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X-4513
119
FEDERAL
RESERVE
BOARD
STATDm# FOR THE PRESS
For Release in Morning Papers,
Thursday, January 23, 1926.
The following i s a summary of general business
and financial conditions throughout the several Federal Reserve Districts, "based upon
s t a t i s t i c s for'the months of December and
January, as contained in the forthcoming
issue of the Federal Reserve Bulletin,
Production and distribution of commodities was in larger volume in December
« than in November, and the volume of r e t a i l trade was larger than in any previous
month.
Wholesale prices declined to the level prevailing last spring, which was
the low point for the year.
Production.- The Federal Reserve Board* s index of production in basic industries
advanced S per cent in December to the highest level in ten months.
The rise in
this index iaas been nearly continuous since last August, when the volume of production was at the low point for 1925•
In December the production of iron and
steel and bituminous coal and factory consumption of cotton increased considerably,
and the production of lumber, cement, and copper was maintained at relatively high
levels.
The volume of factory employment and pay r o l l s , after increasing during
the late summer and autumn months, continued practically unchanged in November and
December, with increases in some important industries offsetting seasonal declines
in others.
Building contracts awarded during December were the largest recorded
for that month and exceeded in value those awarded in November, although a seasonal
decrease in building activity usually occurs at that time of the year.
Trade.- Sales at department stores, chain stores, and mail order houses in
December indicated the largest volume of Christmas trade on record.
Trade at
wholesale declined seasonally, but continued larger than last year.
Stocks at
department stores showed less than the usual decline in December and were 4 per cent
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X-4513
- 3 -
p a r t i c u l a r l y
loans
at
at
member
member banks
quirements
and
to
banks
were
in
Hew York
r e l a t e d b o t h
e n d - o f - y e a r
City,
to
the
disbursements
by
These
changes
changes
many
in
in
the
demand for
customers'
i n d u s t r i a l
and
currency
re-
f i n a n c i a l
i n s t i t u t i o n s .
Conditions
December,
lowing
ive
in
were
the
January
e a s i e r
advance
8,
the
in
while
period.
money market,
in
January.
the
r a t e s
buying
on
which had become
Hates
r a t e
of
commercial
on
the
bankers'
Hew
paper
firmer
acceptances
York Federal
showed
in
l i t t l e
the
l a s t
h a l f
increased
Reserve
change
Bank
during
of
f o l e f f e c t the
@FedFRASER