Full text of Federal Reserve Bulletin : April 1925

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FEDERAL RESERVE
BULLETIN




APRIL, 1925

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Gold Exports and the Reserves of Foreign Banks
Business Conditions in the United States
The Bank of France in 1924

WASHINGTON
GOVERNMENT PRINTING OFFICE
1925

FEDERAL RESERVE BOARD
Ex officio members:

D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.

A. W. MELLON,

Secretary of the Treasury, Chairman.
J. W. MCINTOSH,

Comptroller of the Currency,

ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

WALTER L. EDDY, Secretary.

WALTER WYATT, General Counsel.

J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

WALTER W. STEWART, Director, Division of Research
and Statistics.
E. A. GOLDENWEISER, Assistant Director, Division of
Research and Statistics,
E. L. SMEAD, Chief, Division of Bank Operations.

J. F. HERSON,

Chieft Division of Examination, and Chief Federal
Reserve Examiner.




FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
II

1 (BOSTON)

__ CHAS. A. MORSS.

2 ( N E W YORK)

PAUL M. WARBURG, President.

3 (PHILADELPHIA)

L. L. R U E .

4 (CLEVELAND)

GEORGE A. COULTON.

5 (RICHMOND)

JOHN M. MILLER, Jr.

6 (ATLANTA)

OSCAR WELLS.

7 (CHICAGO)

FRANK O. WETMORE.

8 (ST. LOUIS)

BRECKINRIDGE JONES.

9 (MINNEAPOLIS)

G. H. PRINCE.

10 (KANSAS CITY)

E. F. SWINNEY, Vice President.

11 (DALLAS)

W. M. MCGREGOR.

12 (SAN FRANCISCO)

HENRY S. MCKEE.

OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—

Governor

Chairman

Deputy governor

Boston
New York

Frederic H. Curtiss
Pierre Jay

W. P. G. Harding
Benj. Strong

W.W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel

Philadelphia
Cleveland
Richmond

R. L. Austin
D. C. Wills
Wm. W. Hoxton

Geo. W. Norris
E. R. Fancher

Atlanta

Oscar Newton

M. B. Wellborn

Chicago

Wm. A. Heath

J. B. McDougal

Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
J. L. Campbell
Creed Taylor
C. R. McKay
John H. Blair

St. Louis
Minneapolis

Wm. McC. Martin
John R. Mitchell

Kansas City
Dallas

M. L.McClure
Lynn P. Talley
John Perrin

San Francisco

George J. Seay

_

D. C. Biggs..
R. A. Young
W. J. Bailey
B. A. McKinney
J. U. Calkins

'Controller.

Cashier
W. Willett.
L. H. Hendricks.»
A. W. Gilbart.i
J.W.Jones.» 1
G. E. Chapin.
Ray M. Gidney.»
L. R. Rounds.1
W. A. Dyer.
J. C. Nevin.
Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.1
0. J. Netterstrom.i
Clarke Washburne.i
J.W. White.
Gray Warren.
Frank C. Dunlop.1

0. M. Attebery
W. B Geery
B. V. Moore
Harry Yaeger *
C. A. Worthington
R. R. Gilbert
Val.J. Grund
Wm. A. Day
Ira Clerk
L. C. Pontious

J. W. Helm.
R. B. Coleman.
W. N. Ambrose.

» Assistant deputy governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch,,
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham Branch-Nashville branch
Chicago:
Detroit branch.....

St. Louis:
Louisville branch
Memphis branch
Little Rock branch




Managing director

W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure,
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua.
A. F. Bailey.

Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch..
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch

Managing director

R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
D. P. Reordan.
Fred Harris.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.

SUBSCRIPTION PRICE OP BULLETIN

THE FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents.
in

TABLE OF CONTENTS
The month:
Review of the month—Gold exports and the reserves of foreign banks
Business conditions in the United States
Special article:
The Bank of France in 1924
Official:
Changes in State bank membership
Fiduciary powers granted to national banks
Changes in national bank membership
Business statistics for the United States:
Industrial activity
Commodity movements
Wholesale and retail trade
Foreign banking and business conditions:
Gold reserves of principal countries
Central banks of issue organized since 1919
Financial statistics for principal foreign countries
Foreign^trade of principal countries
Price movements in principal countries—
Federal Reserve Board wholesale price indexes
Wholesale prices in principal countries
Retail prices and cost of living in principal countries
Description of retail price indexes
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets.-.
Discount and open-market operations of Federal reserve banks
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of reporting member banks in leading cities
Earnings and dividends of State bank and trust company members
Bankers' balances at reporting member banks in Federal reserve bank cities
Deposits of all member banks
All banks in the United States—condition at end of 1924
Bank debits
Money rates in principal cities.
Money in circulation
Gold and silver imports and exports
Foreign exchange rates and index




IV

Page
231
236
257
260
260
260
261
264
265
267
269
270
273
274
275
276
276
278
281
282
283
293
292
284
290
285
286
287
291
294
292
295
296

FEDERAL RESERVE BULLETIN
VOL. 11

APRIL, 1925

Gold exports during the past four months are
the first gold movement in a decade that has
increased the reserves of counGold exports t r i e s undertaking the reestabfind, currency re-

«

i• i

±.

j*

1i

T_ • J?

lisnment ol a gold, basis lor
their monetary systems. This
movement of gold is a further step in the
direction of monetary reorganization abroad
and has followed upon a series of financial and fiscal reforms, extending over a period
of years, carried through by certain foreign
countries and placing them in a position to
draw upon the United States for gold. Earlier
steps in currency reform included the discontinuance of note issue as a source of revenue,
the introduction by some countries of new
currency units with a fixed relationship to gold,
the adoption of a definite plan for dealing with
the problem of reparations, and the maintenance by most European countries for a considerable period of the foreign value of their
currencies. In consequence of these developments foreign countries increased their ability
to borrow in the world markets, and credits
thus established, largely in the United States,
were used in part in the support of exchanges
and more recently for obtaining gold for export.
Present gold exports are of interest not only
because they represent a turn in the direction
of gold movements and have been a factor in
the domestic credit situation, but also because
of the character of the demand for gold and of
the circumstances that have given rise to gold
shipments to different parts of the world.
Germany has been the source of the largest
demand for gold for purposes of monetary reconstruction and in addition to
Growth in importing
a
considerable
e
" amount of gold has accumulated abroad gold earmarked
for account of the Reichsbank. As a result,
the Reichsbank since the spring of last year has
added about $130,000,000 to its gold reserve,
and at the middle of March held in vault and
abroad a total of $235,000,000. At the time
of the armistice the Reichsbank's reserve was




No. 4

about $600,000,000—double the amount held
before the war; in the next year these holdings
declined to a level of about $260,000,000, at
which they remained until 1923, when more
than half of the gold was sent abroad in an
effort to support the exchange value of the
mark. In the summer of 1924, when the
Reichsbank was reorganized and the currency
was placed on a new basis, the reserves were at
their low point of about $100,000,000, and
since that time they have more than doubled.
The extent of the decline in the Reichsbank
reserve after the armistice and of the increase
since the low point of 1924 are shown in the
following table:
RESERVES OF THE REICHSBANK

Date

Total

In vault

Abroad

OLD REICHSBANK

Oct. 31, 1918
Oct. 31, 1919
Mar. 31, 1923
Apr. 30, 1924

$607,414,524
260,460,742
239,350,506 $200,058, 940
105,243,191 101,399,120

$39,291,566
3,844,071

NEW REICHSBANK

Feb. 28, 1925
Mar. 14, 1925

216,113,381
234, 680,119

166,729,757
171,707,423

49,383,624
62,972,696

On March 15 the ratio of the Reichsbank's
gold reserve, including gold in vault and gold
held abroad, to its note liability was over 50 per
cent. The reserve now required against notes
in circulation is fixed by the new Reichsbank
law at not less than 40 per cent, of which threefourths must be in gold and the remainder may
be in foreign exchange. Under the present law,
therefore, any increase in note circulation beyond the limits set by present reserves is dependent upon additions to the gold reserve, and since
the new notes have beenrequired-both to replace
other forms of currency and to meet the growth in
currency demand, the Reichsbank has added
to its reserves both by importing gold and by
accumulating gold balances abroad. A large
part of the funds used by Germany to obtain
gold abroad was derived from the proceeds
of the 800,000,000-mark international loan
floated last autumn; and another means of
creating balances abroad was the return to
231

232

FEDERAL RESERVE BTJIiLETIN

the United States and to other countries of
foreign currencies which had been in general
use in Germany prior to the introduction of
the new Reichsmark. By these methods of
increasing its gold reserves and by pursuing
a policy of credit control, the Reichsbank since
its reorganization has been able to meet the
growth in the domestic currency demand and
to maintain a reserve ratio well above the minimum required by law.
In addition to Germany, ten other European
countries, in dealing with their currency problems, have established new
Reserves of banks of issue during the past
new banks of five years. All of these banks
issue.
operate under legal restrictions
as to note issues and have certain requirements
as to metallic reserves. The largest addition
to reserves during 1924 by any one of these
new banks was made by the Russian State
Bank, which has a 25 per cent metallic reserve
requirement and on March 1, 1925, had areserve percentage against notes in circulation of
29 per cent. The aggregate amount of metallic
reserves held by the new banks of issue, including the Reichsbank, on the latest available
date was $390,000,000, of which $193,000,000
has been added since the opening of 1924.
The table below shows the dates on which the
new central banks were organized, their present
note liabilities, and their holdings of gold and
other reserves. A statement of the legal provisions regulating the note issue and the reserve
requirements of these banks appears on page
269.
N E W CENTRAL BANKS OF ISSUE
Latest available date (amounts in
thousands of dollars)

Country

of
Date opened Notes Metal- Other Ratio of Ratio
other
4* n i l 1 n
in circu- lic rere- meiainc reserves
lation serves serves i reserves to
to notes notes *
•M

Esthonia.

CzechoslovakiaYugoslavia
Russia
Lithuania
Latvia Austria
Danzig
Hungary
._.
PolandGermany

Feb., 1919.. $5,765
May, 1919.. 229,217
Feb., 1920.. 92,290
Oct., 1921. _ 283,157
Sept., 1922. 9,313
Nov., 1922
5,555
Jan., 1923.. 111, 401
Mar., 1924. 5,220
Apr., 1924.. 59,332
—do.
99,216
Oct., 1924__ 463,950

$193
30,512
1,439
83,432
3,114
1,463
1,568
541
8,522
25,124
234,680

$2,045
17,663
5,637
213,750
6,411
4,092
44, 780
2,352
27,847
41,914
78,227

A

Per ct. Per ct.
3
35
13
8
2
6
29
75
33
69
26
74
1
40
10
45
14
47
25
42
51
17

1
Under the laws in the different countries the central banks count
different classes of assets as reserves.




APBIL,

1925

Gold holdings of other European central
banks, which are shown for a series of years on
page 268, changed relatively
G o l d move- little in 1924, with the excepments
and
tion of the Swedish Riksbank
Swedish
and
Dutch exchange. and the Netherlands Bank.
Both of these banks exported
portions of their gold reserves during the year
for the purpose of maintaining their exchanges.
Sweden, the first European country to resume
gold payments, exported gold to the United
States immediately after the removal of her restrictions on gold exports. There was also a
movement of gold from Sweden to Germany
last autumn at a time when the exchange position of the krona led Germany to make gold
purchases in Sweden. Since that time the
maintenance of Swedish exchange somewhat
above par has checked the outward movement
of gold, and, in fact, there have recently been
some gold exports from this country to Sweden.
Somewhat larger exports of gold have been
made since December to the Netherlands,
which earlier in 1924 sent to the United States
about $50,000,000 of gold, the largest amount
received in that year out of any reserve. The
heaviest shipments of gold from the Netherlands to this country were in April, 1924, when
Dutch exchange was at a lower point than at
any|time in two years. Since then, as the result of further gold shipments, together with
borrowing in this country, the New York rate
on the guilder advanced almost continuously,
and at the end of the year was above par for the
first time since the unpegging of the exchanges
in the spring of 1919.
Outside Europe the first country to determine upon a definite date for the resumption
of gold payments was the
Gold standard
Union
of South Africa, where
in South Africa.
the Government has announced
its intention of following the recommendations
made by a commission of experts that South
Africa return to the gold standard at the middle
of this year. The commission also made a
number of suggestions concerning the policy
to be pursued by the South African reserve
bank in facilitating the reestablishment and
maintenance of a free gold market. South

FEDERAL RESERVE BULLETIN

APBIL* 1925

Africa, as pointed out by the commission,
offers only a limited field for the operation of
a bankers' bank, and it was therefore recommended that the reserve bank increase its
direct dealings with the public through openmarket operations. Among the specific proposals of the commission were that the reserve
bank be encouraged to invest in Treasury bills
to be issued by the Union Government, to
establish preferential discount rates on trade
acceptances for the purpose of broadening the
acceptance market, and to open branches in
the principal cities of the Union and in London.
A further recommendation was that the Union
Government gradually increase the proportion
of its funds kept on deposit with the reserve
bank and thus make the use of these funds by
commercial banks depend upon their obtaining accommodation at the reserve banks.1 In
anticipation of the possible demand for gold
for export when restrictions are removed, the
reserve bank has since the opening of 1925 increased its holdings of gold coin and bullion
through the retention in South Africa of a portion of the current gold production. Gold reserves of the bank increased from $2; 689,000
at the beginning of January to $18,393,000 at
the middle of February. This policy of gold
accumulation has been facilitated by the favorable exchange position of the South African
pound.
Australia has also recently pursued a policy
of increasing its gold holdings, through importing gold both from the United
Gold exports states and from South Africa.
to Australia, T h e A u s t r a l i a n p o u n d h a s b e e n
Argentina, and

a

•

\.

i

^

^ a premium not only over the
pound sterling, but also over
the dollar, and Australia imported from the
United States $6,000,000 of gold in January
and $17.000;000 in February. A step in the
direction of reestablishing unrestricted gold
movements has been taken by the Australian
Government through authorizing the Commonwealth Bank to export gold, provided these exports do not reduce the bank's reserve below the
level at the beginning of 1925.

India.

1 The full text of the commission's report appeared in the BULLETIN
for March, 1925, p . 172.




233

Among the countries most recently withdrawing gold from the United States is Argentina, whose improved trade and exchange
position has enabled her to import gold, thus
reversing her export movement of 1924.
Argentina, in addition to receiving gold from
the United States, has accumulated considerable amounts of earmarked gold in this
country. This increase in gold reserves held
at home and abroad has furnished a basis for
enlarged note issues to meet the growth in the
demand for currency arising from the expansion of trade activity.
Movement of gold to India from the United
States, which was unusually large in January
and February, continued in March, though in
diminished volume. In 1924 India imported
little gold in the first half of the year, but in the
second half India's gold imports were exceptionally large, and for the year as a whole
they totaled the record amount of $140,000,000,
Changes in the volume of India's gold imports,
which from year to year absorb about onefourth of the world's gold output, reflect
chiefly changes in agricultural exports and are
not closely related to currency requirements.
Much of the gold imported by India in 1924,
instead of being purchased in London, as had
been the practice previously, was shipped
directly from South Africa to India. During
the past six months, partly as the result of the
retention of gold in South Africa, the Indian
demand has been felt also in the United States.
With the exception of the exports to India, the
movement of gold from the United States
since December has been related to monetary
conditions abroad, and the gold has been
added to the reserves of countries that are
gradually reestablishing a gold basis for their
currencies.
Conditions surrounding the present outflow
of gold differ from those prevailing at the time
of the gold export movement
Gold exports which occurred during the
in 1919-20 and
period of 10 months immein 1925.
diately following the removal
of the gold embargo in June, 1919. The two
periods differ both with respect to the circum-

234

FEDERAL RESERVE BULLETIN

stances in foreign countries that have led to the
withdrawal of gold, and also with reference
to the banking and credit situation existing
in the United States. The earlier outflow
came at a time when there was a large domestic
demand for credit and for currency, when the
member banks were heavily in debt at the
reserve banks, and the reserve ratio of the
reserve banks was approaching the legally
required minimum. The present outward
movement follows upon four years of net gold
imports amounting to $1,500,000,000, which
were used by the member banks to repay a
large part of their indebtedness to the reserve
banks and increased the gold holdings of the
reserve banks to over $3,000,000,000. In fact,
the gold position of the United States, as
measured by the total stock of gold, is considerably stronger than the gold holdings
of the reserve banks would indicate, because
during the past three years about $800,000,000
of gold certificates has been paid into circulation. In contrast to the present export movement the gold exported in 1919-20 bore no
relation to programs of monetary reform, but
represent chiefly a withdrawal by Oriental and
South American countries of balances accumulated during the period of the gold embargo.
The extent to which foreign countries have
made use of credits in the United States as a
basis of their banking and curEarmarked
rency
reserves is not fully indigold.
cated in the volume of gold
exported. In building up their reserves foreign banks have acquired dollar credits, and
have either kept them in the form of balances,
which under the legal provisions of certain
countries may be counted as part of their reserves, have converted them into earmarked
gold, or have used .them to obtain gold for
export. Earmarking of gold, as well as withdrawal for export, gives rise to a demand for
reserve bank credit, because in order to obtain
the gold to be earmarked or exported the
member banks must draw upon their balances at
the reserve banks. In the case of earmarking,
therefore, the influence on the domestic credit
situation is felt at the time when the member




APBIL, 1925

bank uses its balance at the reserve bank to
add gold to the earmarked account, and not
at the time when the gold is actually withdrawn for shipment. In March gold shipments to Germany represented withdrawals of
gold previously earmarked at the Federal
reserve banks for account of the Reichsbank,
and thus shipments of this gold had no influence on the current credit situation, since the
effect upon member banks and the money
market had been felt earlier when the gold was
earmarked. In recent weeks, however, gold
was being earmarked for Argentina, and this
was an influence increasing the demand for
reserve bank credit. During the past year,
as a result of improvement in financial and
monetary conditions abroad and the consequent willingness of American investors to
purchase foreign securities, credits obtained
in the United States have been used in various
ways to strengthen the reserve position of
foreign banks and to provide a broader gold
basis for their currencies.

TREASURY FINANCE

Consistently with the established policy of
the Treasury in arranging debt maturities
to fall on quarterly tax-payment dates, the
Treasury's March financing, as announced on
March 5, included an offering under the act
of September 24, 1917, of nine months 3 per
cent Treasury certificates at par, dated March
16 and maturing December 15, 1925, and an
additional offering at 100J^ of 4 per cent
Treasury bonds of 1944-1954, dated and
bearing interest from December 15, 1924.
The combined offering was for $450,000,000
or thereabouts to provide for the cash requirements of the Treasury during the second quarter of the year, in so tar as these requirements,
as nearly as could be forecast, were not tovered
by balances on hand and prospective March
tax receipts. Some $560,000,000 of Treasury
certificates and notes were payable on March
16, and interest payable on the public debt
during March, April, and May would slightly
exceed $300,000,000. On March 12 the Treasury announced that subscriptions for the combined offerings of certificates and bonds at
the close of business on March 10, when the

APRII* 1925

FEDERAL RESERVE BULLETIN

235

books were closed, ran about $747,000,000.
Subscriptions and allotments are shown, by
Allotments were made on these subscriptions Federal reserve districts, in the table following:
in the amount of $509,616,700. Of the total
BONDS OF 1944-1954, AND CERTIFICATES
subsciptions, about $382,000,000 represented TREASURY
OF INDEBTEDNESS OF SERIES TD-1925: SUBSCRIPsubscriptions for the 4 per cent bonds and
TIONS AND ALLOTMENTS BY FEDERAL RESERVE
about $365,000,000 subscriptions for the 3 per
DISTRICTS
cent certificates. Cash subscriptions for the
certificates totaled $271,000,000, and exchange
Bonds
Certificates
tenders of Treasury certificates and notes Federal reserve
district
Subscrip- Allotments Subscrip- Allotments
maturing March 15, 1925, in payment for the
tions
tions
new certificates totaled about $94,000,000. All
exchange subscriptions for the certificates and
$365,230,000 $219,462,400 $382,326,400 $290,154,700
Total
all cash subscriptions not exceeding $1.000 were
Boston
10,724,000 26,880,800 21,529,900
20,046,000
alloted in full, while cash subscriptions for larger New York
165,209,500 98,871,000 94,608,500 54,436,700
11,217,500 55,706,200 42,206,900
25,561,000
amounts were progressively reduced. For the Philadelphia
15,777,000 45, 659,700 32,195,600
31,160,000
bonds, all subscriptions for amounts not ex- Cleveland
12,599,300
Richmond
7,122,500 15,061,100
11,842,000
5,843,500 17, 216,600 14,877,100
8,693, 500
ceeding $10,000 were allotted in full, while all Atlanta
Chicago
51,177,300 48,361,700
33,314,000 26,862,500
8,322,000 25,155,600 22,036,800
12,875,500
subscriptions in larger amounts, including those St. Louis
7,667,500
8,944,200
5,511,000
8,025, 500
for which payment was tendered in maturing Minneapolis
8,275,000
Kansas City
9,629,800
5,816,000
9,438,500
8,135,000
Dallas
10,084,000
8,454,000
14,544,500
treasury certificates and notes, were progres- San Francisco
17,833,200
14,941,000 22,202,600
24,520,000
sively scaled down.




236

FEDERAL RESERVE BULLETIN

APRIL,

1925

BUSINESS CONDITIONS IN THE UNITED STATES
Production in basic industries declined in February from the high rate of output in January,
but continued above the level of a year ago. Notwithstanding a decline in prices of agricultural commodities; the average of wholesale prices rose slightly, owing to a further advance in
prices of certain other commodities.
Production.—The Federal Reserve Board's index of production in basic industries, which
is adjusted to allow for differences in the number of working days and for seasonal variations,
declined 2 per cent in February, but continued to be higher than at any time since the peak
reached in May, 1923. Average daily output of iron and steel was exceptionally heavy, and
copper production per day was the largest since 1918. There was a slight decline in activity
in the woolen industry and more considerable reductions in the output of lumber, cement,
bituminous coal, and crude petroleum. Production of automobiles increased 19 per cent in
February, the largest monthly increase in nearly two years, but the output was still over 25
per cent smaller than a year ago. Factory employment increased by 2 per cent in February,
considerable increases being reported for the automobile, iron and steel, and clothing industries,
while the number of workers in the packing and cement industries declined. Earnings of indus*
trial workers in February were larger than in January, reflecting in part the Resumption of
full-time work after the inventory period.
Reports to the Department of Agriculture of intentions to plant in 1925 indicate that the
acreage of practically all grains and oi tobacco will be larger and that of white potatoes smaller
than in 1924.
Trade.—Total railroad freight movements continued at approximately the same daily
rate in February as in January, and shipments of merchandise increased in recent weeks and
were much larger than a year ago. Wholesale and retail sales were smaller during February
than a year ago, owing partly to the fact that this year February had one less business day.
Department-store sales were 1 per cent smaller in February than in the corresponding month
of 1924. Wholesale trade in all lines, except hardware, was less than a year ago, and showed
in February about the usual seasonal changes. Sales of groceries, meats, and drugs decreased,
while sales of dry goods and shoes increased.
Prices.—The slight rise in the wholesale price index of the Bureau of Labor Statistics was
due to advances in the fuel and lighting group, largely in petroleum, and in building materials,
while prices of all the other commodity groups declined. In the first three weeks of March
prices of hogs, cotton goods, and rubber increased, while prices of many other commodities
decreased, the largest decreases being those for wheat and other grains.
Bank credit.—Loans of member banks in principal cities continued to increase between
the middle of February and the middle of March and on March 11 were larger than at any
PER CENT

PER CENT
1200

2001

PRODUCTION IN
BASIC INDUSTRIES

1922

1323

150

100

100

50

50
W H O L E S A L E PRICES

1924-

1925

Index of 22 basic commodities adjusted for seasonal variations.
100.) Latest figure, February, 124




150

1922

(1919=

1923

1924-

1925

Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, February, 160.6

APRIL,

237

FEDERAL RESERVE BULLETIN

1925

BILLIONS OF DOLLARS

LIONS OF DOLLARS

PER CENT
150

PER CENT
150

100

100

•

Investments
Cbans on^*"
Stocks and Bonds

50

50

FACTORY EMPLOYMENT
MEMBER BANK CREDIT

1922

1923

1924-

1922

1925

1923

1924-

1925

Weekly figures for member banks in 101 leading cities. Latest figures Index for 33 manufacturing industries. (1919=100.) Latest figure, 95
March 11

time in the past four years. The volume of loans for commercial purposes has been at a high
and almost constant level since last autumn, and loans on stocks and bonds, which have increased
continuously since the summer of 1924, reached in March the largest amount on record. Increases in loans were accompanied by further reduction in the holdings of securities, particularly at banks in the financial centers.
At the reserve banks demand for credit increased between the end of January and the
middle of March, chiefly as the result of the export demand for gold and the growth in domestic
currency requirements, with the consequence that earning assets increased. After March 15,
however, temporary abundance of funds arising out of Treasury operations resulted in a sharp
reduction in member bank borrowings.
Somewhat firmer conditions in the money market in the latter part of February and the
early weeks of March were indicated by a rise of the rate on four to six months' prime commercial paper from 3% to 4 per cent.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919^100]

Year and month

January
February
March
August
September
October
November
December
January
February

Production in
basic

indus-l
tries

Factory Building Railroad
car
employ- contracts
ment

awarded i loadings»

Wholesale

trade

Department store
sales»

Department store
stocks i

Unadjusted

Unadjusted

Adjusted

Adjusted

Bank
debits
outside of
New York
Cityi

1924
120
120
116
94
103
109
107
117

98
99
99
87
90
91
91
93

170
163
164
133
150
166
196
180

118
125
115
111
117
120
116
124

80
78
80
83
92
95
84
79

110
102
115
93
119
141
141
210

126
128
115
118
131
124
126
131

115
127
138
126
137
147
148
124

131
135
137
126
128
132
131
133

105
110
109
108
107
112
107
112

127
124

93
95

168
159

123
125

78
76

109
100

124
130

119
128

135
136

120
121

1925

* The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations
the indexes of department store sales and stocks are shown both with and without seasonal adjustments.




238

APRIL, 1925

FEDERAL RESERVE BULLETIN
BANK CREDIT

Loans and investments of member banks in
leading cities, which increased almost continuously throughout the greater part of last
year and during February of this year were at
a level not far below the high point reached in
January, increased further during the first
three weeks of March, and on March 18, at
$18,729,000,000, were in somewhat larger volume than at any previous time. Accompanying the relatively large volume of industrial
and trade activity, commercial loans, which
last year declined by about $280,000,000 between the peak of the preceding fall and the
opening weeks of the year, have remained this
year practically constant near the high point
reached last fall and in all except the Boston, New
York, Philadelphia, Minneapolis, and Kansas
City districts were, on March 18, at or above the
level of November 19, 1924. During the same
period loans secured by stocks and bonds have
increased almost continuously and on the later
date were the highest on record. The increase,
although general throughout all districts, was
largest in the New York district. Total loans
of reporting banks have increased by $387,000,000 since November. Accompanying this increase in loans, the investment holdings of
some of the banks, chiefly those in New i ork
City, have declined considerably, so that the
volume of the banks' security investments on
March 18 was $100,000,000 less than last November. In the following table are shown the
changes in loans and investments of member
banks in leading cities between November 19,
1924, and March 18, 1925:

During the four weeks ending March 18 commercial loans declined somewhat, owing chiefly
to decreases in the New York district, while
secured loans continued to increase, reaching
a point at the end of that period about
$900,000,000
higher than a year earlier. The
banks7 total investment holdings showed a
marked increase for the first time since the
decline began last autumn, reflecting increases
during the third week of March in all except
the New York and Kansas City districts.
Further declines occurred in demand deposits, which, at the end of the period, were
about $475,000,000 below the high point
reached in January. A large part of this7
decline was due to reductions in bankers
balances held by country banks with city
correspondents. Time deposits increased almost continuously, although at a somewhat
slackened rate in comparison with the growth
of last year. The following table shows the
principal resources and liabilities of member
banks in leading cities for each week between
February 18 and March 18, as well as changes
for the four weeks and for the year ending
March 18:
LOANS,

Loans and investments

Date
Total

Loans
Total
Total

Total
Boston
_
New York
Philadelphia....
Cleveland
_
Richmond
Atlanta
Chicago
St. Louis
___
Minneapolis.
Kansas City
Dallas
___
San Francisco




+287
+19
-128
+17
+30
+17
+31
+83
+43
-7
+41
+33
+108

+387
+30
+80
+1
+44
+7
+24
+69
+14
-12
+34
+21
+75

Secured InvestCom- by stocks ments
mercial
and
bonds
-35

+422

-100

-3
-98
-21
+16
+1
+10
+18

+33
+178
+22
+28
+6
+14
+51
+15
+6
+36
+15
+18

-11
-208

-18
-2
+6
+57

+16
-14
+10
+7
+14
+29
+5
+7
+12
+33

1925

Deposits

All
Loans
other
secured loans,
InNet
largely vestby
destocks com- ments mand
merand
bonds cial

18,575
18,538
18,579
18,619
18,729

4,930
4,949
5,000
4,980
5,029

Increase (+) or dedecrease (—):
Four weeks end+154
ing Mar. 18
Year ending Mar.
+2,109
18

+909

Feb. 18
Feb. 25
Mar. 4
Mar.
11
Loans and investments (increase (+) or decrease(—)) Mar. 18
Federal reserve
district

MEMBER

[In millions of dollars]

CHANGES IN LOANS AND INVESTMENTS OF MEMBER
BANKS IN LEADING CITIES, NOVEMBER 19, 1924, TO
MARCH 18, 1925
[In millions of dollars]

INVESTMENTS, AND DEPOSITS OF
BANKS IN LEADING CITIES

+99

Time

8,241
8,193
8,243
8,265
8,182

5,404
5,396
5,336
5,374
5,518

12,995
12,932
12,924
13,058
12,879

-59

+114

-116

+37

+189 +1,011 +1,461

+779

4,936
4,951
4,945
4,954
4,973

Between the end of February and the end of
March the total volume of Federal reserve bank
credit outstanding declined by about $90,000,000, and on March 25 was $1,041,000,000.
The decrease reflected declines in the banks'
holdings of all principal classes of earning
assets. Notwithstanding the recent decline
the volume of discounts at the end of March
was about $175,000,000 above the low point
reached in January. Further declines in

239

FEDERAL BESBRVB BULLETIN

1925

member bank reserve deposits during the vailing in the New York market during the past
period accompanied reductions in member three months:
bank reserve deposit liabilities. The principal
M O N E Y R A T E S IN N E W YOKK
resources and liabilities of the Federal reserve
banks for the period between February 25 and
[Per cent]
March 25, 1925, and changes for this period
and since March, 1924, are shown in the followYield
ing table:
on cerPrime
commercial
paper,
4-6
months

PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL
RESERVE BANKS
[In millions of dollars]

Prime tificates Average
bankof in- yield on Renewal
ers'
debted- 4#per rate on
acceptness
cent
call
ances, matur- Liberty loans
90 days
ing
bonds
June 15,
1925

Earning assets

Date

1925
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Increase (+) or
decrease ( - ) :
Four weeks
•ending Mar.
25
Year ending
Mar. 25
1

Federal
reTotal
Total
Pur- Govserve
redeern- serves posits note
Dischased
Total i counts accept- ment
circuances securlation
ities

1,130
1,101
1,114
1,057
1,041

434
401
410
339
378

317
304
301
277
307

365
383
388
428
344

3,030
2,996
3,011
3,011
3,008

2,270
2,238
2,256
2,211
2,184

1,729
1,727
1,731
1,720
1,709

-89

-56

-10

-21

-22

-86

-20

+99

-104

+104

+87

-215

+177

-274

Including foreign loans on gold and all other earning assets.

MONEY RATES

Firmer conditions in the New York money
market toward the end of February were
accompanied by increased borrowing by member banks from the New York Federal Reserve
Bank, and on February 27 the bank raised its
rediscount rate from 3 per cent, the rate
which had been in effect since August 8, to
3% per cent. Immediately afterwards the
reserve 7 bank's minimum buying rates on
bankers acceptances were advanced oneeighth of 1 per cent. Open market rates on
commercial paper and acceptances increased,
following these reserve bank rate changes, and
thereafter remained constant during March.
The prices of short-term Government securities reflected the movement of rates, and the
yield on four to six months' maturities advanced slightly, but continuously, through
March. Prices of Government bonds moved
hardly at all. however. The renewal rate on
call loans fluctuated about 4 ^ per cent early
in March, but later declined to 33^ per cent.
In general, money rates toward the end of
March were higher than at any time since last
May. The table below shows the rates pre-




January, 1925
February, 1925
Average for week endingMar. 7,1925
Mar. 14,1925
Mar. 21,1925
Mar. 28,1925

ZY2

3

2.61
2.62

4.04
4.02

3.32
3.60

4
4
4
4

%K

2.73
2.78
2.82
2.81

4.05
4.03
4.02
4.00

4.10
4.20
3.70
3.60

ZH

The advance of the New York Federal
Reserve Bank's rediscount rate was followed
by an announcement by the Bank of England
that it would immediately raise its rate for
loans to the market from 4 3^ to 5*^ per cent.
The bank's official discount rate was advanced from 4 to 5 per cent on the following
Thursday, March 5. Market rates quickly
responded to this change, and the rate on three
months' bank bills, which had averaged 3%
per cent for three successive weeks, was quoted
at 4:{%-4% for the week ending February 2,
with a later decline to 4 ^ per cent in March.
Treasury bills were tendered at an average of
4.638 the last week in February, and 4.393 percent the second week in March.
ACCEPTANCE MARKET
With generally firmer money conditions during the latter part of February, an increase in
the supply of bills in the acceptance market
was reported by dealers in New York and other
cities. On February 27, following the advance
in its rediscount rate, the New York Federal
Reserve Bank raised its minimum buying rates
on 60 and 90 day bills by one-eighth per cent.
Bill dealers in New York thereupon increased
their rates, and this was followed later by increases in dealers' rates in Chicago and other
cities. The volume of bills in the New York
market increased temporarily after the rise
in rates and dealers' sales to the Federal
Reserve Bank were large. During the two
weeks preceding March 18, however, demand
slightly exceeded supply in most centers, owing
in part to increased purchases by out-of-town

240

FEDERAL RESERVE BULLETIN

banks. For the whole period from7 February
18 to March 18 New York dealers purchases
exceeded their purchases during the preceding
four weeks period by about 10 per cent and
were larger than for any similar period in 1923
or 1924. Their sales to other investors than
Federal reserve banks were less than in the
preceding four weeks and their sales to Federal
reserve banks three times as great. Dealers'
portfolios on March 18 were almost 20 per cent
smaller than on February 18. Bills drawn in
transactions covering cotton were mainly in
evidence, with grain, silk, and copper next in
importance. The bid and offered rates in the
New York market on March 18 ranged from
3M~3Ms P ^ c e n t o n 30-day bills and 3 ^ - 3 ^
per cent on 60 and 90 day bills to 3 ^ - 3 ^ per
cent on 180-day bills.

APRIL,

1925

The volume of foreign flotations in January
was the smallest since June, amounting to
$74,500,000, according to the compilation of
the Federal Reserve Bank of New York. This
compares with $179,716,000 in December and
$80,278,000 in January, 1924. The largest
issues were $12,000,000 of bonds by the August
Thyssen Iron & Steel Works and $15,000,000 of
bonds by the Bell Telephone Co. of Canada.
SECURITY PRICES

The prices of representative common stocks
averaged near the high points of 1924-25
during the last week in February, declined
somewhat the following week, and fell sharply
during the last three weeks of March. The
decline was general and almost as marked in the
case of railroad as in the case of industrial securities. Only a few groups of stocks, those of electrical equipment, railroad equipment, telephone
CAPITAL ISSUES
and telegraph, and farm machinery companies,
According to the compilation of the Commer- advanced or remained relatively stable in price
cial and Financial Chronicle, $533,000,000 of during the decline. On March 30 the prices of
new domestic securities were issued in the many stocks averaged 15 to 25 points below the
United States in January, 1925, exceeding the highest prices reached in 1925. The price decline
December total by nearly $200,000,000 and the was in general accompanied by diminishing
January, 1924, volume by $100,000,000. Mu- activity in the market, but the average volume
nicipal issues were unusually large, and among of sales during the week ending March 20 was
corporate flotations the securities of industrial the largest in two months. Bond prices declined
and public utility corporations predominated. gradually in March, but during the last week
A single issue of $125,000,000 35-year deben- of the month still averaged above the levels of
tures was brought out by the American Tele- January. The following table gives indexes of
phone & Telegraph Co. Railroad issues were stock prices computed by the Standard Statissmall, as they have been for the past few tics Co. of New York, the average prices of 40
months. In addition to the flotation of new bonds computed by Dow, Jones & Co., and the
corporate securities, refunding issues equal to average number of shares of stock sold daily on
over 18 per cent of the total were put out, in the New York Stock Exchange for the last four
comparison with about 9 per cent of the cor- months:
porate issues of January, 1924, intended for
INDEX NUMBER OF SECURITY PRICES
refunding purposes. The following table shows
the domestic securities issued in January,
AverPrice indexes ofage
1925, as compared with those of the previous
numAver- ber
month and of January, 1924:
of
age
DOMESTIC

CAPITAL

shares
202 in- 31 railprice of
233
stock
dustrial road
of 40
sold
stocks
stocks stocks
bonds * daily
a
(000
omitted)

ISSUES

[In millions of dollars]
January, 1925

December,
1924

January, 1924

ReReReNew funding
New funding
New funding
Total corporate
Long-term bonds
and notes
Short-term bonds
and notes
Stocks

| 373.4

85.1

56.0

270.9

27.8
25.9

261.4

20.4

151.0

33.8

187.7

44.0
68.0

62.4
2.3

11.2
86.1

19.7
2.5

19.1
64.1

Farm loan issues
Municipal

i 36.9
I 122.8

2.3
86.3

3.4

69.0
93.4

Total

533.1

336.9

59.3

433.3




28.6

Average for—
December, 1924..
January, 1925
February, 1925...
March, 1925
Mar. 2, 1925
Mar. 9, 1925
Mar. 16, 1925
Mar. 23, 1925
Mar. 30, 1925....

