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BULLETIN
APRIL, 1926

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Recent Banking Developments
Business Conditions in the United StatesGold Reserves of Principal Countries

WASHINGTON
GOVERNMENT PRINTING - OFFICE
1020

FEDERAL SESEMYE BOARD
Ex officio members: *

D8 R. CKISSINGBE, Governor.
EDMUND PLATT, Vice Governor.
-ADOLPH C. MILLEK 8 CHARLES S. HAMLINO
GEORGE R. JAMES,
EDWARD H. CUNNINGHAM*

A* W« MELLONJ

Secretary of the Treasury•, Chairman.
Je We MCINTOBHJ

Comptroller of the Currency\

WALTER L, EDDY ? Secretary.

WALTER WYATT, General Counsel

J. Cs NOELLJ Assistant Secretary.
E. Me MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent

Director,

Division

of Research and

Statistics*

Director, Division of
Eo Ao GOLDENWEISER,
Research and Statistics.
CTie/, Division of Examination^ and Chief Federal
Reserve Examiner.
E. Lo SMEAD, Cfa'e/, Division of Bank Operations.

J. F. HERSON,

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON).D««_—.„„-„.-.„_.„„...„.„„....„. CHAS, A MORSB! Vice President.
District No. 2 (NEW^YORK) D _» D «

»=ra«».»»_»_»____=.!_m.»=,^_ JAMES S« ALEXANDER,

District No. 3 (PHiLADELPHiA)mra«.»»__»>ra_»__.»^_ = »_»mra»»._ra_. L. L. R U E .
District No. 4 (CLEVELAND)„„=.„„„._„__.____.,„_
___„„_„_„.,_ GEORGE A. COTJLTON.
District No. 5 (RICHMOND)„„„__

_„

_„„_„.„

- JOHN F S BRUTON.

District No. 6 (ATLANTA)»_»»» DD ».. aramDra ».»_»»._»» oa »-»_«»._ P. D . H O U S T O N .
District NO. 7 (CHICAGO)..
- . - - - . _ _ - _ _ - . _ _ _ _ . . _ _ _ _ _ _ . . _ _ - - _ - 'FRANK O. WETMORE ? President.
District No. 8 (ST. L O U I S ) - - - - - - - - _ - - - - - - _ _ - - - _ _ _ _ - - - - - - - - _ - BRECKINRIDGE JONES.
District No- 9 ( M I N N E A P O L I S ) - - . - - - - - - - - - - - - - - - — _ _ - - - _ _ _ . - _ THEODORE WOLD.
District,No. 10 (KANSAS C I T Y ) ^ ^ ^ , ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ - . ^
- - - - - - P. W. GOEBEL.
District No. 11 (DALLAS)
•_,=„„„„„„„=-_„_„__„„„-__-_ B. A. MCKINNEY.
District No. 12 (SAN FRANCISCO)- — - — — — _ — _ — - - - - - - - HENRY S. M C K E E .
II




OFFICERS, OF FEDERAL RESERYE BANKS
Federal Reserve Bank of—

Governor

Chairman

Deputy governor

Boston
New York.

Frederic H. Curtiss__...
Pierre Jay——_
----

W. W. Paddock—
W. P. G. Harding—..-.
H. Case—........
JBenj. Strong..
_.___._. J.
L. F. Sailer.........
G. L. Harrison._„..
E. R. Kenzel—.—•

Philadelphia..—-..Cleveland——.——
Richmond.——_„—
Atlanta.—_._..... ____
Chicago.-————

R. L. A u s t i n — — — .
George DeCamp........
Wm. W. Hoxton........
Oscar Newton_».__--.—
Wm. A. H e a t h — — —

Geo. W. Norris..
E. R. Fancher—.
George J. Seay...
M. B. Wellborn..
J. B. McDougal..

St. Louis.....
Minneapolis..

Wm. McC.'MartinJohn R. Mitchell—

D. C. B i g g s —
R. A. Young.....

Kansas City..
Dallas.........

M. L. McCIure..
C. C. Walsh —

San Francisco..

Isaac B. Newton.,

* Controllers

W. Willett.
L. H. Hendricks.*
A. W. Gilbart.i
J. W. Jones.*
Ray M. Gidney.
L. R. Rounds.*
C. A. McHhenny.
W. G. McCreedy.i
H. F. Strater.

Wm. H. Hutt..
M. J. Fleming.......
Frank J. Zurlindenj.
C. A. Peple.__„„„„„
R. H. Broaddus—-^...
J. L. Campbell......
Creed Taylor—.....
C. R. McKay.......
John H. Blair—......

Geo. H. Keesee.
John S. Walden,Jr.>
M. W. Bell..
W. C. Bachman.i
K. C. Childs.^ '
J. H. Diilard.i
D. A. Jones.*
O. J. Netterstrom.^
J. W. White.
Gray Warren.
Frank'C.Diinlop.1
J. W. Helm.
Fred Harris.

O. M..At.tebery.-•___.
W. B. Geery-——.
B. V. Moore——.
Harry Yaeger2.___„.
W. J. B a i l e y — — C. A. Worthington...
Lynn P. Talley——__— R. R. Gilbert——..
R. B. Coleman. .,
J. U. C a l k i n s — — . Wm. A. D a y — — Ira C l e r k — — . .
L. C. Pontious—:
-

Cashier

W. N. Ambrose.

Assistant deputy governor,

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE. "BANKS"
Federal Eeserve Bank of—
New York:
Buffalo braneh__.____•__...__
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.
C. P. MeCombs.
J. C. Nevin.
A. H. Dudley.
Marcus Walker.
Geo.'R. DeSaussure.
A. E. Walker.
J. B. Port," jr.
W. R. Cation.
W. P. Kincheloe
W. H. Glasgow.
A. Fo 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__.._._.i-_....Salt Lake City branch.........
Seattle branch...____.__.._.;..
Spokane branch....

Managing director
R. E.'Towle.
L. H. Earhart.
J. E. Olson. .0. E. Daniel.
M.. Crump.
D. P. Reordan.
R. B. Motherwell.
R. B. West.
W. L. Partner.
C.R.Shaw.
D. L. Davis.
. ,

SUBSCRIPTION PRICE OF 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 Outside of the United States,- Canada.,:
Mexico, and the insular possessions, $2e,60; single copies, 25 cents. • ,:
.




in

'

