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MONTHLY REVIEW
of Credit and Business Conditions
S e c o n d

F e d e r a l

R e s e r v e

D is t r ic t
September 1, 1925

Federal Reserve Bank, New York

Federal Reserve Agent

Business Conditions in the United States
R O D U C TIO N in basic industries turned upward
in July after a continuous decline since January.
Wholesale prices advanced further and the dis­
tribution of commodities continued in large volume.

P

P r o d u c t io n

The Federal Reserve B oa rd ’s index of production in
basic industries, which makes allowance fo r usual sea­
sonal variations, advanced by about 2 per cent in July
to a point nearly 20 per cent above the low level of a
year ago. Increased output was shown for lumber, coal,
and cement, cotton consumption declined less than usual
at this season, while the output of the iron and steel
industry and the activity in the wool industry continued
to decrease. In nearly all the industries activity was
greater than in July of last year. A m ong industries
not represented in the index the production of auto­
mobiles, rubber tires, and silk continued to be large.
Volume of factory employment and earnings of indus­
trial workers declined further in July, seasonal increases
in the clothing, shoe, and meat packing industries being
more than offset by decreases in the other industries.
Building contracts awarded in July were in only slightly
smaller volume than the exceptionally large total reached
in June and the total for the first seven months of this

year exceeded that fo r any previous corresponding
period.
Estimates by the Department of A griculture indicated
a less favorable condition of all crops combined on A u ­
gust 1 than a month earlier. E xpected yields o f corn,
wheat, rye, tobacco, and hay were somewhat smaller
than in July, while the indicated production o f oats,
barley, and white potatoes was larger. A ccordin g to
present indications the yields of all principal crops,
except corn and barley, will be smaller than last year.
The mid-August cotton crop estimate was 13,990,000
bales as compared with a forecast of 13,566,000 bales
on August 1.
T r ad e

Freight car loadings during July were larger than
in June and exceeded those o f any previous July, and
weekly figures fo r August indicated a continued large
volume of loadings. Sales at department stores showed
less than the usual seasonal decline in July and were
3 per cent larger than a year ago, and mail order sales
were considerably above those of July 1924. Wholesale
trade continued at the June level and was 6 per cent
above the corresponding period a year ago.
P r ic e s

Wholesale prices advanced further by nearly 2 per
cent in July, according to the index of the Bureau of
PERCENT.

Index of 22 Basic Commodities Corrected for Seasonal Variation.
(1919 — 100 Per cent. Latest figure, July)




Index of U. S. Bureau of Labor Statistics. (1913 =r 100 Per cent,
base adopted by Bureau. Latest figure, July)

2

M O N THLY REVIEW, SEPTEMBER 1, 1925

Index o f Department Store Sales in 359 Stores.
Per cent. Latest figure, July)

(1919 == 100
Banks.

Labor Statistics. Prices of farm products and o f mis­
cellaneous commodities rose over 4 per cent, reflecting
chiefly increases in livestock and rubber, while in the
other commodity groups price changes were relatively
small. The general level of prices in July was 9 per cent
higher than a year ago, the rise being chiefly in agricul­
tural commodities. In the first three weeks o f August
raw sugar, potatoes, silk, metals, and coal advanced, while
grains, leather, hogs, and rubber declined.
B a n k C r e d it

Demand for commercial credit at member banks in
leading cities increased in A ugust and the volume of
commercial loans on A ugust 12 was larger than at any
time since the middle o f May, but still considerably be­
low the level at the beginning of the year. Loans on
securities increased between the middle of July and the
middle of August, while the banks’ investments showed
little change for the period.
Discounts fo r member banks increased at all the R e­
serve Banks in recent weeks and the total on A ugust 19
was the largest in more than a year and a half. The
Reserve B anks’ holdings of securities and bills bought
in the open market continued to decline, but total earn­
ing assets in the middle o f August were near the high
point fo r the year.
D uring the latter part of July and the first half of
August conditions in the money market were somewhat
firmer. The prevailing rate on prime commercial paper,
which had remained at 3% to 4 per cent since early in
May, advanced in August to 4 % per cent.

