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MONTHLY REVIEW O F 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, September 21, 1925 No. 9 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 of basic commodities declined in August to the lowest level of the year, but was considerably higher than during the summer of 1924. Distribution of goods at wholesale and retail continued in greater volume than a year ago. Seasonal growth in the demand for credit, arising partly from financing of the crop movement, was reflected in an increase in the volume of commercial borrowings. Production. The Federal Reserve Board’s index of production in basic industries, which is adjusted for seasonal variations, declined 4 per cent in August, but was 15 per cent higher than a year ago. Output of steel, and of bitu minous and anthracite coal, and activity in the woolen industry increased in August, while mill consumption of cotton and the production of flour and lumber decreased. Employment and earnings of factory workers were larger in August than in July, but continued smaller than in June. Building contracts awarded dur ing August, ow ing chiefly to large awards in New York, exceeded all previous records. Crop PER C E N T Production in B asic In d u stries — Index of 22 basic commodities corrected for seasonal variation ( 1 9 1 9 = 1 0 0 ) . Latest figure, August, 108. reports of the Department of Agriculture at the beginning of September, as compared with forecasts a month earlier, indicated somewhat larger yields of spring wheat, oats, barley, hay, and tobacco, and smaller yields of corn and potatoes. The mid-September cotton crop esti mate was 13,931,000 bales, compared with a forecast of 13,740,000 bales on September 1st. Trade. W holesale trade was 5 per cent larger in value during August than during July owing to seasonal increases in the sales of dry goods and shoes, and sales of all lines except groceries were greater than those in August, 1924. Retail sales at department stores and at mail order houses showed less than the usual increases in August, but continued in greater volume than last year. Stocks of merchandise at department stores increased in August, and for the first time this year were considerably larger than in the corresponding month a year ago. W h ole sale firms in all leading lines, except drugs and hardware, reported smaller stocks on August 31st than a month earlier. Total freight car P E R C E N T W holesale Prices — Index of U . S. Bureau of Labor Statistics (1 91 3 = base adopted by Bureau). Latest figure, August, 160. T h o s e d e s ir in g t h is r e v ie w s e n t t h e m r e g u l a r ly w il l r e c e i v e it w it h o u t c h a r g e u p o n a p p lic a t io n . 100, September, 1925 M O N TH LY REVIEW OF BUSINESS CONDITIONS 66 loadings were larger during August than in any month since last October. Coal shipments, pre ceding the anthracite strike, were especially heavy, less than carload-lot shipments contin ued to increase, and the movements of live-stock and grains were seasonally greater than in July, 1925, although smaller than in August, 1924. Prices. The wholesale price level showed a further slight advance in August and was near the high level reached in the spring of this year. Prices of agricultural commodities, which in rePER C E N T at the middle of the month were about $275,000,000 higher than at the end of July. Invest ment holdings remained in about the same volume as during previous months, but loans on securities increased and on September 16th were near the highest level of the year. A fur ther growth in the total of reserve bank credit in use occurred during the five-week period ending September 23rd. Member bank borrow ings increased in the early part of September, and after a temporary decline during the period B IL L IO N S OF D O L L A R S A LL OTHCI9 LOANS (LARGELY CC 0* 1 PAYROLL —— : * * EMPLOYMENT IN VES1■ M E N T S ^ ^ _ . I••*-*........ LOAN S ON SECUFÏITIES 19 2 2 19 2 3 19 2 4 19 2 B 19 2 2 19 2 3 tries ( 1 9 1 9 = 1 0 0 ) . Latest figures, August, employment, 9 4 ; payrolls 105. cent months have been above the average for all commodities, increased further, while prices of other commodities declined slightly. Between the end of August and the latter part of Septem ber prices of bituminous coal, pig iron, rubber and cotton advanced, and prices of spring wheat, corn, raw sugar and w ool declined. Bank Credit. A t member banks in leading cities loans, chiefly for commercial and agricul tural purposes, showed further seasonal in creases during the first half of September, and 19 2 4 19 2 5 M e m b e r B ank C re d it — W e e k ly figures for member banks in 101 leading F a cto ry E m ploym ent and P ayrolls — Indexes for 45 manufacturing indus cities. Latest figures, September 16. of Treasury financing, increased to a larger total than at any time since the beginning of 1924. The seasonal growth in the demand for currency during August was reflected in an increase of $65,000,000 in total money in circulation. Money rates showed a firmer tendency during the last week of August and the first three weeks of September. The prevailing rate on prime commercial paper remained at 4j4 per cent, but there was an increased proportion of sales at A /T2 per cent. 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 Statistical Summary— Au gust, 1925 July, 1925 A u gu st, 1924 A u gu st, 1925# com pared w ith July, A u gu st, July. 1924 1924 1925 Bank Debits— 21 cities*................................................. $2,693,729 $2,766,952 $2,393,266 $2,451,200 12.6 — 2.6 Bank Debits— Index Numbersf— 20 cities........... 