Full text of Federal Reserve Bulletin : August 1925
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FEDERAL RESERVE BULLETIN AUGUST, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Position of the Reserve Banks at Mid-Year Business Conditions in the United States Report of the Agent General for Reparation Payments WASHINGTON GOVERNMENT PRINTING OFFICE 1925 FEDERAL RESERVE BOARD D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. Ex officio members: A. W. MELLON, Secretary of the Treasury, Chairman. J. W. MCINTOSH, Comptroller of the Currency. ADOLPH G. CHARLES S. GEORGE R. EDWARD H. MILLER. HAMLIN. JAMEB. CUNNINGHAM. WALTER WYATT, General Counsel. WALTER L. EDDY, Secretary. WALTER W. STEWART, Director, Division of Research and Statistics, J. F. HERSON, E. A. GOLDENWEISER, Assistant Director, Division of Research and Statistics. Chief, Division of Examination, and Chief Federal E. L. SMEAD, Chief, Division of BanVOperations. Reserve Examiner. J. C. NOELL, Assistant Secretary. W. M. IMLAY, Fiscal Agent. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS. District No. 2 ( N E W YORK) District No. 3 (PHILADELPHIA) PAUL M. WARBURG, L. L. R U E . District District District District District District GEORGE A. COULTON. JOHN M. MILLER, Jr. OSCAR WELLS. FRANK O. WETMORE. BRECKINRIDGE JONES. G. H. PRINCE. No. No. No. No. No. No. 4 5 6 7 8 9 (CLEVELAND) (RICHMOND) (ATLANTA) (CHICAGO) (ST. LOUIS) (MINNEAPOLIS) President, District No. 10 (KANSAS CITY) E. F. SWINNEY, Vice President, District No. 11 (DALLAS) District No. 12 (SAN FRANCISCO).-: W. M. MCGREGOR. HENRY S. M C K E E . OFFICERS OF FEDERAL RESERVE BANKS Governor Chairman Federal Reserve Bank o— f Boston. ___ New York Frederic H. Curtiss Pierre Jay W. P. G. Harding Benj. Strong Philadelphia Cleveland Richmond R. L. Austin D.C.Wills Wm. W. Hoxton Atlanta Chicago Oscar Newton Wm. A. Heath Deputy governor W. W. Paddock ._ J. H. Case L. F. Sailer. G. L. Harrison E. R. KenzeL Geo. W. Norris . E. R. Fancher George J. Seay M. B. Wellborn J. B. McDougal St. Louis Minneapolis _ _ D. C. Biggs R. A. Young .- Wm.McC. Martin John R. Mitchell W. J. Bailey Lynn P. Talley J. U Calkins M L McClure C.C.Walsh John Perrin Kansas City Dallas San Francisco 1 Wm. H. Hutt— M. J. Fleming Frank J. Zurlinden C. A. Peple R. H. Broaddus J. L. Campbell _ Creed Taylor C. R. McKay _ John H. Blair ..._ 0. M. Attebery -. W. B. Geery B. V. Moore Harry Yaeger 2 C. A. Worthington _ R. R. Gilbert _ R. B. Coleman Wm. A Ira ClerkDay L. C. Pontious 2 Controller. Cashier W. Willett. L. H. Hendricks.i A. W. Gilbart 1 J. W. Jones.i G. E. Chapin.i Ray M. Gidney.i L. R. Rounds.* C. A. Mcllhenny. J. C. Nevin. Geo. H. Keesee. John S. Walden, jr.* M. W. Bell. W. C. Bachman.1 K. C. Childs.i J. H. Dillard.i D. A. Jones.i 0. J. Netterstrom.i 1 Clarke Washburne. J. W. White. Gray Warren. Frank C. Dunlop.1 J. W. Helm. Fred Harris. W. N. Ambrose. Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f New York: Buffalo branch Cleveland: C incinnati branch Pittsburgh branch Richmond: Baltimore branch Atlanta: New Orleans branch Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch Managing director W. W. Schneckenburger. L. W. Manning. Geo. DeCamp. A. H. Dudley. Marcus Walker. Geo. R. DeSaussure. A.E.Walker. J. B. Fort, jr. W. R. Cation. W. P. Kincheloe. V. S. Fuqua A. F. Bailey. Federal Reserve Bank o— f Minneapolis: Helena branch Kansas City: Omaha branch 1 Denver branch _ Oklahoma City branch Dallas: El Paso branch Houston branch San Francisco: Los Angeles branch _ Portland branch Salt Lake City branch Seattle branch Spokane branch Managing director R. E. Towle. L. H. Earhart. J. E. Olson. C.E.Daniel. M. Crump. D. P. Reordan. R. B. Motherwell. _. Frederick Greenwood. W. L. Partner. C. R. Shaw. SUBSCRIPTION PRICE OF 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, $2.60; single copies, 25 cents. THE FEDERAL RESERVE BULLETIN in TABLE OF CONTENTS The month: Review of the month—Position of the reserve banks at mid-year Business conditions in the United States Report of the agent general for reparation payments Commodity classification of acceptances Official: Changes in State bank membership Changes in national bank membership Fiduciary powers granted to national banks Business statistics for the United States: Industrial activity Commodity movements Wholesale and retail trade Estimate of crop production Foreign banking and business conditions: National Bank of Greece in 1924 Financial statistics for principal foreign countries Foreign trade of principal countries Price movements in principal countries— Federal Reserve Board wholesale price indexes Wholesale prices in principal countries r Retail prices and cost of living in principal countries Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks Federal reserve note account Holdings of earning assets Discount and open-market operations of Federal reserve banks Earnings and expenses of Federal reserve banks Gold settlement fund Discount rates of Federal reserve banks Member banks— Condition of reporting member banks in leading cities Bankers' balances at reporting member banks in Federal reserve bank cities Deposits of all member banks Bank debits 1 Member banks and nonmember banks on par list and not on par list Money rates in principal cities Money in circulation. Gold and silver imports and exports Foreign exchange rates and index IV Page 525 529 550 559 567 567 567 568 571 572 566 574 575 578 579 580 581 582 586 587 588 592 595 595 589 590 591 593 594 596 594 597 598 FEDERAL RESERVE BULLETIN VOL. 11 AUGUST, 1925 REVIEW OF THE MONTH Reserve bank credit outstanding in recent months has been in larger volume than in the early weeks of this year and Volume and considerably above the level of character of rea year ago. In the middle of s e r v e bank July total earning assets of the credit. reserve banks were over $1,000,000,000, that is, about $200,000,000 above the amount in midsummer of 1924. Compared with the summer of last year the growth in reserve-bank credit in use, in the absence of change in the public's currency requirements, reflects chiefly the effect of gold exports, amounting to $115,000,000 for the year, and a considerable growth in reserve balances of member banks corresponding to the increase in demand deposits at these banks, particularly at financial centers. The increase during the year in the outstanding volume of reserve-bank credit has been accompanied by a marked change in its composition. Acceptance holdings of the reserve banks, which a year ago were small, have increased considerably, and discounts for member banks are also larger than last summer, while Government security holdings of the reserve banks have declined. This change in the composition of earning assets reflects in part a reduction by the reserve banks of their security holdings and in part the growth in the demand for reservebank credit at financial centers, where member bank deposits showed the largest increase and where the influence of the demand for gold for export was first felt. This larger demand for reserve-bank credit at financial centers was met in part through the sale of bankers' acceptances to the reserve banks. The increase in the No. 8 earning assets of reserve banks for the year thus reflects a larger total demand for reservebank credit, while changes in the composition of the earning assets have been influenced by changes in the character and geographical location of this demand. Of the total of $1,015,000,000 of earning assets of the reserve banks on July 22, about 44 per cent represented discounts for Composition m e m b e r banks, 22 per cent of earning aspurchased acceptances, and 33 sets. per cent United States securities. The table below shows the composition of earning assets at different dates in the past two years: EARNING ASSETS OF FEDERAL RESERVE [Amounts in millions of dollars] BANKS Per cent of total July 25, 1923 Discounts Acceptances. _ United States securities All other July 23, 1924 Jan. 21, 1925 July 22, 1925 July 25, 1923 July 23, 1924 Jan. 21, 1925 July 22, 1925 761 177 291 32 203 306 443 225 74 17 36 4 22 32 44 22 96 477 1 423 13 335 12 9 60 45 1 33 1 801 945 1,015 100 100 100 100 Total earning assets 1,034 United States securities, which constituted only 9 per cent of earning assets in July, 1923, had increased to 60 per cent of the total last summer, but since that time the proportion has been reduced by one-half. Discounts for member banks, on the other hand, declined from 74 per cent of the total in July, 1923, to 21 per cent last winter, the lowest percentage for about eight years, and then advanced to nearly twice this percentage at the present time. The percentage of acceptances in the total of earning assets this summer is relatively high when compared not only with the negligible 525 526 FEDEEAL RESERVE BULLETIN proportion a year ago, but also with that in 1923, and this considerable volume of acceptances held is an important feature of the position of the reserve banks, particularly at this time of the year, when the reserve banks' acceptance holdings are usually at a low point and when the total volume of acceptances outstanding is seasonally small. Reserve bank holdings of acceptances last August constituted only about 3 or 4 per cent of the total volume of outstanding acceptances, while at the present time over 40 per cent of the reported total of acceptances is held by the reserve banks. Among the factors accounting for the relatively large proportion of acceptances in the present total of earning assets Growth of ac- o f t h e r e s e r V e banks, in comceptance hold- .n~L .,, ,, panson with a year ago, the most important arise from the changes in the banking situation in the financial centers compared with the remainder of the country. A year ago, largely as the result of heavy gold imports and a relatively inactive demand for commercial loans, money conditions were exceptionally easy, especially at the financial centers, and the volume of reserve-bank credit in use was at the lowest level in recent years. The Federal reserve banks, furthermore, had purchased a considerable volume of United States securities, and the funds arising from these purchases had been used by member banks at the financial centers largely in repayment of borrowings at the reserve banks. The prevailing ease of money conditions also resulted in an active investment demand for acceptances, with the consequence that bankers and dealers were offering only a small amount of bills to the reserve banks, and the acceptance holdings of these banks declined rapidly to an exceptionally low level. In contrast to the [conditions prevailing in the summer of 1924, member banks at financial centers this year, instead of receiving large gold imports ai in the previous year, have had to draw upon their balances with the reserve banks to meet a demand for gold for export, and in order to replenish their reserves have had to obtain additional Federal reserve bank credit. Furthermore, the accumulation of deposits at the central money market during the latter part of AUGUST, 1925 1924 resulted in a large increase in reserve requirements of the member banks in New York City, and though there has been a large reducion in deposits at these banks since the opening of the year, the total is still above the level of a year ago. The demand for reserve-bank redit at the financial centers is much greater relatively to the rest of the country than it was last year, and the larger proportion of acceptances in the total earning assets of the reserve banks is due chiefly to the fact that at these enters a considerable proportion of reservebank credit is obtained through the sale of acceptances to the reserve banks. The change in the origin of the demand for reserve-bank credit between last summer and the present time is brought out hj t h e followin S table> w h i c h cen- s ^ o w s ^ e discounts of Federal reserve banks for reporting s ide. member banks in New York City, for all other reporting member banks, that is, for banks in other large cities, and for nonreporting member banks, that is, for member banks]outside these cities: DISCOUNTS OF FEDERAL RESERVE BANKS [In millions of dollars] Discounts for— Increase July 16, July 15, (+)or 1925 1924 decrease <) All member banks Reporting member banks: In New York City In other leading cities.. Nonreporting banks 305 455 12 72 221 72 189 194 +150 +60 +117 -27 The total volume of discounts on July 15,1925, was larger than a year ago by about $150,000,000, or nearly 50 per cent. The increase for reporting member banks in New York City was from $12,000,000 to $72,000,000 and for all other reporting member banks from $72,000,000 to $189,000,000, while member banks outside of the leading cities had a smaller volume of discounts this year than a year ago. The change in the geographical location of the demand for reserve-bank credit, furthermore, is only partly brought out by the figures on discounts, since it is the practice of member banks in the financial centers to obtain a considerable part of the reserve bank credit they require AUGUST, 1925 FEDERAL. RESERVE BULLETIN through the sale of acceptances to the reserve banks. The principal market for acceptances is in New York City, and purchases are made largely in that market by the Federal Keserve Bank of New York, some of them for account of other reserve banks. In such cases the funds arising from the purchase of bills become available to the New York money market, though the bills constitute a part of the assets not of the New York reserve bank but of the banks for whose account the purchases were made. The distribution of acceptances among the 12 Federal reserve banks, therefore, as shown by their statements of condition, does not indicate the extent to which reserve-bank credit is used by the member banks in the different districts, and in analyzing the acceptance holdings of the reserve banks in their relation to the demand for reserve bank credit the significant amounts are for the 12 reserve banks as a whole. In its relation to the acceptance market, it is the policy of the Federal Reserve Bank of New York, where the largest Relation of volume of acceptances are martroSerIccepbtance k e t e d ' t o s t a n d r e a d y a t a U market. times to buy at its buying rate, which is at or slightly above the market rate, all prime eligible acceptances tendered to it for sale by member banks. The reserve bank does not generally take the initiative in the purchase of acceptances, but purchases only such bills as are tendered to it for sale in most cases by member banks but also by nonmember banks and dealers in acceptances with a surplus of bills in their portfolios. Offerings of bills to the reserve banks increase in volume at times when money conditions become tighter and rates firmer, with the consequence that it is at such times that the volume of outstanding reserve-bank credit is likely to be increased by the purchase of acceptances. The same conditions tend to increase member bank borrowings at the reserve banks, so that in the relationship between member banks and the reserve-banks the role of acceptances is more nearly comparable to that of discounts than to that of United States securities. When a member bank requires additional reserve-bank 527 credit it is often in a position to choose whether to discount paper with the reserve bank or to sell to that bank some of the acceptances in its portfolio. The sale of acceptances has the advantage for the member bank of obtaining reserve-bank funds at a rate that is usually somewhat lower than the discount rate, and also of obtaining the use of these funds without incurring indebtedness at the reserve bank. There is a strong disinclination on the part of member banks against being in debt at the reserve bank, and the sale of acceptances enables them to secure the use of reserve-bank funds without resorting to direct borrowing. A factor in the situation, which enables the member banks in financial centers, in contrast to country banks, to obtain reserve-bank credit through the sale of acceptances, is the close relationship existing between the different member banks at these centers and between these banks and the money market. As the result of daily settlements through the clearing house, which are the outcome of a large volume and variety of transactions, favorable or adverse balances of each bank become reflected in gains or losses in their reserve accounts at the reserve banks, and it is chiefly the loss of reserve balances that leads member banks to seek additional reserve-bank credit. The extent to which the money market in the financial centers in its relation to the reserve banks has become coordinated is indicated in the development in recent years of the practice among member banks out of debt at the reserve bank, and having excess balances at that bank as the result of a day's settlements through the clearing house, to sell these balances at a rate frequently somewhat below the discount rate to other banks whose reserve balances are deficient. Member banks in financial centers, therefore, owing to the greater variety of their assets and the closer coordination among themselves, are in a position to replenish their reserves at the reserve banks in other ways than by discounting paper, and at the present time conditions have been favorable to the sale of acceptances as a means of obtaining a considerable part of the required volume of reserve-bank credit. 528 FEDEBAL RESERVE BULLETIN Acceptance credit has in recent years become an increasingly important method of financing our foreign trade. Recent estiVolume of ac- mates of the acceptance council ceptance credit. placed the total volume of acceptances outstanding in January of this year at about $835,000,000, a larger figure than at any time since 1919, when the volume was over $1,000,000,000. In vieW of the much lower price level at present than in 1919, the existing volume of acceptances must have served to finance a considerably larger physical volume of goods than did the somewhat larger total of acceptances six years ago. That acceptances purchased by the reserve banks have been used to a large extent to finance foreign trade is indicated by the fact that of the total of $253,000,000 of acceptances held by the 12 Federal reserve banks at the close of June of this year, $120,000,000 were acceptances based on imports, $87,000,000 on exports, and $42,000,000 on domestic transactions, the remainder representing a relatively small amount of dollar exchange and miscellaneous bills. In order to obtain a more accurate idea of the purposes for which acceptances purchased by the Federal reserve banks have Commodities b e e n d r a w n ? t h e Federal Reunderlying acceptance credit. serve Board has recently tabulated in detail the commodities on which acceptances purchased by the Federal reserve banks have been based. This tabulation by commodities is now available for acceptances purchased during March and April, 1925, and is presented in detail on pages 559-563 of this issue. Opposite is given a table showing for the two months combined the principal commodities underlying the acceptances purchased by the reserve banks during those two months, exclusive of bills purchased under repurchase agreements for which the underlying commodities are not reported. Acceptances drawn to finance imports during March and April were based on about 600 different commodities, and bills drawn to finance exports were based on over 250 commodities. The largest volume of import acceptances was used to finance imports of sugar, silk, coffee, hides and skins, wool, and rubber. Export acceptances were used chiefly for exporting cot- AUGUST, 1925 ton, grain and flour, lard and meat, and copper. Cotton acceptances alone represented nearly one-half of the total export acceptances, and grain acceptances accounted for one-seventh of the total. Cotton and grains are also by far the most important commodities upon which acceptances arising out of domestic transactions were based, such acceptances being for the most part drawn for the purpose of financing the agricultural staples while they are stored in elevators and warehouses awaiting export, though some of the commodities so stored later go into domestic consumption. Acceptances purchased by the reserve banks thus represent an important part of the credit required for financing the distribution of agricultural and other products, and the practice of the reserve banks in supporting the acceptance market facilitates the marketing of the output of American industry and agriculture. ACCEPTANCES PURCHASED BY THE FEDERAL RESERVE BANKS DURING MARCH AND APRIL, 1925 1 [In thousands of dollars] Based on— Commodity Coconut oil Coffee . Copper .- Cotton Cotton manufactures ._ Farm implements Flour Furs Grain ~ Hides and skins Iron and steel Lard and meat ._ Lumber Matches Nuts Pulp wood Rubber Silk Sugar Tin Tobacco Wood pulp Wool All other All commodities Imports Goods stored in or Do- Total Ex- shipped mestic for four beports tween trans- groups foreign actions countries 826 12,128 916 19 983 4,536 2,269 803 40,470 334 1,235 3,157 132 10,318 207 191 2,996 1,097 100 11 21 1,400 330 5,876 343 26 75 984 71 2,945 14,529 17,119 844 988 1,813 9,671 12,557 87,309 845 4 283 692 9 4,942 6 358 535 17,752 6,679 27, 155 1,194 74,836 2,337 1,235 5,265 1,688 27,180 7,300 1,186 5,323 1,886 1,150 1,189 696 3,049 15,082 19,782 2,087 6 215 290 419 79 581 657 683 975 16 625 58 9 1,987 52 52 61 10,212 76,674 170 50 281 5,309 23,918 156 16,113 1,138 71 1,670 80 178 40 329 386 844 2,985 1,419 5,480 59, 287 4,195 1,915 11,432 33,558 247,188 i Exclusive of bills bought under repurchase agreements. NOTE Report of agent general for reparation payments. The agent general for reparation payments, Mr. S. Parker Gilbert, has recently made public a report on the workings of the machinery set up under the Dawes plan during the first eight months of operation. A summary of this report appears on pages 550-559 of this issue. 529 FEDERAL, RESERVE BULLETIN AUGUST, 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities and factory employment declined further in June, while rai lway freight shipments and the volume of wholesale trade increased. Wholesale prices, after declining for two months, advanced in June. Production.—Production in basic industries, as indicated by the Federal Reserve Board's index, declined about 1 per cent in June to the lowest level since the autumn of 1924, but was 17 per cent above the low point of last summer. Output of pig iron, steel ingots, lumber, newsprint, and petroleum, and mill consumption of cotton declined in June, while production of bituminous coal, sole leather, and wheat flour increased. The number of automobiles manufactured during June was slightly less than in May. Factory employment declined 1 per cent and factory pay rolls over 2 per cent between May 15 and June 15, reflecting substantial declines in the automobile, boot and shoe, textile, and iron and steel industries. Building contracts awarded during June were larger in value than during May and almost equaled the peak figure for April. In square feet of floor space the June awards were a little smaller than those for May. Residential contracts in June were the smallest for any month since February, but greatly exceeded those of a year ago. The Department of Agriculture estimate of the condition of all crops combined on July 1 showed some improvement from the month before. The corn crop forecast places it at approximately 650,000,000 bushels above last year. The July 15 cotton crop estimate was 13,588,000 bales, compared with a forecast of 14,339,000 bales on June 25. Trade.—Freight-car loadings were larger during June than during May, as is usual at that season, and also considerably exceeded the figures for June, 1924, the low point of last year. Sales at department stores during June were seasonally smaller than in May, but totaled 5 per cent more than last year. It should be borne in mind, however, that in June of this year there were four Sundays, as compared with five in the preceding month as well as in June, 1924. Mail-order sales were 6 per cent larger than in May and exceeded the amount for June, 1924. Sales of wholesale firms were 5 per cent greater than in May and larger than in any June in the last five years. Department-store stocks were reduced further in June, but were slightly larger PERCENT 2001 PER CENT !2OO 150 100 1922 1323 50 WHOLESALE PRICES 1925 Index of 22 basic commodities adjusted for seasonal variations. 100.) LatesCfigure, June, 110. 100 50 PRODUCTION IN BASIC INDUSTRIES J15O 1922 (1919= 1923 \92h 1925 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, June, 157.4. 530 FEDERAL RESERVE BULLETIN AUGUST, 1925 BILLIONS Of DOLLARS BILLIONS OF DOLLARS 2 2 FEDERAL RESERVE BANK CREDIT FACTORY EMPLOYMENT AND PAYROLL 1922 1923 1924- 1925 Weekly figures for 12 Federal reserve banks. Latest figures, July 22 1922 1923 1924- Index for 33 manufacturing industries. (1919=>100.) Employment, 94; pay roll, 105. 1925 Latest figure: than a year ago. Wholesale stocks of groceries, shoes, and hardware were smaller at the end of June than a month earlier, but those of dry goods and drugs were larger. Compared with a year ago, stocks of groceries and drugs were larger in value, while stocks of dry goods, shoes, and hardware were smaller. Prices.—-Wholesale commodity prices advanced 1.4 per cent in June, according to the index of the Bureau of Labor Statistics, following declines in April and May. The largest increase for any commodity group was for the miscellaneous group, which includes crude rubber; prices of farm products, foods, and fuel and lighting also advanced, while prices of building materials declined considerably. In the first half of July quotations on flour, beef, hogs, wool, copper, petroleum, hides, and rubber increased, while prices of sugar, bituminous coal, and hardwood lumber declined. Bank credit.—At member banks in leading cities the volume of loans on securities continued to increase after the middle of June and during the first half of July was at a higher level than at any previous time. Demand for bank credit for commercial purposes was relatively inactive, and the volume of commercial loans at reporting member banks remained near the low level for this year, although considerably above the amount for the corresponding period in 1924. At the reserve banks the seasonal demand for credit and currency was reflected in increased borrowing by member banks, which carried discounts at the beginning of July to the highest level in more than a year, and notwithstanding the subsequent decline, the total on July 22 was still at a relatively high level. Total earning assets on that date showed little change as compared with the figures for four weeks earlier. Firmness in the money market at the close of the fiscal year was followed by an easing of money after the first week of July. In the latter part of the month there was again evidence of firmer money conditions. These changes were reflected chiefly in the movement of rates for call money, quoted rates on prime commercial paper and on bankers' acceptances remaining throughout the period at 3 ^ - 4 and 334 per cent. 531 FEDERAL, RESERVE BULLETIN AUGUST, 1925 BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919-1001 Year and month January February March April May June July August . September. October November December January February March April May. June 1924 _ _ 1925 .- Production in basic industries^ Factory Factory Building Railroad- Wholeemploy- pay rolls contracts car sale ment awarded l loadings 1 trade D epar tment-store sales i D epartment-store stocks i Unadjusted Unadjusted Adjusted Bank debits outside of New York City» Adjusted 121 121 117 114 104 94 95 94 103 109 107 117 100 101 101 99 96 93 89 90 91 93 93 94 108 114 113 111 106 100 92 96 99 103 101 106 170 163 164 150 129 125 121 133 150 166 196 180 118 125 115 121 117 103 111 111 117 120 116 124 80 78 80 78 77 76 78 83 92 95 84 79 110 102 115 133 127 120 91 93 119 141 141 210 126 128 115 131 123 120 123 118 131 124 126 131 116 127 139 141 136 127 123 126 137 148 148 124 132 135 137 136 136 134 131 126 128 132 132 133 105 109 108 111 109 103 108 108 107 112 107 112 127 124 120 119 111 110 95 96 96 96 95 94 103 109 110 108 108 105 168 159 178 176 151 171 123 125 117 129 123 117 79 76 83 79 79 83 108 101 121 136 128 126 124 131 121 133 124 126 119 127 139 140 135 128 134 135 137 136 135 134 120 121 120 122 119 122 i The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations; the indexes of department-store sales and stocks are shown both with and without seasonal adjustments. BANK CREDIT At member banks in leading cities securityloans, which have advanced almost continuously for more than a year, increased sharply again in June and on July 1 were higher than at any previous time. The recent increase, occurring almost entirely in New York City, reflected in considerable measure preparations for mid-year disbursements, and was followed by declines during the first half of July. The total volume of these loans on July 15 was, however, still considerably larger than at the beginning of the year and $850,000,000 above the level of a year ago. "While the growth during the year was chiefly in the larger financial centers, there were some increases in all districts. The banks' holdings of investments have remained practically constant since the middle of March, and the total at the middle of July was nearly $600,000,000 above that for July 16, 1924. Loans chiefly for commercial purposes have fluctuated during the past month and a half within a relatively narrow range near the low level for the year, but still more than $200,000,000 above last year. Total loans and investments of reporting banks at the middle of July were $1,647,000,000 higher than a year ago. Demand deposits of these banks on July 15 were about $400,000,000 below the peak reached at the opening of the year, but $825,000,000 above the level of last year, and time deposits were almost $700,000,000 higher than at that time. The following table shows the principal resources and liabilities of member banks in leading cities for each week between June 17 and July 15, as well as changes for the four weeks and for the year ending July 15: LOANS, INVESTMENTS, AND DEPOSITS OF BANKS IN LEADING CITIES MEMBER [In millions of dollars] Deposits Loans and investments Date Total June 17._ June 24 July 1 July 8 July 15 Increase (+) or decrease (—): Four weeks ending July 15 Year ending July 15 Loans on securities 18,740 18,710 18,892 18, 778 18,769 5,192 520fr 5,347 5,265 5,229 All other loans, Invest- Delargely ments mand commercial 8,008 7,999 8,029 8,015 8,057 5,540 5,505 5,516 5,498 5,483 12,865 12,725 13,054 12, 890 12,987 Time 5,188 5,188 5,172 5,164 5,164 +29 +37 +49 -57 +122 -24 +1,647 +851 +215 +581 +1,825 +682 At the reserve banks, between June 24 and July 22, changes in the volume of credit outstanding were largely in response to seasonal changes in the demand for credit and currency over the mid-year and the July 4 holiday. On July 1 discounts for member banks were higher than at anv time in more than a vear and on 532 FEDERAL RESERVE BULLETIN July 22, after a considerable decline, were more than $150,000,000 above the level of July, 1924. The banks' holdings of acceptances and United States securities changed only slightly during the four-week period, and the total of these holdings was lower than it has been since last summer. Acceptances have increased considerably in proportion to the total of earning assets over the past year, and on July 22 were almost $200,000,000 larger in volume than in 1924. The principal resources and liabilities of the Federal reserve banks for the period between June 24 and July 22 and changes for this period and since July 23, 1924, are shown in the following table: PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS since the first week in January, 1924. The table below shows the rates prevailing in the New York market during the past three months: MONEY RATES IN N E W Earning assets Date Total June 24 July 1 __ July 8 July 15 July 22 Increase (+) or decrease (—): Four weeks ending July 22 _.. Year ending July 22 1 1,034 1,127 1,043 1,043 1,015 FedTotal Total eral reBills Bills bought Gov- cash deernre- posits serve disnote ment in count- open securi- serves circued market ties lation 455 512 450 455 443 242 249 241 231 225 325 2,959 354 2,927 2,924 344 2,935 2,935 335 2,210 2,252 2,188 2,232 2,200 1,634 1,653 1,652 1,627 1,605 -19 -12 -17 +10 -24 -10 -29 +214 +152 +193 -142 -339 +55 -177 Including foreign loans on gold and all other earning assets. MONEY RATES Somewhat firmer tendencies characterized money conditions during the last week of June and the first three weeks of July. Prime commercial paper of 4-6 months maturities continued to be quoted at 3 ^ ^o 4 per cent, with New York banks showing little interest in offerings at the lower rate, while the offerinr rate on 90-day bankers' acceptances remainei at the 3x/i P e r c e n ^ level which had prevailed during the preceding five weeks. The yield on Government securities, both short-term certificates of indebtedness and Liberty bonds, however, rose gradually during the first three weeks of July in contrast to the steady and slightly easing tendency they had exhibited during the preceding two months, while the weekly average of renewal rates on call loans, after fluctuating for 11 consecutive weeks between 3}i and 4 per cent, was above the latter figure in all but the second week in July, and during the week ending July 4 was the highest YORK Prime Yield Average Prime commer- bankers' on certi- yield on Renewal cial ficates of accept- indebted- 4M Per rate on paper, cent ances, ness, 4-6 Liberty call loans 4-6 months 90 days months bonds May, 1925 June, 1925 Average for week endingJuly 4 July 11 July 18 July 25 1 [In millions of dollars] AUGUST, 1925 12.73 2 2.86 3M-4 3M4 3^-4 3^4 Issues maturing Sept. 15, 1925, 3M 3K 3.93 3.90 3.82 3.97 2 3.06 2 3.04 2 3.09 2 3. 06 3.91 3.92 3.95 3.98 4.85 3.94 4.00 3.95 2 Issues maturing Dec. 15, 1925. In the London money market, money rates hardened somewhat throughout June, the average rate at which Treasury bills were tendered being 4.522 per cent during the last week as compared with 4.317 per cent at the end of May, while the rate on three-month bank bills was 4^- per cent as compared with 4 ^ per cent at the earlier date. During the first week in July rates eased off somewhat to 4.510 per cent in the case of Treasury bill tenders and 4 ^ per cent for three-month bank bills. ACCEPTANCES The acceptance market was relatively quiet during the four weeks ending July 15, with the smallest volume of transactions reported for many months. Eates on all maturities were unchanged throughout the period. During the last half of June the demand for bills of the longer maturities, based partly on foreign orders, exceeded the supply at prevailing rates in New York, Boston,7 and Chicago, and New York reporting dealers portfolios were reduced to a new low point for the year. Over the first of July, however, slightly firmer money conditions were accompanied by a moderate increase in the supply of bills and a slackening in demand. Later the volume of offerings again fell off and exceptionally quiet conditions were reported from all the important markets. Dealers' portfolios on July 16 were of moderate size and consisted chiefly of bills of the shorter maturities. Rates in the New York market on July 15 were 33^ bid and 3 per cent offered on 30-day bills, 3% bid and 3% offered on 60-day bills, 3% bid and 3}£ per cent offered on 90-day bills, with 3% to 3 % bid and 3}4 to 3% per cent offered on the longest maturities. FEDERAL RESERVE BULLETIN AUGUST, 1925 533 CAPITAL ISSUES tative common stocks continued the advance that characterized the preceding three months, New domestic capital issues during May, but prices of representative bonds fell off some1925, amounted to $472,000,000, according to what. The price index of 232 common stocks the compilation of the Commercial and Finan- computed by the Standard Statistics Co. cial Chronicle. This total was approximately reached a new high on July 20, 4.1 points above the same as in April, when $475,000,000 of new the peak reached on February 9 and 14 points issues were reported, but the composition of above the 1924 low on March 30. While both the borrowing showed marked changes. Cor- rails and industrials advanced during the porate issues, which were large in April, due period, the rise in the latter group of stocks chiefly to the offering of the Dodge Bros.7 was the more pronounced and accounted for motor securities during that month, fell off in the higher levels of the general average. The May to about the March levels. New munici- average of the 31 railroad stocks included in pal flotations during May of $186,000,000, on the index on July 20 was still 3.1 points below the other hand, nearly doubled those in April the high reached during the first week of March. and were the largest since June, 1924, while Among the industrials the advance was broad, farm-loan issues rose to $36,000,000, the largest the tobacco, chain-store, mail-order, automosince January of the current year. Among the bile and auto accessory, chemical; farm-implecorporate securities, both public utility and ment, leather and shoe, rubber, traction, gas railroad flotations were in larger volume than and power, and miscellaneous groups all makin April. Total domestic refunding operations ing new highs for the year. The average during May fell off to about one-half the April prices of 40 bonds computed by Dow, Jones figures. & Co., after reaching a new high on the current The following table shows the domestic movement the first week in June, fell off subsecurities issued in May, 1925, as compared sequently and by the middle of July had with those of the previous month and of receded to the levels of the first week in May. May, 1924: The following table gives indexes of stock prices computed by the Standard Statistics DOMESTIC CAPITAL ISSUES Co. of New York, the average prices of 40 [In millions of dollars] bonds computed by Dow, Jones & Co., and the average number of shares of stock sold May, 1924 April, 1925 May, 1925 daily on the New York Stock Exchange for the last five months. New Refunding New Refunding New Refunding INDEX NUMBERS OF SECURITY PRICES Total corporate Long-term bonds and notes Short-term bonds and notes Stocks Farm-loan issues.. _ Municipal __. 249.9 34.9 377.0 68.6 447.1 48.7 178.3 25.3 219.4 65.6 190.3 48.3 5.6 66.0 36.2 185.7 .7 9.0 .8 2.9 20.0 137.6 6.4 90.9 .2 2.8 4.7 5.3 8.6 248.2 5.7 116.8 .4 Total.. 471.8 38.6 474.3 78.6 569.6 49.3 Average price of 40 201 in- 31 rail232 bonds 2 dustrial road stocks stocks stocks .6 The total volume of foreign securities issued in the United States during May, 1925, amounted to $33,193,000, according to the compilation of the Federal Reserve Bank of New York. This was the lowest monthly total since June, 1924. In June, 1925, however, foreign security flotations in the United States rose to $176,120,000, the largest offerings in any month of the current year. SECURITY PRICES During the last week in June and the first three weeks in July average prices of represen- Price indexes o— * f Average for— February, 1925 March, 1925 April, 1925 May, 1925 June, 1925 Average for week ending— June 29, 1925... _. July 6, 1925.. _ July 13,1925 July 20, 1925 July 27,1925 127.5 123.9 123.4 127.8 131.0 112.9 .110.3 107.7 110.0 109.7 123.2 119.9 118.8 122.5 124.7 131.4 133.1 133.8 136.2 109.8 111.0 110.7 111.1 125.0 126.7 127.1 128.9 Average number of shares of stock sold daily (000 omitted) 3 91.55 91.35 91.62 92.79 93.14 1,688 1,651 1,088 1,607 1,313 92.89 92.90 92.52 92.33 1,410 1,365 1,185 1,278 1 For the industrial stocks, the average of 1917-1921 prices equals 100; for the rails the average of the high and low prices made in the 10 years, 1913-1922, equals 100. The indexes are weighted by the number of shares of each stock outstanding. Prices used are closing quotations on Monday. 2 Arithmetic average of daily peak and low prices, as published in the Wall Street Journal. Weekly averages are for week ending with Saturday, preceding date given. 8 Saturdays omitted. Weekly averages are for five days ending with Friday, preceding date given. 