Banking Conditions in the Second District
W hile loans and discounts o f reporting member banks
outside of the district continued to increase during the
first three weeks o f August, the figures fo r banks in
this district showed relatively little change. Commer­
cial loans, although moderately above the low point
reached at the end of July, were only slightly above the
July average, and loans secured by stocks and bonds




(Latest figures, A ugust 19)

continued near the level which has been rather con­
sistently held since the first o f the year. This was in
contrast with the figures fo r banks outside o f this dis­
trict, whose stock and bond loans reached new high
levels approximately $350,000,000 above those in Jan­
uary. In this district, as fo r the rest o f the country, the
volume o f bank investments in securities was little
changed.
A t the Federal Reserve Bank o f New Y ork the volume
o f discounts fo r member banks advanced approxim ately
$50,000,000 in August to the highest levels since F eb ­
ruary, accom panying a loss o f funds by this district to
the interior. As holdings of Government securities and
acceptances, however, declined slightly the average o f
total earning assets during the month was not far differ­
ent from that o f previous months.

Money Market
Money conditions showed a firmer tendency in A u ­
gust, accom panying increased com mercial requirements
within the district, a movement o f funds to the interior,
and continued demand from the security markets.
The open market rate on prime commercial paper
advanced *4 to 4 ^ per cent, the highest since May
1924. Banks in New Y ork City and in New England cen­
ters continued light buyers, while the demand from
banks in the middle west was somewhat reduced owing
to seasonal commercial requirements. Notwithstanding
the high level of business activity, supplies o f paper con­
tinued small and the amount outstanding through 26
dealers at the end o f July showed a further decrease of
4 per cent to the lowest in any July since 1921.
Supplies of bills were also small and about equal to
the demand, which was chiefly for foreign account and
for the shorter maturities, so that dealers’ portfolios
showed little change. Open market rates, however, after
remaining unchanged until the month-end advanced %
o f one per cent to 3 % per cent on purchases o f 90 day
bills and 3V2 per cent on sales. Yields on Government

FEDERAL RESERVE AGENT AT NEW Y O R K

short term securities continued to advance until after
the middle of the month, when there wTas a partial
reaction as prices became slightly firmer.
In the stock exchange money market time loans ad­
vanced 14 to 4*4-4 ^2 Per cen^ fo r 60-90 day loans, and
4i/o-4% per cent for 4-6 months loans, the highest in
more than a year. Call money was likewise firmer and
except for a period at 4 per cent about the middle of
the month, renewals held chiefly at 4*4 per cent, and
towards the end of the month advanced to 4 % per cent.
The accom panying diagram, com paring the commer­
cial paper rate with the yield on high grade bonds, re­
flects recent tendencies in money conditions. W hile
commercial paper rates have advanced somewhat more
than 1 per cent since last summer, bond yields have
continued to decline until the past two months, when
there has been a somewhat firmer tendency.

3

issues o f all kinds sold in this market have reached
approximately 4% billion dollars, a larger total than in
any corresponding period of previous years and three
quarters of a billion dollars more than in this period
of last year. The follow ing diagram, showing the new
issues by months since 1919, compares the heavy financ­
ing o f the past year with that of previous years.
MJLUONS
OF DOLLARS

1919
N ew

1920

1921

1922

1923

192.4

C a p i t a l I s s u e s a n d R e f u n d i n g I s s u e s O f f e r e d in
S ta te s, b y M o n th s.
( L a t e s t fig u r e s , J u ly )

th e

1925
U n it e d

Velocity of Bank Deposits

O p e n M a r k e t R a t e o n P r i m e 4 to 6 M o n t h s C o m m e r c ia l P a p e r
a n d Y ie ld o f H ig h G r a d e B o n d s , b y M o n t h s . ( L a t e s t fig u r e s
fo r c o m m e r c ia l p a p e r, A u g u s t ; fo r b o n d y ie ld s , J u ly )

Security Markets
Stock trading in August increased in activity and
prices continued to advance. Averages of active indus­
trial stocks reached new high levels approximately 20
points above the 1919 high prices, while averages of
railway stocks reached the highest points since 1917.
B ond prices, after displaying reactionary tendencies
in July and the first part of August, strengthened
towards the close o f the month but remained generally
below the high levels of May and early June. United
States Government issues were also firmer towards the
close of the month, while among foreign issues the
French Government 8s reached new high levels for
the year.
The volume of new securities offered in August fell
somewhat below the totals fo r previous months, in keep­
ing with the usual seasonal tendency. Public utility and
industrial issues preponderated, and foreign issues, aside
from a large Japanese public utility offering, were
small. Since the first o f the year, however, total new