119.7
125.8
127.5
123.9
128.8
127.0
123.5
121.3
119.1

111.3
112.6
112.9
110.3
114.2
113.1
110.7
108.5
105.1

117.2
122.0
123.2
119.9
124.5
122.9
119.7
117.5
114.9

90.67
90.91
91.55
91.35
91.63
91.60
91.44
91.34
91.09

1,788
1,774
1,688
1,651
1,353
1,751
1,499
1,931
1,506

1 For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and low prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of shares
of 2each stock outstanding. Prices used are closing quotations on Monday.
Arithmetic average of daily peak and low prices, as published in the
Wall Street Journal. Weekly averages are for week ending with Saturday,
preceding date given.
3
Saturdays omitted. Weekly averages are for five days ending with
Friday, preceding date given.

APRII*

241

FEDERAL RESERVE BULLETIN

1925

AGRICULTURAL CREDIT BANKS

Intermediate credit banks closed direct loans
amounting to $1,442,866 during February,
1925, as compared with $4,206,931 during
January, and rediscounts of $3,607,068, as
compared with $2,688,046 in January. The
following table shows their direct loans outstanding on March 14, 1925, compared with
those outstanding on February 14, classified
by the commodities on which the loans were
based, and a similar comparison for rediscounts classified by borrowing organizations.

$2,684,000,000. The loans of the joint stock
land banks have amounted to $468,000,000
and the land mortgaged to 15,000,000 acres
valued at $1,204,000,000. The following table
summarized from the report shows the purposes for which these loans have been granted:
FEDERAL LAND BANES AND JOINT STOCK LAND BANKS
LOANS TO OCTOBER 31, 1924
[In thousands of dollars]
Federal land
banks

Joint stock
land banks

Total

Class of loan

INTERMEDIATE CREDIT BANKS

Per Amount Per
Amount cent
cent

Amount

Per
cent

[In thousands of dollars]
Feb. 14,
1925

Direct loans outstanding o n Cotton
Tobacco
Raisins
Wheat
Prunes
Canned fruit and vegetables
Peanuts
Rice . . .
All other
Total
Rediscounts outstanding for—
Agricultural credit corporations
National banks
State banks
Livestock loan companies
Savings bank and trust companies
Total

.

_-

._.

_

Mar. 14,
1925

11, 914
21,650
4,000
1,599
1,223
427
300
350
149

6,884
22,875
4,000
1,518
1,216
297
313
350
97

41, 612

37, 550

9,644
18
745
8,640
152

12,218
16
690
8,873
151

19,199

21, 948

The eighth annual report of the Federal
Farm Loan Board shows that 42 per cent of
the rediscounts outstanding on December 31,
1924, were secured by cattle, 21 per cent by
other livestock, and 37 per cent by other general agriculture. Direct loans to the amount
of $57,077,726 and rediscounts to the amount
of $33,351,161 were closed during 1924.
Federal land banks increased their mortgage
loans during February by $9,665,247 to
$944,994,926 and joint stock land banks by
$10,480,737 to $464,873,771. According to
the annual report of the Federal Farm Loan
Board the Federal land banks closed loans to
47,227 borrowers, aggregating $165,509,845
during 1924, and the joint stock land banks
11,390 loans, aggregating $74,586,761. From
the organization of the Federal land banks to
October 31, 1924, they have granted loans to
the amount of nearly $1,000,000,000 secured
by the mortgaging of about 60,000,000 acres
of land valued, together with buildings, at




To pay mortgages and
other debts
For purchase of mortgaged or other land.
For buildings and improvements, including irrigation
For implements and
equipment
To purchase livestock.
For fertilizer
For bank stock
Total

748,474

77

393,625

84

1,142,099

79

96, 529

10

49,081

11

145,610

10

52,219

5

15,504

3

67, 723

5

9,967
19, 385
1,005
49,183

1
2

5,725
3,864
186

1
1

15,692
23, 249
1,191
49,183

1
2
3

467, 985

100

1,444,747

100

976, 762

100

AGRICULTURE

Aggregate value of crop and livestock production in the United States in 1924 was
$12,404,000,000, as compared with $12,348,000,000 in 1923. Crop production amounted
to $11,404,000,000, but approximately $4,951,000,000 worth of crops were fed to livestock.
The value of livestock and livestock products
was estimated at $5,951,000,000, as compared
with $6,233,000,000 in 1923. The following
table shows the value of the principal groups of
crops and livestock raised in 1923 and 1924:
Value
Commodities
1923
Cereals
Cotton and cottonseed
Hay and forage
Fruit crops.
_
Vegetables
Dairy products
Animals raised
Poultry and poultry products.

1924

$4,138,000, 000 $5, 220,000,000
1, 657,000, 000 1, 701,000,000
1,619,000,000
1, 733,000,000
642,000, 000
626,000, 000
1,169, 000,000 1,018, 000, 000
2,652, 000, COO 2, 586,000, 000
2,440,000,000
2, 267,000, 000
1,038,000, 000
994,000,000

With the exception of the drought which has
continued in the Southwest, weather conditions
were generally favorable for farm operations
late in February and the early weeks of March.
Reports to the Department of Agriculture by
farmers of their intentions to plant in 1925

242

FEDERAL RESERVE BULLETIN

indicate that the acreage of all grains except
flaxseed, sweet potatoes, tobacco, peanuts,
and rice will be larger than the acreage harvested in 1924. The acreage of white potatoes
is expected to be smaller and planting of hay
no larger than last year.
Marketing declined further in February,
and exports were in the smallest volume since
last August. All commodities were shipped in
smaller volume in February than in January,
and all products except cotton and tobacco
were marketed in smaller volume than last
year. Exports of all agricultural products
except dairy products were smaller than in
the preceding month, but, due to a continuation of heavy shipments of cotton and wheat,
the total volume of exports was larger than in
February last year. Prices of farm products,
as measured by the farm price index computed
by the Department of Agriculture, were at
about the same level in February as in January, but they were 7 per cent higher than last
year.

APRIL,, 1925

the farm supply of wheat was the smallest since
1918. Rapid marketing of wheat and heavy
exports were largely responsible for the large
reduction in farm stocks, but the small stocks
of corn were due in a large measure to the
smaller crop than in 1923. Marketing of
grains was in 31 per cent smaller volume in
February than in January, and exports were
the smallest since last July. As compared with
a year ago, combined receipts of all grains at the
principal markets were lighter, but the aggregate
volume of grain exports was about the same.
Wheat exports, on the other hand, continued in
larger volume than in 1924, but this increase
was offset by smaller shipments of other grains.
After reaching a high point of slightly more
than $2.17 a bushel late in January, cash wheat
prices, as represented by quotations for No. 2 red
winter wheat at Chicago, declined rapidly until
the middle of February. During the third week
of February they began a second rapid advance and reached a high point on March 3.
Thereafter they declined rapidly, until the middle of the month to about 42 cents below the
Grain
high point of the year. Prices of other grains
Winter wheat and other grain crops came followed those of wheat to a considerable extent,
through the winter in fairly good condition, but the fluctuations were much less violent.
though a few sections reported losses from
freezing. Early in March there was some suf- Cotton
The American cotton crop in 1924 amounted
fering from drought throughout the greater
part of the winter-wheat belt of the Southwest, to approximately 13,619,000 bales, as combut rains in the middle of March were very pared with 10,141,000 bales in 1923, and was
beneficial to the crop in the Kansas City Fed- the largest yield since 1914, when 15,906,000
eral reserve district. In the Dallas district the bales were produced. Marketing has contin(Irolight has continued and caused considerable ued at a rapid rate, and from the beginning of
losses to the crop. Preparations for the plant- the season to the middle of March approxiing of the spring wheat crop progressed rapidly mately 13,180,000 bales moved from the planin March, and according to reports to the De- tations and small interior towns of the South
partment of Agriculture on March 1 by farmers to market. For the same period last year
of their intentions to plant, the acreage of approximately 9,960,000 bales moved into
spring wheat will be 14 per cent greater than sight, or 3,220,000 bales less than this season.
that harvested last year. The winter wheat This is about the difference in the size of the
acreage sown last fall was 6.5 per cent greater two crops, indicating that stocks left on the
than a year earlier, and after allowing for the plantations and interior towns of the South are
average abandonment and considering the in- in about the same volume as last year.
Heavy shipments from the producing areas
crease in the spring-wheat acreage, the Department of Agriculture reports that the increase in have been due to the increased domestic and
the total wheat acreage will be approximately foreign demand for raw cotton. Exports and
7 per cent, or 3,800,000 acres. Intended in- takings by American spinners for the season to
creases of 2 per cent in the acreage of corn, 6 March 13 amounted to 11,588,000 bales, as
per cent in the acreage of oats, and 23 per cent compared with 9,139,000 bales last year. Exm the acreage of barley are shown for the coun- ports, however, for the same period increased
much faster than buying by American spinners
try as a whole.
Stocks of all grains except oats on farms on and in fact the number of bales exported for
March 1, 1925, were smaller than a year earlier. the period to March 13 was 13 per cent larger
Stocks of corn were the smallest since 1917, and than the total for the entire preceding crop




APRIL* 1&25

FEDERAL RESERVE BULLETIN

year. Preparations for the new crop made good
progress in the Southeastern States, where the
weather was generally favorable in March and
where rains during the early winter months
provided ample moisture. In the Dallas Federal reserve district, on the other hand, continuation of the drought retarded farm work,
and the outlook there is unsatisfactory. Early
reports indicate that, in view of the late autumn and the generally mild winter throughout
most of the Cotton Belt, conditions have been
favorable for weevil hibernation and that infestation in the southeast is likely to be no
greater than last year.
Continuation of the demand for cotton from
both domestic and foreign consumers and the
unfavorable conditions for the crop in the
Southwest were partly responsible for a considerable rise in the price of cotton in February
and March. From 23.6 cents a pound on January 23, the price of middling cotton at New
Orleans advanced to 26 cents for the week
ending March 6. Since that time the market
has declined slightly, reaching 25.4 cents a
pound on March 20. A year ago the price
was 29.3 cents a pound.
Tobacco.

Marketing of tobacco in February was in
smaller volume than in January, and in the
Richmond Federal reserve district many of the
bright tobacco markets closed for the season
in February and March. Approximately 94
per cent of the crop grown in Virginia had been
sold or delivered to the Tobacco Growers' Cooperative Association for sale by March 1, as
compared with about 90 per cent of the crop
for the same period last year. The quality of
the tobacco sold at the Virginia markets in
February was below that of February, 1924,
and the average price was lower than last year.
In the St. Louis district sales of all tobacco
were smaller in February than in January, but
they were in considerably larger volume than
last year. In fact, sales of burley tobacco, the
bulk of which is grown in the St. Louis district,
were 13 per cent larger than last year, and
sales of the western dark crop were more than
twice as heavy as in February, 1924. The quality
of the crop in that district has been better than
last year and prices have been higher. The
Burley Tobacco Growers' Cooperative Associaation, which markets the greater part of the
burley crop, has sold approximately 175,000,000
pounds since the opening of the season on December 1, including the remainder of the 1922 crop
-and large quantities of the 1923 and 1924 crops.




243

According to reports to the Department of
Agriculture, an increase of approximately 10
per cent in the total tobacco acreage is contemplated by growers, but the greatest increase is expected in the South Atlantic States,
particularly in Georgia, where the crop in 1924
was good and prices were exceptionally favorable. Preparations for the new crop are being
advanced rapidly and good progress has been
made in sowing plant beds.
Production of all tobacco products was seasonally smaller than in January, and the output
of all products except cigarettes was smaller
than in February last year. In the Philadelphia Federal reserve district cigar manufacturers have only a small amount of orders on
hand and are operating on a basis of from 50
to 80 per cent capacity.
Fruits and vegetables.

Generally warm weather late in February
in the fruit-growing sections of the South and
Southeast caused early fruit buds to advance
rapidly, and as a result considerable damage
was done by the low temperatures early in
'March. Reports from Georgia indicate that
the peach crop suffered somewhat, but the
extent of the damage is yet uncertain. In
Florida and California the citrus fruits were
not seriously affected by the cold weather and
were reported to be in good condition up to
the middle of March. Recent estimates by
the Department of Agriculture indicate that
because of the smaller size of oranges than
expected earlier in the season the crop in
Florida will be below the original estimate of
13,400,000 boxes.
Marketing of fruits and vegetables declined
in February, and fruits were moved to market
in much smaller volume than last year. Smaller
shipments of apples and oranges than in January were the principal factors in the decline.
Total shipments of oranges this season have
been below those of last year, but the decline
has been due entirely to the smaller crop in
California, since the movement from Florida
through February amounted to 20,114 cars, as
compared with 19,101 carslastyear. Shipments
of vegetables from Florida, on the other hand,
for the season through February were in about
30 per cent smaller volume than last year.
The total volume of apples that was shipped
for the season to the end of the first week in
March was 26 per cent smaller than last, year,
and as a result of this smaller movement stocks
of apples in storage are 33 per cent smaller than
last year.

244

FEDERAL RESERVE BULLETIN

APRIL, 11)25

Livestock.

Dairy products.

With the exception of the range area in the
Dallas Federal reserve district and a few sections in the southwestern part of the Kansas
City district, where the drought has continued,
pastures and ranges improved in February
and March, and the condition of livestock in
those areas was higher at the beginning of
March than a month earlier. Spring movements of cattle from the ranges of the Southwest to the grass pastures of Kansas, Oklahoma, and Nebraska, which usually begin
early in March and continue to the end of
June, are estimated by the Department of
Agriculture to be 12 per cent less than last
year. A total of 862,000 head, as compared
with 984,000 head last year, is expected to be
shipped from the Southwest. Generally excellent returns from early spring lambing are
reported from the sheep-raising sections of
the San Francisco Federal reserve district,
and the condition of the early spring-lamb
crop in other sections is generally favorable.
According to estimates by the Department of
Agriculture, the number of spring Iambs available for market before July 1 will be considerably larger than last year and will compare
favorably with the average for the past five
years.
Marketing of livestock is seasonally smaller in
February than in January, but this year receipts
were 21 per cent smaller than in January, which
was the largest decline for that month on record.
Marketing of hogs was in 25 per cent smaller
volume, which accounts for a considerable part
of the unusually heavy decline in the total
marketing between January and February.
As compared with February last year, cattle
and calves were marketed in greater numbers,
but hogs and sheep were sold in smaller volume.
The one less working day in February this
year than in 1924 is largely responsible for the
smaller sheep receipts at principal markets,
but the decline in hog receipts reflects the
smaller available supplies to be marketed this
year.
Prices of meat animals continued to advance
in February, when the Department of Agriculture's index of farm prices for meat animals
reached 126, the highest since November, 1920.
In March the price of hogs continued to rise,
and on March 20 it was $13.80, as compared
with $7.30 a hundred pounds a year earlier.
Prices of other animals are also higher than in
1924, but the greatest increase has been in
the price of hogs, which may be attributed in a
large measure to the smaller supply to be
marketed this year.

Stocks of butter and cheese, which have
been a depressing factor on the market for
many months, continued to decline in February, but cold-storage holdings of butter at the
five principal markets are still about three
times as heavy as a year ago. Stocks of cheese,
on the other hand, have been reduced gradually since the high level of last September, and
are now slightly smaller than last year. Receipts of butter at these markets, which are
the best available indicators of production
for the entire country, were in 9 per cent
smaller volume in February than in January,
which can be attributed in part to the fewer
working days in February. As compared with
1924, receipts in February were 12 per cent
smaller and continued lighter in the first week
of March than last year.
High prices for dairy feeds in relation to
prices for butterfat have caused dairy producers in the eastern regions of the United
States to curtail feeding considerably, with the
result that milk production has been lighter.
The Department of Agriculture reports that
this has caused a shortage in the city milk
supplies of the eastern section, and in order
to fill their requirements heavy purchases
of sweet cream have been made in the middle
west dairy States for shipment to the East.
The shipping of sweet cream curtailed butter
production, which was an important factor
in causing light receipts at the principal markets early in March.
Notwithstanding heavy stocks, prices of
butter began to advance early in February,
and by the middle of March they had advanced from 40 to 48 cents a pound for 90score butter at New York. On March 20 the
price was 47.8 cents a pound, as compared
with 47.5 cents a pound a year ago.




MINING
Coal and coke.

Continued mild weather and the approach of
spring accentuated the recession in the bituminous-coal industry which started in the
middle of January, until both production and
prices during the second week of March
touched the lowest levels since late in the
summer of last year. The Coal Age index of
spot prices for bituminous coal has gone
under $2, on March 16 standing at $1.99, as
compared with $2.04 one month earlier and
$2.12 on January 12. Weekly production of
bituminous coal has declined steadily since the
middle of January, except for the first week in

APRIL,, 1925

FEDEBAL BESERVE BULLETIN

March, and for the week ending March 14
was estimated to be 8,623,000 net tons, as
compared with 12,590,000 for the week ending
January 10. The week ending March 14
made the fifth consecutive week in which
average production per working day fell below
that of the corresponding figures of the preceding three years. Total February production of bituminous coal was 38,963,000 net
tons, the lowest for any month since last
August and below any February since 1921.
The market for anthracite coal has also felt
the effects of mild weather, and with the
approach of spring independent prices have
fallen. Production for the month of February
is estimated at 7,176,000 net tons, as compared with 7,400,000 in January, and 7,621,000
in February of last year.
February production of both by-product
and beehive coke receded from the high January levels, the former standing at 3,125,000
short tons, as compared with 3,411,000 in
January, and the latter at 1,054,000 as compared with 1,170,000. As compared with
February of 1924, however, production of
by-product coke was larger and of beehive
smaller, both by about 150,000 tons. As
compared with 276,000 tons for the week
ending February 7, which marked the high point
of the current movement, production of beehive
coke during the week ending March 14 was
243,000 tons, or 12 per cent less.
Petroleum.

Rapid advances in the prices of crude petroleum in January and February resulted in considerable expansion of operations in the producing areas of the South and Southwest.
In February the daily average output of crude
oil was about 2 per cent larger than in January, and during the first weeks of March daily
production continued to increase, and for the
week ending March 14 daily output amounted
to 1,949,200 barrels, the largest daily average
volume since January. In view of this rapid
expansion in production and a growing hesitancy on the part of refiners to purchase light
oil at more than the posted prices, crude-oil
prices were reduced at several leading fields,
the most significant being the two successive
reductions of 15 cents each in the second and
third weeks of March by the Standard Oil Co.
of Louisiana of Smackover and Cotton Valley
crude oil.
Activity in the refined products industries
continued, to increase during February, and
with rapidly advancing prices stocks of re-




245

fined products increased. Refiners' stocks of
all products except fuel oil were larger than at
the end of December, and supplies of all products were larger than at the end of January
last year. About the middle of March these
stocks became a depressing factor on the
market, and there was a general downward
movement in quotations of all the principal
refined products. The price of gasoline was
reduced 1 cent a gallon on March 19 by several
of the leading refining companies serving the
eastern and southern sections of the United
States, and similar reductions were announced
in California by several independent companies.
Metals.

The dullness which characterized the market
for nonferrous metals in the preceding month
continued during the last half of February and
the first half of March and was accompanied
by further price recessions from the January
levels in copper, zinc, lead, tin, and silver.
The price of refined electrolytic copper delivered at New York, which stood at 14 J^
cents on February 18 as compared with 15J^
cents on January 14, fell a further J^ cent
during the month and was quoted at 14 J^ cents
on March 18. Due in part to the shorter
month, February copper production, estimated
at 138,772,000 pounds, was 7 per cent below the
high January output, but with that exception
exceeded any other month since the war.
Production of lead during February was 14 per
cent above the same month last year and only
5 per cent under the high January figure, while
prices for both lead and zinc, after receding
during February, stabilized during the first half
of March. Shipments of slab zinc from refineries during February, though under the
preceding four months, were still in excess of
production, and stocks at the end of the month
of about 17,000 tons were the lowest since the
middle of 1923.
*
Silver production, estimated at 5,077,000'
ounces during February, was the lowest since
July, 1924, and materially below February of
last year. With India the chief factor in the
market, quotations for bar silver in New York
reached a low of 67% cents on March 14—1%
cents off from the end of January high point.
Prices immediately recovered to 68 cents, however, and at that quotation on March 18 were
only % cent below the corresponding February quotation. Deliveries of tin in the
United States during February exceeded the
preceding month and were the highest since

246

FEDEEAL. RESERVE BULLETIN

April, 1924, while stocks of 3,949 tons at the
end of the month were somewhat below the
January figure, but still in excess of the three
preceding months. Following fairly stable
prices during February, recessions characterized the first half of March, and straits tin was
quoted at 53 cents on March 18, as compared
with 57 cents a month previous and 60 J^ cents
on January 3.
MANUFACTURING
Food products.

Production of flour and meat products was
seasonally smaller in February than in January, but the output of sugar was larger. The
output of flour was in 13 per cent smaller volume than in January, the greater part of which
decline was due to fewer working days in the
later month. As compared with last year
the actual output was smaller, but daily average output this year was approximately 3 per
cent larger than in February. Wide fluctuations in the price of wheat were disturbing
factors to the flour market in February and
early in March, and buying was less active
and exports were slightly smaller. While
wheat continues to go abroad in larger volume
than last year, flour exports in February were
about 30 per cent smaller than last year, and,
with two exceptions, 1914 and 1917, the February volume was the smallest for that month
for any year since 1913.
Although the volume of sugar produced in
February was seasonably greater than in January, it was the smallest February output
since 1921. Grinding operations in Cuba in
February and early in March were at a high
point, and preliminary estimates indicate that
the world crop of sugar in 1924-25 will exceed
23,000,000 long tons, as compared with 20,660,000 long tons in 1923-24. Prices of both raw
and refined sugar were higher in the middle of
March than a month earlier, but were about
2 cents a pound loWer than a year ago.
Under the influence of the usual seasonal decline in the slaughter of cattle and sheep and a
decline of 26 per cent in the number of hogs
slaughtered, the production of meat products
was in 23 per cent smaller volume than in January and 8 per cent less than last year. Stocks
of beef, mutton, and lamb products were slightly
smaller at the beginning of March than a month
earlier, but stocks of pork products and lard
were larger. As compared with a year ago,
stocks of all meat products except pork were
larger. Both the domestic and foreign demand declined in February, and exports of




APRIL,

1925

meat products were considerably smaller than
last year. Sales at meat-packing houses, on
the other hand, reporting to the Chicago Federal Keserve Bank were in larger volume than
in February last year.
Recent estimates by the Department of
Agriculture show that the production and consumption of pork products in 1924 were slightly
smaller than the record volumes in 1923, but
they continued larger than in other recent
years, as is shown in the chart.
I BILLIONS OF POUNDS

PORK PRODUCTS
|

EXPORTS
DOMESTIC CONSUMPTION

I
1922

1923

Textiles.

Buying of textile products was not particularly heavy during February and the first
three weeks of March. Production was fairly
well maintained during the period for the purpose of filling orders previously received.
Cotton prices advanced somewhat, but recessions were noted in silk and wool quotations.
Toward the end of February increased
activity was noted in markets for cotton
goods and yarns, and prices advanced somewhat. About the middle of March, however,
buying slackened, and trading in general was
somewhat quieter. Ginghams have been the
most active of the staple finished goods, and
during the first week of March gingham prjces
for fall were advanced 1 cent a yard by a large
producer. Because of this and other increases,
the Fairchild cotton-goods index rose more in
the week ending March 7 than in any single
week since last November. Another increase
the following week brought the index to 15.822,
the highest figure recorded since last August.
A slight decline was noted later in March.
These changes were very small, however, and
the index has been remarkably steady for
about a year. The first advances of the year
in the Fairchild cotton-yarn index occurred in
the three weeks following February 21, but

FEDERAL RESERVE BULLETIN

APRIL, 1925

reports indicate that the demand for yarns
continued to be somewhat limited. Mill
operations have been at a high rate, and the
daily average consumption of raw cotton in
February was the largest since 1923. The
number of active cotton spindles also increased
and the number of active hours equaled 100
per cent of single-shift capacity. The accomanying chart shows the trend of consumption
y mills in cotton-growing States and in all
other States for the past five years. The
southern mills consumed more in January,
1925, than in any other month on record,
although total consumption in that month has
been exceeded in previous years. Cotton
finishers reported an increase in activity during February, and shipments and orders were
smaller than in January only because of fewer
working days in February.

E

THOUSANDS OF BALES

THOUSANDS OF BALES

5001

5OC

400

1920

1921

1922

1923

1925

Weakness in the raw-wool market is an attributed cause for slackened activity in the
woolen and worsted industry. Raw-wool
prices in January reached the highest level
since 1920, but since February 1 they have been
rather steadily declining in nearly all the markets of the world. The Fairchild index of domestic wool prices fell from a maximum of 145.3
on January 31 to 130.7 for the week ending
March 21. March auctions in London opened
with prices from 10 to 15 per cent,below closing
quotations at the February sales, but a better
aemand developed during the course of the
sales. In the second week of March manufacturers opened their fall lines of dress goods.
Advances from prices at the previous opening
were noted where lines were comparable.
Markets for both men's and women's wear
have been rather quiet recently, and reports do
not indicate active buying of the new fall lines.




247

Demand continues to be greater for woolens
than for worsteds. Production was at a slightly
lower rate in February than in January, according to statistics of active machinery hours.
Worsted spindles, looms, and combs showed^a
reduction in activity, while woolen spindles
and cards were more active. The decline in
mill consumption of raw wool may be accounted
for by the smaller number of working days in
February. Substantial increases in the number of men's and boy's garments cut were noted
in January, and employment figures indicate
a further seasonal enlargement of activity during February in both the men's and women's
clothing industries.
Raw-silk markets, after a period of great activity in January and early February, later
weakened somewhat, and prices declined between the middle of February and the end of
March. Imports of raw silk were heavy in
February and exceeded mill takings, although
they, too, were large. Stocks consequently increased and at the end of February almost
equaled the record-breaking supplies held on
December 31. The thrown and broad silk
industries, however, have been fairly active.
A good demand for silk products is reported,
and operations have continued at a relatively
high rate. Many orders for future delivery
have been booked, and some mills report sufficient unfilled orders to insure operations for
about 80 days.
Considerable improvement has been recently noted in the knit-goods markets. The
demand for hosiery has been good, and manufacturing operations have increased. January
production was greater than that of December,
and preliminary reports indicate an increased
daily average output in February, particularly of women's hosiery. Shipments were
greater than in January, but the volume of
orders declined. Sales of underwear have
likewise increased. January figures showed
large increases in production, orders, and shipments as compared with the three preceding
months, accompanied by reductions in stocks.
No important price changes in knit goods have
occurred within recent weeks.
Iron and steel.
During February the iron and steel industry
continued manufacturing operations at a high
rate. Shipments were also large, and despite
reports of declines in buying, the unfilled orders
of the United States Steel Corporation showed
a further increase. Since the 1st of March
there are indications of reductions in the back-

248

FEDERAL RESERVE BULLETIN

log of orders upon which most companies have
been operating in recent weeks, and the rate of
production has slackened somewhat. The
daily average output of pig iron and steel ingots
in February was the largest ever recorded in
that month, but reports indicate that operations were lower during the latter part of
March than they were a month earlier. Furnaces in blast increased from 251 at the end
of January to 256 on February 28, the smallest
monthly increase since last August.
After the middle of March evidences of
greater activity in iron and steel markets were
noted, and reports indicated the beginning of
buying for spring needs. Some mills increased
operations. Buying, however, apparently did
not increase to any material extent, and the
market later became somewhat less active.
Prices have been weak, and in recent weeks
several reductions have been made. The Iron
Age composite pig-iron price fell in March
from $22.50 to $21.88 a ton, and the corresponding steel price fell to 2.531 cents a pound from
2.546 cents. Prices of scrap material have also
declined.
The automobile industry has recently been
the most active factor in the iron and steel
market, and buying of sheets and strip steel
by automobile producers has been on a larger
scale than at any time since the spring of 1924.
Lower prices for sheets have stimulated large
orders for second quarter needs. Railroads
have recently bought rails in fairly large
quantities, but orders for cars and locomotives
have been smaller than a year ago. According
to Iron Age, car orders totaled only 21,000 cars
in the first three months of the year, as compared with 50,000 cars in the same months of
1924, and the output of and unfilled orders
for locomotives are much smaller than a year
ago. Structural steel awards were larger in
February than in January, but the total for
the year to date is much smaller than that for
the corresponding period last year.
Automobiles and tires.
After months of unsatisfactory business,
definite improvement was noted in the automobile industry during February and March.
Dealers, distributors, and manufacturers have
all felt the effects of the greater demand, and
both sales and production have increased.
They are, however, far below those for this time
last* year, when the industry was passing
through a period of activity never before or
since excelled. Production of passenger cars




APRIL, 1925

in the United States during February totaled
242,000 cars, as compared with 204,600 in January. This increase of over 18 per cent was the
largest monthly increase reported since early
1923. The February output, however, was 28
per cent less than that of February, 1924. The
production of trucks, on the other hand, was
greater than a year ago.
Distribution of automobiles was likewise larger
in February than in January. Manufacturers,
producing 63 per cent of the total output, reported to the Federal Reserve Bank of Chicago
increases of 21 per cent in sales to dealers and
of 33 per cent in dealers' sales to users. Dealers' sales were 87 per cent of their purchases, as
compared with a corresponding percentage of
79 per cent in January. It is usual at this period of the year for this ratio to be below 100.
Dealers also reported increases in sales as compared with February, 1924, both of new and of
used cars. Stocks of new cars were smaller and
of used cars* larger on February 28 than at the
end of February last year, frice changes in
March were reported by two producers of highpriced cars, one announcing increases and the
other decreases.
Seasonal increases in production and declines
in shipments of automobile tires and tubes
during February resulted in an enlargement of
finished stocks of inner tubes to the largest
amount on record and of tires to the third largest. Crude rubber prices advanced steadily
during February and March, rising above 40
cents, the high point reached at the end of
December.
Lumber.

Production of lumber in February, as reported
by the National Manufacturers Association,
totaled 1,126,600,000 feet, falling short of the
January cut by some 98,000,000 feet and of the
cut in February, 1924, by .83,000,000 feet, but
exceeding that recorded for February of any year
in the preceding decade. The Federal Reserve
Board index for lumber production, corrected
for seasonal variation, which had risen from 128
in December to 145 in January, dropped back
to 127 in February, a point above that recorded
for any preceding February of recent years,
excepting 1924. Shipments m February totaled
1,133,200,000 feet, falling short of shipments in
January by 154,200,000 feet, and of shipments in
February, 1924, by 83,400,000 feet, and exceeding production in February by 6,600,000 feet.
As reported by the West Coast Lumbermen's
Association, shipments of Douglas fir, which

exceeded production in December and January
fell below production in February and, as
reported by the Southern Pine Association,
shipments of southern pine, which were running in volume very nearly equal to production
during December, fell below production in both
January and February.
MILLIONS OF FEET

1921

MILLIONS OF FEET

1922

1923

of both sole and upper leathers from cattle
hides decreased in January, whereas the output of uppers from calf, sheep, and goat skins
increased. Production of all kinds, except
calf leather, was smaller than a year before.
Both finished stocks and stocks in process were
in every case lower than at the end of January,
1924. Preliminary figures for February show
that the output of sole leather was 1,211,945
backs, bends, and sides, as compared with
1,296,319 in January
and 1,242,656 in February,
1924. Tanners7 finished stocks and stocks in
process were smaller than at the end of January.
Shoe manufacturers have been busy recently
producing and shipping goods for Easter business. Buying compares favorably with that
of last year. The production of boots and
shoes in February was slightly greater than in
January, despite the smaller number of working days in the latter month, with the greatest
increase in the St. Louis district. February
output totaled about the same as in that month
of last year. Sales of shoes at wholesale were
seasonably greater in February than in January, but smaller than a year ago.

1924-

Lumber cut, shipments, and orders during
the first 10 weeks of the year, as reported by
eight associations to the National Lumber Manufacturers Association, are set forth in the accompanying diagram for the five years 19211925. For these weeks production, shipments,
and orders in 1925 were in smaller volume than
in the corresponding period of 1924, the 1924
aggregates for shipments and orders being exceeded by the totals for 1923. Production,
shipments, and orders were in practically equal
volume during these weeks of 1925, whereas in
the corresponding period of the two preceding
years shipments and orders both exceeded production by substantial amounts.
Hides, leather, and shoes.

Hide and leather markets were somewhat
less active in February and March than earlier
in the year, while the shoe industry, on the
other hand, was passing through its usual
period of large buying for Easter needs,
racker hides have been offered in small lots
on the Chicago market and prices have declined, partly because of the poor quality of
hides sold at this time of the year. Stocks of
hides and skins increased during January, but
continued smaller than they were a year before.
Sales of leather have likewise decreased, and
some prices have been reduced. Production




249

FEDERAL RESERVE BULLETIN

APRIL* 1925

BUILDING

The value of building contracts awarded in
11 Federal reserve districts, according to compilations of the F. W. Dodge Co., totaled
$311,000,000 for February, exceeding the January total by 0.4 per cent. Nine districts
report for February larger values for contracts
representing projected building than they had
reported for the month preceding, a material
decrease being shown only for the New York
district. For this district February awards,
aggregating $63,000,000, fell short of the January total of $110,000,000 by $47,000,000 and
short of the February, 1924, total by
$44,000,000, but were nevertheless somewhat
in excess of the corresponding values for 1923
and 1922. In January the New York district
reported more than one-third and in February
approximately one-fifth of the total values
representing projected building in the 11
districts.
February contract values for the 10 districts
which have reported these values each month
beginning with January; 1923, indicated a value
of projected building in very nearly the same
amount this year as last—$297,900,000 and
$297,400,000, respectively—and some $20,000,000 in excess of the 1923 February total.
Figured on the value of awards in seven dis-

250

FEDERAL RESERVE BULLETIN

tricts, which in February reported values
totaling $233,000,000, the Federal Reserve
Board index for value of building contracts
awarded declined to 159 in February from 168
in January, 180 in December, and 196 in
November.
Contract awards in 27 northeastern States
in February called for 38,650,000 feet of
construction, which is 9 per cent below the
January figure and 20 per cent below the
figure for February a year ago. February
aggregates this year for every class of construction awards except " social and recreational" were below those of a year ago. The
largest of these classes, awards of residential
construction, totaled 23,734,000 feet in February this year, the corresponding figure for
last year being 28,037,000 feet, and for 1923,
22,668,000 feet.
A total of 46,809 building permits, representing a valuation of $248,480,000 were
issued in February in 168 selected cities, the
corresponding figures for January being 38,735
and $212,812,160, and for February a year
ago 47,125 and $273,021,060. Grouped by
Federal reserve districts, these cities reported
for permits issued larger valuations in February than in January in each district except
New York. Cities of the New York district,
which reported a valuation of nearly
$129,000,000 for permits issued in February
of 1924, and a valuation of over $78,000,000
for January permits this year, reported for
February a valuation of $67,500,000.
The Bureau of Labor Statistics price index
for building materials advanced from 179.3 in
January to 182.8 in February. A slight price
shifting downward, however, for hardwood and
a practically stable price level for softwood lumber is indicated by the composite price indexes
as reported for March 20 in comparison with
the figures for February 20. Wholesale prices
of cement and bricks as reported March 20
were the same as recorded for the preceding
week and for February 20.
TRANSPORTATION
Corrected for seasonal variation, the Federal
Reserve Board's index of total freight car loadings advanced slightly above the exceptionally
high figure for January, rising to 124.9 from
122.9 and reaching a point equal nearly to last
year's February figure of 125.2 (with correction made for the extra day in February, 1924).
In the six years 1919-1924, for which the
monthly index has been computed, the figure
for February this year has been exceeded only
twice—once in May of 1923, when the index




APRIL* 1925

ran to 126.7, and a second time in February
last year. From the high point of February a
year ago the index tended with some fluctuations generally downward to 103.1 in June, a
point below that of any month since August of
1922, and in the period since, again with some
fluctuation, it has tended upward, very nearly
to record high in February lor any month. In
fact, beginning with December of last year, and
running well into March of this year, car loadings have been continuously maintained at
record high, or nearly record high, levels for
this season of the year.
Calculated for the principal classes of freight,
February indexes indicated record high volume
of shipments for this month for merchandise in
less than carload lots and miscellaneous freight.
The index for ore also advanced very considerably in January over December, and again in
February over January, 1925. For gram and
grain products, livestock, and coal, however,
the indexes continued to fall off in February, as
they had done in January from the December
figures.
February loadings of 3,619,000 cars for all
classes of freight combined were 372,000 cars
below the January total and 165,000 cars
below the total for February of last year, but
these differences were largely accounted for
by a comparison of the number of days in the
months, the decrease in loadings in February
this year as compared with January being
less than the usual seasonal change. Miscellaneous freight and merchandise in less than
carload lots were loaded in nearly the same
volume this year as in February a year ago,
but grain and grain products, which were
running above 1924 in January, fell below 1924
in February. With exception of the southwest district, February loadings this year in
each district were below 1924 aggregates for
all classes of freight combined, but, when
allowance is made for the extra day in February
of last year, the volume of traffic this year
appears to have been fairly maintained at
last year's level very generally the country
over. Computations by the Bureau of Railway Economics show that for the year to date,
March 7, car loadings ran 15.2 per cent above
the average for this period in the six years
1919-1924—grain and grain products running
9.3, coal and coke 6.1, forest products 25.8,
and manufactured products 19.2 per cent
above this six-year average. For the week
ended March 14 total car loadings of 924,000
cars slightly exceeded loadings this week, a
year ago, of 917,000 cars, the 1925 figures for
the eastern, Alleghany, northwestern, and cen-

APRIL,

251

FEDERAL RESERVE BULLETIN

1926

tral western districts falling below, and for
the Pocahontas, southern, and southwestern
districts, being above the 1924 total.
Large surpluses of freight cars were available
in February as in January and throughout
1924, the surplus for February being 240,000
cars (99,000 box and 100,000 coal). Practically no shortages have been reported for any
month during the past year. For the first
quarter of March car surplus increased to
279,000 and for the second quarter to 296,000
cars (101,000 box and 152,000 coal), the figures
for the corresponding periods last year being,
respectively, 144,000 and 175,000 cars. Reported shortages this year for the first two
quarters of March were only 159 and 130 cars,
as compared with 2,000 and 600 cars reported
last year in these periods.
During January Class I railways earned a net
railway operating income of $65,842,000, giving a rate of return on property investment
(annual basis) of 4.71 per cent, the corresponding figures for January last year being $51,387,000 and 3.79 per cent. In each of the seven
regions for which data are compiled the roads
earned higher rates of return this year than they
earned in January of last year. This year, as
in.January of last year, the highest rate of
return is reported for roads in the Pocahontas
region (7.35 per cent in 1925 and 4.69 per cent
in 1924), and the lowest rate this year, as last,
is reported for roads in the northwestern region
(2.75 per cent in 1925 and 1.43 per cent in 1924).

were in the sales of machine tools, clothing,
dry goods, jewelry, shoes,, and groceries.
Smaller sales of dry goods than in 1924 were
reported from all Federal reserve districts except New York and Minneapolis, while grocery
sales declined in all Federal reserve districts
except Dallas.
Stocks of groceries, dry goods, and hardware at wholesale firms reporting from six
Federal reserve districts were larger at the end
of February than a month earlier. As compared with February a year ago, stocks of groceries were larger, but stocks of shoes, dry
goods, and hardware were smaller. Outstanding accounts at the end of February were larger
for most lines than at the end of January, but
were considerably smaller than a year ago,
particularly in the Minneapolis district, where
returns from the 1924 crops enabled retailers
to liquidate a large part of their indebtedness
at wholesale firms.
Retail trade.

