Full text of Federal Reserve Bulletin : December 1925
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FEDERAL RESERVE
BULLETIN
DECEMBER, 1925
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Business Conditions in the United States
The New Central Bank of Chile
WASHINGTON
GOVERNMENT PRINTING OFFICE
1925
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGEE, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. MCINTOSH,
Comptroller of the Currency.
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.
MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
WALTER W. STEWART, Director, Division of Research
and Statistics.
E. A. GOLDENWEISER, Assistant Director, Division of
F. HERSON,
Research and Statistics.
Chief, Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
J.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
CHAS. A. MORSS.
PAUL M. WARBURG, President.
District No. 3 (PHILADELPHIA)
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)
District No. 10 (KANSAS CITY)
District No. 11 ( D A L L A S ) - .
District No. 12 (SAN FRANCISCO)
II
>
.-.-—-.
__—.-*.
E. F. SWINNEY, Vice President.
W. M. MCGREGOR.
HENRY S. M C K E E .
OFFICERS OF FEDERAL RESERVE BANKS
Chairman
Federal Reserve Bank o—
f
Boston
New York
Deputy governor
Governor
. Frederic H. C urtiss Pierre Jay
W. P. G. Harding Benj. Strong
.._..
W. W. Paddock
J.H. Case
L.F. Sailer.
G. L. Harrison
E. R. Kernel
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
J. L Campbell
C. R. McKay
John H. Blair
Philadelphia
Cleveland _
R. L. Austin
Geo. W. Norris
E, R, Fanoher
Richmond
Wm. W. Hoxton
George J. Seay
Atlanta
Chicago
Oscar Newton
Wm A. Heath
M.B. Wellborn
J. B. McDougal
St. Louis
Minneapolis
Wm. McC. Martin
John R. Mitchell
D.C. Biggs
R. A. Young..
Kansas City
Dallas.
San Francisco
M. L. McClure
C. C. Walsh
John Perrin
W.J. Bailey
Lynn P. Talley
J. U. Calkins
1
Cashier
Controller.
.
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.i
J. W Jones.»
G. E. Chapin.»
Ray M. Gidney.
L. R. Rounds.*
C. A. Mcllhenny.
W. G. McCreedy.i
J. C. Nevm.
Geo. H. Keesee.
JohnS. Waldenjr.*
M. W. Bell.
W. C. Bachman.1
K. C. Childs.*
J. H. Dillard.»
D. A. Jones.*
0. J. Netterstrom.1
J. W. White.
Gray Warren.
Frank C. Dunlop.1
J. W.Helm.
Fred Harris.
W. N. Ambrose.
0. M. Attebery
W. B. Geery—
B. V. Moore
Harry Yaeger *
C. A. Worthington
R. R. Gilbert
Wm. A. Day
Ira C. Pontious
L. Clerk
> Assistant deputy governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch....
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
W. W. Schneckenburger
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua
A. F. Bailey.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
M. Cramp.
D. P. Reordan.
R. B. Motherwell.
W. L. Partner.
C. R. Shaw.
SUBSCRIPTION PRICE OP BULLETIN
THE FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents. Outside of the United States, Canada,
Mexico, and the insular possessions, $2.60; single copies, 25 cents.
in
TABLE OF CONTENTS
The month:
Page
Review of the month—Recent banking developments
839
Business conditions in the United States
846
Foreign debt funding agreements
843
New Central Bank of Chile.__
890
Earnings and expenses of member banks
869
Volume and distribution of bankers' acceptances
874
Commodity classification of acceptances
877
Member bank borrowings from Federal reserve banks, by class of borrowing banks
878
Official:
Rulings of the Federal Reserve Board—Date of termination of membership of State bank voluntarily withdrawing from Federal reserve system
882
Changes in State bank membership
882
Changes in national bank membership
883
Fiduciary powers granted to national banks
883
Business statistics for the United States:
Industrial activity
884
Commodity movements
887
Wholesale and retail trade
888
Estimate of crop production
883
Foreign banking and business conditions:
Financial statistics for principal foreign countries
892
Foreign trade of principal countries
895
Industrial statistics for England, France, Germany, and Canada
896
Price movements in principal countries—
Federal Reserve Board wholesale price indexes
899
Wholesale prices in principal countries
900
Retail prices and cost of living in principal countries
902
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
_
903
Federal reserve note account
907
Holdings of earning assets
908
Discount and open-market operations of Federal reserve banks
909
Gold settlement fund
918
Discount rates of Federal reserve banks
918
Member banks—
Condition of reporting member banks in leading cities.910
Banker's balances at reporting member banks in Federal reserve bank cities
911
Deposits of all member banks
912
All member banks—Abstract of condition reports on September 28, 1925
913
Bank debits
919
Member banks and nonmember banks on par list and not on par list
920
Money rates in principal cities
921
Money in circulation
920
Gold and silver imports and exports
922
Foreign exchange rates
923
IV
FEDERAL RESERVE BULLETIN
VOL. 11
DECEMBER, 1925
No. 12
REVIEW OF THE MONTH
FEDERAL RESERVE BANKS
Reflecting chiefly the larger currency and
credit requirements of the autumn, demand
for credit at the Federal reserve
Increased vol- b a n k s increased in recent
credit ° f b a M k m o n t h s > a n d a f u r * e r growth
in member bank credit brought
the outstanding volume in the middle of November to thehighestlevel on record. Elements
in the recent growth in volume of bank credit
have been the seasonal increase in commercial
demand for credit to finance the marketing of
crops and the autumn trade, and the continued
increase in the volume of loans on securities.
The larger demand for funds to meet increased
currency and credit requirements has been reflected in a rise of money rates in the open market and in a rapid increase in borrowings at the
reserve banks. In November discount rates at
the Federal reserve banks of Boston, Cleveland,
Philadelphia, and San Francisco were advanced from 3 y% to 4 per cent.
The volume of reserve bank credit outstanding in November was larger by about
$215,000,000 than at the same
Position of reseason a year earlier. Among
serve banks.
the principal influences r a using this growth in reserve bank credit during
the year were net withdrawal of more than
$100,000,000 of gold for export, an increase in
the volume of money in circulation, and a
growth in member bank reserve requirements,
arising out of a growth in their deposits and
reflected in an increase of about $80,000,000
in the deposits of the reserve banks. The
composition of the reserve bank portfolio of
bills and securities in November, 1924 and
1925, and changes for the year are shown
in the table:
[In millions of dollars]
November, November,
19241
Total bills and securities
Discounts
Acceptances
United States securities
Allother
1925 1
Change
1,076
1,291
+215
227
260
586
3
598
352
332
9
+371
+92
—254
+6
i Average for four report dates.
Discounts for member banks increased by
$370,000,000 for the year and holdings of purchased acceptances by $90,000,000, with the
consequence that total bills and securities
were $215,000,000 larger, notwithstanding the
reduction of $255,000,000 in United States
securities from their high level of the autumn
of 1924. Acceptance holdings of the reserve
banks had declined to a low figure in the summer of 1924, when low money rates and the
abundance of loanable funds resulted in an
active demand for bills by banks and other
investors. In the autumn of last year, however, the seasonal demand for reserve bank
credit was met to a considerable extent
through the sale of acceptances to the reserve
banks, and at the end of the year acceptance
holdings of these banks had increased to
$400,000,000. In 1925, with higher money
rates, acceptance holdings of the reserve
banks, though declining during the first six
months, were continuously above $200,000,000,
and by the middle of November their volume
had risen above the level of the same period
in 1924. It is in the autumn months, when
bills are drawn to finance agricultural exports,
that the outstanding volume of acceptances
reaches a seasonal peak. The abundance of
bills in the market at the time of the year
839
840
FEDERAL RESERVE BULLETIN
when member banks require additional reserve
bank credit to meet the autumn increase in
the demand for currency, leads to increased
offerings of bills to the reserve banks and to a
growth in their acceptance holdings. That a
large proportion of the bills purchased by the
reserve banks are bills drawn to finance the
movement of agricultural products has been
pointed out in this review on a previous occasion, and a table showing the commodities
underlying acceptances purchased by the
reserve banks during the first eight months of
this year, which appears elsewhere in this
issue, brings out the fact that 25 per cent of
the bills were drawn to finance the marketing
of cotton and 20 per cent were used to facilitate
the distribution of other important agricultural
products.
The increase in discounts by the reserve
banks for member banks, which during the past
year has been much larger than
Increased bor- that in rpurchased acceptances,
rowing by mem- ,
. .
,
,,
/
'
ber banks.
-has carried the volume of
discounts for the past three
months to the highest level in nearly two years.
The extent of growth of direct borrowing from
the reserve banks has not been uniform for
different classes of member banks, as is brought
out by the chart, which shows changes since
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
600
BORROWINGS FROM FEDERAL RESERVE BANKS
600
500
100
0
1922
1923
192^
1925
Thefiguresare for last report date of each month and are published
on page 878.
1922 in the* volume of discounts at the reserve
banks for three classes of member banks—the
weekly reporting member banks in New York
City, those in other leading cities, and member
banks outside of such cities.
DECEMBER, 1925
Borrowings of member banks in New York
City during 1925 fluctuated widely in response
to international gold movements aM the domestic movement of funds into and out of the financial center. In the early part of the year the
large outflow of gold resulted in heavy borrowings at the New York reserve bank by member
banks in the city, which had to draw upon their
reserve balances to meet the export demand for
gold. The volume of borrowing by the banks
in New York City in February was, in fact,
larger than total discounts for either of the
other two classes of member banks shown on
the chart, and at the end of February the discount rate at the Federal Reserve Bank of New
York was advanced from 3 to 33^ per cent.
In March and April discounts for New York
City banks declined abruptly, and though
there was a seasonal increase after July, the
volume of these discounts at the end of November was much lower than in February. This
decline in discounts for New York City banks
since the early months of the year should be
considered, however, in connection with the
fact that the money market in New York has
obtained additional funds from the reserve bank
through the sale of acceptances, purchased by
the New York reserve bank both for its own
account and for the account of other reserve
banks. Thus between the end of July and the
end of November there was an increase of
$80,000,000 in discounts at the reserve bank of
New York, and during the same period there
was a further net addition of over $80,000,000
to reserve bank funds obtained in New York
through the sale of acceptances to the reserve
bank. Borrowings of member banks outside
of the leading cities fluctuated relatively little
in volume, showing some increase in the
earlier months of the year and a decline
after midsummer. It is among banks in leading cities other than New York that borrowing at the reserve banks showed the largest
growth for the year. Between November 12,
1924, and November 10, 1925, discounts for
this class of banks increased from $65,000,000
to $302,000,000, the increase since the low
point in January being nearly continuous.
Increased borrowing by member banks in lead-
DECEMBER, 1925
FEDERAL RESERVE BULLETIN
ing cities outside of New York was general
throughout the country, but it was in the
largest volume for member banks in the eastern
districts and in the Chicago and San Francisco
districts. At the reserve banks of Boston,
Philadelphia, Cleveland, and San Francisco,
which for more than a year had had a discount
rate of 33^ per cent, the rate was advanced to
4 per cent in November.
Member bank credit in use, as reflected in
total loans and investments of member banks
in leading cities, increased by
Growth of mem- about $750,000,000 between the
ber bank credit. e n d of J m y a n d the middle of
November and was at that time
in the largest volume on record. This increase
followed upon a period of seven months during
which member bank loans and investments were
in relatively constant volume at the high level
reached in 1924. Funds released during that
period, through a gradual decline in the demand
for bank loans by commerce and industry and
through some reduction in the holdings of investments, were employed by member banks
in increasing the volume of their loans on stockexchange collateral. This general movement
in the volume of credit for all weekly reporting
member banks, taken as a whole, has been the
resultant of somewhat different movements for
banks in New York City and for reporting
banks in other leading cities. Member banks
in the interior had accumulated large balances
with their New York correspondents during the
period of extremely easy money in 1924, and
during the first seven months of 1925, with money
rates advancing, they converted a portion of
these balances into loans on securities in the New
York market. This conversion of bank deposits into security loans had the effect, without reducing the volume of loanable funds in
the New York market, of reducing the deposits
of New York City banks and correspondingly
increasing the volume of security loans by
interior banks. The withdrawal of deposits
caused the New York banks, which at that
time were also meeting a large export demand
for gold, to reduce the volume of their loans
and to sell some of their investments. The
growth in loans by interior banks only slightly
exceeded the decline in loans and investments
841
at New York banks, and during the first seven
months of 1925 total loans and investments of
all reporting banks changed relatively little.
Between the end of July and the middle of
November, on the other hand, there was a
growth both in commercial loans and in security
loans by banks in New York City as well as by
banks in the interior. With relatively little
change in investment holdings, this increase in
loans carried the total of loans and investments
of the banks in leading cities to a higher
level this autumn than at any previous time.
Changes in the position of the reporting member
banks in New York City and outside from the
beginning of the year to the end of July and
from that time to the middle of November are
shown in the following table:
REPORTING MEMBER BANKS
[In millions of dollars]
Changes during the period
Jan. 7-July 29,1925
July 29-Nov. 11,1925
Banks
in
New
York
City
Loans, total
_
On securities
All other,.._
Investments-.
Loans and investmentstotal
Bankers' balances 1
Banks
Banks Banks
in
in
in
other Total New other Total
leadYork leading
ing
City cities
cities
-277
-41
-236
-68
+388
+344
+44
+19
+111
+303
-192
-49
+326
+117
+209
-57
+479
+232
+247
+1
+805
+349
+456
-56
-345
-317
+407
-260
+62
-577
+269
+99
+480
+ 82
+749
+181
i Amounts due to banks by weekly reporting banks in Federal reserve bank cities.
That the growth in bank credit in 1925 has
not been confined to reporting member banks
in leading cities but has been
Condition of all h
d fe J m e m b e r b a n k s o u t _
member banks. . ,
,
.
. . ,.
,
side oi these cities, is indicated
by the quarterly condition report for all member banks for September 28, which has recently
become available and is published elsewhere in
this issue. A chart is here presented showing
separately the movements in the total volume
of member bank credit in New York City, in
other leading cities, and outside of these cities.
Of the increase of about $7,000,000,000 in the
total volume of member bank credit between
March 10, 1922, and the end of September, 1925,
about 20 per cent was at banks in New York
842
FEDERAL RESERVE BULLETIN
City, over 45 per cent at banks in other leading
cities, and 35 per cent at other member banks
in smaller cities and towns and in country
districts. The growth of member bank credit
outside of the leading cities was rapid in 1922
and in the early part of 1923, but during 1924,
DECEMBER, 1925
by about $300,000,000. Gold movements in
and;out of the country during the period have
been approximately equai in volume and thus
have not been a factor in the larger demand for
reserve bank credit. Member banks have used
more than $200,000,000 of the funds obtained
from the| reserve banks to meet the seasonal
BiaiONS OF DOLLARS
BILLIONS OF DOLLARS
4 demand for currency and have added over
$80,000,000 to their balances at the reserve
banks to provide the required reserves against
12
their increased deposits. Demand for currency, which has increased through^the autumn
10 months and has been the factor accounting for
the larger part of the growth in reserve bank
credit since last summer, reaches its seasonal
peak during the period of holiday trade, and
a the turn of the year a large volume of currency flows back to the reserve banks from
circulation. This year the larger part of
the additional reserve bank credit required to
meet the seasonal demand for currency, which
is not yet at its highest peak, has been in the
form of discounts for member banks. Member
banks consequently entered the closing months
of 1925 with a much largerjvolume of indebt1922
1925
1923
1324
edness than last year, and the funds arising
The data are for about 60 weekly reporting member banks in New
York City and about 665 such member banks in other leading cities, from the seasonal return flow of currency will
and for all other member banks.
be available for the reduction of their borrowwhen city bank loans were growing rapidly, the ings at the reserve banks*
loans and investments of banks outside the
larger cities remained relatively constant. During the first nine months of 1925, New York City
NOTES
banks showed no growth in loans and investments, and the increase of $1,300,000,000 in Changes in discount rate.
During the month of November the following
member bank credit during this period was
almost evenly divided between member banks changes in discount rates were made at Federal
in other leading cities and those outside of reserve banks: On November 10 the rate at the
Boston bank was advanced
these cities. In the aggregate the volume of per cent; on November 17 a from 33^ to 4
similar advance
member bank credit at the end of September was made at the Cleveland bank; on November
was in excess of $30,000,000,000 for the first 20 at the Philadelphia bank, and on November
time in the history of the Federal reserve sys- 23 at the San Francisco bank.
tem, and weekly reports for about 800 banks
in leading cities indicate that there was a further Meeting of Federal Advisory Council.
On November 30 and December 1 the
considerable growth in loans and investment of
Federal Advisory Council met with the Federal
member banks in October and November.
Growth in member bank credit and in the Reserve Board at Washington.
demand for currency has been accompanied Meetings of governors and Federal reserve agents.
since midsummer by an increased demand for
The governors of the Federal reserve banks
Federal reserve bank credit. During the four and the Federal reserve agents held their usual
months ending in November bills and securities autumn meetings in Washington between Octoheld by the Federal reserve banks increased ber 28 and November 5.
DECEMBER,
1925
FEDERAL RESERVE BULLETIN
Atlanta par clearance case.
On November 30, 1925, the Supreme Court
of the United States entered an order transferring the case of Pascagoula National Bank
v. Federal Reserve Bank of Atlanta, 3 F.
(2d) 465, to the Circuit Court of Appeals for
the Fifth Circuit.