The large volume o f security offerings and continued
activity in the stock and bond markets during recent
months have been accom panied by an increase in the
rate o f turnover o f bank deposits in New Y ork City to
the highest level in the last six years, as shown in the
diagram below. The rate o f turnover in 140 other cen­
ters, while not so high as in New Y ork City, increased
substantially as general business was maintained at high
levels, and in July was approximately 3 per cent, above
the six year average.
The accom panying diagram compares the rate o f turn­
over in New York City and 140 other centers, by months,
in percentages of the six year average.

R a te

of
140

T u r n o v e r o f B a n k D e p o s i t s in N e w Y o r k C i t y a n d
C e n t e r s O u t s id e o f N e w Y o r k C i t y a f t e r A llo w a n c e
fo r S e a s o n a l V a ria tio n .
( S ix - y e a r a v e ra g e = 1 0 0
P e r ce n t.
L a t e s t fig u r e s , J u ly )

in

4

MONTHLY REVIEW, SEPTEMBER 1, 1925
M IL L IO N S

OF POUNDS

D O LLA R 5

K ATE

Gold Holdings o f the Bank of England, Sterling Exchange, the Bank of England Discount Rate, and the Market Rate on 3 M onths'
Bank Bills in London, by weeks, since the first of January. (Latest figures for gold holdings, August 19; for sterling,
August 22; and for interest rates, August 25)

Money Conditions in Great Britain

Foreign Exchange

The reduction on August 6 of the Bank of E n gla n d ’s
discount rate from 5 to 4 % per cent has called attention
to the changes in the financial situation in Great Britain
which have taken place since the resumption o f gold
payments in A pril. These changes are illustrated in the
diagram above.
One of the uncertainties attending the restoration of
the gold standard was the extent to which gold might
be withdrawn from London once the prohibition on
exports was removed. Since the restoration of a free
gold market, however, the gold movement instead of
being adverse to London has been generally favorable,
partly because foreign funds, assured of ready conver­
tibility and attracted by London rates, have tended to
flow into the British market. Gold holdings o f the Bank
of England up to A ugust 19 showed an increase o f
£8,000,000 due to imports, which together with an in­
crease of £27,000,000 due to the transfer o f gold from
the Currency Note Redem ption A ccount to the Bank of
England in the week of A p ril 29, raised the total gold
holdings of the bank to £164,000,000, a new high level,
and £126,000,000 above the 1913 average.
Sterling
exchange has advanced from $4.8156 to $4.8538, while
the effect of the influx of gold upon money conditions is
shown by the substantial decline in mone}r rates.

Sterling exchange continued to be firmly maintained
at above $4.8531 during August. French francs, on the
other hand, declined slightly, and Belgian exchange
showed a small net loss, notwithstanding a partial re­
covery later in the month follow ing the debt settlement
with the United States. Lire declined during the early
part o f the month, but recovered, and at 3.76 cents on
August 28 showed a net gain o f about 10 points.
Dutch exchange rose above parity fo r the first time
since the resumption of gold payments, and heavy deal­
ings occurred in the Danish and Norwegian exchanges,
which continued their rapid advance to new high levels
for recent years. Brazilian exchange was also active and
strong, and at 12% cents reached a new high price fo r
the year, 27^ per cent above the recent low.
A m ong Far Eastern exchanges, Japanese yen reacted
below 41 cents, while rupees were steady. Chinese rates
were generally higher, accom panying an advance in
silver on August 27 to 71% cents, the highest since
October 1924.

Gold Movement
In July, for the first time since last November, gold
movements resulted in a net import balance fo r the
United States. Total gold imports were $10,200,000, and
exports $4,400,000, so that the excess of imports was
$5,800,000. Of the imports, $6,000,000 came in one
shipment from France and $2,900,000 was from Canada,
while exports were chiefly for Mexico and the Orient.
F or the eight months from December 1 to July 31 the
net outflow o f gold amounted to $174,000,000.
D uring the first 28 days of A ugust gold movements
were unusually small. Imports at the Port of New Y ork
totaled only $500,000, while exports were slightly more
than a million.