534 FEDERAL RESERVE BULLETIN AGRICULTURAL CREDIT BANKS During June, 1925, intermediate credit banks closed direct loans amounting to $3,340,366 for all districts; this amount is but 35 per cent of the amount closed in May, The new loans were extended largely in the Baltimore and Louisville farm-loan districts. Rediscounts closed in June, for all districts, totaled $3,952,465, or 15 per cent smaller than in May. The amount for the Houston bank made slightly more than one-third of this total. The total volume of direct loans outstanding on June 30 was $25,156,010, which is $2,562,256 less than the amount of direct loans outstanding on May 31. The total volume of rediscounts outstanding on June 30 was $33,241,382, which is an increase of $981,338 over that on May 31. The following table shows the volume of direct loans outstanding on July 18, the latest available date, compared with the volume outstanding on June 13, classified by commodities on which the loans were based. AUGUST, 1925 000,000 bushels, the largest on record with the exception of 1912 and 1920. From the largest acreage in the history of the industry a cotton crop approximating 13,588,000 bales is indicated on the basis of the condition of the crop at the middle of July. With the exception of the drought areas of the Dallas Federal reserve district and certain sections of the Kansas City district, pastures and ranges were in better condition on July 1 than a year ago and livestock, except in the sections where the drought has continued serious, showed similar improvement. Harvesting of the small grain crops began earlier this year than in 1924 and was practically completed by the middle of July in the St. Louis, Kansas City, and Dallas Federal reserve districts, as well as in the southern reserve districts. The total volume of marketing of agricultural products in June was slightly 160 160 INDEX OF FARM PRICES ( AUGUST, 1909-JULY, 1914--1OO ) 150 150 INTERMEDIATE CREDIT BANKS [In thousands of dollars] 140 J u l y 18, 1925 Direct loans outstanding on— Cotton Tobacco _ Raisins Wheat Prunes Canned fruit and vegetables Peanuts . Rice Allother Total Rediscounts outstanding for— Agricultural credit corporations National banks State banks Livestock loan companies Savings banks and trust companies Total J u n e 13, 1925 1,556 250 20,241 4,000 436 1,018 244 276 37 697 24,745 _ 27,199 22,067 3 631 10,803 83 21,476 6 667 10, 561 25 33, 587 32, 735 18,113 4,000 90 536 260 190 _.. Federal land banks increased their mortgage loans during June by $6,461,702 to $975,175,003, and joint-stock land banks by $7,508,202 to $501,673,342. AGRICULTURE In July the composite condition of all crops showed some improvement over the preceding month, and forecasts on the basis of conditions on July 1 indicate that the total wheat crop will be slightly larger than was expected a month earlier. The forecast for the corn crop is 3,095,- 110 K)O 1922 1923 1924- 1925 larger than in May, but smaller than in June last year. Receipts of grain at leading markets were in 11 per cent larger volume than last year and reflected the early harvesting season. Exports of agricultural products were in 18 per cent smaller volume than in May and for the first time since last July were in smaller volume than in the corresponding month of the preceding year. Smaller exports of grains, rruits, vegetables, and tobacco than in June last year were mainly responsible for the decline in the total volume. Prices at the beginning of the present marketing season, while slightly lower than early last spring, are considerably higher than in the summer of 1924. The accompanying chart, based upon the Department of Agriculture's farm price index, shows the fluctuations of farm prices since January, 1922. AUGUST, 1925 FEDERAL RESERVE BULLETIN 535 1923 and 1924. The following table shows the exports of wheat, including flour, since 1922: Harvesting of winter wheat was practically completed in the Dallas, Kansas City, and St. WHEAT EXPORTS l Louis districts late in June and early in July. The July 1 forecast of the Department of Amounts (in Agriculture showed a further reduction of the Year ending June 30— bushels) estimated yield of winter wheat of 3,000,000 bushels, which is now 404,000,000 bushels, as 1922 279,228,000 221,901,000 compared with 590,000,000 bushels last year. 1923 155, 428,000 1924__ The spring wheat crop improved during June 1925258,014.000 ... and the total yield of all wheat is now placed at 680,000,000 bushels, as against 873,000,000 1 Including flour. bushels last year. The first official estimate of Canadian wheat placed the yield at 365,000,000 Cotton. bushels, 103,000,000 bushels greater than the With the exception of the drought which final harvest of last year. Crop conditions in continued in sections of Texas and Oklahoma, European countries continue to be favorable weather conditions in June were generally satand much larger crops of both wheat and rye isfactory for the growing cotton crop, In July, are expected than were harvested last year. however, the crop in the Piedmont sections of On the basis of the condition of July 1, the the Carolinas and Georgia began to suffer expected yield of corn is over 3,000,000,000 from dry weather and the effects of the conbushels. This is 650,000,000 bushels over last tinued drought in Texas and Oklahoma beApproximately 46,500,000 year and 160,000,000 bushels over the 1920- came evident. 1924 average. Growing conditions were good acres, as compared with 42,600,000 acres last in the principal growing areas, though it was year, were planted, and on the basis of the still dry in the South, Southwest, and in some condition of the crop on June 25 a total yield of 14,339,000 bales was indicated by the Desections of the north central district. Wheat prices fluctuated within wide margins partment of Agriculture. During the first two during June and July. On July 10 No. 2 red weeks of July the condition of the crop dewinter wheat at Chicago was $1,575 per bushel; clined rapidly, particularly in Oklahoma and on July 17 it had advanced to $1,661. A Texas, and the expected yield was reduced to month earlier the quotation was $1,828 a 13,588,000 bales on the basis of the condition bushel, while a year ago it was only $1,275. of the crop on July 16. Fertilizers were used in larger quantities No. 1 northern spring at Minneapolis showed even greater fluctuations. On July 10 the in all cotton-growing States except Texas and quotation was given as $1,516 per bushel. Louisiana during the first six months of this The market then advanced to $1,684 on July year. A total of 4,593,000 tons was sold in 17. A month ago the price was $1,609 a 1925, as compared with 4,207,000 tons in 1924. bushel, while a year ago it was but $1,331. Marketing of the old crop showed a further As a result of the early harvest in the Southwest the new wheat crop began to reach seasonal decline in June, and exports were the market earlier than last season, and the in smaller volume than in June last year. total volume of grain marketed in June, as During the eleven months of the crop year reflected by receipts at 17 interior centers, ending June 30 approximately 14,460,000 bales was 22,397,000 bushels. This is 3,731,000 came into sight, approximately 7,993,000 bales bushels more than in May and 4,515,000 were exported during the same period, and takings by American spinners totaled 6,460,000 bushels larger than in June, 1924. The carry-over of wheat in the United bales. Stocks at public warehouses at the end States is 17,000,000 bushels less than in 1924 of June amounted to 760,000 bales, compared and amounts to 87,000,000 bushels for the with 882,000 bales last year, and the amount present year. It is estimated that the world that remained on farms to come into sight carry-over will be 75,000,000 bushels smaller was estimated to be 683,000 bales, about the than last year. At the same time the world same as a year earlier. During the last weeks of June cotton prices wheat crop yield for 1925, according to the Department of Agriculture, is not expected to declined in anticipation of the expected large exceed that of 1924. The year ending June 30 yield and for the week ending July 3 the saw a large increase in wheat exports over both price for spot cotton middling grade at New Grain. 536 FEDERAL RESERVE BULLETIN Orleans closed at 22.95 cents a pound. During the first three weeks of July, when the effects of the deterioration of the crop in Texas and Oklahoma became evident, the market strengthened and on July 25 the price was 25.25 cents a pound. Prices of spot cotton and October futures at the end of each week since the middle of June are shown in the table: AUGUST, 1925 at about the same level as a year earlier. Early in July manufacturers were operating their plants at a maximum of about 65 per cent of capacity. Orders for finished products are being filled as they come in, and unfilled orders are not large. Fruits and vegetables. Supplies of fruits and vegetables have recently been in about the usual summer volume. Shortages of potatoes, cabbage, and' onions October Spot futures have been made up partly by the larger supply in early fruits and miscellaneous vegetables. 22.23 In recent years truck raising has been steadily 24.15 June 13 22.99 23.95 June 20 23.28 increasing and has doubled in volume during 24.00 June 27 23.12 the past seven years. 22.95 July S.Prices showed the usual 22.98 23.50 July 11. 23.31 downward summer trend, but without notice23.85 July 18. 24.78 25.25 July 25. able weakness. The July crop report indicated a rather poor Tobacco. outlook for most fruits and vegetables. The From a total acreage 1 per cent smaller than estimated production of potatoes is 68,000,000 in 1924, the expected yield of tobacco is bushels below the average yield for the past 42,403,000 pounds larger than the final har- five years. Conditions are poor in the South vest of 1,240,513,000 pounds last year. Larger and in many States of the East and Middle production is expected from all of the principal West, as a result of dry weather. A commerproducing Federal reserve districts except cial apple crop of 29,230,000 barrels, or about Philadelphia and St. Louis. In the Atlanta the average, is expected, but the proportion of district the States of Georgia and Tennessee boxed apples will be larger. Pears and peaches show large increases in acreage and the ex- are not far from the average. A 3,000,000 pected yield in that district is 18 per cent bushel increase over last year in California larger than in 1924, the greatest increase for peaches offset losses elsewhere. A similar any Federal reserve district. The expected situation obtains in California as to grapes. yield this year and the final harvest in 1924 Shipments of new apples began early; the for the principal producing districts are shown first shipments came from southern Illinois in the following table: and Delaware. The Georgia peach season passed its peak by the middle of July, after P R O D U C T I O N O F TOBACCO Elbertas began to reach the market. Ship[Thousands of pounds] ments were 2,400 cars larger than the corresponding period of 1924, according to the Forecast Yield, 1924 July 1,1925 crop and market report of the Department of Federal reserve district Agriculture. Total shipments for June were 52,783 4,730 cars, considerably above any June for 59,800 Philadelphia 148,289 147,384 Cleveland... Tomato shipments 532,811 which there is a record. 488,240 Richmond. . 129,910 totaled in June 5,971 cars, the largest for any 110,326 Atlanta 319,174 338, 335 St. Louis June since 1922, and 1,900 cars more than last month. Shipments of watermelons and cantaMarketing of the old tobacco crop was com" loupes each exceeded 10,000 cars, the former pleted earlier this year than in 1924, and by reaching 10,959 cars and the latter 10,085 cars. the end of June practically the entire crop had Watermelons were more than 4,000 cars ahead been sold by the growers or delivered to their of last June, while cantaloupe shipments marketing associations. Total sales in May were 1,500 cars less than in June, 1924. and June at loose-leaf warehouses this year Oranges continued below the 1924 record, amounted to only 1,394,622 pounds, compared being in June but 61 per cent of the June, with 6,757,015 pounds during the correspond- 1924, shipment. Lemon shipments for June ing months in 1924. exceeded those of a year ago and reached a Keports to the Federal Reserve Bank of total of 1,852 cars. Philadelphia indicate that the demand for The old apple crop finished the year with cigars fell off during June, but was maintained shipments of nearly 100,000 cars, which FEDERAL RESERVE BULLETIN AUGUST, 1925 537 amounted to but three-quarters of those of corn will probably lead to an increase of the previous year. Washington, New York, breeding stocks. and Virginia furnished more than half the There was a 2 per cent increase in marketing crop. livestock in June over May, but the number was 7 per cent smaller than in June of last year. Livestock. Cattle and sheep showed little variation in Ranges are generally good to excellent in June from the receipts in May, but were each condition, being reported as 87 per cent of nor- 6 per cent greater than the receipts of June, mal on July 1 by the Department of Agricul- 1924. Receipts of hogs were 16 per cent less ture. This is the same figure as for June 1 and than in June, 1924, but were nearly 7 per cent 5 points higher than on July 1, 1924. Ranges greater than in May, 1925. With the prospects of a smaller supply the of the San Francisco district improved during June and were substantially better than a price of hogs advanced. The accompanying year ago. In the Minneapolis district ranges chart shows the marketings and price of hogs are above the average. Conditions in Wyom- since January, 1922. For the week ending ing and Nebraska are excellent, but ranges in July 17 the price for hogs at Chicago was the remaining sections of the Kansas City $14.25 per hundred pounds, as compared with district need rain. Ranges in the Dallas dis- $10.13 a year ago. The price for beef cattle trict continue to suffer from drought and were rose from $10.90 to $13.00 per hundred pounds during the month and the price of sheep was slightly higher than a month earlier. RECEIPTS IN WIUJOHS OF HOGS PRICE IN DOLLARS PER tOO I Dairy products. 1922 1923 1924- 1925 in relatively poor condition. Except in the Southwest, cattle and sheep were reported to be in good condition. The receipts of lambs from the Pacific Northwest are reported to be large and of unusually good quality at the principal markets. According to the Department of Agriculture's June pig survey, the spring crop was 8.7 per cent smaller than a year ago. The survey indicates that this year's production of pigs (both spring and fall crops) will be approximately 43,000,000 in the Corn Belt, as compared with 47,500,000 in 1924 and 59,000,000 in 1923. Favorable prices and a large crop of Pasturage conditions were adversely affected in June by hot dry weather, but more recently beneficial rains in the principal dairying sections have reversed these conditions. Forecasts by the Department of Agriculture indicate a hay crop (both tame and wild) of 92,600,000 tons. This is 19,900,000 tons less than last year. Receipts of butter at leading markets in June indicated that production showed the usual seasonal increase over May, but that it was 4 per cent less than last year. Receipts of cheese not only indicated the normal gain in production in June, but also showed an increase of 2,000,000 pounds over June, 1924. There was the usual June movement into storage of dairy products. Stocks of butter increased 50,623,000 pounds, but were 10,787,000 pounds less than last year at this time. Stocks of cheese in storage at the end of June were nearly 1,000,000 pounds larger than last year and were the largest holding in recent years. The price situation remains relatively unchanged, though there was a temporary reaction the latter part of June. This was more than made up by the middle of July. Butter and cheese prices recently have been at higher levels than for several years, but it has been difficult to determine any evidence of real trend, as prices hovered within a very narrow range. A new record in volume of dairy production was established in the UnitedjStates last year, 538 FEDERAL RESERVE BULLETIN AUGUST, 1925 according to the Department of Agriculture, as in June, average output per working-day for and is shown in the following table: the week ending July 11 being 1,438,000 net tons, as compared with 1,437,000 net tons DAIRY PRODUCTION IN THE UNITED STATES during the week ending June 13. This was the fifteenth week during which current outProduction in pounds put was above 1924 and brought total 1925 (000 omitted) Product output to July 11 to 247,763;000 net tons, as compared with 243,427,000 net tons during 1924 1923 the corresponding period of last year. Output of anthracite during June was 1, 252,000 1,356,000 Butter 394, 747 412,940 Cheese 1, 774,881 7,804,000 net tons, 4 per cent under May 1, 700, 548 Canned, milk 294,900 but above any other month since March, 1924. 285, 550 Ice cream1 _ 2 _ _ 52,772,000 50,440, 000 Milk and cream In the first week of July output fell off, due to the holiday, but during the week ending 1 Production in gallons. 2 Estimated consumption in households. July 11 had risen to 1,854,000 net tons, as compared with 1,870,000 net tons during the MINING week ending June 13. Prices rose slightly at Coal and coke. the beginning of the month. In spite of a current rate of output definitely June production of coke, both by-product above the low levels that characterized the and beehive, was slightly smaller than in May, early spring of this year and the spring and the combined output amounting to 3,753,000 summer of last year, the market for bituminous tons as compared with 3,898,000 tons in May. coal continued sluggish during the last part of This was the smallest output since last NovemJune and the first half of July, and the Coal ber, but 26 per cent above June, 1924. Weekly Age index of spot prices for bituminous coal production of beehive coke continued to decline fell slightly on July 13 to a new low of $1.93 during the first part of July, output for the as compared with $1.94 a month previous. week ending July 11 being 126,000 tons as Stocks of bituminous coal ia the hands of compared with 136,000 tons for the week ending June 13. MILLIONS OF TONS MILLIONS OF TOMS 70 BITUMIN OUS 70 COAL Petroleum. — PRO DUCTION | STOCHS 60 60 After reaching a record volume of 70,000,000 barrels in May, the production of petroleum A 50 declined steadily in June and the first two 50 J weeks of July. From a record high level of \ \ 40 2,346,900 barrels during the last week of May, the daily average output declined to 2,115,000 30 30 barrels ior the week ending July 18, and the 1 total production for June is estimated at 67,20 000,000 barrels. Sharp declines in the pro20 duction at the Smackover (Arkansas) field were largely responsible for the decline in June. TO 10 With the increase in production during April and May there was a slight decline in the price of crude petroleum. The Oil, Paint, and Drug 1925 1922 1923 1924 Reporter's average price at three fields declined consumers on June 1 were estimated by the from $2.40 a barrel in March to $2.32 in May, Geological Survey at 38,000,000 net tons, as but in June it advanced to $2.47, a level higher compared with 44,000,000 net tons on March than at any earlier month this year or in 1924. 1, and 51,000,000 net tons on June 1 of last Advances, however, were more common for the year. This is the lowest level to which stocks high gravity light oils, which were in great dehave fallen in over two years and is estimated mand by refineries in view of their high gasoto represent only 32 days' supply. Output of line content. bituminous coal in June was 37,167,000 net Production of all refined products increased tons, the highest since March, and 18 per cent in May and was larger than in May last year. above June, 1924. During the first half of Production of gasoline amounted to 922,July production was at about the same level 046,000 gallons, 7 per cent more than in April, 1 1 1 1 V N AUGUST, 1925 the previous record volume. The domestic demand was approximately 831,788,000 gallons, 4 per cent greater than in April, and exports were slightly smaller. As a result of a slightly larger increase in production than in consumption and a smaller volume of exports than in April, reserve stocks at the end of May were slightly larger than at the end of April. Total stocks at refineries amounted to 1,716,922,000 gallons, about a two months7 supply at the May rate of consumption. With the exception of a slight decline in March and April, prices of gasoline have advanced steadily since last autumn, and at the end of June the Oil, Paint, and Drug Reporter's average price at three refineries was 16.96 cents a gallon, as compared with 11.52 cents a gallon last year. Nonferrous metals. The activity which characterized the nonferrous metal markets the preceding month was maintained during the last half of June and the first half of July, and prices for copper, tin, and silver continued to rise, in contrast to lead which rose during the first part of June and subsequently dropped back to the quotations prevailing in the third week in May. On July 15 refined electrolytic copper delivered in New York was quoted at 1434 cents, as compared with lS}i cents during the third week in April when the low for 1925 was reached and 153^ cents at the high during the second week in January. Output of copper in the United States during June was estimated at 140,644,000 pounds, as compared with 140,066,000 pounds in May and 127,866,000 pounds in June, 1924. Consumption has been high during 1925 and, despite record production as compared with previous years, current stocks are estimated to be well below levels of last year. Quotations for zinc, which dropped during the first half of June, were strong during the succeeding four weeks and by the middle of July reached the levels that marked the end of March. Though zinc output during June was the lowest since last November, it was in excess of shipments, which were below any month since August, with the result that stocks on hand at the end of the month increased to nearly 23,000 tons. Output of lead during June, on the other hand, surpassed the March peak and was 9 per cent above June, 1924. Quotations for bar silver in New York made a new high for the year at 70J^ cents on June 26, under the stimulus of active Chinese demand. This was 1}4 cents above the previous high on January 31 and 4 cents over the low 539 FEDERAL RESERVE BULLETIN for the year on April 23. Quotations eased subsequently and on July 15 were 69^8 cents, as compared with 68% cents on June 17. Deliveries of tin into the United States during June were in greater volume than in May but below any other month of the current year, and stocks at the end of the month in New York also rose above the low May totals but remained below any other month since March, 1924. Prices continued to rise, straits tin being quoted at 58 cents on July 15, as compared with 50 3^ cents on April 15 and 603^ cents on January 3. MANUFACTURING Food products. The production of wheat flour was 9 per cent greater in June than in May, totaling 8,917,000 barrels, but was smaller than in June, 1924, by 415,000 barrels. Demand for flour improved during June, but, as usual before the wheat harvest figures become known, prices of wheat and flour have fluctuated rather sharply and buyers have been cautiously restricting purchases to their immediate needs. Quotations on standard patents at Minneapolis on July 17 were $9 per barrel, as compared with $8.30 the week before, $8.50 a month ago, and $7.70 a year ago. Flour exports in June rose to 819,561 barrels from the year's low in May of 690,228 barrels. With the exception of May, June exports were the smallest of the year and were 354,000 barrels below last June. Sugar meltings in June were slightly larger than in May, 1925, and June of last year. Meltings in June, 1925, were 487,000 long tons. Willet & Gray state that the total meltings and deliveries at United States ports between January 1 and June 27 were larger by 286,000 long tons than in the same period last year. Although sales of refined sugar both at home and exports to Great Britain were larger than last year, production was still greater, with the result that stocks of refined sugar are heavy and prices are lower. The present quotation, 5.35 cents per pound, is the lowest in several years. Raw sugar on the same date (July 17) was 4.27 cents per pound. Estimates place the world's new crop at 25,000,000 long tons, the largest on record. The number of animals slaughtered in June was the largest in any month since February. Slaughterings were 9 per cent larger than in May, but were 6 per cent less than in June, 1924. Hogs furnished the increase in slaughtering over May. Sales reported in dollars by 47 packers aggregated nearly 5 per cent greater 540 FEDERAL RESERVE BULLETIN than in Ma^ and 24 per cent above June, 1924, a, part of this gain being due to higher prices. Prices at Chicago continued to advance throughout June, though lambs showed an easing tendency about the middle of the month. Cold-storage holdings of meat products were reduced during the June and were less than a year ago. There was little change in the export situation; meat and lard forwarded for export did not differ materially from the quantity exported in May. Textiles. Some improvement was noted in textile markets late in June and during July. Buying of goods became more active and prices strengthened. In general, productive activity "has been less recently than during the early months of this year, but greater than in the summer of 1924. The silk industry, however, has continued unusually active throughout the year. Cotton-goods and yarn markets have been somewhat more active in recent weeks, and price advances have been noted again for the first time since last March. The lowest figures since 1922 were recorded by the Fairchild index of cotton yarn prices on June 6 and by the goods index on June 27. In recent weeks these prices have tended to be affected by fluctuations in the raw-cotton market. A rise in quotations on goods and javiis was checked after the large crop estimate on July 2; later in July, however, they increased again, and rather sharp advances followed the reduced crop forecast of July 23. Buying of goods slackened somewhat about the middle of July, but became active again after the latest crop report. Consumption of cotton by mills, and active spindle hours, were reduced in June, but not to as great an extent as in the same month of 1923 and 1924, and both of these measures of manufacturing activity were considerably greater than a year ago. The decline in activity in recent months has been noted in all States, although it was of somewhat greater magnitude in New England than in the South. New England mills, on the other hand, have shown a greater increase since the low point of last year than have the southern mills. Cotton finishers reported larger orders but smaller shipments and billings in June than in May. Employment and pay rolls in the cotton finishing industry were unusually large in March, but have declined steadily since that time. Spring lines of woolen and worsted piece goods for men's wear were opened the latter part of July, AUGUST, 1925 with prices in general about 7 per cent lower than the corresponding opening a year ago. About the same time wages were reduced approximately, 10 per cent in many important New England mills. Tropical goods were opened early in July with reductions on some lines. Markets for woolen and worsted goods and yarns have been rather dull recently, awaiting the openings. The number of active machinery hours in the industry during June was less than in any month since last August. Wool consumption, on the other hand, according to preliminary reports, was slightly greater in June than in May. Raw-wool markets became more active in June and July and prices rose. London auctions opened and sales were resumed in Australia early in July, and subsequently markets were reported to be fairly strong and active. According to the Fairchild indexes, prices of raw wool, tops, and worsted yarns, after rapid declines early in the year, reached low points in May and June and have recently advanced. Seasonal movements of employment and pay rolls were noted in the clothing industries during June—up in men's clothing and down in Women's clothing. In the former industry, however, the indexes were smaller than a year ago, while for the latter they were approximately the same. Since last fall the silk industry has passed through a period of activity greater than at any time since 1920. Imports of raw silk continued rather large in June and warehouse stocks were increased, but mill takings were large, and reports indicate that manufacturers were operating at a high rate, with employment and pay rolls as large as at any time in the last five years. Furthermore, the demand for goods has continued active, the volume of unfilled orders large, and prices firm. About the first of July quotations on Kanzai No. 1 raw silk in the New York market rose to over 6 y% cents, the highest price recorded since the spring of 1923. A slight recession has occurred since that rise. Some manufacturers have opened their spring, 1926, lines of underwear, but many have not yet announced new prices. Quotations available are approximately the same as those of a year ago. Reports indicate that the volume of buying has recently been rather small. Statistics for June showed an increase in the production of winter underwear and a decrease in the output of summer garments. New orders were smaller than in May, but shipments increased. Stocks showed another increase. Low^er prices for the spring of 1926 AUGUST, 1925 FEDERAL RESERVE BULLETIN were recently announced on bathing suits by certain important producers. The hosiery market has continued fairly active. Preliminary figures indicate an increase in shipments during June and slight decreases in production and new orders. For women's full-fashioned hose, however, all items increased. Iron and steel. Summer is usually the quietest season in iron and steel markets, and in general buying and production are now about at the lowest levels of the year. The reduction in activity during the first six months of this year, however, has been considerably less than that for the corresponding period last year. Steel mills, for example, report operations in July at about 60 per cent of capacity, whereas a year ago they were around 35 per cent. Ingot production was at the rate of 123,348 tons a day in June, as compared with the March peak of 161,482 tons, and 72,223 tons in July, 1924, the low point of recent years. The total output for the first six months was greater than that of the corresponding period of all years except 1923 and 1918. Pig-iron production declined in June to a daily average of 89,115 tons, as compared with 94,542 tons in May and 67,541 tons in June, 1924. There was a net loss of seven in the number of active blast furnaces between June 1 and July 1. Unfilled orders of the United States Steel Corporation declined 339,342 tons in June to 3,710,458 tons. Prices have been firmer in recent weeks, and, owing largely to increases in quotations on sheets, the Iron Age composite price of finished steel advanced from 2.424 cents a pound on June 23, the low point of recent years, to 2.439 cents a pound on July 21. In the week ending July 7, however, the corresponding composite of pig-iron prices declined from $19.13 a ton to #18.96 a ton, a new low figure. Buying of pig iron for thirdquarter requirements has about ceased, and as yet few orders for the fourth quarter have been placed. Steel buying has been rather active recently in some lines, particularly for use in the building and automobile industries, which together generally use over 25 per cent of all steel. The markets for sheets and for bars have been well maintained by demand from autompbile producers. Sheet sales, reported by association members, amounted to 286,453 tons in June as compared with 186,538 tons in May. Structural steel bookings in June were estimated at 255.200 tons .the largest 541 recorded in any month except March, 1923. Shipments totaled 229,100 tons, which figure has not been exceeded in the past two years. Railroad buying, however, which ordinarily accounts for another 25 per cent of steel consumption, continues small, although some increased interest in rails is reported. Locomotive shipments were slightly larger in June than in May, but orders decreased. Automobiles and tires. Activity continues at a fairly high rate in the automobile industry. Production during June, although slightly less than in April and May, was greater than in the corresponding month of previous years, and the total output for the first six months of the year also established a new high record. About 350,000 passenger cars were produced in the United States during June, as compared with a maximum of 376,000 in April, and with 214,000 in June, 1924. Truck production declined from 41,000 in|May to 36,000 in June, but exceeded figures for any month of last year. Reports from the industry in July indicate further seasonal declines in production schedules; buyers are apparently waiting for the new models which are expected on the market soon. Shipments of automobiles in June were less than in May, but much larger than a year before. Certain large manufacturers, reporting to the Federal Reserve Bank of Chicago, indicated that their sales to dealers and dealers' sales to users during June were approximately equal to each other, whereas in April andjMay and in June of last year dealers received more cars than they sold. Wholesale distribution, according to certain Middle Western dealers, was less in June than in May, but over double that for June, 1924. Retail sales increased as compared with both of the months with which comparisons were given. Stocks of cars held by dealers decreased. Crude rubber has continued its sharp price advance, and during July spot quotations reached $1.20 a pound, as compared with about 20 cents a year earlier. Rather large reductions occurred later in the month. Imports coiWnue to be large. Advances in tire prices, following previous increases on May 1 and June 1, were announced on July 1 and again on July 18. These prices are now about 35 or 40 per cent higher than in April. Production ana shipments of pneumatic tires during June attained new high records, and stocks which were on March 31 at the maximum ever recorded were reduced on June 30 to an amount smaller than that of a year earlier. 542 FEDERAL. RESERVE BULLETIN Lumber. As reported to the National Lumber Manufacturers Association by 516 mills, production of lumber in June, totaling 1,400,566,000 feet, exceeded shipments by 97,000,000 feet, or 7 per cent. Both production and shipments fell off in June; but, as compared with 1924, June totals were in larger volume. During March, April, May, and June, this year as in 1924, production each month ran above shipments following several months during which shipments were somewhat in excess. On the half year's account as a whole, however, shipments and production have run out in nearly equal volume, production being slightly in excess. The Southern Pine Association reports June production and shipments in reduced volume as compared with May but somewhat in excess of 1924. In general this holds true also of production and shipments of Douglas fir, as reported by the West Coast Lumbermen's Association, although ^reports from this association have shown a somewhat larger excess of shipments over production for several months past. For the first half year as a whole, a small excess of production over shipments is shown,for southern pine and a small excess of shipments over production for Douglas fir. From current reviews of the lumber industry it would appear that production is running on a narrow margin of profit, if not in some lines at a loss. Some manufacturers, it is reported, have announced shutdowns, and further curtailment or a suspension of production has been proposed. It is noted that with the demand for hardwoods exceptionally active prices are tending downward, and that many operators have closed down. The situation is characterized as one in which production is in nearly equal volume with shipments, with orders in somewhat larger volume. Hides, leather, and shoes. Hide markets have been rather active recently with advancing prices, leather has been in somewhat greater demand, and shoes are beginning to be sold in fair volume for next season's needs. Hide prices during July continued the advance begun last spring, and on July 17 light native cows were quoted at 16 cents a pound, as compared with 1334 cents on April 17 and 11% cents on July 18, 1924. The latest quotation was above the highest price recorded last November and has not been exceeded since late 1922. Prices on some of the other kinds of hides, however, were still lower than during last January. AUGUST, 1925 Some increase in activity lias peen noted in leather markets recently, and prices have been firm. Sole leather production was larger in June than in any month since last December, and considerably exceeded the output of June, 1924. Tanners' finished stocks and stocks in process increased. Stocks of sole leather held by shoe manufacturers at the end of May were larger than at any time since the figures began to be collected in 1920. Production of all the chief kinds of leather except goat and kid was reduced during June, in many cases to the lowest for the year. Stocks, although some increases were noted, continued relatively small. Shoe manufacturers reported the receipt in recent weeks of a rather substantial volume of orders for fall goods, and factory operations were increased toward the end of July. Production, according to preliminary reports, was seasonally lower in June than in May. In the St. Louis district, however, manufacturers reported an increase in output. BUILDING June awards of building contracts in 11 Federal reserve districts totaled $561,000,000, according to compilations by the F. W. Dodge Co., exceeding the value contracted for in May by $52,000,000 or 10 per cent, and exceeding last year's figure for June by $146,000,000, or 35 per cent. The increase over May this year is particularly significant, in view of the fact that in recent years the aggregate of values contracted for has fallen on in June, the net decrease in the 11 districts last year in June as compared with May amounting to $30-,000,000. Totals by districts indicate that very generally the "country over the high level of building activity indicated by awards in May was maintained through the month of June. It may be noted, however, that nearly $30,000,000 of the $52,000,000 net increase over May (noted above) is credited to the Chicago district and nearly $9,000,000 to the New York district. Very substantial increases for June this year over last are shown for each Federal reserve district excepting Dallas. Awards covering residential construction fell off in June from $237,000,000 to $218,000,000. Although constituting a smaller proportion of the total for all classes in June as compared with May, awards for this class of construction this year in the 10 districts for which comparable data are available exceeded the June, 1924, aggregate value of residential awards by $47,000,000, or nearly 30 per cent. Square feet contracted for in 27 Northeastern States in June totaled for all classes of construction 66,579,000, falling 3 per cent below the corresponding figure for May, but exceeding the June, 1924, aggregate by 38 per cent. Increases for June this year over 1924 are shown for each class of construction excepting public buildings. Values permitted for in 168 cities ran in nearly the same volume in June as in May, but exceeded last year's June aggregate by nearly 30 per cent. In comparison with last year, a relatively greater increase is shown for values than for number of permits, the average value per permit increasing approximately from $4,100 to $5,200. Computations by the F. W. Dodge Co., covering the value of permits issued in 210 representative cities, show a net gain of 8 per cent for the first half of 1925 over the same period in 1924. On the half year's account as a whole New York City shows a decrease of 15 per cent and the remaining cities a net increase of 18 per cent. In June this year 142 of these cities reported an increase over June of last year and 67 a decrease for permit valuations. The Bureau of Labor Statistics index for wholesale prices of building materials declined from 175.1 in May to 170.7 in June, indicating that prices of materials in June were on the average at the level of last September and October. This index reached a maximum of 182.7 in February. TRANSPORTATION In June, as in each preceding month of this year excepting February, the aggregate of car loadings for all classes of freight combined exceeded the corresponding figure for 1924, the decrease shown for February being fairly accounted for by the extra day last year. As compared with 1924 the roads loaded in round numbers 525,000, or nearly 14 per cent, more cars in June this year. Increase over last year was reported by the carriers in each of the seven districts for which reports of loadings to the car service division of the American Railway Association are separately compiled. By classes of commodities also, as well as geographically, this very considerable increase over last year was widely distributed, increases1 being shown for each class of freight excepting livestock and grain products. Summary totals covering the " delivery service" of the carriers in the first 543 FEDERAL. RESERVE BULLETIN AUGUST, 1925 half of the year are given below for 1925 in comparison with 1924 and 1923. Particularly significant are the large increases over the two preceding years in loadings of miscellaneous freight including merchandise moving in less than carload lots: CAR LOADINGS All classes of freight January to June, inclusive: 1925 1924 1923 Increase: 1925 over 1924. _ 1925 over 1923 Increase, per cent: 1925 over 1924 1925 over 1923 Miscellaneous, including less-thancarload merchandise _ ._. 