TABLE OF CONTENTS
The m o n t h :
~
~~~
Page
Review of t h e month—Recent banking developments__
__
....
.
._
221
Treasury
finance
_-----_._ — _ _ . . .
...
„____-_
..
..........
...
224
Business conditions in t h e United S t a t e s . .
...
.
_.
----------_——
226
Special articles:
Bank suspensions in 1924 a n d 1925
.
„__„
....
247
Annual report of t h e National Bank of Belgium
_._
....
_„__„__„
260
Annual report of the Swiss National Bank____
....
265
Gold reserves of principal countries, 1913-1925
„___„
._
270
Official:
Rulings of t h e Federal Reserve Board—
Eligibility for discount of factors' notes covering advances to producers of eggs, poultry, a n d
b u t t e r . _ - - . — ..-____.___.._._____._
------------- ————— -——
.- —251
Eligibility for rediscount a t a Federal reserve bank of notes made or indorsed b y a Federal
intermediate credit bank when offered b y a member b a n k _ . _ - - - .
.__—__
.
252
Law department-—
Opinion of Attorney General re eligibility of trustee, officer, or employee of a mutual savings
bank to serve as class B or class C director of a Federal reserve b a n k . . _ . . . . . . _ . _ _ _ ,
253
Changes in State bank m e m b e r s h i p - .
'
- - — --—-__- — — — . .
....
254
Changes in national bank membership
-----------•—-- — — — - - — — —.— — —254
Fiduciary powers granted t o national b a n k s . - - — — — _ . .
——
_————— ———254
Business statistics for t h e United States:
Industrial activity
——————
————— ————
- — — -- — — — — — — — — 255
Commodity movements.-._„_„-„_
— — — — — — -.-_- - - . „ - . » _ - - „ _ „ - - = _ - . - —— — 257
Wholesale a n d retail t r a d e . - . . . . . _ , .
_ - _ - . „ - - _ - — ——————
——————
.- —258
Foreign banking a n d business conditions:
Financial statistics for England, France, Germany, and Canada._
—————————
„272
Foreign trade of principal c o u n t r i e s . - - - —
—————————
._ — — — — 275
Price movements in principal countries—Wholesale prices in principal c o u n t r i e s - - - - - — . — _ — — _
— — — — — —— — __ — 276
;_ ——
Retail prices and cost of living in principal c o u n t r i e s _ - _ . - - . „ . . „ _ „
__._
„ — — — — -•
278
Banking and financial statistics:
Federal reserve b a n k s Condition of Federal reserve banks
. —— —
.-_-._._.__
279
Federal reserve note account
. .
___.
_„„-_ ,„__ . - _ . _ - _ - - - - _ - _ _ . _ . - 283
Holdings of earning assets ._..
__--__.^ -„-__„
-___-_______--..-_-•_-_-..-284
Discount a n d open-market operations of Federal reserve banks-__._____•__._________._
285
Gold settlement fund-____•____--_-__---_
_--,_---_--.---_-------------_-—
301
Discount rates of Federal reserve b a n k s — - - - - - - - - - - - - . - - - - - - - - — -,_.-------------301
Member banks-—
Reporting member banks— '
Condition of reporting member banks in leading c i t i e s . . „ _ _ _ - _ _ „ - _ - „ „ „ - - - - _ „ „ _ „ .
286
Bankers' balances a t reporting member banks in Federal reserve bank c i t i e s - - - - - - - - - - 287
Loans t o brokers and dealers secured by stocks a n d bonds made by 61 weekly reporting
member banks in New York C i t y . _ . _ - - .-.
--«-_— --------287
All member banks—
.Deposits-.--....--.--.-..---.-^---.-..-.--.-..
— — — — — —— . — — - — —
288
Changes in membership during 1925—
292
All stock banks in t h e United States—Condition on "December 31, 1925
------289
Bank d e b i t s . .
— .—
—
. . „ - . . - . ——
— -—-—. —- —
295
Member banks and nonmember banks on par list and not on par list
- - - - .---•_-_-_------298
Money in circulation
______-----------_-._--_-------_--—
-_- — - - — — ---•
298
Money rates in principal cities^
„--„--- — _.-.—-.------ — - - - - - 296
Gold and silver imports and exports
___-_
__
_-----___.-.----__-299
Foreign exchange rates..
-.-------__-----__
-----^----.
300
IV




FEDERAL RESERVE BULLETIN
VOL.

APRIL, 1926

12
REVIEW OF THE MONTH

During the past month the principal changes
in the banking situation were a rapid liquidation of member bank collateral
Changes in loans, particularly of loans to
banking

situa-

t.on

i

i

J J

i

brokers and dealers m securities, a considerable growth in
the commercial demand for credit, and a reduction in demand deposits. These developments were centered in large part in New
York City, where a reduction in the volume
of security loans and a decline in deposits
accompanied the recent drop in security
prices. During the month Treasury operations
in connection with the issue and retirement of
United States obligations and the collection of
income-tax payments were an important factor
in the immediate credit situation. Notwithstanding the large reduction in loans, conditions in the money market have remained
firm, with the commercial paper rate at between
4]4 and 4J^ per cent and the rate on call loans
fluctuating around 5 per cent. At the reserve
banks discounts for member banks at the end
of March were larger than at any time since the
turn of the year and the largest for this season
since 1924, while the total volume of reserve
bank credit outstanding was at about the same
level as a year ago.
Between the end of December, 1925, and the
end of March of the present year the volume
of loans secured by stocks and
^
at member banks in
leading cities declined by about
$450,000,000, a reduction amounting to more
than 40 per cent of the increase in this class
of loans during the preceding year. This
liquidation, which during the early weeks of the
year was partly seasonal in character, continued in the later weeks largely as the result
of the decrease in the credit requirements of the




No. 4

security market consequent upon the drop in
security prices. That it was the reduced volume
of loans to finance the trading in securities that
was the principal factor in the recent decline
in the volume of this class of loans is indicated
by the fact that total loans of reporting banks
to brokers and dealers made by reporting
member banks in New York City declined from
$3,139,000,000 on February 17, a figure close
to the peak for the current year, to
$2,573,000,000 on March 31, a drop during the
six-week period of $566,000,000, or about 18
per cent. This rapid decline in the credit requirements of the security market was accompanied by a growth in the demand for loans to
finance the current operations of industry and
trade, which continued to be active during the
first three months of the year. This demand
was reflected in a considerable increase after
the end of January in the volume of commercial
loans at member banks in leading cities; these
loans rose by the end of the first quarter to a
level near that reached last autumn when commercial loans were in larger volume than at
any time in the past four years.
Changes in the volume of bank loans, both
in loans on securities and in commercial lo ansf
since the opening of the year
Loans of banks have occurred to a large extent

TwJ°f

and

City
City

is brought out ID the following
table, changes at reporting banks outside New
York being relatively small:
M E M B E R BANKS IN LEADING CITIES .

[In millions of dollars]
New York City

Outside

Dec.30, Mar. 24, Change Dec.30, Mar. 24, Change
1925
1925
1926
1926
Loans on securities..
All other loans
Investments.
Total loans
and investments
_•_

2,485
2,243

1, 696

2,091
2,368
1,724

-394
+125
+28

3,445
6,063
3,766

3,397
6,092
3,851

+20
+85

6,424

6,183

-241

13,274

13,340

+66

221

-48

222

FEDERAL RESEBVE BULLETIN

Security loans by banks, in New York City
declined by $394,000,000 between the close of
last year and the end of March, while at
banks in other cities the decline in these loans
during the period was only $48,000,000* Commercial loans, on the other hand, which at the
New York City banks increased by $125,000,000, advanced by less than- $30,000,000 at the
outside banks. Investment holdings of New
York City banks showed an Increase of
$28,000,000 for the three months, while outside
banks increased their investments In securities
by $85,000,000. The movement of loans to
brokers and dealers placed through New York
City banks also shows that It is In the volume
of operations of these banks on their own
account that the principal changes have
occurred since the beginning of the year.
This Is brought out In the table below:
LOANS TO BROKERS AND DEALERS MADE
PORTING MEMBER BANKS IN N E W ' Y O R K

APEIL, 1926

ever, when the entire volume of loans on the
market began to decline rapidly, the withdrawal
of out-of-town funds has been more rapid than
the reduction In the street-loan account of the
local banks.
In order to give a somewhat longer view of
member bank credit developments, with special
reference to differences In the movements of
bank loans In New York City and outside,
a chart is presented showing the movement of
loans on securities for the two groups of banks
since the opening of. 1924, when the recent
rapid growth of bank credit began.
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

40001

14000

Outside
N.Y.City
3000

3000

BY R E CITY
New York City

[In millions of dollars]

Date

1926
Jan. 5 ._
Feb. 17
Mnr 10
Mar. 3 1 . . . . . . . — -

Total

3,141
3,139
2,885
2,573

For
For their account
of outown
account of-town
banks

1,338
1,159
1,021
1,048

1,239
1,354
1,266
1,006

2000

1000

1000

For
account
of others

564
620
598
519

Loans to brokers and dealers by the New
York City banks for their own account declined-continuously until early in March and
were on March 10 more than $300,000,000
smaller than on the first report date. After
that time these loans Increased somewhat.
Loans for account-of. correspondents, on the
other hand, Increased by more than $100,000,000 during the first six weeks and then declined
by about $350,000,000. during the- last six
weeks. It appears, therefore, that during the
earlier weeks .of the year out-of-town funds
flowed into the New York market and were
used t o ' replace funds withdrawn from the
market by the New York banks for their own
• account. Since the middle of February, how-




2000

SECURITY LOANS

1924-

1925

1926

The chart shows that in 1924, when security
loans Increased by about $600,000,000, twothirds of the growth was at member banks
In New York City; during that year thegrowth of commercial loans was considerably
larger at banks outside the financial center.
In 1925, on the other hand, the growth In
security loans until the closing months of the
year was almost entirely In banks outside of
New York City, and of the increase of about
$1,000,000,000 in this class of loans for the
year over one-half was at banks located outside of New York. The volume of commercial loans In 1925 changed relatively little,

APBIL, 1926-

and the increase for the year was entirely In
outside banks, as the. commercial loan account
of the New York City banks showed a decrease
for the year. Since the opening of 1926, as has
already been stated? changes In the member
banks' loans3 both on securities, and for commercial .purposes? have taken place largely at
the banks in New York City.
At the reserve banks recent changes have
also been, largely confined to the New York
district*
During
January
Movements of m e m b e r .banks outside New
reserve ba.nk York used currency? which was
credit
released from circulation following the holiday-demand, to. reduce their
borrowings at the reserve banks from about
$530,000,000 to $400,000,000. During February New York lost funds to other sections of
the country in about the same volume as the
increased demand for currency outside of New
York; and discounts of member banks outside
New York remained close to the $400,000,000
reached at the end of January/ Thus the
entire Increase In currency demand, which
amounted to $75,000,000 during February,
was felt In New York, where member banks
met the demand partly by the use of gold received, chiefly from Canada, and partly by
Increased borrowings at the reserve banks.
Keserve bank holdings of United States securities were fairly constant during January
and February but fluctuated somewhat during
March,.-as $66,000,000 of the holdings consisted
of Treasury notes which matured on March
15 and were replaced through purchases of
other issues in the open marked Holdings of
acceptances have declined during the quarter
as bills drawn to finance agricultural exports
In the autumn matured and were repaid. The
total volume of reserve bank credit in use
has fluctuated between $1,100,000,000 and
$1,200,000,000 during February and March and
in the latter month was at about the same
level as in March of last year. In March, 1925,
however, only about 35 per cent of this total
consisted of discounts for member .banks,,
while at the present time discounts constitute




223

FEDERAL EEBEEVE BULLETIN

about one-half of the outstanding volume of
reserve bank credit.
In the more recent temporary fluctuations in
the volume of reserve bank credit,, an Important
Influence has been the fiscal
Influence of o p e r a tions of the Treasury,

Treasury opera-

lions

-,

-L j

•

J ± -i -

described m more detail in a
separate statement in this issue
of the BULLETIN.. On March 15 the Treasury
was called upon to pay out over $700,000,000
for the redemption of maturing security issues
and for interest on the public debt, and during
the following week it purchased over $100,000,000 of third Liberty bonds for account of the
sinking fund. At the same time the Treasury
was to receive more than $400,000,000 In income- taxes and about $500,000,000 as the
proceeds of a new refunding issue of United
States bonds. As receipts from these sources
were not available to the Treasury In time to
cover the full amount of disbursements,'the
Treasury on March 15 issued to the Federal
Reserve Bank of New York a special certificate
of indebtedness for $190,000,000 • and one
to the Federal Keserve Bank of Chicago for
$19,000,000. . These certificates were redeemed
as funds from income tax payments were realized and the last portion was taken up by the
Treasury on.March 19. In New York, owing
to the large volume of holdings of the maturing
Issues of" securities, Treasury outlays exceeded
receipts by about $130,000,000, and this
created a temporary accumulation of funds in
the money market. To offset this In part the
New York Federal Reserve Bank on March 13
and 15 sold United States securities under
repurchase agreement to banks in that city.
This brought the reserves of the banks below
requirements for the first two days . of tEe
reserve week and caused them to. use the funds
received, from the Treasury in r redemption of
maturing obligations as a means to bring
average reserves for the week to the required
level. In the Interior Treasury receipts exceeded disbursements, and? to make these
payments to the Government, interior banks
drew heavily on their funds in New York* By

224

FEDERAL RESERVE BULLETIN

1926

Of the third Liberty loan bonds payable
September 15, 1928, the amount outstanding
had been reduced by retirements aggregating
on all accounts $1,453,955,950—from $4,175,650,050, the amount of the original issue in
May, 1918, to $2,721,694,100, the amount outstanding on February 28. On March 1 the
Secretary of the Treasury announced that, following the plan adopted in November of last
year, further purchases of these bonds would
be made from holders through the Federal
reserve banks for account of the cumulative
sinking fund. This procedure, it was noted,
NOTES
would save commission charges to the GovernGovernors' conference.
ment and to sellers. Under the terms of the
On March 22 and 23 the governors of the announcement purchases in the amount of
Federal reserve banks held their customary $100,000,000 or thereabouts were to be made
spring meeting in Washington,, Conferences at the lowest prices offered, the privilege of
were held among the governors and with the tendering bonds for sale to expire March 10.
Over $148,000,000 face amount of bonds were
Federal Reserve Board,
tendered, and all proposals not exceeding
Annual report
101^1"—in aggregate amount about $121,750,The text of the annual report of the Federal 000—were accepted, at an average cost to the
Reserve Board covering operations for 1925 was Government slightly under 101-& and accrued
presented to Congress on April 10 and released interest. In response to a similar proposal
for publication on April 12.
made in November of last year to purchase
some $50,000,000 of this issue at the lowest
prices offered not exceeding 101}4> bonds were
TREASURY FINANCE
tendered to the amount approximately of
March financing and sinking-fund operations $176,000,000, and all proposals at prices not
effected a reduction of some $242,000,000 in exceeding 101J^ were accepted, the average
the interest-bearing debt of the United States. cost to the Government being approximately
These operations included direct purchases of
third Liberty loan bonds for account of the 101*.
The Treasury notes maturing March 15
cumulative sinking fund, redemption of Treasury notes coming payable March .15, and an were a refunding issue of March 15, 1922.
issue of long-term bonds. Amounts involved in They had been issued at par in exchange for
payable May 20,
these several transactions were approximately Victory Liberty loan notes
1923, under the Treasury7s program of gradas follows:
ually refunding the Victory notes in succesProposals accepted for sale of third Libsive note issues which would distribute maturierty loan 4}^ per cent bonds to the
United.States, about._----„__„._„_- $121, 750, 000 ties through the period from the date of
Redemption of &% per cent Treasury
notes coming payable Mar. 15____„.,_ 615, 677, 900 maturity of the Victory notes to September 15,
1928, when the third Liberty loan bonds come
Total retirements on these accounts, about„......
. . _ . 737, 427, 900 payable. Practically the entire issue of fouryear notes maturing March 15—$615,677,900
Allotments of 3% per cent Treasury
bonds of 1946-56.
. , — . . . . . . . . . . 494,898,100 of $617,769,700 originally issued—were outExcess of retirements, about
242, 529, 800 standing on March 1, when the Secretary of
the Treasury authorized Federal reserve banks
By reduction in the interest rate and in the to begin redemption in cash at the holder's
amount of the debt outstanding an annual option before March 15, with interest accrued
saving of more than $15,000,000 is effected in to date'of such optional redemption.
aggregate interest charges. Also a substantial
Subscriptions for the offering of some $500,amount of floating indebtedness has been 000,000 of 3M per cent bonds dated March 15,
eliminated, and some reduction effected in the 1926, payable in 30 years and redeemable at
short-dated bonded indebtedness of the Gov- the option of the Secretary of the Treasury
ernment. The securities retired were running in 20 years, were invited on March 8 at 100J^.
at 4M and 4% per cent, the rate on the new Treasury notes maturing March 15 were
issue being 3% per cent.
accepted in part payment but were not given

March 19 these withdrawals had removed the
temporary surplus in New York, and by March
20 the New York Reserve Bank repurchased
the United States securities sold earlier in the
week. Security transactions of this character
are a part of the technique developed by the
Federal reserve system for the purpose of reducing to a minimum the temporary disturbing
influence of large-scale Treasury operations on
conditions in the money market.




APEIL,

225

FEDERAL RESERVE BULLETIN

192@

preferred allotment. Reports from the re- amount outstanding are shown in the table
serve banks showed total subscriptions for following:
these bonds to the close of business on March COMPOSITION OF THE PUBLIC D E B T ON FEBRXTABY 28,
11 in the aggregate amount of some $647,000,1926, AND N E T CHANGES DURING THE FISCAL
000, of which $494,898,100 were allotted. All ' Y E A R 1
subscriptions in amounts not exceeding $50,000
were allotted in full, and subscriptions in larger
Amount of
Increase (+)
debt outamounts upon a graduated scale. Subscripor decrease
Account
standing
(—) since
tions and allotments for each Federal reserve
Feb. 28, 1926 June 30,1925
district are shown in the table following:
Total gross d e b t . . . . . . . . . . . . . . . . .
TREASURY BONDS OF 1946-1956, DATED MARCH 15,
1926—SUBSCRIPTIONS
AND
ALLOTMENTS,
BY
FEDERAL RESERVE DISTRICTS
Federal reserve district

Subscriptions

Allotments

Boston._
„.
New York
Philadelphia..
Cleveland...,.,.
Richmond.-..
Atlanta
..
Chicago
St. Louis—...
Minneapolis..
Kansas. City..
Dallas.
„.
San Francisco.

$80,855,700
171,108,600
77,456,300
67,819,800
28,303,200
28,835,100
54,373,200
22,017,100
16,438,900
22/402/100
17,620,400
60,013,500

$69,110,700
98,601,600
67,061,300
51,090,000
20,740,400
26,945,100
48,655,200
19,348,100
13,894,700
18,087,100
12,920,400
48,443,500

Total...

647,243,900

494,898,100

Net reductions of some $192,000,000 in the
period from June 30, 1925, to the end of February, 1926, brought the amount of interestbearing debt outstanding in round numbers to
$20,000,000,000. The composition of the debt
on February 28 and the net changes during
the present fiscal year to that date in the
88806—26f—2




$20,276,143,040 -$240,050,848

245,585,962
Bearing no interest—>._——_——11,680,620
Matured on which interest had ceased-Interest bearing...
_
_._._...;_
20,018,876,458

-29,442,031
-18,578,360
-192,030,456

Bonds, total...
^._.._^.».
.„__
Pre-war bonds
.
„
Liberty bonds, total—.
„.
First Liberty loan of 1932-1947—
Second Liberty loan of 1927-1942.
Third Liberty loan of 1928 ___„—
Fourth Liberty loan]of 1933-1938.
Treasury bonds, t o t a l . . . . . . . .
4 % per cent bonds of 1947-1952..
4 per cent bonds of 1944-1954
Treasury n o t e s . - — _ - . Treasury certificates._-...
.
War savings securities..._.„'...__._

16,671S 269,970
765,860,170
14,094,373,000
1,943,666,300
3,104,535,850
2,721,694,100
6,324,476,750
1,811,036,800
763,948,300
1,047,088,500
2,158,081,500
822,502,000
367,022,988

-171,019,790
+544,160
-171,563,950
—7,853,350
-22,900
-163,683,250
-4,450
-246,159,900
+243,817,000
-18,667,766

Net balance in general fund....
Gross debt less net balance......

340,831,406
19,935,311,634

+122,995,674
-363,046,522

i On the basis of daily Treasury statements.

In March, 1925, the Treasury issued 4 per
cent bonds of 1944-1954 at 10034 following
an offering of similar bonds in the preceding
December at par. These issues, for an aggregate amount of $1,047,000,000, together with
the present offering/ are the only issues of
long-term bonds since the issue in October,
1922, of 4M per cent bonds of 1947-1952 at par.

220

FEDERAL RESERVE BULLETIN

1926

BUSINESS CONDITIONS IN THE UNITED STATES
Production and trade continued in February at the high. level of the preceding month-,
while the general average of prices declined and was lower in February than at.any time since
the latter part of 1924.
Production.—-The Federal Reserve Board's index of production in basic industries,- which
is adjusted for seasonal variations, indicated a continuation of productive activity during
February in about the same volume as in the preceding two months. Mill consumption of
cotton and the output of flour, anthracite coal? copper, and newsprint showed increases in February, when allowance is made for usual seasonal changes, and the output of iron and steel
and lumber remained practically unchanged* Activity in the woolen industry and the production of cement declined. Automobile production was in considerably greater volume in
February and was larger than a year ago, although smaller than in the corresponding month
of 1924. Employment and earnings of factory workers increased, after the seasonal recession
of January, and were in February at practically the same levels as during the latter part of
1925, The volume of building contracts awarded declined both in January and in February,
but remained larger than in the corresponding months of last year*
Reports by farmers to the Department of Agriculture of intentions to plant in 1926 indicate
that the acreage of spring wheat and tobacco will be slightly smaller, the acreage of corn will
be about the same, and that of oats, barley, hay, and potatoes larger than that in. 1925.
Trade*—Wholesale trade in February was in about the same volume as a year ago. A
smaller volume of sales was reported for groceries, dry goods, and hardware, while sales of
meats, shoes, and drugs were larger. Inventories of wholesale firms dealing in groceries, dry
goods, shoes, and hardware were smaller at the end of February than a year ago. Trade at
department stores and at mail-order houses was larger than in February of last year, and
department-store stocks were about 5 per cent greater than on the corresponding date of 1925*
. Freight-car loadings continued at about the same daily rate in February as in the preceding two months. Shipments of merchandise in less-than-carload lots and of miscellaneous
commodities were particularly large*
Prices,—-The general level of wholesale prices, as measured by the Bureau of Labor Statistics index, after remaining unchanged for two months, declined in February to a point
slightly below the low figure of 1925., reported for last May. The greater part of the decline
since last autumn.has been in prices of agricultural commodities. In February prices of allmajor groups of commodities, except fuels, declined, and particularly large reductions occurred
in the prices of grains, cotton, wool, silk, and rubber* Price advances in February were shown
for petroleum, • coke, and paper. During the first three weeks of March prices of grains, cotton,
wool, and silk continued to decline, and recessions were also reported in the prices of .sugar and
hardwood lumber.
150 200

PERCENT
[200

150

150

!00

too

100

SO

PRODUCTION IM
BASIC INDUSTRIES

1922

1923

WHOLESALE PRICES
1924

1926

Index of 22 basic commodities adjusted for seasonal variations.
(1919=100.) Latest figure, February, 120




50

1922
19241925
1923
1926
Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, February,, 155

227

FEDERAL BESERVE BULLETIN"

APHID* 1926

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

to

10

-

FACTORY EMPLOYMENT
AND-PAY ROLLS

1922

1923

1924-

1925

1926

Federal Reserve Board's indexes of factory employment and pay rolls.
(1919= 100.) Latest figures, February, employment, 97 pay rolls 112;

2

1922
192V
1925
1926
1923
Monthly averages of weekly figures lor banks in 101 leading cities.
Latest figures are averages for first 3 weekly report dates in March

Bank credit.—At member banks in leading cities demand for loans, chiefly for commercial
purposes, showed an increase, partly seasonal in character, between the middle of February and
the middle of March, and on March' 17 the total volume of these loans was close to the high point
reached last autumn. A further decline of loans, on securities, which accompanied the sharp
recession in security prices in March, carried the total to a point nearly $430,000,000 below that
reached • at the end oi the year.
.
•
Following a growth during February in the volume of reserve bank credit outstanding,
there was a sharp decline, early in March to about the same level as a year ago. Factors contributing to the decline have been continued imports of gold and some reduction in member
bank reserve requirements, as well as the temporary abundance of funds resulting from the
excess of Treasury disbursements over receipts around March 15.
Open-market rates on prime commercial paper, after a slight decline in February, advanced
in March to 4 3^-4 % per cent, the level which had prevailed since last October,
BUSINESS INDEXES OF T H E FEDERAL RESEBVE BQAUB
[Monthly average 1919-100]

Year and month

Production in
basic
industries i

Factory
employment

127
124
120
119
111
110
113
109
111
116
115
121

94
96
96
' 96
95
94
93
94
95
97
97
97

103
109
110
107
107
105
102
105
104
111
112
112

164
166
172
169
151
173
188
225
235
210
229
276

120
120

96
97

107
112

243
208

Building Railroad- WholeFactory contracts
car
sale •
pay rolls awarded
» loadings* trade

Department-store
sales *
Unadjusted

Adjusted

' Department-store
stocks i
Unadjusted

Adjusted

Bank
debits
outside
of NewYork
City* '

•

1925
January
February „—.._.—_-._.__.March
April . ..._______.___.________
May
Fune . .
_.-_
...»
Fuly
September
October . . —
November
December

„ _.„„ —_

1926
January...
=. . . . _ . . . .
February.....................

.

123
125
117
129
123
117
122
123
121
121
121
130

79
76
83
79
79
83
83
87
94
101
86
80

108
101
121
136
128
126
95
98
121
165
145
226

124
131
121
133
124
126
128
125
134
145
129
141

119
127
139
141
136
129
125
131
143
149
154
129

134
135
137
136
137
135
133
131
133
134
137
139

119
118
118
120
US
122
124
120
123
128
122
124

118
127

78
76

114
104

130
136

125
132

141
140

126
128

* The indexes of production in basic industries, building contracts, car loadings,'and bank debits are adjusted to allow for seasonal variations;
tbe indexes of 4epartment4tores sales and stocki are .shown both with and without seasonal adjiutments. '




228

FEDERAL RESERVE BULLETIN

APRIL, 1926

MONEY RATES

ACCEPTANCES

Commercial paper rates in March were again
at the levels prevailing before their temporary
decline in February. Prime names were quoted at 4 3^-4 % per cent, but toward the end
of March an increased volume of sales occurred
at 4)^ per cent. The amount of borrowing
through the commercial paper market has
been much less than at the same season last
year, and the demand has been relatively inactive, coming in March chiefly from New England and Pennsylvania country banks. Rates
on bankers' acceptances were the same in
March as in February. Yields on both long
and short term Government securities declined
slightly. The new issue of 20-30 year Treasury bonds dated March 15 bore a rate of 3%
per cent and was oversubscribed at a selling
price of 100J^. The renewal rate on stock
exchange call loans, after fluctuating between
A% and 53^ per cent the last three weeks in
February, declined early in March and remained at 434 per cent for over two weeks,
but later in the month advanced to 5 per
cent. The table below shows money rates
prevailing, in the New York market during the
last three months:

The acceptance market was generally quiet
during the four weeks ending March 17, although a somewhat larger volume of transactions was reported by dealers in New York,
Boston, and Chicago than during the preceding
four weeks. The supply of bills offered in the
market remained small except for a temporary
increase at the end of February. An improvement in demand accompanying easier money
conditions around the middle of March resulted in a reduction of dealers' portfolios from
the unusually high volumes reported on February 18. Federal reserve bank purchases were
moderate, and those made from dealers were
generally for foreign account. Bill rates in
New York remained unchanged throughout the
period. These rates are given in the following
table:

MONEY RATES IN N E W YORK

Prime
commercial
paper,
4-6
months

March, 1925......
January, 1926
February, 1926..
March, 1926
Average for week
ending—
Mar.6.-~-'-—
Mar. 1 3 . . .
Mar. 20
Mar.27———

Yield
on
AverPrime U.S.
age
ReAverbank- Treas- yield
age
ers'
ury
4M newal
rate
on
accept- notes onper
rate
and
time
ances,
on
call
cent
certifiloans loans 3
90
days cates, Liberty
bonds
3-6
months
2.78
1 3.49
1 3.18
/13. 03
\«3..26

4.02
4.04
4.01

3.97
4.33
4.85
4.55

4.19
4.79
4.68
4.72

13.09
i 2.98
/ 1 2.97

3.99
3.97

4.80
4.25
4.25
4.70

4.87
4.80
4.65
4.59

\ 2 3. 27

3.25

3.98

1

Issues maturing June 15,1926.
tissues
maturing Sept. 15,1926.
3
Weekly average of daily average rates on principal maturities.

In the London money market rates hardened
in March and three-months' bank bills were
quoted at 4 ^ per cent the third [week of the
month, as compared with 4J^ per cent the
last week in February. Treasury bills were
tendered at an average rate of 4.396 per cent.




ACCEPTANCE

RATES WITH N E W
MARCH 17, 1926

Maturity

YORK

MARKET,

Bid

Offered

Per cent

30 days.. .
60 days...
90 days...
120 days..
150 days_.
180 days-

CAPITAL ISSUES

The volume of new domestic securities
issued in February, according to the compilation of the Commercial and Financial Chronicle,
was smaller than in January but larger than in
any preceding February since the war, and
surpassed the amount issued in every month in
1925 except three. The total of $472,800,000
included an unusually large amount of municipal securities, while the corporate issues were
less than in February, 1925. Over one-half of
the municipal issues, which totaled $144,800,000, is accounted for by a New York City
offering of $75,000,000. Of the corporate
flotations, those of industrial corporations
exceeded those of public utilities and railroads,
but all three classes showed decreases as
compared with January. The following table
shows the domestic securities issued in February, 1925, and in January and February,
1926:

229

FEDERAL RESERVE BULLETIN

APRIL, 1926

DOMESTIC CAPITAL ISSUES
[In millions of dollars]
February,
1926

New

Total
Corporate
«,
Long-term bonds and
notes
Short-term bonds and
notes
Stocks...
_...
Farm-lpan issues
Municipal

Refunding

January,
1926

New

February,
1925

Refunding

New

Refunding

472.8

25.6

566.9

65,3

460.8

51.3

323.7

25.0

493.1

63.5 ,374.2

48.2

172.8

22.6

300,8

56.7

254.1

44.3

2.4

43.1
149.2
5.0

6.8

24.2
95.9
9.4
77.2

3.0

28.2
122.7
4.3
144.8

3.1

and cable, and theater stocks. The market
was exceptionally active early in the month, and
the volume of sales during the week ending
March 6 was the largest on record. Later
the daily average of sales was moderate in
volume. Bond prices declined early in March
from the high levels of February, but recovered
part of the decline later in the month. The
following table gives indexes of stock prices
computed by the Standard Statistics Co. of
New York, the average price of 40 bonds computed by Dow, Jones & Co., and the average
number of shares of stock sold daily on the
New York Stock Exchange for the last six
months and for March a year ago.
' INDEX NUMBERS OF SECURITY PRICES

The volume of foreign securities issued-in the
United (States in February, according to the
compilation of the Federal Reserve Bank of.
. New Yorky considerably exceeded those issued
in January. The revised total for January was
$83,157,900, of which $13,029,500 were for
refunding purposes, and for February $108,088,400, .of which $43,608,900 were refunding
issues. In addition, there were two offerings
of bank, stock in February, the amount of
which could not be ascertained. The new
governmental issues, including those of provinces and municipalities, were over twice • as
large as those of corporations and the refunding
issues ten times as large. All of the new
governmental and the bulk of the new corporate
offerings were from Germany and Italy, but
Canadian and Newfoundland corporations
raised some new capital in this country, and
the Dominion of Canada floated a refunding
loan of $40,000,000.
SECURITY PRICES

Further declines in the prices of common
stocks in March brought the average price
of representative issues considerably below the
level reached during the market reaction last
November. After the abrupt fall of prices
early in the month, a slight rally occurred, but
this was followed by a further decline of
industrial shares to a new low point and a less
pronounced reaction in railroad stocks. At
the end of March the index of the former was
20 points below its record high level of early
February and the index of the latter 10 points
below its high reached at the end of December.
They were still 15 and 10 points, respectively,
above the lowest levels of 1925. Almost all
the major groups of stocks declined, with the
smallest change in the petroleum, telegraph




Price indexes of 1—

Average
Aver- number
age
of shares
201 in- 31 rail- Total, price of stock
of 40 sold daily
232
dustrial road
(000
stocks stocks stocks bonds 2
omitted) §
Average for— .
March, 1925
October, 1925—...
November, 1 9 2 5 . . . . . . .
December, 1925
January, 1926. •—_
..
February, 1926__——_.
March, 1926_
Average for week e n d i n g Mar. 1__—i—
Mar. 8
_
Mar. 1 5 . . Mar. 22._.
Mar. 29_

123.9
145.8
150.4
151.6
153.7
154.9
144.0

110.3
116.2
120.0
125.4
125. 5
123.5
119.4

119.9
137.2
141.6
144.0
145.5
145.7
136.7

$91.35
92.17
92.44
92.76
93.46
94.31
93.94

l,65f
2,302?
2,397"
1,88$
1,76©
1,80$
1,79(11

146.9
145.9
147.0
144.4
135.6

119.9
119.7
121.2
119.7
116.5

139.0
138.2
139.4
137.1
130.0

94.34
93.90
94.00
94.15
93.69

1,912
2,885
1,590
1,755
1,865

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

AGRICULTURAL CREDIT

The consolidated statement of the 12 Federal intermediate credit banks for the month of
February disclosed a continued decline in direct loans and an increase in • rediscounts, resulting in a net gain of $1,638,000. A net decrease of $1,339,000 was made in direct loans,
declines taking place in all outstanding commodity advances with the exception of those
based on cotton and rice and on raisins, in
which there was no change. The greatest.
liquidation took place in tobacco loans, which.
ware reduced $2,592,000 during the month,.
with an additional reduction of. $1,500,000'
during the first three weeks of March. Wool
loans, reflecting the influence of a slow market^
had been liquidated less than 50 per cent on
January 2, 1926, but have since been rapidly

230

FEDERAL RESERVE BULLETIN"

reduced and, with a continuation of the present
rate of liquidation, should be cleaned up by
the time advances are commenced on the new
clip in April or May. Advances on cotton
continued to increase during the month, but
reached their peak of $26,493,000 in the closing
week, and the reports for the first half of
March reflect a downward trend. Kice loans
maintained a slight increase during February,
as stocks continued to pass out of the hands of
growers and into the control of their marketing
organizations.
Rediscounts, chiefly from agricultural credit
corporations, increased approximately $3,000,000 during February, reflecting the seasonal
demand for crop production needs. Of this
amount, slightly more than $2,000,000 was
placed by the Columbia (S. . C.) bank. Demand for accommodations during the first two
weeks in March was even more active, as additional rediscounts of $3,000,000 were made
during that period. Moderate increases were
also effected in accommodations to livestock
loan companies.
• Loans based on different commodities and
rediscounts for the different financial institutions for the latest available date in March
are shown in the following table:
INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
Mar. 20, F e b . 20,

Direct loans outstanding o n Cotton
Tobacco
Wheat
>___ ____
C anned fruits and vegetables .___>_.
Raisins
_-_..
«,„.
Prunes
Peanuts
Wool . . . .
Rice
All other

____„

Total—_.

„

Rediscounts outstanding for—
Agricultural credit corporations.......
National banks..„_
„-__
_..
State banks
Livestock loan companies.™
_
Savings banks and trust companies.
Total

.._.

-

M a r . 21,
1925

1926

1926

26,479
15,588
1,910
489
3,600

25,614
17,062
2,370
561
3,600

84
157
894
432

122
431
734
493

49,633
=s

50,987

35,309

21,390
34
417
12,046
65

16,062
34
357
12,027
85

12,798
14
678
8,940
150

33,952

28, 565

22, 578

4,858
22,808
1,453
234
4,000
1,216
340
314
86

Federal and joint-stock land bank loans
maintained their customary rate of increase
during February, the net outstanding loans of
the former being expanded approximately
$8,000,000 and the "latter $12,000,000. The
total of outstanding farm loans of reporting
life-insurance companies increased $10,000,000
during the first two months of 1926, The total
investments in farm real-estate loans of 52
companies representing 93 per cent of the funds




APRIL,- 1926

of all legal-reserve life-insurance companies in
the United States, as reported by the Association of Life Insurance Presidents, reached a
total of $1,871,056,000 in 1925. The following
table shows the outstanding volume of net
mortgage loans at the end of February held by
the 12 Federal land banks, 56 joint-stock land
banks, and 41 life-insurance companies owning
more than 82 per cent of the assets of all lifeinsurance companies:
N E T FARM MORTGAGE LOANS OUTSTANDING
[In thousands of dollars]
Feb. 28,
1926
Total, all joint-stock land banks.
Total, Federal land banks..»____.
41 life-insurance companies.......

567,544
1, 019, 486
1, 533,000

Feb. 28,
1925
464, 874
944,995
1,460, 000

AGRICULTURE

Weather conditions continued favorable in
most sections of the country during the late
weeks of February and the early weeks in
March for spring plantings, winter-sown crops,
and livestock. In certain areas.of the South,
however,'low temperatures delayed growth of
early fruits and vegetables in the early weeks
of March. Reports by farmers to the Department of Agriculture of their intentions to
plant in 1926 indicate that the acreage of oats,
barley, potatoes, both Irish and sweet, rice,
and hay will be larger than that grown in 1925
and that of peanuts and tobacco will be smaller.
Acreage of corn will be about the same as in 1925.
Movement of the 1925 crops .to market
showed the usual seasonal decline in February
from January and the closing months of 1925
when crops were marketed in large volume.
As marketing in the early months of the year
slowed down and -preparations* for spring
plantings began, loans necessary for marketing
were reduced and those necessary to .finance
production began to expand, according to
reports of the intermediate credit banks of
loans to cooperative marketing associations
and to agricultural • credit corporations.
Partly as a consequence of the smaller wheat
crops in 1925 than in other recent years, the
amount of this crop left on farms on March 1
was considerably smaller than in 1925 and 1924,
and -was much less than the average for the
five, years 1921-1925. Stocks of corn, oats,
and barley, on the other hand, were larger
than in the two preceding years and exceeded
the average amount on farms for the past
five years.
Exports of agricultural commodities, as
measured by the index prepared by the Depart-

APEIL,

231

FEDEBAL BESERVE BTTLLETiK"

192@

ment of. Agriculture, continued to fall off in
-February, and as a result of this decline the
total volume for that month was the smallest
for any recent year* All groups of commodities
except dairy products, tobacco, and veggs were
shipped abroad in smaller volume than in January, and exports of all groups except fruits and
vegetables, tobacco, and lard were less than
in February of last year. Wheat exports,
including flour, were smaller than for any
previous month in six years and were about
one-half the monthly average amount exported
during the five years preceding the war.
Alter remaining at about the same level
from September through February, farm prices,
according to the Department-of Agriculture's
index, declined In March to the lowest point
since December, 1924. In March, 1925, the
index reached 151, the highest level since 1920,
but in March of this year all groups except
fruits and vegetables, livestock, and livestock
products were lower, but the greatest declines
were in the -prices of grains and cotton.
Grains*

Generally declining prices were in evidence
in the wheat market during February, and.the
lowest level of prices since last November was
reached during the first week in March, when
quotations' on Minneapolis May futures fell
to $1.53%. Lower prices were attributed to
the,continued weakness in foreign markets and
to the favorable reports of the growing winterwheat crop in the united States. The March 1
estimate of stocks of wheat, made by the Department of Agriculture, was placed at 99,279,000 bushels on the farms and 75,429,000 bushels
in country mills and elevators. This is. a
smaller amount than was on hand last year
at this time and much less than the -five-year
average, The report of low reserves had a
tendency to strengthen the market, and wheat
was quoted at a 4 or 5 cent advance at most
markets by March. 13.
MILLIONS OF BUSHELS

«V11LL!ONS OF BUSHELS

1400 1

STOCKS OF GRAIN ON FARMS

moo
1200

1200

:

The condition of the winter-wheat crop continues favorable in most sections, although
some damage is reported by blowing soil in
western Kansas, central Nebraska, and northeastern Colorado, and in Oklahoma more
moisture was needed. In Missouri the latesown wheat is reported thin and poor; some
.damage by ice has occurred in the northern
lowlands of Ohio, and the crop is' still somewhat uncertain in Illinois. The main producing States, however, report conditions as
good to excellent.
The March. 1 "intention-to-plant" report
has been issued by the Department of Agriculture, and the following table indicates what
the farmers had In mind to plant at the time
they made their report, compared with the
acreage grown by them, last year. These
plans, of course, are subject to material change,
as subsequent weather and market conditions
and other factors may influence their arrangements.
INTENDED PLANTINGS IN

1926

[In per cent of acreage grown for harvest in 1925]
Crop

Smith South
United North North
Cen- Atlan- CenI States Atlantral
tral
tic
tic

All spring wheat '• 98.2
Durum wheat (4
States)..—
119.5
Other spring wheat-. 92.0
100.4
Flaxseed
99.9
Corn.
Oats...
_ 104.6




105.7

125.0
125.0
101.6
104.2
114.6

Western

101.4

90.6

120.6
92.7
101.6
99.1
101.9
105.8

80.2
89.7
87.8
99.3
98.9
100.8

100. 3
115.7
104.9

102.2
133.5
133.7

1000f—

1OOO

5 YEAR MAR.1 MAR.1
AVERAGE 1S25 1926

800

800

600

600

400

200

o

200

CORN

WHEAT

OATS

BARLEY

. The movement of corn to the principal interior markets, despite the much larger crop
of this season, was only slightly larger during
January] and February than during the corresponding period last year. Poor roads during
the latter part of February and the continued
favorable feed ratio may have tended..to retard
the movement. Reports still indicate excessive moisture in the corn being marketed, and
country elevators are not keeping large stocks
on hand. A fairly firm market was in evidence
during the month, with the industrial /demand
and the southern and southwestern feed requirements quite active. Farm stocks were
reported as 1,318,793,000 bushels on March 1/
or about 45.5 per cent of the 1925 crop. With
the stocks held at the principal markets, the
March 1 supply totals about 1,353,000,000

232

bushels, which is approximately 560,000,000
more than the amount held last year.
The trend in the oats market has been fairly
firm, with receipts at the principal markets
being much less in February than in the corresponding month last year. Receipts at the
17 principal interior markets totaled 12,244,000
for the current February, as contrasted with
14,903,000 bushels last year. Both consumption and exports have been maintained at a
greater rate than last year, so that despite the
large carry-over from the preceding crop,
stocks of oats on farms and in the principal
markets were only approximately 17,000,000
bushels larger on March 1? 1926, than they
were a year ago.
Rye did not follow the full decline with
wheat, as strength in the German markets
and the limited offerings in the United States
cash market were sustaining influences. Lower
prices for flax in Argentina, due to the large
supply available for export, have been reflected
by a decline in the market in this country.
Cotton.
Statistics published by the Department of
Commerce snowing the amount of cotton ginned up to the beginning of March from the
1925 crop indicate that production exceeded
early estimates and was the second largest on
record. Since 1921 the crop has increased
each year, and in 1925 the yield amountedfto
16,085,905 bales, a crop more than twice as
large as in 1921 and nearly as large as the record yield of 16,135,000 bales in 1914. A more
detailed comparison of the 1925 yield with that
of other recent years and 1914 is presented in
the chart.
In all States except Texas, where the midsummer drought seriously injured the crop,
production was larger than m 1924, and in
Virginia, North Carolina, Mississippi, Tennessee, Arkansas, Louisiana, and California the
yield was larger than in any previous year.
Comparison of the yields in the several States
with those in 1914, when the record crop for
the country was grown, although in some
States production in that year was not the
largest on record, shows that in South Carolina,
Georgia, Florida, Alabama, and Texas there
was a perceptible decline between 1914 and
1925, but that production in Virginia, Mississippi, Tennessee, Arkansas, Louisiana, and Oklahoma increased. The decline of production
in all of the first group of States except Texas,
which can be explained largely by the drought
in 1925, probably indicates a change from cotton to other types of agriculture. Statistics




APRIL, 1926

FEDERAL RESERVE BULLETIN

showing production in each of the leading
cotton-growing States in 1925 and in 1914 are
given in the following table:
COTTON PKODUCTION, $Y STATES
[Equivalent, 500-pound bales]
1925

State

1914

1,163,902
38,168
1,356, 088
1,979,065
517,162
1, 603,227
909,755
1,690,748
4,164, 569
' 120,519

25,222
930,631
1, 533,810
2, 718,037
81,255
1,751,375
1,245,535
383,517
1,016,170
449,458
1,262,176
4, 592,112
49,835

16,085,905

16,134,930

52,380
1,101,090

Virginia-..
N o r t h Carolina
South Carolina
Georgia.
Florida.
Alabama
Mississippi
Tennessee
Arkansas
Louisiana
Oklahoma
Texas..
California
United States
MILLIONS OF BALES
18

MILLIONS OF BALES

1921

1922

1923

192*5-

1925

In February and the early weeks of March
exports continued to fall below the volume of
last year? and from the beginning of the cottonmarketing season last August through the
week ending March 19 exports amounted to
6,364,000 bales, as compared with 6,786,000
bales for the same period a year ago. Takings,
on the other hand, of American cotton during
the same period by spinners throughout the
world were larger than in the previous season,
but the greater part of this increase was due to
larger takings by mills in the United States and
Canada. Consumption by mills in the United
States has not increased as rapidly as takings,
and stocks were 18 per cent larger at the end of
February than a year earlier. Stocks at warehouses throughout the country, especially in
the South, were 54 per cent larger at the end
of February than in 1925 and reflected the large
increase in the crop and the falling off in the
foreign demand.

AFRIL,

1926

3FEDEBAL BESE&VE BULLETIN"

233

of 1925 and were generally lower than for any
month since 1920. Preparations for the new
crop made good progress in March and plant
beds were prepared. Eeports by farmers to
the Department of Agriculture of their intentions to plant in 1926 indicate that total
tobacco acreage will be smaller than in 1925,
but reductions are not indicated for all areas.
Growers of cigar types and of most dark types
indicate a smaller acreage, but growers of burley
and of Maryland export type tobacco indicate
that plantings will be about 8 per cent and 20
per cent larger, respectively, than in 1925.
In the tobacco-manufacturing industry the
output of cigars was larger in February than in
January, but production of cigarettes and manufactured tobacco products declined. Compared with other recent years, the output of
cigarettes exceeded all previous records for the
Tobacco.
Late in February and in March marketing month of February, but that of cigars was
of the 1925 tobacco crop was practically com- smaller for that month than in any other recent
pleted, and markets in several of the leading year;
producing sections closed. Total sales by Fruits and vegetables*