Foreign Trade
Contrary to the usual seasonal tendency, exports o f
merchandise increased $15,000,000 in J uly to $338,000,000, at which level they were $61,000,000 above July
1924. Imports valued at $326,000,000, while practically
unchanged from the June figures, were also substantially
above July of the previous year.
In the case o f exports, the increase from June oc­
curred despite the fact that there was little change in
the value o f grain and cotton shipments. O f imports,
receipts o f rubber increased during July, while those
of silk declined.
Detailed figures made available for the fiscal year
ended June 30 show heavy exports o f raw cotton
amounting to over a billion dollars. E xports o f wheat
and wheat flour were the next in value at approxim ately
$400,000,000 follow ed closely by mineral oils, while
automobiles and parts came fourth with nearly $250,000,000. Leading articles of import during the fiscal
year were raw silk, valued at $353,000,000, follow ed by
sugar, coffee, and crude rubber.

FEDERAL RESERVE AGENT AT NEW YO R K

Production

Indexes of Business Activity

Preparations for a strike in the anthracite coal fields
on September 1 were reflected by heavy production of
anthracite in both July and August. In the week of
August 22 the production of 2,200,000 net tons was the
largest for any week since 1922, and 29 per cent greater
than in the corresponding week a year ago. Bituminous
output also increased during July and August and
reached the highest levels since early in February.
The continuance of the automobile industry at un­
usually high levels of activity was shown by an output of
346,700 passenger cars in July, a total nearly equal to
that of June and 46 per cent larger than a year pre­
vious. In the case of trucks, the output was larger than
in June and 48 per cent above a year ago.
In the iron and steel industry, production in July,
while slightly below that of June, remained substan­
tially above July last year, and during the first three
weeks of August operations showed a gradual upward
tendency. A decrease of 170,991 tons in the unfilled
steel orders of the Steel Corporation at the end of July
was the smallest monthly decrease since the downward
movement began in March.
Silk mill activity increased in July to near the high
level of last March, and cotton consumption and woolen
mill activity, while considerably below normal, were
substantially larger than in July 1924. The follow ing
table gives this ban k’s indexes of production in m ajor
industries in percentages of the computed trend, after
allowance for seasonal variation.

General business activity in July, as measured by
this bank’s indexes, continued at an unusually high
level. The index o f bank debits outside of New Y ork
City, which reflects closely changes in the total volume
o f trade, was only slightly lower than in June, and
equal to or above any other month since January.
Car loadings of merchandise and miscellaneous freight
continued above the computed trend, or normal, for the
month, and other loadings increased over June, due
largely to the heavier movement of coal and the market­
ing of the new winter wheat crop. Mail order sales
were 29 per cent above a year ago, building permits
were exceptionally heavy, and factory employment held
close to a normal level for this time of year.
In the follow ing indexes o f business activity allow­
ance has been made for the usual year to year increase,
seasonal variations and, wThere necessary, an adjustment
has been made fo r estimated price changes.

(Computed trend of past years=100 per cent)
1924

(Computed trend of past years=100 per cent)
1924

1925

July

May

June

July

98
92
91
89
108
42
123

106
108
91
94
110
141
83

103
99
90
86
115r
77
98

103
101
94
98p
115p
76
96

95
95
118
109
99
90

96
111
114
112
97
95

94
114
112

93
117
123

ioo
91

‘ 96
92

100
109

110
124

111
119

110
118

99

103

105

103

98

103

101

103

103
99
99
95
103
122

115
99
104
99
108
160

118
100
106
98
119
177

114
105

Primary Distribution

Car loadings, merchandise and misc......
Car loadings, other...................................
Wholesale trade, Second District...........
Grain exports............................................
Panama Canal traffic...............................
Distribution to Consumer

Chain store sales.......................................
Mail order sales........................................
Life insurance paid for.............................
Real estate transfers................................
Magazine advertising...............................
Newspaper advertising............................