This is a suit brought by a national bank
seeking:
(1) To require the Federal Reserve Bank of
Atlanta to give immediate credit and availability to the plaintiff for all its deposits of
checks and drafts drawn on other member
banks in the Atlanta district, no matter at
what distance from Atlanta the drawee bank
may be;
(2) To permit the plaintiff to charge exchange on checks drawn upon it and presented
for payment by or through the Federal reserve bank; and
(3) To prohibit the Federal reserve bank
from handling checks for any banks other than
its own members, and for its own members
any checks which are not payable within the
Atlanta district.
The plaintiff not only challenged the interpretation which has been placed by the
Federal Reserve Board and the Federal reserve banks upon certain provisions of the
Federal reserve act, but also claimed that if
section 13 forbids member banks to charge
exchange on checks presented to them by
Federal reserve banks, it deprives the plain tin
offproperty without due process of law and,
therefore, is in violation of the Fifth Amendment to the Constitution. On December 29,
1924, the United States District Court for the
Northern District of Georgia, in which this
suit was originally brought, rendered a decision
dismissing the bill of complaint and upholding
all of the contentions of the defendant Federal
reserve bank. The plaintiffs appealed the case
direct to the Supreme Court of the United
States on the ground that it involved a constitutional question.
After hearing the argument of counsel on
behalf of the Pascagoula National Bank, the
Chief Justice stated that the Supreme Court
did not care to hear from counsel for the
Federal Reserve Bank of Atlanta, and on the
following Monday, November 30, the court
issued an order transferring the case to the
United States Circuit Court of Appeals for
the Fifth Circuit.
This means that the Supreme Court was of
the opinion that the constitutional question
raised by the plaintiff bank was not sufficiently
substantial to support the court's jurisdiction
70922—25t 2
843
on a direct appeal, and that therefore the case
should have been appealed to the Circuit Court
of Appeals instead of the Supreme Court.
This is tantamount to a holding that the provision of section 13 of the Federal reserve act
which forbids Federal reserve banks to pay
exchange charges on checks and forbids member banks to impose such charges on checks
collected through Federal reserve banks is
constitutional. It postpones a final decision
on the other questions involved in the case
until the case can be heard and decided by the
Circuit Court of Appeals.
A full statement of the issues involved in
this case and the full text of the opinion of
the United States District Court will oe found
on page 100 of the FEDERAL RESERVE BULLETIN for February, 1925.
FOREIGN DEBT FUNDING AGREEMENTS
On October 9 the World War Foreign Debt
Commission announced the terms agreed upon
with the Czechoslovak Debt Commission for
funding the indebtedness of Czechoslovakia to
the United States. A proposal of the Czechoslovak commission to fix the capital of the
debt as of June 15, 1925, at $115,000,000, to
avoid substantial expense and delay involved
in a detailed audit of many aitems of open
account in dispute with the W r Department
and the United States Shipping Board, was
accepted by the American commission. An
agreement executed on October 13, 1925, was
approved by the President. It is, however,
subject to approval by the constitutional
authorities of Czechoslovakia and by Congress.
Under the terms of the agreement the principal
of the debt will be paid over a period of 62
years, bearing interest at 3 per cent during the
first 10 years and at 3J^ per cent thereafter.
The agreement provides that the total amount
to be paid annually during the first 18 years
shall be fixed at $3,000,000, the balance of each
annuity to be funded at the rates of interest
stated over the remaining 44 years. In these
44 years varying amounts of approximately
$5,880,000 are to be paid annually on account
of principal and interest, the payments on
account of principal (including $29,641,023.07
added to cover the value in 1943 of amounts
deferred during the first 18 years) amounting
in the aggregate to $131,071,023.07, and those
on account of interest to $127,740,410.81.
These payments, together with the $54,000,000
paid during the first 18 years, give an aggregate for all payments during the 62 years of
$312,811,433.88.
844
FEDEBAX, RESERVE BULLETIN
An agreement for funding the indebtedness
of Esthonia was signed at the Treasury on
October 28. The amount of indebtedness to
be funded, representing sales of war supplies
by the United States Liquidation Commission,
War Department, and obligations received
from the American Relief Administration on
account of relief supplies furnished on credit,
was computed as follows:
Principal amount of obligations
Credit for loss of cargo on ship sunk
by mine
Principal amount of indebtedness
Interest to Dec. 15, 1922, at 4M per
cent
Total
To be paid in cash
To be funded..-
$13, 999, 145. 60
1, 932, 923. 45
12, 066, 222. 15
1, 765, 219. 75
13, 831, 441. 88
1, 441. 88
13, 830, 000. 00
For this amount bonds are to be given
maturing serially over a period of 62 years,
bearing interest at 3 per cent to December 15,
1932, and thereafter at 3J^ per cent. As in
the case of Poland, Esthonia is given the option of liquidating amounts due on or before
December 15, 1930, in part by semiannual cash
payments. These increase from $50,000 to
$150,000, and aggregate $1,000,000, the balance due in this period under the agreement to
be funded into bonds similar to those of the
original issue.
In greeting the Italian Debt Commission on
November 2, 1925, the Secretary of the Treasury, as chairman of the World War Foreign
Debt Commission, referred with appreciation
to the exhaustive nature of documents furnished by the Italian commission. The Secretary stated that these "complete economic,
fiscal, and social studies of the condition of
Italy," which had been prepared after a preliminary conference held last summer with the
Italian Ambassador, were being considered in
connection with the results of American investigations, and that the American commission
would " apply the principle of Italy's capacity
to pay and would give due weight to the
special conditions" of the Italian situation. In
reply, Count Volpi, head of the Italian commission, gave assurance that Italy " accepted
the principle laid down by the American Debt
Commission that each debtor nation shall be
considered independently, and shall repay its
debt within its particular capacity to pay," as
determined principally by its capacity to collect and to transfer sums in settlement of indebtedness. The Italian documentation of 24
monographs, presenting material gathered by
prominent Italian statisticians and economists,
DECEMBER, 1925
covered in detail Italy's war losses in men and
wealth; her relatively small allotment of reparations payments; her sacrifices made in reducing
governmental expenditures and balancing her
budget; her heavy burden of taxation, amounting to "38 per cent of her net income after deducting a minimum of subsistence"; her dependence upon imports for raw materials and
foods, and for her requirements in oil, coal,
cotton, iron, and copper; and her persistently
adverse balance of merchandise trade.
On November 12 the American commission
announced that the President had approved
an agreement reached in settlement of the
Italian debt, subject to approval by Congress,
and on November 14 the agreement was formally signed. Under it indebtedness to be
funded as of June 15, 1925, in the amount of
$2,042,000,000, including the original indebtedness and accrued interest, is computed as
follows:
Obligations taken for cash advanced by Treasury
$1, 648, 034, 050. 90
Interest at 4J4 per cent to December 15, 1922
251, 846, 654. 79
Total indebtedness Dec. 15,
1922
1, 899, 880, 705. 69
Interest at 3 per cent from Dec. 15,
1922, to June 15, 1925
142, 491, 052. 93
2, 042, 371, 758. 62
Deduct payments on account of
principal since Dec. 15, 1922___
Interest on principal payments at
3 per cent to June 15, 1925
164, 852. 94
7, 439. 34
172, 292. 28
Total net indebtedness as of
June 15,. 1925
2, 042, 199, 466. 34
To be paid in cash
199, 466. 34
To be funded
2, 042, 000, 000. 00
As in other debt settlements, a schedule of
annual payments over a period of 62 years is
given in the proposed agreement with Italy.
During the first nve years payments are to be
$5,000,000 annually, and after this initial period
they increase by small amounts each year,
from $14,621,250 on account of principal and
interest in 1931 to $80,988,000 in 1987. Beginning with 1931 interest will run at one-eighth
of 1 per cent for 10 years, and will increase for
successive 10-year periods to one-fourth, onehalf, three-fourths, and 1 per cent, and for
the last seven years of the period covered by
the agreement to 2 per cent. Under these
rates interest payments aggregate $365,677,500,
giving a total of $2,407,677,500 for all payments
on account of principal and interest.
845
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
On the settlement as a whole, the American the proposed settlement, which is subject to
commission comments as follows:
approval by Congress and by the Rumanian
The basis of settlement has been repayment of prin- Parliament, this amount is to be repaid over
cipal in full and payment of interest in accordance a period of 62 years, with interest running at
with the capacity of Italy to pay. The commission 3 per cent for the first 10 years, and at 33^
has made a most exhaustive examination of Italy's
fiscal and economic situation. Italy is poor in natural per cent thereafter. Annual payments in reresources. The visible balance of trade is adverse. duced amounts—increasing from $200,000 in
Food to support her rapidly increasing population, 1926 to $2,200,000 in 1939—are specified for
coal, oil, iron, and copper, have tc be imported. Her the first 14 years, and it is provided that the
future depends upon the development of her industry
and the labor of her people. It is frit that the settle- amounts by which these payments fall short of
ment lays as heavy a burden upon the Italian people as the annuity computed at the stated rates of
we are justified in imposing, and represents Italy's interest shall be funded over the remaining 48
capacity to pay.
years of the period covered by the agreement.
These four agreements—with CzechosloNegotiations were initiated with the Rumanian delegation on November 9, and an- vakia, Esthonia, Italy, and Rumania—and
nouncement that an agreement had been those recently concluded with Belgium and
reached and approved by the President in Latvia will be submitted to Congress at its
settlement of the Rumanian debt was issued next session, Congress having already apby the commission on December 1. This proved agreements concluded with Great Britsettlement covers an original indebtedness ain, Finland, Hungary, Lithuania, and Poland.
amounting to $36,128,494.94, on which interest The indebtedness of foreign governments to
has been computed as in other recent settle- the United States and the amounts covered
ments to June 15, 1925, giving a principal under funding agreements to date are shown
amount to be funded of $44,590,000. Under in the table following.
PKINCIPAL AMOUNT OP OBLIGATIONS OF FOREIGN GOVERNMENTS HELD BY THE UNITED STATES TREASURY,
INTEREST ACCRUED AND UNPAID THEREON TO AND INCLUDING THE LAST INTEREST PERIOD PRIOR TO
MAY 16, 1925, AND PAYMENTS RECEIVED ON ACCOUNT OF PRINCIPAL AND INTEREST TO NOVEMBER 23,
1925
Principal
Country
Armenia
Austria
Belgium
Cuba
Czechoslovakia
Esthonia
Finland.-.
France.Great Britain
Greece
Hungary
Italy
Latvia
Liberia
Lithuania
Nicaragua
Poland
Rumania
Russia
Yugoslavia
_
-
__
_
__
___
___
_
.-.
_
Total
_
__.
1
$11,959,917.49
24,055, 708.92
376,153,730.76
1
J
91,879, 671.03
i 13,999,145.60
8,910,000.00
3,340,516,043. 72
4,554,000,000.00
15,000,000.00
1,972, 883. 00
i 1,647,869,197.96
1
5,132,287.14
26,000.00
6,045,225.00
84,090.28
178,560,000. 00
» 36,116,972.44
192,601, 297.37
51,037,886.39
10,555,920,057.10
Accrued interest
Payments on
Payments on
Total indebtedness account of principal account of interest
$2,999,562.45
6,495,041.43
40,750,429.94
$14,959,479.94
30,550,750.35
416,904,160.70
23,120,328.97
1,763,777.85
115,000,000.00
15, 762,923.45
8,910,000.00
4,210,556,948.27
4,554,000,000.00
17, 625,000.00
1,972, 883.00
2,042,000, 000.00
5, 775,000.00
32, 768.85
6,045,225.00
84,090.28
178,560,000. 00
44, 590,000.00
256, 083,232. 74
65,414,997.98
870,040,904.55
""2," 625," 000." 66'
04,130,802.04
642,712.86
5,768.85
8,473,027. 56
63,481,935.37
14,377,111.59 I
1,428,907,403.46
11,984,827,460.56
$2,933,469. 67
10,000,000.00
"~"726,"666."i6"
$18, 736,210.65
2,286,751.58
304,178.09
1,441.88
981, 615.27
231,569.831.44
701,516,657.11
1,159,153.34
44,961.87
57,598,852.62
130,828.95
861.10
137,221.97
15,321.01
2, 548,224.28
263,313.74
7,930,094.33
636,059.14
328,309,832.46
1,025,861,578.37
$875,839.30
$192,567.78
90,000.00
46,000,000.00
9,672.50
672,300.00
343,620,000.00
44,208.83
30,000.00
135, 675.00
500,000.00
47,005,511.80
345,164.751.61
90,000.00
64,302,901.29
248,181,641. 56
9, 672.50
164,852. 94
30,000.00
82,513.86
1,794,180.48
FUNDED INDEBTEDNESS INCLUDED IN ABOVE
Belgium
Czechoslovakia
Esthonia
_
Finland
Great Britain
Hungary
Italy
_.
Latvia
Lithuania
Poland
Rumania
Total _
1
2
__
_
-
i$416,904.160.70
1115,000,000.00
113,830,000.00
8,910, 000.00
4,554,000,000. 00
1,972,883.00
1 2,042, 000,000. 00
1
5, 775,000. 00
6,045,225. 00
178,560, 000.00
144,590,000.00
$416,904,160. 70
115,000,000.00
13,830, 000.00
8,910,000. 00
4,554,000,000. 00
1,972,883.00
2,042, 000,000. 00
5,775, 000. 00
6,045,225.00
178, 560,000.00
44,590,000.00
7,387,587,268.70
7,387,587,268.70
Funding agreements concluded but not approved by Congress, and bonds not yet delivered.
Credit of $1,932,923.45 allowed by funding agreement, due to loss of cargo carried on ship sunk by mine.
846
FEDEBAL RESERVE BULLETIN
DECEMBER, 1925
BUSINESS CONDITIONS IN THE UNITED STATES
Industrial activity and the volume of wholesale and retail trade increased in October.
Wholesale prices declined somewhat to the level prevailing at midyear.
Production.—The Federal Reserve Board's index of production in basic industires, which
makes allowance for seasonal changes, rose by about 4 per cent in October, reflecting increases
in the output of most of the 22 commodities included in the index. Particularly large increases
in activity were shown for the iron and steel and textile industries, and the output of bituminous coal and of lumber was in large volume. Production of automobiles in October was the
largest on record. Pay rolls at factories, including industries not covered by the production
index, increased in October to the highestl evel since early in 1924. The value of building
contracts awarded declined further in October, contrary to the usual seasonal tendency in
building activity between September and October, but the total was considerably larger than
in the corresponding month of any other year.
Estimates by the Department of Agriculture in November indicate a corn crop of 3,013,000,000 bushels and a cotton crop of 15,298,000 bales, compared with 2,437,000,000 bushels
and 13,628,000 bales in 1924. Marketing of crops was seasonally larger in October than in
September, but averaged nearly 15 per cent less tnan a year ago.
Trade.—Wholesale trade, according to the Federal Reserve Board's combined index of
sales in six leading lines, reached a seasonal peak in October and was in larger volume than
for any month of tne past five years. Sales at department stores and mail-order houses, owing
partly to favorable weather conditions, showed considerably more than the usual increase in
October and were the largest on record for that month. Stocks of dry goods, shoes, and hardware at wholesale firms were smaller at the end of October than on September 30, but stocks
of groceries were larger. Merchandise stocks at department stores showed slightly more than
the usual increase in October, and were somewhat larger than at the end of October a year ago.
Freight-car loadings reached a seasonal peak in October and totaled more than in any
previous month, notwithstanding reduced shipments of anthracite and of grains and grain
products.
Prices.—The Bureau of Labor Statistics index of wholesale prices, after remaining relatively constant for three months, declined from 160 in September to 158 in October, reflecting
declines in the prices of agricultural products, particularly grains, livestock, meats, cotton, and
sugar. Since November 1 prices of grains, wool, sugar, pig iron, and rubber have increased.
PER CENT
PER CENT
HER CENT
1200
i 50
150
100
50
PRODUCTION IN
BASIC INDUSTRIES
1922
1323
50
WHOLESALE PRICES
1924-
1925
Index of 22 basic commodities adjusted for seasonal variations.
(1919=100.) Latest figure, October, 116.
100
1922
1923
1924
1925
Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, October, 158.
847
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
PER CENT
PERCENT
1501
1150
_.
100
\
*«/
100
50
50
FACTORY EMPLOYMENT
AND PAYROLL
1922
1923
1924
1922
1925
1923
1925
1924-
Federal Reserve Board's indexes of factory employment and pay
roll. (1919=100.)
Weekly figures for banks in 101 leading cities. Latest figures,
November 11.
Bank credit.—Between the middle of October and the middle of November loans for commercial and industrial purposes at member banks in leading cities continued in a volume about
$450,000,000 larger than at midsummer. Loans on securities increased further, and total
loans on November 11 were about $1,000,000,000 larger than at the opening of the year. Demand deposits increased further during October and early November to a level near the high
point of last January.
At the reserve banks total bills and securities in November were in the largest volume for
the year and about $200,000,000 larger than a year ago. Member bank borrowings declined
somewhat from the high point reached early in October, while acceptance holdings continued
to increase and on November 18 were larger than at any previous time for the year. The
growth in reserve bank credit since midsummer was chiefly in response to the seasonal increase
of money in circulation, which on November 1 was about $180,000,000 larger than on August 1.
During the latter part of October and early part of November open-market rates for commercial paper and bankers7 acceptances remained substantially unchanged at the levels reached
during the early autumn. Discount rates at the Federal reserve banks of Boston, Cleveland,
Philadelphia, and San Francisco were advanced from 3}^ to 4 per cent during November.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=»100]
Year and month
Production in
basic
indus-
Department-store
sale s i
Building
Factory
Railroad- Wholecar
sale
employ- pay rolls contracts
ment
awarded * loadings* trade
Department-store
stocks i
Unadjusted
Unadjusted
Ad-
justed
Ad-
Bank
debits
outside
of NewYork
justed
Cityi
1924
September
October
November
December
January
February..
