiladelphia ...Cleveland... _RichmondAtlantaChicagoSt. LouisMinneapolis.Kansas CityDallasSan Francisco

Totals.

Banks in cities andtowns having a popu-lation of—

Less than 5,000.5,000 to 14,999-.—„15,000 to 99,999100,000 and over

Aug. 26

1,349,9136,234,0421,170,4961,510,469

571,001728, 625

2,469,803684,599441,593884,027£90,664

1,271,397

17,906,629

1,669,0151,101,8242,388.499

12, 747; 291

Net demand deposits

1925

Sept. 23

1,370,4186,222,9433,175,1621,499,245

591, 505734,046

2, 465,508704,765458,587867,688632,784

1,282,628

18,005,279

1,741,7001,135,7472,376,042

12,751,790

Oct. 28

1,445,5536,464,1011,185, 6761,498,226

611,548762,792

2, 471, 08C717,386455, 964837,559667,413

1,315,098

IS, 432,402

1,779,0961,159,4612,392,981

13,100,864

Nov., 25

1,395,2416,408,22S1,181,9371,475,121

626, 963769,008

2, 449, 631728,045466,66084=7,480674, 507

2,339,345

18,362,766

1,773,7201,158*4112,407,394

13,023,241

1924

Nov. 26

1,327,1416,496,5591,151,7271,486,119

585,396540,472

2, 352, 603690,224503,546848,388641, 603

1,322,964

17,946, 742

1, 698,67C1,076, 7402,132,304

13,039,022

Time deposits

1925

Aug. 26

771,2372,158,054

824,8261.342,131

' 509,526416,629

1,824, 630450,158430,029315,444168,110

1,278,928

10,489,702

1,727,7341,105,0352,142,0795,514,854

Sept. 23

764,5542,161,364

825, 6371,341,591

512,045414,260

1,835,341451,391433,357311,337169,415

1,282,689

10,502,981

1,736,1001,112,7622,126,3955,527, 724

Oct. 28

778,4102,164,082

841,1491,341, 980

535,563428,449

1, 859, 829459,884435,496326,890186, 601

1,310,189

10, 628,522

1.738,310i; 116,3482,143,1505, 630, 714

Nov. 25

794,7722,183, 450

843,8841,342,997

516, 547431,355

1,877, 294459,517433, 519313,791166,821

1,328,098

10,692,045

1,734,5271,118,6582,149,8365,689,024

1924

Nov. 26

694,4062,066,104

765,4881,269,256

483,033350,961

1, 723,047436.085420,176300,293158, 722

1,128,308

9,795,879

1,640.0591,045; 6681,967,0075,143,145


60 FEDERAL RESERVE BULLETIN JANDABY, 1926

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, JUNE 30, 1925, TOSEPTEMBER 28, 1925

Between June 30 and September 28 thenumber of national bank members of theFederal reserve system increased by 13 andtheir total resources by $218,669,000, whilethe number of member State banks showeda decrease of 12 and their total resourcesa decline of $270,340,000. As a consequence,total membership in the system increased byone, and the aggregate resources of all memberbanks showed a decline of $51,671,.000. Atthe end of September active membership, asindicated by the banks7 reports of condition,comprised 8,079 national banks and 1,460State banks and trust companies, a total of9,539 banks, with combined resources amount-ing to $39,053,354,000. The changes for thethird quarter of the year were somewhat smallerthan those for the preceding quarter whenthere was an increase of 56 in the number ofnational banks and a decrease of 49 in thenumber of member State banks, and increasesof more than 8500,000,000 in the resources bothof national and of State member banks. Gainsand losses in membership during the thirdquarter are classified in the following table:

CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERALRESERVE SYSTEM JUNE 30 TO SEPT. 28. 1925

Member banks

Number

Nfc-tional State Total

Active membership, June 30,1925 : 8,066 j 1,472 ! 9,538Additions to membership; . I I I

Primary organization of nationalbanks —

Conversion of nonmember banks. to national -•

Admission of State banksResumotion following suspension.Conversion within the system

112

12

Resources(in thou-sands ofof dollars)

39.105,025

2,743

7, 78821, 273

1992 (5C6)

Total additions.. 12 32,003

Losses to membership:Merger of member banks—

Intraclass..Interclass. ---

Absorption of member banks bynonmember banks (or succes-sion)

Voluntary liquidation (terminal)...Withdrawal _Suspension or insolvencyConversion within the system

11 : 2 (61,893).!. : 2 j 3 (40, 630)

31,885244

ID15 :

212 ;

131

15 ] 1,79512 • 7,694

2 (566)

Total losses— 54 ; 31,618

Net changeActive membership, Sept. 28,1925

+ 1 3 ! —12 i + 1 •3 -5.1,671: 8,079 : 1,460 i 9,539 39,053,354

* Changes not affecting number of banks in the system.* Changes not affecting total resources of member banks.5 Includes changes in resources due to reorganization, growth, contrac-

tion, etc., in addition to changes enumerated,

The increase of 12 in the number of nationalbanks was the net result of 45 additions and32 losses. Of the additions to national bankmembership, 13 were former State banks—2 ofthem already members of the Federal reservesystem—which obtained national bank charters,and 31 were banks newly organized undernational bank charters; 1 bank, in the Cleve-land district, which had previously been closed,resumed operations. Of the 13" State banksconverting into national banks, 7 were in theDallas district, where there were 60 suchchanges in status during the preceding quarter;3 were in the St. Louis district, and 1each in the Cleveland, Chicago, and San Fran-cisco districts. There were newly organizednational banks in ail except the Boston andCleveland districts. Of the losses, 11 werethe result of mergers between national banks,1 was the result of a merger between a nationaland a member State bank, and 9 were due tomergers or successions between national banksand nonmember banks., There was 1 volun-tary liquidation * during the period, and 10suspensions—5 in the Minneapolis district, 4 inthe" Kansas City district, and 1 in the .Rich-mond district.

The decline in State bank membership wasthe net result of 12 additions and 24 losses.The additions to .membership all representedState banks, formerly nonmembers, whichwere admitted to the system. Suspensionsaccounted for 2 of the losses (1 in the Atlantadistrict and 1 in the Chicago district), asagainst 8 during the preceding quarter. Of theother losses, 1 was due to consolidation be-tween national and State member banks, 2were due to the conversion of State intonational banks, and A. were the result of merg-ers with nonmember banks. There were 15member State banks which availed themselvesof their option of withdrawal upon advancenotice, 7 of them in the Minneapolis district,2 in the San Francisco district, and 1 eachin the Cleveland, Richmond, Atlanta-, Chicago,St. Louis, and Pallas districts,

In the following table are shown, by districts,for the period between June 30 and September28, 1925, those changes in membership whichrepresent the interchange between members ofthe Federal reserve system and nonmemberbanks operating under State law. The addi-tions to" membership in the Federal reserve

i Instances in which, as far as could be determined, voluntary liquida-tion resulted in some other outcome than the final termination of theinstitution were classified according to the ultimate status of the bank.


JANUARY* 1926 FEDERAL BES31RVE 61

INTKRMOVEMSNT OF MEMBER AND NONMEMBERBANKS, JUNE 30, 1925 TO SEPTEMBER 28, 1925

Fedorai reservedistrict

All districts

Boston _New YorkPhiladelphia...ClevelandRichmondAtlanta—..ChicagoSt. LouisMinneapolis .. _Kansas City•DallasSan Francisco

Nonmmeber banksjoining the system 1

Total

23

1121

13

01

Con- !

version!of non-' Admis-mem- | sion of

ber i Statebanks 1 banksto na» jtional !banks

11 ! 12

ll

J 21 :

. . __1 . 23 ; 4

1

5; ii

Member banks leavingthe system i

Total

20

1111I7314

With-drawalof mem-

berStatebanks

[Succes-sion of

na-tionalbanksby non-mem-

berbanks

15 5

1 i. . . . .I :1

i7

! 31 ..2 2

system from among nonmember banks (exclu-sive of nonmember banks that were absorbedby member baiiks) represent former nonmem-ber banks which either voluntarily obtainedcharters as national banks, or, upon appli-cation to the Federal Reserve Board, wereadmitted to the system as member Statebanks. The losses represent either Statsbanks which, upon advance notice, withdrewfrom the system, or national banks which,went into voluntary liquidation to be succeededby banks organized under State law as non-member banks. The table shows that for thssystem as a whole additions by these changesin status slightly exceeded losses; in the Bos-ton, New York, Philadelphia, Chicago. St.,Louis, and Dallas districts a net addition tomembership resulted, and in the Clevelandand Atlanta, districts additions and losses off-set each other, whereas in the Richmond,Minneapolis, Kansas City, and San Franciscodistr icts , the losses exceeded the addi t ions. i Exclusive of mergers between member and nonmember banks.

> There were no successions of member State banks by nonmemberbanks during the period.

