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MONTHLY REVIEW OF B U S IN E S S C O N D IT IO N S JOHN PERRIN, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank of San Francisco Vol. IX San Francisco, California, October 20, 1925 No. 10 S U M M A R Y O F N A T IO N A L C O N D IT IO N S Production in basic industries and factory employment increased in September. Distribu tion of commodities, both at wholesale and at retail, continued in large volume, and the level of wholesale prices remained practically un changed. Production. The Federal Reserve Board's index of production advanced two per cent in September, notwithstanding the suspension of anthracite mining. The volume of output in creased considerably in the iron and steel, bituminous coal, and textile industries, while the decreases which occurred in some other in dustries were relatively small. Autom obile production was larger than in August, but con tinued to reflect the effects of curtailment inci dental to changes in models. Number of em ployees on factory payrolls in September was larger than in August in nearly all reporting industries. Building contracts awarded during September did not equal the record level of August, but continued large as compared with earlier months. Total contracts awarded dur ing the first nine months of this year were nearly as large as for the entire year 1924. Crop conditions, as reported by the Department of Agriculture, showed considerable improve ment in September. Indicated yields of cotton, corn, oats, barley, and hay were larger than a month earlier, while forecasts of wheat and tobacco production were slightly smaller. Mar keting of crops increased further in September, but was smaller in volume than last year. Trade. W holesale trade was 9 per cent larger in value in September than in August, and sales in all lines except dry goods were larger than a year ago. Sales of department stores and of mail order houses showed considerably more than the usual increase in September and were larger in value than a year ago. Stocks of merchandise at department stores also in creased more than usual in September, and at the end of the month were 4 per cent larger in value than a year ago. W holesale firms in PER CENT PER CENT P R O D U C T IO N IN B A S IC IN D U S T R IE S In d ex o f 22 basic com m od ities corrected io r seasonal variation (1 9 1 9 = 100). Latest figure, Septem ber, 111. W H O L E S A L E P R IC E S In d e x o f U . S. Bureau o f L a b or Statistics (1 9 1 3 = 100, base adopted by B u reau). Latest figure, Septem ber, 160. T h o s e d e s i r i n g t h i s r e v ie w s e n t t h e m r e g u la r l y w il l r e c e iv e it w it h o u t c h a r g e u p o n a p p l ic a t io n . 74 October, 1925 M O N TH LY REVIEW OF BUSINESS CONDITIONS all leading lines except groceries reported October 14th, and total loans of these banks smaller stocks on September 30th than a month were nearly $650,000,000 larger at the middle of earlier. Total and merchandise freight car October than at the end of July. During the loadings in September were larger than during same period demand deposits of these banks the same month of any previous year. Coal increased by about $360,000,000 but were below shipments were smaller than in August, owing the level of the beginning of the year, while the to the anthracite strike, and shipments of coal volume of their borrowings at the reserve banks and of grain products were smaller than in Sep increased by about $200,000,000 to the highest tember of last year. point of the year. Total volume of reserve bank Prices. The level of wholesale prices, as credit outstanding was larger in O ctober than measured by the index of the Bureau of Labor at any other time during 1925, reflecting inBILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 « TOTAL BILLS 1QMD SECURITIES. \ BILLS OISCOUNTEokju L J BILLS BOUJ HT jC ; r ^ 1922 M E M B E R B A N K C R E D IT W e e k ly figures fo r m em ber banks in 101 leading cities. figures, O cto b e r 14. J US.SEO----- -1983 19 2 4 r 19 2 5 RE SE R V E B A N K C R E D IT W e e k ly figures fo r 12 F ed era l R e se rv e B anks. Latest figures, O cto b e r 21. Latest Statistics, declined slightly in September. A m ong groups of commodities, grains, woolen goods, and furniture showed price declines, while prices of coal and building materials ad vanced. In the first half of October, prices of grains, w ool, and rubber increased, while prices of sheep, hogs, sugar, and cotton declined. Bank Credit. A t reporting member banks in leading cities, the volume of loans, both for commercial purposes and on securities, in creased further between September 16th and creases during the two preceding months, both in discounts for member banks and in accept ances bought in the open market. This growth has been due primarily to the seasonal increase during the period of about $100,000,000 in cur rency in circulation. There has also been a con siderable increase in member bank reserve bal ances, accompanying a growth in their deposits. In October, the rates on prime commercial paper were firmer and the renewal rate on call loans averaged higher than in September. T W E L F T H F E D E R A L R E S E R V E D IS T R IC T C O N D IT IO N S S tC ltlS tlC C ll S u T t l l f i a V y Sept., 1925 A u g ., 1925 com pared w ith Sept., 1924 A u g ., 1924 Bank Debits— 21 cities*................................................. $2,779,033 $2,693,729 $2,393,460 $2,393,266 Bank Debits— Index Num bersf— 20 cities........... 143 146 123 129 Building Permits— 20 cities........................................ $31,826,926 $35,482,926$33,823,235 $34,351,053 Retail Sales— 32 store,s— Index N u m b ersf.......... 153 148 143 142 Savings Deposits— 70 banks*‘§ ................................. $1,125,735 $1,119,525$1,012,903° $1,002,246° Lumber Production— 4 associations— board feet* 687,592 717,588 661,393 628,815 Petroleum Production^— California— b a r r e ls .... 