March
April
May
June
July...
August
September..
October
103
109
107
117
91
93
92
94
99
103
101
106
150
166
196
180
117
120
116
124
92
95
84
79
119
141
141
210
131
124
126
131
137
148
148
124
128
132
132
133
107
112
107
112
127
124
120
119
111
110
113
108
112
116
94
96
96
96
95
94
93
94
95
97
103
109
110
108
108
105
103
105
104
111
168
159
178
176
151
171
189
228
224
210
123
125
117
129
123
117
122
123
121
121
79
76
83
79
79
83
83
87
94
101
108
101
121
136
128
126
95
98
122
165
124
131
121
133
124
126
128
125
134
145
119
127
139
141
136
129
124
131
143
149
134
135
137
136
137
135
133
131
133
120
121
120
122
119
122
125
120
122
128
1925
134
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-stores sales and stocks are shown both with and without seasonal adjustments.
848
FEDEEAL RESERVE BULLETIN
BANK CREDIT
Between October 14 and November 11 the
volume of commercial loans of member banks
in leading cities remained near the high levels
of Athe year; loans on securities showed further
increase, and at the end of the period total
loans were in larger volume than at any
previous time.
Growth in the volume of commercial loans
after the end of July, reflecting a seasonal
increase in the demand for credit, carried the
total to the high point for the year on October
14, and was followed in the following four
weeks by slight declines in all districts, except
the Kansas City and San Francisco districts.
The total on November 11, however, was about
$450,000,000 above the midsummer levels.
During the four-week period there were
further increases in loans on securities in most
districts, and on November 11 the total
volume of these loans was about $180,000,000
larger than a month earlier. Owing largely
to an increase in the New York district,
demand deposits continued to rise, but in the
first part ot November were about $100,000,000 below the level of the first two weeks of
the year, although more than $650,000,000
above the low level of the spring. The following table shows the principal resources and
liabilities of member banks in leading cities
for each week between October 14 and November 11, as well as changes for the four weeks
and for the year ending November 11:
LOANS,
INVESTMENTS, AND DEPOSITS OF
BANKS IN LEADING CITIES
MEMBER
[In millions of dollars]
Loans and investments
Deposits
DECEMBER, 1925
more than offset a slight decline in member
bank borrowing from the high point reached
at the middle of October. The increased acceptance holdings, partly seasonal in character, carried the total on November 18 to the
highest level since the end of 1924, about
$160,000,000 higher than in August. Holdings
of United States securities remained practically
unchanged throughout the period, and total bills
and securities in November were at high levels
for the year. Further increases in total deposits reflected increases in member bank reserve
requirements consequent upon the growth in
their deposits. The principal resources and
liabilities of the Federal reserve banks for the
period between October 21 and November 18
and changes for this period and since November 19, 1924, are shown in the following table:
PRINCIPAL
R E S O U R C E S AND L I A B I L I T I E S O F
RESERVE BANKS
FEDERAL
[In millions of dollars]
Bills and securities
Date
Oct. 21 . .
Oct 28
Nov. 4
Nov. 10
Nov. 18 . . .
Increase (+) or decrease (—):
4 weeks ending
Nov. 18
Year e n d i n g
Nov. 18
Bills
Bills bought
disin
Total count- open
ed
market
1,230
1,250
1,316
1,260
1,263
603
590
636
565
566
293
329
342
353
355
FedTotal Total eral
reGov- cash depos- serve
ernreits
note
ment serves
circusecurilation
ties
324
325
330
334
333
2,889
2,893
2,880
2,891
2,905
2,284
2,297
2,315
2,289
2,322
1,695
1,695
1,713
1,711
1,708
+33
-37
+62
+9
+16
+38
+13
+164
+332
+80
-254
-238
+52
-115
CONDITION OF ALL MEMBER
BANKS
The total volume of member bank credit
outstanding showed a further increase between
Total
June 30 and September 28, 1925, and at the
end of that period aggregate loans and investments of all member banks, as shown by their
1
5,248 reports of condition,
were $30,369,000,000.
5,376 ! 8,488 5,462 13,178
19,327
Oct. 14
5,290
5,454 I 8,425 5,460 13,087
19,338
Oct. 21
5,296 This was the highest total on record—$666,5,471 8,430 5,443 13,082
19,345
Oct. 28
5,348 000,000 higher than on June 30 and about
19,489
5,556 \ 8,471 5,462 13,220
Nov. 4
5,344
19,472
5,554 | 8,469 5,450 13,229
Nov. 11
$1,300,000,000 higher than at the beginning
Increase (+) or decrease (—):
of the year. Total deposits showed a decrease
Four weeks end+96 of $370,000,000 for the quarter, which was to
+51
+145
ing Nov. 11
+178 | - 1 9
-12
Year e n d i n g
+521 a considerable extent attributable to the ex+33
Nov. 11
+1,040
+923 I +228
-110
ceptionally large volume of checks for clearing
and collection outstanding at the previous
At the reserve banks during the latter part call date, which was the last day of the fiscal
of October and early November a further
growth in the volume of acceptance holdings i See p. 913.
Date
| All
Loans j other
on j loans, Invest- Net de- Time
securi- | largely ments mand
ties
commercial
849
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
year. When an approximate adjustment of
deposits is made by deducting exchanges held
for clearing and other items for collection, the
total for September 29 is larger by $305,000,000.
In the following table the loans and investments
of all member banks are shown, by districts, for
September 28, 1925, together with changes for
the preceding 10 months of the year:
LOANS AND INVESTMENTS
OF ALL MEMBER
an increase of about $4,000,000,000 in demand
deposits and a similar growth in time deposits,
together with some increase in bank deposits
with correspondents. The total indebtedness
ALL MEMBER BANKS
3ILLIONS OF DOLLARS
BILLIONS OF DOLLARS
_
30
--*—.30
BANKS
[In millions of dollars]
Federal reserve district
or decrease in
Loans and investments Increaseand investments
loans
Sept. 28, 1925
since Dec. 31, 1924
Total
Total....
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Loans Invest- Total
ments
30,369
21,450
8,919
1,343
1,269
74
2,325
8,957
2,312
3,098
1,281
1,201
4,443
1,283
896
1,137
823
2,613
1,690
6,104
1,450
2,071
1,019
963
3,252
930
600
817
664
1,890
635
2,853
862
1,028
261
238
1,191
353
296
320
159
723
152
108
143
165
53
201
223
57
-11
56
33
164
148
204
161
168
59
147
213
45
-31
16
19
120
4
-96
-18
-3
-6
53
10
12
20
40
14
44
Loans Investments
The volume of member bank loans increased
irfall except the Minneapolis district; there was
a relatively even distribution of the total
increase throughout most districts, about 85
per cent of the aggregate increase occurring
m districts outside of New York. There were
declines in security holdings in four districts,
particularly in the New York district, but as a
result of increases in the other districts there
was a net increase of $73,000,000 for the country as a whole.
In the accompanying chart the principal resources and liabilities of all member banks are
shown from the beginning of 1919 to September
28, 1925.
The chart shows that total loans and investments, after declining from November, 1920,
to March, 1922, increased almost without
recession during the following three and a
half years; on September 28, 1925, the total
outstanding was nearly $7,000,000,000 above
the level of March, 1922. Of this amount,
$4,300,000,000 was in loans and the remaining
increase of $2,700,000,000 was in the banks'
holdings of United States Government and of
other securities. Total deposits over the same
period increased by $8,400,000,000, representing
1320
1921
1322
1323
1924-
to other banks (consisting chiefly of rediscounts
and bills payable with the Federal reserve banks)
was about the same on September 28, 1925, as
in March, 1922, but nearly $2,500,000,000 below
the level reached in the fall of 1920.
MONEY RATES
Money rates during November showed no
marked change from their October levels.
The rate on prime commercial paper of 4 to 6
months' maturity has been quoted at 434 to 4 J^
per cent since early in October. The supply
remained small in November and the demand
came chiefly from the Middle West, especially
from St. Louis. Bankers' acceptances in*
creased somewhat in volume and the demand
was sufficient to keep rates unchanged. The
offering rate on 90-day bills has been 3J^ per
cent since the first of September. The yield
on Government securities of 4 to 6 months'
maturity also remained at about that level,
and the yield on Government bonds at current
prices continued at about 4 per cent. Call
rates on stock exchange loans averaged slightly
less in November than October. The official
discount rates of four Federal reserve banks,
Boston, Cleveland, Philadelphia, and San
Francisco, were raised from 3J^ to 4 per cent
on the 10th, 17th, 20th, and 23d of November,
respectively. The table below shows the
money rates prevailing in the New York
market during the last three months.
850
FEDEKAL. RESERVE BULLETIN
MONEY RATES IN NEW YORK
Yield
Prime
Average
Prime
commer- bankers' on certifi- yield on Renewal
cates of
cial
accept- indebted- 4}* per
rate on
paper,
cent
ances,
call loans
4-6
90 days ness, 4-6 Liberty
months
bonds
months
September, 1925...
October, 1925
November, 1925-_.
Average for week
ending—
Nov. 7
Nov. 14
Nov. 21
Nov. 28
13.00
«3.33
3.53
3.65
3 3.49
2 3.54
»3.65
3.98
4.62
4.02
4.04
4.87
4.74
4.04
4.03
4.04
4.04
4.88
4.70
4.75
4.63
i Issues maturing Dec. 15,1925.
> Issues maturing Mar. 15,1926.
In the London market money rates advanced
substantially from the low levels reached at
the time of the lowering of the Bank of England discount rate on October 1 and during
November were about the same as in early
August. The average rate on three months7
bank bills was 3yf per cent during the week
ending November 20, and Treasury bills were
tendered at approximately the same rate,
about one-sixteenth of 1 per cent below the
bank rate and nearly one-half of 17 per cent
above the rate on 90-day bankers acceptances in New York.
ACCEPTANCES
An increased supply of bills was reported
from the New York and Boston acceptance
markets during the last week of October, with
a light demand which resulted in an increase in
dealers' portfolios. Later the demand in New
York increased and at the close of the reporting
period, on November 18, the market was quiet,
with demand and supply about equal and only
moderate offerings to the reserve bank. The
average weekly turnover of bills by reporting
dealers in that city was about the same during
the four weeks ending November 18 as during
the five weeks ending October 22, and their
aggregate portfolios were nearly equal on those
two dates. In Boston the market was characterized as fairly active in November, with a
moderate supply and light demand for bills,
so that offerings to the reserve bank were substantial. The Chicago market was quiet during the whole period, the average weekly vol-
DECEMBER,
1925
ume of purchases reported by dealers being
considerably larger and their sales smaller than
during the previous five weeks, with a consequent increase in portfolios. Rates remained
unchanged in all markets. On November 18
they were quoted in New York as 3% per cent
bid and 3\i offered for 30-day bills, 3K bid and
3% offered for 60-day bills, 35^ bid and 3}4
offered for 90-day bills, 3% bid and 3% offered
for 120-day bills, and 4 per cent bid and 3%
offered for 150 and 180-day bills.
CAPITAL ISSUES
The volume of domestic securities issued in
the United States during September, according
to the compilation of the Commercial and Financial Chronicle, amounted to $377,000,000—
over $100,000,000 greater than in August,
which was the low month of the year and somewhat larger than in September, 1924. A
smaller volume of these issues was for refunding purposes than during any previous month
in 1925. The increase over August occurred
in both municipal and corporate issues, and
among corporate issues those of industrial and
public utility corporations increased, while
those of railroads declined. The most important individual offerings of the month were
made by public utilities, the largest being a
$50,000,000 bond issue by the Bell Telephone
Co. of Pennsylvania. The following table
shows the domestic securities issued in September, 1925, as compared with those of the previous month and of September, 1924:
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
September,
1925
August,
1925
September,
1924
New
Total corporate
Long-term bonds and
notes
Short-term bonds and
notes__
Stocks
Farm loan issues .
Municipal
Total.
Refunding
New
263.0
16.4
185.6
29.3 215.1
39.0
173.1
11.1
123.6
19.1 162.5
25.9
18.6
71.3
4.7
109.8
2.0
3.3
3.3
7.4
54.6
.5
76.1
377.5
19.7
262.2
Refunding
.4
9.8
New
Refunding
13.9
38.7
10.0
120.6
f 3.8
32.5 345.7
42.8
3.2
1.6
11.5
The total of capital issues in the United
States during September was augmented by
$156,958,000 of foreign flotations, according to
the compilation of the New York Federal
Reserve Bank, the largest monthly volume of
the year except for June and July. Of these,
however, $70,000,000 represented a Canadian
refunding issue. In October foreign issues
amounted to $81,890,000, consisting chiefly of
a $25,000,000 bond issue by the Czechoslovak
Republic, a $16,500,000 bond issue by the
Anglo-Chilean Nitrate Corporation, and various smaller issues by German municipalities.
SECURITY PRICES
The prices of representative common stocks,
as indicated by the weekly index computed by
the Standard Statistics Co., rose abruptly
during the latter part of October and early
November to a new peak and then declined with
equal rapidity. Both the increase and decline
extended widely throughout the industrial
stocks, but were most extreme in the case of
automobile and automobile accessory shares.
At the end of November the index of industrial
stocks was still 30 points above the low for the
year at the end of March. The prices of railroad stocks showed a fluctuating upward
movement during October and November,
reaching a new high point for the year a week
later than that of the industrials, and after a
slight decline the following week the rail index
was still 15 points above its March low. The
volume of average daily sales on the New York
Stock Exchange made a new high record during
the week ending November 9, but market activity diminished toward the middle of November. Bond prices advanced gradually during
November, but remained below the high levels
for the year of June and July. The following
table gives indexes of stock prices computed by
the Standard Statistics Co., of New York, the
average prices of 40 bonds computed by Dow,
Jones & Co., and the average number of shares
sold daily on the New York Stock Exchange for
the last six months and for November, 1924:
851
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
INDEX NUMBERS OF SECURITY PRICES
Price indexes ofu
Average
201 in- 31 rail- Total, price
of 40
dustrial road
232 bonds 2
stocks stocks stocks
Average for—
November, 1924
June, 1925
_..
July, 1925
August, 1925
September, 1925
October, 1925
November, 1925
Average for week ending—
Nov. 2
Nov. 9_
Nov. 16
Nov. 23
Nov. 30
—
Average
number
of shares
of stock
sold daily
(000 omitted) 2
113.4
131.0
135.0
136.0
139.9
145.8
150.4
106.3
109.7
111.0
114.3
115.8
116.2
120.0
111.3
124.7
128.1
129.7
132.9
137.2
141.6
91.01
93.14
92.50
91.70
92.19
92.17
92.44
2,080
1,313
1,353
1,458
1,711
2,302
2,428
153.1
153.7
150.9
146.3
148.2
119.0
118.1
120.9
119.8
122.2
143.2
143.3
142.2
138.6
140.6
92.18
92.33
92.48
92.50
92.45
2,455
2,853
2,816
2,297
1,744
* 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 average closing prices, as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday preceding date given.
3
Saturdays omitted. Weekly averages are for five days ending with
Friday preceding date given.
AGRICULTURAL CREDIT
During October the intermediate credit banks
closed direct loans amounting to $17,914,000,
which was $2,000,000 more than the amount extended in September. Rediscounts amounted
to $3,529,000, or 50 per cent more than in the
month before. The banks at Baltimore and
Columbia each granted new loans in excess of
$4,000,000, the former on tobacco and the
latter largely on cotton. Since the first of
November the Baltimore bank for the first
time granted a loan to a cooperative marketing
association in Porto Rico, where both the land
bank and intermediate credit bank of Baltimore have authorized agencies. The loan was
based on coffee. The banks at St. Louis and
Houston, for the first time in several months,
negotiated loans with cooperative cotton marketing associations. Large loans were granted
by other banks in the South, based largely on
cotton and tobacco paper, while the bank at
Berkeley loaned nearly $2,000,000, chiefly to
raisin and canning cooperative associations.
852
FEDERAL RESERVE BULLETIN"
Over 70 per cent of the rediscounts granted
during October were handled by the banks at
Omaha, Houston, and St. Paul. Notwithstanding the increased volume of rediscounts
granted during the month, the net amount
outstanding continued the steady decrease
which began early in August, indicating that
loans were being liquidated as the marketing of
crops and livestock progressed.
The weekly statement of November 7
showed direct loans in excess of $48,000,000
and established a new record for the amount of
direct loans outstanding. The total credit
extensions on that date were also the largest in
the history of the intermediate credit system.
During the following week old tobacco loans
were liquidated to the extent of nearly $1,000,000 and the total of direct loans outstanding
decreased by about $700,000.
The following table shows the volume of
direct loans outstanding on November 14,
the latest available date, as compared with a
month and a year earlier, classified by commodities on which the loans were based.
Eediscounts outstanding on the same dates are
also given and are classified by types of rediscounting institutions.
INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
Nov. 15,
1924
Nov. 14,
1925
Direct loans outstanding on—
Cotton
Tobacco. _Wheat
Canned fruits and vegetables
Raisins
Prunes
-Peanuts
Wool
Rice _ _ . . .
Allother
Total...