producers for the season, August through
Early fruit and truck crops suffered some
February, in the Virginia, Carolina, Kentucky, damage from the March frost which affected
and Tennessee markets, exclusive of deliveries the region south of North Carolina and
to cooperative marketing associations, amount- Tennessee. Northward, however, the cool
ed to 657,732,000 pounds, as compared with weather has had a favorable influence in re467,602,000 pounds during the corresponding tarding too rapid development.
period last year. Sales in the Virginia, North
The marketing of fruits during February
Carolina, and South Carolina markets were was carried out at a slower rate as compared
considerably larger than in the previous with the corresponding month a year ago,
season, and in the burley tobacco sections of car-lot shipments of grapefruit showing a deKentucky sales were also larger, notwith- crease of more than 40 per cent, oranges
standing the fact that the crop was smaller approximately 7 per cent, and lemons 6 per
than in 1924, The following table shows in cent. Apple shipments, however, were almost
greater detail the amounts of the different double those of last year. Strawberry shiptypes of tobacco sold in the several producing ments, which have been slow in getting under
sections during the seasons ending with Feb- way this season, showed an increase over
ruary in 1925 and 1926:
January, but were still considerably under
those of last February.
SALES OF TOBACCO AT LOOSE-LEAP WAREHOUSES X
The trend of the apple market is still un(AUGUST TO FEBRUARY, INCLUSIVE)
certain, heavy supplies tending to lower prices.
1925-26
1924-25
Reports of cold-storage holdings indicated that
Virginia:
Pounds
Pounds
March 1 stocks were fully 20 per cent above
Dark belt
___
_
26,560,363
22,268,411
Bright b e l t 62,550,885
56,891,113 the 5-year average, with boxed apples running
North Carolina
232,015,764
338,106,775
Demand,
South Carolina
39, 759, 569 27 per cent above the average.
52,293, 682
72,053, 632 however, continues fairly active and some
Burley
87,715,457
44,613, 266
Western dark_
_._
_
90, 504,835
Total. -- —
•
.
•
657,731,997
467,601, 755 improvement has been noted in the foreign
trade.
1 Exclusive of deliveries to cooperative marketing associations.
In the vegetable markets, potatoes, sweet
Partly because of the offering of poor grade potatoes, onions, and spinach were slightly
tobacco for sale at the end of the season, prices lower in the first half of March as compared
of all types of tobacco in the Virginia markets with the month of February. Mexican tomawere lower in February than in January. Prices toes and Spanish onions have been entering
of nearly all types were lower than in February the market in greater amounts, the former
Limited buying by mills and exporters; weakness in the price, of textiles, and no generally
unfavorable conditions regarding the new crop
were accompanied by a decline in the price of
raw cotton in February and the first weeks of
March, and following the ginning report on
March 20 the price declined to the lowest level
since 1922. Weather conditions in February and
the early weeks of March were generally favorable for the development of the new crop, and
in certain sections of Florida and In the southern part of Texas the crop was planted early
and the young plants are growing rapidly. In
view of the larger crop and lower prices in 1925
than in other recent years, efforts are being
made throughout the Cotton Belt to reduce the
acreage this year, but it is yet uncertain as to
the extent to which a reduction has taken place.




234

FEDERAL' RESERVE BULLETIN

making up the larger part of the supply,
while the latter totaled about 7 per cent of
the supply. Potato shipments during March
were under those of a year ago amounting to
about three-fourths of the we ly movement
last year.
Shipments of Florida veg< cables continue
under those of last year, both acreage and
yield being light, Texas cabbage is moving
rapidly to market and growers are realizing
about $35 per ton, about three times the
amount realized last year.
The March 1 report of uIntentions to plant/'
Issued by the Department of Agriculture, indicates that farmers are planning an increase
of 4 per cent in the acreage of potatoes as compared with last year* The chief increase in the
acreage now planned is found in the Southern
and Western States, where an increase of
around 14 per cent is planned or planted.
Livestock.

Reports from the western range area indicate
that livestock wintered in good condition and
that losses were lighter than usual. The
Department of Agriculture reports the average
range condition for the Western States as 90
per cent of normal on March 1, as compared
with a condition of 79 percent on the same
date last year. ' The month of February was
mild over much of the range country, and winter ranges which had been covered with snow
became available to an increasing extent. Supplies of hay and other feeds have been ample,
for the most part, and are sufficient to last until
spring grass. ' Estimates of the spring move•ment of cattle from the Southwest States are
lower than for last year, although the quality
of stock is reported much better, and a good
proportion of grass-fat cattle will go to market.
The estimated movement from Texas is larger
than last year, while a decrease in the movement from New Mexico and Arizona is anticipated.
The receipts of cattle at the principal markets during February showed the usual seasonal
decline from January, but short-fed beef animals swelled the total above the usual February marketings of preceding years. Average
prices of native beef steers in February were
approximately on the same level as In January,
while a very slight decrease was effected in
quotations on fat cows and heifers. The market for both classes, however, showed an
upward trend in March, an average gain of 20
cents per hundred for the former and 65 cents
per hundred for the latter being recorded in the
Chicago market in the week closing March 13.




1926

Feeders are offering sharp competition for
animals suitable for returning to the feed lot
and, as a consequence, the spread between the
lower grades and finished stock has been greatly
reduced. Good profits were realized by feeders
who stocked their feed lots at the lower level of
prices prevailing last fall, and the favorable
feeding ratio of corn is stimulating buying,
even at the comparatively high level of prices
now prevailing.
The hog market averaged 40 cents higher on
the bulk of sales in the Chicago market during
February as compared with January. The
average weight is continuing to increase,
reflecting the favorable feeding ratio of corn,
and lightweights are commanding a premium
of $1.50 to $2.00. Receipts at public stockyards during February were materially reduced as compared with January, and the
slaughter for the month was approximately
a third less than for February of last year,
4,447,000 head being killed In 1925 as compared with 3,351,000. head for February of this
year.
The trade in sheep and lambs was marked
by declines of $1.75 in Iambs and approximately
$1 in yearling sheep. The movement of
lambs from Colorado and Nebraska feed
lots, which was under way during February,
brought a sharp decline in the lamb market,
as shipments consisted of a high proportion
of overweight lambs which packer buyers purchased only at a discount. The run of overweight lambs is attributed to delayed marketing on the part of western feeders, coupled
with the fact that Iambs entered the feed lots
last fall at higher-than-average weights.
Reports indicate a continued lack of interest
in contracting of lambs for fall delivery.
Very little wool Is being sold in advance of
shearing, and the few sales that have been
made Indicate a level of prices about 4 cents
below that of last year.
The average prices of livestock at the Chicago market for February, with comparisons,
is reported by the Chicago Federal Reserve
Bank as follows:
AVERAGE PRICES OF LIVESTOCK
[Per hundred pounds at Chicago]
Months of—
Week
ending
Mar. Febru- Janu- February,
ary,
13,1926 ary,
1926
1925
1926
Native beef steers (average)
Fat cows and heifers
_
Hogs (bulk of sales)
Yearling sheep
Lambs (average)
__ _.

.

-

$9.85
7.25
12. 25
10.10
12. 20

$9.65
6.60
12.35
11.65
13.50

$9.65
6.65
11.95
12.70
15.25

$9.35
5.65
11.05
14.05
17. 50

APRIL, 1926

Dairy products*

FEDERAL RESERVE BULLETIN
PER

235

CAPITA CONSUMPTION OF DAIRY PRODUCTS
THE UNITED STATES

IN

A marked increase In the production of dairy
products was In evidence during the month^of
ConIce
February, receipts of butter at the five prinMilk Butter Cheese densed cream
Year
milk
cipal markets showing a gain of about 12 per
cent, over the same month last year. Receipts
Gallons Pounds Pounds Pounds Gallons
of cheese at the primary markets in Wisconsin 1910
17.70
3.92
1.04
4.00
16.90
1914...
1.68
also showed an increase of 10 per cent for the 1916
3.04
15.40
2.08
2.
89
1917
10.49
42.4
same period.
2.07
14.57
14.00
.___
43.0
3.00
12.50
2.14
The butter situation remains fairly stable, 1918-1919
14.80
43.0
3.50
12.30
2 49
14.70
3.50
10.17
43.0
2.46
the price having recovered from, the break in 1920
1921
16.10
49.0
3.50
11.40
2.28
early' February, and the average price for the 1922.
16.50
50.0
3.70
12.69
2.43
1923
17.00
3.90
13.25
53.0
2.68
month did not vary greatly from that of Janu- 1924
17.25
4.20
14.00
2.50
54.75
2.80
ary. Stocks in cold storage on-March 1 totaled 1925
26,321,000 pounds, as compared with 28/739*000
pounds on the same date last year. The decline
MINING
In storage holdings during February, however,
Mineral production was smaller in February
was approximately 4,000,000 pounds less than
last year. By action of the President, the than in-January, owing partly to the shortness
tariff on butter Imports has-been raised, from of the month and partly to the seasonal
8 to 12 cents a pound, effective April 5, 1926. decline in bituminous-coal production. The
The trend In the cheese market was slightly index of mining output was also smaller than
downward during February, and a further a year ago, decreases as compared with last
reduction of 1 to 1M cents was made during February In the production of anthracite, pig
the first . week In • March, Storage . holdingsiron, copper, and silver offsetting increases in
still remain above those of last year, the stocks bituminous coal, petroleum, zinc, and lead.
on March 1, totaling 42,779,000 pounds, as Weekly figures for March showed increases in
compared to 34,647,000 pounds on the same output of anthracite and decreases in that of
date last year. The reduction of storage bituminous coal, with both greater than in 1925.
holdings during the month of February, how•ever, was slightly greater than for the same Coal and coke.
Due to the resumption of anthracite-coal
month last year, indicating that the movement
into consuming channels is progressing satis- production and the usual seasonal recession,
•factorlly. The Chicago Federal Reserve Bank markets for coal and coke were unsettled
.reports that the distribution-in February from during the latter part of February and the
the primary markets in Wisconsin, in which first part of March. With industrial demands
State 75 per cent of our total American type of continuing at a high rate, however, the re-cheese Is produced, Increased 19 per cent over adjustment was orderly. The Coal Age index
of spot prices for bituminous coal declined
the same period a year ago.
The trend in the consumption of dairy prod- slightly during the period, falling from $2.10
ucts in the United States reflects a gradual on February 15 to $2.03 on March 15, about
increase, which has tended to offset the mate- the same level as in March, 1925. Output of
rial increase in production during recent years. bituminous coal in February was estimated at
The following figures, .supplied by the Depart- 48,577,000 net tons, the lowest since August,
ment of Agriculture, indicate the rate at which but still 20 per cent above February, 1925.
-During the first two weeks of March production
this Increase has taken place:




236

FEDERAL RESERVE BULLETIN

fell off rapidly, average production per working
day being 1,782,000 net tons for the week ending March 13, as compared with 2,002,000 net
tons four weeks earlier and 1,440,000 net tons
for the second week in March, 1925.
As production of anthracite coal did not
begin in large volume until the third week in
February, total February output was only
2,083,000 net tons, as compared with 7,176,000
net tons in February, 1925. During the first
two weeks of March output was high, daily
production averaging 1,966,000 net tons during
the week ending March 13, as compared with
1,656,000 net tons during the corresponding
week last year.
Although total production of coke during
February of 4,902,000 short tons was 283,000
tons under the January peak, it represented a
higher daily rate of output. Actual production of beehive was 1,402,000 tons, the highest
since August, 1923, while output of by-product
at 3,500,000 tons was the lowest since October,
1925, but above all previous months. During
the first part of March output of beehive fell
off rapidly, but was still above the first half
of March, 1925, production for the week ending March 13 being 262,000 tons, as compared
with 362,000 tons four weeks earlier and
243,000 tons for the second week in March,
1925. Quotations for coke fell rapidly following the settlement of the anthracite strike.
Connellsville coke being quoted at $3.25 on
March 16, as compared with $10.50 on February 10.
Petroleum.

Declines in the production of crude petroleum during January and a continuation of the
output in a relatively small volume up to the
middle of February were followed by rising
prices, and for the week ending March 20
the average price of crude petroleum for ten
fields was $2,048 a barrel, as compared with
$1,842 early in January. Partly as a consequence of this improvement in prices, production was stimulated late in February and in the
early weeks of March, and for the week ending
March 13 the daily average output amounted
to 1,935,200 barrels, the largest since the middle
of January. Price advances in March occurred in nearly all of the leading producing
fields, but those in California, which were
advanced from 1 to 44 cents per barrel, according to gravity, seemed to be the most significant, since they were the first in more than
a year. Declines in production in California
since January have been relatively greater than
for the country as a whole, as is shown in the




APRID,

1926

following table, and it was probably in consideration of this factor that prices advanced.
DAILY AVERAGE PRODUCTION OF CRUDE PETROLEUM 1
[In barrels of 42 gallons]
United States

California

January
Week ending—
Feb. 6
Feb. 13
Feb. 20..
Feb. 27
Mar. 6
Mar. 13

__

1926

1925

1926

1925

615,147

604,622

1,924,387

1,919,968

608,000
606,500
603,500
603,000
599, 000
607, 500

595,500
598,100
601,800
602, 000
603,000
603,000

1,906,250
1,902,500
1,902, 750
1,927, 050
1,920, 300
1,935, 200

1,941,600
1,935,100
1,947,600
1, 943, 750
1,944,450
1,949,200

1
Monthly figures, Bureau of Mines, Department of Commerce;
Weekly figures, American Petroleum Institute.

Statistics prepared by the Bureau of Mines
of the Department of Commerce and published
early in March showed that the production
of gasoline in January was 14 per cent larger
than a year earlier, and that stocks at the end
of the month were 20 per cent greater than on
the corresponding date in 1925, exceeding
stocks at any previous period. The large
increase in gasoline production in 1925 and
in the first part of this year, which resulted
in the large addition to stocks, notwithstanding the fact that gasoline consumption was in
record volume, was due in part to the "cracking process" used in refining, which enables
a larger amount of gasoline to be produced
from crude petroleum than formerly.
Despite the large increase in production and
stocks, prices of gasoline have advanced somewhat since the beginning of the year, as will
be seen in the accompanying table, but near
the middle of March the market was not as
firm as earlier in the year and quotations at
refineries showed slight declines.
PRICES

OF

GASOLINE1

[Cents per gallon]
Refineries

Average
Average for
10 secat repre- tions of
sentative
the
refining United
centers
States

Week ending-

Jan. 1
Feb.27
Mar. 6
Mar. 13
Mar. 20

__- --_
.

..

i Oil, Paint, and Drug Reporter.

Service
stations

11.125
11. 375
11. 375
11. 325
11.287

20.92
21.77
21.97
22.17
22.17

APRIL, 1926

FEDERAL BESEBVE BULLETIN

237

Correction8—In this section of the BULLETIN levels since last October. The decline in the
for February, 1926 (pe 85), the footnote to index of manufacturing production from Janthe table referring to November 30 should uary to February may be attributed to the
have been omitted* Statistics showing stocks shortness of the latter month. As compared
related only to stocks east of California and with February of last year, some increase in
the December, 1924/figure should have been the index was shown, owing chiefly to the
312,725,000 barrels instead of 311,479,000 greater production of automobiles and petroleum products. The indexes for lumber and
barrels,
products, paper and printing, tobacco products,
Nonferroiis metals.
During the latter part of February and the and rubber tires were also slightly larger than a
first part of March quotations for nonferrous year ago, and those for iron and steel and texmetals maintained the general trends that tiles showed no significant changes, while the
characterized the preceding month. Tin con- food products and leather and shoe indexes
tinued to rise, and lead, zinc, and silver reacted declined. Trade reports indicate continued
further to the lowest levels in recent months. activity during March in iron and steel and
Refined electrolytic copper delivered in New automobiles, with some evidences of curtailYork was stable at 14 £g to 14 M cents. Pro- ment in textiles.
duction of copper in the United States during
February fell"to 135,586,000 pounds, the lowest Food products.
The production of meat products during Febsince November and 2 per cent under February,
1925, but stocks on hand at the end of the ruary reflected the usual seasonal decrease, and
month again showed a slight increase. Feb- the number of animals slaughtered was less than
ruary output of lead was the lowest since Sep- for the same period last year. Slight increases
tember, but at.a higher daily rate than in Jan- in the number of cattle, calves, and sheep killed
uary and 14 per cent above February, 1925. were greatly offset by a decline of over 1,000,000
Shipments of slab zinc in February were head of hogs. Total value of sales billed
slightly under the corresponding month last to domestic and foreign customers by 47 meatyear, but output was 14 per cent greater, packing companies in the United States, as
average daily production being higher than the reported by the Chicago Federal Reserve Bank,
January peak. Stocks of slab zinc in the declined 7 per cent from January and was 8
hands of refineries at the end of the month per cent greater than in February, 1925. The
increased as a result to 20,341 tons, the largest latter figure, however, is offset to some extent
since July. On March 17 lead was quoted in by the increased level of prices prevailing this
New York at 8M cents, the lowest since July, year.
Storage stocks of pork and lard, which are
1925-, and 1J^ cents under the peak in November.
-Quotations for zinc in St. Louis, after dropping increased at this season of the year in anticipafrom 8% cents in November to 7% cents in tion of the summer trade when the run of
February, fluctuated between 7M and 73 hogs is light, displayed less than the average
rate of increase. Stocks of salt pork increased
cents during the first part of March.
With the market quiet, the price for silver approximately 28,000,000 pounds during Februhas shown a further slight recession, quota- ary, but the March 1 holdings were about
tions for bar silver in New York standing at 66 137,000,000 pounds less than on the same date
cents on March 17. This is the lowest since last year.. The same trend was in evidence in
July, 1924, and 6% cents under the September lard stocks where, with a February gain of
high. Deliveries of tin to the United States 12,000,000 pounds, the storage holdings on
during February fell off from the high January March 1 totaled only about one-half of the
figure, but with that exception were the largest amount held on the corresponding date last
since September, while stocks in New York at year. A fair export movement of lard was
the end of the month were the largest since the maintained in February, and a slight increase
end of August. Quotations for tin continued in the shipments from the principal ports of
strong during the period, Straits tin being the United States during the first two weeks
quoted at 66 cents on March 17, the highest in March brought the export movement for that
period up to 29,621,000 pounds, as compared
since August, 1919,
with 27,149,000 pounds during the correspondMANUFACTURING .
ing period last year.
Manufacturing production and factory emThe activity in the flour trade has continued
ployment and pay rolls have continued at high slow, with production during February running




238

FEDEBAL KESEBVE BULLETIN

under January totals and below that of February of last year. Practically all milling centers
participated in the decline with the exception of
Buffalo, which increased its output. Export
trade was very quiet, although the LatinAmerica trade was up to the seasonal average.
January established a new low record in total
exports for that month, when the outward
movement totaled only 676,000 barrels.
Flour prices declined in late February as a
result of the lowered wheat market, and distributors and bakery interests, whose supplies
had been running low, stepped into the market
to replenish stocks. Although orders were
only for immediate needs, milling activity was
stimulated to the extent that all the principal
milling sections, with the exception of the
Pacific coast, were running at a higher rate of
capacity during the first half of March than
for the corresponding period last year. Pacific
coast mills, during the same period, were producing an output about one-third less than
• last year.
The lowest level in four years was reached
in the sugar market on March 24, when the
refined product was offered at 4.90 cents.
Refiners on the eastern seaboard had been
offering refined stocks during the first half of
March at a range of 5 to 5.20 cents. Meltings
for February were the highest since last September, totaling 444,259 tons. Stocks at the
end of the month materially increased also,
amounting to 178,803 tons, as compared with
137,829 tons on the same date last year. The
movement of Cuban sugar to this country has,
so far, been under that of last season.
Textiles*
Textile markets were weaker in February
and March, buying was limited in volume, and
prices declined. The Fairchild composite textile-fiber index declined in March to the lowest
point since April, 1922. The drop in rawmaterial prices has in recent weeks extended
from wool and cotton to silk, and has likewise
been reflected in prices of fabrics. The accompanying table shows certain of the Fairchild textile indexes for recent dates compared
with previous figures




APRIL, 1926

FAIRCHILD INDEXES OF TEXTILE PRICES
For week e n d i n g Index

Textile fibers—composite _ >. r
Cotton
__
Domestic raw wool
Raw silk
Rayon—.
Textile fabrics:
Cotton goods..
„.
Woolen and worsted goods 1 _
Silk goods 2
Men's suits (spring) 3

Mar. 21,
1925

Mar. 19,
1926

Feb. 19,
1926

161. 92
19.33
100. 631
59.37
20.00

171.98
20.64
108. 642
65.10
20.00

198.45
25.67
130. 67a

13. 614
221. 714
132. 05

14. 075
222.119
132. 35
24.614

15. 794
246.190
123.69
24.614

20.00

1 Quotations as of 15th of month.
Quotations as of 1st of month.
February quotations.

2
3

In the cotton industry, the decline of yarn
and goods prices? which began last fall but waschecked in January, wasjresumed in February,
and the Fairchild indexes fell sharply to .the
lowest pointerecorded since the spring of' 1922.
These decreases reflect a similar drop in the
price of raw cotton, which has continued rather
steadily for several months. . Buying of cotton
goods ' and yarns has slackened somewhat.
Mill activity was. rather well sustained during
Februarj^, cotton consumption was the largest
ever recorded for that month, • and spindleactivity has been previously exceeded in only
a few months. Unofficial reports, however,.
indicate some curtailment in.yarn mills duringMarch, Finishers of cotton fabrics reported
increases in billings and shipments during
February as compared with January, and
billings and orders were larger than in February, 1925. Stocks have decreased slightly
since the end of December, but were larger than
a year earlier.
Raw-wool prices continued to decline in
March and fell below the low levels of the three
preceding years. The Fairchild index of domestic-wool prices for the week of March 19
was the lowest since May, 1922. Quotations
on foreign wools recently have declined only
slightly and the corresponding Fairchild index
remained above the low point of last September.
Total imports of raw wool in January and
February were smaller than in the same months
of last year, but receipts of foreign combing

APRIL, 1926

FEDERAL RESERVE BULLETIN

wools at principal ports from January 1 to
March 20 totaled 76,933,000 pounds—18,474,000 pounds more than in the corresponding
period of last year. Imports of clothing and
carpet wools have been smaller this year.
In piece goods, the heavy-weight season is
well under way, with prices materially lower
than those of a year ago. Operations were
curtailed^ in February, according to statistics
of machinery activity and employment, and
pay rolls were smaller than in the corresponding
month of last year. Some of this curtailment
is due to a strike in certain New Jersey mills.
Apparel manufacturers are busy supplying
spring garments. Employment and pay rolls
in the clothing industries showed the usual
seasonal increase in February, but were not as
great as a year ago.
Since the first of the year a definite reaction
from the high rate of activity of the latter part
of last year has occurred in the silk industry.
Prices of raw silk and of silk goods have declined and manufacturing operations have been
curtailed. Raw-silk prices dropped rather
sharply in the latter part of February and in
March, • falling to near the low levels of last
spring. Deliveries of raw silk to mills were
fairly well maintained in February, and although seasonally smaller than in January, they
equaled the December deliveries and exceeded
those of any previous February, Loom activity was curtailed in December and January,
but continued much greater than a year ago.
Reports indicate some further curtailment in
February and March, accompanying the slackening in the raw-silk and silk goods markets.
Imports of raw silk were smaller in February
than for any month since July. Prices on
certain foreign makes of rayon were reduced
in March, but domestic quotations remained
unchanged.
Buying of knit goods was reported to be
somewhat limited in volume in March, and, reflecting declines in raw materials, hosiery prices
were reduced. Operations among knit-goods
manufacturers, as indicated by employment
and pay-roll statistics, were well sustained
through February. Preliminary February
statistics from hosiery manufacturers in the
Philadelphia and Atlanta Federal reserve
districts indicate that production and shipments continued at about the same rate as in
January, but that orders decreased. January
knit-underwear figures showed a large production of summer garments and substantial increases in new orders as compared with November and December,




239

Iron and steel.

Production of iron and steel during February
was at close to the rate of output, prevailing
during December and January, and trade reports indicate that this volume has been maintained during March. Buying has; not- kept
up with production and shipments, and unfilled orders have declined, those of the United
States Steel Corporation falling from 5,033,364
tons at the beginning of the year to 4,616,822
tons at the end of February.
Toward the end of March new contracts
for the second- quarter were entered into.
Connellsville-coke contracts were made at
prices averaging about $3.25 a ton, as compared with $3.75 to $4.10 for the first quarter.
Iron-ore prices for the 1926 season have been
reestablished by a recent sale at the, 1925
level—$4.25 a ton. . Ferromanganese prices
were reduced in the latter part of March.
Buying of pig iron has not been very active,
and prices were reduced by some producers
during March. Steel prices remained firm
during February and March, with only minor
changes in a few lines.
Railroad buying of steel has been somewhat
larger.'than a year ago, although smaller than
in 1924. Building consumption has also been
large, and bookings and shipments of structural steel were greater in February than in
the same month last year. Fabricated steelplate bookings were also larger than a year
earlier. Production and shipments of sheets
by independent manufacturers exceeded those.
of February, 1925, but sales and unfilled orders
showed decreases.
Automobiles and tires*

Production of passenger automobiles during
the first two months of this year was greater
than in the corresponding period of 1925 and
1923, but less than in those months of 1924,
the previous record. Truck output exceeded
that of January and February of any previous
year. Trade reports indicate a continuation
of production at a high rate during March.
Further readjustments in prices have been
announced by various producers, many of
them making allowances for the prospective
reduction in the Federal tax on automobiles
sold by manufacturers.
Distribution of cars was large during February, exceeding that of a year ago by an
appreciable margin. Reports indicate, however, that retail sales by dealers were much
smaller than their receipts from manufacturers;
the ratio of dealers* retail sales to receipts
reported by manufacturers producing 63 per

240

FEDERAL KESEBVE BULLETIN

cent of the total output equaled 73 per cent
In February, as compared with 87 per cent in
the corresponding month of 1925, 70 per cent
in 1924, and 81 per cent in 1923. This indicates that dealers' stocks are increasing, and
reports to the Chicago Federal Reserve Bank
by representative dealers show stocks at the
end of February 18 per cent greater than a
month earlier and 30 per cent larger than on
the same date in 1925. Wholesalers reported
to the Chicago bank an increase of two-thirds
in number of cars sold over those of a year
ago, while retailers sales were 5 per cent
larger. Sales of used cars were slightly smaller
than during last February.
Production and shipments of rubber tires
and tubes increased in February as compared
with January. Output was slightly greater
than a year ago, but shipments were smaller.
Stocks of tires and tubes were enlarged and
at the end of the month were the largest on
record. Crude-rubber prices, which declined
almost steadily from early in December
until late in February, falling to about 50 cents
a pound, strengthened somewhat in March and
rose to above 60 cents. Imports of crude
rubber continued large.
Lumber.

Reports to the National Lumber Manufacturers Association for February show for all
classes of lumber combined aggregate orders
slightly in excess of shipments, and shipments
running somewhat above production. A similar statement holds true for softwoods and
for hardwoods, as shown by separate compilations for those two general classes of lumber
except that shipments of hardwoods were
slightly below production. For the 10 weeks
ended March 13, also, orders of softwoods
exceeded shipments, and shipments exceeded
production, although in this period as a whole
production of hardwoods ran above shipments.
Total lumber cut in February was in nearly
the same volume as in January of this year
and in February of 1925. As reported by 157
mills to the Southern Pine Association, shipments of southern pine in February exceeded
production, both production and shipments
being in smaller volume this year than in
February of 1925 (as reported in 1925 by 173
mills). Production of Douglas fir, as reported
to the West Coast Lumbermen's Association
by 95 mills this year, in February ran above
shipments, both production and shipments
being in nearly the same volume this year as
last (as reported in 1925 by 113 mills of the
association).




APRIL, 1926

Hides, leather, and shoes.

Little change has been noted in recent weeks
in hide and leather markets, and the state of
slackened activity prevailing earlier in the
year has continued. Hide prices reached a low
point in February, and, although some quotations advanced slightly toward the end of that
month, they receded again in March. Leather
production was generally smaller in January
than in December or in the preceding January.
Stocks of upper leather in process of manufacture were enlarged, the increase in goat
and kid skins being especially worthy of note.
Production of sole leather continued small in
February, and tanners' finished stocks decreased further, but stocks in process increased
slightly.
Boot and shoe production increased in February, but for the fourth consecutive month
was smaller than in the corresponding month
of the previous year. In fact, February output was exceeded by that of the same month
tor each of the three preceding years. The
increase as compared with January was noted
in all the important shoe-producing Federal
reserve districts. Sales of shoes at wholesale
were larger than in January and also greater
than in February, 1924 and 1925, but smaller
than in the same month of 1922 and 1923.
BUILDING

The record of construction for February
indicated some recession from the very high
level of January. On a comparison with
February of last year, however, the value of
contracts awarded in 37 States east of the
Rocky Mountains in February of this year, as
reported to the F. W. Dodge Corporation,
shows a gain of 25 per cent. This gain over
the year is fairly m. line with the general
trend of construction activities for several
years past, during which the volume of buildin the country has tended continuously to
advance to new high levels. Over-the-year
gains shown for January and December were,
it is true, much greater. They- indicated a
marked accentuation of the persistent upward
trend of earlier months. Construction volume
in December of last year ran some 56 per" cent
above that of December, 1924; and in January,
although the volume of building fell off by
rather more than the usual seasonal December-January decrease, it was still 48 per cent
above that of January, 1925. In comparing
February with the month before, the very hign
January record must be kept in mind and also
the difference in number of working days,

FEDERAL RESERVE BULLETIN

APRIL, 1926

which accounts for some relative diminution
of February totals. Extreme winter weather
conditions also are noted as affecting the
February totals. Percentage gains and losses
over the month and over the year, as computed
by the F. W. Dodge Corporation, are given
in the table following, by regions:
PERCENTAGE ' GAIN ( + ) OR LOSS (—) IN VALUE OF
CONSTRUCTION CONTRACTS AWARDED

1926 compared
with 1925

Area

Total, 37 States east of the Rocky
Mountains.
_
New York State and northern NewJersey
New England States.-...
Middle Atlantic district (eastern Pennsylvania, southern New Jersey, Maryland, Delaware, District of Columbia, and Virginia)
_____.--.
Pittsburgh district (western Pennsylvania, West Virginia, Ohio, and Kentucky)
_
„
Southeastern States (North Carolina,
South Carolina, Georgia, Florida,
Tennessee, Mississippi, Alabama,
Arkansas, and Louisiana)The Central West (Illinois, Indiana,
Iowa, Wisconsin, Michigan, Missouri,
Kansas, Oklahoma, and Nebraska).-.
The Northwest (Minnesota, North Dakota, South Dakota, and northern
Michigan)...
__.
Texas.

February
compared
First
with
two
January
February months
of year

+25

+37

+65
-19

+72
-7

-23

-19

+12

-22

-3

-1

+19

+83

+72

+30

+8

+22

+8

+15
+25

_4
+21

+32
-15

In the two months January 1 to March 1 of
this year contracts awarded in the 37 States
covered by the Dodge Corporation data (accounting for over 90 per cent of construction
in the country as a whole) amounted to
$847,000,000, exceeding awards in the corresponding period of 1925 by more than $225,000,000= In the 1926 total for these two
months residential contracts accounted for
$370,000,000, industrial buildings for $135,000,000, commercial buildings for $121,000,000,
public works and utilities for $120,000,000,
and other classes of construction for $101,000,000. For " contemplated projects " brought
forward in February an aggregate valuation of
$861,000,000 is reported by this corporation—
an amount somewhat in excess of the corresponding figures for January.
Distributing the net decrease of $67,000,000
(from $457,000,000 to $390,000,000) over the
month in the total value of awards, it appears
that this net change covered increases aggregating $34,000,000 in eight Federal reserve dis-




241

tricts—Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and
Dallas; decreases of approximately $5,000,000
each in the Boston and Kichmond districts,
and a decrease of $91,000,000 in the New York
district. It is noted that the January figures
for the New York district included a $50,000,000 power plant in New York City, and it
will be apparent that the award covering this
single project in January was a considerable
factor in determining the percentage changes
over the month for the district and for the
country as a whole. Of the increase of $79,000,000, or 25 per cent, shown for February
this year over the same month a year ago,
nearly $42,000,000 is credited to the New York
district, the remaining 10 Federal reserve districts showing a net increase of $37,000,000.
Seven of these districts show increases and
three-—Boston, Cleveland, and St. Louis—
show decreases.
For the value of residential contracts which
constitute 46 per cent of the aggregate value of
February contracts for all classes of construction a 6 per cent decrease over the month is
shown, and a 28 per cent increase over February of 1925. The increase over February of
last year for this class of construction amounted"
to $39,000,000, of which $28,000,000 is credited
to the New York district. Increases are shown
for four other districts, Atlanta, Chicago, Minneapolis, Dallas, and decreases for six districts.On comparison of the February record of 168
selected cities with that for the preceding
month, it appears that a slightly larger number
of permits were issued in February for a
slightly smaller aggregate estimated cost of
construction. Both the number and estimated
cost this year ran below the February record
of 1925, the decrease over the year in estimated cost amounting to 8 per cent. Net
increases over the year are shown for selected
cities of the New York, Atlanta, and Dallas
districts, and net decreases for cities in the
nine remaining districts. In their survey for
the month, the S. W. Straus Co. note that
unfavorable weather conditions in the North
and the coal strike " undoubtedly affected
building conditions adversely/' but they do
not find in the February record any indication
of change in "fundamental conditions." Reports to the F* W. Dodge Corporation from
the building departments of 207 cities show
gains over February of last year for 73 .cities,
decreases for 133 cities, and no change for 1 city.
The Bureau of Labor Statistics index of wholesale prices of building materials fell off from

242

FEDERAL RESERVE BULLETIN

177.9 in January to 177.1 in February. On a
1913 base as 100 the New York Eeserve Bank's
index of cost ofjbuilding advanced from 194
in January to 196 in February, covering a
shifting in the building-wages index from 219
to 224, and in the building-material index
from 178 to 177.
TRANSPORTATION
Although for all classes of freight combined
freight-car loadings in February indicated a
volume of shipments somewhat under that of
the preceding month, the decrease was less than
the usual seasonal change, and the Federal Reserve Board's index of freight-car loadings, calculated on a 1919 base as 100 and adjusted for
seasonal variations, advanced from 118 in January to 127 in February. Measured in car
loadings, the February distribution of freight
ran in very nearly the same volume this year as
in 1925. In the opening weeks of March, however, loadings were running fairly above 1925.
For the year to March 20, according to compilations by the Bureau of Railway Economics,
loadings reported this year ran above the fiveyear average for this period by 11.7 per cent.
The excess over this average amounted to 16.8
per cent for manufactured products, 9.9 per
cent for forest products, and 4.5 per cent for
coal and coke, grain and grain products showing
a deficiency of 1.5' per cent.
February loadings of miscellaneous freight,'
including merchandise in less than carload lots,
and representing in general the distribution of
manufactured products, were in nearly the
same volume this year as last, and this class of
freight also/ as well as total loadings, showed
less than the usual seasonal decrease over the
month, the Federal Reserve Board's adjusted
index^advancing from 136 to 141. For each
other class of freight also the seasonally adjusted index advanced in February Compared with the record for February of 1925,
loadings of grain and grain-products, coal, and
coke this year ran in somewhat larger, and loadings of ore, forest products, and livestock in
somewhat smaller volume, but the differences
except in the case of coke were relatively small.
In totals for the several transportation districts, the usual seasonal change is apparent, a
decrease over the month being shown for each
district except the southern, and, except for
rather substantial increases shown for the
Pocahontas and southern districts, freight appeared, to be running in nearly the same volume
this year as last in the several districts.




APEIL, 1926

. During February the roads had in reserve
available for service an average surplus of
227,000 cars, including 94,000 box and 87,000
coal cars, the average for February falling
below that for January by some 57,000 cars.
In reports for the first quarter of March. a
further decrease in surplus to 202,000 cars is
shown, but the surplus of reserve cars available
for service has been generally at all times for
a considerable period past adequate to pro»
vide for current freight traffic requirements in
the several districts. On March 1 the percentage of freight cars (93) and the percentage
of locomotives (84) in serviceable condition
were above the average percentages of recent
years for this date,
• R a t e of return earned in January on property
investment, as shown by the carriers' books,
is estimated by the Bureau of Railway Economics to be equivalent on an annual basis
to 4.60 per cent, the corresponding figure for
January of 1925 being 4.72 per cent. Carriers
in the eastern district earned in January at
the rate of 4.80 per cent this year and 5.04 per
cent last year; in the southern district at the
rate of 6.01 per cent this year and 5.45 per cent
last year; and in the western district at the
rate of 3.88 per cent.this year and 4.11 last
year. According to computations by the
bureau, the gross revenue of the roads in January fell short of the 1925 January revenues by
$4,023,221, or 0.8 per cent, and total operating
expenses were less this year by $5,313,265, or
1.4 per cent. As reduction in expenses somewhat exceeded the falling off in revenue, the
operating ratio, or percentage of operating
expenses to operating revenues, for the month
decreased slightly over the year from 79.16
in January of 1925 to 78.72 per cent in January
of this year,
TRADE
Wholesale trade.
Wholesale trade was smaller in February
than in January, according to the Federal
Reserve Board's index of wholesale trade
based on reports from firms in six leading lines
of merchandise. Grocery, meat, and- drug
sales were less than in January, but buying
of dry goods and shoes by retailers in anticipation of the usual expansion in spring trade was
larger. Sales of groceries declined from the
January volume in all Federal reserve districts
except St. Louis, and drug sales were less in all
districts. Larger ,sales of dry goods than in
January were indicated in all sections of the
country except on the west coast, and buying

APRIL, 1926

of shoes increased In all reserve districts except
in the New York, Philadelphia, and St. Louis
districts..
Total sales continued in about the same
volume as in February of last year, declines
occurring In sales of groceries, dry goods, and
hardware and increases in those of meats,
shoes, and drugs. Grocery and hardware
sales were smaller in nearly all Federal reserve
districts except in the Atlanta and Dallas
districts, and sales of dry goods were smaller
In seven districts. Shoe sales were larger
in all districts except four, the largest increases
occurring in the Boston, Atlanta, and St.
Louis reserve districts.
Merchandise inventories of wholesale firms
increased in February in all leading lines, but
a large part of this increase was in accordance
with the usual seasonal developments. Compared with February of last year inventories
were lower In nearly all lines, but the most
substantial reductions occurred in the stocks
of shoes, which varied from 4 per cent in the
Richmond district to more than 33 per cent
in the Chicago district. Reports from several
districts indicate that accounts receivable
at wholesale grocery, dry goods, and hardware
firms were smaller at the end of February
than last year and that those of shoe and drug
firms were larger.
Retail trade.
Total sales at retail stores reporting.to the
Federal reserve system from all sections of the
country were smaller in February than in January, but, when allowance Is made for the smaller
number of days In February, trade at department stores and mail-order houses and at
nearly all reporting chain stores was maintained at a slightly higher level than In January.
When compared with February of last year,
sales at department stores were about 3 per
cent and those of mail-order houses 6 per cent
larger, and for the first two months of the
year, January and February, trade at these
stores exceeded that of last year by 4 per cent
and 7 per cent respectively. February sales
of department stores, however, were not larger
than in 1925 in all Federal reserve districts,
declines occurring in three eastern and two
mid-western districts. In individual departments the most substantial Increases over February of last year were In sales of handkerchiefs, furs, gloves, knit underwear, shoes,
toys and sporting goods, and luggage. Departments of these stores selling woolen dress
goods, laces? trimmings, and embroidery, ribbons,




243

FEDERAL RESERVE BULLETIN

women's suits and skirts, waists and blouses,
and millinery, showed the .greatest declines.
Merchandise inventories of department stores
increased 5 per cent in February, .and at the
end of the month were 3 per cent larger than
a year earlier. In February retail merchants
usually increase their stocks in anticipation of
the expansion in the volume of spring trade,
but the increase this year was not as large as
that which usually occurs. As compared with
February of last year, department-store stocks
were larger in all Federal reserve districts except Boston, Cleveland, Minneapolis, and Dallas, the most substantial increases occurring
at stores in the Chicago and San Francisco
Federal reserve districts. Analysis of changes in inventories of separate
departments at the reporting stores in. seven
districts shows that the largest increases In
stocks as compared with February of last year
were at departments selling .silks and velvets,
women's coats, juniors' and girls' ready-towear, furniture and bedding, and luggage, whHe
those carrying woolen dress goods, cotton dress
goods, neckwear and veilings, ribbons, women's
suits and skirts, waists and blouses, and sweaters showed the most substantial declines.
The rate at which stocks at department
stores were turned over was slightly slower
than in February of last-year, due largely to
a slightly larger Increase In stocks than In
sales. For the first two months of the year,
however, the rate of turnover for the country
as a whole was about the same as in 1925.
EMPLOYMENT^
Employment and pay rolls In manufacturing
industries recovered In February from the
seasonal decrease noted in the preceding month,
and the board's indexes again reached the high
levels attained during the late months of 1925*
Both Indexes were higher than In February
of last year, although somewhat lower than In'
the same month of 1924.
Increases as compared with January were
rather general among the various industries.
Declines noted in some of the food-products
and building-material industries were mainly
seasonal in nature, and the large decreases in
the woolen and worsted goods industry may
be mostly attributed to. a . strike in certain
New-Jersey nulls. The greatest increases were
in automobiles, sugar refining, men's and
women's clothing, shoes, and pottery. As
compared with February, 1925, the iron and
steel, lumber and products, paper and print™

244

FEDERAL RESEEVE BULLETIN

ing, and stone, clay, and glass products groups
showed noteworthy increases in pay rolls,
while declines were noted in the textile, leather,
and tobacco groups.
PRICES

The wholesale price index of the Bureau of
Labor Statistics for February stood at 155,
compared with 156 for January. With the
exception of "fuel and lighting," every group
showed a decline from the previous month,
the greatest fall being in " foods" and in the
group of miscellaneous commodities. Fuels
were higher, reflecting advanced quotations
for coke and petroleum.
The decline in prices in February brought
the index to approximately the same figure as
that of May, 1925, which was the lowest of
last year. The prices of most of the different
groups of commodities are also at about the
same levels as in May, 1925, This is true of
the food, metal, farm products, chemical,
building material, and miscellaneous groups.
The cloth and clothing group and that of house
furnishings are considerably lower, however,
the latter now standing at the lowest level
since March, 1919. Fuels only were noticeably
higher than last May, principally on account of
higher prices for coke and crude petroleum,
although gasoline is somewhat lower.
In the first three months following last May,
the general index rose from 155 (May) to
160 (August), falling again to 155 in February
of this year. This advance and decline of the
all-commodity index has not typified the movement of commodity prices in general so much
as the specific fluctuations of the farm products group and the accompanying movement
of the foods groups. Throughout the period
the cloth and clothing group and that of
house furnishings have declined almost continuously, although the net change has not
been great, while fuels have advanced in about
the same degree, and building materials, which
fell in the first half of 1925, have since risen to
the level of a year agoe The metal and chemical groups show little net change, the former