146 147 129 13113.2 — 0.7 Building Permits— 20 cities.......................................... $35,482,926 $33,155,732$34,351,053 $30,843,574 3.3 7.0 Retail Sales— 32 stores— Index N um ber.sf........... 148 150 142 142 4.2 — 1.3 Savings Deposits— 70 ban k s*§.................................... $1,119,525 $1,115,638$1,002,246° $1,001,030° 0.3 11.7 5.3 Lumber Production— 4 associations— board feet* 717,588681,238 628,815 537,297 14.1 Petroleum Production^— California— b a r r e ls .... 677,599 658,421 616,548 621,7669.9 2.9 Flour Production— 16 companies— barrels........... 371,882275,634 457,579 462,327 — 18.7 34.9 Reporting Member Bank Loans and Discounts||* $1,129,713$1,105,452 $1,008,399 $1,002,491 12.02.2 Reporting Member Bank Deposits||*...................... $1,548,509 $1,541,596 $1,419,367 $1,373,396 9.1 0.4 Federal Reserve Bank D iscounts^*......................... $48,172 $41,802 $15,976 $19,093 201.5 15.2 Federal Reserve Bank Ratiofl...................................... 72.3 74.7 79.7 82.4 — 9.3 — 3.2 * I n th ou s a n d s . f A d ju s t e d f o r se a s o n a l v a r ia tio n s — 1919 m o n t h ly a v e r a g e = 1 0 0 . J D a ily 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 r e 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 the 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 tiv e p u r p o s e s . ||Septem b e r 9, A u g u s t 5, 1925, an d S e p te m b e r 10 an d A u g u s t 6, 1924. ffS e p te m b e r 16, A u g u s t 12, 1925, and S e p t e m b e r 17 a n d A u g u s t 13, 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 . September, 1925 Agricultural Activities Harvesting* of the district’s crops has pro ceeded without unusual incident. Yields of crops already taken from the field have gener ally been slightly larger than was anticipated. The condition of later maturing crops, particu larly rice and grapes in California, and potatoes in other states of the district, was lowered as the result of weather unfavorable to growth during August, and production estimates of September 1st were slightly below those of August 1st. During the first weeks of September early seasonal rains did slight damage to drying fruits and to grapes in California and tempo rarily delayed threshing of grains in the Pa cific Northwest. The rainfall was of benefit to pastures and ranges, however, and with ade quate supplies of feed available, livestock gen erally are in satisfactory condition. Seasonal increases in activity in marketing of agricultural products has accompanied prog ress of the harvest, as is indicated by figures of grain exports, carlot shipments of fruits, and P R O D U C T IO N —P R IN C IP A L G R A IN A N D F IE L D C R O P S T w e lfth F ed era l R eserve D istrict and U nited States Sept. 1,1925 Percentage changes from 5 -Y e a r 5 -Y e a r A v erage* A v era g e F orecast* S e p t.l, A ctual* (1919A u g .l, 1924 (1919A ctu al 1925 1923) 1925 1924 1923) W h e a t ( b u .) 113,736 + 3 .7 + 44.8 — 9.8 70,874 12th D is t .. .1 0 2 ,6 0 7 + 3.1 — 19.8 — 17.9 872,673 852,176 U . S ........... .699 ,5 6 9 B a rle y ( b u .) + 20.4 19,270 39,395 + 0.7 + 146.2 12th D is t .. . 47,439 + 27.9 187,875 173,576 + 3.9 + 18.2 U . S ........... .2 2 2 ,0 0 0 R ic e ( b u .) + 33.2 — 18.7 7,363 — 5.1 4,497 12th D is t .. . 5,988 + 3.9 — 13.6 . 35,284 40,856 — 2.6 33,956 U. B ea n s (b u .) + 30.2 — 8.2 3,630 5,147 + 1.1 4,727 12th D is t .t . 12,068 + 0.7 13,327 + 31.8 + 45.6 U . S ............ . 17,569 C o tto n (b a le s ) + 63.4 123 + 1.0 + 8.1 207ÏÏ 186 12th D is t .î 10,612 + 1.3 + 0.8 + 29.5 U . S ............ . 13,93111 13,627 P o t a t o e s (b u .) 35,760 + 8.8 — 4.2 31,508 — 1.5 12th D is t .. . 34,269 454 ,784 388,497 — 2.5 — 24.3 — 11.4 U . S ............ .344,391 S u g a r B e e ts (t o n s ) 1,790 1,620 2,144 + 7.7 + 10.5 — 16.5 12th D is t.§ . 6,652 7,513 — 0.5 — 18.7 — 8.2 U . S ............ . 6,109 H o p s ( lb s .) — 2.1 — 7.2 25,333 26,733 + 5 .0 12th D is t .. . 24,801 s....... *000 67 fe d e r a l re se rv e a g e n t a t san fr a n c is c o o m itte d . fC a lifo r n ia , A r iz o n a and Id a h o . ^ A rizo n a and C a lifo rn ia . § C a lifo rn ia , I d a h o an d U ta h . ^ S e p te m b e r 6, 1925. receipts of livestock given in Table “ A .” Figures showing the trend of carlot shipments of deciduous and citrus fruits by varieties from California during the past five years fo llo w : D E C ID U O U S F R U IT S H IP M E N T S F R O M C A L IF O R N IA 5 -Y e a r A v e rT o Sept. 1st 1925 1924 1923 1922 1921 age* A p r ic o t s ............... 399 505 682 193 285 413 C h erries ............... 506 710 612 502 665 599 G r a p e s ................... 5,043 7,013 4,697 3,300 2,703 4,551 P e a ch e s ................ 2,743 1,762 3,468 2,231 3,334 2,708 P e a rs ...................... 6,425 4,856 6,045 4,194 3,437 4,991 P lu m s ................... 3,693 2,874 5,238 3,452 3,099 3,671 M ix e d ................... 78 131 135 55 74 95 T o t a l ............ 18,887 *1921-1925. 17,851 20,877 13,927 13,597 17,028 Production figures of orchard crops in Cali fornia and of apples in the Twelfth District and United States follow : P R O D U C T IO N — O R C H A R D C R O P S C a liforn ia S ept. 1,1925 t--------- A c t u a l--------- \P ercentage changes from F orecast 5 -Y e a r 5 -Y e a r Sept. 1, A v era ge A v era ge 1925 1924 (1919-1923) A u g .l, A ctual (1919(tons) (tons) 1925 1924 (tons) 1923) 6,000* 9,200 7,650 . . — 34.8 — 21.6 150,000 137,000 148,000 + 2 . 