---
_.-
Rediscounts outstanding for—
Agricultural credit corporations
National banks
State banks
Livestock loan companies
Savings banks and trust companies. _
Total
Oct. 17,
1925
19,889
18, 282
3,223
1,763
2,250
14,059
19,479
2,971
2,257
1,800
145
1,580
67
101
146
1,750
89
12,874
19, 694
2,911
847
5,350
1,250
168
122
108
244
47,306
42, 551
43,568
16, 595
31
428
9,141
82
18, 234
24
468
9,272
82
11,158
29
892
6,941
210
26, 277
28,080
19, 230
Below is given a table showing the outstanding volume of net mortgage loans granted
by the joint-stock land banks, by the 12 Federal land banks, and by 41 life insurance companies owning more than 82 per cent of the
assets of all life insurance companies:
DECEMBER, 1925
N E T FARM-MORTGAGE
LOANS
OUTSTANDING
[In thousands of dollars]
Oct. 31,
1925
Total all joint-stock land banks.
Total 12 Federal land banks.__.
Life insurance companies
Sept. 30, Oct. 31,
1925
1924
435, 829
526,042 519,237
995,207 989,960
912, 568
1,515, 000 1, 513, 000 1, 439,189
AGRICULTURE
Preliminary reports by the Department of
Agriculture of final crop yields indicate that
the aggregate production of leading crops is
approximately 4 per cent larger than was
expected earlier in the harvesting season and
only slightly smaller than the output of last
year. Larger corn and cotton crops than were
indicated earlier in the season account for
most of the increase in the aggregate production. The final yield of cotton is expected
to be the third largest crop on record, and this
year's corn crop has been exceeded only five
times. Improvement in the condition of
ranges and livestock continued in October,
and at the beginning of November the condition of cattle and sheep averaged considerably higher than last year, though the most
substantial improvement occurred in the States
of San Francisco Federal reserve district.
Marketing reflected the usual seasonal increase in October, but the aggregate volume
was smaller than in October of last year,
largely because of smaller receipts of grain
and livestock. Exports of agricultural products, as measured by the Department of Agriculture's index, were 31 per cent larger in October than in September, due mainly to seasonal
increases in shipments of cotton, fruits, and
vegetables. Compared with October of last
year, exports were 18 per cent smaller. Wheat
and flour exports alone were about one-fifth
as large as a year ago and exports of meat and
dairy products were considerably smaller.
Prices of agricultural products, as measured
by the Department of Agriculture's index
of prices at country markets, were sligbtly
lower in October than in September, and in
November prices of cotton, corn, and livestock showed further declines. Prices of
cotton and corn are lower than a year ago,
but those of livestock, dairy and poultry products, fruits, and vegetables are higher, and
the combined index of prices of 30 agricultural
commodities is slightly higher than last year.
DECEMBER, 1925
853
FEDERAL RESERVE BULLETIN
The chart shows the index of farm prices
Marketing of grains in October continued
since January, 1922.
to be in small volume as compared with last
year. Wheat marketing showed the usual
PERCENT
160
160
160
seasonal decline from September, but was only
INDEX OF F\RM PRICES
>
(AUGUST. 1909- JULY, 191A.-1OO )
39 per cent as large as last year. Receipts of
150 other grains at terminal markets in October
150
were much less than in September, especially
those of rye.
Prices of all grains, except barley, advanced
140
considerably during the month, and the price
of barley on November 21 was also somewhat
130 above the low point reached in the last week
130
V
in October. Wheat showed the greatest gain;
No. 2 red winter wheat (cash) at Chicago ad120
120
vanced 16 cents during the seven weeks ending
November 20, and No. 1 northern spring at
110 Minneapolis rose 17 cents.
kv
'V
1
Cotton.
100
100
1922
1923
1924-
1925
Grains.
The latest official estimates place the Canadian wheat crop at 422,000,000 bushels, the
second largest crop that Canada has produced.
The wheat crop of the entire Northern Hemisphere, according to the Department of Agriculture, was estimated to be about 3,000,000,000 bushels, or 11 per cent greater than the
yield in 1924, while the crop in the Southern
Hemisphere was expected to equal that of last
year.
The November crop report gave the preliminary estimate of the corn crop at 3,013,000,000
bushels, an increase of about 3 per cent over
the October forecast and 24 per cent greater
than the 1924 crop, though only slightly above
the five-year average. The bulk of the crop
matured without frost damage, but recent rain
gave a large moisture content to the grain and
has interfered with the harvesting and marketing of the crop. Much of the corn that has
been marketed has had to be dried before it
could be milled or shipped to distant points.
By the middle of November the weather was
much more favorable to field work and to the
marketing of the grain.
The estimated yield of oats, though 11 per
cent larger than the 1920-1924 average, was
somewhat smaller than last year. The barley
crop estimate was between 20 and 25 per cent
larger than either the 1924 crop or the five-year
average, while the rye and flaxseed estimates
were both much smaller than last year's crops.
The latter crop was 46 per cent above the fiveyear average, but the yield of rye was expected
to be 26 per cent less than that average.
Unfavorable weather throughout the Cotton
Belt in the early weeks of November resulted
in a reduction in the expected yield of cotton
and caused considerable deterioration in the
quality of the crop remaining unpicked in the
fields. In the States of Arkansas, Texas, and
Oklahoma a large part of the crop was still unpicked in the middle of November and the
quality was reported to be considerably damaged by rains and cold weather. A total crop
of 15,298,000 bales was estimated on the basis
of the condition of the crop on November 14,
as compared with an expected production of
15,386,000 bales two weeks earlier. Approximately 12,250,000 bales were ginned prior to
the middle of November, leaving, on the basis
of the estimated production, a total of 3,050,000
bales-, or 20 per cent of the total crop to be
ginned. The greater part of the crop remaining to be picked is in the States of the Southwest, especially in the States of Arkansas, Oklahoma, and Texas, as shown in the table.
ESTIMATED PRODUCTION AND GINNINGS OF COTTON
[Thousands o bales]
f
State
North Carolina
South Carolina...
Georgia
Alabama
Mississippi... .
Tennessee
Louisiana
Arkansas
Oklahoma
Texas
Estimated
production
Nov. 14,
1925
1,065
865
1,150
1,315
1,870
480
895
1,480
1,500
4,050
Ginnings
prior to
Nov. 14,
1925
946
862
1,145
1,242
1,412
343
777
990
1,007
3,152
854
FEDERAL. RESERVE BULLETIN
Movement of the crop from farms and plantations to southern markets continued in large
volume in October, and buying by both domestic and foreign consumers of American
cotton was large. Approximately 6,500,000
bales moved into sight from the beginning of
the season to the end of October, as compared
with 5,390,000 bales last year, and takings by
American and Canadian spinners totaled 1,864,
000 bales for the same period, exceeding takings for the two immediately preceding seasons.
Exports in October were larger than for any
October in the past 12 years and for the season
through October they amounted to 2,490,000
bales, as compared with 1,962,000 bales last
year. Exports to nearly all countries except
Italy have been larger than in 1924, though increased buying by Germany was the largest,
amounting to more than 300,000 bales. Greater
buying by American mills is reflected in larger
stocks than last year, though the increase is
much greater at southern mills than at those in
New England.
Following the decline that occurred late in
October the price of cotton continued fairly
stable in the early weeks of November. Near
the end of the month, when more definite information became available as to the amount of
deterioration in quality, prices for the better
grades of cotton advanced slightly, and on
November 27 the price of spot cotton, middling
grade, at New Orleans was 20.3 cents a pound,
compared witb \9.7 cents a pound two weeks
earlier.
Tobacco.
Increases in the estimated yield of tobacco
per acre resulted in an increase in total expected production from 1,229,000,000 pounds
at the beginning of October to 1,264,000,000
pounds in November, and the crop is expected
to be larger than the final harvest of 1,241,000,000 pounds last year. Larger production
than in 1924 is expected in nearly all of the
heavy producing States except Virginia, Maryland, Pennsylvania, and Kentucky. In North
Carolina the crop is 17 per cent larger than in
1924, but in Kentucky, the largest producing
State, it is 12 per cent smaller.
In October the marketing season closed in
South Carolina, but in the States farther north
marketing increased. In North Carolina prices
received oy the growers for tobacco sold in
October averaged $26.40 per hundred pounds
as compared with $23.88 in October last year.
Bright-tobacco markets opened in Virginia in
October, but prices were considerably lower
DECEMBER, 1925
than in October of last year, due largely to the
lower quality of the crop than in 7
recent years.
In Kentucky the tobacco growers cooperative
marketing association made large sales of
stored tobacco in October and November, approximating 36,000,000 pounds, and were
reported to have been the first large sales since
last winter.
Output of cigars and manufactured tobacco
products increased in October, but the production of cigarettes declined. Compared with
earlier years, large size cigars were manufactured in a volume larger than for any
October in recent years, except 1923. Cigarettes continued to exceed the output of the
corresponding month of last year and were
produced in greater volume than for any
previous October. Sales of tobacco products,
as measured by sales at cigar-chain stores, increased more than usual in October and were
6 per cent larger than in October of last year.
Fruits and vegetables.
The preliminary estimates of yields of most
fruits and vegetables, as given by the November crop report, were in nearly all cases larger
than the forecast given by the October report.
The estimated increase in white potatoes was
2,276,000 bushels, bringing the total yield up
to 346,500,000 bushels, or 24 per cent less than
the 1924 crop. The estimated yield in five
important shipping States in November was
nearly 6,000,000 bushels lower than in the
month before, the largest decline being in New
York State. This decrease was more than
offset by an increase in States which usually
ship small amounts and in States which had
already completed their marketing of potatoes,
as well as in the surplus producing States of
Idaho, Washington, Pennsylvania, and Minnesota. The harvest of sweet potatoes is expected to be 81,084,000 bushels—9 per cent
more than the October forecast and 12 per cent
more than the small crop of last year. The
preliminary estimate places the yield of commercial apples at slightly more than 1,000,000
barrels above the forecast made for October
and 3 per cent over the 1920-1924 average
crop. Larger yields of apples than anticipated in October were reported in nearly all
important producing States except Oregon and
California, where the crop was lighter tnan had
been previously forecast. The estimate of the
pear crop was somewhat larger than the forecast of the preceding month, while that for
grapes was slightly smaller.
DECEMBER, 1925
Shipments of late fruits and vegetables were
larger in October than in the corresponding
month last year, and for many crops were the
largest in recent years. Eeceipts of potatoes,
notwithstanding the smaller crop, averaged,
as in October, 1924, more than 1,000 cars a day.
Grapes moved to market in unprecedented
quantities, and by the middle of November
California had shipped more than 75,000 cars.
Apple shipments were the largest for any month
oi the past two years.
Prices of white potatoes advanced in October
beyond war time levels, and after receding
somewhat in November were still three to four
times as high as a year ago. Prices of other
late vegetables were well sustained and considerably higher than a year ago. Eastern
apple prices made small gains, though quotations were still below those of last year* rrices
of apples raised in the Northwest declined
somewhat during the month because of increased shipments, but still compared favorably
with 1924 prices.
Livestock.
Conditions in the livestock industry in the
range States improved slightly during October,
according to the November livestock report,
and prospects for supplies of winter feed were
unusually good. In the Dallas Federal reserve
district and in other sections of the Southwest
which had faced serious drought conditions
earlier in the year there has been sufficient
rain to develop good range and feed conditions
for the winter; the San Francisco district, with
the exception of the State of Washington, has
excellent range feed and a large crop of hay.
The Kansas City and Minneapolis districts
reported similarly good conditions in their
Western States. Cattle and sheep reflected
the improved range conditions of the past two
months and were entering the winter season in
much better condition than last year.
October receipts at principal markets of all
meat animals showed the usual seasonal increase over September, although the increase was
not as large as the similar increase of last year.
Receipts of cattle and calves were the largest
for any other month in the past two years.
Receipts of sheep and hogs were 1 and 12 per
cent less, respectively, than for the same month
last year. The movement to feed lots showed
a large seasonal increase, but aggregated less
than a year ago because the better grades of
cattle and lambs were wanted for slaughter.
Reshipments of hogs were large, but the
855
FEDERAL RESERVE BUI^LETTN
greater part of these went to eastern killers
rather than to the country.
Notwithstanding heavier receipts, the prices
of cattle and sheep remained well above last
year's prices, though some declines occurred
in all classes of meat animals. Because of
larger receipts and the nearness of the new
hog-crop year, prices of hogs declined further
in October, as is shown on the accompanying
chart. Hog prices, however, are still considerably higher than a year ago, owing to
reduced supply consequent upon last year's
short corn crop.
RECEIPTS IN MILLIONS OF HOGS
1922
1923
PRICE IN DOLLARS PER 100 I
192^
1925
Monthly receipts of hogs at principal markets compared with prices of
live hogs at Chicago.
Dairy Products.
Production of butter, as indicated by receipts
at five principal markets, showed a small
seasonal decline in October. Receipts of
butter at the above markets set a new high
mark for the month of October, being 4 per
cent larger than the exceptionally heavy
receipts of October, 1924. Withdrawals of
butter from storage were also in exceptionally
large volume. Holdings of butter were practically 95,000,000 pounds on November 1, 30
per cent smaller than a year earlier.
During the spring and summer the prices of
butter have maintained a considerable margin
over corresponding prices a year agp, and as the
autumn advanced the margin widened until
it reached 13 cents a pound during the middle
of October, when 92-score butter was quoted
at 53 cents a pound on the New York market.
During the following month prices declined to
51 cents a pound and the margin over prices a
856
EEDEEAL RESERVE BULLETIN
year earlier narrowed to 8 cents a pound,
feutter prices on the Pacific coast have been
ranging several cents higher than in New York,
and during the first week in November a considerable quantity of New Zealand and Canadian butter was imported.
Receipts of cheese at principal markets
showed the usual small increase in October
over September, and receipts were the largest
for any October on record with the exception
of October, 1923. Though cold-storage holdings of cheese declined seasonally, they were
on November 1 6 per cent larger than a year
earlier. Prices of cheese showed little fluctuation during the month. Production of canned
milk by condenseries has been falling off,
though stocks were not particularly large.
Coal and coke.
MINING
Stimulated by industrial demand and the
continued suspension of anthracite production,
the market for bituminous coal was strong
during the last part of October and the first
half of November, the Coal Age index of spot
prices for bituminous coal reaching $2.30 on
November 16, the highest since October, 1923.
During October the total production of bituminous coalreached53,203,000net tons, thehighest
monthly figure since December, 1920, and 14
per cent above September, 1925. During the
first part of November output continued at a
high rate, average production per working day
during the week ending November 14 being
2,135,000 net tons, as compared with 1,947,000
net tons for the week ending October 10. Total
1925 production of bituminous coal up to November 14 was 443,716,000 net tons, 7.6 per
cent over the corresponding output for 1924,
but 10.8 per cent under that for 1923.
Production of anthracite remained negligible
during October, and during November wholesale stocks were reported practically exhausted.
By November 14 the continuance of the strike
had reduced 1925 production to that date to
22 per cent under output during the corresponding period of 1924.
Accompanying the continued expansion in
iron and steel and the demand for anthracite
substitutes, production of coke during October
increased 12 per cent over September to
4,392,000 short tons, the largest since March
of this year and 24 per cent above October,
1924. The increase over September amounted
to 461,000 short tons, of which 260,000 was
contributed by increased output of beehive.
Production of beehive continued to expand
DECEMBER, 1925
during November, output for the week ending
November 14 being 295,000 net tons, as compared with 203,000 net tons for the second week
in October. Coke prices, which rose steadily
to the first week of November, thereafter
receded, Connellsville coke being quoted at
$5.50 a ton on November 20, as compared
with $8 on November 6, 1925.
Petroleum.
Production of crude petroleum continued to
decline during the last weeks of October and
the early weeks of November. For the week
ending November 14 the daily average output
was 2,039,000 barrels, the smallest daily
volume since the week ending April 11, when
the daily average output was 1,993,600 barrels.
Total production in October was approximately 64,300,000 barrels, as compared with
64,700,000 barrels in September. Continuation of large buying of crude oil, together with
the decline in production, resulted in a further
reduction in stocks. At the end of October
stocks of crude oil east of California were
298,110,000 barrels, as compared with 300,981,000 barrels a month earlier and 321,333,000
barrels at the end of October last year.
Notwithstanding the falling off in production
and the reduction of stocks, weakness continued in the crude-oil market, and prices
declined, according to the Oil, Paint, and Drug
Reporter's average price at three fields, from
$2.07 a barrel in September to $1.97 a barrel in
October.
In the refined products' industry the output
of gasoline, gas, and fuel oils, ana lubricating
oils declined in September, but the production
of kerosene was larger than in the preceding
month. Compared with last year, the output
of all these products except kerosene continued
larger. Consumption of gasoline continued in
large volume in September, and at the end of
the month stocks showed a further seasonal
decline, though the decrease was not as large as
that which has occurred in previous years between August and September. Prices of gasoline declined again in October, and quotations
at refineries averaged lower than for any previous month this year since January and were
about 5 cents below the highest quotation of
the year in June. Tank-wagon prices, as
measured by quotations from 30 cities, also
declined in recent months and at the beginning
of November averaged 14.97 cents a gallon,
which was 3.91 cents below the high point of
the vear.
DECEMBER, 1925
MANUFACTURING
Nonferrous metals.
Markets for nonferrous metals remained
strong during the last half of October and the
first half of November, and prices for lead, tin,
and zinc reached new highs during the period.