668,759 677,599 610,274 616,548 Flour Production— 16 companies— barrels........... 475,456 371,882 468,689 457,579 Reporting Member Bank Loans and Discounts||* $1,150,086 $1,129,713 $1,022,020 $1,008,399 Reporting Member Bank Deposits||*.................... $1,586,821 $1,548,509 $1,447,102 $1,419,367 Federal Reserve Bank D iscounts^*......................... $49,868 $48,172 $13,181 $15,976 Federal Reserve Bank Ratiojf.................................... 72.4 72.3 80.3 79.7 S ept., 1924 16.1 16.3 — 5.9 7.0 11.1 4.0 9.6 1.4 12.5 9.7 278.3 — 9.8 A u g ., 1925 3.2 — 2.1 — 10.3 3.4 0.6 — 4.2 — 1.3 27.9 1.8 2.5 3.5 0.1 * I n th ou sa n d s. f A d ju s t e d f o r s e a so n a l v a r ia tio n s — 1919 m o n th ly a v e r a g e = 1 0 0 . t D a il y a v e r a g e p r o d u c t io n . § T h e c o n s o lid a tio n o f r e p o r t in g b a n k s has re d u c e d th e ir n u m b e r , b u t has n o t a ffe c te d th e v a lu e o f r e p o r te d fig u re s fo r c o m p a r a t iv e p u r p o s e s . ||O c t o b e r 7, S e p te m b e r 9, 1925, a n d O c t o b e r 8 and S e p te m b e r 10, 1924. flO c to b e r 14, S e p te m b e r 16, 1925, a n d O c t o b e r 15 and S e p te m b e r 17, 1924. # P e r c e n t a g e in c re a s e o r d e c r e a s e ( — ) . 0 R e v is e d . October, 1925 FEDERAL RESERVE AGENT A T SAN FRANCISCO Agricultural Activities Returns from crops already harvested and reported condition of crops still in the field in dicate that agricultural yields of 1925 will be considerably above the low yields of 1924 and, in the aggregate, will approximate the average of recent years. Prices received by farmers for crops already marketed have generally been higher than a year ago. The total value of the agricultural output of the district, expressed in terms of purchasing power, is estimated to be larger than in any of the past five years. October 1st crop reports of the Department of Agriculture showed increases, as compared with September 1st reports, in estimated pro duction of most of the more important crops of this district. Comparative figures of selected grain and field crops and of apples for the Twelfth District, and of late maturing decidu ous fruit and nut crops for California follow : P R O D U C T IO N — G R A IN . F IE L D A N D O R C H A R D C R O P S O ct. 1,1925 Percentage changes from 5 -Y e a r 5 -Y e a r A v era ge A vera ge* F o re ca st* Sept. 1, A ctu al (1919(1919T w elfth O c t .l, A ctu al* 1923) 1925 1924 1923) D istrict 1925 1924 + 1.4 + 4 6 .7 W h e a t ( b u . ) . .103 ,9 9 5 70,874 113,736 39,395 — 0.1 + 1 4 8 .7 + 2 1 . 7 B a r le y ( b u . ) . . 47,930 19,270 + 0.6 + 3 4 . 0 — 18.2 7,363 6,026 4,497 R ic e ( b u . ) ____ - - 3.3 + 3 4 .5 — 5.1 5,147 B ea n s ( b u .) f f .. 4,882 3,630 + 1 1 . 8 + 69.1 123 — 0.5 C o t t o n (b a le s ) $ 208 186 — 2.0 + 1 0 . 9 — 2.3 35,760 P o t a t o e s ( b u .) 34,942 31,508 S u g a r B e e ts + 3.5 + 1 4 . 4 — 13.6 2 ,144 (to n s )§ . . . . 1,8531* 1,620 + 14.5 + 1 2 .1 26,733 H o p s ( l b s . ) . . . 28,386 25,333 Aapples p p le s 35,481 + 0.5 + 1 5 .8 + 5.0 ( b o x e s ) |[ . . 37,272 32,184 — 8.6 + 6.2 C a liforn ia G ra pes ( t o n s ) . W in e ( t o n s ) . T a b le ( t o n s ) . R a isin ( t o n s ) . P ru n es ( t o n s ) . W a ln u t s ( t o n s ) *000 ,013 368 435 ,207 140 30 1,550 350 300 900 139 21.5 + + + + 393 270 Ü 4 .5 24.1 — 1.2 0.5 1.9 0.9 4.8 4.8 + 2 9 .9 + 5.1 + 4 5 .0 + 3 4 .1 + 0.7 + 3 9 .5 75 1923-1924. Figures showing the trend of pro duction and shipments of California citrus fruits follow (figures for Florida are presented for comparison) : P R O D U C T I O N -I M P O R T A N T C IT R U S F R U IT S ,--------------- ( CaliforniaF lorid a O ranges L em on s O ranges G rapefruit: T otal T otal C rop Y ea r (boxes) * (boxes)* (boxes)* (boxes)4: (boxes)* (boxes)* 18,400 10,900 7,500 192 5-1926t . 22,200 6,ÌÓÓ 1924-1925 . . 19,200 25,300 10,300 8,200 18,500 1923-1924 . . 24,100 6,732 30,832 12,400 8,000 20,400 1922-1923 . . 20,500 3,400 23,900 9,700 7,200 16,900 1921-1922 . . 13,000 4,050 17,050 7,300 6,000 13,300 1920-1921 . . 21,600 4,955 26,555 8,100 5,100 13,200 1919-1920 . . 15,528 3,499 19,027 7,000 5,500 12,500 *000 o m itte d . fP r e lim in a r y estim a te . S o u r c e : U n ite d S ta te s D e p a r tm e n t o f A g r ic u ltu r e . C A R L O T S H IP M E N T S —C IT R U S F R U IT S <--------- O ranges A ll C itru s F r u its C a lifo rn ia F lorid a California^ F lo r id a ! C rop Y ear 1924-1925§ 1923-1924 1922-1923 1921-1922 1920-1921 ........................ 1919-1920 ........................ (cars) (cars) (cars) (cars) 43,165* 44,905 48,342 28,372 46,829 34,154 25,233* 33,471 22,639 15,369 20,890 16,912 54,911 58,075 57,382 39,409 59,056 43,581 45,371 52,953 39,608 28,310 31,952 27,732 ^ S h ip m en ts t o O c t o b e r 3, 1925. f O r a n g e s and g r a p e fru it. îO r a n g e s , le m o n s , an d g r a p e fru it, p r e l i m i n a r y . S o u r c e : U n ite d S ta te s D e p a r tm e n t o f A g r ic u ltu r e . N o t e : C a lifo rn ia c itr u s fru it c r o p y e a r e x te n d s fr o m N o v e m b e r 1st to O c t o b e r 31st. F lo r id a citr u s fru it c r o p y e a r e x te n d s fr o m O c t o b e r 1st to S e p te m b e r 30th. Agricultural products are m oving to market steadily, although a tendency to hold wheat has been manifested in some grow ing areas. Com mercial estimates indicate that farmers have sold more wheat during the present marketing PER CENT 1 1 IN D E X N U M B E R S OCTOBER 1 9 2 5 150 ¡¡¡j OCTOBER1924 — 6.4 + 61.1 C O M P O S IT E C O N D IT IO N (¡O P Y IE L D ) O F A L L C R O P S C O M P A R E D W IT H T E N YEAR AVERAGE (U-S-OEPT-OFAGRICU LTU RE) + 28^2 + 24.5 o m itte d . tfC aliforn ia, A r iz o n a an d I d a h o . J A r iz o n a and C a lifo rn ia . § C a lifo rn ia , I d a h o an d U ta h . ||F ig u r e s are fo r c o m m e r c ia l c r o p in u n its o f o n e b o x . f ln c r e a s e o f 107,000 to n s w as r e p o r te d fo r I d a h o . F o r e c a s t s fo r C a lifo rn ia and U ta h w e re lo w e r e d b y 23,000 to n s an d 19,000 to n s, r e s p e c t iv e ly , d u r in g O c t o b e r . 