1925
General Business Activity

Producers’ Goods

Pig iron.....................................................
Steel ingots...............................................
Bituminous coal.......................................
Copper, U. S. mines.................................
Tin deliveries............................................
Zinc...........................................................
Petroleum.................................................
Gas and fuel oil........................................
Cotton consumption................................
Woolen mill activity*..............................
Cement......................................................
Lumber......................................................
Leather, sole.............................................
Silk consumption*....................................

July

May

June

July

57
55
75
101
60
96
123
97
61
70
123
100
73
98

89
99
87
99
87
96
132
107
89
83
125
105
74
115

84
94
88
102r
99
98
129
114
84
81
128
110
76
118

83
89
91p
104
96
102

109
107
101
136
111
109
107
80
103
114
92
104
85
93
96
113
122
| 80
i

113
97
110
86
93
88
96
79
104
130
121
115
97
90
97
132
140
97

99
105
101
101
100
99

Consumers’ Goods

Cattle slaughtered....................................
Calves slaughtered...................................
Sheep slaughtered.....................................
Hogs slaughtered......................................
Sugar meltings, U S. ports.....................
Wheat flour...............................................
Cigars........................................................
Cigaretr.es..................................................
Gasoline.....................................................
Tires..........................................................
Newsprint.................................................
Paper, total...............................................
Boots and shoes........................................
Anthracite coal.........................................
Automobile, all....................................... ..
Automobile, passenger.............................
Automobile, truck....................................
* = Seasonal variation not. allowed for
p = Preliminary
r= Revised




i35
128
113
87
91
93
136
148
87

‘ 83
77p
132
i30
122
114
103
91
io7
105
79
111
iii
83
102p
104p
156
169
104

Bank debits, outside of New York City.
Bank debits, New York City..................
Bank debits, 2nd Dist. excl. New Y'ork
Velocity of bank deposits, outside of
New York City.....................................
Velocity of bank deposits, New York
Postal receipts...........................................
Electric power...........................................
Employment, N. Y. State factories........
Business failures.......................................
Building permits.......................................

'98
94

p = Preliminary
r=Revised

Employment and Wages
Factory employment in July showed only the usual
mid-summer decline o f about 1 per cent from June,
both in New Y ork State and in the United States, and
remained well above the level o f a year ago. The decline
from March to July in this state was only 5 per cent
this year, com pared with 14 per cent last year.
Average weekly earnings o f factory workers in the
state showed little change during the month, though a
1 per cent decline occurred fo r the country as a whole,
probably due to vacations. Total factory pay roll ex­
penditures in the United States declined over 2 per cent
from June to July, but were 15 per cent larger than
a year ago.

6

MONTHLY REVIEW, SEPTEMBER 1, 1925

Building
July records of building permits and contracts indi­
cate the continuation of construction work at unprecedentedly high levels. Contracts awarded in 36 states
totaled $529,000,000, an increase of 53 per cent over last
year, and larger than ever before in July. Permits
issued in 377 cities were 41 per cent above a year ago
and also larger than in any July.
In New Y ork City the building totals are rapidly over­
taking those of 1924, after falling much below in the
early months of this year. Contracts awarded in July
were 76 per cent larger and permits more than twice as
large as a year ago. These increases were due chiefly
to residential contracts, which reached the highest level
since the spring of 1924. Influence of the New York
City figures is shown in total contracts for the district,
which were 40 per cent above last July. The accom­
panying diagram compares by months the figures fo r the
country and for this district with last year.
Reflecting the continued heavy building, costs are
somewhat higher than a year ago. W hile disputes be­
tween various labor unions have caused suspension of
work on a number of large projects, in general operations
are proceeding at a high level, and labor supply has
been adjusted fairly closely to demand.