24,183,973 23,195,474 23,004,894 15,194,452 14,278,854 14, 237,849 1,179,079 __. 915, 598 956, 603 4.3 5.1 6.4 6.7 Large increases over 1924 are shown also in the reports covering freight movement during the weeks ended July 4 and July 11. According to compilations by the Bureau of Railway Economics, loadings for the year to July 11 exceeded the average for the six years, 1919-1924, by 15 per cent, the percentage increase over the six-year average being for manufactured products 20.2, for forest products 23.1, for grain and grain products 2.3, and for coal and coke 2.5. Although freight has been moving in record high volume during the half year, the carriers have maintained constantly a large surplus of cars available for service. For the first quarter of July a surplus of 311,572 cars was reported, and this is approximately the surplus reported from quarter to quarter for several months past. Gross revenues of the roads in the first five months of the year aggregated $2,388,417,735, exceeding the six-year average for these months by 6.5 per cent. In the same period expenses, exclusive of taxes, totaling $1,902,839,910, were 2.3 per cent below the six-year average. Rate of return on property investment was equivalent to 4.38 per cent, the rate earned by carriers in the eastern district being 5.10 per cent, in the southern district 5.55 per cent, and in the western district 3.13 per cent. For the month of May the ratio of operating expenses to operating revenue was 76.89 per cent, the corresponding ratio for May of last year being 79.89. 544 FEDERAL RESERVE BULLETIN TRADE Wholesale trade. Total volume of wholesale trade was larger during the first six months of 1925 than in 1924. Sales of meats increased substantially and hardware and drugs were sold in somewhat larger volume. Dry goods were sold in about the same volume as in 1924, but sales of groceries and shoes were slightly smaller. In June the Federal Reserve Board's combined index of wholesale trade increased 5.6 per cent and reflected the largest volume of trade for that month since 1920. Sales in all lines, except shoes, which were in approximately the same volume, were larger than in May, the most substantial increases being in the sales of groceries, meats, and dry goods. Groceries were sold in larger volume in all Federal reserve districts except Richmond and St. Louis, and hardware sales increased in all districts except Richmond, Dallas, and San Francisco. Sales in all lines were larger than in June, 1924, and the value of meat sales was larger than for any month in the past five years. AUGUST, 1925 smaller than at the end of May, and those of dry goods, shoes, and hardware, were smaller than last year. The value of stocks of meat was 36 per cent greater than last year, partly because of higher prices for certain meat products than in June, 1924. Accounts receivable outstanding at the end of June were larger for groceries in all districts from which reports were received than at the end of May, but were smaller for dry goods and hardware. As compared with a year ago, accounts outstanding were smaller for all leading lines except dry goods. Retail trade. Volume of trade at retail stores was larger during the first six months of 1925 than in the corresponding period last year. Sales at department stores were more than 2 per cent larger than during the first half of 1924 and buying at mail-order houses and 5-and-10-cent chains, grocery, drug, and music chain stores was more than 9 per cent greater than last year. Sales at department stores, as measured by the Federal Reserve Board's index, were about 2 per cent smaller in June than in May, but PERCENT PER CENT 1UU this decline was considerably less than that 100 SA LES OF MEAT ( MONTH LY AVERAGE, 1919 =100 ) which usually occurs in June. It should be 90 90 borne in mind, however, that in June of this year there were four Sundays as compared with 80 80 five in May, as well as in June, 1924. Smaller sales were reported from the Cleveland, A/ Atlanta, Minneapolis, Dallas, and San Fran70 70 Ny cisco Federal reserve districts, the greatest A decline being 8 per cent in the San Francisco 60 60 \ A district. As compared with June, 1924, total sales were 5 per cent larger and increases were 50 50 noted in all districts, the most substantial being r" A in the Chicago and San Francisco districts. 40 40 Stocks at department stores were reduced 1921 1923 1925 1922 1924 slightly more than the usual seasonal amount The chart shows the monthly volume of meat in June and at the end of that month were in sales from January, 1921, to May, 1925. Sales about the same volume as last year. Stores of dry goods were approximately 18 per cent in the Boston, Atlanta, Chicago, and San Franlarger than in June last year. Increases were cisco Federal reserve districts reported smaller noted in all Federal reserve districts except stocks than last year, but in nearly all other Dallas, but the largest were in the New York and districts inventories were larger. As a result of larger sales in June than last the four mid-western districts. Sales of agricultural implements were 31 per cent greater year and of stocks in about the same volume, the than in June, 1924, and for the six months rate of stock turnover was 8 per cent greater ending with June they were 31 per cent larger than in June, 1924. For the six months endthan during the corresponding period last year. ing with June total stocks were turned over Increased sales in June resulted in a reduc- 1.66 times, as compared with 1.62 times during tion of stocks of merchandise at wholesale the corresponding period last year. On the firms, which at the end of June were smaller basis of these data the annual rate of stock than at the end of any month since December. turnover for the first half of 1925 was 3.32 Stocks of groceries, shoes, and hardware were times, as compared with 3.24 times last year. A v\ Nv AUGUST, 1925 FEDERAL, RESERVE BULLETIN 545 Stocks were sold at a faster rate than last year in $7,853,724,000 on June 1 and $7,450,005,000 all Federal reserve districts except Philadelphia on July 1, 1924. Small increases occurred in all except the Philadelphia district, the greatest and Cleveland. advance being in the Atlanta district. A comEMPLOYMENT parison of savings deposits on July 1, 1925, with a month and a year previous is shown, Factory employment and pay rolls declined by Federal reserve districts, in the following further during June, and the Federal Reserve table. In the Boston and New York districts Board's indexes were at the lowest levels since the figures represent only deposits of mutual last winter, although higher than during June, savings banks; in all other districts where 1924. The declines were rather general, as there are but few mutual savings banks, increases were noted in only a few seasonal in- savings deposits of other banks are included. dustries such as food products, men's clothing, lumber, cement, and brick. By industries, SAVINGS DEPOSITS, BY FEDERAL R E S E R V E DISTRICTS the greatest increases were in men's clothing [In thousands of dollars] and the greatest decreases in women's clothing, both of which movements were seasonal. As may be seen from the tables on pages 569-570, Federal reserve district Number July 1, June 1, July 1, 1925 1924 1925 of banks the most important industrial groups—iron and steel and textiles—continued to show declines Boston 64 1,322, 249 1,314,076 1, 256, 624 30 2,108, 961 2,079, 086 1,981, 700 in both employment and pay rolls. Substan- New York 79 524,176 521,359 Philadelphia.. tial decreases were also noted in the automobile Cleveland 70 867,166 845, 650 899,248 87 355, 571 347,000 315, 352 Richmond industry following several months of rapid in- Atlanta 93 256, 650 246,299 233,086 958,863 946,447 922, 619 Chicago 196 creases. Boots and shoes showed seasonal re- St. Louis 143, 883 142, 633 138, 550 31 cessions. As compared with June, 1924, the Minneapolis-. 106, 715 105,123 26 99,108 107,138 106, 331 53 104, 857 Kansas City__ indexes of employment and earnings were some- Dallas 106,158 102,935 102 95, 573 71 1,125,843 1,096, 785 1,004,472 what larger in the automobile, textile, iron and San Francisco. steel, and leather and shoe industries, whereas Total—. 902 7, 983,373 7,853, 724 7,450, 005 both indexes for railway-car building and repairing were substantially smaller. PRICES In general, according to the Bureau of Labor Wholesale prices, according to the index Statistics, employment and earnings increased during June in the States west of the Missis- number of the Bureau of Labor Statistics, sippi River and decreased in the Eastern States, rose by 1.4 per cent in June, following declines whereas comparisons with a year ago indicate in April and May. The prices of farm prodincreases in the East and decreases in the ucts, foods, fuel and lighting, and miscellaWest. No important wage changes during neous commodities advanced, while all other June were reported to the Bureau of Labor groups declined, building materials showing Statistics. Late in July, however, important a decrease of 2.5 per cent as compared with woolen and worsted manufacturing companies May, 1925. The 5 per cent increase in misand some tire manufacturers have announced cellaneous commodities reflects chiefly the decreases in wage rates. Employment in coal continued rise in the price of rubber. Price mines, according to reports, has decreased fur- increases in anthracite coal, fuel oil, and gasother during the summer. Representatives of line resulted in the 2.6 per cent advance in miners and operators in both anthracite and the fuel and lighting group. Compared with a year ago, wholesale prices bituminous fields have recently been in conference regarding wage agreements, and news- are 8.9 per cent higher. The farm products, paper reports indicate the possibility of strikes. foods, chemicals and drugs, and the miscellaA large volume of road construction and build- neous groups show the largest advances, while ing of all kinds is under way and furnishes fuel and lighting, metals, building materials, employment for many workers. The demand and house furnishings are lower. When regrouped by stage of manufacture, for farm labor is likewise seasonally large. all groups in June showed an increase over May figures except crops and forest products. SAVINGS DEPOSITS Forest products dropped 4.3 per cent, while Savings deposits reported by 902 banks dis- crops were only 0.7 per cent lower. tributed throughout the United States totaled In the following table are shown index num$7,983,373,000 on July 1, compared with bers of wholesale prices in the United States 546 FEDERAL RESERVE BULLETIN AUGUST, 1925 as grouped by the Bureau of Labor Statistics and agents' and brokers' group and were and as regrouped by the Federal Reserve larger this year than last for the trading group. Board: Failures were less numerous in the second than in the first quarter of this year for all three WHOLESALE PRICES IN THE UNITED STATES classes, and liabilities in default were higher for only the manufacturing class of enterprise. [1913=100] The number and liabilities of commercial failures, by class of enterprise, are shown in the 1924 1925 following table for the second quarter of 1924 and 1925 and the first quarter of 1925: June May April June All commodities _ Bureau of Labor Statistics groups: Farm products Foods_ . - _ Cloths and clothing Fuel and lighting Metals Building materials Chemicals and drugs House furnishings Miscellaneous Federal Reserve Board groups: Raw materials Crops Animal products Forest products. Mineral products.. _. Producers' goods Consumers' goods 157 155 156 145 155 155 188 173 126 171 133 170 138 152 153 188 168 127 175 133 170 131 153 154 190 169 129 174 134 170 129 134 136 187 175 132 173 127 172 111 162 175 141 181 167 135 165 160 176 134 189 167 131 164 161 173 141 187 168 131 166 147 165 109 182 168 130 151 In July prices of wheat; beef, hogs, wool, and rubber advanced, while prices of sugar, potatoes, silk, and eggs declined. Retail food prices in June increased by more than 2 per cent over May, according to the Bureau of Labor Statistics. Prices of potatoes, oranges, eggs, and cabbage showed a marked increase, while only two commodities, hens and coffee, decreased to any extent. The cost-of-living index for June, as computed by the National Industrial Conference Board, increased 1 per cent over May. The average prices of food, clothing, and fuel advanced, while the other groups remained unchanged. COMMERCIAL FAILURES AND BANK SUSPENSIONS During June 1,745 commercial failures, with liabilities of $36,701,496, were reported by R. G. Dun & Co., bringing the total number of failures for the second quarter of the year to 5,451 and total liabilities to $110,916,670. Although insolvencies were somewhat more numerous in the second quarter of the year than in the same quarter of the two preceding years, the total amount of indebtedness in default during the past three months was lower than it has been in the second quarter of any year since 1920. The number of insolvencies and the liabilities involved were smaller in the quarter just ended than in the same period last year for both the manufacturing group COMMERCIAL FAILURES, CLASSIFIED FOR THE FIRST AND SECOND QUARTERS OF 1925 AND THE SECOND QUARTER OF 1924 Liabilities (000 omitted) Number 1924 1925 1924 1925 Second First Second Second quar- quar- quar- quarter ter ter First quarter Second quarter 5,451 5,969 5,130 $110,917 $128,482 $119,594 All classes 57,540 M anufacturing 47,440 40,618 1,261 1,318 1,384 48,875 Trading __. 63,316 3,942 4,387 3,477 54,569 13,179 264 24,548 Agents and brokers.. 248 The number and total liabilities of commercial failures in June were slightly lower than in May, but were nearly 10 per cent higher than in June last year, the number being, in fact, higher than in June of any year since 1915 and the liabilities the highest for the month of June since 1922. The increase in June this year as compared with last was most marked in the trading class of failures. Insolvencies for June of this year and last, by class of enterprise, are presented below: COMMERCIAL FAILURES, CLASSIFIED FOR JUNE, AND 1925 Number Liabilities 1925 All classes Manufacturing Trading __.. Agents, brokers, etc. 1924 1924 1,745 1,607 $36,701,496 431 1,229 85 439 '1,084 84 1925 16,159,040 17,213,189 3,329,267 1924 16,645,661 14,809, 593 2,643,777 Comparing June of this year and last, failures were mere numerous this year in the Boston, Chicago, St. Louis, Minneapolis, and San Francisco districts, and liabilities were larger in all except the New York, Eichmond, St. Louis, and Dallas districts. In the Atlanta district the number of failures was lower than AUGUST, 547 FEDERAL RESERVE BULLETIN 1925 FOREIGN TRADE for any month since October, 1920, and in the New York district the total indebtedness Excess imports of merchandise over exports involved in failures was lower than for any were shown for the first time since July, month since May, 1920. Comparative data, by districts for the month of June, are presented 1924, in the figures for June, and amounted to $2,017,000. Imports of merchandise were in the following table: $325,167,000, slightly less than for May, and FAILURES DURING JUNE comparing with $274,000,000 for June, 1924. Exports were $323,150,000, a decline of Liabilities Number $48,253,000 compared with May, and the Federal reserve district 1925 1924 1925 1924 lowest figure shown since July, 1924. For the six-month period ended June, Boston 154 $3, 343,294 $2, 724,380 200 New York 334 4, 560, 093 10, 967, 752 1925, imports of merchandise amounted to 320 Philadelphia. 81 2, 373,659 1, 323,953 70 Cleveland 149 5, 512,039 3, 685, 790 $2,064,000,000, an increase of $214,000,000 149 Richmond 126 2,196, 548 116 2, 701,150 103 2,099,949 Atlanta 73 1, 805,051 over the first six months of 1924, while ex194 7,112, 848 229 Chicago... 5, 387,561 ports of merchandise increased $274,000,000 81 St. Louis 883,277 975,155 Minneapolis.. Net exports in70 3,342,444 1,432,514 and totaled $2,364,000,000. Kansas City.. 113 1,342,887 1,013,266 109 creased by $60,000,000. Total visible imports Dallas 44 50 536,229 765,071 260 152 3,398,229 1, 317,388 increased by $26,000,000, while total visible San Francisco. Total.... 1,745 1,607 36,701,496 34, 099,031 exports increased $460,000,000, so that the total visible export balance was $468,000,000, During June 32 banks, with capital and sur- an increase over the 1924 period of $434,000,000. plus of $1,767,000, were reported to the Federal reserve banks as having been declared MERCHANDISE TRADE BALANCE OF THE UNITED STATES insolvent or closed, as compared with 56 banks reported for May and 44 panks for June last [In thousands of dollars] year. Of the total, 26, with capital and surExcess of Excess of plus of $1,282,000, were nonmember banks, as Imports Exports Month imports exports against 44 in May, and 6, with capital and surplus of $485,000, were member banks, as against 1924 12 in May. Comparing May and June, the January 295,506 395,172 33,452 332,323 365,775 largest decreases were in the Richmond and February March 19,273 320,482 339,755 22,645 Dallas districts. In the Minneapolis district April 324,291 346,936 32, 111 May 302, 988 335,099 two nonmember banks which had previously June 32,988 274,001 306,989 1,945 278, 594 276,649 been closed were reported to have resumed July August 76,117 254, 542 330,659 140,316 operations during the month. The figures September... 287,144 427,460 216,420 October 310,752 527,172 for closed banks represent, so far as could be November... 197,425 296,148 493, 573 112, 556 333,192 445,748 determined, banks which have been declared December Year__. insolvent or have been closed by order of 981,024 3,609,963 4,590,987 1925 supervisory authorities, and it is not known 100,278 446,443 346,165 how many of the latter institutions may ulti- January 37, 219 370,676 333,457 February 68,274 453,653 385,379 March mately prove to be solvent. 52,137 BANKS CLOSED DURING JUNE, All banks Number All districtsRichmond Atlanta Chicago . _ St Louis Minneapolis _ Kansas City. Dallas San Francisco 1 Nonmember Capital Num- Capital Num- Capital and and and surplus ber surplus ber surplus 32 $1,767,000 2 2 6 5 10 2 3 2 Member April May June 1925 131,000 29,000 282,000 477,000 544,000 77,000 166,000 61,000 6 $485,000 1 35,000 3 1 355,000 60,000 1 35,000 2 2 5 5 7 1 3 1 131,000 29,000 247,000 477,000 189,000 17,000 166,000 26,000 398,218 371,403 323,150 43,884 2,017 BALANCE OF THE UNITED STATES FOR S I X MONTHS ENDED J U N E , 1924 AND 1925 [In thousands of dollars] Merchandise 26 $1,282,000 i Includes 1 State member bank, with capital and surplus of $35,000, in the Chicago district and 1 State member, with capital and surplus of $27,500, in the Minneapolis district. TRADE 346,081 327, 519 325,167 1924 1,849,591 Imports 2,089,726 Exports _ _. Net imports (—) or exports ( + ) +240,135 1925 Gold 226,242 3,855 -222,387 Imports _ 2,063,768 40,667 Exports 2,363,543 190,936 Net imports (—) or exports (+) +299,775 +150,269 Silver Total 34,519 51,577 2,110,352 2,145,158 +17,058 +34,806 32,180 50,510 2,136,615 2,604,989 +18,330 +468,374 FEDERAL RESERVE B U L L E T I N 548 GOLD MOVEMENTS UNITED STATES Total imports of gold during June amounted to"$4,426,000, which is $6,967,000 less than in May and $20,755,000 less than in June of last year. $2,841,000, or about 64 per cent, came from Canada and $485,000 from Mexico, while $683,000, or about 15 per cent, came in small amounts from various countries of Central and South America. Exports of gold during June were $6,712,000, about one-half as large as in May and by far the smallest amount shown since last December when the outward movement of gold began, but $6,444,000 larger than in June, 1924. Of the June total, $3,640,000, or 54 per cent, was exported to Hongkong. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES [In thousands of dollars] Six months ended June— 1925 May June 1925 1924 IMPORTS FROM— 4 5,043 2,750 246 4,818 560 2 10,085 15,956 2,972 1,096 75 1,060 120 6,154 110,492 9,749 4,819 34,499 26,453 2,856 8,463 2,745 26,166 4,426 Total 1,736 483 2,841 485 England France Germany Netherlands Canada Mexico Argentina China All other 11,393 40, C67 226,242 207 6,450 82 1,147 2,123 624 100 2,000 EXPORTS TO— England France Germany Netherlands Canada Mexico Argentina Colombia Uruguay Venezuela British India Hongkong._ Australia All other Total Net imports _ Net exports . _ 1 1 104 3,640 650 429 1 1,532 1,013 6,160 1,339 66,917 4,318 2,486 3,427 5,460 2,000 802 2,060 56,303 6,637 26,925 6,102 6,712 13,390 190,936 2,286 1,997 150,269 776 1,694 1,102 102 181 3,855 222,387 For the six-months period ended June, 1925, total gold imports were $40,667,000, or about one-fifth as large as for the corresponding period of 1924 when they amounted to $226,242,000. A U G U S T , 1925 Total exports were $190,936,000 compared with $3,855,000 for the 1924 period, an increase of $187,081,000. Net exports for the 1925 period were $150,269,000, as against net imports for the 1924 period of $222,387,000. Silver imports during June were $4,917,000, of which $3,423,000 came from Mexico. Silver exports were $8,517,000, of which $5,063,000 were sent to British India and $2,676,000 to China. GREAT BRITAIN Total gold imports increased during May and were £2,650,000, compared with £1,031,000 in April, and £3,367,000 in May, 1924. Imports of £2,149,000, or more than four-fifths of the total for the month, were shown from Russia, and were the first reported shipments of gold from that country into Great Britain since an isolated shipment of £559,500 in January, 1921. Imports from the Transvaal declined from £715,000 to £129,000. Total gold exports during May were £2,634,000, compared with £1,992,000 during April, or an increase of £642,000, and compared with £6,279,000 during May, 1924. The greatest increases were shown in exports to the United States, which rose from no exports during April to £356,000 during May; in exports to British India, which rose by £339,000; and to Switzerland, which rose by £300,000. Other countries showed moderate increases. Net imports during May were £16,000, compared with net exports of £961,000 during April, and with net exports of £2,912,000 during May, 1924. For the five months ended May, 1925, total gold imports were £12,223,000, compared with £18,330.000 during the similar period of last year, the decline amounting to about 33 per cent. Imports from the Transvaal declined by £12,000,000, which was partly offset by an increase of £4,000,000 from the United States and by the import during May of £2,000,000 from Russia. Total exports for the five-month period of 1925 were £16,263,000, a decline of 47 per cent from the earlier figure. Exports to the United States declined by £21,000,000 and to Egypt by £1,000,000; while exports to British India rose by £3,500,000 and to Switzerland by £ 1,000,000. Net exports were £4,040,000, compared with £12,366,000 during the five months of 1924. GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN Five months ended May— 1925 May April 1925 1924 IMPORTS FROM— France Netherlands— Rhodesia , Russia Transvaal United States . West Africa___. All other £217,101 2,148,854 129,208 6,360 141,451 7,250 Total 2,650, 224 £58,497 67,864 928,705 2,148,854 4,188,170 4,265,155 520,980 44,640 16,535,560 14,594 623,110 95,551 1,030,593 I 12,222,865 18,330,019 £28,417 7,450 157,771 715,178 12,726 106,398 2,653 £600 76,975 EXPORTS TO— Belgium _ British India Egypt France Netherlands Russia _ Straits Settlements Switzerland _ United States West Africa All other. 11,862 1,025,565 64,812 2,630 77,999 7,586 14,018 654,305 355,858 4,317 687,026 59,711 4,345 48,845 24,507 11,065 354,772 419,758 Total.. Net imports.. Net exports.. 2,634,393 50,311 5,206,239 1,330,975 205,875 940,211 4,915 792,110 113,524 8,672,596 301,879 65,601 595,354 374,204 59,309 1,049,900 956,358 43,642 4,030,324 168,322 132,384 22,023,581 12,339 625,695 1,991,613 16,262,691 30,695,932 961,020 ; 4,039,826 12,365,913 15,831 FOREIGN EXCHANGE Sterling exchange during July remained at practically the same level as in June, about $4.86, with fluctuations narrower than during June and considerably narrower than during May. The French franc, after having declined on June 30 to 4.51 cents per franc, which was the lowest point touched since March, 1924, advanced to 4.73 cents on July 21 and averaged 4.70 for the month. Belgian francs on July 1 were quoted at 4.43 cents per franc, the lowest point touched since June, 1924, advanced to 4.70 on July 6, and thereafter maintained a level of about 4.62. Italian lire on July 1 stood at 3.35 cents per lira, the lowest quotation since December, 1920, rallied to 3.80 on the 11th, and then stood at about 3.67 until the end of the month. The Netherlands florin fluctuated between 40.04 and 40.18 cents per 549 FEDERAL RESERVE BULLETIN AUGUST., 1925 florin during July, compared with 40.05 and 40.18 during June. Danish kroner showed steady advances during the past two months, rising from 18.73 cents per krone on June 2 to 23.77 cents on July 28. Norwegian kroner rose from 16.74 cents per krone on June 2 to 18.43 cents on July 2, declined to 17.49 cents on the 11th, and rallied to 18.79 on the 28th. Swedish kronor stood above parity since June 29, reaching a high of 26.91 cents per krona on July 18. Swiss francs have been above par since April 6, and for the past two months have averaged between 19.40 and 19.41 cents per franc. The Canadian dollar also has stood somewhat above par since June 25. Argentine pesos advanced from 90.73 cents per peso on June 10 to 91.89 cents on July 13, and averaged 91.75 for July, as compared with 91.33 for June. Brazilian milreis and Chilean pesos averaged somewhat higher during July than during June. Uruguayan pesos advanced from 96.39 cents per peso on June 10 to 100.04 cents on July 28. The Shanghai tael declined from 77.71 cents per tael on June 27 to 76.18 cents on July 21, but averaged 76.54 cents during July, as compared with 76.09 cents during June. Indian rupees have stood at about 36.60 cents per rupee since June 25. Japanese yen advanced from 40.30 cents per yen on June 11 to 41.36 cents on July 13, and averaged 41.07 cents during July, compared with 40.83 cents during June. FOREIGN EXCHANGE RATES [In cents] July, 19251 Exchange Par value Sterling.... 486. 65 French franc 19.30 German reichsmark 23.82 Italian lira 19.30 Netherlands florin.. 40.20 Swedish krona 26.80 Swiss franc 19.30 Canadian dollar 100.00 Argentine peso 96.48 Shanghai tael. 66.85 Low High June, 1925 Low June, 1924, averHigh Aver- age age 485.44 486.12 485. 74 486.21 486.04 431.99 5.25 5.02 4.77 4.51 4.75 4.46 23.80 23.80 23.80 23.80 23.80 4.04 3.83 ~4.~33 3.35 3.80 3.51 40.04 40.18 40.05 40.18 40.14 37.44 26.80 26.91 26.75 26.80 26.76 26.54 19.40 19.42 19.35 19.42 19.40 17.66 100. 00 100.11 99.99 100.01 100.00 98.44 91.64 91.89 90.73 92.17 91.33 73.89 76.18 76.92 74.84 77.71 76.09 71.37 i Not includingfiguresfor the 31st. 550 FEDERAL. RESERVE BULLETIN AUGUST, 1925 REPORT OF THE AGENT GENERAL FOR provided for therein, (c) had definitely constiREPARATION PAYMENTS tuted the new bank and the new German Under date of May 30, 1925, the agent general for reparation payments submitted to the Reparation Commission a report covering the period since September 1, 1924, the date on which actual operations began under the Dawes plan.1 In view of the importance of this report a fairly extended summary is here presented. The two months between the adoption of the plan and October 31, 1924, when the permanent agent general for reparation payments assumed office, are referred to as the transition period. While the report, therefore, reviews the 2 first eight months of the first annuity year, it covers the first six months of effective operation of the reparation program. The report is prefaced with the observation that: "Enough time has now elapsed to warrant a review of the results thus far attained, not only in respect to the payment of reparations, but also in the direction of balancing the German budget and stabilizing the German currency. It is too early to draw conclusions regarding the ultimate effects of the plan. Broadly, it is an endeavor to stimulate confidence among peoples and to apply principles of reason and justice to a difficult, vital problem. The success of the plan will be measured not alone in terms of payments effected. It will be determined also by the extent to which it helps to replace distrust and discord with confidence and conciliation. Its early operation has fulfilled expectations, and this report is written in the belief that information regarding what has been done will" assist, both in the creditor countries and in Germany, toward confirming those forces which are working for reconstruction." THE TRANSITION PERIOD The London agreement provided that the experts7 plan should be considered in operation when the Reparation Commission was in a position to make certain announcements: "These were first that Germany on her part (a) had voted and promulgated the necessary laws for the working of the plan, (b) had installed all executive and controlling bodies 1 The committee of experts presented its plan Apr. 9,1924. The Allied and German Governments adopted it by the agreement executed at London on Aug. 30, 1924. For full text of the plan see FEDERAL RESERVE BULLETIN for May, 1924, p. 351. 2 The annuity year, which is the time unit of the plan, runs from Sept. 1 to Aug. 31. railway company, and id) had deposited with the respective trustees certificates representing the railway bonds and the industrial debentures. Secondly, it was necessary to find that contracts had been concluded assuring the subscription of an international loan for the effective equivalent of 800,000,000 gold marks. And finally the commission had to be able to announce that the allied governments on their part had taken the necessary steps in accordance with the London agreement to restore the fiscal and economic unity of Germany. * * * "On September 1, 1924, the Reparation Commission decided that the necessary laws had been voted and promulgated, and on the same day Mr. Owen D. Young, one of the American members of the first committee of experts, who had been appointed agent general for reparation payments ad interim, assumed his duties. "The agent general ad interim opened an account with the Reichsbank and received into it on September 1, 1924, the initial payment made by the German Government in the paper mark equivalent of 20,000,000 gold marks. Under the terms of the London agreement the German Government was obliged to make payments to the agent general every 10 days until the plan was declared operative, in such amounts as would, with the receipts of France and Belgium in the occupied territory, the payments under the reparation recovery acts, and the paper marks advanced to the armies of occupation, aggregate each month one-twelfth of the first year's annuity. These payments the Government continued to make regularly in the required amounts during the balance of the transition period and until the proceeds of the loan had become available, giving its guaranty, in common with the Reichsbank, that the paper marks thus paid during the transition period would be maintained at their gold value until used. These payments * * * were subsequently reimbursed to the German Government from the proceeds of the loan. "The agent general ad interim on his part, in order that reparation payments and deliveries might not be interrupted, undertook to provide out of the amounts thus received from Germany or for its account the current financing of deliveries in kind and the working expenses of German mines and cokeries then under allied management." AUGUST, 1925 FEDERAL RESERVE BULLETIN" The agent general ad interim immediately organized a small tentative staff, recruited principally from the available members of the experts' organization and from the personnel of the Reparation Commission. " Simultaneously steps were taken to complete the administrative organization contemplated by the experts' plan, and to place it on a permanent basis. This called for the appointment of the following officers: (1) The agent general for reparation payments; (2) a commissioner of the Reichsbank; (3) a commissioner for the German railways; (4) a commissioner of controlled revenues; (5) a trustee for the German railway bonds; (6) a trustee for the German industrial debentures. " In addition, the plan provided for a transfer committee under the chairmanship of the agent general. This committee was charged with supervision over the use and withdrawal of the moneys received from Germany, and with the control of transfers and the regulation of the execution of the programs for deliveries in kind in such a manner as to prevent difficulties arising with respect to the foreign exchange. Provision was also made for the appointment of foreign members on the general council of the Reichsbank and the general boards of the German Railway Company and the Bank for German Industrial Debentures. "All these officials were duly appointed during September and October, 1924, and entered upon their duties. The three commissioners and the two trustees, under the chairmanship of the agent general for reparation payments, were constituted under the plan as a general coordinating board, and held their first meeting for purposes of organization in Paris on September 19, 1924. The transfer committee held its first meeting in Berlin on October 31, 1924, on the same day with the first meeting of the general council of the Reichsbank. "The reconstitution of the Reichsbank, under the new bank law, had in the meantime become effective on October 11, 1924. "The new German Railway Co. had also become legally constituted, in accordance with the law of August 30, 1924. The actual transfer of operations from the German Government to the company took place on October 11, though it was not until November 16, 1924, when the lines operated by the Franco-Belgian Regie were handed over, that the company obtained unified control of the entire German railway system. On October 1, 1924, the railway company executed its first mortgage bond 551 for 11 milliards of gold marks, as contemplated by the plan, and on October 10, 1924, delivered it to the trustee for the German railway bonds. " The organization of the charge on German industry had also been carried through its initial stages. On October 2, 1924, the trustee for the German industrial debentures received the collective industrial bond in the amount of 5,000 millions of gold marks, evidencing the industrial charge. The Bank for German Industrial Debentures had also been organized on September 30, 1924, and its board of directors held its first meeting in Berlin on October 31, 1924. " While these matters were being perfected, the negotiations for the international loan had been actively proceeding and had finally been concluded in London on October 10, 1924. "On October 13, 1924, the Reparation Commission was able to take its decision announcing that Germany on its part had fulfilled the conditions prerequisite to the inception of the plan. Shortly thereafter, on October 28, 1924, it took its further decision to the effect that the allied governments on their part had completed the restoration of the fiscal and economic unity of Germany within the meaning of the London agreement. From this date the experts ; plan may be considered as being in full force and effect. " The transition period thus came to an end, and on October 31, 1924, the permanent agent general1 for reparation payments assumed office." * * * THE GERMAN EXTERNAL LOAN, 1924 "The most important single development of the transition period was the issue of the German external loan, 1924. The experts had stated in their report that an integral part of their plan was the issue by Germany of a foreign loan, in an amount to yield the effective equivalent of 800,000,000 gold marks. '' The loan was to serve the twofold purpose, 'of assuring currency stability and financing essential deliveries in kind during the preliminary period of economic rehabilitation/ i The principal officers of the permanent organization for the execution of the plan are as follows: The agent general for reparation payments: S. Parker Gilbert, American; the commissioner of the Reichsbank: G. W. J. Bruins, Dutch; the commissioner for the German railways: Gaston Leverve, French; the commissioner of controlled revenues: Sir Andrew McFadyean, British; the trustee for the German railway bonds: Leon Delacroix, Belgian; the trustee for the German industrial debentures: Bernardino Nogara, Italian. The transfer committee consists of the agent general for reparation payments, as chairman ex officio, and the following: Joseph E. Sterrett, American; Jean Parmentier, French; Henry Bell, British; Pasquale Jannaccone, Italian; Albert E. Janssen, Belgian. Sir Charles Addis acted temporarily as the British member pending the qualification of Mr. Bell. 552 FEDERAL RESERVE BULLETIN It was intended in this way to avoid a complete suspension of payments by Germany to her creditors during the period of stabilization. The plan accordingly provided that the loan was to be regarded as an anticipation of the annuities payable by Germany and that the service of the loan was to be a charge on the annuities. * * * "Negotiations for the loan proceeded accordingly and resulted on October 10, 1924, in the execution of an agreement for the issue of the loan in various tranches not later than November 10, 1924, in eight countries other than Germany. In addition, it was understood that there would be issued in Germany a further tranche in an amount sufficient, when added to the others, to yield the effective equivalent of 800,000,000 gold marks, plus the expenses of issue, negotiation, and delivery. The German Government on the same date executed a general bond securing equally the bonds of all tranches of the loan. On October 13, 1924, the Reparation Commission took appropriate decisions constituting the service oi the loan a first charge on all payments provided for under the plan to or for the account of the agent general for reparation payments, a first charge by way of collateral security on the controlled revenues, and a first charge on any other assets or revenues of Germany to which the powers of the commission extend under the treaty of Versailles. The German Government in addition recognized the service of the loan as a direct and unconditional obligation of the Reich, chargeable on all its assets and revenues. "AH tranches of the loan, other than the German tranche, were thereupon offered for subscription, and all were fully subscribed. In the meantime, the transfer committee, at its first meeting on October 31, 1924, took appropriate action for ensuring the service of the loan, recognizing its priority and giving it an absolute right of remittance irrespective of the effect upon the exchange. * * * "Subsequently, the German tranche of the loan was issued and fully subscribed in Germany, through the Reichsbank. '' The following statement shows the amounts of the serval tranches of the loan, and the net proceeds realized, both in foreign currencies and in gold marks: AUGUST, 1925 Net proceeds i Nominal amount Foreign currency American $110,000,000 British £12,000,000 Belgian £1,500,000 Dutch £2,500,000 French £3,000,000 Lire 100,000,000 Italian S.krs.25,200,000 Swedish £2,360,000 Swiss (sterling). Swiss (Swiss francs) S. frs. 15,000,000 _ £360,000 10. German Less expenses of issue, negotiation and deli very since receipt of proceeds Total.. Gold marks $95,625,000 400,628,338.50 £10,255,386/13/11192,943,009. 