0 + 9.5 + 1.4 A lm o n d s . A p r ic o t s . F ig s (d r ie d ) . 8 ,5 0 0 f 10,900 G ra p es . . 1,989,666 1,550,000 W in e . . 366,000 350,000 392,600 T a b le .. 427,000 300,000 270,000 R a is in . 1,196,000 900,000 R a is in s . . 254,0001f 180,000 206,170 O liv e s . . . 13,800 5 ,500|| 10,400 P e a ch e s .. 397,000 320,000 378,000 P e a rs . . . . 152,000 133,000 117,200 P lu m s . . . 52,000 39,000 47,200 P ru n e s . . . 147,000 139,000 114,500 W a ln u ts . 31,500° 21,500 24,120 O r a n g e s t .19,2 00,000 .2 4,100,000 19,025,000 L em ons! . 6,732,000 4 ,527,000 A p p le s § 12th D ist, 37,104 32,184 35,481 U . S. . . 91,182 85,761 89,700 — 2.9 + 2 8 * 3 — 5.2 + 4.6 — 2.3 + 4 2 . 3 — 2.4 + 3 2 . 9 — 2.7 + 4 1 .1 . . + 1 5 0 .9 + 2 . 6 + 2 4 .1 + 2.7 + 1 4 .3 — 8.8 + 3 3 .3 + 1.4 + 5.8 + 1.6 + 4 6 . 5 . . — 20.3 — 6.8 + 58.1 + 2 3 .2 + 3 2 .7 + 5.0 + 29.7 + 10.2 + 28.4 + 3 0 .6 + 0.9 — 4.9 + 1 5 . 3 + 4.6 + 0 . 1 + 6.3 + 1.7 * C o m m e r c ia l e stim a te . t9 7 0 to n s o f fresh fig s w e re ca n n e d and sh ip p e d . $ B o x e s . § P r o d u c t io n fig u re s are f o r c o m m e r c ia l cr o p in u n its o f o n e b o x . ||28 p e r c e n t o f n o r m a l p r o d u c t io n , if C o m m e r c ia l estim a te s o f m a r k e ta b le c r o p r a n g e fr o m 200,000 to 240,000. ° C o m m e r c ia l e s tim a te s — 27,000 to n s . Industrial Activity Further seasonal expansion of industrial ac tivity is indicated by available data of produc tion and employment for August. In that month, as in the previous three months, indus trial output was larger in volume than during the same month a year ago. ( A ) A gricultural M arketing A ctivity— (------- E x p o r ts -------- \ t---------------C arlot Shipm ents--------------- \ L iv e s to ck R eceip ts W heat* Barley* A p p le s* T otal at Eight M arkets in 12th D istrict Portland and San 12th D ecid u ou s O ra n gesf L e m o n s f C attle Puget Sound F ra n cisco D ist. Fruits£ C a lif. C a lif. and M on th ly (1000 bu.) (1000 bu.) (cars) (cars) (cars) (cars) C a lv es H ogs Sheep A u g u s t , 1 9 2 5 .................................. 121 2,833 417 8,628 1,766 653 94,575 127,691 304 556 J u ly , 1 9 2 5 .................................. 332 1,630 517 7,452 2,672 1,700 91,562 143,353 278,095 A u g u s t— 5 -y ea r a v e r a g e .......... 2,461 2,187 833$ 8,147 2,499 827 90,713 116,625 275,136 (1 9 2 0 -1 9 2 4 ) C u m u lative T o A u g u s t 31, 1 9 2 5 ................... T o A u g u s t 31, 1 9 2 4 ................... F iv e -y e a r a v e r a g e to A u g . 31. _____ (1 9 2 0 -1 9 2 4 ) f - ................. 453 ( 0 .4 ) 1,424 ( 2 .0 ) 4,027 (3 .5 ) 4,463 ( 9 .5 ) 2,798 (1 4 .5 ) 3,458 ( 8 .3 ) C r o p Y e a r -------------------------------- ,------------------------ C alendar Y e a r ------------- N 934 18,887 34,654 10,337 804,132 1,524,474 1,963,938 ( 1 .6 ) (8 3 .7 ) (8 9 .9 ) 1,819 17,851 42,458 11,927 785,881 1,759,991 1,987,822 (4 .0 ) (8 1 .4 ) (8 5 .7 ) 1,722$ 17,028 38,150 9,341 701 ,692 ° 1,315,640° 1,944,217° (3 .2 ) (8 6 .5 ) (8 5 .6 ) Figures in parentheses indicate percentage of new crop only. *Season begins July 1st. fSeason begins November 1st. $Four-year average (1922-23 to 1925-26). §California, excluding apples. Seascn begins May 1st. ||At end of month. fiFour-year average. ° 1921-1925. ColdStorage Holdings II 12th D istrict Butter Eggs (1000 (1000 lbs.) cases) 4,941 558 4,802 572 5,249 54711 68 Increases in volume of employment, both as compared with one month ago and one year ago, were reported in all states of the district during August. Detailed data of reporting in dustrial plants in California and Oregon showed increases of 1.5 per cent and 6.5 per cent, re spectively, in number of wage earners em ployed during August as compared with July. Seasonal increases in activity in the food prod ucts industries were principally responsible for these gains. A normal seasonal increase (7.0 per cent) in value of building permits issued by 20 cities in this district was reported during August. The figures were 3.3 per cent above those reported for August, 1924, small declines in the majority of the larger reporting cities being more than offset by an increase of approximately $5,000,000 in L ong Beach, California. O f the total amount ($6,026,029) of building permits issued in L ong Beach during August, 1925, approxi mately $4,000,000 was to permit construction of a new harbor breakwater. During the first eight months of 1925 the value of permits issued in 20 principal cities was 9.7 per cent larger than during the first eight months of 1924. Percentage comparisons for the district follow and detailed figures by cities are pre sented in Table “ C.” B U I L D I N G P E R M I T S I N 20 C I T I E S Per Cent Increase or Decrease (— ) M o n th s in 1925 com pared with sam e M o n th s in Y e a r-to -d a te V a lu e N o. M on th ly V a lu e N o. A u gu st . . J u îy . . . . Ju n e M ay . . . . A p r il . . . M arch . . F e b ru a r y . Jan uary . — 1.0 2.6 — — — — 8.4 0.9 2.3 2.5 18.0 7.1 3.3 7.5 38.6 21.7 20.4 2.2 — 4.5 — 5.3 — — — — — — — — 2.7 3.0 3.8 5.8 7.3 9.0 12.7 7.1 9.7 10.6 11.2 6.7 3.3 — 2.3 — 4.9 — 5.3 M o n th in 1925 com pared with preceding M on th V a lu e N o. 8.1 — 2.0 — 2.2 — 8.6 — 8.6 32.0 — 7.2 21.2 7.0 — 15.1 0.6 — 6.6 3.4 23.2 3.8 — 0.05 (B ) E m ploym ent— — O re g o n ----------- \ -C a lifo r n ia ---------v f N o . of N o . of E m ployees N o. ^ -E m p lo y e e s —* N o. ■ A u g ., July, of A u g ., July, of 1925 1925 Firm s 1925 Industries Firm s 1 1925 17,509 18,646 96 A ll I n d u s t r ie s ............ 