With continued domestic demand, but smaller
foreign buying, the price for refined electrolytic copper delivered at New York fluctuated
between 14 J^ and 14% cents, beginning and
ending the period at the lower figure. Production of copper in the United States during
October increased to 141,248,000 pounds, 4 per
cent above September and the highest since
April of this year, and stocks on hand at the end
of October were slightly above the figures for
September 30, the increase being entirely in
refined metal, which made a new postwar low
the previous month. Production of lead in the
United States during October was the highest
in recent years, 18 per cent above September
and 10 per cent above October of last year,
while quotations for lead in New York, which
had held at 9% cents during September and
October, rose to 9% cents during the first half
of November, the highest since January of this
year. Quotations for zinc continued to rise
into new high ground for the year, reaching
8 % cents in St. Louis during the first week of
November as compared with 834 cents on
October 14, but by November 18 had receded
to 8% cents. Output of zinc during October
was the largest since last March, but was.
exceeded by record-breaking shipments, with
the result that stocks of slab zinc in refineries
at the end of the month were further reduced
to 7,475 tons, a new low, 1,501 tons under the
low point at the end of April, 1923.
The market for silver was steady during the
last half of October, with quotations for bar
silver in New York fluctuating above 71 cents.
Thereafter, China turned seller and quotations
fell to a low of 6 8 ^ cents on November 16, the
lowest since June 9, and 4J4 cents under the
recent high on September 5. October deliveries
of tin to the United States were the lowest of
the year with the exception of May, while
stocks in New York at the end of the month
were somewhat higher than on September 30.
Quotations for tin continued the advance that
characterized October, straits tin reaching a
high of 64 3 2 cents on November 12, 4 cents
^
above the high on January 3 and 14% cents
above the low of the year on April 14. During
the third week of November prices weakened
somewhat, straits tin being available at 63
cents on November 18.
857
FEDERAL RESERVE BULLETIN
Food products.
In October production of sugar decreased,
while flour production was larger, and meat
products, as measured by slaughterings under
Federal inspection, showed the normal seasonal
increase over the previous month. Cattle and
calves slaughtered in October were 4 per cent
larger in numbers than in October, 1924, while
slaughterings of hogs and sheep were, respectively, 5 and 6 per cent less than in the corresponding month last year. Cold-storage holdings of beef and mutton increased slightly during the month, but pork products were smaller,
and all holdings except lard were below those of
November 1, 1924. Sales of meat products,
as reported to the reserve bank in Chicago,
aggregated, in dollar amounts, 3 per cent more
than in September and were 10 per cent
greater than in October a year ago. Foreign
demand, however, was only fair in October.
Sugar meltings in* October declined by 16
per cent from the September total, but were 19
per cent larger than in the preceding October.
Stocks, principally at refineries, were the
smallest since January. Owing; to the unsettled condition of the sugar market, the output
of refiners has been limited to amounts necessary to meet immediate requirements. Estimates for the 1925-26 production of sugar
indicate larger yields than in 1924-25. Prices
of raw sugar advanced from the low levels that
obtained in the latter part of October, and on
November 20 were quoted at slightly more than
4 cents a pound, as compared with 6 cents a
year ago. Kefined sugar was selling at 5 cents
a pound throughout most of the month, a decline of 2 cents from the price of a year ago.
The production of flour increased seasonally
in October, but was 2 per cent less than in
October, 1924. Prices of flour advanced early
in October and reached a peak about the middle
of the month, standard patents at Minneapolis being quoted at that time at $8.60 per
barrel. After a decline in the second half of
the month, flour prices rose again and in the
third week of November were only 5 cents a
barrel under the October peak and 35 cents a
barrel above prices a year earlier. Flour
exports increased in October and were the largest for any month this year except March, but
were only 54 per cent as large as in October a
year ago.
Textiles.
Active buying and increasing production
were noted in the important textile industries
858
FEDERAL. RESERVE BULLETIN
during October and November. Prices of
raw wool and worsted goods increased, while
those of cotton and products fell to lower
levels. Some new lines of woolen hosiery and
underwear have been opened at slightly lower
quotations. Silk prices have remained practically unchanged.
Weakness in raw-cotton prices has continued
to be the dominating force in the cotton yarn
and cloth markets. Buying, however, has been
fairly steady, largely for current needs, and
mills have increased, manufacturing activity.
Earlier in the season production of yarns was
reported to be curtailed in the Southern States,
owing to power scarcity caused by drought,
and the shortage in the yarn supply reputed to
have developed as a consequence nas since been
a strengthening factor in the market. As a
matter of fact, the Fairchild index of cottonyarn prices reached a low point for the year
in the week of November 7 and has since advanced somewhat, while the goods index continued a slow decline through the week of November 21. Mill consumption of cotton and
active spindle hours increased in all States
during October and was greater than for any
month since last spring. Consumption and
active spindle hours for the country as a whole
were greater than in October, 1924, but decreases were noted in some of the Southern
States. Seasonal increases in orders, shipments, and billings during October were reported by cotton finishers; all items were larger
than for any month since last spring and corresponded closely to those of October, 1924.
Domestic raw wool markets have continued
fairly strong, and prices have advanced to the
highest levels since the latter part of April.
Foreign markets have also been active with
rising prices. Bureau of Census statistics of
wool stocks on September 30 indicated a decline in dealers' supplies since June 30, while
manufacturers7 stocks had increased slightly.
Supplies of domestic wool decreased, but those
of foreign wool increased. Imports during the
summer were somewhat larger than in corresponding months of 1923 and 1924, and through
October they continued fairly large for this
season. Prices of worsted piece goods were
advanced early in November by important producers, reflecting the active aemand for
worsteds noted throughout this season. The
number of worsted-spindle hours active increased from 70 per cent of maximum singleshift capacity in September to 80 per cent in
October; the largest percentage recorded for
DECEMBER, 1925
worsted spindles in nearly two years. Activity
of looms and of woolen spindles showed small
increases, but in neither case was as great as in
the earlier months of this year. Mill consumption of raw wool increased appreciably in
October as compared with September, and was
greater than in any month since January, but
did not equal figures for October of the years
from 1921 to 1924. The number of men's
suits cut during most of this year has exceeded
the number reported by identical establishments for corresponding months of last year.
This year's production of men's overcoats, on
the other hand, has been in somewhat smaller
volume. The following table shows changes
as compared with the corresponding month of
1924 in sales of clothing during recent months
by wholesalers in the New York Federal reserve district:
Percentage of change in sales over
corresponding month of 1924
October
Men's clothing
Women's dresses
Women's coats and suits
+0.9
-11.5
-2.1
September
-0.6
-20.9
-34.4
August
+13.0
+2.3
+1.5
Production and sales of silk products has
continued very active for several months.
Mills producing both thrown silk and silk
goods are operating at close to capacity, and
mill takings of raw silk from warehouses
during October were the largest on record.
Imports were large but did not equal the
record volume of September; nor were they
as large as deliveries to mills, and in consequence warehouse stocks were somewhat
reduced. Raw-silk prices showed minor fluctuations during October and November, but
in general they have been firm, with Kansai
Best No. 1 at about $6.85 a pound. For about
a year now this price has ranged between $5.90
and $6.90 a pound, the longest period of such
stability noted for several years. The Fairchild index of silk goods prices has advanced
steadily since May and was 131.07 for November, as compared with 122.97 for November,
1924. Sales of silk goods at wholesale in the
New York Federal reserve district in October
were seasonally smaller than in September, but
were 20 per cent larger than in October, 1924.
The hosiery industry reports a continuation
of good demand, and operations have been
maintained at a high rate. The advance in
silk hosiery prices announced last month has
DECEMBER, 1925
been made general. On the other hand,
reports indicate that wool hosiery lines have
been opened for 1926 at slightly lower prices.
Production, shipments, and orders of hosiery
were larger in September than in August, and
indicate a
}>reliminary figures for October Orders for
urther increase in production.
women's full-fashioned hosiery during October
were particularly large. Wool underwear lines
for 1926 have been opened by some producers,
and one mill announced reductions in prices,
while most of the others reported their quotations as unchanged.
Iron and steel
859
FEDERAL RESERVE BULLETIN
pecially large, exceeding those of all other
months in the past two years. Independent
sheet manufacturers reported substantial increases during October as compared with September in production, sales, and shipments.
October sales exceeded production by 16 per
cent. Most of the items were close to previous maximum figures.
Automobiles and tires.
Production of automobiles by American producers in October exceeded all previous monthly records. The output of passenger cars
in the United States totaled nearly 393,000 cars,
as compared with 262,000 in September and
376,000 last April, the previous maximum.
The unusually large production in October was
chiefly caused by an increase in the output of
the Ford plants, in which production had been
considerably curtailed during August and September because of model changes. Output for
the first 10 months of this year totaled 3,073,000
passenger cars, as compared with an aggregate
for the entire 12 months of 1924 of 3,145,000
cars. The number of trucks produced in October, although large, was substantially smaller
than the unusually high total for September.
The 10 months' total for trucks far exceeds the
1924 yearly total. The accompanying ratio
chart shows the monthly production of passenger cars and trucks by manufacturers in the
United States and Canada from 1922 to date.
Buying of iron and steel for the first quarter
of next year, as well as for current requirements,
has been active recently, and unfilled orders
and production are reported to be increasing.
Prices, likewise, have risen appreciably above
the low levels of last summer. Pig-iron production in October was at a daily rate of
97,528 tons, an increase of 7 per cent over the
September average and the largest for any
month since April. Steel ingot output also
showed a substantial increase in its daily average from 134,342 tons in September to 144,183
tons in October, the largest since March.
During November estimates of activity at steel
works increased from 80 per cent to 85 per
cent of capacity. Despite larger output, the
unfilled orders of the United States Steel Corporation increased from 3,717,297 tons on
September 30 to 4,109,183 tons on October 31. THOUSANDS OF CARS
THOUSANDS OF CARS
500
Pig-iron prices, which had had a number of 500
^assen^erCars/^ /
scattered increases since early in August, were 300
300
rather generally advanced in the period be200
tween the middle of October and the middle 200
of November. The Iron Age composite pigiron price on November 10, and likewise on
1OO
/
the 17th, was $21.29, as compared with $19.71 100 /
on October 13 and $18.96 on August 4, the
A 50
^y^
/
low point of the past three years. Advances 50
/ vV
in steel prices have been limited to a few com- 30
30
modities, principally sheets, and the averages
J
20
20
have risen but slightly.
Railroad buying has been more active re/
10
AUTOMOBILE PRODUCTION
cently than early in the year, and inquiries 10
from this source continue numerous. Orders
for freight cars were larger in October than in
1925
1922
1923
1924any previous month of the year, and rail tonnage has been large. Output of locomotives
Shipments from factories continued large
in October was small, but unfilled orders inwere also fairly
creased to 497, the largest reported since June, during October, and retail sales 7
1924.
Structural steel bookings increased great, but not equal to dealers receipts from
somewiiat in October, and shipments were es- Factories. The General Motors Corporation,
/ v
860
FEDERAL. RESERVE BULLETIN
DECEMBER, 1925
for example, reported deliveries to dealers of shipments somewhat above last year's October
95,703 cars, the largest on record, while deal- totals. Editorially it is noted in the Lumber
ers' sales to users equaled 86,339 cars, giving a Manufacturer and Dealer that demand for
ratio of sales to receipts of about 90 per cent. lumber originating in urban building programs
The Federal Reserve feank of Chicago reports a has been in varying measures offset by "less
corresponding ratio of about 80 per cent from than normal lumber consumption outside of
certain reporting firms. Dealers reporting to the cities."
the Chicago bank showed decreases m sales of
cars at wholesale and increases in retail sales as Hides, leather, and shoes.
Hide markets were active during November,
compared with September, and increases in
both as compared with October, 1924. At the with large sales at somewhat lower prices
same time, stocks on hand of both new and than a month earlier. Raw stocks of cattle
used cars were enlarged. A few more price re- and calf hides and of goat and kid skins deductions were reported during October and creased in September, but those of sheep
skins increased. The leather industry has
November.
Production of rubber tires and tubes was been seasonally quiet in recent weeks, as the
further curtailed in October, and the output of active producing period for the shoe industry
casings was the smallest for any month since was passed in October. September figures
November, 1924. Shipments, on the other showed reductions in the output and the
hand, increased and were fairly large, although stocks in process of tanning of sole leather and
below the large shipments recorded during of cattle, calf, and kip upper leather. For
the late spring and the summer months. upper leather from sheep and goat skins these
Shipments exceeded production, and stocks items increased. Finished stocks, in all cases,
were considerably reduced. The crude-rubber except for calf and kip hides, were reduced.
market has continued strong and prices have In October sole-leather production increased
risen further. Spot quotations in New York considerably above the small figures recorded
reached $1.15 a pound in the latter part of in September, but was not as great as in that
November. Imports of crude rubber were month of the preceding five years. Tanners'
considerably larger in October than in Sep- finished stocks and stocks in process were retember, but were somewhat smaller than m duced, the latter to the smallest figure since
October, 1924, when they were at the highest the records began in 1920.
on record.
Lumber.
MILLIONS OF PAJRS
45
MILLI0N5 O PAIRS
F
45
SHOE
PRi DDUi :TIOIM
40
In October, as in each preceding month of 40
this year since February, aggregate producA,
35
tion of lumber reported to the National 35
/ S
Lumber Manufacturers Association exceeded
23
19:
shipments. In the first half of November, 30
30
also, production for all reporting associations
1
ran above shipments. Both production and 25
V^
25
•
shipments in October exceeded corresponding
<//
aggregates for the month preceding and for 20
20
192AOctober of 1924. I t may be noted that the
excess of production over shipments in recent
15
months has been generally confined to the 15
softwoods, shipments of hardwoods having
10
exceeded production for several months past. 10
Production and shipments of southern pine,
5
as reported to the Southern Pine Association, 5
continued in nearly the same volume in October as in September, but were in smaller volume
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC.
this year than in October of 1924. Reports
to the West Coast Lumbermen's Association
Production of shoes reached a seasonal
show a substantial increase over the month peak in October, and, as is shown by the
in both production and shipments of Douglas accompanying chart, approximated output
fir, production being somewhat below and for that month of every year since 1922.
*s
DECEMBER,
Figures for August, September, and October
indicated that production for this season has
been a little greater than for the corresponding
period of any of the three preceding years.
The Federal Reserve Board's index of wholesale shoe sales for October was the largest
for any month since 1923. Retail sales of
shoes at chain stores in October were considerably larger than in October, 1924.
BUILDING
Some evidence of recession in the volume of
building and engineering construction is found
in reports of contracts awarded during October,
particularly in the fact that the dollar value of
construction contracted for, moving contrary
to the usual seasonal September-October trend,
declined in this month. Nevertheless, the
reaction, which according to the statistician of
the F. W. Dodge Co. " has already taken place/'
leaves the volume of "contemplated building"
on a very high level, computed to be 27 per
cent over September of this year and 52 per
cent over October of 1924. Accordingfcotnis
authority, writing under date of November 20,
" the demand for new construction is apparently
stronger to-day than it was a year 7
ago, possibly stronger than it ever was before. '
Compilations of the F. W. Dodge Co., covering bunding contracts in 11 Federal reserve
districts, show for October in comparison with
September a 6.3 per cent decrease in the values
covered by awards of contracts. Computed
for this area and adjusted for seasonal variation,
the Federal Reserve Board's index representing
the value of building and engineering contracts
declined from 234.8 in September to 209.6 in
October. It is significant of the dimensions of
building and engineering construction activities in recent months that this decline over
the month leaves the volume of construction
initiated in October well above that of the corresponding month in any earlier year and 25.7
per cent above October of 1924. It is noted by
the American Contractor that "the entire
construction volume of last year, which was
the record year to date, has already been exceeded in the first 10 months of this year,"
the excess over the 12 months of 1924 amounting to 8 per cent and over the first 10 months
of 1924 to 28 per cent. Percentage changes
in the value of awards are given in the table
following:
861
FEDERAL RESERVE BULLETIN
1925
Percentage change
Region
New England
New York State and northern New
Jersey.
__
Middle Atlantic States
Southeastern StatesPittsburgh district
Central West
Northwest__.
Texas
October, 1925,
compared with—
Year to
November 1,
1925,
Septem- October, compared
1924 with 1924
ber, 1925
-20
+24
+36
+8
+31
-13
+18
+83
+35
-18
-9
+10
+15
+25
+60
+43
+6
-10
+18
—21
—27
-41
0)
+8
*Data not available.
For each of these areas the volume of " contemplated new work" reported in October
exceeded that reported in September, as well
as that reported in October of 1924, the September-October excess for New York State and
northern New Jersey amounting to 59 per cent
and the excess over October of 1924 in this
area to 135 per cent.
Compilations, by Federal reserve districts,
show declines from the month preceding for
value of contracts awarded in the Boston,
Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, and Dallas districts, and increases in the New York, Philadelphia, Cleveland, and Richmond districts. Only two districts—Philadelphia and Dallas—report a
smaller value of contracts this year than for
last October.
Contracts calling for residential construction represented one-half of the value of October awards for all classes of engineering and
building construction, the proportion having
increased from 45 per cent in September to
50 per cent in October. In dollar values October contracts for residential construction ran
above September awards in eight of the eleven
Federal reserve districts, and above October,
1924, awards in nine districts.
The physical volume of building in 27
northeastern States, as measured in square
feet contracted for declined over the month by
4 per cent but exceeded the October, 1924,
aggregate by 46 per cent, each class of construction showing an excess this year over last.
Building permits issued in 168 selected cities
represented estimated costs of construction
aggregating $347,035,968, the increase of $40,454,190 over the month preceding amounting
862
FEDERAL KESERVE BULLETIN
to 13.2 per cent and the increase of $97,495,661 over October of last year to 28.8 per cent.
Of 25 cities reporting the largest value of permits in October, according to compilations
prepared by S. W. Straus, 17 reported a
larger aggregate for October than for September, the total for the group being 43 per cent
in excess of last year's figure. Building plans
filed in New York City in October represented
cost values totaling $110,575,094, the increase
over September amounting to 30 per cent and
over October of 1924 to 84 per cent.