66 £1, 295,625 24, 375,656. 83 £2,160, 231/4/8 40,642,203. 74 £2,560,808/3/9 48,178, 586.86 Lire 86,300,000 15,696,751.68 S.krs. 21,751,060 24,250,106. 64 £2,065,000 38,850,540.37 . frs. 11,855,468.70 9,521,735.95 £315,000J 5,926, 353. 62 I J8G1, 013,283.85 | _j 19,628.10 .800,993,655.75 i The figures are subject to final adjustment, depending upon the expenses of issue, negotiation, and delivery. "In accordance with the terms of the loan, its proceeds in the respective foreign currencies realized were all credited to the Reichsbank in an account in the name of the Reich and under the control of the agent general for reparation payments. These foreign currencies were subsequently released to the Reichsbank, as contemplated by the plan, the equivalent in reichsmarks being deposited with the Reichsbank to the credit of an account in the name of the Reich and under the control of the agent general. By agreement with the German Grovernment, the agent general has the sole drawing power over this account. It was agreed further that the German Government would receive credit on account of the annuity for the withdrawals from the loan account made by the agent general from time to time, at the gold mark equivalent of the reichsmarks withdrawn. * * * "The bonds mature October 15, 1949, unless previously redeemed, and carry interest at the rate of 7 per cent per annum, payable semiannually on April 15 and October 15 in each year, with provision for a cumulative sinking fund sufficient to redeem all of the bonds by maturity." * * * THE PAYMENT OF REPARATIONS The agent general's first eight months of plan have aggregated marks. As a result of payments during the operations under the over 620,000,000 gold the allied finance min- AUGUST, 1925 isters' agreement of January 14, 1925, the existing basis of the distribution of the annuity may be summarized as follows: lt Preferred claims (estimated as amounting to approximately 28 per cent of the first year's annuity).—(a) The service of the German external loan, 1924; (b) the expenses of administration of the Reparation Commission, the organizations created under the plan, the interallied Rhineland high commission, and the military commission of control; (c) army costs in arrears; and (d) current army costs. " Nonpreferred claims (estimated as amounting to approximately 72 per cent of the first year's annuity).—The Spa percentages are maintained in the distribution of the sum available for nonpreferred claims after applying 5 per cent of this sum in reimbursement of claims on account of the Belgian war debt, 1 per cent thereof in satisfaction of claims for restitution, and 2% per cent of the balance thereof to the claims of the United States of America." The residuum is divided as follows: Per cent. France British Empire Italy Belgium Serb-Croat-Slovene State Rumania Japan Portugal Greece 52. 00 22. 00 10. 00 8. 00 5. 00 1. 10 0. 75 0. 75 0. 40 100. 00 The payments for the first year thus far made, witn the exception of payments for the service of the German external loan, have been made almost entirely within Germany. The largest item, amounting to over 277,000,000 gold marks, has been for deliveries in kind, chiefly to France, Italy, and Belgium. The next largest item, 149,000,000 gold marks, has represented costs of the armies of occupation. Payments to Great Britain have been almost wholly through the operations of the British reparation recovery act, which has yielded 120,400,000 gold marks of the total 148,700,000 gold marks received by that country. In the same period France has received a total of 267,700,000, Italy 44,600,000, and Belgium 65,900,000 gold marks. Arranged according to the several objects of expenditure, the payments made during the period are tabulated as follows: 553 FEDERAL RESERVE BULLETIN Gold marks. Deliveries in kind Restoration of library of Lou vain Reparation recovery acts Occupation costs Service of German external loan, 1924 Administrative and control costs Total , 277, 807, 234. 65 696, 424. 77 132, 530, 060. 28 149, 184, 882. 95 41, 576, 661. 60 18, 894, 155. 17 620,689,419. 42 Of the last item, the cost of maintaining the office for reparation payments amounted to 2,036,765.84 gold marks. Payments are made by a system of monthly programs, this method offering the advantage of having an even flow of deliveries and payments. The transfer committee.—The transfer of German reparation payments under the plan is in charge of the transfer committee. " During the early months of the operation of the plan the transfer committee has had relatively little to do with transfers, in the sense of purchases of foreign currencies. It has been actively concerned, however, with the arrangements for deliveries in kind and for payments under the reparation recovery acts. At the same time it has been engaged in preparing the groundwork for the discharge of its duties in the future. To this end, it has organized a capable economic service. " (a) Transfers into foreign currencies.—It is the contemplation of the plan that during the first two annuity years the great bulk of the payments out of the annuity should be made within Germany—particularly during the first year, when the funds available for distribution represent principally the proceeds of the German external loan, 1924. This, of course, has had to be subject to one outstanding exception, that is to say, for the service of the loan itself. At its first meeting the transfer committee recognized the priority given to the service of the loan, and undertook to authorize the acquisition of the foreign currencies necessary for the purpose without regard to the effect on the foreign exchange market. The purchases of foreign exchange needed for this purpose have been accomplished each month without difficulty througn the Reichsbank. The foreign currencies required in any year for the service of the loan should not, on the basis of existing exchange rates, amount to more than the equivalent of about 93,000,000 gold marks. 554 FEDERAL RESERVE BULLETIN " Certain expenses of administration have also had to be paid in foreign currencies, but only in limited amounts. Aside from these exceptions it has been the consistent policy of the agent general and the transfer committee to require that payments should be made in reichsmarks and within Germany. * * * In pursuance of this policy, the transfer committee at one of its early meetings decided to refuse authority for the payment of transportation costs outside of Germany which were payable in foreign currencies, on the ground that this was not in accordance with the intent of the plan. Some exceptions to this decision have been made following the receipt of the first payment of 100,000,000 gold marks by the German Railway Co., but these relate chiefly to the transport of coal on the Lower Rhine and have not affected the general policy. "(jb) Deliveries in kind.—The transfer committee has been largely concerned up to this time with the arrangements for deliveries in kind. Its functions in this respect are two-fold, first, to be consulted by the Reparation Commission in the formulation of programs of deliveries in kind, particularly as to the character and amount of such deliveries, and second, after the programs have been approved by the commission, to regulate their execution in such a manner as to prevent difficulties arising with the foreign exchange. "The transfer committee has functioned on this basis in dealing with the programs for deliveries in kind over the first eight months. At the same time it has had to consider the procedure to be applied to future deliveries. In accordance with the provisions of the London agreement a special committee of allied and German representatives, with a neutral chairman, was appointed to organize the procedure for deliveries in kind, on a basis that would conform as closely as possible to commercial usage. This committee succeeded in reaching an agreement, and under date of March 9, 1925, presented a unanimous report to the Reparation Commission covering the whole field of deliveries. The regulations establish a procedure, with detailed provisions, governing contracts between allied buyers and German producers on reparation account, and both allied and German representatives appear to agree that the result will be a practical and effective system of deliveries. According to their terms the regulations are liable to be revised every two years, the first revision to take place in April, 1927. This will give an AUGUST, 1925 opportunity to make such modifications from time to time as may prove to be necessary in the light of practical experience. "The transfer committee, on its part, was particularly concerned with the provisions for handling payments under the contracts. To this end it made various suggestions looking toward the simplification of the regulations, believing that it was desirable to encourage, the greatest freedom of contract between the parties and to facilitate as much as possible the arrangements for deliveries in kind. "The regulations proposed by the special committee were approved by the Reparation Commission with some amendments, so .as to be effective on May 1, 1925, and are now in force. "(c) The reparation recovery acts.—The experts provided in their report that wherever they referred to payments for deliveries in kind they 1 intended to include therein payments in Germany arising through the operation of the reparation recovery acts.' One of the first problems of the transfer committee, therefore, was to bring the administration of the reparation recovery acts into harmony with the rest of the plan and to put the payments under the recovery acts under the same effective control that it was exercising over deliveries in kind/ 7 The reparation recovery acts in Great Britain and in France provide for levies of 26 per cent on imports from Germany. The levies originally depended for their effective operation on reimbursement to the German exporter, in Germany, in the equivalent of the amount withdrawn in England or France, for otherwise the rate tended to become prohibitive and to shut off trade completely. "The existing methods of collection meant, in effect, that the Governments imposing the levy confronted the transfer committee with an accomplished fact, or, in other words, that by direct action of their own, and without consultation with the committee, these Governments were taking the tax each month out of German exports, leaving the agent general with a resulting obligation to reimburse the German exporter out of the annuity with the equivalent sum in reichsmarks. This tended to make extremely difficult the control of the transfer committee over this particular portion of the reparation payments. It also created difficulties with the distribution of the annuity among the powers, for there was no inherent relation between the recovery act levy and the shares to which the respective Governments were entitled. The British recovery act, for AUGUST, 1925 FEDERAL RESERVE BULLETIN 555 example, was yielding somewhat more each recovery act payments to Great Britain. month than the proper monthly share of the On March 25, 1925, negotiations were concluded upon this basis and a draft protocol British Government in the annuity. "The question of the recovery acts accord- providing for amending the method of adingly engaged the attention of the transfer ministering the British reparation recovery committee at its first meeting, on October 31, act was duly initialled by representatives of 1924. It was clear that the committee's juris- the British and German Governments. The diction could best be enforced through its con- transfer committee passed resolutions on the trol over the reimbursements to the German same day giving effect to its provisions, and exporter. The agent general for reparation on April 1 the Reparation Commission also payments, on November 14, 1924, took the took the necessary action. The protocol first step to make this practically effective by was finally signed by the authorized represending a formal notification to the finance sentatives of the two Governments on April 3, minister of the Reich that on and after Decem- and on April 7 the British Parliament, on ber 1, 1924, he would repay the German Gov- the recommendation of the Chancellor of the ernment for the reimbursements which it made Exchequer, passed a bill suspending as from to German exporters under the recovery acts midnight on April 9 the collection in Great only if and to the extent that the transfer com- Britain of the 26 per cent levy. mittee authorized him to do so. For the time "As from May 1, 1925, the new method of being the transfer committee gave this authori- administering the act has been in effect. zation, and on this basis the agent general pro- Instead of 800 German exporting firms, as ceeded to reimburse to the German Govern- provided in the agreement, 1,200 firms, repment what it had paid out to the exporters. resenting about 90 per cent of the German "At the same time, however, negotiations export trade with England, have already given wore begun in an effort to find a more satis- undertakings to deliver to the Reichsbank each factory method of handling the matter, and month 30 per cent of the sterling proceeds particularly one that would give the transfer accruing to each one of them from exports to committee more effective control over the Great Britain. Out of the sterling so surpayments. It was also desired, if possible, rendered, the Reichsbank at agreed intervals to find a msthod of collection that would be each month makes deposits at the Bank of less burdensome to trade. The system in England for credit to the account of the agent force meant that every invoice covering a general for reparation payments, representing shipment from Germany had to be handled the sterling equivalent of the reichsmark in two sections, 74 per cent being paid to the credit held by the agent general for the British German exporter in the regular way and 26 Government and available for payments to it per cent being paid to the British or French under the recovery act in accordance with the Government, as the case might be, against a program established by the Reparation Comvoucher or receipt which the German exporter mission after consultation with the transfer used in collecting his reimbursement in Ger- committee. The agent general, in turn, * * * many. The result was great inconvenience reimburses the German exporters, through the to both exporters and importers, and a heavy Reichsbank, with the equivalent in reichsburden to trade. This was particularly true marks of the sterling thus deposited, and, as between Great Britain and Germany, where subject to the approval of the transfer comthe volume of trade was much larger than mittee, pays over the sterling to the British between France and Germany/' Government. The first negotiations, therefore, related to " I t is expected that the aggregate surthe British reparation recovery act, and were renders of sterling by the exporters will be actively begun in December, 1924, between sufficient to cover the requirements of the the British and the German Governments and recovery act, but the agreement also provides the agent general. A plan was proposed by which the German for the creation and maintenance of a reserve exporters, by their own voluntary action, fund in the sterling equivalent of 10,000,000 would deliver enough sterling each month reichsmarks with the Devisenbeschaffungsto cover the amount which Great Britain was stelle * for use in the event that the sterling entitled to receive on account of the recovery surrendered should ever be inadequate. act, and the sterling bills thus delivered i The Devisenbeschaffungsstelle is an office of the German Governwould be used as the medium for making the ment which is charged with the purchase of foreign exchange. 556 FEDERAL RESERVE BULLETIN AUGUST, 1925 THE WORK OF THE COMMISSIONERS AND " Operations under the new system began TRUSTEES promptly on May 1, 1925, and the sterling necessary to cover its requirements through The work of the several commissioners and the month of May has already been surrendered 7 to the agent general and paid over to the Bank trustees provided for by the experts plan is of England according to the terms of the agree- mentioned only briefly in the report of the agent general, since each submitted at the same ment. "From the point of view of the transfer time an individual report. It is still too soon to draw conclusions, the committee the new method of administering the British recovery act is entirely satisfactory. report states, as to the earning power of the It assures to the committee the full control railway company, but the results thus far seem contemplated by the plan, first through the to be on the whole satisfactory. Despite somefact that it is consulted in the formulation of what unfavorable conditions, the receipts for the programs, and then through the power of the six months have nearly tallied with the the committee to suspend payments whenever estimates of the company, leaving a working necessary in its judgment to prevent difficulties surplus of 276,809,000 reichsmarks, of which arising with the foreign exchange. The new 142,469,000 has been devoted to extraordinary system also has the advantage of adjusting expenditure. This result has been attained itself automatically to the British Govern- notwithstanding substantial reductions in ment's share in the available funds in the freight rates and a considerable excess of expenditure over the estimates. annuity. * * * The report of the commissioner of con" Satisfactory arrangements have also been concluded with the French Government for trolled revenues shows "the steps which have bringing the administration of the French been taken to establish control over the assigned reparation recovery act into harmony with the revenues and the organization which has been plan and under the jurisdiction of the transfer required for the purpose. It is particularly committee. As a result the French Govern- interesting to note the actual collections of the ment, beginning with the month of May, 1925, controlled revenues thus far effected, and to see is depositing to the credit of the agent general's that the collections realized are materially in account with the Bank of France, the proceeds excess of the budget contribution provided for of collections under the reparation recovery act by the plan in a standard year." * * * "The report of the trustee for the German in force in France. The sums thus deposited railway bonds summarizes his work up to this will be paid over to the French treasury, subject to the approval of the transfer committee, time. The agent general and the transfer within the limits of the French share of the committee have been in frequent consultation available funds in the annuity. The transfer with the trustee on the question of the possible committee, on this basis, has authorized the sale of a portion of the railway bonds when the agent general to make continued reimburse- time becomes opportune. In this connection ment to German exporters in respect to the the following resolution was unanimously adopted by the transfer committee at its seventh French recovery act. meeting held in Paris on April 8-10, 1925: "(d) Establishment and maintenance of accounts "The committee appreciates the importance of the abroad.—Partly in consequence of the arrange- views entertained by the trustee for the German ments made in connection with the reparation railway bonds as to the desirability of putting these bonds on an them in so recovery acts, but also with a view to facilitat- far as possibleinvestment basis and sellingof the world on the investment markets ing the service of the German external loan, the in accordance with the contemplation of the experts' The committee is transfer committee has authorized the agent plan.practical matter the of the opinion, however, that as a prospects for the sale of the general to establish and maintain accounts in bonds will depend primarily upon their intrinsic merits, foreign currencies with various central banks and will be determined by the credit of the German Railway outside Germany. The agent general now has ings, and Company, its record of operations and earnthe general record which is established with accounts of this character in the Federal respect to the stability of Germany and the progress of These on Keserve Bank of New York, the Bank of Eng- the experts' plan.markets are questions of facttheirwhich the investment will have to form own land, and the Bank of France." judgment in due time." * * * FEDERAL, RESERVE BULLETIN AUGUST, 1925 " The report of the trustee for the German industrial debentures summarizes the progress made in the application and administration of the charge upon German industry. The amounts required for the service of the industrial debentures will be paid into the account of the agent general twice each year, the first installment of 62,500,000 gold marks falling due on April 1, 1926, and the second installment in the same amount on August 25, 1926. The installments increase until in a standard year they aggregate 300,000,000 gold marks, which includes interest at the rate of 5 per cent and provision for a redemption fund at the rate of 1 per cent. This means a total annual charge for both interest and redemption fund amounting under present conditions to 6 per cent of 15.73 per cent, or less than 1 per cent of the business capital (Betriebsvermogen) of each of the industrial and trading concerns upon which the industrial charge is imposed.77 FISCAL AND FINANCIAL CONDITIONS IN GERMANY The remainder of the report is devoted to a descriptive analysis of what has been accomplished in the direction of balancing the German budget and stabilizing the German currency. For the German fiscal year 1924-25, which closed on March 31, 1925, budget estimates of receipts amounted to 5,860,200,000 reichsmarks, of which 1,861,600,000 reichsmarks were allocated to the States and communes, leaving the estimated revenue available to the Reich of 3,998,600,000 reichsmarks. The estimated expenditures were tabulated as follows: Administrative expenses of the Reich: Reichsmarks Ordinary budget 3, 215, 500, 000 Extraordinary budget 316, 600, 000 Peace treaty charges to be borne by Germany, payable prior to and outside of the operation of the experts' plan 466, 500, 000 3, 998, 600, 000 "From the foregoing it appears that the budget estimates contemplated that there would have to be an internal loan of 348,000,000 reichsmarks in order to balance the budget. It is to be noted also that the estimates included no provision for expenditures resulting from the execution of the experts' plan, for the reason that under the plan there is no charge on the German budget during the first year, the entire annuity for this year being pro- 557 vided by the external loan of 800,000,000 gold marks and the payments of interest on the reparation bonds of the German Railway Co. The estimated expenditure on account of peace treaty charges represented expenditures outside the plan, accruing mainly before SepJ tember 1, 1924. rr* " The final figures show that the receipts of the Reich for the year 1924-25 have been far in excess of the estimates, and nothing in the nature of an internal loan has been required. The returns from taxation amounted in total to 7,311,700,000 reichsmarks, showing an excess of 2,068,000,000 reichsmarks over the estimates, or an increase of nearly 40 per cent." The final figures for the expenditures of the Reich during the financial year 1924-25 are not yet available, and the report states that it is difficult if not impossible to make definite analysis from the incomplete and tentative figures which can now be had. The report, however, shows that the allocations to States and communes, which had been estimated at 1,861,600,000 reichsmarks, actually amounted to 2,744,600,000 reichsmarks, while certain supplementary expenditures above budget estimates under other heads amounted to 1,403,400,000 reichmarks, although these were in part offset by economies in other directions. The report adds: "The greater part of the items covered by these supplementary estimates appears to be for the liquidation of obligations of one kind or another, or in the nature of advances to public or quasi public enterprises. After taking them all into account there would appear to be a net surplus of 386,600,000 reichsmarks for the year in addition to the unused credit of 345,000,000 from the Rentenbank loan( which the Finance Minister has treated as an item of revenue). "In his address to the taxation committee of the Reichstag, on May 6, 1925, the Finance Minister indicated demands for expenditure (although he did not give detailed figures), which he said would reduce the surplus to about 100,000,000 reichsmarks, after taking into account the Rentenbank loan." The budget for the financial year 1925-26 has not yet been voted, but the preliminary estimates show expected receipts of 6,973,100,000 reichsmarks, from which must be deducted 2,327,600,000 reichsmarks allocated to States and communes, and possibly the sum of 291,700,000 reichsmarks representing the proceeds of the sale of preference shares of the railway company, which may not be realized 558 FEDERAL RESERVE BULLETIN during the year. These deductions leave the total estimated receipts available to the Reich at 4,353,800,000 reichsmarks, against total estimated expenditures of 4,490,500,000 reichsmarks. The estimated deficit would therefore be 136,700,000 reichsmarks, which it is proposed to coyer by certain tax increases. Commenting on the public debt of the Reich, the report states: "According to the official statement published by the Government the public debt of the Reich during the financial year ended March 31, 1925, increased by about 410,000,000 reichsmarks, leaving the total public debt on that date at 2,815,600,000 reichsmarks. The increase was due to the issue of the German external loan, 1924, for the other debt diminished by about 530,000,000 reichsmarks during the year. * * * "The present actual value of the old papermark debt of the Reich, unless it should be increased by revalorization, amounts to less than 1,000 reichsmarks. The Government has recently made proposals for revaluing a portion of this old debt, and a bill is now pending in the Reichstag under which it would be revalorized under certain 1 conditions at about 4,000,000,000 reichsmarks. Untilfurther action has been taken, it is impossible to give definite figures as to the effect this will have on either the principal of the debt or the annual charge for its service. Whatever the resulting charge, it must be clear, of course, that it will be subordinate at all times to the charge for reparations. This in fact is expressly recognized by the bill which the Government has presented.77 The report also discusses the present position of the Reichsbank, and the commercial banks, and the condition of German foreign trade. STABILIZATION OF THE GERMAN CURRENCY AUGXJST, 1 9 2 5 rency on these two dates, as compared with April 30, 1925, was in round figures as follows: October April July 15, 1924 30, 1925 23, 1914 (millions (millions (millions of marks) of reichs- of reichsmarks) marks) Reichsbank notes Notes of the private banks of issue (Bavarian Note Bank, Wurttemberg Note Bank, Saxon Bank, Baden Bank) Notes of the Reichskassen . . Rentenbank notes German gold coins Other German coins Hamburg emergency currency (gold secured) Other emergency currency (largely of the railways) _ Total. ._ _ 1,891 1,397 2,452 1,790 1,480 305 431 150 100 2,750 850 153 45 3.4 5,741 3, 540. 4 4,516 The notes of the Reichsbank reported under date of October 15, 1924, while referred to in terms of reichsmarks, were in fact the old notes of the Reichsbank evaluated at the rate of 1,000,000,000,000 paper marks to one reichsmark. The new reichsmark notes actually began to appear about the middle of November. " I t appears that the circulation of the reconstituted Reichsbank is tending to reproduce the oscillations in the Reichsbank circulation before the war; but this is probably less an indication of the elasticity of the currency than that German business is adhering generally to its former dates of settlement. The total currency in circulation at the end of April, 1925, was still about 1,500 million reichsmarks below the average pre-war circulation. It is important, however, not to overlook a material change in the character of the circulation as compared with that before the war. In the pre-war years gold formed a substantial part of the German circulation, amounting to an estimated total well above 2 milliards of marks, and the Reichsbank circulation averaged but little more than one-third of the total circulation. At the present time, however, there is no gold in circulation and the circulation of Reichsbank notes, particularly with the gradual extinction of the Rentenbank currency, forms a much higher proportion of the circulation, representing at present somewhat more than one-half of the total." The report gives an account of the methods used for the reconstruction of German currency through the organization of the Rentenbank and later through the reorganization of the Reichsbank. On October 15, 1924, the first reporting date of the Reichsbank after its reconstitution, the total monetary circulation of Germany amounted to 3,540,400,000 reichsmarks. CONCLUSIONS This compared with a circulation of 5,741,000,000 marks of the old currency on July 23, The concluding paragraphs of the report 1914, the last reporting date before the outbreak of war. The composition of the cur- are in part as follows: "The plan has realized its two essential 1 On July 16 the revaluation act was signed, which fixes the debt in preliminary objects. The German budget for goid at 5 per cent of its face value, making the total 3,500,000,000 gold the financial year 1924-25 has shown^a safe marks. AUGUST, 1925 balance. In fact, it has yielded a surplus of receipts over expenditures, which has enabled the German Government to liquidate many outstanding liabilities and should provide a helpful cash reserve for the future. Germany has also succeeded in providing and maintaining a stable currency. Measured in terms of its exchange value in foreign markets, the reichsmark has remained firm as the equivalent of gold; measured in terms of internal purchasing power, it has varied in recent months only within limits practically identical with those of other stable currencies. * * * " The results achieved in these directions do not by themselves mark a final readjustment. They are rather the starting points from which readjustment must proceed. Current developments now as later must be estimated in terms of this process. In industry, for example, Germany is well equipped, and has resources for production on a large scale. But there is still a serious shortage of working capital, and it will take time to build up foreign markets. German industry, moreover, must now produce and sell under stable conditions, and it is finding that this presents rather different problems than doing business under conditions of inflation. In the field of credit and banking there remains the task of gradually restoring the fund of savings which is needed to finance domestic business and industry. The main reliance in the long run must be on the growth of domestic capital, and there are already encouraging signs of the return of habits of saving. From the point of view of the banks there is the problem of broadening the base of credit which was so greatly narrowed by inflation, and of determining how to adjust the present supply to the more essential demands. It will take real leadership and a general willingness to face facts as they are to work out these ! various problems to solution. "The experts' plan proposed in effect an international experiment in good will. It aimed to remove from the field of controversy a subject which after all is largely economic in character and to give a fair trial to methods of patient inquiry and quiet administration. In carrying it out the allied governments, the German Government, and all the agencies concerned in its execution have worked together loyally, and in the spirit of friendly accommodation which was the basis of the plan. Its further progress will mainly depend upon the continuance of that mutual faith and confidence which have made possible a satisfactory beginning." 559 FEDERAL RESERVE BULLETIN COMMODITY CLASSIFICATION OF ACCEPTANCES In order to obtain a more complete picture of the purposes for which bankers' acceptances purchased by the Federal reserve banks are drawn, the Federal Reserve Board has made a tabulation of the bills purchased in March and April of this year, classified by the underlying commodities. The commodities on which the bills are based are reported to the Federal Reserve Board by the Federal reserve banks for all purchased acceptances, with the exception of those bought under repurchase agreements. Of the total volume of bills purchased in March, the information by commodities is available for 61 per cent and for those purchased in April for 42 per cent. The following table gives the general classification of the acceptances pui> chased during the two months: ACCEPTANCES PURCHASED BY THE FEDERAL RESERVE BANKS * [In thousands of dollars] March Bankers' acceptances based on— Imports. '. Exports Domestic transactions.. Goods stored in or shipped between foreign countries __ __ Dollar exchange Trade acceptances based on imports and exports _ Unclassified Total April Total 53, 282 49, 215 39,855 34, 027 27, 459 19,432 87,309 76,674 59,287 13, 558 1,846 365 790 10, 360 887 413 579 23,918 2,733 - 158, 911 93,157 252,068 778 1,369 i Exclusive of bills bought under repurchase agreements. In the detailed table following, acceptances drawn to finance imports, exports, domestic transactions, goods stored in or shipped between foreign countries, and trade acceptances are listed separately. During both months import acceptances represented the largest amount and export acceptances the next largest. Together, the acceptances drawn to finance foreign trade represent about two-thirds of the acceptances purchased by the reserve banks. As is stated in the review of the month, acceptances based on domestic transactions are for the most part based on agricultural and other staples held in storage and awaiting shipment abroad or sale in the domestic market. The volume of dollar exchange bills and of trade acceptances purchased was small both in March and in April. 560 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES* March April Bankers' Acceptances Based on Imports .. J $48,809 17,484 72,760 6,686 25,199 28,316 $84,010 18,224 45,073 14,579 3,700 1,762 5,237 28,647 8,982 1,876 787,073 8,837 81,853 6,032 4,929 44,121 429,760 210,353 1,633 24,800 23,325 1,951 30,390 119,891 12,514 74 213 5,710 232,010 2,428 30,690 785 3,880 5,000 30,055 429,819 2,730 1,902 139,037 10,381 8,004 19,425 4,300 17,354 29,048 157,011 29,500 3,900 37,600 Wolf _ 7,612 Not stated 1,351,172 Ivory .. ... .! 24,800 Lard j 1,323 Leather— Dressed j Kid, glazed Tanned dogskins Not stated 131,858 Gloves Furs, not stated 1." "I"."".! 877,478 Miscellaneous animal productsFeathers— 11,429 Ostrich Duck Goose 52,880 Not stated. 4,869 Glue 73, 501 Casein Pearl shells 2,187 Beeswax. 1,029 „ 4,500 Dogskin mats. Tallow Bone grease... 46,590 Gelatine Wool grease j 11,611 r Sulphured or foot's oil j Vegetable food products, oil seeds, expressed I oils, and beverages: I GrainsCorn 40,248 Rice.. 48,467 Wheat 10,000 Not stated FlourWheat Not stated 17,813 Onions 109,133 Beans White kidney beans Chick peas^or garbanzo. 1 Exclusive of bills bought under repurchase agreements. April Bankers' Acceptances Based on Imports—Con. Animals and animal products, except wool and hair: CasingsHog Sheep Not stated Egg yolk Egg albumen Sardines Fish Crab, canned Crab meats Cod oil Hides— Buffalo Cattle _ Horse Mule Not stated SkinsKid Buck Calf. Deer Dog Fitch Fox Goat Goat and sheep Hare Lamb Lynx _ _ Lamb, Mongolian „ Leopard .._ | Marmot I Mink I Mole _ j Mouflon | Rabbit ___J Sheep Thibetines Squirrel Weasel... March 112,300 7,000 1,143,621 6,772 3,500 2,730 72,776 2,901 523,113 19,168 13,626 25,942 2,250 33,487 1,679 4,070 3,473 13,750 41,278 3,450 148,706 42,306 15,410 25,000 3,229 17,605 130,001 2,902 20,000 Vegetable food products, oil seeeds, expressed oils and beverages—Continued. Garlic Tapioca Tapioca flour FruitsCranberries..Cherries in brineCurrants PeelsOrange Not stated Figs Olives Raisins Lemons Limes NutsAlmonds Walnuts Peanuts Other edible nuts Apricot kernels._ Not stated OilseedsCastor Copra. Flax Poppy Rape Copra cake meal Vegetable tallow Vegetable o i l s Anise Bean.. Cassia.. Coconut Olive Linseed Linseed cake meal... Chinese sauce Cocoa beans Cocoa Cocoa, sugar, and coffee Cocoa and coffee Coconut products Coffee Caffein free coffee Tea SpicesAnise seed Celery seed Cinnamon Cloves $2,927 19,577 49,860 3,119 5,500 3,770 1,157 $3,571 2,792 1,713 2,130 1,778 19,577 14,630 22,179 6,000 20,400 15,260 110,088 112,26] 4,453 13,179 8,103 126,646 534, 769 56,277 3,449 | 17,028 ' 14,947 517,097 292,500 15,582 257,758 196,708 2,646 3,286 1,553 38,940 120,000 i 14,084 508, 819 44,905 4,189 8,432 30,786 316,591 260,912 3,118 9,208 1,800 119,066 183,817 _..,__ 55,281 28,203 6,978,524 75,000 1,300 5,148,979 10,300 20,000 141,583 3,000 II.III.I-I 685 2,500 1,736 7,500 4,564 Caraway seed 6,655 Cassia _ 684 Cassia, Saigon 2,772 1,366 Ginger 11,540 9,843 Nutmeg 937 Pepper, unground 16,502 126, 638 Pepper, ground 6,300 Not stated Sugar175,000 Cane 11,188,786 5,755,455 Not stated _ 34,000 Food products Other vegetable products, except fibers and wood: 1,247, 709 1,696,535 Rubber _ _ 4,660 Rubber and wax 1,448 Wax, rubber, ipecac Varnish g u m s 33,701 Copal 16,925 Damar ..., 1,250 Gum, balsam 7,842 71,275 Gum, not stated 9,227 23,147 Agaragar 13,277 Camphor 62,114 973 Stricklac... 