ALL STOCK BANKS IN THE UNITED STATES—CONDITION ON SEPTEMBER 28, 1925Consolidated figures showing the condition of ALL STOCK BANKS IN THE UNITED STATES 1—-CON-

ail banks in the United States, other than DITI0N 0N D A T E S SPBCIPIBD »mutual savings banks and private banks not [Amount in mim°QS ofdollarsl

under State supervision, as of September 28indicate tha t new record totals have againbeen reached in loans and investments anddeposits. Loans and discounts totaled $30,-292,000,00u, an increase of $828,000,000 overthe June 30 figure and of $2,334,000,000 sinceOctober 10, 1924. Investments show an in-crease of $58,000,000 since June 30 ; 1925, andof $503,000,000 since October 10, 1924. whiletotal deposits, exclusive of bank deposits,amounted to $41,008,000,000 on September 28,or $417,000,000 more than on June 30 and$3,421,000,000 than a year ago. Borrowingsfrom Federal reserve and other banks went up$155,000,000 between June 30 and September28? and $412,000,000 between October 15, 1924,and September 28, 1925.

The table below shows in summary form theamounts of loans, investments, and deposits ofall stock banks in the United States for reportdates since June, 1920. There are also pre-sented on subsequent pages tables giving theprincipal resources and liabilities of these banksarranged by Federal reserve districts and byStates. A table is also included giving tlieprincipal resources of all State banks and trustcompanies, by States.

All banks:June, 1920June, 1921 „June, 1922June, 1923June, 1924October, 1924...December, 1924_April, 1925June, 1925September, 1925.

.'Member banks:Juno, 1920June, 1921June, 1922June, 1923.Juno, 1924.

25,94524,311 i

| 24,358 jI 20,675 i

, . 27,282 jOctober, 1924 I 9,035 ! 28,451 i~ ' ' " """ : 29,027 "I

29,285 ;

29,702 j

Num-ber of

report-ing

banks

28,71529,47729,09229,34228,45128,38528,26628,07327,92127,948

Loans and investments

Total

36,81334,31834,166

| 37,359I 38,407! 39,610 .' 40,202

40,813i 41,561 i| 42,447

: In-Loans i vest-

! nients

9,3999,7459,892 |9,856 j9,650

December, 1924.April, 192-5June, 1925...September, 1925.

Nonmember banks:June, 1920June, 1921..._June, 1922.. _June, 1923June, 1924 „_October, 1924..December, 1924. _April, 1925...Juno, 1925. __September, 1925.

9,587 i9,531 ;9.538 ''9.539 |

19,316 !19, 732 !19,200 !19,486 i18,801 j18,75018,67918,54218,38318,409

10,868 !10,007 j9,808 J10,68411.14511,159 !11,17511, 52811,85912,077

28,17725,85724,64726, 79327, 22227,95828,24328,77529,46430,291

19,784 I18,206 j17,296 :18,88019,26419,82020,18220,39020,81421, 450

8,3937,6517,3517,9137,9588,1388,0618,3858,6508,841

Totalde-

posits,exclu-sive ofbank

deposits

8,6368,4619,519

10,56611.185 !Ill 652 !

1 11,959 Ii 12,038 I; I 12,097 !. i 12,155

6,1616,1057,0627, 7957,9988,6318,8458,895

8, 919

2,4752,3562,4572, 7713,1873,0213,1143,1433,2093,236

32,64231,13431,94434,51236,84137,58739,06639,11240,59141,008

21,88721,01222,36623,83725,67526,28227,81427,14528,40328,172

10,7559S5229,578

10,67511,16611,30511,25211,96712,18812,838

1 Includes all banks in the T7nited?Statos except (1) a certain number ofnonreporting private banks, not under State supervision, and (2) allmutual savings banks, figures for which are available only for Junecalls. Three mutual savings banks in Ohio, however, and one in Cali-fornia, are included because the figures for these banks are included inthe totals reported for all State banks by the State authorities and arenot available separately except for June calls,

2 Orbdates nearest thereto for which figures are available.


62 FEDERAL RESERVE BULLETIN JAXUAEY, 1926

ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON SEPTEMBER.28, 1925 2


Federal reserve district3Number

ofreporting

banks

| Loans| and| discounts,i includingi overdrafts

Invest-ments

Boston.New YorkPhiladelphia....ClevelandRichmondAtlantaChicagoSt. Louis. ._Minneapolis.....Kansas City.-.Dallas _ ._.San Francisco -

678 !1,346 i1,274 ,1,964 :2,059 I1,972 I5,177 I3,122 i3,117 j3.897 ii, 702 !1, 640 !

2,100,1337,201,3422,209,3312,954,5761,793,8021,561. ] 814,816,2771, 541,8991, 098, 3441, 439,818

848,8622, 726.152

Total, Sept. 28, 1925..Total, June 30, 1925—

27,948 I 30,291,71727,941 i 29,464,128

888,3343,327,6671,156,5111,402,258424,744323,478

2,093,005494,331430; 710405,341183,548

1,024,841

12,154, 76812,096,751

Totalloansand

invest-ments

Totaldeposits,exclusiveof bankdeposits

2,988,467 j10,529,009 •3,365,842 !4,356,834 !

2,238,546 '1,884,659 '!6,909,282 I2,036,230I) 529, 054 ''•1,845,159 :

1,032,410 I3,750,993

2, 777, 08010,375,4142,967, 0914, 050, 0901,973. 0201,902', 6006,720,4701,951,8111, 569,8881, 933, 3941,022, 5773, 764,360

42,446,48541,560,879

41,007, 7G640, 591, 421

75,028313,02685,04991, 703118,77868,816109,42272,90725,78622,60022,01170,123

1.075,247' 920,600

1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) allmutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,are included because the figures for these banks are included in the totals reported for all State banks by tho State authorities and are not availableseparately except for June cails.2 Or dates nearest thereto for which figures are available.

s Figures for State banks and trust companies of Indiana, Michigan, Kentucky, Tennessee, Missouri, Mississippi, and Louisiana were notreported by Federal reserve districts and accordingly were prorated on the basis of such data as were available.


JANUARY, 1926 FEDERAL: B1S&KVE BULLETIN 68

ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30 AND SEPTEMBER 28, 1925 »


State

Number ofreporting

banks

Loans and dis-counts, including

overdraftsInvestments Total loans and

investmentsTotal deposits, ox- ! Rediscounts

elusive of bank j ; ud bills pay-deposits ! able

; Sep- |June ! tern- Juno1 ber

I Septem- :

I ber .Tuns j Septem-I ber June j June

MaineNew Hampshire..Vermont.-MassachusettsRhode IslandConnecticut

1 1 1 ••8086

2f>l :

31150

New York „ ...__! 981 .New Jersey i 482 'Delaware 45 .Pennsylvania.-- .„ „_ „_._•' 1,642Ohio • l,0D9 !

District of Columiba.. ; 44 'Maryland 229Virginia.._ „„.! 517 :

West Virginia , 345 .North Carolina ! 524 'South Carolina ! 373 ;

112 • 147,425.._! 61,41486 ; 89,874

249 .1,352,43531 ! 109,285

150 j 272,183

985 16,102,209486 ,1,019,18445 ! 54,950

1,643 "2,711,8051,099 jlP758,i78

154,759 . 1? 8,875 '• 109,516

89,806 • 4.-0,343 ! 41,2351.405,687 •• S98,804 j 396,332

150,591 | 1&C,O27 j 155,298287,019 ! 200,418 i 205,148

44 !229 j521 !345 !587 !373 !

157,891374,141447,127301,481344,887184.354

6, 329.1281,052; 933

56,894 ;2,853.840|l, 821,640 ;

160.94C389J504 i468,250 !301,329353,699 I181,261 ,

:2.8] 1,271 % 739,726• '6LSI20 ! 641,682• 3.';, 830 I 32,723l,8.'i&567 11,753,344

: 60J,692 | 608,917

Georgia •• 632 _. ..' 320,142Florida 318 : 322 , 335,211 ,- 432.764Alabama 354 : 205,980 . ..'. ....Mississippi 336 ' 338 ' 152,600 ! 172,041

Indiana 1,092 ! 599,981 IIllinois _ . . . . 1.900 1,898 ,2.483,288 2,538,123Michigan '729: 710 : '746,626 : 710,441 •Wisconsin... _. 983 983 \ 599,445 ! 600,362Iowa _ _: 1,548 : 776,496 .

c:.,40518<:, 879

!