Retail trade in February was in smaller
volume than in January, but, when allowance
is made for the fewer selling days in February,
business at these stores was larger. The aggregate volume of sales at department stores and
cigar chain stores was slightly smaller than in

PERCENT

160 —

MAIL. ORDER SAJ.ES

TRADE
Wholesale trade.

Wholesale trade in February was about 3
per cent smaller in volume than in January.
The decline in February was due in part to the
smaller number of business days. Declines
occurred in the sales of meats, groceries, drugs,
stationery, machine tools, and diamonds, while
there were increases in the distribution of dry
goods, shoes, hardware, agricultural implements,
jewelry, and electrical supplies. Sales of agricultural implements were larger in all Federal
reserve districts from which reports were received except in the Dallas district, where a
continuation of the drought delayed farm
operations.
Compared with a year ago, the aggregate
value of February trade was about 2.5 per
cent less. Sales in all lines except furniture,
agricultural implements, and diamonds were
smaller than last year. Sales of meats were
about 10 per cent larger, while those of
hardware were in about the same volume.
The greatest declines compared with last year




140

b

120

f
/

'/•LA

M/

i w

v;

i

100

i

80

V

60

—— Adjusted for Seasonal Variation
—- - Without Seasonal Adjustment

20

20

1921

1922

1923

1924-

1925

February last year, but when adjustment is
made for the extra selling day in February, 1924,
sales this year at these stores and all chain stores
were larger. The chart shows sales at mailorder houses since 1921.

252

FEDERAL RESERVE BULLETIN

Department-store sales, as measured by the
Federal Reserve Board's index without seasonal
adjustments, were 9 per cent smaller than in
January. Declines occurred in all Federal reserve districts except in the Atlanta district,
where they were in about the same volume as in
January. These declines, however, were due
almost entirely to fewer selling days in February, since practically all districts except
Chicago showed increased sales when allowance
is made for the shorter month. While the total
volume of sales after adjustment is made for the
one less business day this year was about 2
per cent larger than last year, increases occurred only in the New York, Richmond, Atlanta, Minneapolis, and Dallas Federal reserve
districts. Sales at all departments 7 except
those carrying silks and velvets, boys wear,
women's suits, misses ready to wear, corsets
and brassieres, women's and children's hosiery,
infants' wear, negilg6es, aprons and house
dresses, women's and children's shoes, furniture, musical and radio instruments, were
smaller than last year. The greatest declines
occurred at departments selling cotton dress
goods, ribbons, silverware and jewelry, women's skirts, furs, sweaters, gloves, toys, and
sporting goods.
Stocks of merchandise at department stores
showed about the usual seasonal increase in
February and were larger in all Federal reserve
districts than at the end of January. Decreases in the size of stocks in the Cleveland,
Richmond, Atlanta, Dallas, and San Francisco
Federal reserve districts from February a year
ago were offset by increases in the New York,
Philadelphia, and Chicago districts, with the
result that total stocks at department stores
were slightly larger than a year earlier.
Analysis of these data by departments indicates that inventories of cotton dress goods,
ribbons, women's skirts, waists and blouses,
sweaters, millinery, women's and children's
shoes, and luggage were more than 9 per cent
smaller than a year ago. The most significant
increases as compared with a year ago occurred
at departments carrying neckwear, handkerchiefs, boys' wear, radio and musical instruments. The rate of turnover for department
stores in February, as measured by the relation of the volume of sales to average stocks,
was higher than last year in all Federal reserve
districts except in the Boston, Chicago, and
San Francisco districts, and the rate at which
goods have been moving since the beginning
of the year is also higher for all districts except
for the Boston, Chicago, and San Francisco
districts. Outstanding orders at department




APRIL, 1925

stores at the end of February were larger in all
districts except in the New York, Chicago, and
Dallas districts than at the end of January.
EMPLOYMENT

Industrial employment showed a rather general increase in February, and the index of
factory employment rose to 94.6 from 93.3 in
January. At the same time large increases
were noted in factory pay rolls, which, according to reports of the Bureau of Labor Statistics, had decreased considerably in January
because of curtailment for inventories and
repairs. The growth of employment and pay
rolls was noted in every section of the country.
As compared with a year ago, however, both
items had decreased by nearly 4 per cent.
Particularly large increases were noted in the
iron and steel and products, knit goods, clothing, automobile, paper, and glass industries,
with more moderate growth in lumber and
leather and shoes. Large decreases occurred
in musical instruments, animal products, and
cement. The decline of employment in the
musical instruments industry oi over 15 per
cent was largely due to reductions of forces
among manufacturers of phonographs. The
other decreases were of a seasonal nature.
Considerable unemployment is reported among
miners in the bituminous coal regions. Per
capita earnings were larger in most industries
during February than in January, the greatest
increase being in automobiles. Establishments
reporting to the Bureau of Labor Statistics
operated at 93 per cent of full time in February,
with 83 per cent of a full force, as compared
with January percentages of 92 and 82,
respectively. More wage reductions were
reported in the cotton-goods industry, affecting
an additional 16,000 workers.
SAVINGS DEPOSITS
The total of savings deposits reported by
895 banks distributed throughout the United
States was $7,742,784,000 on March 1, 1925,
as compared with $7,664,128,000 on February
1, 1925, and $7,195,232,000 on March 1, 1924.
This represents an increase of over 1 per cent
during February and of almost 8 per cent over
the year from March 1, 1924, to March 1, 1925.
The St. Louis district was the only one which
did not show an increase over the month, and
in the San Francisco district the unusually
large proportional increase of 4 per cent
occurred. The Dallas, Eichmond, and Atlanta
districts all showed high rates of increases. A
comparison of savings deposits on March 1,

253

FEDERAL RESERVE BULLETIN

APRIL, 1925

1925, with a month and a year previous, is
shown, by Federal reserve districts, in the
following table. In the Boston and New York
districts the figures represent only deposits of
mutual savings banks; in all other districts,
where there are but few mutual savings banks,
savings deposits of other banks are included.
SAVINGS DEPOSITS
[In thousands of dollars]
Number
of banks

Mar. 1,
1925

Feb. 1,
1925

Mar. 1,
1924

1,302,424
2,063,855
519, 289
821,088
334,520
239,155
937,274
141,164
92,413
107,993
95,501
1,088,108

1,295,931
2,058,549
517,463
816,679
329,862
235,614
929, 765
141,167
91,957
106,979
93, 276
1,046,886

1,235,079
1,928,114
446,707
763,049
298,464
224,582
903,350
135,929
88,275
102,120
89,216
980,347

7,664,128

7,195, 232

clined by 2.2 per cent. The rise in raw
materials reflects a large increase in the prices
of animal products and crops and a smaller rise
in forest products, offset in part by a 1.2 per
cent decline in mineral products.
In the following table are shown index
numbers of wholesale prices in the United
States, as grouped by the Bureau of Labor
Statistics and as regrouped by the Federal
Reserve Board:
WHOLESALE PRICES IN THE UNITED STATES
[1913=100]

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

_

64
30
79
67
88
94
197
31
14
56
104
71
895

7,742,784

PRICES

The level of wholesale prices increased
slightly in February, according to the index of
the Bureau of Labor Statistics. The advances
of 5.7 per cent in fuel and lighting and of 2 per
cent in the building materials group were
largely offset by the declines in all other groups.
Food prices, after a continuous advance since
June, 1924, declined by 1.8 per cent in February, and prices of farm products also 7turned
downward following a four months rise.
Small declines were shown for all the other
commodity groups. The advances in fuel and
building materials and the declines in farm
products and foods brought the average price
of agricultural and nonagricultural commodities into close adjustment with the average for
all commodities, all the three indexes being
close to 160 in February. As compared with
a year ago, the all-commodities index is 5.9 per
cent higher, the largest gproup increases occurring in farm products, foods, and miscellaneous commodities, while declines occurred in
cloths and clothing, fuel and lighting, metals,
and house furnishings.
When regrouped by stage of manufacture,
raw materials show a rise of 1.2 per cent in
February, reflecting advances in forest products, animal products, and mineral products,
while crops declined by 1.1 per cent. Producers' goods increased and consumers' goods
declined slightly. Compared with a year ago,
raw materials and consumers7 goods each advanced 7.9 per cent and producers' goods de-




1924

1925
February
All commodities
Bureau of Labor Statistics groups:
Farm products.
Foods
Cloths and clothing
__
Fuel and lighting
Metals
Building materials
Chemicals and drugs
House furnishings
Miscellaneous
Federal Reserve Board groups:
Raw materials
Crops
Animal products
Forest products
Mineral products
Producers' goods
Consumers' goods

January

December

February

161

160

157

152

162
157
191
177
136
183
134
173
124

163
160
191
167
136
179
135
173
127

157
158
191
165
133
175
135
172
129

142
143
196
180
143
182
131
176
114

169
193
136
201
175
136
167

167
196
133
193
172
134
169

161
186
129
187
169
132
167

156
176
116
195
177
139
155

In March the prices of all grains declined
considerably. Declines also occurred in sheep,
flour, eggs, silk, metals, and hides, while prices
of hogs, sugar, butter, and rubber advanced.
Retail food prices, which have been steadily
advancing since April, 1924, declined 1.9 per
cent in February, according to the index of the
Bureau of Labor Statistics. This decline reflected a decrease in prices of eggs, butter,
sugar, milk, and such meats as sirloin steak and
pork chops, while advances were shown in cheese,
bread, flour, corn meal, potatoes, coffee, and
tea. As compared with a year ago the increase,
in retail prices has been about 3 per cent.
The cost of living also showed a decline in
February, following a continuous advance
since April, 1924.
COMMERCIAL FAILURES AND BANK
SUSPENSIONS
During the short month of February there
were 1,793 commercial failures, involving indebtedness aggregating $40,123,017, as reported by R. G. Dun & Co. A decrease from
the preceding month of 23 per cent in the
number of failures and of 26 per cent in the

254

FEDERAL, RESERVE BULLETIN

liabilities is thus indicated, but both totals were
higher than in February of last year. Insolvencies were more numerous in February this
year than last in all of the three classes 01 commercial enterprise—manufacturers, traders, and
agents and brokers—and the liabilities were
smaller only among manufacturers, among
whom a slight decrease was reported. The
increase in aggregate indebtedness in default
during the month as compared with the same
month last year was the result of a somewhat
larger number of large failures (involving
$100,000 or more in each case), both among
traders and agents and brokers. There were
in all 59 such failures in February this year,
with liabilities amounting to $18,551,896, as
compared with 53, with liabilities of $15,394,558
last year.
All districts, except the Dallas district, had
fewer commercial failures in February than in
January, and the liabilities aggregated less in
all except the Minneapolis and Dallas districts.
The number of failures for the month was higher
this year than last in the Boston and Chicago
districts, the liabilities higher in the Richmond
and San Francisco districts, and both the
number and liabilities were larger in the New
York, St. Louis, Minneapolis, and Dallas
districts. In the latter district both number
and liabilities were higher than for any month
since December, 1923. Comparative data, by
districts, for the month of February are presented in the following table:
FAILURES DURING FEBRUARY

Number

Liabilities

Federal reserve district
1925

1924

1925

APRIL, 1925

reported insolvent or closed, compared with 90
reported for February, 1924. Of the total
for the month, 45 banks, with capital and
surplus of $2,236,000, were nonmember banks,
and 17, with capital and surplus of $1,136,000,
were member banks; one of these was a State
bank and the remaining 16 were national
banks. Seven banks which had previously
been reported insolvent or closed were reported
as resuming operations—one in the Richmond,
three in the Chicago, and three in the Minneapolis district. Although the figures for bank
failures represent so far as could be determined
banks which had been declared insolvent or were
closed by order of supervisory authorities, it is
not known how many of the latter institutions
may ultimately prove to be solvent.
BANKS CLOSED DURING FEBRUARY,

1925

[Amounts in thousands of dollars]
All banks

Member

Nonmember

Num- Capital
Num- Capital
Num- Capital
and
and
and
ber surplus
ber surplus
ber surplus
All districts
Boston.
Philadelphia
Richmond
Atlanta
Chicago.. . _
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

- ._

62

3,372

1
1
17
4
10
29
13
3
•11
3

101
77
342
185
543
584
513
112
742
173

»17

1,136

1
1
2

74
113
70

7

346

«4
2

401
132

45

2,236

1
1
16
3
8
*9
6
3
7
1

101
77
268
72
473
584
167
112
341
41

1 Includes 1 private bank for which no capital and surplus figure is
available.
*3 Includes 2 banks closed in January and not previously reported.
Includes 1 State member with capital and surplus of $57,000.

1924

FOREIGN TRADE
Boston..
New York...
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total. _.

173
324
72
120
121
124
287
107
92
90
79
204

1,793

140
300
82
135
128
129
243
97
85
129
67
205

1,730

$2,095,778
13,046,091
2,162,977
2,057,013
1,596,383
5,464,081
3,343,246
1,548,919
1,093,915
1,670,801
2,353,415

$2,608, 111
5,594,337
2,376,178
2,824,143
3,456,937
2,361,030
8, 733,400
1,489,558
1,216,850
1,968,081
1,280,548
2,032,864

40,123,017

35,942,037

During February 62 banks, with capital
and surplus of $3,372,000, were reported to the
Federal reserve banks as having been closed
or declared insolvent. In the New York and
Cleveland districts there were no suspensions
reported, and the total number for the month
for all districts was considerably below that for
the preceding month, in which 96 banks were




Imports of merchandise into the United
States during February amounted to $334,000,000, a decrease of $12,000,000 as compared with
January and an increase of $2,000,000 as compared with February, 1924. Exports of merchandise were $371,000,000, a decline of
$76,000,000 as compared with January and an
increase of $5,000,000 as compared with February of last year. Net exports for the month
under review were $37,000,000, as compared
with $100,000,000 in January and with $33,500,000 a year ago.
The total visible balance of the United States
for the first two months of 1925 shows an increase of $129,500,000 as compared with the
first two months of 1924. This increase is
almost wholly due to the fact that the gold

APRIL*

255

FEDERAL RESERVE BULLETIN

1925

balance has shifted from excess imports during the previous month is shown for British India
the earlier period of $79,461,000 to excess ex- and amounted to $20,000,000. Exports to Gerports of $46,977,000.
many were less by $5,000,000, to England by
$4,000,000, and to the Netherlands by more
MEECHANDISE TRADE BALANCE OF THE UNITED than $2,000,000. For Australia an increase is
STATES
shown of $10,400,000 over the preceding month,
[In thousands of dollars]
as against no exports a year ago. Net exports
for February were $47,000,000 as compared
Excess of Excess of
with $68,500,000 during January, and with net
Imports
Exports
Month
exports
imports
imports of $34,600,000 during February, 1924.
For the past three months, since the outward
1924
January
395,172
99,666 movement of gold began, exports have totaled
295,506
February
365,775
33,452 $163,764,000, while imports have totaled $18,332,323
March
339,755
19,273
320,482
346,936
22,645 915,000, leaving an export balance of $144,324,291
April
335,099
32, 111
302,988
May_ 306,989
32,988 849,000.
274,001
June
:
276,649
278,594
1,945
July
Imports of silver during February were
330,659
254, 542
76,117
August
427,460
287,144
140,316 $4,929,000, a decline of $2,410,000 as compared
September
527,172
310, 752
216,420
October.
493,573
296,148
197,425 with January and of about $3,000,000 as comNovember
445, 743
333,192
112,551
December
pared with February, 1924. Exports of silver
3,609,963 4,590,982
981,019 during February were $6,841,000, a decline of
Year
$4,544,000 as compared with January and of
1925
100,397
346,180
January
446,577
333,721
February
37,019 about $2,000,000 as compared with February a
370,740
year ago. Net exports declined by $2,134,000
as compared with the previous month, but rose
TRADE BALANCE OF THE UNITED STATES FOR TWO by about $935,000 as compared with the correMONTHS ENDED FEBRUARY, 1924 AND 1925
sponding month a year ago.
[In thousands of dollars]
Merchandise
Imports
Exports

1924

627,829
760,947

GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
Gold

80,247
786

Net imports (—) or
exports (+)
+133,118 -79,461
1925
Imports
679,901
3,603
Exports
817,317
50,600
Net imports (—) or
-f-137,416
exports (+)

+46,997

GOLD MOVEMENT

Silver

Total

13,881
17,086

721,957
778,819

+3,205

+56,862

4,929
6,841

874,758

Two
Two
months
Febru- January, months
ended
ended
ary, 1925
1925
Febru- February, 1925 Iary,J1924
IMPORTS FROM—

England
France
Netherlands .
+1,912 +186,325 Canada
Mexico
Argentina
China
Egypt
All other

UNITED STATES

Total gold imports into the United States
during February amounted to $3,600,000, a
decline of $1,400,000 as compared with January
and of $31,500,000 as compared with February
of last year. Imports from England, which a
year ago were $19,700,000, declined to only
$2,000 during February, while imports from
Canada, amounting to $2,400,000, constituted
more than two-thirds of the total imports for
the month. Total gold exports were $50,600,000, compared with $73,489,000 in January
and practically no exports in February of last
year. The greatest decline as compared with




[In thousands of dollars]

2,412
394

3,120
517

130
71
5,532
911

795

20
2
1,180

20
2
1,975

42,6455,084
5,917
11,988
955
2,738
631
1,274
9,015

3,603

5,038

8,641

80,247

1,032
31
12,510
1,035
1,104
230
49
397
52
16,228
540
16,793
599

5,078
1,309
17,500
3,284
70
343
750
36,466
942
6,354
427

6,110
1,340
30,010
4,319
1,104
1,233
119
740
802
52,694
1,482
23,147
1,026

219
233

50,600

73,526

124,126

128
71

Total.
EXPORTS TO—

England
_
France
_
Germany
Netherlands
Poland and Danzig
Sweden
Canada
Mexico
Uruguay.
British India
Hongkong
_
Australia
AUother
Total..
Net imports .
Net exports..

_.
_

46,997

115,485

18
"316
786

79,461

256

FEDERAL. RESERVE BULLETIN
FOREIGN EXCHANGE

GREAT BRITAIN

Imports of gold into Great Britain during January were £2,266,000, a decline of £2,636,000
as compared with December and of £2,132,000
as compared with January, 1924. A decrease
of about £1,300,000 each was shown in the
figures for the Transvaal and for the United
States, and of £85,000 for West Africa. An
increase of £28,000 was shown for France,
and of £25,000 for the Netherlands. Exports
of gold during January were £4,799,000, an
increase of £610,000 as compared with December and a decrease of £1,483,000 as compared
with January of last year. The largest increase during the month under review was
shown in figures for British India, which rose
from £1,688,000 in December to £2,129,000
in January, and compare with £598,000 a
year ago; while the greatest decrease was
shown in figures for Russia, which declined
from £1,922,000 in December to £268,000 in
January, and compare with no exports a year
ago. Net exports for the month under review
were £2,534,000, as compared with net imports of £712,000 during December and an
increase of £650,000 in net exports over
January, 1924.
GOLD

IMPORTS
i

INTO

AND EXPORTS
BRITAIN

January,
1925

FROM

December,
1924

GREAT

January,
1924

IMPORTS FROM—

France--.,
Netherlands...
Rhodesia:
Transvaal
United States..
West Africa..Allother.
Total..

£28,387
30,743

APRIL, 1925

£400

191,721
615,857
1,328,301
67,214
3,520

211,627
1,883,917
2,623,103
151,824
24,818

£3,858
194,671
4,046,271
4,778
142,124
6,217

2,265,743

4,901,577

4,397,919

78,612
2,128,576
69,758
21,445

756
597,868
700,000
79,221
521,574

7,500

8,241
1,688,376
26,350
23,822
177,796
1,922,470
11,364

24,656
1,963,902

5,132
325,723

4,799,357

4,189,274

A moderate upward movement took place in
most of the leading exchanges during March
from the levels which prevailed in February.
Sterling rose from $4.76 on March 2 to $4.79
on the 13th and maintained about that level
during the remainder of the month; French
francs from 5.05 cents per franc on the 3d to
5.32 on the 30th; Belgian francs from 5.01
cents on the 2d to 5.15 cents on the 30th;
Italian lire from 3.99 cents per lira on the 3d
to 4.14 cents on the 31st; Swiss francs from
19.22 cents per franc on the 3d to 19.29 cents
on the 16th; the Danish krone from 17.85 Qents
on the 2d to 18.34 on the 30th; and the Norwegian krone from 15.23 cents on the 2d to
15.83 cents on the 30th. German reichsmarks,
Netherlands florins, and Swedish kronor remained practically unchanged throughout the
period. Canadian dollars maintained a level
of about 99.86 cents.
Of the South American exchanges the
Argentine peso declined from 90.63 cents on
the 1st to 87.38 cents on the 31st; the Brazilian
milreis from 11.17 cents on the 4th to 10.64
cents on the 31st; while the Chilean peso rose
from 10.77 cents on the 3d to 11.42 cents on
the 19th.
The Shanghai tael showed a slight recession,
declining from 74.44 cents on the 2d to 72.85
cents on the 24th. Indian rupees fluctuated
between 35.45 and 35.76 cents per rupee, while
Japanese yen rose from 39.60 cents on the 2d
to 41.80 on the 16th.
The new Austrian monetary unit, the schilling, was substituted for the paper krone early
in March on the list of foreign exchange
quotations. 'The schilling is valued at 10,000
paper kronen and its fine gold content is
0.21172086 gram.
FOREIGN EXCHANGE RATES
March, 1925

EXPORTS TO—

Belgium
British India
Egypt
France
Netherlands
Russia
Straits Settlements.
United States
West Africa
Allother
TotalNet imports.
Net exports..




2,533, 614

712,303

75,721
4,132,737
173,774

Exchange

Par
value

Sterling
486.65
French franc
19.30
German reichs23.82
mark
Italian lira
19.30
Netherlands florin . 40.20
Swedish krona
26.80
Swiss franc
19.30
Canadian dollar... 100.00
Argentine peso
96.48
Shanghai tael
66.85

Low

High

February,
1924,
averHigh Average

February, 1925
Low

476.20 478.86 475.78 479.33 477.24
5.05 5.32 5.13 5.41 5.28
23.80
3.99
39.83
26.94
19.22
99.83
87.38
72.85

23.80
4.14
39.99
26.96
19.29
99.91
90.63
74.44

23.80
4.03
40.01
26.93
19.21
99.80
89.63
74.73

23.80
4.16
40.31
26.95
19.30
99.92
91.31
75.75

23.80
4.11
40.17
26.94
19.26
99.86
90.33
75.26

430.77
4.42

4.35
37.42
26.18
17.37
96.94
76.45
71.20

APRIL,, 1925

FEDEBAX. RESERVE BULLETIN

THE BANK OF FRANCE IN 1924

Throughout 1924 the note circulation of the
Bank of France and its discounts and advances
increased continuously, while the war advances
to the Government showed a slight decline for
the year.
The rapid increase in circulation and in discounts and advances was in continuation of a
movement which started in the last quarter of
1923. Discounts, including discounted treasury
bills, which had stood at 2,511,000,000 francs
at the end of September, 1923, rose to 3,725,000,000 francs at the end of November of the
same year—an increase of 50 per cent in two
months. This remarkable expansion was temporarily checked in December, but was resumed in January, 1924, with the consequence
that the discount rate was raised from 5 to 5^
per cent on January 10 and to 6 per cent the
following week, and the rate on advances was
increased from 6^ to 7 per cent. The wide
fluctuations in discounts between February and
May reflected chiefly operations in connection
with the bank's policy of supporting the exchange value of the franc, but during the second half of the year there was a general upward
movement in advances and discounts and in
note circulation, which after the end of June
remained continuously above 40,000,000,000
francs, compared with the previous high point
of 39,646,000,000 francs reached in the first
week of November, 1920.
With the volume of note circulation approaching the legal maximum of 41,000,000,000
francs, the bank again was obliged to raise its
rates, the rate for advances being increased from
7 to 8 per cent in September, and that for discounts from 6 to 7 per cent on December 11,
the highest discount rate since 1873. The
tightness of short-term money reflected in the
heavy demand for credit at the Bank of France
was accompanied by an advance in long-term
money rates. Thus the 10-year internal Government loan of last November was sold to
yield over 8 per cent, and in the closing days
of the year the 3 per cent perpetual rentes fell
below 50, to figures slightly lower than any
reached since 1849.
The fundamental reasons for the shortage
of long-term funds in France are the continuous
large demands by the Government first to
finance the war and later to finance reconstruction. These demands upon the savings of
the nation, moreover, accompanied or followed
the direct destruction of property by the war,




257

the complete or almost complete loss of a
large volume of foreign investments, and the
suspension of productive activity of the major
industrial area during the period of military
operations, which was only gradually resumed
after the cessation of hostilities. The supplies
of investment funds were further reduced
by an indeterminable volume of capital transferred abroad, which was, however, offset by
considerable foreign borrowings, notably in recent months. It should be borne in mind, furthermore, that under conditions of unsteady
exchange rates and rising commodity prices, investors are inclined to sell bonds and buy stocks
in the hope of conserving intact the real value
of their capital and of maintaining or increasing their income through the larger dividends
anticipated from the increased monetary profits of industrial corporations. This results in
a diversion of funds from fixed-rate to dividendearning securities, with a consequent shortage
of funds available for investment in bonds, and
extremely high rates of returns even on giltedged long-term obligations.
In the short-term market the principal influence has been the expansion of the commercial
demand for credit arising out of the growth
of industrial and trade activity. This demand
has been reflected at the Bank of France in the
growth of note circulation, which prior to 1920
was due largely to borrowing by the Treasury,
but since that time has been mainly in response
to the needs of commerce and industry. War
borrowings by the Government have declined
gradually since 1920, as is shown on the chart,
while discounts and advances by the Bank of
France have increased considerably.
This expansion of currency since 1922 reflects
the recovery of French trade and production
not only from the extreme depression of 192122, but from the levels of 1920, the year in
which the legal limit of the circulation was
fixed at 41,000,000,000 francs. Some idea of
the advance in production may be obtained by
reference to a few representative statistics.
Pig-iron and crude-steel production in 1924
was more than double that of 1920 or 1921; the
monthly average of coal output rose from
2,890,000 metric tons in 1920 to 4,917,000
metric tons last year; the monthly average of
ships cleared with cargo increased from 1,412,000 to 2,720,000 metric tons; and average daily
car loadings (exclusive of the Alsace-Lorraine
lines) rose from 33,000 in 1920 to 53,000 last
year. This expansion of trade has been accompanied by an advance in prices, which increased

258

FEDERAL RESERVE BTJULETIN

by 50 per cent between 1922 and the end of
1924. It is the increased volume of trade, together with the higher level of prices, that
underlie the heavy demand for credit at the
Bank of France and the growth of note circulation to within a short distance of the legally
permitted maximum.
In order to meet the currency demand without being obliged to raise the legal limit of
note issues, the Bank of France has undertaken
to withdraw its notes from circulation in the
Saar Valley and in Madagascar, to be replaced
by special issues, thus making available about
500,000,000 francs for domestic use. It has
also encouraged the increased use of the check,
>articularly by the Government in its payments
or goods and services.

{

BANK OF FRANCE

BILLIONS OF FRANCS

BILLIONS OF FRANCS

35

35

30

30

War Advances
to Government

25

25

20

15

15

10
Discounts
and Advances

Deposits

1920

THE

1921

1925

ANNUAL REPORT OF THE BANK OF
FRANCE

The report of the governor of the Bank of
France at the annual meeting on January 29
is largely devoted to an account of the measures
taken early in 1924 to arrest the decline of the
exchange rate which had been almost continuous for two years and which had become
so rapid in the last weeks of 1923 and early
1924 as to indicate, in the words of the
report, "more and more clearly that the exchange market was dominated by a large




APRIL, 1925

speculative movement of foreign origin." The
report continues:
We did not fail promptly to oppose this speculation
by raising our rates on discounts and loans, the former
from 5 to 5J^ and then to 6 per cent and the latter
from 6 to 7 per cent.
The Government, for its part, resolved to present to
Parliament immediately a program including a rigorous
reduction of budgetary expenditures as well as a new
and very considerable fiscal effort. These operations
did not suffice to check the rise of the exchanges,
which, by jumps more alarming every day, touched
in the early days of March the extreme quotations of
28 francs to the dollar and 120 francs to the pound
sterling. The gravity of this unprecedented crisis
determined the Government to ask us to pledge the
credit of the bank itself, to obtain abroad the resources
necessary to stop the panic by immediate intervention
in the market * * *. But, in order that such an
intervention might have a lasting effect on the exchanges and that it might not risk ending in a setback
full of danger to the franc itself, it was necessary that
it be accompanied and supported by a most energetic
effort towardfinancialsoundness. Having received the
most solemn assurance that the Government was resolved to employ its full authority to obtain as soon
as possible a vote on the projects submitted to the
Chambers as well as all other measures indispensable to
the balancing of the budget and of the treasury, the
general council (of the bank) undertook the necessary
negotiations without delay. In a few hours the bank
obtained at London, through the friendly intermediation of Lazard Brothers & Co., a credit of 4 millions
of pounds sterling and immediately after, at New
York, a credit of 100 million dollars, granted by several
banks grouped under the specifically designated
leadership of Messrs. J. P. Morgan & Co.
These two credits, accorded for three months and
renewable for three months longer, did not require any
preliminary surrender of gold nor granting of any lien
whatever. It was simply anticipated that if, at maturity, the bank did not have at its disposal the necessary
pounds or dollars to assure the repayment of the sums
still due it would effect this repayment by an effective
shipment of gold.
According to the wishes of the Government, we
employed with complete independence of action the
resources which this double credit assured us * * *.
At the end of March the rates on the dollar and on the
pound had been brought back, respectively, to about
18 francs and 78 francs. From this moment we were
able to limit our intervention to checking several
raids, and particularly to the progressive repurchase
of foreign bills in order to provide funds for repaying
our obligations. In spite of the repurchases, covering
of short sales of francs weakened still further the quotations of the dollar and the pound, which fell on April
23 below 15 francs and 65 francs. These rates, the
lowest registered during the year, obviously were the
result of an inevitable temporary reaction, but at that
time excessive. Further, they presently rose again.
Under the influence of the purchases of commerce,
which found a momentary opportunity to supply itself
at a cheap rate, the dollar and the pound rose again
rather rapidly to the quotations of about 18 and 80
francs, the levels at which we had begun our own
repurchases.
By this time we had completely reconstituted the
quota of foreign bills used up since the beginning of
March, and in September, at the maturity of the Eng-

APRIL, 1925

FEDERAL RESERVE BULLETIN

259

lish and American credits, we had made the necessary figure 800 millions below the legal minimum of 2
provisions for repayment, without being obliged to milliards but 400 millions above the amount of the
make any draft upon our geld holdings.
annuity repaid at the end of 1923. To effect this reThe English credit of 4 millions of pounds was re- payment, the Treasury, after the application of the
paid by us at this date. As for the American credit of reserve and amortization account, employed the net
100 million dollars, as a precaution against eventuali- total of its 100 million dollar loan contracted on the
ties we had secured its renewal for three more months, American market. * * * The net product of the
to December 12, the date on which it was definitely American loan, about 89 million dollars, was transliquidated, the Government having by that time con- ferred to the credit of our account on the books of
tracted in the American market a long-term loan of an J. P. Morgan & Co. in New York. We immediately
equivalent sum for a period of 25 years.
credited the Treasury with the value in francs of these
The financial difficulties which had provoked this dollars on the basis of metallic parity of 5 francs 18,
crisis were largely diminished, as was indispensable, by which furnished the resources necessary to complete its
the voting of the bills proposed by the Government, repayment at the end of the year, as we have indicated.
which marked a decisive step toward the reestablish- In so far as they remain among our assets these dollars
ment of budgetary equilibrium, and by the exemption count there at their gold value and constitute, consefrom taxation of national defense bills and short-term , quently, a veritable increase in our cash. The bank
treasury bills, which contributed very opportunely to is charged with using them on occasion under the
bringing into the treasury of the State the resources same exceptional conditions as the credits granted it
necessary for its regular provisioning * * *.
at the beginning of the year. The dollars so expended
The event proved that at no time had the country will form the subject of a settlement with the State,
lost confidence in itself and that it had not taken in and we must, of course, give an account to the Treasury
France any speculative position against the franc.
for every dollar definitely spld of the difference beIf it be considered as a favorable sign that an opera- tween the sale price and the initial price of acquisition
tion of very limited scope was sufficient to effect a of 5 francs 18.
decline in the pound which at one time exceeded 50
It is likewise anticipated that well before the passing
points, it is far more remarkable, in our opinion, that of the 25 years for which the American loan was consuch wide fluctuations could occur without causing a tracted it will come to pass that the strengthening of
single failure in the French market.
our monetary situation will no longer oblige us to conresources for intervention in the exchange market.
After a review of the progress of trade and serve
It is in view of this eventuality that the Treasury has
industry during the year, and particularly of reserved the right of receiving back from us, for its
the improvement in foreign trade which had own needs at the rate of 5 francs 18 each, the dollars
brought the first excess of exports since 1875, which at that time have not been disposed of.
the report continued:
After mention of the increased demands for
To this favorable balance of merchandise trade credit and currency which have appeared durshould be added other items not shown by custom- ing the year, and of the drastic advances in
house statistics, notably the increasing expenditures of
foreign travelers in France. The resulting total of our discount rates thereby necessitated, the report
credits and debits so presents a credit balance of some describes the measures taken to popularize the
magnitude. This has already begun to make up the use of checks. It concludes with a reference
arrears of our debit balances of the war and post war to the intent of the Government regarding the
period, which have weighed so heavily in recent
reduction of expenditures to assure the balancyears upon the international value of our currency.
The report then proceeds to an account of the ing of the budget as a " condition indispensable
bank's relations with the State arising out of to all financial soundness and all fiscal stability,
without which there can be neither prosperity
the American loan:
founded on exact calculations of the costs of
The repayment by the State on its advances from production for commerce and industry, nor
the bank in execution of the conventions of 1920 had
7
to be reduced for the year 1924 to 1,200 millions, a safety for savings. '




260

FEDERAL EESERVE BULLETIN

Changes in State Bank Membership
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal Reserve System during the month ended
March 21, 1925, when 1,541 State institutions were
members of the system;£also other changes affecting
State bank membership:
ADMISSIONS
Capital I Surplus

Total

District No. 8

Fiduciary Powers Granted to National Banks
During the month ended March 21, 1925, the
'ederal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of thefiduciarypowers named in section
LI (k) of the Federal reserve act as amended, as
ollows: (1) Trustee; (2) executor; (3) administrator;
(4) registrar of stocks and bonds; (5) guardian of
estates; (6) assignee; (7) receiver; (8) committee of
estates of lunatics; (9) in any other fiduciary capacity
in which the State banks, trust companies, or other
corporations which come into competition with national banks are permitted to act under the laws of the
State in which the national bank is located.

$400,000 | $600,000 $4,527,759

Central Trust Co., Harrisburg, Pa
District No. 8
Bank of Earle, Earle, Ark

APRIL, 1925

i
..I

25,000

2,500

Dedham, Mass.
Augusta, Me
Philadelphia, Pa
Franklin, Ind__
Cedar Falls, Iowa

District No. 7
$304,885

$50,000
50,000

$50,000

Powers
granted

Name of bank

112,233

CHANGES

Malcolm Savings Bank, Malcom,
Iowa (reopened)
Citizens Bank, Delavan, Wis. (voluntary withdrawal)

District
No.

Place

ft

1,127, 945

j
;
i

Jewell Junction, Iowa_|
Pine Bluff, Ark
Albany, Tex
Hood River, Oreg

Dedham National Bank
Ito9.
Do.
First National Granite
Bank.
Overbrook National Bank..
Do.
Ito8.
Citizens National Bank
Cedar Falls National Bank.. 1 to 7 and
9.
Ito9.
First National Bank..
Do.
National Bank of Arkansas.
4.
Albany National Bank
Ito9.
12 First National Bank..

District No. 8
Southern National Bank, Memphis,
Tenn. (absorbed by Fidelilty Bank
and Trust Co., Memphis, Tenn., a
member)
i

300,000

30,000

921, 720

District No. 9
Farmers & Merchants State Bank,
Menahga, Minn, (absorbed by First
National Bank of Menahga)

25,000

5,000 !