being slightly higher and the latter a little
lower than last year.
Changes during the month of March were
smaller than those of February. Corn, cattle,
and sheep were somewhat lower, as well as
raw textile materials, including cotton, wool,
and silk. Changes among the other principal
commodities were few and unimportant, except in rubber and cottonseed oil, which were
up somewhat from the February quotations.




APRIL, 1926

COMMERCIAL FAILURES AND BANK SUSPENSIONS
COMMERCIAL FAILURES

During the short month of February 1,801
commercial failures, involving indebtedness
aggregating $34,176,348, were reported by
R. G. Dun & Co. There was a decrease of
about 22 per cent in both number and liabilities
for that month as compared with January,
during which month the number of insolvencies
is usually at the high point for the year and
the total indebtedness is also relatively large.
As compared with totals for February of
previous years, the number of failures in that
month this year was the highest since February
in 1922, and the aggregate indebtedness, 15
per cent lower than in February last year, was
the lowest for that month since 1920. The
number of failures this year was smaller than
in February last year for trading organizations
and for agents and brokers, but was larger
for manufacturing class of enterprise; total
liabilities were smaller for all three classes,
the most marked decline from last year being
in the liabilities of manufacturing enterprises,
among which there were fewer large failures,
with smaller average liabilities, this year than
last. Failures during February, 1926, are
shown in the following table, by class of
enterprise:
COMMERCIAL FAILURES DURING FEBRUARY

Number

Liabilities

Class of enterprise
1926

1925

1926

All classes.____._.

1,801

1,793

34,176,348

40,123,017

Manufacturing
Trading
„.„._..
Agents, brokers, etc.._.

447
1,282
72

409
1,285
99

10,822,319
20,317,275
3,036,754

15,334,214
21,066,839
3,721,964

_

1925

The number of failures was smaller in February than in January in all districts except the
Philadelphia, Atlanta, and San Francisco districts, and was lower also than in February
last year in all except the Philadelphia, Cleveland, and San Francisco districts. Total
liabilities were lower in February than in
January in all except the Philadelphia, Atlanta,
St. Louis, and San Francisco districts, and were
lower than in February last year in all except
the Boston, Cleveland, Atlanta, Chicago, and
San Francisco districts. Comparative data,
by districts, for the month of February are
presented in the table following.

COMMERCIAL FAILURES DURING FEBRUARY,
FEDERAL RESERVE DISTRICTS
Liabilities

Number
1926
1,801

Total..

. „
.
_ _

170
308
93
188
118
100
252
100
85
87
62
238

1926

1925

1926

Member *
Nonmember
All banks
Federal reserve
NumTotal 2
NumTotal
district
NumTotal
ber deposits 2
ber deposits 2 ber deposits

1925

1,793 $34,176,348

$40,123,017

2,338,036
6,174,315
2,104,852
3,966,625
1,845,307
1,762,288
7,729,996
3,186,884
843,138
703,410
669,997
2,851,500

2,095,778
13,046,091
2,162,977
2,057,013
3,690,398
1,596,383
5,464,081
3,343,246
1,548,919
1,093,915
1,670,801
2,353,415

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

BANKS CLOSED DURING FEBRUARY,

BY

Federal reserve district

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

245

FEDERAL' RESERVE BULLETIN

APBIL/1926

All districts—

52 $13,808,000

Richmond
AtlantaChicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...

105,000

$10,179,000

10 $3,629,000

694,000
2,347,000
1,013,000
5,910,000
2,193,000
474,000
1,072,000

105,000
279,000
2,347,000
796,000
4,647,000
1, 531,000
474,000

415,000
217,000
1,263,000
662,000
1,072,000

1

Comprises 8 national banks with deposits of $2,997,000 and 2 State
member
banks with deposits of $632,000.
2
Figures represent deposits for the latest available date prior to the
suspension, and are subject to revision when information for the date ol
suspension becomes available.

FOREIGN TRADE
BANK SUSPENSIONS

During February 52 banks, with total deposits
of $13,808,000, were reported to the Federal
reserve banks as having been closed on account
of financial difficulties. These totals are lower
than for the preceding month, when there were
63 closed banks, with deposits of $16,653,000,
and lower also than in February, 1925, when 60
banks, with deposits of $15,324,000, suspended
operations. Of the banks reported as closed in
February this year, 8 with deposits of $2,997,000
were national banks and 2 with deposits of
$632,000 were member State banks—a total of
10 member banks with deposits of $3,629,000,
as compared with 11 member banks with deposits of $5,373,000 in January. There were
42 nonmember banks with deposits of $10,179,000 that suspended in February, as against 52
with deposits of $11,280,000 the month before.
Suspensions were most numerous in the Minneapolis and Chicago districts, and, within
these districts, the largest numbers were in the
States of Iowa, Minnesota, and North Dakota.
Three banks in the Minneapolis district and one
in the Kansas City district^ which had previously been closed^ were reported to have resumed operations during the month. The
number and deposits of banks closed during
February, 1926, are shown in the following
table, by class of bank; the figures for closed
banks represent so far as can be determined
banks which have been closed to the public hj
order of supervisory authorities, or by the directors of the bank on account of financial difficulties, and it is not known how many of the
Institutions thus reported may ultimately prove
to be solvent:




Total Imports and exports of merchandise
and the merchandise trade balance of the United
States by months in 1925 and 1926, also the
trade balance, including imports and exports
of gold and silver, for the two months ended
February, 1925 and 1926, are shown In the
tables following:
MERCHANDISE TRADE BALANCE OF THE UNITED
STATES >
[In thousands of dollars]
Month
1925
Year
January......
February
_
March
April . . . .
May..,,
_
June
July
August..
._
September.. _
October..
November..
December
1926
January...
__ _ .
February

Excess of
imports

Imports

Exports

4,227,279
346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396,640

4,909,845
446,443
370,676 : : : : : : : : : : : :
453,653
398,255
370,945
323,348
1,868
339,660
379,823
420,368
490,567
447,804
468,306

416,767
388, 503

397,196
352,917

Excess of
exports

684,434
100,278
37,289
68,274
52.164
43*426
14,012
39,737
70,414
116,493
71,373
71,666

19,569
35, 586

TRADE BALANCE OP THE UNITED STATES FOR TWO
MONTHS ENDED FEBRUARY, 1925 AND 1926
[In thousands of dollars]
Total

Merchandise

Gold

1925
8,641
Imports
___
700,461 679,552
Exports
954,463 817,119 124,126
Net imports (—) or exports (+)
+259,003 +137,567 +115,485
1926
Imports....
864,663 805,270
44,767
Exports.....
_.._ 774, 566 750,113
6,938
Net imports (—) or exports (+)_
-90,097 -55,157 -37,829

Silver
12,268
18,218
+5, 950
14,626
17,515
+2,889

246

FEDERAL. RESERVE BULLETIN
GOLD

MOVEMENTS

GOLD IMPORTS INTO AND EXPORTS PROM GREAT
BRITAIN—Continued

UNITED STATES

Total Imports and exports of gold during
of origin or
February and January, 1926, by countries of Country
destination
origin or destination, and comparative figures
for the two months ended February, 1926 and
1925, are shown in the following table:
EXPORTS
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES

[In thousands of dollars]
2 months ended
February—

1926
Country of origin or
destination
February

January

1926

1925

IMPOETS

Total

-

England..
.._—
France
Canada-=----=---Mexico
_-Chile
_._—-_—•_
Peru
Japan
All other.—
-

APRIL, 1926

25,416

19,351

44,767

5
19
9,826
286
9,753
668
4,000
859

3
52
17, 839
539
37
122

8
71
27, 665
825
9,790
790
4,000
1,618

'

8,640
130
71
5,532
911

Total

February

January

1926

1925

£1,563,808 £2,447,525 £4,011,333 £8,622, 025

Belgium __
British India
Egypt
France
Netherlands
Russia .
Straits Settlements.„..
Switzerland
West Africa
South America
Allother
Net exports
Net imports

2 months ended
February—

1926

8,175
158,324
8,150
50,159
1,694,642

8,175
681,175
8,150
213,256
1,773,608

480
44,000
651, 754

333,281
13,600
929
30,000
150,265

435,941
13, 600
1,409
74,000
802, 019

1,889,991

2, 077,050

3, 967,041

522,851
163,097
78,966
102,660

FOREIGN

88,453
5,500,515
135,461
34,114
468,369
327,052
9,500
3,500
37,927
2, 017,134
1,942,458

EXCHANGE

The decline in sterling, which, began on February 18 with sterling quoted at $4.8641, came
1,996 to an end on March' 2, with sterling quoted at
759
$4.8573. On March 10 a definite upward
EXPOKTS
movement
carried it to $4.8621, and again/
124,126
6, 938
3,087
3,851
Total-.-—
after a slight recession, to $4.8627 on the 23d,
6,110
England
1,339 after which it maintained. a level of about
18
18
France
- -30, 010 $4.8623 . for the remainder
113
Germany
541
398
of the month.
4,318
Netherlands
94
119 French exchange continued its gradual down69
25
Canada.-—
_
1 014
1,014
Central America„___»_
movement, touching 3.43 cents on
1,013
740 ward
565
448
Mexico
51
210 March 29. The Belgian franc, after having
51
Argentina
1,300
500
800
Venezuela.,.-355
52, 694 been steady at between 4*53 and 4.55 cents
43
312
British India
1,317
991
326
British Malaya._._—
226
792
1,482 since the beginning of October last, declined
566
Hongkong.——
23,147 on March 15 to 4.17 cents, again on the 17th to
Australia
443
3,957
226
217
All other—
4.02 cents, and declined to 3.69 cents on the
16,264
37, 829
21,565
Net imports
115,486 30th. ' It was reported from.London that the
Net exDorts
Belgian Government had withdrawn its support
from the exchange and that difficulties' had
GREAT BRITAIN
arisen in connection with the floating of a
Following is a table showing gold imports stabilization loan. Italian lire maintained
into and exports from Great Britain for their, level at about 4.02 cents. . The Danish
February and January, 1926, and for two krone, which during February had twice passed
months ended February, 1926 and 1925:
above 26 cents, rose to 26.26 cents on March 13,
the highest quotation since January, 1919,
GOLD IMPORTS INTO AND EXPORTS FROM GREAT
and thereafter averaged about 26.22 cents.
BRITAIN
The Norwegian krone rose from 21.12 cents
2 months ended
on
March 4 to 21.83 on the. 13th, the highest
1926
February—
Country of origin or
point touched since November, 1919; declined
destination
1926
1925
January
February
to 21.31 on the 18th and rallied to 21.60 on
the 27th. The Polish zloty continued its
IMPORTS
downward movement, declining from 13.16
£3,453,799 £4,524,575 £7,978,374 £6,679,567 cents'-on March 1 to 12.41 on the 18th, but
Total—.
595,736
595,736
Belgium-L——..——
rallying .to 12.69 cents on the 20th. The
268
2,431,800
1,920,285
511, 515
Russia...—____-•___—.
378,083 Polish Finance Minister has announced that
364,396
182,474
181, 922
RhodesiaJ
.-._
1,806, 795
1,677,003
4,372,717
2,695,714
Transvaal
4,208,849 he will not. attempt to reestablish "the parity
412
4,213
United States..
3,801
177, 758 of the zloty at 19.30 cents, but will try to
136,808
191,055
West Africa
54, 247
107,814
11,857
18,457
6,600
All other
_
bring about stabilization at its present level




APBIL, 1926

247

FEDERAL BESEBVE BULLETIN

(about 12.50 cents). ^Netherlands florins,
Spanish pesetas,- Swedish' kronor, and Swiss
francs were very steady? as was also the
Canadian dollar^ although the last named
currency Is about one-half cent below the
high levels reached last October and November.
The downward movement of the Argentine
eso/which began on February 13, continued
uiing thefirsthalf of March, The peso declined
from 93,22 cents on February 13 to 88.07 cents
on March. 16, but rallied to 90.21 cents on the
29th.: Brazilian milrels declined from 14* 74 cents
on March 1 to 14«08 cents on the 31st, while
Chilean pesos stood at more than 99 per cent of
their new parity. The Uruguayan peso declined
from ^1.0337 "on February 18. to $1.0155 on
March 17 and averaged $1.0218 during March,
compared with $1.0311 during February,
Japanese yen, after having reached 46.32
cents on February 20? declined to 44.82 cents
on March 8, but rallied to 45,94 on the 31st.
The Shanghai tael, which has shown a steady
'downward movement since last September,
when It had risen to. 79.59 cents, declined to

S

72.29 cents on March 31 and averaged 72.71
cents for . March, • compared with 73.75 cents
for February and 74.75 cents for January.
Indian rupees declined from 36.79 cents on
February 4 to 36,30 cents on March 31 and
averaged slightly lower during March than
during February.
•
FOREIGN EXCHANGE

RATES

[In cents]
March, 1926
Par
value

Exchange

Sterling
_.
.
Belgian franc...
Danish krone.
French franc.
__
German reichsmark
Italian lira..„-_._.__
Netherlands florin..
Swedish krona....__
Swiss franc
Canadian dollar....
Argentine peso
Shanghai tael...
Japanese yen

February, 1926

February,
1925;
Low High Low High Aver- aver-

486.65 485. 73 486.27 486. 04 486. 51 486.34 477.24
19.30 3.69 4.54 4.54 4.55 4.54 5.08
26.80 25.90 26.26 24.61 26.04 25.38 17.81
19.30 3.43 3.73 3.55 3.76 3.68 5.28
23.82 23.80 23.81 23.80 23.81 23.81 23.80
19.30 4.00 4.02 4.01 4.04 4.03 4.11
40.20 40.02 40.10 40.04 40.14 40.08 40.17
26.80 26.80 26.82 26.76 26.83 26.78 26.94
19.30 19.24 19. 26 19.24 19.29 19.26 19.26
100. 00 99.41 99. 84 99.57 99.79 99,65
96.48 88.07 92.55 92.71 94.10 93.27 90.33
66.85 72.29 73.04 72.77 74.30 73.74 75.26
49. 85 44.82 45.94 44.85 46.32 45.40 39.08

BANK SUSPENSIONS IN 1924 AND 1925
A survey of bank suspensions in 1924 and
1925 naade during the past year shows that in
1925, 612. banks, with deposits of $172,900,000,
, suspended "operations, compared with 777
banks, with deposits of $213,444,000, in 1924.
Of the banks suspending in 1925, 146 with
deposits of $67,264,000, were member banks
and 466, with deposits of $105,636,000, were
nonmember banks. The board's reports on
bank suspensions cover all banks in the country, whether incorporated or unincorporated,
which were closed to the public on account of
financial difficulties, and it is not known how
many of the institutions thus reported may
ultimately prove to be solvent or may be restored to solvency. The record of suspensions
during 1924 and 1925 is summarized, by class
of banks and by geographic divisions, in the
accompanying table.
The 1,389: banks, with deposits of $386,344,000, that suspended during these two years
were for the most part nonmember banks.
Among member banks, which constitute about
one-third of the number and hold nearly twothirds of the deposits of all banks in the country; there were 305 suspensions, involving
deposits of $141,733,0(30. The number of
member banks which suspended was thus about
22 per cent and their deposits about 37 per
cent of the total number and deposits oi all
banks which suspended during the period.




BANK SUSPENSIONS DURING 1924

AND

1925

" [Amounts in thousands of dollars]
Banks suspending in the period
from Jan. 1, 1924, to Dec. 31, 1925

Number

Ratios
(per cent)

Number of
suspending
banks
to
total
Total number of
banks 2

Total deposits *

1924 1925 Total 1924

1925

Deposits
of suspending
banks
to deposits
of all
banks»

All banks in Unit| ed States _______

612 1,389 213,444 172,900 386,344

4.6

0.88.

Member banks
National
.
State—.
Nonmember banks.

1,733
240 60,889 58,537 119,426
65 13,580 8,727 22,307
466 1,084 138,975 105,636 244,611

3.1
2.9
4.0
5.3

.52
'.71
.22
1.44

1,605 1,:
2,903
18 2,647 11,845 14,492
25,335
59,730
34,395
312

,5
4.4

.06
..08
1.35

433 75,356 60,393135,749

•4. 0

146

305 74,469 _.,

GEOGRAPHIC DIVISIONS

New
England
States
Eastern States _____
Southern States.___
Middle Western
States......—...
Western States
Pacific States. _____

570 101,808 56,498158,306
53 6,693 8,471 15,164

9.7
3.0

1.20
7.07
.44

1
Deposits are for 770 banks in 1924 and 604 in 1925, figures not being
available
for 15 banks.
2
Number of banks that suspended in 1924 and 1925, and amount of their
deposits at the time of suspension, compared with the number and
deposits of all banks as of June 30,1923, the latest available date prior to
the period covered in the table.

248

FEDERAL RESERVE BULLETIN

The number of member banks that suspended
during the two years constituted 3.1 per cent
of all member banks in operation at the beginning of the period, while the number of nonmember banks that suspended was 5.3 per cent
of the total number of nonmember banks.
Total deposits of suspending member banks
represented 0.50 per cent of the deposits of
all member banks, whereas the deposits of
suspending nonmember banks were 1.44 per
cent of the deposits of all nonmember banks.
Suspensions occurred during these two years
in nearly all States of the country, but the
greater proportion were in Western, Middle
Western, and Southern States. Suspensions
among member as well as nonmember banks
were most numerous in the Western States,
which include North Dakota, South Dakota,
Nebraska, Kansas, Montana, Wyoming, Colorado, New Mexico, and Oklahoma. £1 these
Western States the banks that suspended
during 1924 and 1925 were nearly 10 percent
of all banks and had deposits which were more
than 7 per cent of the deposits of all banks;
the number of member banks that suspended
was more than 8 per cent and their deposits
more than 5 per cent of the number and deposits of member banks, while suspending nonmember banks were more than 10 per cent of
the number and had more than 9 per cent of
the deposits of nonmember banks in these same
States. More than one-half of the total number of suspensions during these two years were
in the six States of Minnesota, Iowa, Missouri,
North Dakota, South Dakota, and Oklahoma,
while more than 80 per cent of the suspensions were in these and the nine States of
North Carolina, South Carolina, Georgia,
Texas, Nebraska, Kansas, Montana, Wyoming,
and New Mexico.
The banks which suspended both in 1924
and 1925 were for the most part small institutions. This is shown in the accompanying
table, in which the banks that suspended during the two years are classified for each Federal
reserve district according to the amount of
their capital stock; the distribution of suspending banks among these classes was approximately the same for each year. The table
shows that in the two years taken together
more than 63 per cent of the banks that
suspended had capital of $25,000 or less, and
nearly 71 per cent had capital of less than
$50,000; only about 10 per cent of the banks
had capital of $100,000 or more.




APRIL, 1926

BANK SUSPENSIONS DURING 1924 AND 1925, BY SIZE
OF BANK
Total Number of banks with capital stock
of—•
number
Federal reserve district sus-of $25,000 $25,001 $50,000 $100,000 $200,000
pento
to
and
to
to
sions less $49,999 $99,000 $199,999 $500,000
Boston _
3
New York
6
5
Philadelphia.Cleveland
20
Richmond
Mil
Atlanta
92
2 217
Chicago
106
St. Louis
463
Minneapolis
Kansas City.
210
103
Dallas
53
San Francisco
Total.....
!»2I,389
Per cent of total number100
Cumulative per cent of
total number
100
1
2

6

2

1

3
16
58
54
114
77
349
137
47
22
880
63.4

16
8
19
6
26
13
10
3
101
7.3

25
18
48
15
67
38
25
22
263
18.9

1
3
11
9
22
4
16
16
15
6
104
7.5

33
2.4

63.4

70.7

89.6

97.1

99.5

1
1
3
7
4
5
6
6

Includes 1 bank for which figure for capital is not available.
Includes 7 banks for which no figure for capital is available.

Although a large proportion of the suspending banks were small institutions, it should be
noted that most of the banks of the country are
relatively small banks and that the proportion
of small banks is largest in those regions in
which most of the suspensions occurred. These
facts are brought out by the accompanying
table, which gives average capital per bank and
average deposits per bank, both for suspending
banks and for all banks, in each of the geographic divisions of the country and in the six
States in which suspensions were most numerous.
AVERAGE SIZE OP SUSPENDING BANKS AND ALL BANKS
Average amount
of capital per
bank*
Number of
suspen- Banks
sions,
susAll
1924
pendand
ing in banks
(June
1925
1924 30,1923)
and
1925
Total, U n i t e d
States
New England States
Eastern States
Southern States
Middle Western States..
Minnesota
Iowa
Missouri
Western States..North Dakota
South Dakota.
Oklahoma
Pacific States

1,389
3
18
312
433
105
167
88
570
108
175
70
53

Average deposits
per b a n k l
Banks
suspending in
1924
and
1925

All
banks
(June 30,
1923)

$38,243 $100,136 $281,182 $1,462,983
91,667 168,458 967,667 4,449,666
71,471 260,647 852, 471 4,990,361
73,160 192,677
43,048
624,150
38,406 84,970 322,444 1,050,344
33,390 49,970 396,810
633,445
47,909 48,267 368,826
554,308
70,612 216,318
30,034
736, 541
33,333 36,817 277,730
382,988
19,352 22,019 149, 787
201, 304
29,469 27,684 317,320
340,189
31,814 42,983 262,557
440,366
•47,774 144,955 286,113 1,959,283

* Figures for capital of 8 banks and for deposits of 15 banks were not
available; averages are for banks for which figures were available.

The table shows that the average bank in the
United States has a capital of about$100,000 and
deposits of about $l?500;000? while the banks
that suspended in 1924 and 1925 averaged less
than $40,000 capital and about $230,000
deposits. But in the Western States, where
suspensions were relatively numerous, the
average bank has about $37,000 capital and less
than $400,000 deposits and the suspended
.banks had, on the average, .about $33,000
capital and about $275,000 of deposits. Thus,
the banks that suspended in this section were
somewhat more nearly comparable in size to
the average bank in this particular section.
In South Dakota, where suspensions were
more numerous than in any other State, the
average suspending bank had capital slightly
larger and deposits but slightly 'smaller than
the average bank of the State, and in North
Dakota the banks that suspended did not differ
appreciably in average size from the other
banks in these States.
The sections of the country in which suspensions were most numerous were also the sections
in which the number of banks was relatively
large in proportion to the population and in
which the communities served by banks are of
relatively small size. There was one bank to
about 7,300 people in the New England and
Eastern States; compared with one bank to
about 1,500 to 2,900 people for the Western
and Middle Western States. In the six States
in which suspensions were most numerous in
1924 and 1925—Iowa, Missouri, Minnesota,
North Dakota, South Dakota, and Oklahoma—
the average number of people to each bank
ranged from about 800 and 960 in North Dakota and South Dakota to 2,100 and 2,400 in




249

FEDERAL RESERVE BULLETIN

APRIL, 1926

88806—26t-

3

Missouri and Oklahoma, and compared with
an average of about 4,000 for the country as
a whole. ' A classification of the banks that
suspended during the two years according
to the size of the centers in which they were
located shows that 40 per cent of these banks/
were in towns with a population of less than
500, 80 per cent were in towns with a population of less than 2,500, and 96 per cent were
in towns of less than 25,000 population. In
the following table bank suspensions for 1924
and 1925 are classified for the major geographic
divisions of the country, by size of the centers
in which the.banks were located:
BANK SUSPENSIONS DURING 1924 AND
OF TOWN OR CITY
Total
number
of
suspensions,
1924
and
1925
New England States....
Eastern States
Southern States-__
_
Middle Western States...
Western StatesPacific States

BY SIZE

Number of bank suspensions In villages, towns, and cities with population of —

Less 500 1,000 1,500 2,500 5,000 26,000
to
to
to
to
than to
and
500 999 1,499 2,499 4,999 24,999 over

2
3
26
29
38
3

p«

115

101

55

8.3

7.3

4.0

100 40.4 61.1 71.0 80.4 88.7

96.0

100

1
3
18
1
312 103
433 177
570 267
53 12

Total United States. 1,389
Per cent of total number.
Cumulative per cent of
total number

1925,

1
"~°33
79
94 36
106 63
8
6

561 288

100 40.4 20.7

138
9.9

1
32
41
48
9

1
31
37
33
14

131
9.4

11

19
16
1

The number and deposits of banks that suspended in 1924 and 1925 are presented in the
table on the following page? by class of bank
and by Federal reserve, districts.

250

FEDERAL RESERVE BULLETIN

APRIL,

1926

N U M B E R AND D E P O S I T S O F BANKS SUSPENDING I N 1924 AND 1925, BY FEDERAL R E S E R V E D I S T R I C T S
[Amounts in thousands of dollars)
Number of suspending banks
Federal reserve district

Member banks

Nonmember
banks

Total
National
All districts:
1925 . . . . _
1924
Boston:
1925 _..
1924
New York:
1925 . . . .
1924
Philadelphia:
1925
1924
Cleveland:
1925
1924
Richmond:
1925
1924
Atlanta:
' 1925
1924
Chicago:
1925
1924
St. Louis:
1925
1924 . . .
Minneapolis:
1925
1924
Kansas City:
1925
1924
.
Dallas:
1925
1924
San Francisco:
1925 „ .
1924

..

.

_

.




.

.

Total

State

28
37

Deposits of suspending banks

146
159

612
777

118
122

2
1

1

1

6

1

1

Member banks
Total
National

State

8,727
13, 580

Total

Nonmember
banks

105,636
138,975

466
618

172,900
213,444

58,537
60,889

2

1,298
1,605

1,605

1,605

5

1,746

765

765

981

2,665
901

67,264
74,469

1,298

3
2

1

1

3
1

247

247

2,665
654

14
6

3

3

11
6

9,624
1,137

3,621

3,621

6,003
1,137

68
43

10
3

1
1

57
39

13,182
5,822

3,528
1,243

9,547
4,280

10
4

5
9

29
35

6,079
5,002

2, 782
1,035

107
299
1,118
833

3,635
1,542

44
48

11
4
15
13

3,900
1,868

2,179
3,134

109
108

16
6

8

24
16

85
92

34,126
36,950

7,658
4,868

4,744
3,364

12, 402
8,232

21, 724
28, 718

53
53

1

1
2

1
3

52
50

11, 942
13,674

618

26
753

26
1,369

11,916
12,305

168
295

44
49

5
9

119
237

44,985
85, 539

17, 806
19, 764

736
6,187

18, 542
25, 951

26, 443
59, 588

77
133

16
30

2

49
58
16
32

61
101

28, 698
34, 763

16, 410
15,984

572

16,410
16,556

12, 288
18, 207

__

50
53

10
16

5
3

15
19

35
34

11, 830
19, 612

4,011
12, 325

1,630
1,382

5,641
13, 707

6,189
5,905

...

24
29

9

3

10

1

12
11

12
18

8,471
6,693

2,721
2,437

366
190

3,087
2,627

5,384
4,066

APKIL, 1926

FEDERAL BESEBVE BULLETIN

251

RULINGS OF THE FEDERAL RESERVE BOARD
Eligibility for discount of factors9 notes covering ad- growers may also be engaged in producing
vances to producers of eggs, poultry, and butter.
products which can not properly be considered

The Federal Reserve Board lias recently been
requested to rule upon certain questions arising
under that provision of the second paragraph
of section 13 of the Federal reserve act which
makes eligible for discount at a Federal reserve
bank the notes, drafts, and bills of exchange "of
factors issued as such making advances exclusively to producers of staple
agricultural products in their raw state/ 7 It appears that a
certain cold-storage and warehouse company
which is engaged in business as a factor makes
advances to farmers who consign to the company chickens, eggs, and butter to be stored in
the company's warehouse. The advances are
made .pending the sale of these products by the
company for the account of the farmers. The
question presented is. whether or not the notes
of this warehouse company issued in its capacity as factor for the purpose of making advances
exclusively to producers of eggs, poultry, and
butter should be considered eligible for discount
at a Federal reserve bank.
Inasmuch as the warehouse company in this
case is a factor, the only question to. be decided
is whether the advances made by the company
• to its customers from the proceeds of these
notes are advances to "producers of staple
agricultural products in their raw state." In
considering this question it is important to note
that the test of eligibility.of paper of this kind
is to be found in the character of the person
to whom the advances are made rather than iri
the kind of products securing these advances.
If the advances are made to any person of the
class described by the term "producers of staple
agricultural products in their raw state," the
notes given by the factor may be eligible for
discount, regardless of whether the products
by which particular advances are secured are or
are not agricultural products in their raw state
or whether the advances are secured at all.
Broadly speaking, the term "producers of
staple agricultural products in their raw state7'
is synonymous with farmers, dairymen, and
livestock growers and, therefore, the notes of
factors issued as such for funds to be used in
making advances exclusively to this class of
producers will be eligible for rediscount at a
Federal reserve bank; and this is true even
though these farmers, dairymen, or livestock




agricultural products in their raw. state and
regardless of the kinds of products securing
the advances made by the factors*
. Applying these principles to the facts of this
particular inquiry, the board ruled that the
notes of such a cold-storage and warehouse
company issued in its capacity as factor are
eligible for rediscount at a Federal reserve
bank, provided that the proceeds of the notes
are used by the factor in making advances exclusively to producers of eggs and poultry or
other staple agricultural products in their
raw state and the notes comply in all other
respects with the relevant provisions of the
law and the board's regulations.
In the opinion of the board butter is not a
staple agricultural product in its raw state;
but this does not affect the eligibility of notes
of factors covering advances to farmers, dairymen, or livestock growers who produce butter,
because any member of this class is, of course,
engaged in the production of some agricultural
products in their raw state even though he
also produces butter. The board holds, however, that the notes of a factor covering ad- .
vances to those engaged in the commercial
production of butter with cream purchased
from others are ineligible for rediscount, unless
the persons so engaged are also producers of
some staple agricultural products in their raw
state. The paper of a factor issued as such
for the purpose of making advances exclusively
to creameries or dairies, therefore, would
ordinarily be ineligible for rediscount under
this provision of the law.
In this connection it also seems appropriate
to jixention a ruling made by the board prior
to 'the date of the amendment to the law
regarding factors7 paper, which holds that
while the notes of a cold-storage company itself
are ineligible for rediscount because the proceeds are used to make loans to third parties,
the notes of the customers of the cold-storage
company representing loans made to them by
the company, when indorsed and discounted
by the company, would be eligible for rediscount by a member bank at a Federal reserve
bank, provided that the customers have used
or are to use the proceeds for agricultural or
commercial purposes and provided also that

252

FEDERAL RESERVE BULLETIN

the notes comply in other respects with the
provisions of the. law and the regulations of
the Federal Keserve Board. (See 1921 Bulletin, page 308.) Under this ruling, of course,
the notes of the customers of a factor may be
eligible for rediscount without regard to the
provisions of the second paragraph of section
13 of the Federal reserve act providing for the
rediscount of factors7 paper.

APRIL,, 1926?

If the paper is otherwise eligible this provision
of the board's regulations would not prevent its
rediscount by a member bank.
The ^ question whether a note made by a cooperative marketing association and indorsed
by a Federal intermediate credit bank is eligible
for rediscount at a Federal reserve bank, when
offered by a member bank, is to be determined
by the purpose for which it was issued or the
use made of its proceeds and is not affected by
the fact that it is indorsed by a Federal interEligibility for rediscount at a Federal reserve bank of mediate credit bank (except for the prohibinotes made or Indorsed by a Federal intermediate tion contained in section 19 which is discussed
credit bank when offered fey a member bank
below). As the board has ruled heretofore, it
The Federal Reserve Board has been re- is the purpose of the original negotiation which
quested to rule upon the eligibility for redis- is determinative of the eligibility of a note for
count at a Federal reserve bank of a note of a rediscount. In the fourth paragraph of section
Federal intermediate credit bank and also of a 13 (a) of the act, it is provided that a note isnote made by a cooperative marketing asso- sued by a cooperative marketing association
ciation and indorsed by a Federal intermediate shall be deemed to have been issued for an agcredit bank. In each case the note is offered ricultural purpose if its proceeds have been or
for rediscount by a member bank which has are to be used for certain specified purposes.
discounted it for the Federal intermediate If, therefore, a note made by a cooperative
marketing association has been issued for one
credit bank.
It was suggested to the board that if such of the purposes so enumerated, or majr be othpaper is eligible for rediscount, the provision of er-wise considered agricultural paper, it is elithe board's Regulation A, which prohibits a gible for rediscount at a Federal reserve bank
Federal reserve bank to discount paper for any when offered by a member bank, regardless of
Federal intermediate credit bank when its own the fact that it may have been discounted, by
reserves are less than 50 per cent of its aggre- the member bank for a Federal intermediate
gate liabilities for deposits and Federal reserve credit bank. Of course, it is necessary that
notes, might be circumvented and a Federal the note comply in all other respects with the
intermediate credit bank might obtain ac- pertinent provisions, of the Federal reserve act
commodation indirectly from a Federal reserve and the board's regulations.
bank even though the Federal reserve bank's
While in theory the general principles
reserve might be less than 50 per cent. The applicable in determining the eligibility of
principle underlying this provision of the regu- other paper would govern the eligibility of a
lation, however, is that member banks are en- note made by a Federal intermediate credit
titled to preferential treatment in the matter bank when offered for rediscount by a memof receiving credit accommodations from the ber bank, as a practical matter, since Federal
Federal reserve bank because they contribute intermediate credit banks are not ordinarily
to the resources of the Federal reserve banks engaged in commercial, agricultural, or indusand their credit facilities ought not to be cur- trial pursuits but in the business of lending
tailed in any way through the extension of money, it seems almost certain that such a
credit to Federal intermediate credit banks, note would not be issued for an eligible purwhich contribute nothing to the resources of pose but for the purpose of obtaining funds
the Federal reserve system and which are not to be advanced or loaned to some other bormembers, of the system. This principle, of rower. Under such circumstances, of course,
course, would not be applicable when a member the note made by the Federal intermediate
hank offers for rediscount at a Federal reserve credit bank would be ineligible for rediscount
bank paper made or indorsed by a Federal in- under section II (b) of the board's Regulatermediate credit bank, because in such a case tion A.
the member bank would be obtaining credit
The eligibility for rediscount of paper made
accommodation from the Federal reserve bank. or indorsed by a Federal intermediate credit




APRIL, 1926

FEDERAL RESERVE BULLETIN

bank when offered by a member bank is also
affected by that provision of section 19 which
prohibits a member bank from acting as the
medium or agent of a nonmember bank In
discounting with a Federal reserve bank except by the board's permission; and it is
accordingly, necessary, under the principles
laid down In the board's ruling published in
the 1923 BULLETIN at page 891, for the board
to grant its permission before paper bearing
the signature or'indorsement of a Federal
intermediate credit bank may properly be
rediscounted for a member bank. Accordingly, the Federal Reserve Board hereby grants
Its permission for Federal reserve banks to

258

rediscount for member banks paper bearing
the signature or indorsement of Federal Intermediate credit banks, If such paper is other™
wise eligible under the law and the regulations,,
In the ruling referred to It was stated that as
a general rule, the board will not grant to
member banks permission to rediscount with
Federal reserve banks the paper of nonmember
banks which are eligible for rnemhersliip in the
Federal reserve- system. Federal intermediate
credit banks, ho'wever, are not eligible for
membership in • the Federal reserve system
and, therefore, the granting of this permission
is not a departure from the policy announced
in that ruling.

Eligibility of trustee, officer, or employe© of a mutual
The word "bank" is inclusive and can not be resavings bank to serve as class B or class C director stricted to institutions transacting all of the business
of a Federal reserve bank.
• ' ,
usually transacted by commercial banking institutions.

There is published below a copy of an opinion
recently rendered by the Attorney General on
the question whether a trustee, officer^ or employee of a mutual savings bank Is eligible to
serve as a class B or class C director of a Federal reserve bank.
"
DEPARTMENT OF JUSTICE,

A mutual savings bank, although having no capital
stock, accepts deposits, makes loans, and invests its
money in securities, paying over to its depositors the
principal of their deposits and accrued net earnings. To
that extent it is engaged in the banking business.
Bouvier defines a bank as "A place for the deposit of
money."
The Supreme Court of the United States, in Smith v0
Kansas City Title Company, 255 U. S., 180, 210, said:
"Generally speaking, a bank is a moneyed institution
to facilitate the borrowing, lending and caring for
money." In Bank of Savings v. The Collector, • 70
U. S. 495, the Supreme Court of the United States had
under consideration the status of mutual savings banks
operating without capital stock, such as those referred
to in your communication. At pages 512-513 the court
said:
Banks, in the commercial sense, are of three
kinds, to wit: 1, of deposit; 2, of discount;
3, of circulation. All or any two of these
functions may, and frequently are, exercised
by the same association; but there are still
banks of deposit, without authority to make
discounts or issue a circulating medium.
Savings banks which receive deposits and loan the
same for the benefit of their depositors, although they
may have no capital stock, and neither make discounts
nor perform other functions usually performed by commercial banks, are, nevertheless, engaged in the business of banking and are, therefore, banks within the
meaning of section 4 (5) of the Federal reserve act,
supra.
I have the honor, therefore, to advise you that mutual
savings banks are banks within the meaning of section
4 (5) of the Federal reserve act, prohibiting directors
of class B and class C from being officers, directors or
employees of "any bank."
Respectfully,

Washington, March 4} 1926.
SIR: I have the honor to reply to your letter of
January 12, 1928, transmitting one from the Governor
of the Federal Reserve Board, and submitting for my
consideration and opinion the question whether a
trustee, officer or emploj^ee of a mutual savings bank is
eligible for appointment as a class B or class C director
of a Federal reserve bank.
Section 4(5) of the Federal reserve act (act of
December 23, 1913, c. 6, 38 Stat. 254) provides that the
board of directors of Federal reserve banks shall
consist of nine members divided into three classes
designated as classes A, B and C. It is further provided that:
No director of class B shall be an officer,
director or employee of any bank.
No director of class C shall be an officer,
director, employee or stockholder of any bank.
It has been contended that a mutual savings bank?
having no capital stock, and not engaged in a general
banking business, is not such a bank as is contemplated
by the statute, and that, therefore, an officer of such
mutual savings bank is not prohibited from serving as a
class B or class C director of a Federal ^reserve bank.
The real question presented for my consideration,
therefore, is whether a mutual savings bank of the
character above described, is to be considered a "bank,"
as that term is used in section 4(5) of the Federal reserve
(Signed)
JNO. G. SARGENT,
act, prescribing the qualifications of class B and class
Attorney General.
C directors.
The honorable the SECRETARY OF THE TREASURY.




254

FEDEEAL RESERVE BULLETIN"

Changes In State Bank Membership

APRIL, 192$

Fiduciary Powers Granted to National Banks

The following list shows changes affecting State
During the month ended March 21, 1926, the Federal
bank membership during the month ended March Reserve Board approved applications of the national
21, 1926, on which date 1,434 State insitututions were banks listed below for permission to exercise one or
members of the system:
more of the fiduciary powers named in section 11 (k)
of the Federal reserve act as amended, as follows:
ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
Total
(6) assignee; (7) receiver; (8) committee of estates of
Capital
Surplus resources
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
District No. 6
permitted to act under the laws of the State in which
$64,102 the national bank is located.
Citizens State Bank, Reynolds, Ga._ $25,000
$1,250
District No. 9

Peoples State Bank, Plain view,
Minn

20,000

4 000

204,963

Location

213,505

Floral Park, N . Y . .
Kingston, N. Y
Kane, Pa
Reidsville, N. C—.
Opelika, Ala
Montgomery, Ala _
Hartford City, Ind.
Havana, 111
Effingham, 111
„.
Fort Branch, Ind—

District No. 11
First State Bank, Celina, Tex_

25,000

CHANGES
District No. 2

Coal & Iron Bank of the City of New
York (merged with Fidelity International Trust Co., New York,
N. Y., a member, under title of
Millstadt, 111-._...Fidelity Trust Co.)
.. $1,500,000 $1,000,000 $28,746,810 I n d e p e n d e n c e ,
Peoples Trust Co., Brooklyn, N. Y.
Kans.
(merged with National City Bank,
Ogden, Utah
New York, N. Y.)~
1,600,000 2,400,000 65, 717, 253

District
No.

Powers
granted

Name of bank

First National Bank
..._
National Ulster County Bank
First National Bank
First National Bank.—-.First National Bank
Exchange National Bank
First National Bank
Havana National Bank
First National Bank
Farmers & Merchants National
Bank.
8 First National Bank.__
10 Citizens-First National Bank
12 National Bank of Commerce
2
2
3
5
6
6
7
7
8
8

Ito9
1 to 9
1 to9
Ito9
1 to7
1 to9
1 to9
1 to 9
1 to 9
Ito9
1 to 9
Ito9
Ito9

District No. 5

The State & City Bank & Trust Co.,
Richmond, Va., has absorbed the
following member: Planters
National Bank, Richmond, Va_.-. 1,000,000 1,800,000 20,221,222
Bank of Lunenburg (Inc.), Kenbridge, Va., a member, has absorbed the following member: First
National Bank, Kenbridge, Va
11,450
269,236
45,800

Changes in National Bank Membership
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from February 20
to March 19, 1926, inclusive:

District No. 7

Absorbed by nonmember: State
Savings Bank, Marlette, Mich
Voluntary withdrawal: First Commercial Savings Bank, Constantine, Mich...

25,000

5,000

60,000

New charters issued
Restored to solvency
Increase of capital approved
50,000

25,000

290,000

District No. 9

Reopened: Rock County Bank,
Luverne, Minn
Voluntary liquidation: Mercantile
State Bank, Minneapolis, Minn_.

50,000

25, 000

814,368

250,000

50,000

2,391,482




Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital l

._

_-.

- ._

Total liquidations and reductions of capital. -

75,000

30,000

Aggregate increased capital for period
613, 230 Reduction of capital owing to liquidations, etc

District No. 12
Voluntary withdrawal: Victor State
Bank, Victor, Idaho

__

Consolidation of national banks under act of Nov.
7,1918

District No. 11

Voluntary withdrawal: First State
Bank, Wylie, Tex_.___

Net increase
25,000

Amount
of capital

1,422,894

District No. 8

Closed: Dardanelle Bank & Trust
Co., Dardanelle, Ark

Number of
banks

595, 885

10,000

156, 309

14
1
17

$2, 060, 000
40, 000
3,420,000

'32

5, 520, 000

21
4

2, 530,800
390, 000

25

2, 920, 800

4

5,150, 000
5, 520, 000
2, 920, 800
2, 599, 200

1
Includes two reductions in capital aggregating $300,000 incident to
consolidations under act of Nov. 7, 1918.

255

HEDEKAL RESERVE BULLETIN

APBIL, 1926

BUSINESS STATISTICS FOR THE UNITED STATES
INDEX OF PRODUCTION IN BASIC INDUSTRIES *
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100]
Iron and steel
fear and month

General
index

Animals slaughtered
•Steel
ingots

Pig iron

1925
Famiary-...
February...
March.......
April. „„„.„_,
May
•
Tune......
July—.—..
August
September...
October.....
November..,.
December...
1926
January.
February

Food products

Textiles

Cotton

Wheat
flour

Wool

94
113
94
90
88
102
122
94
100
96
79

127
124
120
119
111
110
113
109
111
116
115
121

134
143
136
128
113
107
105
102
106
113
116
130

151
150
147
128
121
115
110
117
123
130
136
149

91
103
111
116
120

100
99
95
92
91
88
87
90
95
98
97
95

120
120

131
130

149
152

114
119

84

Coal

115
114
110
121
103

Bituminous

Anthracite

125
109
95
105
99
101
105
109
114
121
126
130

104
116
96
103
103
98
113

129
130

Cattle

132
104
133
134
115
117
117
107
143
167
135
203
164
147

100
96
100
104
104
95
107
97
93
99
84

102

Calves

Copper

Lumber

Sheep

140
157
138
124
114
126
131
138
129
147
131
166

Hogs

121
107
96
101
92
101

91
102
120
117
105
101

145
127
125
123
116
117
125
116
116
125
117
133

120
115
96

76

125
122

95
105

146
157

Nonferrous metals

Year and month

1925
January.^..—....
February.—......
March-„________„,
April..............
May...—.
June.-....._._....
July
August
September........
October.-..
November
....
December
.__.
1926
January . _ . . . . . . _ .
February-.„_-

Sui
meli

Tobacco products
Sole
leather

Newsprint

Zinc

Cement

Petroleum

Cigarettes

Manufac# tured
tobacco

1
1
2
3

148
147
142
136
135
136
140
135
139
136
138
139

128
119
131
124
127
117
121
122
121
129
129
137

106
108
110
115
112
110
108
105
111
115
116
117

243
193
199
199
193
197
215
207
204
198
194
188

193
191
187
194
212
210
204
206
208
198
200
196

91
88
86
87
88
93
94
91
95
106
95
85

* 195

105
97
89
95
96
97
101
94
96
99
89
94

2
34

2 141
145

144
135

115
123

219
181

193
193

80
84

196
188

102
100

120

188
171
170
178
175
188
179
173
183
169
165

1
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
226, 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.
2 Revised.
INDEX OF E M P L O Y M E N T IN MANUFACTURING I N D U S T R I E S !
[No seasonal adjustment. Monthly average, 1919=1003

Year and month General
index

1925
January
February. _.
March......
April..
May
June

July——
August......
September..
October...-.
NovemberDecember-..
1926
January
February. _ _

94.4
95.8
96.4
95.9
94.9
94.2
93.1
93.9
95.1
97.0
97.2
97.1

Metals and
products
Group
index

Iron
and
steel

Textiles and products
Group
Prodindex Fabrics ucts

Lumber
and
products

Railroad
vehicles

87.5
89.6
90.1
89.2
88.0
86.9
85.6
86.1
87.4
89.4
91.0
92.6

87.1
89.1
89.5
88.7
87.5
86.3
84.9
85.4
86.6
88.4
89.9
91.6

97.4
99.9
100.0
98.9
96.4
95.4
93.3
94.0
94.1
96.9
97.3
97.2

100.6
101.4
101.0
100.8
99.1
97.5
93.1
93.6
93.3
97.7
99.1
99.3

93.4
97.9
98.6
96.5
92.9
92.8
93.4
94.5
95.1
95.8
95.0
94.6

99.8
100.4
99.6
100.6
99.8
100.1
99.3
99.9
102.2
102.8
102.0
100.9

89.3
89.8

92.6
94.2

91.9
93.5

97.3
97.4

99.1
97.6

95.0

98.3

Paper
and
Automobiles printing

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

Tobacco
products

84.9
84.7
84.5
84.5
83.7
83.0
82.6
84.6

103.8
105.1
112.7
121. 7
128.5
122.8
122.2
124.2
129.4
137.7
136.3
129.6

105.1
104.9
105.7
104.7
103.8
103.5
103.4
103.2
104.3
106.0
107.2
107.8

88.4
88.5
86.2
83.0
83.2
85.6
85.4
85.9
88.0
90.6
89.6
88.5

90.9
92.5
92.5
88.8
86.8
83.0
85.7
90.2
92.1
91.8
89.0
86.1

109.7
110.7
116.8
123.2
125.5
125.9
121.3
124.9
125.3
124.7
123.1
121.0

87.0
87.7
88.5
81.7
87.0
85.8
85.9
85.0
87.1
90.1
89.7
90.1

84.6
85.7

130.2
133.0

107.5
106.7

86.5
85.7

87.9
89.5

114.4
114.6

80.4
84.2

Chemicals
and
products

74.0
74.6
75.5
75.4
73.2
72.9
73.0
72.6
75.4
76.4
77.4
77.6

76.9
77.0
i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. T h e
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for
the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for Seotember, 1925,
or certain revisions.




97.0

97.2

256

FEDERAL RESERVE BULLETIN

APRIL,

1926

INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES 1
[No seasonal adjustment. Monthly average, 1919=100]
Metals and
products
Year and month General
index

Group
index

Iron
and
steel

Textiles and products

Group
Prodindex Fabrics ucts

Lumber
and
products

Railroad
vehicles

Paper
Autoand
mobiles printing

Foods Leather Stone,
and
clay,
and
and
prod- products
ucts

Tobacco
products

Chem
icals
and
products

1925
January.--February- _
March
April>__.—
May-...
J u n e . »__.._
July
August—-.
September .
October
NovemberDecember—

102.9
108.5
110.1
107.3
107.4
104.8
102.4
104.5
103.9
111. 3
111.7
112.1

92.9
96.3
97.2
94.4
94.6
91.1
86.8
89.7
88.7
96.2
97.7
101.7

92.6
95.8
96.5
93.9
94.0
90.4
86.1
88.8
87.7
95.1
96.3
100.6

108.6
113.4
114.4
108.0
105.0
101.6
101.2
103.8
99.1
107.5
107.0
107.9

112.9
114.2
114.2
111.7
109.9
103.9
100.9
101. 7
96.6
107.9
109.0
111.1

103.3
112.4
114.7
103.5
99.0
98.8
101.6
106.2
102.1
107.0
104.5
103.9

103.1
108.5
109.7
107.9
108.6
109.7
105.9
108.0
111.8
117. 2
116.7
116.4

91.5
100.0
100.2
95.4
91.6
90.4
86.7
88.0
84.9
89.2
91.4
91.7

132.1
142.9
156.2
163.9
151.2
150.0
146.1
155.3
178.0
178.9
163.5

138.2
137.5
139.4
137.1
136.7
135. 5
133.8
133.7
135.8
142.3
145.4
148.7

100.4
99.8
98.8
94.0
97.2
100.0
98.9
99.1
100.0
104.5
103.6
103.2

95.3
99.7
•100.0
91.5
90.3
85.1
89.0
98.9
94.8
95.8
87.9'
86.5

128.8
136.4
143.4
149.9
154.6
154.3
145.9
155.7
151.6
156.8
155.4
151.3

93.5
87.0
88.3
74.2
90.9
90.3
89.0
90.0
90.0
97.1
98.7
L 99.3

97.0
99.7
101.6
97.6
98.4
95.7
95.6
93.1
94.9
101.1
[ 103. 6
104.9

1926
January
February- _

107.0
111.5

99.1
102.4

101.7

108.1
110.2

110.4
109.0

105. 3
111.5

105.8
111.0

85.8
91.9

136.0
166.3

145.5
144.9

100.1
99.8

89.7
94.2

136.9
140.1

84.0

102.2
102.8

a This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. T h e
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for t h e
above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p . 668 of BULLETIN for September, 1925,
for certain revisions.
INDEXES OF INDUSTRIAL ACTIVITY i
[No seasonal adjustment. Monthly average 1919=100]
Agricultural movement
Year and month

1925
January
February.
March
April
MayJune
July
August = _
September
October _ .
November
December.__
1926
January .
February—

Mineral production

AnAniLive- mal Grains Cot- Vege- Fruits To- Total thraTotal stock
ton tables
cite
prodbacco
coal
ucts

101
98

134
100

189
171

132
126

148
137

128
119

96
99

97
87

140
128

149
140

131
124

5
1

124
124
129

108
103
113

91
96
102

191
194
212
914

115
105
105

140
139
136

127
117
121

137
131

904
198

119
119

141
134

129
129

136

194

112
76

197
79

130
121

85
72

108
123

73
40

128
125

106
94

135
142
110

136
92
151

(8)

104
152

91
93

62
75
99

98

88
86

139
164
150

71
43

166
149

117
105

101
110

53
17

133
149

75
934

107
204

122
244

'73
171

310
977

233
116

391
177

165
223

130
125

1
2

3

96
108

Zinc

123
117

89
90

91
87
86

119
101

Copper

141
119