60.709 jf)ii',759 !36,139 j31,062

41,118 i.10.1,413 I«X, 784 .40,137

133,033370,911851,832203, 518

267,300104, 547130, 017

1,751,239305,312

. 472,601

;8,973,4801, 637,304; 88,780•4. 551.3722,359,870

219,096 i559,020 ."516,836

264,275 247,63289,766117,050130,841 . _.,

1,802,019 !1,663,786311,889 ;. 288,994

; 492,167 ! 450,044< i

9,06S, 854 ,9,094,295.1,694,595 13,607,260. 89.617 i 75,570.4, 607; 184 j4, 010, 6052,430)457 2,305,782

! 244,407 • 7,507 I! ! 2,581 !I 118,447 ; 4,032 |•1, 676,553 ' 63,199 !I 298,002 j! 461,284 •

18,978,584 203,1751,616,082 i 28,107; 78,742 " 1,168^042,324 91,948•2,343,446 37,693

7726,230

222,220566, 341539,344

61,274170,83771,004 :59,406 .38,927 ,32,883 :

127,806

39,243 ; 192,737 211, 284

3 61,240 360,735381,026 , 392,626215,416 : 214,144

361,260 ]

436,624 J 560,570248,764

783,014

215,704 i520,557 '418,435 ,324,652 ;

323,873196,390

312,474530,178236,285190,594

758,4223,273,0751,610, 844800,519

215.100519; 229434,281324,714346,044203, 526

3,535 !

12,920 !30,816 !17,831 i43,217 '14,192 !

Tennessee... _.Arkansas 482Missouri 1,558Kentucky

MinnesotaNorth Dakota..South Dakota..Montana.. _.

551 ; 342,574 '....._ •487 | 175,426 190,779 2:3.970

1,565 . 901,312 ; 925,759 i 317; 417 j_„_„, . . . i .

250,981 j

35,166 :20,546 !30,364 \

56,908 !75,659 !88,527 ;92,91510,990

50, 209358,282

5, 763

33,99028, G2829, Ml

6, 967729. 738

81. 385U8. 185

874,117 -3,354,199 i3,412,240918,367 1,598,458 1.628,808218,179 I 807,963 ! ' 818, 541102,048 ( ! 878,544 .

46,607 : j 389,181 J24.304 ; 201,398 ! 215,083 | 195.765

322)094 jl, 218,729 1,217,853 jl, 155,984

__j 18,5133,265,910 ! 38,7641, 623, 256 i 34, 936803,303 I 10,520874,520 j

I 23,649 !682,391 1 1,353 I

.! 11,103 '220,990 | 12.566

7,446

"~2,~85156,761

3046,117

286,87136, 512

69598, 77758,974

4,96514,60035.10816; 84039,22311,114

1,003

"14355

34,47727,92011,86320,539

378,375 i j222,921 ! 10,857 I

1,182, 210 I 25,006 '„.!., ...L

21,04519,704

1,370 !"'• 658

526 j235 !

.1,309 i653 '526 .233

624, 490 I 631, 766117.784 ' 120,953136; 942 I 134. 54::78,823 ! 79.628

Nebraska..... —_ ; 1,087 ; 1,083 'Kansas .— 1,279 •" 1,274 1Oklahoma. j 773 j 767Colorado.. I 334 •Wyoming 96 !

32996

367, 581325.938247) 388178.202 !38,152 !

367,609324, 430257.. 2271781456

38!, 713

Louisiana . 247Texas. 1,488New Mexico 66

2471,491

63

321,614 ! 342,94:1734,158 1 740,74721,449 20,699

ArizonaUtahIdahoNevadaCalifornia-Oregon.

• 5 7115 !

.__ ; 161 '34

____. 602 :_w. i 279 I

Washington... : 360 !

57 . 45,631114 ! 100,530162 ! 50,41834 25,179

653 2,071; ISO278 • 161,964361 , 227,466

Total 27,921 '27,948 29,404,128

257,721 j35,472 I24,76940,078 |

58,168 i80,71792, 39992,35413,637

875,471 i 889,487152,950 ! 156,425303.488 ! 159,33.0118,187 ; 119,706

424.489 ! 425,777401, t)97 : 405,147

349,626270,810

50. 350

335,915 I271,177 !49,142 !

55,898 j .371,883 :162,032 I 892,440

6,020 : 27,212

45,300103,22050,12025, 697

2,310,002167,920233, 024

30,291,717 '12,096,751

14,13428,05019,3707,001

703, 43982, 424

135,518

12,154,768

I 59.621; 129,158

69, 55932,140

2,800,913243,349345, 651

3S8,839902,779

26,719

59,434131,87669.49632) 758

2.879, 501' 250,350348,542

872,147162,196180, 487129,881

441, 762418, 948384, 559294, 26353,062

302, 297877,99229,176

69,020134,18773,09734,633

2,831,270255,959359,930

871,012 ; 7,818173,003 j 4,930183, 717 ! 5, 957133,783 : 2,094

431,209443,303389,228 '291,82256,038

377,783883,20227,936

67, 571117,08777,89435,298

2, 885,168263, 751360.841

•11,560,879 J42,446,485 140,591,421 J43,007,796

4, 2145,0825,8012,977684

12,8694,1754,9951,680

6,1973,6327,3322,444

10,792 j 20,21615.897 ! 18,346

'81.0 ' 795

2,490 ,3,265 j3,734 ;

3,0172,4942,300

7853. 332

5, 2374,830

920,600 1,075.247

31,521 !

5,612 16,345 ;

1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) allmutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,are included because the figures for theso banks are included in the totals reported for all State banks by the State authorities and are not availableseparately except for June calls.2 Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banksas of dates other than June 30,1925, and September 28, 1925, respectively..



STATE BANK AND TBUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30 AND SEPTEMBER 28,1925 a


Number ofreporting

banksLoans and discounts,including overdrafts

82,911124, 26557,

567,865j127,649;122,211

63, 53018, 06617,401

138,421108,847132, 700

56,575,596, 987;110,9131131, 296!

Rhode IslandConnecticut

3,458,183'612,379143,857!

1,312.402]1,269; 561 i

3,505,207! 1,380,987

State

Maine..New Hampshire.Vermont.

New York...New Jersey-DelawarePennsylvania...Ohio

District of Columbia.MarylandVirginiaWest VirginiaNorth Carolina „South Carolina

Georgia IFlorida !Alabama 'Mississippi! IIIIIIIIIIII j

Indiana „ 'Illinois.Michigan..WisconsinIowa

Tennessee.,Arkansas. _Missouri..„Kentucky.,

MinnesotaNorth Dakota..South Dakota-Montana „„.

Nebraska....KansasOklahoma..Colorado.....Wyoming...

LouisianaTexas.New Mexico-

ArizonaUtah _.IdahoNevadaCalifornia....OregonWashington „

31145336221441

543261252300

8461,399

603826

3961,427

i,131i 312,49144,896! 24,377

1,402, 5611 870,3901,305,924' 359,8261

31145:340'221!505!297|

265

301

1,394!584!

79,979;221, 907!177,999,172, 748|214,9701103,447,

196, 293 L.193,851!106,214;.106,163:

373,944'.

81, 703:231,082!183, 044i172, 586;221,411!100, 216

29,158!101, 796,

17,01824, 239!

16, 687s12,770

"257,7461

120,089,

I16 ,093 .38,830j11, 7051.21.985

17,634i141,309;130,203 j134, 595;

1,330,351 j328,728!

23,700!783,627365,8911

28,534J100,016j17,151123,963119, 289,13, 040!

50, 579;

Total loans andinvestments

146,44142,33174,532706,286236,496254,911

4,839,370924,87068, 234

2,182, 7921,629,387

105,147323, 703195, 0J 7196,987231, 657116, 217

212,386232,681117,919

Total deposits, ex- • Bediscountselusive of bank de- j and bills pay-posits i able

June I * £ « " • ! June | ta£ber

1,524,947;455,902;348,994=

l,209L._

445;..400!

1,430;'~118,~346|

563,214;

I 83 ,962 .1, 558,157: 557, 740:

425,207 709,921 i351,104; 114, 746541,689; ...i

1S4,382; I127,551] 10,035!577,416! 207,902:

74,209738,2961241,116265,891

4,835,558954,859

68, 5962,186,1881,671,815

110,237331, 0981200,195196, 549|24.0,700:113, 256

308,325

20,792; 128,148

457,908!.2, 082,687J1,165,823

463,740;

140,881

563,014;780,998!120, 676!25,507!.

17t3Oo|.9,225

216,180128,381771,116

2,121,1711,206,205

471, 780567,196

201,691136, 776793,596

138,008!

38,360|_,71,181

694,853233,839i246,404

5,167,1601916, 634

58,39011,950, 040]1, 654, 687

106,518334,436156, 662183,93112059!104,883

179,869316,988

•116,629130,088

466, 798% 146, 6801,180, 9S4

478,747

128,174! 5,130 6,377

124,275800,240

70,9311714, SISj240,695'..253,020;

5,226,373 j914,1531

61, 064.1,957, 063i1,675,206;

106,, 4421

316; 9041161, 050i181,931i221,924;110,090!

1,89120,616

1,20716,915

50,93814,411

62040, 253!17,735

1,010

423,244!

"l52," 164.

2,135,390!1,206,987

483, 6648 598,758.

220,4021148,464!823, 705j

15,00610,213124,906i9,906;

18,163L1,162!7,096|_8,549|

13,812!-18,707!16, 822!5,348!