Changes in National Bank Membership
The Comptroller of the Currency reports the followng increases and reductions in the number and capital
of national banks during the period from February 21
to March 20, 1925, inclusive:
Number of
banks

214,917

District No. 11
Central State Bank, Dallas, Texas
(succeeded by Central National
Bank)
._
Guaranty State Bank, Killeen, Tex.
(consolidated with First State Bank,
Killeen, Tex.)
Lockney State Bank, Lockney, Texas
(closed)

5,982,118

1,000, 000
30, 000

2,500

206,183

50,000

2,500

299,11

1,000

148,98S
245,77

25,000

605,04:

143, 000 1,820,25:

Change of title.—The Guaranty State Bank and Trust Co.
Waxahachie, Tex., has changed its title to First State Bank and Trusi
Co.




l

Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
_
Reducing capital 2
__
Total liquidations and reductions of capital- -

District No. 12
Butte County Bank, Arco, Idaho (absorbed by First National Bank of
Aroo)
Bank of Prineville, Prineville, Oreg.
(converted to national bank)
Bank of Emmett, Emmett, Idaho (voluntary withdrawal
Eldorado County Bank, Placerville,
Calif, (voluntary withdrawal)

New charters issued
Restored to solvency
Increase of capital approved l

Consolidations of national banks under act of Nov.
7, 1918
Aggregate increased capital for period._
Reduction of capital owing to liquidations, etc.
Net increase.

Amount
of capital
$1,615,000
0
4, 537,500

39

6,152, 500
1,400,000
35,000

20

1,435,000
14,185,000
6,152,500
1,435,000
4,717,500

1 Includes one increase in capital of $1,000,000 incident to a consolidation under act of Nov. 7,1918.
2 Incident to a consolidation under act of Nov. 7,1918.

261

FEDEBAL RESERVE BULLETIN

APRIL, 1925

BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY

Owing to the smaller number of working days
in!February, the aggregate output of commodities was less than in January. Factory employment and pay rolls, on the other hand,
increased between January 15 and February
15, but were smaller than a year earlier. The
index of production in basic industries, which is
adjusted to allow for differences in working;
days and other seasonal variations, declined
from 127 in January to 124 in February.
This figure compares with 121 in February,
1924. The decline in the unadjusted manufacturing index from 126 in January to 119 in February was largely due to the difference in working days. The mineral index, however, decreased from 140 to 119, which is more than
a purely seasonal decline. Freight-car loadings
and building activity continued practically unchanged during January and February, and
were about the same as a year ago. The
recession in agricultural marketings was largely
seasonal, but somewhat greater than that
occurring at the same period last year.
Substantial increases in the rate of output
in the iron and steel industry held the production indexes at high levels. This industry had
the largest output for any February on record.
The indexes for the textile industry showed
some decrease, which, however, was little more

than seasonal. A great increase in automoblei
production helped to maintain the level of the
manufacturing index. The output of passenger
cars, however, was still considerably below
that of a year ago. Production of automobile
tires and tubes also increased in February and
was at a definitely higher level than last year.
The amount of lumber cut declined considerably in February, and, together with the output
of cement and brick, was less than in the same
month of 1924.
Although reductions were noted in the output of most minerals because of fewer working
dayvS in February, sharp curtailment in the
mining of bituminous coal was chiefly responsible for the great decline in the mineral index.
The index fell to the lowest point since last
August and was below the level of February,
1924. Petroleum production was likewise curtailed considerably, but the daily average output of most of the other products changed little.
Seasonal declines were noted in the mai'ketings of almost all agricultural commodities during February. As compared with February,
1924, cotton receipts and tobacco sales were
larger, but marketing of livestock, grains, and
fruits were sufficiently smaller to lower the
general index to 88, compared with 96 a
year

INDEXES OF INDUSTRIAL ACTIVITY
PERCENT

( MONTHLY AVERAGE, 1919=100 )

PERCENT

1751

1175

150

150

125

100

75

50

50
• MANUFACTURING PRODUCTION
• M I N E R A L PRODUCTION

25

25




1919

1920

1921

1922

1923

1924

1925

262

FEDERAL RESERVE BULLETIN

APRIL,

1925

INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES *
[Not adjusted for seasonal variations. Monthly average, 1919-100]

Year and month

General
index

Metals and
products
Group
index

Textiles and products

Iron
and
steel

Lumber
and
products

Group Fabrics Prodindex
ucts

1924
January
February
March
April
May.
June
July
August
September
October
November
December

100
100
94
79
82
86
87
85
92

1925
January
February.-,

89
94

84

Oar
Motor build- Paper
and
ing
vehicles and re- printing
pairing

Foods Leather Stone,
and
and
clay,
prod- prodand
ucts
glass
ucts

Tobacco
products

Chemicals
and
products

118
123
124
123
119
117
113
114
115
114
114
112

103
105
107
101
90
81
76
78
80
81
80
82

90
89
89
89
87
85
85
85
86
88
88
88

106
106
106
105
104
103
101
101
103
104
105
105

104
102
101
98
97
99
99
98
101
102
102
103

86
87
87
82
79
73
74
78
81
82
81
80

105
106
110
115
117
115
111
110
108
109
109
108

88
87
85
83
82
83
82
82
86
81
87
87

78
78
78
77
74
70
67
68
71
71
72
73

3 113
114

84
87

88
»89

105
105

100
98

83
85

103
102

83
82

74
75

1 This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components
The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes
for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923.
2 Preliminary.
3 Revised.
INDEX OF PRODUCTION IN BASIC INDUSTRIES »
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100]
Iron and steel
Year and month

General
index

Pig iron

Steel
ingots

Cotton

1924
January
February
March
April..
May...
June
July
August
September..
October
November..
December..

120
120
116
114
103
94
95
94
103
109
107
117

120
132
132
127
101
81
70
71
80
93
97
119

131
148
146
119
92
74
67
87
99
104
109
133

112
102
92
97
80
70
71
72
93
109
105
111

1925
January
February. .-

127
124

134
143

150
150

115
114

Coal
Year and month

Food products

Textiles
Wool

100
101
97
83
82
91
100
102
102
100

Wheat
flour

Sugar
meltings

Animals slaughtered
Cattle

Calves

89
100
107
105
105
107
122
100
110
97
84
82

97
127
115
115
109
111
125
104
141
141
111
91

95
94
90
98
107
86
95
94
93
94
93
99

133
137
112
116
111
108
117
118
128
143
129
155

94
103

* 132
104

100

140
157

Nonferrous metals

Bituminous

Anthracite

126
127
104
94
90
85
89
87
103
110
104
116

111
118
111
97
101
100
106
95
105
95
91
100

132
134
123
127
125
124
133
132
130
133
140
137

126
112
122
114
121
111
109
106
104
108
108
121

125
109

104
116

2 147
148

128
119

Copper

Zinc

Sheep

93
90
102
109
102
99
91
91
93
82
87

Lumber
Hogs

119
116
132
136
124
116
141
136
132
121
122
130

136
130
124
127
117
104
106
105
108
120
118
128

121
107

145
127

Tobacco products
Sole
leather

Newsprint

Cement

Petroleum

Cigars

Cigarettes

Manufac*
tured
tobacco

1924
January
February
March
April
May
June
July
August
September
October
November
December
January
February

1925

72

107
108
103
111
116
103
102
101
107
110
104
103

239
192
187
169
172
173
193
190
186
183
187
182

189
186
189
192
187
185
190
191
185
183
182

98
94
90
88
95
91
98
95
100
97
96
92

176
140
143
157
173
163
155
157
162
158
145
170

113
93
91
91
96
94
97
93

106
108

243
193

192
191

91
88

188
171

105
97

94

i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 236,
together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal
fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
»Revised.




263

FEDERAL EESERVE

A P R I L , 1925

INDEXES OF INDUSTRIAL ACTIVITY »
{No seasonal adjustment.

Monthly average 1919-100]
Mineral production

Agricultural movements
Year and month

Animal
Total Livestock prod- Grains
ucts

Cot- Vege- Fruits To- Total
ton tables
bacco

Anhracite
coal

Bituminous
coal

Petroleum

Pig
iron

Copper

Zinc

Lead Silver

1924
January
February
March
April. .
May
June
July
August
September
October
November
December

105
96
81
77
87
87
100
121
152
180
160
143

123
101
98
97
98
95
96
90
109
123
120
132

98
101
90
129
148
165
166
127
107
100
105
121

91
120
87
54
62
67
118
218
195
230
156
120

83
41
33
34
34
19
21
38
175
278
271
231

120
123
138
113
119
146
137
107
165
226
136
86

90
102
92
93
178
140
148
144
163
248
157
86

238
133
75
17
20
6
2
63
127
165
148
184

138
130
128
110
114
111
113
116
124
134
122
130

108
104
110
93
106
105
106
97
106
105
92
101

135
122
106
78
83
81
86
92
109
125
108
119

179
176
189
189
196
191
194
196
180
190
179
180

118
121
136
127
103
79
70
74
81
97
99
116

132
130
129
131
130
127
129
132
126
137
136
135

126
112
122
114
121
111
109
106
104
108
109
121

114
124
134
125
137
143
138
139
146
148
145
2143

111
115
121
97
123
111
95
104
118
119
119
»120

1925
January
February

118
88

122
94

93
92

112
77

2 127
79

130
121

74
58

*292
161

140
119

101

134
100

188

132
126

143
138

128
119

2

171

2117
107

98

148
141

Manufacturing production
Year and month
Total

Iron
and
steel

Automobiles

Textiles

Food
products

Leather Petro- Cement TobacLum- Paper
and
and
and
ber printing
co
brick
shoes leum

Rubber
tires

1924[

January
February

March
April
May
June
July

. •„• .

. . -

September
October
November
December
January
February
1

.

122
123
127
122
112
97
97
104
112
123
112
116

126
131
145
122
96
75
67
87
96
108
108
124

196
228
237
231
193
151
163
172
178
178
141
126

116
106
100
98
89
77
81
83
98
113
105
111

109
105
105
98
100
97
103
102
112
114
108
117

2 126
119

145
132

U42
169

121
114

2 118
98

122
117
120
126
120
113
102
107
109
126
116
117

98
96
94
89
83
76
75
84
90
101
84
90

172
166
180
181
171
176
176
182
180
186
185
196

118
123
140
164
167
156
164
166
157
169
148
138

118
103
109
106
122
123
127
123
126
132
114
108

152
154
162
152
144
126
125
158
175
191
155
163

1122
116

89

199

»111
107

118
105

171
176

1925

For description and early figures see BULLETIN for March, 1924.
* Revised.




128
132
141
149 1
162 I
139
136 i
142
143
160
132
122
2 145
134

264

FEDERAL RESERVE BTJLLE.CIN

APBIL,

1925

COMMODITY MOVEMENTS

With the March issue the publication in
the Bulletin of detailed statistics regarding
movements and stocks of commodities was
discontinued. Certain figures compiled by the
board's division of research and statistics are
still published in order that users of these
data may continue to have comparable series
of data. Information as to current figures for
any of the discontinued series will be furnished
upon request.
Febru- January, Febru1925
ary, 1924
ary, 1925
Grain and Flour
Eeceipts at 17 interior centers (000
omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
_
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels) —
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)..
_
Oats (bushels)
_____
Rye (bushels).
Barley (bushels)
Total grain (bushels) _
Flour (barrels)
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
_._
___.
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
_._
Barley (bushels)
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels). _ _
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
__
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels) _
Wheat flour production (barrels, 000
omitted)
_._
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Dark belt Virginia.__
Bright belt Virginia
North Carolina
Burley
_
Western dark




19,428
21,191
14,903
2,823
4,210

24,166
36,359
25, 589
2,134
4,940

21,433
45,667
21, 331
1,938
3,381

62, 555
2,184

93,188
2,423

93, 750
2,024

72, 384

104, 089

102,859

15, 770
10,676
13,245
362
3,186

19, 256
11, 929
15, 089
2,822
2,840

43, 240
3,157

51, 937
3,374

57,444

67,120

44, 726
27,018
64, 208
9,906
2,542

47, 628
22,928
64,557
9,270
2,928

148, 400

147, 310

13, 931
891
1,817
848
1,999

12,841
987
1,241
1,955
2,062

19,486
2,109

19,085
2,117

28,978

28,612

Total
Classified by geographical divisionsEastern
Allegheny
.
Pocahontas
Southern
_
Northwestern
Central western
_ . ._
Southwestern
_
Total

4,659
1,007
849
1,020
1,555

24, 793

17,774

9,090

11, 705
3,688
6,024
16,670
14,949
6,688

169
123
679
53
320
45
976
1,255

221
159
891
59
312
44
1,016
1,289

204
137
791
54
335
39
971
1,252

3,619

3,992

3,784

854
748
175
585
460
530
267

909
792
213
620
518
641
297

919
778
182
602
491
566
246

3,619

3,992

3,784

BUILDING STATISTICS

Building contracts awarded, by Federal
reserve districts (dollars,000 omitted):
Boston
New York
Philadelphia..
__
Cleveland
Richmond
_
Atlanta
Chicago
St. Louis
Minneapolis
_
Kansas City *
Dallas
-

9,493
1,369
1,530
3,852
1,531

7,623
9,165
16, 591
39,950
20,222

Transportation
Revenue freight loaded and received
from connections (cars loaded, 000
omitted):
Classified by nature of products—
Grain and grain products
Livestock
Coal
Coke
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous.. .
. ..

12,005 Building permits issued in 168 cities,
grouped by Federal reserve districts:
20, 520
Number of permits—
14,311
Boston (14 cities)...
420
New York (22 cities).
2,081
Philadelphia (14 cities)
Cleveland (12 cities)..
49,338
Richmond
(15 cities)
3,166
Atlanta (15 cities)
Chicago
(19
cities)
63,586
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
62,471
San Francisco (20 cities)
15,330
15, 328
Total
17,919
1,204
Value of permits (dollars, 000
omitted):
112, 252
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
13,816
Cleveland (12 cities)
2,974
Richmond (15 cities)
1,301
Atlanta (15 cities)
408
Chicago (19 cities)
1,255
St. Louis (5 cities)...
_.
Minneapolis (9 cities)
19, 755
Kansas City (14 cities)
1,945
Dallas (9 cities)
San Francisco (20 cities)
28,505
Total

10, 904
955
1,518
9,583
1,834

4,251
6,114
9,500
16,907
15,062

Febru- January, February, 1925
ary, 1924
1925

Total (11 districts)

1,458
6,179
1,908
3,892
2,991
3,538
8,238
2,5?5
816
2,182
2,461
10,021

1,333
5,212
1,194
2,611
2,075
2,903

1,272
8,370
1,880
3,082
2,905
3,133

1,802
660
1,545
2,177
10,797

2,035
789
2,063
2,381
12,217

46,809

38,735

47,125

9,153
67,537
14,162
20,500
14,547
12,653
46,463
10,313
3,200
11,013
6,290
32,649

7,737
78,341
8,719
12,919
10,828
7,233
36, 546
5,703
2,417
4,648
6,257
31,464

8,828
128, 769
9,973
12,735
11,223
8,142
37,550
6,002
2,998
6,344
6,281
34,176

248,480

212,812

273,021

23,113
62,810
24,398
40,267
23,688
32,438
52,305
25,000
6,173
7,719
12,972

22,941
109,625
18,316
32,033
21,784
24,885
36,836
14,648
5,895
7,469

16,487
106,773

310,883

309,551

18,121
30,298
24,515
23,055
45,770
18,053
6,941
7,408

15,119

i District No. 10, excluding Colorado.
» Total, 10 districts. No figures available for Dallas district.

»297,421

265

FEDERAL RESERVE BULLETIN

APRIL, 1925

WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES I

CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued

[Average monthly sales 1919=100]
Percentage change
in February, 1925,
sales compared
with—

Gen- GroDry
eral
Shoes Hard- | D r u g s
Meat
goods
index ceries

January, February,
1925
1924

1924
January
February
March
April
May
June
July
August
September...
October
November...
December...

80
78
80
78
77
76
78
83
92
95
84
79

80
77
80
79
81
83
83
83
93
100
89
83

66
63
62
61
64
64
67
68
71
78
69
66

1925
January
February...

78
76

80
74

71
69

91 I
90
104
108 i
104
96
93
93
106
110

97
98
90

81
1
72
70
79
102
116
104
88

77
82
88

116
109
118
114
110
105
110
107
117
128
109
109
116
109

91

* For description of the wholesale trade index see Federal Reserve
Bulletin for April, 1923.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS
Percentage change
in February, 1925,
sales compared
withJanuary, February,
1925

Groceries:
United States
Boston district
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district....
Kansas City district...
Dallas district.
San Francisco districtDry goods:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district...
Kansas City district...
Dallas district
San Francisco district..
Shoes:
United States
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district




1924

-8.2 !
-13.5 |
-11.6 |
-4.1
-8.7 j
-7.7 I
-10.7
-4.3
-2.3
3.2
-12.5
-4.8
-14.4

-4.1
-0.5
-7.4
-3.2
-12.5
-2.0
-2.7
-6.3
-2.9
-2.3
-11.1
0.3
-7.6

6.9
10.0
6.9
15.1
0.3
13.8
-4.9
12.1
0.8
-0.3
24.4
-8.0

-10.7
7.5
-12.7
-17.5
-20.3
-6.1
-15.9
-7.1
15.5
-3.5
-7.5
-21.1

8.6
-13.8
5.8
0.9
13.4
43.4

-5.1
14.3
0.8
-12.8
-9.6
-0.5

Shoes—Continued
Atlanta district
Chicago district
St. Louis district
Minneapolis district....
San Francisco district..
Hardware:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district—..
Kansas City district...
Dallas district
_...
San Francisco district..
Drugs:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Kansas City district...
Dallas district
San Francisco district..
Furniture:
Richmond district
Atlanta district
St. Louis district
Kansas City district._.
San Francisco district..
Agricultural implements:
United States
Atlanta district
...
Minneapolis district. _.
Dallas district
San Francisco district.
Stationery:
New York district
Philadelphia district...
Atlanta district
San Francisco district .
Automobile supplies:
San Francisco district..
Clothing:
New York district
St. Louis district
Machine tools:
New York district
Diamonds:
New York district
Jewelry:
New York district
Philadelphia district..
Electrical supplies:
Philadelphia district..
Atlanta district
St. Louis district
Millinery:
Kansas City district..
Stoves:
St. Louis district

21.7
28.0
-19.1
-1.8
15.2

1.3
-15.0
17.9
-6.5
-18.2

1.4
2.4
-3.9
7.3
-13.5
-12.3
2.0
0.7
16.4
10.3
0.3
4.8

-0.0
-2.0
-6.1
2.6
-12.2
3.6
-3.4
2.2
24.3
13.0
10.9
-9.1

-6.6
-2.1
—4.4
-7.1
-8.0
-4.9
-6.8
-1.9
-9.5
-13.4
-10.3

-0.7
1.1
7.7
-4.4
-1.4
-2.5
-3.2
6.2
8.3
2.0
4.3

-12.4
13.3
9.3
31.8
5.0

3.2
0.1
5.1
6.3
-10.2

44.0
50.7
103.8
-38.6
61.2

28.0
23.3
103.8
-23.5
0.9

2.0
-6.4
-4.8
-16.1

-0.8
-0.6
1.0
-9.8

-2.4

-9.6

40.9
-49.9

-3.3
-30.2

-1.5

-27.4

-2.3

5.1

4.2
11.1

-10.8
-8.6

-6.6
4.2
19.8

-15.7
16.2
-4.0

56.5

-10.4

7.2

-15.8

266

FEDERAL RESERVE BULLETIN

APRIL,

1925

34

•si

RETAIL TRADE, BY REPORTING LINES 1
[Average monthly sales 1919=100]
Sales with seasonal adjustment

Sales without seasonal adjustment

9 •3 a u

Year and month

•ai

III

> §S

(BMCO

1924
January
February.
March
April
May
June
July
August
September
October
November
December

no
102
115
133
127
120
91
93
119
141
141
210

74
106
141
131
148

205
201
200
210
214
200
206
201
210
240
232
253

126
140
163
178
174
162
163
172
169
203
199
366

141
143
149
145
150
143
148
152
145
159
145
187

119
124
136
130
143
131
128
138
137
144
138
192

93
118
178
150
140
113
108
124
138
146
186

108
105

250
236

151
156

155
146

122
119

107
100

105
114
90

82
75
72
91
110
124
111
184

154
167
184
205
186
169
177
180
189
199
186
282

126
128
115
131
123
120
123
118
131
124
126
131

100
101
91
111
100
104
93
98
112
109
105
123

204
200
184
208
214
203
214
211
221
234
230
242

173
179
170
190
183
176
179
181
183
188
191
198

146
150
147
149
153
146
147
151
147
156
154
153

137
140
140
136
141
134
129
141
137
137
139
142

130
132
118
153
130
132
123
138
129
122
134
142

102
112
110
103
99
94
97
102
110
102

184
190
182
205
193
181
181
179
192
194
195
188

162
175

124

110
116

249
246

207
209

161
161

141
140

141
149

112
120

193
207

1925
January
February

109
100

1
For description of the retail trade indexes see Federal Reserve Bulletins for Januiry and March, 1924.
* Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.

DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]

Federal reserve district

Number
of reporting
firms

Sales with seasonal adjustment

Sales without seasonal adjustment
1925

1925

1924

Feb.

Jan.

Dec. Nov.

Oct.

Feb. Jan.

Feb.

1924

Jan. ! Dec.

Nov.

Oct.

Feb.

Jan

United States.

359

100

109

210

141

141

102

110

130

124

131

126

124

128

126

Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta.
Chicago
Minneapolis. Dallas
San Francisco.

24
63
22
54
23
35
63
23
21
31

94
107
101
106
89
84
102
81
89
113

113
120
105
107
93
83
114
92
92
128

215
226
213
207
214
173
219
162
171
238

140
153
153
139
137
113
154
111
115
144

137
161
144
134
137
120
136
116
126
157

101
103
111
112
88
83
112
77
82
121

120
120
110
109
94
85
112
88
85
132

126
140
125
137
120
110
129
115
113
149

126
132
119
123
113
102
134
107
106
145

135
138
133
131
124
106
140
110
105
151

128
132
118
128
117
98
139
103
100
142

124
135
126
122
120
100
123
103
107
144

130
129
132
138
113
104
136
105
99
152

133
132
125
125
114
104
132
103
99
149

DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]

Federal reserve district

Number of
reporting
firms

Stocks without seasonal adjustment
1925
Feb.

Stocks with seasonal adjustment

1924
Jan

1925

Dec.

Nov.

Oct.

Feb.

Jan

Feb.

1924

Jan.

Dec.

Nov. ; Oct.

Feb.

Jan.

United States.

314

128

119

124

148

147

127

115

136

135

133

131

132

135

131

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
Minneapolis..
Dallas
San Francisco

24
63
13
52
19
22
51
22
19
29

115
123
167
125
118
107
151
106
114
125

112
118
147
112
109
99
139
99
103
123

120
125
151
120
118
96
141
99
105
124

141
147
172
145
145
123
167
123
131
148

135
146
171
146
143
126
169
121
133
147

115
119
152
126
121
123
144
106
118
131

111
117
132
110
104
109
128
97
107
125

123
132
177
134
126
111
162
109
121
130

124
132
164
134
129
110
156
111
120
134

123
132
157
129
130
107
152
108
122
135

122
129
155
128
127
110
148
112
118

120
131
153
130
124
112
150
111
118
136

123
128
162
135
129
127
155
109
126
137

123
130
148
131
124
121
144
110
124
137




135 I

APRIL, 1925

FEDERAL RESERVE BULLETIN

267

FOREIGN BANKING AND BUSINESS CONDITIONS
GOLD RESERVES OF PRINCIPAL COUNTRIES
In the table below are presented for the
period 1913-1924 figures showing the amount
of gold held as reserves by the central banks
and the Governments of all countries for
which information is available. Gold in circulation is shown for the United States only,
as at the present time it is in this country
alone that gold and gold certificates are used
in actual circulation. The figures in the table
are only approximately correct and do not
attempt to include gold held by commercial
banks, by business concerns, and in private
hoards. Changes in these items are likely to
have been considerable and may account to
some extent for the growth in central gold
reserves in recent years in excess of the gold
currently produced. In addition to the increases in the gold holdings in the table, a
large amount of gold (more than $300,000,000
in the past three years) has been imported into
India and absorbed by the population without
being reflected in the reported gold reserves.
During the year 1924 the combined gold
holdings of all banks and public treasuries for
which figures are available, together with gold
in circulation in the United States, increased
by $371,000,000 to $9,379,368,000. The gold
stock of the United States alone increased by
$300,000,000 to $4,547,407,000 and constituted
48.5 per cent of the world's total. The increase
in gold circulation, mostly in the form of gold
certificates, was $431,000,000, offset in part
by a decline of $131,000,000 in the holdings of
the Federal reserve banks and the Treasury.
The combined reported holdings of European
countries increased by $86,000,000 during 1924
to $3,074,816,000, the principal changes being
the gains of $70,000,000 by Germany, $28,000,000 by Russia, $9,000,000 by Czechoslovakia, $7,000,000 by Poland, and $7,000,000 by
Hungary, whose holdings were not available
in 1923. A number of European countries lost
gold—Sweden, $9,000,000; Switzerland, $6,000,000; and the Netherlands, $31,000,000—
but these movements represent only small
subtractions from extremely strong reserves.
Notwithstanding the magnitude of the gold
movement from Europe to the United States




during recent years, the combined holdings of
European central banks are now substantially
larger than they have been at the end of any
year since 1917. In that year they were
reported at $3,560,000,000, but in the following year they dropped almost $500,000,000,
owing principally to the loss of the Russian
reserve, and during 1919 they declined further
by $184,000,000, owing chiefly to losses by the
German Reichsbank. From the low point of
$2,879,000,000 at the end of 1919 gold reserves
in Europe have increased by nearly $200,000,000
to the December, 1924, total of $3,075,000,000.
The present holdings of European banks and
treasuries are therefore about $250,000,000
in excess of the total reported holdings in
1913, which amounted to about $2,820,000,000.
Official gold holdings are, therefore, little
changed in aggregate since before the war.
The large loss of gold by Europe since before
the war represents chiefly gold withdrawn from
circulation, together with some gold withdrawal
from the arts and from private and public
hoards including plate or jewelry. In the process of redistribution sums equivalents tnose
lost by Russia, Germany, and Austria-Hungary
have been acquired by England, Sweden, the
Netherlands, Switzerland, and Spain, or, in the
case of part of the holdings of Austria-Hungary,
by the Danks and treasuries of the succession
States. The £156,000,000 now held by England is almost equal to the estimated total
stock of £161,000,000 in 1913, the gold in circulation and in commercial banks having been
collected in the Bank of England and in the
currency note reserve.
Outside of Europe both Argentina and Japan
show decreases from December, 1923, the
former of $19,000,000 and the latter of
$14,000,000, but these again are relatively
negligible.
Gold movements in 1924, with the exception
of the imports to the United States, showed a
general tendency toward a more even distribution of gold holdings, countries with strong
reserves parting with a portion of their holdings and countries with small reserves showing
increases for the year.

268

FEDERAL RESERVE BULLETIN

APRIL, 1925

GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1924
[In thousands of dollars, converted at par of exchange]
United States

Total
stock

In
Treasury
and in
Federal
reserve
banks

1,924,361
1,815,976
2,312,444
2,864,842
3,040,439
3,080,510
2,787,714
2, 928,848
3, 656,989
3,933,476
4,247,201
4,547,407

262,443
504,672
758,595
973,233
1,770,347
2,243,895
2,091,054
2,216,154
3,021,266
3,201, 540
3,249,852
3,118,636

End of year

1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.

End of year

NaNational
tional Bank
Bank of Hun-of
Greece
gary

5,211
7,527
11,194
11,580
12,159
10,422
11, 001
11,001
10,808
6,058
7,250
7,557

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924

End of year

1913.
1914.
1915.
1916.
1917.
1918_
1919.
1920.
1921.
1922.
1923.
1924.

251,421
213, 757
138, 758
58, 759
53, 717
53,074
45, 111
Ul
U6

1,661,918
1,311,304
1,553,649
1,891,609
1, 270, 092
836, 615
712,694
635, 723
731,936
997, 349
1,428,771

Banks
of Italy,
Naples,
and
Sicily
and
National
Treasury
288,103
299, 759
293,453
255,772
238,931
243,566
203,441
204,362
210, 739
217,284
215, 699
218,382

7,460

1,313
1,560

59,131
56, 619
50,759
50,759
50, 759
51,145
51,417
51,438
51,451
51,901
52,204
52,543

10,615
10,615
11,773
13,124
12,159
12,352
7,141
7,141
7,334
7,415
7,565
7,700

19,666
24,506
29,833
42,847
46,611
52,159
60,807
4,053
12,545
20,874
22, 574
31, 745

NaNaBank of tional
Bank of Bank of tional
Nether- Norway Bank of Portu- Bank of
gal
Rulands
Poland
mania

83,663
172,530
236,217
277,155
256,204
255, 729
243,600
233,880
233,876
202,854

12,846
11,181
18,028
33,027
31,214
32,691
39,590
39,472
39,475
39,474
39,472
39,457

1,667
2,858
5,955
9,769
13,078
19,949

8,760
9,261
9,261
9,261
9,261
9,263
9,266
9,266
9,267
9,267
9.267
9,267

29,242
29,714
36,264
22

61,192
61,173
56,171
56,145

6,948
8,299
8,299
8,299
8,299
8,299
^8,299
8,371
8,242
8,354

142,517
137,872
169,128
176,064
195,172
190,688
192,265
175,187
154,723
222,050
171,191
192,504

224,989
213,906
228,939
251,158
252,390
299,119
450,057
450,057
450,057
454,035
435,880
2

3 53,202
3 26,601
3 14, 598
3 14, 598
3 14, 598
15,571
15, 571
19,464
25,303
27,401
48, 665
53, 799

Oct. 16-29.

1,330
1,330
1,330
9,039
23,413
24,384
32,893
34,025
41, 874
41,875
41,875

10,826
13,483
22,530
33,251
42,003
46,718
56,756
57,307
59,494
56,807
56,812
56,812

21,899
38,932
73,484
78,351
85, 650
104,143
116,796
115,336
113,389
116,499
121,088
121,200

> Conversion fund.

* Mar. 31,1914.

Swedish
Riksbank

National
Bank of
Switzerland

786,800
803,400
831,200
758,396
a 667,041

92,490
110,444
166,414
241,424
379,597
430,072
472,041
474,228
484,984
487,278
487,841
489,292

27,372
29,088
33,385
49,183
65,513
76,532
75,350
75,516
73,631
73,428
72,853
63,508

32,801
45,922
48,275
66,585
69,025
80,041
99,779
104,780
106,058
103,283
103,669
97,642

2,607
45,043
73,050

72,780
30,202
41,361
38,636
86,712
63,842
96, 205
116,249
118,341
118,341
108,609
108,609
s

278,687
498,508
581,954
599,873
572,768
538,861
259,519
260, 028
237,102
227,436
111,247
180,939

Bank of
Spain

2
200
329
329
7,585
24,563
26,020

4 25,306
27,739
33, 092
36,012
39,419
39,419
38,932
37,472
37,472
38,367
38, 294
38,051

678,856
802,591
967,950
652,885
639, 682
664,017
694,847
685,517
690,141
708,403
709,479
710,394

Great
Britain:
Bank
of
German England
Reichsand
bank currency
note
reserves

Russian
State
Bank

64,963
64,062
68,187
113,411
229,981
225,821
349,947
551,840
610,663
605,678
600.194
585,738

170, 245
428,221
389,205
402,970
422, 594
523, 632
583, 211
762,912
763, 719
751,579
754,400
757,033

Yugoslavia
National
Bank

12,352
14,282
12,354
13,286
13,965

National
Bank
of
Egypt

South
Africa:
Jointstock
banks
and
Federal
reserve
bank

Total

10,027 10,381
12,418 21,750
18,804 35,096
29,164
37,051 19,278
51,600 16,312
69,817 16,312
88,214 16,807
58,728 16,807
61,306 16,619
62,869 16,510
53, 726 16,510

*39,905
5 43,799
«44, 772
»34, 066
30,172
33, 579
35,525
50,612
57,911
50, 782
51,838
52,441

5,421,248
5,921,145
6,862,300
7,190,850
7,641,923
7,224,527
6,978,234
7,670,570
8,424,829
8,778,703
9,008,273
9,379,368

Domestic
holdings
UruCanada:
India:
Brazil: Chilean
of the
Governguay:
New
ZeaMinister Argentine
GovernAustralia:
Bank of Bank
GovernGuaranBank
land
of finance ment con- tee of
ment
of
ment
Japan
Note
of the reserves
reserve
conand
Java
rupee
and of
currency version
Rebanks
chartered version
reserve
the
fund
fund
public
banks
fund
Government

i Austrian account only.




Czechoslovakia:
AustroBanking
National Bank
Austrian Hun- National National Office
Bank
Bank
Offi
Bk
National garian Bank of Bank of of
of
of
Den- Finland
the
Belgium
In circuBank
Bulgaria Ministry ofmark
France
Bank
lation
of Finance

Includes a small amount of gold held abroad.

APRII* 1925

FEDERAL RESERVE BULI^ETIN

269

CENTRAL BANKS OF ISSUE ORGANIZED of reserves. Following is a summary of the
provisions for reserves and for cover in the
SINCE 1919

Since the close of the World War 11 new central banks of issue have been organized in Europe. In nearly all cases the new banks represent a reorganization of previously existing institutions, some of which had been established
long before the war, while others were temporary organizations started during or after the
war pending the passage of central banking
legislation. The national banks of Austria
and of Hungary and the banking office of the
Ministry of Finance in Czechoslovakia are
jointly successors to the old Austro-Hungarian
Bank, the Czechoslovakian office being still in
the preliminary stage of organization. The
National Bank of the Kingdom of the Serbs,
Croats, and Slovenes took over the old Privileged National Bank of the Kingdom of Serbia;
the new Russian State Bank, though it has the
same name as its predecessor, is not connected
with the past in any other way; the Latvijas
Banka is the outcome of a reorganization of
the State Savings and Credit Bank; the Bank
of Danzig succeeded the Danziger Zentralkasse; the Bank Polski, the Polish National
Loan Bureau, which had been established during the period of German occupation; and the
new Reichsbank is the outcome of a reorganization of the old institution of the same
name.
The establishment of these new banks was
in every case a part of a program of fiscal and
monetary reform. One of the first duties of the
new banks was to provide their countries with
uniform currencies to take the place of the
various currencies that were in circulation immediately after the war. In many cases the
first step undertaken was to stamp the notes
actually in circulation on a given date and then
as rapidly as possible to exchange them for
notes of the new bank of issue and to announce
a date after which the old notes would cease
to be legal tender.
Besides providing uniform currencies for
circulation in their respective countries, the
new banks of issue were confronted with the
problem of stabilizing the value of these currencies at home and abroad. In order to
achieve this end, all the new banking laws impose restrictions on the powers of note issue
of the new central banks and provide for certain reserves in gold and in foreign currencies
to be maintained against notes in circulation,
and for a cover of easily realizable commercial
paper of specified kinds for the notes in excess




11 new central banks:
Esthonia.—(a) Not less than 50 per cent of
the notes to be covered by discounted bills,
loans, and advances; (b) not less than 10 per
cent by legal tender notes; (c) the remainder
by gold and silver coins, platinum, and foreign
assets which are to be valued at purchase or
market prices whichever is lower, and other
assets, including State loan scrip.
Czechoslovakia.—Pending the establishment
of a central bank the amount of note issue has
been limited and the Government has made
efforts to build up metallic reserves. A bill
establishing a permanent bank of issue, with
definite reserve requirements, has recently been
introduced by the Government.
Yugoslavia.—(a) Not less than one-third of
the notes to be covered by gold, silver, foreignbank notes, and exchange; and (b) the remainder
by liquid domestic commercial assets.
Russia.—(a) Not less than 25 per cent of the
notes to be covered by gold and platinum; and
(b) the remainder by stable foreign currencies,
merchandise easily realizable, and short-term
obligations.
Lithuania.—(a) Not less than one-third to be
covered by gold; and (b) the rest by easily
realizable assets.
Latvia.—(a) Up to an issue of 100,000,000
lats, notes to be covered by 50 per cent in
gold or stable foreign currencies; (b) between
100,000,000 and 150,000,000 lats, by 75 per
cent gold or stable foreign currencies, and (c)
any amount above 150,000,000 lats, by 100
per cent gold or stable foreign currencies.
Austria.—Notes to be covered by (a) " cash,"
(i. e., bullion, coin, stable foreign currency, and
bills of exchange) to the extent of 20 per cent
for the first five years; (b) 24 per cent for the
next five years; (c) 28 per cent for a further
five years; and (d) 333^ per cent thereafter.
Danzig.—Notes to be covered by (a) not less
than one-third in gold, Bank of England notes,
or demand obligations of the bank in sterling;
and (b) the remainder in Danzig metal currency or in specially secured bills of exchange.
Hungary.—Same as given above for Austria.
Poland.—Notes to be covered by (a) not
less than 30 per cent in gold, stable foreign
currencies, and bills in stable foreign exchange;
and (b) the remainder in specified commercial
bills, silver on the basis of its gold value,
subsidiary cash not to exceed five per cent of
the note issue, and non-interest bearing Treasury notes up to the amount of 50,000,000 zlote.

270

FEDERAL RESERVE BULIxETTN

Germany.—The new Reichsbank law requires
against note issues (a) 40 per cent reserve, of
which (1) 75 per cent must be in gold in vault,
or with foreign banks of issue but unpledged,
(2) 25 per cent may be in foreign exchange and
(b) the remainder in eligible bills of exchange
or checks.
While gold payments have not been resumed
by any of the new banks of issue, the value of
their currencies has been maintained at a fixed
relation to gold. The monetary units adopted
by the new banks are in many cases new, but
generally bear names with national historic
associations; in Russia the unit is the chervonetz, with a value of $5.1460, or the equivalent of 10 gold rubles; in Lithuania, the lit,
with a value of 10 cents; in Latvia, the lat,
19.30 cents; in Danzig, the Danzig gulden,

APBIL,

1925

worth 19.47 cents; in Poland, the zloty, also
valued at 19.30 cents; in Germany, the new
gold reichsmark with a value of 23.82 cents or
the equivalent of the pre-war gold mark;
Yugoslavia has adopted the Servian dinar with
a value of 19.30 cents; and Austria is at present
changing over to the new schilling, which has
a value of 14.07 cents.
The majority of the new central banks are
automonous private joint-stock banks, and
their authority to make loans to the Government is limited. The Eesti Pank and the
Latvijas Banka, however, are State institutions,
as is the Russian State Bank, and the Banking
Office in Czechoslovakia is temporarily a part
of the Ministry of Finance. In Yugoslavia, the
operations of the central bank are under the
control of a government commissioner.