1925 IN D E X N U M B E R S O F F A R M P R IC E S 3 0 FARM PRO DU CTS Forecasts, based upon present condition of citrus fruit crops in California, indicate that the volume of production during the 1925-1926 crop year will exceed that of the 1924-1925 crop year, but will be less than in the record year (AUG.,1909- JULY,1914*100) (US-DEPT- OFAGRICULTURE) P R O D U C T IO N P R IC E S C R O P P R O D U C T IO N A N D F A R M P R IC E S ( A ) A gricultural M arketing A ctivity- M on th ly S e p te m b e r , 1 9 2 5 ............................. A u g u st, 1 9 2 5 ............................. S e p te m b e r— 5 -y ea r a v e ra g e . . . (1 9 2 0 -1 9 2 4 ) C u m ulative T o S e p te m b e r 30, 1 9 2 5 ............... T o S e p te m b e r 30, 1 92 4............... F iv e -y e a r a v e ra g e to S e p te m b e (1 9 2 0 -1 9 2 4 ) <---------E x p o i •ts--------- \ --------- C a riot Ship m ents-------- * Barley* A p p le s* W heat* San 12th Portland and O ra n g esf L e m o n s f Puget Sound F ra n cisco D ist. C a lif. C a lif. (1000bu.) (1000bu.) (cars) (cars) (cars) 8,603 1,999 1,860 700 2,911 § 417 226§ 1,766 653 8,337 H 2,192 602 . , 3,055 2,019 r . , 4,168 (4 .0 1 ) . . 4,321 (6 .1 ) .. 7,082 (6.1) 6,540 (13.9) 4,013 (20.8) 5,477 (13.1) C.rop Y c&r 9,537 (16.6) 8,493 (18.5) 9,554 (17.4) L iv e s to ck R eceip ts at Eight M arkets in 12th D istrict C attle and C a lv es H ogs Sheep 120,880 136,796 411,260 104,575 127,691 304,556 100,102 128,026 347,956 r 36,514 (88.2) 45,163 (86.6) 40,341 (91.4) 11,037 (96.0) 12,599 (90.5) 9,944 (91.1) 925,012 ColdStorage Holdings II 12th D istrict Butter Eggs (1000 (1000 lbs.) 3,910 4,941 4,041 u a icu u a r 11 :a r ------------1,661,270 2,375,198 903,182 1,945,118 2,392,350 801,794° 1,443,666° 2,292,173° Figures in parentheses indicate percentage of new crop only. *Season begins July 1st. tSeason begins November 1st. ¡¡Three-year average (1923-1925). liAt end of month. #Four-year average. c 1921-1925. cases) 464 558 436# §Revised. 76 October, 1925 M ON TH LY REVIEW OB' BUSINESS CONDITIONS season, to O ctober 15th, than they sold during a like period of the 1924-1925 marketing season, but that, in proportion to total production, sales volum e has been smaller this year than last. Carlot shipments of deciduous fruits from the district during the 1925 season to October 3rd were larger in volume than during the same periods in 1923 and 1924. A ll states of the district, except Utah, where the peach crop was practically a failure this year, reported in creased shipments as compared with 1924. The increase as compared with 1923 was due to larger shipments from California and W ash ington. Some shortage of refrigerator cars for shipping grapes has been experienced in Cali fornia since the middle of September. Exports of wheat and barley, carlot shipments of fruits, receipts of livestock and cold storage holdings of butter and eggs are given in Tables “ A ” and “ B.” Moderate seasonal rainfall in Pacific North western and Intermountain States, early in O c tober, improved present and prospective winter feed conditions on livestock ranges and pas tures. The rains also aided fall plowing and fall seeding of grain crops. Commercial fac tors estimate that a normal acreage of winter grains is being sown in the district. Industrial Activity Industrial activity in the Tw elfth Federal Reserve District continued at high seasonal levels during September, 1925, available data of output and employment indicating that the volume of production was larger than in Sep tember, 1924. Changes in employment conditions reported during the month were largely seasonal in character. Non-statistical reports for the dis trict as a whole indicate an increase in em ployment during September as compared with August, 1925, and September, 1924. Figures of employment in California, collected by the California State Bureau of Labor Statistics from 686 representative firms in that state, were smaller by 2.3 per cent in September than in August, 1925, the decrease being due chiefly to a decline of approximately 20 per cent in the number of wage earners employed in the fruit canning industry. This bank’s employment survey of Oregon showed an increase of 3.4 per cent in volume of employment from August to September which, conversely, was the result of increasing activity in the fruit canning industry in that state. Building activity continued at high levels during September. The value of building permits issued in 20 principal cities of the district was less by 10.3 per cent than in August, which compares with an estimated normal seasonal decrease from August to Sep tember of 13.0 per cent. District figures for September, 1925, were 5.9 per cent smaller in value than those for September, 1924, substan tial increases at most of the reporting cities being more than offset by declines at Long Beach, Los Angeles, Pasadena, and San Fran cisco, California. Total value of building permits issued in 20 cities during the first nine months of 1925 was 7.9 per cent greater than the value of permits issued during the same period of 1924. B U I L D I N G P E R M I T S I N 20 C I T I E S (B) Carlot Shipments— Deciduous Fruits— A p p le s : T o O c t . 3, 1 9 2 5 .. . . T o O c t . 3, 1 9 2 4 .. . . T o O c t . 