I

8,892;21,910,

3,170

79,28421,951

38541,11735,215

1,1806,496

13,4309,426

23,4327,135

813

"l 6," 156

16,30618,774

7,45112,873

10,56416,46016,153

1,050 . . ,498] 495415!150!

9151,021

38019764

214846

35

3994

10424

394180248

Total j 19,855

414!149|

913:1,015'

381;194!

6i\2141

39!94

106!24

382!

179,248!

279.278J65,47l!90,223J38,466;

221,455!196,74448,39648,90215,566|

247, 545!193,199

6,166

30,47970, 748]19.929!15', 651 j

282.117!67| 241,88,443;38,168:

222, 718196,067

50,597;45,620|15, 563

260,829:

179,106;5,488;

30,424j

74,486,20,676:

16,157j1, .507,622| 1,537,080;

J _

71, 56374,155

58,802'76,480,

87,046:9,6378,394,

18,995;

19,474:27,555!14,085'15,9982,144:

i36,926!20,271 i

1,129!

1

9,5091

17, 510:8,456;2,477 •

527,032!

25,805.34,658!

93,1739,7325,147

19, 526]

21,49828,39914,45716,3272,492

42,20720,102

1,035

9,46517,681

2,449554,638

22, 75234,152

19,869, 16,784,662 17,146,153! 6,371,129! 6,404.968

366,32475,108j98,61757,461

240,929224,29962,481:64,960-17, 710;

284,471 j213,470!7,295j

39,988188, 258!28,385!18,128

2,034,65497,368108,813

375,29076,97393,59057,694

244,216224,46665.05461,94718.055

303,036199, 2086,523

39,88992,16729,30518,606

2,091,71881, 554110,632

391,54582,441

114,48064,009

276,881238.966

77,75376,36619,454

281,547232,146

7,570

3 45,92577,67631,48821,168

2,116,745103, 754117,364

399.76687; 795.

116,525:64,977]

274,003;263,888'

78, 808!73,51220,605!

217,521!

3 45,53081,324:34,07621,191

2,134,63587,999 i

116,678|

5,326]4.079!4,350'1,210|

2,844J3,593:2,099!

984!599!

8,28517,159

3701

9,0643,3503,616

956

3,0072,8422,311

686420

15,0906,969

370

< 3,633, «],6542,098! 2,2371,789! 1,154

.. ___ j22,436 35,2243,194 1,9232,4111 1,776

23,155,791! 23,551,121 23,576,795! 23,953,716! 441,619; 513,083

} Includes ail banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and(2) "all mutual . savings .banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and onein California, are included because the figures for these banks are included in the totals reported for all State banks by the State authoritiesand are not available separately except for June calls.

2 Or dates nearest thereto for -which figures are available.3 Includes amounts due to banks.i Includes"other liabilities.

NOTE.—All figures used;in3the]June^column are for June 30, except as follows: Alabama, June 23,1925; Iowa, May 1,1925; Tennessee, April 691925; Kentucky, June 30,1924; %nd Kansas, June 2,1925. All figures used in the September column are for September 28, except as follows: Maine,Sept. 26,1925; Rhode Island, Sept. 8,1925; New York, Sept. 30,1925; Maryland, Sept. 2, 1925; Georgia, June 30, 1925; Alabama, June 23, 1925;New Hampshire, June 30, 1925; Indiana, June 30, 1925; Iowa, Sept. 8, 1925; Tennessee, Oct. 26, 1925; Kentucky, June 30, 1924; Minnesota, Nov.2, 1925; North Dakota, Oct. 15, 1925; Kansas, Aug. 20, 1925; and Utah,, Oct. 5, 1925.


JANUAEY, 1926 FEDEBAIi BESEKVE BULLETIN 65

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 31, 1925

Federal reserve bank

Paper maturing—

Within 90 days

Commercialsagricultural,and livestockpaper, K. e. s.

= S-Bcured by U. S,Governmentobligations

Bankers'acceptances

Tradeacceptances

After 90 days butwithin 0 months

Agriculturaland livestock 1

paper

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis^.Kansas City_.DallasSan Francisco

4334'4444444444

4444444444

4444444444

34444444444

* Including bankers' acceptances drawn for an agricultural purpose end secured by warehouse receipts, etc.

Changes during the month.—None.

GOLD SETTLEMENT FUND

BostonNow YorkPhiladelphia. _ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _.Kansas City....DallasSan Francisco _

INTERBANK TRANSACTIONS FROM NOVEMBER 19 TO" DECEMBER 16, 1925, INCLUSIVE

[In thousands of dollars!

Federal reserve bank

Total four weeks ending-Dec. 16, 1925 ..__Nov. 18, 1925Doc. 17, 1924,..Nov. 19, 1924

iTransfers Daily settlements

• Changes in ownershipof gold through trans-fers and settlements

Debits Credits

9,00010. 200% 0005, 0003,0006.0001,0001,0002, 00C4,00C1, 003

44, 20025, 500

107,00073,200

24,0003, 000

4,000

2,0006,000

2,ooo ;1.200 '2,000 :

Debits

900,6982,824, 292729, 510648,317040,364393,499

1,177, 488583, 720189,472406, 2(50311,281351,276

Credits

920,4132, 787, 708

748,350653, 668639, 940410, 716

1,168,479580,129183, 218414, 290306, 960 i348,306 i

44,200 !25, 500 ;

167,000 i73,200 '

!

9,102,1778,907, 2938,298,6148,121,219

9,162,1778,907, 2938,298,6148,121, 219

Decrease ' Increase

22,784 ,4,715

8,009

19,840 !351 !576 I

11,217 :

8,254 j1,4

4,121 '970 I

6,030 !

Balance infund atclose ofperiod

43,752186,168

55, 54058,15830, 60233, 024

134, 54118,87222,53930,14013,66937,895

T44,138 , 44,138 ' 664, 900

724, 983589,390610,131


66 FEDERAL RESERVE BULLETIN 1926

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIESMONTHLY SUMMARY FOR BANKS IN 141 CITIES



i . 1925I Number ' __I of centers|

i

1924

September • October

No. 1—Boston .,No. 2—New YorkNo. 3—PhiladelphiaNo. 4— ClevelandNo 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. Louis.No. 9—MinneapolisNo. 10—Kansas City.,-.,No. 11—DallasNo. 12—San Francisco -

2,155,12025,113,884 ,2,025,711 ,2,308,524 ,

757, 5691,250,762 :

5,118,833 i1,191.608 :

848', 3551,154, 720 ,

602,406 ,2,714,261

2,903,99129,811,9772,298,6602,661,005

844,7021,429,6185,775,2281,371,371' 877,313

1,266,353696, 715

2,992,897

November September

Total. 141 i 45,241,613 : 52,929,830

2,644,630 .27,771,5832,007,9712,341,146

769,6801,206.9115,086; 0501,223,51©

783,3251,128,082

629,0022,750,830

October ! November

1,974,98421,387,861 j1,794,0211,996,688 I

648,670 !959,071 i

4,435,340 |1,003,068

773,680 !1,097,173 i

566,180 !2, 335,245

48,342,720 38,971,985

2,357,43523,242,131

1,968,1342,300,487 •

733, 6821,129, 5844,949,2111,212,110 i1,059,292 '1,216,807 •

670,360 .2,578,750 |

2, 252,71723,708,8491,820,7221,980,486

675,127973,154

4,500,2251,081,663

891,1711,062,890

586,6442,359,349

43,417,983 j 41,892,997

New York City.Other cities

1 i 24,369,457140 ; 20,872,156 j

28,916,175 j24,013,055

27,009,43321,333,287

20,734,467 "18,237,518 i

22,505,093 :20,912,290

23, C46, 93418, 846, 063

WEEKLY SUMMARY FOR BANKS IN 256 C E N T E R S[In thousands of dollars]

Federal reserve district1925, week ending-

j Number j . . . _.... _ _ .: of centers' ii I Nov. 25 ' Dec. 2

1924, week ending—

Dec. 9 Dec. 16 ' Nov. 26 i Dec. 3 ' Dec. 10 Dec. 17

No. 1—Boston „__No. 2—New YorkNo. 3—Philadelphia.....No. 4—Cleveland ,..No. 5—RichmondNo. 6—AtlantaNo. 7—Chicago..No. 8—St. Louis .„.No. 9—MinneapolisNo. 10—Kansas C i t y -No. 11—Dallas...No. 12—San Francisco..

14 |182223 I

14172916

668,517 •6,800,563 I

533,155650,259 !

325,284 ;284,766

1,303,466 ,308,282 !213,155 !

300,910181, 014694,340

634,944 I6,223,192 i

544,748695,176 !338,158 I309,151

1,218,988354, 352208,218300, 58218.1, 542

624,4366,930,123

532,196

685,266

Total. 256 i 12,203,711 11,094,317

345,147299,332

1,236, 654329,246222,062313.468180,657706, 584

693,5937,621,780685,955724,185359S 863335.475

1,461,926350.476224,991327,392183,926854,022

598,392 •5,841,288 ••

494,748 .583,633280,378 "•238,179 •.