During the recent period of exceptional
activity material and labor costs of building
on the whole have shown only inconsiderable
changes. The Bureau of Labor Statistics index
of wholesale prices for building materials even
declined slightly in October—from 174.1 in
September to 173.9. Material and labor costs
for different types of construction, also, as
computed by the American Appraisal Co.,
shifted only slightly over the month.
TRANSPORTATION
Freight continued throughout October and
the opening weeks of November, as in earlier
months, to move in larger volume this year
than last. October was, in fact, a record high
month for loadings over the entire six-year
period for which monthly totals have been
compiled. It may be noted, however, that the
excess over 1924 was less considerable for
October than for any earlier month since
March, and that the increase over September
did not materially exceed the computed usual
seasonal variation. It follows that the Federal
Keserve Board index for car loadings, adjusted
for seasonal variations, remained practically
unchanged.
Geographically, the seasonal increase over
September was fairly evenly distributed, more
cars being reported loaded in October than in
the month preceding for each of the seven
transportation" districts. In five districts October loadings this year ran above 1924, and
in two below, but the differences were on
the whole not very considerable. Loadings of
grain and grain products and of ore fell off in
October, and for each other class of freight
increased. In comparison with October of
1924 loadings of grain and grain products, of
coal, and of forest products were in smaller
volume, the decrease being substantial in the
case of grain and grain products.
In the 47 weeks ended November 21, the
roads loaded 46,556,087 cars, the corresponding total for 1924 being 44,180,415 cars.
DECEMBER, 1925
Cumulated loadings for this period for each
class of freight excepting grain and grain
products and livestock ran above 1924. Compilations by the Bureau of Railway Economics
show for the year to November 21 total loadings for all classes of freight combined running
14.4 per cent above the six-year average for
this period, the corresponding percentages for
forest products and manufactured products
being 19 and 20 per cent, for coal and coke
3.2, and for grain and grain products 0.6 per
cent.
Average freight-car surplus, which declined
from 203,000 cars in August to 125,000 cars in
September, increased to 136,000 cars in the
first quarter of October, and in successive
quarters of October and the first quarter of
November fell off to 104,000 cars, continuing
the decrease which has been in evidence each
month since April, when the roads reported a
surplus of 342,000 cars. No shortages have
been reported in recent months.
In the first two weeks of November, according to compilations by the Railway Age, the
roads placed orders for 11,848 freight cars,
orders in these two weeks being in excess of
orders in any earlier month of this year and
slightly in excess of combined orders during
September and October. The Railway Age
compilation shows that in June the roads
ordered 777 cars, in July 843, in August 2,816,
in September 6,113, and October 5,556 cars.
Operating revenues of Class I railways increased in comparison with the preceding
month (from $553,366,575 to $565,451,807),
and operating expenses decreased slightly (from
$388,869,558 to $388,096,129), with the result
that the operating ratio (i. e., percentage of expenses to revenue) decreased from 70.02 per
cent in August to 68.63 per cent in September.
In the nine months ended September 30 the
rate of return earned on investment of carriers
as shown by their books was equivalent to an
annual rate of 4.77 per cent, the rate for the
corresponding period of 1924 being 4.20 per
cent. In this period of 1925 carriers in the
eastern district earned 5.22 per cent, in the
southern district 6.04 per cent, and in the
western district 3.88 per cent.
TRADE
Wholesale trade.
Wholesale trade, as measured by the Federal
Reserve Board's combined index of sales in six
leading lines, reached a seasonal peak in October and was in the largest volume in the past
five years, as shown in the accompanying
DECEMBER, 1925
FEDERAL RESERVE BULLETIN
863
chart. Sales in all leading lines were larger Retail trade.
than in September, though increases in the sales
Trade at retail stores showed considerably
of hardware were the largest and were noted more than the usual seasonal increase in Octoin all Federal reserve districts except Min- ber. Sales at department stores and mailneapolis.
order houses were the largest on record for
that month. Sales of all reporting chain stores
were larger than in September and exceeded
those of October of last year.
Department-store sales were about 17 per
cent larger than in October of last year, the
increases varying from 7 per cent in the San
Francisco Federal reserve district to 28 per
cent in the Chicago district. For the 10
months ending with October sales were greater
in all districts than during the corresponding
period in 1924, and for the country as a whole
they averaged 4 per cent larger. Increases
over October a year ago were shown for all
departments in the stores, except those carrying woolen dress goods, cotton dress goods,
laces, trimmings and embroideries, women's
suits and skirts, waists and blouses, corsets,
and brassieres. The largest increases, ^mounting to more than 20 per cent, were shown for
19221923
19241925
the departments selling men's clothing, men's
furnishings, boys' wear, women's coats, misses'
When compared with October of last year,
sales in all lines except groceries were larger and ready-to-wear, furs, juniors' and girls' readysales of meats, dry goods, and hardware ex- to-wear, sweaters, gloves, knit underwear, inceeded those of any other month in the past fants' wear, luggage, and musical instruments
five years. Substantial increases over last and radios.
year in sales of all lines were reported from
firms in the Atlanta Federal reserve district,
and for groceries, shoes, and drugs increases in
sales were larger than for any of the other districts from which reports were received.
Hardware sales were larger than a year ago in
all districts, while sales of shoes were larger
in all districts except Philadelphia and St.
Louis.
Increased sales in October resulted in a
further reduction of stocks at wholesale firms,
as measured in dollar values, and at the end
of the month they were the smallest since
50
October, 1924. Inventories of dry goods,
shoes, and hardware were smaller than at the
end of September in most districts from which
reports were received, but stocks of groceries
1922
1923
1925
were larger. As compared with a year ago,
stocks of dry goods, shoes, and hardware were
Value of stocks at department stores was 5
smaller in value, while those of groceries and
drugs were larger. Accounts receivable at per cent larger than a month earlier and was
wholesale firms, as indicated by all districts slightly larger than a year ago. Analysis of
reporting, were larger at the end of October stocks, by departments of stores, in seven Fedthan at the end of September, and were larger eral reserve districts indicates that stocks of
than a year ago in all reporting lines except domestics, toilet articles and drugs, handkergroceries.
chiefs, women's and children's hose, floor cov-
864
FEDEBAL. RESERVE BULLETIN
erings, and luggage were more than 5 per cent
larger than a year ago. Stocks were more
than 10 per cent smaller in the departments
selling neckwear and veilings, ribbons, women's
suits, women's skirts, waists and blouses, and
musical instruments and radios.
The turnover of stocks at department stores
was at a considerably faster rate in October
than a year ago, and for the 10 months ending
with October the rate of stock turnover was
4 per cent larger than during the corresponding
period last year. Goods were sold faster in
all Federal reserve districts, and the largest
increases were in the Chicago and Dallas districts.
EMPLOYMENT
DECEMBER, 1925
reductions during October,- affecting several
thousand employees, were reported by establishments in the woolen and worsted and iron
and steel industries. The percentage of employees affected by wage changes in October,
however, was rather small.
SAVINGS DEPOSITS
Savings deposits reported to the Federal
Reserve Board by 893 banks in selected centers
throughout the country showed an increase of
$9,000,000 for the month of October, and
amounted on November 1 to $7,979,152,000,
about $475,000,000 more than on November 1,
1924. Statements of reporting banks showed
increases during October in about half of the
Federal reserve districts, and slight decreases
in the other districts, but increases in all districts were reported for the year ending November 1, 1925, varying from 0.5 per cent in the
St. Louis district to 13 per cent in the Atlanta
district.
Comparative figures for savings
deposits of the reporting banks are given, by
Federal reserve districts, in the following table
for November 1, 1925, October 1, 1925, and
November 1, 1924:
Factory employment and pay rolls increased
substantially m October, and the Federal Reserve Board's indexes rose to the highest levels
since the spring of 1924. Employment increased 2 per cent and pay rolls were over 7 per
cent larger in October than in September.
The extent of this latter increase, the largest
noted in a single month for several years, was
partially due to the fact that comparison was
made with a period in September which included a holiday and in which, therefore, total SAVINGS D E P O S I T S , BY F E D E R A L R E S E R V E D I S T R I C T S
wage payments were somewhat reduced.
[In thousands of dollars]
According to figures of the Bureau of Labor
Statistics, employment increased in all but the
Nov. 1,
Oct. 1,
Number N o v . l ,
Federal reserve
two most western of the nine principal geo1924
1925
]925
of banks
district
graphic divisions and pay rolls were larger in
all sections. The greatest increases occurred Boston
64
1,332,605
1,268,465
1,329,853
30
2,108,618
2,001,536
2,114,729
in the New England and east north central New York
78
523,094
492,285
522,453
Philadelphia
divisions.
68
850,863
803,425
850,631
Cleveland
_
86
352,866
325,780
348,551
Richmond
_._
Nearly every industry reported greater em- Atlanta
93
260,868
230,892
255,457
194
953,026
914,223
945, 990
Chicago
ployment in October than a month earlier, St. Louis
31
141,904
141,026
142,582
26
108, 783
100,894
308,809
Minneapolis
and increases were particularly large in the Kansas Citv
54
107,896
101,516
108,665
99
108,022
cotton goods, automobile, glass, and machinery Dallas
97,588
107,374
70
1,130,607
1,026,139
1,135,027
San Francisco
industries. Decreases were few and largely
893
7,503,749
7,970,121
7,979,152
Total.
_
_
seasonal in nature—in ice cream, sugar refining, men's clothing, and cement. In the automobile and furniture industries the indexes
WHOLESALE PRICES
for both employment and pay rolls were the
The wholesale price index of the Bureau of
largest on record, and in silk, knit goods, and
paper boxes they were higher than at any Labor Statistics declined from 159.7 for Septime in the past two years or more. The tember to 157.6 for October, compared with
indexes for the woolen and worsted, railroad 151.9 for October, 1924. The decline of 1.3
car building and repairing, slaughtering and per cent reflected primarily a reduction in the
meat packing, and flour industries, on the prices of agricultural products, including grain,
other hand, were lower in October than they cattle, hogs, lambs, poultry, cotton, cottonwere in the corresponding month of last year. seed, peanuts, and tobacco. This decline in
According to reports to the Bureau of Labor prices of farm products was accompanied by
Statistics, the number of establishments oper- lower prices in the foods group, particularly
ating at full time amd at full capacity increased in meats, while prices of butter, eggs, and
during October in most industries. Wage sugar advanced. Changes in the other groups
were small, the fuel and lighting and metals
and metal products groups being slightly
higher. Tables showing the index numbers
over a period of months will be found on
page 899 and following.
In general prices were higher in November
than in October. In the food group wheat,
potatoes, and sugar advanced, but beef cattle
declined. Among industrial commodities wool
advanced, but there was little change in cotton
and silk. Bituminous coal was slightly higher,
but petroleum and coke were lower. Metals
were mostly firm, with high quotations for iron
and steel products; copper was somewhat
lower. Building materials showed little
change, except for the advance in hardwood
lumber. Crude rubber was considerably
higher.
The number of failures was larger for
October than for the month before in all
except the Kansas City and San Francisccrdistricts, and aggregate indebtedness was higher
in all except the Boston, New York, Atlanta,
Chicago, and San Francisco districts. Total
indebtedness in default in the Atlanta and
Chicago districts was the lowest since October
and July of 1920. Comparative data, by districts, for the month of October are presented
in the following table:
COMMERCIAL FAILURES DURING
DISTRICTS
Number
Commercial failures, although somewhat
more frequent in October than m September,
were fewer in number than in the month of
October in any year since 1920, and involved
liabilities which in the aggregate were lower
than for the same month of any year since
1919. The number of failures for the month,
as reported bj R. G. Dun & Co., was 1,581,
and the liabilities totaled $29,543,870. The
figure for liabilities was lower than for any
month in more than two years. Among both
the manufacturing and trading classes of
enterprise the number of insolvencies and the
total liabilities in default were lower than in
October last year. Failures among agents,
brokers, etc., although fewer this year than
last, involved liabilities about 10 per cent
higher for October of this year. In the following table commercial failures are shown, by
class of enterprise, for the month of October:
COMMERCIAL FAILURES DURING OCTOBER
Number
Liabilities
Class of enterprise
1925
1,581
All classes
__
-
1924
1,696 $29, 543,870
408
1,111
62
411
1,186
99
1925
11,264,337
13,529,784
4,749, 749
1924
$36,098,804
15,610,253
16,121,861
4,357,690
OCTOBER,
BY
Liabilities
Federal reserve district
1925
COMMERCIAL FAILURES AND BANK SUSPENSIONS
Manufacturing
Trading
Agents, brokers, etc
865
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
Total...
1,581
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
155
266
73
167
149
67
211
80
87
85
55
186
1924
1925
1924
$29,543,870 $36,098,804
143
356
59
176
111
90
268
79
65
130
46
173
5,061,076
5,549,095
1,784,719
3,176, 711
2, 524,656
888,137
2,675,923
1,756,347
1,267,785
1,476,916
590,436
2,792,069
2,728,188
11,206,118
1,388,662
4,737,431
1,765,371
1,767,982
4,337,448
1,945,106
1,160,571
1,277,290
543,300
3,241,337
During October, 52 banks, with capital and
surplus of $2,723,830, were reported to the
Federal reserve banks as having been closed
or declared insolvent. Both these totals show
a considerable increase over the month before,
when 29 such banks, with capital and surplus
of $1,677,335, were reported to the reserve
banks. Of the suspensions in October, 10,
with capital and surplus of $838,360, were
national banks, and 3, with capital and surplus
of $135,970, were State member banks. The
remaining 39 banks, having a capital and sur1us of $1,749,500, were nonmember banks,
•ne bank in the Atlanta district and 2 in the
Minneapolis district, which had previously
been closed, were reported to have resumed
operations during the month. The figures for
closed banks represent, as far as could be
determined, banks which have been declared
insolvent or have been closed by order of
supervisory authorities, and it is not known
how many of the latter institutions may ultimately prove to be solvent.
8
866
FEDERAL RESERVE BULLETIN"
BANKS CLOSED DUKING OCTOBER,
Member
(national)
All banks
Federal reserve
district
Number
Number
1925
TRADE BALANCE OF THE UNITED STATES FOR
MONTHS ENDED OCTOBER, 1924 AND 1925
10
[In thousands of dollars]
Nonmember
Num- Capital
and
ber surplus
Capital
and
surplus
1925
DECEMBER,
Merchan-
Capital
dise
and
Gold
Silver
Total
surplus
1924
All districts....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
52 $2,723,830
8
3
6
6
20
5
1
3
642,230
182,650
207, 590
216,630
861, 67a
443,060
(2)
170, 000
U3
\
39 $1,749,500
$974,330
33,250
35,500
I
402,560
343,020
2
8
2
5
6
13
3
1
1
160, 000
642,230
149,400
172,090
216,630
459,110
100,040
10,000
1
Includes 2 State member banks, with capital and surplus of $102,720,
in the Minneapolis district and 1, with capital and surplus of $33,250
in 2the Atlanta district.
Private bank without capital stock.
BALANCE
STATES
OF
THE
UNITED
[In thousands of dollars]
Month
1924
January
February
March
April
May
June
July
August
September...
October
November...
December....
Year...
1925
January
February.. .
March
April
May.
June
July..
August
September...
October
Imports
295,506
332, 323
320,482
324,291
Exports
289, 584
15, 284
61,600
89,210
3,331,807
3,756,157
+671,040
-274,300
+27,610
+424,350
3,453, 760
3,993,778
110,601
232, 312.
54,799
83,420
3,619,160
4,309,510
+540,018
+121,711
+28,621
+690,350
Net imports
(—) or exports (+)—._
1925
Imports
Exports.
Net imports
(-) or exports (+)
UNITED STATES
Total imports and exports of merchandise
during October, the merchandise trade balance
of the United States by months in 1924 and
1925, and the trade balance including imports
and exports of gold and silver in the 10 months
ended with October, 1924 and 1925, are shown
in the tables following.
TRADE
2,980,623
3,651,663
GOLD MOVEMENTS
FOREIGN TRADE
MERCHANDISE
Imports
Exports
Excess of
imports
Excess of
exports
274,001
278,594
254, 542
287,144
310,752
296,148
333,192
395,172
365,782
339,755
346,936
335,089
306,989
276,649
330,659
427,460
527,172
493,573
445,748
3,609,963
4,590,984
981,021
346,165
333,457
385,379
346,091
327,519
325,216
325,648
340,086
350,095
374,104
446,443
370,676
453,653
398,255
370,945
323,348
339,652
379,877
420,319
490,610
100,278
37,219
68, 274
52,164
43,426
99,666
33, 459
19,273
22,645
32,101
32,988
1,945
76,117
140,316
216,420
197.425
112,556
14,004
39,791
70,224
116, 506
Net imports of gold during October were
$22,702,000, the largest for any month since
June, 1924. Total imports for the month
amounted to $50,741,000 and total exports
to $28,039,000. Of the imports, $41,891,000
came from England and were the largest
imports to this country from England since
November, 1920, and, except for the shipments
of April, October, and November, 1920, were
the largest for any month since the armistice;
$4,000,000 was received from Japan, the largest
import of gold from that country since the
armistice and the first considerable amount
received since January, 1921. The total imports
during the month were the largest for any
month since November, 1921.
Of the gross exports of $28,039,000, Canada
took $22,475,000 and the Far East practically
all of the remainder. October exports to
Canada were slightly more than one-half the
total of all the preceding gold exports to Canada '
from the United States since the end of the
war, and, with the exception of $16,763,000 in
October, 1922, it is the only monthly consignment of more than $2,700,000 since November,
1918.
