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20~3 X-4440 FEDERAL RESEP..7E BOARD for Release in l'orning Papers, ITednesGay, Octo1er 28, 1925. The follo,~line; is a SU'TILa.ry of r.;eneral business throu;hcut the several Fericra:. Rus;;;rve Distrlcts, basccl. upon statistics for t 11,:; c:Ln th2 of Se:ptC>r;;·oer .<>.nd October, as conta:bed in tl-10 forthcoming issue of the :F'ederal Reserve 3nlJ.etin. ~~rd fir.ar~cia::. cond~.ti:ms Production in basic industries nnd factory employ:nent increased in Septe01.ber. [lt Distribution of cow.oodities, bot!J. e.t ·~·holesale and./retail, continued in l.al'C0 volume, and the level of prices rer.:airled practically unchanged. The Federal Rcs::rvc }?)t:l-rd.l s ir:dex of }·Jrolluction advanced 2 per cent in September, not·.-ri t:hstanding the suspension of anthracite mining. Tho vo lu.,.'Tie of out:;;m.t increased ccnsidorab:.y in tho iron and steel, bituminous coal, and textile industries, while tno d.ccreasos v;!-1ich occr.. rrco. in some other industries WOl'e relatively small. AutomobiJ.e production was l;~rsor than in August, but continued to reflect the effects of curte.ilr:ent incioeTtc:.l to changes in models. Eun.ber of e::1pbyees on factory p:1.yrolls in Ee})temter was larger than in Aut:,'Ust in nearly all :ceporting indl'_st::·ies. :Euildir•g contracts awarded during September did not oqu,<>,l the record level of August, but continued large as compared with \.:arlL:r :~1o:r..:hs. Total contracts awnrdcd d.uring the first nine months of this year were ncGrl:" as l[:'·.rgc as for the entire year 1924. Crop condi tiorls, as reported by the Dopartm..;nt of Agriculture, showed consid.crablc i;-Jprovc;nor.t in Soptember, and tho indicated yields of cotton, corn, oats, barley, and hny were larger thon a raonfh earlier, while forccat:ts of wheat and tooacco :?reduction were slightl~r sr:::caller. Marketing of crops increased further in Septe..:ber, but '"as scaller than last year. 21.0 - 2- Trado. sales in c.ll li..!CS cxct."-pt dry .roro G"Ois O.e-,urtme:.1t stcro a..ld ue.il orC.er h~ltsco il:.croo.so in September and wore ll\rser l't dcpnrtnont stor~s a.lso i:1cr~rs~d. la.rg.:~-r sl!cwod t~ tbrul a c::1oid~rnbly a yct'r li~os except groceries So.los of · &:Oro tr.a.:t t'!le usual. St-1ck.s of mercnt'..ndise t'$<). i:J. September nora thl..n usur.J. a.:1d o.t tho end of the mouth were 4 per cent greater tha.'"l a yev..r c.go. leading :~eo.r O.f!.O. r~Jorted 'i'lholesale firms in all umsller stoCks on September 30 th~ a uonth t-arlier. :!:l<.'l Tot':.'~/ :10rc;anuise :!rcit:nt car locdit:gs in Septea..:bor wore lar£'8l' thon ~in.g tho sc::&o r.o:t:th of any prev!.ot:.s y\lar. in Au,;u.st, cn:i!lf; to t'!lc pro~~cts we~o ~t!ll'a.ci to Coal shipments were smollor then striko, t'.nd sh:pmonto of coal and of grain amnller than in September of last yver. Pr1££!. Th..) lovol of l'rholesc.lo prices, ne :.:c~su.rud by the indox of the Burea.u of labor Statistics, declined slic;htly in September. .Aniong .groups of commodities grains, woolen b()Oc!s, ant:. f'C.l'lli turo Ghowod price decl i:1os, mile p ricos of con.l nnd bu'lld-t.ng Detorio.ls e.dvrulccd. Ir. tho i'irr;t hal! of Octobor pricoo of grains, vool, a.z:d rubber i.J.cr\W.sed, r.hll& )rict.s of shOe]), hogs, sugar, rod cotton doclinod. At oe:nbor ba:llts in leadi:1g cities tho volume of loans, both for cocnorcinl purposes a:J.d on socuritics, incret.sod. futhor be~wea::t Scptombor 16 and October 14, a.'"ld n.t tho mid<ile of October tct:ll loa.ns of those bcnke were !lOo.rly $650,000,000 lo.r.g\lr thc.:1 at t~o end ::-f Jul:r. Du.:oine t~e samo period demnd do- p?si ts of these bn:Jcs i:lCroc..seC:. b;- 1-jout $360,000,000, lnlt wore below the level of tho bcgi:oi:-.g of the yeo.r, while the voltm10 of their b:>rrowings o.t the rosorve ba.Jks increased b7 ab~ut $200,000,000 to the big::test p~int of tho yer.r. .. . - 3- !otnl voll.'"::lO ot rocor:o i:o.nl: crod! t eut:tta..cll.'& then at e::r:1 oth.:r t".n.o \lUring 19£.5, -:;n.s lar~r re:.:l~.:ti.:c,- i:-ct~c.•a.ocs i:1 OCtober e.uring tho two pro- cudi-t? ;.o:'ltbs bt>th in di s.:::m.J.ts fc..r t:.lDb.3r bnr.ks a:ld i::. nccoptm:cos 'bollbht in ,po::. r:-.rkot. Thif.' ;;r:nrth l:as boon cno pri.mo.::'ilr to the socsonel incroo.so dnr- ing tho poriod of about $1U>,OOO,OOO in nls., bo\)r c. 3 c.>~a:&.oorl:'.blo curr\}~C7 i:1 circul.:..tion tmd t~oro hns .i.=-croM<' .1!\ 411Cmbor 'bank rcls..,n-lll Lcla.nct~s, ncco::&p~nt; &rowth in their deposits. In October tho mtw on prbe cot::10rcie.l p39cr r.ero fimer c.nd tho r"nor.nl r ....t? O!l coJ.l lcanP n.veraged hi&}ler tba:l in Sopta:btn-.
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