3, 1 9 2 3 .. . . . , T o t a l 1924 . . T o t a l 1923 G ra p es: T o O c t . 3, 1 9 2 5 .. . . T o O c t . 3, 1 9 2 4 .. . . T o O c t . 3, 1 9 2 3 .. . . T o t a l 1924 . . . T o t a l 1923 P ea ch es: T o t a l 1925* T o t a l 1924 T o t a l 1923 P ea rs: .. T o t a l 1925* T o t a l 1924 . . T o t a l 1923 M ix e d :§ .. T o t a l 1925* T o t a l 1924 T o t a l 1923 . . A ll D e cid u o u s:II T o O c t . 3, 1 9 2 5 .. . . T o O c t . 3, 1 9 2 4 .. . . T o O c t . 3, 1923. . . . . T o t a l 1924 . T o t a l 1923 T w elfth D istrict C a li forn ia O re gon W ash ington O th er (cars) (cars) (cars) (cars) 1,064 2,504 3,929 4,890 6,505 621 773 751 5,515 6,428 6,691 4,583 5,100 25,168 37,664 1,161 637 849 2 ,5 6 1 1 7 ,8 8 2 t 9,537 8,497 10,629 38,134 58,479 40,017 36,994 30,804 54,031 55,342 •• • 167 82 55 83 62 4t 7t 2t 71 4t 40,188 37,083 30,861 54,121 55,408 12,505 7,250 10,212 48 36 74 983 412 1,645 94$ 1,109$ 1,205$ 13,630 8,807 13,136 7,888 6,305 7,143 1,724 1,483 2,575 2,584 2,456 4,274 27 107 85 12,223 10,351 14,077 6,343 6,481 722 837 1,755 3,033 1,700 2,787 1,257 867 2,437 11,355 9,885 16,492 (cars) Per Cent Increase or Decrease (— ) M o n th s in 1925 com pared w ith sam e M o n th s in -1924 M on th ly Y e a r-to -d a te N o. N o. V a lu e V a lu e S e p t e m b e r — 5.2 — 5.9 — 3.0 7.9 — 2.7 9.7 A u g u s t . . — 1.0 3.3 J u ly . . . . 2.6 7.5 — 3.0 10.6 June . . . . 8.4 38.6 — 3.8 11.1 ( C) Building Permits— Septem ber, 1925 N o. V a lu e L o n g B ea ch L o s A n g e le s P a sa d e n a 9,513 67,817 59,534 61,601 78,957 88,715 3,115 3,129 5,155 7,871 10,832 13,458 9,233 13,861 29,819 46,432 2,543 2,727 4,578 4,651 11,613 86,933 74,623 85,195 121,298 157,592 .......... .......... . . ................. . S a c r a m e n to ............ S alt L a k e C it y . . . . S an D ie g o ............... San F r a n c is c o San J o s e ................. . * S h ip p in g s e a s o n not: co m p le te d ., fC h ie fly I d a h o . íC h ie fly U ta h . § I n c lu d e s c a r lo t sh ip m e n ts o f ch e rrie s an d p lu m s and p ru n es. |jIncludes varieties given above. S ource: United States Department of Agriculture. M o n th in 1925 com pared' with precedin g M on th N o. V a lu e 5.3 — 10.3 8.1 7.0 — 2.0 — 15.1 0.6 — 2.2 D is t r ic t 431 92 120 395 3,704 1,267 34 223 100 1,563 28 319 144 790 902 87 1,101 276 123 378 ................. . 12,077 $ S eptem ber, 1924 N o. V a lu e 839 ,312 41,937 125,886 1,480,551 11,071,923 3,000,070 203,700 815,363 182,124 3,539,685 67,250 655,920 511,495 1,641,940 3,158,082 161,163 2,805,050 299,341 235,021 991,113 426 80 142 471 4,553 1,211 33 320 99 1,558 17 318 137 642 918 97 1,020 212 127 363 $31 ,826 ,92 6 12,744 $ 805,809 223 ,278 147,417 2 ,368,746 13,090,467 2,502,094 110,300 923,899 214,016 2,548,575 19,400 622 ,016 445,525 985 ,567 5,671,784 721,990 1,439,970 203 ,724 231,798 546,860 $33,823,235 October, 1925 The United States Bureau of Labor Statis tics index number of building material prices stood at 174 for September, 1925, compared with 172 for August, 1925, and 171 for Septem ber, 1924. The Aberthaw index of total cost (labor and material) of construction of a rein forced concrete factory building continued at 194. In October, 1924, it was 195. Lumber production at reporting mills of four associations in this district exceeded shipments and new orders received by 4.1 per cent and 10.0 per cent, respectively, during September, 1925. Production, shipments, and sales (orders) were all larger in volume during September, 1925, than during September, 1924, although smaller than during August, 1925. The volume of unfilled orders decreased during September, but at the end of the month was larger than one year ago. Figures for the first nine months of this year show that more lumber has been shipped than has been cut during that period and that shipments have been in excess of orders received. L U M B E R A C T IV IT Y * P r o d u c t io n . . . . S h ip m e n ts ____ O rd e rs ............... U n fille d O rd e rs N o . o f M ills R e p o r t in g . . S ept., A u g ., Sept., *— F irst N in e M o n th s —'. 1925 1925 1924 1925 1924 (board feet)(board feet) (board feet) (board feet) (board feet) 687,592 717,588 661,393 5,9 1 4 ,766 5,633,685 660,775 678,035 611,455 5,929,296 5,534,865 625,314 688,786 600,832 5,873,518 5,397,069 429,749 456,638 411,346 167 173 190 178 t 193 t * A s r e p o r te d b y fo u r a s s o c ia tio n s , 000 o m itte d e x c e p t in ca se o f n u m b e r o f m ills r e p o r tin g . f A v e r a g e o f first n in e m o n th s . Figures of national production of non-ferrous metals follow : N O N -F E R R O U S M E T A L S —N ational Produ ction Sept., 1925 A u g ., 1925 Sept., 1924 C o p p e r ( lb s .) (m in e p r o d u c t io n ) .................................. 134,786,000 137,148,000 127,346,000 S ilv e r ( o z .) (co m m e r c ia l b a rs ) ....................................... 4,634,000 4,907,000 5,457,359 Z in c (t o n s ) ( s l a b ) ............... 47,384 47,849 40,852 (D) E m ploym ent— f ----- —C a liforilia---------V t-------- — O r e g o n N o . of N o . of N o. E m ployees —» N o . «— E m ployees —> A u g ., of Sept., of Sept., A u g ., 1925 Firm s 1925 F irm s 1925 1925 Industries 21,706 20,993 105 A ll I n d u s t r ie s ........... 686 162,282 166,128 (3 .4 ) ( —2.3) S to n e , C la y an d 260 257 7,724 7,867 5 G lass P r o d u c t s . 45 ( — 1.2) ( — 1.8) L u m b e r an d W o o d 16,512 16,661 27,559 48 M a n u fa c tu r e s . . 113 29,142 (5 .8 ) (0 .9 ) 960 1,018 2,280 5 13 2,326 T e x t ile s ................... (6 .0 ) (2 .1 ) C lo th in g , M illin e r y 467 463 64 7,480 7,200 7 an d L a u n d e r in g . (0 .9 ) (3 .9 ) F o o d , B e v e ra g e s 2,787 2,330 47,058 31 a n d T o b a c c o . . . 153 42,050 (1 9 .6 ) ( — 10.6) W a t e r , L ig h t 10,190 5 10,060 an d P o w e r . . . . ( — 1.3) 62,185 O th e r In d u s tr ie s * . 