4,555 1,503 Drugs , 32,741 55,131 Gall nuts _ 1,156 Herbs 1,714 Rhubarb 2,252 33,831 Sandal wood _ , AUGUST, 1925 561 FEDEBAL* RESERVE BULLETIN FEDERAL RESERVE BANKS—ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES—Continued March March April Bankers' Acceptances Based on Imports—Con, Textiles—Continued. Mats Matting Matting and rugs April Bankers' Acceptances Based on Imports—Con. Other vegetable products, except fibers and wood—Continued. OilsSesame Camphor Citronella Essential Lemon Wood Perilla Quebracho extract Valonia Seeds, except oilseedsClover— Red Not stated Canary Rose Hemp Not stated Tobacco Tobacco leaf Cigars Pyrethrum Senna leaves Marjoram Pitch Textiles: Cotton Cotton manufacturesWaste Cr6pe Yarn Shirts Thread waste Wipers Colored Hosiery Ajour braid Rags Laces, embroideries Laces Lace and silk Embroideries Core Dark cottons and linsey garments Goods Bags and bagging Blankets Jute waste Burlap Bagging and rags Upholstering material Hat braid Hemp— Rope Braid Manila rope Not stated Arg. Red cord Ramie noils Wool and mohair Gloves Rope Fabrics Linen Rope yarn Linen goods Kapoc Coir yarn Yarn waste Canvas padding Flues HatsFelt Rush Straw Hemp Straw and paper Not stated Poplin Straw hat bodies Straw— Cuffs ^. Braid _ Rugs and mats Matting, rugs and grass rugs Carpets | $25,381 33,006 12,422 $242 "6,~858 2,850 436,601 68,469 205,828 28,725 28,152 21,067 12,105 2,360 15,918 405,163 58,484 2,464 1,910 1,307 10,300 1,399,843 34,065 13,989 4,979 2,847 2,000 582,917 5,350 5,885 868,658 30,153 2,350 5,760 1,886 1,180 15,805 653 315,885 84,965 | 14,315 26,333 1,230 2,160 33,332 3,674 5, 720 I 3,060 2,020 1,984 712 5,300 29,084 1,150 71,289 13,059 25, 614 1,845 2,484 66,854 994 61, 295 11,001 1,684 10,579 372,550 1,985 5,000 25,000 3,036 46,058 4,229 101,647 1,095 10,086 359, 717 2,479 2,122 13,489 410 8,290 1,100 155,945 1,768 337 5,766 22,387 11,832 14,015 48, 613 99,964 2,748 5,153 614 14,510 8,482 59,227 1,584 61,346 7,070 148 32,637 4,674 10,132 Palm fiber.. Palm leaf fans ClothBroad Not stated Mohair.. Wool— Noils Rags Waste Not stated Carpet wool-Woolenware. Woolen carpets Wool knit stock Woolen rugs_ Chinese rugs Carpets Rugs Rugs and carpets. _ Rag rugs HairStumps Human Nets Horse Goat Camel-. Not stated SilkRaw Waste Goods.. Noils. _ Handkerchiefs . Flags Schappe.. Embroidery Pongee. _ Yarn Not stated Tussah waste Rice fiber Shawls Textiles.._ __._ Wood and paper: Lumber Pulp wood RattanCore Furniture Not stated Blackwood ware Shingles. _ Boxes Baskets Reeds Canes and walking sticks _ Tonkin canes BambooBaskets. Poles.Ware.. Not stated Rags Pulp PaperStock Newsprint Hats Lithographic Not stated Cardboards Wood pulp SulphitePulp Not stated Cigarette cases Cork shavings Furniture $10,049 4,404 ~2~66T $12,051 6,617 S,49S 776 1,027 2,635 14,910 17,872 50,000 9,793 6,694,505 2,454 68,132 4,198 3,397 7,500 391,329 10,146 5,642 42,902 5,512 11,740 2, 897,018 13,093 9,430 921 T,688 94,409 81,737 31,158 1,134 80,807 8,249 18,936 4,200 14,671 195, 205 60, 964 2,215,422 50,177 02,147 1,862 430 11, 766 87, 699 29,191 1,346 9, 433, 835 2,345, 559 6,165 2,073 2,139 1,931 11, 455 6,218 19,993 71,048 14,336 1,333 61,371 128 9SS 4,819 14,257 777 5,196 470 1,537 572 1,675 377 3,788 43S 12,980 128 6,218 3,760 116,359 64,277 9,416 3,870 309, 776 1,045 787 161,024 11,252 557,109 ~I~255~889 762 1,242 9,362 56,441 26,756 562 FEDEKAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES—Continued March March April Bankers' Acceptances Based on Imports—Con. Bankers' Acceptances Based on Imports—Con. Nonmetallic minerals: Coal. Crude oil . Sulphur oil Plaster _._ Cement -Barytes _ _ GlassIndestructible pearls Pearls ... Ware Lampshades -Plate Not stated Clay Porcelain Porcelain and antimony ware Asbestos, manufactures of Carbon. _ _ Mica Diamonds Magnesite. Chinaware _ Fluorspar Ores, metals, and manufactures, except machinery and vehicles: Iron ore _ Iron and steel products Pig iron Steel Steel scrap _ Steel bars Wire. Tin Brass Brass tubes Cutlery Antimony Antimony regulus Hardware Copper.. __ Copper ore Woolframore Zinc dust-_ ._ Iron oxide... Metals.._ Sockets Zinc ammonia chloride Machinery and vehicles: ElectricalFixtures _ Merchandise ._ Phonograph motors Metal valves Carriage covers ._ Machinery Gears Chemicals and allied products: Cantharides Chemicals _ _-Colors. _ MentholCrystals Not stated. _ Soda Arsenic. ._ Tartaric acid Soap Magnesium, not stated Fertilizer Nitrogenous material —-. Tankage Firecrackers and punk _ _ Fireworks Musk... Sakow musk Carbonate of ammonia... Nitrate of soda Potash Miscellaneous: Rice and sea grass Films ..... Optical goods _ Produce.. _ Musical instruments Toys _ Merchandise.. Miscellaneous—Continued. Button blanks Matches Beads Bristles Buttons _ BrushesTooth Not stated Pencils Brush ware Head phones Loofahs or loosahs Lampshades Fans Flowers Tea and oil.. Gas tubing Gams _ Goods Walnuts and canary seed Food products Unclassified _ Oil.... Extracts.. Oil silk coats Wax Coffee and hides. Canned goods Curios Galalith pencils. _ Curtains _ Parasols.-. Whistles Handkerqhiefs Material. _ Watch movements Loud-speaker units April $2, 787 91,499 65,800 426 10, 773 742 37, 789 5,159 4,200 20,000 $8,000 101,173 25,846 1,620 60,961 4,379 3,781 9,831 5,412 3,351 11,998 15,070 1,990 353 18,037 5,661 4,622 34, 615 1,952 3,342 166, 700 14, 997 5,510 344,001 683 2,563 4,018 60, 871 559, 461 100,000 35,000 88,140 32, 457 755 5,502 500,000 40, 620 14, 433 1,026 356,915 49, 742 11, 692 1,288 444 131, 998 614 2,377 837 1,298 5,287 200 330 10, 316 22, 650 1,817 32, 308 76, 800 5,470 16,478 7,000 47, 351 38,849 9,415 21, 551 4,432 28, 575 14, 625 652 616 44, 341 2,582 23, 063 26,800 1,033 7,550 36,978 1,536 2,563 6,790 68, 206 9,279 9,566 16,310 4,500 6,600 3,518 80,401 3,318 1,600 4,067 313, 541 Total $1,045 72,156 1,054 189,523 22,404 12,185 2,866 $1,366 3,050 1,932 106,613 397 13,130 1,480 2,700 2,001 1,344 608 5,264 4,746 1,320 86,573 7,900 123,145 98, 701 63,322 4,204 _ _ _. 22,281 12,000 3,068 1,792 1,750 1,752 _ 1,200 _ 11,328 722 1,500 884 10,224 207 1,581 2,477 15,660 1,200 53,282,195 34,026,881 Bankers' Acceptances Based on Exports Animals and animal products, hair: Bacon... _ Bones. _ FurRaw Not stated _ Buttermilk Casings Grease— Bone Hog _ Not stated Butter Butter and eggs Hides, not stated Jerked beef Corned beef.. Leather, not stated Pork Pork products. _ Lards and meats ___ Sardines. Salmon SkinsFox. Calf. Not stated Sausage. Meats Shoes Vegetable food products, oil oils, and beverages: Apples _ Apricots Cocoa butter Coffee. Flour Citron FoodProducts Stuff Linseed-oil cake _ Cottonseed cake.. except wool and _ 100,000 _ _ _ _ _ _ _ _ _ 40,167 1,462 500 4,385 140,093 16,978 15,000 25,000 70,083 17,601 6,046 140,704 100,000 150,000 1,375,000 2,020 5,052 29,369 1,000 250,000 _ 52,002 11,519 1,750 90,312 7,102 11,708 40, 583 16,893 864,846 20,794 2,648 12,200 7,905 47,578 456 seeds, expressed 25,000 2,138 ._ 372,689 2,748,171 13,428 2,150 8,444 610,383 408,673 74,728 50,000 _. 122,388 310,605 130,007 563 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES—Continued March Bankers' Acceptances Based on ExportsContinued Vegetable food products, oil seeds, expressed oils, and beverages—Continued. Cottonseed meal _ GrainsBarley Rye Wheat _. Not stated... Beans... __ • Vegetable oilsCoconut. Olive Not stated _ Fruits Bice Prunes _ _ Sugar. _ Walnuts IIIII_II_I__II Sirup Other vegetable products, except fibers and wood: Bark ..„ GumRosin _ . Copal. Rubber products _ Senna "" Sticklac ... Tires :...:.; Turpentine. _. Tobacco Textiles: "" Cotton Cotton manufactures— Linters Waste... Goods Dry goods Footwear (canvas) HairCattle Not stated SilkPongee Raw Goods _ Not stated. Felt Flax__ "I" Burlap bags.. Oilcloth. ;""" Poplin Stockings _ I Straw braid Textiles Wool _IIIIIIIIIIIIIIIIIII.IIIII.ini. Woolen piece goods.Welting Yarn _IIIIIIIIIIIIIIIII_._IIIII_III_; Wood and paper: PaperCarbon. _ Not stated Lumber Oak staves _ Wood pulp _ Logs _ Railroad ties. Shooks _ Nonmetallic minerals: Coal Crude oil Gasoline Sulphur I _ Paraffin wax _ Kerosene _ Benzine Petroleum Petroleum cake Ores, metals and manufactures, except machinery and vehicles: Aluminum castings Black pipe Babbitt metal $97, 973 4,915 731,691 3, 656,469 2, 675,359 55,700 244,842 902, 265 2,054, 363 6,523 11, 777 18, 652 37, 924 25,112 8,027 116, 419 10, 725 2,407 16,482 1,313 173, 796 997 16, 506 18, 094 3,000 51,812 1,820 12,094 4,890 2,500 57, 676 6,201 10,850 30,000 17, 284 22, 221 25,157, 313 15, 312,966 1,758 67,339 28,125 97, 423 9,116 2,077 12, 930 81, 299 12, 269 33,343 19, 665 26, 550 51, 935 15, 207 722 25,000 11, 921 14,963 34, 250 28,000 4, 950 163, 694 1,269 45,000 2,500 1,067 7, 689 25, 522 1,335 1,400 8, 719 32, 695 4,171 527 91,116 4,936 812,259 27,684 50,000 3,418 1,449 9,950 233, 700 78, 573 125,000 5,146 413 2,174 285,281 45,300 1,539 66,038 100,000 42,092 17,346 17, 861 309,113 21,050 252 1,700 11, 527 4,663 1,400 April March April Bankers' Acceptances Based on ExportsContinued Ores, metals and manufactures, except machinery and vehicles—Continued. Barb wire and staples Brass _ _ Brass and copper Aluminum scrap CopperGoods Electrical Bars... Scrap Not stated Razor blades Steel s h e e t s Electrical _ Galvanized Not stated Gold bullion Hooks.. Galvanized pipes Hardware Lead Metals Peeler combs _ Iron scrap Brass scrap Scrap composition Wire rods Zinc _ Wire cloth _ Iron Iron and zinc W ire nails _ Machinery and vehicles: Autos and auto parts Auto chassis Auto accessories Cars Ford cars and machinery Farm implements Motors and motor cars Mining equipment Railway equipment... Machinery Chemicals and allied products: Borax Caustic soda Carbon black Paint and varnish Phosphates Sulphite of ammonia Wood alcohol Paints Miscellaneous: Wax. Auto oilOil. Black kid leg Brushwelte Building supplies Dental equipment Equipment.. Food products. Merchandise—• Electrical General Not stated , Films Films and posters Glass and wax beads. Iron products Matches Newspapers Toilet goods.... Optical goods Provisions Goods Tulatyle Rosin and malt Electrical material Unclassified Naval stores. Paper makers pelts.... Total $3,228 1,915 2,841 632 37, 278 4,373 3,141,850 50, 795 $4,350 16,957 60,192 137,098 3,179 1, 138, 873 I 59,371 120,000 18,546 I — 16,800 26,593 ! 304, 716 ;! 5,383 40,911 ! 4,901 5, 664 i 96,243 \ 1,053 i 17,700 14,700 124, 284 2,500 25,000 44,296 88, 271 "2,~038 9,365 11, 327 11,590 5,062 4,882 : . 4,500 . j | j 461, 786 ! 255, 269 6,012 5,043 178, 570 76,420 24,651 ! 99.154 50,760 300,000 935,000; 75,000 15,000 ( 3,000 8,015 ! _ 326, 34 56, 701 6,711 69, 461 55, 000 1,750 2,292 42,499 16, 243 100,000 4,595 13,630 i. 1,052 224,875 I. 1,800 847 310, 769 7,000 470 166, 645 1, 421, 639 1, 293,924 25,235 23,056 3,191 125,000 100,000 j. "51," 398 "~3,"299~L. 2,000 5,000 i 69,614 i 88,168 108,750 i 34,863 3,737 10,051 : 15,840 ~ 197," 756* I 31, 566 1, 534 49,211594 127, 459,020 564 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS-ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES—Continued March Bankers' Acceptances Based on Domestic Transactions Animals and animal products, except wool and hair: Bacon, hams, lard, e t c . Bacon and hams $580,000 FursRaw Not stated 12,725 FishHerring 4,850 Sardines Not stated HidesHorse Cow Kips 10,921 Salted Not stated 453,399 Leather 12,038 Glazed kid 3,942 Lard 100,000 SkinsCalf 5,279 Sheep 39,927 Goat 15,000 Lamb 84,447 Not stated Crab meat _ 12,300 Sheep casings 20,000 Eggs 15,000 Poultry Vegetable food products, oilseeds, expressed oils, and beverages: Vegetables205,372 Beans _ 1,000 Peas (dried) 70,000 Chick-peas Kidney beans Coconuts 4,040 Clover seed 125,000 Peanuts Raisins 170,720 Rice... Grain5,000 Alfalfa 420, 525 Wheat 189,043 Hay 10, 099,300 Not stated 50,000 Fruits.. „ 50,000 Tea 175, 718 Coffee Cocoa Cocoa beans 3,213 Vegetable o i l s 7,700 Olive Linseed 100,000 Cottonseed Salad.. 6,500 Apples 7,200 Fruit salad Canned fruits 166,000 Sugar Walnut meats Walnuts Other vegetable products, except fibers and wood: 6,132 Dyes Rubber— j Crude. i Not stated I 19,900 Tobacco | 1,863,608 Camphor-8,702 Canary seed 2,559 Cascara bark. 3,222 Chillies ! 3,067 Rosin I 6,200 Wood oil (Chinese) 35,000 Textiles: Burlap Flax fabrics Cotton 19,991,165 Cotton manufacturesLaces ! 25,843 Goods ! 996,616 Linters ! 4,553 Piece goods .; Waste 6,910 April March Bankers' Acceptances Based on Domestic Transactions—Continued Textiles—Continued. Cotton manufactures—Continued. $365,000 Thread waste Yarns Bags (grain) 4,350 Mohair 139,250 Kapok Noils10,821 Wool 3,571 Silk 5,705 Not stated Hosiery 1,100 Palm fiber 75,000 Rope— Old 4,183 Not stated 343, 570 Strawbraid 16,246 Hair 15,757 Camel hair 625,000 Carpet... Straw hats 19,354 Silk11,651 Raw 74,308 Not stated WoolWaste 26,347 Not stated 10,910 Sisal 49,000 Textiles Webbing j Wood and paper: Lumber. Paper . 156,320 Ties1,000 Oak cross Railroad 2,062 Long leaf pine Wood 1,244 Furniture (sea-grass) 35,500 300,000 Nonmetallic minerals: Mica and soap bark 15,556 Mineral o i l s Petroleum, crude Petroleum, oil 254, 660 Window glass Coal 6," 129," 655 Ores, metals, and manufactures, except machinery and vehicles: Peeler comber 181,522 Calipers _ 11,055 Copper wire 15,634 Channels SteelRails 8,738 Bars _ 190,000 Not stated 40,000 Copper ware Copper Tire chains 110,983 Wire. 220,375 6,325 Machinery and vehicles: 17, 518 Auto bumpers Chemicals and allied products: Alcohol 8,350 Napthalene Colors 10,000 Soap _ 9,944 Tartar __. 1,120,627 Acid phosphates _ Potash Miscellaneous: Radio supplies Cotton and oil Provisions Buttons Merchandise 18,300 Petroleum oil and_staple products 7,000 Canned goods 7,163,536 Splits Oil 24,631 Garbanzos 9,738 Unclassified 6,076 7,723 Total $1,184 53,12? April $8,590 8,047 100,000 48,080 25,373 3,220 21,496 2,500 4,306 35,263 5,70« 13,000 20,800 3,467 13,197 85,700 30,000 2,063 41,448 25,609 884,741 75,000 24,666 5,604 22,335 44,822 4,306 5,400 528,592 58,093 3,975 1,167 3,179 141, 514 765 171,000 133, 500 100,958 370,131 47,878 51, 586 40,996 1,758 99,455 391,000 253,237 75,050 273,257 85,000 8,070 71,533 1,430 5,000 18,000 924 2,980 36,000 800 8,000 3,250 2,200 55,000 62,500 13,019 50,000 150,000 106,167 310,000 16,606 2,529 24,821 225,000 5,000 1,834 73,500 41, 599 299,000 39,854,671 19,481,839 AUGUST, 1925 565 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—ACCEPTANCES PURCHASED IN MARCH AND APRIL, 1925, BY UNDERLYING COMMODITIES—Continued March April April Bankers' Acceptances Based on Goods Stored in or Shipped Between Foreign Countries— Continued Bankers' Acceptances Based on Goods Stored in or Shipped Between Foreign Countries Animals and animal products,- except wool and hair: Bacon, lard, beef, lambs, butter, eggs, etc-_. Butter, lard, casings, etc _ BeefJerked , Frozen Not stated Casings, not stated Hides, not stated LeatherGoods Not stated Stearine Skins: Lamb Rabbit Not stated Vegetable food products, oil, seeds, expressed oils, and beverages: Beans Coffee Flour GrainRye... Wheat Rice Not stated Beet sugar Cloves Sugar _ Sugar, coffee, and cocoa Walnuts Copra Copra cake Cottonseed cake Linseed-cake meal Other vegetable products, except fibers and wood: OilWood Not stated Dyes Rubber Tobacco Perillaoil Gallnuts Textiles: Cotton Woolens Cotton manufacturesGoods Socks Waste Cotton and woolens Hemp Straw braids Mexican fiber _ Mats Silk goods Bed covers Buntal fiber Wool, not stated Gunny bagging Hosiery Rattan and sea grass Wood and paper: Lumber Paper Wrapping paper WoodProducts Pulp March $291, 524 $285,000 80,000 Wood and paper—Continued. Pulp wood Nonmetallic minerals: 68,313 Coal 38, 435 4,500 Coke and coal 3,083 Ores, metals and manufactures, except machin1,000 1,980 ery and vehicles: 23,540 Copper 16, 215 Iron50,000 Ore 151,115 Not stated 212,292 Iron and tin Iron and steel 15,000 L Lead 8,000 j. Ore 16,276 L Steel Scrap brass Zinc 8,611 Copper wire 2,010,009 2,273,007 Machinery and vehicles: 2,500 2,084,565 Electrical material Typewriters 22,500 Machinery 55,017 Sewing machines 51,400 51,321 Chemicals and allied products: 104,000 135,000 Chemicals and dyes 150,000 Potash. 8,246 Menthol crystals 772,512 1,214,005 Chemicals 50,000 150,000 Patent salts 15,500 Miscellaneous: 9,400 Matches 21,111 Merchandise— 25,294 General 6,563 Not stated Pianos UnclassifiedSterling bills 25,800 28,870 Not stated 55,770 Food products 75,000 28,000 30,000 Total39,039 131,423 Dollar Exchange Bills 3,765 4,950 Trade Acceptances Based on Imports and Ex3,861,419 1,080,876 ports 16, 797 Vegetable food products, oil seeds, expressed 1,050 oils, and beverages: Coffee 1,800 Sugar 3,024 145,010 Tea 65,145 13,184 3,800 Other vegetable products, except fibers and wood 5,970 Varnish gums, Damar Tobacco 354 Textiles: Raw silk 9,244 Kapok 540 Hemp 3,288 Wood and paper: 162,269 118,623 Veneer 11,774 Miscellaneous: 26,250 ai,k Merchandise.. 4,251 532,794 4,000 150,000 2,610 1,126 100,000 50,000 Total.. Bankers' Acceptances, Imports and Exports, not Classified Grand total. $625,000 1,810 28,000 28,000 228,577 142,635 133,814 126,125 38,035 150,000 92,230 24, 975 67, 582 71, 791 850 12, 346 10,000 $395,870 643,982 203,224 43,299 110, 733 16,633 4,839 2,125 10, 540 1,300 250,000 904 40,000 23,000 ""7,"200 975,000 771,553 1,300 483, 672 36,942 100,000 40, 501 318,327 356,900 13,557,558 10,360,239 90,000 43,900 199,777 5,856 3,616 15,246 266,963 100,000 8,908 7,908 6,193 27,766 365,071 412,977 791,233 579,394 158,910,827 93,157,296 566 FEDERAL RESERVE BULLETIN AUGUST, 1925 ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS [On the basis of the July estimates by the Department of Agriculture] [In thousands of units] Corn (bushels) Federal reserve district Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City. Dallas "... San Francisco Total... 12,310 28,956 50, 506 138,991 136,114 176, 332 721,019 346,256 268,121 | 452, 646 92,819 12,443 2, 436, 513 14, 543 36,129 67,187 217,411 172,098 199,452 1,044, 018 441, 632 331,497 499,102 56, 751 15,356 3,095,176 | 190 7,757 18, 285 42, 545 27,497 4,112 67,980 53, 394 257, 976 295, 244 26,819 70, 874 !72, 673 320 8,266 I 19,834 27,546 ! 28,091 ! 5,780 57,301 I 60,247 206,030 161, 600 4, 417 100,158 7,505 18,147 42, 513 • 27,497 4,112 65, 262 53,203 14, 921 284, 992 26, 513 45, 372 679, 590 590,037 Hay (tons) 8,326 36,015 23, 414 81, 572 22,643 12, 728 608, 284 60,927 432,684 174,026 52,149 29,132 9,362 35, 450 21, 5S0 78,271 22,906 16, 701 486,976 57, 796 345,146 161, 670 16, 049 40,194 Total. _. 1, 541,900 1, 292,101 4, 443 7,789 3,516 7, 526 4, 258 2,927 22, 352 8,719 18, 527 17,655 1,429 13, 309 4,369 6,593 2,674 4,642 3,229 2,563 12, 896 6,335 17, 474 15,107 1,235 15, 483 112,450 ! 92,600 320 282 141 33 5,780 53, 713 59,976 6,209 152,025 4,289 38, 578 2,718 191 243,055 10,252 306 25, 502 3,588 271 199,821 9,575 128 61, 580 403,851 ! 282, 636 275, 739 Potatoes (bushels) | Forecast5 v - 1H i1924 j Yield, q 9 4 Julyljl92 12,158 38, 802 59,800 [ 147,384 488, 240 110,326 39, 248 338, 335 2,200 4,020 1, 240, 513 Forecast Julyl>1925 190 252 138 32 7,984 19,693 27, 513 28,091 Tobacco (pounds) Forecast Yipiri 1Q94 Forecast Yield, 1924 July 1,1925 Yield, 1924 July 1,1925 Yield, 1924 Boston New York Philadelphia, Cleveland Richmond Atlanta Chicago St. Louis Minneapolis-. Kansas City.. Dallas San Francisco. Winter wheat (bushels) Spring wheat (bushels) Forecast Forecast Forecast Yield, 1924 July 1,1925 Yield, 1924 July 1,1925 Yield, 1924 July 1,1925 Yipld 1924 Yield, 1Q94 Oats (bushels) Federal reserve district Total wheat (bushels) Forecast ^ 1925 July I 12,176 39, 216 52, 783 148,289 532,811 129,910 42,118 319,174 2,441 3,998 1,282,916 i 55, 519 52, 581 29,223 21, 798 37,455 12, 661 81,801 20,930 76,808 31,159 2,936 31,913 44,908 40,320 22, 661 19,432 28,031 9,871 51, 924 14, 219 51, 025 28, 928 2,822 35,425 454,784 349, 566 567 FEDERAL RESERVE BULLETIN AUGUST, 1925 ADMISSIONS Fiduciary Powers Granted to National Banks During the month ended July 21, 1925, the Federal Reserve Board approved applications of the national banks listed below for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. Capital Location Powers granted Name of bank Total District No. 2 $201,108 ;$8,132,647 American Union Bank, New York, N.Y. $800,000 District No. 3 Glenside Bank & Trust Co., Glenside, Pa. North York State Bank, North York, Pa 30,000 | 870,596 125,000 4,000 40,000 253,448 District No. 6 Bank of Wetumpka, Wetumpka, Ala... ! Disi trict I No. Surplus 15,000 I 25,000 192,726 District No. 7 Columbia State Savings Bank, Chicago, 200,000 Lewiston, Me Manchester, N. I I . . . Milton, Pa Reading, Pa Knox, Pa Snow Hill, N. C Orangeburg, S. C Lake City, Fla LaFayette, La Auburn, Ind._ Westport, Ind Mount Vernon, I n d . Sauk Center, Minn First National Bank Merchants National Bank First National Bank Farmers National Bank Clarion County National Bank. National Bank of Snow Hill.. Orangeburg National Bank 1 to 9. 9. 1 to 9. 1 to 9. 1 to 9. 7. 1 to 3 and 5. 1 to 9. First National Bank 1 to 9. do 1 to 9. City National Bank 1 to 9. First National Bank Mount Vernon National Bank Ito9. & Trust Co. First National Bank Ito9. 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 June 20 to July 24, 1925, inclusive: 25,000 2,313, 041 200, 000 35, 000 20,000 I 240,000 40,000 | 454,909 District No. 8 Federal Bank & Trust Co., Little Rock, Ark Citizens Bank of Festus, Festus, M o . . . District No. 11 Farmers Guaranty State Bank, Brady, Tex 50,000 5,000 152,2 CHANGES District No. 4. Consolidation: Commonwealth Banking & Trust $250,000 Co., Cleveland, Ohio with Reliance Trust Co.,Cleveland, Ohio, under name of Ohio Trust Co 300,000 Voluntary withdrawal: Falls Banking 150,000 Co., Cuyahoga Falls, Ohio $22,030 $2,000,619 50,000 2,356,268 62, 500 1, 610, 703 5,000 193,322 25,000 I 5,000 276, 943 District No. 7 Number of Amount banks of capital New charters issued. Restored to solvency Increase of capital approved.. Aggregate of new charters, banks restored to solvency, and banks increasing capital 27 $2,725,000 1 i 25,000 32 I 3,005,000 Liquidations Reducing capital i 19 ! 2,890,000 4 I 1,325,000 Total liquidations and reductions of capital... Consolidations of national banks under act of Nov. 7,1918... 23 Aggregate increased capital for period Reduction of capital owing to liquidations, etc. Net increase.. 25,000 I District No. 8 Voluntary withdrawal: Bank of Alamo, Alamo, Tenn District No. 9 60 5, 755,000 4,215,000 2,150,000 5, 755,000 S 4,215,000 1,540,000 i Includes three reductions in capital aggregating $1,300,000 incident to consolidations under act of Nov. 7, 1918. Changes in State Bank Membership The following list shows the State banks and trust companies which were admitted to membership in the Federal reserve system during the month ended July 21, 1925, on which date 1,481 State institutions were members of the system; also other changes affecting State bank membership. Voluntary withdrawal: Bank of Fountain, Fountain, Mich Voluntary withdrawals: Kenyon State Bank, Kenyon, MinnSecurity State Bank, Wanamingo, Minn La Crosse County Bank, West Salem, Wis Peoples State Bank, Whitehall, Wis.i Security State Bank, Noonan, N . I Dak.. I District No. 11 I Voluntary withdrawal: Flatonia State I Bank, Flatonia, Tex Converted into national bank: Citizens State Bank, Commerce, Tex ___ Celina State Bank, Celina, Tex Absorbed by nonmember bank: First State Bank, Ladonia, Tex Guaranty Bank & Trust Co., Orange, Tex First State Bank, Sabinal, Tex Commercial Guaranty State Bank, San Augustine, Tex 50,000 | 12,000 622,535 40,000 j 8,000 265, 242 50,000 I 27, 500 714,316 6,000 ! 490,051 5, GOO i 30,000 j 387,537 25,000 I 13,000 ; 597,611 50,000 | 25,000 35,000 35,000 12,500 i 225,647 340,180 5,000 ! 100,000 80,000 50,000 ! 470,263 557,235 526, 080 12,500 I 447,843 Change of title.—First Guaranty State Bank, Denton, Tex., to First State Bank, Denton, Tex. Change of title and location.—Hudson Trust Co., West Hoboken, N. J., to Hudson Trust Co. of Union City, N. J. 568 FEDEBAL RESERVE BULLETIN AUGUST, 1925 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY Further decreases, smaller than during May, were noted in various indicators of industrial activity for June. The following table shows certain of these indexes for May and June, for the maximum month of this year, and for June, 1924, which was approximately the low month of last year. In the early months of this year business was notably active, comparing favorably with the corresponding periods of 1923 and 1924. As in those years, however, recessions in many lines were noted later, but the declines were by no means as great as in 1924. Production, employment, and car loadings, for example, although considerably less in June than in earlier months of this year, were materially above the levels of June, 1924. Building continues active, and contract awards did not show the great decline noted in the summers of 1923 and 1924. Automobile production has also continued large. Mineral output was rather well maintained in June, and diverse changes in the movements of different groups of agricultural commodities about offset each other. NOTE.—Kevisions in the statistics representing paper production have necessitated changes in the total indexes of manufacturing production and in the paper and printing groups for certain months of recent years. The following table gives these indexes for all months in which revisions were made. Figures for 1925 are shown in the table on page 570. Total manufacturing June, May, Maximum I June, 1925 1925 month, 1925 1924 1923 110 125 125 94 105 81 1 111 127 January.. 129 134 March.._ 125 141 January. . 95 96 March 108 110 M a r c h . . . 80 119 January.. 94 98 110 93 100 87 117 126 171 83 126 Production in basic industries * Manufacturing production Mineral production Factory employment Factory pay rolls Agricultural movements Freight car loadings: Total 1 Merchandise and miscellaneous * Building contracts awarded * Wholesale trade Department store sales l 123 130 151 79 124 129 April 138 February. 178 M a r c h . . . 83 March 133 April 103 108 125 76 120 January... February.. March April May June July August September. October... November. December . 1924 121 116 134 131 138 129 119 127 118 129 119 109 Paper and printing 1922 1923 100 95 111 106 117 114 105 114 114 120 120 115 123 124 128 123 113 98 97 105 113 124 113 117 1924 123 113 127 124 133 128 111 121 113 129 119 116 131 125 134 141 132 122 111 118 120 138 126 127 Adjusted for seasonal variations. INDEXES OF INDUSTRIAL ACTIVITY ( MONTHLY AVERAGE, 1919=100 ) PERCENT PERCENT 175 175 150 150 * 4 K A ' 125 V i \ I t 100 I V k (N \ !/ 75 } i \r 1/ 125 100 i 75 I +\! V 50 50 mm_ f MANUFACTURING PR<DDUCTION MINERAL PRODUCT ON — r 25 25 0 1919 1920 1921 1922 1923 1825 O AUGUST, 569 FEDERAL. RESERVE BULLETIN 1925 INDEX OF PRODUCTION IN BASIC INDUSTRIES 1 [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Textiles Iron and steel General index Year and month Pig iron 1924 June July August September October. November December 94 95 94 103 109 107 117 Year and mo Qth Cattle Calves Hogs Sheep 111 122 100 86 108 125 104 102 95 94 117 118 99 91 91 100 102 110 97 84 141 141 111 102 82 128 143 129 91 91 93 82 132 121 122 111 93 94 93 99 155 87 130 94 103 94 90 88 132 104 133 134 115 100 96 100 104 104 95 90 91 102 120 117 121 107 96 101 92 117 140 157 138 124 114 104 106 105 108 120 116 128 141 136 99 104 109 71 72 93 109 105 119 133 134 143 136 128 113 151 150 147 128 121 115 114 110 121 103 100 99 95 92 91 107 115 98 88 102 147 125 125 123 116 117 101 Tobacco products Newsprint Sole leather Copper 116 105 126 Nonferrous metals Bitumi- Anthracite nous Lumber 107 80 93 97 1924 June July _ August _ ._ . September October November _ December 1925 January February March April. May June . Sugar meltings 83 82 70 67 87 Coal Animals slaughtered Wheat flour Wool 88 74 70 71 127 124 120 119 111 110 . Cotton 81 1925 January February March April.. May June . . Steel ingots Food products Zinc Cement Petroleum Cigars Cigarettes Manufactured tobacco 85 100 124 111 54 103 173 133 132 130 133 140 137 109 106 104 108 108 121 102 101 107 110 104 103 193 190 186 183 187 182 185 190 191 185 183 182 91 163 106 95 105 95 91 100 63 62 68 71 71 76 187 89 87 103 110 104 116 98 95 100 97 96 92 155 157 162 158 145 170 94 97 93 98 99 89 94 125 109 95 105 99 101 104 116 96 106 106 101 148 147 142 136 134 137 128 119 131 124 127 117 68 72 70 69 64 66 106 108 110 115 112 110 243 193 199 199 193 197 192 191 187 194 212 210 91 88 86 87 88 188 171 170 178 175 105 97 89 95 96 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 529, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals and products General index Group index 1924 June.. July August _ . _. September October November December 1925 January February March April May June Iron and steel Textiles and products Group Fabrics Prodindex ucts Lumber and products Railroad vehicles Paper Foods Leather Stone, Autoand mobiles print- and products and products ing clay, and glass Tobacco products Chemicals and products 92.6 89.1 89.6 91.3 92.9 92.6 94.3 85.0 80.3 79.1 80.5 82.5 82.8 85.7 84.8 80.0 78.9 80.2 82.1 82.4 85.2 91.9 85.7 87.4 90.5 93.6 93.1 96.2 92.0 85.8 87.4 90.8 95.4 96.1 100.0 91.8 85.4 87.4 90.2 91.4 89.2 91.2 101.7 99.7 99.9 100.9 101.9 101.1 101.0 89.6 89.1 88.4 88.8 89.8 89.1 89.7 99.8 95.1 96.4 97.2 98.6 96.3 99.3 103.3 101.5 101.5 104.0 104.5 105.2 105.9 90.7 90.8 91.0 93.2 94.0 92.6 93.2 80.5 80.7 84.8 88.0 89.2 88.7 87.9 124.1 118.1 121.3 119.3 118.8 117.7 116.1 86.9 88.0 87.4 89.7 83.3 91.8 91.1 69.1 68.5 68.7 69.9 71.9 72.5 74.1 94.6 95.9 96.4 96.0 95.0 04.2 87.5 89.6 90.1 89.2 88.0 86.9 87.1 89.1 89.5 88.7 87.5 86.3 97.4 99.9 100.0 98.9 96.4 95.4 100.6 101.4 101.0 100.8 99.1 97.5 93.4 97.9 98.6 96.5 92.9 92.8 99.8 100.4 99.6 100.6 99.8 100.1 89.3 89.8 89.9 88.8 84.9 84.7 103.8 105.1 112.7 121.7 128.5 122.8 105.1 104.9 105.7 104.7 103.8 103.5 90.2 89.6 86.8 83.7 83.8 86.4 90.9 92.5 92.5 88.8 86.8 83.0 109.7 110.7 116.8 123.2 125.5 125.9 87.0 87.7 88.5 81.7 87.0 85.8 74.0 74.6 75.5 75.4 73.2 72.9 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 33 individual industries. T h e method of construction was described i n detail a n d indexes for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for M a y , 1925. 570 FEDERAL RESERVE BULLETIN AUGUST, 1925 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES 1 [Monthly average, 1919=100] Metals and products General index Group index Iron and steel Textiles and products Group index Fabrics Products Lumber and products Rail road vehicles Automobiles Paper and printing Foods Leather Stone, and and clay, prod- prodand ucts ucts glass Tobacco products Chemicals and products 1924 June July August _ September October November December 99.9 92.3 96.1 99.3 102.8 101.0 105.8 1925 January . February March April May June 85.1 75.4 78.6 80.7 84.9 85.1 91.6 84.9 75.0 78.3 80.1 84.7 84.5 91.1 94.0 85.8 92.3 98.3 103.0 99.1 107.5 93.4 85.3 91.5 97.5 105.6 104.5 113.9 94.7 86.4 93.4 99.3 99.8 92.5 99.7 1G9.6 102.1 105.0 107.8 111.2 110.2 111.9 97.1 88.6 91.6 90.3 97.6 94.6 97.4 109.3 99.9 107.6 111.8 116.8 111.4 114.5 133.3 128.2 128.0 133.4 135.6 136.0 139.9 104.2 104.8 102.6 107.8 105.5 105.1 107.2 81.7 80.7 91.0 95.9 96.2 87.9 91.5 157.1 142.0 148.4 146.0 149.6 145.1 143.6 92.8 90.4 90.2 93 9 85.5 97.9 100 0 90 6 87.9 89.9 91 1 95 4 95.5 98 2 103.1 108.9 110.4 107.6 107.8 105.2 92.9 96.3 97.2 94.4 94.6 91.1 92.6 95.8 96.5 93.9 94.0 90.4 108.6 113.4 114.4 108.0 105.0 101.6 112.9 114.2 114.2 111.7 109.9 103.9 103.3 112.4 114,7 103.5 99.0 98.8 103.1 108.5 109.7 107.9 108.6 109.7 91.5 100.0 100.2 95.4 91.6 90.4 99.9 132.1 142.9 156.2 163.9 151.2 138.2 137.5 139.4 137.1 136.7 135.5 102.8 105.4 103.5 98.5 101.8 105.1 95.3 99.7 100.0 91.5 90.3 85.1 128.8 136.4 143.4 149.9 154.6 154.3 93.5 87.0 88.3 74.2 90 9 90.3 97.0 99.7 101.6 97.6 98 4 95.7 i This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. INDEXES OF INDUSTRIAL ACTIVITY i [No seasonal adjustment. Monthly average 1919=100] Agricultural movements Year and month AniLive- mal Total stock prod- Grains ucts Mineral production Cot- Vege- Fruits To- Total ton tables bacco Anthracite coal Bitumi- Petro- Pig nous leum iron coal Copper Zinc Lead Silver 1924 June -July August September - October. _ November December 87 100 121 152 189 160 143 95 96 90 109 123 120 132 165 166 127 107 100 105 121 67 118 218 195 230 156 120 19 21 38 175 278 271 231 146 137 107 165 226 136 86 140 148 144 163 248 157 86 6 2 63 127 165 148 184 111 113 116 124 134 122 130 105 106 97 106 105 92 101 81 86 92 109 125 108 119 191 104 196 189 190 179 180 79 70 74 81 97 99 116 127 129 132 126 137 136 135 111 109 106 104 108 109 121 143 138 139 146 148 145 143 111 95 104 117 119 119 120 1925 January February.. March April May June 119 88 86 73 80 81 122 94 91 87 86 88 93 92 109 126 142 150 112 76 73 40 62 75 127 79 71 43 28 12 130 121 128 125 135 142 85 72 106 94 136 92 292 161 53 17 5 1 140 119 123 118 2 125 125 101 98 96 102 111 106 134 100 97 87 91 96 188 171 191 194 216 212 132 126 140 128 115 105 148 137 149 140 2 139 140 128 119 131 124 127 117 146 131 154 143 147 156 117 107 104 109 111 113 j 2 2 Manufacturing production Year and month Total 4 Iron and steel Automobiles Textiles Food products Lumber Paper Leather and Petro- Cement Toand and print- shoes leum brick bacco ing* Rubber tires 1924 98 97 105 113 124 113 117 75 67 87 96 108 108 124 151 163 172 178 178 141 126 77 81 83 98 113 105 111 97 103 102 112 114 108 117 139 136 142 143 160 132 122 122 111 118 120 138 126 127 76 75 84 90 101 84 90 176 176 182 180 186 185 196 156 154 166 157 169 148 138 123 127 123 126 132 114 106 126 125 158 175 191 155 163 127 June July August September October..__ November December.- . . 145 132 147 128 121 112 142 169 223 260 250 239 121 114 122 119 109 105 118 98 95 88 87 94 145 134 150 155 164 160 135 125 142 142 136 133 89 92 99 97 2 84 «82 199 186 204 201 212 111 107 136 168 196 184 118 105 116 113 119 171 176 190 191 '195 U96 1925 J anuary March AprilMay . June no 134 13? 129 _ 125 1 2 2 a For description and early figures see BULLETIN for March, 1924. Revised. * Total manufacturing and paper and printing indexes revised. See page 568 for earlier figures. * Preliminary. 571 FEDERAL RESERVE BULLETIN AUGUST, 1925 COMMODITY MOVEMENTS With the March issue the publication in the BULLETIN of detailed statistics regarding movements and stocks of commodities was discontinued. Certain figures compiled by the board's division of research and statistics are still published in order that users of these data may continue to have comparable series of data. Information as to current figures for any of the discontinued series will be furnished upon request. June, 1925 May, 1925 June, 1924 Grain and Flour Receipts at 17 interior centers (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) 22,397 17, 552 19, 069 889 3,382 2,492 Flour (barrels) 17,882 17, 642 15,752 3,972 1,675 53,246 Total grain (bushels) 18, 666 12, 828 14, 536 4,554 2,662 Shipments at 14 interior centers (000 omitted): Wheat (bushels)... Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) Total grain (bushels) Flour (barrels) Total grain and flour (bushels) Total grain (bushels) 2,114 Total grain (bushels).... Flour (barrels) Total grain and flour (bushels).. Total 29, 576 6,230 2,787 14, 201 360 77,960 53,154 12, 098 694 7,065 823 4,710 9,749 1,199 1,783 1,944 1,185 7,504 544 1,790 1,275 1,071 22, 858 2,416 342 690 912 1,505 9,478 12,184 5,865 8,151 9,332 40 I 1,116 3,777 1,023 879 219 618 662 614 288 999 857 209 617 652 583 283 897 778 168 523 603 568 240 4,200 3,777 3,892 3,272 12,998 3,140 6,358 4,058 3,766 10, 690 2,990 2,155 2,927 2,382 10,813 12, 933 3,431 7,109 4,104 4,000 15, 201 3,020 2,516 3,272 2,277 11,056 3,297 10,369 3,604 5,929 4,179 3,123 13, 399 2,624 2,049 2,645 2,365 9,980 65, 549 72, 811 63, 563 15,701 99,765 20,253 27, 542 17,949 15,881 64,102 10, 554 6,862 14,490 6,587 39,073 19, 774 98, 273 21, 527 25,177 15,065 14,169 74,971 9,543 5,494 10,214 7,669 38,842 11,360 79, 506 16,059 19,411 15,287 7,577 59,345 5,690 4,537 8,738 5,228 28,198 338, 759 340,718 260,936 Building contracts awarded, by Federal reserve districts (dollars, 000 omitted): Boston __ _. 41,211 43,639 121, 527 112,585 New York 35,168 37, 638 Philadelphia 52,381 52,084 Cleveland _ _ 36, 961 35,450 Richmond 51, 919 50,694 Atlanta.. 127,387 97, 707 Chicago 38,876 35,041 St. Louis Minneapolis _. 16,504 16,876 16,811 12,447 Kansas City i Dallas.. _ „ _. 22,293 14,541 31,345 93,409 28,721 41,868 29,398 33, 741 77,841 27,506 13,052 7,445 31,097 Philadelphia (14 cities) Cleveland (12 cities) Richmond (15 cities).__ Atlanta (15 cities) Chicago (19 cities).. St. Louis (5 cities).. Minneapolis (9 cities) Kansas City (14 cities).__ Dallas (9 cities) San Francisco (20 cities) Total Value of permits (dollars, 000 omitted)— Boston (14 cities) New York (22 cities) Philadelphia (14 cities) Cleveland (12 cities) Richmond (15 cities) Atlanta (15 cities) Chicago (19 cities) St. Louis (5 cities) Minneapolis (9 cities) Kansas City (14 cities).__ Dallas (9 cities) San Francisco (20 cities) Total... 100 1,598 8,917 4,200 BUILDING STATISTICS 63, 664 71, e _ 22,927 31,190 _ _. 68,137 Tobacco Total Classified by geographical divisionsEastern Allegheny.. Pocahontas ... Southern N orthwestern Central western Southwestern _ __ 48,464 3,378 16,098 25,390 15,860 1, 518 1, 289 1,555 Wheat flour production (barrels, 000 omitted). 159 125 589 31 285 247 1,005 1,336 4,302 - 53,054 59, 776 3,352 2,650 5,801 366 1,088 733 1,490 159 116 660 41 326 271 1,095 1,532 4,302 Ore Merchandise, 1. c. 1 Miscellaneous 14,738 Building permits issued in 168 cities, grouped by Federal reserve districts: 13, 522 Number of permits— 13,497 Boston (14 cities) 5,422 New York (22 cities) 1,285 8,606 923 3,197 186 3,186 Stocks at 8 seaboard centers at close of month (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) __ 159 116 676 40 318 274 1,119 1,600 June, 1924 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 . 17,956 21, 567 12, 658 9,017 18, 254 20, 505 1,475 6,564 2, 711 2,113 68,671 Receipts at 9 seaboard centers (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) May, 1925 56,923 2,522 Stocks at 11 interior centers at close of month (000 omitted): 19, 568 22, 635 Wheat (bushels) 12, 291 15,082 Corn (bushels) 29, 617 31, 581 Oats (bushels) 6,448 7,232 Rye (bushels) 747 1,430 Barley (bushels) _ __. Tobacco sales at loose-leaf (pounds, 000 omitted): Burley Western dark 1925 74, 500 | 62, 757 68, 271 Total grain and flour (bushels) Total grain (bushels) June, warehouses Total (11 districts) 19 219 i Excluding Colorado. 561,038 508,702 415,423 572 FEDERAL RESERVE BULLETIN AUGUST, 1925 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES* [Average monthly sales 1919=100] Gen- Groeral index ceries 80 78 80 78 77 76 78 83 92 95 84 79 80 77 80 79 81 83 83 83 93 100 89 83 66 63 62 61 64 64 67 68 71 78 69 66 97 98 90 81 72 70 79 102 116 104 88 77 49 49 65 69 56 52 44 56 69 67 57 57 91 90 104 108 104 96 93 93 106 110 98 99 116 109 118 114 110 105 110 107 117 128 109 109 1925 January February... March April May June -.. 79 76 83 79 79 83 80 73 79 75 79 71 69 73 68 75 80 82 88 96 85 77 82 43 46 63 65 55 55 89 90 107 107 101 105 116 109 121 115 107 110 84 i For description of the wholesale trade index see FEDERAL RESERVE BULLETIN for April, 1923. CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS Percentage change in June, 1925, sales compared with— May, 1925 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 6.2 11.8 4.0 7.0 6.1 -0.2 1.3 6.4 —4.2 10.6 15.8 0.8 6.0 June, 1924 0.9 Percentage change in stocks at the end of June, 1925, compared with*— May, 1925 -7.1 6.2 —14.3 4.9 -38.5 -4.2 -1.7 —1.5 3.3 -6.0 6.0 7.2 -5.4 -7.2 —10.2 0.5 -2.3 -0.3 0.8 ~~"-6.~6~ -4.6 June, 1924 7.3 15.4 6.8 -2.6 -5.7 -4.3 16.9 11.9 6.~9 6. 3 17.6 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 . _ 7.1 4.9 8.2 13.9 —11 1 17.6 15.2 -4.4 -8.7 -3.9 40.7 12.8 4.7 16.8 14 2 22.4 22.5 20.7 21.2 -6.7 5.4 0.2 5.4 -2.1 -13.8 Boston district New York district Philadelphia district Cleveland district Richmond district Atlanta district Chicago district St. Louis district Minneapolis district San Francisco district 1.7 1.3 -3.1 0.4 -12.7 —19.6 —5.1 -1.7 10.4 7.7 18.2 6.3 2.7 —10.2 4.8 7.5 -19.6 -1.1 -2.0 -7.1 -1.8 -0.5 20.6 -4.0 -24.2 -21.5 1.9 -24.1 8.1 0.7 1.7 Percentage change in June, 1925, sales compared with— Dry Meat goods Shoes Hard- Drugs ware 1924 January February-.. March April May June July August September.. October November.. December.. Groceries: United States CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued 2.5 48.2 6.7 2.3 -12.6 -3.1 -5.3 6.9 -14.2 -12.3 -16.0 1.5 4.0 -9.3 -4.7 8.1 —13.8 May, 1925 Hardware: United States New York district Philadelphia district Cleveland district Richmond district Atlanta district Chicago district St. Louis district... Minneapolis district Kansas City district Dallas district San Francisco district Drugs: United States June, 1924 Percentage change in stocks at the end of June, 1925, compared with— May, 1925 June, 1924 3.4 _ New York district Philadelphia district Cleveland district Richmond district ... Atlanta district Chicago district St. Louis district Kansas City district Dallas district San Francisco district Furniture: Richmond district Atlanta district St. Louis district Kansas City district. San Francisco district Agricultural implements: United States 2 Atlanta district Minneapolis district Dallas district San Francisco 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: 3 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 Millinery: Kansas City district Stoves: St. Louis district , 9.5 -4.4 -4.4 7.7 4.7 7.1 -0.9 1.7 1.8 0.7 4.4 1.7 -2.9 -0.8 11.5 8.5 14.9 -0.0 12.2 8.4 16.4 7.8 10.6 9.2 4.6 -5.5 -5.6 -2.9 -4.1 -15.5 -4.0 -20.4 -8.2 -2.8 -1.1 -6.9 10.0 -3.0 -12.7 3.6 5.0 1.8 2.7 5.3 -0.2 3.0 -0.0 0.4 5.2 4.3 1.4 1.0 1.9 -5.3 9.7 7.1 8.1 14.2 11.6 14.4 9.3 5.0 13.8 2.0 3.2 —0.5 1.2 -1.0 -1.4 -5.6 -15.3 -1.6 21.2 36.9 33.3 6.3 6.6 2.1 -11.9 22.3 -30.0 38.6 39.8 55.3 46.4 10.0 60.7 4.6 -4.8 4.8 -0.2 10.1 -0.9 32.3 4.0 2.2 -22.6 —63.2 9.8 36.3 -4.8 18.5 -10.6 -12. & -4.2 0.0 3.9 2.1 5.8 — 11.4 -16.7 —6.6 6.5 87.1 15.3 11.9 -11.3 2.5 -17.9 11.0 -0.8 1.0 11.1 2.3 5.5 13.8 67.9 15.8 26.3 30.8 0.6 -4.1 -3.1 9.4 11.9 23.3 -24.3 -7.1 -8.4 -27.0 1 Changes in total stocks for the United States are weighted averagescomputed on the basis of firms which have reported regularly to the Federal Reserve System since January, 1923. 