1,181,431260,679 ;235,049290,520175,441595,939

556,185 I5,881,803 i

530,742 i586,063 j304,876 .261,150 !

1,148,011 i284,714 j230,449 !285,700 1171,907 !633,581 |

547,188 !6,267.719 i

510,683 i602,319 I308,547 I264,877 '

1,129,737 !301,631 !213,166285,094179, 337592,365 I

639,1066,892, 383555,089672,867320,277283, 262

1,328? 085

224, 572307,795187,341675,908

12,369,880 ! 13,829,584

I10, 775, 677 10,875,181 j 11,202,663 I 12,417,067

I iBANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES

No. 1—BostonNo. 2—New York.... ..._ ..._.,

Buffalo -No. 3—PhiladelphiaNo. 4—Cleveland

Cincinnati _Pittsburgh

No. 5—RichmondBaltimore

No. 6—AtlantaBirminghamJacksonvilleNashville.New Orleans _.._

No. 7—Chicago..,..Detroit

No. 8—St. Louis iLittle Rock \Louisville _.!Memphis , - _ _,j

No.. 9—Minneapolis jHelena :

No. 10—Kansas City IDenver __.. jOklahoma City ..„[Omaha.. •

No. 11—Dallas jEl Paso . . . _ jIlouston I

No. 12—San Francisco jLos Angeles _ ,Portland _ jSalt Lake City ..'Seattle 'Spokane .,

472,7046,473, 855

84. 632399, 739146, 36781,121

229, 80938, 892

107,37931, 93031,910 .32. 20917, 21274,465

772,913239,54315-1,30019,35250, 31240,814

104,1712,045

92,14241, 79919, 44040.570 I57,8238,537 !

37,420 i229,530 I191,928 j41,41019,80452,45710. 303

445,092 '5,902,889 :

74,802409, 795174,428 .78,457 '254,220•12,361 •108,889 i38, 23430,900 :

28,570 '17,437 •

.100,421 .728,037189,246213. GOO21',77439,47243, 230104,081

2, 47880, 93240, 90020,42541, 95253, 58310, 20436,0042L7,379179, 03137, M l22, 75545,32312, 022

423, 5450,585,130

78,470397,039140, 88080, 371221,71538,81.1109,35836,03020, 94030,43418,09084,808

730, 711182,684178,00021,01847, 89142, 300113.430

2, 45183, 80244, 21923,15745, 02255, 4249, 21033,138223,218189,01741,01319, 22045,11613, 509

474,570 i7,205,201 i

8-1,096 i537,879 i177,395 ;89,000 i230,394 !45,401 i113,594 i40,613 !

35.210 !35,834 -.22,505 !

96.211 !899,013 !

221,210 i199, 80023,182 i4.7,053 !41,668 .11.1,287 i2,844 !93,581 !

40,041 !23,395 !40,744 .59,319 I9,064. i35,424 I

334,093 "203,718 i44,16420,045 i02,920 !14,778 i

421,0805, 551,384

77, 033371,227 :142,480 ;

71,833 :

208,307 i32,32084,700 ;

34,479 .31.97110,024 !10,710 ;

65, 930739.455 .180,394 '127,00020, 029 j38, ,109 "4.1,801 :116.1702,781 •80,425 '40,230 i19, 20245,402 i51,030 |7,489 i38,982 '•180,289 :

180.746 !38; 538 j16,309 !40, 602 •10,490

i

381,214 j5, 585, 40 i |

70,378 I390,085 I141,903 i70,490 i190,489 |32,538 j101,000 i30,730 '32, 54914,87116,9318S, 368721,722 ;146,119358,000 I18,532 i36,422 i41,107 i

105, 5242,492 .80,980 ;38,971 !19,026 I40,842 I49,2008,890 •34,512 :195,305 I192,427 i33,17420, 25638,902 I11,213 i

i

372, 0225, 050, (578

73, 070384, 017138, 20877, 336203.48831,90889,90032,08031,94.015, 05016,35889,274090,357147, 611157, 90020, 01440,90545, 295107.4892,522

79, 72440,40322,61643,34652,23010, 62132,982170,164171,14936,89019,17339,99910, 254

. 439,7216, 544,278

77, 625415,790IOC, 97089,180 .214,38935,38790,20038,15833,7311(5, 6S018,81700, 574819,281180,133187, 60020,11741, 79943,092109, 4132,447

89, 52041,10821, 51445,83554, 3928,30138,429229,203189, 01239, 59410, 51546,14812, 540


JANUARY,1928 FEDERAL BEBlItYE BULLETIN 67

MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST

NUMBER AT END OF NOVEMBER, 1925 AND 1924

Nonmember banksMemberbanksl

On par list

; 1925i

Federal reserve district:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta..,..ChicagoSt. Louis..MinneapolisKansas City....Dallas _.San Francisco

1924

419880753863604498

1,402 |628 I835 i

1,034 '858 i747 j

420 j858 I742 !871 |624 !518 !

.,423 j631907 I

.,088 i840 i778 '

1G25

246390512

1,075717366

3,8222,1161,2092,60S77180S

1924

234379519

1.080'742373

3,9522,2361,5352,750872852

Not on parlist ^

1925 1924

11 i686 •!

1,104 !255 i403

1,06320518061

Total _.._.. •' 9,521 [ 9,700 j 14,701 j

NewJEngland States: ;

Maine jNew Hampshire 1Vermont \Massachusetts IRhode Island !Connecticut —I

Eastern States:New YorkNew Jersey... »..PennsylvaniaDelawareMarylandDistrict of Columbia-

Southern States:Virginia __-West VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

62 :

55 :46 j

181 ;21 |65 |

637 i332 i958 i

22 !

89 i

is;193 ',141 !

91 i92 •

156 !70 i

5446

182 !21 |

633 j310952

229115

196142

95100172

50143970

884

27615165732

167

23119690247685

49 !1535 l71 •

8 •'74 :

1,125203328810207146

56

3,612

275 :14065935

369 i33

241:19899 :29 ,88 '76 i

989

339240376159

S310352274404159

Nonmember banksMember 'r

banks * ;

Southern States—Contd.KentuckyTennesseeAlabamaMississippiArkansasLouisianaTexas

Middle Western States:OhioIndianaIllinoisMichigan.WisconsinMinnesotaIowa _Missouri

Western States:North DakotaSouth DakotaNebraskaKansasMontanaW

oWyomingColoradoCoNew MexicoOklahoma..

Pacific States:WashingtonOregonCaliforniaIdahoUtah.. __ArizonaNevada—

Total..

1925

1461181244512246783

441263588290185334423198

1631211822661153413733387

156135305SO462110

9,521

1924

1471211284412747751

447268584287187365449192

175132188266130 .39

144 !37 !

431 :

159 !

136 ::

304 i103 i50 ,23

9s700

1925 19.24

445269332728344814

663833

1,299531651677

1,3041,370

287288760

1,0311136218736376

17811437373663423

15,524

Not on parlis

1925

2223520127611217095

820921875164936

28216617631111635

3229

4

3,908

1924

182071962"737517064

818791573812633

2171391745710734

28271

a

3,612

1 Figures for 1925 represent the number of member banks in actual, operation; those for 1924 represent the number shown by the capital-stockrecords of the Federal reserve bank. The number shown by the capital-stock records on November 30, 1925, was 9,590,2 Incorporated banks other than mutual savings banks.

MONEY IN CIRCULATION[Source: U. S. Treasury Department circulation statements]


Date

1914-Ju!y 1____.1917—Apr- 11920—Nov. !.„..1922—Aug. .!.„__1924—Dec. 1 „...1925—Jan. ;.

Feb. !-_„Mar. !.„.„Apr. 1_._May 1June 1July 1Aug. 1Sept. 1Oct. 1Nov. IDec, 1

Total

.: 3,402,015••14,100,591^ 5,628, 4281 4.837,418• < 993,570

4,992,931! 4,751,538

4,804,209: 4.776,107; < 725,191

4,774, 3134. 734, 236A, 719,5194,784,0254,827,0054,900,8394,971,765

Gold,;coin andbullion '

! Standard1 Silver j Treasury •\ silver j eortifi- notes ofj dollars : cates 1890

611,545 •641,794 i495, 353 .416,282 .437,971458,206 i455,169 :462,925469,448 I453,211437, 012428,102 ,428,248 :

416,34R413,973 i429,985425,853 :

1,020,149 ;1,348,818 !231,404 i171.985 i933', 688 :9/0,664 !929,650 |913,900 :914,968 1918,862 :972,438 '

1,003,285 i1,014,311 ;1,036,243 ;1,050,057 !1,067,963 i1,108,743 i

70, 30070,86389,72553, 37855, 60657,38455,53355,26454, 66654,39853,90854, 29454,10554,17354,69354,76954.685

478,602 -1

459, 680 ;60,385 !