122
94

86
72

14

Pig
iron

292
161

118
88
79
83
88

Bitumi- Petronous leum
coal

136
121

117
1

116
121

212
906

135
134

122
121

128

137

137

106
107

106

117

135

239

88

98

326

129

108

99

96

92

114

106

80

344

129

2

138

190

130

8 141

144

88

81

93

79

74

94

77

273

115

28

120

173

115

135

136

148

Lead Silver

146
131
154
143
•" 147
151
145
143
138
164
153
3 161
158
149

117
107

104
109
111
116
114

104
103
98
104

105
3 109
105

Manufacturing production
Year and month
Total

1925
January
February
March „_
~~.
ApriL „— _—.
May
June
July
.-__——.
August
September . . . »
October. ___.= „_
November
December..™

120
U35

3133
3130
3126
126

§122
126
141
129

3128
1926

January
February

3128

. __

§128
125

Iron
Auto- Texand
steel mobiles tiles

145
132
147
128
121
112
109
118
120
134
134
138
144
131

14?

191

121
114
122
119
109
105
107
104
107
118
114
119

186
220

120
115

223
260
939
239
193
270

Food
products

Leather Petro- Cement TobacLum- Paper
and
and
and
ber printing
co
brick
shoes3 leum

9Q
105
114
98
107

145
134
150
155
165
160
164
167
160
172
139
133

135
125
142
142
136
133
125
128
128
139
136

104
92

135
137

118
98
95
88
87
94

97

91
92
101
98
86
84
87
97
97
103

199
186
204
201

209
218

139

84
85

216

142
135

83
85

216
222

125
109
158
188
213
207
207
191
206
173
152
130

118
105
116
113
119
133
135
127
131
141
120

171
176
190
191
195
194
202
203
183
165
155

110

175

115
110

176

*2 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p . 739 of the October,, 1925, BULLETIN.
Less than one-half of 1 per cent.
* Revised.




Rubber
tires

178

257

FEDERAL RESERVE BULLETIN

APRIL, 1926

COMMODITY MOVEMENTS
The following statistics are secured from
various sources and compiled in the form given
below by the Board's Division of Research and
Statistics. Earlier figures (in most cases since
1919) can be obtained from previous issues of
the BULLETIN or upon application to the Division of Research and Statistics, Federal Reserve
Board.
Febru- January, February, 1926 1926
ary, 1925

Febru- January, February, 1926
1926
ary, 1925
Transportation
Revenue freight loaded and received
from connections (cars loaded, 000
omitted):
Classified by nature of p r o d u c t s Grain and grain products _______
Livestock _„
Coal.
Coke
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous.... — _ _
Total..

Grain and Flour
Receipts 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) _ _.

17,165
26,765
12,244
1,082
2,588
59,844
1,728
67, 622

Shipments at 14 interior centers (CCO
I omitted):
Wheat (bushels)
.....
Corn (bushels)
Oats (bushels)
Rye (bushels)
.
Barley (bushels)
_ — —
Total grain (bushels).
Flour (barrels).. „__
Total grain and flour (bushels) _ _.

9,093
10,887
530
1,332
31,704
2,803
44,317

11, 549
8,592
11,094
345
1,557
33,136
3,047
46,849

Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels) .

29,395
28,861
51, 028
12, 721
5,576
127, 581

30,308
24,305
54,318
12,248
5,844
127,022

19,979
28,859
15, 453
1,520
3,034

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

1,876
77, 288

62, 555
2,184
72, 384

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)...

8,879
1,209
1,876
396
2,121
14,481
1,669
21,992

12, 578
3,218
2,008
630
2,373
20,806
1,495
27, 536

Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
„
Corn (bushels)
Oats (bushels) _-_...__._
Eye (bushels)
.._._„
Barley (bushels)..
_
Total grain (bushels).

4,593
1,756
1,412
295
2,349
10,405

5,568
2,151
1,578
392
2,858

Wheat flour production (barrels, 000
omitted)
...

8,881

Tobacco
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Dark belt Virginia.....
Bright belt Virginia
North Carolina
_.
Burley
Western dark

3,978
8,121
12,703
23,937
34, 724

88806—261




12, 548
10, 287

7,754
10,941
23,880
35, 392
33, 233

19,428

,

Classified by geographical divisions—
E astern _Allegheny.
„
Pocahontas..-.
Southern
Northwestern
Central western _Southwestern
Total-....-..

171
113
698
72
299
42
990
1,292

196
139
782
75
277
43
1,017
1,310

169
123
682
53
320
45
978
1,255

3,676

3,839

3,623

842
747
215
609
458
539
266

868
765
233
608
473
611
281

854
748
176
586
460
536
264

3,676

3,839

3,623

1,128
6,472
1,296
2,960
2,416
4,304
5,777
1,552
575
1,314
2,215
9,307

1,458
6,179
1,908
3,892
2,991
3,538
8,238
2,525
816
2,782
2,461
10,021

39,316

46,809

6,037
95,228
10,547
11,750
9,695
12,936
34,005
5,842
2,088
4,187
8,761
29,166

9,153
67,537
14,182
20,500
14,547
12,653
46,463
10,313
3,200
11,013
6,290
32,649

230, 242

248,500

24,256
195,564
20,322
29,905
30,855
50,841
51,122
22,255
6,363
9,946
15,730

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

457,159

310,883

BUILDING STATISTICS
15,770
10,676
13, 245 Building permits issued in 168 cities,
362
grouped by Federal reserve districts:
3,186
Number of permitsBoston (14 cities)
—
—
859
43, 240
New York (22 cities) . . . . .
5,045
3,157
1,206
Philadelphia (14 cities) _ _ —
57,444
3,560
Cleveland (12 cities) _______
2,484
Richmond (15 cities)
4,380
Atlanta (15 cities)
—
6,766
Chicago (19 cities) _ — . —
44, 726
2,158
St. Louis (5 cities) —
„_
27,018
Minneapolis (9 cities) . — —
721
64,208
2,058
Kansas City (14 cities) - .
„
9,906
2,392
Dallas (9 cities)
2,542
8,898
San Francisco (20 cities)
148, 400
40,527
TotaL.
13, 931
891
1,817
848
1,999
19,486
2,109
28,978

Value of permits (dollars, 000 omitted)—
Boston (14 cities)....... . . .
New York (22 cities)
Philadelphia (14 cities) ________
Cleveland (12 c i t i e s ) — —
Richmond (15 cities) ___.._
Atlanta (15 c i t i e s ) . _ . — _ —
Chicago (19 cities)—
St. Louis (5 c i t i e s ) — .
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities) _______

5,378
76,895
13, 247
10, 259
10,784
19,189
42,876

6,401
2,743
6,515
7,660
26,736

10,904
955
Total228,683
1,518
9,583
1,834 Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
24, 793
Boston.. __„„„____ — — .
18,494
New York—
104,568
Philadelphia
_.._•
25,536
11,189
Cleveland
..
35,033
Richmond—.-..-.
.___.
25,969
Atlanta
63,558
Chicago. _.__„___„___
— . . 53,848
.
St. Louis.———....
23,551
Minneapolis
__.__ —___•.
6,893
4,251
Kansas C i t y . .
___.
12,736
6,114
19,714
Dallas..—
— . . . .
9,500
16,907
Total (11 districts)
389,900
15,062

258

FEDEEAL RESERVE BULLETIN

APRIL, 1926

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

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

[Average monthly sales 1909=100]
General
index
1924
October
„_
November
December.

_

1925
January
__
February
IvEarch
ApriL. „
May
June
July_. ___ _ .
August
September
October _.
__
November
December
1926
January __
February

_

Percentage
Percentage
change in sales, change in stocks1
February, 1926, at end of February, 1926, comcompared
pared with—
with—

HardGroDry
ceries Meat goods Shoes ware Drugs

110
98
99

95
84
79

100
89
83

78

69
66

104
88
77

67
57
57

79
76
83
79
79
83

80
73

71

82

43

89

69
73

88
96

46
63

90
107

75
79

68
75

85

107
101

83
87

84
85
83

79
79
78

65
54

94
101

92
99

82
87

86
80

90
83

72
72

78
76

76
71

79

79

54
47
65

105
99
98

112
118

72
77

109
122

92
75

59
54

103
101

116
109
121
115
106
110
111
108
120
134
110
111

79
87

43
50

86
87

111
110

77
82
85
106

75

For description of the wholesale trade index see FEDERAL RESEEVE
BULLETIN for April, 1923.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS
Percentage
Percentage
change in sales, change in stocks1
February, 1926, at end of Febcompared
ruary, 1926, comwith—
pared with—
Janu1926
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 district
Dry 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 _
Atlanta district
Chicago district




-7.6
_ _ -9.7
-14.8
-2.7
-3.8
-5.2
_ _ -7.8
-3.6
3.3
._ - 5 . 0
-8.7
_ _ -3.5
-9.5

___.
— _
.

_. _
..

February,
1925

January,
1926

-1.9
-8.0
-3.1
-9.4
-2.0
-2.7
6.0
-7.3
-.9
-12.0
-3.5
.5
-1.3

1.1
-1.8

9.0
3.3
3.7
17.7
5.8
8.5
6.5
13.7
6.0
2.6
35.5
-6.4

—2.6
-1.8
-15.8
-5.9
.7
6.9
-6.6
1.1
-11.0
10.2
-6.1.
—4.4-

15.9
31.7

7.8
12.7
-5.2
-12.2
4.9
-4.5
15.5
-3.4

—14'. 2
6.9
30.5
21.0
33.7

Janu- Febary, ruary,
1925
1926

128

109
109

February,
1925

-2.1
6.2

-L9

—3.6
-.5

-1.8

-6.2

1.3
0.0
3.0
5.2
5.5

-3.7
-19.4
2.0
-1.2
-2.0

.5

-6.1

.5
.7
-4.3
7.4
2.6
-6.4
-1.0
-7.2
-3.6

6.9
-12.7
-20.6
19.8
-4.8
-11.9
2.0
8.5
-5.0

3.8
-4.3
11.5
21.1
-.1
1.8

-23.2
-13.0
4.6
-26.1
-13.7
-3.9

8.5

-33.5

Shoes—Continued.
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 districtKansas City district __
Dallas district—.
...
San Francisco d i s t r i c t —
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:
Minneapolis district
Dallas district.-...
_______
Stationery and paper:
New York district-..
Philadelphia district
Atlanta district-_.,
San Francisco district
„_..
Automobile supplies:
San Francisco district.._
Clothing:
New York district
_______
St. Louis district
Cotton jobbers:
New York district
-__.
Silk goods:
New York 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
San Francisco district
Millinery:
Kansas City district
_.—
Stoves:
St. Louis district
—

January,
1926

February,
1925

38.7
0
5.2

2.6
1.0

15.2
-7,0

-4.2
.6
-7.5
3.3
-7.4
-7.5
—6.3
10.0
-3.0
-10.6
24.8
-8.0
-8.9
2.6
.2.
8.8
- 1 . 0 -11.0
-6.7
16.6
10.3
4.9
—.1
—1 3

5.7
7.2
1.7
1.5
4.3
-.5
8.8
11.4
2.0
-.4
8.1

-3.7
1.4
-10.1
-17.0
.2
2.9
-6.3
-3.6
-1.0
5.6
1.2

.7

5.0

-2.3

6.1

-14.0
45.0
7.9

—9
-L9
-6.5
10.9
-.8
-5.4
-4.8
-7.0
-3.1
-12.2

1.0
—.7
2.4
2.2
4.8
12.7
.8
1.9
-.2
—1.3
5.0

-24. 2
2.2
17.6
24

-3.9
2.0
-10.9
—10.3

2.4

5.8

-2.3
-.1

-4.6
3.1

.1
-1.8

8.8
3.1

18.0
—1.6

31.0
-1.5

-.9

-3.2

-10.2

2.8

6.8

82.0
-5.0

79.0
8.6

2.4

-10.5
-2.7
—12 1

10.7
-17.3
2.1
7.9

—2.3

—3.9

53.3
—27 8

-9.7
54.4

33.2

-13.5

22.1

-.9

.7

—.4

12.7

27.7

-35.6

-10.0

36.1
18.2

7.0
13.9

15.4
4.3

-3g.O
-7.3

3.3
6.4
11.8
—5 7

-4.1
87.2
10.1
—4.1

1.9
5.4
3.2

-20.5
-5.9
-17.8

43.3

-13.1

8.1

-9.2

2 37.0

........

_

2.6

_

•

_

_

-28.1

1 Changes in total stocks for the United States are weighted averages
computed on the basis of firms which have reported regularly to the
Federal reserve system since January, 1923.
2 Stocks at 1st of month; quantity, not value.
3 Includes diamonds.

259

FEDERAL RESERVE BULLETIN

APRIL, 1926

RETAIL TRADE, BY R E P O R T I N G LINES 1
[Average monthly sales 1919=100]
Sales with seasonal adjustment

Sales without seasonal adjustment

Year and month

n

Is
}i O

1925
January
__..
February..__
March.
„.
April
...
May
June.
July—
...
August
•__.
Sept ember, _„„___
October
_.
November
December
January
February

108
101
121
136
128
126
95
98
121
165
145
226

108
105
119
117
95
102
87
89
114
170
144
166

250
233
252
258
254
254
259
243
245
318
272
332

92

151
156
177
195
191
187
183
195
191
237
220
427

155
146
160
159
163
167
166
171
169
179
167
225

122
119
131
134
143
134
138
142
142
151
136
212

107
100
127
177
149
152
122
120
129
164
136

166
170

178
172

127
127

108
97

104
128
136
141
139
214

162
175
188
210
195
184
181
202
202
215
195
280

124
131
121
133
124
126
128
125
134
145
129
141

101
.105

167
173

130
136

105
107

35 I I

106
120
117
118
120
131
116
140

249
243
233
255
254
257
269
255
258
309
270
318

207
209
185
208
201
203
201
205
206
219
211
231

161
161
159
164
166
170
164
171
172
175
177
185

141
140
135
139
140
137
137
145
142
145
138
157

141
±49
127
152
1L9
142
134
153
135
145
126
143

112
120
116
126
116
125
140
143
136
117
111
114

193
207
188
210
202
197
185
202
204
209
205
191

118
123

284
301

228
227

185
189

140
151

142
145

122
127

199
205

110
116
103

I 114

1926
114 ! 116
104
111

* For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January 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 STOKE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919—100]

Federal reserve district

Number
of reporting
firms

United States.

359

Boston.
New York.-...
PhiladelphiaCleveland.™-..
Richmond _„„.
Atlanta
Chicago
Minneapolis _.
Dallas. __...
San Francisco.

24
63
22
54
23
35
63
23
21
31

Sales without seasonal adjustment
1926
Feb.

108
103
106
92
92
119

117

1926

1925

Dec. Nov. Oct. Feb.

Jan

104

Sales with seasonal adjustment

Jan,Feb.

1925

Jan. Dec. Nov.

Oct.

Feb.

114

226

145

165

101

108

136

130

141

129

145

131

124

131
124
112
108
103
89
119
85
94
129

225
243
222
218
230
190
244
167
180
253

143
158
167
134
146
122
154
105
115
158

156
186
167
160
160
139
173
135
141

94
107
101
106
89
84
107
81
90
113

110
120
105
107
93
83
112
92
92
128

125
145
141
136
128
127
136 • 1 2 4
125
127
108
121
140
151
100
108
109
118
145
154

141
148
141
138
133
117
156
113
111
161

130
137
129
123
125
106
139
98
101
156

142
155
145
146
139
117
158
120
120
154

126
140
125
137
120
111
136
115
114
149

122
132
120
123
113
102
132
107
106
145

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

Federal reserve district

Number
of reporting
firms

Stocks without seasonal adjustment
1926

Stocks with seasonal adjustment
1926

1925

Feb.

Jan.

Dec. Nov. Oct. Feb.

Jan.

Feb.

1925

Jan. Dec. Nov.

Oct. Feb.

Jan.

United States.

314

132

125

129

154

149

127

119

140

141

139

137

134

135

134

Boston, _.
New York
Philadelphia..
Cleveland... „_.
Richmond
Atlanta
Chicago......
Minneapolis „„
Dallas....._..
San Francisco.

24
63
13
52
19
22
51
22
19
29

113
128
183
124
121
112
153
101
118
132

110125
167
112
114
111
144
96
1C8
126

119
131
176
123
120
102
148
101
111
124

140
153
213
145
147
126
175
124
135
148

132
148
210
141
138
124
168
122
135
147

115
123
167
125
118
107
145
106
113
126

112
118
147
112
109

121
138
195
134
129
116
165
104
125
137

122
140
187
133
135
123
162
108
126
137

122
138
183
132
133
114
159
110
130
136

121
135
192
129
129
113
156
113
122
135

117
133
188
126
119
111
150
112
119
136

123
132
177
134
126
111
156
109

124
132
164
133
129
110
154
111
119
134




99
137
99
103
123

12.0

131

260

FEDERAL RESERVE BULLETIN

APRIL, 1926

FOREIGN BANKING' AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM FOR 1925
The annual report of the National Bank of
Belgium for 1925? presented b}^ the governor at
the annual meeting on February 22, 1926, contains the following summary of events during
the. past seven years and survey of the present
situation:
Seven years have passed since the National
Bank of Belgium, yielding to the express demand of the Government and the unanimous
wish of the people, agreed to replace with Belgian bank notes the paper currency imposed
upon the country during the occupation. The
quantity of marks presented for exchange exceeded all expectations. It then became evident that the fiduciary circulation of Belgium
could not be increased in such proportions
without causing the franc to decline steadily.
Moreover, the bank did not fail to make the
rapid retirement of the excess notes a condition
of its intervention. In the beginning it was
believed that Germany would redeem without
delay the marks which she had left in Belgium.
When the fact was recognized that this expectation was not to be realized in the near future,
the bank obtained from the Government a
pledge that it would take advantage of an
early large-scale fiscal operation to retire
the greater part of this paper currency before
it could exercise its vicious influence on the
price level and the course of exchange. The
Government affirmed this pledge with many
assurances. In the agreement of July 19, 1919,
between the Government and the bank, article
3 stipulated that "the Government promises
to repay with the least delay possible the advances made by the bank." On the first of
October of the same year the board of directors of the bank sent to the Government a
resolution couched in the foliov/ing terms
and reproduced in the report of the bank for
the year 1919:

Whereas fiduciary inflation has as its inevitable
corollary the rise of prices;
Whereas the economic recovery of the country
demands the concentration of all efforts to lessen as
soon as possible the cost of living, so intimately bound
up with the problem of wages;
Therefore the board of directors of the National Bank
of Belgium believe that they should again direct the
special attention of the Government to the absolute
necessity of immediately taking the measures necessary
to effect a great reduction in the demand liabilities of
the National Bank, which are vastly increased by the
advance of 5,800,000,000 francs to"the State for the
redemption of marks.

The loan of 5 billions which Parliament
authorized the Government to issue at the
beginning of 1920 was Intended to be used
largely for the withdrawal of the excess paper
currency. On January 15, 1920, M. Delacroix
stated to the Chamber that of the first installment of 2.5 billions, the Government would
set aside 1 billion to repay the bank, and
continued: "To the extent of this sum of 1
billion francs, the loan will not have the effect
of increasing the national debt, for it will be
used at once7Jto reduce the credit of the bank
to the State.
The governor of the bank in
his report to the general assembly on February
23, 1920, described in the following terms the
pledge made by the Government:
Inasmuch as the Government is-under the necessity
of making a series of loans, the first of which will not
exceed 2.5 billions, we have agreed with the Minister
of Finance that a repayment of 3 billion francs shall be
made out of the successive loans,fixingsuch repayment
at 50 per cent of their total yield, and averaging.a just
assessment on each one. It"has been especially agreed
that from each of the first two loans of 2.5 billions,
there shall be turned over to the bank 1 billion francs.
Furthermore, the Government shall repay annually,
beginning with 1921, an amount of at least 150,000,000
francs.

Unfortunately? these demands .were not
heeded as they should have been. The bank
was greatly disturbed over this, and In its
Whereas the demand liabilities of the National Bank report for the year 1922, It said:

of Belgium (note circulation and demand deposits)
have during the last six months reached an average
value of 7 billion francs (4,700 millions of notes, 2,300
millions of demand deposits), while before the war this
average was not more than 1,100 millions (1 billion
notes and 100 millions deposits);
Whereas it has been proved by experience that
under a regime of overexpanded note issues, the inflation of the fiduciary circulation has always contributed
to the depreciation of the monetary unit, and then by
reciprocal action, to a loss in its value on the foreign
exchanges;




From the,beginning of the monetary crisis, the bank,
in taking a position on the question of the policy to be
followed, has urged deflation. It believes that this is
the only way to return to economic equilibrium, But
the further one gets from the starting point of inflation
and the longer one delays to reverse his steps, the more
difficulties one will encounter. However slow and
burdensome it may be, deflation ought nevertheless to
be carried on regularly and tenaciously. It is also
much to be regretted that the first three quarters of the
year have passed without our having received any
repayments.

^ 1926

Nevertheless, the Government, face to face
with other difficulties, the solution of which
seemed to it more urgent, always put off the
vigorous effort which would remedy the monetary situation.
Then the inevitable happened—domestic
price indexes rose rapidly; more and more the
foreign exchanges appreciated in terms of
. our money. We recognized the detestable
regime of instability and currency depreciation. As the years passed, in proportion as
the value of the franc declined, the hope
of restoring it to its pre-war parity grew
feeble; at the same time the social, moral and
economic advantages of such restoration gradually grew less; a new order of things, a new
scale of values tended to become established
on the basis of the depreciated money. Some
intelligent people asked whether it had not become necessary to give up once for all the hope
of restoring our money, and to undertake a
plan of stabilization which would have reduced
the evils of the situation to a third or a half of
what they now are. But this plan could
not be carried out for several reasons of both
domestic and foreign, economy. First of all
it was necessary that the reconstruction of the
devastated regions should be almost finished;
that Belgium should have recovered, at least
in large measure, her power of production.
Then it was necessary—an essential condition—that a balanced budget should have been
reestablished. It is pure folly to try to stabilize a currency if this condition has not been
met. The Government was resolutely determined upon it, but up to the present the
aim has not been realized.
Abroad, two problems of international
finance heavily depressed, the.exchange market;
the question of reparations and of inter-ally
debts. On their solution depended, directly
or indirectly, the choice of the level at which
one could hope to fix the new value of the
franc.
Meanwhile only one policy was possible;
and it required, if one wished to hold the evil
in check, the prevention of excessive depreciation and the preparation for stabilization at a
level as little unfavorable as possible; that
meant to bring about methodically and firmly
the reduction of the fiduciary circulation in a
way which would decrease the excess circulation
in conformity with prices and the level of the
exchanges. The National Bank did not cease
to urge this with an insistence which some
people regarded as excessive. And as regards
the bank, in spite of some lively complaints




261

FEDERAL RESERVE BULLETIN

from industry and commerce, which were all
the more hungry for credit as the Belgian
exchange depreciated, the bank followed # a
thankless and painful policy of credit restriction difficult to pursue, in view of its keen
desire to support the exporting industries. It
contracted the actual volume of commercial
bills and advances. .
Following, expressed in gold at the average
rate of the dollar, are comparative figures:.
[Yearly averages in millions oft ranesj.

Commercial bills
_„
Advances on Government securities > __

_

1913

1924

561.9
71.3

313.9
98.2

1925
315.4
97.1

For the last year or two the. various factors
in the financial and economic situation in
Belgium have tended toward steadiness, and
little by little a certain stability has evolved
spontaneously out of the facts themselves.
We have endeavored in our preceding reports
to show by means of selected items the economic progress which has been made from
year to year. For the year 1925 we shall
make the same observations.
Unemployment has remained at almost the
same level as during the last few years; that is,
within limits which do not appear to be disturbing. The port of Antwerp has seen a great
increase in the tonnage of the ships which have
entered and cleared.
Number
of ships
entered
1924..
1925

„ .

9,709
9,971

Tonnage

19,305,907
20,201,598

The number of kilometer tons carried by the
railways, which was 5,729 millions in 1913 and
about 4,500 millions in 1920, rose to 7,040
millions in 1924. The amount of clearings
handled by the clearing houses, which in 1923
was about 191,647,392,000 francs, and in 1924
about 229,532,725,000 francs, reached the sum
of 251,385,234,000 in 1925, An examination
of the trend of our trade balance shows a ratio
of exports to imports in 1913 of 73.53 per cent,
in 1924 of 79.24 per cent, and for 11 months
of 1925 of 80.68 per cent.
In the report of last year, describing the
economic movement of 1924, we said:
Although the year 1924 was more favorable than the
year before, a slowing up in the rate of improvement is

262

FEDEEAL RESERVE BULLETIN

APRIL, 1926

to be noted. Evidence of this is shown strikingly in the rate of the dollar have been between 19.36 and
items of our principal products where the improvement of 1924 in comparison with 1923 seems much less 21.78.
pronounced than that of 1923 over 1922. Further1923
19. 3697
more, certain products such as coal and iron manufac1924
_„__„„__ 21. 7884
tures show either a stationary production or even a
1925
.
„_ 21.0668
retrogression. One gets the impression both from
statistics and from actual practical affairs that we have
During all the first part of the year 1925 the
about reached the end of the period of reconstruction exchange reserves, which had been placed at
and are approaching more nearly normal conditions.

This double impression of improvement and
of stabilization we shall have again as we go on
with our examination. Let us take the situation of the domestic capital market. During
the entire year 1925, the Belgian Government
borrowed only about 950,000,000 francs, in the
form of treasury bills; on the other hand, it
redeemed maturing interprovlnciai bonds to
the amount of 533,750,000 francs, Since May
31, 1923, the date of the last loan for the compensation for war losses, the Government has
borrowed in all from the' Belgian market a sum
of about 1,000,000,000 francs. Thus it may be
said that the Belgian money market has not
been depleted for public needs, and that it has
been able, little by little, to reorganize its forces
for other uses. The very great and ^necessary
work of reconstruction made imperative by the
war has now been almost finished. As to the
budget, it should be realized that the persevering efforts carried on during the preceding
years have brought us nearer and nearer to
equilibrium. The deficit of 420 millions with
which 1925 closed, as usual, corresponds almost
exactly to the increase in the service of the foreign debt, the bitter fruit of the currency depreciation which has taken place since the
budget was presented.
The growing tendency toward stabilization
of Belgian economic conditions is shown with
great clearness by the balance sheet of the
National Bank. The amount of notes in circulation plus deposits has scarcely varied in
•the past few years. Since the beginning of
January, 1924, it has moved very1 little from an
average of 7,900,000,000 francs. The annual
average of bills and that of advances on Government securities was 1,319 millions and 412
millions, respectively, for 1924 and 1,282 millions and 394 millions for 1925. The retail price
index reflects a genuine stabilization In the
domestic purchasing power of the Belgian
franc. It was 521 in December, 1924, 534 in
December, 1925, and 527 In January, 1926.
The foreign exchange market gives the same
impression of relative stability. In fact, since
1923 the variations of the annual average of the
i On Feb. 4,1926, the total demand liabilities of the bank had fallen to
7,763,000,000 francs.




our disposal the previous year so that we mightdefend the market from purely speculative
maneuvers, were untouched; the exchanges
without assistance maintained a level of about
95 francs to the pound and 20 francs to the
dollar. In brief, the conclusion to be drawn
from the facts was more and more clear that
we were making progress toward a stabilization of our currency at about the existing level,
that is, about 20 francs to the dollar. The
ground'was appropriately prepared for stabilization.
But the effective bond which had existed so
long between the Belgian and the French franc,
and to which we again especially called your
attention last year, had not in any way been relaxed. In May, 1925, a simultaneous reaction
affected both currencies, and in this country
the pound rose from 95.88 on May 12 to
109.225 on July 1. Investigations made at
that time in the money markpt showed that
this was not the result of mere speculation
which we could control by the use of the exchange reserves; in order to keep this intact for
some decisive effort, the bank refrained from
taking a hand, and after several months the
Belgian franc steadied at about 107.50 to the
pound. Certain circumstances then led the
Government to hasten action In order to bring
about financial soundness. In international
financial circles it was expected that autumn
was going to be a very difficult time for the
French franc, and it was feared that once again
causes outside Belgium herself would work
against the exchanges and result in a new depreciation of the Belgian franc. The fruits of many
years of effort, the prospects of improvement in
conditions generally, all were in danger, if not of
being utterly lost, at least of being seriously
threatened if the foreign exchanges should continue their upward movement and if Belgian
capital in dismay should seek to break through
the barriers which were intended to prevent
Its flight abroad. At that moment, two chief
causes of uncertainty and unrest disappeared
from our international horizon; the Dawes plan
had settled the question of reparations; the
problem of inter-ally debts as far as Belgium was
concerned had been solved by the Washington
agreement. The Government decided to act.

APRIL, 1926

FEDERAL RESERVE BULLETIN

For its part, the National Bank has always
been deeply sensible of the injustices which any
depreciation of the currency brings about, and
of which the great number of those are victims who have shown their confidence in their
country by lending it the fruit of their savings.
But it is not only this part of the population
for whom depreciation is a misfortune which
must be stopped as soon as possible. Even
industry, which for a time apparently benefits
from depreciation, has come to understand that
its real. interests are dependent on currency
stability, and that a country empties itself
of its own wealth when it exports in a period
of rapidly depreciating currency. Undoubtedly it would be foolish and dangerous to try
to stabilize at a level too high, which the economic condition of the country would not make
it possible to maintain; but the principles of elementary justice require that depreciation
should be stopped as soon as actual circumstances permit. For these reasons the bank
decided to offer the Government the support
of its services, its experience, and its credit.
The first practical measures were taken as
soon as the course of action had been determined. The news that the Government had
decided to present, to Parliament a definite
plan of monetary reform was sufficient to
check speculation and to prevent . a panic.
The movement of the exchanges was reversed,
and the pound went down to about 107 francs
in the early days of October. From that
moment, at the express wish of the Minister
of Finance and of the entire Government,
the bank has tried by a suitable exchange
policy to keep the exchanges at the level
which they had established of themselves.
In order to keep the Belgian franc from being
dragged down by the fall of the French franc,
it became necessary to intervene on a rather.
large scale. The bank was able to do this,
thanks to the exchange reserves which had
been turned over to it after the loan of
$100,000,000 floated in the United States in
December, 1924, and June, 1925. But after
the break had been definitely made the market
settled down of itself, and the bank was able
to build up again a considerable part of this
reserve.
The plan of stabilization proposed to our
legislative bodies by the Government was
based on those principles which in the past
few years have been shown to be correct by
many experiences throughout Europe. First
of all, it was necessary to safeguard against
all further depreciation of the franc with a




263

view to legal stabilization. To reach this
result the bill emphasized the necessity for
complete separation of the credit of the State
from that of the bank; in other words, to
make the bank note independent of the credit
of the State. To this end the State undertook
from now on to repay to the bank, if not the
whole, at least the greater part of the debt
incurred for the redemption of marks. At
the same time it was necessary to assure the
bank a reserve in gold or in foreign exchange
equivalent to gold large enough to enable it
to meet any emergencies. Under the circumstances, the percentage of such a metallic
reserve was fixed at about 60. The Government therefore decided to float a foreign loan
of $150,000,000. It is imperative to be prepared in case an}^one should offer a very
large sum. for exchange, for the amount of
notes in circulation is much above the actual
needs of the country. The vault reserve
ought always to be large enough to give complete security to any who should bring in
notes.
A legal provision will abolish the forced
circulation of bank notes. The bank will be
obliged to resume the redemption of its notes
on demand. It may do this at its choice or
according to circumstances either in gold or
in checks drawn on places having a free gold
market, and at the legal rate of stabilization.
The bank will revalue its present metallic
reserve; the difference created by this revaluation shall be turned over by the bank
to the State, which shall use it to the due
amount to amortise its debt to the bank of
issue. The Latin Union long ago ceased to
perform its functions; it has been denounced
by the Government and our country will shortly
reassume its full liberty of action.
From all this explanation it is clear that the
plan of monetary reform requires the cooperation of the National Bank, and necessarily
implies the renewal of the right of note issue
for a long period. Facing the present emergencies, both the Government and the bank
realized, that it was better simply to continue
the existing situation as regards the principles
on which the bank was founded. The bill for
extending the right of note issue corresponds
to this general idea. Undoubtedly it carries
certain modifications in organization, but these
will not change the essential form. The Government will receive new benefits from our
activity; in return, the existence of the bank
on sound foundations is assured for 27 years
longer. At this moment, when the bills for

264

FEDERAL RESERVE BULLETIN

monetary reform and the extension of the
right of note issue for the bank are under
discussion in Parliament, we must be extremelycautious in our comments.
Actual conditions had prepared the way for
stabilization: to defer it again would have been
to run the risk of never being able to do
it except at a level far lower and under conditions far more unfavorable. These principles
are in accord'with well-established doctrine.
But their success implies the cooperation of
all the many factors involved—-first, the bank,
then the Government, and third the country
itself. The past history of the bank, the care
with which it has always guarded the interests
of the whole country, make it a supreme duty
•to devote to the realization of these plans all
its activity, all its support. The board of
directors, no matter how heavy may be their
task, will not fail to do this, being assured in
advance that they can count on the support of
all the stockholders, who will also be animated
by the conviction that the National Bank of
Belgium, an institution which is truly national,
should at all times place the general welfare
before its own interests.
The task of the Government will be hard,
but it is clearly indicated. The genuine and
unfailing equilibrium of the budget in its
entirety is a condition sine qua non for maintaining currency stability. The Minister of
Finance has given his positive assurance in the
most formal way that the budget is balanced.
The country has taken note of this official
declaration. Except at the risk of compromising forever the prosperity of Belgium, of destroying the confidence of people in other lands
who have never hesitated to come to our aid,
it is absolutely imperative that the budget be
kept in balance. Currency stability, furthermore, is also as indispensable to the equilibrium
of the budget as that is to currency stability.
The two conditions have to go together.
We must now more than ever recognize the
absolute necessity of keeping the public expenses at a level suitable to the actual resources of the country. For a nation just
convalescing from the sickness of war, obliged
to rebuild little by little the heavy losses thus
brought about, the most rigorous economy
is imposed by absolute necessity. It is not
enough that the budget should be balanced.
The Treasury must be fortified against any
surprise. The Government has learned that
it will have to take measures to bring this




APRIL,

1926

about. Some of these have already been
announced by the Minister of Finance; we
ardently hope that these will be sufficient to
prevent any embarassment to the Treasury.
Whatever happens, moreover, the bank has
affirmed many times, and it repeats once again,
that it will oppose with all the powers at its
command any issue of paper money for the
account of the Government.
Finally a part, and a large part, in the realization of the plan of financial recovery rests
with the public. Fundamental indications,
the many studies made abroad as well as in
Belgium, lead us to believe that our balance
of payments, leaving out the movements of
capital due to special causes, is almost at
equilibrium. But there is no doubt that in
recent years it has been, and for a long time
will continue to be, governed by the movement
of capital which reflects the confidence or the
lack of confidence of our own nationals or of
strangers in the Belgian currency, and still
more in the economic health of the country.
During the years of currency depreciation large
amounts of capital left Belgium to seek abroad
the protection which the exchanges of stable
currencies offered. When stability shall'have
become an accomplished fact it is reasonable to
hope that a great part of this capital will
return to Belgium, there to profit bj conditions
more favorable than elsewhere. But to change
the direction of the current of capital it is
necessary that the Belgians themselves should
now become aware of their responsibilities,
their powers, and their true interests. Those
whose duty it is to enlighten the people, leaders
in the banking world, members of the stock
exchange, and all those who guide the investment of savings, must open the eyes of the
people to these elementary truths.
Finally and above all each one should realize
that currency stability is not an end by a
means. It is a means for restoring our country to herself, for making it possible to work
and to produce under healthy, normal conditions, which will permit each person to receive
and to keep the just reward of his efforts.
Here again, and in happy fashion this time,
we see the reciprocal bonds which unite economic phenomena; it is, thanks to currency
stability, that the Belgians will be able to take
up their work again with profit; and it is this
same work, persevering, energetic and fruitful,
which will be the best guarantee of the stability
of the franc.

APRIL, 1926

FEDERAL RESERVE BULLETIN

265

ANNUAL REPORT OF THE SWISS NATONAL BANK
The eighteenth annual report of the Swiss
National Bank, for the year 1925, contains the
following account of its operations during the
past year:
The necessity for accord which under the
pressure of economic demands had been
making itself felt more and more throughout
Europe crystallized, so to speak, In the results of the Locarno Conference In the fall
of 1925. The agreements reached at this
conference, and their ratification, already
accomplished by the greater number of the
Governments concerned, constitute a newadvance toward clearing away those obstacles,
political and otherwise, which blocked the
normal development of the economic situation.
It is now realized, however, that it is not
enough for an exhausted Europe to rely on
artificial measures to come through her difficulties; she will emerge only little by little,
by adapting herself to new circumstances, by
long-continued effort, and, above all, by cooperation and collaboration of the various
economic domains. Those who used to imagine
that everything essential has been achieved
when once the exchanges have been stabilized
have- surely been disillusioned by the events
of the past year. They will have recognized
clearly that after the reestablishment of sound
money the evils produced by Inflation disappear only as regards the particular form
which is characteristic of the Inflation period,
while under a different form, they continue
to breed grave crises, the effects of which
reach far beyond the countries directly concerned. Nevertheless, monetary reform in the
various countries is the indispensable condition, not only of their own prosperity, but also
of that of other countries. This interdependence explains and justifies that international
collaboration which has played a part in
practically air the great operations of currency
reform and in which Switzerland also has
participated. Just recently there has been
another instance of the happy effects of close
connections between the banks of issue.
Currency problems were destined to remain
in the foreground during 1925, and currency
reforms have made further definite progress.
To Sweden "and Holland, which like Switzerland had succeeded in reestablishing their gold
parity, was added also England, whose pound
sterling moved strongly toward its pre-war
value. An epoch-making date in the monetary
history of the year was the 28th of April, on




which the English Minister of Finance, in
the course of his budget speech, offered prospects of the return to gold currency, The
significance of this event is in no way lessened
by the fact that the system temporarily
adopted by England differs considerably from
her pre-war system. At the same time Holland
adopted measures very similar to those of
England; and it is to be expected that in the
near future the other countries of northern
Europe will similarly reform their currencies.
While a certain number of countries have
thus achieved their reforms, there are some
others for whom the question whether, and
to what extent, they will be forced to make
radical changes in order to put their currency
on' a sound basis, is still reserved for the future.
They too will have to reestablish order in
their public finances first of all, which they
can do only after surmounting many obstacles,
of which the greatest is the settlement of the
war debts. This problem is far from being
entirely solved, although important progress
has been made by cooperation, among the
Governments concerned..
We may at this point note the reassuring fact
that the solidarity which used to exist among
the various money markets is gradually reappearing, at least among those with high
exchanges. Parallel with this fact, it may also
be said that the official discount rate is recovering some of its old importance; this condition is once more producing an active discount policy. Until now the international
movement of capital has in large measure continued to take the form of American loans to
Europe; this has also contributed to the
steadiness of the exchanges.
Conditions are not wholly satisfactory in the
realm of international commerce, for the growing tendencies toward protective tariffs constantly create new impediments.. Switzerland
feels these especially because of her manyindustries producing for export. Regarded
from the point of view of the general welfare,
this protectionist policy is in flagrant contradiction to the great efforts being made by all
the countries to develop their export trade as
much as possible. The economic isolation of
Russia, which has been but slightly relieved
during 1925, has perceptibly helped to aggravate the situation.
Switzerland has experienced new disappointments in spite of the cheering reports
from many branches of our national economic

266

FEDERAL RESERVE BULLETIN

life. Agriculture, the hotel business, the
building industry, and various lines of the
textile and machine industries report in varying degrees a satisfactory employment.
Others—in particular watch making—complain
of very irregular conditions; while a third
group—-especially embroidery and ribbon
weaving—are still experiencing a severe crisis,
It is easy to understand that certain circles
regarded with mixed emotions the complete
removal of restrictions on imports which took
place on December 31, 1925. The fact has to
be recognized that, considering the conflicting
interests of producers and consumers, and the
difficulties at home and abroad which tariff
policies present for Switzerland, the reform of
the customs r6gime by making commercial
treaties on the basis of a general provisional
tariff, is indeed a hard problem to solve.
If, on the whole, the financial situation
presents a not unfavorable impression, the
reason lies chiefly in the improvement of the
public finances, begun back in 1924 and successfully continued. The return to sound financial
methods, the continued funding of debts,
and the gradual reestablishment of budget
equilibrium have not failed to strengthen the
credit of the country. In a general way
conditions during the, past year have been
characterized by less fluctuation than for several years preceding, especially as regards the
bank.
In the money market, the favorable development which began toward the end of 1924
has been quickened. As early as the beginning of the year the Federal railways were
able to float a loan of 175,000,000 francs at 5
per cent (to mature in 11^2 years and at a subscription price of 98 per cent), of which 81,000,000 francs were applied to conversions; and
in March they decided to accept an pffer from
Holland of a loan of 50,000,000 Swiss francs.
They were thus able under most favorable
conditions to cover all their financial needs
for more than the year 1925. In July the
Confederation successfully floated a 5-year
conversion loan for 139,000,000 francs of treasury bills maturing September 5, at a subscription price of 98 per cent and bearing 5 per cent
interest. These are the only calls upon the
money market which the Confederation and
the Federal railways made during 1925.
The leading securities quoted on the Swiss
Stock Exchange benefited from the beginning
of August until October from the general improvement, due above all to the trend toward
lower rates of interest and to the prospect of
a reduction in the official discount rate. It




APRIL, 1926

is thiis that the long-term 5 per cent loans of
the Cantons could be floated almost at par,
and that, in general, the yield of gilt-edged
securities declined slightly below 5 per cent.
The interest rate of 5% per cent on certificates of deposit, adopted the year before by
many of the banks, with some precipitancy,
perhaps, was changed rather soon, and declined generally to 5 per cent, and for some
important establishments even to 4J^ per
cent. The last three months of the year
fortunately saw announcements of numerous
reductions of rates on mortgages which were
to become effective at the beginning of 1926.
These reductions, it is true, do not extend to
very considerable amounts of capital; they
are, nevertheless, an encouraging sign, for
they give reason to hope that the improvement will continue. The building up of new
capital in the country itself probably contributes but slightly to these better conditions.
The increase of available money on the market is due, most of all, to a relatively small
demand for new money compared with the
demands of the year before (about 270,000,000
francs) and to a strong influx of capital from
other countries. It is true that rather large
sums of capital have found their way abroad,
but in spite of the acute scarcity of funds
among our neighbors and the resulting offers
of attractive rates of interest, the export of
capital has not yet reached a proportion
sufficient to threaten the stability of the domestic market. The many sad experiences of
recent years have without doubt exerted a
restraining influence, for the Swiss capitalist,
as a rule, has again become conservative in
regard to foreign investments, although it is
surprising to see the rapidity with which heavy
losses incurred during and after the war have
been forgotten in certain circles. It is no
wonder that the public has come to be on its
guard against the dangers of overinvestment in
foreign securities. Still, one may ask how far
this type of export serves the interests of our
national economy. It is a question which
can not be answered by any general formula,
but should be specially studied in each case
and decided according to the particular
economic and financial situation; this, under
certain circumstances, might demand that
available funds should be kept for the needs
of the country. The national economic life
of Switzerland is closely bound up with that of
other countries; the total isolation of our capital
market is impossible, especially as for a
long time before the war, and again recently,
Switzerland has reaped great advantages from

APRIL* 1926

FEDERAL RESERVE BULLETIN"

the influx of foreign capital. When it is a
question of supporting the level of our currency or of satisfying the financial needs of
the Confederation, the bank of issue should be
able to give an exact account of the capital
operations which it carries on with foreign
countries.
The introduction of the "letter of security,"
now under consideration, will introduce a
new factor into the money market.
In the money market the private rate has
declined with slight fluctuations from 3 per
cent at the beginning of the year to 2 per cent
by August; it began to rise again almost
imperceptibly only at the end of October,
and stiffened a little to 2 ^ per cent at the end
of the year. Switzerland has maintained the
lowest open-market rate of any country, but
our market has been subject, to the same tendencies as that of other countries with sound
currencies; for all that, the fluctuations,of the
English and the American money markets
have had but little influence on the private
rate here. To Swiss capital returning from
, abroad, where it was displaced by American
money offered at a better rate, there has been
added money' which foreign countries have
sent to us. The purchase of foreign exchange
carried on by the National Bank in its fight
against an excessive rise in our franc above its
gold parity has also enlarged the resources of
our market to a considerable extent. On the
other hand, paper offered for discount has not
been sufficient to meet the needs of the banks.
The changes made during the war in the
methods of payment have diminished the use
of commercial bills, and the credit needs of
commerce and industry have been too moderate
during recent years to stimulate, as would
have been desirable, the creation of commercial
paper. The National Bank has tried to alleviate this condition by turning over to the
market part of the nonmterest-bearing securities which it received from the Confederation
at the time of the withdrawal of the foreign
5-franc pieces of the Latin Monetary Union.
Its purpose in doing this was to facilitate the
placing of the liquid funds of the financial
establishments and to curtail the export of
capital. On account of a considerable amount
of available funds in our market, the raising of
the official rate in New York in February from
3 to 3J^ per cent and in London in March
from 4 to 5 per cent passed almost without
notice in Switzerland.
On the other hand, the general easing of the
money market which came during the summer,




267

bringing about a number of reductions in the
discount rate (in England, for example, the
rate was lowered in August from 5 to 434 per
cent), was more clearly perceived with us.
At this time" many recommendations were
made that Switzerland should adopt a similar
measure. It was not until October 22, however, that the National Bank decided to lower
its discount rate from 4 to y% per cent and the
rate for advances on securities from 5 to 43^
per cent; in the meantime the slight tension
shown on the market at the beginning of