August 1 estimates fo r all crops except cotton, and
August 15 prices at the farms, indicates an increase of
7 per cent over 1924, and over 75 per cent since 1921.
Compared with last year, the increase in aggregate
values is chiefly due to larger crops o f corn and cotton,
although a number o f minor crops also promise substan­
tially larger financial returns than last year. The accom ­
panying diagram compares the preliminary estimates
of this y e a r’s crop with the final figures for recent years.
In the case of cotton, the 1925 figures are based on
estimates as of August 15.
8 ,7 3 2 ;

COTTOH

644

CORN

1 9 2 .1

19ZZ

1 9 2 .3

19£4

1925

Estimated Value of Principal 1925 Crops at August 15 Prices
at the Farm Compared with Dec. 1 Value of Crops Har­
vested in Previous Years.
(In millions of dollars)

Commodity Prices
A fte r advancing during the early summer this ban k ’s
price index o f 20 basic commodities declined late in
July, and in August. This was due chiefly to the
reaction in rubber, which fell to 95 cents, or 26 cents
below the July high point, and also to a drop o f nearly
3 cents a pound in cotton, accom panying improved
prospects fo r the crop.
The prices o f corn, hogs, and petroleum were also
lower, but metals, on the other hand, were firmer. Scrap
steel continued to advance. P ig iron became slightly
PERCENT.
JAN-

FEB* MAR' APR- MAV JUN- JUL* AUG. SEP. OCT- NOV* DEC*

Value of Building Contracts Awarded in 36 States and in New
York State and Northern New Jersey. (Latest figures,
July)

Crops
Am ple rainfall resulted in a rather general im prove­
ment in crop conditions in New Y ork State during July.
Indicated yields of oats, corn, barley, apples, and pears
on August 1 were larger than last y e a r’s crops. In the
cases o f buckwheat and potatoes, however, yields appar­
ently will be smaller than in 1924.
W hile the composite condition of crops throughout
the country as reported by the Department of A gricu l­
ture was 1.6 per cent lower on A ugust 1 than on July 1,
and below the average of the last ten years, a pre­
liminary calculation of aggregate values, based on




Price Indexes of 20 Basic Commodities in the United States and
in England. (1913 = 100 Per cent. Latest figures, August 22)

FEDERAL RESERVE AGENT AT NEW YORK

firmer, and copper and lead reached the highest levels
since January.
As compared with a year ago, both this bank’s index
o f wholesale prices and that of the Department of Labor
showed considerable advances, due largely to increases
in farm products and foods. These tendencies are re­
flected also in a moderate advance in the semi-annual
cost of living index of the Department of Labor to a
level slightly higher than at any time since 1921. As
indicated in the follow ing table, this increase was due
almost wholly to increases in the retail price of foods.
(1913 Average = 1 0 0 per cent)

Index
June 1924

Index
June 1925

Per cent Change
June 1925
from
June 1924

Food.....................................................
Clothing..............................................
Housing..............................................
Fuel and light..................................
House furnishing g o o d s ..............
Miscellaneous...................................

142.4
174.2
168.0
176.7
2 1 6 .0
201.1

155.0
170.6
1 67.4
176.7
21 4 .3
2 0 2 .7

+ 8 .8
— 2 .1
— 0 .4
0
— 0 .8
+ 0 .8

All item s........................................

169.1

173.5

+ 2 .6

Department Store Business
Department store sales in this district averaged 2 per
cent larger in July than a year ago. I f allowance is
made, however, fo r an extra selling day this year for
stores in New Y ork City and vicinity, the sales, on a
working day basis, fell slightly below those o f a year
ago, despite increased floor space in a number o f the
stores. In the case o f apparel stores, the unadjusted
sales averaged 3 per cent smaller than in July 1924.
Stocks o f merchandise on hand in reporting stores
were 4 % per cent larger than in last year, a somewhat
greater increase than occurred in sales. The rate of
turnover fo r the month, in consequence, fell slightly
below last year, though fo r the year to date the average
continues slightly above 1924.

Net Sales
Percentage Change
July 1925
from
July 1924

Rochester...........................................................
Syracuse.............................................................

Wholesale Trade

Bridgeport.........................................................

Trade of representative wholesale dealers in this dis­
trict during July averaged 10 per cent above a year ago,
reflecting increases in a m ajority of the reporting lines.
The largest increase occurred in w om en’s coats and
suits, and was probably due chiefly to the fact that
sales last year were unusually small because o f labor
troubles. Machine tool sales, however, were also sub­
stantially larger than last year, silk goods business was
maintained at a high level, and considerable gains oc­
curred in m en’s clothing, cotton goods, shoes, and
diamonds.
Stocks of wholesale shoe dealers continued to expand,
whereas a year ago they were being sharply reduced,
and stocks of groceries, and jew elry and diamonds were
likewise larger than a year ago, although the increases
were not so large as in previous months. In the cases
o f cotton goods and silk goods, stocks continued smaller
than last year.
Net Sales
Percentage Change

Northern New York State.....................
Central New York State.........................
Southern New York S ta te.....................
Hudson River Valley D is t.....................
Westchester District.................................