284 61,822 ( — 0 .6 ) 9 1,678 1,789 9 516 468 M is c e lla n e o u s . . . . (1 0 .3 ) ( — 6 .2 ) ^ In clu d e s the f o llo w in g in d u s t r ie s : m e ta ls, m a c h in e r y a n d c o n v e y a n c e s ; le a th e r an d r u b b e r g o o d s ; c h e m ic a ls , o ils and p a i n t s ; p r in t in g an d p a p e r g o o d s . F ig u r e s in p a re n th e se s r e p re s e n t p e r c e n ta g e c h a n g e s fro m A u g u s t. 77 FEDERAL RESERVE AGENT AT SAN FRANCISCO Average daily production of petroleum in California during September, 1925, was 1.3 per cent (8,840 barrels) less than in August, 1925. Indicated consumption also decreased during the month, however, and was 23.3 per cent less than production, with the result that on Sep tember 30, 1925, stored stocks again reached a new record figure, 122,249,717 barrels. Gasolene production at California refineries totaled 138,136,298 gallons in September, 1925, a decrease of 5.6 per cent from the August out put, and an increase of 35.3 per cent as com pared with production in September, 1924. Stocks of gasolene, at 381,344,970 gallons on September 30, 1925, were but 87,034 gallons larger than on August 31, 1925. S ep t., A u g ., S ept., S e p t., 1925. 1925. 1924. 1923* P E T R O L E U M — C aliforn ia Indicated r - N e w W e lls A v era ge Stored D aily A v era ge D aily S tock s at N u m ber P ro d u c D aily C on su m ption E nd o f tion P rodu ction (Shipm ents) M on th O pen ed (barrels) (barrels) (barrels) (barrels) 41,978 80 . 668,759 512,780 122,249,717 68,202 98 117,570,336 . 677,599 566,086 27,473 95 . 610,274 94,546,881 t 139,960 93 . 858,750 t t * P e a k o f p r o d u c t io n . fC o m p a r a b le fig u re s n o t ava ila b le . S o u r c e : A m e r ic a n P e tr o le u m I n s titu te . G A S O L E N E — C a liforn ia Sept., 1925 (gallons) R e fin e r y O u t p u t .. 138,136,298 S to r e d S t o c k s * . . . 381,344,970 A u g ., 1925 Sept., 1924 A u g ., 1924 (gallons) (gallons) (gallons) 146,329,170 102,118,190 99,955,286 381,257,936 t t * E n d o f m o n th . fC o m p a r a b le fig u re s n o t a v a ila b le . S o u r c e : U n ite d S tates B u re a u o f M in e s. Greater than seasonal increases in flour milling activity were reported during September. Flour output of 16 reporting milling companies in this district was 27.9 per cent larger in volume dur ing September, 1925, than during August, 1925, compared with a five-year average increase of 18.7 per cent between these two months. Pro duction during September, 1925, was larger by 1.4 per cent than during September, 1924, the first such annual increase reported since July, 1924. Millers’ stocks of flour increased during September, but on October 1st were 21.2 per cent smaller than a year ago and 15.1 per cent below the five-year average for the same date. Reported holdings of wheat at the mills in creased 64.8 per cent during September, and, at 2,375,637 bushels on October 1, 1925, were 71.2 per cent greater than on October 1, 1924, and 6.7 per cent above the five-year average for October 1st. F L O U R M IL L IN G * O u tp u t ( b b l s . ) . . . . S tock sf F lo u r ( b b l s . ) . . . W heat ( b u .) .... S ept., 1925 475,456 A u g ., 1925 371,882 Sept., 1924 468,689 F iv e -Y e a r A v era ge Sept., 1920-1924 557,818 374,022 2,375,637 334,213 1,441,377 474,381 1,387,699 440,729 2,226,286 * A s r e p o r te d b y 16 c o m p a n ie s . lo w in g m o n th . f A s o f the first d a y o f th e f o l 78 October, 1925 M ON TH LY REVIEW OF BUSINESS CONDITIONS G e n e r a l B u s in e s s a n d T r a d e Business generally was more active in Sep tember, 1925, than in August, 1925, or Septem ber, 1924. The increase as compared with the previous month was less than that which usually occurs at this season of the year, but over the year period a larger than normal in crease was shown. This bank’s index of bank debits (1919 monthly average= 100), based upon figures of debits to individual accounts reported by banks in 20 principal cities of the district, declined from 146 in August, 1925, to 143 in September, INDEX NUMBERS September, 1925, than during August, 1925. There is normally a seasonal decrease of ap proximately 4 per cent in value of sales during September as compared with August, and this bank’s index, which is adjusted for seasonal variations, advanced from 148 (1919 monthly average=100) in August, 1925, to 153 in Sep tember, 1925. In September, 1924, it stood at 143. D E P A R T M E N T S T O R E S A L E S - I n d e x N u m bers (1919 M onthly Averaee==100) W ith out Seasonal A d justm ent O ak Los A n geles land S e p t., 1919. . 97 98 S e p t., 1920. . 126 128 S e p t., 1921. . 126 107 S e p t., 192 2. . 133 116 S e p t., 1923. . 166 129 S e p t., 1924. . 176 126 M ay, 1925. . 203 143 1925. . 194 143 Ju n e, 117 1925. . 188 J u ly , 1925. . 210 A u g ., 138 S e p t., 1925. . 193 133 W ith Seasonal 1919. S e p t., S e p t., 1920. 1921. S e p t., S e p t., 1922. 1923. S e p t., 1924. S e p t., M ay, 1925. Ju n e, 1925. 1925. J u ly , A u g ., 1925. S e p t., 1925. In d ex fo r 20 principal cities, Ph oenix, A r iz o n a , not includ ed, (1919 m onthly a v e ra g e = 1 0 0 ). L atest figures, Septem ber, with adjustm ent, 143; w ithout adjustm ent, 142. 1925, due allowance being made for normal seasonal variation. Actual figures reported by the banks showed an increase of 3.2 per cent from August, 1925, to September, 1925. In September, 1924, the index, adjusted for sea sonal variations, stood at 123. Trade at retail, as reported by 32 depart ment stores in seven principal cities of the dis trict, was 0.5 per cent 3maller in value during (E ) B an k D eb its *— N in e M o n t h s ! S eptem ber, Septem ber, 1924 1925 1924 1925 $ 157,624 16,544 $ 162,259 17,340 $ B e r k e l e y ............. $ 101,524 11,868 106,913 13,797 B o is e .................. 