268, 802 '339,113 !388,540 j360,808 •366, Z9A i371, 229 :

370, 442 i380, 0B1 :379,796 I388, 016 j396.700 :294)069 I390,089 ISS8,012 :

2,4281,997 :

1,6281,5081,407 ,1,405 :

1,4011,3981,396 .1,392 '1, 390 ;1,387 .1,384 :

1,381 :1.3791,3761,375 •

159.960 :

191,351 '261.556 I229', 956 ;263,102 I266,238 ,

United j Federal ! ™ ™ i National-States I reserve | tank ! b a n k

notes ; notes , noteQ | notes

256,509 :257,559 !

253,446 :259,894 ;

202,607 !281,750 ;264,450 I267! 768 j209,439 ,272,217 '

337,845330, 353277,736284,343304,418295, 233283,598

285.780281,043284,799279,943284.806

303, 597306, 575

356,448 .3,310,225 !2,115,3501,802,055 :1.841.621 i1.688; 662 .I) 734, 006 ]

1,702, 212 i1, 676,0781,679,833 i1,636,192 i1,601,884 ;1,629,927 :1,670,6581.706.622 ;1,741,965 !

3,170 :209,877 i65,032 !8,4718,238 i7,987 I7,756 i7, 506 :7,299 !7,109 16,921 j6,777 '5,580 !

6,460 i6,314 i6,185 ,

I

715,180697,160715,023725, 782737,739705, 442 I711,832717,159 !7^403 1

Totalcircula-tion percapita (indollars)

696,649681,7096?8,178680,730 !664,351 I867,707*^6744

34.3539.5452.3639.4744.0844.0341.8642.2841.9941. 5041.8941.4941.3141.8442.1742.7743.35

J The ISgures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currencyheld by Federal reserve banks have been deducted only from the total.


MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES

The following table shows the customary rates charged on loans anddiscounts in the various cities in which Federal reserve banks and theirbranches are located, as reported by representative banks. These ratesare not averages but are those rates at which the bulk of paper of each

class is handled by reporting banks. Where it appears from the reportsthat no one rate clearly covers the bulk of the paper handled, a range ofthe rates most commonly charged is given.

[Rates prevailing during week ending with the 15th day of the month]

"District and city

Customer's prime commercial paper

30-90 days 4-6 months

Dec., Nov.,1 Dec, > Dec, Nov.,! Dec.,1925 j 1925 ! 1924 1925 3925 i 1924

Interbank loans

Loans secured by stocks and bonds ;Loans secured by ! | Loans secured by

!

No, 1—Boston ;No. 2—New York

Buiialo --INo. 3—Philadelphia INo. 4—Cleveland - \

Pittsburgh iCincinnati I

No. 5—Richmond iBaltimore j

No. 6—Atlanta •Birmingham :Jacksonville ---'New Orleans !Nashville.-. --~i

No. 7—Chicago ---,Detro i t . .

No. 8—St. Louis 'Louisville.. iLittle Rock .._•

No. 9—Minneapolis - ;Helena 1

No. 10—Kansas C i ty . . . ;Omaha !

Denver jOklahoma City

No. 11—Dallas iEl Paso 'Houston ;

No. 12—San Francisco.. :Portland.. ;Seattle— .-!Spokane jSalt Lake City .Los Angeles _.|

5 -65

5 - 6G6

6 r c3

52-6*6

5 -85 -6

64|-54 ^ 64H>1

6 !6 j

O !

5 !

6 !5 - 7 i4HS ,n -8 i5 -6 i5 -54.6 - 7 j

8 i5 - 75 -6

6 Ii

44-5 I5 -6

55-J-6

66

5 -G

44~6 !

65 -85 -6

in5 -644-5

66

41-5

4 -41. 44-55'—G 64 "-41 55 -6 5 -65 -(i : 654-6 J 6

5*-6i: 5 i-e'5 -G i

4J-5

54-6 .6 •

6

44-515 -6

64 -8 : 5 -8 i 5 -85 -6 j 5 -7 ! 5 -7

6 I 5 "! 54 -5 ! 4l-5i; 41-515 -6 i 41-6 : 5 -6 .

G -!

05 -74-1-6G -85 -65 -56-7

C5 -75 -6

441 42-54- 41-58 ; 8 i 8

5 - 6 i 5 - 6 . 5 - 64 -6 I 4£-6 ! 6

51: 6 I 66 ! 5 -7 : 6 -7

4 -6 i 44-6 i 41-66 - 8 : 5 - 8 6 - 85 -6 i 5 -6 ! 5 - 65 —541 5 -6 ' 4^—5-

6 1 6 1 66 \ 6 1 6

5 -7 i 4 K 1 41-76

6 - 7 I

Dec , ' Nov.,1 D e c , ! D e c , 1 Nov.,1925 ! 1925 ! 1924 I 1925 ! 1925

414 -41

641-55 -65 -654-65 -514 W Jo -65 -74-85 -6

641-55 -G31-5

6641;8

5 -6 :

41-6 •5 :

6 -7 ,4 -6 !

8 -8 :

5 -6 ;5 -54

66 -6-1

6 i6 |

6 -7 ,

4 : 4 -4i-i44-5 !4-l - 5 " !5 - 6 : 5 - 6 !

5 j 5 i5 ,' 5 !6 , 6 i

5 -5-J:. 5 -ol i

41-53 44—5{J-;5 -6 ' 5 -6 j5 -G ' 5 -6 i5 -6 ' 5 -6 15 -6 ! 5 -6 ,

6 "' 51-6 I5 -51' 5 -51

5 , 5 -54:

5 -51, 5 -5115 , 5 !6 ! 6 I

5 -51' 5^-51,6 - 8 , 6 - 8

6 : 6 !6 ! 6 j

6 -61i 6 -7 I5 -7 ; 6 -74 -6 i 5 -66 - 7 i 6 - 741-6 ! 5 -65 -54! 5 -6

6 ' 65 -61! 5 -6J|6 - 7 1 6 - 8

8 I 6 -76 , 6

I4 4 !

5 !4 -4-1

55 -6 ,5-54

its I5 - 6 j5 -6 !3 -6 !41-6 i

6 !41-5 I5 -611

4s-5 I 4-1-541-5 I •• "51-644-55"-6

651

5 -6

4j4445 - 6 I

1

Dec,J.9'24

Demand

oi-u4|-55 -G

6 I51;

5 - 6 ,

41-6 !6 i

4 - 8 I5 -6 !

G !511.

7 - 8 I.5 -6 '51-6 I

6 !

5 -6 I

5 -65 -6

515 - 6

5 -G

3i-4i54-0 !

4 j5 -G5 - 0 !5-5£i4i-G i4^-5 i44-6 i

G .5 -8 :5 - 6 ;5 -G '4 - 5 '5 -G '

Dec,1925

55-515 -G

551-6

66

5 - 6

Nov;;1925

044-55 - 6

554-6

66

5 -G

Time1

j warehouse receipts

D e c , i Doc . \ Nov.,! D e c , j Doc , Nov.,1924 i 1925 . 1925 j 1924 • 1925 ! 1925

5 -511 5 -515 -6 j 5 -6 '

6 ; 65 - 85 - 8

5 -51-i 5 -851: 56 ! C

: 5-81 5 -6I 54-6

5 -6 ' 5 -641-6 j 41i51

6 I 6 :6 1 6

41-51 44-5

4 i34-5 i5 -G ,

454-05 -6 ,5 - 65 -G42-545 -G

65 -85 -651-64 -55 -5434-54

G6

34-44

5 - 66 ;

6 -61-!6-7 !

5 -G i 5 -G5 - 6 i 5 -G5 - 6 1 5 - 6

G 65 - 6 ! 5 -06 - 8 1 5 - 85 - 6 i 6

6-7 !8 i

6 -7 i6 i

6 6 - 7

6 - 7666

6 - 7

5 - 6566

5 -66 - 85 - 65 - 66 - 7

6 - 76

6 - 7

5 --6 ; 5 - 6

! 5 - 6i 61 5 - 6! 8

! 51-6! 6 - 7I 6• 7-8I 7! 6-7

5 -6668

4f-6!5 -6 j6 -61:

6 !7 - 8 I5 ~7 !6 - 7 j

5 -634-6

" 56G8

5 -65 -66 -7

6S7

6 -7

a4'5 j

54-0 i6 !6 I

5 - 6 ,5H>£ !

5 - 6 i6 ",

5 - 8 j5 - 6 ,54-6 '44-51'5 -6 i44-6 i

6 !6 i

44-526 - 8 I5 -G i

66-8

85 -65-1-66 - 7

66-7 !

6-7

42-5 144-5,5 -6

5 '54-6 !