Groceries................................................
M en’s clothing.....................................
Wom en’s dresses.................................
Wom en’s coats and suits................
Cotton-Jobbers...................................
Cotton-Commission houses............
Silk goods..............................................
Shoes.......................................................
D rugs......................................................
Hardware..............................................
Machine tools......................................
Stationery.............................................
Paper......................................................
D iamonds.............................................
Jewelry...................................................
Weighted Average......................... i

July 1925
from
June 1925

+ 2 .1
+ 5 4 .8
— 3 8 .6
+ 5 2 3 .5
+ 1 2 .4
— 9 .5
— 1 4.2
— 6 .6
— 1 .2
— 11.9
— 13.5
— 7 .5
— 4 .1
+ 1 7.8
— 8 .5

+ 2 .3
+ 2 0 .3
— 1 1 .0
+ 1 3 0 .0
+ 9 .6
+ 9 .9
+ 2 4 .0
+ 1 1 .1
— 7 .7
+ 3 .4
+ 5 6 .6
+ 2 .2
— 1 .7
+ 1 5 .6
— 3 .2

— 4 .9

+

+ 3 6 .2

__ 22 1

+
+

— 2 .1 *
+ 5 9 .5

+8.7

j

*=Stock at first of month— quantity not value




+ 1 0 .2

+

8 .1 *
7 .4
1 .3

j — 7 .5
j

— 9 .4

( +
i.

6 .6

0.4

+
+
—
+
+
+
—

5 .1
2 .9
0 .5
5 .9
8 .8
4.9

3 .8

+ 3 .2
+ 11 .3
—

7.9

Apparel stores..................................................
Mail order houses...........................................

— 2 .9
+ 2 9 .2

2 .3

+

4 .5

— 0 .9

The largest increases in sales over last year were in
sporting goods, books and stationery, luggage and
leather goods, and toilet articles and drugs. Furniture
and home furnishings continued to show large gains, and
there were substantial increases also in shoes and hosi­
ery. Silk goods and apparel sales, on the other hand,
did not compare so favorably with a year ago as in
June, and cotton goods showed a sharp decline.
The average value o f the individual sales transaction
in July was $2.41 com pared with $2.38 a year previous.

July 1925
from
July 1924
3 .8

—

+

Commodity
July 1925
from
July 1924

2 .1
3 .6
6 .5
4 .7
1 .2
2. S
5 .0
3 .3

All department stores...................................

Stock at end of month
Percentage Change

July 1925
from
June 1925

+
+
+
—
+
+
+
+

Stock on Hand
Percentage Change
July 31, 1925
from
July 31. 1924

Net Sales
Percentage Change
July 1925
from
1
July 192 i

Stock on Hand
Percentage Change
July 31, 1925
from
July 31, 1924

+ 3 3 .7
+ 2 0 .8
+ 1 7 .7
+ 1 6 .1
+ 16.1
+ 1 2 .0
+ 1 0 .9
+ 9 .2
+ 9 .0
+ 8 .1
+ 6 .8
+ 4 .9
+ 2 .6
+ 2 .0
+ i .4
— 0 .7
— 1 0 .0
— 3 .2

-J- 2 8
+ 2 .3
+ 1 0 .0
+ 1 .8
+ 12.1
+ 4 .9
— 3 .0
— 3 .0
+ 3 .6
4-5.2
+ 1 .0
+ 5 .6
+ 0 .2
+ 1 .4
+ 1 .3
— 0 .2
+ 1 2 .7
— 1 .2

Toys and sporting goods.............................
Books and stationery....................................
Luggage and other leather goods............
Toilet articles and drugs.............................
Home furnishings...........................................
Silverware and jewelry.................................
Linens and handkerchiefs...........................
W om en’ s and Misses’ ready-to-wear. . .
M en’s and B oys’ w ear..................................
M en’s furnishings...........................................
Woolen goods................................................... i
W om en’s accessories.....................................
Cotton goods....................................................
Miscellaneous................................................... I