2 Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading implement manufacturers and include all their domestic business. 3 Stocks at first of month—quantity, not value. AUGUST, FEDERAL 1925 RESERVE 573 BULLETIN RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales with seasonal adjustment June July.... August September October November December +, aa as ft 1924 _. 3 3 chains chains) Year and month ir chains chains) j-and-tennt chains chains) g chains chains) Sales without seasonal adjustment o 1 1•as 1 •S3 •a-§ II .23 -s-s 162 163 172 169 203 199 366 131 128 138 137 144 138 192 140 113 108 124 138 146 186 75 72 91 110 124 111 184 169 177 180 189 199 186 282 120 123 118 131 124 126 131 104 93 98 112 109 105 123 203 214 211 221 234 230 242 176 179 181 183 188 191 198 146 147 151 147 156 154 153 134 129 141 137 137 139 142 132 123 138 129 122 134 142 94 97 102 110 102 181 181 179 192 194 195 188 151 156 177 195 191 187 _. 143 148 152 145 159 145 187 155 146 160 159 163 167 122 107 100 127 177 149 152 92 105 107 162 175 188 210 195 184 124 131 121 133 124 126 110 116 103 114 106 119 249 243 233 255 254 261 207 209 185 208 201 203 161 161 159 164 166 170 141 140 135 139 140 137 141 149 127 152 129 142 112 120 116 126 116 125 193 207 186 210 202 197 1925 January February March April May June _. ne 131 134 143 134 99 1 2 For description of the retail trade indexes sae 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 STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] 1925 June May Apr. United States 359 126 tO oo of reporting firms 136 Boston.. New York Philadelphia Cleveland Richmond Atlanta ChicagoMinneapolis Dallas San Francisco 24 63 22 54 23 35 63 23 21 31 134 132 127 128 123 98 139 103 96 134 MM to oo Federal reserve district 136 140 134 142 132 109 149 116 110 146 ._ . __ _. Sales with seasonal adjustment Sales without seasonal adjustment Num- 121 132 117 104 139 107 108 148 1925 1924 1924 Mar. Feb. June May June May Apr. Mar. Feb. June 121 101 120 127 126 124 133 121 131 120 123 110 124 125 125 119 99 127 97 107 142 94 107 101 106 89 84 107 81 90 113 131 127 123 126 118 95 125 99 95 125 132 132 124 133 116 104 134 109 105 146 126 131 123 126 119 104 141 102 100 143 120 129117 126 116 99 133 106 107 143 129 136 122 139 129 106 146 110 116 153 110 122 135 123 115 100 127 99 101 143 126 140 125 137 120 111 136 115 114 149 123 127 119 124 114 100 126 98 100 133 125 128 120 128 115 99 128 107 104 141 May DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Federal reserve district Number of reportins firms Stocks with seasonal adjustment Stocks without seasonal adjustment 1924 1925 June May Apr. 1925 Mar. Feb. June May June May Apr. 1924 Mar. Feb. June May United States. 314 128 135 140 139 127 127 136 134 135 136 137 135 134 136 Boston.. New York Philadelphia Cleveland Richmond . . Atlanta... Chicago Minneapolis Dallas San Francisco 24 63 13 52 19 22 51 22 19 29 112 128 159 129 123 104 144 109 114 129 125 134 172 136 124 112 153 115 123 134 127 139 186 140 132 114 157 116 126 140 126 135 185 137 131 113 156 117 125 136 115 123 167 125 118 107 145 106 113 126 119 122 146 128 122 113 145 106 114 134 126 131 152 138 130 121 154 113 120 141 118 134 165 132 131 109 153 114 119 135 124 134 124 134 183 135 128 112 152 112 126 135 127 132 182 136 125 112 158 112 124 134 123 132 177 134 126 111 156 109 120 131 125 128 151 131 130 119 154 111 119 141 126 130 156 137 132 124 156 109 119 141 176 135 126 115 155 111 122 133 574 FEDERAL RESERVE BULLETIN AUGUST, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS Commenting on the marked increase in the floating debt evidenced by the increase of The statement of the National Bank of about 700,000,000 drachmas in treasury bills Greece for December 31, 1924, as compared accepted on behalf of the State, the annual with that for the end of the previous year, report offers the following remarks: shows an increase of nearly 10 per cent in total From this source (i. e., the issue of treasury bills) to the end of resources. Cash in hand declined substan- the State drew in 1924 up of the treasurythe month of June, when the circulation bills reached tially, as did also loans and advances to the its maximum (1,933,207,000 drachmas), an amount of 890,000,000 drachmas. But, after that date State, but investments were nearly tripled the circulation of these treasury bills began and since, diminishand commercial loans rose by about 25 per cent, ing, and on December 31, 1924, came down to 1,613,while State bonds taken to cover the accept- 379,900 drachmas. Thus, in view of the bank having paid off by its own disposable funds treasury bills ance of treasury bills practically doubled. already overdue, the State has contracted a new debt toward the bank, which on December 31, 1924, reached Following is a statement of the condition of the sum of 300,048,083 drachmas. This sum forms the bank at the end of 1923 and 1924: the only new debt contracted by the State at the close THE NATIONAL BANK OF GREECE IN 1924 NATIONAL BANK OF GREECE [In millions of drachmas] End o— f 1923 1924 ASSETS Cash in hand __ Funds disposable abroad Investments Loans and advances to the State _ Discounts, advances, and loans on securities, on merchandise and mortgage Old loan to State against forced currency (1898)— Mortgaged property taken possession of Bank premises and installation expenses _._ State bonds to cover acceptance of treasury bills Sundry accounts Total. 2,046 314 3,866 485 1,987 917 3,027 2,242 41 1 20 1,900 461 10,104 11,081 20 250 5,406 20 280 5,292 2,529 250 77 64 2,811 669 92 LIABILITIES Share capital paid up Reserve funds Bank notes issued , Deposits—at sight, at fixed dates, and savings bank deposits _ Other special deposits Bills payable _ _. Banlrs lottery loans Debentures in circulation secured by mortgages Treasury bills accepted on behalf of the State Sundry accounts._. Total . 935 573 61 1,613 243 10,104 11,081 of the year. The issue of treasury bills without doubt contributed great service to the State during the critical circumstances of recent years. But this chapter of the public economy begins to present certain threatening signs. The mass of the floating debt created by them causes anxiety both to the bank which has guaranteed them and to the State, and measures will have to be taken to deal with the question. The reduction which has been effected, especially during recent months, must certainly not be taken to be the result of a weakening of credit, because the bills which are presented for payment for the most part belong not to private persons but to banks which need to liquidate their provisional investments. Besides this, a close movement continues in new purchases, especially in the Provinces, without, however, this investment rilling the voids. The reduction is exclusively due to the increased requirements of production, which absorbs more capital than formerly, and only such capital as is invested provisionally is withdrawn, as it is found possible to invest it more permanently in various forms of business in the country. We must consequently have in view the fact that this source of capital not only will be closed, but that it ought to be closed, and that treasury bills will continually be presented for payment without being renewed, and that for the purpose of settling these bills there must be found capital ready to hand. In agreement with the Government absolutely effective measures are being taken for putting a definite stop, and a special revenue is being assigned for the service and settlement of those treasury bills which expire, and the extinction of the various floating debts with the National Bank. 575 FEDERAL, RESERVE BULLETIN ACGCST, 1925 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) ENGLAND [Millions of pounds sterling] GERMANY [Millions of reichsmarks] 1924 1925 June Bank of England: Issue departmentGold coin and bullion 155 Notes issued 175 Banking departmentGold and silver coin 2 Banknotes 30 Government securities 39 Other securities 79 14 Public deposits 118 Other deposits Ratio of gold and note reserve to deposit liabilities (per cent) 24.0 91 Bank notes in circulation Currency notes and certificates... . 292 Nine London clearing banks: Money at call and short notice... 113 Discounts and advances 1,056 Investments._. _ _ 267 1 624 Total deposits 3,323 Total clearings. Governmentfloatingdebt: Total 792 597 Treasury bills 195 Temporary advances Index of security prices (December, 1921=100) (per cent) _ Index number of foreign exchange value of the pound sterling (per cent) May April 1925 June June 154 174 126 146 2 26 37 75 16 107 2 25 37 76 17 105 23.0 22.1 16.25 90 94 104 292 290 290 104 1,049 274 1,598 3,320 112 1,039 278 1,606 3,295 108 1,037 324 1,652 3,125 737 581 156 728 563 165 798 580 218 114.1 115.1 116.5 127.1 126.3 959 56 339 1,648 964 896 118 338 1,496 1,123 125.1 564 581 706 743 2,474 1,856 4,302 2,609 1,864 4,103 2,452 1,896 4,165 2,315 1,911 4,095 104 658 1,010 2,101 3,943 85 624 883 1,874 3,571 Bills Due from other banks Miscellaneous loans Deposits Index of security prices (Jan, 2,1925= 100) (percent) . _. . _ 80.43 1 77.80 95.54 97.60 42 Capital issues 43 24 31 Figures for the six Berlin banks are for Feb. 28,1925. ITALY [Millions of lire] 1925 May FRANCE [Millions of francs] Bank of France: Gold reserve * 3,682 313 3,682 314 3,682 317 Silver reserve War advances to the Government 25,650 23,850 23,250 Note circulation 43,000 42,703 43,050 2,446 Total deposits 2,176 2,105 Three commercial banks: Demand d e p o s i t s . . . 15,482 14,893 10,340 Bills.. 4,402 Other loans _ Clearings, daily average of Paris 1,356 1,016 1,116 banks w 42.90 44.60 Price of 3 per cent perpetual rente 45.00 1 3,679 300 23,000 39,665 2,151 14,878 10,844 3,971 1,294 54.45 May 54 1,130 321 575 162 2,105 116 205 1,342 2,282 April March May 1,132 1,132 1,132 1,788 1,788 1,777 8,213 8,242 7,837 10, 672 10, 572 10,621 7,073 7,073 7,072 2,671 2,637 2,496 1,127 1,830 6,596 9,063 7,484 3,002 1,029 9,225 4,495 426 13,922 2,100 251 969 8,197 3,770 354 11,984 2,428 237 - 1,035 9,225 4,303 422 13,749 2,300 262 Not including gold held abroad. [Millions of yen] 1924 1925 Leading private banks: Cash Loans and discounts Due from correspondents.. Participations Total deposits State note issue Index of security prices (per cent) 1924 JAPAN CANADA [Millions of dollars] 1 Not including gold held abroad. 2 Total for month. Banks of issue: Gold reserve * Total reserve Loans and discounts Note circulation for commerce Note circulation for the State Total deposits -. 1 Not including gold held abroad. Chartered banks: Gold coin and bullion 1 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 .. 798 205 334 1,578 1,217 115.5 128.2 April March i 970 92 354 1,691 639 Reichsbank: Gold at home Gold abroad Reserves in foreign exchange 2 Bills of exchange and checks 20 Miscellaneous assets 48 Deposits _ _ 81 Reichsmarks in circulation 20 Rentenmarks in circulation 113 Reichsbank clearings 6 Berlin banks: Cash 155 175 May April 57 1,120 349 564 151 2,145 116 206 1,279 2,229 March 52 1,140 316 569 158 2,147 120 207 1,195 2,005 1925 June May 54 1,163 302 495 169 2,011 97 217 1,432 2,290 1924 Bank of Japan: Reserve for notes * Loans and discounts Advances on foreign bills. Note circulation Government deposits Private deposits. ^ Tokyo banks: Cash on hand Total loans Total deposits Total clearings May 1,059 360 63 1,428 148 54 1,059 212 40 1,209 219 41 1,059 275 61 1,272 249 47 1,061 400 90 1,390 309 56 122 2,457 1,937 3,613 137 2,412 1,967 2,977 343 2,411 1,932 2,870 122 2,585 1,897 2,610 i Gold abroad, gold coin and bullion in Japan. April June 576 FEDERAL, RESERVE BULLETIN AUGUST, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES June Austrian National Bank (millions of schillings): Gold-.. Foreign bills (reserve) Other foreign bills.._ Domestic bills, etc Note circulation Deposits May April 11 386 133 93 817 16 11 347 148 106 798 24 11 318 National Bank of Belgium (millions of francs): Gold.. —. 272 Foreign bills and balances abroad. I 30 Bills - . - ! 1,208 Note circulation 7,403 Private deposits _ [ 210 272 30 1,223 7,489 221 272 30 1,374 7,665 224 270 18 1,343 7,524 226 National Bank of Bulgaria (millions of leva): | Metallic reserve Foreign notes Balances abroad and foreign bills. Commercial bills Commercial loans Notes in circulation. Deposits 84 3 598 330 461 4,174 1,819 2 759 311 449 4,171 1,950 1 563 195 389 4,794 1,026 1,031 1,030 1,048 \ I 613 551 737 , 501 j 494 j j 7,587 7,437 625 I 603 566 735 527 7,526 748 674 668 674 8,081 1,093 i Bank of Danzig (thousands of Danzig gulden): On deposit with Bank of England, foreign bills, etc Loans and discounts Notes and circulation_. Total deposits National Bank of Denmark (millions of kroner): Gold.. _._. Bills Loans Foreign bills and balances abroad _ Note circulation Current accounts 1,030 43,521 34,043 22,677 I 22,417 32,948 I 30,853 8,767 7,282 27,690 16,829 30,095 5,487 23,223 15,610 21,007 15,816 209 182 40 38 467 35 209 198 41 38 465 30 210 240 59 4 477 78 72 253 1,659 3,498 2, 250 2,692 1,408 65 274 1,575 3,466 2,250 2,586 1,371 209 111 38 65 468 28 Bank of Esthonia (millions of Esthonian marks): Cash in foreign currency Loans __ Bills discounted Advances on current accounts Bank notes issued Deposits of the exchequer Deposits Bank of Finland (millions of finmarks): Gold Balances abroad, etc Finnish and foreign government securities Domestic bills__ _. Note circulation._ Current accountsPrivate Treasury National Bank of Greece (millions of drachmae): Gold and balances abroad Government loans and securities. Discounts and loans. Note circulation Private depositsSight.. Time 308 778 74 43 1,049 43 1,098 43 1,133 401 403 407 431 1,336 405 532 1,382 51 149 35 256 2,250 84 245 2,550 3,810 3,062 5,241 43 368 499 995 1,305 2,698 3,987 1,861 4,542 1924 April June June June 11 427 124 95 828 33 Banking Office, Czechoslovakia (millions of Czechoslovak crowns): Gold and silver Balances abroad and foreign currency Bills discounted . Advances on collateral Note circulation Checking accounts 1925 1924 1925 National Bank of Hungary (billions of Hungarian crowns): Gold _ ._. Foreign exchange. Bills, e t c . . . Note circulation Current accountsPublic Private May 633 2,092 1,429 4,583 649 2,130 1,459 4,494 654 2,082 1,486 4,526 247 681 1,193 2,894 1,874 184 2,307 234 2,342 129 755 380 Bank of Java (in thousands of florins): 133,505 141,235 Gold 17,061 18,152 20,834 Foreign bills 21,012 20,464 35,145 Domestic bills. 50,213 40,605 60,647 Loans 253,230 294,000 283,249 Note circulation Bank of Latvia (thousands of lats): Gold Foreign exchange reserve Bills.. _. Loans .__ Note circulation _ Government deposits. Other deposits 23,523 32,676 55,017 50, 211 29,043 84,938 43,605 23,513 33,703 53,370 52,126 29,410 91,806 44,092 23,501 36,411 51,700 53,373 29,913 82,431 44, 387 21, 005 46,978 32,974 33,878 25,700 74,813 Bank of Lithuania (thousands of litas): Gold Foreigh exchange reserve Loans and discounts Note circulation Deposits 33, 351 34,572 38, 211 79, 277 24, 592 33,176 41,192 38,461 84,780 26,905 32,978 48,078 39,386 88, 702 30,808 24,481 55,385 30,911 67,863 42,911 Netherlands Bank (millions of florins): Gold Domestic bills Foreign bills Loans Note circulation. _ Deposits 455 85 191 164 389 48 479 89 169 160 875 44 479 95 147 153 896 40 532 145 94 160 983 47 147 378 147 336 59 375 147 350 57 380 147 446 18 395 28 35 63 30 64 3,972 985 2,038 6,175 909 3,979 990 1,983 6,000 4,025 979 1,725 5,916 810 4,202 687 1,291 5,736 404 120 120 299 503 119 173 297 557 117 216 295 567 257 139 334 11 60 2 71 10 62 3 38 167 180 1,610 57 203 170 1,627 63 9 246 164 1,671 81 92 181 1,581 35 Bank of Norway (millions of kroner): Gold.... _ Loans and discounts Balances abroad Note circulation _ Deposits— State Private.. Reserve Bank of Peru (millions of libras): Gold at home Gold abroad Bills .._. Notes in circulation Deposits , Bank of Poland (millions of zlote): Gold Foreign exchange, etc Bills Note circulation Current accounts, etc.— Treasury _ Private. _ Bank of Portugal (millions of escudos): Gold Balances abroad. Bills Note circulation Deposits National Bank of R u m a n i a (millions of lei): Gold Bills Government loans.Note circulation Deposits 563 563 7,484 7,355 10,787 10, 787 19,381 19,089 7,653 7,765 577 FEDERAL. RESERVE BULLETIN AUGUST, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued June State Bank of Russia (note issuing department; thousands of chervontsi): Gold 16,909 4,894 Foreign currency 42,906 Loans and discounts _ 66,466 National Bank of the Kingdom of Serbs, Croats, and Slovenes (millions of dinars): Gold Foreign currency and balances abroad _ Bills . Note circulation Current accounts... 17,994 4,689 36,319 60,439 16,798 5,100 38,307 61, 554 June 9,269 10,Q07 19, 778 38,750 73 72 72 72 372 934 5,644 528 368 994 5,771 312 352 1,066 5,671 306 347 1,143 5,434 344 South African Reserve Bank (thousands of pounds sterling): Gold coin and bullion Gold certificates Total bills discounted._ Domestic bills Foreign bills Notes in circulation Bankers' deposits 1 April May 1,677 10, 224 5,124 351 4,313 10, 699 5,013 4,763 9,976 3,372 69 3,053 10, 566 5,760 549 10,173 4,075 2,357 768 10, 789 5,576 1924 1925 1924 1925 June June Bank of Spain (millions of pesetas): Gold Balances abroad _ Bills discounted Note circulation . Current accounts Bank of Sweden (millions of kronor): Gold Balances abroad and foreign bills i Domestic bills Government securities: Swedish Foreign Note circulation Deposits Swiss National Bank (millions of francs): Gold Domestic bills Loans Balances abroad and due from correspondents Note circulation Deposits May April 2,537 29 841 4,274 1,042 2,536 30 812 4,295 1,125 2,536 31 862 4,364 1,119 2,534 35 829 4,343 954 235 234 233 247 139 365 136 363 124 386 79 442 13 38 523 229 13 40 500 243 13 41 493 253 14 42 557 224 498 263 49 482 257 52 480 261 52 513 242 78 69 834 111 47 822 80 49 830 76 37 877 63 Includes foreign government securities. DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates with date of last change] Country Austria Belgium Bulgaria Czechoslovakia Danzig Denmark... England Rate In effect since— 10 July 24,1925 Jan. 22,1923 Aug. 31,1924 10 7 9 7 5 Mar. Mar. Jan. Mar. 25,1925 6,1925 17,1924 5,1925 Country Esthonia Finland France Germany Greece Hungary India Italy Rate 10 9 6 9 9 4 7 In effect since— Country July 1,1925 Mar. 6,1924 July 9,1925 Feb. 26,1925 Feb. 15,1925 May 27,1925 July 2,1925 June 18,1925 Japan Java Latvia Lithuania... Netherlands. Norway.. ... Peru Poland Kate 7.3 6 8 7 4 6 6 10 In effect since— Apr. May Feb. Feb. Jan. May Apr. Nov. 15,1925 3,1925 16,1924 8,1925 16,1925 9,1925 1,1923 28,1924 Country Portugal Rumania Russia South Africa. Spain Sweden SwitzerlandYugoslavia.-. Rate 9 6 8 5H 5 5 4 6 In effect since— Sept. 12,1923 Sept. 4,1920 Apr. —,1924 Nov. —, 1924 Mar. 23,1923 July 24,1925 July 14,1923 June! 23,1922 Changes.—Banls. of Esthonia, from 9 to 10 per cent on July 1, 1925; Bank of France, from 7 to 6 per cent on July 9, 1925; Imperial Bank of India, from 5 to 4 per cent on July 2,1925; Bank of Sweden, from 5}4 to 5 per cent on July 24,1925; Austrian National Bank, from 11 to 10 per cent on July 24, 1925. 578 FEDERAL RESERVE BULLETIN AUGUST, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES FOREIGN COUNTRIES UNITED STATES [Thousands of dollars] 12 months ended g June— 1925 12 months ended June— 1925 June May 1925 IMPORTS By classes of commodities: Total-. 325,167 327,416 3,824,140 Crude materials 129,664 135,737 1,430,011 Foodstuffs, crude, and food animals 34,168 451,806 36,738 Manufactured foodstuffs... 37,688 39,896 451,324 56, 206 701,055 Semimanufactures. 59,072 767,450 60,892 Finished manufactures 62,434 22,494 517 Miscellaneous 571 By countries: 92,097 1,170,455 Total Europe 88,702 10,405 France 10,016 151,869 9,514 Gejmany 11,247 144,765 8,514 Italy 9,206 94,952 26, 644 31,575 319,004 United Kingdom. 89,132 85,233 960,026 Total North America 37, 560 37,320 408,060 Canada 32,848 37,022 495,637 Total South America 3,823 78,061 Argentina 5,799 Total Asia and Oceania 107,514 108, 585 1,113,580 22, 567 24,2J5 342,356 Japan 6,694 4,753 Toted Africa 84,443 EXPORTS By classes of commodities: Total 323,150 Crude materials . . 52,217 Foodstuffs, crude, and food animals 21, 879 Manufactured foodstuffs... 43,017 Semimanufactures 34,348 Finished manufactures 143,670 Miscellaneous 266 Reexports... 7,753 By countries: Total Europe 144,412 15,205 France Germany . 22,434 11,765 Italy 57,202 United Kingdom* 96, 002 Total North America 59,767 Canada 31,192 Total South America _ 10, 936 Argentina 45,110 Total Asia and Oceania... 9,722 Japan 6,434 Total Africa 1 2 371,420 4,864,832 65,640 1,393, 736 33,626 483,141 41,161 577,419 58,938 646,338 163,057 1,670,471 335 7,226 86,501 175, 785 2,660,134 20,531 288,894 28,727 464,058 14,022 219, 630 62,990 1,064,958 107,471 1,142,399 66,817 647,422 35, 690 360,411 12,263 134,864 45,112 624,619 8,133 216,428 '7,362 77,268 June May 1925 1924 France (million francs): 1924 2,969 Imports _ 39,096 2,991 37,880 3,640 Exports 41, 797 3,507 37,564 Germany (million gold marks): 7,460 Imports _. 1,084 1,072 11,673 732 Exports 7,872 United Kingdom (thousand £ sterling): 3,554,038 Imports 110,982 104,278 1,359, 087 1,155,652 1,200,366 64,204 Exports 58,893 799, 559 773,044 14,499 Reexports 143,470 128,809 10,600 385,473 630,216 Canada (thousand dollars): Imports. _ 75,895 75, 592 808,897 854,915 658,187 Exports 97,475 1,090, 707 1,075,306 94,319 756,239 23,567 Japan (million yen): 204 Imports _. 201 2,346 2,480 1,982 Exports... 170 1,545 181 1,065,489 144,203 South Africa (thousand £ sterling): 146,737 Imports 62,342 5,148 5,216 66,137 79,934 Exports 7,794 3,959 71,706 74,301 341, 757 996,486 417,275 12 months ended 1925 429,639 May— 77,424 991,993 April May 1925 1924 325,338 70,429 Denmark (million kroner): Imports 186 2,170 140 2,333 Exports 1,922 175 2,161 154 Italy (million lire): Imports __ 2,600 24,441 17,451 23, 556 4,311,666 Exports _ 1,343 15,648 12,597 1,438 1,302,463 Netherlands (million guilders): 2,137 Imports... 194 198 203,359 Exports 144 1,732 1,455 150 561,763 Norway (million kroner): 595, 660 Imports _. 119 1,544 114 1,554,746 Exports 1,182 838 81 85 5,982 Russia (thousand rubles): l 87,883 Imports 62, 783 393, 710 87,800 Exports 299,205 29,725 38, 500 2,202,118 Sweden (million kroner): 280,376 Imports 130 1,340 1,413 120 378,321 Exports.. 1,315 1,181 126 175,432 2 897,673 Brazil (million milreis): 316 Imports 1,043,329 333 Exports 602,121 281,458 Australia (thousand £ sterling): 12,942 14, 539 156, 077 140, 206 Imports 106,691 158,495 14,020 115,902 12,135 Exports 720,024 283,258 India (million rupees): 185 2,428 2,283 189 Imports 64,728 3,609 335 330 4,049 Exports. _ Figures for Russia are for eight months ending May, 1925. Prior to 1924 Russian foreign trade figures were computed on a 1913 price basis. Figures for December, 1924. 579 FEDERAL RESERVE BULLETIN AUGUST,, 1925 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES The tables below give the all-commodities and group index numbers of wholesale prices in the five countries included in the Federal Reserve Board's indexes. In the first table the all-commodities index for each country is shown both in terms of paper currency and converted to a gold basis. The latter figure takes into account the depreciation of the foreign currency in terms of the American dollar (or gold) and the series indicates relative price levels in the several countries when all prices are expressed in dollars. The wholesale price index of the Bureau of Labor Statistics for the United States, with the group indexes shown by that bureau and the regrouping made by the Federal Reserve Board, appears on page 546 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES Converted to gold basis On paper currency basis Year and month United States January February March April May. _ June 1924 Japan Canada _ 1925 _ _ ___ _ ______ 170 176 394 446 150 147 188 200 159 160 124 121 147 145 183 166 178 180 180 181 177 174 174 173 172 175 176 177 445 469 483 428 428 442 440 442 436 442 449 451 146 148 147 143 143 145 147 149 146 148 148 149 205 200 200 201 200 189 191 196 198 206 210 209 156 160 158 162 158 155 156 160 158 161 167 171 108 107 117 137 128 120 117 125 120 120 123 126 142 144 143 140 141 142 146 149 145 148 148 149 185 182 172 165 161 156 158 163 161 161 162 161 168 167 168 163 162 163 _ _ _ Canada 163 163 160 158 156 154 156 158 156 159 160 165 _ England France France 165 159 1923, average 1924, average January February March April May June July August September. October November December Japan England 178 178 175 171 166 164 456 457 463 460 467 483 156 158 153 148 149 148 208 204 197 191 189 175 175 171 168 166 164 127 125 124 124 125 119 156 157 153 148 149 148 160 168 162 160 159 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i Year and month All commodities Grouped by stage of manufacture Grouped by oi i gin Export Con- DoRaw Pro- sum- mes- Im- goods ma- ducers' ers' tic ported terials goods goods goods goods UNITED STATES 1924—June _ 1925—January February March April _ __. May__ _ _June 160 176 177 177 169 169 169 147 151 153 152 148 145 144 152 167 163 166 163 163 165 157 170 169 170 165 164 165 129 147 147 146 141 139 143 179 175 178 180 173 171 173 174 178 178 175 171 166 164 173 176 175 172 169 164 161 164 171 173 165 160 154 151 186 188 187 188 183 181 181 176 178 179 175 172 167 165 170 179 177 173 168 162 162 179 179 179 174 172 165 163 442 456 457 463 444 482 482 480 450 442 445 459 441 435 438 449 431 437 439 447 496 546 547 540 445 464 467 475 FRANCE 1924—June 1925—January February . . . March Grouped by stage of manufacture Grouped by origin Export Con- DoIm- goods Raw Pro- sum- mesma- ducers' ers' tic ported terials goods goods goods goods FRANCE—COntd. 154 168* 167 168 163 162 163 ENGLAND 1924—June_ 1925—January February March April May__ __ _ June.-. Year and month All commodities 1925—April _ May ... June _ 460 467 483 477 486 496 460 460 471 445 453 481 444 454 470 541 530 550 470 462 481 145 156 158 153 148 149 148 128 149 151 142 134 137 137 157 152 152 153 153 152 151 165 168 168 169 169 164 162 143 157 158 152 147 148 147 156 159 161 161 158 154 154 138 179 180 171 161 171 166 189 208 204 197 191 189 199 222 223 214 208 205 190 217 208 201 189 188 184 196 193 185 182 181 186 208 204 196 191 189 208 204 205 203 194 188 175 215 213 200 191 189 CANADA 1924—June 1925—January February March April__ May June JAPAN 1924—June. 1925—January.__ _ February March. April May June__ i Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June. 1&2& June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. 580 FEDERAL. RESERVE BULLETIN AUGUST, 1925 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=100] Europe Year and month Belgium Austria 1924 January 1,874,800 February 1,915,800 1,912,000 March 1,946,500 April 1,946,500 May 1,828,200 June 1,913,300 July 2,013,600 August ,__ 1,937,300' September 2,008,600' October. 2,076,600 November 2,075,400 December England Bul- Czecho- Den- (Board slomark ' garia vakia of Trade) Finland Germany (Federal France Statistical Bureau) Hungary (gold basis) NorItaly Nether- way Poland Russia* lands (Oslo) 580 642 625 555 557 565 566 547 550 555 569 566 2,711 2,658 2,612 2,798 2,551 2,811 2,737 2,853 2,848 2,988 3,132 3,181 974 999 1,021 1,008 1,001 968 953 986 982 999 | 1,013 210 223 227 228 225 219 220 233 231 234 231 232 165 167 165 165 164 163 163 165 167 170 170 170 1,071 1,078 1,094 1,095 1,090 1,088 1,085 1,111 1,117 1,114 1,120 1,139 494 544 499 450 459 465 481 477 486 497 504 507 117.3 116.2 120.7 124.1 122.5 115.9 115.0 120.4 126.9 131.2 128.5 131.3 123 131 130 125 119 133 145 145 142 149 154 160 571 573 579 579 571 566 567 572 580 602 621 640 156 158 155 154 153 151 151 151 158 161 161 160 250 262 266 267 263 264 271 274 275 276 277 278 107 112 110 109 104 101 102 109 112 116 117 118 169 187 193 181 175 166 169 175 173 164 164 168 559 551 546 538 537 552 3,275 3,309 3,272 3,244 3,177 1,045 1,048 1,034 1,019 1,006 997 234 234 230 220 216 216 206 171 169 166 163 159 158 1,137 1,141 1,131 1,133 1,122 514 515 514 513 520 543 138.2 136.5 134.4 131.0 131.9 133.8 159 152 145 658 660 659 658 660 160 158 : 155 151 151 153 ] 279 281 276 267 260 258 120 121 122 119 118 119 172 .178 [183 195 197 191 188 1,024 I 1925 January.... February.. March April May June July 2,118,100 2,108,100 2,054,800 2,005,800 1,985,400 2,036,400 I Europe—Continued Year and month 1924 January February... March April May June.July August September. October NovemberDecember. . North and South America United States (Bureau Spain Sweden Switzer- of Labor Canada land Statistics) Peru Asia and Oceania China Dutch AusEast tralia (Shang- Indies hai) 178 180 180 184 179 179 182 182 184 186 181 198 161 162 162 161 160 158 157 160 163 167 167 168 183 183 180 181 180 178 173 171 170 169 169 170 151 152 150 148 147 145 147 150 149 152 153 157 157 157 154 151 151 152 153 157 154 157 158 161 190 189 194 195 192 192 192 193 190 192 191 195 174 170 167. 166 165 163 163 162 162 163 163 165 156 160 158 154 154 152 152 149 149 153 155 157 180 191 192 193 190 169 169 168 163 162 161 171 171 170 166 163 162 161 160 161 161 156 155 157 165 165 162 157 159 159 199 194 206 206 200 200 198 163 163 160 158 159 163 160 159 160 159 158 157 178 177 176 178 177 178 174 177 177 175 173 179 India (Calcutta) Africa Japan New Egypt South [Tokyo) Zealand (Cairo) Africa 172 178 179 174 176 176 179 180 179 181 180 176 211 208 206 207 205 199 195 200 206 213 214 213 175 180 180 178 179 180 180 181 181 180 181 181 133 135 136 134 135 131 132 143 148 156 158 156 171 172 168 169 164 213 210 204 202 199 200 178 175 175 175 175 157 161 155 154 151 150 131 126 "125 "I§3 1925 January. _ February.. March April May June July 1 130 130 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. 581 FEDERAL RESERVE BULLETIN" AUGUST, 1925 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war =» 100] European countries United States (51 BelBulAustria cities) (Vienna) 4 gium 2 garia 1923 August September October.. November December 143 146 147 148 147 1924 January February March _ April . May _. . June. July August September... October November... December.... Eng- France Gerland i (Paris) many Other countries Italy (Milan) Netherlands Norway 143 142 145 149 149 220 218 217 221 226 Switzerland Canada l Australia 167 169 172 162 163 162 166 167 142 141 144 144 145 165 161 157 157 156 149 149 147 147 152 143 145 146 147 147 115 115 117 120 118 Russia i India New (Bom- Zeabay) land South Africa 2,247 2,221 2,219 2,365 2,547 165 168 172 173 176 328 339 349 355 365 151 490 496 502 503 500 146 144 141 138 138 140 140 141 144 146 147 149 22,941 23,336 23,336 23,361 23, 797 24, 267 23,499 25, 050 25,100 25,365 26,482 26,806 126 130 128 121 113 118 123 124 127 135 140 139 2,674 2,537 2,497 2,501 2,438 2,687 2,626 2,727 2,723 2,856 2,994 3,040 175 177 176 167 163 160 162 164 166 172 179 180 376 384 392 380 378 370 360 366 374 383 396 404 127 117 120 123 128 120 126 122 125 134 135 135 515 516 523 524 519 518 508 507 514 543 567 579 150 151 152 152 151 151 150 150 152 154 156 157 230 234 241 240 241 241 248 257 261 264 269 274 180 201 203 207 213 206 210 225 219 206 203 205 168 167 167 165 165 168 168 166 166 169 170 170 145 145 143 137 133 133 134 137 139 139 141 143 155 153 152 150 151 149 148 147 146 146 147 148 154 151 147 143 143 147 151 156 156 156 157 156 150 149 150 150 150 150 148 146 145 145 148 150 120 122 122 123 122 120 117 117 117 120 122 121 151 148 148 148 149 152 1925 January.. February March April May June July- 21,849 109 115 117 121 124 27,168 27,065 26, 796 26,448 27,037 27,031 140 137 134 127 122 3,131 3,163 3,128 3,100 3,032 178 176 176 170 167 166 408 410 415 409 418 422 137 3 145 146 144 141 146 590 610 624 620 599 156 157 157 155 154 152 277 283 284 276 265 205 208 211 217221 219 218 168 168 168 166 165 167 145 147 145 142 141 141 148 149 151 152 154 155 152 152 155 153 151 149 152 147 146 149 149 150 120 120 121 124 123 122 INDEX NUMBERS OF COST OF LIVING [Pre-war=100] European countries Massachu- Bel- Czech- Eng- Essetts gium oslo- land i thovakia nia Fin- France Ger- Hun- Italy Neth- Nor- PoSwe- Swit- Can- Aus- India South erzerland (Paris) many gary (Mi- lands way land Spain den land ada 1 tra- (Bom- Africa lan) lia bay) 1923 August September.. October November.. December.. . 156 157 158 157 158 439 453 458 463 470 892 903 901 898 909 171 173 175 175 177 1,163 1,172 1,193 1,190 1,170 1924 January.._ _ February... March April May. _ June July August.. . . . September.. October November December... 157 156 156 154 154 154 155 155 157 157 157 158 480 495 510 498 485 492 493 498 503 513 520 521 917 917 908 907 916 923 909 897 908 916 922 928 177 179 178 173 171 169 170 171 172 176 180 181 1,155 1,143 1,141 1,121 1,121 1,147 1,154 1,198 1,199 1,219 1,222 1,217 158 157 158 158 158 521 517 511 506 502 505 509 3 899 911 904 901 894 914 180 179 179 175 173 172 173 1925 January . February March April May . June. July 159 95 94 98 104 108 109 113 110 114 112 Other countries 1,199 1,191 1,210 1,201 1,176 1,101 54 64 61 126 125 6,813 483 487 502 502 499 110 104 107 112 115 112 116 114 116 122 123 123 8,168 13,920 17,851 18,340 20,470 21,817 22,018 21,443 21,299 21, 222 20, 782 20,569 510 517 521 522 518 518 512 511 516 546 563 573 124 3 136 136 137 136 138 390 20, 503 19, 740 19,282 18,806 18,853 580 592 602 331 345 365 366 367 377 386 18,776 600 591 173 230 178 231 179 236 173 244 176 258 181 266 179 271 72 83 47 55 80 178 178 174 177 182 177 164 164 164 167 168 148 148 149 150 150 156 152 154 154 152 153 157 130 131 132 133 133 121 127 126 127 126 124 127 135 141 150 152 153 178 176 190 180 195 "I73" 180 186 182 171 180 189 185 "I74" 175 190 169 168 168 166 166 168 169 166 166 169 170 170 150 149 148 150 145 143 143 149 143 145 146 ~~148~ 146 147 147 148 158 156 153 150 150 153 156 160 160 160 161 160 133 134 134 134 134 133 132 132 132 133 134 133 150 151 151 151 147 148 188 178 189 190 189 "I77" 168 168 167 165 165 149 150 148 147 146 146 157 157 159 158 156 154 157 133 133 133 134 134 134 150 3 1 First of the month figures. Revised index. >1921 -100. < January, 1921=100. Includes 19 items of food based on consumption of an adult man. NOTE.—-Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. 582 FEDERAL RESERVE BULLETIN AUGUST, 1925 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANES AVERAGE DAILY CONDITION FOR JUNE AND MAY, 1925 [Amounts in thousands of dollars] Total cash reserves Total earning assets Federal reserve notes in circulation Total deposits Reserve percentages Federal reserve bank June Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas. San Francisco .__- Total: 1925 1924 1923 1922 1921 1920 May June May June May June May 76,129 249,493 81,137 95,165 65,637 53,779 122,922 64,482 41,236 55,893 48,665 106,129 75,011 271,401 85,655 98,638 63,563 41,951 137, 716 52,072 37,135 54,125 38, 673 93,292 271,685 960,624 230,958 309,259 79,903 152,115 379,258 64,742 79,267 98,603 59,209 267,401 282,833 944,354 223,379 298,970 83,635 165, 655 367,275 81,114 82,048 99,156 71,806 277,127 142,472 851,100 131,647 178,818 65,845 70,880 323,651 79,239 54,250 89,185 59,606 162,275 137,639 844,384 131,199 175, 310 66,248 71,207 322,326 80,454 52,558 87,955 60,803 161,271 192,837 331,417 157,472 204,433 71,034 136,553 157,369 45,285 62,436 62,993 39,654 198,647 207,150 337,745 154,867 200,543 72,803 139,182 160,148 47,241 62, 346 63,293 41,981 197,577 81.0 81.2 79.9 80.7 58.4 73.3 78.8 52.0 67.9 64.8 59.7 74.1 82.0 79.9 78.1 79.5 60.1 78.7 76.1 63.5 71.4 65.6 69.9 77.2 1,060,667 842,963 1,124,891 1,166,617 2,175,175 3,209,650 1,049,232 839,571 1, r<3,194 1,188,849 2,353, 794 3,255,859 2,953,024 3, 246,997 3,204,303 3,136,308 2,605,779 2,102,985 2,977,352 3,221,809 3,180,433 3,126,773 2, 541,640 2,078,822 2,208,968 2,064,532 1,931,212 1,892, 591 1, 723, 271 1,974,537 2,191,354 1,980, 210 1,948,878 1,87 V, 269 1,717.423 1,987,323 1,660,130 1,870,823 2,246,535 2,138,430 2,682,560 3,113,949 1,684,876 1,915,449 2,243,195 2,153,053 2,787,379 3,089,737 76.3 82.5 76.7 77.8 59.1 143.3 76.8 82.7 75.9 77.6 56.4 142.4 May June * 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] Boston New York Phila- Cleve- Richdelphia land mond Atlanta 1,473,117 1,459,127 1,461,028 1,472, 241 1,456,802 177,640 150,789 147,295 144,637 151,407 356,159 356,159 356,047 356,047 355,956 136,902 179,091 180,950 142,547 180, 266 141,469 181,068 138,965 179,483 108,763 135, 384 109, 579 135,384 110,611 135,348 111, 764 135,348 110,581 135, 273 53, 819 58,141 47, 706 51, 384 52,473 7,947 10, 439 13,174 15,969 8,346 1, 526,936 1, 517, 268 1,508,734 1, 523.625 1,509, 275 185, 587 161, 228 160, 469 160, 606 159,753 Total Gold with Federal reserve agents: June 24 July 1 July8 July 15 -. --. July 22 Gold redemption fund with U. S. Treasury: June 24 July 1 July8 -. July 15 July 22 --. Gold held exclusively against Federal reserve notes: June 24 Julyl .-July8 July 15 — July 22 -. Gold settlement fund with Fed* eral Reserve Board: June 24 Julyl July8 July 15 July 22 ---. Gold and gold certificates held by banks: June 24 Julyl Julys July 15 -. July 22 674,499 680, 503 678,327 675,710 609,329 587,791 597, 200 591, 266 592,790 10, 345 9,334 9,057 12,739 7,974 5,577 31, 599 30, 352 29,114 46, 693 35, 221 Chicago St. Minne- Kansas Louis apolis City Dallas San Francisco 24,390 23,895 22,661 22, 111 21,620 53,669 53, 252 53, 306 53,802 53,194 53, 447 52, 546 54,109 53,329 52,388 26,164 26,642 25,960 23, 449 22,811 189, S09 203, 240 203,764 202,524 199,903 1,713 1,810 1,911 1,786 1,943 2,447 2,053 1,715 2,216 2,467 3,797 4,006 2,205 2,746 3,142 1,1 2,497 2,391 2, 595 2,623 7,211 5,968 4,957 3,843 2,765 2,019 2,006 2,425 1,883 1,956 789 925 1,121 7,644 9,245 3,469 3,230 2,808 2,801 5,163 1^752 2,855 3,411 1,448 1,829! 2,423 146, 236 149,078 148,124 149,113 148, 210 182, 560 184,180 183,074 183,869 184, 646 35, 396 34, 358 31,319 49, 439 38,363 110, 656 112,076 113,002 114, 359 113, 204 142, 595 141, 352 140, 305 139,191 138,038 26, 409 25,901 25,086 23,994 23, 576 54,458 54,177 54, 427 55,182 54,946 56,302 55,957 55, 557 55,158 54,811 27,877 28,452 27,871 25, 235 24, 754 192,356 205,293 205, 479 204,740 202,370 53,645 57,440 53,661 62,027 233,767 49,066 221,702 53,035 223,098 55,009 234,756 49, 223 235,848 52,157 73,881 76, 238 69, 376 75, 386 73,720 19,679 13,889 21, 437 24,921 32,877 17, 545 13,783 16,101 12, 238 15,741 122,514 8,541 126.973 8,051 113; 931 15, 540 109,901 14, 251 115, 220 6,675 16,118 21,348 20,711 34,877 38,360 35,444 14, 585 32, 596 9,716 39,566 11,083 12, 079 10, 692 10,775 12,263 38,802 41,400 39,548 43,417 32,975 26,319 24,864 23,655 26,074 28,137 336,040 330,222 336,0E9 341,764 340,066 39,764 22, 649 40,130 22,786 40,848 23, 201 41, 594 4,531 42,287 4,981 4, 254 4,167 4, 464 3,155 3,527 102, 563 10,972 92,187 9,543 95,026 10,364 102,105 9,943 101,814 10,607 7,330 7,221 7,218 7,460 7,311 8,810 8,395 7,683 7,391 7,424 25,384 24,067 24,326 24,453 24,358 366, 504 365, 216 364,021 362,739 366, 604 21,878 20,073 20, 618 19,169 19,081 3,366 4,136 3,738 3,627 3,197 583 FEDERAL RESERVE BULLETIN AUGUST., 1925 FEDERAL RESERVE BANKS-RESqURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Total gold reserves: June 24 July 1 July 8 — July 15 July 22 Reserves other than gold: June 24 _ Julyl. July8. July 15 July22 Total reserves: June 24 Julyl ..._ July 8 July 15 July 22 Nonreserve cash: June 24 Julyl July8 July 15 July 22 Bills discounted: Secured by U. S. Government obligationsJune 24__ Julyl _ July8 July 15 July 22 Other bills discounted— June 24 Julyl _ July8 July 15 July 22 Total bills discounted: June 24 __ . Julyl July 8. _ July 1 5 . . . July 22 Bills bought in open market: June 24 Julyl _ July8 July 15 July 22 U. S. Government securities: Bonds— June 24 _ Julyl July8 July 15 July 2 2 . . . . Treasury notes— June 24 Julyl July8 July 15 July 22 Certificates of indebtednessJune 24. ._ Julyl _ July8 July 15 July 22 ._ Total IT. S. Government securities: June 24 _. Julyl July 8.