September had relaxed a little, and the Bank
of England, as well as the Bank of Netherlands,
put into effect a new reduction from 43^ to 4
per cent. ' To tell the truth, the National
Bank could have acted, earlier, at least so far
as the discount rate was concerned, but it has
always preferred to wait a little so as to be able
without fear to reduce the rate for advances
on securities in equal measure; the reduction
of the . discount rate alone seemed inopportune, solely by reason of the wide disparity
which would have resulted between the two
rates. The National Bank was not trying by
this reduction to tighten its relation with the
market, but to point out to. the nation that
it considered the international market in an
easier state; that it felt that the time had come
to lower rates of interest somewhat in favor of
commerce and industry; and that, considering
its own strong situation, the gold parity of the
Swiss currency, reached a year before, might
be regarded as assured. The market did not
react at once; the lowering of the bank rate
had in fact been expected for a long time, and
the stock market had made allowances for it.
But if the low rates have been maintained, it
is to this action that it must be attributed.
Although shortly afterwards the Bank of
England was compelled to raise its rate from
4 to 5 per cent at the beginning of December,
the National Bank has been able to keep its
rate without difficulty through the end of the
year.
The average rate of discount in Switzerland
was 3.90 per cent in 1925; 4 per cent in 1924;
and 3.47 per cent in 1923. The rate for
advances on securities was 4.90 per cent,
compared with 5 and 4.47 per cent in 1924 and
1923, respectively. * * *
The Swiss franc reached gold parity toward
the end of the autumn of 1924. Later it even
went above parity for short intervals to an extent which led the bank to change its monetary
policy; the bank suddenly found itself compelled to intervene in order to prevent a new

268

FEDERAL, RESERVE BULLETIN

rise of the franc, as before it had been compelled to act in support of the exchange. It is
true that during the first three months the dollar showed a new upward tendency, but in
April it was again approaching the lower gold
point. At this time Switzerland-experienced—
though to a less extent than Denmark and Norway later on—those difficulties which in some
cases result from trying to control the course
of a rising exchange. Realizing that a premium on the franc would, as little benefit the
economic situation of Switzerland as would a
level below parity, the -National Bank made
large purchases of foreign exchange in order
to keep the franc from rising above the gold
import point. This task was made, easier by
the fact that, besides the cities of Zurich and
Berne, the Confederation needed large amounts
in dollars, both to settle purchases in America
and to assure the service of interest and amortization of loans floated in New York; and that
the Government had decided to provide as
early as 1925 for the repayment of the
$20,000,000 loan maturing in 1926, In this way
the level of the franc was successful!}?- maintained, so that in September the exchange had
reassumed a quieter tendency. At this time
the franc came down to parity with the dollar
and even slightly below; it was no longer necessary for the bank to intervene either in one
direction or in the other, and it was able to sell
again a part of its foreign bills, which the sales
of gold had helped, to increase, and which had
reached a rather high figure.
The year just past has seen little change in
the circulation. Following the currency reforms in the more" important countries, one
might have expected a very considerable return of Swiss bank notes which had found
their way into those countries during the
period of their inflation; and there was even
more reason to expect a decline in the circulation from the fact that the issue of gold
francs and of 5-franc silver pieces would decrease the hoarding of bank notes. The average circulation, however, showed only a slight
decline and remained above the figure obtained
by using the coefficient of the higher price level
with the pre-war circulation as the base. This
almost negligible decline is surprising, considering that the emergency currency put out by
the Confederation, the state railways, the Cantons, and the towns—issues which at one time
ran into hundreds of millions of francs—have
come down since the beginning of 1923 to a
very modest level; and that besides there have
been put into circulation since 1922 not only
about 70,000,000 in 5-franc pieces, but also




APRIL, 1926

large quantities of gold coins. Experience
shows, however, in all countries that bank
notes once issued tend to remain in circulation
as trade becomes accustomed to use them in
larger amounts.
Considering the progress
made in consolidating the finances of the Confederation, and consequently, the reestablishment of more normal relations between the
Government and the bank of issue, and given,
on the other hand, the slight contribution of
the bank to the money market, the amount
of the note circulation can be explained to-day,
so to speak, exclusively by the needs of business; and the elasticity of the currency during
the entire year is a matter for much satisfaction. It is interesting to note that the curve
of the wholesale price index also showed a
downward movement in 1925, and that this
preceded the reduction of the note issues.
However, one ought not to conclude that there
is a fixed relation between the two curves;
indeed, the fluctuations of the figures which
the3r represent are so slight that all kinds of
factors difficult to determine, and influences,
purely accidental, might have brought about
this coincidence.
Because of a forgery, the source of which is
certainly to be sought abroad but which has
not yet been discovered, the National Bank
decided to call in the 100-franc notes with the
portrait of Tell, which had been printed during
the war. This decision was made easier by
the fact that it had to do with a war note,
issued during a short period in 1917-18, under
the pressure of a rapid increase in demands for
notes. The circulation of this note, which at
first reached the total amount of 150,000,000
francs, had Mien to 15,000,000 francs by the
end of the year. The bank made use of this
occasion to call in at the same time the "interim
notes'/ of 50, 100, 500, and 1,000 francs issued
in 1907 after the pattern of the notes of the
old banks of issue. All these notes thus called
in lost their legal-tender status on December
31, 1925, but the National Bank is obligated to
redeem them or to exchange them for their
nominal value for 20 years more, that is, until
June 30, 1945.
On November 30, 1925, the period of repayment expired for the state currency notes of 5,
10, and 20 francs, issued as Government paper
currency in 1914 at the beginning of the war.
Of the war currency, there now remains in
circulation only the notes of 5 and of 20 francs
of the National Bank. The 25™franc notes of
the Confederation Loan Office, of which the
period of repayment has also expired, will still
be redeemable at the Federal treasury until

APRIL* 1926

FEDERAL RESERVE BULLETIN

June 30, 1934, but in fact they have practically
all been withdrawn.
The issue of gold coins was again made
possible at the end of 1924, because the franc
had by that time reached its gold parity, a
circumstance which evoked much interest. As
in other countries, especially in England and
in Holland, the question whether it was expedient to put gold coins into circulation provoted lively discussion in Switzerland. England definitely declared in • the negative. At
first Holland followed that example, but recently a reversal of opinion seems apparent
infthat country. The Swiss National Bank
took the position, in principle, that it was not
sure that the time had come for a return to an
unlimited issue of gold, even if that could be
done without restoring the obligation to redeem all notes in gold on demand. But in
order to satisfy certain wishes and to remove
all reasons for hoarding, the bank decided to
put back into circulation, on demand, the gold
coins presented at its windows. Since this
decision the facts have shown that there is
scarcely any demand for the yellow metal and
that in general the public prefers bank notes.,
The board of directors have stated their agreement that there should be given a general
authorization for the export of gold. This
measure, which has now been passed by the
Federal Government, can be revoked at any
time. The practice of payments in gold has
not been restored to any great extent; nevertheless, the facilities given have succeeded in.
bringing out from their hiding places manygold coins, which, put into circulation in 1922,
had again disappeared.
As the bank has always kept the franc from,
rising above the gold import point, there could
be no serious question as to importing gold In
bars for the mint. But because of the slight
premium above par value, it was possible to buy
abroad, by the weight of the metal, and at a
slight profit, gold coins of the Latin Union
countries, and to put them in circulation in
Switzerland. When this business had been
going on for some time on a rather large scale,
the National Bank felt it a duty to request
certain friendly banks of issue not to give out
any more of this kind of coins for export.- This
business was in fact not without its disadvantages, for it was carried on for the most part
in. abraded coins, the melting down of which
brought a certain loss to the charge of Switzerland, because, on account of the exchange, these
coins could not be returned to any of the other
countries and thus had to be kept here. For
this reason, also, the Confederation has con-




269

sidered the possibility of putting severe restrictions on the import of gold coins, and even,
if necessary, of prohibiting it altogether. ^ For
the time being, however, this type of business
has lost its interest on account of the decline of
the franc from dollar parity. The question
should not be lost sight of; all the less because
the denunciation of the Latin Monetary Union
by Belgium at the end of December brings up
the question of the dissolution of the Union, and
thus adds special interest to the problems connected with it.
The metallic cover for notes in circulation has
fluctuated during the year between 63 and 79
per cent; gold cover alone between 53 and 68
per cent. These fluctuations have corresponded to the monetary policy of the National
Bank, which deemed it advisable, in order to.
avoid the costs of transportation, to deposit
part of its gold in some of the large foreign banks
of issue. Although in principle it has held to
the tried and proved rule of'an effective gold
cover, the bank has judged it wise at times to
put a fairly large part of its note cover into
foreign exchange of the highest quality, to be
better prepared to intervene in defense of our
exchange.
'
The 5-franc coins out of circulation. in the
other countries of the Latin Union represent a
total amount of 156,000,000 francs, and are included in the metallic note cover at about onehalf their nominal value; that is, at about the
commercial value of their silver content; their
repayment is guaranteed by noninterest-bearing
obligations of the Confederation. According
to the Paris agreement of December 9, 1921,
part of this amount, about 136,000,000 francs,
bears Interest since January 15, 1925, at 1 per
cent on the nominal value of those coins which
the countries of origin have paid to the Confederation; the latter, in conformity with the
agreement made in November, 1923, with the
National Bank, has turned over to it the entire
amount of this interest. The repatriation
of these coins will begin in 1927 and should
be finished in 1932.
**i't X-v
We have already mentioned in our comments
on the money market the most important
event In the realm of discount policy, the reduction of the official rediscount rate. After
this change, our portfolio of Swiss bills has
remained within very moderate limits, and
the bank has rarely had ally contact with the
market. The necessity for having a rather
large portfolio of foreign bills has had this
result—that the flow of bank notes to the
market has not come about to the same extent as formerly through the agency of Swiss

270

FEDERAL KESERVE BULLETIN"

bills, but far more through the channel of
foreign bills. But we ought to state that the
portfolio of Swiss bills showed a considerable,
although temporary, increase during the last
10 days of December. Nevertheless, in spite
of the insignificant amount of Swiss securities,
the National Bank could not change the fundamental principles of its discount policy and
seek profits by discounting paper which, because it was not sufficiently liquid, ought not
to be given place in the portfolio of a bank of
issue. Even though the Confederation has
recently at times discounted its securities at
the bank within the limits fixed by the directors

APRIL, 1926

of the bank, it has done so, not as formerly
under the stress of an unusual situation, but
merely the better to adapt its financial measures to the conditions of the moment, and to
meet the temporary needs of the treasury,
which were greater than its immediate receipts.
The advances on securities, which have at
times reached a ver^ high figure in comparison with the domestic bill portfolio, declined
during the course of the year to about 41,000,000 francs, to rise again temporarily to 72,000,000 francs in the last week in December.
^C

^S

JfJ

GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1925
The total gold stocks of. the principal countries of the world amounted to about $9,343,399,000 at the end of 1925, a decline of about
$40,000,000 from the total for the same countries at the end of 1924, as shown by the table
on the following page. The largest reductions
were those of $139,000,000 for the United States
and of $54,000,000 for England; the largest increase was that of $107,000,000 in the stock of
the German Reichsbank, whose holdings are
now above the figure recorded at the end of 1913.
Lesser reductions were reported for the Netherlands, Switzerland, South Africa, and Japan,
and increases for Russia, Java, Australia, and
Canada.. Except for the countries enumerated
above, the net changes were mostly small.
The stock of European countries as a group
increased slightly. The holdings of England
declined by $54,000,000, those of the Nether-




lands by $25,000,000, and of. Switzerland by
about $7,500,000; on the other hand Germany added $107,000,000 to its holdings,
Russia $21,000,000, Poland $6,000,00,0, and
Hungary $3,000,000. As changes in other
European countries were small, it appears.that
the total gold reserves of Europe showed a
net increase of about $50,000,000 in the course
of 1925. In addition to this increase in monetary stocks, a certain amount of gold coin
was put into circulation during the year in
Switzerland and the Netherlands.
The holdings of the European banks of issue
included in the table were, therefore, about
$3,128,000,000 at the end of 1925 and about
$300,000,000 above the total reported holdings
of such institutions at the' end of 1913, representing an increase of approximately 10 per
cent over that vear,

271

FEDERAL RESEEVE BULLETIN

APRIL, 1926

GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1925
[In thousands of dollars, converted at par of exchange]
United States

End of year

Total
stock

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
4,408,696

1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.

End of year

1913...
1914..
1915...
1916...
1917...
1918...
1919.
1920..
1921.
1922..
1923..
1924..
1925..

End of year

1913
1914
1915
1916
1917
1918.
1919
1920
1921,
1922
1923
1924,
1925

In
Treasury
and in
Federal
reserve
banks
262,
5,443
504,:,672
758,1,595
973,
!,233
1,770,
>,347
2,243,
E, 895
2,091,
.,051
2,216,
1,154
3,021,
.,266
3,201,
.,540
3,249,
),852
3,118,
2,870,328 I

Czechoslovakia:
Banking National Bank
Bank
al
National
Austrian AustroNation;
Bank
Hun- Bank of Bank of Office
National garian
of
of
of the of Den- Finland
Bank
Belgium
Bulgaria
In circuFrance
Bank
Ministry mark
lation
of Finance

251,421
213,757
138, 758
58,759
53,717
53,074
45,111
ill
116
19

661, 918
311,304
553,649
891,609
270,092
836,615
712,694
635,723
731,936
997,349
428,771
1538,368

1,313
1,560
2,087

10,615
10,615
11,773
13,124
12,159
12,352
7,141
7,141
7,334
7,415
7,565
7,792
7,932

4,053
12,545
20,874
22.574
31,745
30.575

Banks
of Italy,
Naples,
NaNaand
NaNational
of Bank of tional
Bank of tional
Sicily Bank
tional Bank
of
NetherBank
of
Portuand
Bank of HunNorway Bank of
lands
RuNaPoland
Greece
gary
mania
tional
Treasury
5,211
7,527
11,194
11,580
12,159
10,422
11,001
11,001
10,808
6,058
7,250
7,680
8,875

7,460
10,365

288,103
299,759
293,453
255,772
238,931
243,566
203,441
204,362
210,739
217,284
215,699
218,382
218,825

60,898 12,846
83,663 • 11,181
172,530 18,028
236,217 33,027
280,689 31,214
277,155 32,691
256,204 39,590
1,667
255,729 39,472
2,858
243,600 39,475
5,955
233,880 30,4.74
9,769
233, 876 39,472
13,078
202,854 39,457
19,949
178,080 39,456 8 25,793

8,760
9,261
9,261
9,261
9,261
9.266
9.267
9,267
9,267
9,267
9,267

29,242
29,714
36,264
22

19,666
24,506
29,833
42,847
46,611
52,159
60,807
60, 992
61,192
61,173
56,171
56,145
56,085

Russian
State
Bank

2

142,517
137,872
169,128
176,064
195,172
190,688
192,265
175,187
154,723
222,050
171,191
192,504
203,495

224,989
213,906
251,158
252,390
269,628
299,119
450,057
450,057
450,057
454,035
435,880
435,880

* 53,202
* 26,601
•14,598
* 14,598
*14,598

15,571
15,571
19,464
25,303
27,401
48,665
53,799
56,451

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

10,826
21,899
13,483
38,932
22,530
73,484
33, 251
78,351
42,003
85,650
46, 718 104,143
56,756 116,796
57,307 115,336
59,494 113,389
56,807 116,499
56,812 121,088
56,809 '130,904
56,811 §164,828

3 25,306
27,739
33,092
36,012
39,419
39,419
38,932
37,472
37,472
38,367
38,294
37,581
37,589

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

802,591
967,950
652,885
639,682
664,017
694,847
685, 517
690,141
708,403
709,479
710,394
710,968

278,687
498, 508
581,954
599, 873
572,768
538, 861
259, 519
280,028
237,102
227,436
111,247
180,939
287,763

B a n k of
Spain

Swedish
Riks-

National
Bank of
Switzerland

92,490
110,444
166,414
241,424
379,597
430,072
472,041
474,228
484,984
487,278
487,841
489,292
489,631

27,372
29,088
33,385
49,183
65,513
76,532
75,350
75,516
73,631
73,,428
72,853
63,508
61,646

32,801
45,922
48,275
66,585
69,025
80,041
99,779
104,780
106,058
103,283
103,669
97,642
90,140

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

2
200
329
329

7,585
24,563
26,020
26,735

8,299
8,299
8,299
8,299
8,299
8,299
8,299
8,299
8,371
8,242
8,354
8,357

2,607
45,043
73,050
94,095

Domestic
Canada:
holdings
UruMinister Argentine Brazil: Chilean
of the
India:
Governguay:
New
Zeaof finance Govern- Guaran- ment
Australia:
GovernBank of Bank
Bank
land
and
ment con- tee of
ment
of
Note
Japan
conof
the
reserve
chartered version currency version
rupee
Java
and of
reserves
Rebanks
fund
fund
banks
reserve
the
fund
public
Government

» Austrian account only.
2 Oct. 16-29.
34 Includes 54,912,948.87 zlote ($10,598,000) held abroad.
Conversion fund.
«6 Mar. 31,1914.
Includes a small amount of gold held abroad.
* Includes $9,704,000 in banking department.
8
Includes $36,990,000 in banking department.




59,131

56,619
50,759
50,759
50,759
51,145
51,417
51,438
51,451
51,901
52,204
52,543
52,855

Great
Britain:
Bank
of
German
Reichs- England
and
bank currency
note
reserves

64,963
64,062
68,187
113,411
229,981
225,821
349,947
551,840
610,663
605,678
600,194
585,738
575,768

10,027
12,418
18,804
28,984
37,051
51,600
69,817
88,214
58,728
61,306
62,869
53,726
73,394

bank

National
Bank
of
Egypt

South
Africa:
jointstock
banks
and
Reserve
Bank

10,381
21,750
35,096
29,164
19,278
16,312
16,312
16,807
16,807
16,619
16,510
16,510
16,510

« 39,905
6 43,799
8 44,772
6 34,066
30,172
33,579
35,525
50,612
57,911
50,782
51,838
52,441
43,594

170,245
428,221
389,205
402,970
422,594
523,632
583,211
762, 912
763.719
751, .>79
754,400
757,033
703,482

Yugoslavia
National
Bank

12,352
14,282
12,354
13,286
13,965
14,657

Total

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
8,770,836
9,000,423
9,380,964
9,343,399

272

FEDERAL EESEB.VE BUI/LETIN

APEIL, 1926

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
[Bank figures are for the last report date of month, except for London clearing banks, which are daily averages
GERMANY
[Millions of reichsmarks]

ENGLAND
[Millions of pounds sterling]
1925

1926

Febru- Janu- Decem- February
ary
ary
ber
Bank of England;
Issue departmentGold 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
(per cent)
_
Bank notes in circulation1
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) (per cent)..-..
Index number of foreign exchange.
value of the pound sterling (per
cent) K.
_.___...-_..

143
163

143
163

143
163

127
147

1
22
38
79
16
106

1
21
46
74
23
101

2
17
64
103
8
161

2
22
42
74
16
106

18.9
85
284

18.1
85
286

11.5
88
297

19.4
98
281

110
1,073
255
1,606
3,140

113
1,088
262
1,637

118
1,078
261
1,647
3,548

121
1,055
287
1,643
3,316

729
582
147

785
639
146

817
636
181

760
592
168

117.6

117.5

116. 5

117.9

Febru- Janu- Decem- Februber
ary
ary
ary
Reichsbank:
Gold at home .
„__
Gold abroad
Reserves in foreign exchange.....
B ills of exchange and checks.....
Miscellaneous assets
Deposits_«-.
R eichsmarks in circulation_ _ _.
Rentenmarks in circulation
Reichsbank clearings 6 Berlin banks: *
Cash
Bills. .
.
.
. _ . .
Due from other banks
Miscellaneous loans
Deposits
-..__.
Index of security prices (Jan. 2,1925=
100) (per cent) - Capital issues
.....

1,192
190
461
1,346
783
586
2,822
1,587
3,886

1,112
143
418
•1,464
609
579
2,649
1,589
4,177

71.62
20

72.61
20

1,111
97
403
1,915
590
697
2,960
1,609
4,398

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

249
1,247
642
2,383
4,686

85
883
624
1,874
3,571

58.56
16

101.47

i Bimonthly statements.
ITALY
[Millions of lire]
1925

1926
100:0

1
Notes issued, less amounts held in banking department and in currency
note account.
2
New series.
FRANCE
[Millions of francs]

Bank of France:
Gold reserve L...
.._.._...
Silver reserve
....
War advances to the GovernmentNote circulation.......
Total deposits
-.._._._.
Three commercial banks:
Demand deposits.
Bills
_„__...
_.__
Other loans
Clearings, daily average of Paris

1925

1926

3,684
329
34,500
50,991
3,013

Price of 3 per cent perpetual rente____

49.00

3,684
325
34,200
50,618
3,188

3,684
321
35,950
51,085
3,335

3,681
306
21,900
40,792
2,028

19,980

19,210
13,221
4,862

14,622
10,280
4,397

1,554
49.15

1,855
48.35

1,027
48.10

Janu- Decem- Novem- Januber
ary
ary
ber
Banks of issue:
1,134
Gold reserve *
2,026
Total reserve
_
_ ._
Loans and discounts,._
_.=„__ 11,589
Note circulation for commerce ..
7,065
Note circulation for the State
Total deposits.___-„—.._._--_-.
Leading private banks:
Cash
-_.„_..._„„„
Loans and discounts
Due from correspondents
Participations
__„»_
Total deposits
State note issue.
- . . 2,100
205
Index of security prices (per cent)--—

1,134
2,041
10,477
12,287
7,063
2,466

1,134
2,070
9,666
12,134
7,067
2,366

1,131
1,819
7,626
10, 500
7,146
2,806

2,100
216

1,051
9,086
4,217
516
13,271
2,100
230

1,246
9,065
4,089
404
13, 284
2,400
259

* N o t including gold held abroad.
1

N o t including gold held abroad.
JAPAN

CANADA
[Millions of dollars]

[Millions of yen

1926

1925

Janu- Decem- Novem- January
ber
ber
ary
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 2circulation _
Bank clearings
__. . . .
Bank debits 2
1

Not including gold held abroad.




62
1,123
377
563
161
2,168
127
214
1,331
2,368

69
1,142
394
550
174
2,270
135
227
1,898
3,121

60
1,130
392
559
184
2,313
132
226
1,670
2,787

2 Total for month.

1925

1926

53
1,114
319
542
155
2, 083
131
222
1,410
2,230

Febru- Janu- Decem- February
ber
ary
ary
Bank of Japan:
Gold at home and abroad
....
Advances and discounts
Advances on foreign bills..
Notes issued... . . . . .
Total deposits
Total note and deposit liabilities.
Tokyo banks:
Cash on hand
. « _.
Total loans.-. „. __ _„_
.
Total deposits
Total clearings.
_ .-

1,057
330
147
1,293
769
2,062

1,057
374
172
1,388
713
2,101

1,057
456
207
1,500
736
2,236

l,05§
507
82
1,297
932
2,229

116
2,449
1,959
3,245

127
2,416
1,922
2,743

117
2,403
1,908
3,853

110
2,392
1,861
2,552

273

FEDERAL RESERVE BULLETIN

APRIL, 1926

CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES
1925

1926

Febru- Janu- De- February cember ary
ary
Austrian National Bank (millions of schillings):
Gold
Foreign bills
Domestic bills __
. . .
Treasury bills
.
Total principal earning assets
Notes
Deposits
Total note and deposit liabilities.
National Baefe of Belgium (millions of francs):
Gold
Foreign bills and balances
abroad
Domestic bills .
_____ .
Loans to State
Notes --_
Deposits
Total notes and deposits
__
National Bamk of Bulgaria (millions of leva):
Gold
Foreign bills, etc
D omestic loans and discountsAdvances to State
Total principal earning assets
Notes
Deposits
Total notes and deposits
Banking Office, Czeehoslovakla,
(millions of Czechoslovak crowns):
Gold and silver
Balances abroad and foreign currency
Bills discounted
Advances on collateral
._
Note circulation
Deposits.
_.Bunk of B&ezlg (millions of Danzig gulden):
Balances with Bank of England..
Foreign bills, etc
Loans and discounts
Total principal earning assets
Notes
Deposits.
Total note and deposit liabilities.
National Bank of Dtumark
(millions of kroner):
Gold
Foreign bills, etc
Loans and discounts
Advances to State . „»
tal
principal
earning
assets
m
To
Notes
Deposits
1 note and deposit liabilities
Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
_
_
Domestic bills
State debts...
Note circulation..
_____.__..
Demand liabilities
Total notes and demand liabilities.
National Bunk of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securities
Discounts and loans _
Note circulation
Total deposits
Total note and deposit liabilities




1925

1926

15
541
111
188
838
812
28
840

15
520
144
187
851
823
45
868

15
558
180
188
926
890
55
94?

274

274

274

30
984
5,200
7,415
162
7, 577

30
1,125
5,200
7,462
344
7,806

30
1, 036
5,200
7,471
556
8,027

30
1,325
5,200
7,599
260
7,859

41
513
1,321
5,390
7,224
3,655
2,598
6, 253

40
976
1,241
5 281
7,498
4,380
2,059
6,439

11
473
128
215
816
796
32
828
;

272

1,072

1,07!

1,032

1,029

1,179
544
378
7,074
1,070

1,180
648
422
7,245
1,228

1,199
748
458
8,408
742

595
978
542
7,728
633

16
19
15
34
32
4
36

15
17
19
36
32
5
37

17
17
.18
35
35
4
39

15
10
16
26
30
9
39

209
78
110
15
203
399
42
441

209
70
117
16
203
403
40
443

209
90
121
22
233
438
68
506

209
30
262
38
330
453
64
517

332

332

332

332

1,227
80
433
262
1,350
644
1,994

1,361
104
421
262
1,292
788
2,080

1,408
102
424
361
1,309
862
2,171

907
5
597
470
1,288
560
1,848

2,361
3,799
3,322
5,339
3,380
8,719

2,080
3,811
2,924
4,979
3,610
8,589

Febru- Janu- De- February
ary cember ary
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets..
_
__ _ _.
Note circulation.^.
„
Deposits. _
Miscellaneous liabilities

59
194
151
156
280
405
195
213

59
207
134
156
327
416
214
227

48
159
134
158
267
339
203
203

202
21
65
86
345
56
401

183
21
80
101
353
40
393

134
18
74
92
273
69
342

24
31
65
51
29
78
50

24
28
63
52
29
75
49

24
31
64
52
29
73
52

24
40
48
53
29
83
46

Bank of'Lithuania (millions of litas):
Gold
Foreign bills
Loans and discounts
Total principal earning assets
Notes—.
_.
Deposits
Total notes and deposits
_

30
30
49
79
82
25
107

32
29
50
79
79
25
104

32
30
49
79
82
24
106

31
63
37
100
93
34
127

Netherlands B&ek (millions of
florins):
Gold . ..
—
Foreign bills
Loans and discounts
Total
principal earning assets
1
Notes.. _ _
___Deposits
Total note and deposit liabilities..

432
203
203
406
818
77
895

438
248
220
468
833
96
929

443
247
204
451
875
42
917

504
128
252
380
881
64
945

147
90
286
376
330
148

147
60
298
358
335
111

147
55
320
375
363
99

147
31
370
401
368
100

478

446

462

468

4,047
759
2,565
6,473
752

4,050
728
2,506
6,425
648

3,938
705
2,822
6,400
973

4,094
982
1,462
5,828
673

134
60
323
377

134
61
315
362

133
70
326
381

107
206
315
550

88

94
7
36

84
17
36

48
5
9

76
173
149
154
275
394
207
199

Hauls of Java (millions of florins):
Gold . . .
Foreign bills
Loans and discounts. .
Total principal earning assets
Notes
Deposits
Total note and deposit liabilities..
Bank ©f Latvia (millions of lats):
Gold
Foreign exchange reserve. _.
Bills
Loans
Note circulation...
Government deposits
Other deposits.-

Bunk of Norway (millions of kroner):
Gold
—.
Foreign exchange
Domestic credits
Total principal earning assets
Notes
Deposits..
.
Total note and deposit liabilities
SescorYe Bank of Peru (millions of
libras):
Gold at home
Gold abroad
_
Bills.-.—.
--.
Note circulation
DepositsBank off Poland (millions of zlote):
Gold
Foreign exchange, etc. __ __„. _
Loans and discounts
Note circulation
Current accountsPrivate
___.- ...»
Treasury,.
.
Liabilities in foreign currency....

42

274

FEDERAL RESERVE BULLETIN

APRIL,, 1926

CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
1925

.1926
February

JanuDe- February
ary cember

B a n k of P o r t u g a l (millions of escudos):
Gold....
...—
Balances abroad.
Bills
Note circulation . . . - - _
Deposits..
-..-..-.„„
National B a n k of Hiimamta (millions of lei):
Gold
Bills
.
—„—....
Government loans
Note circulation .
__
Deposits
_

9
344
156
1,820
78

568
8,199
17,013
19,989
8,784

S t a t e S a n k of Russia (note-issuing
department; thousands of chervontsi):
15,334
Gold
Foreign currency
_. 4,981
54,114
Loans and discounts
75,892
Bank notes.-N a t i o n a l B a n k of t h e K i n g d o m
of Sertoss Croats* a n d Slovenes
(millions of dinars):
Gold
Foreign bills, etc
Loans and discounts-_-__
Advances to State
Note circulation..,-_ _ __ „_
Deposits
Total note and deposit liabilities—

9
325
155
1,716
81

567
8,313
17,121
20,222
8,594

563
7,243
16,724
19,122
7,588

17,723 18,239
4,967 4,887
51, 750 52,315
75,992 78,136

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

567
8,230
17,013
19,881
8,659

77
353
1,330
2,966
5,718
510
6,228

77
353
1,310
2,966
5,783
568
6,351

76
367
1,371
2,966
6,063
491
6,554

1925

1926

72
352
1,355
2,965
5,760
583
6,343

De- FebruJanuary
cember
ary

February
S o u t h African Reserve B a n k
(thousands of pounds sterling):
Gold___„
.-.__. 8,116
5,587
Foreign bills
„.___—
1,825
Domestic bills. __
7,413
Total principal earning assets
Notes
.___.„_—__-. 8,194
6,121
Deposits..
Total note and deposit liabilities. 14,315
B a n k of Spain (millions of pesetas):
Gold
._..
Balances abroad-_--_....-Bills discounted..
..
Note circulation....
Deposits
_
B a n k of Sweden (millions of kroner):
Gold
Foreign bills, etc._-__-.Domestic credits
Total principal earning assets
Notes..
.-„_-_.
Deposits
._
Total note and deposit liabilities..
Swiss N a t i o n a l B a n k (millions of
francs):
Gold......
.„
..__.
Total principal earning assets.—.
Notes
_.-.„„Deposits.-..
Total note and deposit liabilities..

8,164
6,131
1,314
7,445
8,609
6,018
14,627

8,957
6,319
1,286
7,605
8,756
6,796
15,552

14,073
1,718
2,197
3,915
11,136
6,578
17,714

2,537
29
779
4,373
1,295

2,537
29
801
4,406
1,257

2,537
29
769
4,423
1,264

2,536
30
939
4,472
1,032

230
183

230
202

475

511
475

230
203
434
637
530
277
807

234
149
430
579
493
27G
763

467
478
876
127
1,003

348
819
80

163
654

427
385
775

447
375
776
103
879

DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates, with date of last changel
Country
Austria
Belgium ____Bulgaria
Czechoslovakia
Danzig
Denmark.. .
England

Rate

In effect
since—

7H Mar. 31,1926
Mar. 11,1926
10 Aug. 31,1924
6
8
5

Jan.
Jan.
Sept.
Dec.

13,1926
19,1926
8,1925
3,1925

Country

Rate

Esthonia
Finland
France
Germany. __
Greece
Hungary
India..
_
Italv
...

10
6
7
10
7
6
7

In effect
since—
July
Oct.
July
Mar.
Aug.
Oct.
Dec.
June

1,1925
29,1925
9,1925
27,1926
18,1925
21,1925
3,1925
18,1925

Country
Japan
Java...—..Latvia
Lithuania.. _
Netherlands
Norway. __._
Peru...
Poland

Rate
7.3
6
8
7
3H
6
6
12

In effect
since—
Apr.
May
Feb.
Feb.
Oct.
Jan.
Apr.
Aug.

15,1925
3,1925
16,1924
1,1925
2,1925
12,1926
1,1923
12,1925

Country
Portugal
Rumania
Russia
_
South Africa
Spain-.
Sweden...
Switzerland .
Yugoslavia..

Rate
9
6
8
5H
5
4M
3H
6

In effect
since—
Sept.
Sept.
Apr.
Nov.
Mar.
Oct.
Oct.
June

12,1923
4,1920
—,1924
21,1924
23,1923
9,1925
22,1925
23,1922

Change.—National Bank of Belgium from 7 to 7}4 per cent on Mar. 11,1926; German Reichsbank, from 8 to 7 per cent on Mar."27,1926; Austrian
National Bank, from 8 to 1XA per cent on Mar. 31,1926.




275

' FEDERAL RESERVE BULLETIN

APRIL, 1926

FOREIGN TEADE OF PRINCIPAL COUNTRIES
(UNITED STATES)

FOREIGN COUNTRIES

[Thousands of dollars]

12 months ended
February—

1926
1926
Febru- January
ary

12 months ended
February—

1926

IMPORTS

By classes of commodities:
Total.
. . . . . . . . . . . . . . . . _ 388,503 416,766 4, 352, 295
Crude materials i
„ . . 174,020 201,092 1,844,994
Foodstuffs, crude, and food
animals.
_ . _ _ — . 42,110 48,632 510,102
425, 890
Manufactured foodstuffs _____ 35,998
774, 630
Semimanufactures
„__„__ 72,844 71,140
800,243
Finished manufactures..',.
63,531 67,076
By countries:
Total E u r o p e . . .
105,318 111,210 1,248,918
153, 485
France.._—.._...__..__— 12,080 12,826
173, 376
Germany.. — . _ . _ . . . . . . . _ 16,548 16,006
100,804
8,554
I t a l y . . . . . . . . . . . . . . . . . . . . . 6,774
415,
477
34,620
United Kingdom........_ 37,281
980,426
Total North America. __
87,047 73,559
460,906
Canada....
37,646 35,576
538,255
Total South America___..__.» 51,955 53,518
80,517
A r g e n t i n a . . . . . . . . . . . . . . . . .9,412 7,678
Total Asia and Oceania...... 132,612 162,083 1,488,846
403,613
Japan.........
. . . . . . . 33,177 40,407
96,414
Total Africa
— _ _ _ . . _ . 11, 571 16,397

France (million francs):
Imports
.........
Exports,
Germany (million gold marks):
Imports
...........
3, 661, 686
Exports..
„
.....
United Kingdom (thousand £
1,311,172
sterling):
Imports..
436, 607
Exports
„_.,.
496,762
Keexports_—_.._...._..
657,908 Canada (thousand dollars):
759, 237
Imports
..
......
Exports
_-..1,113,090 Japan (million yen):
152,109
Imports
_
......
138,776
Exports
......
...
80,165
370,201
981,998
400,957
476,950
81,926
1, 011, 055
335,580
77, 595

EXPORTS

By classes of commodities:
Total............
......352,917 397,196 4,842,841 4,647,148
Crude materials i
. . . . . . . . 89,317
Foodstuffs, crude, and food
animals. _ _ . _ _ . . . . . . _ . . . . . . . 12,172
Manufactured foodstuffs
. 41,837
Semimanufactures
47,917
Finished manufactures....___ 154,576
R e e x p o r t s . . . . . . . . . . . . . . . . . . . . . 7,098
By countries:
Total Europe..
171,968
France—.__._—__ 21,724
Germany
22,166
Italy
„...___ 12,823
United K i n g d o m . . . . . . . . . 75,834
Total North America
82,588
Canada
45,976
Total South America
._ 35,265
Argentina
..—— 10,885
Total Asia and Oceania
_ 56,063
Japan
„_ . . . . . 18,934
Total Africa
______ 7,032
1

Tndudes miscellaneous.




113,925 1,332,478

February

January

5,244
4,409

4,483
3,868

47,198
46, 536

39, 845
42,037

721
788

733
801

12,117
9,097

10,487
7,015

96,845 117,689 1, 298,303
757, 900
62, 814 60,380
13,221 11, 742 152,211

1,318, 657
807,138
140, 591

69,736
911,107
85,716 1,310,459

799,248
1,079,089

1926

1925

1925

1,383,315

15,845
414,306
295,901
47,788
562,253
562,691
51,853
656, 717
612,143
158,708 1,899,994 1,583, 774
9,077
95,590
91,357
199,794 2, 484, 002 2, 533,554
29,731
279,903
290, 587
25,537
424,648
443,749
14,382
186, 536
200,129
82,159
992,420 1, 022,823
84,780 1,153, 378 1,090,977
47,437
614, 241
37,775
418,446
323,131
14,938
151,752
122, 238
66,545
695,390
629, 769
23,425
227, 573
227,176
8,302
92, 480
69, 716

70,709
243
160

January,
1926

205
166

December,
1925

2,504
2,319

2,461
1,-903

12 months ended
Janunry—
1926

Denmark (million kroner):
147
156
2,036
Imports
........
121
1,901
Exports..
132
Czechoslovakia (million crowns):
1,979
17, 304
Imports
. . . . . 1,117
1,179
1,950
Exports
.
18, 471
Ssthonia (million Esthonian
marks) :
702
9, 594
779
Imports..-..
1,004
Exports
._-._
683
Finland (million finmarks):
5,479
287
697
Imports.......
327
197
5,526
Exports
-_ . . .
Hungary (thousand gold crowns):
731,000
Imports..
-— 53,308 65, 482
719, 200
Exports
. . . . . . . 53, 426 69,029
Italy (million lire):
2,459
26, 299
Imports.—
_._.__ 1,953
1,786
1,118
Exports..
18, 275
Netherlands (million guilders):
205
205
2,450
Imports
141
122
Exports.-.
1,784
Norway (million kroner):
106
94
1,399
Imports
72
1,029
Exports
._—__.__.._.._
77
Poland (thousand zloty):
68,492 83,039 1,564,976
Imports...
Exports..
--- 159,304 186,704 1,448,344
Russia (thousand rubles):
766,138
Imports
..— 61,000 55,900
553,211
Exports
-.._--.„.-. 34,800 42,400
Sweden (million kronor):
107
120
1,438
Imports.—
__----.
76
1,352
117
Exports
_—
Switzerland (million francs) :
201
252
2,612
Imports........
.
.
124
157
1,998
Exports..—.—...
Australia (thousand £ sterling):
13, 495 14,775
159, 037
Imports
154,979
Exports.
. _ . 14, 636 14,675
Egypt
(thousand
Egyptian
pounds):
5,287
58,135
Imports--.
. . . . . . 4,644
6,750
56,137
Exports
__—_—. 4,804
India (million rupees):
225
161
2,244
Imports,—.
315
4,021
353
Exports
.
South Africa (thousand £ sterling):
6,270
68,479
Imports....
. — . . . . 5,917
85,062
Exports
. - . _ . . . . — . 7,098 9,266

1925

2,406
2,193
16,459
17, 742 •
8,195
7,992
4,658
718, 700
577, 900
20, 037
14, 647
2,397
1,684
1,557
1,083
1,566,894
1,276, 531

1,426
1,273
2,539
145,312
141,150
51, 546
65, 223
2,455
3,858
66, 350
71,477

276

FEDERAL RESERVE B U L L E T I N

APRIL, 1926

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL C O M M O D I T I E S
J Pre-war—100]
Europe

Year and month Austria
(gold
basis)

1925
January
February
March
April
May _
June
July _ .
August
_,___
September
October
November
December .
1926
January.....
February
March

Bulgaria

147

559

146
143

551
546

3,275
3,309
3,272
3,244
3,177
3.225
3,041
2,870
2,834
2,823
2,822
2,913

1,045
1,048
1,034
1,020
1,006

2,901

139
138
141
137
131
127
127
125

125

.

England
Czecho- Denslo- J mark i (Board
of
vakia
Trade)

BelgiuiD.

122

.

538
537
552
559
567

577
575
569
565
560
556

1925
January .
February
March
April
May
June
July
August
September
October
November
1926
January
February
Anarch

151
149

1,094
1,091

634
636

169
166

993
996
989
977

220
216
216
206
189
168
163
158

163
159
158
158
157
156
155
154

977

160

966
950

157
151

998

1,009

513
520
543
557
557
556

572
606
633

159

518

138
137
134
131
132
134
135
132
126
124
121
122

527
540

120
118

456

457
463
460
467
483
490
491
482
482
498

160
161
161
156
155

166
165
162
157
159

161
161

162
161

157
160

159
158

159

169
169
168
163
162

191
188
175
173
174

187
188
184

Peru

199
194
206
208
200

Australia

Nether- Norway Poland
lands (Oslo)

658

160

153
145

660
659

158
155

144
141
141
136
134
135
131
129

658
660
883
707
731
721
716
712

151
151
153
155
155
155
154
154

267
260
258
254
245
231
221
217

130

715

155

218

120
121
122
119
118
119
120
124
127
128
137
155

127

707
704

153
150

214
211

142
148

China Dutch
(Shang- East
Indies
hai)

India
(Calcutta)

171
172
168
169

163
163
160
158
159

160
159
160
159
158

178
177
179
175

163
162

157
163

173
175

157
160

162

160

160
159

176

157

162
163

160

160

160

185
187

157
154

159
159

157
157

175
179

186
187

155
156

157
157

160
158

200
198
200
205
205

158
156

161
164

204
203

165
170

158
158

183
190

186

153
152

156
155
151

156
155

164
162

206
205
204

161
160

164
163

1

Italy

Asia L d Oceania

North and South America

171
171
170
166
163

191
192
193
190
191

195
197

515
514

Hungary
(gold
basis)

145

United
States
Switzer(Bureau
Russia i Spain Sweden land i of Labor Canada
Statistics)

172
178
183

_„

514

153

1,137
1,141
1,131
1,133
1,122
1,129
1,118
1,142
1,133
1,121
1,118
1,120

171

234
230

Europe—Continued

Year and month

234

Germany
[Federal
Statis- FederRe- Statistical
tical al
serve Bureau)
Bureau Board
France

Finland

174

175
177
178

164

279

281
276

Africa

Japan New Egypt South
(Tokyo) Zealand (Cairo) Africa

213
210
204
202

178
175
175
175

199

175

158
160

200
198
200
201
200

164
163

198
194

163
158

192
188

174
175
175

175
176
176
176

157
161
155
154
151
150
151
151
152
1.53
L45
140

130

134
134

124

130
127
124

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.




277

FEDERAL RESERVE BULLETIN

APBIL, 1926

GROUPS OF COMMODITIES
(Pre-war-100)
UNITED STATES—BUREAU OF LABOR STATISTICS

All com- Farm
modities products

Year and month

Foods

Cloths
and
clothing

ChemiMetals
Fuel
Building
cals
and
and
materials
and
metal
lighting products

1925—February..

161

162

157

191

178

136

183

135

September.
October.....
November,
December.
1926—January. „.
February,.

160
158
158
156
156
155

160
155
154
152
152
150

160
158
160
157
156
153

189
190
188
187
186
184

169
172
175
175
177
179

127
128
130
130
429
128

174
174
176
177
178
177

136
135
135
135
133
132

House
fur-

Miscellaneous

173

125

168
166
166
165
164

135
138
142
138
135
133

ENGLAND—BOARD OF TRADE

Total
food

All eommodities

Year and month

Cereals

Meat
and
fish

Other
foods

Total
not
food

Iron
and
steel

Other
minerals
and
metals

Cotton

Other
textiles

Other
articles

1925—February.

169

176

184

163

182

165

134

139

233

206

161

September
October. __
November,
December.,
1926—January... _
February.

156
155
154
153
151
149

166

159
148
152
158
154
148

166
167
167
173
165
156

170
176
175
169
167
170

151
150
148
146
148
144

121
120
119
118
119
118

130
131
130
131
131
131

204
194
182
175
175
174

179
181
181
178
176
172

157
158
158
156
153
149

164
165
167
182
159

FRANCE—STATISTICAL
All commodities

Year and month

1925—February
September
October
November
December
1926-—January
February

-

;
--

All
foods

BUREAU

Animal
foods

Vegetable
foods

Sugar,
coffee,
cocoa

All industrial
material

Minerals Textiles

Sundries

515

467

446

487

' 452

555

473

758

507

556
572
606
633
634
636

492
$91
510
538
543
546

486
485
496
535
532
536

490
496
522
537
544
541

495
480
502
529
548
567

608
637
682
709
707
708

522
585
606
622
627
646

807
830
928
953
941
925

566
578
611
647
645
643

Colonial
goods, Total in- Hides
coffee,
dustrial
and
cocoa, products leathers
etc.

Textiles

Metals
and
minerals

GERMANY—FEDERAL STATISTICAL BUREAU

Year and month

Total
All comfood
modities products

Grains
and
potatoes

Fats,
sugar,
meat,
and
fish

1925—February..

137

135

130

137

179

139

135

September.
October. _.
November.
December.
1926—January...
February..

126
124
121
122
120
118

121
118
115
116
115
113

106
103

150
146
142
137
134
134

181
181
181
183
185
183

135
134
133
131
130
130

125
123
120
116
113
110




103
101

189
192
188
182
176
172

Coal
and
iron

134

122

132
131
130
128
128
127

121
120
120
120
120
120

278

FEDERAL BESEBVE BULLETIN

APRIL, 1926

RETAIL FOOD PRICES AND COST OF LIVING
RETAIL F O O D P R I C E S
[Pre-war=100]
European countries
United
States Austria
Bel- 2 Bul(51
cities) (Vienna) • gium garia
1925
Jan
Feb.Mar...
MayJune...
July—
Aug...
Sept...
Get-...
Nov
Dec...
1926
Jan
Feb
Mar

27,168
27,065
26,7fe6
26,448
27,037
27,031
26,550
25, 739
25,294
25,186
25,108
25,373

151
148
148
148
149
152
157
157
156
158
164
162
161
158

Netherlands

Norway

Russia a

Switzerland*

590
610
624
620
599
599
602
621
643
646
649
660

156
157
157
155
154
152
152
152
152
149
149
148

277
283
284
276
265
261
260
254
241
228
223
221

205
208
211
217
221
219
218
210
208
215
217
224

172
172
171
169
168
169
169
169
170
168
168
167

145
147
145
142
141
141
141
146
146
147
151
156

148
149
151
152
154
155
156
156
156
157
156
155

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

681
676

148
147

216
212

226
230

165
163

157
155

155
154

151
150
151

Eng- France Ger- Greece Italy
(Miland 8 (Paris) many (Athens)
lan)

140 3,131
137 3,163
134 3,128
127 3,100
122 3,032
127 3,083
130 2,906
135 2,744
140 2, 710
144 2,698
148 2,698
148 2,785

178
176
176
170
167
166
167
168
170
172
172
174

408
410
415
409
418
422
421
423
431
433
444
463

137
145
146
144
141
146
154
154
153
151
147
146

141

171
168
165

480
495

143
139

2,773

Other countries

1,506
1,510
1,562
1,478
1,443
1, 516
1,515
1,511
1,544
1,597
1,676
1,718

Can- Aus- India New
Zea- South
ada » tralia (Bom*
bay) land Africa

147
146
149
149
150
149
151
152
153
155
156
154

120
120
121
124
123
122
120
119
118
y 119
117
116
116
117

COST O F LIVING
[Pre-war=100]
Other countries

European countries
Massachu- Bel- Czech- Eng- Esoslothosetts gium
vakia . land 3 nia
1925
Jan...
F e b .1. ,
Mar ..
Apr...
May_.
June..
July__
Aug...
Sept.'.
Oct...
Nov....
Dec...
1928
Jan
Feb
Mar

158
157
158
158
158
159
160
161
161
162
162
165

NethSwit- Can- Aus- India South
Fin- France Ger- Greece Hun- Italy
(Mi- er- Nor- Po- Spain Swezer- ada 3 tra- (Bom- Africa
den land*
land (Paris) many (Athens) gary lan) lands way land
lia bay)

521
517
511
506
502
505
509
517
525
533
534
534

899
911
90$
901
894
914
916
894
884
875
863
866

180
179
179
175
173
172
173
173
174
176
176
177

113 1,199
110 1,191
114 1,210
112 1,201
111 .1,176
112 1,191
114 1,218
112 1,266
110 1,242
108 1,228
107 1,227
109 1,197

527
526
521

854
845

175
173
172

110

1,166
1,175

386
390
4.01
421

124
136
136
137
136
138
143
145
145
144
141
141
140
139

1,417
1,420
1,449
1,419
1,408
1,448
1,472
1,484
1,503
1,547
1,610
1,644

141
135
132
130
131
130
126
127
126
124
123
123

580
592
602
,600
591
596
598
610
624
643
643
649

122

665
661

179

271

179

259

179

248

177

234

145
146
147
146
143
144
146
149
149
152
157
173

188
178
189
192
191
177
188
190
190
176
190
190
189 "175""
186
183

173
172
172
170
170
170
170
170
170
168
168
168

149
150
148 ~150~
147
146
146 "153"
146
148
148 "l54~
M9
152
154

157
157
159
158
156
154
157
152
151
153
153
155

133
133
133
134
134
134
133
132
132
132
131
131

170
171

188

167
165

155
154

155
154
155

131
131

174

"1

1 January, 1921= -100.
3 First of the month figures.
4
2 1921=100.
Revised index.
NOTE.—Information as to the number of foods and items included, the origina ibase periods, and sources may be found on page 276 of
he April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible.




279

FEDERAL RESERVE BULLETIN

J, 1926

BANKING AND FINANCIAL STATISTICS
FEDERAL -RESERVE BANKS
AVERAGE DAILY CONDITION FOR FEBRUARY AND JANUARY, 1926
[Amounts in thousands of dollars]

Total bills and securities

Federal reserve notes
in circulation

Total deposits

Total cash reserves

Reserve' percentages

Federal reserve bank

January

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

. _„
_.

Total: 1928
1925________
1924
1923........
1922
1921
1920. _ „ _ - _ 1

February

108,148
297,330
98,385
91, 998
53, 746
74, 795
144,341
62,134
30,887
66, 678
52, 948
. 94,938

128, 673
245, 922
91,284
105,029
51, 912
102, 598
162, 760
67, 946
34,384
68, 056
63,163
109, 610

207,586
957, 503
209,059
313,020
103,989
173,667
367, 040
66,293
93,191
92, 297
59, 760
282,124

1,176,328
1, 050,323
921, 588
1,152, 862
1, 215, 221
2, 869,233
3,154,054

1,231,337
1,072, 077
1, 000, 668
1,191,191
1,304,165
3. 034, 65p
3,043, 952

2, 925,529
3, 041, 913
3, 239, 282
3, 208, 682
3, 070, 045
2.343. 537
2, 053,422

January

February

922,498
072, 677
241, 596
201, 969
043, 984
287, 274
098, 498

February

148, 884
855, 864
134, 093
181,330
72,227
85, 237
328, 522
85, 658
54,274
91,859
64, 244
172, 536

148,192
872, 556
137, 443
177, 700
70,956
83,104
327,433
86, 804
55,560
91, 912
64,389
173, 249

2, 274, 728
2,233, 531
1, 954, 479
1, 969, 757
1, 814, 446
1, 804, 476
2, 002,503

2, 289, 298
2, 276, 911
1, 979, 913
1, 981, 717
1, 800, 989
•1,822,600
2, 027, 861

191, 588
1, 030, 504
216, 724
306,099
106, 707
144,451
350, 208
61,063
93,443
94,157
52, 628
274,926
2,
3,
3,
3,
3,
2,
2,

January

153,527
369,155
149,403
203,226
79, 436
160,4.02
162,606
37,309
64, 701
66,290
39, 977
189, 554
1, 675, 586
1, 714, 929
2, 034, 540
2, 244, 733
2,176,529
3,068, 578
2, 946, 863 .

February January

January
162,934
372,469
148, 057
215,544
85,034
162,771
172,285
38, 409
67,389
69, 768
43, 975
198,018

68.6
78.2
73.7
81.4
68.6
70.7
74.7
53.9
78.3
58.4
57.3
77.9

61.6
82.8
75.9
77.8
68.4
58.7
70.1
48.8
76.0
58.2
48.6
74.1

1, 736,653
1, 754,356
2,112,873
2, 288, 527
2, 272, 057
3,177, 656
2,887, 846

74.1
77.0
81.2
76.1
76.9
1 49. 6
1
43.3

72.5
76.2
79.2
75.0
74.7
!47.5
i 44. 9

Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]

Gold with Federal reserve
agents:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Gold redemption fund with U . S .
Treasury:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Gold held exclusively against
Federal reserve notes:
Feb. 24
Mar. 3
Mar. 10
Mar. 17_Gold settlement fund with Federal Reserve Board:
Feb. 24
Mar. 3
Mar. 10..
Mar. 17
.
Gold and gold certificates held
by banks:
Feb. 24
_.
Mar. 3
Mar. 10
Mar. 17
.




Total

Boston

New
York

Phila- Clevedelphia land

1,406,149
1,383,170
1,408,708
1,432,402

104,350
105,983
112,813
119,295

299,433
309,315
329,315
379, 220

124,518
120,701
121,756
117,940

191,117
192,208
192,666
190,089

46,334
50,723
50,406
58,431

8,265
6,018
8,3211
11,051!

12,913
11,813
10,435
9,206

6,294
9,926
12, 776

1,359
3,145
3,592
4,761

1,452,483
1,433,893
1,459,114
1,490,833

112,615,
112,001
121,134
130,346

312,346
321,128
339,750
388,426

130,812
129,597
131,682
130,716

192,476
195,353
196,258
194,850

674,072
688,567
692,997

48,324
59,030
62,935
48,264

205,661
244,862
225,385
189,259

42,612
43,716
44,760
51, 541

640,048
642,324
647,047
631,833

42,323
44,634
46,402!
43,265i

368,325
363,227
366,4571
352,910 i

28,135
28,790
26,111
25,901

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
City Dallas
apolis

San
Francisco

58,411 131,308
130,248
55,993 134,925
50,162 125, 032

129,509
129,467
129,467
129,420

16,593
15, 715
15,251
15, 061

61,071
62,349
62, 690
62,006

48,634
44,850
46, 587
45, 775

24,998
25,596
24, 676
26,466

216,207
189,753
182, 569
171, 936

3,059
1,609

2,619
3,508
3,192
3,062

4,493
3,555
2,720
6,563

326
1,232
1,213
870

1,010
1,465

3,419
3,859
1,731
2,088

1,854
1,743
2,028
1,489

1,066
2,503
3,304
3,876

61,127
59,971
59,052
51,771

133,927
133,756
138,117
128,094

134,002
133,022
132,187
135,983

16,919
16,947
16,464
15,931

62,081 52,053
63,814 48,709
63,575 48,318
63,086 47,863

26,852
27,339
26,704
27,955

217,273
192,256
185,873
175,812

64,523
51,748
47,938 i
46,179

28,824
27,300
23,454
30, 280

34,422
30,729
35,916
32,665

152,175
127,093
150,175
153,208

11,899
17,031
16,184
16,067

23,633 27,692 15,172 19,135
20,988 25,672 18,169 22,229
24,184
11,386 24,791
19,945 41,450 21,813 37,928

48,346
49,998
48,187 {
49,105!

4,365
4,715
5,f"
4,1

3,333
3,617
4,075
3,777

66,234
70,140
71, 633
72,257

17,407
15, 821
17,371
17,921

2,716

7,059
6,892
6,798
7,269

4,624
5,313
6,174
5,812

10,005
10,070
10,086
10,200

39,892
39,107
38,673
38,830

280

FEDERAL RESERVE BULLETIN

APRIL, 1928

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

Boston

New
York

Phila- Cleve- Richdelphia land
mond

Atlanta

2,766,603
2,764,784
2,799,158
2,811,265

203, 262
215, 665
230,471
221,875

929, 217
931,592
930,595

201,559
202,103
202,553
208,158

305,345
297,099
292,383
290,134

94,316
91,986
87, 586
86,637

171,1
168,102
178,108
164,536

352,411
330,255
353,995
361,448

149,907
148,754
151, 682
153,392

20,442
19,660
18, 693