283,070 300,220 38,920 52,627 F r e s n o ............... 471,388 419,741 42,824 42,304 L o n g B e a ch . . . 6,992,712 6,662,915 6 50,026 L o s A n g e le s . .. . 760,085 1,118,146 . 143,489 118,325 1,235,488 210,170 203,505 27,751 21,727 O gden ............... 293,617 26,670 313,157 29,346 P a sa d e n a .......... 180,773 20,708 18,498 200,825 P h o e n ix ............ 1,426,690 1,450,782 177,871 167,745 P o r t la n d ........... 71,712 76,278 8,870 7,655 R e n o .................. 397,671 38,039 324,980 33,138 S a c r a m e n to . . . 558,062 70,673 61,493 605,985 S alt L a k e C it y . 435,950 55,121 44,617 484,511 S an D ie g o . . . . 8,356,243 7,234,557 939,903 797,843 San F r a n c is c o . . 219,377 195,111 26,724 23,173 San J o s e .......... 1,780,509 1,614,646 219 ,834 182,881 S ea ttle ............... 455,196 422,158 54,015 48,020 S p o k a n e ............ 27,239 27,790 226 ,509 211,869 S t o c k t o n ........... 390,669 42,976 37,699 362,020 T a c o m a .............. 15,222 11,103 107,935 86,273 Y a k im a ............ T ota l ............ .$2,7 7 9 ,0 3 3 $2,393,460 $24,420,459 $22,489,281 *000 o m itte d . f N o t e : F ig u r e s f o r e ig h t m o n th s a p p e a r in g in the S e p te m b e r R e v ie w w e re tr a n s p o s e d . T h o s e a p p e a r in g u n d e r 1924 s h o u ld h a v e b e e n u n d e r 1925 a n d t h o s e a p p e a r in g u n d e r 1925 s h o u ld h a ve b e e n u n d e r 1924. A d justm ent 102 . 113 . 145 135 . 145 113 122 . 153 . 191 137 . 203 133 . 221 154 . 209 143 . 219 146 . 195 153 . 223 140 San F ra n c is c o 102 114 107 112 120 125 148 120 104 129 130 110 123 116 121 129 135 135 143 134 135 140 Salt Lake C ity 98 117 98 99 104 109 124 106 85 90 113 Seattle 109 104 93 101 101 101 102 98 91 97 107 100 119 99 100 106 110 108 103 106 115 114 100 95 85 93 93 93 104 98 100 102 98 Spo kane 117 125 111 105 106 92 85 85 77 88 108 D is trict 102 118 109 115 128 132 149 136 124 142 141 115 122 108 103 103 90 86 84 99 101 105 111 128 119 125 139 143 145 147 150 148 153 INDEX NUMBERS ......... ..... 11 1 ■U V v V v A^ V V ^ W T ~ X f ------ v ■■i WITH3E/*S0NAL ADJUSTMENT ------ WITHOUT ADJUSTMENT | . . ___________ 1___________ 11II 11111«mTmTlllllllllllllllll mTTÏ i_LJ_1..1—1—1—1.1..k_L1 19 2 2 19 2 3 19 2 4 19 2 5 D E P A R T M E N T S T O R E S A L E S -T W E L F T H D IS T R IC T In d e x of 32 Stores in 7 cities (1919 m onthly av erage= 100 ). Latest figures, Septem ber, w ith adjustm ent, 153; w ithout adjustm ent, 141. Value of sales of 194 wholesale firms in eleven lines of business was 4.9 per cent greater in September, 1925, than in September, 1924. In each month since June, 1925, value of sales at wholesale has been larger than in the cor responding month of 1924 by an amount equal to or greater than the estimated normal annual increase in trade at wholesale. The general level of wholesale prices during the past four months of this year has been approximately 7 per cent higher than in the same period a year ago, how ever, so that increase in physical volume of October, 1925 79 FEDERAL RESERVE AGENT AT SAN FRANCISCO goods sold has probably not been as great as is indicated by figures of dollar value of sales. W H OLESALE TRAD E Percentage increase or decrease (— ) t ------------in V a lu e o f Sales------------ > Sept., 1925 S ept., 1925 A u g ., 1925 com pared com pared com pared N o . of w ith w ith with F irm s Sept., 1924 A u g .,1925 A u g .,1924 A g r ic u ltu r a l Im p le m e n t s . 20 45.5 — 15.1 67.2 A u t o m o b ile S u p p lie s . . . . 18 — 1.2 — 2.3 — 1.0 A u to m o b ile T i r e s ............... 22 19.7 — 5.1 25.6 D r u g s ...................................... 5 1.2 13.0 — 1.1 D r y G o o d s ............................ 17 — 7.4 — 0.7 — 0.4 E le c tr ic a l S u p p lies .......... 10 9.61 17.0 9.1 18 — 1.8 11.2 2.0 F u rn itu r e .............................. G ro c e r ie s .............................. 27 — 0.6 9.5 — 2.5 H a r d w a r e .............................. 20 6.4 4.2 9.1 S h o e s ...................................... 12 18.1 19.6 10.3 25 11.6 7.6 8.6 S ta tio n e r y ............................. On September 30, 1925, savings deposits at 70 banks in seven principal cities were 0.6 per cent larger than on August 31, 1925, and 11.1 per cent larger than on September 30, 1924. S A V IN G S D E P O S IT S N u m ber Sept. of 30, Banks 1925* L o s A n g e le s . . 13 $381,835 7 99,587 O a k la n d .......... P o r tla n d .......... 8 53,168 Salt L a k e C ity 8 30,959 S an F r a n c is c o . 14 464,889 S ea ttle .............. 14 75,884 S p o k a n e .......... 6 19,413 Aug. 31. 1925* $380,705 97,869 52,867 30,243 463,511 74,971 19,359 Sept.30,1925 com pared with Sept. Sept. A u g . 30, 30, 31, 1924* 1924 1925 $331,396§ 15.2 0.3 91,200§ 9.2 1.8 51,928 2.4 0.6 29,907 3.5 2.4 420,461 10.6 0.3 68,147 11.4 1.2 19,864§ — 2.3 0.3 T o t al ........... 