__-_ July 15 , July 22 Foreign loans on gold: June 24 Julyl _ July8 _ , July 15 July 22 NewYork Boston Phila- Clevedelphia land Richmond Atlanta 296, 205 77,724 132,455 300, 548 71,033 130,026 75,957 133, 567 300,849 78, 891 129,752 300, 653 76, 221 132,472 2,810,764 2, 785, 562 2,784, 261 2,790,601 2,790, 850| 260,532 239,737 241, 564 240, 341 249,91" 936,311 917,140 923,178 939,259 942, 518 217,180 222,186 223,751 217,505 219, 448 148,049! 141,306 139,493 144,769 143,996 13,365 12,562 13, 874 13,659 13,265 36,674 35,178 36,189 38,480 40,217 8,384 7,509 6,816 6,991 5,838 7,942 7,562 7,158 7,385 7,416 5,559 4,972 4,619 4,492 4,f~ 2,958,813 2,926,868 2,923,754 2,935,370 2,934,846 273,897 252,299 255,438 254,000 263,182 972,985 952,318 959,367 977, 739 982,735 225,564 229,695 230,567 224,496 225,286 304,147 308,110 300,456 308, 234 308,r"" 55,739 47,429 49,699 56,209 56, 932 5,729 5,065 4,111 4,930 5,476 18,665 14,658 17,179 19,021 19,327 1,962 1,449 1,404 1,476 1,495 230,270 237, 540 230,032 14,656 93, 672 16,894 109,440 15,007 91,634 17, 577 81,515 9,976 89,295 205,531 242,688 220,061 217,199 212,490 19,114 27,191 22,762 17, 543 14,027 455,445 511,625 450,331 454,739 442,5221 241, 666 249,090! 240,711 231,329i 224, 525 249, 914 St. Minne- Kansas Louis apolis City Dallas 367,672 360, 512 349,262 351,197 355,072 45,922 43, 495 50,990 48,188 40,858 77,906 82,746 82, 356 77,227 71,973 16,463 15,038 13, 519 13,815 13,224 18,011 18,137 17, 632 19,181 18,658 20,713 20,026 19,559 19, 777 20, 518 1,525 1,391 1,118 1,829 1,846 83,283 76,005 80,576 83,383 80,890 148,918 145,064 147,086 143,567 145,696 385,683 378,649 370,378 373,730 66,635 63,521 70,549 67,965 61,376 2,782 2,820 2,380 3,578 3,253 3,261 2,392 2,629 2,993 3,075 4,220 3,281 3,787 3,830 3,688 6,318 6,428 6,356 7,246 8,004 4,072 3,416 3,683 3,667 3,798 23, 749 26,464 22,838 26,105 23,164 39,486 32,234 27,755 34,530 30,433 15,087 16,209 16, 803 16,810 19,135 3,401 29,878 3,"" 42, 580 828 29,062 30,992 1, 2,164 24,388 27,213 41,671 32,149 40,227 31,595 13,987 18,809 16,539 20,428 19,182 15,101 16,437 14,462 12,485 16,419 33,396 38,359 33,497 30,629 32,374 21,216 21,429 21,387 20,649 22,244 33,770 44,085 37,769 35,120 24,003 120,885 151,111 123,783 121, 742 120, 890 37,736 45,273 39,377 46, 533 42,346 54, 587 48, 671 42, 217 47,015 46, 852 48,483 54, 568 50,300 47,439 51, 509 32, 605 34, 982 36,886 36,199 35, 58' 46, 991 38,453 37, 394 33, 916 17, 533 15,099 13, 002 12, 729 11,888 20, 526 20, 737 21,717 20,999 18, 218 6,122 4,912 4,912 4,912 4,912 620 610 610 610 610 17, 207 17, 207 17,207 17,207 17, 207 94,545 47,770 256, 542 98,453 48,926 270,760 94,739 46,246 269, 353 91.381 43,401 272, 610 97,574 44,441 259,703 9,199 9,082 8,930 8,69] 8,621 5,565 5,389 6,199 6,141 5,578 79,431 99,194 84,137 102,913 83,474 98,619 79,056 95,709 73,819 101, 720 56,969 58,008 55,176 52,092 53,062 262,107 276,149 275,552 278,751 265,281 1,023 919 826 1,539 1,448 2,399 2,095 2,150 2,217 2,172 2,639 2,294 2,416 2,509 2,264 2,669 2,612 2,778 3, 203 2,932 6,241 6,779 6,698 6,861 7,467 317 980 440 506 2,145 1,009 1,075 1,420 1,011 .786 717 1,414 1,149 1,914 21,703 11,959 16, 716 18, 582 18,940 23,966 28,388 25, 838 25,400 23,724 12,739 13,832 12,311 12,815 13,882 4,374 4,386 4,615 4,520 4,674 6,009 6,000 5,779 5,""" 5,532 5,869 6,009 6,742 7,15' 7,567 22,547 20,177 23, 980 19,357 21,270 24,617 53, 844 25,101 70,968 22,215 54,900 22,142 56,392 24,408 48,11: 18, 980 20,611 19,009 19,676 21,349 4,691 5,366 5,055 5,026 6,819 6,947 7,009 6,854 7,409 6,543 6,655 6,726 8,156 8,306 9,481 44, 250 32,136 40,696 37, 939 40, 210 9,421 9,924 9,750 8,874 8, 210l 18,156 17,""" 16, 693 16,00^ 15, 644 29,28' 30,022 30,460 27,784 26,063 10,729 11,136 10, 647 10,361 10,244 18,382 15, 766 15,362 15,741 19,045 15,117 12,943 12, 650 14,070 15,096 12,482 12, 519 14,022 13,617 12, 599 21,841 21,036 21,069 17,554 19,699 9,004 8,746 8,746 8,746 8,746 1,585 1,486 1,486 1,486 1,486 1,954 1,689 1,715 1,692 1,678 20,356 20, 098 20,217 20, 232 20, 266 3,391 2,703 2,803 3,050 3,107 8,345 8,150 8,150 8,150 8,150 9,334 9,571 9,572 9,572 9,572 7,760 7,263 7,327 7,308 7,360 3,257 2,459 2,459 2,460 2,460 11,571 11,571 11,571 11,571 11,571 4,019 4,019 4,019 4,019 4,019 11,288 11, 288 11,293 11,297 11,297 19,117 19,118 19,118 19,118 19,118 27, 227 27,227 27,227 27,227 27, 227 7,752 7,751 7,751 7,751 7,751 19,293 20, 293 20, 293 20,293 20, 293 20,450 20.410 20, 521 20.411 20,945 36,234 36, 234 36,234 36,234 36, 234 1,121 1,196 1, 389 1,4281 1,428J 2,497 2,97' 1,744 1,658 1,776 544 544 544 544 544 128 128 128 128 128 2,784 2,784 2,830 2,830 2,830 14, 363 14,173 14,397 14,417 14,403 41,970 42,190 41, 079 41,0081 41,160 31,162 30,474 30, 574 30,821 30,878 16,225 16, 029 16,029 16,029 16,029 31,411 32, 648 32,695 32,695 32,695 29,108 28,01 28, 295 28, 056 28,692 44, 538 43.741 43, 741 43.742 43,742 430 430 430 430 430 1,449 1,449 1,449 1,449 1,449 483 483 483 346 346 346 346 346 420 420 420 420 420! 368 368 368 368 368 735 735 735 735 735 569 560 j 559 559 558! 226,083 249,551 241, 683 242,365 231, 290 1,145 1,297 2,395 2, 373 1,086 50, 780 73,136 64,054 64,864 54, 542 26, 229! 35, 777 28,722 33,335 35,109 3,893! 5,020! 4, 668 5,362j 6,135 8,178 2,256 5,482 6,315 324,609 353,575! 344,477; 335,304! 5, 607 6, 877' 7,622| 8, 294! 7, 779! 57,794 86, 226 71, 222 75, 258 65, 769 17,884 17, 874 17,874 17,874 17,874 28,880 29, 764 29,864 30,714 30, 714 10, 500 10, 500 10,500 10,500 10,500 Ill 777 777! 777 i 7771 2,835 2,83, 2,835 2,835 2,835 976 976 976 976 976 1,124 1,124 1,124 1,124 1,124! I San Francisco 4,649 4,460 3,880 4,328 4,146 72, 297 68,247 68,556 18, 777 338, 96111 Chicago 8,305 9,447 9, 547 10, 397 10, 397 5, 5,569 5, 569 5,569 5, 569 557 557 557 557 557 5,047 5,048 5,048 5,048 5,048 584 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total All other earning assets: June 24 July 1 July 8 July 15 July 22 Total earning assets: June 24 July 1 July 8 - - -July 15 July 22 Uncollected items: June 24 Julyl July 8 July 15 July 22 Bank premises: June 24 Julyl July 8 ... July 15 July 22 All other resources: June 24 Julyl July 8 July 15 July 22 Total resources: June 24 Julyl July 8 July 15 July 22 Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Minne- Kansas City Dallas Louis apolis San Francisco 2,250 2, 250! 2, 250! 2, 250i: 1,850 2,250 2,250 2,250J, 2, 250 I 1,850! j 1,034,470 1,127,040 1 1,042,753 1,043,295 1,014,701 72,759 86,721 83,054' 80,390 66,462 217,101 287,163 236, 293 237, 229 223,410 76,379 105,117 81, 472; 100,296 73, 479 80, 362 99,852| 74,934 64,128 70,618 6d, 176 62, 439 65,845 57, 566 57, 639 53, 735 52,996 54,885 126, 550 144, 629 127,888 126,633 116,784 61,354 62,704 60,713 61,341 62,954 39,644 37,507 36,792 37,142 42,239 53,895 53,020 52, 619 54, 5941 54,754 48, 613 47, 623 50,841 50,347 51,140 111, 364 97,648 106,241 99,970 104,386 619,112 670,084 683,492 746, 725 644,018 55, 893 62,401 63,717 70, 919 57, 590 147, 510 173,388 161,244 183, 002 148, 616 60, 062 60, 676 63,869 66, 027 59, 245 59, 550 59,456 63, 655 73,707 64, 541 51,312 53,714 57,036 59, 467 54,971 29,200 26, 825 30,897 33,731 30, 207 78, 267 92,392 85,010 93,638 82,810 30, 664 30,303 34,596 35,077 33, 273 13,488 13,492 16,156 16,312 14,545 35,659 38, 677 42, 737 43,083 38,289 20,748 20,270 24,611 26,107 22,134 36,759 38,490 39,964 45, 655 37,797 60,173 60,180 60,326 60,383 60,397 4,190 4,190 4,190 4,190 4,190 16,897 16, 898 16,981 16,984 16,997 1,139 1,139 1,139 1,158 1,158 7,573 7,573 7,573 7,573 7,573 2,446 2,446 2,446 2,446 2,446 2,780 2,780 2,780 2,780 2,780 8,099 8,099 8,099 8,099 4,549 4,551 4,568 4,563 4,564 3,049 3,049 3,049 3,049 3,049 4,339 4,339 4,386j 4,419 4,419 21,152 21,445 21, 618 21,425 21,591 5,809 6,150 6,083 6,121 6,187 153 191 198 219 216 321 319 331 346 358 732 775 702 2,592 2,573 2,556 2,510 2,505 1,! 1,318 1,332 1,290 ir~~ 322 324 343 3,318 3,155 3,160 3,152 3,351 4,749,459 4,853,046 4,781,642 4,863,407 4, 732,485 412,5261,378,967 410,7361,450,575 410,6751,397,147 414,5111,440,096 396,9891,397,272 365, 259 374, 622 370, 656 373,738 362,334 479,490 478,574 469,317 493,290 480,702 205,113 205,907 209,638 211,430 207,895 245,276 238,162 240,841 239,414 239, 761 606,297 631, 515 595,579 607,284 590,716 167,596 164,819 174,437 172,959 166,308 V 1*833 1,833 3,279 3,283 3,282 3,289 3,289 459 485 651 642 637 1,564 1,569 1,594 1,559 1,539 4,493 4,569 4,445 4,456 4,409 139,953 142,259 143,457 140,250 138,451 195,945 201,529 201,162 200, 664 201,991 132,366 131,597 136,471 134,447 131,972 420, 671 422,751 432,262 435,324 418,094 1,833 LIABILITIES Federal reserve notes in actual circulation: June 24 Julyl July8 _ July 15 July 2 2 . . . . Deposits: Member bank reserve accountJune 24 Julyl —. July 8 July 15 July 22 Government— June 24 JulylJuly 8 July 15 _ July 22 Other depositsJune 24 _ Julyl July 8 July 15 July 22 Total deposits: June 24 Julyl July 8 _ July 15 July 22 Deferred availability items: June 24 Julyl July 8 July 15 July 22 1,634,235 1,653,006 1,652,290 1,626,971 1,605,214 186,180 184,432 181,522 175,393 171,358 327,030 337,789 332,978 330,147 330,705 153,061 155,870 153,208 152,287 144,885 203,425 203,718 208,432 206,229 203,029 69,715 135,127 155,794 69,441 134,898 155, 273 70,150 134,912 154,904 131,813 152,956 68,759 131, 602 150,645 44,455 44,843 44,222 43,855 43,029 62,650 62,978 63,952 62,916 62,291 62,311 62,843 63,652 63,083 62,820 38,631 38,909 39,474 37,611 38,037 195,856 202,012 204,884 201,045 198,054 2,139,779 2,198,629 2,147,100 2,195,601 2,160,748 142,299 139,432 142,070 145,184 142,318 808,187 843,935 826,458 851,049 828,216 123,531 132,953 129,007 130,756 132,184 182,820 183,133 168,521 183,552 182,631 64,744 65,003 65,578 66,150, 67,102 68,749 66,351 68,138 67,499 67,939 327,805 346,690 317,360 325,609 319,112 75,395 71,885 51,945 84,815 53,652 87, 980 53,034 83,360 50,013 83,040 50,645 87,662 54,590 56,233 57,263 56,751 56,509 154,899 151,382 157,685 159,823 153,159 46,207 23,330 13,282 10,907 13,963 2,'799 1,585 941 278 944 12,306 7,238 3,416 3,509 3,918 2,837 469 474 195 457 1,615 807 549 672 721 3,116 1,662 938 785 5,140 1,635 837 4,898 1,240 1,175 714 412 1,749 1,016 874 536 1,149 1,690 1,495 465 1,153 1,054 2,450 2,040 2,237 323 962 3,495 1,396 564 727 949 4,112 2,747 812 1,619 620 24,428 30,426 27,366 25,194 25,008 363 377 397 252 240 14,212 19,497 16,244 13,659 14,062 416 534 545 589 417 1,281 1,081 1,788 833 881 182) 2071 190J 1801 148 164 211 173 152 136 1,384 1,316 1,436 1,190 1,556 843 1,332 945 1,329 1,111 270 240 544 494 433 1,705 1,374 144 309 185 186 114 4,625 4,828 4,731 4,850 4,706 2,210,414 2,252,385 2,187,748 2,231, 702 2,199,719 145,461 141, 394 143,408 145, 714 143,502 834,705 870,670 846,118 868,217 846,196 126.784 133,956 130,026 131,540 133,058 185,716 185,021 170,858 185,057 184,233 68,042 66,872 66, 706 67,115 68,133 74,053 68,197 69,148 68,047 69,969 334,087 349,246 319,971 327,513 321,080 87,809 90,514 86,030 85,068 58,229 57,938 48,012 57,664 57,572 163,636 158,957 163,228 166,292 158,485 55,345 123,273 59,643 149,034 60,414 124,890 68,094 148,402 56,797 127,069 53,565 53,283 55,871 58,374 52,806 53,605 48,729 21,735 53,501 51,154 20,847 53,645 54,301 22,533 65,605 56,224 25,311 57,115 52,500 23,918 68,495 79,593 73,239 79,367 71,476 31,939 34,443 37,714 14,211 38,767 12,476 35,3711 22,819; 22,17l| 26,396! 26,597 23,751 36,469 37,438 39, 740 43,596 37,108 557,073 603,527 596,963 660,047 582,450 76,175 73,271 263 77,987 53,905 74,233 55,387 80,445 53, 798 78,040 51,435 75,531 51,962 29,476 30,204 34,209 35,499 32,063 11, < 12,216 14,011 585 FEDERAL RESERVE BULLETIN A U G U S T , 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES-Continued [In thousands of dollars] Total Capital paid in: J u n e 24 Julyl July 8 J u l y 15 July 22 Surplus: June 24 Julyl. July 8 July 1 5 . . July 2 2 . . . All other liabilities: J u n e 24 Julyl July 8 July 15 , J u l y 22 Total liabilities: June 24 Julyl July8 July 15 July 22 Boston 115,561: 115, 693 115,617 115,601 I 115,715 217,837 217, 837! 217,837: 217,837; 217,837; Phila- Clevedelphia land New York 8, 486 31, 580| 31, 6901 31,604 31, 608 31, 6751 11, 217 11, 221 11, 223 11,216 11, 216 16,382; 16,382| 16,382| 16,382 16, 382; 58, 749 58, 749 58, 749 58,749 58, 749 8,486| Richmond Atlanta 6,002 Chicago St. Louis Minneapolis San Francisco Kansas Dallas City 4,593 4,586 4,583 4,587 4,58" 15,549 15, 560 15, 565 15, 564 15, 583 5,097 5,099 5,103 5,109 5,116 3,235 3,240 3,240 3,233 3,230 4,330 4,335 4,335 4,332 4,361 4,313 4,312 4,314 4,312 4,320 8,182 8,191 8,191 8,195 8,187 20,059 22,462 11, 701 20,059 22,462 11, 701 20,059 22, 462 11, 701 20,059 22,462 11, 701 20,059 22,462 11, 701 8,950 8,950 8,950 8,950 8,950 30,426 30,426 30,426 30,426 30,426 9,971 9,971 9,971 9,971 9,971 7,497 7,497 7,497 7,497 7,497 8,977 8,977 8,977 8,977 8,977 7,592 7,592 7,592 7,592 7,592 15, 071 15,071 15, 071 15, 071 15, 071 1,043 941 959 958 995 579 417 454 437 464 782 675 683 671 700 1, 457 1,082 1,148 1,125 1,189 12,977 12,977 12,977 12,971 12,970 5* 996 5,988 V i 14,339; 11,1871 11, 249J 11,550 4,749,459! 4,853,046 4, 781, 642 4,863,407j 4,732,485 3,630 2,643 2,808 2,973 2,878 573 233 269 262 310 1,305 895 943 966 924 743 784 766 818 818 684 715 706 735 1,946 1,417 1,474 1,458 1,506 610 469 487 485 598 412, 526 1,378,967 410,7361,450,575 410,6751,397,147 414,51111,440,096 396,989 1,397,272 365,259 374,622 370,656 373,738 362,334 479,490 478,574 469,317 493,290 480,702 205,113 205,907 209, 638 211,430 207,895 245, 276 238,162 240,841 239,414 239,761 606,297 631,515 595, 579 607, 284 590,716 167, 596 164,819 174,437 172, 959 139,953 142,259 143,457 140, 250 138,451 195,945 201, 529 201,162 200, 664 201,991 132,366 131, 597 136,471 134,44" 131,972 420, 671 422,751 432, 262' 435,324 418,094 58.8 59.9 56.6 54. 55.5 72.9< 76. 5 74. 9 75.9" 74.4 672 399 463 442 464 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): J u n e 24 July 1 July8 July 15 July 22 Contingent liability on bills purchased for foreign correspondents: June 24 Julyl July8 July 15 July 22 Own Federal reserve notes held by Federal reserve bank: June 24 Julyl July8 July 15 July 22 77.0; 74.9 76.1 76.1 77.1 82.6 77.4 78.6 79.1! 83.6 83.8 78.8 81.4 81.6 83.5 80.6 79.3 81. 79.1 81.1 78.2 79.3 79. 78.8 79.6 60.5 55.8 58.9 61.0 59.1 71.2 71.4 72. 71.8 72.3 78.7 75.1 77. 77.1 79.2 54.4 53.3 56.6 55.8 51.8 68.1 71.1 70.9 69.1 64.6 67.1 65.9 64. 37,105 36,971 37,829 35, 576 32,165 2,703 2,747 2,747 2,664 2,409 10,442 9,873 10, 731 9,295 8,403 3,397 3,452 3,452 3,348 3,027 3,908 3,972 3,972 3,852 3,483 1,936 1,967 1,967 1,908 1,725 1,49S 1,525 1,525 1,47€ 133 5,040 5,123 5,123 4,969 4,492 1, 1,708 1,708 1,656 1,497 1,205 1,225 1,225 1,188 1,074 1,461 1,485 1,485 1,440 1, 302 1,278 1,299 1,299 1,260 1,139 2,557 2,598 2,59a 2, 520 2, 279' 307, 276 282,105 284, 049 305,109 316, 728 25,577 21,044 19, 710 23,881 22,736 123, 259 113,823 122, 292 123, 636 124,199 33,368 13,848 12,875 14,188 13, 621 13,026 13, 561 13,127 13,684 17,081 16, 78C 10, 583 10, 717 9,028 10, 541 10, 505 5,645 4,762 4,548 4,366 4,701 3, 564 4,149 4,219 4, 596: 5,213 8,380 7,847 6,941 8,350 7,872 5,875 5,149 5,002 5,304 5,240 40, 237 36,072" 34,124 41, 525 42,132 23, 379 21, 544 33,867 16,446 31, 709 20, 501 40, 607 23,717 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Bills discounted: June 24 July 1 _ July 8 July 15 _ July 22 Bills bought in open market: June 24 Julyl _ July 8 . . . . July 15 July 22 United States certificates of indebtedness: June 24. Julyl July 8 July 15 July 22 Within 15 days 16 to 30 days 31 to CO days 61 to 90 days From 91 days to 6 months 455,445 511,625 450,331 454,739 442, 522 330,416 381,904 322,798 329,937 315,279 28,148 26,381 25, 661 25,308 24,911 39,742 41,279 41,464 40,305 41,832 26,696 31,565 33,204 32,501 29,890 30,084 26,967 26,433 21,862 241,666 249,090 240,711 231,329 224,525 86,317 90,113 47, 746 54,345 54,451 49,642 53,058 72,665 67,302 62,894 57, 293 46,117 29,858 28,392 32,453 26,998 29,833 967 7,984 1,860 5,780 7,386 16,325 15,814 19,237 19,210 15,812 3,022 789 2,789 2,629 3,046 2,875 55S1 412 237 255 252 5,080 8,938 8,304 10,871 8,607 26,229 35, 777 28,722 33,335 35,109 Over 6 months 86,525 86,910 8,659 5,767 5,023 8,697 5,501 586 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS fin thousands of dollars] Total Federal reserve notes received from comptroller: June 24 July 1 -. July8 July 15 July 22 _.-.-.. Federal reserve notes held by Federal reserve agent: June 24 _ — July 1 July8 _ July 15 July 22 ._Federal reserve notes issued to Federal reserve bank: June 24__ July 1 _ July8 July 15 _ July 22 Collateral held as security for Federal Reserve notes issued to Federal Reserve bank: Gold and gold certificates— June 24 July 1 July 8 ._, July 15 July 22 Gold redemption fundJune 24 July 1 July 8 July 15. July 22 Gold fund—Federal Reserve Board— June 24 July 1 July 8 July 15 July 22 Eligible paper— June 24 _ July 1 July 8 . . . July 15 July 22 Total collateral— June 24 Julyl July 8 July 15 .__. July 22... - 2,945,097 2, 949,328 2,937,365 2,944, 876 2,926, 058 Atlanta 297, 777 758,429 766,952 290, 932 769, 890 287,474 772,003 284, 244 765,804 225,029 225,866 222,075 218,996 222,492 274, 504 277,062 274,378 279, 080 275,496 108,357 107, 111 108,333 106,751 105,279 215,042 213, 859 212,990 212,143 211, 521 432, 884 432, 997 430,188 431, 254 428,907 75, 060 74, 565 73,730 73,181 72, 690 87,130 86, 713 86, 267 86,243 85, 635 99,064 98,563 99,326 99, 846 99,105 67,028 66,430 65,748 65, 237 64, 599 304,793 304, 784 303, 508 312,668 310, 286 New York Chicago San Francisco Phila- Cleve- Richdelphia land mond Boston St. Minne- Kansas Louis apolis City Dallas 1, 003, 586 1,014, 217 1, 001,026 1, 012, 796 1, 004,116 88,950 89,700 88,200 90,150 308,140 315, 340 314, 620 318, 220 310, 900 38,600 39,000 35,000 35,000 37, 000 47,700 51,800 49, 500 52, 350 48,750 24, 794 24,795 23,995| 23,494! 23, 494 66,354 65,834 64,394 63, 249 63,139 266, 507 267,007 266, 256 267,757 267,757 24,960 20,916 24,960 19, 586 24,960 18,096 24,960 18, 731 24,960 18,131 28,373 27, 873 28, 733 28, 413 28,413 22, 522 22, 372 21, 272 22,322 21,322 68,700 66,700 64,500 70,100 70,100 1,941, 511 1,935, 111 1,936,339 1,932,080 1, 921, 942 211,757 205, 476 201,232 199, 274 194,094 450, 289 451, 612 455,270 453, 783 454, 904 186,429 186, 866 187, 075 183,996 185, 492 226, 804 225,262 224, 878 226,730 226, 746 83,563; 82,316! 84,338 83,257 81,785 148,688 148,025 148,596 148,894 148,382 166,377 165,990 163,932 163,497 161,150 50,100 49, 605 48,770 48, 221 47, 730 66, 214 67,127 68,171 67,512 67, 504 70, 691 70, 690 70, 593 71,433 70, 692 44, 506 44,058 44,476 42,915 43, 277 236,093 238, 084 239,008 242, 568 240,186 286,016 287, 591 287,191 307,151 307,151 31,050 32,550 32,550 33,350! 33,350| 186,698 186,698 186,698 186,698 186,698 5,600 5,600 5,600 5,600 5,600 2,000! 9,000 9,000 9,000 9,000 9,000 12,775 12, 775 12,375 12,375 12,375 13, 052 13,052 13, 052 13,052 13, 052 106, 255 102,093 100, 560 111, 784 102, 653 17, 590 14,239 10,745 17,287 14,057 1,615 2,120 1,286 1,736 1,245 1,617 1,200 1,254 1,750 1,142 1,080,846' 1,069,443 1, 073,277i 1,053,306 129,000 104,000 104,000 94,000 104,000 667,202 717,052 656, 210 650,135 633,349 2,140, 319 2,176,179 2,117, 238 2,122, 376 2, 090,151 8, 780 2, 000[ 8,780 2, 000' 8,780 21,160| 8,780 21,160| 28,461 9,413 28,461 9,850 28,349 11,058 28,349 12,980 28, 258 10,476 10,311 12,170 11,486 12, 288 10,703 2,057j 3,819! 2,238 3,766 6,763 5,579 4,611 8,764 7,581 4,739 4,740 4,703 4,703 4,r~ 141,000 141, 000 141,000 141,000 141,000 121,889 120,889 125, 889 122,889 122,889 160,000 160, 000 160, 000 160, 000 160,000 26,295 26, 295 23,295 23, 295 10,295 93,000 95.000 97.0001 94,000 94,000 130,645 130,644 130,645 130,645 130,645 66,375 79,067 74, 655 71,319 57,906 134,713 170,772 139, 038 134, 691 132, 239 49, 851 52,864 45,454 49,871 47,122 74, 893 66,797 62, 952 67,715 64,952 56, 413 42, 693 42,956 57,322 38, 843 55,114 38,095 57,165 40, 012 244, 015 229,856 221,950 215,956 209,313 490,872 526,931 495,085 490, 738 488,195 186,753 189, 203 188, 001 191,340 186, 087 253, 984 247, 747 243, 218 248,783 244,435 3,304s 88,012 89,3081 86,4361 101,807! 92,386 151,456 152,535 149,454 149,859 150,593 17, 061 17,136 17,136 17,136 17,136 4,087 3,186 4,749 3,028 2,603 3,006 3,324 2,813 3,175 15,752 15,485 15,176 14, 907 14, 594 10,000 9,000 9,000 8,000 8,000 39,000 49,360 39,000 49,360 39,000 49,360 39,000 49,360 39,000 49, 360 6,500 6,500 5,500 3,500 2,500 82,971 100,837 85, 251 84, 072 73, 953 29, 544 31, 646 29,624 29,997 31, 551 22,928 20, 963 20, 303 20, 654 25,707 21,957 19,852 19,417 21,394 21,497 19,132 19, 239 22,177 21,920 22, 079 174,157 187, 755 188, 588 187, 617 185,309 65,732 53,103 61,174 55, 293 59,166 218,355 236, 221 220, 599 219,420 209, 226 53,934 55, 541 52, 285 52,108 53,171 76, 597 74, 215 73,609 74,456 78, 901 75,404 72,398 73, 526 74, 723 73,885 45, 296 45, 881 48,137 45,369 44, 890 255, 641 256,343 264,938 257, 817 259, 069 587 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREO N, JUNE, 1925 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta St. Louis Chicago Minneapolis Kansas City Dallas San Francisco HOLDINGS ON JUNE 30, 1925 1,099,998 Bills discounted for members Bills bought in open market United States securities Foreign loans on gold All other earning assets 94,409 272, 551 83,592 92,018 65,802 54,076 136, 682 61,403 38,892 53,615 47,452 99,506 480,468 253,507 353,273 10, 500 2,250 Total earning assets 52,441 132,348 34,263 51,415 6,928 85,953 2,835 111 47,138 15,353 17,875 976 2,250 41,065 20,065 29,764 1,124 50,024 9,652 5,569 557 21,327 18,068 14,251 430 63,248 29,952 42,033 1,449 19,709 10,737 30,474 483 5,439 17,078 16,029 346 6,875 13,672 32,648 420 6,681 12,395 28,008 368 34,173 20,857 43,741 735 180,901 2,496 36,924 127 8,928 125 9,146 615 29,977 378 18,541 215 26,306 691 13,294 156 4,330 5,836 5,131 3 11,962 27 82 356 265 101 65 5 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s Trade acceptances, domesticSecured by U. S. Government obligations Member bank collateral notes: Secured by U. S. Government obli gati ons _ Otherwise secured 244,226 51,750 15, 201 99,621 22,042 28,051 9,952 28,083 2,865 15,912 3,492 1,832 638 35,593 593 6,254 979 129 899 130 626 921 11,175 10,988 Total discounted bills 480,468 52,441 132,348 47,138 41,065 50,024 21,327 63, 248 19,709 5,439 6,875 6,681 34,173 119,641 87,230 41, 990 2,203 1 593 13,930 10,506 9,772 55 24,945 15,845 7,735 466 1 593 5,040 6,710 3,463 140 11, 502 5,578 2,686 299 4,863 2,570 2,084 135 8,428 6,823 2,677 140 13,668 10,327 5,678 279 4,720 4,642 1,155 220 8,755 5,470 2,764 89 6,105 6,429 1,071 67 5,914 5,589 660 232 11, 771 6,741 2,245 ' 81 1,095 10, 526 159 189 10 21 Bills Bought Bankers' acceptances based on— Imports Exports Domestic transactions . Dollar exchange bills All other Trade acceptances based on imports Trade acceptances based on exports 831 835 4 15 15 253, 507 34,263 51,415 15, 353 20,065 9,652 18,068 29, 952 10, 737 17, 078 13, 672 12, 395 20, 857 United States bonds Treasury notes Certificates of indebtedness 68, 281 248,776 36, 216 561 1,347 5,020 4,912 72,311 8,730 611 17,207 57 8,746 11,571 9,447 1,486 4,019 64 1,767 11,288 1,196 20,055 19,118 2,860 2,703 27,227 544 8,150 7,751 128 9,570 20,293 2,785 7,261 20,410 337 2,459 36, 234 5,048 Total U. S. securities 353,273 6,928 85,953 17, 875 29,764 5,569 14, 251 42, 033 30,474 16, 029 32, 648 28,008 43, 741 76,129 249,493 35, 544 125, 552 35,125 49,927 4,683 71,179 2,835 111 81,137 40, 646 19,364 17,901 976 95,165 42,858 23,047 28,136 1,124 65, 637 49,116 10,076 5,888 557 53,779 122,922 22,868 45,478 15,354 33,741 15,127 42,254 430 1,449 64,482 20, 031 11,397 32,571 483 41,236 5,078 18,744 17,068 346 55,893 7,418 14,380 33,675 420 48,665 6,122 11,356 30,819 368 106,129 36, 910 22,078 46,406 735 119 17 48 53 1 162 25 37 99 1 140 20 29 90 1 295 106 58 129 2 3.51 4.00 3.15 3.76 3.50 3.52 4.00 3.14 3.58 3.50 3.51 4.00 3.16 3.55 3.50 3.38 3.50 3.18 3.39 3.50 Total purchased bills United States Securities DAILY AVERAGE HOLDINGS DURING JUNE Total earning assets 1 Bills discounted Bills bought _ _ United States securities Foreign loans on gold 1, 060,667 437,621 264, 589 345,707 10,500 _ EARNINGS DURING JUNE Total earning assets 1 Bills discounted Bills bought United States securities Foreign loans on gold _ __ -_ ._ 3,055 1,328 690 1,002 29 208 103 92 11 2 701 361 130 202 8 236 117 51 59 3 266 123 60 80 3 205 162 26 15 2 164 78 41 44 1 370 150 88 128 4 189 66 30 92 1 3.50 3.69 3.17 3.53 3.50 3.32 3.50 3.18 2.94 3.42 3.50 3.16 3.45 3.50 3.53 3.50 3.19 4.01 3.50 3.40 3.50 3.18 3.43 3.50 3.80 4.00 3.18 3.19 3.50 3.60 4.00 3.18 3.40 3.50 3.66 4.00 3.17 3.69 3.50 3.56 4.00 3.16 3.43 3.50 ANNUAL RATE OF EARNINGS Total earning assets 1 Bills discounted Bills bought United States securities Foreign loans on gold _ _ _ _. 3.50 1 Figures for Philadelphia include average daily holdings of Federal intermediate credit bank debentures, $2,250,000; earnings, $6,311; and annual rate of earnings, 3.41 per cent. 588 FEDERAL RESERVE BULLETIN AUGUST, 1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING JUNE, 1925 [Amounts in thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta San St. Minne- Kansas Louis apolis City Dallas Francisco Chicago Volume of Operations Total (all classes) Bills discounted for member banks. Bills bought in open market Bills bought from other Federal reserve banks U . S . securities bought in open market Foreign loans on gold.. Bills Discounted 2, 987, 733 257,987 1,547,063 160,379 231,006 214,478 49,816 203,786 59,130 19,904 22, 589 21,214 200,381 2,454,714 223,271 1,230,162 151,643 214,285 208, 111 5,765 8,153 11,187 110,382 245,996 28,314 32,664 153,143 4,835 21,308 50,547 6,313 4,387 14,751 7,154 6,541 7,419 171,928 4,732 23,715 5,021 5,000 1,994 276 568 198 3,633 240 3,853 210 4,318 420 19,059 159 69 1,325 2,300 41 2,969 29 4 7,514 45 17 38 17 10,034 20,055 1 260,968 6,000 5,958 444 204,899 1,620 25 558 4,892 642 284 318 2,037 246 28,507 828 Rediscounted bills: Commercial, agricultural, 5,212 9,792 6,118 and livestock paper, n.e.s. 9,542 17,336 12,486 • 29,069 122,722 Demand and sight drafts __ 112 386 Trade acceptances 208 238 134 261 1,728 211 475 111 Secured by U.S. Government obligations 49 102 258 69 58 675 82 Member bank collateral notes: Secured by U.S. Government obligations 1,839,514 63,767 1,054,297 105,232 169,342 145,220 15,945 122, 724 Secured by eligible paper 2 . 1,093 489,689 153,979 3,825 165,939 40,100 34,668 45, 225 Total bills discounted... 2,454,714 223, 271 1, 230,162 151,643 214, 285 208, 111! 32,664 153,143 Average rate (365-day basis)— 4.00 4.00 3.69 3.50 3.50 4.00 3.50 3.50 per cent Average maturity "(in days): Member bank collateral 5.90 2.96 10.25 12.61 5.89 notes 5.44 5.03 8.40 46.62 37.82 58.40 64.88 56.58 Rediscounted bills 57.48 50.95 50.60 Number of member banks on 9,546 1,405 420 869 747 866 607 501 June 30 _ _ _ Number of member banks ac3,289 242 474 399 331 201 372 318 commodated during month.. 34.5 45.9 48.3 33.7 47.9 54.5 49.8 Per cent accommodated. _36.7 Bills Bought in Open Market From— Member banks Nonmember banks, banking corporations, etc.— With resale agreement. All other Total bills bought.... Rates charged: 3 per cent _ . _ 3Mi per cent 3 ^ per cent 3% per cent 31^ per cent 3^g pgj* cent 4 per cent 43^t per cent 4 ^ per cent_ _ 4^| per cent Average rate (365-day basis)— per cent _ Average maturity (in days) 3__. Class of bills: 3 Banker's acceptancesBased on imports Based on exports Based on domestic transactions Dollar exchange Unclassified _ Trade acceptances—foreign Total,-United States Securities Bought in Open Market United States bonds Treasury notes Certificates of indebtedness Total United States securities bought 1 2 29,283 1,975 50,547 2,839 223 4,387 4,533 280 7,154 4.00 4.00 4.00 4.00 4.00 9.99 54.13 12.57 114.04 11.18 107.09 13.57 98.08 7.11 79.50 622 859 1,049 850 751 228 36.7 135 15.7 169 16.1 180 21.2 240 32.0 66, 720 5,513 11,683 4,215 8,095 2,571 2,230 11,929 3,81-3 7,081 3,031 2,098 4,461 117,879 61,397 245,996 15,104 7,697 28,314 86, 637 12, 062 110,382 3,938 8,153 3,092 11,187 3,194 5,765 2,605 4,835 3,841 5,538 21,308 2,500 6,313 7,670 14, 751 3,510 6,541 2,634 4,732 12,297 6,957 23,715 149, 213 45,941 45,341 3,771 1,091 115 320 17 186 1 5,491 10,963 10,414 1,131 205 110 101,377 3,296 4,739 270 496 1,057 3,796 3,056 187 57 4,450 4,834 1,837 66 2,591 1,518 1,594 62 2,140 1,285 1,076 .! 14 8,785 6,285 4.105 2,033 95 3,397 1,754 1,155 7,598 5,110 2,039 3,497 1,912 1,132 7 4 2,638 1,364 519 17 194 6,192 3,824 13, 675 5 19 3.19 49.25 3.21 62.44 3.13 43.38 3.23 54.75 3.19 53.14 3.21 43.62 3.25 50.04 3.23 48,23 3.18 47.46 3.17 51.50 3.18 47.14 3.22 47.24 3,20 41.86 48,227 35, 250 4,930 1,851 9,036 5,128 3,387 2,773 4,138 3,085 1,820 1,353 1,726 2,186 5,053 5,190 2,038 2,182 6,627 3,678 2,497 2,179 1,903 1,729 5,072 3,916 28,007 1,570 14,769 294 128,117 4,604 20 1,805 1,993 1,829 211 1,924 1,499 140 953 456 467 5,886 204 1,134 929 220 944 2,672 175 1,599 520 101 1,244 392 12 696 1,600 77 753 13, 210 5,627 410 3,250 294 23, 745 8,153 11,187 5,765 4,835 17,467 6,313 14, 751 6,541 4,732 11,418 2,776 69, 918 188,274 2,950 3,008 52,867 152, 032 25 750 4,142 284 695 817 525 1,174 1,395 25,938 1,994 568 702 2,342 589 199 1,614 2,040 6 4,312 260,968 5,958 204, 899 25 4,892 284 2,037 28,507 1,994 568 3,633 3,853 4,318 c 320 17 186 1 Exclusive of $58,000,000 Treasury notes sold under repurchase agreement and subsequently repurchased. 2 Including bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. 2,050 124,282 2,329 40,053 7,419 171,928 589 FEDERAL RESERVE BULLETIN AUGUST, 1925 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Boston Number of reporting banks: June 17 June 24 __. July 1 July8_. July 15 Loans and discounts, gross: Secured by U. S. Government o b l i g a tionsJune 17 June 24 July 1 July 8 July 15 Secured by stocks and bondsJune 17 June 24 July 1 _.. July 8 July 15 All other loans and discountsJune 17 June 24. July 1 July 8 July 15 Total loans and discountsJune 17 June 24 July 1 July 8 July 15 U. S. pre-war bonds: June 17 June 24 July 1 July 8 July 15 U. S. Liberty bonds: June 17 June 24 Julyl Julys.... July 15 U. S. Treasury bonds: June 17 June 24 Julyl July8 July 15 U. S. Treasury notes: June 17 June 24 Julyl July8 July 15 U. S. Treasury certificates: June 17 June 24 Julyl July8 July 15 Other bonds, stocks, and securities: June 17 June 24 Julyl July8 July 15 Total investments: June 17 June 24 Julyl July8.--_ July 15 733 733 733 733 731 172, 693 172,145 178,572 172,991 164, 914 NewYork Philadelphia Richmond Atlanta St. Chicago Louis Minne- Kansas Dallas apolis City 100 100 100 100 100 103 103 103 103 7,657 7,910 12,290 10, 646 10, 628 62, 665 61,772 62,876 59,948 55, 799 13, 783 13, 239 13,408 11,912 10,852 5,019, 553 5, 033,609 5,167,857 5,092,413 5,063,651 328,837 2, 252,434 317,093 2,283,852 330,627 2,402.521 2, ! , 318,210 2, 295, 202 320, 511 2,242,449 7,999,07' 8,029,008 8,014,824 8, 057,35" 641,256 2,449,888 366,910 640,661 2, 441, 621 364,433 641, ,019 2,461,815 365, 744 , 812 645,812 2,452, 272 369, 326 660, 079 2,467,373 376,709 ~" 13, 200,534 13, 204,831 13,375,437 13, 280, 228 13,285, 922 Cleveland 977, 750 4,764,987 965, 664 4, 787, 245 983,936 4, 927,212 974, 668|4, 807,422 991, 218 4, 765, 621 330,931 330,451 329,804 332,540 325,506 18,126 17,811 18,342 18,493 18,483 70 70 70 70 69 33 2,762 2,826 2,795 2,701 2,610 3,716 3,522 3,539 3,503 3,448 3,073 3,019 2,945 3,095 3,024 9,476 9,376 9,159 9,133 69,446 67,817 66,848 67,760 65,579 102,438 100, 979 106,854 112,925 118,469 72, 298 70, 218 73,897 73,823 76,036 233, 745 236,023 241,265 241,071 246,877 296, 574 296,530 295,315 295,231 299,717 171,404 169,207 164,136 162,167 161,332 322,347 323,069 325,334 322,192 321, 715 214,875 215,243 213, 713 207, 508 208, 297 861,100 861, 649 858, 278 864, 042 860, 217 474, 786 476,984 471,7 ' 003,360473,849 , 469, 358 2, 027 , 027,184 475, 940 471, 944 2, 048, 292 480,566 , , 243, 612 239,850 233, 779 232, 628 229, 521 428,501 427, 570 435, 727 438, 620 443,632 290, 246 1,104,493 288,480 1,107,148 290, 555 1,108,919 284,426 1,114,272 . 287,"""" ', 116, 227 3571, 6,103 6,951 7,570 6,210 7,045 5, 750! 6,871 5, 751 7,225 472,066 128,068 129,375 478, 716 131,345 479,631 128,993 483,848 126,090 86,807 87,000 85,283 86, 547 91,821 28,028 10,181 28,386 9,629 30,035 9,711 29, 684 11,229 28,811 9,150 774,452 168,031 761,283 170,825 751,874 786,231 169,480 794,766 171, i "" 354,316 356, 508 358,969 361,457 363,154 291 1210,425 373, 541 1 213,851 379,457 1221,451 375, 940 1 211,269 372,898 1,224,715 711, 624 1, 236,094 488,487 708,123 1,239, 268 493,453 708, 956 1,240,835 496, 524 713, 778 1, 245, 732 496, 200 713, 067 1, 243,482 494, 995 467, 049 2, 012,905 467,526 2,003, " " 3,520 745,902 742,764 743,777 747, 608 741,151 San Francisco 373,, ! 218,148 219,32 218,945 219, 432 220,4r 9, 791 9, 791 9,814, 9,814! 9,814| 39, 945 39, 749 39, 787 39,737 39, 761 9,620 9,619 9,654 9, 653| 9, 690 31,844 31, 856 31,811 31,811 31, 757 25, 237 25, 238 25,338 25, 887 25,912 13, 592 14,891 14,880 14, 884 14,880 17, 590 17, 623 17, 624 17, 660 17, 625 12,707 12, 707 12, 707 12, 70' 12, 707 6,811 6,811 6,811 6,811 6,811 9,333 9,358 9,332 9,282 9, 227 17, 678 17, 678 17,187 17,187 18, 234 24, 000 24,000 24, 000 23, 999 23,999 1,368,2131 1,375, 518 1,380,329| 1,380,184 1,379, 583| 78, 723: 78, 587 78, 848 78,850' 79,943! 597,845 603,773! 603,3111 603, 216! 604,4651 50,105 49,044 49,217 50,129 ! 51, 523 170,258 168, 799 167,059i 171,830 171,569 35, 727 34, 550! 35,705 36, 828| 36, 222 11,367 12,197 S 13,335! 13,458| 12, 009i 172,032 170,470 174,5971 170,523| 172,188! 21,715 24,832 21,022 22,172 22, 656 25, 588 25,189 25,210 25,125 25,075 50, 541 51,106 50, 206 50,391 18, 060 17,882 17, 971 17,950 17, 569 138,305 139, 654 142,948 139,897 135,973 453,298 : 439, 977! 438,850 437,241 i 439, 636 21,088 20, 666 20,867 19, 547| 20,566 193, 926| 195,468 196, 947 195,310| 196,177 20,150 19,431 19, 014 21,103 18,080 32, 726 i 31,615 32, 579 30, 760 32,360 6,673 7,287 9, 040 i 9,112 8,797 6,171] 5,8811 5,315! 5, 720' 63,4191 63,557 62, 518; 60,876: 61,3751 13,339 9,398 12,240 11, 11, 200 11,943 12,453 12,453 12,072 12,25f 17,391 15, 799, 14,6551 13,097 12,923 7, 8,156 7,635 7,876 7,384 53, 518 50,590 46, 774 50,583 52,487 410,400! 383,251 386,897 387,125 397,875 6,420 6,152| 6,376' 6,3761 196,487 172,831 175, 729 176,368 186,132 10,421 9,713 9,229 9,113 8,850 39,359 38,869 38, 943 42,380 42, 996 1,322 1,075 984 1,084 1,013 3,762 3,427 2,471 2,479 j 2,341 75,5821 75,478 79,163 75, 634 74,802 8,355 7,365 7,046 7,043 7,043 18,184 18,132 18,132 18,032 18,031 16,403 16,157 16,088 16,039 16,811 7,702 8,009 7,783 7,528 7,813 26,337 25, 775 25,177 25,049 25,667 145,184 136, 613 124,084 120, 245, 119,438 6,64l! 6, 600 5,3101 5, 295 5,275 58,401 54, 767 52,174 51,822 52,142 9,993 10,452 8,652 16, 726, 14, 542 12,948 11,653 11,084 3,877 3,684 3,631 3,132 3,132 4,325 3,781 2,222 2,450 1,948 14,520 12,375 8,812j 8,835 8,525 3,600 3,286 2,53" 1,535 552 4,041 4,045 4,060 4,060 4,060 3,141 3,485 3,474 3,634 3,538 4,336 3,620 3,501 3,472 3,429 15,583 15,976 16,763 18,028 19,236 2,944,235 2,950,719 2,967,4571 2,953,830 i 2,926,620| 199,092 1,147,320 202,168|l, 156,392 203,86lil,164,733 204,789il,160,861 206,139 1,137, 750 261,822 262, 674 261,485 262,039 261,410 351,234 352,063 346,950 348,932 348,663 63.231 63,483 62,855 61,907 62.232 43,280 43,463 45,222 44, 618 45,194 41,877 76,252 41,991 74,850 42,560 74,797 43,372 74,754 43,039 75,331 19,380 18,866 18, 649 18, 572 18, 727 194, 652 194,369 195,596 196,355 194, 772 5,539,478| 5, 505,399! 5, 516,562 5,498,057 5,483, 569 321,821 2,233,924 324, 232 2,222,980 324,852 2,232,681 324,67112,227,314 328,1132,216,427 362, 111 360,933 357,251 358,366 356,0701 642,147 637,744 630,290 637,366 638, 429 138,502 134,703 135,800 137,878 137,623 85,123 776,211 172,743 108,444 171,008 83,930 766,178 171,313 108, 621 170,190 84,011 779,498 169,51" 109,226 169,452 83,204 763,225 163,053 109,472 167, 012 82,092 759, 710 162,326 109, 268 168,221 75,049 74,211 72, 726 72, 585 73,156 452,395 450,364 451,258 453,911 452,134 6,517 433,068 426,675 436,784 429,697 425,195 113,02' 113,725 113,965 107,934 108,168 590 FEDERAL RESERVE BULLETIN AUGUST, 1925 PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued fin thousands of dollars] Federal reserve district Total Boston New York Philadelphia Cleveland Richmond Total loans and investments: June 17 18,740,012 1,299,5716,998,911 1,073,7351,878,241 June 24 18,710,230 1,289,896 7, ,010,2251,069,0561,877,012 628,156 July 1 18,891,999 1,308, I tKJ I , i159,™ A, UVFVJ, t*JI 1 , 8 7 1 , 1 2 5 632,324 UUO, t l i 7 , OJ7t» ,066,2071; July 8 18,778,285 1,299, 299,339 7,034,736 1,072,144 1,883,098 634,078 July 15 18,769,491 1,319,331 6| 982| 048 1,069;1371,881,911 632,618 137 I, Reserve balance with Federal reserve banks: June 17 1,667,108 103,452 765,119 80,624 120,655 38.170 June 24 1,603,827 94,698 723,164 74,827 129,256 38,714 Julyl 1,662,066 93,628 759,776 82,624 127,797 39,556 July8__ 1,616,432 95, 719 753,211 80,409 114,465 38, 742 97,196 762,543 80,33*2 126,605 40,999 July 15 1,646,888 Cash in vault: June 17 275,422 20,958 75,816 16,281 30,944 14,190 June 24 278,189 20,939 77,409 16,173 31,406 14.171 Julyl 278,125 20,146 79,658 15,432 29,624 13,808 July8 289,744 20,509 82,670 15,689 32,349 14, 523 July 15 277,378 20,952 77,193 14,149 31,395 14,155 Net demand deposits: June 17 12,865,325 894, 296 5,622,549 770,464 1,004,913 342,647 5, June 24 12,724,742 877, 537 5,579,887 759,319 i; 003,679 346, Q74 i , Julyl ....13,053,739 905,613 5,790,661 769,3611, 018,244 349,631 , July 8 .._ 12,890,060 886,100 5,657,695 770,787 1, 015,505 354,515 , July 15 12,987,280! 915, 325 5,651,149 766,105 1, 023,677357,881 . , Time deposits: June 17 5,187,778 367, 145 1,201,088 180,432 735,531 200,554 June 24 5,188,308 369, 8971,196,713 177,081 734,925 204,017 Julyl 5,172,152 366, 585 I. 173,648 180,765 737,191 205,351 , July8 5,164,211 367, 3371. 164,049 175,248 739,024 204,401 , July 15 5,163,729 368; 227 1,167,374 172,855 745,729 204,35f Government deposits: June 17 113,586 8,606 19,109 11,665 19,731 4,324 June 24 116,639 8,606 19,109 14,861 19,737 4,270 Julyl 112,855 8,593 19,108 11,482 19,737 4 , 3 r 8,588 16,260 3,152 July8 88,905 6,962 13,542 7,304 13,836 2,681 July 15 75,598 5,918 11, 513 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligationsJune 17 173,987 4,669 74,819 7,: 20,366 4,850 75,558 5,795 27,263 6,184 June 24 169,168 6,950 91,516 9,492 20,054 6,892 Julyl.._ 185,7141 5,395 77,032 6,239 14,885 7,585 July 8 151,626 9,275 65,930 13,055 23,345 3,331 July 15 158,781 All o t h e r 8,569 20,338 4,659 9,819 14,968 June 17 77,433 11, 574 18,321 5,303 8,113 11,380 June 24... 