18,604

40,558
40,616
42,427
43,034

5,018
4,786
4,641
4,572

7,445
8,125
6,843
9,168

7,252
7,392
8,740
8,867

9,206
8,831
9,837
8,820

21,544
20,743
21,522
20,598

1.7,132
18,037
18,525
18,923

2,670
2,729
2,861
2r~~

4,584
4,761
4,576
4,722

926,890 206,577 312,790 101,568 180,888 373,955
969,833
305,224 99,378 176,933 350,998
974,019 207,194 299,226
187,945 375,517
973,629 212,730 299,302 i5,504 173,356 382,046

63,357
67,836
68,544
68,842

95,443
94,423
97,418
93,108

88,953
84,455
84, 957
99,847

3,642
3,644
3,731
3,629

971
934
1,260
1,119

2,434
2,382

Total

Total gold reserves:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Reserves other than gold:
Feb. 24
Mar. 3
Mar. 10
Mar. 17

Total reserves:
Feb. 24
Mar. 3 . — -

——

Chicago

M a r . 10
._.
Mar. 17.—
-

•
-•

916,510
913,538
950,840
964,657

223,704
235,325
249,164
240,479

-•

66,298
65,296

4,679
4,948
5,594
5,245

23, 568
23,984
27,074
24,580

2,444

M a r . 3_.

1,982
2,052

2,926
3,934
3,009
4,247

4,
4,531
4,386
4,392

4,218
3,799
4,615
3,897

311,570
319,423
263,904
260,479

13,796
14, 035
13,881
15,241

159,628
131,791
115,039
76,"""

34, 241
32,045
30,159
33,565

22,586
27, 618
24,643
29,008

14,159
14,795
14,681
15,721

7,035
7,054
4,393
13,059

228, 513
263,791
238,521
220,136

30,743
22,054
8,493

41,332
40,785
40,979
27,858

22,156 20,151
21,842 21,002
20,958 27,364
23,074 19,224

21,855
28,622
28,969
29,302

18,366 27,270
26,001 34,259
25,943
30,242 21,645

540,083
583,214
502,425
480, 815

44,539
36,089
22,311
23, 734

200, 960
172,576
156,018
104,190

304,128
286,607
284,520
257,138

47,316
43,37<
40,595
40,506

73,420
67,263
69,140
57.410

19, 754
19, 299
19, 717
16,426

18,025
19,124
21,009
20,883

9,634
9,374
10,841
10,223

60,213
60,285
60,437
63,831

572
572
572
571

1,93.
1,93
1,934
1,934

604
604
604
604

8,103
8,103
8,103

1,240
1,240
1,240
1,240

174, 954
171,432
187,335
75,418

2,154
2,438
1,768
597

43,314
38,172
41,202
15,459

3,637
3,638
3,778
470

18, 655
18, 655
19, 704
11, 796

3,06'
3,061
3,431
1,38!

95,418
94, 041
111,894
213,328

5,312 15,398 14, 822
14,243 14, 821
5,25'
5; 43! 18,161 16, 927
5,386 116, 744 16, 913

4,801
4,801
V5,595
""

1,136
1,136
1,448
1,416

330,585
325, 758
359,666
352,577

60, 646
8,26' 5 4 , T • •
61,297
7,77
6,554 134,137

31,559
31,559
33,496
25,494

5,443
5,443
6,125
4,038

Nonreserve cash:
Feb. 24

-

---

Mar. 1 0 — —
Mar. 17
-•
Bills discounted:
Secured by TJ. S. Government obligations—
Feb. 24
Mar. 3
Mar. 10
Mar. 17...
Other bills discounted—
Feb. 24..
Mar. 3
_..,.
Mar. 10...
Mar. 17
Total bills discounted:
Feb. 24
-Mar. 3 - . . — — — Mar. 10—
—
Mar. 17
_-_—
-Bills bought in open market:
Feb. 24
Mar. 3.
Mar. 10
Mar. 17
--U.S. Government securities:
Bonds—
Feb.24__.._.
Mar. 3
Mar. 10.
Mar. 17
Treasury notes—
Feb. 24.--..
Mar.3
Mar. 10
—
Mar. 17
---Certificates of indebtedFeb. 24..
Mar.3__
Mar. 10Mar. 17Total TJ. S. Government securi
ties:
Feb. 24
Mar.3
Mar. 10
Mar. 17
Other securities:
Feb. 24
Mar.3
Mar. 10
.
Mar. 17..
Foreign loans on gold:
Feb. 2 4 . . . . . „ . „ .
--.
Mar.3.
.
Mar. 10.
Mar. 17
....
Total bills and securities:
Feb. 24
Mar.3
Mar. 10
Mar. 17




56,397 42,737 36,014 25,401
53,887
43,417 33,055
51,117 52,007 43, 650 30,336
56, 639 48,232 45,023 43,301

19,063
19, 063
21,309
17, 987
3,050
3,050
3,050
3,050

3,150
3,150
3,150
1,610

585

1,917
2,384
2,411
2,110

660
827
836
732

1,185,046 100,41
1,207,429 88,392
1,158,559 71,353
1,101,640 71,37!

336,943
296,572
288,866
297,847

'8,924
18,126
16,029
14,834

7,100
8,700
8,798
7,700

10,375
9,070
8,404
8,936!

St.
Louis

46,225 92,773 84,369
49,799 91,694 79,694
50,019 94,557 80,381
49,919 90,300 95,125

27,561 10,676
54,408 10,349
37,681 8,821
33,406 12,341
13,429
15,258
11,393
13,271

San
Francisco

Minne- Kansas Dallas
apolis City

276,300
253,592
249,337
252,570
7,715
7,087
7,203
^7,385
58,370
61,565
53,990
65,859

284,015
260, 679
256, 540
259,955

2,457

2,662
2,831

3,312
3,501
3,693
3,401

2,484 10,302
6,268 12,672
76f
3,591

474
827
742
888

8,628
7,561
8,167
20,462

5,256
5,817
5,963
5,683

16,831
34,015
29,378
29,352

5,730
6,644
6,705
6,571

25, 459
41,576
37, 545
49, 814

3,340
4,250
3,114
3,143

7,784
9,886
9,210

24,105 5,824 18,086
25, 607 10,518 22, 558
64,501 20, 214 3,876 14,145
55, 051 25, 612 6,734 15, 714
54,831

7,120
7,047
7,"""
7,430

15, 274
14, 739
13,896
12, 731

16,596
14,194
13, 723
12,082

22,886
24, 991
24,592
22, 646

2,035
2,035
2, 035
2,03"

7,665
7,665
7,665
7"~

8,388

8,051
7,579
7,676
8,636

472
474
474
476

9,163 15, 906 13,420
9,165 17,390 13,420
10,248 18,673 15,120
3,887 7,817 5,673

6,415
6,415
7,227
2,711

16, 946 15,898 26,379
16, 946 15,74" 26,379
18,822 17,89: 29,465
7,163
6, 658 11,805

,9
2,49
3,186
3,113

8,126 6,483 17.091
8,126 6,132 17.092
9, 714 7,820 19,704
9,546 7, 640 19, 926

26,269 31,376 16,458
22,312 31,092 13, 797
18,499 30,234 14,300
13,363
14,851
959 20,190
1,001 20,190
1,006 20,190
990 22,890

5,043 6,256
5,042 6,441
5,965 7, 953
7, 013 10,299

15,165
15,208
17,219
11,890

8,45
8,45
9,88
9,73

42,352 23, 901
44,021 23,907
46,816 27,044
41,006 17,44,

16,57*
16,57i
18,07£
13, 48$

8,938

33,460
33,960
37,474
25,396

30,432
29, 458
33,387
22, 934

43, 942
43,945
49, 643
32,207

249
305
308
270

497
600
607
531

100
100
10©
560
760
931
941
824

37(
46:
466
408

291
348
352
308

1,192
1,206
1,055

93,081 51,467
100,234 58,695
107,453 61,085
95,433 59,695

67,126
70,923
66,406
70,910

129,53'
164,97!
142,757
125,69S

234
278
28:
24(
64,797
63,681
61,93*
56,751

29,75e
34,421
30,20!
27,891

339
343
300

67,204 53,007 92,784
71,696 50,601 111,112
65,958 54,123 112,387
54,141 41,857 105,198

281

FEDERAL EESEEVE BULLETIN

APBIL, 1926

FEDERAL RESEKYE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
'RESOUBCE8—Continued
[In thousands of dollars]

Total

Dues from foreign banks:
Feb. 24._
Mar. 3
Mar. 10 .
Mar. 17...
.. ...
Uncollected Items:
Feb. 2 4 . . . . . . .
_ .. ...
Mar. 3 _
Mar. 10
Mar. 17.___
...............
Bank premises:
Feb. 24
.............
Mar. 3 .
Mar. 10. . . .
Mar. 17
All other resources:
Feb. 24..
Mar. 3
.... „
Mar. 10
Mar. 17 .
Total resources:
Feb.24... .
Mar. 3 . . . . . . .
Mar. 10 .
Mar. 1 7 . . . —

.

.

.

.

Boston

780
749
737
712

NewYork

Phila- Cleve- Richdelphia land
mond

Atlanta

Chicago

Minne- Kansas Dallas
apolis
City

San
Francisco

780
749
737
712

697,429
711,125
628,454
831,669

62,889
61,469
54,594
73,657

156,025
155,005
140,105
197,767

63,220
63,450
57,152
80,691

69,282
75,979
54,620
75,990

55,013
56? 112
54,655
67,453

59,368
59,368
59,406
59,406

4,068
4,068
4,068
4,068

16,666
16,666
16,666
16,666

1,480
1,480
1,505
1,505

7,409
7,409
7,409
7,409

2,364
2,364
2,364
2,364

2,748
2,748
2,761
2,761

7,933
7,933
7,933
7,933

17,008
16,918
17,775
14,134

92
86
89
94

4,473
4,565
5,521
2,495

362
330
334
294

1,180
1,187
1,203
846

375
382
381
364

1,129
1,103
1,098
1,076

2,220
2,096
2,042
1,967

395,850 1,465,345
394,288 1,467,374
384,862 1,452,988
394,922 1,513,696

373,007
370,355
364,196
392,106

486, 668
493,967
472,920
483,227

215, 592
221,462
219,194
229, 769

299,110
294, 296
299, 326
297,642

614,985
632,796
613,543
641,312

4,942,439
4,974,423
4,884, 769
5,039,004

St.
Louis

43,001 90,963
38,790 97,727
36,501 76,890
45,642 114,731

38,331
34,681
32,227
38,733
4,111
4,111
4,111
4,111

12,396 40,422 28,796 37,091
13,282 . 49,198 26,348 39,084
12,655 42,569 26,363 40,123
15,071 44,618 31,597 45,719
2,943
2,943
2,943
2,943

4,636
4,636
4,636
4,636

1,793
1,793
1,793
1,793

3,217
3,217
3,217
8,217

433 • 2,381
431 2,327
432 2,252
409 2,352

451
539
543
480

456
446
475
376

3,458
3,426
3,405
3,381

143,890
148,330
146,737
142,492

204,100
212,906
201,251
206,179

145,346
143,242
139,406
144,313

423,875
421,019
419,365
420,871

174, 671
174,388
170,981
172,475
•

LIABILITIES
Federal reserve notes in actual
circulation:

Feb. 24...—•___.__._..
Mar. 3
Mar. 10-.—................
Mar. 17—...................

Deposits:
Member bank—reserve account—
Feb. 2 4 — . . . . . . . . . . . . . . .
Mar. 3 . . . . . . . . . . . . . . . . . . .
Mar. 10
Mar. 17.
Grovernment—
Feb. 24
.___
Mar. 3
Mar. 10 Mar. 17
Foreign bank—Feb. 2 4 . . . . . . .
-.-„„.
Mar. 3 . . . . . . . . . .
Mar. 10
_
Mar. 1 7 . . . . . . . .
Other deposits—
Feb. 2 4 . . . . . . . . . . .
Mar. 3
Mar. 10
• Mar. 1 7 . . . . . .

Total deposits:
Feb. 2 4 . . . . . . . . . . . . . . . . . .
Mar. 3 . . . . . . . — . . .
Mar, 10
Mar. 17.—_
Deferred availability items:
Feb. 24.....
_
Mar. 3...
_.
Mar. 10..
Mar. 17.............
Capital paid in:
Feb. 24...
Mar. 3
Mar. 10
.....

Mar. 17.
Surplus:
Feb. 24
Mar. 3 . . .
Mar. 10
Mar. 1 7 —




_-.

88806—261-

1,679,362
1,675,354
1,671,754
1,659,210

161,577
157,404
155,036
153,518

148,131 208,223
371,283 145,049 203,448
371,325 145,993 204,189
371,788 145,861 199,058

2,202,879
2,224,329
2,209,698
2, 230,282

139,932
142,475
141,195
141,489

853,125
856,855
852,587
867,825

36, 670
52,472
48, 554

6,685
8,041
8,555
351

7—

130,849
132,655
129,920
137,427

3,833
750
4,230
2,595
3,044 • 2 , 1 7 "
428
260

78,179
77,556
78,235
77,331

172,405 65,055
179,034 70,680
177,130
174, 542 68,358
1,393
3,519
3,312
951

4,741
1,

159,518
160,832
161,213
160,309

162,381
163,046
164,209
163,632

37,043
36,974
37,118

64,31!
64, 519
64,222
64,109

65,629
65,165
64,740
64,194

39,435
39,338
38,508
37,649

188,103
190,671
187,110
184,643

79,208 317,159
80,234 324,041
321,176
81,086 327,301

81,521
83,347
82,506
80,127

54,146
52,113
50,893
51,920

86,305
87,135
83,519
85,405

61,400
58,703
60,013
58,582

161,774
157,057
156,982
156,220

1,804
10,868
7,244
721

2,380
2,321
2,054
132

1, 540
8,075
8,396
786

680
2,593
1,17"
81'

1,589
1,144
919
439

6,715
6,264
7,671

4,560
2; 017
2,371
. i; 231

146

827

405
407
481

1,646
2,291
891
1,376

498
506
509
601

561
570
574
677

278
28
284

209
213
214
253

718
730
735

22i
229
231
272

168
171
172
203

204
208
209
247

183
187
188
222

362
368
370
4S7

17,232
19,322
18,253
21,305

323
121
85
322

8,431
8,584
7,942
9,991

231
72
78
648

820
1,057
1,108
1,075

14:
128
81
81

42
48
76
93

822
1,194
1,025
1,255

437
1,408
1,306
1,056

165
213
181
207

163
145
165
160

39
52
4'
33

5,617
6,300
6,159

25 262,231
2,302,283
2,281,289
2,264,647

147,338
151,042
150, 242
142,643

867,035
871,960
864,464
879,620

132,328
135,828
132,684
138,936

175.179
184.180
182,124
177,245

70,216
71,895
70,887
68,920

86,174
86.759
92; 850
82,259

320, 503
336,833
330,180
330,144

84, 563
87,305
86,097
81,587

56,019
60,572
59,642
53,116

87,352
90,081
85,070
86,629

63,211
60,086
61,167
59,276

172,313
165,742.
165,882*
164,272*

648,557
644,103

60,656
59,528
53,247
72,332

135,334
127,839
120,675
165,742

59,728
56,666
52,640
74,411

65,794

577,943
761,108

49,063
69,357

48,450
53,235
51,242
64,645

32,611
31,127
40,849

83,512
84,269
70,213
98,415

37,700
34, 611
32,470
38f328

11,960
11,646
11,061
13,681

B7,301
43,831
37,580
41,508

31,424
27,334

38,41*
39,551
41,291
40,851

119,316
119,721
119,993
120,394

8,618
8,662
8,772

33,559
33,795
33,812
33,871

11,908
11,900
11,929
11,929

13,460
13,460
13,460
13,460

6,049
6,057

4,822
4,B70
4,877
4,919

15,852
15,889
16,140
16,292

5,137
5,155
5,150
5,150

3,158
3,155
3,152
3,152

4,227
4,237
4,237
4,286

4,270
4,279
4,279
4,280

8,257
8,261
8,23$
8S237

220,310
220,310
220,310
220,310'

17,020
17,020
17,020
17,020

59,964
59,964
69,964

20,464
20,464
20,464
20,464

22,894
22,894

11,919
11,919
11,919
22,894: 11,919

8,700
8,700
8,700
8,700

30,613
30,613
30,613
30,613

9,570
9,570
9,570
9,570

7,501
7,501
7,501
7,501

8,979
8,979
8S979
8,979

7,615
7,615
7,615
7,615

15,071
15,071
15,071
15,071

5,450
6,160
4,784
5,971

282

FEDERAL RESERVE

BULLETIN

A P R I L , 1926

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

Total

All other liabilities:
Feb. 24
Mar. 3
._..
Mar. 10
Mar. 17—.

12,652
13,480
13,335

Total liabilities:
Feb. 2 4 . . . . . . —
Mar. 3
Mar. 10
Mar. 17—.

-.-.-4,942,439
4,974,423
—-4,884,769
5,039,004

Boston

641
632
655
637

New
York

Phila- Cleve- Richdelphia land
mond

2,565
2,533
2,748
2,711

448
439
505

1,118
1,093
1,190
1,213

Atlanta

780
524
559
606

854
858

Chicago

St.
Louis

2,124
2,146
2,188
2,216

Minneapolis

Dallas

City

San
Francisco

715
704
720
722

940
937
1,159

612
613
645

509
500
503
504

1,713
1,723
1,773
1,797

215,592 299,110
395,8501 , 465,345 373,007
394,288 1.,467,374 370,355 493,967 221,462 294,296
384,862 i; 452', 988 364,196 472,920 219,194 299,326
394,9221,513,696 392,106 483,227 229,769 297,642

614, 985
632,796
613,543
641,312

174,671
174,388
170,981
172,475

143,890
148,330
146,737
142,492

204,100
212,906
201,251
206,179

145,346
143,242
139,406
144,313

423,875
421,019
419,365
420,871

MEMORANDA

Ratio of total reserves to deposit
and Federal reserve note liabilities combined (per cent):*
Feb. 2 4 . . —
Mar. 3
Mar. 10
-----Mar. 17
.-._—.
Contingent liability on bills
purchased for foreign correspondents:
Feb. 2 4 _ _ - - —
Mar. 3 —
Mar. 10
Mar. 17
Own Federal reserve notes held
by Federal reserve bank:
Feb. 24
Mar. 3
—
Mar. 10—
Mar. 17..
—

74.0
73.2
74.
75.6

72.4
76.3
81.6
81.2

75.1
78.0
78.8
77.8

73.7
73.7
74.3
74.7

81.6
78.7
77.5
79.5

68.4
66.5
64.6
65.3

73.6
71.5
74.0
71.5

77.4
70.2
76.0
77.4

52.1
54.6
55.7
58.0

79.3
75.5
78.6
79.4

58.1
54.4
56.7
66.2

56.9
61.9
54.2
67.9

78.8
73.1
72.7
74.5

82,168
82,408
83,009
78,975

6,360
6,241

22,153
21,648
23,393
22,773

7,853
7,951
7,801
7,354

8,845
8,955
8,786

4,381
4,436
4,352
4,103

3,307
3,348
3,285
3,097

11,325
11,465
11,250
10,608

3.555
3,531
3,329

2,645
2,678
2,628
2,477

3,224
3,264
3,202
3,019

2,893
2,929
2,874
2,709

5,704
5,775

332,007
330, 739
329,211

17,060
19,166
19,664
18,264

145,407 31,174 16,106 16,691 21,792
141,278 31,839 18,672 16,487 20,428
139,329 31,071 17,289 16,087 20,037
140,064
21,494 15,894 19,251

16,618
17,876
17,420
19,648

5,767
5,232
5,037
5,103

2,877
2,573
2,841
2,720

6,292
6,272
6,134
6,168

4,575
4,570
4,779
4,929

47,648
46,346
49,523
48,377

5, 342

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills discounted:
Feb. 24...
Mar. 3
Mar. 10
Mar. 17.
Bills bought in open market:
Feb. 24
Mar. 3
Mar. 10
--Mar. 17
—
Certificates of indebtedness:
Feb.24..._.
Mar. 3
Mar. 10
Mar. 17.




Within 15
days

16 to 30
days

31 to 60
days

61 to 90
days

91 days to
6 months

540,083
583,214
502,425
480,615

440,813
465,043
391,088
364,185

25,324
28,917
29,551
30,957

42,022
47,586
43,601
43,340

22,463
30,700
27,087
29,589

7,461
8,355
7,952
8,510

304,128
284,520
257,138

122,574
110,558
111, 474
96,085

59,878
55,568
66,139
70, 533

87,880
84,340
72,552
57,847

29,952
31,508
299 571
28,574

3,844
4,633
4,784
4,099

95,418
94,041
111, 894
213,328

74
18
48
99,013

1,505
24,988

83,379
83,554
99,414
74,362

Over 6
months

2,000
2,613
3,146
4,034

10,460
10,469
12,432
14,965

EEDEEAL RESERVE BULLETIN*

APBIL, 1926

FEDERAL RESERVE NOTE&-FEDERAL RESERVE AGENTS* ACCOUNTS, BY WEEKS
[In thousands of dollars]

Federal reserve notes received
from Comptroller:
Feb. 24
Mar. 3
_
Mar. 10
.
Mar. 17
Federal reserve notes held by
Federal reserve agent:
Feb. 24
_
_
_.
Mar. 3
Mar. 10
Mar. 17
„
Federal reserve notes issued to
Federal reserve bank:
Feb. 24
_.
Mar. 3 . . .
„
Mar. 10..
Mar. 17
„..--_.....
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Feb. 24.
Mar. 3
..
Mar. 10
..
Mar. 17..
Gold redemption fund—
Feb. 24.
Mar. 3 . . . . .
_
Mar. 10
......
Mar. 17..
Gold fund, Federal Reserve
Board—
Feb. 24
Mar. 3
Mar. 10
.__
Mar. 17
Eligible paper—
Feb. 24.
_
Mar.3.»...
_..___-_
Mar. 10....
Mar. 17
Total collateral—
Feb. 24...
Mar, 3 . . . . .
_
.„
Mar. 10Mar. 17....
_




Minneapolis

San
Francisco

Total

Boston

New
York

Phila- Clevedelphia land

RichSt.
mond Atlanta Chicago Louis

2,845,999
2,839,467
2,826,107
2,819,409

230,037
226,670
223,500
219 982

738,655
738,921
737,014
738,212

208,945
205,528
206, 584
209,767

276,769
281,220
278,078
276,702

121,420 227,932 415,837 67,333 87,412 120,711 59,697 291,251
120,493
415,859 66,455 87,690 119,927 59,295 290,517
120,462 226,210 413,566 65,991 87,031 119,164 58,374 290,133
119,365 223,994 413,517 65,801 86,532 119,35f 57,665 288,520

834,630
833,374
825,142
829,901

51,400
50,100
48,800
48,200

226,360
226,360
226,360
226,360

29,640
29,520
35,520

52,440
59,100
56,600
56,150

2,011,369
2,006,093
2,000,965
1,989,508

178,637
176,570
174,700
171,782

512,295
512,561
510,654
511,852

179,.305!
176,888|
177,064'
174,2471

311,246
310,846
310,846
3l0, 748

35,300 186,698
35,300
35,300 186,698
35,300 186,698

1,600]
1,200'
1,200!
1,200

8,780
8,780
8,780
8,780

24,890
24,890
24,890
25, 655

12,655
12, 655
12,655
12,977

100,489
104,140
107,962
102,162

10,050
16,683
13,513

26,735! 11,529
26,617. 8,112i
26,617 11,167!
26,522 12,351 j

12,337
13,428
13,886
11,309

2,021
3,595
2,603
4,007

6,653
4,593'
9,270
7,055

994, 414
968,184
989,900
1,019,492
802,364
835, 592
754, 218
704,667
2, 208, 513
2, 218, 762
2,162,926
2,137,C~"

26,550
26,450
26,140
26,140

24,580 20,223
46,622
45,632 234,937 24,180 20,598
44,960 231,937 23,980 19,968
44,434 230,237 23,580 19,703

224,329 94,870 181,310 178,999 42,753
222,120 94,043 181,260 180,922 42,275
221,478 94,322 181,250 181,629 42,011
220,552 93,225 179,560
42,221

67,189
67,092
67,063
66,829

Kansas Dallas
City

48,790 15,687
48,490 15,387
48,290 15,087
48,990 15,037
71,921
71,437
70,874
70,362

55,500
53,500
53,500
55,500

44,010 235,751
43,908 237,017
43,287
42,578 233,020

17,226
17,226
17,226
17,226

11,045
11,045
11,045
10,045

13,052
13,052
13,052
12,867

3,865
3,822
3,822
3,775

1,348
1,470
1,006
1,816

1,019
1,297
1, 638
1,139

3,274
2,490
3,727
2,915

2,772
3,370
2,450
3,240

18,663
18,263
18,038

59,000 86,000 111,389; 170,000 31,500 112,000 125, 644
54,000 96,000 111,389! 170,000 28,500 113,000 125, 645
64,000 116,000 109,389! 170,000 28, 500 113, 000 125, 645
74, 000 166,000 104,389; 170,000 20, 500 105,000 125,645

4, 200
3,200
3,200
3,200

47,000
48,000
48,000
48,000

45,360
42,360
42,860
42,860

5,000
5,000
5,000
6,000

197,321
171,090
164,306
153,898

41,883 51,146 86,040 40,287
49, 831 54,649 119,620 39,011
52, 249 48,033 94,584 34,026
52, 005 56,966 83,442 38,407

12,723
17,249
11, 509
13,908

33,244
37,158
27,884
28,237

21,901
20,344
19,836
17,938

47,911
66,084
61,346
72,070

56,880
54,726
49,277
53,468

73,794
79,598
74,199
75,914

81,878
82,008
74,471
74,012

46,899
45,940
44, 512
44, 404

264,118
255,837
243,915
244,006

91, 855 253, 619
79,464 219,467
211, 632
64,240 148,308
196,205
185,447
175, 719
183, 535

553, 052
528, 782
540,947
527, 528

62,3311
65,393!
58,321!
60,432!

59,424
67,322
71,892
68,714

186, 849|
186,094!
180,077'
178,372!

250,541
259,530
264,558
258,803

100,294
106, 816
108, 242
102,167

182,454
184, 897
182,958
l8i r~

215, 549
249,087
224, 051
212,862

284

FEDERAL EESEEVE BULOLETIN

APRIL,

192©

FEDERAL RE3ERVE BANKS—HOLDINGS OP BILLS AND SECURITIES AND EARNINGS THEREON, FEBRUARY, 1926
[In thousands of dollars]
!

Total
HOLDINGS ON FEB,
28, 1926
Total bills and securities.
1,215,657
Bills discounted for members.... 576, 643
300,947
Bills bought in open market
United States securities
. . . 327,017
3,150
Other securities
7,900
Foreign loans on gold
Bills Discounted
Rediscounted bills:
Commercial and agricultural
paper, n. e. s
168,808
539
Demand and sight drafts
2,000
Trade acceptances, domestic
Secured by U. S. Government obligations
1,775
Member banks collateral notes:
Secured by U. S. Govern339,395
ment obligations
Otherwise secured
_ 64,126
576,643
Total discounted bills
Bills Bought
Bills payable in dollars:
Bankers' acceptances based
on—
126,837
Imports
92,348
Exports
Domestic transactions... 47,670
4,806
D ollar exchange
Shipments between or
storage of goods in for25, 257
eign countries
2 255
All other
Trade acceptances based on
979
imports
Bills payable in foreign cur795
rencies
_
_
300,947
Total purchased bills
United States Securities
60,142
United States bonds
172,461
Treasury notes
94,414
Certificates of indebtedness
327,017
Total U. S. securities
DAILY AVERAGE HOLDINGS DURING FEBRUARY
Total bills and securities 1 __ _ 1,176, 328
525,049
Bills discounted.
305, 631
Bills bought
United States securities
_ 335, 367
7,131
Foreign loans on gold
EARNINGS DURING
FEBRUARY'
3,430
Total bills and securities 1 _.
1, 609
Bills discounted
833
Bills bought
954
United States securities
24
Foreign loans on gold
ANNUAL RATE OF
EARNINGS
Total bills and securities l
3.80
3.99
Bills discounted 3.55
Bills bought
3.71
United States securities
4.50
Foreign loans on gold

Boston

New
York

Philadelphia

Cleveland

Richmond

San
St.# Minne- Kansas Dallas FranAtlanta Chicago Louis
apolis City
cisco
1

100,142 314,302 103,362 103,674
43,811 187,451 60,829 52,315
47,670 67,376 19,670 18, 955
8,061 57,310 19,063 31, 559
3,050
600
750
845
2,165

57,722
42,058
9,802
5,443

72,932 150,195
31, 780 73,625
25,667 32,820
15,169 42,668

63,258
22, 795
16, 215
23,908

31,694
7,739
7,124
16, 578

52,019
5,968
15,919
29,855

96,48$
27,731
24,270
43,943

277

545

419

316

1,082

340

253

69,868
20,541
15,459
33,460
100
308

2,224

6,945

4,399
101
25

8,899
235
119

27

157

7

29,465

16, 567

11,481

10,053

20,094

114

136

372

309

20,190
74
144

28,925

66

673

9,566
129
42

89

377

256

318

44

322

14,102 154,966
15, 804

37, 217
11,906

32,043
9,470

16,531
4,868

6,517
4,537

41, 656
2,327

11,073
1,663

4,279
1,236

11,619
1,950

455
831

8,937
9,534

43,811 187,451

60,829

52,315

42,058

31,780

73,625

22,795

7,739

20,541

5,968

27,731

26,300
11, 456
6,938
652

25,497
19, 006
9,898
1,583

8,316
6,822
3,589
171

7,745
5,693
3,042
451

3,481
2,728
2,885
40

9,730
9,679
3,953
90

12,382
10,688
6,505
298

6,349
5,020
2,568
731

2,213
2,665
1,299
207

7,165
5,777
1,542
89

6,491
6,425
1,045
157

11,168
6,389
4,406
337

2,279
45

8,858
1 419

772

1,301
64

578
90

2,139
76

2,908
39

1,419
128

503
237

886

1,801

1,813
157

178

979
659

136
47,670

67, 376

19, 670

18,955

9,802

25,667

32,820

16,215

7,124

15, 459

15, 919

24, 270

572
2,238
5,251

1,934
40,943
14, 433

604
3,638
14,821

8,103
18, 655
4,801

1,240
3,067
1,136

964
9,163
5,042

20,190
15,847
•6,631

2,035
13,421
8,452

7,665
6, 415
2,498

8,387
16,947
8,126

7,975
15,748
6,132

473
26,379
17,091

8,061

57, 310

19, 063

31, 559

5,443

15,169

42, 668

23,808

16, 578

33,460

29,855

43, 943

108,148 297, 330
38, 775 180,152
59, 975 59, 078
8,871 56,176
1,924
527

98, 385
56,248
18,379
20, 040
668

91, 998
42, 669
16, 459
32,103
767

53, 746
38, 287
8,883
6,169
377

74,795 144, 341
26, 617 66, 948
32, 271 31,182
15, 618 45, 228
983
289

62,134
20, 773
16,893
24 ; 140
328

30,887
6,369
7,224
17,060
234

66,678
17,063
14, 908
34,323
284

52,948
5,841
16, 361
30, 497
249

94,938
25,307
24,018
45,112
501

877
549
162
159
7

293
173
50
58
2

272
131
46
93
2

160
118
25
16
1

214
82
87
44
1

• 427
206
85
133
3

179.
64
46
68
1

92
20
20
51
1

192
52
41
98
1

150
18
44
87
1

269
77
66
124

3.85
3.98
3.58
3.69 .
4.50

3.87
3.99
3. 51
3.76
4.50

3.86
4.00
3.62
3.79
4.50

3.87
4.00
3.63
3.37
4.50

3.72
4.00
3.52
3.65
4.50

3.86
4.00
3.56
3.83
4.50

3.75
4. GO
3.55
3.67
4.50

3.87
4.00
3.58
3.93
4.50

3.76
4.00
3.55
3.71
4.50

3.70
4.00
3.53
3.71
4.50

3.70
3.99
3.58
3.60
4.50

305
119
161
23
2

3.68
4.00
3.51
3.31
4.50

2

i Figures include Federal intermediate credit bank debentures as follows: Philadelphia, average daily holdings $3,050,000; earnings, $10,288;
annual rate of earnings, 4.39 per cent; and Kansas City, average daily holdings, $!C0,000; earnings, $299; annual rate of earnings, 3.89 per cent.




286

FEDERAL BESEBVE BULLETIN

APRIL, 1926

REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Total
Boston

New
York

Phila- Clevedelphia land

Bichmond

Atlanta

Chicago

St.
Minne- Kansas
Dallas
Louis apolis
City

Number of reporting banks:
Feb. 17
„
„___„_
716
36
100
Feb. 24
716
99
100
Mar. 3
712
100
Mar. 10_._,
712
100
Loans and discounts, gross;
Secured by U. S. Government obligations—
Feb. 17.
21,379
5,192
163,973
7,605 22,443 11,980
58,005 10,512
9,006
Feb. 24
....
21,469
5,150
167,375
59,119 10,326
7,804 21,748 12,066
21,599
Mar.3.._._
9,153
170,506
58,212 10,542
4,907
21,845 13,066
21,342
Mar. 10—.9,120
57,300 10,751
7,787 23,722 13,016
166,140
4,749
Secured by stocks and
bonds—
Feb. 17
„. 5,446,935 342,9812,378,804 405,584 514,560 145,429 98,720 823,502 209,054
Feb. 24
. 5,427,270 348,035 2,356,384 401,519 523,971 146,832 96,177 819,894 201,552
Mar. 3
5,434,559 346,259 2,334,304 402,099 529,762 146,886 97,550 832,136 205,107
5,313,275 332,836 2,235,002 398,347 527,777 147,554
Mar. 10
830,097 202,255
All other loans and discounts—
Feb. 17
. . . . . . . 8,350,053 649,764 2,592,895 363,358 752,671 370,227 417,',6731,241,918 313,296
Feb. 24
8,335,753 646,666 2,608,521 360,461 749,187 368,362 417,r,3181. 224,817 315,159
Mar. 3...
8,404,391 646,005 2,656,419 362,266 753,157 367,815 418,6091, 235,780 313,884
Mar. io_—
. 8,435,187 648,024 2,688,850
757,951
418; 287 i; 236,832 315,284
Total loans and discounts—
Feb. 17
13,960,961 1,001,
742 5,029,
5,029,704 779,454 1,, 288,610 520,848 523,
534,330
1,001,742
Feb. 24
. 13,930,398 1,003,707
1,003,707 5,024,
5,024,024 772,306 1,294,627 520,344 521,., 299 !
, 066,459 528,777
2,
Mar. 3
14,009,456 1,001,417 5,048,935 774,907 1, 304,518 519,608 524,567 2,089,
1,089,761 532,057
Mar. 10.....
__ 13,914,602 989,980 4,981,152 774,3961r 307,070
524,742f2,090,651
—
530,555
XJ. S. pre-waKjbonds:
Feb. 17...
223,529
39,312 9,486
25,274 14,882 20,528 12,957
Feb. 24
223,718
9,710
39,208 9,286
33,294 25,394 14,880 21,145 12,957
Mar. 3
225,068
9,710
39,793 9,478 33,303 25,194 14,869 21,452 13,157
Mar. 10
225,120
9,762 39,845 9,486
33,272 .25,194 14,837 21,452 13,157
U. S. Liberty bonds:
Feb. 17
. . . ..._ 1,400,162
86,752
31,503 15,253 174,093 22,786
50,340
Feb. 24
1,387,509
602,205 49,522 163,722 30,867 15,153 178,481 22,788
Mar. 3.
1,383,205
598, 262 49,578 163,307 31,693! 15,272 178,907 22,953
Mar. 10
.
87,496 591,610 49,453 162,765 31,944! 15,326 186,075 23,103
1,395,781
U . S . Treasury bonds:
17,784 209,712 18,032
Feb. 1 7 . . .
451,073
35,528
6,802 5,769 54,289 13,079
Feb. 24__
17,657 212,235 16,459
448,915
35,588
6,402 5,770 54,063 13,078
Mar. 3
449,537
17,730
35,654
18,333
5,29l| 5,770 53,592 13,152
Mar. 10_.__.
455,534
17,800 221,427 16,206
35,731
5,2911 5,771 51,242 13,169
U. S. Treasury notes:
Feb. 17
...
3,996 158,604
24,635
1,766! 2,034 59,823 7,333
321,386
7,343
Feb. 24..._
4,296 157,773
24,723
321,524
59,093 7,357
7,120
1,765
2,035
4,251 156,396
Mar. 3
319,087
24,974
59,455 7,378
1,765
2,036
295,864
4,302 140,272
25,520
Mar. 10
7,235
55,865 6,872
1,765
2,036
U. S. Treasury certificates:
17,770
144,791
19,368
2,6
5,229 10,059 4,253
Feb. 17-.
42,042 6,793
16,813
139,267
40,950 8,263
19,597;
4,980
Feb. 24..._
9,091
3,949
16,563
141,976
45,803 5,900
18,725: 2,023
4,r~
Mar. 3
9,338 4,064
39,689 5,300
16,563
123,728
12,321! 2,023
2,690
Mar. 10
3,565
Other bonds, stocks, and
securities:
2,924,382 212,258 1, 110,240 252,103 341,491! 63,097 52,155 434,712 107,750
Feb. 17
2,971,164- 2 1 6 5,4041
, ""• ,156,181 252,360
339,727 62,195 51,355 436,933 108,309
Feb. 24
2,984,158 215,>, 872 ij,162,176 252,397 343,094j 60,165 52,303 441,124 107,776
Mar. 3 . . . .
3,010,377 220,), 056 1, 182,128 250,342 346,3531 60,764 52,645 440,280 108,250
Mar. 10
Total investments:
5,465,323 348,244 2,168,000 344,097 618,081! 131,138 95,322 753,504 168,158
Feb. 17..5,492,097 351,489 2,208,552 343,010 616,651 129,319 94,173 758,806 168,438
Feb. 24
5,503,031 350,92512,219,350 342,672 619,057 126,131 95,217 763,868
Mar. 3
5,506,404 355,979 2,214,971 338,022 615,962 126,981 93,305 764,340 168,116
Mar. 10
Total loans and investments:
19,426,284 1,349,986 7,197,7941,123,5511,906,691 651,986 619,320 2,841,367 702,488
Feb. 17
19,422,4^5 1,355,196 7,232,576 1,115,316 1,911,278 649, 663 615,472 2,825,265 697,215
Feb. 24......_
19,512,487 1,352,342 7,268,285 1,117,579 1,923,575 645,739 619,784 2,853,629 700,537
Mar.3__.
Mar. 10
19,421,006 1,345,959 7,196,123 1,112,418 1,923,032 647,864. 618,047 2,854,991 698,671
Beserve balances with Federal reserve bank:
Feb. 17
1,684,457
95,040 779,178 80,476 127,095 41,796 44, 619 233,210 47,006
Feb. 24
1,636,439
94,461 755,906 80,556 116,947 39,205 43,532 233,593 49,020
96,699 751,787 81,381 123,507 44,101 43,825 242,354 50,940
Mar. 3
...I.... 1,650,520
1,644,1291
757,067 78,896 123,684 41,423 48,663 238,915 49,871
Mar. 10




San

Francisco

66

2,436
2,450
2,502
2,491

4,026
4,027
4,053
4,066!

69,631
70,692
71,561
70,402

116,183
115,509
114,811
112,247

3,407
3,144
3,146
3,138

7,991
11,066
13,073
865g

79,046 263,441
80,686 266,019
81,149 272,935
83,238 274,852

178,506 323,138 238,977
178,962 323,741 234,954
231,593
181,634
179,270 320,303 231,445

907,630
907s 605
912,770
905,063

250,573
252,104
255,697
252,163

443,347
443,277
443,323
436,616

7,071
7,071
7,071
7,071

8,783
8,783
8,853

17,439
17,239
17,439
17,439

24,750
24,751
24,74$
24,752

26,950 57,472
26,675 57,709
27,029 58,908
27,281 59,795

20,640
21,672
21,726
21,900

142,497
132,106
128,771
139,03$

14,904 17,993
14,904 17,924
14,654 1.7,998
14,654 17,901

4,610
4,699
4,641
4,690

52,571
50,136
45,802
51,652

15,490
15,400
15,415
13,716

4,682

15,733
16,488
14,405

4,282
4,273

19,986
21,647
19,661
19.60S

6,923
6,822
6,822
4,977

4,743
4,165
4,237
3,384

4,444
4,368
4,458

17,497
19,166
19,332

42,314
42,382
42,761
42,925

75,827 23,379
76,762 23,370
79,271 22,836
76,832 22,624

209,056
205,186204,383;
207,178

113,652
113,254
113,752
110,624

180,512 75,436
181,076 76,006
185,755 75,292
181,170 75,384

451,323
442,532
461,550

364,225
365,358
369,449
362,787

623,859
, 648,151
624,353 394,790 ,636,01$
629,078 391,180 , 641,310
617,786 393,205 , 650,123.

27,288
27,995
26,573
23,591

33,573 118,988
53,433 30,681 111, 110
53,760
107,124
50, 111 29,707! 106,175

321,
, 179,062
L, 430 .
1,
318,784 li,184,690
315,888 *.,198,77$
317,821 1,188,573

285

FEDERAL RESERVE BULLETIN"

APBIL* 1926

FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1926
[Amounts in thousands of dollars]

Total

Boston

New
York

Phila- Cleve- Rich- Atdelphia land mond lanta

Chicago

Min- KanSan
St.
nesas Dallas FranLouis apolis
Cisco
City

. . . _. 3,387,382 241,200 1,909, 368234,466 152,199 179,376 60,142 236,950 89,205 19,718 124,852 13,078 126,828

Total Volume of Operations

Bills discounted for member banks..
3,081,457 205,643 1,746,766 223,971 139,674 173,699 53,829 205,972 83,082 15,283 118,490
Bills bought:
245, 482 33,104 124,932 7,169 ,10,435 5,550 5,484 21,344 4,666 4,357 5,695
In openKmarket. _
758
572
13,615 3,087
876
18,908
From other Federal Reserve banks
1,075
731 7,455 1,044
35,358 1,734 21,458
d . S. securities bought in open market
95
127
78
719
2, 597
239
257
98 1,303
413
6,177
Foreignloans on gold ______
.._..—

6,789 108,259
4,346 18,400
1,859
84

2
167

Bills Discounted
Eediscounted bills:
Commercial, agricultural, and livestock
879 2,272 1,829 » 7,172
122,250 1, 433 10,147 6,724 4,911 8,894 119, 352 33,352 25,285
paper, n. e. s_
280
192
1 213
128
613
Demand and sight drafts
44
114
115
90
34
48
229
18
76
Trade acceptances
768
Secured by IT. S. Government obliga153
147
151
28
57
88
448
1,072
tions
Member bank collateral notes:
Secured by U. S. Government obliga2,469,255 51,448 1,643,793 149, 214 84,320 117,400 21, 592 158,857 50, 431 10,124 111, 378 2,911 67,787
tions
Secured by eligible paper 8
„ . . 486,899 152, 671 92,750 67, 897 50,063 47,138 12,495 13,645 6,287 4,280 4,840 1,769 33,064
Total bills discounted.—....

3,081,457 205,643 1, 746, 766223,971 139,674 173,699 53, 829 205,972 83,082 15,283 118,490

-

Average rate (365-day basis), per cent . . . . . . .
Average maturity (in days):
Member bank collateral notes
Rediscounted bills „ „ _
. . « _,
Number of member banks on'Feb. 2 8 — .
Number of member banks accommodated
during month
_
. . .
.
Per cent accommodated
.
..

6,789 108,259

4.00

4.00

4.00

4.00

4.00

4.00

4.00

4.00

4.00

4 00

4.00

4,00

4.00

5.08
55.81
9,437

6.38
42.86
418

3.66
45.77
883

7.19
49.89
753

8.04
54.27
861

2.93
61.73
599

8.76
54.61
492

12.24
59.36
1,389

8.71
50.21
621

11.60
89.49
822

3.06
89.75
1,020

13.41
91.39
849

7.43
55.62
730

2,659
28.2

162
38.8

368
41.7

374
49.7

263
30.5

248
41.4

140
28.4

473
34.1

171
.27.5

68
8.3

149
14.6

88
10.4

155
21.2

68,162

8,913

11,979

1,865

5,481

2,583

3,741

9,466

2,088

2,247

3,007

1,588

5,204

136,885 17,241
50,435 6,950

108, 502
6,451 5,304

4,954

2,967

1,743

4,922
6,956

2,578

2,110

2,688

2,758

8,220
4,976

245,482 33,104

124, 932 7,169 10,435

5,550

5,484 21,344

4,666

4,357

5,695

4,346 18,400

6,063
3,501
800

1,867
2,735
656

2,753
1,797
84

2,568
1,678
94

2,840
2,354
405

850

710
101

2,177 5,377
1,725 12,135
362 - 7 4 4
47 ^ 30

71

203
89

8, 525 3,134
7,511 1,464
68
4,497

17

96

35

3.65
52.98

3.68
53.32

3.68
47.86

3.70
54.28

3.62
43.63

3.64
46.09

3.68
54.47

3.68
56.39

3.67
53.13

5,407
4,281
4,413
426
1,895

1,459
1,423
750
171

1,240
1,158
1,227
55

2,633
1,520
750
39

1,754
1,086
638
126

4,864
2,096

862

677

747
6

742

1,120

5,484 16,422

4,666

4,357

5,695

Bills Bought In Open Market
f r o m member banks
_.„_„___„._„._„„_
From nonmember banks, banking corporations, etc:
With resale agreement
Allother......—.....
Total bills bought

„

_.

Hates charged:
V/% per cent..
„
„.„ . . . .
3/^ per cent
3% per cent.
3J^ per cent
4 oer cent
4^r per cent. - _ __«, „ . _ .
4|f per cent
Average rate (365-day basis), per cent
„
Average maturity (in days) *
Class of bills:
Bills payable in dollars *—
Bankers' acceptances based^on—
Imports..
,__„ „ _
Exports
Domestic transactions
Dollar exchange.... . .
Shipment between, or storage of
goods in foreign countries
AlFother
Trade acceptances, foreign
Bills payable in foreign currencies.......
Total

184,340 23,488 121,131 4,417
49,982 9,283
3,163 2,636
8,213
328
116
59
995
5
1,919
546
15
15
18
18
3.64
3.63
3.57
3.63
49.39 58.62
34.14 42.03
39, 567
27,055
26,356
1,622

8,436
2,152
3,750
127

4,051
5,152
5,062
302

2,511
2,124
1,872
168

3,999
3,095
2,273
137

2,075
1,719
1,256

1,138
1,249
2,335

12, 771
407
546
273

1,398

3,278
6
546
33

494

691

500

387
395

108, 597 15,863

18,430

71

240

7,169 10,435

5,550

4,346 10,180

U. S. Securities Bought In Open Market
United States bonds
Treasury notes
Certificates of indebtedness _ _ _
Total
1
3
3
4

1,315
22,093
11,950

1, 518
216

15,023
6,435

1,075

35,358

1,734

21,458 . . . . . . .

1,075

369
362

Includes $300,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
Includes $650,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.
Includes bills taken under a resale contract.
Exclusive of acceptances bought under a resale contract.




731

10

934

4,640
2,815

1,034

550
375

7,455

1,044

1,859

2

2

287

FEDERAL RESERVE BULLETIN

APRIL* 1926

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continiied
[In thousands of dollars]
Federal reserve district
Total

Cash in vault:
Feb. 17
277,176
Feb. 24
291,163
Mar. 3
278,250
Mar. 10
281,171
Net demand deposits:
Feb., 17
....__
13,017,376
Feb.. 24
.....
12,935,088
13,007,657
Mar. 3
M a r . 10
12,894,419
T i m e deposits:
5,421,383
Feb. 17
5,437,358
Feb. 2 4 . . . .
5,446,235
Mar. 3 5,454,576
Mar. 10
Government deposits:
201,291
Feb. 17
.
201,018
Feb. 24..
Mar. 3
| 200,982
Mar.
10~
"
198,201
Bills payable and rediscounts with Federal reserve bank:
Secured b y
United
States Government
obligations—
229,213
Feb.-17...
223,943
Feb. 24
237,278
Mar. 3
.
183,504
Mar. 10
.
All other—
138,511
Feb. 17
138,718
Feb. 24
166,437
Mar. 3
140,817
M a r . 10

Phila- Clevedelphia land

New
York

Boston

Richmond

Minne- Kansas Dallas
St.
Chicago Louis
apolis
City

Francisco

48,129
51,613
49,243
48,516

7,581
7,641
7,591
7S583

5,573
6,255

377,326
374,571
375,054
370,718

369,0851,754,482
362,8761,750,013
361,1431,747,497
367,0181,769,654

423,354
418,944
419,471
419,561

228,848
230,445
229,333
228,184

499,398
494,900
496,034
481,342

282,525 804,444
276,147 776/102
277,479 740,491
276,777 752,142

762,319
764,720
767,819
767,631

204,286
206,673
204,123
206,604

215,564 1,037,243
217,113 1,034,912
217,1601,036,081
216,5251,035,882

221,662
220,518
218,122
219,074

113,134
113,110
111, 971
112,370

144,046
145,752
148,365
149,168

99,157
100,769
99,626
99,206

807,380
812,258
830,142
826,205

18,901
18,769
18,898
18,896

19,765
19,765
19,765
19,765

6,125
6,054
6,029
3,087

10,006
10,006
9,843
10,006

25,659
25,659
25,659
25,659

5,864
5,864
5,864
5,864

3,0651
3,0651
3,065!
3,065

1,851
1,781
1,804
1,804

7,565
7,565
7,565
7,565

26,265
26,265
26,265
26,265

147,603
139,005
112,920
96,834

9,176
11,406
9,801
8,241

10,442
12,252
17,345
13,768

1,829
6,739
7,279
5,452

3,204
6,319
3,714

26,955
21,415
47,460
32,957

6,120
4,910
5,255
4,256

4,450 7,240
3,300 8,600
7,600 10,875
1,500 3,367

544
294
594
464

9f560
7,293
9,139
11,186

23,799
30,016
30,210
29,886

14,221
11,406
11,714
10,329

16,144
12,379
13,972
20s,703

17,828
9,760
14,659
16,649

15,151
11,268
17,274
16,102

14,762
13,701
16,283
10,884

8,673
9,835
11,493
7,406

1,719
1,594
3,624
3,096

3,277
3,570
4,831
3,647

6,162
10, 870
25,154
18,994

30,009
33,366
29,024
30,208

13,491
14,049
13,408
13,969

894,006 5,604,464
879,473 5,605,929
"",434 5,691,243
887,910 5,584,291

757,6741,021,770
751,0591,014,629
757,1991,017,279
748,9531,007,869

395,4761,198,207
% 201,016
398,994 1., 197,925
398,150 1., 208,561

222,903
221,631
215,907
215,200

19,598
19,598
19,598
19,598

56,627
56,627
56,627
56,627

2,090
2,465
2,691
1,765
16,775
24,119
16,638
3,121

79,485
82,902
80,540
81,666

20,246
20,999
20,487
20,476

Atlanta

17,088
16,662
15,834
16,025

12,309
12,081
11,349
11,361

5,754

12,520 9,890
13,441
12,292 11,815
12,900 12,029

20,855
21,466
20,968
20,684

REPORTING M E M B E R BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS> BALANCES
[In thousands of dollars]
Federal reserve bank city
Total
(12 cities)

Due to banks:
Feb. 17
Feb. 24
Mar 3
Mar. 10 .
Due from banks:
Feb. 17..
Feb. 24 .
Mar. 3
Mar. 10

Boston

New
York

Philadelphia

Cleveland

Richmond

San
Minne- Kansas
AtSt.
lanta Chicago Louis apolis City Dallas Francisco

2,255,823
2,224,767
2,364,360
2,239,465

128,261
122,245
130,569
127,182

1,077,668
1,063,108
1,165,209
1,088,802

180,619
176,610
189,522
169,951

48,244
47,764
47,724
45,185

37,270
38,190
35,708
35,132

20,786
19,275
19,800
21,752

374,270
384,405
403,878
385,271

91,919
87,895
84,199
89,594

54,692
54,635
56,337
54,998

103,198
99,331
100,463
96,948

31,466
31,576
29,147
27,777

107,430
101,733
101,804
96,873

588,816
563,919
613,751
549,213

33,827
36,289
41,146
30,389

99,554
93,391
108,845
88,802

64,259
62,800
71,542
60,974

27,962
23,825
25,645
28, 906

19,211
16,923
18,156
16,322

13,592
14,143
14,729
14,686

161,187
152,583
163,705
147,037

30,447
29,820
28,291
28,171

16,750
17,823
21,409
20,203

42,461
39,102
41,753
40,306

27,033
23,831
28,477
22,879

52,533
53,389
50,053
50,538

LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN
NEW YORK CITY
[In thousands of dollars]
Demand and time loans

Feb.
Feb.
Mar.
Mar.

1926
17
24
3
10-._._—




Demand loans

Total

For own
account

For
For
account of account
out-ofof
town
others
banks

3,138,724
3,109,331
3,048,392
2,885,609

1,158,905
1,149,391
1,125,071
1,021,191

1,354,170
1,342,665
1,321,265
1,265,957

625,649
617,275
602,056
598,461

Total

2,160,138
2,139,272
2,067,948
1,932,222

Time loans

For
For
of
For own account
out-of- account
of
account
town
others
banks

665,474
667,788
641,676
549,598

945,399
925,239
895,741
853,583

549,265
546,245
530,531
529,041

Total

978,586
970,059
980,444
953,387

For
For
of
For own account
out-of- account
of
account
town
others
banks

493,431
481,603
483,395
471,593

408,771
417,426
425,524
412,374

76,384
71,030
71,525
69,420

288

FEDERAL BESEEVE BULLETIN

REPORTING MEMBER

A F E I L , 1926

BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL
WEEKS

RESOURCES AND LIABILITIES, BY

[In thousands of dollars]
New York City
Feb. 17

Feb. 24

City of Chicago

Mar. 3

Mar. 10

Feb. 17

Mar. 3

Feb. 24

Mar. 10

61

61

60

60

46

46

46

46

53,390
2,103,820
2,271,999

54,458
2,087,335
2,284,109

53,548
2,060,926
2,333,091

52,574
1,959,165
2,368,070

15,913
620,505
684,757

14, 504
615,730
674,695

14,466
627,689
677,056

15,712
623,303
678,587

—_—„__

4,429,209

4,425,902

4,447,565

4,379,809

1,321,175

1,304,929

1,319,211

1,317,602

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 s e c u r i t i e s . . . . . . . . . . .

" 29,571
524,318
192,414
152,255
40,240
812,146

29,568
519,821
194,937
151,425
39,223
857, 663

30,153
516,537
200,192
150,299
44,076
862,478

30,205
509,015
204,676
134,175
39,002
881S 709

4,884
102,340
17,161
46,449
1,963
198,286

5,501
106,789
17,123
45,405
1,500
200,513

5,808
108,038
17,297
45, 766
1,501
204,093

5,808
114,750
16,392
43,118
1,224
202,705

Mnrnber of reporting banks
Loans and discounts* gross:
Secured by United States Government
obligations __ .
.
_..—___._.__.
Secured by stocks and bonds.-____._...__
All other loans and discounts __..,., „_.„„.,__
Total loans and discounts

,

Total investments

1,750,944

1,792S 637

1,803,735

1,798,782

371,083

376,831

382, 503

383,997

Total loans and i n v e s t m e n t s . . . . . . . . . . . .

6,180,153

6,218, 539

6,251,300

6,178,591

1,692,258

1,681,760

1,701,714

1,701,599

Reserve balances with Federal reserve bank..
Gash in vault
Net demand deposits
Time deposits. . . _ . . . . . . . . _ . . . . . . . „ . .
.....
Government deposits

722,107
64,023
5,034,377
799,987
49,995

697. 885
66J 671
5,045, 236
802,093
49,995

692,303
65,206
5,124,217
796,210
49,995

699,488
65,967
5,026,017
804,450
49,995

160,627
21,009
1,149,963
618,788
12,947

162,017
22,477
1,152,432
516,494
12,947

170,316
21,694
1,152,200
§16,592
12,947

167,055
21,186
1,169,398
514,177
12,947

Bills payable and rediscounts with Federal
reserve bank:
Secured by United States Government
obligations
All other
.
—.

125,892
19,304

115,532
26,394

93,332
26,004

77,287
26,252

11,780
9,758

6,415
3,719

29,610
10,405

16,307
349

Total borrowings from Federal reserve
b a n k __ . '
*... „„,_. . . _ . . . . . . .

145,196

141,926

119,336

103,539

21,538

10,134

40,015

16,656

ALL M E M B E R

B A N K S — D E P O S I T S , BY F E D E R A L R E S E R V E D I S T R I C T A N D BY S I Z E O F CITY
[In thousands of dollars]

Net demand deposits
Federal reserve district

Boston.
-„._...
New York..,,,
Philadelphia
Cleveland..
Richmond..._
_-__._.
Atlanta
..
Chicago
._.._..__.
St. L o u i s .
—.
Minneapolis
........
Kansas C i t y . . . . . . . . . . . .
Dallas
San F r a n c i s c o . . . . . . . . . .
Total.....
Banks in pities a n d
towns having a population of—
Less t h a n 5,000.....
5,000 t o 14,999.......
15,000 to 99,999..—.
100,000 a n d over

1925

1926

1925

Nov. 25

Dec. 23

J a n . 27

F e b . 24

1,395.241
6,408,228
1,181,937
1,475,121

1,390.238
6,496,179
1,183,178
1,467,169
610,641
825,332
2,429,093
757,463
466,046
870,557
668,749
1,335,362

1,374,330
6,455,855
1,190,601
1,495,667
613,437
760,379
2,429,995
760,201
452,173
862,059
659,813
11,311,604

1,350,075
6,371,738
1,170,180
1,607,999
620,320
756,985
2,469,183
745,970
457,021
862,546
654,003
1,294,977

769,608
2,449,631
728,045
466,660
847,480
674,507
1,339,345

Time deposits
1925

1926

Feb. 25

Nov. 25

Dec. 23

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

794,772
2,183,450
843,884
1,342,997
516,547
431,355
1,877,294
459,517
433,519
313,791
166,821
1,328,098

795,819
2,180,939

F e b . 25

1,326,753
509,524
460,317
1,883,019
447,233
434,857
306,105
163,290
1,301,722

718,442
2,063,112
789,945
1,292,515
494,941
374,021
1,743,459
438,871
436,459
302,798
166,895
1,184,202

•10,802,607 10,892,885

10,005,660

18,500,007 118,366,114 |18,26O,997

17,887,660

10,692,045

10,653,414

1,773,720
1,158,411
2,407,394
13,023,241

1,813,189
1,720,826
1,724,373
1,160,017
1,158,992
1,157,660
2,405,814 I 2,399,216
2,419,650
13,107,151 113,080,482 12,979,748

1,681,531
1,087,366
2,211,432
12,907,331

1,734,527
1,118,658
2,149,836
5,689,024

1,750,155
1,113,508
2,136,370
5,653,381




F e b . 24

813,127
2,251,868"
876,312
1,354,620 1,864,418
513,875
516,626
438,920
446,715
1,883,018 1,883,284
466,253
467,704
441,449
440,772
314,084
320,650
167,330
171,024
L 1,322,578 1,340,365

18,362,766

* Revised figures.

J a n 27

1925

801,024
2,230,372

1,761,695
1,129,972
2,169,045
15,741,895

1,774,543
1,143,679
2,181,037
5,793,706

1,678,232
1,072,914
2.021,190
5,233,324

289

FEDERAL RESERVE BULLETIN

A P B I L , 192@

ALL STOCK BANKS IN THE UNITED STATES—CONDITION ON DECEMBER 31, 1925
Consolidated figures showing the condition
ofiall banks in the United States^ other than
mutual savings banks and private banks not
under State supervision^ as of December 31,
1925, are given in the accompanying tables.
Loans and discounts on this date aggregated
$31,023,000,000, an increase of $720,000,000
over the September 28 total and of $2,780,000,000 since December 31, 1924. Investments show an increase of $3,000,000 since
' September 28, 1925, and of $198,000,000 for
the year. Total deposits, exclusive of bank
deposits, amounted- to $42,135,000,000 on
December 31,, or $1,104,000,000 more than
on September 28 and $3,QG9,G0G,G00iabove the
total reported a year ago. Rediscounts and
bills' payable increased $31,000,000 since September 28, 1925, and $378,000,000 since
December 31, 1924.
The accompanying table shows in summary
form the amounts of loans, investments and
deposits of all stock banks in the United States
for report dates since December, 1924, and
for June since 1920, with figures for member
• banks and for nonmember banks, given separately. There are also presented on this and
subsequent pages tables giving the principal
resources and liabilities of these banks, , arranged by Federal reserve districts and by
States. A table is also included giving the
principal resources of all State banks and trust
companies, by States,

ALL STOCK BANKS IN THE UNITED STATES 1 -CONDITION ON DATES SPECIFIED 2
f Amounts in millions of dollars!
Number
of reporting
banks
All banks:
June, 1920..
28,715
June, 1921
29,477
June, 1922.-.
29,092
June, 1923..
29,342
June, 1924
28,451
December, 1924
28,266
April, 1 9 2 5 — . . — 28,073
June, 1925— —
27,921
September, 1925
27,895
December, 1925
27S 705.
Member banks:
9,399
• June, 1920-.—
June, 1921---———
9,745
June, 1 9 2 2 — . . —
9,892
June, 1923..._
_
9,856
June, 1924. _______„
9,650
December, 1924.—
9,587
April, 1925..—
9,531
June, 1925
—
9,538
September, 1925
9,539
December, 1 9 2 5 —
9,489
Nonmember banks:
June, 1920-.— — 19,316
June, 1921
19,732
June, 1922
. . . 19,200
June, 1 9 2 3 — — — 19,486
June, 1924...
18,801
December, 1924
18,679
April, 1925.
. 18,542
June, 1925.-..
18,383
September, 1925
18,356
December, 1925
18,216

Total
deposits,
exclusive
Invest- of bank
ments deposits

.boans ana investments
Total

Loans

36,813
34,318
34,166
37,359
38,407
40,202
40.813
41,561
42,457
43,180

28,177
8,636
25,857
8,461
24,647
9,519
26,793 " 10,566
27,222 11,185
28,243 11,959
28,775 12,038
29,464
12,097
30,303 12,154
31/023 12,157

25,945
24,311
24,358
26, 675
27,262
29,027
29,285
29, 702
30,369
31,200

19,784
18,206
17,296
18,880
19,284
20,182
20,390
20,814
21,450
22,276

10,868
10/007
9,808
10, 684
11,145
11,175
11,528
11,859
12,088
11,980

8,393
7,651
7,351
7,913
7,958
8,061
8,385
8,650
8,853
8,747

32,642
31,134
31,944
34, 512
36,841
39,066
39,112
40, 591
41,031
42,135

6,161
21,887
6,105 • 21,612
7,062
22,366
7,795
23,837
7,998
25,675
8,845
27,814
8,895
27,145
8,888
28,403
8,919
28,172
8,924
30,008
2,475
2,356
2,457
2,771
3,187
3,114

•3,143

3,209
3,235
3,233

10,755
9,522
9,578
10,675
11,166
11,252
11,967
12,188
12,859
12,127

* Includes all banks in the United States except (1) a certain number of
nonreporting private banks, not under State supervision, and (2) all
mutual savings banks, figures for which are available only for June
calls, Three mutual savings banks in Ohio, however, and one in California, are included because the figures for these banks are included in
the totals reported for all State banks by the State authorities and are
not2 available separately except for June calls.
Or dates nearest thereto for which figures are available.

ALL STOCK BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, DECEMBER 31, 1925 8
[Amounts in thousands of dollars]

Federal reserve district §

Number of
reporting
banks

Boston
._._
New York
Philadelphia
Cleveland-.——
-..
Richmond.—...
."
Atlanta....
Chicago...
_.._
St. Louis..
.
Minneapolis.._„
Kansas City.—.....
Dallas————
..
San Francisco..—.—

677
1,356
1,277
1,954
2,036
1,928
5,153
3,101
3,050
3,857
1,706
1,610

Total, Dec 31,1925..
Total, Sept. 28,1925

27,705
27,895

Loans and
discounts,
including
overdrafts
2,160,683
7, 586, 759
2,279,569
2,955,730
1,807,229
1,650,189
4,870,979
1,561,311
1,065,048
1,430,125
855,910
2,799,405
31,022,937
30,302,700

Investments

KedisTotal deposTotal loans its,
exclusive counts and
and
bills
of
bank
investments
payable

901,843
3,263,464
1,137,556
1,368,437
429,845
350,029
2,110,945
491,396
443,981
428,774
190,097
1,040,711

3,062, 526
10,850,223
3,417,125
4, 324,167
2, 237,074
2,000, 218
6,981,924
2,052, 707
1, 509,029
1,858,899
1,046,007
3,840,116

2,893,919
10, 548,981
3,083,308
4,043,388
2,063,610
2,107,257
6,831,400
2,018,411
1,572,349
1,957,883
1,059,425
3,954,660

102,894
357,016
94,937
102,645

12,157,078
12,154,379

43,180,015
42,457,079

42,134,591
41,031,329

1,102, 524
1,071,873

52,148
154,620
50,155
15,566
30,919
12,984

i Includes all banks in the United States except (1), a certain number of nonreporting private banks, not under State supervision, and (2) all
mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,
are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available
separately
except for June calls.
8
Or dates nearest thereto for which figures are available.
8
Figures for State banks and trust companies of Indiana, Michigan, Kentucky, Tennessee, and Missouri, were not reported by Federal reserve
districts and accordingly were prorated on the basis of such data as were available.
* Revised figures.




290,

FEDERAL RESERVE BUHLETIN

A P R I L , 192 &

ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON S E P T E M B E R 28 AND DECEMBER 31, 1925 2
[Amounts in thousands of dollars]
Number of
reporting banks

Loans and discounts, including
overdrafts

Investments

Total loans
and investments

Total deposits,
exclusive of bank

Rediscounts and
bills payable

State
Sep- Decem- September
tember
ber
Maine.-_.
New HampshireVermont._.
Massachusetts
Rhode Island
Connecticut

112
249
31
150

New York...._.
New Jersey
Delaware
Pennsylvania...
Ohio
._-._.

985
486
45

District of Columbia.
Maryland
_
Virginia
West Virginia
North Carolina
South Carolina

44
229
521
345
587
373

Georgia
Florida
Alabama.._
Mississippi.

322
354
338

Indiana....
Illinois....
Michigan..
Wisconsin.
Iowa. „_„.,_

710
983
1,548

Decem- September
ber

154, 759
149,450
62,040
89,635
89,606
248 1,405,687 1,434,049
30 156,591 184,942
152 287,019 294,588
496
45
1,645
1,095

109,516
41,235
396,332
155,298
205,148

December

September

264,275
106, 899
41,609 130,841
422,890 1,802, 019
140,845 311,889
207,226 492,167
110,190

December

September

December

7,446
2,130
2,851
56,761
304
6,117

4,609

9, 084,057
1, 707, 099
84, 839
4,153,498
2,303,707

286,871
36,512
695
98, 777
58,974

326,692
43,940
848
98,654
77,512

259,640

244,407
244,011
93,117
118,447
119,599
1,676,553 1,750,599
325,787 298,002 312,318
501,814 461,284 489,331
131,244

',221 2, 739,726 2,684,810 9, 068, 854 9,352,031 8,978,584
6,329,128
629,695 1,694,595 1, 745,904 1,616,082