For the 10 months ended October, 1925, total
imports of gold were $110,601,000, of which
about 42 per cent came from Great Britain and
about 26 per cent from Canada. Total
imports for the 1925 period were somewhat less
than 40 per cent of the amount shown for the
867
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
corresponding months of last year. Of the from £126,896 during September to £93,858
1924 total, about 45 per cent came from Great during October. Total exports of gold from
Britain, slightly more than 16 per cent from Great Britain during October were £10,175,254,
the Netherlands, and 12 per cent from Canada. compared with £2,737,740 during September.
Total exports of gold for the 1925 period were The largest exports were sent to the United
$232,312,000, compared with $15,284,000 dur- States and were £6,449,429, compared with
ing 1924. Of the 1925 total, the four largest no exports during September. Exports to the
items were $67,757,000 exported to Germany, Netherlands were £1,404,376, almost three
$58,771,000 to British India, $26,925,000 to and one-half times as large as those shown for
Australia, and $25,372,000 to Canada. Net September and about 44 per cent of the total
exports for the period were $121,711,000, exports to that country for the 10 months of
•compared with net imports for the 1924 period the current year. Exports to Switzerland
of $274,300,000.
were £1,247,905, compared with £1,023,049
during September; the exports of the two
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED months under review were more than one-half
STATES
the total exports to Switzerland from Great
Britain during the year 1925. Exports to
[In thousands of dollars]
British India were £291,678, compared with
£521,205 during September.
10 months ended
1925
October—
Country of origin or
destination
GOLD
October
September
1925
IMPORTS
INTO
1924
AND EXPORTS
BRITAIN
IMPORTS FROM—
4 000
864
958
46, 715
6,585
2
10,085
28, 990
4,144
2
120
4,008
9,958
50, 741
4,128
110, 601
._.__.
3,451
535
Total .
. .
4
21
2,900
245
130,893
10,706
4,822
47,700
35,922
4,648
18,189
4,998
289,584
31. 706
EXPORTS TO—
22,475
326
51
135
382
50
14
3,459
2,225
1,209
1,476
2,523
6,160
1,339
67, 757
4,318
25,372
7,822
5,561
2,000
802
2,160
58,771
11,590
26,925
11,735
28,039
England
France
Oermany
Netherlands
Canada .
Mexico
Argentina
Colombia
TJruffuav
Venezuela
British India _
Hongkong
Australia
All other
6,784
232,312
238
__ _
.___
_-
Total
260
65
2,649
3,148
2
1,102
4,467
2,366
1,485
15,284
Country of origin or
destination
October
September
22, 702
NTpt iiTiDorts
Net exports
2,656
121,711
GREAT BRITAIN
Total imports of gold into Great Britain
during October were £5,412,401, compared
with £834,291 during September. The largest
imports came from the Transvaal and were
£2,880,089, compared with £640,332 during
September. Imports from Khodesia rose from
£54,869 during September to £289,473 during
October. Imports from West Africa declined
70922—25f
3
1925
1924
IMPORTS FROM—
France
Netherlands
Rhodesia
Russia
Transvaal..
United States
West Africa
Allother
TotaL_.
£ 8 , 579
114, 593
2, 046, 274
£3,800
289,473
£ 4 , 513
54,869
2,880, 089
640, 332
93,858
2,145,181
126,896
7,681
£123,983
5, 087, 595
1, 750,172
3,182, 385
18, 043, 275
4, 275,412
1, 034, 372
2, 327, 351
5,412, 401
834, 291
35,824, 545 | 29, 221, 590
25, 564,124
141, 530
1,184,889
161, 601
EXPORTS TO—
Belgium _
British India
Egypt
France ._
_.
Netherlands
Russia
Straits Settlements
Switzerland
United States
West Africa
Allother
1,366
291, 678
68,698
162,821
1,404, 376
121, 258
1,247,905
6,444,429
521, 205
88,181
424, 561
352, 787
1,023, 049
432, 723
326' 787
Total
10,175,254
2, 737, 740
Net exports
274,300
GREAT
10 months ended
October—
1925
41, 891
England
France.
Germany
Netherlands
Canada
Mexico
Argentina
China
Japan
All other
FROM
4, 762, 853
1,903,449
129,925
12,428,995
526, 722
369,347
3,200,092
380,648
926,218
4, 349, 096
7,400, 787
48, 614
7,004, 214
81,907
9,154,470
1, 333,975
379, 761
984,223
33,447
206,435
152,554
29,877,032
28, 282
1,164, 776
36, 764, 658 43,396,862
940,113
14,175,272
For the 10-month period ended October,
1925, total gold imports were £35,824,545, an
increase of £6,603,000 over the corresponding
period of 1924. More than half the total
imports came from the Transvaal; about oneseventh, or £5,088,000, from the Netherlands;
£4,275,000 from the United States; and
£3,182,000 from Russia. Total exports of
gold for the 10 months were £36,765,000,
868
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
compared with £43,397,000 during the 1924 dian dollars continued to stand a little above
period. The largest exports, more than one- par.
third of the total, were sent to British India;
Of the South American exchanges, the Armore than one-fifth, or £7,401,000, to the en tine peso continued to rise moderately,
United States; £4,349,000 to Switzerland; and t rose from 93.68 cents per peso on November
£3,200,000 to the Netherlands. Neb exports 2 to 94.81 cents on the 17th, and stood at 94.19
for the period were £940,000, compared with on the 30th. Brazilian milreis rose from 14.96
£14,175,000 during 1924; with £4,763,000 dur- cents on November 2 to 15.05 on the 11th,
ing the month of October; and with £1,903,000 but declined to 14.01 on the 24th. The
during September.
Chilean peso averaged about 12.19 cents per
peso, compared with an average of 12.05 cents
FOREIGN EXCHANGE
during October. The Uruguayan peso rose
from 102.25 cents on November 2 to 102.89
Sterling exchange during November was
steadier and on a somewhat higher level than on the 5th, and maintained an average of
during October. It rose from $4.8453 on 102.48 during the remainder of the month, as
November 2 to $4.8476 on the 5th, main- compared with an average of 101.13 during
tained a level of about $4.8470 until the 18th, October.
The Shanghai tael, the Chinese Mexican
declined to $4.8439 on the 24th, and rallied to
$4.8454 on the 28th. French francs, which dollar, and the Hongkong dollar declined modhave been declining almost steadily for the erately as compared with October. The Indian
past 12 months, declined from 4.18 cents per rupee remained stable at about 36.60 cents,
franc on November 2 to 3.74 cents on the as it has done since July. The Japanese yen
25th, but rallied to 3.97 cents on the 30th. rose from 41.66 cents per yen on November 2
Belgian francs were practically stable at 4.53 to 43.15 cents on the 28th.
cents during the month, which is about the
FOREIGN EXCHANGE RATES
average shown for October. Italian lire rose
from 3.94 cents per lire on November 5 to
[In cents]
4.06 cents on the 13th, and, with the exception
of one day, maintained a level of 4 cents or
November,
October, 1925
Oc1925
above for the rest of the month. The Nethertober,
Par
1924,
Exchange
lands florin was slightly higher than during
value
averLow High Low High AverOctober and maintained a level above parity,
age
as it has done for the past four months. Swedish kronor and Swiss francs were almost un- Sterling
486. 65 484. 39 484. 76 483.99 484. 79 484. 28 448. 70
4.73 4.43
4.09
4.18
19.30 3.74
changed, each averaging about 99.85 per cent French franc __, 23.82 23.80 23.81 23.80 23.81 23.80 5.23
German reichsmark
of parity for the month. Danish and Nor- Italian lira
__ 19.30 3.94
4" 35
3.99
4.05
3.92
4.06
wegian currencies were somewhat higher than Netherlands florin.. 40.20 40.19 40.25 40.18 40.25 40.20 39.10
Swedish krona
26.80 26.74 26.76 26.75 26.85 26.79 26.61
19.30 19.26 19.28 19.26 19.30 19.27 19.18
during October. The Polish zloty, which Swiss francdollar __ 100.00 99.98 100.16 99.99 100.15 100.09 99.97
Canadian
began to decline in August, declined from 16.67 Argentine peso
96.48 93.68 94.81 92.24 93.96 93.36 83.55
cents on the 5th to 13.47 on the 30th. Cana- Shanghai tael __ 66.85 75.27 76.44 76.94 78.38 77.90 76.98
f
869
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
EARNINGS AND EXPENSES OF MEMBER BANKS
Net profits of member banks for the six
months ending June 30, 1925, amounted to
$208,136,000 and represented an average annual rate of return of 8.98 per cent on their
invested capital, compared with 7.50 per cent for
the preceding six months. This total of net
profits was about $38,000,000 larger than for the
preceding half year and considerably larger than
for the first half of 1924. The increase in
profits for the first six months of this year over
the last six months of 1924 resulted in part
from an increase in gross earnings arising out
of a growth in the volume of the banks' loans
and investments, but in larger part from a
considerable decrease in the net amount
charged off for losses. The costs and earnings
of member banks for six-months periods since
the middle of 1923 are summarized in the following table:
COSTS AND EARNINGS, ALL MEMBER BANKS, JUNE 30,
1923, TO JUNE 30, 1925
fin thousands of dollars]
First six
months
Last six
months
of 1924
(9,566
banks)
First six
months
of 1924
(9,650
banks)
930, 924
663, 792
912, 984
657,173
873, 487
623, 351
868, 845
630, 632
267,132
58, 996
255, 811
85, 543
250,136
59, 061
238, 213
92,173
208,136
170, 268
191, 075
146, 040
of 1925
(9,530
banks)
Gross earning
Expenses
.
Net earnings
Losses (net) l
Net addition to profits.
1
Last six
months
of 1923
(9,755
banks)
Total losses less recoveries.
For the 12 months ending June 30, 1925, that
is, for the latest fiscal year, net profits of all
member banks amounted to $378,404,000, or
8.24 per cent of their invested capital, which
amounted to $4,594,265,000/ This rate of profit
compares with 7.61 per cent for the preceding
fiscal year, when total net profits amounted to
$337,115,000.
Gross earnings for the lastfiscalyear were more
than $100,000,000 larger than the year before.
The greater part of this increase was in income
derived from other sources than interest and
discount received, including profits from advances in security values; but about one-third
of the increase represented increased amounts
of interest and discount received on the larger
volume of the banks7 earning assets, notwithstanding the fact that interest rates were low^er
during this period than during the preceding
fiscal year.
Of the total amount of gross earnings, about
72 per cent was absorbed by expenses, which
were larger in the last fiscal year, chiefly because of increased expenditures for salaries and
wages and for interest on deposits. Owing to
the somewhat smaller amount of losses charged
off during the year, however, and the larger
gross earnings, net profits showed an increase
of about $40,000,000.
In the following table are shown the absolute
amounts of the various items of member bank
costs and earnings, together with the amounts
per $100 of earning assets. The table showsfor the fiscal year 1924-25 a rate of gross return
of $6.41 per $100 of loans and investments..
Nearly 85 per cent of these earnings, or S5.36
per $100 oi earning assets, represented interest
and discount received; since almost the entire
amount of interest and discount received represented income on loans or investments, this
rate approximates the average rate at which
funds were loaned or invested, and compares
with $5.63 for the preceding fiscal year,, when,
interest rates were on a higher level. The decline in the rate of interest income was to some
extent offset by an increase in other forms of
earnings, including profits realized from advances in security prices, from 87 cents to $1.05
per $100 of earning assets, but the total amount
of gross earnings per $100 of earning assets was
nevertheless slightly lower for the last fiscal year
than for the year before.
ANALYSIS OF MEMBER BANK COSTS AND EARNINGS,
YEARS ENDING JUNE 30, 1925 AND 1924
Fiscal year 1925
Fiscal year 1924
Amount Amount Amount Amount
$100
$100
(in thou- perearn- (in thou- perearnof
of
sands) ing assets sands) ing assets
$1,543,202
Interest received
Other income
300,706
1,843, 908
Gross earnings
Salaries and wages
362,128
Interest on borrowed money .
19, 866
Interest on deposits
625, 368
Taxes
100,205
Other expenses
__ 213, 398
1, 320, 965
Total expenses
Net earnings
._ 522, 943
133, 554
Losses on loans
34, 958
Losses on securities
Other losses
_
29, 765
Total losses
198,277
3
144, 539
Net losses
378, 404
Net additions to profits
Dividends declared
260, 677
$5.36 $1,509,799
1.05
232, 533
6.41 1, 742, 332
1.26
346, 344
.07
38, 545
2.18
562,154
.35
98, 942
.74
207,998
4.60 1, 253, 983
488, 349
1.82
i .66 137,188
2
.40
34, 231
.69
.50
1.32
30, 722
202,141
151,234
337,115
256, 273
$5.63
.87
6.50
1.29
.14
2.10
.37
.78
4.68
1782
1.72
2.44
.75
.56
1.26
1 Amount per $100 of loans.
2
Amount per $100 of security holdings.
• 1 Average of capital, surplus, and undivided profits for call dates
3 Total losses charged off less recoveries on assets previously charged
during the year.
off.
370
FEDERAL RESERVE BULLETIN
Total expenses per $100 of earning assets
were somewhat smaller for the last fiscal year,
and net earnings prior to the writing off of
losses were for both years $1.82 per $100 of
earning assets. Important among the changes
in expenses were the increase from $562,000,000 to $625,000,000 in interest paid on deposits
and the decrease from $39,000,000 to $20,000,000 in interest paid on borrowed money.
Actual amounts expended for salaries and
wages were larger for 1924-25 than for 192324 but the amount of this class of expenditure
In relation to $100 of earning assets was lower.
The rate of interest paid on the average to all
classes of depositors was 2 per cent for both
years, but the increase in the volume of deposits was somewhat larger than the increase
in loans and investments, with the consequence
that interest payments to depositors per $100
of earning assets were larger for the year
1924-25 than for 1923-24.
The net amount of losses charged off in
the past fiscal year was somewhat smaller
than the year before, and the margin of net
profits per $100 of earning assets was, therefore, slightly larger in 1924-25. Of the losses,
about 67 per cent were on loans and discounts,
averaging 66 cents per $100 of loans, and 17
per cent were on security investments, averaging 40 cents per $100 of investment holdings.
During the fiscal year 1924-25 the volume of
loans and investments of all member banks,
amounting to $28,745,000,000,2 was nearly
$2,000,000,000 larger than for the preceding
fiscal year. This increase in earning assets
was not accompanied by an equivalent increase
in invested capital (as measured by capital
surplus and undivided profits), so that in the
last fiscal year there was, on the average, $626
of member bank credit in use for every $100
of invested capital, as against $605 the year
before. As a consequence of the larger volume
•of earning assets relative to invested capital,
together with the wider margin of profit per
$100 of earning assets, noted above, the rate
of return on invested capital rose from 7.61
per cent for 1923-24 to 8.24 per cent for
1924-25. In the following table are shown for
both years the volume of earning assets and
of invested capital, together with the rates
of profit per unit of earning assets and per
unit of invested capital.
Average for call dates during the year.
DECEMBER, 1925
PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS E N D ING JUNE 30, 1925 AND 1924
[In thousands of dollars]
1925
4,594, 265
4,427,155
__
20,093,822
8, 651,429
28, 745, 251
19,045, 715
7, 755,141
26,800,856
$6. 26
1.32
$6.05
1.26
8.24
7.61
Capital, surplus, and undivided profits
Loans 1
Investments 1
.
1924
l
Earning assets 1
Earning assets per $1 of capital, surplus, and
undivided prorits
_Profit per $100 of earning assets
Profit per $100 of capital, surplus, and undivided profits 2
_.
* Averages of amounts on call dates. *
2
Obtained by dividing net profits by average amount of invested
capital; equivalent to the product of the two preceding ratios.
In the tables on subsequent pages are shown
the actual amounts of the principal items of
member bank costs and earnings by Federal
reserve districts, and also amounts per $100 of
earning assets for the fiscal years 1923-24 and
1924-25; in the accompanying charts are preDOLLARS
7
MEMBER BANK EARNINGS AND EXPENSES
( PER HUNDRED DOLLARS OF EARNIN6 ASSETS)
DOLLARS
8
8
—
I
sented district comparisons for the fiscal year
1924-25. In the first chart each bar represents the total amount of gross earnings per
$100 of earning assets; the darker portion
represents total expenses and the lighter portion net earnings after deducting the expenses.
DECEMBER, 1925
FEDERAL RESERVE BULLETIN
For purpose of comparison, net earnings are
repeated on the base line. It will be noted that
in most instances high rates of gross return
on loans and investments accompany high
rates of expense, with the result that net
earnings vary within comparatively narrow
limits. In the second chart the bars again
represent gross earnings per $100 of earning
assets; the darker area represents the net
amount of the entire banking costs (expenses
plus net losses), and the lighter portion, which
is repeated on the base line, represents the margin of net profit. This chart shows that larger
871
the Boston, Chicago, and Philadelphia districts,
and the net costs per $100 of earning assets
were lowest in the Philadelphia, New York,
Boston, and Chicago districts. The average
rate of gross earnings was highest in the Dallas
district, followed in order by the Atlanta,
Kansas City, and San Francisco districts,
and net costs were highest in the Kansas City,
Dallas, Minneapolis, and Atlanta districts.