70 $1,125,735 $1,119,525 $1,012,903 § 11.1 0.6 *000 o m itte d . ^ P e r c e n ta g e in c re a s e o r d e c r e a s e ( — ) . § R e v is e d . N o t e : S a v in g s d e p o s its o f th ese b a n k s a m o u n t to fro m 55 to 60 p e r c e n t o f to ta l s a v in g s d e p o s its in all b a n k s in the T w e lft h F e d e ra l R e s e r v e D is t r ic t . Prices The general level of wholesale prices, which had risen 3.4 per cent from M ay to August, 1925, declined slightly during September, 1925. The wholesale price index number of the Bureau of Labor Statistics (1913 prices=100) stood at 159.7 in September, 160.4 in August, 155.2 in May, the 1925 low point, and 161.0 in March, the 1925 high point. A ccording to this index, the general level of prices at wholesale was 7.3 per cent higher in September, 1925, than in September, 1924, when it stood at 148.8. The agricultural products group of the Labor Bureau’s index declined 0.6 per cent during September, 1925, but at 161.5 was 10.5 per cent higher than in September, 1924. The figure for non-agricultural commodities, at 163.3 in Sep tember, 1925, showed a decline of 0.2 per cent for the month, and an increase of 3.2 per cent for the year. During September, the Department of A gricul ture’s index number of farm (not wholesale) prices of 30 farm products (July, 1909-August, 1913 average=100) declined 5.3 per cent to 144. This decrease was not accompanied by a corresponding decrease in prices of non-agri cultural commodities, and the ratio between the farm price index and the wholesale price index of non-agricultural commodities declined from 93 in August to 88 in September. This ratio, which is considered to be an index of farmers, purchasing power, was higher in August, 1925, than in any month since June, 1920. Movements of the different groups com prising the farm price index, during the past month and year, are shown in the table below : I N D E X N U M B E R S O F F A R M P R IC E S (P r ic e s A u gust. 1909 - July, 1914 = 100) Per cent increase (U . S. Department of Agriculture) o r decrease ( — ) com pared with Sept., A u g ., Sept., A u g ., S ept., 1924 1925 1925 1925 1924 G ro u p s 140 5.7 — 5.7 148 157 142 178 113 25.7 — 20.2 F ru its an d V e g e t a b le s ............ 149 115 24.3 — 4.0 M e a t A n im a ls ........................... 143 141 139 6.0 1.4 D a ir y an d P o u lt r y P r o d u c t s 133 1.7 — 4.3 C o tto n and C o t t o n S e e d . . . 178 186 175 90 96 100 — 10.0 — 6.3 U n c la s s ifie d ............................... 152 132 9.1 — 5.3 A ll G ro u p s —30 I t e m s ................ 144 W h olesale Prices o f N o n -A g r i3 .2 cultural C o m m o d itie s * ........... 163 164 158 — 0.6 R elative Purchasing P ow er o f 6 .0 88 83 F arm ers’ P rodu cts f .............. - 5.4 93 * C o m p u te d b y B u re a u o f L a b o r S ta tis tic s fr o m w h o le s a le p r ice s o f all c o m m o d it ie s e x c e p t th o s e fr o m U n it e d S ta te s fa rm s, 1 9 1 0 -1 9 1 4 = 1 0 0 . f T h e e x c h a n g e v a lu e o f a u n it o f the fa r m e r ’ s p r o d u c t in p u rch a s e o f n o n -a g r ic u ltu r a l p r o d u c t s at w h o le s a le p r ic e s (p r e -w a r e x c h a n g e v a l u e = 1 0 0 ) . O b ta in e d b y d iv id in g in d e x o f all g r o u p s (3 0 ite m s ) b y th e in d e x o f w h o le s a le p r ice s o f n o n -a g r ic u ltu r a l c o m m o d it ie s . During the latter part of September and the early weeks of October, the price of wheat de clined below the levels of a year ago, reversing the price relationship which has existed in previous months of 1925 as compared with cor responding months of 1924. On October 5, 1925, May (1926) contract wheat sold for $1.36 to $1.38^2 per bushel, a decline of 32.6 per cent from the 1925 high of $2.02% to $2.05 quoted on January 30, 1925, and of 11.6 per cent from the price quoted for May (1925) (F ) Com m odity P rices— C om m o d ity ............................. C h ic a g o c o n t r a c t p r ic e f o r D e c e m b e r w h e a t ............. ............................. S h ip p in g b a r le y f. o . b. S an F r a n c i s c o ......................... ............................ M id d lin g U p la n d s — W e e k ly ra n g e o f s p o t q u o t a tio n s at N e w O r le a n s ....................................................... W o o l ................................A v e ra g e o f 98 q u o ta tio n s at B o s t o n .............................. S u g a r .............................. B e e t g ra n u la te d f. o . b. S an F r a n c i s c o ......................... A p p le s ............................ J on a th a n s m e d iu m to la r g e e x tr a fa n c y f. o . b . W heat B a r le y C otton P ru n es R a isin s ............................ S iz e 4 0 /5 0 in 25 -lb . b o x e s f. o. b. C a lifo rn ia . ...........................L o o s e M u s c a te l 3 -c r o w n in 25 -lb . b o x e s f. o . b. U nit bu. ce n ta l O ctob er 2,1925 $ 1 .3 4 ^ -1 .3 8 ^ 1 .5 5 -1 .7 5 lb. lb. lb . 2 2 .6 0 -2 3 .3 3 0 76.76^ 5 .1 5 0 t box lb . .08H - 09H t lb . lb . lb. oz. lb. 1.75 O n e M on th A g o $ 1 .5 1 ^ -1 .5 4 3 * 1 .7 5 -1 .9 0 21 .2 8 -2 2 .0 0 0 78.080 5.650 2 4 .5 0 -2 5 .7 5 0 87.320 7.400 1.35 2.00 .09-.09y2i .08 n o t q u o te d C o p p e r ...........................E le c t r o ly t ic m o n t h ly a v e r a g e at N e w Y o r k . . . 14.3760 14.4900 L e a d ................................M o n t h ly a v e r a g e at N e w Y o r k ................................ 9.5080 9.1920 S ilv e r .............................. M o n t h ly a v e r a g e at N e w Y o r k ................................ 71.5700 70.2400 Z in c .................................M o n th ly a v e ra g e at St. L o u is ..................................... 7.7530 7.5760 L u m b e r ( S o f t w o o d ) .. W e e k l y I n d e x U n ite d S ta te s § .................................... 