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
(Bank figures are for the last report day of month, except for'London clearing banks, which are daily averages)
CANADA

ENGLAND
[Millions of pounds sterling]

[Millions of dollars]

1924
1925
Febru- Janu- Decem February
ber
ary
ary
Bank of England:
Issue d e p a r t m e n t Gold coin and bullion
Notes issued
Banking department—
Gold and silver coin
Bank notes
Government securities
Other securities
Public deposits
Other deposits
Ratio of gold and note reserve
to deposit liabilities
Bank notes in circulation
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments
Total deposits
Total clearings
Government floating debt:
Total
Treasury bills
Temporary advances
Index of security prices (December,
1921-100)
Index number of foreign exchange
value of the pound sterling

1925

Janu- Decem- Novem
ary
ber
ber
127
147

127
146

127
146

126
146

2
22
42
74
16
106

2
22
50
74
23
107

2
18
69
104
9
166

2
20
51
68
13
110

19.3
98
281

18.4
98
281

11.5
101
296

18.0
103
277

121
1,055
287
1,643
3,316

112
1,063
296
1,653
3,771

113
1,046
303
1,656
3,448

92
1,032
341
1,633
3,205

760
592
168

786
631
155

846
626
220

797
628
169

117.9

117.5

117.5

114.3

126.8

126.5

128.7

127.6

Chartered banks:
Gold coin and bullion J
Current loans and discounts
Money at call and short notice.._
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes..
Dominion note circulation
Bank clearings *
Bank debits
1

Bank of France: l
3,681
3,681
Gold reserve
306
305
Silver reserve
Water advances to the Govern21,900 21,200
ment
40,792 40,516
Note circulation
2,028
2,012
Total deposits
14,635
Commercial bank loans (3 banks)
14,511
Commercial bank deposits (3 b a n k s ) .
Clearings, daily average of Paris
920
banks
48.10 48.45
Price of 3 per cent perpetual rente
1
Not including gold held abroad.

3,681
306
22,600
40,604
1,973
14,320
14,406
1,043
50.00

January

54
1,139
309
497
177
2,108
138
244
1,647
2,849

54
1,177
289
436
157
1,993
103
231
1,387
2,178

»Total for month.

GERMANY
[Millions of reichsmarks]

Reichsbank:
Gold at home
Gold abroad
Reserves in foreign exchange...
23,100
Bills of exchange and checks...
39,345
Miscellaneous assets
2,331
Deposits
15,139 Reichsmarks in circulation
15,093 Rentenmarks in circulation
Reichsbank clearings
1,490 Index of security prices (per c e n t ) .
56.60 Capital issues
3,677
298

52
1,123
315
536
166
2,166
139
262
1,709
2,826

53
1,114
319
542
155
2,083
131
222
1,410
2.230

Not including gold held abroad.

FRANCE
[Millions of francs]




1924

1925

1924

February

January

December

700
207
302
1,737
1,684
918
2,106
1,967
3,637

636
199
278
1,771
1,507
747
1,901
1,967

552
207
253
2,064
1,654
821
1,941
1,980
3,687

111.6
102

89.5

271

FEDERAL RESERVE BULLETIN

APRIL, 1925

ITALY
[Millions of lire]

DENMARK
[Millions of kroner]
1925

1924

Janu- Decem- Novem- January
ber
ber
ary
Banks of issue:
Gold reserve
1,131
1,820
Total, reserve7,626
Loans and discounts
10,500
Note circulation for commerce l
Note circulation for the State .m. 7,146
2,806
Total-deposits...
_„_
Leading'iprivate banks:
Cash.
Loans andldiscounts
.
Due from correspondents
Participations
Total deposits
State note issue
_
. 2,400
Index of security^prices (per cent)
259

1,132
1,826
8,324
10,873
7.242
3,194

1,132
1,831
7,584
10,646
7,248
2,684

1,120
1,832
7y569
9,019
7,750
2,573

Febru- Janu- Decem- February
ber
ary
ary
Gold
Bills
Loans
Foreign bills and balances abroad
Note circulation
.
.
Current accounts
,

973
8,637
4,092
2,400
254

12,649
2,400
249

24
453
64

209
214
56

29
456
67

209
187
61

43
478
82

210
248
57

18
450
82

FINLAND
2,428
182

JAPAN
[Millions of yen]
1924

Gold
Balances abroad, etc
Finnish and foreign government
securities
Domestic bills
Note circulation
_
Current accounts:
Private-^ Treasury— _.

1,059
311
81
1,297
299
31

1,059
325
135
1,390
224
31

1,059
573
188
1,694
193
52

1,058
469
192
1,349
471
39

110
2,392
1,861
2,552

123
2,398
1,859
2,632

108
2,375
1,854
3,561

106
2,451
1,820
2,300

43

43

43

43

913

874

804

927

474
597

474
598

486
540

601
623

1,288

1,205

1,250

1,376

50
227

63
284

46
158

342

2,026
3,953
2,716
4,866

1,939
4,162
1,829
4,513

1,840
1,065

1,687
1,031

24

GREECE

Febru- Janu- Decem- February
ary
ber
ary
Bank of Japan:
Reserve for notes l
Loans and discounts.—.
Advances on foreign bills.
Note circulation—
Government deposits
Privateideposits
Tokyo banks:
Cash on hand
Total loans
Total deposits
Total clearings..

209
215
47

[Millions of F . marks]

i Not including gold held abroad.

1925

1924

1925

[Millions of drachmae]
Gold and balances abroad . ._
Government loans and securities
Discounts and loans
Note circulation
Private deposits:
Sight

Time

HUNGARY
[Billions of H. crowns]

1

Gold abroad, gold coin and bullion in Japan.

CONDITION OF CENTRAL BANKS IN OTHER
COUNTRIES
AUSTRIA
[Billions of krone]
-Gold
Foreign bills (reserve)
Other foreign bills
Domestic bills, etc
Note circulation
Deposits

111

~-

3,199
1,528
1,284
7,957
316

111

3,227
1,285
1,544
7,902
438

111

--

272
30
1, 325
7, 599
225

272
30
1, 545
7, 648
258

4,771

3,922

1,880
8,388
553

1,735
7,364
559

272
18

1,479
7,590

-

---

-

270
18
1,373
7,652




533

1,933
1,977
4,514

2,359

2,012

1,865

183

127

204

23,587
40,876
46,860
50,831
27,898
80,835
45,428

23,600
42,984
44,798
48,660
30,727
77,289
44,256

20,117
49,030
23,194
24,629
23,000
44,380
45,901

30,947
62,667
38,062
94,708
29,816

30,779
62,258
36,681
92,982
31,349

20,457
55,606
22,294
68,078
27,408

LATVIA

Gold
Foreign exchange reserve.
Bills
Loans
Note circulation
Government deposits
Other deposits

23, 567
40,162
47,911
53,010
28,701
83,180
45,741

435

LITHUANIA
[Thousands of litas]

[Millions of Cz. K.]
1,050

1,029

1,029

595
978
542

643

737

1,083

1,314
737

1,040
837
679
769

7,728

7,917

8,810
1,164

8,506
577

633

510

1,967
1,849
4,450

[Thousands of lats]

CZECHOSLOVAKIA

Gold and silver
.
Balances abroad and foreign currency.
Bills discounted
Advances on collateral
Note circulation
Checking accounts

596

1,989
1,677
4,238

106

BELGIUM
[Millions of francs]
Gold
_.._
_
Foreign bills and balances abroad
Bills
Note circulation
Private deposits

Gold
Foreign exchange
Bills, etc
Note circulation
Current accounts:
Public
Private

553

497

Gold
Foreign exchange reserve.
Loans and discounts
Note circulation
_.
Deposits

31,062
63,109
37,486
93,126
33,682

272

FEDERAL RESERVE BULLETIN

APRIL,

RUSSIA
[Note issuing department. Thousands of chervontsi]

NETHERLANDS
[Millions of florins]
1924

1925

505
115
125
157
893
63

505
120
112
172
935
59

582
229
25
142
984
24

147
370
31
368

147
395
28
361

147
407
36
391

147
424
16
369

24
64

31
67

8
84

41
61

505

Loans
Note circulation...
Deposits
_.

881
64

_

NORWAY
[Millions of kroner]
Gold
_
Loans and discounts
Balances abroad...
Note circulation
Deposits:
State . _
Private

Febru- Janu- Decem- February
ary
ber
ary
Gold

4,202
805
1,037
5,660
409

4,179
1,060
1,189
5,838
498

4,094
982
1,462
673

Gold
Foreign exchange, etc.
Bills
Note circulation
Current accounts, etc.:
Treasury
Private

2,744
10,223
4,942
1,991
670
11,344
5,482

552
10,223
5,248
2,055
973
11,456
4,492

549
10,102
6,148
2,113
1,427
10,319
5,676

2,536
31
926
4,529
957

2,535
33
909
4,535
912

2,528
31
869
4,322
1,023

234
107
370

234
108
390

237
100
455

272
30
342

13
42
493
269

13
43
483
291

13
38
537
304

14
70
523
198

499
237
50

506
304
52

506
311
70

53G
224
58

27
760
162

70
825
164

88
914
120

37
878
50

72
375
1,208
5,795
345

72
385
1,289
6,002
307

69
350
1,252
5,677
287

SOUTH AFRICA
[Thousands of pounds sterling]
Gold coin and bullion...
Gold certificates
Total bills discounted.
Domestic bills
Foreign bills
Notes in circulation
Bankers' deposits
SPAIN

Gold
Balances abroad..
Bills discounted...
Note circulation...
Current accounts.

2,536
30
939
4,472
1,032
SWEDEN

Gold

107
206
286
550

104
242
270
553

103
269
257
551

5
48

3
50

6
58

Balances abroad and foreign bills
Domestic bills .
. .
Government securities:
Swedish
Foreign
Note circulation
. _.
Deposits

SWITZERLAND
[Millions of francs]

PORTUGAL

[Millions of escudos]

Gold

g

Q
325
155
1,716
81

Balances abroad .
Bills . .

8,754
7,376
16,101
32,800

[Millions of kronor]

POLAND
[Millions of zlote]

Note circulation
Deposits
. .

14,914
10,248
31,289
55,025

[Millions of pesetas]

[Millions of libras]

Gold

14,195
11,165
34,013
59, 597

15,214
9,566
31,281
56,055

Foreign currency
Loans and discounts
Bank notes

PERU

Gold at home.
Gold abroad
Bills
_
Notes in circulation
Deposits.

1924

1925

Febru- Janu- Decem- February
ary
ary
ber
Gold
Domestic bills
Foreign bills

1925

9
348

298
154
1,728
67

1,764
76

9
24
164
1,449
37

Domestic bills
Loans

- -

Balances abroad and due from correspondents
...

Note circulation
Deposits .

RUMANIA

YUGOSLAVIA

[Millions of lei]

[Millions of dinars]

Gold
Bills
Government loan.
Note circulation
Deposits

563

563
7,338
10,787
19,487
6,818

11,249
19,198
7,411

555
5,781
11,099

17,844
6,463

Gold
.
Foreign currency and balances abroad
Bills

Note circulation . _
Current accounts

72
356
1,178
5,729
413

DISCOUNT RATES OF 28 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark
England

Hate
P.ct.
13

In effect
since-

10

Nov. 6,1924
Jan. 22,1923
Aug. 31,1924

7
10
7
5

Mar.
Sept
Jan.
Mar.

25,1925
11,1924
17,1924
5, 1925

Country
Esthonia
Finland
France
Germany
Greece
Hungary
India
Italy

Kate

In effect
since-

P.ct.
9
9
7
9
11
7
6

May
Mar.
Dec.
Feb.
Feb.
Mar.
Jan.
Mar.

19,1924
6,1924
11,1924
26,1925
15,1925
27,1925
22,1925
9.1925

Country
Japan
Latvia
Lithuania ..
Netherlands
Norway
Poland
Portugal
Rumania

Rate

In effect
since-

P.ct.
8.03
8
7
4
6
10
9

Nov.
Feb.
Feb.
Jan.
Nov.
Nov.
Sept.
Sept.

18,1919
16,1924
8,1925
16,1925
26,1924
28,1924
12,1923
4,1920

Country
South Africa
Spain
Sweden
Switzerland.
Yugoslavia.J

Rate
P.ct.
5

In effect
since—
Jan.,

192&

M a r . 23,1923
N o v . 9,1923
J u l y 14,1923
J u n e 23,1922

Changes.—National Bank of Greece from 7H to $H per cent on February 15, 1925; Bank of Italy from 5}i to 6 per cent on March 9,1925;
Banking office of the Ozechoslovakian Ministry of Finance from 6 to 7 per cent on March 25,1925; National Bank of Hungary from 12H to 11
per cent on March 27,1925.




273

FEDERAL KESEBVE BULLETIN

APRir, 1 9 2 5

FOREIGN TRADE OF PRINCIPAL COUNTRIES
UNITED STATES

FOREIGN

COUNTRIES
1925

1924

Twelve
Febru- January months
ending
ary
February

Twelve
months
ending
February

[Thousands of dollars]

1924

1925

Twelve Twelve
months
Febru- January months
ending ending
ary
Febru- February
ary
IMPORTS

By classes of commodities:
Total
333,720 346,184 3,661,972
Crude materials.—
128,603 147,597 1,290,755
Foodstuffs, crude, and food
* animals
36,778 38,066 436,656
Manufactured foodstuffs
39,776 32,336 497,181
Semimanufactures
_. 63,649 63,104 657,998
Finished manufactures
62,848 62,813 759, 522
2,268
Miscellaneous
21,516
2,066
By countries:
102,803
Total Europe
1,113,406
100,968
France.
14.880 13,924 152,111
Germany
12,077 11,402 138,785
8,463
Italy
_
8,262
80,158
United Kingdom
33,893 35,178 370,210
Total North America
83,219 77, 546 981,937
Canada
__. 33,651 32,950 400,896
Total South America
44,053 42,253 478,419
6,523
Argentina
_
10,212
81,926
Total Asia and Oceania
92,438 112, 928 1,011,920
33,284
Japan
_
23,181
335,586
Total Africa
_
13,044 10, 651
76,947

3,787,234
1,342,029
368,927
557,242
725,345
770, 612
23, 074
1,150,457
149,391
160,880
88,583
400,631
1,028,585
421,890
458,670
102,925
1,070,433
351,989
79,085

EXPORTS

B y classes of commodities:
Total
_
365, 782 446,577 4,642,393 4,286,066
Crude materials
128,697 168,194 1,376,618 1,269,323
Foodstuffs, crude, and food
animals
23, 554 25,873 413,827 233,829
Manufactured foodstuffs
46,277 54,044 562, 718 594,384
Semimanufactured
47,777 58,271 611,641 586,062
Finished manufactures
117,894 133, 059 1,584,095 1,515,422
997
Miscellaneous
6,177
6,857
636
Reexports
6,139
80,876
5,904
91,589
B y countries:
Total Europe
222,262 269,415 2,532,753 2,147,686
France
22,855 29,210 290,588 278,196
Germany.
_.
43,785 49,615 443,884 356,364
23,061 22,668 200,022
174,085
Italy
85,757 113,136 1,021,911 886,297
United Kingdom
75,125 77,948 1,091,149 1,085,158
Total North America
39,122 37,063 614,421 644,375
Canada
25,463 31,745 323,946 275,383
Total South America
Argentina
9,939 12,893 122,143 111,472
Total Asia and Oceania
42,559 60,885 629,778 714,094
Japan
_
_.
15,803 27,875 225,524 301,690
6,584
63,751
Total Africa
5,330
69,718

France (million francs):
Imports
Exports
Germany (million gold marks):
Imports
Exports
United Kingdom (thousand £
sterling):
Imports
Exports
Reexports
Canada (thousand dollars):
Imports
Exports
Japan (million yen):
Imports
Exports...
_
South Africa (thousand £ sterling):
Imports
_
Exports
_

3,595

3,173
3,563

40,058
42,025

34,806
32,839

1,125
630

1,372
697

10,527
6,997

6,433
6,341

110,148
69,330
13,858

128,907 1,321,029 1,110,450
775,019
801,536
69,051
125,466
13,284
140,748

61,430
71,164

799,232
58,376
75,999 1,078,998 1,042,936

284
164

228
147

2,457
1,902

2,185
1,446

5,300
4,550

5,489
4,778

65,977
68,811

57,600
75,202

1925

1924

1925

1924

Twelve
months
ending
January

Twelve
months
January Decemending
ber
January
Denmark (million kroner):
Imports
Exports
Italy (million lire):
Imports
Exports..
_
Netherlands (million guilders):
Imports
Exports
Norway (million kroner):
Imports
_
Exports
Sweden (million kroner):
Imports..
Exports
__
Brazil (million milreis): i
Imports
_.
Exports
Australia (thousand £ sterling):
Imports
Exports
India (million rupees):
Imports
Exports
_

204
183

229
179

2,399
2,187

2,050
1,730

1,828
1,119

2,495
1,775

20,047
14,589

17,298
11,139

211
140

220
136

2,397
1,684

2,014
1,328

109
95

139
95

1,557
1,083

861

105

119
124

1,403
1,263

1,310
1,146

251
505

262
394

2,673
3,849

2,178
3,062

13,438
14,379

12,356
18,394

145,346
129,482

138,225
111, 564

243
390

172
361

2,455
3,848

2,281
3,488

i Figures for September and October, 1924, and for the 12 months
ended October, 1924, and October, 1923.

The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign
trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country
and principal European trade regions. For methods of construction of these indexes reference may be made
to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921.
INDEX OF OCEAN FREIGHT RATES
[January, 1920=100]

FOREIGN TRADE INDEX
[1913=100]
1924

1925

Imports:
Total
Raw materials
Producers' goods
Consumers' goods
Exports:
Total
Raw materials
Producers' goods
Consumers' goods




1924

1925

JanuDeMarch February
ary cember March

Febru- Janu- DeNoFebruary cember vember ary
ary
200.2
166.4
272.5
141.7

217.1
186.4
296.9
134.7

194.7
185.4
226.3
153.2

186.7
150.8
258.0
138.0

222.7
168.0
323.7
165.1

103.8
94.1
177.0
100.2

127.8
123.2
181.2
117.2

136.7
135.3
186.0
117.4

155.6
166.6
184.9
104.7

98.1
74.4
184.9
134.7

United States Atlantic ports
toUnited Kingdom
French Atlantic
Netherlands and Belgium
Scandinavia
Mediterranean
All Europe

27.0
26.2

27.8
27.6

29.8
27.6

29.7
27.8

29.6
25.9

24.8
23.5
24.2
25.6

25.1
23.5
20.7
25.5

25.6
23.5
23.8
26.9

25.3
23.5
23.5
26.7

21.1
23.8
20.5
24.8

274

FEDERAL RESERVE BULLETIN

APBID,

1925

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's indexes. In the first table the
all-commodities index for each country is shown
both in terms of paper currency and converted
to a gold basis. The latter figure takes into
account the depreciation of the foreign currency
in terms of the American dollar (or gold) and the

series indicates relative price levels in the several
countries when all prices are expressed in dollars.
The wholesale price index of the Bureau of
Labor Statistics lor the United States, with
the group indexes shown by that bureau and
the regrouping made by the Federal Reserve
Board, has been transferred from this section to
the section on business conditions in the United
States and appears on page 253 of this issue.

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES»
On paper currency basis
Year and month
1923 average

1924, average

-

July

United
States

England

France

Canada

165
159

170
176

394
446

160
147

159
159
163
163
163
163

168
164
165
166
171
177

391
391
404
404
416
427

163
163
160
158
156
154
156
158
156
159
160
165

178
180
180
181
177
174
174
173
172
175
176
177

168
167

178
178

-

1923

_

September
November
December.. .

_-

Converted to gold basis
Japan

England

France

Canada

18S
200

159
160

124
121

147
145

183
168

151
150
149
147
145
144

183
179
191
196
199
205

158
154
154
154
154
159

119
115
123
125
119
116

147
146
145
145
142
140

179
176
186
192
193
193

445
469
483
428
428
442
440
442
436
442
449
451

146
148
147
143
143
145
147
149
146
148
148
149

205
200
200
201
200
189
191
196
193
206
210
209

156
160
158
162
158
155
156
160
158
161
167
171

108
107
117
137
128
120
117
125
120
120
123
126

142
144
143
140
141
142
146
149
145
148
148
149

185
182
172
165
161
156
158
163
161
161
162
161

455
457

156
158

208

175
174

127
125

156
157

160

Japan

1924

February
March » « _.
April
May
._
June
July
August
September
October
November
December
January
February

--

«

- - . _ _
1925

--.
-m

-

.-

F E D E R A L R E S E R V E B O A R D W H O L E S A L E P R I C E I N D E X E S FOR G R O U P S O F C O M M O D I T I E S 1

Year and month

Grouped by stage of Grouped b y
manufacture
origin
All
ExcomConport
Domodi- Raw Pro- sum- mes- Im- goods
ties ma- ducers' ers'
ported
tic goods
terials goods goods goods

UNITED STATES

1924—February
September
October
November
December
1925—January
February

163
156
159
160
165
168
167

169
161
165
165
171
176
177

158
148
146
147
151
151
153

157
156
158
162
165
167
163

164
158
160
161
166
170
169

148
143
146
150
149
147
147

189
163
167
169
171
175
178

180
172
175
176
177
178
178

182
168
171
174
175
176
175

167
166
168
169
171
171
173

191
183
187
187
187
188
187

180
173
175
176
177
178
179

182
169
174
178
179
179
177

185
172
174
178
180
179
179

469
436
442
449

478
464
469
478

485
441
442
439

453
402
411
424

443
420
423
430

595
516
534
541

522
443
454
461

ENGLAND

1924—February
September
October
November
December
1925—January
February
FEANCE

1924—February
September
October
November

Year and month

Grouped by stage of Grouped by
manufacture
origin
All
ExcomDoConport
Im- goods
modi- Raw Pro- sum- mesported
ties ma- ducers' ers'
tic goods
terials goods goods goods

FRANCE—contd.
1924—December
1925—January
February
CANADA

451
456
457

480
482
482

440
442
446

424
435
438

431
437
439

545
546
547

463
464
467

1924—February
September
October
November
December
1925—January
February

148
146
148
148
149
156
158

131
133
137
137
139
149
151

168
153
151
155
153
152
152

168
162
161
161
163
168
168

146
145
147
147
148
157
158

167
155
157
160
159
159
161

135
150
160
161
164
179
180

JAPAN
1924—February
September
October
November
December
1925—January
February

200
198
206
210
209
208

214
198
211
217
216
222

202
202
212
216
218
217

192
196
202
204
201
196

199
200
208
212
210
208

205
189
200
202
202
204

211
200
204
213
214
215

1
Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,
June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922.




APEII*

275

FEDERAL RESERVE BTJLIiETTN

1926

WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES
ALL-COMMODITIES INDEX NUMBERS
[Pre-war—100]
Europe
Year and
month
Austria

Belgium

1024
January
February
March
July...
August
September...
October
November...
December

1,874,800
1,915,800
1,912,000
1,913,300
2,013,600
1,937,300
2,008,600
2,076,600
2,075,400

642
625
566
547
550
555
569
566

1925
January-—
February ~
March

2,118,100
2,108,100

551

Bulgaria

2,711
2,658
2,612
2,737
2,853
2,848
2,988
3,132
3,181

974
999
1,021
953

3,275

Spain

1924
January
February
March
July
August
September
October
November—.
December-..
1925
January
February
March

1,013
1,024

210
223
227
220
233
231
234
231
232

165
167
165
163
165
167
^70
170
170

1,071
1,078
1,094
1,085
1,111
1,117
1,114
1,120
1,139

494
544
499
481
477
486
497
504
507

117.3
116.2
120.7
115.0
120.4
126.9
131.2
128.5
131.3

1,045
1,048
1,034

234
234
230

171
169

1,140

514
515

138.2
136.5

North and
South America

Europe—Continued
Year and
month

GerEngmany; HunCzecho- Den- land;
Federal
gary
sloBoard Finland France Statis- (gold
vakia 1 mark^
of
tical
basis)
Trade
Bureau

United
States
(Bureau Canada
Sweden Switzerland^ of Labor
Statistics)

Norway
Italy NetherPoland Russia 1
lands (Oslo)

123
131
130
145
145
142
149
154
160

571
573
579
567
572
580
602
621
640

156
158
155
151
151
158
161
161
160

250
262
266
271
274
275
276
277
278

107
112
110
102
109
112
116
117
118

209
207
198
184
184
180
177
173
172

657
660

160
158

279
281

120
121

170

Africa

Asia and Oceania

Peru

Australia

China
(Shanghai)

178
180
180
182
182
184
186
181
198

161
162
162
157
160
163
167
167

183
183
180
173
171
170
169
169
170

151
152
150
147
150
149
152
153
157

157
157
154
153
157
154
157
158
161

190
189
194
192
193
190
192
191
195

174
170
167
163
162
162
163
163
165

156
160
158
152
149
149
153
155
157

191
198

169

171
171
170

160
161

165
165

199
194
206

163
163

160
159
160

Dutch
East
Indies

180
174
177
177
175
173
179

India
(Calcutta)

Japan
New
(Tokyo) Zealand

(Cairo)

South
Africa

172
178
179
179
180
179
181
180
176

211
208
206
195
200
206
213
214
213

175
180
180
180
181
181
180
181
181

133
135
136
132
143
148
156
158
156

131

171
172

213
210

178

157
161

130

125
133

* First of month figures.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of
commodities and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.




276

FEDERAL RESERVE BULLETIN

APRIL, 1925

RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war—100]
Other countries

European countries
United
States
(51
cities)

Bul- EngAustria
Bel(Vienna) gium * garia land*

EsItaly NethIndia New
Swittho- France Ger- (Mi- er- Nor- zer- Can- Aus- (Bom- Zea- South
nia» (Paris) many lan) lands way land ada i tralia bay) land Africa

1924
January
February
March
April
May
June .
July
August
September...
October
November...
December

146 1,352,700
144 1,382,100
141 1,393,000
138 1,383,800
138 1,416,900
140 1,445,700
140 1,436,200
141 1,565,200
144 1,562,300
146 1,584,500
147 1,619,800
149 1,624,800

126 2,674
130 2,537
128 2,497
121 2,501
113 2,438
118 2,687
123 2,626
124 2,727
127 2,723
135 2,856
140 2,994
139 3,040

175
177
176
167
163
160
162
164
166
172
179
180

111
113
115
115
111
111
115
119
116
110
110
113

376
384
392
380
378
370
360
366
374
383
396
404

127
117
120
123
126
120
126
122
125
134
135
135

1925
January.
February
March-

151
148

140

3,131

178
176
176

113

408
410

137

1,644,600
1,661,800
1,622,500

515
516
523
524
519
518
508
507
514
543
567
579

150
151
152
152
151
151
150
150
152
154
156
157

230
234
241
240
241
241
248
257
261
264
269
274

168
167
167
165
165
168
168
166
166
169
170
170

145
145
143
137
133
133
134
137
139
139
141
143

155
153
152
150
151
149
148
147
146
146
147
148

154
151
147
143
143
147
151
156
156
156
157
156

150
149
150
150
150
150
148
146
145
146
148
150

120
122
122
123
122
120
117
117
117
120
122
121

590

157
157

277
283

168
168

145
145

148
149

152
152
155

147

120
120

t

1

i ""

INDEX NUMBERS OF COST OF LIVING [Pre-war=l00]
European countries
Other countries
MassachuCzechNethSwit- Can- Aus- India South
Austria
Bel- oslo- Eng- Fin- France Ger- Italy
setts (Vienna)
(Mi- er- Nor- Po- Spain Swezer- ada^ tra- (Bom- Africa
gium vakia
den land
* land' land (Paris) many lan) lands way land
lia bay)
1924

January
February..
March
April
May
June
July
August
September.
October
November.
December..
1925
January
February- _
March

157 1,174,000
156 1,1§4,000
156 1,199,600
154 1,197,300
154 1,220,900
154 1,244,200
155 1,239,100
155 1,314,200
157 1,316, 200
157 1,330,700
157 1,357,400
158 1,365,000

480
495
510
498
485
492
493
498
503
513
520
521

917
917
908
907
916
923
909
897
908
916
922
928

177
179
178
173
171
169
170
171
172
176
180
181

1,155
1,143
1,141
1,121
1,121
1,147
1,154
1,198
1,199
1,219
1,222
1,217

158
157

521
517

931
911

180
179
179

1,199
1,191

1, 376,200
1,389, 500
1, 366,000

110
104
107
112
115
112
116
114
116
122
123
123

510
517
521
522
518
518
512
511
516
546
563
573

124
3 136

580

365
366
367
377

» First of tho month figures.

DESCRIPTION OF RETAIL PRICE INDEXES
United States.—The retail-food-price index constructed by the Bureau of Labor Statistics is based upon
the monthly average of retail prices of 43 articles of
food reported by dealers in 51 important cities. The
method of weighting is by average family consumption
in 1918. The original base, 1913 = 100, has been
shifted to July, 1914.
The cost-of-living index number for Massachusetts
is calculated by the special commission on the necessaries of life. It is a monthly average and includes 37
items of food, clothing, shelter, fuel, heat and light,
and sundries, weighted according to an estimated
budget for a hypothetical wage-earner's family of five
persons. The original base, 1913, has been shifted to
July, 1914.
Austria.—The Austrian indexes are computed by the
Parity Commission, and are published in the Statistische Nachrichten. The original base is July, 1914=
100, and the prices used are those of the 15th of the
month in Vienna. The retail-food index number in-




179

236

173

244

176

258

181

266

»1921=100.

121
127
126
127
126
124
127
135
141
150
152
153

178
190
180
195
180
186
182
180
189
185
175
190

176

150
151

188
190

178

173
171
174

169
168
168
166
166
168
169
166
166
169
170
170

150
149
148
145
143
143
143
145
146
146
147
147
149
149

150
149

158
156
153
150
150
153
156
160
160
160
161
160

133
134
134
134
134
133
132
132
132
133
134
133

157
157
159

133
133

3 New index.

eludes 16 items of food, while the cost-of-living index
includes food, clothing, fuel, lighting, and rent,
weighted according to the theoretical weekly expenditure of a normal person.
Belgium.—The retail-food and cost-of-living index
numbers are constructed by the Ministry of Labor and
published in the Revue du Travail.
The retail-food index is a monthly average on a
base of 1921 = 100, calculated from the prices of 33
articles of food used in a family with an income of
40 francs.
The cost-of-living index is the average of nine
Provinces, and consists of the retail prices of 56 items
of food, clothing, rent, fuel, and lighting, as of the 15th
of the month. The base is April, 1914.
Bulgaria.—The index of retail prices is based upon
41 items, including foods, tobacco, heating and lighting, and soap, collected in four towns. It is a monthly
average, and the original base, which is 1901-1910 =
100, has been shifted to July, 1914. The weighting is
on the annual expenditure of an average family during
the years 1908 to 1912.

APRII* 1925

FEDERAL EESERVE BUTJTIETIN

Czechoslovakia.—The index number consists of the
retail prices of 23 commodities, including foodstuffs,
fuel, petroleum, and soap on the base of July, 1914 =
100. It is a middle-of-the-month figure, and is compiled by the Statistical pffice of the Republic of
Czechoslovakia, published in Rapports sur les Prix.
England.—The British retail-food and cost-of-living
index numbers are constructed by the Ministry of
Labor on the base of July, 1914. The figures are for
the beginning of the month.
The index of retail food consists of the prices of 21
articles of food. The cost-of-living index consists of
the retail prices of 41 items of food, clothing, rent, fuel
and lighting, and sundries. The indexes are weighted
by the budgets of working-claps families.
Esthonia.—The retail-food index of Esthonia, constructed by the Central Statistical Bureau of Esthonia,
is based upon the prices of 24 articles of food in Reval.
I t is an unweighted arithmetic average of relatives,
1921 = 100.
Finland.—The index of the cost of living is calculated
by the Social Statistical Department of the Central
Statistical Office, and consists of 17 items of foodstuffs,
clothing, rent, fuel, tobacco, newspapers, and taxes.
Monthly reports are received from 21 centers. The
index is weighted according to a workingman's family
of normal size, the first half of the year 1914 equaling
100.
France.—The retail-food index for Paris, compiled by
the French General Statistical Office, is a monthly
average and consists of the retail prices of 11 items of
food and 2 items of kerosene and alcohol. It is weighted
according to the average annual consumption of a
workingman's family of four persons, upon a base of
July, 1914 = 100.
The index of the cost of living in Paris is quarterly,
including items of food, rent, clothing, heating, lighting, and sundries. The system of weighting is that of a
theoretical budget and the base is the first half of the
year 1914.
Germany.—The retail-food and cost-of-living indexes
are constructed by the Federal Statistical Bureau of
Germany, based upon reports from 71 towns. An average price for each commodity for the whole country is
calculated by taking the mean of the average prices in
different towns, weighted according to the population
of the towns. The base is the average of October, 1913,
January, April, and June, 1914 = 100.
The retail-food index includes 13 items of food, and
the cost-of-living index includes items of food, heat
and light, rent, and clothing. A new index for cost
of living, increasing the necessary amount of food, was
made in February, 1925.
Italy.—The indexes of retail food and cost of living
in Milan, published in the Municipal Bulletin of the
city of Milan, are monthly averages, with the first
half of 1914 taken as 100. For the retail-food index
18 articles of food are used, and for the cost of living 5
items of food, clothing, rent, heat and light, and sundries. The system of weighting is that of the pre-war
budget for a week, of a family with three children.
Netherlands.—The indexes for Netherlands are
computed by the Central Statistical Bureau and published in the Maandschrift. The retail food index is a
monthly average. Prices of 28 articles of food are
taken from six cities. The original base, 1893 = 100,
has been shifted to January-July, 1914. The cost-ofliving index is quarterly, weighted according to the
budget of a working family in Amsterdam, and consists
of 13 food groups, clothing, heat and light, rent, and
sundries. The base in 1911 = 100.
Norway.—The Norwegian indexes of retail food and
cost of living on the base of July, 1914, are constructed




277

by the Central Statistical Bureau of Norway. The
retail-food index is a 15th of the month figure and
consists of prices of 55 articles of food collected from
31 towns. The cost-of-living index is quarterly, and
consists of items of food, fuel and lighting, clothing,
rent, taxes, and sundries.
Poland.—The index of cost of living for Poland is
constructed by the Central Office of Statistics, of
Poland, and includes food, clothing, heating, lighting,
rent, and sundries, weighted according to a theoretical
budget for a working-class family of four persons in
Warsaw. It is calculated in zlote, with 1914 = 100 as
the base, and is an end of the month figure.
Spain.—The cost-of-living index for Madrid, computed by the Central Statistical Bureau, includes 19
items of food and 8 items of fuel, lighting, and sundries. The base is 1914=100.
Sweden.—The index number of the cost of living in
Sweden is computed by the Central Statistical Office.
It is a quarterly figure, and includes the items of f ood,
rent, fuel and lighting, clothing, taxes, and sundries,
weighted according to a family of four. The base is
July, 1914 = 100.
Switzerland.—The Swiss index numbers of retail
food and cost of living are averages for the month,
calculated by the Federal Office of Labor on the base
of June, 1914 = 100, and are published in Der Schweizerische Arbeitsmarkt.
The retail-food index consists of the prices of 8
groups of food in 33 towns, weighted by consumption
of skilled workers. The cost-of-living index is composed of 37 items of foods, and in addition soap, heating, and lighting.
Canada.—The index numbers of retail food and cost
of living are computed from the actual cost per week
of a family budget in terms of average prices in 60
cities on the basis of July, 1914 = 100. The prices are
for the beginning of each month. The retail food
index is composed of 29 articles of staple foods, while
the cost of living consists of 36 items of foods, starch,
fuel and lighting, and rent.
Australia.—The index numbers of Australia, constructed by the Commonwealth Bureau of Census and
Statistics, are weighted according to a system of prewar aggregate expenditures in 30 towns. The original
base is 1911, which has been shifted to July, 1914.
The retail-food index consists of the retail prices of
46 articles of food and groceries on the 15th of the
month. The cost-of-living index is quarterly, and is
based upon food, groceries, and housing.
India.—The retail-food and cost-of-living index
numbers in Bombay are computed by the Labor Office
Secretariat, and weighted according to the aggregate
expenditure of the whole of India in July, 1914.
The retail-food index is composed of the prices of
17 articles of food in Bomba}^, and the cost of living is
based upon the prices of 24 items of food, rent, clothing, and fuel and lighting. Both numbers are monthly
averages.
New Zealand.—The retail index number for 25
towns is computed by the Census and Statistics Office
and includes 59 items of food. The weighting is based
on the aggregate expenditure of the whole country
from 1909 to 1913. The original base, 1909-1913 =
1,000, has been shifted to July, 1914=100.
South Africa.—The South African index numbers
are calculated by the Office of Census and Statistics
for nine principal towns. The original base is 1910 =
1,000, and in the above tables 1914 = 100. The retailfood index includes the prices of 17 articles of food,
while the cost-of-living index is composed of food, fuel,
light, rent, and sundries.

278

FEDERAL RESERVE BULLETIN

APRIL,

1925

BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR FEBRUARY AND JANUARY, 1925
[Amounts in thousands of dollars]
Federal reserve notes
in circulation

Reserve percentages-

February

February January

Total deposits

Total cash reserves

Total earning assets
Federal reserve bank
February
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta _
Chicago
St. Louis
Minneapolis.Kansas City
Dallas
San Francisco
Total: 1925
1924
1923
1922
1921
1920

:.