653 157,713 155,434 (6 .5 ) (1 .5 ) S to n e , C la y and 278 260 7,315 5 7,437 G lass P r o d u c t s . 45 ( — 6 .5 ) (1 .7 ) L u m b e r and W o o d 14,674 13,871 42 M a n u fa c tu r e s . . 106 25,536 26,483 ( 5 .8 ) C— 3 .6 ) 874 869 4 2,261 2,243 T e x t i l e s ...................... 13 (0 .6 ) C— 0 .8 ) C lo th in g , M illin e r y 488 473 7 5,629 5,543 and L a u n d e r in g . 59 ( — 3.1 ) ( 1 .6 ) F o o d , B e v e ra g e s 1,915 1,546 30 an d T o b a c c o . . . 148 45,474 42,129 ( 2 3 .9 ) (7 .9 ) W a t e r , L ig h t 10,709 and P o w e r . . . . 5 10,190 4 .8 ) 59,172 58,885 O th e r In d u s t r ie s * . 265 ( 0 .5 ) 452 2,109 455 2,032 8 M is c e lla n e o u s . . . . 12 (0 .7 ) 3-7) ^ 'In clu d es th e f o llo w in g i n d u s t r ie s : m e ta ls, m a c h in e r y an d c o n v e y a n c e s ; le a th e r a n 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 re p r e s e n t p e r c e n ta g e c h a n g e s fro m J u ly . September, 1925 M ON TH LY REVIEW OF BUSINESS CONDITIONS A ccording to the index of the United States Bureau of Labor Statistics, wholesale prices of building materials stood at 172 in August, 1925, compared with 170 in July, 1925, and 169 in August, 1924 (1913 prices= 100 ). The Aberthaw index of total building costs, including labor and materials, stood at 194 on Septem ber 1, 1925. This figure has been unchanged since June 1, 1925. On September 1, 1924, it was 196. Lumber production of approximately 175 mills reporting to four associations in this dis trict exceeded shipments and new orders re ceived by 5.8 per cent and 4.2 per cent, respec tively, during August, and was 5.3 per cent larger than during July. The volume of new orders received during August exceeded ship ments, and unfilled orders at the close of the month were larger than at its beginning. Ship ments were 1.9 per cent, and orders received 1.0 per cent smaller during August than during July, 1925. A ctivity in the industry continued at higher levels than a year ago. LU M B E R A C T IV IT Y * A u gu st, July, 1925 1925 (board feet) (board feet) 717,588 681,238 P r o d u c t io n 690.824 S h ip m e n ts , 678,035 688,786 695,672 O rd e rs U n fille d O rd e rs 456,638 449.825 N o . o f M ills 177 R e p o r t in g . . 173 A u gu st, 1924 feet) 628,815 597,255 664,179 412 ,864 (board 181 r ■First Eight M on th s—% 1925 1924 (board feet) (board feet) 5,227,174 5,268,521 5,248,204 4,972,292 4,923,410 4,796,237 1 79 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 s e o f n u m b e r o f m ills r e p o r t in g . f A v e r a g e o f first e ig h t 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 P rodu ction A u gu st, 1925 July, 1925 A u gu st, 1924 C o p p e r ( l b s .) ( m in e p r o d u c t io n ) ................................ 137,148,000 135,296,000 133,140,000 S ilv e r ( o z .) (c o m m e r c ia l b a r s ) ..................................... 4,907,000 5,831,000 5,491,372 Z in c ( t o n s ) ( s l a b ) ............... 47,849 47,583 41,775 Reported daily average production of petro leum in California during August was 2.9 per cent greater than during July, 1925, and 9.9 per cent greater than during August, 1924. Indi cated consumption of petroleum increased 1.6 ( C ) B uilding Perm its— N o. $ L o n g B e a c h .......... L o s A n g e l e s .......... . . .. P a sa d e n a ............... .. S a c r a m e n to .......... S a lt L a k e C it y . . . S an D ie g o ............ San F r a n c is c o . . . 65 96 341 3,493 1,238 230 119 1,377 266 143 .. 939 109 1,111 245 94 398 V a lu e 929 ,956 42,675 137,330 6,026,029 10,221,257 3,246,419 101,550 6 76,426 178,792 3,544,110 133,889 655 ,454 539,190 1,254,099 3,840,076 221,615 2,083,895 533,944 220,360 895,860 $35 ,482 ,92 6 A u gu st, 1924 N o. V a lu e 416 $ 901,908 68 103,207 110 148,916 1,045,041 345 3,835 13,893,095 1,113 3,026,716 34 113,200 334 1,306,328 84 210,529 1,543 3,152,125 59,200 16 289 497 ,976 131 507,263 582 1,632,051 894 4 ,040,980 82 298 ,440 1,003 2,116,960 241 185,167 94 369,319 362 742,632 11,576 $34 ,351,053 September, 1925 per cent during August, 1925, but was less than production, and stored stocks continued to in crease, reaching a new high point of 117,570,336 barrels at the end of the month, a figure 3.0 per cent greater than that for July 31, 1925, and 25.3 per cent greater than that for August 31, 1924. P E T R O L E U M — C a liforn ia Indicated A v era ge Stored A v era ge D aily S to ck s at D aily C on su m ption End o f P rodu ction (Shipm ents) M on th (barrels) A u g ., J u ly , S e p t., A u g ., 1925. 1925. 1923* 1924. 