30.48 30.37 f O c t o b e r 6, 1925. Q u o te d at 5.05 ce n ts p e r p o u n d o n O c t o b e r 20th, the lo w e s t p r ice q u o te d s in c e J a n u a ry, 1922. $1925 c r o p p rice s . § A s p u b lish e d b y “ T h e L u m b e r M a n u fa ctu re r and D e a le r .” O n e Y ear A g o $ 1 .4 5 ^ - 1 .4 9 2.7 5 -2 .9 0 .09 H .07H 12.9170 8.0000 69.3500 6.1810 29.79 80 M ON TH LY REVIEW OF b u s i n e s s c o n d i t i o n s contract wheat on October 6, 1924 ($1.53% to $1.57 per bushel). May (1926) contract wheat was quoted at $1.42j^ to $1.44^4 on October 19, 1925. Cash prices (per bushel) of hard white wheat on the Portland exchange were $1.38 on October 12th, $1.29 on October 5th, $1.49 on September 14, 1925, and $1.55 on October 11, 1924. Barley prices at San Francisco have de clined during recent weeks. Quotations ap pear in Table “ F.” Prices of beef cattle and of lambs advanced, and prices of hogs declined, during the month ending O ctober 10th. W eekly average prices at Chicago fo llo w : t---------------------- W e e k ly A v era ge P rices*----------------------- ^ ( Per hundred pounds) O ct. 10, 1925 1925 H ig h 1925 Low O ct. 11, 1924 P ostW ar H ig h P ostW ar Low October, 1925 cline during September, and at the beginning of October was 1.8 per cent less than a year ago. Time deposits increased steadily. R E P O R T I N G M E M B E R B A N K S * — T w e lfth D istrict (in millions of dollars, percentage changes in parentheses.) C o n d itio n C h ange O ct. 7, from O n e 1925 M on th A g o 1,150 + 2 0 ( 1 .8 % ) 886 -j- 8 ( 1 .0 % ) 461 + 9 ( 1 .9 % ) 768 — 3 ( 0 .4 % ) 1,587 + 3 8 ( 2 .5 % ) C h ange from O n e Y ear A go + 1 2 8 ( 1 2 .5 % ) + 67 ( 8 .1 % ) 4* 61 ( 1 5 .3 % ) — 14 ( 1 .8 % ) +140 ( 9 .7 % ) T o t a l L o a n s ............ C o m m e r c ia l L o a n s . In v e s tm e n ts .............. D e m a n d D e p o s it s . . T o t a l D e p o s i t s ......... B o r r o w in g s fro m F e d e ra l R e s e r v e B a n k ........................ 44 + 2 ( 4 .1 % ) + 40 ( 9 9 1 .3 % ) * T o t a l r e s o u r c e s o f r e p o r t in g b a n k s are a p p r o x im a t e ly 5 0 % o f to ta l r e s o u r c e s o f all b a n k s, a n d 7 5 % o f t o ta l r e s o u r c e s o f all m e m b e r b a n k s in T w e lft h F e d e ra l 1 . D is t r ic t . R e p o r t in g ba n k s e m b r a c e m e m b e r b a n k s in ^ ’•ancisco, L o s A n g e le s , O a k la n d , P o r t la n d , S e a ttle , T a c o n u , -kane, S a lt L a k e C ity , and O g d e n . M IL L IO N S O F D 0 L L A B S C a ttle ( N a t iv e b e e f ) , C h ic a g o $11.55 $12.50 $9.05 $10.20 $17.30 $6.40 8-8-25 2-14-25 8-9-19 12-24-21 $14.05 $10.20 $10.95 $22.20 $6.65 3-21-25 1-10-25 7 19-19 6-16-23 L a m b s , C h ic a g o $15.45 $18.30 $12.65 $13.55 $20.80 $8.10 ______ 1-24-25 5-23-25 1-24-20 9-3-21 * D a te s in d ica te en d o f w e e k f o r w h ic h p r ice s h ave b e e n a v e ra g e d . H ogs, C h ic a g o . $11.85 Opening prices for California almonds and walnuts during the past five years, as an nounced by the co-operative associations con trolling the bulk of these two crops in that state, fo llo w : O P E N IN G P R IC E S O F C A L I F O R N I A N U T C R O P S t --------------A lm o n d s ---------------> <--------------- W a ln u ts----------------• > (cents per pound) 1 9 2 5 ............... 1 9 2 4 ............... 1 9 2 3 ............... 1 9 2 2 ............... 1 9 2 1 ............... N onpareil 30 34 23y2 21 25 23 IX L Ne Plus U ltra 2234 20 24 23 2034 19 22 21 (cents per pound) N o . 1 Baby M eSoft Soft Large dium D ra k e Shell Shell B u dded Bu dded 19^ 24 15 29 22 15 25 16 29 24 1234 22 15 26 15 22^ 1734 26 2234 1334 2434 17 28 2534 27y2 25y> Lead, silver, and zinc prices advanced, and copper prices declined during September. Monthly average prices of copper, lead, silver, and zinc were 11, 19, 3 and 25 per cent higher, respectively, in September, 1925, than in Sep tember, 1924. The softwood lumber index, pub lished by “ The Lumber Manufacturer and Dealer,” stood at 30.33 on October 16th, com pared with 30.32 one month ago and 29.74 one year ago. Banking and Credit Situation Demand for credit in the Twelfth Federal Reserve District increased during September, a partly seasonal movement. Total loans of reporting member banks were larger by $20,000,000 (1.8 per cent) on October 7th than on September 9th, two-fifths of the increase, or $8,000,000, being in commercial loans, and three-fifths, or $12,000,000 in loans secured by stocks and bonds. Investments of these banks increased by $9,000,000 (1.9 per cent) during the four-weeks period, and total loans and in vestments, at $1,611,000,000 on October 7, 1925, were at record levels. The total of demand deposits held by the banks continued to de M E M B E R B A N K C R E D IT —T W E L F T H D IS T R IC T F igures fo r 67 m em ber banks in leading cities, as o f last W ed n esd a y o f each m onth. Latest figures, S eptem ber 30. Changes in condition of the Federal Reserve Bank of San Francisco during the four weeks ending October 14, 1925, were relatively slight. Discounts and holdings of investments pur chased in the open market (United States securities and acceptances) were slightly larger on October 14th than on September 16th. Federal reserve note circulation declined dur ing the four-weeks period. F E D E R A L R E S E R V E B A N K O F SA N F R A N C IS C O (in millions of dollars, percentage changes in parentheses.) C on dition C h an ge from O ct. 14, O n e M on th 1925 Ago T o t a l B ills a n d S e c u r itie s * 117 + 4 ( 3 .9 % ) 50 + 2 ( 3 .5 % ) B ills D i s c o u n t e d ! ............ . U n it e d S ta te s S e c u r itie s . . 44 + 1 ( 1 .9 % ) B ills B o u g h t $ ..................... . 23 + 2 ( 9 .2 % ) T o t a l R e s e r v e s ................... . 272 + 4 ( 1 .6 % ) T o t a l D e p o s it s ................. . 170 + 7 ( 4 .3 % ) F e d e ra l R e s e r v e N o te C ir c u la t io n ..................... , . 206 — 2 ( 0 .8 % ) * F o r m e r ly p u b lis h e d as “ T o t a l E a r n in g A s s e t s .” lish e d as “ D is c o u n t s .” $ F o r m e r ly p u b lis h e d A c c e p t a n c e s .” C h an ge from O n e Y ear A go + 2 8 ( 3 1 .3 % ) + 37 ( 2 7 8 .3 % ) — 16 ( 2 7 .2 % ) + 7 ( 4 5 .8 % ) — 34 ( 1 1 .1 % ) — 1 ( 0 .5 % ) — 4 ( 2 .1 % ) fF o r m e rly p u b as “ P u rc h a s e d Interest rates charged customers by banks in principal cities of the district were un changed during September.
@FedFRASER