January

February

February

January

January

January

89,073
330,670
78,606
115,022
32,504
20,965
130,557
38,950
25,634
43,003
40,555
104,784

101,042
294,557
74,027
124,709
32,680
25,322
138,645
42,430
28,183
49,737
49,431
111,314

257,161
913,416
230,328
269,019
120,863
184,306
388,067
105,716
102,683
119,135
80,596
270, 623

245,088
977,395
234,489
256,595
123,094
177,168
388, 747
103,561
102,903
114,314
74,873
274,450

139,048
865,244
129,144
178,326
68,643
67,716
317, 664
84,436
57,069
92,553
67,009
166,679

141,612
899,025
131,363
178,287
68,898
67,105
320,256
83,989
58,314
92,432
66,103
169,527

194,570
352,386
157,815
184,922
76,198
140,742
179,352
53,460
67,032
66,640
46,479
195,333

191,272
358,065
156,295
188,817
80,873
139,857
189,112
55,705
68,689
69,501
51,480
204,690

1,050,323
921,588
1,152,862
1,215,221
2,869,233
3,154,054

1,072,077
1,000,668
1,191,191
1,304,165
3,034,655
3,043,952

3,041,913
3,239,282
3,208,682
3,070,045
2,343,537
2,053,422

3,072,677
3,241,596
3,201,969
3,043,984
2,287,274
2,098,498

2,233,531
1,954,479
1,969,757
1,814,446
1,804,476
2,002,503

2,276,911
1,979,913
1,981,717
1,800,989
1,822,600
2,027,861

1,714,929
2,034,540
2,244,733
2,176,529
3,068,578
2,946,863

1,754,356
2,112,873
2,288,527
2,272,057
3,177,656
2,887,846

77.1
75.0

sa 3

74.1
83.4
88.4
78.1
76.7
82.7
74.8
71.0
74.8
77.0
81.2
76.1
76.9
149.6
143.3

73.6
77.8
81.5
69.9
82.2
85.6
76.3
74.1
81. a
70.6
63.7
73.3
76.2
79.2
75.0
74.7
147.5
144.9

i Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANES—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars!
Total
Gold with Federal reserve agents:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
_
Gold redemption fund with U. S.
Treasury:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Gold held exclusively against
Federal reserve notes:
Feb. 25
Mar. 4
_
Mar. 11
Mar. 18
_
Gold settlement fund with Federal Reserve Board:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Gold and gold certificates held by
banks*
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total gold reserves:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Reserves other than gold:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total reserves:
Feb. 25
Mar. 4
Mar. 11
Mar. 18




Boston

603,443 157,531
597,655 159,313
612,227 169,635
623,978
44,486
51,397
57,195
48,005

5,225
7,671
6,652
9,630

647,929
649,052
669,422
671,983

162,756
166,984
176,287
172,938

NewYork

Phila- Cleve- Rich- Atlanta
mond
delphia land

342,006
341,950
341,899
361,829

146,613
143,212
139,570
138,276

10,453 7,803
9,385 10,285
13,513 13,141
12,131 4,262
352,459
351,335
355,412
373,960

154,416
153,497
152,711
142,538

Chicago

170,594
143,947 165,678
168,171 62,361 141,186 165,640
170,056 61,005 139,868 165,632
170,545 59,546 138,913 165,618
2,479
3,977
4,159
2,368

552 2,316
910 1,582
1,395 2,301
1,813 2,676

4,148
3,481
2,704
1,707

St.
Louis

51,510
49,941
49,899
49,644

67,077
66,398
67,118
66,624

60,167
59,601
58,865
57,878

3,798
4,521
4,529

1,212
1,681
729

2,298
2,456
2,825
3,340

4r~

173,073 69,234 146,263 169,826 55,308
172,148 63,261 142,768 169,121 54,462
174,215 62,400 142,169 168,336 54,428
172,913 61,359 141,589 167,325 53,942

668, 619 55,795 187,348 48,968 63,845
658,315 53,579 201,690 46,088 55,626
625,399 43,191 188,378 39,256 59,602
624,265 49,099 186,832 41,607 61,546

Minne Kansas Dallas
apolis City

25,040
25,915
26,628
27,543

317,804
291,578
313,004
311,600

22,712 26,247 23,311
23,409 27,420 23,191
22,786 28,205 23,554
23,994
22,865

2,893,577
2,860,890
2,874,742
2,873,846

243,591
246,478
246,106
249,580

857,611
844, 603
856,794
872,392

226,096
222,994
214, 753
207,010

263,165
255,194
262,022
263,925

108,620
105,023
102,834
96,308

135,968
135,095
135,969
136,748

14,321
15,846
15,680
15,270

28,351
29,514
30,771
30,300

7,368
5,557
6,204
5,562

8,632
8,390
8,674
9,291

6,135
5,679
4,982
5,145

3,029,545
2,995,985
3,010,711
3,010,594

257,912
262,324
261,786
264,850

885,962
874,117
887,565
902,692

233,464
228,551
220,957
212,572

271,797
263,584
270,896
273,216

114,755
110,702
107,816
101,453

35,669
38,057 201,835
39,434 209,246
39,787 212,010
2,003
2,170
2,292
2,267

2,199
3,278
2,955
2,545

62,465 37, 672 196,168
68,079 62,057 40,227 205,113
67,847 61,690 41,726 212,201
67,592 61,218 42,054 214,555

16,075 21,274 104,799 27,484 27,476
18,571 12,757 98,470 30,413 25,471
16,880 14,331 94,307 28,840 23,321
10,955 14,964 101,851 21,025 24,343

577,029
553,523
579,921
577,598

San
Francisco

48,887
47,969
48,375
49,965

27,819 38,849
29,459 38,222
25,844 43,074
27,780
8,872
8,966
9,051
9,142

29,973
30,168
29, 695
28,911

176,205 369,946 91,784 102,278 114,928 74,363
164,696 361,741 94, 622 100,038 113,346 78, 652
165,984
92,860 97, 727 113,373 76, 621
166,252 363,900 85,130
114,077 78,976

264,990
273,503
284,970
277,764

9,171
9,484
9,699

95,321
94,150
98,055
94,724

8,992
9,747
9,592
10,163

6,513
6,488
6,559
6,597

3,576
3,320
3,308
2,894

18,448
18,023
17,998
18,954

2,024
1,723
1,678
1,782

4,024
3,890
3,689
3,653

9,478
9,084
9,229
9,168

5,895
6,002
5,755
5,825

189,233 388,210 110,232
177,283 380,541 112, 645
177,808
110,858
179,457 382,493 104,084

104,302
101,761
99,405
100,314

118,952
117,236
117,062
117,730

83,841
87,736
85,850
88,144

270,885
279,505
290,725
283,58©

13,028
12,587
11,824
13,205

18,264
18,800
19,485
18,593

279

FEDERAL RESERVE BULLETIN

APRIL* 1925

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total

Boston

Nonreserve cash:
55,533
Feb. 25
55,567
Mar. 4 .
56,150
Mar. 11
56,031
Mar. 18
Bills discounted:
Secured by U. S. Government obligations—
283,332
Feb. 25
237,403
Mar. 4
246,598
Mar. 11
181, 615
Mar. 18
Other bills discounted—
150,473
Feb. 25
163,463
Mar. 4
163,824
Mar. 11
157,869
Mar. 18
Total bills discounted:
Feb. 25
433,805
Mar. 4
400,866
Mar. 11
410,422
Mar. 18
339,484
Bills bought in open market:
Feb. 25
317,246
Mar. 4
303, 641
Mar. 11
301,354
Mar. 18
276,711
U. S. Government securities:
Bonds—
Feb. 25
75,780
Mar. 4
77,365
Mar. 11
77,941
Mar. 18
79,260
Treasury notes—
Feb. 25
263,445
Mar. 4
277,744
Mar. 11
283,360
Mar. 18
222,171
Certificates of indebtedness—
Feb. 25
25,469
Mar. 4
27,626
Mar. 11
27,031
Mar. 18
126,819
Total U. S. Government securities:
Feb. 25
364,694
Mar. 4
382,735
Mar. 11
388,332
Mar. 18
_
428,250
Foreign loans on gold:
Feb. 2 5 . . .
10,500
Mar. 4
10,500
Mar. 11
10,500 .
Mar. 18
10, 500 I.
All other earning assets:
Feb. 25
Mar. 4
Mar. 11
Mar. 18

Total earning assets:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Uncollected items:
Feb. 25
Mar. 4.
Mar. 11

Mar.
18...
""
"
Bank premises:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
All other resources:
Feb. 25
Mar. 4
Mar. 11
Mar. 18.
Total resources:
Feb. 25
Mar. 4..
Mar. 11...
Mar. 18




New
York

Phila- Clevedelphia land

756,592

St.
Minne- Kansas
Louis apolis City Dallas

San
Francisco

5,132
5,293
5,409
5,228

8,180
7,699
8,604
7,610

3,747
3,758
3,720
3,645

749
691
990
839

2,040
2,033
2,168
2,116

2,422
2,288
2,332
2,231

3,869
3,677
3,775
3,993

32,714
35,370
37,083

8,156
9,335
9,223
9,147

525
411
1,067
4,764

10,474
13,364
8,615
9,740

2,978

2,505
4,392

318
253
108
118

1,234
806
551
884

351
206
131
351

8,122
6,969
10,200
11,133

9,572
8,962
11,127
12,524

9,940
10,460
13,534
12,158

20,532
20,769
21,198
26,197

11,220
17,637
13,502
12,047

15,811
18,362
18,245
17,701

7,7*0
6,018
4,658
9,958

3,804
3,730
3,791
3,749

4,007
3,772
3,577
3,535

2,363
2,067

V

12,455
16,219
12,811
12,556

26,678 226,927
25,147 177,357
26,685 189,279
27,956 103,164

27,843
29,330
31, 592
31,896

42,654
45,830
50,617
49,027

28,688
30,104
30,421
35,344

11,745 26,285
18,048 31,726
14,569
16,811 27,441

10,758
9,006
7,163
14,350

4,122
3,983
3,899
3,867

5,241
4,578
4,128
4,419

2,287
2,569
2,198
1,520

20,577
23,188
23,011
23,689

41,961
41,392
41,338
39,724

80,070
67,285
75,009
52,620

20,231
23,836
23,273
23, 659

34,105
31,966
30,604
30,249

4,975
8,712
10,115
11,368

5,550 40,492
9,170 39,750
10,950 34,095
12,294 31,840

17,450
15,215
13, 675
13,258

2,638 11,635
5,798 12,576
7,639 13, 677
8,803 14,439

16,132
12,559
11,135
10,618

42,007
35,382
29,844
27,839

2,662
2,662
2,662

12,460
12,461
12,461
12,460

1,415
1,415
1,416
1,416

10,948
10,948
10,948
10,948

1,407
1,407
1,407
1,407

1,550
1,587
1,580
1,701

19,649
19, 649
19,649
19,649

1,277
1,418
1,519
1,549

8,866
8,846
8,776

8,122
8,128
8,628
8,965

4,350
5,708
5,709
6,611

3,116
3,116
3,116
3,116

16,161
16,424
17,216
13,636

89,910
101,356
99,469
72,101

23,163 25,018
23,163 25,018
27,041 25,558
22,214 21,154

1,802
1,802
1,841
1,543

1,121
1,131
1,149
1,015

35,049
37,549

7,787
7,787
7,968
6,566

9,206 13,846
9,209 13,923
9,419 14,186
7,767 12,395

12,203
12,203
12,487
10,290

28,179
28,179
28,727
24,492

3,737
3,804
3,829
3,795

3,987
6,036

5,436
85,092

6,359
6,359
6,359
6,246

73
73
73
79

790
791
791
868

1,427
1,447
1,447
6,557

345
345
345
37!

408
428
408
440

1,909
1,909
1,909
2,282

541
541
541
584

5,566
5,566
5,566
5,650

22,560
22,890
23,707
20,093

106,357
119,853
117,366
169,653

24,905 42,325
24,905 42,325
28,784 42,865
38,484 38,348

3,282
3,282
3,321
3,029j

3,461
3,509
3,520
3,584

56,125
58,645
59,395
55,204

9,409
9,550
9,832
8,48^

18,438
18,503
18,673
16,983

23,877
23,960
24,723
23,642

17,094
18,452
18,737
17,485

36,861
36,861
37,409
33,258

6091

462
462
462
462

1,564
1,564
1,564
1,564

519
525
525
525

374
368
368
368

474
462
462
462

399
399
399
399

798
798
798
798

35,912
33,979
32,469
30,022

100,243
96,229
91,062
85,584

36,450 12,799 41,313 31,037
35,631 13,647 47,478 33, 578
32,274 13,295 41,698 30,043
40,284 15,456| 42,307 31,325

37,007
36,973
39,397
41,715

18,058
17,326
16,463
16,171

1,907
1,970
1,759
2,082

2,681
3,348
2,969
4,227

15,983
14,216
14,482
13,035

184,206
133,117
142,168
71,810

18,271
20,368
20,465
19,372

10,695
10,931
12,203
14,921

42,721
44,240
47, 111
31,354

3,055
3,055
3,055
3,055

327
327
327
14,854

l,032J
1,050
1,050
1,050

1,220
1,208
1,208
1,208

2,950
2,950
2, 950
1,400

3,452
3,455
1,902

644,454
... .. ( 659,805
627,874

Chicago

2,882!
3,1041

3,936
4,598
5,079
4,785

3,452

1,129,697
1,101,194
1,114,060
1,056,847

Richmond Atlanta

V

500
500
500
500

91,199 416,409 76,9611 120,304
89,429 367,550 82,071 121,329
91,730 384,709 87,649
125,294
87,773 328,492
118,832
57,463 138,811 63,276 60,057
57,490 136,829 61,376 58,377
55, 703 143,442 56,321 51,653
64,259 178, 658 72,908 66,800

37,548
42,707
44,466
50,350

21.218
31,189
29,501
33,151

49,099
52, 608
52,661
65,323

30,694
30,858 94,960
32.219 79,168
39,507 98,050

124,466
131,685
121,914
116,049

38,136
34,296
31,195
36, 620

25, 574
28, 654
30,581
30,023

41, 727
42,076
43,490
43,462

58,332
58,363
58,751
58,775

4,190
4,190
4,190
4,190

16,304
16, 306
16, 432
16,450

1,114
1,114
1,114
1,114

7,573
7,573
7,573
7,573

2,446
2,446
2,446
2,446

2,780
2,780
2,780
2,780

8,099
8,099
8,099

3,619
3,647
3,865
3,871

3,039
3,039
3,039

4,067
4,067
4,111
4,111

1,!
1,833
1,833
1,833

24,450
24,382
24,817
20,491

167
181
122

8,073
8,148
8,796
5,193

368
399
480
314

433
438
450
206

515
568
537
561

2,071
2,070
2,060
2,011

2,086
1,929
1,882
1,752

323
328
331
34;

3,125
3,072
3,016
2,992

708
704
604
567

1,825
1,816
1,816
1,783

4,756
4,729
4,723

414,867 1,483,617
418,212 1,420, 276
418,610 lj
1,457,407
425,926 1,447,656

377,090
375,481
368,280
385,479

462,845
454,649
458,635
470,854

207,175
211,917
210,808
223,237

251,128
249,473
249,777
262,134

617,489
624,913
599,850
614,053

192,507
190,305
182,243
188,849

149,588
150,864
150,326
152,663j

208,807
213,594
209,133
210,293

156,870
161,230
154,343
155,338

420,028
424,382
432,951
422,848

4,942,011
4,895,296
4,892,363
4,959,330

280

FEDERAL, RESERVE BUI>LETIN

APRIL,

1925

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES
[In thousands of dollars]

Federal reserve notes in actual
circulation:
Feb. 25.._
Mar. 4
Mar, 11
Mar. 18
Deposits:
Member bank reserve account—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Government—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Other deposits—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total deposits:
Feb. 25
Mar. 4_
Mar. 11
Mar. 18
Deferred availability items:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Capital paid in:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Surplus:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
All other liabilities:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total liabilities:
Feb. 25
Mar. 4
Mar. 11
Mar. 18

Total

Boston

New
York

Phila- Clevedelphia land

1,728,752
1,727,383
1,730,684
1,720,369

199,079
200,657
199,442
199,912

357,857
359,297
359,401
362,608

160,281
157,067
159,312
156,646

191,600
187,616
194,174
188,459

75,275
76,043
75,857
76,131

2,208,405
2,165,995
2, 201,277
2,175,515

132,277
133,385
137,334
135, 553

884,895
839,647
871,062
832,092

121,952
128,854
125,495
129,500

174,531
172,577
178,278
184,900

66,799
65,125
65,856
65,672

26,673
39,465
26, 332
6,126

2,731
3,284
2,481
268

6,028
5,841
5,907
563

3,968
3,118
1,501

598
2,817
2,122
495

2,530
2,500
555
635

1,668
2,732
2,940
1,232

34, 558
32,279
27,929
29,364

159
950
135
201

23,336
15,428
14, 3171
15,707

653
314
385

1,182
2,667
1,101
1,208

181
280
182
165

213
690
143
136

2,269, 636
2,237, 739
2, 255, 538
2,211,005

135,167
137, 619
139,950
136,022

914,259
860, 916
891,286
848,362

126, 573
133, 871
127,310
129, 953

176,311
178,061
181, 501
186, 603

113,596'
113,738;
114,254
114,450j

55,770 119,551 58,822
55,095 108,155 53,100
54,332 114,020 50,178
65,099 143,825 67,386
j
30,576 11,068
30,579 11,097
8,078 31,125 11,097;
8,078 31,275 11,110

217,837
217,837
217,837
217,837

16,382
16,382
16,382
16,382

11,149
10,837
11,300
11,294

400
376
426
433

601,041
587, 762
562, 750
684,375,

4,942,011
4,895,296
4,892,363
4, 959,330

Richmond Atlanta

140,647
141,005
142,318
142,507

Chicago

177,538
175,479
173,536
171,211

St.
Louis

52,699
52,384
51,191
50,636

Minne- Kansas Dallas
apolis
City

66,966
67,331
67,011
66,771

66,551
67,048
66,804
66,002

45,586
45,909
45,063
44,967

San
Francisco

194,673
197,547
196,57&
194,519'

71,490 308,336 83,877 55,919 87,217 64,229 156,883
309,340 81,814 56,750 87,785 65,183 157,146
66,071 305,050 78,912 57,918 88,250 65,027 162,024
82,239 58,319 90,660 62,661 155,412
72,140

1,629
1,805
1,182

1,729
3,209
2,226

646
8,327
2,658
625

1,864
2,552
2,034
661

1,772
1,325
1,044
791

1,818
1,364
1,216
1,440

767
2,019
1,258
1,257

300
412
427
541

69,510
67, 905
66, 593
66, 472

73,371 310,800
71,811 319,031
69,154
73,508 308,432

86,508
86, 385
82,204
84,157

57,991
58,487
59,389
59, 651

89,424 66,104 163,618
91,261 67,188 165,204
171,972
90,866
91, 799 63,233 162,813

58,593
52, 645
46,572
59,395

44,140
49, 686
50,104
62,347

22,957
22,492
24,133
31,959

81, 646
82,952
69, 858
86,917

37,721
35,988
33,281
38,495

12,928
13,343
12,222
14, 547

39,082
41,551
37, 734
38,767

32,662
35,635
30,451
34, 651

37,169
37,120
39,865
40,987

12, 957
12,959
12,959
12, 959

5,932
5,959
5,964
5,966

4,594
4,594
4,593
4,595

15.473
15.474
15,491
15,485

5,110
5,117
5,114
5,105

3,268
3,269
3,261
3,263

4,318
4,318
4,316
4,307

4,127
4,152
4,123
4,183

8,104
8,137
8,133
8,124

20,059
20,059
20,059
20,059

22,462
22,462
22, 462
22,462

11, 701
11, 701
11, 701
11, 701

8,950
8,950
8,950
8,950

30,426
30,426
30,426
30,426

9,971
9,971
9,971
9,971

7,497
7,497
7,497
7,497

8,977
8,977
8,977
8,977

7,592
7,592
7,592
7,592

15,071
15,071
15,071
15,071

287
287
324
325

922
906
967
976

617
623
589
620

609
621
629
615

1,551
1,615
1,582

498
460
482
485

937
946
934

455
439
436
441

799
754
725
712

1,393
1,303
1,335
1,334

414,:, 867 1, 483,617 377,090 462,845 207,175 251,128
418,212 1 420,276 375,481 454,649 211,917 249,473
458,635 210,808 249,777
418,610 1, 457,407
425,926 1,447,656 385, 479 470,854 223,237 262,134

617,489
624,913
599,850
614,053

192,507
190,305
182,243
188,849

149,588
150,864
150,326
152,663

208,807
213,594
209,133
210,293

156,870
161,230
154,343
155,338

420,028
424,382
432,951
422, 848

58, 749
58, 749
58, 749
58, 749
2,625
2,580
2,826
2,837

1,510
1,925
1,682
24f
1,551
934
894

74

246
200
180
498

5,006
4,849
7,722
6,932

MEMORANDA

Ratio of total reserves to deposit
and Federal reserve note liabilities combined (per cent):
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Contingent liability on bills
purchased for foreign correspondents:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Own Federal reserve notes held
by Federal reserve bank:
Feb. 25
Mar. 4
Mar. 11
Mar. 18




75.8
75.6
75.5
76.6

77.2
77.5
77.1
78.8

45,494
47,781
48,715
51,853
323,921
309,824
311,469

22, 793
23,130
23,733

69.6
71.6
71.0
74.5

81.4
78.6
77.1
74.2

73.9
72.1
72.1
72.8

79.3
76.9
75.7
71.1

88.4
83.3
84.1
83.1

79.5
77.0
78.8
79.7

79.2
81.2
83.1
77.2

83.5
80.9
78.6
79.3

76.3
74.1
74.2
74,6

75.1
77.6
77.0
81.5

75.6
77.1
78.9
79.4

12,880
14,216
14,059
16,462

4,600
4,734
4,888
4,992

5,290
5,444
5,621
5,740

2,668
2,746
2,835
2,895

2,024

6,854
7,054
7,283

2,300
2,367
2,444
2,496

1,610
1,657
1,711
1,747

2,024
2,151
2,196

1,748
1,799
1,857
1, <

3,496
3,598
3,715
3,794

26,760 16,506
30,573 20,867
25,686 18,195
26,658 23,199

17,081
15,022
15,162
13,429

19,944 11,554
19,485 10,990
18,752 12,746
19,342 13,213

7,420
6,667
7,418
7,718

2,472
2,187
2,773
2,744

6,997
7,005
8,120

49,200
45,393
5,677 44,875
5,677 46,696

139,706
135,893
128,405
120,9

2,151
2,196

281

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL
WARRANTS
[In thousands of dollars]
Within 15
days

Total

Bills discounted:
Feb. 25
Mar. 4 , Mar. 11
Mar. 18
Bills bought in open market:
Feb.25
Mar. 4
Mar. 11
Mar. 18__
United States certificates of indebtedness:
Feb.25
Mar 4
Mar. 11
Mar. 18
Municipal warrants:
Feb. 25
Mar. 4
Mar 11
Mar 18

16 to 30
days

31 to 60
days

61 to 90
days

Over 6
months

91 days to
6 months

433,805
400,866
410,422
339,484

353,789
313,410
326,761
249,721

17,440
22,110
21,849
22,587

31,629
34,378
32,734
37,440

20,620
19,969
18,127
18,180

8,378
8,870
8,287
8,671

317,246
303,641
301,354
276,711

133,777
102,303
95,578
73,193

74,827
85,836
86,958
85,048

48,277
57,534
53,727
55,970

4,580
6,970
7,379
6,723

25,469
27,626
27,031
126,819

200
2,362
2,223
100,500

55,785
50,998
57,712
55,777
482
196

2
2
2
2

2
2
2
2

1,949
2,129
2,664
2,885

3,022
3,282
8,159
9,475

21,765
21,786
16,649
16,844

r
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total

**

Phila- Clevedelphia land

Richmond Atlanta

Chicago

Minne- Kansas
St.
Louis apolis City Dallas

San
Francisco

m

Net "amount of Federal reserve
notes received from Comptroller of Currency:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Federal reserve notes on hand:
Feb. 25
Mar. 4
Mar. 11_
:
Mar. 18
._
Federal reserve notes outstanding;
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Collateral security for Federal
reserve notes outstanding:
Gold and gold certificates—
Feb. 25...
___
Mar. 4
_.
Mar. 11
Mar. 18
Gold redemption fund—
• Feb. 25
Mar. 4
Mar. 11
Mar. 18.
Gold fund—Federal Reserve
Board—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Eligible paper—
Amount required—
Feb. 25
Mar.4..._
Mar. 11
Mar. 18
Excess amount held—
Feb. 25_
Mar. 4
Mar. 11
Mar. 18




New
Boston York

117,800
116,469
115,124
113,665

222,147
224,386
224,068
224, 052

51,900 25,444
51,600 25,404
45,300 24,105
48,700 24,105

61,556
63,896
62,998
62, 203

92, 356
91,065
91, 019
89,560

160, 591
160,490
161,070
161, 849

260,006
260,083
257,669
260,358

823,503
821,130
813,746
809,488

238,841
241,440
237,798
234, 504

986,788 52,550 325,940
997, 533 56,550 325,940
990,466 59,750 325,940
984,596 54,850 325,940

51,800
53, 800
52,800
51, 200

497, 563
495,190
487,806
483,548

187,041
187,640
184,998
183,304

208,106
208,483
212,369
211,658

30,300 186, 698
30,300 186, 698
30,300
27,800 186, 698

6,000
6,000
6,000
6,000

8,780
8,780
8,780
8,780

3, 039,461
3,047,852
3, 030,974
3, 016,434

2,052, 673
2,050, 3191
2,040,508
2,031,838'

278, 016
277,516
277,916
275,416

271,218
280,000
282,322
278,495

218, 668
223,450
222, 572
223,645

101,566 10, 231 29,308
104,131 17, 013 29,252
105,587 13,335 29,201
110, 794 9,508 29,131
1,223,861
1, 216,008
1,228,724
1, 237,768

117,000
112,000
126,000
126,000

126,000
126,000
126,000
146,000

449, 230
452,664
428,281
407,860

61,137
64,137
52,937
60,337

155, 557
153,240
145,907
121,719

267,473
218,319
250,757
176,902

7,502
2,402
15, 086
7,343

126,063
68,514
97,803
14,663

2,887
1,556
3,210
4,751

2,947|
8,186
6,868
5,913:

150,000
150,000
150,000
150,000

65,795
60,795
57,795
54,795

136,000;
128,000!
128,000
128,000

40,428 37,512
44,428 40, 312
45,428 42,313
45,028 41,113

72,403 307,973
73,070 307,040
72,447 305,550

260,037
263,037
261, 537
261,137

19,937
21,092
21,707
21,157

5, 034
4, 995
4,987
4,973

194
7,441
3,801
5,639

18,441 29,423
17,681 28, 773
18,096 28,473
18,871 28,173

12,175
11,675!
12,075
12,075!

13,052
13,052
13,052
13,052

71,801 303,815
64,100
64,100
64,100
62,600

3,335
2,266
2,824
3,569

1,525
846
1,566
1,072

16,011
16,011
16,011
16,011

3,807
3,241
4,505
3,518

160,644 36,000 52,500 56,360
160,645 36,000 52,500 56,360
160,645 35,000 52,500 54,360
160,645 34,000 52,500 54, 360

23,674 16,644 23,414
28,714 19,304 20,829
30,014 21,202 20,650
30,014 22,936 18,806

2,747 38,591 8,849
4,978 34, 053 9,095
3,020 37,279 9,357
3,960 36, 238 16,355

25,660
25,660
25,660
25,660

189,092 60,119 69,438 73,360 52,466 243,873
186,469 59,051 69,518 74,045 51,978 242,940
186,282 58,609 69,784 73,809 50,740 241,450
184,424 58,354 69,515 74,122 50,644 241,215

5,000
5,000
5,000
5,000]

13, 224 11,814
9,823 9,391
11,181 11,276
12,887 11,765
127,389
127,389
122,389
119,389

449,129 85,779 87.879 102,783
449, 506 84,711 87,1991 102,818
447,819 84,269 87.880 102,282
445, 561 84,014 88,386| 102,295|

43,042
50,428
40,063
40,179

3,658
4,046
3,423
3,776

13,796
13, 516
13,211
19,931

16,000
18,000
20,000
20,000

180,173
188,319
196,035
192,079

8,609
9,110
8,710
8,710

2,361
3,120
2,666
2,891

13,193
14,444
14,944
16,244

16,797
13,921
11,306
10,857

49,904
41,105
32,204
29, 205

19,242
14, 576
11,222
17,956

3,988
6,271
8,492
9,414

3,531
2,565
2,713
2,439

1,563
1,133
1,932
1,136

12,161
16,863
19,989
21,580

282

FEDERAL RESERVE BULLETIN

APRIL,

FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, FEBRUARY, 1925
[In thousands of dollars]

Total

Boston

New
York

Phila- Clevedelphia land

RichSt.
mond Atlanta Chicago Louis

Minne- Kansas Dallas
apolis
City

San
Francisco

HOLDINGS ON FEB. 28,1925
Total earning assets
Bills discounted for members
Bills bought in open market
United States securities
Foreign loans on gold
All other earning assets

1,124,362

94,048 374,068

93,154 116,590

43,012

26,715 132,046

35,747

28,188

43,404

36,154 101,236

415,884
315,300
379,226
10,500
3,452

28,814 188,544
42,482 63,802
22,752 118,667
3,055

41,445
22,822
24,905
1,032
2,950

37,969
35,076
42,325
1,220

31,585
7,542
3,282
603

14,356
8,372
3,526
462

30,433
42,924
57,125
1,564

8,464
17,314
9,450
519

4,336
4,997
18,479
374

5,223
13,304
23,903
474
500

2,599
15,204
17,952
399

22,116
41,461
36,861
798

109,583
2,743

12,496
276

16,215
147

5,639
81

7,998
524

19,105
563

12>6 06

16,521
666

5,308
283

3,933

1,354

4,788
107

953

219

56

298

205

105

11

12

18

1

28

c

Bills Discounted
Rediscounted bills:
Commercial and agricultural
paper, n. e. s
Trade acceptances—domestic
Secured by U. S. Government obligations
Member bank collateral notes:
Secured by U. S. Government obligations
Otherwise secured

262,153
40,452

15,823 152,986
19,140

27,858
7,867

28,261
888

9,212
2,500

561
1,088

13,184
51

2,851
10

563
63

1,212
60

340
904

9,312
7,881

Total discounted bills

415,884

28,814 188,544

41,445

37,969

31,585

14,356

30,433

8,464

4,336

5,223

2,599

22,116

Bankers' acceptances based on—
Imports
Exports
,
Domestic transactions
Dollar exchange bills
All other
Trade acceptances based on imports

122,761
114,130
72,888
4,551
591

17,883
12,011
12,434
154

20,024
27,160
14,195
1,453
591

7,874
8,466
6,132
350

19,933
10,601
4,221
321

2,432
2,711
2,304
95

1,915
4,814
1,618
25

11,710
11,503
18,808
903

6,013
8,006
2,908
387

1,778
2,288
706
225

4,831
6,361
1,957
155

7,815
5,162
2,026
201

20,553
15,047
5,579
282

Total purchased bills

315,300

42,482

63,802

22,822

35,076

7,542

8,372 42,924

17,314

4,997

13,304

15,204

41,461

105,730
99,844

17,996
8,225

17,246
18,286

9,283
7,185

8,968
8,572

3,438
1,935

2,680
3,330

20,159
19,945

5,928
7,041

993
1,514

3,725
4,695

3,528
5,709

11,786
13,407

109,726

16,261

28,270

6,354

17,536

2,169

2,362

2,820

4,345

2,490

4,884

5,967

16,268

76,741
274, 756
27,729

2,662 12,461
16,287 100,069
3,803 6,137

1,415
23,163
327

10,948
25,018
6,359

1,407
1,802
73

1,569
1,122
834

19,649
36,049
1,427

1,318
7,787
345

8,866
9,205
408

8,122
13,872
1,909

5,208
12,203
541

3,116
28,179
5,566

379,226

22,752 118,667

24,905

42,325

3,282

3,525

57,125

9,450

18, 479 23,903

17,952

36,861

1,050,323
338,493
313,847
384,510
10,500

89,073 330,670
19,723 147,396
44,993 68, 218
24,357 112,001
3,055

78,606
30, 352
19, 272
25,482
1,032

115,022
33,126
36,241
44,435
1,220

32, 504 20,965 130,657
25,426 12,389 31,959
3,034 4,680 37,455
3,441
3,434 59,579
603
462 1,564

38,950
9,314
19,110
10,007
519

25,634
4,306
1,191
19,758
374

43,003
4,981
12,144
24,904
474

40,555
2,283
19, 798
18,075
399

}04,784
17,238
47,711
39,037
798

3,720

Bills Bought

379

379

Purchased Bankers' Acceptances, by Classes of Acceptors
National banks
Other member banks
Nonmember banks and banking
corporations
United States Securities
United States bonds
Treasury notes
Certificates of indebtedness
Total United States securities
DAILY AVERAGE H O L D INGS DURING FEBRUARY
Total earning assets *
Bills discounted
Bills bought
United States securities
Foreign loans on gold
EARNINGS DURING
FEBRUARY
Total earning assets *
Bills discounted __ _
Bills bought
United States securities.
Foreign loans on gold

2,673
889
694
1,058
25

214
53
97
64

801
341
150
303
7

214
82
44
80
2

293
89
80
121
3

95
78
7
8
2

60
38
12
9
1

353
98
83
168
4

99
29
42
27
1

75
13
3
58
1

115
15
27
71
1

100
7
44
48
1

254
46
105
101
2

3.32
3.42
2.88
3.59
3.00

3.13
3.50
2.82
3.41

3.16
3.01
2.87
3.52
3.00

3.55
3.50
2.98
4.08
3.00

3.32
3.50
2.87
3.56
3.00

3.80
4.00
3.05
3.08
3.00

3.72
4.00
3.20
3.63
3.00

3.52
4.00
2.89
3.67
3.00

3.31
4.00
2.88
3.52
3.00

3.80
4.01
3.04
3.82
3.00

3.49
4.00
2.89
3.70
3.00

3.21
4.00
2.86
3.49
3.00

3.16
3.50
2.87
3.38
3.00

ANNUAL RATE OF
EARNINGS
Total earning assets *
Bills discounted
Bills bought
United States securities
Foreign loans on gold
1

Includes municipal warrants and Federal intermediate credit bank debentures.




283

FEDERAL RESERVE BULLETIN

APRII* 1925

FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1925
[Amounts in thousands of dollars]
Total

Boston

Phila- Cleve- Richdelland
mond
phia

New
York

Atlanta

Chicago

St.
Minne- Kansas
Louis apolis City Dallas

San
Francisco

Volume of Operations
Total discount and open-market
operations
'2,622,499 108,042 1,783,899 J 99,972 228,442
Bills discounted for member
banks
_
_ 2,313,146
Bills bought in open market
246,475
United States securities bought
in open market
61,978

74,7801,, 651,377
32,356
97,435

88,750 213,360
10,322] 15,082

138,278

40,859

13,410

12,057

10,976

94,014

15,862
7,361

91,601
29,330

34,398
6,163

2,511
4,997

4,299
7,533

4,788
4,634

70,871
24,041

657

17,347

298

5,902

225

1,554

900

928

1,415

67,770

60,549
7,221

906

35,087

26,607

19,728

3,229

4,536

11,732

11,673

7,516

23,763

217

240

37

22
278

391

176
71

119

710
192

20

19

93

226

47,9361,330,506
300,884

59, 759 188,858
25,725 19,573

41,815
6,385

1,220

83,900

9,712
20

1,481
130

3,250
120

725
2,162

44,868
23,534

74,780 1,651,377

88,750 213,360

60,549

15,862

91,601

34,398

2,511

4,299

4,788

70,871

4.00
37.71

4.00
15.46

4.00
41.36

4.00
40.68

4.00
32.21

4.00
28.25

3.50
10.61

90,630 217,032 213,457
3.9
9.4
9.2

15,648

21,219
.9

Bills Discounted
Rediscounted bills:
Commercial, agricultural,
and livestock paper, n. e. s . 114,449
Demand and sight drafts
(based on agricultural
1,403
products)
1,580
Trade acceptances„
Secured by U. S. Govern422
ment obligations
Member bank collateral notes:
Secured by U. S. Govern1,814,030
ment obligations
381,262
Otherwise secured
Total bills discounted

2,313,146

Average rate (365-day basis)—
3.44
3.50
per cent
3.50
4.00
3.50
3.03
11.49
5.02
Average maturity (in days)
6.53
13.76
9.60
4.20
Total reduced to a common
maturity basis (exclusive of
2,311,743 109,9871,061,900 156,178 164, 228 127,646
demand and sight drafts)
6.8
100.0
7.1
Per cent of total
5."
4.8
45.9
Number of member banks on
744
9,662
Feb. 28
870
422
858
Number of banks accommodated
327
264
238
2,415
318
during the month
164
44.0
37.1
30.3
25.0
Per cent accommodated

2,422

486
35

18,618 115,200
.8
5.0

516

1,419

627

904

1,077

833

32.8

408
28.8

172
27.4

60
6.6

84
7.7

47
5.6

164
21.3

Bills Bought in Open Market |
Bankers' acceptances:
Foreign
Domestic
Dollar exchange
Trade acceptances—Foreign
Total bills bought.
Distribution by rates charged
(360-day basis):
2% per cent
2% per cent
3 per cent
ZH per cent
3H per cent
3JH$ per cent
3H percent—
Z% per cent
*
4 per cent
Average rate (365-day basis)—
Per cent
Average maturity (in days)
Total reduced to a common maturity basis
Percent of total

184,839
57,886
3,495
255

23,506
8,626
224

77,881
17,797
1,502
255

7,073
3,154
95

11,950
2,962
170

5,130
1,996
95

6,209
1,127
25

14,098
14, 634

4,878
953
332

4,066
706
225

6,130
1,318
85

4,230
390
14

19,688
4,223
130

246,475

32,356

97,435

10,322

15,082

7,221

7,361

29,330

6,163

4,997

7,533

4,634

24,041

10,087
8,924
188,581
25,961
10,282
593
547
141
1,359

131
1,159
25,246
4,556
1,145
75
44

1,648
975
85,285
6,251
2,474
418
243
141

9,068
1,003
251

1,597
972
9,232
2,264
1,017

4,641
2,480
100

4,324
1,700
178

4,066
17,197
1,815
3,833
100
250

824
120
3,739
1,344
136

3,522
1,346
129

577
215
4,617
1,760
164

1,002
359
3,139

2,239
1,058
18,571
1,442
721

3.08
44.93

10

200

1,159

-I-

3.05
3.10
49.18
26.77
35,411 ! 58,044
23.5
14.4 j

134

3.06
73.31

3.07
66.42

3.10
58.54

3.22
60.14

3.07
62.08

3.09
59.44

3.09
59.85

3.02
57.06

3.05
38.97

16,842
6.8

22,295
9.0

9,406
3.8

9,852 42,731 | 8,514
4.0
17.3 |
3.5

6,611
2.7

10,034
4.1

5,885
2.4

20,850
8.5

298

2,536
2,767

189
36

1,554

298

5,902

225

1,554

3.09
65.47

United States Securities Bought
in Open Market

United States bonds
Treasury notes
Certificates of indebtedness
Total United States securities bought

5,024
26,628
61,978

791 | 20,985
115 ! 14,102

445
49
163

906

657 17,347

35,087

i Includes $900,000 Federal intermediate credit bank debentures.