85,581 20,439 31,607 9,386 8,888 16,717 Julyl 121,395 15,659 22,025 9,124 12,888 July8 96,363 10,250 32,686 10,566 5,864 15,035 July 15 102,479| Atlanta Chicago 552,172 2,789,116 , , 551,456 '2,769, —»,698 555,796 2,782,858 , !,858 552,562 2,790,409 2,790,409 554,036 2,808,002 St. Louis Minne- Kansas City Dallas apolis 647,529 648,297 643,366 638,993 642,892 352,056 348,471 343,005 342,100 338,789 599.509 597,760 605,179 605,632 611,853 San Francisco 365,2951,556,888 362,6911,557,512 363,2811,,560,177 ., 568,183 357, ., 360,513 i; 568,361 40,316 39,475 37,969 39,075 37,237 263,512 250,323 267,235 237,191 247,587 45,118 44,949 41,834 46,946 45,409 10,631 10,615 11,043 11,098 9,599 49,964 51,030 49,451 53,813 52,631 7,285 7,002 8,209 7,548 7,496 5,688 5,870 5,837 6,343 5,800 11,894 12,635 12,478 12,724 12,066 327,9571,770,288 390,690 322,198 i;,738,904 384,394 321,615: , 766,272 379,954 323,9221,762,424 384,486 331,9801,796,482 387,350 232,302 226,200 227,746 227,616 223,593 484,997 478.510 491,990 482,913 490,644 200,219 200,199 204,887 204,153 203,193 991,675 989,662 980,031 981,933 978,526 207,03' 205,740 207,384 206,338 205,800 102,329 103,237 101,657 101,479 101,333 138,589 138,371 138,340 140,176 139,944 95,118 94,932 95,034 94,763 94,846 768,061 773,534 781,279 785,310 781,550 7,532 7,483 7,532 6,519 5,541 22,148 22,148 22,148 18,778 15,970 3,660 3,665 3,656 2,244 1,906 1,887 1,886 1,736 1,588 1,344 1,481 1,431 1,431 837 711 4,472 4,472 4,144 3,585 3,048 8,971 8,971 8,971 6,850 5,826 3,940 3,078 2,933 80 684 33,362 24,460 36,214 21,155 24,835 500 1,055 875 22 1,641 600 270 665 240 278 638 813 600 375 120 720 322 19,085 20,310 9,790 17,605 15,550 5,055 6,038 6,446 6,783 5,432 2,207 7,636 10,705 8,434 8,366 2,789 4,834 6,427 3,268 4,891 422 371 360 349 333 701 665 721 730 978 1,224 929 1,278 1,278 6,791 10,122 8,770 9,187 6,800 25,000 52,022 30,169 24,812 51,856 27,580 26,624 54,322 28,508 25,638 49,288 29,414 22,665 49,541 29,407 9,624 9,442 10,133 9,597 10,050 102,951 104,173 102,193 106,334 107,367 22,147 21,497 22,306 22,881 21,892 260,970 763,252 254,423 753,617 257,217 775,435 256,618 767,479 259,9ir 783,182 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] Federal reserve bank city Total (12 cities) Boston Due to banks: June 17. June 24 Julyl July8 July 15 Due from banks: June 17 June 24 Julyl July8 July 15 2,264,341 2,218,066 2,375,289 2,289,509 2,262,845 655,357 601,483 659,645 631,788 668,892 New York 133,738 1,085,234 118,358 1,094,082 135,i,467l,, 176,573 "~ 131,,1901 , 108,681 135,i, 7521,074,161 52,106 39,515 43,394 38,672 38,911 112,969 111,431 122,928 112,4061 135,749 Philadelphia 181,861 173,654 180,830 176,681 178,931 64,686 65,131 76,881 57,522 63,061 Cleveland Richmond Atlanta Chicago 55,081 29,280 50,192 28,152 52,929 28,231 54,854 31,948 54,455 32,981 18,602 18,221 17,933 20,672 19,719 26,715 23,488 31,339 26,917 31,263 13,652 190,323 12,796 174,464 11,021 187,286 13,258 186,532 12,267 180,614 15,715 13,671 15,463 15, 772 15,493 St. Louis 395,532 87,240 380,657 84,813 412,061 81,365 398,370 79,405 389,033 86,635 30,436 29,415 35,266 33,665 35,643 Minne- Kansas City Dallas apolis 50,479 48,390 50,026 53,481 49,267 104,270 102,039 105,507 107,278 109,955 26,560 21,818 21,974 27,141 24,823 45,270 42,193 42,488 45,946 51,512 San Fran Cisco 97,673 25,351 26,396 93,112 27,869 106,498 26,868 100,081 26,107 105,849 25,161 22,005 21,888 20,657 28,671 51, 764 45,556 49, 717 53,300 50,885 591 FEDERAL RESERVE BULLETIN AUGUST, 1925 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] New York City June 17 62 Number of reporting banks Loans and discounts, gross: Secured by U. S. Government obligations Secured by stocks and bonds All other loans and discounts June 24 Julyl 62 City of Chicago July 8 62 July 15 62 62 June 17 46 June 24 Julyl July 8 46 46 July 15 46 46 57,627 56,798 57,898 54,491 50,387 20,810 21,287 22,973 22,778 21,784 1,999,954 2,036,274 2,156,973 2,049,187 2,000,679 581,206 569,498 560,653 595,023 605,811 2,147,021 2,137,446 2,152,715 2,143,136 2,155,965 682,441 685,851 683,255 671,563 674,412 Total loans and discounts. 4,204,602 4,230,518 4,367,586 4,246, 814 4,207,031 1,284,457 1,276,636 1,266,881 1,289,364 1,302,007 29,012 506,751 178,817 183,032 54,974 29,012 509,859 180,708 161,402 51,970 29,000 508,261 182,917 163,696 50,113 29,000 508, 433 181,230 164,327 49,769 29,000 507,302 181,804 174,298 50,081 1,933 85,067 26,701 55,466 7,398 1,933 84, 863 26, 577 55,380 6,882 1,933 89,315 25,787 59,201 3,631 1,933 85,403 25,527 55,884 3,913 1,934 87,153 26,064 54, 879 4,035 876,783 U. S. pre-war bonds U. S. Liberty bonds U. S. Treasury bonds .-. U. S. Treasury notes U. S. Treasury certificates Other bonds, stocks, and securities - 860,499 866,323 874,048 851,754 204,935 199,264 206,788 199, 689 195,877 Total investments 1,813,085 1,799,274 1,810,770 . 1,806,807 1,794,239 381,500 374,899 386,655 372,349 369,942 Total loans and investments - 6,017,687 6,029,792 6,178,356 6,053,621 6,001,270 1,665,957 1,651,535 1,653,536 1, 661,713 1, 671,949 710,869 60, 793 5,052,840 821,834 14,966 666,156 61,811 5,021,755 819,086 14,966 702,711 63,198 5,215, 561 796,780 14,966 698, 598 66,004 5,098,752 787,334 10,625 700,440 61,367 5,089,508 786,183 9,035 177,110 23,566 1,163,973 483,997 11,625 167,583 24,132 1,150,582 482,655 11,625 181,013 23,973 1,173,348 478,422 11,625 157,892 25,426 1,152,580 479,685 9,720 165,786 24, 706 1,174,80S 474,701 8,258 62,190 19,529 57,930 14,940 68,595 28,066 59,895 18,954 42,755 28,940 13,668 1,005 4,316 1,005 9,962 4,075 8,710 605 5,310 2,482 81,719 72, 870 96,661 78,849 71, 695 14,673 5,321 14,037 9,315 7,792 Reserve balances with Federal reserve bank Cash in vault Net demand deposits Time deposits Government deposits Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations All other Total borrowings from Federal reserve b a n k . . . ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] T i m e deposits Net demand deposits Federal reserve district 1925 Mar. 25 Boston _ New York Philadelphia Cleveland Richmond.. Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total _ -.. .-. 1,270,144 6,109,736 1,127,880 1,456,781 569, 755 616, 226 2, 382,909 722,922 475, 267 872, 756 Apr. 22 1, 298,704 6,334,929 1,155, 613 1,469, 584 565, 450 620,420 2, 384,717 708,335 451,891 838,824 635, 576 1, 235,913 1, 251,037 M a y 27 June 24 June 25 1,313,510 6, 236,627 1,159,071 1,463,643 560, 248 646, 362 2, 391, 294 700,591 439, 619 824, 391 605, 626 1, 230, 203 1,337,475 6, 276,324 1,159,036 1, 482, 254 558,817 621,453 2,425, 469 693, 028 451, 240 836, 559 588, 601 1,240, 484 1, 249, 512 5,982,997 1,067,178 1, 385,052 531,197 477, 319 2, 216, 745 641,034 396,739 727, 746 512,565 1,206, 298 M a r . 25 Apr. 22 729, 635 721,631 2,063, 332 2,121,020 786, 676 788,880 1, 299,175 1, 300,882 492,908 501,893 388,125 1,762, 222 1,767,731 435,041 432,651 439,950 441,252 307,175 305, 752 165,531 163,780 1, 240,735 1, 242,963 M a y 27 June 24 745,103 2,154, 206 796, 502 1,314,938 501,137 407,256 1,814,574 437,801 435,891 309,873 166,006 1, 251,953 762,492 2,141,081 808,481 1, 344, 751 508,488 407, 643 1,826,655 441,929 434,484 309, 948 167, 218 1, 267, 614 June 25 656,959 1,812,215 1, 226,845 461,243 347,419 1,636,533 406,117 398,800 297, 679 157,155 1,051,859 17, 503,151 17, 715,080 17, 571,185 17, 670, 740 16,394, 382 10,094,153 10,186,622 |l0, 335, 240 10,420, 784 9,148, 320 Banks in cities and towns having a population of— 1,663,485 1,637,884 1,613, 945 Less than 5,000 1,086,008 1,088,048 1,078, 411 5,000 to 14,999 2, 225, 264 2, 239, 760 2, 266,800 15,000 to 99,999 100,000 and over ..-. 12, 528,394 12,749, 388 12,612, 029 1924 1925 1924 1, 614, 416 1,512,480 1,077, 714 1,021, 564 2,265,177 2,004,410 12, 713, 433 11,855,928 1, 684,816 1,079,743 2,048, 373 5, 281, 221 1,691,055 1,081,730 2,044, 266 5, 369, 571 1,692,920 1,082,783 2,086, 284 5,473, 253 1, 715,247 1,091,481 2, 081, 760 5, 532, 296 1,588,443 1,016,429 1, 890,041 4, 653, 407 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS FOR THE SIX MONTHS ENDING JUNE 30,1925 Total Discounted bills Purchased bills United States securities Deficient reserve penalties. Miscellaneous $6,681,270 4,399,874 6,701,960 133,141 1,145,551 Total earnings.. 19,061,796 Boston New York $487,906 $1,991,661 586,654 981,129 322,250 1,811,808 12,951 3,626 322,043 86,447 Philadelphia Total expenses. Atlanta $669, 494 $742, 285 $351,823 449, 203 124,225 163,359 688, 237 63, 796 115,458 7,047 25,243 15, 527 99,436 15,235 18,174 $608, 212 322,107 471, 957 2, 781 72,547 1,913,417 970, 784 664,341 63,583 460, 322 26,375 47, 605 97 113, 750 524,090 77,892 332,409 22,195 31, 871 105 88,138 190,013 14,958 16,055 158 317 9,011 11, 609 263 4,015 4,857 200 3,758 292 3,999 10,969 488 12,107 9,469 101,364 10,041 34,858 1,265 40,149 3,286 20,065 15,406 5,004 1,486,883 5,119,592 1,477, 604 1,207, 752 6,1996, 63 374, 603 896,857 2,493 108 5,970 82, 985 138,164 58, 458 442,051 16,203 42, 044 134 230,850 1,609,430 74, 763 230, 935 130 388 3,224 3,616 376,056 47, 670 27, 773 125 CURRENT EXPENSES Salaries: Bank officers Clerical staff Special officers and watchmen Allother Governors' conferences Federal reserve agents' conferences Federal Advisory Council Directors' meetingsl Traveling expenses .. ___ Assessments for Federal Reserve Board expenses Legal fees Insurance (other than on currency and security shipments) Insurance on currency and security shipments Taxes on banking house. Light, heat, and power Repairs and alterations, banking house Rent . Office and other supplies Printing and stationery Telephone Telegraph _ _. Postage Expressage Federal reserve currency: Original cost, including shipping charges Cost of redemption, including shipping charges All other expenses _ Cleveland I Chicago St. Louis $821,478 $271,964 543,119 213,536 999,022 274,221 19,196 11,424 202,520 22, 745 Minneapolis Kansas City Dallas San Francisco $98,419 $121,197 135,978 201,339 354,907 515,572 9,913 6,461 53, 205 143,900 $66,372 200, 458 402,479 9,834 57, 289 $450,459 478,767 682, 253 9,138 52,010 793, 890 648,970 991,921 736,432 1, 672, 627 i9, 275 168, 793 | 844,950 I 48,006 | 19,130 149,203 j 24, 956 191 160 108 200 3,904 13, 738 62, 968 193,124 48,484 318 79, 943 335,865 32, 619 79, 380 250 68,108 272,925 18,028 51, 247 307 125,994 658,195 40,619 67,497 497 545 4,498 21, 718 565 11,949 6,285 412 2,657 13, 338 1,700 17, 248 18,799 12, 274 14, 516 15,178 4,478 13,364 983 k« « 12,667 26,430 6,419 22,085 w 9,873 16,490 11,004 1,361 723 6,877 co 2,585, 335 I 107, 580 146 51,981 1,517 217,620 14,176 40,055 17,522 20,359 13,126 11, 763 19,972 11,970 16,598 17,327 280,359 625, 781 177,227 77,317 183, 670 203,432 223,457 97,095 257, 707 846,197 200,163 38, 038 51,870 9,909 491 840 11,469 19,916 9,869 3,735 91,089 19,189 56,416 209,073 46,726 8,435 14,005 43,933 34,947 25, 518 32, 030 137, 551 45,303 42, 709 15,057 10,819 793 1,410 17,475 17,188 13,083 8,133 78,181 28,730 34,389 63,382 20,478 4,970 21,395 15,810 27,968 6,741 17,528 72,184 12,482 14, 613 20,422 4,971 391 5,123 8,310 12,470 3,224 14, 538 60,475 14, 675 15, 627 27,288 5,343 3,251 4,857 7,350 12, 653 2,549 32, 557 49,888 13, 288 32, 301 121,086 20,820 31, 301 19, 242 34, 750 35,247 11, 995 25,196 111, 455 26, 525 7,656 5,592 4,005 4,487 37, 767 11,078 6,956 3,632 20, 975 6,547 40,075 11,138 3,884 6,853 13,101 10, 637 2,919 9,870 28,977 5,847 7,161 34,691 24,905 16,666 15,287 13, 335 12,589 3,531 30,174 65,575 5,358 23,839 41,085 9,403 15,029 20,755 7,109 1,287 56,168 19,944 23,947 9,300 39,132 60,839 11, 605 878,127 178,074 199,172 120, 747 58,857 57, 379 51,118 64, 278 10,788 39, 281 4,374 94,059 105, 259 336, 735 13,435 19,444 19, 627 81,118 18, 534 24,057 12,018 26, 654 7,339 15,052 2,000 13,003 10, 884 46, 800 616 19, 775 4,755 27,195 3,167 17,564 9,642 22,262 14,042,467 1,075, 560 3,272,359 1,057, 678 1,266,981 751,941 604, 331 1,894,412 558,968 884,342 613,469 1, 376, 561 19,061, 796 14,042,467 1,486,883 1,075, 560 5,119, 592 3,272, 359 1,477, 604 1,057, 678 1,913,417 1, 970,784 751,941 664,341 604,331 2, 585,335 1,894, 412 793, 890 685,865 648,970 558, 968 991,921 884,342 736,432 1, 672, 627 613,469 1,376, 561 5,019,329 3, 424,045 411,323 245, 454 1,847, 233 930,029 419,926 329,591 646,436 387,109 218,843 178, 742 60,010 137,948 690,923 464, 551 108,025 153,076 90,002 97, 641 107, 579 129, 747 122,963 125,889 296,066 244,268 72, 52G 23,189 3,200 782 3,982 8,438 2,160 4,838 758 7,184 2,826 3,291 1,103 6,601 985 6,730 5,547 5,852 1,998 8,511 3,026 8,742 1,277 5,165 994 3,974 1,733 10, 598 5,596 10, 010 4,394 7,586 12,277 7,850 11, 537 10,019 6,159 5,707 7,758 3,242 23,811 8,939 4,734 RECAPITULATION Earnings Current expenses _ Current net earningsDividends paid REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries Allother Total. 1 _ CO b© 95, 715 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. ft W cj 593 FEDERAL RESERVE BULLETIN AUGUST, 1925 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] Federal reserve district No. No. No. No. No. No. No. No. No. No. No. No. 1925 Number of centers April 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 May 1924 April June 2,326,857 24,721,153 2,024,253 2,407,075 747,785 1,060,994 5,131,296 1,177,677 697, 614 1,110,810 527,025 2,604,174 141 44, 536,713 46, 576,267 48, 611,133 1 140 Total New York City Other cities 2,273,167 26,976,549 2,071,159 2,240,047 718,890 1,096,908 5,248,800 1,141,405 694,973 1,089,204 506,060 2,519,105 23,944,580 20,592,133 26,?79,393 20,396,874 26,929,559 21,681,574 2,374,832 27,764,381 2,296,834 2,459,218 774,907 1,059,350 5,523,074 1,170,648 762,780 1,210,741 524,937 2,689,431 May 2,118,054 21,356,913 1,942,356 2,275,246 672,896 970,084 4,643,076 1,033,484 552,910 1,012,890 483,944 2,456,815 June * 2,052,772 22,124,834 1,894,928 2,122,402 665,057 916,882 4,746,250 1,057,603 596,115 1,000,236 466,066 2,401,209 2,040,544 22,639,521 1,936,206 2,105,227 673,372 872,788 4,582,549 1,035,196 613,515 963,496 447,735 2,319,693 39,518,668 | 40,044,354 40, 229,841 20,653,978 18,864,690 WEEKLY SUMMARY FOR BANKS IN 254 CENTERS [In thousands of dollais] Federal reserve district 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 1925, week e n d i n g - Number of centers June 24 16 14 18 22 23 24 36 14 17 27 15 28 254 606,293 5,988,062 589,897 642,160 289,305 245,092 1,251,587 252, 230 173, 728 286, 684 131,464 614, 064 1924, week e n d i n g - Julyl July 8 J u l y 15 July 22 June 25 July 2 July 9 July 16 July 23 624,782 7, 069,150 613,102 744, 767 333,196 267,818 1,459,138 293, 718 200,510 321, 748 135,128 682,669 609,818 6,031,170 524,266 653. 954 320,181 266,684 1,243, 230 274,902 171,855 306,067 134,420 620,882 546,248 6,121,431 556,025 688, 646 325,014 266,587 1,299,962 294,876 185,880 309,386 141, 701 670, 606 589,409 6,012, 911 522, 601 696, 404 290,885 255, 662 1,326,360 287,951 180, 518 311, 385 142, 311 655,931 497,316 5,090,430 512,465 555,959 260,343 197,060 1,122,399 236,598 146,495 236,683 115,202 534,966 615,686 6,239,158 557,030 678,871 305,869 239,914 1,300,091 285,078 183,012 284,442 125,063 613, 975 459,458 4,285,927 407,498 526, 710 241,571 204,651 946,545 223,220 142,374 241,370 111,313 501,087 560,095 5,295,999 511,418 606,661 277, 793 230,733 1,182,235 269,715 172,483 299,939 125,055 629, 725 492,998 4,983,899 473, 275 575, 907 255,513 215,380 1,124,171 240,904 154,012 257,407 119, 692 558,873 8,291,724 10,161,851 9,452,031 300,993 4,012, 572 62,349 292,883 124,607 64, 707 171,712 26,385 68,553 25,221 25,010 11,524 15, 708 60, 711 563, 589 117,951 124,094 11,250 35,195 24, 277 66,796 2,385 60,842 31,476 16,298 37,677 30,760 7,908 19,903 156,981 134, 763 31,194 12,545 34,089 9,813 329,184 4,712, 008 64, 516 352,454 143,134 73, 688 182, 674 24, 564 81,917 27, 788 23,487 12,680 16,376 68, 793 674, 021 175,381 139,404 13,256 38,023 23,072 71,611 2,362 75, 638 37,060 15,950 41,467 33,838 7,574 26,313 178, 594 158, 906 34,865 13,886 38,783 10,261 11,070, 566 12, 745,726 11,157,429 11,406,362 11, 272, 328 9, 505,916 11,428,189 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. No. No. No. No. No. No. No. No. No. No. No. 1—Boston I 426,055 2—New York __! 5,668,452 Buffalo I 75,523 3—Philadelphia 456,175 4—Cleveland 144,778 Cincinnati 78,253 Pittsburgh 221,836 5—Richmond....; 27,894 Baltimore __ ' 96,310 6—Atlanta ..! 36,774 Birmingham j 27,044 Jacksonville i 21,723 Nashville .1 17,231 New Orleans _J 63,904 7—Chicago I 741,009 Detroit i 217,766 8—St. Louis i 139,300 Little Rock ! 13,581 Louisville J 40,735 Memphis | 26,198 9—Minneapolis i 86,268 Helena | 1,552 10—Kansas City I 80,893 Denver I 41,785 Oklahoma City ! 17,448 Omaha I 46,789 11—Dallas | 40,615 El Paso I 7,084 Houston i 27,881 12—San Francisco | 204,948 Los Angeles j 174,822 Portland ! 34,005 Salt Lake City ...J 14,982 Seattle | 45,605 Spokane i 12,063 420,369 6,681,610 81,524 462,249 188, 638 85,100 252, 568 34,846 108,724 34,497 29,791 22, 752 19,554 81,976 916, 273 226,498 168,400 14,216 48,655 26,320 97,876 1,737 89,515 44,733 19,805 47,013 39,645 7,467 27, 547 245,745 190,408 36,616 15,369 47,564 | 11,187 415,105 690,889 82, 220 385,870 161,884 75, 918 211,494 30, 640 109,346 33,233 27,925 19,182 17, 607 84, 711 759,666 167,312 152,600 11,780 49,069 25, 530 82,102 2,501 87,120 39,698 21,500 46,130 39,181 7,857 26,592 205,226 175,695 36,643 15,682 40,051 11,287 348,346 5, 772,609 94,622 417,337 176,082 84,054 208, 721 29, 024 104,367 33,293 31,173 23,441 18, 936 74,383 775, 742 207,697 168,900 15,274 46,246 26,327 85,861 2,212 88,627 31,795 22,557 48,174 44,607 7,651 26,277 225,994 178,502 43,156 16,099 50,975 13,383 402, 783 5,691,155 81,668 389,376 180,344 84, 651 212,182 27,153 96,336 33,485 29,880 20,568 19, 484 70, 049 774,421 235, 279 165,200 14,092 45,755 26,155 86,921 2,459 101, 692 39,212 18,828 48, 780 43,887 7,314 31,176 233, 736 177, 605 39,199 14,981 44,131 12,156 337,110 4,814, 567 62,681 392,896 134,523 69,098 182,047 24,428 84,965 29,961 23,066 12,523 14,447 55,347 685,440 172, 044 136,114 12,067 36,902 23, 763 70,036 1,865 63,990 34,102 14,112 40,771 33,147 8,422 23,014 171,748 161,651 34,547 14, 513 28,709 10,329 411,727 5,870,941 89,088 416,900 166, 623 77,038 234, 758 33,408 104,750 32,407 27,665 12,974 17, 630 77,474 828,442 164,954 169,020 12,978 46,361 27,676 89,603 2,412 70,782 43,170 21,131 41,621 34,863 9,098 25,051 195,110 172,515 34,494 16, 509 47,833 12,010 377,855 4,989,282 76,276 381,201 152, 779 81,119 190,058 30, 641 90, 501 32,680 26,333 14,231 17,205 67,272 718, 607 162,022 158,809 13,629 40, 577 26,537 87,372 2,671 94, 610 37,523 17,952 43,315 34,864 8,005 24,651 205,595 170,174 38,247 14,951 51, 521 12,469 594 FEDEBAL, RESERVE BULLETIN AUGUST, 1925 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT THE END OF JUNE, 1925 AND 1924 Nonmember banks Nonmember banks Member banks * On par list Not on2 par list 1925 1924 420 869 747 866 607 501 1 405 622 859 1,049 850 751 421 851 732 874 627 530 1,427 631 940 1,103 842 785 244 388 514 1,079 717 364 3,868 2,149 1,300 2,707 774 828 232 367 518 1,077 813 380 4,003 2,287 1,699 2,769 889 862 10 703 1,104 239 376 999 207 182 60 5 679 1,113 179 292 650 197 132 54 9,546 Total 1924 9,763 14,932 15, 896 3,880 3,301 New England States: Maine New Hampshire _ _ _ Vermont M assachusetts Rhode Island Connecticut _ Eastern States: New York New Jersey Pennsylvania Delaware Maryland District of Columbia Southern States: Virginia West Virginia North Carolina South Carolina Florida 62 55 46 182 21 65 63 55 46 182 20 66 49 14 39 70 8 83 49 14 35 71 9 72 634 322 952 22 89 14 630 305 943 22 93 15 277 147 657 33 167 33 266 136 656 35 169 36 193 141 93 92 159 70 195 142 96 101 179 68 231 195 93 24 77 81 1925 262 204 140 29 71 75 95 10 340 258 377 160 70 6 320 283 407 149 On par list Not on par list 2 1925 1924 1925 Federal reserve district: Boston New York Philadelphia Cleveland _ Richmond Atlanta Chicago St. Louis _ Minneapolis Kansas City Dallas San Francisco Member banks l Southern States—Con. Kentucky _ Tennessee. _ Alabama ._ Mississippi __ Arkansas Louisiana Texas Middle Western States: Ohio . Indiana Illinois _ _ Michigan Minnesota Missouri Western States: North Dakota South Dakota _. Nebraska Kansas Montana __ Wyoming Colorado New Mexico Oklahoma Pacific States: Washington Oregon California Idaho __. Utah Arizona Nevada __ Total___ 1924 1925 1924 1925 147 117 125 44 121 46 775 147 122 132 43 127 49 750 440 234 26 24 257 37 722 451 283 36 26 298 47 833 18 224 200 274 103 169 99 9 188 188 270 62 180 48 445 265 583 289 186 346 450 270 585 287 185 370 663 827 1,298 514 627 562 660 832 1,307 541 677 751 7 20 94 178 478 8 17 68 135 314 192 193 1,334 1,386 33 26 164 125 184 265 119 34 140 33 398 181 137 189 269 147 44 146 38 436 227 246 755 1,015 106 54 188 30 375 343 311 779 1,022 114 67 192 36 379 271 159 177 3 10 12 6 3 5 147 120 164 5 5 11 6 5 5 156 136 302 83 49 22 10 160 135 306 107 51 23 11 173 113 352 77 66 33 23 187 116 363 74 66 41 24 32 28 26 26 2 3 3 9,763 14,932 15, 896 3,880 3,301 9,546 1924 1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital stock records of the Federal reserve bank. The number shown by the capital stock records on June 30, 1925, was 9,633. 2 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: IT. s. Treasury Department circulation statements] [In thousands of dollars] Date 1914—July 1 1917—Apr. 1 1920—Nov. 1 1922—Aug. 1 1924—July 1 Aug. 1 Sept. 1 Oct. 1 Nov. 1 Dec. 1 1925—Jan. 1 Feb.1 Mar. 1 Apr. 1 May 1 June 1 Julyl 1 Total 3,402,015 U,100,591 15,628,428 4, 337,418 4, 755,403 4,665,187 4,773,878 __ 4,806,367 _ 4,879, 694 4,993, 570 4, 992,9,31 4,751, 538 4,804, 209 4,776,167 4, 725,191 _. 4,774,313 4,734,236 Gold coin and bullion VJTOIQ cer- 611,545 641,794 495,353 416,282 396,415 398,499 401,794 427,970 436,160 437,971 458, 206 455,169 462,925 469,448 453, 211 437,612 428,102 1,026,149 1,348,818 231,404 171,985 801,381 800,124 872,807 898,165 904,861 933, 688 970, 564 929, 650 913,900 914,968 918,862 972,438 1,003,285 tincaies Standard silver dollars 70,300 70,863 89,725 58,378 54,017 53,644 53,915 54,603 55,185 55, 606 57,384 55,533 55, 264 54,666 54,398 53,908 54,294 Silver certificates 478,602 459, 680 60, 385 268,802 364,414 372,683 385,499 388, 574 389,201 389,113 388, 540 360,808 366,024 371,229 376,442 380, 681 379,796 Treasury notes of 1890 2 428 1,997 1,628 1,508 1,423 1,420 1,417 1,412 1,410 1,407 1,405 1,401 1,398 1,396 1,392 1,390 1,387 United States ary suver notes OUUSIQI- 159,966 191, 351 261, 556 229,956 252,971 252, 407 253,732 256,467 259,710 263,102 266,298 256,898 256, 509 257,559 258,446 259,894 262, 607 337,845 330,353 277,736 284,343 297,790 301,667 308, 111 304,345 305,840 304,418 295,233 283,598 288,668 285,780 281,043 284,799 279,943 Federal reserve notes 356,448 3,310,225 2,115, 350 1,843,091 1,745,820 , 746, 230 L, 729,301 L, 784,046 L, 862,055 L, 841,621 L, 688,662 1, 734,606 1,702,212 1, 676,078 1,679,833 1,636,192 Total Federal National- circulareserve bank tion per bank notes capita (in notes dollars) 3,170 209,877 65,032 10,066 9,635 9,229 9,030 8,710 8,471 8,238 7,987 7,756 7,506 7,299 7,109 6,921 715,180 697,160 715,023 725,782 733,835 729,288 741,144 736,500 734, 571 737,739 705,442 711,832 717,159 711,403 698,020 696,649 681, 709 34.35 39.54 52,36 39.47 42.20 41.36 42.28 42.52 43.12 44.08 44.03 41.86 42.28 41.99 41.50 41.89 41.49 Thefiguresfor the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks have been deducted only from the total. AuGDST, 1925 595 FEDERAL. RESERVE BULLETIN DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JULY 31, 1925 Paper maturing— After 90 days but within 9 months Within 90 days Federal reserve bank Commercial, agricultural, and livestock paper, n. e. s. Secured by United States Government obligations Bankers' acceptances Trade acceptances Agricultural* and livestock paper Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St.^Louis Minneapolis. _ Kansas City_. Dallas San Francisco. i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM JUNE 18, 1925, TO JULY 22, 1925, INCLUSIVE [In thousands of dollars] Daily settlements Transfers Federal reserve bank close of period Debits Boston... New York Philadelphia.. Oleveland Kichmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco.. Total 5 weeks endingJuly 22, 1925 June 17, 1925 July 23, 1924 June 18, 1924 Changes in ownership of gold through transfers and settle- Balance in fund at ments 35,000 12,500 7,300 4,500 4,000 7,000 37,000 1,000 "I~o66" 109, 300 148,900 83, 570 108, 500 Credits | Debits 66,800 1,000 2,000 | 5,000 2,500 7,000 6,000 1,500 10,000 2,000 5,500 109,300 148, 900 83, 570 108,500 893, 033 3,157,678 880,060 804, 996 680,305 364,115 1, 529, 603 647,122 220,896 495, 985 278,104 364, 265 10,316,162 10,143, 295 8, 936,087 9,135,038 Credits 923,985 3,104,611 892, 422 820,011 687,213 1,548,433 631,909 216,231 488,752 274,551 j 359,676 i 10,316,162 ! 10,143, 295 i 8,936,087 i 9,135,038 \ Decrease Increase 4,048 I 1,233 6,062 12, 515 7,908 247 11,170 9,213 4,165 2,767 2,553 .I . 31, 396 31, 396 62,027 235,848 52,157 73,720 32,876 15,741 115,220 6,675 9,716 39, 566 12, 263 32, 975 688,784 678,157 584,487 574,153 CO MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the customary rates charged on loans and discounts in the various cities in which Federal reserve banks and their branches are located, as reported by representative banks. These rates are not averages but are those rates at which the bulk of paper of each class is handled by reporting banks. Where it appears from the reports that no one rate clearly covers the bulk of the paper handled, a range of the1 rates most commonly charged is given. In making comparison between the rates charged since February, 1924, and rates charged at earlier periods, it should be borne in mind that the earlier rates refer to an entire month, while the later figures cover only a week. Attention is also called to the fact that the method of reporting the rates has been somewhat modified and that slight changes in the rates may reflect these modifications. [Rates prevailing during week ending with the 15th day of the month] Customers' prime commercial paper Loans secured by stocks and bonds Interbank loans 30-90 days District and city 4-6 months Loans secured by Liberty bonds Time Demand Loans secured by warehouse receipts Cattle loa July, June, July, July, June, July, July, June, July, July, June, July, July, June, July, July, June, July, July, June, July, July, June, July, 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 No. 1—Boston No 2—New York Buffalo No. 3—Philadelphia No. 4—Cleveland Pittsburgh Cincinnati No. 5—Richmond . Baltimore No. 6—Atlanta Birmingham Jacksonville New Orleans Nashville.. No 7—Chicago Detroit... NoT 8—St. Louis Louisville Little Rock __ No. 9—Minneapolis Helena No. 10—Kansas C i t y - . Omaha Denver Oklahoma City No 11—Dallas El Paso Houston No 12—San Francisco Portland Seattle Spokane - Salt Lake City Los Angeles _. 4 -44 4 -5 4 -5 4-44 6 6 4-44 4-4* 54-6 54-6 5 -6 5 -6 5 -6 5 -6 . 5 5 44-54 44-54 5 -6 5 -6 _ _ __ __ 6 6 4 -8 34-8 5^54 5 -54 54-6 44-5 44-5 - 44-6 44-6 4 -5 4-54 6 6 __ 6 5 -6 44-5i 8 8 5- 54 5 -6 4 -6 4|-6 - _ - . 54-6 5 -7 5-7 5 -6 5 -6 6 -8 6 -8 5 -6 5 -6 5 -54 5 -54 6 . G -7 6 - - - 5 -7 5 -6 6-7 44-4! 4 -5 4 -5 4 -5 6 5 -6 4-44 54-6 54-6 6 5 -6 6 5 -6 5 -54 5^-6 5 -54 2 5 -6 5 -6 5 -6 5 -6 6 4 -8 5 -6 5 -6 5 54-6 44-54 44-5 44-6 5 -6 4 -5 6 6 6 5 44-5 8 8 5^6 5 -6 4 -6 54-6 4 -54 6-7 5-7 4 -6 5 -6 8 6-8 5 -6 5 -6 5 5 -6 6 -7 6 -7 6 6 6 5 -7 6 - 7 3f-6 6 6 44-6 6 -7 6 -7 6 -7 4 -5 4 -5 6 4-44 54-6 5 -6 54-6 5 -6 44-54 5 -6 6 34-8 5 -6 5 44-5 5 -6 4-54 6 5 6 i~ i 8 5 -6 4|-6 4 -6 5 -7 5 -6 6-8 5 -6 5 -54 6 6 3f-7 44-4f 4 -5 4£ 6 4 -5 6 6 6 5 -6 5 -54 5 -6 5 -6 6 54-6 6 44-54 44-6 4 -54 6 6 5 -54 8 6 44-6 54-6 6 5 -6 8 5 -6 5 6 -7 6 6 -7 44-6 6 -7 6 -7 6 4 4 44-5 4 -5 4 -4* 4-4* 4 -4* 6 54-6 5 -6 4 4 -5 4-ii 5 -6 5 -6 6 5 -6 5 -6 5 -54 5 -54 5 5 4* 4* 4f-5| 5 -6 4i-8 5 -8 6 5 -6 6 6 4 -8 5 -8 41-54 5 -6 5 -6 54-6 54-6 54-6 5 -54 44-5 44-54 54 5 -6 5 -6 5 5 -6 5 5 6 6 6 5 - 6 5 -6 54-6 7 -8 6 5 -6 44-6 5 54-64 5 -6 5-6 5 -6 6 -7 54-6 54-6 -8 44-6 5 -6 5 -6 6-8 8 6 -8 44 5 5 -6 5 -6 5 -6 54-6 5 -6 6 6 -7 6 -7 6 6 7 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 6 6 -7 6 -7 6 -7 4 44-5 4 -5 5 4-44 4 -5 5 5 5 -6 5 -6 5 -54 5 -54 44-5 44-5 44-54 44-6 5 - 6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 54-6 54-6 4 -5 5 5 5 5 5 -54 5 5 6 5 -6 54 54 6 -8 6 -8 5 -6 6 6 6 6 -6* 6 -64 6-7 6 -7 5 -6 5 -6 6-8 6-7 5 4 -6 5 -6 44-6 6 6 5 -64 5 -64 6 -7 6 -7 6 -7 6 -7 6 5 4-44 5 -6 4 -44 5 -6 6 54-6 44-6 44-5 5 -7 6 6 5 -6 5 -6 5-54 5 -6 5-54 5 5-7 44 4-4* 5 -6 4 54-6 5 -6 5 -54 5 -6 4-54 5 -6 6 3|-8 5 -6 54-6 44-5 44-6 4 -5 54 6 44-54 5 -6 6 5 -6 6 5 -6 8 5 -7 5 -6 6 -7 5 -6 5 -6 6 6 5 -7 8 5 -6 5 -6 6 -7 6 6 6 -7 5 -6 7 6 -7 6 -7 4 3*-4* 5 -6 4 54-6 5 -6 5-6 5 -6 5 5 -6 6 4 -8 54 54-6 44-5 54-6 4 -5 6 6 4|-54 5 5 5 5 6 6 6 -6 6 -6 8 -6 -6 -7 6 7 6 6 -7 3 44-5 2 - 4 | 4 -5 5 -6 5 -6 4-44 54-6 44-6 6 54-6 5 -6 54-6 5 -6 41-54 5 -54 5-7 5 -6 6 6 6 4 -8 5 -6 5 -6 54-6 54-6 44-5 "44-5 44-6 V5 -6 5 -54 6 6-7 6 5 -54 44-5! 6 -8 5 -6 6 4 -6 6 54-6 5 -7 6 6 -7 5 -7 5 -8 8 8 5 -6 5 -6 5 -6 5 -6 6 -7 6 -7 6 6 6 -7 6 -7 «"? 6 6 -7 7 6 -7 4 -5 3f-5 5 -6 4 -5 54-6 5 -6 54 5 -6 5-54 5 -6 6 44-8 54 54-6 44-5 5 -6 4-54 6 6 41-6* 6 -8 6 6 54 6-7' 5 -7 6 -8 5 -6 54-6 6 -7 6 6 -7 6 -7 6 -7 5 3-4| 5 -6 34-5 6 6 54-6 5|-6 I 44-54 5 -6 4-6 5-6 6 6 -7 44-5 4-5 6 5 -6 4-54 4-6 5-6 54-6 44-8 5 -6 54-6 5 -54 54-6 5 -54 6 6 44-8 54 54-6 54-6 5 54-6 44-54 5 -6 54-6 5 -54 5 -6 5 - 6 6 6 6 a 6 6-7 6 5 5! 54-6 6* 5 5 -7 5*-7* 5 -6 6 6 6 6 6 5 -6 54-6 44-54 5 -6 44-6 6 6 -7 5 -54 8 5 -6 3f-6 5§-6 6-7 6 -7 8 5 -6 5-6 6 -7 6 -7 7 6 -7 6 -7 6 5- 6 6 6 -8 6 -7 5 -8 8 5 -6 6 7 7 6 -8 6-7 5- 6 6 6 -7 6 -7 5 -8 6 -8 5 -6 6 7 7 6 -7 7 6 -7 7 6 -7 6 5 -6 6 6 -7 6 -8 54-8 ' 8 6 5 -6 6 -7 6 -7 6-8 7 64-7 I W 5 -6 54 5-6 6 6 6 6 8 6 -7 54-7 6 -8 6 -8 7 -8 8-10 7 -8 6 -7 8 6 -7 54-8 6 -7 6 -8 7 -8 8 6 -7 7-8 6 -8 7 -8 6 -8 8 8-10 7 -8 6 6 -64 6 -64 6 6 -7 6 -7 7 -8 7 -8 7 -8 7 -8 7 d E a 597 FEDERAL, RESERVE BULLETIN AUGUST, 1925 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold June Country IMPORTS FROM— Belgium France Germany Italy Netherlands Spain . . _ _ Sweden England.. _ Canada Central America Mexico West Indies.. _ _ ._ Argentina.. Bolivia. Chile. . Colombia.-. _ . Ecuador Peru . . Paraguay Uruguay Venezuela China Dutch East Indies TTonerkone Philippine Islands British Oceania Egypt . Portuguese Africa _ _ All other Total Six months ended June— 1924 1925 325 403,675 8,560 2,381,095 5,706 3,585 2, 841,454 159,328 484,725 30,990 125,186 139,113 229, 294 128,370 Silver 65,211 13,235, 752 2, 648,326 54,121 437,189 ; 14,580 3,950,000 227 7,799 172, 902 135,320 1925 559,682 1,628 4,360 10,084,799 39,609 220 4,817,708 15,955,658 844,978 2, 971,652 208,030 402 263,378 855,415 438,788 641,158 187,077 1924 9,748,529 4,819,027 2,367,142 34 499,147 42,401 6,191,559 110,491,884 26,453,114 1,042, 590 2,856,301 284,339 8,463,219 390 191, 518 1,164, 259 417,353 1,414,479 7,913 40 172,057 18, 209 918,402 51, 677 122,297 119,558 1,173,542 89,864 185, 608 78,036 130,010 2, 744, 509 1,160,215 1,900,000 3, 871,784 2,312,690 1,449,906 193,044 2,052,877 226,242, 286 3,099 3,098 1,988 4,075 410,353 830, 766 149,704 11,990 338,768 45,337 4,428,135 25,181,117 40,666, 504 June 1925 5,116 4,067 Six months ended June— 1924 1925 13,383 8 8,900 177, 327 5,694 11,180 512 10, 792 7,818 548,517 146,812 3,423,390 21,408 144,136 9,903 13,579 442,324 8,150 18 126,607 1,302 249 2,898 5 4, 917,091 624,852 24,134 3,680,556 2,533 9,961 118,002 11,917 336,040 37 407 38,815 2,796 93 80, 786 1,768 85,272 3,934,617 809,306 20,892, 282 98, 567 10, 988 938,233 44, 207 26,390 3,083,662 1 263 244 8,150 240 4,183 490,621 1924 51,629 1,221,035 512 82, 797 143 50, 201 3,009,178 693,230 20,926,410 46,003 26,471 77,004 631,932 61,193 21,437 6,982, 590 6,467 2,062 15,996 469,509 6,326 17 11,440 145 844 74,993 118,264 12, 515 2,186 183 59,312 68, 792 4, 870,389 32,180,303 34, 518,817 EXPORTS TO— France Germany. . Netherlands Italy . Poland and Danzig Spain Switzerland Sweden England CanadaCentral America Mexico Westflndies Argentina Bolivia Colombia Ecuador Peru Uruguay Venezuela British India _ Ceylon China Dutch East Indies Australia Hongkong PhiliDnine Islands Japan Egypt All other. _ Total 1,339,208 66,917,166 4,318,343 1,050,000 1,103,948 162,331 205, 883 1,050,000 , 20,000 81,951 163,895 1,146, 941 500 60,340 1,232,728 6,159,602 2,485,867 750,000 3,427,062 152,000 5,460,000 20,000 1, 999, 878 15,000 193,000 2,960,423 34, 551 235, 200 140,000 20,000 775, 612 1,000 1,694,322 623,400 622 124,052 9,220 174,480 1,022 150,594 2,485 622 700 9,821,025 783,859 30,375 1,050,571 46,733 878,000 1,407 8,573 1,101,600 18,900 177, 500 26,925,176 6,637,125 25,000 5,062,611 3,051,488 25,824,068 655, 340 25,138,876 2,675,744 103,825 20,000 3, 640,020 7,193,035 821,197 21, 740 1,090,076 78,686 76,600 4,095,718 180,681 1,000 802,290 2,060,010 56,302,850 20,000 107,000 65,202 1,065,483 10,854,948 11,152,157 100,021 35,025 892,433 35,025 101, 910 561,637 1,275,970 462,360 4,880 498, 240 895,135 20,630 2,755 6,712,480 268,015 190,936,459 3, 855,074 8, 517,109 3,469 8,648,499 700 50, 509,651 51,577,340 598 FEDERAL RESERVE BULLETIN AUGUST, 1925 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfeis in New York as published by Treasury. In cents per unit of foreign currency] July, 1925 2 Countries Monetary unit June ,1925 Par of ex- June, 1924 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.. Do Hongkong India Japan Straits Settlements._ Schilling _ Franc Lev Crown Krone Markka Franc... Reichsmark Pound Drachma Krone Lira Florin Krone Zloty Escudo . Leu Peseta Krona Franc Dinar Dollar Peso do. Peso (gold) Milreis . Peso (paper) Peso.-Mexican dollar Shanghai tael Dollar Rupee , Yen Singapore dollar 14.07 19.30 19.30 26.80 19.30 19.30 23.82 486.65 19.30 20.26 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 1 19. 53 103.42 i 48.11 i 66.85 1 47. 77 48.66 49.85 56.78 »1913 average. Not including figures for the 31st. 2 14.0390 4.4300 .7286 2 9607 20.1000 2. 5198 4.4600 23. 8000 485. 4400 1. 5460 .0014 3.3500 40.0400 17.4900 18.0500 5. 0500 .4591 14.4400 26.8000 19.4000 1. 7458 100. 0010 99.8646 49. 5833 91. 6400 10.7200 11.4900 97. 2500 55. 7600 76.1800 56.4200 36. 5500 40.7300 56. 6300 14.0700 4.7000 .7372 2 9628 23. 7700 2. 5248 4.7500 23. 8000 486.1200 1.6773 .0014 3.8000 40.1800 18. 7900 19. 2000 5.1900 .5205 14. 5600 26.9100 19.4200 1. 8000 100.1083 99.9583 49. 7375 91. 8900 11.8200 11.8900 100.0400 56.8000 76.9200 57.1300 36. 6700 41. 3600 56.6300 14.0470 4.4800 .7286 2.9615 18. 7300 2.5207 4.5100 23.8000 485.7400 1. 5812 .0014 3.5100 40.0500 16. 7400 19.1700 5.0300 .4596 14. 5200 26. 7500 19.3500 1.6463 99.9932 99.9375 49.1417 90. 7300 10. 5600 11.2200 96.3900 54. 7700 74.8400 54.8900 36.3800 40.3000 56.3800 14.0620 4.9000 .7372 2.9633 20.1600 2.5230 5.0200 23.8000 486. 2100 1.7069 .0014 4.0400 40.1800 17.8800 19. 2100 5.1100 .4758 14.6400 26.8000 19.4200 1. 7571 100. 0127 100.0000 49.9000 92.1700 11.1400 11.4300 98.0000 57.9000 77. 7100 58.1300 36.6000 41.5800 56. 7200 Per cent of par 14.0518 4.7035 .7322 2.9625 19.1138 2. 5218 4. 7696 23.8000 486.0415 1. 6575 .0014 3. 8273 40.1354 17.0115 19.1858 5.0719 .4660 14. 5731 26.7635 19.4019 1.7114 99. 9982 99.9695 49.6641 91. 3304 10.8919 11.3173 96. 9738 55. 8931 76.0881 56.0223 36.4815 40.8258 56. 5823 99.87 24.37 3.79 Avei 'age Low High Rate 4.3300 .7083 2.9193 15.9900 2.5031 4.9500 4.8000 .7250 2.9571 16. 9100 2.5114 5.5300 71.32 13.07 24.71 99.92 99.87 430.7600 433.7900 8.59 1.6683 1.8153 .01 .0012 .0011 19.83 4.3100 4.3500 99.84 37.3100 37. 6400 63.48 13.4200 13.5800 99.41 19. 2400 19.3700 4.69 2.7900 2.9600 2.41 .4223 .4396 75.51 13. 3800 13. 5800 99.86 26.5000 26.5700 100.53 17. 5700 17.7600 8.87 1.1419 1. 2216 100.00 98.2234 99.0125 99.97 99.9805 100.0469 99.63 48.1250 48.3333 94.66 73.3900 74.1500 33.58 10.6300 10. 9500 57.95 10.3700 10.7400 93.77 76. 6300 78.4600 116.18 50. 6200 51.7500 113.82 70. 5700 71.7500 117.28 51.6200 52.1000 74.97 30.2400 30.7000 81.90 40. 3100 41.8400 99.65 50.0800 50. 3800 Per cent of par 4. 5648 .7173 2 9364 16. 7776 2. 5068 5.2528 23.65 3.72 431.9880 1. 7343 .001] 4.3328 37.4352 13. 5132 19. 2928 2. 8600 .4311 13.4552 26.5416 17.6604 1.1850 98.4401 100. 0143 48. 2199 73. 8912 10.7488 10. 5956 77. 5880 51.2844 71.3724 51. 9368 30.4876 41.0824 50.1892 88.77 8.99 .01 22.45 93.12 50.42 99.96 2.65 2.23 69.72 99.04 91.50 6.14 98.44 100.01 96,73 76.59 33.13 54.25 75.02 106.60 106. 76 108.72 62.65 82.41 88.39 62.60 12.99 27.22 SILVER [Average price per fine ounce] May London (converted at average rate of exchange). New York _ $0.68387 .67915 INDEX Acceptances: Page Commodity classification of acceptances purchased by Federal reserve banks _ 559-565 Held and purchased by Federal banks 587,588 Market for... 532 Agent general for reparation payments, report of 550-559 Agricultural movements, index of 570 Agricultural credit banks, loans of 534 Agriculture, monthly statistics 534 Annual report of the National Bank of Greece 574 Automobile industry _ 541 Bank credit 531 Bank debits _ 593 Bank suspensions __ .__ 547 Bankers' balances in Federal reserve bank cities _ 590 Building statistics _ _ 542,571 Business and financial statistics: Abroad 574-577 United States 529-549,568 Business failures _ 546 Canada: Cost of living and retail food prices 581 Financial statistics _ 575 Foreign trade 578 Wholesale prices ._ 579 Capital issues 533 Chain stores, retail trade of... 573 Charters issued to national banks _. 567 Coal and coke production . . . 538 Commercial failures. __ 546 Commodity classification of acceptances... 559-565 Commodity movements _ 571 Condition statements: Federal reserve banks 582 Member banks in leading cities 589 National Bank of Greece _ 574 Cost of living in principal countries _. 581 Cotton: Raw _ 535 Manufacturing 540 Crop condition ___ 534 Estimate of production by Department of Agriculture _ 566 Currency in circulation 594 Dairy products ._ __ ._ 537 Dawes plan, report of agent general under. 550-559 Debits to individual account _. 593 Department-store business _. 544,573 Deposits: Savings _ _ _ 545 Time and demand of member banks 591 Deposits, note circulation, and reserves of Federal reserve banks. 582 Discount and open-market operations of Federal reserve banks.. 588 Discount rates: Central banks of issue _ 577 Federal reserve banks. 595 Prevailing in various centers 596 Earning assets of Federal reserve banks _ 587 Earnings and expenses of Federal reserve banks 592 Employment, United States 545 Index of 569 England. (See Great Britain.) Factory employment and pay rolls, index of... 569,570 Failures, commercial and bank _ 546 Federal reserve banks: Condition of 582 Discount and open-market operations of 588 Earnings and expenses of * 592 Federal reserve note account 586 Fiduciary powers granted to national banks 567 Financial statistics for principal foreign countries 575-577 Flour production _ _ 539,571 Food manufacturing. __ __ __ 539 Food prices in foreign countries.581 Foreign exchange 549,598 Foreign trade: Principal foreign countries 578 United States. _ 547,578 France: Cost of living and retail food prices 581 Financial statistics 575 Foreign trade j _ 578 Wholesale prices.... _. 579 Fruits and vegetables. 536 Germany: Cost of living and retail food prices _ 581 Financial statistics . • 575 Germany—Continued. Page Foreign trade 578 Report of agent general for reparation payments 550-559 Wholesale prices ._; 579 Gold imports and exports _ 548,597 Gold settlement fund transactions 595 Grain, crop and marketing 535,571 Great Britain: Financial statistics _ 575 Foreign trade 578 Gold imports and exports 548,597 Retail, food prices and cost of living _ 581 Wholesale prices 579 Greece National Bank, annual report of 574 Imports and exports: Gold and silver 548,597 Merchandise _ 547 Industrial statistics _ 568-570 Interest rates prevailing in various centers 596 Iron and steel _ 541 Italy: Financial statistics _ _ 575 Foreign trade 578 Retail food prices and cost of living 581 Wholesale prices 580 Japan: Financial statistics _ 575 Foreign trade 578 Wholesale prices _ _ 579 Leather industry 542 Livestock industry 537 Lumber industry _ 542 Mail-order houses, retail trade of__ 573 Manufacturing: Condition, by industries _ _ 539Index of production _ _ 570 Member banks: Condition of 589 Number discounting 588 Number in each district 588, 594 State banks admitted to membership 567 Mid-year position of Federal reserve banks 525 Mineral products, index of 570 Metals _ 539 Mining 538 Money in circulation 594 Money rates , 532,596 National Bank of Greece, condition of _ 574 National banks: Charters issued to 567 Fiduciary powers granted to 567 Par list, number of banks on 594 Pay rolls in factories, index of _ 570 Petroleum industry _ 538 Prices: Food, in principal countries 581 Security 533 Wholesale 545,579 Production in basic industries __ 529,569 Reparation payments, report of agent general for 550-559 Reserve ratio of Federal reserve banks __ 582 Resources and liabilities: Federal reserve banks _ 582 Member banks in leading cities 589> Retail food prices 581 Retail trade 544,573 Savings deposits 545 Security prices.... _ 533 Shoe industry 542 Silver: Imports and exports 597 Price of 598 State banks admitted to Federal reserve system 567 Stocks at department stores... 573 Textile industry 540 Time deposits of member banks 591 Tobacco industry 536,571 Trade: Foreign 547,578 Retail 544,573 Wholesale 529,544,572 Transportation.. 543,571 Wholesale prices 545,579 Wholesale trade 529,544,572 Wool and woolen industry 540 FEDERAL RESERVE DISTRICTS °M\ / / / — BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O
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