1,052,913 l', 116,209 641,682
91,024
78,742
89, 617
57,968
33,056
"' 56,894
32, 723
2,853,840 2,916,382 1,753,344 1,725,828 4,607,184 4,642,210 4,042,324
1,821,540
585,492 2,430,457 2,394,491 2,343,446
608,917

Septem- December
ber

2,907
854
6,733 .

160,946
389,504
468,250
301,329
353,699
181,261

169,805
403, 650
468,509
309,216
348,231
170,501

61,274
176,837
71,094
59,406
38,927

61,307
180,636
71,693
59,787
36,407
35,530

222,220
566,341
539,344
360,735
392,626
214,144

231,112
584.286
540,202
369, 003
384,638
206,031

215,100
519,229
434,281
324,714
346,044
203,526

227,586
551,303
444, 771
334,801
370,552
207,027

4,965
14,600
35,108
16,840
39,223
11,114

6,515
16,193
30,921
16,885
14,670
6,074

432,764
214,690
172,041

325,914
509,799
213,373
161,978

127,806
46,116
39,243

143,466
48,550
43,941

560,570
260,806
211,284

369,862
653,265
261,923
205,919

682,391
267,039

788,825
283,599
233,783

1,003
9,581
14,855

17,457
1,241
2,730
2,896

622,272
1,091
1,1"" 2,538,123 2,563,197
715 710,441 738,314
983 600,362 603,098
776,496 761,791
1,518

874,117
918,367
218,179
102,048

811,312
189,040
772,201
886,119 3,412,240 3,449,316 3,265,910 3,317,513
922, 798 1,628,:" 1,661,112 1,623,256 1,659,539
226,164 818,541
803,303 825,685
95,431 878,544
857,222 874,520 870,567

34,477
27,920
11,863
20,539

36,397
55,816
39,275
13,78821,335

44
229
520
354

356

Tennessee.
Arkansas._
Missouri...
Kentucky.
Minnesota
North Dakota..
South DakotaMontana

551
487
1,565
610

485
1,551

342,574.....
190,779 181,437
925,759 949,317
361,429--

46,607
24,304
322,094
89,759

389,181
378,375
222,921 214,287
25,779 215,083 207,216
324,019 1,247,853 1,273,336 1,182,210 1,251,043
390, 287
451,188

19,889
21,045
19,704
13,881

1,369
653
526
233

1,351
642
495
227

631, 766
120, 953
134, 541
79,628

616,365
114,472
123,102
78, 294

257,721
35,472
24,769
40,078

264, 944
40,134
23,804
44,106

889,487
156,42f
159, 310
119,706

881, 309
154, 606
146,906
122,400

871,012
173,003
183,717
133,783

874,929
175,154
169, 653
141, 859

4,175
4,995
1,""

NebraskaKansas
Oklahoma..
Colorado...
Wyoming..
Louisiana
Texas
New MexicoArizonaUtah
._
Idaho
Nevada
California.-.
Oregon
Washington.

1,083
1,274
767

1,072
1,269
751
321
95

367, 609
324,430
257,227
178,456
38, 713

371,738
328,846
244, 979
169,372
38,703

58,168
80,717
92, 399
92,354
11, 637

59,234
79, 534
104,460
89,426
12.731

425,777
405,147
349,626
270,810
50,350

430, 972

431,209
443,363
389,228
291,822
56, 038

431,418
431,450
401,219
289,655
58,312

6,197
3,632
7,332
2,444
536

14, 592
6,064
1,122

247

342, 941
740, 747

363,427

61.732

377,783
883,202
27,936

421,027

20,216
18, 346
795

19,423

3,017
2,494
2.300

1,061
1,627
704

53, 332
5,237
4,830

30,04?
4, 367
2, 665

Total.—

247
1,491
63
57
114
162
34
653
278
361
27,895

"~65

19,467

55,898
162, 032
6,020

113
158
34
637
274

43,184
45, 300
103,226
50,120
50,636
25, 697
26,891
2,116,062 2,189,533
167,926 163, 991
233,024 231,460

14,134
28,650
19, 376
7,061
763,439
82,424
115, 518

7,350

902,779
26, 719

349,439
258,798
51,434
425,159
26,817

32, 645

56, 915
59,434
67,571
69,158
13,731
137,541 117,087
28, 597 131,876
125, 55f
22,923
73,559
69,496
77,894
85, 329
7,139
36,45f
32,758
35,298
34,030
769,305 2, 879, 501 2, 958,838 2,865,166 3, 030, 625
85, 595 250,350 249,586 263,751 263, 542
351,136 360,841 369, 236
119,676 348, 542

6,03?

23,00a
6,738
2,467
4,142
542

2, 826

135

194

27,705 30,302,700 31,022,937 12,154,379 12,157,078 42,457,079 43,180,015 41,031,329 42,134, 591 1,071,873 1,102,524

1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) all
mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,,
are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available
separately except for June calls.
2 Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banks
as of dates other than Sept. 28,1925, and Dec. 31,1925, respectively.




291

FEDERAL RESERVE BULLETIN

, 1926

STATE BANKS AND TRUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 28 AND
DECEMBER 31, 1925 2
[Amounts in thousands of dollars]
Number of reporting banks

Loans and discounts, including
overdrafts

Investments

Total loans and
investments

Total deposits, exclusive of bank
deposits

September

September

Rediscounts and
bills payable

State
Sep- Decem- Septemtember ber
ber
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 Carolina
Georgia
Florida
Alabama.-_
Mississippi.

221
27
777
742

31
145
340
221
505
297

31
145
339
222
501
279

265
251
301

484
271
253
301

September
51,919
18,066
17, T
141,309
130, 203
134,595

December
51,942

December

December

September

December

127,472

6,377

3,058

71,803
716,321
250,812
268,312

1,207
16,915

1,522
16,020
100
2,707

3, 505,207 3, 631,
1, 330, 351 1,314,232 4,835,558 4,945,930 5,226,373 4,875,026
655,252 328,728
626,131
954,859 976, 010 914,153
959,909
320,758
44,896
46,570
67,180
70, 217
61,064
23,700
23,647
1,402,561 1,440,465 783,627
774,009 2,186,188 2,214,474 1,957,063 1,998, 597
1,305,924 1,295,474 365,891
1,671,815
1,639,240 1,675,206 1,637,229
343, 766

79,284
21,951
385
41,117
35,215

335
46,843
49,173

107,941

1,180
6,496
13,430
9,426
23,432
7,135

983
6,731
11,948
8,552
7,163
3,492

198, 530
3 423,244 481,707
135,458 »142,660
152,164
160,490

813
5,035
10,156

11,565
1176
1,181
2,130

16,306
18,774
7,451
12,673

31,562
20, BIS
23,713
615B
13,099

86,974
24, 265
56, 575
596,!"""
110,913
131,296
447
218
27
775
745

December
82,475
56,532
583,340
136,942
133,656

17,831
143,426
114,936
137,102

138,893
42,331
74,209
738,296
241,116
265,891

134,417
74,363
726,766
251,878
270,758

128,174
38,360
70,931
714,318
240,695
253,020

28, 534
100,016
17,151
23,983
19,289
13,040

28,611
101,585
17,470
23,496
16,321
15,018

198,803
309,492
107,709
111, 907

50,579
11,785
20,792

17,313
59,664
12,192
23,664

392,785
846
1,395 1,558,157 1, 560,003
447,913
587 425,207
354, 632
824 351,104
541,689
534,877
1,189

563,014
780,998
120,676
25,507

479,806
87,021
466,478
569, 723 2,121,171 2,129, 726 2,135,390 2,161,769
787,775 1,206, 205 1,235, 688 1, 206,987 1,228,940
123,050
471, 780 477,682 483,664
567,196 559,094 3 598? 758 595,883
24,217

81,703
231,082
183,044
172,586
221,411
100,216

86,395
243,633
182,478
176,528
216,635
88,35r

257,746
109,360
120,089

110,237
331,i
200,195
196, 549
240,700
113,256
308,325
121,145
140,881

115,006
345,218
200,024
232,956
103,370
216,116
369,156
119,901
135,571

106,442
316,904
161,050
181,931
221,924
110,090

114,043
340,626
164,159
188,442

3,170

75,379

Indiana, __
Illinois
Michigan..
Wisconsin.
Iowa

1,394
584
826
ls209

Tennessee _
Arkansas-_
Missouri..
Kentucky _

445
400
1,430
471

1,416

184,382
127,551
577,416
186,365

118,138
579,371

17,309
9,225
216,180
36, 522

10,029
213,403

201,691
136,776
793,596
222,887

128,167
792,774

220,402
148,464
823, 705
204,311

136,215
845,694

10,564
16,460
16,153

4,232
19,117

Minnesota
North Dakota..
South Dakota.
Montana

1,051
495
414
149

1,043
482
385
147

282,117
67,241
88,443
38,168

275,313
61,563
79,270
36,919

93,173
9,732
5,147
19,526

95,224
11,161
3,851
22,380

375,290
76,973
93,590
57,694

370,537
72, 724
83,121
59,299

399,766
87, 795
116, 525
64, 977

401,413
86,071
103,640
69,954

9,064
3,350
3,616
956

4,710
2,054
2,950
350

Nebraska..
Kansas. __.
Oklahoma .
Colorado..
Wyoming..

913
1,015
381
194
64

903
1,010
372
190
63

222, 718
196,067
50,597
45,620
15, 563

227,135
199,393
46,364
42,822
15,708

21,498
28,399
14,457
16,327
2,492

29,177
16,417
15,840
2,848

244,216
224,466
65, 054
61,947
18,055

247, 223
228,570
62,781
58,662
18, 556

274,003
263,888
78, 808
73, 512
20, 605

272,606
247,915
85,552
70,769
21,875

3,007
2,842
2,311
686
420

5,781
4,047
350
645
135

214

260,829
179,106
5,488

271,645

42,207
20,102
1,035

46,9391

303,036
199,208
6,523

318, 584

294,628
217,521

327,588j

15,090

10,226

30,424
36
74,486
93
20,676
102
16,157
24
370 1,537,080
58,802
176
76,480
248

29,2!
76,658
19,43"
16,805

9,465
17,681
8,689
2,449
554,638
22,752
34,152

8,406
17,601

Louisiana
Texas
New Mexico..

214

Arizona
_
Utah
Idaho
_.
Nevada
Calif o r n i a . . .
Oregon
Washington.

39
94
106
24
382
179
248

. Total. -

19,816

~~34

5,299

1,435

6,734

8,125

370

128

37,623 3 45, 510 8 45,429
85,801
94,259
81, 324
36,107
29,405
34, 076
22,614
19,352
21,191
2,157,628
628 32,
2,134, 635
80,717
87,
87,132
111, 886 116, 678 118,649

* 1,654
2,237
1,154

1,325
404

«35,224
1,923
1,776

« 6,266
2,318

19,65717,157,136 17,481,134 6,404,579 6,386,900 23,561,715.23,868,034|23,977,249 24,076,198

509,709

453,642

57, 67'
75,344

92,167
29,365
2,547
18,608
559,236 2,091,718
23,040!
81,554
36,542 110,632

1 Includes all State banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision and
(2) all mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not
available
separately except for June calls.
2
Or dates nearest thereto for which figures are available.
34 Includes amounts due to banks.
Includes other liabilities.
NOTE.—-All figures used in the September column are for Sept. 28, except as follows: Maine, Sept. 26,1925; Rhode Island, Sept. 8,1925; New
York, Sept. 30, 1925; Maryland, Sept. 2, 1925; Georgia, June 30, 1925; New Hampshire, June 30, 1925; Indiana, June 30, 1925; Iowa, Sept. 8,1925;
Tennessee, Oct. 26,1925; Kentucky, June 30, 1925; Minnesota, Nov. 2, 1925; North Dakota, Oct. 15, 1925; Kansas, Aug. 20, 1925; and XJtah, Oct.
5,1925. All figures used in the December column are for Dec. 31, except as follows: New Hampshire, June 30,1925; New York, Nov. 14,1925; Tennessee, Oct. 26,1925; Kentucky, June 30,1925; Iowa, Dec. 30,1925; Kansas, Dec. 10,1925; Oklahoma, Dec. 26,1925; and Texas, Sept. 28,1925.




292

FEDERAL RESERVE

APBIL, 1926

CHANGES IN MEMBERSHIP IN' THE FEDERAL KESERVE SYSTEM DURING 1925

On December 31, 1925, 9,489 banks, with
resources of $41,425,295,000, were members of
the Federal reserve system. Of this number,
8,048, with resources of $25,839,450,000, were
national banks and 1,441, with resources of
$15,585,845,000, were State banks and trust
companies. There was a decline of 31 in the
number of national banks and a decline of 19 in
the number of member State banks during the
last quarter of the year. Notwithstanding the
decrease in the number of member banks, total
resources showed a growth of $2,371,941,000
for the period, owing to about equal increases
for both National and State member banks.
Gains and losses in membership for the last
quarter of 1925 are classified.in the following
table:
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM* BY CLASS OF BANK, SEPTEMBER 283 1925,
TO DECEMBER 31, 1925
Member banks

member banks. This decline is accounted for
largely by decreases incidental to mergers, suspensions, and' voluntary liquidations which
terminated the existence of member banks,* as
is shown in the following table:!
CHANGES IN MEMBEESHIP IN THE FEDERAL RESERVE
SYSTEM:, DECEMBEB 31, 1924, TO DECEMBER 31,

1925
Number
of banks
Active member banks, Dec. 3 1 . 1 9 2 4 — . . . . . — — —
Banks joining the s y s t e m . — — . — . . . . . . — — — . .
Banks withdrawing from the system i — — — — . . .
Net increase from banks joining and withdrawing.....
Banks lost to membership through mergers between member
banks, suspensions, e t c . — — . —
—————
..
Net decrease for the

y e a r . — — — — — .

Active member banks, Dec, 31,1925...........

...

...

8,587

"lii
101
135
233
98

1
Includes 42 withdrawals which were incidental to the absorption of
member banks by nonmember banks.

In 1925,236 banks joined the Federal reserve
system and 101 banks withdrew from membership. Thus there was a net addition,of 135 to
National State
the membership of the system through the
exercise of the banks* option with regard to the
Active member banks, Sept. 28,1925. 8,079 1,460 9,539 39,053,354 assumption or relinquishment of membership.
Additions to membership:
Against this voluntary accession to member5,807
25
25
Organization of national bank...
ship there was a decrease of 233 In membership
Conversion of n o n m e m b e r
9
9
1,337
bank to national........
..
Admission of State bank
7
69,107 resulting from mergers between member banks,
7
Resumption following suspenfrom bank suspensions, and from other causes
1
1
sion
_
2
238
11
Conversion within the s y s t e m 2 (88,468) not related to the banks*, choice in the matter
9
43
76,489 of membership. Of the 236 banks that joined
38
Total additions
_—„
the system, 120 were newly organized national
Losses to membership:
banks, 69 were nonmember banks that conMerger between member banks—
13
Intraclass-..
5
18 8 (144,764)
1
1
2 (2,869) verted into national banks, 40 were nonmemInterclass
__
7
Voluntary liquidation(terminal)
7
3,620 ber banks that were admitted to membership
Suspension and insolvency. _____
44
36
8
28,931
as State institutions, and 7 were banks preAbsorption of member by nonmember bank
2
8
10
7,969
viously closed which resumed operations durConversion of member to nonmember bank
4
3
2,186 ing the year.
Of the banks that withdrew
Withdrawal of State bank,
39
8,986
89
Conversion within the s y s t e m 2 (88,468) from the system, 37 were member State banks
11
13
69
93
28
51,692 that withdrew as such after advance notice to
Total losses.....
- 5 0 ^+2,371,941 the Federal Reserve Board and 64 were member
-31
-19
Net change
Active member banks, Dec. 31,1925. 8,048 1,441 9,489 41,425,295 banks that dropped out of the system because
they were absorbed or succeeded by nonmemi'Change not affecting number of banks in the system.
ber banks; the latter include 42 withdrawals
s Change not affecting total resources of member banks.
* Includes compulsory withdrawal of one bank with resources of $71,000. incidental to- the absorption of member by
• Includes changes in resources due to reorganization, growth, contracnonmember banks, which in many instances
tion, etc., in addition to changes enumerated.
did not represent the exercise of the .bank's
During the year 1925 the number of national option regarding membership in the system.
banks increased by 5 and the number of State
1
All instances in which voluntary liquidation did not terminate the
member banks declined by 103? with a conse1
existence of the bank, but was a step toward change in status, were
quent net reduction of 98 in the number of classified according to the ultimate status of the bank.




Number

Resources
(in thousands of
Total dollars)

294

FEDERAL RESERVE BULLETIN

APRIL, 1926

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS,
DURING 1925
Resources,
all districts
(in thouAll
sands of
dis- Bos- New
dollars)
tricts ton York
Total member banks:
Dec. 31, 1924
D e c . 31, 1 9 2 5 - —

• . .

38,986, 867
41,425, 295
1+2,438,428

Net increase (+) or decrease (—)

9,587
9,489
-98

419
420

855
880

+1 +25

Number
Philadelphia

Cleve- Rich- Atland mond lanta

738
753
•

San
St. Min- Kansas Dallas FranLouis neapcisco
olis City

617
604
-13

510
495
-15

1,408
1,398
-10

624
628

885
829
-56

1,066
1,027
-39

+24

752
747
-5

555
548

382
379
-3

1,055
1,051
-4

492
498

-7

+6

785
744
-41

1,033
994
-39

871
863
-8
-

Chicago

-

•

+4

828
852

766
740
-26

+80

645
725

584
575
-9

:

National banks:
Dec 31, 1924
Dec. 31, 1925

Net increase (+) or decrease (—)

24, 368,991
25 839.450

|1+l,470,459

State banks:
Dec 31, 1924
Dec. 31, 1925

Changes in State bank membership:
Total additions
Admission of State bank
C on version of national bank
Absorption of nonmember
Resumption after suspension

!

Total losses
_
Merger between State members 2 •
Absorption by national bank
Conversion to national bank
Voluntary liquidation 3
Suspension and insolvency
Absorption by nonmember
Conversion to nonmember
Withdrawal..—

383
382

711
734

+23

i

666
671

+5

144
146

+2

+10

72
82

119
116
-3

62
56
-6

128
116
-12

353
347
-6

132
130
-2

100
85
-15

33
33

183
127
-56

182
165
-17

3
2
1

34
31
2
1

11
10

4
1

11
6

9
6
2

15
12

9
5

17
14

8
5

36,029
2,317

239
120
45
69
5

1

2
1

4
1

3

4

3

25
16
2
7

1

1
2

93
12
38
43

234
42
12
1
12
118
28
21

4

9
3
3

18
5

12
1

19
1

3

58
6

47
10

13
1

83,837
61,935
6,651
85,054
23,872
12,079

34
7
4

3

10
1

1
16 . . . . . .

1

1

1
44
4
3

5
16
7
9

1
10 |
1

1

3
1

10
3

139,865

43
40

3
3

9
8
1

10
10

5
5

1
1

1
1

4
4

1
1

60
2
1
38

18
2
2
2
1
3
2

17,844

Total losses.;
_-„
Merger between national banks 2_._
Absorption by State member..Conversion to State member
Voluntary liquidation 3
Suspension and insolvency
Absorption by nonmember
Conversion to nonmember._

+5

36
38

14, 617,876
15, 585, 845
1+967,969

Net increase (+) or decrease (—)
Changes in national bank membership:
Total additions
Primary organization
Conversion of State member
Conversion of nonmember
Resumption after suspension

8,043
8,048

1,544
1,441
-103

+2

11
7
2
1

3

6
1
1

1
1
1

2
1

(1)

2,470
468

31,418
173,236
1,560
16,155
13, 768
332
32,008

0

1

7
3

4
1

(2)

14
1
1
2

12
1

7

1
2

5
1

8

1
1

5
1

2

4

3

4

9

6
1

2

1

2

I

3

1

(3)

1
~~146~
11
6
45
1
29
14
1
^ 39

6
5

1

3

9
7
4

(1)
16

1

""I":::::::

6
7
1
1

6

12 Includes changes in resources due to reorganization, growth or contraction, etc., in addition to changes enumerated.
Counted only among losses in number.
3 All instances in which voluntary liquidation did not terminate the. existence of the bank, but was a step toward change in status, were
classified according to the ultimate status of the bank.
* Includes compulsory withdrawal of two banks with resources of $318,000.




APBIL*

1926

FEDEBAL RESERVE BULLETIN

The other decreases In membership were the
consequence of 71 mergers between member
banks, 13 voluntary liquidations terminating
the banks' operations, 147 suspensions and Insolvencies, and 2 compulsory withdrawals.
In the following table changes in membership are shown in detail, by class of bank, for
the year 1925:

293

additions and 234 losses. There were 120
national banks which were newly organized
during the year, in addition to 114 which
represented the conversion of State banks into
national banks. Of the latter, which for the
most part were In the State of Texas, 69 were
banks which had formerly been nonmember
State banks and 45 had formerly been member
State banks. Five national banks, previously
CHANGES IN MEMBERSHIP IN THE FEDEEAL RESERVE suspended, resumed operations.
Of the deSYSTEM DURING 1925, BY CLASS OF BANK
creases In the number of national banks, 54
resulted from mergers% 12 from voluntary
Member banks
liquidations terminating the banks* existence,
and 118 from suspensions. There were susNumber
Resources
pensions of national banks in all except the
(in thouBoston, New York, Philadelphia, and St.
sands of
Nadollars)
Louis districts, the largest numbers being in
tional State Total
the Chicago, Minneapolis, and Kansas City
districts. In addition to these losses there
Active member banks, Dec. 31,1924.. 8,043 1,544 9,587 38,986,867
Additions to membership:
were 28 national banks that were absorbed by
17, 844
120
120
Organization of national bank
Conversion of nonmember bank
nonmember banks, 21 that were liquidated
69
36,029
69
to national
.
to be succeeded by banks organized as non139,865
40
Admission of State bank
40
Resumption following suspenmember banks, and 1 that was succeeded by a
2,785
2
7
sion
5
1 1
2 (235,171) member State bank.
Conversion within the system.. 145
43
236
196, 523
239
Total additionsState banks numbering 43 joined the system
during the year, all but 3 of them being
Losses to membership:
Merger of member banks—
former nonmember State banks that were
53
2 (360,159)
42
11
Intra class.___
„
18
2 (115, 255) admitted as such.
12
6
Inter class
As against these additions
Voluntary liquidation (termithere were 146 losses, of which 92 were inci13
8,211
1
12
nal)
101,209
147
29
Suspension or insolvency
118
dental to mergers, suspensions, terminal volAbsorption of member by non42
37, 640
14
member bank
untary liquidations, and conversions Into
28
Conversion of member to nonnational banks, 14 were the result of mergers
12,411
22
member bank
1
21
3 32,008
Withdrawal of State bank
3 39
3 39
with nonmember banks, and 40 represented
2 (235,171)
Conversion within the system. _
U
145
withdrawals. Of the banks that withdrew
334
191,479
234
146
Total losses
from the system, 37 voluntarily relinquished
+5 - 1 0 3 —98 4+2,438,428 membership after advance notice to the
Net change _
----Active member banks, Dec. 31,1925.. 8,048 1,441 9,489 41,425,295
Federal Reserve Board, 1 was succeeded by a
nonmember bank, and 2 were deprived of
i2 Changes not affecting total number of member banks.
Changes not affecting total resources of member banks.
membership on account of the violation of
3 Includes compulsory withdrawal of two banks with resources of
$318,000.
requirements
of the Federal reserve act.
4 Includes changes in resources due to reorganization, growth, conIn the following table are shown in detail
traction, etc., in addition to changes enumerated.
the changes in membership In the Federal
The increase of 5 in the number of 3aational reserve system, by districts, between December
banks during 1925 was the net result, of 239 31, 1924? and December 31, 1925.




295

FEDERAL RESERVE BULLETIN

APRIL, 1926

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY' FOE BANKS IN 141 CITIES
[In thousands of dollars]
Numbe
of
centers

Federal reserve district

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

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
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

44,892,403

49,157,166

49,959,035

41,495,772

24,812,705
20,079,698

27,327,223
21,829,943

27,681,894
22,277,141

22,924, 386
18, 571,386

3,150,544

2,814,568
31,406, 762
2,262,212
2,708,317
825, 996
1,337,786
5,849,786
1,342,698
685,686
1,221,264
661,134
3,002,325

2,175,114
25, 533, 666
1,892,279
2,157,107
723,140
1,118,098
5,033,017
1,123,586
599,145
1,038,821
563,647
2,934,783

141

54,371,372

54,118,534

1
140

30,313,358
24,058,014

30,537, 751
23,580,783

f\ 711,056
31,147, 498
2,405,369
2,652,829
878,411
1,365,832
5,850,726
1,386,724
1,291,733

N e w York City.
Other cities

February

February

December

1925

January

January

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 .

1924

1926

1925

December

WEEKLY SUMMARY FOR BANKS IN 258 CENTERS
[In thousands of dollars]
1925

1926
Federal reserve district

Number
ofcenters
Feb. 24

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

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
Total—

527,861
5,424,869
457,171
594,254
264,895
272,030
1,165, 733
271, 622
141, 524
250, 782
149,815
629, 396

Mar. 3
674,055
8,033,554
572,184
718,868
359,835
344,368
1, 560,239
347, 386
205,382
338,497
177,275
999,221

Mar. 4

Mar. 11

641,889
6,621,710
599,451

541, 773
6,059,127
485,843

296,200
1, 301,680
316, 504
214,947
330, 910
182,471
863,215

296,837
265,212
1,236,329
290, 935
184,064
303,306
176, 371
650, 356

587, 625
6,848, 334
571, 962
672,138
309,172
297,492
1,430,786
319, 642
220,010
315, 327
190, 389
690,412

9, 943, 628 12,366,50911,058, 646

12,453? 289

Feb. 25

Mar. 10

Mar. 17

584, 665
7,667,609
550,245
623,346
313,231
314,116
1,309,886
284,087
162,129
304,743
173,423
721, 857

674,843
510,152
7, 783,150 5,518,672
592,863
458,345
684, 520
524,240
326,418
259, 620
327, 714
233,203
1, 442, 632 1,056, 748
327,049
250,048
185,921
139,826
307,372
252, 610
180,404
156, 558
810,399
583, 606

258 10,149,952 14, 330,864 13,009,337

13, 643, 285

Mar. 18

BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
[In thousands of dollars]
No. 1~-Boston__ —
No. 2™New York—
Buffalo.....
No. 3—Philadelphia
No. 4—-Cleveland _ _.
Cincinnati.
Pittsburgh
No. 5—Richmond.
Baltimore- __
No. fl—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 City
Denver....
Oklahoma City..
Omaha..........
No. 11—Dallas...........
El Paso...
Houston
.
No, 12—San Francisco- _.
Los Angeles..-..
Portland.
Salt Lake City_.
Seattle
Spokane




365,455
5,147,857
68,606
345,685
126,003
70f581
218,520
28,078
84,538
33,043
28,810
98 SQQ

18,438
70,976
684,397
199,474
146,500
17,209
42,820
32,374
67,353
1,524
70,627
34,155
17,072
42,014
48,672
7,004
26,510
217,725
177,461
35,570
13,771
39,765
10,810

468,183
7,634,927
92,450
429,614
175,373
86,464
245,185
41,335
124,807
44,730
41,330
Q1 QKf
•SI,
VOL

21,548
97,673
976,327
213,121
190,200
19,695
60,987
37,938
104,440
2,102
88,803
44,470
24,346
54,176
• 54,015
9,988
36,475
408,004
280,640
45,154
18,405
49,640
12,514

402,993
7.351,070
76,587
409,834
142,537
80,818
204,673
32,672
101,038
52,733
31,240
29,027
21,077
78,142
800,815
172,285
149,800
18,516
44,980
35,510
79,816
1,751
82,502
41,536
22,448
48,056
47,705
9,342
33,124
239,652
211,355
37,424
15,243
45,868
11,465

474,663
7,442,732
78,790
449,854
166,473
88,892
220,207
33,448
106,276
43,823
39,230
30,287
23,659
86,793
874,334
216,129
184,200
19,553
47,618
40,050
93,258
2,983
83,753
39,024
21,587
49,642
53,670
8,389
35,493
271,296
238,623
46,177
18,414
60,993
13,725

359,354
5,268,535
61,446
346,336
112,037
64,118
184,977
28,868
72,987
32,009
28,548
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
6,277,234
79,430
461,915
166,165
81,550
225,608
34,569
103,648
39,813
315334
18,854
20,091
93,407
804,638
149,335
181,500
15,383
47,087
39,405
109,070
2,346
89,893
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

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

OK
00, QQQ
poo

ne
oO, on*
o_&

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

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

296

FEDERAL RESERVE BULLETIN

APRIL,

1926

M QNEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the customary rates chargedjon loans and discounts in the various cities in
which the 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.
Rates prevailing during week ending with the 15th day of the month
District and city

Year and month

1925—March ____
1926—January...
February.
March

Boston..

Customers' prime
commercial paper

4 -5

Loans
secured
by
Liberty
bonds

Loans secured by
other stocks and
bonds
Demand

Time

Loans
secured
by warehouse
receipts

Cattle
loans

434-5
5
4M-5
4M-5

4 -5

DISTRICT 2

1925—March....
1926—January...
February...
March
1925—March
1926—January...
February.
March

6
6
5 -6
5 -6

Philadelphia

1925—March....
1926—January...
February.
March

5
5
5

Cleveland..

1925—March....
1926—January. __
February.
March
1925—March
1926—January...
February.
March
1925—March....
1926—January...
February.
March

New York

Buffalo.

4^5

5
5
5
5

5 -5M
5
5 -5H
6
6
6

-6
-6
-6
-6

DISTKICT 3

Cincinnati „

Pittsburgh.

5
5
5

5
5
5

5 -6
5 -6
5 -6

5
5
5
5

-6

-6
-6
-6
-6

534-6
-7
-7

5 -6
6

5 -6

5

-6

5 -6

DISTRICT 5

Richmond,.—

Baltimore

DISTRICT 6

Atlanta..

-

Birmingham —

Jacksonville...-

Nasnville _ . . _ . .

New Orleans.—-

Chicago.,

Detroit -




1925—March
1926—January. __
February.
March
1925—March....
1926—January.. _
FebruaryMarch
1925—March....
1926—January...
I
February .
March
1925—March....
1926—January.—
February _
March
1925—March
1926—January __„
February .
March
1925—March... _
1926—January.....
February .
March
1925—March....
1926—January...
February _
March
1925—March
1926—January „_February.
March _„__
1925—March
1926—January „_„
February.
March

/4T

5 -5

5 -6

5 ~6
5 ~6
6 -8
6

-6

5 -8

8
6
6

5 -6

5 -8
5 -7
5 -8
53^-6
6
534-6

5^6

534-6

5
5
5
5

-6
-6
-6
-6

-5

434-534.
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6

297

FEDERAL BESEBVE BULLETIN"

APKIL* 1926

Rates prevailing during week ending with the 15th day of the month
District and city

Year and month

Customers' prime
commercial paper
30-90

1925—March __„
1926—January..
February.
March
1925—March. _„
1928—January.February.
March—
1925—March...
1926—-January..
February.
March...

St. Louis-

Little Rock.

Louisville..

4-8
months

Interbank
loans

Loans
secured
by
Liberty
bonds

5 -6
5 -53/

5 -6
6
15 - 6
6
8
6
8

5 -6
5 -6
5 -6
8
5 -6

4H-5
5 -6.

Loans secured by
other stocks and
bonds
Demand

Time

Loans
secured
by warehouse
receipts

4 -6
5 -5
5 -6

5 -7
6
6 -7
6 -7

Cattle
loans

5 -6
5 -6
66
6 -8
6 -7

DISTRICT 9

Minneapolis—

Helena.

1925—March...
1926—January..
February.
March. __
1925—March. „_
1926—January..
February.
March. __

345M
4M-5M
4M5

1925—March. _.
1926T-January __
February.
March. __
1925—March...
1926—January..
February.
March-..
1925—March _..
1926—January..
February.
March
1925—March...
1926—January..
February.
March...

S -6
4K-0
4>f6

4M-5'
8
8

434-5

5
5 -6)4
5 -6%
7
6 -8
6 »7

4M5^

7

DISTRICT 10

Kansas City-

....

Denver

Oklahoma City

Dallas,.

El Paso.

Houston.

5 -6
6
6
6
5 -7
5 -7
.6 -7
5 ~7
5- -6

•6

-6.

5 -6
•5

- 6

5 -6
5
6
4M-6
4^6
5 -7
5 -7
6 -7
6 -7

5 -6
6
5 »6
6 ~7
6
6 ~6y6 -63/
6 -7
6 -7
8 -7
6 -7

4 -6

4M-6
8
5 -8
5M-3
6 -8
5 ~8
5 -6
5 -6
5 -6

5
6
6
5
5
5
5

1925—March—.
1926—January ...
February.
March
1925—March....
1926—January...
February.
March....
1925—March.-.
1926—January...
February.
March,,..
1925—March....
1926—January. _,
February.
March....
1925—March....
1926—January..
February.
March-....
1925—March. - .
1926—January...
February.
March

5 -53/
5
5 -6Y
5 =8 '
5 -7

5 -6
5
5 -5^
5 -6 '
6 -7

6
6 -7'
6

6
6 -7
6
6
6
8

4 ~7

8
-8
-8
-8
-6
-6
-6
-6

~6
-6
-6
-6
-6

5
5
5
5
5

8 -7
6 -7
6 -7

-6
-6
-6
-6
-6

6 -8

5 -6

6
6
6
6
6
6
6

-7
-7
-7
~8
-8
-8
-8
8

4 -6

5 -6
5 -6
5 -6

1925—March—
1926—.January..
February.
March.....
1925—March. 1926™January..
February.
March —
1925—March.. _
1926—January..
February.
March —

5
5
5
5
5

5 -5
.5 -6' .
5
4
4
4
6
6
6
6

-6
»6
-6
-6
-7
-8
-8
-7

5 -6
5 -6
5 -6

53^-6
6
6 -7
5 -6

4 -6
4 -7
4 -68
6 -8
6 -8
6 -8
5 -6
5 -6
5 -6
5 -6

5
5
5
5

5
5
5
5
6
6
6
6

534-6
534-6
5 -6
6 -7
6
6
6 -7

-6
-6
-6
-6

7
6
6
6

5
5
6
6

-7
-6
-7
-7
8
6 -8

5
5
5
5

-8

-6
-6
-6
-6

-8
-8
-8
-10
8
8 - 9
8 - 9
8
6 -8
6 - 8

DISTRICT 12

San Francisco—

Los Angeles. „

Portland.™

-

-

Salt Lake City—

Seattle.——

Spokane...——-




88806—261—-6

5 -8
6

6
~7

6
6

5
5
5
5

-7
-6
-6
-6

4 -6
4M-7
4^-6
4M-6

5 -6
5 ~6
5 -6

8
6
6
5
5
5
6
6
6

6
6
6
-7
-7
6
~7
6
-7
-7
-7
-7
-7
-7
6

-6
-6
~6
-6
-7
-7
-7
-7

5 -6

8 -7
6

5 -6
6
6
5. -6
6
6
6
6

-7
-7
-7
-7

6 -7
6 -7
6 -7

6 -7
6 -8
6 -8

6
6
6
6

-7
-7
-7
-7

7-7

6 -7
7
6 -7
7
6 -7
6
6
6

6 -8
6 -7
6 -7
7

5 -6
5 -6
6 -7
7
8 ~7
6 -7

7
-7
~7
-7
-7
7
7
6 -8
6
6
6
6

7 - i
7 -J
7 - i
7 -*

6 -7
7
7
7
6 -8
7

6 -7
6 -7

7
6-7
6 -7
6 - 7

298

FEDERAL RESERVE BULLETIN

APRIL, 1926

MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST. AND NOT ON PAR LIST
NUMBER AT END OF FEBRUARY, 1926 AND 1925
Nonmember banks
Member
banks 1

1926

Federal reserve district:
418
Boston
New York
883
753
Philadelphia _____
€61
Cleveland
599
Richmond-. _.
_.
492
Atlanta
1
389
Chicago
S
621
St. Louis
822
Minneapolis
Kansas City ._ _ _ _,„ 1,020
Dallas
849
730
San Francisco
Total

§ 5 437

On par list

Nonmember banks

Not on par
list 2

1925

1926

1925

422
858
744
870
623
516
1,419
627
904
1,077
833
769

245
394
513
1,072
704
362
3,790
2,076
1,136
2,645
761
792

237
383
520
1,076
734
386
3,898
2,204
1,406
2,731
846
847

1G
678
1,107
260
412
1,076
202
181
64

9
711
1,099
224
334
936
206
155
59

9,662 14,490 15,268

3,890

3,733

1926

1925

New England States:
Mainfi

New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Eastern States;
New York
New Jersev
Pennsylvania
Delaware
_
Maryland
District of Columbia..,
Southern States:
Virginia
West Virginia
North Carolina
South Carolina
Florida

62
55
46
180
20
66

62
55
46
182 •
21

638
334
958
22
89
13
191
141
90
90
148
74

49
14
39
70
8
84

49
16
35
68
8
79

631
316
950
22
90
14

276
155
657
32
166
32

277
142
660
B5
169
33

196
142
96
100
171
70

225
396
88
22
76
88

237
198
98
26
75
80

Memberl
banks

304
9
332
233
374
160

90
11
346
264

1926

Southern States—Contd.
Kentucky
Tennessee
Alabama .
Mississippi
Arkansas .
. . __
Louisiana
Texas
Middle Western States:
Ohio
Indiana
__
Illinois
Michigan
Minnesota

1926

1926

1925

1925

146
117
125
43
117
45
775

146
121
125
44
123
47
751

430
214
27
23
245
32
710

441
262
34
25
273
43
791

21
238
201
276
121
173
96

17
204
197
271
84
168
72

439
263
586
291
185
329

447
268
583
287
188
363

658
822
1 287
514
611
500

661
831
1,302
521
640
603

10
20
92
192
519

8
19
88
167
452
• 31

AAR

1 1Q7

1 OP&.

A7

193

1,298

1,354

35

32

160
123
179
265
109
34
134
34
378

173
133
188
264
129
37.
143
36
419

180
205
739
998
102
53
176
26
365

267
263
766
1,026
106
56
189
33
372

288
167
175
3
13
•9
6
3
5

241
157
172
4
10
13
7
3
5

157
.138
303
96
49
23
11

171
107
323
78
68
30
24

174
113
372
76
65
33
23

33
31

31
27
1

4

3

Nevada

154
133
295
78
46
20
10

Total

9,437

9,662

14,490 15,268

3,990

3,733

Arizona

159

Not on2 par
list

198

Missouri
Western States:
North Dakota
South Dakota
Nebraska.
Kansas
Montana
_.
Wyoming
Colorado __ _ ;
New Mexico
Oklahoma- _ .
Pacifie States:
Washington _
Oregon
;..
„
California
Idaho
Utah

37°

1925

On par list

,___„__„„

1
Figures for 1926 represent the number of member banks in actual operation; those for 1925 represent the number shown by the capital stock
records
of the Federal reserve banks. The number shown by the capital stock records on February 28,1926, was 9,539.
2
Incorporated banks other than mutual savings banks.

MONEY IN OSCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]

Date

Total

1Q14—Julv 1
3,402,015
1917—Apr. 1
» 4,100,591
1920—Nov. 1__.__ *5,628,428
1922—Aug. 1
4,337,418
1924—Dec. 1
4,993, 570
1925—Mar. 1 ._ 4,804, 209
Apr. 1
4, 776,167
4, 725,191
May 1
4, 774,313
June!
4, 734, 236
Julyl
4,719,519
Aug. 1
4, 784,025
Sept. 1
Oct. 1_._._ 4, 827,005
4,900, 839
Nov. 1
D e c . 1 __•___ 4,-971, 765
5, 008,121
1926—Jan. 1.
Feb. 1 . . . . 4, 739, 537
Mar. !____ 4,814,217

Gold
Standard
coin and Gold G&t- silver
bullion
tincaies
dollars

611,545
641, 794
495,353
416, 282
437,971
462,925
469, 448
453,211
437, 612
428,102
428. 248
416,348
413, 973
429,985
425,853
424,037
407,148
422,079

1,026,149
1,348,818
231,404
171,985
933,688
913, 900
914, 968
918,862
972, 438
1, 003, 285
1, 014,311
1,036, 243
1, 050s 057
1,067,963
1,108, 743
1,114,331
1, 035, 774

1,076,070

70,300
70,863
89, 725
58,378
55,606
55,264
54, 666
54,398
53,908
54, 294
54,165
54,173
54,693
54, 769
54, 685
54,860
53,167
52,637

Silver
certificates

478,602
459,680
60,385
268, 802
389,113
366,024
371,229
•376,442
380,681
379, 796
388, 016
396, 700
394,069
390, 089
388, 012
387,495
370, 852
371,149

Treasury Subsidinotes of
ary
1890
silver

2,428
1,997
1,628
1,508

L, 407

:L,39S

1,396
L, 392
1,390
1,387
1,384
1,381
1,379
1,376
1,375
1,373
1,371
1,369
•

159,960
191,351
261,556
229,956
263,102
256,509
257,559
258,446
259,894
262,607
261, 750
264,450
267,768
269,439
272,217
274,860
266,155
265,853

United
States
notes

337,845
330,353
277,736
284,343
304, 418
288,668
285,780
281,043
284,799
279,943
284,806
298,493
303,597
306,575
305,986
292,998
288, 677
293,622

Federal
reserve
notes

356,448
3,310,225
2,115,350
1,862,055
1,734,606
1,702, 212
1,676,078
1,679,833
1,636,192
1,601,884
1,629,927
1,670,658
1, 706,622
1,741,965
1,815,687
1,672,223
1,672,027

Federal
reserve
notes

3,170
209,877
65,032
8,471
7,756
7,506
7,299
7,109
6,921
6,777
5,580
6,460
6,314
6,185
6,058
5,900
5,808

Total
National circulabank
tion per
capita (in
notes
dollars)
715,180
697,160
715,023
725,782
737,739
717,159
711,403
698,020
696,649
681,709
678,178
680,730
684,351
667,707
666,744
636,422
638, 270
653,603

34.35
39.54
52.36
39.47
44.08
42.28
41.99
41.50
41.89
41.49
41.31
41. 84
42.17
42.77
43.35
43.62
41.24
41.84

i The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency hel4
by the Federal reserve banks,, and consequently do not add to the total which is exclusive of such currency,




299

FEDERAL RESERVE BULLETIK

GOLD AND SILVER: EXPORTS AND IMPORTS
EXPORTS FROM AND IMPORTS INTO. THE UNITED STATES, DISTRIBUTED BY COUNTRIES
February

Two months ending February

Exports

Country of origin or destination
1925

Imports
1926

1925

Exports
1926

1925

Imports
1926

1925'

1926

$8,640,327

$44,766,857

-71,046
100

70,940
353

21,387
129,321
5, 532,691
223,726
911,720
60,209

8,260
337
7,572
27,665,038
'319,842
824,598
30, 644

38,581
301,303
75,087
389,693

9,789,949
187,309
193,499
789,997

29,770

55,728

GOLD
All countries

- „ $50, .599,708

France Germany
__ .
Netherlands
_.
Poland and Danzig
Spain
.
Sweden
_
England
Canada—.
__
Central America
_
Mexico __
West Indies
Argentina
Brazil
___
Chile.—.—
Colombia
Ecuador...
Peru
_
Uruguay
Venezuela. British India.______ _. _ „ _
British—Malaya. _.
China
_ _
Dutch East Indies...„__.,___
Hong Kong
Japan
Philippine Islands
Australia.*.
„_
New Zealand
Egypt
_
Portuguese Africa,
____„_
All other

30,008
_ _ _ . 12,510,336
________ 1,034,600
1,103,948
230,100
. _ _
1,031,574
48,653

._

397,519
81,000
110,000
20,000

$3,851,374
142,713

25,019
1,014,491
44.8,225
40,549

25,666

$3,602,527 $25,415,655 $124,125,651 $6,938,244
100

18,952
353

14,361

8,260

1,685
2, 412,365
107,099
394,064
11,227

5,054
9,825, 979
209,478
285, 858
3,994

30,604
124,139
75,087
235,851

9,753,058
76,985
99,771
667,538

52,290
__ _

1,339,208
30,010,336
4,318,343
1,103,948
40,000
1,232,728
6,109,602
118, 651
740,192
91,'000
210,000

15,000

18,488
540,857

93, 664
1,014,491
1,013, 215
54,049
51,000
90,000
5,983

802,290
800,000
311, 510
326,250

8,427

16,228,118
:
100,500
35,000
540,000

150,200
565,917

42,795

267, 520

97,795

4,000,000
177,073
650
11,806

52,694,386

1,300,000
354,510
1,317,749

50, 000
1,481,605

290,220
792,253

_

20,055
283,334

323,634

1,500

37,466
9,462

2,020
1, 305

22,500

1,765

1,631
165,137
18, 701

4,000,000
361,353
16,338
19,207
2,857
91,147
8,255

7,752,350

4,928,916

8,863,131

18,225,311

17, 515,319

12,267,475

14,625,891

180,523

3,137
350

3,946
3,352

17,995

4, 981
301,097

31,145
974

111, 221
4,137

29,025
15,886
508,751
11,682
3,903,906
6,794
1,772
97,252
5,954
288,878

14,723
17,818
317,061
152,110
2,392,302
5,763

4,150,393
220,815
12,665
388,741
28,045

102,460
306,813
2,600
361, 276
12,355

14,723
19,618
697, 786
337,477
6,751,101
16,891
2,417
373,287
23,716
6,042,464

7,880,997
4,701,365

435,610
8,813,866
7,173,170

44,461
20,098
1,169,364
144S 735
8, 111, 265
34,201
1,772
286,039
12,943
2,-215,807
4,108
99,867

190,397

25,137
65, 559

16,348
24,508

16,792,717
252,747
_

290,331
76,504

16,792,717
6,454, 905
498,240

SILVER
All countries
France._
Qermany__«
. _
_ _ _
Poland and Danzig.. „_„,____
...
Spain
„ _
England______
__
Canada
Central America .
Mexico
West Indies
Bolivia...
„___.
Chile
Colombia _ ~_ _ Peru.
British India
._
China.—
Dutch East Indies
___..
Hongkong
__
___ _
Portuguese Africa
All other,
_„__
_
_.




6,832,647

591,028
96,767
3,200
251,342
26,125

33, 581
148,900
100
239,526
3,755

3,938,567
1,579,823

139,105
2,872,922
4,133,938

22,752

232,832
1,809
5,582,500
123,922

345,435
360

823,935
10,210
22,567

3,724
11,269

360

1,091

800

FEDERAL RESERVE BTJX/LETIN

APRIL, 1926

FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York, as published by Treasury. In cents per unit of foreign currency]
Match , 1926

Countries

Monetary unit

Par
of exchange

Schilling
____
Franc...
Lev
Crown __Krone.
Markka
Franc . «.
_
Reichsmark
Pound
Drachma _»
Pengo
Lira
Florin
Krone
_.„
Zloty
Escudo
Leu
Peseta
Krona
.__
Franc
Dinar
__
__
Dollar
Peso
do „
Peso (gold) _ __„„_
Milreis
Peso
_.
_. „
do
Mexican dollar
Shanghai tael
Dollar
Rupee
Yen
_
Singapore dollar

14.07
19.30
19.30
28.80
2.52
19.30
23.82
486.65
19.30
17.49
19.30
40.20
26.80
19.30
108. 05
19.30
19.30
26.80
19.30
19.30
100.00
100.00
49.85
96.48
32.44
12.17
103.42
1
48.11
1
66.85
1
47.77
48.66
49.85
56. 78

11913 average.

Average

Average
Low

High

Low

High
Rate

Austria _ .
Belgium.Bulgaria
Czechoslovakia
Denmark.
Finland
France
Germany
Great Britain....
Greece
Hungary
Italy
Netherlands
Norway™
Poland
,„
Portugal
Rumania __
Spain
Sweden
Switzerland.
Yugoslavia
..
Canada
Cuba
Mexico
_
Argentina
Brazil
Chile
...
Uruguay
China
China __
Hongkong
India
Japan
Straits Settlements„..

February, 1925

February, 1926

14.0510
3.6900
.7156
2.9616
25. 9000
2. 5211
3.4300
23. 8000
485. 7300
1.3148
17.5300
4.0000
40.0200
21.1200
12.4100
5.1100
.4111
14. 0800
26. 8000
19. 2400
1.-7603
99. 4111
99. 8875
48.4833
88.0700
14.0800
12.0300
101.5500
52. 2300
72. 2900
55. 7300
36.3000
44.8200
56.. 4600

14.0750
4. 5400
.7259
2.9621
26.2600
2. 5223
3.7300
23.8100
486.2700
1. 4182
17.5900
4.0200
40.1000
21. 8300
13.1600
5.1600
.4394
14.1000
26.8200
19.2600
1. 7628
99.8353
100.0188
48.6833
92. 5500
14. 7400
12.1400
103. 0800
53.9000
73.0400
57. 5700
36. 7300
45. 9400
56. 7500

14.0430
4.5400
.6725
2.9613
24. 6100
2. 5198
3. 5500
23. 8000
486.0400
1.4098
17.5400
4.0100
40.0400
20.3100
12.1400
5.0900
.4205
14.0700
26.7600
19.2400
1,7584
99.5664
99. 8906
48.3667
92.7100
14.7000
12.0700
102. 6900
53.2900
72.7700
57.4300
36.7000
44.8500
56. 5400

14.0760
4.5500
.7231
2.9626
26. 0400
2.5215
3.7600
23.8100
486. 5100
1.497S
17.5900
4.0400
40.1400
21. 7300
13.5300
5.1400
.4431
14.1400
26.8300
19. 2900
1.7648
99.7879
100.0094
48. 6333
94.1000
14. 8900
12.1600
103.3700
53.9500
74.3000
58.1300
36.7900
46.3200
56.7100

Per
cent of
par

Low

High

Per
cent of
par

Rate

14.0556
99.90
23.54
5.0000 5.1800
4.5432
.7279
.7344
.7046
3.65
2.9704
2.9518
2.9618
94.70 17.7700 17.8700
25.3786
2. 5183 2.5220
2. 5206 100.03
19.06
5.1300 5.4100
3. 6782
99.94 23.8000 23.8000
23.8068
99.94 475.7800 479.3300
486.3363
7.43
1.4349
1.5658 1. 6954
17. 5618 100.41
4 0264
20.86
4.0300 4.1600
99.70 40.0100 40.3100
40.0795
20.8273
77.71 15.2100 15.3100
68.15 19.1700 19.2000
13,1536
4.74
4. 8500 4.9600
5.1227
2.24
.4870
.5180
. 4321
14.1014
73.06 14.1500 14.3100
26.7782 99.92 26.9300 26.9500
19,2623 99.80 19.2100 19.3000
a 12 1.6017 1.6384
1.7610
99.65 99.7988 99.9189
99.6539
99.96
99.9799 100.0281
99.9612
97.29 48.9750 49.4667
48.4993
96.67 89. 6300 91.3100
93.2718
14.7818
45.57 10.9900 11.6300
12.1214
99.60 10.6500 10.9500
99.70 94. 2800 97.8200
103.1050
53.7464 111.72 54.4000 55.6700
73.7351 110.30 74- 7300 75.7500
57.8636 121.13 54. 9600 55.7900
36. 7600
75. 52 35. 5900 35.8600
45. 4045 91.08 38. 5200 39.7300
99.74 54.9600 55.5900
56.6327

5.0750
.7319
% 9600
17.8064
2. 5203
5. 2796
23.8000
477.2418
1.6134

26.30
3.79

4.1082
40.1700
15.2541
19.1800
4.9060
.5073
14. 2245
26.9441
19.2550
1.6216
99.8620
100.0114
49. 2673
90.3314
11.2673
10.8432
95.4572
55.0854
75.2614
55.3495
35.7309
39.0791
55.3423

21.29
99.93
56.92
99.38
4.54
2.63
73.70
100.54
99.77
8.40
99.86
100.01
98.83
93. 63
34.73
55.52
92.30
114.50
112.58
115.87
73.43
78.39
97.47

66.44
13.06
27.35
99.92
98.07
8.36

SILVER
[Average price per fine ounce]
March

London (converted at average rate of exchange).
New York
„__„
____..




$0.66340

February
$0.67482
. 67108

301

PEDEBAL BESEE.VB BULLETIN

APEIL, 1926

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 1, 1926
Paper maturing—
After 90 days but
within 9 months

Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
papers n. e. s.

Secured by
United States
Government
obligations

Bankers'
acceptances

Trade
acceptances

Agricultural
and livestockl
paper

Boston..
.
New York....
Philadelphia..
Cleveland. . . .
Richmond---.
Atlanta. ...
Chicago . . . . .
St. Louis.....
MinneapolisKansas City-.
Dallas
San Francisco.
1

Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.

GOLD SETTLEMENT FUND'
INTERBANK TRANSACTIONS FROM 'FEBRUARY 18, 1926, TO MASCH 17, 1926
[In thousands of dollars]

Transfers

Transit clearing

Federal reserve
note clearing

Federal reserve bank
Debits
Boston.....................
.
„___—
New York
Philadelphia....
-__—.._._.—„.-__
Cleveland—„„„„„„ „
KichmondAtlanta....
Chicago................
St. Louis-..__.__. . .
Minneapolis
Kansas C i t y . . . . . . . . . . . . . .... . . .
....
Dallas
San-Francisco—......
•._ . . . . . . . . . . . . . .

15,500
200
7,000
13,000
13,000
30,000
5,000
9,000
12,000
1,000
6,000
33,000

Total, four weeks ending—
Mar. 17,1926. . . .
Feb. 17,1926.
Mar. 18,1925......
.
. ......
Feb. 1 8 , 1 9 2 5 . . . . . . . . . . . . . . . . . . . . . . . . .

144,700
6,500
80,100
8,500

i Includes Federal reserve note clearing.




Credits

144,500

200

Debits
734,771
2, 733,354
703,138
670,703
603.855
358; 880
1,224,283
542,413
154,567
388,327
257,036
348}123

144,700
8,719,450
6,500
8,274,910
80,100 18,372,935
8,500 17,826,262

Credits
770,336
•2,593,901
716,403
681,608
601,406
385,059
1,254,307
552,667
167,228 '
391,290
265,933
339,312
8,719,450
8,274,910
i 8,372,935
17,826,262

Debits

Credits

4,792
2,347
6,992
12,559
5,474
3,818
6,545
3,077
2, 936 ' 2,970
3,450
3,434
3,257
5,838
1,003
2,160
1,774
869
1,993
1,529
1,331
1,366
2,611
2,191
42,158
45,510

42,158
45,510

Changes in owners h i p of g o l d
through transfers Balance
and settlements in fund
at close
of period
Decrease Increase

5,563
15,415
3,837
244
42,231
67,290

17,620
10,414
4,609

27,605
2,611
1,499
2,932

67,290

48,265
189,259
51,541
46,179
30,280
32,165
153,209
16,067
19,946
41,450
21,814
37,927
688,102
688,124
624,267
§78,549

INDEX
Acceptances:
Held and purchased by Federal reserve
banks....
— — —-—
. . . 284,285
Market for...
_„___„______
228
Agricultural credit banks, loans of
229
Agricultural movements, index of
256
Agriculture, monthly statistics
.
230
Annual reports:
Bank of Belgium.
260
Federal Reserve Board.„_„_„
224
Swiss National B a n k . . . . . .
265
Attorney General, opinion of, on eligibility of an
officer or employee of a mutual savings bank
to serve as a class B or G director of a Federal
reserve b a n k . . . . .
_ — ____
253
Automobile industry._ .
...
239
Bank debits.---..
295
Bank of Belgium, annual report of
260
Bank suspensions:
During February.__
245
During years 1924 and 1925
247-250
Bankers' balances in Federal reserve bank
cities..
—— — —287
Banking situation, discussion of
221
Brokers, loans to __
_-_. .
287
Building statistics..
„
240, 257
Business and financial conditions:
Abroad
.
—
272-278
United States. _„__„...___„___ 226-244, 255-259
Business failures
.
244
Business indexes.of the Federal Reserve Board,
227
Canada:
Cost of living and retail food prices
278
Financial statistics._—- _
272
Foreign trade_„_„_.
„
. 275
Wholesale prices......___..._______ — —
276
Capital issues
..
228
Chain stores, retail trade of — _
___
259
Changes in membership in Federal reserve
system during 1925
292-294
Charters issued to national banks
254
Coal and coke production
235
Commercial failures-_.__
.
_ _ _ 244
Commodity movements
257
Condition statements:
All stock banks in the United States on
December 31, 1925
__
289-291
Federal reserve banks
279-282
Member banks in leading cities _„
286
Cost of living in principal countries.
278
Cotton:
Raw.-.---,..,-.
——._.._-.
232
Manufacturing.......
.._„„
238
Currency in circulation.
__._„.__„.
298
Dairy p r o d u c t s . . . . .
...
_._„-._
235
Debits to individual apcount. _-___„
295
Department-store business
. _.
259
Deposits, time and demand, of member banks. _ 288
Deposits, note circulation, and reserves of
Federal reserve banks
279
Director of Federal reserve bank, eligibility of
officer or employee of mutual savings bank to
serve as_
.
253
Discount and open-market operations of Federal
reserve banks„
.
_„___.„
285
302




:

Discount rates:
Page
Central banks of issue
274
Federal reserve banks
301
Prevailing in various centers__________
296
Earning assets of Federal reserve banks.
284
Employment, United States
243
Index of
_•
255
Factory employment and pay rolls, index of
256
Failures:
Bank—
During February
•_•
.__
245
During years 1924 and 1925
__ 247-250
Commercial
244
Federal intermediate credit banks:
Eligibility of notes for rediscount
252
Loans and discounts.
_ 230
Federal reserve banks:
Condition of
___ 279-282
Discount and open-market operations,
285
Federal reserve note account
283
Fiduciary powers granted to national banks.
254
Financial statistics for principal foreign countries
272-274
Food manufacturing
•
237
Food prices in foreign countries
278
Foreign exchange
246, 300
Foreign trade:
Principal foreign countries
275
United States-.
245,275
France:
Cost of living and retail food prices
_
278
Financial statistics...:
272
Foreign trade
275
"Wholesale prices
276,277
Fruits-and vegetables
_ _ _.
233
Germany:
Cost of living and retail food prices
278
Financial statitistics
._
272
Foreign trade
.
275
Wholesale prices
276, 277
Gold imports and exports
246, 299
Gold reserves of principal countries, 1913-1925270
Gold settlement fund transactions
301
Governors of Federal reserve banks, meeting of
224
Grain and
flour
231? 237, 257
Great Britain:
Financial statistics
272
Foreign trade
_
275
Gold imports and exports
246, 299
Retail food prices and cost of living
278
Wholesale prices
276, 277
Imports and exports:
Gold and silver..._____________________ 246, 299
Merchandise.
____ !__
245
Industrial activity, index of
:_____
256
Interest rates prevailing in various centers
228, 296
Iron and steel manufacturing.„_.
239
Italy:
Financial statistics
.
272
Foreign trade
...
275
Retail food prices and cost of living
...
278
Wholesale prices
.
..
.....
276
Japan:
Financial statistics.—_-«.
....
272
Foreign trade
275
Wholesale prices
_:
_„
276

INDEX

803

Prices—Continued.
Page
Law department:
Security.229
Opinion of Attorney General on eligibility,
Wholesale.244,276
of trustee, officer, or employee of mutual
Production in basic industries, index of.
226, 255
savings bank to serve as class B or G direc__„_ 279
tor of a Federal reserve bank
253 Reserve ratio of Federal reserve banks
Leather industry
240 Reserves, gold, of principal countries, 1913-1925. 270
Livestock industry
234 Resources and liabilities:
All stock banks in the United States
289-291
Loans to brokers and dealers in securities.
287
Federal reserve banks.—__279-282
Lumber industry
__
240
Member banks in leading cities.
286
Mail-order houses, retail trade of
259
Rulings of the Federal Reserve Board:
Manufacturing:
Eligibility for discount of factors' notes
Condition, by industries.
. 237
covering advances to producers of eggs,
Index of production
256
poultry, and butter
251
Maturity distribution of bills and certificates of
Eligibility for rediscount at a Federal reindebtedness
282
serve bank of notes made or indorsed by
Member banks:
a Federal intermediate credit bank when
Condition of
__-_ 286, 289
offered by a member bank
252
Deposits, time and demand
_
288
Number discounting
285 Retail food prices.278
Number in each district
285 Retail trade
-___ 243, 259
State banks admitted to system
.__
254 Security prices
.___
229
Membership in Federal reserve system, changes
Shoe industry.
___„„___
240
in, during 1925___ _ _ _
_
_ _ _ _ 292-294Silver:
Merchandise trade balance of the United States245
Imports and exports
299
Mineral production, index of _ _
258
Price of.,
,
___-_-_
300
Metals
_
237 State banks:
Mining_____
235
Admitted to Federal reserve system
254
Money in circulation
298
Condition of, on December 31, 1925
291
Money rates,
228, 296 Stocks at department stores
259
Swiss National Bank, annual report of
265
Mutual savings bank, eligibility of officer or employee of, to serve as a class B or C director of
Textile industry
___ —
,_ . 238
__ 288
a Federal reserve bank
253 Time deposits of member banks.
Tobacco industry
„__
.
233,257
National banks:
Charters issued to
_
254 Trade:
Foreign
245, 275
Fiduciary powers granted to
254
Retail
_•
- 243,259
Nonmember banks, condition of
289
Wholesale________-____-_-~--_242, 258
Par list, number of banks on_
298
242, 257
Pay rolls in factories, index of_
256 Transportation.
finance
224
Petroleum industry
_:
236 Treasury
Wholesale prices
-. 244, 276
Prices:
238
Food, in principal countries
278 Wool and woolen industry




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