G i6 i

5 -G ;54-51s-oi5 - 8 !5 -6 j5*-G ••

44-55 -6 !

5 -54!8 !

5 - 6 b4 ; 5 -8

51-G I 5 -65 -6 j 65 -6 ' 6 -75 -6 ! 5-1-642-5*i 65 -G 5 -66 -75 -8

644-85 6

44-565

5 -6G8

51-6' 6

5 - 6i 6

41-85 -6

Dec,1924

Cattle loans

Doc, j Nov.,1925 I 1925

i

Dec,1924

|___41-5

64 -51 !51-6 |5 -6 i _6 -7 !

5 Ioli

5 - 6 I...6 - 84 4 - 8 !5 - 7 ;51-6 '

5 -G j 5 - 65^-6 j 54-6 1 05-0 o-^-o •44-5 i 5 - 6 ! 5 -54j 4-2-51! 5 - 654-6 j' 54-6 ! 5 - 6 51-6 ;'

i I44-6 I 4^-5;

41-42;6 -85-6 5 -6 I 5 -6

1 I5 -G

6 I 6; 41-iii

!6 -7 i6 -7 j6 -8 '5 -G !5-6 !

8 I6 I

6-7 I6-76 - 7 I

3|-G !

5 I6 -76 -8 !fi -8 !5 -6 !5 -6 I8 -7 ,

j

66

6 - 7

7 -85 -7

66-7

6 j 7

7 i ? 16 ~ 7 j 7

5 -666

6 -75-66 -85 -6

66-7

6 | 6 - 7

Pi1

5 - 6 , 6 - 76 j 6 - 77 6-7

7 - 8 ) 6 -85 -7 I 6 -8

8 i 6 - 95 -6 j 8

66 -86 -76 -7

77

6 -87 -8

7

i5 - 6 ."

! 5 - 5 |i 5h®

6

6-7 !

6 -7 6 -76 -7 6 -86 -7 ! '' 66 -8 J 7 -86 -8 i 6 -7

8 ; 88 ! 6 -8

6 -611 6 -8-4'• 6

64-7 : 6 -77 ~8 ! 7 •


JANUARY, 1926 FEDERAL RESERVE 69

GOLD AND SILVER IMJPORTS AND EXPORTSIMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES

November

Country of origin or destination Exports Imports

1924 1925 1924 1925

iAll countries J $6,689,182 j$24l360,071 |$19,862,384 $10,456,115

Franco ! 14,950 j _| 10,717,761 iGermany . „..„ j . J 290,590 :

Italy-

5,077

11 months ending November

Exports

1924 1925

Imports

1924

$21,973,660 ; $256,672,063 $309,446,869 $121,057,168

1925

80,357 i

Netherlands . . J . U ~ 3,265, 772 iIPoland and Danzig..

Spain-..Sweden , ._ _. 999,927

... .

England — !

Canada - JCentral America J.Mexico.- •'West Indies ..:.Argentina .._.!Chile ..-:Columbia - '•Ecuador —'..Peru... !.Uruguay -. . jVenezuela __;.British India... _J 883,362Straits Settlements... 30,000 957,276 L.China - ! 24,125

2,000.334265J 034 i 20,184,998_ ..__..! 700,000414,595 I 389,063

! 1,50010,000 j

~~2,~450"."" 1 ~004," 035"! 3,914

12,553 L... I

5,737 '2,843,665 •

130,193 :!

337,411 i10,061 !

1.400,000 ;10,755 :

131,881 :

100,000 i

2,579,490 j2,857,524

779, 770369,812 |90,016 j_

32," 637154,415157,99730, 235

235,000999,927 j

2,000,3342,914,134 !

1,000 I3,562, 647 j

1,339,20868,048,2651,050,0004.318,343l'f 103,948

! 21,423,387 |I 4,822,116j 2,735,79250, 965, 294

400,000 i 48,231 71,273

Dutch East Indies_ . „ _ - 30,000Hongkong . _. 1, 797,100Japan. _Philippine Islands.British Oceania....EgyptPortuguese Africa.Allother ...„.„

115,000 j268,400 !

369,521 162,896

j 3,000,000144,3G9 ; 164,037187,641 !

141,430

All countries .

45,265

9,401.406 j 8,118,093

FranceGermanyPoland and Danzig.,Spain..

386,456 j

EnglandCanada . . . .Central AmericaMexicoWest IndiesArgentinaBoliviaChile ..,Columbia „Peru-

2,806,767162,227

2,25069, 793

720

895,556184,907

2,90089,180

7752, Ifio

2,8978,381

6,481,416 ! 4,049,035

6,389 ;3,356

26,091265

27,002 j

Venezuela.—. !._ .British India..... ! 2,776,689 4,546,384=China j 3,126,001 ! 1,982,495Dutch East Indies.... „._ ..! UHonkong .._ .J • 70,500 69,258Japan „.„ ; „Portuguese Africa-.... ..!..All other ! 1,375

7,154361,079156,565 :

3.932,748 I109

20, 434702, 656153,794

2, 726,549

238, 7085,810

1,074, 292111

1551505 404

281,0655,247

21, 249.178

96,402

3,92313, 611 14,125

77,580 j

392,4311, 002, 6286,159, 60245,556,6531, 500,0008, 211,189

177'. 62556i; 000

4,896 i15,000 !

3,003,91318,944

100,000 |1,101, 600 '5,350, 258

30,750

243,1004,162, 940

800,000

802,2902,560,010

58, 770,8865,474,289801,650

1,166,03011,858, 796

65,9666,522, 838

130,898, 36538, 7(55,8851, 920, 6304,985, 753337,060

19, 589,4G5350,295

2,020,134721,445

2, 670. 5567,836

295, 790

30,00026,925,176

498,240

291,137 ' 340,947

5,021,9162, 201, 3212, 500; 000

4,6G5,9642, 794, 0721,455,008528,113

1,181,862

98,611.403 ! 91,538,115 j 68,081,010

151,858 L1.145,072 i'212,884 i

5,048,125887,500

23,387,520 !1,520,530

37,025 j1,731,851 |

50,221 ;2,300 !

8,302,2571,749,321382.940

1, 688; 90082,91112,620

900,000655,3-10

48, 234,19818,376,864

6, 536404,900

913,1341,275} 970

2,022

42,374.60529,490,006

1,031, 639

75," 825

68, 2301,224,391

131,667308,318

6,919,3991,898, 718

41,280,26760,62332,304243,037

1,483, 790142, 390

13,020, 5682,425

6,589,8741,6286,923

10,084,799

77,958220

49,294,05531,847,5612,139,5544,513,970582,3612,466

387, 7671,480, 700783,446

1,338, 961

338,317

13.950119, 558

1,955,030

7.008,0491, 636,550229,30015,233

540,69162, 247

58,848,462

217,2646P140

141,449119,900

7,758.0901, 520, 510

37,883,454161,0445,244

67,1191,680,102

7, 987,350

17, 789 :894,558 :

55.9684,183

878, 569

127,186225,350 I

109, 653178,811


70 FEDERAL RESEEVE BULLETIN JANUABY, 1928

FOREIGN EXCHANGE RATES[Noon buying rated for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]

Countries Monetary unit

AustriaBelgiumBulgaria.C zechosiovaida- -DenmarkFinlandFranceGermany..... . . .Great BritainGreeceHungaryItaly.....Netherlands. „Norway—..Poland.Portugal— iRumania !Spain.... . 'Sweden :

Switzerland 'Yugoslavia.. _.Canada iCubaMexico jArgentina—.,Brazil iChile _.._.„!Uruguay—. JChina jChina 'Hongkong !India jJapan. . . |Straits Settlements....!

December. 1025 November, 1925

Parofe xehange!

Average j

Low High Low High

Schilling ___:Franc jLev. ICrown IKrone.. _.|Markka ___iFranc .....IReichsmark __rPound __.|Drachma |Krone.. ___LiraFlorinKroneZlotyEscudoLeu_PesetaKronaFrancDinarDollarPesoPeso..Peso (gold)MilreisPeso (paper) „_..Peso. „ _ .Mexican dollarShanghai taelDollar ......Rupee , _YenSingapore dollar...