677,599 658,421 858,750 616,548 * P e a k o f p r o d u c t io n . (barrels) 566,086 556,918 (barrels) (barrels) 117,570,336 114,113,419 t t t N e w W ells -> D aily P ro d u c tion N um ber O pened 93,804,301 68,202 98 102 93 100 88,491 139,960 33,954 General Business and Trade Total volume of business and trade in the district decreased seasonally during August as compared with July, but was still above esti mated normal in the later month. This bank’s index of bank debits, based upon figures reported by banks in 20 principal cities of the district, declined from 147 (1919 monthly average=100) in July, 1925, to 146 in August, 1925, due allowance being made for normal seasonal variation. The volume of debits reIN D E X NUMBERS fC o m p a r a b le fig u re s n o t a v a ila b le . Flour production in the district increased by more than the usual seasonal amount during August, but was still approximately 20 per cent below both a year ago and the five-year average of production for August. Reporting mills in this district produced 34.9 per cent more flour during August, 1925, than during July, 1925, which compares with a five-year average in crease of 26.4 per cent between these two months. Millers' stocks of flour increased 4.0 per cent during August, but at 334,213 barrels on September 1st were 20.5 per cent less than one year ago and, with the exception of July, 1925, less than in any month since August, 1921. A t 1,441,377 bushels on September 1st, stocks of wheat were 14.1 per cent below the five-year average for that date, but 90.6 per cent greater than one month ago. F L O U R M IL L IN G * A u g ., 1925 O u tp u t ( b b l s . ) . . . 371,882 S tock st F lo u r ( b b l s .) .. . 334,213 W h eat ( b u . ) . . . 1,441,377 J u ly ,1925 275 ,634 A u g ., 1924 457,579 321,221 756,254 420,180 1,932,525 * 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 F iv e -Y e a r A v era ge A u gust, 1920-1924 470,109 413,508 1,678,121 o f the f o l The peak of the fruit canning season has passed. Commercial factors estimate that the 1925 canned fruit pack in California will be as large as, or slightly larger than, the 1924 pack in that state (10,362,998 cases). In the Pacific Northwest it is estimated that a comparatively heavy late season pack of pears, apples, and prunes will offset a short early season pack of berries and cherries, the total 1925 pack being approximately as large as that of 1924 (4,268,941 cases). Both domestic and foreign markets for canned fruit have continued active, and packers’ stocks are reported to be smaller in volume than one year ago. D rying of fruit is nearing completion in California and Oregon. The dried fruit industry is entering the new marketing season with relatively smaller carry over stocks than have been held during recent years, and demand is reported to be seasonally active. 69 FEDERAL RESERVE AGENT AT SAN FRANCISCO Index for 20 principal cities, figures for Phoenix, Arizona, not included, (1919 monthly a v e ra g e = 1 0 0 ). Latest figures, August, with adjustment, 1 46 ; without adjustment, 138. ported for August, 1925, is, however, estimated to have been approximately 6 per cent above normal for the month and year. In August, 1924, the index, adjusted for seasonal varia tions, stood at 129. Trade at retail, according to this bank’s in dexes of sales of 32 department stores in seven principal cities, was 14.6 per cent greater in value during August, 1925, than during July, 1925. The normal seasonal increase from July to A_ugust rs estimated to be about 16.3 per cent, however, and an index, adjusted for seasonal variations, stood at 148 (1919 monthly average=100) in August, 1925, compared with 150 in July, 1925, and 142 in August, 1924. 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 Monthly A v e r a g e= 1 00 ) A u g ., A u g ., A u g ., A u g ., A u g ., A u g ., A p r il, M ay, Jun e, Ju ly , A u g ., Seasonal A d justm ent Los O ak A n geles land 1919. . 104 97 1920. . 154 120 1921. . 155 104 1922. . 168 106 1923. . 203 115 1924. . 201 121 1925. . 218 133 1925. . 203 143 1925. . 194 143 1925. . 188 117 1925. . 210 138 A u g ., A u g ., A u g ., A u g ., A u g ., A p r il, M ay, Ju n e, J u ly , A u g ., asonal 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1925. 1925. 1925. 1925. Adjustm ent . 96 107 . 143 133 . 144 116 . 156 117 . 188 127 . 187 134 . 232 137 . 221 154 . 209 143 . 219 146 . 195 153 San F ra n c is c o 97 114 111 116 125 127 135 148 120 104 129 Salt Lake C ity 80 86 76 77 87 87 110 124 106 85 90 Seattle 97 89 78 88 95 95 98 102 98 91 97 102 119 116 121 131 133 141 135 143 134 135 103 111 98 99 112 112 117 108 103 106 115 102 94 82 93 100 100 104 104 98 100 102 Spo kane 92 104 95 90 93 87 92 85 85 77 88 D is trict 97 119 113 120 136 136 147 149 136 124 142 106 119 109 103 106 99 95 86 84 99 101 101 124 119 126 142 142 152 145 147 150 148 70 September, 1925 M O N TH LY REVIEW OF BUSINESS CONDITIONS Value of sales of 192 wholesale firms in eleven lines of business was 6.9 per cent larger in August, 1925, than in August, 1924. In July, 1925, sales were 15.9 per cent larger in value than in July, 1924, and in each month since February, 1925, similar though smaller in creases have been noted. During August, seven of the eleven reporting lines showed increases, and four showed slight decreases, as compared with a year ago. W H OLESALE TRAD E Percentage increase or decrease (— ) t ------------in V a lu e of S a le s------------ \ A u g ., 1925 A u g ., 1925 July, 1925 com pared com pared com pared with with N o . of with J u ly ,1925 J u ly ,1924 A u g ., 1924 F irm s 99.0 67.2 — 32.7 A g r ic u ltu r a l I m p le m e n t s . 20 8.8 — 1.0 — 6.0 18 A u t o m o b ile S u p p lie s . . . . 76.3 — 25.6 22 25.6 — 3.1 — 1.8 6 — 1.1 D ru g s 3.4 27.1 16 — 0.4 8.0 10 9.1 10.1 8.9 13.1 2.0 18 — 0.6 — 1.5 G ro c e r ie s 26 — 2.5 9.5 9.1 2.5 H a r d w a re 20 7.2 32.4 11 10.3 25 8.6 25.7 1.3 1925, savings deposits at 70 banks in seven principal cities were 0.3 per cent INDEX NUMBERS larger than on July 31, 1925, and 11.7 per cent larger than on August 31, 1924. A u g . 