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Schedule

of

Interest and Principal Payments on
of British Debt to This Government

Account

Schedule

The Belgian Debt Agreement
W ith the funding of its debt of $417,780,000 to this
Government, subject to the approval of the Belgian Gov­
ernment and the United States Congress, Belgium be­
comes the sixth country to make form al provision for
payment of its indebtedness to the United States. This
settlement brings the total of foreign debts which have
been funded to approximately $5,166,000,000, out o f a
total of about $12,000,000,000, including principal and
accrued interest. Countries which have previously con­
cluded funding arrangements are Great Britain, Poland,
Finland, Lithuania, and H ungary.
Under the terms of the Belgian settlement payment

of

Interest and Principal Payments on
of Belgian Debt to This Government

Account

of principal of the pre-Arm istice debt o f $171,780,000
without interest, and o f the $246,000,000 post-Armistice
debt with interest, amounting to $310,050,500, are to be
made over a period of 62 years in annual instalments of
about $12,700,000, except during the first ten years, for
wThich smaller fixed payments are specified. Interest
on the post-Armistice debt is fixed in arbitrary
amounts for the first ten years and at 3 % per cent there­
after. The diagrams above, com paring the methods of
payment of both the British and Belgian debts, show
the smaller payments which are made during the first
ten years under both the British and Belgian debt settle­
ment plans, and also the manner in which the amounts
paid on principal increase and interest charges decrease.

Statement showing principal amount of obligations of Foreign Governments held by the United States Treasury, interest accrued
and unpaid thereon up to and including the last interest period prior to May 16, 1925, and payments
received on account of principal and interest up to August 24, 1925.
Unfunded Obligations

Principal
Amount of
Obligations
Now Held

Interest Accrued
as of Last
Interest Paying
Dates

France..........................................................................
Italy.............................................................................
Russia.............. ...........................................................
Czechoslovakia............................................................
Jugoslavia....................................................................
Rumania......................................................................
Austria........... .............................................................
Esthonia........ .............................................................
Greece.............. ............................................................
Armenia.....................................................................
Latvia.................................................................. .
Nicaragua....................................................................
Liberia.........................................................................
Cuba................
...............................................

$3,340,516 044
1,647,869,198
192,601,297
91,879,671
51,037,886
36,128,495
24,055,709
13,999,145
15,000,000
11,959,917
5,132,287
100,590
26,000

$870,040,904
490,674,654
62,546,395
25,799,424
14,377,111
10,380,166
6,495,041
3,794,875
2,625,000
2,999,562
1,219,852

Total.....................................................................

$5,430,306,239

Funded Objigations
Great Britain..............................................................
Belgium.......................................................................
Poland..........................................................................
Finland........................................................................
Lithuania.....................................................................
Hungary......................................................................

$4,554,000,000
*416,904,160
178,560,000
8,910,000
f 6 ,045,225
1,972,883

Total....................................................................

$5,166,392,268

Grand Total Funded and Unfunded.........................

$10,596,698,507

Total
Indebtedness

Payments
on Account
of
Principal

j
j

Payments
on Account
of
Interest
$231,405,662
57,598,852
7,913,702
304,178
636,059
263,313

$64,302,901
164,852

6,76S

$4,210,556,948
2,138,543,852
255,147,692
117,679,095
65,414,997
46,508,661
30,550,750
17,794,020
17,625,000
14,959,479
6.352,139
100,590
32,768

10,000,000

126,266
8,182
861
2,286,751

$1,490,959,752

$6,921,265,991

$77,033,046

$301,702,979

$4,554,000,000

$46,000,000
875,839

$1,490,959,752

1,159,153
50,513

8,910,000

..........90,000

6,045,225
1,972,883

30,000
9,672

$5,166,392,268

$47,005,511

$345,164,750

$12,087,658,259

$124,038,557

$646,867,729

178,560,000

0

720,600
1,794,180

$343,620,000
192,567
500,000
672,300
135,675
44,208

416,904,160

^Funding Agreement concluded but not approved by Congress
fFunding Agreement approved by Congress but bonds have not been exchanged




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