2,000
15,347

284

FEDERAL RESERVE BULLETIN

APRIL, 1925

REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Total
Boston
Number of reporting banks:
739
Feb. 18
Feb. 25
,
739
Mar. 4
_
739
Mar. 11
738
Loans and discounts, gross:
Secured by U. S. Government obligations—
Feb. 18
198,160
Feb. 25
202,744
Mar. 4...
206,242
Mar. 11
194,758
Secured by stocks and
bonds—
4,731,442
Feb. 18—.
4,746,733
Feb. 25
Mar.4
4,793,880
4,785,495
Mar. 11
All other loans and
discounts—
Feb. 18
8, 240,899
Feb. 25
8,193,354
Mar.4
8, 243,173
8,265,379
Mar. 11
Total loans and discounts—
Feb. 18
13,170,501
Feb. 25
13,142,831
Mar.4
13, 243,295
Mar. 11
13, 245,63f
U. S. pre-war bonds:
218,764
Feb. 18-_
218,834
Feb. 25
Mar.4__
218, 360
Mar. 11
218,482
U. S. Liberty bonds:
Feb. 18
.-.
1,385,104
Feb. 25
1, 375,887
Mar.4
i
1,363, 203
Mar. 11...
1,358,320
U. S. Treasury bonds:
355,438
Feb. 18
351, 026
Feb. 25
349,100
Mar.4
353,964
Mar. 11
U.S. Treasury notes:
498,452
Feb. 18
514,721
Feb. 25
Mar.4
515,939
Mar. 11
513,801
U. S. Treasury certificates:
Feb. 18
_._,
116,945
Feb. 25
114,315
Mar.4
84,029
Mar. 11
112,287
Other bonds, stocks, and
securities:
Feb. 18
2,829,864
2,820,751
Feb. 25
Mar.4
2,805,394
Mar. 11
2,817,073
Total investments:
Feb. 18
5,404,567
Feb. 25
5,395,534
Mar.4
5,336,025
Mar 11
„.. 5,373,927
Total loans and investments:
Feb. 18
18,575,068
Feb. 25
18,538,365
Mar.4
18,579,320
Mar. 11
18, 619,559
Reserve balances with
Federal reserve banks:
1,646,849
Feb. 18
Feb. 25
, 1,681, 619
Mar.4
1,626,637
Mar. 11
1,666,317




New
York

Philadelphia

Cleveland

RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas

108
108
108
108

100
100
100
100

33

31,628
31,200
31,857
31,225

11,758
12,739
13,688
11,530

81,854
82,353
82,704
77,019

10,396
10,393
11,757
11,686

19,285
19,628
19,689
20,402

6,902
6,407
6,576
6,922

7,519
7,533
10, 295

304,447 2,155,424
294,2612,184,240
305,140 2,213,646
298,492 2,169,989

310,697
313,454
316,313
318,127

425,112
423,147
433,136
433,775

124,774
125,485
126,837
127,237

73,759
73,868
73,171
75,566

658,502 2, 597,509
659,
659,425 2, 541,326
6 4,674
9 ,2,567,409
, ,
660,477
477 2,
2 570
570,241
241

359, 627
361,352
364,249
366,344

737,070 347,273 377,9441,218,741 312,798
739,858 349,781 379,11011,201,657 315,060
383,8411,216,269 316, 640
738,948
743,146 350,499 382,5631,212,871 325,123

971,491 4,834,787
961,608 4,807,
4,
919
962,702 4,863,759
967; 484 4,817, 249

680,720 1,181,467 478,949
685,199 1,
,, 182,633481,673
692, 319 1,
., 191,773483,022
696; 157 1,197,323 484,658

8,542
7,922
7,.r"
8,515

3,529
3,676
3,612
3,334

9,737
14,011
11,492
9,839

191,534 59,471 104,706
184,978 60, 034 107,020
692,908 181,857 60,045 102, 506
722,641 180,278 61,036 104,795

71,145
72,373
73,236
75,759

217,283
214,024
215,085
217,800

237,880
239,348
241,205
237,825

849,780
859,855
865,500
866,318

9,568
9,568
9,568
9,568

31,536
31, 505
31, 502
31, 502

25,180
25,113
25,163
25,192

14,928
14,864
14, 855
14,855

17,357
17,356
17,407
17, 606

13,275
13,741
13,257
13,257

79,591
80,621
78,893
77,604

626,857
627,677
624, 026
623,179

51, 750
51, 046
51, 242
50, 628

170, 793
172,183
170, 548
160, 046

37,879
38, 210
36, 744
36, 802

9,426
9,473
9,052
7,647

167, 593
167,460
165,970
166,967

24,724
25,792
25,873
28,824

16,724
16,727
17,168
19,973

153, 873
152,359
152, 569
147, 841

15,894
16,166
15,808
15,775

29,315
29, 680
29,227
30, 204

5,126
5,340
5,647
5,547

2,808
2,799
2,208
2,966

49,396
49,028
48,042
49,253

8,792
5,519
5,257
8,145

8,552
8,423
8,953
7,356

220,475
232,786
240,034
235,456

20,486
19,291
19,407
19,478

56,413
56,484
55,615
56,295

2,358
1,847
1,804.
2,039

3,272
3,267
3,277
3,323

98,602 12,942
98,911 15,759
94,611 15,791
96,569 12,999

1, 753
1,753
1,878
2,878

56,522
56,508
27,708
55,937

7,443
7,694
6,995
6,220

7,049
6,965
7,085
7,116

381
341
341
341

1,109
1,084
1,084
1,084

13, 545
12,263
12,336
12,433

656
637

256,731
260,720
257,027
261,773

349,487
347,431
352,088
347,408

61,766
61,911
61, 556
61,527

41,375
41,958
41,174
41,946

439,868
424,847
417,089
415,250

309,229 2,158,932 361,872
311,798 2,173,211 364, 485
310,845 2,141,288 360,047
309,739 2,177,676

644,593
644, 248
646,065
632, 571

132, 690
132,762
131,255
131,448

72,918
73,445
71,650
71,821

786,361
769,865
755,455
758,078

91,265 762,436
87,944 805,435
89,257 758,608
93,895 793,248

82,187
75,375
80,597
77,680

127,790 41,604
121,945 41,073
114,552 38,403
124,915 38,582

2,725
2,777
2,753
2,794

204,928
205,278
206,344
204,891

338,847
341,304
343,485
345,081

459,1,222 1,,943,459 516, 090 267,124 447,838 312, 554 L
1,, 076, 800
460,511 1,926,706 512,777
452,429 315,397 1,
L, 087,890
467,— .., 941,034512,185 269,142 449,922 318,053 1,
L, 092,077
465, 517 1,
., 966,737516,931 268,721 453,980 316,9181,093,957

37,474
37,494
37, 795
37,874

1,280,720 6,993,
, 826,060 611,639
1,273,406 6,981,130 1,049,684 1,
, 826,881 614,435
1,273,547 7,005,047 1,052,366 1, 837,838 614,277
1,277,223 6,994,925 1,059,599 l|,829,894 616,106

70
70
70
70

4,285
4,105
3,931
4,104

10, 683
10, 533
10,183
10,208

191,
., 926 ,063,731
1,
193,1,7411,066,387
193, 770 1, 059,156
191,7201,,077,389

San
Francisco

9,336
9,333
9,333
9,333

17,544
17,544
17,489
17,489

24,637
24,637
24,662
24,452

25,974 43,125
26,131 42,706
27,230 42,973
27,057 42,856

14, 272
14, 585
15,620
16, 591

133,120
120,003
115,032
120,119

13,247
14,605
14,639
14,704

5,878
5,795
6,083
6,484

44,432
43,076
42,499
43,120

18,410 21,107
18,976 22,630
17,979 22,647
17,989 22,907

9,246
9,239
9,164
9,215

26,589
27,108
26,657
30,175

5,720
5,720
5,720
5,710

3,628
2,833
2,820

2,008
2,001
1,915
1,915

17,148
16,454
15,478
15,196

100,805
99,217
98,611
100,834

37,268
37,229
38,421
38,293

71,731
71,846
72,578
73,255

20,507
20,746
21,198
19,931

194,669
194,718
192,726
187,747

161,177
160,697
159,445
164,696

104,571
105,134
106,449
106,147

162,174
163,983
165,003
165,875

69,455
69,910
71,469
71,625

440,595
425,996
417,054
420,809

532,140 2,729,820 677,267
533.956 2, 696, 571 673,474
538.957 2,696,489 671,630
537,338 2,724,815 681,627

371,695
373,223
375,591
374,868

610,012
616,412]
614,925
619,855

39,572 231,379 50,319
43,926 232,635 51,849
40,152 231,121 50,415
37,700 228,028

25,957
28,036
28,536
29,344'

7,246
7,146
7,146
7,146

9,953
9,932
9,953
9,952

382,0091L, 517,395
385,30711,513,886
389,5221L, 509,131
388,54311,514,766

55,466'
53,516 31,684
55,581 32,666
53,877 32,4081

105,427
108,201
106,749
109,947

285

FEDERAL RESERVE BULLETIN

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Total
Boston

Cash in vault:
280,719
Feb.18
294,501
Feb. 25
281,644
Mar. 4
289,451
Mar. 11
Net demand deposits:
12,994,8071
Feb. 18
12,932,093
Feb. 25
12,924,095
Mar. 4
13,057,942
Mar. 11
Time deposits:
4,936,315
Feb. 18
4,950,842
Feb. 25
4,945, 038
Mar. 4
4,954,192
Mar. 11
Government deposits:
121, 238
Feb. 18
112, 938
Feb. 25
113,391
Mar. 4
113,118
Mar. 11
Bills payable and rediscounts with Federal reserve banks:
Secured by U. S. Government o b 1 i g a tions—
133,061
Feb. 18
216,920
Feb. 25
171,271
Mar. 4
184,071
Mar. 11
All other—
71,697
Feb. 18
71,849
Feb. 25
83,543
Mar. 4
84, 539
Mar. 11

21,266
21,467
20,977
21,709

NewYork

Philadelphia

79,301
85,631
79,488
81,627

16,571
16,491
15,583
16,300

Cleveland

RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas

San
Francisco

7,268
7,234
7,658
7,588

5,855
6,350
5,770
6,015

11,943|
12,9961
11,822
12,591

10,688
11,131
11,129
11,575

21,909
21,833
21,493
22,062

321,., 0721,, 765,102 417,316
321,,8881 , 741,839 420,569
318,835 1,, 733,450 418,709
325,1021,764,290 427,183

247,246
250,879
252,357
254,686

496,641
494,044
500,806
505,412

293,366
290,296
294,450
295,662

804,353
795,524
780,115
802,142

136,960 95,565 705,458
140,751
707,891
137,216 95,929 729,741
137,444 94,540 716,468

29,693 13,464 10,755
30,978 13,870 11,514
30,519 13,698 10,889
14,389 11,223

52,006
55,006
52,618
53,774

874,586 5,647,701
866,723 5,629,006
858,148 5,645,901
5,674,772
868,295 5,

749,076 1,,012,802 365,546
748,8311, 006,191 366,303
755,149 999,585 366,590
763,9051,006,361 370,132

336,420 1,., 141,669
337,825 1,., 145,316
349,215 1,, 114,311
348, 558 1,., 136, 559

183,080
185,074
175,318
175,055

713,773
715,157
717,463
715,120

188,070
187,653
189,023
188,167

190,848
193,049
193,548
194,516

928,616
926,952
929,099
934,486

210,776
210,330
206,803
205,785

105,080
105,208
107,372
107,494

22, 514
22, 515
22, 516
22, 516

25,096
25,096
25,096
25,096

18,130
10, 522
10,522
10, 522

11,439
11,439
11,439
11,439

2,186
2,136
2,136
2,130

2,941
2,941
2,941
2,676!

21,000
21,000
21,000
21,000

6,713
6,019
6,469

1,602
1,602
1,602
1,602

657
657
657
657

1,385
4,007
3,665
3,465

92,635
170,155
117, 550
130,074

2,500
3,605
5,110
5,650

21,401
23,192
25, 596
27,105

2,852
2,832
3,152
2,586

51

4,170
5,168
6,268
3,372

210

48
827

"160

45
570
115

637
621
237
17

200
225|
lOOS
25J

6,975
6,545
9,270
10,950

3,065
6,424
6,815
8,417

36,274
34,477
36,293
37,356

2,685
2,850
3,472
5,47-

7,389
3,219
4,205
7,378

7,721
8,090
8,156
8,618

3,109
3,25l|
9,7101
5,984

579
1,493
4,262
4,425

4,919
3,447
2,006
673

192
306
308
351

143
37

1,756|
1,417
1,650!
1, 245|

3,865
6,838
6,600
4, 549

1,647
1,648
1,650
1,648

7,363
7,363
7,363
7,363

REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES
•

[In thousands of dollars]
City

Total (12
cities)
Boston

Due to banks:
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Due from banks:
Feb. 18
Feb. 25
Mar. 4
Mar. 11




New
York

Philadelphia

Cleveland

Richmond Atlanta Chicago

St. Minne- Kansas
Louis apolis City Dallas

San
Francisco

2, 525,251
2,391,659
2,494,693
2,427,965

130,418
124,935
132,623
131,, 017

1,215, 374
1,096,767
1,,147,125
1,., 132,050

194,355
192,038
193,192
183,745

51,864
50,452
52,945
53, 514

35,619
36,201
38,075

20, 241
20,653
21,116
21,985

416,825 100,012
418,127 101,328
445,355 101,855
426,147

128,203
66, 530 126,054
69, 267 128,286
67,544 124,186

45,276
47,876
47,452
44, 573

118,978
111, 280
119,276
105, 546

641,120
649,499
672, 077
637, 377

36, 329
36, 569
42,252
34,902

101,160
110,917
106,064
108, 409

59,412
65,101
59,476

24, 671
28,215
29, 349
22, 353

15,427
18,917
14,998
15,774

13,352
15,272
14,545
17,644

166,232
167,994
183,297
177,641

22,828 45, 912
17, 701 55,695
22, 316 56,707
18,916! 55,144

36, 085
33, 766
34, 355
35, 218

77, 974
71,803
72, 527
62,023

31, 520
30, 566
29,877

286

FEDERAL RESERVE BULLETIN

APRIL, 1925

REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
New York City
Feb. 18

Total loans and discounts

Mar. 4

Mar. 11

Feb. 18

Feb. 25

Mar. 4

Mar. 11

67

67

67

67

46

46

46

76,876
1,932,059
2,297,676

77,495
1,964,734
2,242,025

77,882
1,982,463
2,268,162

72,187
1,932,836
2,267,768

23,936
521,085
694,680

23,384
518,604
686,382

23,740
515,868
697,521

542,490
690,242

4,306,611

4, 284,254

4,328,507

4,272,791

1,239,701

1,228,370

1,237,129

1,255,428

27, 047
533,971
138,039
202, 533
54,909
800,855

27,067
532, 055
136, 526
214,861
54,895
797,903

27,068
528, 071
136, 705
222,109
25,802
792,218

27,147
527,397
133,978
217,530
54,031
807,841

1,938
82, 732
26,833
71,001
8,022
223,122

1,938
82,165
26,662
71,184
6,700
208,222

1,938
81,083
26,347
67,052
6.918
200,277

1,937
82,149
26,953
69,167
7,006
198,817

Number of reporting banks
Loans and discounts, grossSecured by United States Government
obligations
Secured by stocks and bonds
All other loans and discounts

Feb. 25

City of Chicago

United States pre-war bonds
United States Liberty bonds..
United States Treasury bonds
United States Treasury notes
United States Treasury certificates
Other bonds, stocks, and securities
Total investments

1,757,354

1,763,307

1, 731,973

1,767,924

Total loans and investments

6,063,965

6, 047, 561

6,060,480

6, 040,715

1,653,349

1,625, 241

1,620, 744

708,392
63, 776
5,104,187
792,309
16,279

748,576
70,226
5,092,499
794,442
16, 279

702, 776
64,368
5,103,839
765,505
16,279

737,116
66,338
5,125,828
781,061
16,279

162,576
26,759
1,169,269
457,829
14,343

161, 006
28,402
1,146,309
456,469
14,343

158,145
26,045
1,141,291
454,809
14,343

155,447
26,970
1,161,534
459,647
14,343

76,400
35,154

149, 550
32, 789

98,450
34,696

112,500
36,141

970
270

1,668
1,000

718
1,600

1,618
710

111, 554

182,339

133,146

148,641

1,240

,668

2.318

2,328

Reserve balances with Federal reserve bank..
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with Federal
reserve bank:
Secured by United States Government
obligations
_
All other

413,648

396,871

383, 615

Total borrowings from Federal reserve
bank

_

ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY
[In thousands of dollars]
Net demand deposits
Federal reserve district

1924

Nov. 26
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total

-_

_

.._

_

1,327,141
6,496,559
1,151,727
1,486,119
585,396
540,472
2,352,603

Dec. 24

1, 299, 657
6,527,806
1,129,471
1,468,404
581,375
561,575
2,344,909
710,319
503,546
493, 540
858,629
670,487
641,603
1,322,964 1,310,823

1925

Time deposits
1924

1925

1924

J a n . 28

F e b . 25

F e b . 27

Nov. 26

Dec. 24

J a n . 28

1,330,862
6, 383,028
1,139,390
1,486,655
594,503
585, 609
2,380,790
732,021
481,231
861,150
660,847
1,291,093

1,311,144
6,289, 886
1,134, 689
1,482,289
588, 437
613,945
2,414,286
729,176
482,015
871,625
680,428
1,289,740

1,212,245
5,390, 662
1,031, 623
1,371, 541
563,760
517, 520
2,137,427
643,005
403,0301
739,231
594,482
1,241,758

694,406]
2,066,104
765,488'
1, 269,256|
483, 033]
350,96l|
1,723, 047|
436,085]
420,176]
300, 293!
158,722]
1,128,308'

685,226
2, 018, 700
759, 663
1, 245,613
478,845
348, 636
1,729,770
429,809
425,748
296, 288
158,107
1,150,727

702,350
624,184
718,442
2, 041,042 2,063,112 1,700,446
789,945
777, 518
676, 562
1, 272,991 1,292, 515 1,166,985
494,941
452,378
374,021
356, 070
324,089
1,735,739 1, 743, 459 1, 581,142
438, 871
438,340
406,098
436,459
434,954
403,727
302,798
300,970
292,437
166,895
160, 584
157,225
1,171,200 1,184,202 1,019,927

F e b . 25

F e b . 27

— 17,946,742 17,956,995 17,927,179 17,887,660 15,846,284 9,795,879] 9,727,132 9,878,624 10,005,660 8,805,200

Banks in cities and towns having a population of—
Less than 5,000
1,698,676 1,689,928 1,673,199 1,681,531 1,600,616
5,000 to 14,999
_
1,076,740 1,080,944 1,081,342 1,087,366 1,055,673]
15,000 to 99,999..
_
2,132,304 2,144,113 2,170,162 2,211,432 2,036,800
~ " - ' , 33111,153,195
13, 039, 022 13, 042,010 13, 002,476 12,907,
100,000 and over
_




1924

1,640,059
1,045,668
1,967,007
5,143,145]

1,636,887
1,042,716
1,957,014
5, 090, 515

1,668,381
1,062,598
1,990, 335
5,157,310

1,678, 232 1,574,568
1,072,914
992, 694
2,021,190 1,829,464
5,233,324 4,408,474

287

FEDERAL, RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES1—CONDITION ON DECEMBER 31, 19242

Comparative figures showing the condition made as of December 31, and in compiling the
of all banks in the United States, other than figures the latest available data were used
mutual savings banks and private banks not for such States.
under State supervision, which have been
compiled by the board and are presented in ALL BANKS IN THE UNITED STATES —CONDITION ON
the accompanying tables, indicate that on
DECEMBER 31, 1924
December 31, 1924, loans and investments
[Amounts in millions of dollars]
reached the record total of $40,185,000,000—
an increase of $575,000,000 over the amount
Total
Num- Loans and investments deposits
ber of
reported for October 10 of the same year and
exclureportsive of
an increase of $2,746,000,000 over the total for
ing
bank
banks Total Loans ments deposits
December 31, 1923. Of the increase of
$575,000,000 in loans and investments since
the October call, $217,000,000 was in loans and All banks:
June, 1920
28,715 36,813 28,177 8,636 32,642
discounts and $358,000,000 in investments.
31,134
June, 1921
29,477 34,318 25,857 8,461
31,944
June,
1922
29,092 34,166 24, 647 9,519
Total deposits, exclusive of bank deposits,
June, 1923
29,342 37,359 26, 793 10,566 34,512
increased by $1,430,000,000 over the total
37,439 27,011 10,428 35,834
December, 1923..
March, 1924 «.. _.
28,669 37,937 27, 288 10,649 35, 682
shown on October 10, 1924, and more than
June, 1924 3
28,451 38,407 27, 222 11,185 36,841
October, 1924«...
28,385 39, 610 27,958 11, 652 37,587
$3,100,000,000 since December of last year.
December, 1924..
28,287 40,185 28.175 12,010 39,017
Borrowings of these banks from Federal Member banks:
25,945 19,784 6,161
21,887
June, 1920
reserve and other banks increased by $72,000,21,612
June, 1921
9,745 24,311 18, 206 6,105
24,358
7,062
22,366
June,
1922
17,296
000 since October 10, but were $490,000,000
23,837
9,856 26,675 18,880 7,795
June, 1923
less than a year earlier.
24,974
9,774 26,738 19,052 7,686
December, 1923..
24,768
9,681 26,832 19.176 7,656
March, 1924
The following table shows in summary form
25,675
9,650 27,262 19,264 7,998
June, 1924
26,282
9,635 28,451 19,820 8,631
October, 1924__..
the amounts of loans, investments, and de29,027
8,845
27,814
9,587
20,182
December, 1924..
posits of the banks for recent dates for which Non-member
banks:
19,316
2,475
10,755
10,868
8,393
June, 1920
figures are available.
19,732 10,007 7,651
2,356
9,522
June, 1921
19,200
2,457
9,578
9,808
7,351
June, 1922
There are also given herewith figures repre19,486 10,684 7,913
2,771
10,675
June, 1923
senting the principal resources and liabilities
19,206
2,742
10,860
10,701
7,959
December, 1923..
18,988 11,105 8,112
2,993
10,914
March, 1924 »....
of these banks arranged by Federal reserve
18,801 11,145 7,958 3,187
11,166
June, 1924«
18, 750 11,159 8,138
3,021
11,305
October, 1924 »._.
districts.
|
18,700 11,158 7,993
3,165
11,203
December, 1924..
Calls for condition reports by the banking
departments of several of the States were not
Revised figures. |
1

2

1

ALL BANKS IN THE UNITEDISTATES i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON
DECEMBER 31 1924 2
[Amounts in thousands of dollars]

Federal reserve district

Boston
New York
Philadelphia
Cleveland
RichmondAtlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, Dec. 31, 1924.
Total, Oct. 10, 1924..
1
1

Number of
reporting
banks
676
1,329
1,270
1,974
2,051
1,983
5,201
3,196
3,217
3,989
1,724
1,677
28,287
28, 385

Loans and
discounts,
including
overdrafts
1,941,838
6,733,861
1,947,746
2, 714, 586
1,695,938
1,258,243
4, 538,445
1,426,317
1,125, 533
1,399,738
847,282
2,545,489
28,175,016
27, 957, 929

Exclusive of mutual savings banks and private banks not under State supervision.
Or dates nearest thereto for which figures are available.




Investments

3,472,025
1,170,805
1,405,283 |
431,188 I
249,557
2,004,726
491,489
170,528 I
972,452
12,010,429
11,651,750

Total deRediscounts
Total loans
posits, exand bills
and investclusive of
payable
ments
bank deposits
2,808,676
10,205,886
3,118,551
4,119,869
2,127,126
1,507,800
6,543,171
1,917,806
1,514,122
1,786,687
1,017,810
3,517,941
40,185,445
39, 609, 679

2, 666,161
9,844,677
2,820,386
3,819,320
1,954,161
1,512,813
6,422,265
1,827,160
1,549, 690
1,890,633
1,075,387
3,634,103
39,016, 756
37, 587,490

86,096
156,147
68,015
80,003
79, 613
46,709
95, 783
39,388
23,622
22,187
10,309
26,619
734,491
662,702

288

FEDEBAL RESERVE BULLETIN

APRIL, 1925

ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 10, 1924, AND DECEMBER
31, 1924 2
[Amounts in thousands of dollars]

Number of reporting banks

Loans anddiscounts,
including overdrafts

Investments

Total loans and investments

Total deposits, exclusive of bank
deposits

October

October

Rediscounts
and bills
payable

State

Maine
New Hampshire...
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Delaware
Pennsylvania
Ohio*
District of Columbia
Maryland
Virginia
West Virginia
North Carolina
South C a r o l i n a —
Georgia
Florida
Alabama,..
MississippiIndiana
Illinois
Michigan
Wisconsin
Iowa

October

December

112

112

December

October

119,945

266,136

260,211

246,951

247,520

6,623

5,301

40, 111
131,497
194,509

124,422
1,684,420
289,490
442,848

125,493
1,684,573
294,064
448,445

112,165
1,600,873
280,540
418,288

113,905
1,602,793
283,240
431,025

2,696
16,821
454
3,577

3,00&
70,378
1,055
5,692

5,975,445 2,831,763
600,904
914,651
49,763
36,183
2,569,965 1,745,670
1,644,9921
616, 545

2,905,703
620,876
36,325
1,782,129
597,862

8,683,523
1,473,476
4,284,892
2,274, 590

8,881,148
1, 535,527
86,088
4,352,094
2,242,854

7,996,959
1,440,337
74,609
3,766,996
2,220, 566

8,520,771
1,534,651
76,392
3,869,460
2,162,411

98,795 139,679
14,447 22,255
174
328
48,287 87,196
27,097 45,332

61,734
181,343
72,840
59,536
38,150
33,671

200,930
526,581
504,949
364,066
374,365
223,872

209,896
527,269
510,067
369,551
369,217
219,226

202,123
490,638
405,478
320,877
331,397
200,612

211, 702
496,618
421,249
328,891
351,873
213,955

1,538
4,177
25,491
18,874
33,631
15,255

2,15610,72&
24, 594
21,931
15,740
8,228

35, 524

36,586

350,729

350,785

316,081

323,367

23,194

18,101

32,777

45, 668
36,052

184,281

242,523
179,814

182,096

256,918
200,678

17,872

4,164
4,735

871,781
802,400

184,212
905,266
817,683
201,397

3,268,254
1,425,856

3,009,147
1,434,828

744,262
3,128,459
1,465,336
775,405
892,182

21,428
10,942

5,851,760
872, 572
49,801
2,539,222
1,658,045

44
232
519
348
546
405

44
231
520
348
542
408

140,485
353,536
434,481
300,901
337,924

148,162
345,926
437,227
310,015|
331,067!
185, 555|

60,445
173,045
70,468
63,165
36,441
30,174

660

652

315,205

314,199;

259

354
357

151,504

196,855: _
143,762|

2,396,473
'722
623,456
984
1,582 ~"822,~930

577,275|.
2,358,126!
632,483'
571,297.
800,203;

1,103

~~85~9(X)i

319,471!.
163,919.

558
480

201,635!
19,179;
I
31,946|

235,175
30,596
21,513
37,808

i
57,276!
69,701!
85,108

47,
67,765
79,218
91,016

247

77,656

661,5901
117,365
143,23l'
75,400

Nebraska. .
Kansas
Oklahoma..
Colorado..
Wyoming..

1,292
806
339
110

1,101
1,297
787
338
104

315,649
241,366
181,836
42,523

366,738
321,233
230,128
181,805
38,444

Louisiana
Texas
New Mexico.

251
1,517
75

2491
1,505
73

312,552
721,928
25,003

325,139
746,384
22,583

45,565
148,171
4,647

50,222
149,592
5,319

45,611
96,472
50,992
23,601
6721 1,929,976
279
164,421
218,088
366

97,969
50,565
23,704
1,969,322
158, 762
213,872

12,156
28,156
15,715
6,953
676,105
77,419
109,020

117
173
34
673
279
370

Total..

28,385

1

58
116
172|

128,703

761,487
3,263,392
1,450,166
772,694
890,536

19,277

860,534
147,882
109,602

896,765
147,961
164,744
113,208

31,677

362,030
207,385

364, 786
189,735

45,315
25,816

1,404
678
552
245

Arizona
Utah
Idaho
Nevada.
California...
Oregon
Washington.

December

39,106
409,275
128,230
192,287

984
466
45
1,648
1,104

1,406
681

December October

122,439

975
458
45
1,649
1,105

1,607

December

140,266

252
31
144

1,899
722

December

85,382
85,316!
1,275,145! 1,285,945
162, 567
161,260
253,936
250,5611

143,697

86
252
31
143

Tennessee.
Arkansas..
Missouri...
Kentucky.
Minnesota
North Dakota..
South Dakota.
Montana

October

17,365
28,824
22,840
8,932
28,136
15,166
3,342

124,516

857,798
173,324
185,995
132,589

3,295

7,419
5,342
7,121
1,484

5,369
7,138
3,316
957

3,202
1,579
1,995
403

838,487
|52, 389

414,600

10,652
14,695

372,925
311,067
266,944
51,407

309,346
272,821
48,342

410,319
352,319
290,735
59,318

419,805
442,559
380,228
294,442
58,080

358,117
870,099
29,650

375,361
895,976
27,902

346,017
888,501
31,167

383,955
934,717
33,190

15,942
15,795
1,513

10,9967,828
408

57,767
12,188
124,628
30,249
66,707
18,800
30,554
6,940
713, 763 2,606,081
241,840
79,628
327,108
116,400

58,276
128,218
69,365
30,644
2,683,085
238,390
330,272

64,821
115,405
74,647
32,984
2,652,353
262,676
359,729

69,94'
122,495
79,110
33,791
2,744,377
255,063
353,082

2,900
2,102
3,949

1,569
1,109
3,081

13,061
3,139
2,141

17,122
2,548
1,857

28,287| 27,957,929 28,175,016 11,651,750 12,010,429 39,609,679 40,185,445 37,587,490 39,016,756

662,702 734,491

Exclusive of mutual savings banks and private banks not under State supervision.
2
Figures include those for State banks and trust companies as given in the following table, which in some cases represent the condition of bank*
as oi dates prior to Oct. 10 and Dec. 31, respectively.
3
Includes 3 mutual savings bank.




289

FEDERAL RESERVE BULLETIN

APRIL, 1925

ALL STATE BANKS AND TRUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 10, 1924, AND D E C E M BER 31, 1924 2

[Amounts in thousands of dollars]
Number of re- Loans and discounts,
porting banks including overdrafts

Investments

State

deposits exand
Total loans and in- Total
clusive of bank de- Rediscounts
bills payable
vestments
posits

DeOctober cember
October December October December October December October December
Maine
New Hampshire.. .
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Delaware
Pennsylvania

October

December

54

54

82,069

79,188

68,272

64,305

150,341

143,493

140,965

139,586

5,231

3,153

40
95
14
82

40
95
14
82

54,037
528,954
120,466
111, 649

54,487
534,321
122,060
111,433

16,726
146,577
105,335
122,922

17,317
130,476
106,169
124,968

70,763
675,531
225,801
234,571

71,804
664,797
228,229
236,401

68,105
670,157
228,259
229,517

69,045
662,565
229,250
230, 606

1,162
3,652
200
2,210

1,680
16,363
200
3,660

Ohio 3

447
211
27
782
747

451
213
27
780
746

3,203,833
515,137
39,251
1,200,465
1,189,556

3,286,389
543,626
39, 551
1,219,532
1,174,642

1,421,087
311,169
27,510
781,688
368,414

1,475,539
320,616
27,096
798,060
353,651

4,624,920
826,306
66,761
1,982,153
1,557,970

4,761,928
864,242
66,647
2,017,592
1,528,293

4, 556,627
814,792
58,357
1,804,313
1,589,206

4,618,812
877,176
59,301
1,860,408
1,542,784

27,720
6,627
72
22,764
12,414

17,293
8,728
168
35,105
21,004

District of Columbia
Maryland
Virginia
West Virginia
North Carolina
South Carolina

31
148
337
224
463
324

31
147
338
224
458
329

71,835
203,416
173,038
171,081
214,014
110,677

76,105
204,401
172,255
176,476
206,547
102,665

27,370
96,814
16,953
25,612
17,557
11,609

27,770
102,428
17,795
23,824
18,252
14,053

99,205
300,230
189,991
196,693
231,571
122,286

103,875
306,829
190,050
200,300
224,799
116,718

99,881
291,081
152,881
179,145
211,997
110,950

103,188
299,422
156,998
186,147
224,453
117,041

491
2,542
12,327
9,480
20,519
10,187

924
3,186
11,601
10,613
9,338
4,362

567

559

192,391*

190,461

15,766

17,081

208,157

207,542

186,503

188,788

18,535

14,527

324

252
321

Georgia
Florida
Alabama..
Mississippi
Indiana...
Illinois
Michigan
Wisconsin
Iowa
Tennessee
Arkansas
Missouri
Kentucky
Minnesota
North Dakota
South Dakota
Montana

1,399
600
1,261

856
361,252
1,400 T44l~417~ 1,455,464
600
372,174
372,184
828
335,734
1,238
578,579
561,571
452
393

1,074
516
157
1,034
385
198
75

Louisiana
Texas
New Mexico

218
941
42

216
933
40

Arizona
Utah
Idaho
Nevada
California
Oregon
Washington
Total

40
96
106
23
407
181
259

39
95
105
23
409
181
255

443,214
81,962
578,074 ~2,"668,~74T 2,033,538
691,468 1,048,918 1,063,642
446,416
110, 682
585, 003
23,432
600,814

"567^324"
676,734
22,235

175,740
110,966

1,074
287,269
513
73,016
438
154 ""38,~787~

Nebraska .
Kansas
Oklahoma
Colorado
Wyoming

1
2
3
4

106,411

284,063
64,128
94,394
36,428

110,223
119,930 ~""l28,"*§17"

11,922
20,394 "~I25~256~

98,301
99,536 ~~"I8,"839~

67,691
4,395
14,"65l"

13,831
20,222
17,026
5,383
18,173
9,755
2,348

213, 561
136,030

354,960
80, 655
7,401
77,411
4,686
18,301 "~~53~438~

364, 718
381,855
74,499
71, 529
99,080
54,729 ~"~66,~667~

384,471
87,547
118,745
64,385

1,873

5,508
4,595
5,222
998

248,588
68,110
74,887
21,629

262,183
<270,635
79,395
77,462
21,224

4,391
2,702
1,094
489

3,861
2,448
877
407
231

266,853
285,692
9,250

297,168
303,584
9,354

12,199
7,403
635

8,681
2,939
264

« 1,930
1,826
1,491

« 1,138
1,097
1,092

4,664
1,668
1,607

11,807
1,875
1,015

19,356
10,383
15,014
1,694

14,888
25,094
12,451
15,954
1,867

216,363
56, 766
62,486
18,610

238,581
220,460
7,910

249,418
217, 738
7,080

33,341
25,207
1,014

37,015
23,138
1,172

271,922
245,667
8,924

286,433
240,876
8,252

30,947
67,920
19,224
14,761
1,403,407
70,012
72, 743

30,876
68,120
18, 725
14,974
1,436,055
68,918
69, 774

7,828
16,981
5,536
2,661
480,190
25,474
34,822

7,811
17,882
6,673
2,553
511,176
26, 000
36, 568
7

452,845
2,047,016
14,844
1,070,217
8,874
461,278
617,519 ~~20~ 723*

192, 791
121,188

221, 792
197,693
42,828
48,324
16,048

«20,316 720,244 «15,739,192 715,849,168 «6,180,080

"616,618

2,562
2,804

17,051
10,222

236,680
222,787
55,279
64,278
17,915

928
1,040 ~""l97,~667~
380
46, 383
198
47,472
72
16,916

1,976,552
1,052,976

127,591
140,795 "I2,~683~

* 43,614 . * 46,123
77,813
81,747
29,446
31,102
19, 762
20,683
1,973,094 2,047,801
108,218
102,690
120,894
114, 703

38,687
38,775
86,002
84,901*
25, 398
24, 760
17, 527
17,422
1,883,597 1,947,231
94,918
95,486
106,342
107, 565

6,352,162 821,919,272

7

22,201,330

6

6,995
11,911

21,787,012 722,328,539 • 368,672

7

335,791

Exclusive of mutual savings banks and private banks not under State supervision.
Or dates nearest thereto for whichfiguresare available.
Includes 3 mutual savings banks.
Includes amounts due to banks.
»Includes other liabilities.
e Includes May 15,1924, and July 21,1924,figuresfor Tennessee and Nebraska, respectively, and June 30figuresfor other States for which later
figures
are not available.
7
Includes June 30,1924,figuresfor New Hampshire, Florida, Missouri, and Kentucky.
NOTE.—Allfiguresused in the October column are for October 10, except as follows: Maine, September 27,1924; Rhode Island, September 11,
1924, New York, September 29, 1924; New Jersey, September 30,1924; Pennsylvania, September 17,1924; Maryland, October 2,1924; Louisiana,
September, 29, 1924; Iowa, September 29, 1924; Michigan, October 8, 1924; Minnesota, October 31, 1924; North Dakota, September 17, 1924;
Kansas, August 21, 1924; Utah, October 4,1924. Allfiguresused in the December column are for December 31, except as follows: New York, November 15,1924; Tennessee, November 12, 1924; South Dakota, November 25, 1924; Kansas, December 26, 1924; and Oklahoma, December 23,
1924.