31, 1925 Î com pared with A ug. A ug. July 31, 31, 31, 1924 1925 1924* $3 28,972 § 15.7 1.4 9 0,379§ 8.3 - - 0 .5 51,579 2.5 - - 0 . 6 4.3 - - 0 .1 28,988 11.5 - - 0 . 3 415 ,536 0.9 67,257 11.5 19,535§ — 0.9 0.7 S A V IN G S D E P O S IT S N u m ber A u g. of 31, Banks 1925* L o s A n g e le s . . 13 $380,705 7 97,869 O a k la n d t . . . . P o r tla n d .... 8 52,867 S alt L a k e C ity 8 30,243 463,511 San F r a n c is c o . 14 74,971 S e a ttle ............ 14 6 19,359 July 31. 1925* $375,534 98,338 53,167 30,281 464,807 74,294 19,217 70 $1,119,525 $1,115,638 $1,002,246 § 11.7 0.3 *000 o m itte d , f l n c l u d e s o n e b a n k in B e r k e le y w h ic h w as f o r m e r ly a b r a n c h o f an O a k la n d ba n k . § R e v is e 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 ( — ) . Prices The moderate advance in the general price level, which had been in progress since May, was checked, at least temporarily, during August. The price index of the United States Bureau of Labor Statistics, based on prices of 404 commodities at wholesale, was unchanged during the month, standing at 160 (1913=100), the same figure as was reported for July. In August, 1924, the index figure was 150 and in May, 1925, the low point of the present year, it stood at 155. Slight increases during August in certain of the groups comprising the index, namely, farm products, foods, cloths and cloth ing, metals, building materials, and chemicals and drugs, were offset by decreases in the re maining two groups, namely, fuel and lighting, and miscellaneous. INDEX NUMBERS D epartm ent Store Sales — T w elfth D istrict Index of 32 Stores in 7 cities (1 91 9 monthly average— 1 0 0 ). Latest figures, August, with adjustment, 1 48 ; without adjustment, 142. (D ) Bank D ebits*— B e r k e l e y ............... B o is e . ................. .. F r e s n o .................. L o n g B e a ch . . . . L o s A n g e le s O a k la n d ............... O g d e n ................... P a sa d e n a ............ P h o e n ix ............... P o r tla n d .............. R e n o ...................... S a c r a m e n to S a lt L a k e C ity . . S a n D ie g o .......... S an F r a n c is c o . . S an J o s e ............ S ea ttle ................. S p o k a n e .............. S t o c k t o n ............... T a c o m a ................. Y a k i m a ................. T o t al .......... *000 omitted. A u gu st, 1925 17,574 12,660 44,149 44,629 734,485 140,839 24,063 30,343 18,197 168,461 9,220 32,299 66,703 53,027 932,358 26,444 2 04 ,054 50,927 27,117 43,555 12,625 .$ 2 ,6 9 3 ,7 2 9 $ A u gust, 1924 16,538 11,063 33,988 43,746 667,017 130,582 23,417 27,298 16,893 153,729 7,564 47,619 60,631 46,080 786,034 24,527 178,603 45,715 23,764 39,068 9,390 $2,393,266 Eight M on th s 1924 1925 $ 141,080 $ 144,919 93,116 89,656 244,150 247,593 377,437 428,564 6,012,889 6,2 32,627 999,821 1,091,999 181,778 182,419 266,947 283,811 180,117 162,275 1,272,911 1,258,945 64,057 67,408 291,842 359,632 535,312 496,569 429,390 391,333 7,416,340 6,436,714 192,653 171,938 1,560,675 1,431,765 401,181 374,138 199,270 184,079 324,321 347,693 92,713 75,170 $21,641,426 $20,095,821 Prices of agricultural products and non-agricultural commodities compared with the general level of wholesale prices. (U . S. Bureau of Labor Indexes.) The ratio of the farm price index of 30 farm products compiled by the United States D e partment of Agriculture (1909-1913 a v era g e= 100) to the wholesale price index of non-agri cultural commodities, an indication of the pur chasing power of farm products, advanced from 91 (revised figure) in July to 93 in August. The latter figure was 6.9 per cent above the August, 1924, level and the highest reached by the ratio since June, 1920. The accompanying chart compares the trend of wholesale prices of farm products since 1919 with the trends of September, 1925 wholesale prices of non-agricultural com m odi ties and the general wholesale price level dur ing the same period. During the'" week ending August 8, 1925, average weekly prices of beef cattle at Chicago reached the highest point ($12.50 per hundred weight) recorded since October, 1920. During the follow ing four weeks, the average declined 9.2 per cent to $11.35 per hundred-weight. One year ago it stood at $10.00 per hundred-weight. Prices of hogs on the Chicago market averaged $12.00 per hundred-weight and of lambs $15.00 per hundred-weight during the week ending September 5th, these figures being higher than those of the same week a year ago by 25 per cent and 11.9 per cent, respectively. H og prices declined 10.5 per cent and lamb prices ad vanced 0.7 per cent during August, 1925. On September 15th, September contract wheat sold at Chicago for $1.49^4-$1.51^ per bushel, a decline of 14^4 to 15j4 cents from the price of $1.64-$1.66^4 per bushel paid on August 13, 1925. One year ago September contract wheat was quoted at $ 1 .2 7 ^ -$ !.2 8 ^ per bushel. The accompanying table shows the trend of cash grain prices at San Francisco and Port land during 1925 and gives the figures for Sep tember, 1924, for comparative purposes. D ates (Approximate) S ep t. A ug. J u ly June M ay A p r il M arch Feb. J an . S ep t. San F ra n cisco - P rice per C e n ta l* B arley W heat (milling:) 71 FEDERAL RESERVE AGENT AT SAN FRANCISCO (shipping) 5, 1 9 2 5 .$ 2 .7 5 -2 .8 0 $ 1 .7 5 -1 .9 0 1 .7 5 -1 .9 0 5, 1925. 2 .7 0 -2 .7 5 1.7 5 -1 .8 5 6 ,1 9 2 5 . 2 .6 5 -2 .7 5 1 .7 5 -1 .8 0 5, 1925. 