14.0719.3019.30

26.8019.3019.3023.82

486.6519.3020.2619.3040.2026.8019.30

108.0519.3019.3026.8019.3019.30

100. 00100. 0049.8596.4832.44

» 19. 53103.42» 48.111 86.85i 47,77

48.6649.8556.78

14.0500i 4.5200i .7268! 2.9608: 24.7000

2. 5202: 3.5900

23.8000:484.4100

1. 2503: .0014, 4.0200

40.1600: 20.1900• 9.6900; o.iooo!- . 4517, 14.. 1200: 26., 7500: 19.2700! 1.7694I 99.8823i 99.8844

48. 616793.910013. 930011. 9500

:100. 55001 54.8300i 75.2300! 57.3500•• 36.6000i 42.8800•! 56.5400

. 14.0750

. 4.5300i . 7308' 2.9621! 25.0000: 2.5225. 3.9J001 23.8100485,3700, 1.3292• .0014! 4.0400i 40.2400

20.380012. 76005.1400

. 466714. 300026.850019.35001.7722

100.040499. 975048.850094.430014. 810012. 2900

102. 530055. 650076.080058. 250036.700043. 7000

| 56.7500

L _....14.04704.5200.7247

. 2.9608i 24. 5700i 2.5212i 3.7400i 23.8000.484. 3900. 1.3255. .0014i 3.9400I 40.1900; 19.9700j 13.4700I 5.1000i . 4482! 14.1700i 26.7400! 19.2600I 1.7686i 99.9844I 99.867248. 676793. 680014.010012.0900102.130055,1.00075.27Q057. 520036.580041.660056. 5800

i PerRate i cent of

; par

Low

November, 1924

High i PerRate ; cent of

! par

I

14.08104. 5300

.73002.9619

25.01002. 52384.1800

23.8100'484. 7600

1. 3730.0014

4.000040. 250020. 460016.67005.1300

.474814.320026. 760019. 2800

1. 7736100.156399.992249. 075094. 810015. 050012.3000

102.890056,680076.440058.4.80036.700043.150056.9200

: 14.0624' 4.5270' . 72791 2.9615: 24.8561: 2.52211 3.96221 23.8061484.5861 !

: 1.3375 !; ,.0014 •: 4., 0048 i! 40. 2265 ,; 20.3126 !I 15.7400 :i 5.1130 i!• . 4 0 3 2 •

! 14.2526I 26.7517 ij 19.2713 iI 1.7704 •J100.0788 i99.9385 !48.7879 I

! 94.4391 !1 14.6126 I| 12.1913 !102.4778j 55,7704 !! 75.8161 :I 57.8143 j' 36.6187 ii 42.3252 j! 50. 6265 |

99.9523.463.77

92. 7513.0720.5399.9499. 586.93.01

20.75100.0775. 7981.554.732.4073,8599.8299.859.17

100. 0899. 9497.8797. 8845. 0562.4299.18115.92113.41121.0375.2584.9199.73

4.8000. 73002.979917.33002. 51335. 2200

23. 7900454.31001. 7538. 0013

4. 300039.620014. 360019.19004.1700. 5138

13. 480026. 610019. 25001.4452

99. 952199. 937548. 708383. 380011. 060011. 080090.680054. 830076.000054.410033.970038.280052. 5000

4. 8900. 73753. 013517.6500

! 2.5222! 5.39001 23.8100j463.8400i 1.7998| . 0013: 4.360040.400014.860019.24004.7400. 5641

13.780026.910019. 31001. 4528

100. 041499.978148. 833386. 7400

i 11.7600! 11.4100i 99.2800i 55.8800j 7G.7900I 55.2400| 34.8000i 38.6600i 53.5000

4.8326 :.7331 I

; 2.9890 '1 17. 5483 j! 2.5184 ;! 5. 2757 !! 23.7983 !;460.96S7 |i 1.7808 i1 .0013 •

4.3335 !40.0513 I

• 14.7152 !19.2074 |

. 4.5104 !.5393 i

; 13.5961 !i 26.8135 j: 19.2765 :•• 1.4490 i! 99.9866 !99.9530 I

1 48.7777 |: 85.4865 !1 11.4709 i

11.2730 !i 95.4626 !• 55. 3100 ,!; 76/3009 !

54.8587 :

1 34.392238.5183

: 53.1065 |

11913 average.

25.043.80

65.4813.0527.3499.9194.729.23.01

22,4599.6354.9199.524.172.79

70.45100.0599.887.51

99.9999.9597.8588,6135.3657.7292.31

114.97114.14114.8470.6877.2793.53

SILVER

[Average price per fine ouncel

December November

London (converted at average rate of exchange) ______ ! $0.69547N e w York _ ..„_ „ , .69236

$0.70125.69558


INDEX

Acceptances: ' a g e

Held and purchased by Federal reserve banks £5,56Market for 10

Agent general for reparations payments, annual report of 6Agricultural credit banks, loan of 12Agricultural movements, index of.. 36Agriculture, monthly statistics 13Automobile industry 20Be.nk credit, growth in 1-5Bank debits. . 66Bank suspensions 28Bankers' balances in Federal reserve bank cities 58Belgian National Bank, agreement with, to purchase prime 30m-

mercial bills 6Building statistics 122,37Business and financial conditions:

Abroad 40United States 8-30, 34-39

Business failures 27Canada:

Cost of living and retail food prices 49Financial statistics _ 42Foreign trade 45Wholesale Drices 46

Capital issues 31Chain stores, retail trade of 39Changes in membership in Federal reserve system 60Charters issued to national banks 32Coal and coke production 16Commercial failures. 27Commodity movements 37Comptroller of the Currency, annual report of. 6Condition statements:

All reporting stock banks in the United States 61-64Federal reserve banks 50Member banks in leading cities 57

Cost of living in principal countries 49Cotton:

Raw 14Manufacturing 19

Crops:Condition 13Estimate of production 33

Currency in circulation 30,67Dairy products 16Debits to individual accounts 66Debt payments to United States 6De Camp, George, appointed Federal reserve agent at Cleveland- 7Department-store business 25,39Deposits:

Savings 26Time, growth in 4Time and demand of member banks 59

Deposits, note circulation, and reserves of Federal reserve banks . . 50Deputy chairman of Federal reserve banks, appointment of, for

year 1926 7Discount and open-market operations of Federal reserve banks . . . 56Discount rates:

Central banks of issue 44Federal reserve banks 65London market, 1925 40Prevailing in various centers 68

Earning assets of Federal reserve banks 55Election of directors of Federal reserve banks 7Employment, United States 25

Index of 35England. (Sec Great Britain.)Factory employment and pay rolls, index of. 36Failures, commercial and bank 27Federal reserve agents:

Appointment of, for year 1926 7De Camp, George, appointed at Cleveland... 7

Federal reserve bank credit, gold stock, money in circulation, andmember bank reserve balances 30

Federal reserve banks:Condition of 50Discount and open-market operations of 56

Federal reserve note account — 54Fiduciary powers granted to national banks 32Financial statistics for principal foreign countries 42Food manufacturing — 18Food prices in foreign countries 49Foreign exchange 29,70Foreign trade:

Principal foreign countries 45United States 28.45

France:Cost of living and retail food prices 49Financial statistics 42Foreign trade 45Wholesale prices 46

Fruits and vegetables 15

Germany: P a g e

Cost of living and retail food prices 49Financial statistics 42Foreign trade 45Wholesale prices 47

Gold imports and exports 29,69Gold settlement fund transactions 65Gold stock in the United States 30Grain and flour 13,37Great Britain:

Financial statistics 42Foreign trade 45Gold imports and exports 29,69London money market in 1925 40Retail food prices and cost of living 49Wholesale prices 46

Imports and exports:Gold and silver 29,69Merchandise _ 28

Industrial activity, index of 36Interest rates prevailing in various centers 68Investments and loans of national banks 31Iron and steel manufacturing 20Italy:

Financial statistics 42Foreign trade 45Retail food prices and cost of living 49Wholesale prices 47

Japan:Financial statistics 42Foreign trade 45Wholesale prices 46

Leather industry 21Livestock industry 15Loans and investments of national banks 31Lumber industry 21Mail-order houses, retail trade of 39Manufacturing:

Condition by industries 18Index of production 36

McClelland, E. M., appointed assistant secretary of FederalReserve Board 7

Member banks:Condition of 57Number discounting 56Number in each district 56State banks admitted to membership 32

Membership in Federal reserve system, changes in 60Mineral production, index of 36Metals 18Mining 16Money in circulation 30,67Money rates 10,68

In London during 1925 40National banks:

Charters issued to 32Fiduciary powers granted to 32Loans and investments of 31

Par list, number of banks on 67Pay rolls in factories, index of 36Petroleum industry 17Prices:

Food, in principal countries 49Security 11Wholesale 27,46

Production in basic industries 8,35Reserve ratio of Federal reserve banks 60Resources and liabilities:

Federal reserve banks 60Member banks in leading cities 67

Retail food prices 49Retail trade 25,39Savings deposits 26Secretary of the Treasury, annual report of 6Security prices 11Shoe industry 21Silver:

Imports and exports 69Price of 70

State banks admitted to Federal reserve system 32Stocks at department stores 39Textile indusuy 19Time deposits of member banks 69Tobacco industry 14,37Trade:

Foreign 28,46Retail 25,39Wholesale 25,38

Transportation 24,37Treasury finance 6Wholesale prices 27,46Wholesale trade 25,38Wingfield, B. M., appointed assistant counsel of Federal Reserve

Board 7Wool and woolen industry 19

I


frb_011926

Documents

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federal reserve bank

reserve bank credit

federal reserve system

member bank reserve

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federal reserve note

stock banks