290

FEDERAL RESERVE BULLETIN

APRIL,

1925

STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS
ABSTRACT OP EARNINGS AND DIVIDENDS REPORTS FOR THE LAST SIX MONTHS OF 1924, BY FEDERAL RESERVE
DISTRICTS
[In thousands of dollars]

District
No.l
(36
banks)

Capital stock paid in
Surplus fund
Total capital and surplus

District
No. 2
(144
banks]0

District
No. 3
(72
banks)

DisDisDis- DisDistrict
trict trict
trict
trict
No. 4 No. 5 No.6 No.7 No. 8
(126
(353
(132
(118
(61
banks) banks) banks) banks) banks)

6,692
2,812

72,495 431,292 113,071186,282 32,967 49,652 219,640 64,878

9,504 11,918 15,295 115,188 1,322,182 1,286,744 1,248,681

Total gross earnings. _ 21,017 122,429 17,901 46,069

Total expenses
N et earnings sincelast report.
Recoveries on charged-ofl
assets
j,
Total net earnings
and recoveries
Losses charged off:
On loans and discounts.
On bonds, securities, etc.
Other losses
Total losses charged
off
Net addition to profits
Dividends declared
Ratio of dividends declared
to capital stock (annual
basis)—per cent
Ratio of dividends declared
to capital and surplus
(annual basis)—per cent..
Ratio of net profits to capital and surplus (annual
basis)—per cent
_.
i Deficit.




Total, six months ending—
DisDistrict trict
No. 11 No. 12 Dec.
June 30, | Dec. 31,
(182
1924
(182
1924 I 1923
banks) banks) (1,539
(1,570 I (1,587]
banks) banks) ! banks)

33,000 232, 276 40,165 84,965 19,098 31, 285 112,609 40,280
39,495 199, 016 72,906 101,317 13,869 18,367 107,031 24,598

Gross earnings:
Interest and discount.- 17,648 90,331 13,176 35,564
Exchange and collection
62
23
charges
528
121
594 4,179
109
Commissions
345
2,813 27,391 4,593 10,039
Other earnings

Expenses:
Salaries and wages
Interest and discount
on borrowed money..
Interest on deposits
Taxes
Other expenses

DisDistrict
trict
No. 9 No. 10
(100
(33
banks) banks]0

8,610 11,785 82,205
3,308 3,510 32,983

2,533

2,812

512
2,006

100
244

22
25
1,134

6,565 12,270 60,542 16,033

2,935

5,437
48
164
916

9,630 49,623 13,046
455!
555
358, 1,860
1,827! 8,504

702,970
619,212

697,075 676,228
589,669; 572,453

2,795 36,990

279,485

306
618
5,662

2,801
8,894
65,402

51789J
51,789j

52,110
2110

3,252 43,576

356,582

336,057j

332,262

68,600

67,572

154
30
273

274,414
2, 566
7,288

2,855
7,341

3,828 23,894

3,436

1,3

2,608 12,398

3,424

881

1,030 10,508

72,424

355
80
8,917 40,646
1,113 5,124
2,140 13,895

127
192
5,183 17,293
924 2,276
1,932 4,809

237
1,966
455
765

439
392
3,253 22,046
1,039! 3,490
1,8321 7,214

553
5,052
1,245
2,013

80
1,040
144
354

* 17
1,266
209
743

118
193
484 16,942
228 1,729
5,690

2,783
124,088
17,976
41,975

16,078 83,914 11,602 32,928

4,819

12,287

2,281

3,116

2,448 35,062

245,208

1,746

3,746

654

877

804

8,514

90,849

63

316

158

810

8,846

7,570

4,939 38,515
600

2,380

5,539 40,895

8,358

6,299 13,141
851

455

216

7,150 13,596

1,962

4,338

717

1,193

962

9,324

104,959

99,695|

96,753

391
115
42

1,632
262
302

3,853
784

4,139
790
338

440
1
46

549
68
358

49
325

1,935
636
911

22,435
5,917
6,220

13,062
3,319
6,140

21,321
6,274
4,740

2,196

5,336

5,267

487

975

1,073

3,482

34, 572

22,521

32,335

1,144 10,607
2,027 7,595

1929
1,858

230
225

218
483

»111
396

5,842
4,285

70,387
49,003

77,174
46,405

64,418
46,281

292
258
148

3,844

548

2,961 32,807
2,315 19,576

6,452
3,677

9,752
5,572

1,414
994

2,578

1,404
1,753
687

243,079

3,340 15,943

4,992
967
2,129

2,109
234
235

4,962:
7,046
, 6
114,033 109,888
14,689
17,923
42,924
40,650

14.0

16.9

18.3

13.1

10.4

13.0

13.5

9.2

6.7

11.2

6.7

10.4

13.9

13.3

13.7

6.4

9.1

6.5

6.0

6.0

8.2

6.9

5.7

4.7

8.1

5.2

7.4

7.4

7.2

7.4

8.2

15.2

. 10.5

8.6

4.6

9.7

4.8

3.7

10.1

10.6

12.0

10.3

291

FEDERAL RESERVE BULLETIN

APRIL* 1925

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
Number
of
centers

Federal reserve district

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

Total

1925

1924

1923

January

February

2,467,796
28,106,044
2,242,478
2,466,903
795,584
1,154,408
5,326,098
1,259,637
849,622
1,189,358
664,938
2,634,300

2,685,491
28,500,616
2,173,091
2,511,678
767,253
1,201,107
5,490,747
1,306,725
731,307
1,211,359
658,963
2,720,698

2,157,347
23,574,730
1,780,071
2,048,430
675,206
976,073
4,479,475
1,074,542
637,553
1,024, 111
572,869
2,495,365

2,287,912
22,801,386
1,999,728
2,331,503
804,167
1,124,910
4,886,123
1,194,752
660,760
1,082,885
620,979
2,652,946

2,189,052
22,814,899
1,925,455
2,227,515
733,878
1,047,405
4,701,940
1,130,859
565,332
1,003,759
567,222
2,590,948

1,973,432
20,511,857
1,723,139
2,006,249
650,035
947,847
4,178,246
981,669
523,317
937,931
493,840
2,470,230

141

49,157,166

49,959,035

41,495,772 | 42,448,051

41,498,264

37,397,792

1
140

27,327,223
21,829,943

27,681,894
22,277,141

22,924,386 i 22,081,149
18,571,386 | 20,366,902

22,113,958
19,384,306

19,886,015
17,511,777

1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis...
10—Kansas City..
11—Dallas
12—San Francisco

New York City
Other cities

1924

December

I December

January

February

WEEKLY SUMMARY FOR BANKS IN 250 CENTERS
[In thousands of dollars]

Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

Number
of centers

1—Boston-_
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis...
10—Kansas C i t y . .
11—Dallas
12—San Francisco
TotaL

1925, week ending—
Feb. 25
510,152
5,518,672
458,345
524,240
255,595
1,052,390
250,048

249,090
139,378
581,467
250

9,912,406

Mar. 4

1924, week ending—

Mar. 11

Mar. 18

Feb. 27

Mar. 5

Mar. 12

541,773
6,059,127
485,843
568,493
291, 566
265,212
1,230,840
290,935
184,064
298,303
157,112
647,022

587, 625
6,848,334
571,962
672,138
304,420
297,492
1,424, 566
319, 642
220,010
310, 666
171, 573
686,914

438,992
4,304,532
432,285
528,352
227,423
213, 713
1,004,151
225, 525
123,477
232, 758
112,713
538,896

579,045
5,942,679
473,252
609,524
295,301
239,970
1,190,095
281,741
164,412
277,755

5,213,160
514,539
636,719
277,327
246,818
1,170,926
287,460
155,157
256,424
128,690

756,978

476,386
4,588,948
430, 230
565,918
261,662
240,618
1,081,668
255,820
147,496
252,285
125,150
613,354

12,328,192 I 11,020,290 12,415,342

8,382,817

10,939,691

9,039,535

10,112,097

314,226
4,336,587
59,596
316,826
137,523
65,528
180,000
26,368
89,898
29,915
25,564
13,554
18,864
80,952
649,372
147,484
144,907
14,655
37,809
28,735
73,388
1,952
66,761
38,293
15,235
42,756
36,172
9,142
26,109
181,044
191,949
36,366
14,214
44,319
10.717

381,838
4,927,012
73,131
383,652
157,450
80,159
209,792
27,797
90,642
36,936
27,489
14,548
20,182

641,889
6,621,710
599,451
669,043
323,733
296,200
1,294, 583
316,504
214,947
326,171
163,407
860, 554

Mar. 19

BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No. 1—Boston
No. 2—New York
Buffalo...
No. 3—Philadelphia
No. 4—Cleveland
Cincinnati
Pittsburgh
,
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
No. 7—Chicago
Detroit
_
No. 8—St. Louis
Little Rock
Louisville.
Memphis
No. 9—Minneapolis
Helena
No. 10—Kansas C i t y . . .
Denver-.
Oklahoma City
Omaha
„_.
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco..
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane.-




359,354
j, 268,535
61,446
346,336
112,037
64,118
184,977
72,987
32,009
26,548
16,726
16,440
63,252
627,419
166,372
137,600
14,086
37,678
30,907
73,401
1,652
68,404
35,511
16,992
41,274
46,072
6,690
34,407
220,417
164,745
29,829
12,105
36,242
9.221

436,996
i, 277,234
79,430
461,915
166,165
81,550
225,608
34,569
103,648
39,813
31,334
18,854
20,091
93,407
804,638
149,335
181,500
15,383
47,087
39,405
109,070
2,346
43,011
20,877
53,528
52,216
10,688
39,275
332,310
254,633
40,834
17,095
45,091
10,948

369,163
5,775,382
68,540
366,324
129,491
72,810
185,869
31,803
87,749
35,326
27,775
17,435
18,442
77,442
737,576
178,150
155,900
15,453
48,911
35,988
99,805
1,769
83,180
37,707
21,161
51,144
51,677
9,918
33,690
209,639
193,517
34,037
14,996
43,188
11,368

393,120
6,529,015
71,506
439,398
156,022
90,968
227,264
32,697
94,851
39,968
30,493
19,134
21,397
93,434
913,891
191,221
183,700
15,689
48,510
35,824
117,918
1,546
92,125
38,752
22,650
49,376
56,481
7,365
42,722
224,780
194,067
40,025
16,868
57,178
14,654

290,345
4,066,526
56,722
314,250
118,806
61,396
183,205
25,712
67,400
29,525
22,945
13,977
15,140
69,149
576,101
174,098
127,073
12,174
32,479
26,134
59,935
1,888
64,383
35,823
12,570
38,950
35,165
7,437
25,393
159,679
169,660
31,746
11,378
35,498
9,158

397,622
5,640,692
73,166
352,471
151,734
74,433
193,694
34,916
101,400
32,355
24,953
14,484
17,833
73,814
703,662
164,541
164,093
14,964
40,311
31,764
80,642
2,212
76,078
39,882
16,809
47,002
40,496
8,425
25,673
260,819
245,185
39,669
14,830
38,447
11.376

691,410
180,487
169,682
15,016
42,925
30,774
73,467
1,762
74,201
34,494
16,815
45,684
38,904
7,784
28,813
197,614
210,602
36,771
14,586
53,588
13.147

292

FEDERAL RESERVE BULLETIN

APRIL, 1925

MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]

Total

Gold
coin and
bullion

tiflcates

3,402,015
14,100,591
15,628,428
4,337,418
4,807,778
4,812,861
4,760,114
4,815,401
4,755,403
4,665,187
4,773,878
4,806,367
4,879,694
4,993,570
4,992,931
4,751,538
4,804,209

611,545
641,794
495,353
416,282
416,047
408,062
403,649
402,122
396,415
398,499
401,794
427,970
436,160
437,971
458,206
455,169
462,925

1,026,149
1,348,818
231,404
171,985
633,253
687,252
726,179
779,169
801,381
800,124
872,807
898,165
904,861
933,688
970,564
929,650
913,900

Date

I9l4—j u ly i
1917—Apr. 1
L920—Nov. 1
1922—Aug. 1
1924—Mar. 1
Apr. 1
May 1
June 1
Julyl
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1925—Jan. 1
Feb.1
Mar. 1

Standard
silver
dollars

70,300
70,863
89,725
58,378
55,910
55,202
54,823
54,078
54,017
53,644
53,915
54,603
55,185
55,606
57,384
55,533
55,264

Silver
certificates

478,602
459,680
60,385
268,802
368,750
367,113
370,093
373,381
364,414
372,683
385,499
388, 574
389,201
389,113
388, 540
360,808
366,024

Treasury
United
notes of ary silver States
1890
notes

2,428
1,997
1,628
1,508
1,437
,433
,428
,425
,423
,420
,417
,412
,410
,407
1,405
1,401
1,398

159,966
191,351
261,556
229,956
251,537
251,639
252,702
252,557
252,971
252,407
253,732
256,467
259,710
263,102
266,298
256,898
256,509

337,845
330,353
277,736
284,343
302,404
304,846
301,110
305,966
297,790
301,667
308, 111
304,345
305,840
304,418
295,233
283,598
288,668

Federal
reserve
notes

Federal

356,448
3,310,225
2,115,350
2,030,818
1,988,585
1,909,143
,897,636
,843,091
,745,820
,746,230
: ,729,301
] ,784,046
, 862,055
, 841,621
,688,662
1,734,606

3,170
209,877
65,032
12,091
11,588
11,025
10,438
10,066
9,635
9,229
9,030
8,710
8,471
8,238
7,987
7,756

bank
notes

Total
National- circulabank
tion per
notes capita (in
dollars)
715,180
697,160
715,023
725,782
735,531
737,141
729,962
738,629
733,835
729,288
741,144
736,500
734,571
737,739
705,442
711,832
717,159

34.35
39.54
52.36
39.47
42.85
42.85
42.33
42.78
42.20
41.36
42.28
42.52
43.12
14.08
44.03
41.86
42.28

1
The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH 31, 1925
Paper maturing—
After 90 days but
within 9 months

Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.

Secured by
United States
Government
obligations

Bankers'
acceptances

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-_
Kansas City«_
Dallas
San Francisco _




1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the month—None.

Trade
acceptances

Agricultural *
and livestock
paper

293

FEDERAL RESERVE BULLETIN

APRII* 1925

GOLD SETTLEMENT FUND
INTER-BANK TRANSACTIONS PROM FEBRUARY 19, 1925, TO MARCH 18, 1925, INCLUSIVE
[In thousands of dollars]

Daily settlements

Transfers
Federal reserve bank
Debits
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City. _.
Dallas
San Francisco.
Total four weeks e n d i n g Mar. 18,1925
Feb. 18,1925
Mar. 19,1924
Feb. 20,1924




13,500
3,600
5,000
5,000
5,000
11,500
9,500
9,000
7,500
1,000
9,500
80,100
8,500
94,300
43,500

Credits

65,500
1,500
1,500
1,500
2,000
1,500
2,000
100
4,500
80,100
8,500
94,300

43,500

Debits

Credits

743,673
2,604,820
709,001
644,804
479,263
316,581
1,167,733
542,017
159,080
391,231
277,250
337,482

768,295
2,538,204
696,717
661,668
461,710
323,345
1,181,757
545,544
166,798
387,927
283,440
357, 530

8,372,935
7,826,262
7,361,882
7,088,226

8,372,935
7,826,262
7,361,882
7,088,226

Changes in ownership
of gold
through
transfers and settle- Balance in
fund at
ments
close of
period
Decrease
Increase

4,716
15,784
21,053
4,736

11,122
13,364
6,524

3,973
""218"
~l,~304"

51,566

5,290
15,048
51,566

49,099
186,832
41,608
61,546
10,955
14,963
101,852
21,026
24,342
49,966
27,780
34,298
624,267
578,549
606,746
589,784




MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES, MARCH 15, 1925
The following table shows the customary rates charged on loans
and discounts in the various cities in which Federal reserve banks and
their branches are located, as reported by representative banks. These
rates are not averages but are those rates at which the bulk of paper of
each class is handled by reporting banks. Where it appears from the
reports that no one rate clearly covers the bulk of the paper handled,
a range of the rates most commonly charged is given. In making

comparison between the rates charged since February, 1924, and rates
charged at earlier periods, it should be borne in mind that the earlier
rates refer to an entire month, while the later figures cover only a
week. Attention is also called to the fact that the method of reporting the rates has been somewhat modified and that slight changes in
the rates may reflect these modifications.

[Rates prevailing during week ending with the 15th day of the month]
Loans secured by stocks and bonds

Customers' prime commercial paper
Interbank loans
District and city

30-90 days

4-6 months

Loans secured by
Liberty bonds

Demand

Time

Loans secured by
warehouse receipts

Cattle loans

Mar., {Feb., Mar., Mar., Feb., Mar., Mar., Feb., Mar., Mar., Feb , Mar., Mar., Feb., Mar., Mar., Feb., Mar., Mar., Feb., Mar., Mar., Feb., Mar.,
1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924
No. 1—Boston
No. 2—New York
Buffalo
No. 3—Philadelphia
No. 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago
Detroit
No. 8—St. Louis.
Louisville
Little Rock
No. 9—Minneapolis
Helena
No. 10—-Kansas City
Omaha
Denver
Oklahoma City..
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco--.
Portland
Seattle
Spokane
Salt Lake City_.
Los Angeles

4 -5
4 -5
5 -6
41-4*
5-6
5 -6
5*-6
4*-5
4f-5*
5 -6
5 -6
4 -7
5^6
42-5
5 -6
4-5*
6
5 -6
4*-5l
5 -6
4*-6
5 -6
5 -7
4 -6
8
5 -6
5 -5*
6
6
5 -7
6
6 -7

4-4*
5 4 -5
4 -5
5
5 -6 5*-6
4-41 5 -51
5-6
6
5 -6 5 -6 5^6
5*-6
6
5*-6 5 %
5* 4f-5*
5-6 5 -6
5 -6 6 -7 5 -7
5 -6
4 -7
i 7
6 -8
5 -6
5 -6
6 5*-6
5*-6 5-5* 4 -5
4 -5
5 -6
4*-6 6 -5*
3*-5
6
6
6 5 -6
6
5* 4*-5§
4*-5
8
5~-6'
8
4*-6
5 -6
4 -6
5
5 -6 6 -7 5 -7
5 -7
5 4-7
4 -6
8
8
6 -8
6 5 -6
5 -6 5*-6 5 -6
5 -5* 6 -6*
6
6
6
5 -7 6 -7 4 -6
6
6
6
6 -7 6 -6* 6 -7

ift

4-4*
4 -5
6
4-4*
4-6
5 -6
5*-6
5 -6
4*-5*
5-6
5 -6
4 -8
5 -6
6
41-5
5-6
3|-5
6
6
4 -51
8
5 -6
4*-6
3f-5
5 -7
4 -7
8
5 -6
5 -5*
6
6
4-6
5 -6
6-7

5
5 -51
6
5 -51
6
5 -6
6
6
5*
5 -6
6 -7
7
6
6

4

4

4*-5

4*-5
5

4 -5 4-4*
5 4*-5
5 -6 5 -6
5 -5* 5 -5*
4*-5 4*-5
4*-5 4*-5
5 5 -6
5 -6 5 -6
6
5 -6
5 -6 5 -6
5*-6 5*-6
5 4*-5* 4*-55
4*-6
5-5* 4*-5f
5-5*
0c
5
6
6
6
6 5*-5!
5*
8'
7
6 5~-6~ 5 -6
5*-6 5*-6 5*-6
6 6 - 7 6 -7
6 -7 6 - 7 5 -7
5 -5* 5 -6 5 -6
8 6 -7 6 -7
6 -7 4*-5 4*-5
5*-6 5 -6 5*-6
6-6*
6
6
6
6
6
6 6-7 6-7
6 6 -7 6 -7
6-6*
6
6

It

5 4*-5
5 -5* 4-4*
5 -5* 5 -6
5 4-4*
5 -5* 5 -6
5 -6 i 5-6
5 -5*
5-5* 5-6
51-5! 4f-5
5 -6 4*-6
5 -6
6 5-6
5*-6 5 -6
6 5*-6
5 -5i 4 -5
51 5-6
5* 5 -6
5
6 5 -6
5*-6
6
6-7
7
6
5 -6
7-8
4*-5*
5*-&
6
6
6-7
6
6

5
5 -6
5 -6
4*-6
8
5 -6
5 -6
6 -7
6
6 -7
6 -7
6-7

5

31-5 2 5 -5*

5*-6
4-4*
5 -6
5-6
5 -5*
5 -6
6
6 -8
5 -6
5*-6
4 -5
5 -6
5-6
6

5 -6
5
5 -6
5 -6
5*-6
5*-6
5 -&
5 -6'

4 -4*
5*-6
5 -6
5 -5*
4*-6
4f-5
5 -6
6
4*-8
5*-6 5 -6
5 -6 5*-6
5 4^*
6 5 -6
5-6 4-6
6
6
6
6
4*-5

4*-6
5 -6
5*-6
6
5 -6
6
5 -6
6
8
8
5 -6 6 -7
5 -6 5*-6
6-7 6-7
6
6
6-7
7
6
6
6-7
6*-7

5 -6
4
5 -6
5 -6
5 -5*
4*-6
4H>
5 -6
6
5 -8
5 -6
5*-6
4-5
5 -6
4-51
6
6
4 -51

45*-6'41 4*-5
5
6
6
6
5*-6
5*
6
6-7
6
6
6
5
6
5*
6
6 -7
5*

5 -6 5 -6
6
4 -6 3*-6 . . . . . .
5 -6 5-6
6 5 -6
6
5*-6 5-7
6
8
8
8
7
5 -6 4*-6
6
5 -6 5-6
7
6
6 -7
8
8
8
7
6
6
6 - 7 6 -7 6*-7

*1

41-4*
5*-6
5 -6
5 -5*
5-6
5 -51
5-6
6 -7
5-8
5 -6
5*-6
4-5*
5 -6
4-5*
4*-5*
5 -6
6
5 -6
6-7
5 -7
8
5 -6
5 -6
6 -7
6 -7
6-8
6 -7
6 -7

4*-5
4*-5
6 5*-6
4-4*
5
5*-6
6
5 -6
6
5*-6
6
4*-6 5*-6
4f-5*
5*
5-6
6
6 6 -7
6-8
6
5 -6
6
5*-6
6
4 -5
6*
5-6
6
4-5*
5*
6
6

4i

f

4 -6
6
4-5* 4-51
5 -6 5 -6
6
6
6 6 -7
5
""5* 5-5f
5 -6 4f-6
6
6
4*-6 6 -8
5 -6 5-6
5*-6 5*-6
4*-6* 4-5*
5*-6
4-5|
6
5-7
6-7

6 5 -6
5 -6 . . . . . .
6
4-8
6 -8
5 -6
6 6 -7
5 -7
6 4*-7
6 -8
8
8
6 -8 6 -7 5 -6
4f-6
6 5 -6
5*-6
7
7
6-7 6 -7 6 -7
6
7 6 -8
6-7
7 6 -7
6 -7 6*-7 6 -7
6-7

5 -6
6
6 -7
5 -7
5-8
8
5 -6
5 -6
7
7
6 -7
7
6 -7

5 -5*
6

6
6
5*-6
6
6 -7
6
6
5*-6
5 -5* 4*-5* 5 -5*
6
......
5*-6
6
6-7
6
8
6-7
6 -7
6 -7 6-7
6 6-8
8
6 -7 7-8 6 -7
8
8
8
6-7 6 -8 6-8
6
6-7 6 - 6 * 6 -6*
7
7
7 6 -7
7 7 -8 7-8
6*-7
6*
6 6 -7
6 -6*
7

I
W

5*
~6~

7
7 -8
6
8
7
8
7-8
6 -7

7 -8
7*-8

r

APRIL,

295

FEDERAL RESERVE BULLETIN

1925

GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
Silver

Gold
Country

Two months ending
February—

February
1925

1924

1925

1924

Two months ending
February—

February
1924

1925

1925

1924

IMPORTS

Belgium
France
Germany
__
Italy
Netherlands
Spain
Sweden
England
Canada
Central America
Mexico
West Indies _ .
Argentina
Bolivia
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
Dutch East Indies
Philippine Islands
British Oceania
Egypt
Portuguese Africa
All other
Total

-

100
3,554
14,361

2,406
22,108

71,046
100
3,554
21,387

5,083,690
522,498
2,367,142
5,917,406
28,018
41,934
42,644,307
11,988,870
389,695
955,453
154,054
2,737,499

1,685
2,412,365
107,099
394, 064
11,227

19,704,597
3,522,442
238,675
395,135
79,810
2,534, 533

129,321
5,532,691
223,726
911,720
60,209

30,604
124,139
75,087
235,851

90,299
94,113
575,190

38, 581
301,303
75,087
389,693

94,740
478,298
92,571
679,407

37,466
5,908

34,556
118,980
447,250
133,146
1,826,184
787,865
93,014
924, 399

29,770
20,055
283,334
290, 331
76,504
1,631
165,137
15,147

54,047
631,150
644,288
290, 034
1,974,896
1,274,321
97, 233
1,105,478

3,602, 527

35, 111, 269

8,640,327

80, 247, 029

90,716

1,339,208
30,010,336
4,318,343
1,103,948
40,000
1,232, 728
6,109,602
118,651

8,427

. .

2 964,069
522, 498

42,795
97, 795

6,266
3,137
350
9,416
29, 025
904
15,886
508,751
11,682
3,903,906
6,794
1,772
97, 252
5,954
4,498
288,878

3,216
1, 221, 027
42,422
14,179
657,736
134,925
2,856,556
9,418
15 558
26,158
223,454
14,163
2, 508,947

6,266
31,145
974
9,416
44,461
904
20,098
1,169,364
144,735
8, 111, 265
34, 201
1.772
286, 039
12,943
4,498
2, 215,807

22,752
1,454

1,866
58
126,474
1,975
189

10, 210

14,348
27,740

58
4,108
99,867
5,037
86
129
25,137
39,165

4,928,916

7,900,409

12, 267,475

15

13,995
1,221, 027
55,153
143
14,179
1,027,182
441,378
7,362, 111
28,699
15, 558
26,158
271,812
27,672
4,408
3,080,980
6,467
1,899
378
207,601
4,332
416
17, 501
51,118
13,880,167

EXPORTS

France
Germany
_
Netherlands.
Poland and Danzig
Spain
Sweden
England
Canada
Central America
Mexico
West Indies
Argentina
Bolivia
Colombia
Ecuador
Peru .
Venezuela
-Uruguay
British India
China
Dutch East Indies
Australia
_Hongkong
Japan __
British Oceania
Egypt
All other
Total




30,606
12,510,336
1,034,600
1,103,948

._ _
._

230,100
1,031,574
48,653
397,519
81,000
110,000
20,000

94,919

740,192
91,000
210,000
20,000

17,995

218,994
1,000
232,614

591,028
96,767
11,065
251,342
26,125

899,351
89,841
500
142,628
2,380

4,150,393
220,815
12,665
388,741
28,045

2,253

3,503

233,500

384,000
233,500

15,000
300,000

300,000
52,290
16,228,118

802,290
52,694,386

35,000
16, 792, 717
540,000

4,500

50,000
16,792,717
1,481,605

15,000

6,454,905
498,240
2,500

15,750

360

505,135

124,125, 651

785,858

6,840,512

100, 500
252,747
50, 599, 708

17, 500

700
1,858,299
236,213
1,275
298,931
15,275

3,938,567
1,579,823

4, 574,633
2,481,916

7,880,997
4,701,365

8,556,286
4,157,155

345.435

32,000
417,711

823,935

64,250
1,275,970

8,876,713

18,225,311

360
17,085,357

296

FEDERAL RESERVE BULLETIN

APRIL, 1925

FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX
March, 1925

Country

Monetary unit

Par of
exchange

Belgium
Denmark
France
Op.rTnq.py
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Canada
.
Argentina
Brazil
Chile
China
India
Japan ._ .

- Franc
Krone
Franc
Reichsmark
Pound
Lira
Florin
Krone
Peseta
Krona
Franc
Dollar
Peso (gold)
Milreis
Peso (Daper)
Shanghai tael _ . .
Rupee
Yen

Average

Average
Low

High

Low

High
Rate

General index 1

February, 1924

February, 1925

..
5.0100
19.30 17.8500
26.80
5.0500
19.30 23.8000
23.82
486.65 476.2000
3.9900
19.30
40.20 39.8300
26.80 15.2300
19.30 14.1700
26.80 26.9400
19.30 19.2200
100.00 99.8343
96.48 87.3800
32.44 10.6400
319.53 10.7700
3 66.85 72.8500
48.66 35.4500
49.85 39.6000

5.1500
18.3400
5.3200
23.8000
478.8600
4.1400
39.9900
15.8300
14.2800
26.9600
19.2900
99.9081
90.6300
11.1700
11.4200
74.4400
35.7600
41.8000

5.0000
17.7700
5.1300
23.8000
475.7800
4.0300
40.0100
15.2100
14.1500
26. 9300
19.2100
99.7988
89.6300
10.9900
10.6500
74.7300
35.5900
38.5200

5.1800
17.8700
5.4100
23.8000
479.3300
4.1600
40.3100
15.3100
14.3100
26. 9500
19.3000
99.9189
91.3100
11.6300
10.9500
75.7500
35.8600
39.7300

5.0750
17.8064
5.2796
23.8000
477.2418
4.1082
40.1700
15.2541
14.2245
26.9441
19.2550
99.8620
90.3314
11.2673
10.8432
75.2614
35.7309
39.0791

Per
cent of
par

Low

High

Per
cent of
par

Rate

64
26.30
3.4200
4.1700
3.8370
66.44 15.6300 16.4200 15.9983
4.1000
4.4191
27.35
4.7100
2.0204
99.92
2.0233
2.0218
98.07 428.9600 435. 7300 430. 7709
4.3452
21.29
4.2800
4.3900
99.93 37.2300 37.7500 37.4161
56.92 13.1400 13.6100 13.3248
73.70 12.5800 12.8900 12. 7357
100.54 26.0500 26.3300 26.1826
99.77 17.3000 17.4600 17.3683
99.86 96.5800 97.0876 96.9380
93.63 74. 7200 78.2500 76.4517
34.73 11.3900 12.2100 11.9757
55.52
9.8500 10.4200 10.1335
112.58 69.8900 72.5800 71. 2026
73.43 29.7400 30.7500 30.3235
78.39 44.8600 46.0900 45.4265

88.52
22.51
93.07
49.72
65.99
97.70
89.99
96.94
79.24
36.92
51.89
106.51
62.32
91.13

< 0.0014 * 0.0014 «0.0014
.7100
.7567
.7315
2.8854
2. 9070 2.9015
2.4873
2.5141
2.4987
1.6411
1.7728
1.6983
.0026
.0035
.0033

12.95
8.80
.02

58
19.88
59.70
22.90

OTHER COUNTRIES
Austria
_
Bulgaria
Czechoslovakia
.
Finland
Greece
Hungary
Poland
Portugal
Rumania
Yugoslavia
Cuba
Mexico
Uruguay
China
Hongkong.
Straits Settlements .

Schilling
Lev.
Crown
Markka
Drachma
Krone
Zloty
Escudo
Leu.__
Dinar
Peso
do.
do
Mexican dollar..
Dollar
Singapore dollar.

14.07
19.30

14.0470
.7313
2.9643
2.52Q0
19.30
1.4833
19.30
.0014
20.26
19.30 19.1800
4.8900
108.05
.4691
19.30
1.5821
19.30
100.00 99.8906
49.85 49.3333
103.42 94.3400
3 48.11 53.2300
3 47.77 53. 7700
56.78 54.6700

14.0760
.7357
2. 9694
2.5239
1.6321
.0014
19. 2000
4.9500
.4979
1.6191
100.0250
50.0333
96.5900
54.4000
54.8800
55. 7500

4 0.0014 «0.0014
.7279
.7344
2. 9518
2.9704
2.5183
2.5220
1.5658
1.6954
.0014
.0014
19.1700
19.2000
4. 8500
4.9600
.4870
.5180
1.6384
1.6017
99.9799 100.0281
49.4667
48.9750
97.8200
94.2800
54.4000
55.6700
55.7900
54. 9600
55.5900
54.9600

«0.0014
.7319
2.9600
2.5203
1.6134
.0014
19.1800
4.9060
.5073
1.6216
100.0114
49.2673
95.4572
55.0854
55.3495
55.3423

<0.01
3.79
13.06
8.36
.01
99.38
4.54
2.63
8.40
100.01
98.83
92.30
114.50
115.87
97.47

3.0500
.5007
1.1538
99.9563
48.0156
76.8300
50.3200
50.3100
50.1300

3.3200
.5568
1.3131
99.9906
48.4167
80.0700
51.7700
50.9400
50.8500

3.79

3.1639
2,93
.5182
2.69
6.34
1.2232
91.9713
99.97
48.2222
96.73
78.2648
75.68
51.0109
106.03
50.6070
105.94
50.5587 ! •89.04

1 Weighted average, weighted on the basis of trade with each country for the 12 months ended January, 1925. The method of construction
was described and all index numbers since November, 1918, were published on page 1260 of the BULLETIN for October, 1922.
2
Per billion paper marks.
3
1913 average.
4
Paper kronen.
SILVER
[Average price per fine ounce]

February
London (converted at average rate of exchange)..
New York




$0.69323
. 68846

INDEX
Acceptances:
Held and purchased by Federal reserve banks
282,283
Market for
239
Agricultural credit banks, loans by
241
Agricultural movements, index of
263
Agriculture, monthly statistics
241
Annual report of the Bank of France
258
Automobile industry
248
Bank credit
236,238
Bank debits
291
Bank of France, condition of, 1924
257
Bank suspensions
_
254
Bankers' balances in Federal reserve bank cities.
285
Banks of issue organized since 1919
_
269
Building statistics
249,264
Business and financial statistics:
Abroad
267,270
United States
_
236,261
Business failures
_
253
Canada:
Cost of living and retail food prices
276
Financial statistics
270
Foreign trade
273
Wholesale prices
274
Capital issues
240
Chain stores, sales of
_
251,266
Charters issued to national banks
_
260
Clearing-house bank debits
291
Coal and coke production
_
244
Commercial failures
_
_
253
Commodity movements
_
_
264
Condition statements:
All banks in the United States on December 31,1924
287
Bank of France, 1924
257
Federal reserve banks
278
Member banks in leading cities
284
Cost of living in principal countries
276
Description of index
._
_
_
. . 276
Cotton:
Raw
242
Manufacturing
_
246
Currency in circulation.
292
Dairy products
244
Debits to individual account
291
Department store business
_
252,266
Deposits:
Savings
_•-.. 252
Time and demand, of member banks
_ 286
Deposits, note circulation, and reserves of Federal reserve b a n k s . 278
Discount and open-market operations of Federal reserve b a n k s . . . 283
Discount rates:
Central banks of issue
272
Federal reserve banks
_
292
Prevailing in various centers
294
Earning assets of Federal reserve banks
282
Earnings and dividends of State bank and trust company members
290
Employment, United States
_
. . - 252
Index of
262
Failures, commercial and bank
_
253
Federal reserve banks:
Condition of
278
D iscount and open-market operations of
283
Federal reserve note account
_
281
Fiduciary powers granted to national banks
_
260
Financial statistics of principal foreign countries „
270
Food manufacturing
246
Food prices in foreign countries
276
Foreign exchange
256,296
Foreign trade:
Principal foreign countries
273
United States
254,273
Index of
273
France:
Bank of France, annual report of
258
Cost of living and retail food prices
276
Financial statistics
- 270
Foreign trade
273
Wholesale prices
274
Freight rates, ocean
273
Fruits and vegetables
243
Germany:
Cost of living and retail food prices
276
Financial statistics
270
•RWjgrn trade
273




Gold exports and the reserves of foreign banks
Gold imports and exports
Gold reserves of principal countries
Gold settlement fund transactions
Grain and
flour
Great Britain:
Financial statistics
Foreign trade
Gold imports and exports
Retail food prices and cost of living
Wholesale prices
_
Imports and exports of gold and silver
Interest rates
Iron and steel
Italy:
Financial statistics
Foreign trade
Retail food prices and cost of living
Wholesale prices
Japan:
Financial statistics
Foreign trade
Wholesale prices
Leather industry
_
Livestock industry
_
Lumber industry.
_
Mail-order houses, retail trade of
Manufacturing:
Condition, by industries
Index of production
Member banks:
Condition of__
Earnings and dividends of State bank members
Number discounting
Number in each district
State banks admitted to membership
Mineral production, index of
Metals
._..
Mining
._
Money in circulation
Money rates
National banks:
Charters issued to
Fiduciary powers granted to
Ocean freight rates
Per capita currency circulation
Petroleum industry
*
Prices:
Food, in principal countries
Security
Wholesale
Production in basic industries
Reserve ratio of Federal reserve banks
Reserves, gold, of principal countries
Resources and liabilities:
All banks in United States
Federal reserve banks
Member banks in leading cities
Retail food prices
Description of index
Retail trade
Savings deposits
Security prices...
Shoe industry
Silver:
Imports and exports
Price of
State banks:
Admitted to Federal reserve system
Condition of all banks on December 31,1924
Earnings and dividends of member banks
Textile industry
Time deposits of member banks
Tobacco industry
Trade:
Foreign
Retail
Wholesale
Transportation
Treasury
finance
Wholesale prices
Wholesale trade
Wool and woolen industry

Paw

231
231,255,295
231,267
293
242,264

..,..

270
273
256
276
274
231,255,295
272,292,294
247
270.
273
276
275
270
273
274
249
244
248
266

•
_

246
263
284
290
283
283
260
._-- 263
245
244
292
239,293,294
260
260
273
292
245

-

276
240
236,253,274
236,262
278
231,267
—

-

287
278
284
276
276
251,266
252
240
249
295
296
260
289
290
246
286
243

254,273
251,266
236,251,265
250,264
234
236,253,274
236,251,265
247

I




FEDERAL RESERVE DISTRICTS

9

I

MINN.

MINNEAPOLIS (
S.DAK.

—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY

o