2 .9 0 -3 .0 0 1 .7 0 -1 .7 5 5, 1925. 2 .8 0 -2 .8 5 1 .5 5 -1 .6 0 6 ,1 9 2 5 ., 2 .8 5 -3 .0 0 5, 1925. 3 .6 5 -3 .7 5 5 ,1 9 2 5 . 3 .7 5 -3 .8 5 2 .7 0 -2 .8 0 5, 1925. 3 .0 0 -3 .1 0 5, 1924. 2.4 T -2 .5 0 2 .3 5 -2 .4 5 P o rtla n d f - P rice per B u s h e l---------\ W heat N o r - BigB end H ard Soft thern B lue W h ite W h ite Spring Stem $1.51 1.58 1.40 1.60 1.70 1.60 1.96 2.10 1.86 1.40 $1.48 1.57 1.38 1.58 1.61 1.50 1.88 1.89 1.75 1.36 $1.46 1.54 1.37 1.58 1.60 1.50 1.88 1.89 1.75 1.25 $1.53 1.60 1.40 1.85 1.80 2.20 2.20 2.00 * A cen ta l e q u a ls a p p r o x im a te ly 1.67 b u s h e ls o f w h e a t a n d 2.08 b u sh els o f b a rle y . f B i d p r ice s o n P o r t la n d e x c h a n g e . An average of 98 w ool quotations on the Boston market, which has been declining steadily since the 1925 high point of 103.08 cents per pound was reached at the end of Janu ary, stood at 78.08 cents per pound on Septem ber 11th. The decline during the past month amounted to 2.0 per cent and during the year since January to 24.3 per cent. The spot price of middling uplands cotton on the New Orleans market (21.28 to 22.00 cents per pound on September 4th) declined approximately 9.7 per cent both during the month of August and dur ing the year period ending September 4, 1924. Prices quoted for 1925 crop grapes at ship ping points in California during mid-September were approximately equal to prices paid last year, but a smaller proportion of the crop ap peared to be of shipping quality. A summary of prices paid during the past three years follows : M id Septem ber 1925 ................. 1924 ................. 1923 . . . . ____ 1925 ................. 1924 ................. 1923 ................. , T A B L E G R A P E S - Per C rate M alagas T h om p son s $ 0 .8 5 -$ 1 .0 0 $ 0 .7 0 -$ 0 .7 5 .7 5 - .90 .6 5 - .75 .9 0 - 1.10 .7 5 - .85 J U I C E G R A P E S — P er T o n Zin fan dels A lican tes $ 7 7 .5 0 -$ 8 2 .5 0 $105—$110 8 0 .0 0 - 85.00 1 0 0 - 120 6 5 .0 0 - 85.00 9 0 - 100 T okays $1.10—$1.15 .9 0 - 1.35 1.50 M u scats $ 3 7 .5 0 -$ 4 2 .50 3 0 .0 0 - 37.50 3 5 .0 0 - 40.00 The relation of monthly average prices of non-ferrous metals for August, 1925, to monthly averages for July, 1925, and August, 1924, and to annual averages for the five-year periods 1920-1924 and 1909-1913 is shown in the fol lowing ta b le: N O N -F E R R O U S M E T A L S P R I C E S COPPER N ew Y ork (cents per lb.) LEAD S IL V E R Z IN C St. L ou is N ew Y ork N ew Y ork (cents per lb.) (cents per o z. ) (cents per lb. ) M o n t h ly A v e r a g e 9.192 14.490 A u g u s t , 1 9 2 5 .. 8.151 J u ly , 1 9 2 5 .. 13.946 A u g u s t, 1924. . 13.221 7.827 F iv e -Y e a r A v e r a g e 6.720 1920-1924 ____ 14.157 13.941 4.396 1909-1913 ____ 1913-1925 R a n g e 12.000 H ig h .................. 33.500 (1 2 -1 6 -1 9 1 6 ) i( 6 -1 6 -1 9 1 7 ) 3.75 11.375 (3 -2 -1 9 2 1 ) (8 -2 5 -1 9 2 1 ) Percentage increase or decrease ( — ) A u gust, 1925 com pared with 3 .9 % 1 2 .8 % J u ly , 1 92 5____ 1 7 .4 % A u g u st, 1 9 2 4 .... 9 .6 % F iv e -Y e a r A v e r a g e 1920-1924 ____ 2 .4 % 3 6 .8 % F iv e -Y e a r A v e r a g e 1909-1913 ____ 3 .9 % 1 0 9 .1 % 1913-1925 R a n g e H ig h ................. -5 6 .8 % — 2 3 .4 % 2 7 .4 % 1 4 5 .1 % L o w .................. 70.240 69.442 68.519 7.576 7.206 6.175 72.546 55.791 6.198 5.727 135.000 (1 -3 1 -1 9 2 0 ) 46.25 (9 -4 -1 9 1 5 ) 27.000 (6 -1 2 -1 9 1 5 ) 4.125 (8 -3 0 -1 9 2 1 ) — 1 .1 % 2 .5 % 5 .1 % 2 2 .7 % 3 .2 % 2 2 .2 % 2 5 .9 % 3 2 .3 % — 4 8 .0 % 5 1 .9 % — 7 2 .0 % 8 3 .7 % (E ) Com m odity P rices— C om m o d ity W h o le s a le P r ic e s ( U . S. B u re a u o f L a b o r ) 1 9 1 3 = 1 0 0 ......................................... P u r c h a sin g P o w e r o f F a rm P r o d u c t s ( U . S. D e p a r tm e n t o f A g r ic u lt u r e ) * C a ttle (N a t iv e B e e f ) .W e e k l y a v e r a g e p r ic e at C h ic a g o .................................... H o g s .................................W e e k ly a v e ra g e p r ice at C h ic a g o ..................................... L a m b s ............................. W e e k ly a v e r a g e p r ic e at C h ic a g o ..................................... W h e a t ............................. C h ic a g o c o n t r a c t p r ic e fo r S e p te m b e r w h e a t ............. B a r le y ............................. 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 ......................... C o t t o n ............................. M id d lin g U p la n d s — W e e k ly r a 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 ted f. o . b. S an F r a n c is c o ........................... A p p le s ............................. J o n a th a n s m e d iu m and la r g e sizes, E x tr a F a n c y f. o. b. P a c ific N o r t h w e s t ................................................ P r u n e s ............................ S ize 4 0 /5 0 in 2 5-lb. b o x e s , f. o . b . C a lifo r n ia ............. P e t r o l e u m ...................... C a lifo rn ia , 26°-2 6 .9 ° ................................................................. 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 . S . Í ............................................................ U nit 100 lb s. 100 lbs. 100 lbs. bu . ce n ta l lb . lb. lb. box lb . b b l. S eptem ber 4,1925 160.4 93 $11.35 1 .7 5 -1 .9 0 O n e M o n th A g o 159.9 91 $12.50 13.40 14.90 1 .5 9 ^ -1 .6 6 ^ 1.7 5 -1 .9 0 9.60 13.40 1 .2 2 ^ -1 .2 4 ^ 2 .3 5 -2 .4 5 2 1 .2 8 -2 2 .0 0 ii 78.080 5.6501Í 2 3 .6 5 -2 4 .2 5 0 79.650 5.600 2 3 .6 5 -2 4 .8 2 0 82.550 7.400 1.35 . 0 9 - 0 9 ^2 f 1 .0 1 -1 .3 0 1 30.37 .0 9 - .0 9 ^ t 1.48 29.95 12.00 15.00 1.5134-1.54^ O ne Y ear A g o 149.7 87 $10.00 1 .6 5 -1 .7 5 .10^-.ll 1.13 30.27 * R a t io o f fa rm p r ice s ( A u g u s t , 190 9-J u ly , 1 9 1 4 = 1 0 0 ) t o 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 ( 1 9 1 0 -1 9 1 4 = 1 0 0 ). f 1925 c r o p p r ice s . $ A s p u b lis h e d b y the “ L u m b e r M a n u fa c tu r e r and D e a le r .” § S e p te m b e r 22, 1925. H Q uoted at 5.35 c e n ts p e r p o u n d o n S e p te m b e r 24th, th e lo w e s t p rice q u o te d s in ce M a r c h , 1922. 72 September, 1925 M ON TH LY REVIEW OF BUSINESS CONDITIONS Quoted prices of important grades of D oug las Fir lumber at Seattle changed little during August. A t the beginning of September, they were slightly higher than one year ago. The softw ood price index, a national figure pub lished by the “ Lumber Manufacturer and D ealer/' increased 1.4 per cent during August and on September 4th was 0.3 per cent higher than one year ago. On September 22nd the chief purchaser of petroleum in California oil fields announced re ductions in base offered prices ranging from 10 to 25 cents per barrel in Southern California oil fields to as much as 35 cents per barrel for lower grade crude oils in south San Joaquin Valley oil fields. The new schedule of base offered prices varies in accordance with transportation costs and the value for refining purposes of identical gravity test crude oils produced in different fields, as well as according to gravity test, which was formerly the only factor deter mining relative prices within the schedule. Comparative prices of a typical gravity test and grade of crude oil are given in Table “ E .” ever recorded. Investment holdings of these banks also increased during this period and on September 2nd total loans and investments reached record levels. During the five weeks ending September 16, 1925, increases at the Federal Reserve Bank of San Francisco of 15.2 per cent ($6,000,000) in discounts, 9.7 per cent ($2,000,000) in holdings of acceptances purchased in the open market, M IL L IO N S O F D O L L A R S Banking and Credit Situation During August and early September there was a seasonal increase in demand for credit in this district, both at reporting member banks and at the Reserve Bank. M IL L IO N S 300 OF DOLLARS and 4.7 per cent ($10,000,000) in the volume of Federal reserve note circulation, reflected sea sonal increases in demand for reserve bank ac commodation. Total earning assets of the R e serve Bank, at $113,000,000 on September 16th, were $8,000,000 or 7.1 per cent larger than on August 12, 1925. TOTAL! RESERVE^ ^ ZOO _________A O - ---------A FEDERAL RE[SERVE NOTE CIRCULIITION A / VN - nifì^AIIMT4 j 100 INVESTMENTs 19 2 3 19 2 2 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 (Figures are in millions of dollars, numbers in parentheses indicating percentage changes.) 19 2 5 19 2 4 R eserve B ank C r e d it — T w elfth D istrict Figures for Federal Reserve Bank of San Francisco, as of last W ednesday of each month. Latest figures, August 26. Total loans of 67 reporting member banks in 9 principal cities of the district increased 2.2 per cent or $25,000,000 during the five weeks ending September 9, 1925, and, at $1,130,000,000 on the latter date, were at the highest point 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 (Figures are in millions of dollars, numbers in parentheses indicating percentage changes.) C o n d itio n 1,130 877 452 771 1,549 C hange from O ne M o n th A g o + 25 ( 2 .2 % ) + 2 3 ( 2 .7 % ) + 3 ( 0 .8 % ) + 17 ( 2 .3 % ) + 7 ( 0 .4 % ) 42 + 10 ( 3 1 .1 % ) S e p t. 9, 1925 T o t a l L o a n s ............ C o m m e r c ia l L o a n s . I n v e s t m e n t s ............... 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 ....................... M e m b e r Bank C r e d it— T w elfth D istrict Figures for 67 member banks in leading cities, as of last W ednesday of each month. Latest figures, August 26. C h ange from O ne Year A g o -122 ( + + 73 89 ( — 10 ( + 130 ( + 12.0%) 9 .0 % ) 2 4 .6 % ) 1 .3 % ) 9 .1 % ) 40 (2 ,6 8 7 .4 % ) C on dition Sept. 16, 1925 . 113 48 43 21 . 268 . 163 1 o tal E a r n in g A s s e t s . . . D sc o u n ts ........................... U i.ite d S tates S e c u r itie s P u rc h a se d A c c e p t a n c e s T o t a l R e s e r v e s ............... T o ta ! D e p o s its ................ F ed era l R e s e r v e N o te C ir c u la tio n .................... . 208 C h ange from O n e M on th Ago + 8 ( 7 .1 % ) + 6 ( 1 5 .2 % ) — 1 ( 1 .3 % ) + 2 ( 9 .7 % ) — 2 ( 0 .7 % ) — 1 ( 0 .2 % ) C h an ge from O n e Y ea r Ago + 2 6 ( 2 9 .3 % ) + 3 2 ( 2 0 1 .5 % ) — 18 ( 2 9 .7 % ) + 11 (1 1 3 .3 % ) — 26 ( 8 . 9 % ) 2 .3 % ) + 3 ( + 10 ( 4 . 7 % ) — 1 ( 0 .9 % ) On September 8, 1925, the Secretary of the Treasury announced an offering, through the Federal reserve banks, of United States Treas ury Certificates of Indebtedness, series TJ21926, dated and bearing interest from Septem ber 15, 1925, maturing June 15, 1926, with in terest at the rate of 3*4 per cent per annum, payable on a semi-annual basis. Subscription books were closed on Thursday, September 10, 1925, the issue being heavily over-subscribed. Subscriptions in this district amounted to $59,344,500, of which $25,492,000 were allotted.
@FedFRASER