In all districts the average rate of interest
income per $100 of loans and investments was
lower for the year ending June 30, 1925, than
for the preceding fiscal year, reflecting the
lower level of rates which prevailed during the
more recent period. Although in all except the
MEMBER BANK COSTS AND PROFITS
DOLLARS
( PER HUNDRED DOLLARS OF EARNIN6 ASSETS )
DOLLARS
Kansas City district there were increases in
income other than interest and discount, total
Het Addition to Profits
Net CQStS(Expenses plus Net Losses)
earnings per $100 of earning assets were higher
only in the Boston, Cleveland, Atlanta, and
San Francisco districts.
Owing to decreases in the volume of borrowing by member banks, the outlay for borrowed
money per $100 of loans and investments
declined in all districts and, owing largely to the
growth in the volume of deposits, interest payments to depositors per $100 of earning assets
increased in all except the New York and Minneapolis districts. Total expenses per $100 of
earning assets in the year ending June 30,
1925, were higher than in the preceding year
in the Boston, Philadelphia, Cleveland, Richmond, and San Franciseo districts, and lower in
the other districts.
Net losses in the past fiscal year ranged from
17 cents per $100 of loans and investments in
the Philadelphia district to $1.14 in the Kansas
City district. Net losses were lower than the
year before, in most districts, and the margin of
net profit on average earning assets was somewhat higher in all except the Richmond, Chicago, and St. Louis districts.
gross earnings in certain districts were not re- In all except the Philadelphia and Richmond
flected in larger net profits; in fact, profits were districts, the volume of loans and investments
generally larger in districts where gross earnings per unit of invested capital was larger in the
were relatively small. In the Kansas City and last fiscal year than in the preceding fiscal year,
Minneapolis districts, for example, where the so that the same margin of profit per $100 of
average rates of gross return on earning assets earning assets would, in these districts, reprewere high, high costs more than offset the high sent a relatively higher return on invested
earning rate, and the rates of net profit were capital. The variations noted both in the
much lower than in the other districts. In the margin of profit per $100 of earning assets, and
New York and Philadelphia districts low aver- in the volume of earning assets per unit of
age rates of gross return on earning assets invested capital resulted in higher rates of
coincided with rates of net cost sufficiently return on invested capital in 1924-25 than in
low to leave margins of profit which were 1923-24 in all except the Richmond and St.
higher than for any of the other districts. Louis districts.
The average rate of gross earnings was lowest
The following tables give the data in detail,
in the New York district, followed in order by by districts:
872
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
ANALYSIS OF M E M B E R BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDED JUNE 30, 1925 AND 1924
Boston district
1924
1925
Amount
(000
omitted)
Interest received
Other income
$109,363
22,093
Gross earnings
._ 131,456
New York district
1925
Philadelphia district
1924
1925
1924
Amount Amount Amount Amount Amount Amount Amount Amount Amount
Amount
per $100
per $100
per $100
per $100
per $100 Amount per $100
(000
(000
(000
(000
(000
of earn- omit- of earn- omit- of earn- omit- of earn- omit- of earn- omit- of earning asing asing asing asing asing asted)
ted)
ted)
ted)
ted)
sets
sets
sets
sets
sets
sets
$5.03 $107,428
13,314
1.02
$5.24 $404,623
.65 109,430
$4.70 $391,810
1.27
81, 523
$5.09 $114,641
19,990
1.06
$5.29 $109,730
.92
14,994
$5.52
.75
6.05
120,742
5.89
514,053
5.97
473,333
6.15
134,631
6.22
124,724
6.28
23,031
1,212
49,339
5,909
14,001
1.05
.06
2.27
.27
.64
21,696
2.075
44, 977
5,976
13,190
1.06
.10
2.19
.29
.64
92, 743
3,431
173,984
22,420
55, 674
1.08
.04
2.02
.26
.65
87,301
6,375
156,231
21,349
53, 341
1.13
.08
2.03
.28
.69
23,260
1,421
43, 226
6,540
13,431
1.07
.07
2.00
.30
.62
21,404
2,684
37,079
6,155
12, 735
1.08
.13
1.87
31
.64
Total expenses
93, 492
4.30
87, 914
4.29
348, 252
4.05
324, 597
4.22
87, 878
4.06
80,057
4.03
Net earnings..
37,964
1.75
32,828
1.60
165,801
1.93
148,736
1.93
46,753
2.16
44,667
2.25
11, 736
4,848
1,949
1.76
2.77
10, 313
3,520
3,954
1.70
2.6O
29,812
11,082
7,271
1.52
2.39
26, 758
11, 593
5,107
1.51
2.47
3,294
2,077
1,566
1.25
2.24
Total losses
Net losses s
18, 533
14, 704
.85
.68
17, 787
12, 618
.87
.62
48,165
31, 275
.56
.36
43, 458
32, 302
.56
.42
6,937
3,672
.32
.17
8,926
5,935
.45
.30
Net addition to profits
Dividends declared
23, 260
17, 258
1.07
20, 210
16, 651
.99
134, 526
81, 526
1.56
116, 434
78,198
1.51
43,081
23,004
1.99
38, 732
20,827
1.95
Salaries and wages
_ __
Interest on borrowed money
Interest on deposits
Taxes
Other expenses
Losses on loans
Losses on securities
Other losses
Cleveland district
$165,962
Interest received
33,152
Other income
199,114
Gross earnings
35, 732
Salaries and wages
1,681
Interest on borrowed money._.
73, 283
Interest on deposits
10,911
Taxes
21,185
Other expenses
142, 792
Total expenses
56, 322
Net earnings
6,560
Losses on loans
4,771
Losses on securities
_.
3,133
Other losses
14,464
Total losses
3
10, 956
Net losses
45, 366
Net addition to profits
26,715
Dividends declared
Richmond district
1.38
2.39
Atlanta district
$5. 62 $157, 225
1.12
26,635
$5.66
.96
$71,295
8,016
$5.80
.65
$70,297
7,388
$5.85
.61
$63,367
11,724
$6.29
1.16
$60,753
9,434
$6.41
.99
6.75
183,860
6.62
79,311
6.45
77,685
6.46
75,091
7.45
70,187
7.40
1.21
.06
2.48
.37
.72
33,420
2,884
65, 927
10, 229
20, 084
1.20
.10
2.38
.37
.72
15,548
2,623
25,001
5,415
9,072
1.26
.21
2.03
.44
.74
14,764
3,991
22, 523
5,181
8,644
1.23
.33
1.87
.43
.72
15,254
1,653
21,054
5,478
9,816
1.51
.16
2.09
.54
.97
14, 503
3,632
18,811
5, 213
9,146
1.53
.38
1.98
.55
.96
4.84
1.91
132,544
51,316
4.78
1.85
57,659
21,652
4.69
55,103
22, 582
4.58
1.88
53,255
21,836
5.28
2.17
51, 305
18,882
5.41
1
.34
2.47
6,966
4,399
2,100
1 .38
2.48
5,508
974
1,133
.49
.37
13,465
10, 575
.49
.38
1.54
40, 741
26, 529
1.47
$5.28 $223,147
30, 333
.93
1.76
1
.57
2.37
4,806
937
1,375
7, 615
5,804
.62
.47
15,848
12, 709
1.29
1
.51
2.36
7,118
5,649
.59
.47
16,933
13,151
1.41
$69, 407
10, 579
$5.73
.87
$68,886
8,813
79,986
6.60
77, 699
16, 560
1,730
25, 111
5,032
9,657
1.37
.14
2.07
.42
.80
15, 878
3,098
22, 645
5,319
9,537
4.79
58,090
4.80
1.65
21, 896
1.81
6.21
253, 480
$5.67
.77
6.44
1.25
.05
2.18
.41
.75
51, li<2
4,447
83, 526
17, 675
31,594
1.30
.11
2.12
.45
.80
4.64
188, 434
1.57
65, 046
1
1
7,287
820
1,601
1.99
1 76
2.26
.89
2.44
5 807
481
1,631
9,708
7,894
96
.78
7,919
6,349
84
.67
13,942
10, 746
1.38
12, 533
11 760
1.32
St. Louis district
Chicago district
$223,056
Interest received
_ _
_
39, 430
Other income.
262, 486
Gross earnings
52,913
Salaries and wages
2,304
Interest on borrowed money....
92,183
Interest on deposits
17,185
Taxes
31, 635
Other expenses
196, 220
Total expenses
66, 266
Net earnings.
20, 384
Losses on loans
4,049
Losses on securities . .
-_.
3,163
Other losses
27, 596
Total losses
20, 641
Net losses 3 . . .
Net addition to profits
45,625
Dividends declared
33, 380
4,634~
3,026
1,266
]Minneapolis
district
$51,909
6,327
$5.91
.72
$53, 495
5,115
$6.18
.59
6.62
58, 236
6.63
58,610
6.77
1.35
.26
1.93
.45
.81
12,880
.685
22,818
3,585
7,032
1.47
.08
2.60
.41
.80
13,240
1,503
22,894
3 926
7,481
1.53
.17
2.64
45
.86
56, 477
4.81
47,000
5.35
49,044
5.66
21, 222
1.81
11, 236
1.28
9,566
1.10
$5.87
.75
2! 35
21, 780
3,861
3,024
.75
2.37
9,619
1,327
1,376
1 1.10
2.39
7,674
1,318
3,816
1.91
2.40
7,826
723
880
1 1.27
2.27
8,583
416
780
1 1.31
2.20
.65
.49
28, 665
21, 678
12, 322
9,707
1.02
.80
12,808
8,119
1.09
.69
9,429
7,443
1.07
.85
9,779
7,719
1.08
43, 368
33,954
.73
.55
1.10
12,189
11,722
1.01
13,103
13, 732
1.12
3,793
5 302
.43
1,847
5,560
1.13
.89
.21
2
i Amount per $100 of loans.
Amount per $100 of security holdings.
3
Total losses charged off less recoveries on assets previously charged off.
DECEMBER, 1925
873
FEDERAL RESERVE BULLETIN
ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDED JUNE 30, 1925 AND 1924—Contd.
Kansas City district
1924
1925
Amount
(000
omitted)
1924
Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount
per $100
per $100
per $100
per $100
per $100
per $100
(000
(000
(000
(000
(000
of earn- omit- of earn- omit- of earn* omit- of earn- omit- of earn- omit- of earning asing asing asing asing asing asted)
ted)
ted)
ted)
ted)
sets
sets
sets
sets
sets
sets
Net earnings
Losses on loans
_
Losses on securities
Other losses
Total losses
Net losses'
__
$6.50
.89
$72,294
9,838
$6.60
.90
$52,803
6,559
80,048
7.39
82,132
7.50
59,362
7.62
60,244
19,083
675
25,281
5,269
11,795
1.76
.06
2.34
.49
1.09
19,463
2,612
24,150
5,417
12,271
1.78
.24
2.20
.49
1.12
14,418
1,067
14,010
4,339
8,297
1.85
.14
1.80
.56
1.06
14,493
1,834
13,434
4,484
8,700
1.88
.24
1.75
.58
1.13
40, 706
1,384
60,078
8,122
21,803
5.74
63,913
5.83
42,131
5.41
42,945
5.58
1.66
18,219
1.66
17,231
2.21
17,299
2.25
i 1.63
2.34
15,993
918
2,227
U.89
2.37
7,803
379
2,358
U.24
2.26
11,093
370
1,534
16,428
12,322
Total expenses
$70,349
9,699
13,109
954
2,365
__
1924
1925
17,945
. .
Salaries and wages
Interest on borrowed money
Interest on deposits
Taxes
Other expenses
Net addition to profits
Dividends declared _
1925
San Francisco district
62,103
Interest received
Other income _
G ross earnings
Dallas district
1.52
1.14
19,138
15,653
1.75
1.43
10,540
7,939
1.35
1.02
5,623
8,157
.52
2,566
8,738
.23
9,292
10,318
1.19
$6. 78 $54,249
.84
5,995
$7.05 $146,427
23, 707
.78
7.83 170,134
$6.02 $140,485
19,151
.97
$6.10
.83
6.99
159,636
6.94
1.67
.06
2.47
.33
.90
38,990
3,410
49,957
8,018
21,275
1.69
.15
2.17
.35
.92
132,093
5.43
121,650
6.29
38,041
1.56
37,986
1.65
U.78
2.25
10,616
2,954
2,970
i.6O
2.45
12,781
3,392
3,908
1.74
2.59
12,997
9,919
1.69
1.29
16,540
12,182
.68
.50
20,081
14,718
.87
.64
7,380
8,148
.96
25,859
19,840
1.06
23,268
19,025
1.01
3
1 Amount per $100 of loans
Total losses charged off less recoveries on assets previously charged off.
2 Amount per $100 of security holdings.
PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS ENDING JUNE 30,
1925 AND 1924
[In thousands of dollars)
Boston district
New York
district
1925
Capital, surplus, and undivided
profits 1
Loans 1
-.
Investments l-.
Earning assets V
Earning assets per $1 of capital,
surplus, and undivided profitsProfit per $100 of earning assetsProfit per $100 of capital, surplus,
and undivided profits 3
1924
350,635
340, 333 1, 287, 242 1, 218,472
1925
1924
Philadelphia
district
Richmond
district
Cleveland
district
1925
1924
1925
444,934
405,034
517, 253 495,367
1924
1,545,835 1, 464,663 5,743,718 5, 216,771 1,310,538 1,204,870 1, 934,736 1,, 850,942
626,903 585,105 2,862,383 2,478,077 854,568 782,599 I) 016,040 924,613
Atlanta district
1924
1925
232,264
226,147
176, 596
172,233
261,539
944, 295 820,112
258,106 187,986
765,450
182,482
2,172,738 2,049,768 8, 606,101 7,694,848 2,165,106 1,987, 469 2,950, 776 2, 775, 555 1, 230, 219 1, 202, 401 1, 008,098 947,932
$6. 20
1.07
$6.02
.99
1.56
$6.32
1.51
$4. 87
1.99
$4.91
1.95
$5.70
1.54
$5.60
1.47
$5.30
1.29
$5.32
1.41
$5.71
1.38
$5.50
1.32
6.63
5.94
10.45
9.56
9.68
9.56
8.77
8.22
6.82
7.49
7.89
7.28
Chicago district
St. Louis district
Minneapolis
district
Kansas City
district
1925
1925
1924
1924
Dallas district
San Francisco
district
1925
1924
1925
319,390
1924
1925
Capital, surplus, and undivided
profits i
Loans 1 -Investments 1 .
Earning assets*
Earning assets per $1 of capital,
surplus, and undivided profitsProfit per $100 of earning assets..
Profit per $100 of capital, 1
surplus,
and undivided profits
1924
1925
1924
626,014
613,117
198,018
195,799
123,242
130,273
160,783
168,110
157,894
157,571
3,068,034 2,905,671 874,421 843,709
1,158, 517 1,031, 342 336, 348 329,741
615,952
262,966
656,199
209,687
802,462
280,095
846,060
249,384
631,347
147,912
L,
,
622,733 1, 777,987 1, 724,352
146,913 656,172 577,092
865,886 1,082, 557 1,095,444 779,259
769,646 2,434,159 2,301,444
4,226, 551 3,937,013 1, 210,769 1,173,450 878,918
$6.75
1.
$6. 42
1.10
$6.11
1.01
7.29
7.07
6.16
$5.99
1.12
$7.13
.43
$6.65
.21
$6.73
.52
$6.52
.23
$4.94
1.19
.96
$7.62
1.06
$7.55
1.01
3.08
1.41
3.50
1.53
5.88
4.68
8.10
7.64
1 Averages of amounts on call dates.
2 Obtained by dividing net profits by average amount of invested capital; equivalent to the product of the two preceding ratios.
874
FEDEKAL RESERVE BULLETIN
DECEMBER, 1925
VOLUME AND DISTRIBUTION OF BANK- densed classification of the bills purchased by
Federal reserve banks during recent months,
ERS' ACCEPTANCES
according to the commodities on which they
Volume of acceptances.—Volume of accept- were based will be found on page 877 of this
ance credit has shown its usual seasonal fluctua- issue of the BULLETIN.
tions during 1925, corresponding with the flucGeographic distribution.—The distribution of
tuations in foreign trade, and the volume of the acceptance business among Federal reserve
outstanding bills, as indicated by a comparison districts, as indicated by the most recent figures,
of member bank acceptances outstanding on is much the same as at the end of last year,
call dates, like the volume of trade, has been with a marked concentration in New York, and
at a higher level than during the three previous Boston leading the other districts in the volume
years. This year, for the first time, the of bank bills outstanding. The distribution of
American Acceptance Council has made a acceptances executed by member banks among
survey of bankers' acceptances outstanding at the various districts on January 31, 1924, was
the end of each month, so that it is possible shown in the FEDERAL RESERVE BULLETIN for
to follow the movements of the acceptance March. Below is a table showing comparable
business more closely than before. The table figures for the end of September, 1925, and
below shows the council's estimates for 1924 also the distribution among districts of all
and 1925, classified according to the type of acceptances outstanding as estimated by the
transaction on which the bills were based:
American Acceptance Council:
BANKERS' ACCEPTANCES
OUTSTANDING
DISTRIBUTION OF BANKERS' ACCEPTANCES OUTSTANDING AT E N D OF SEPTEMBER, 1925
[In millions of dollars]
[Amounts in thousands of dollars]
Date
Imports Exports
Domestic
Goods
stored
in or
Ware- Dollar shipped
Total
behouse
excredits change tween
foreign
countries
1924
Apr. 1___
Dec. 3 1 . .
251
292
214
305
28
38
100
163
25
23
1925
Jan. 31...
Feb. 28..
Mar. 31..
Apr. 3 0 May29_.
June 30..
July 3 1 . .
Aug. 31_.
Sept. 30..
273
297
297
296
275
253
254
254
283
317
308
302
288
261
221
191
182
205
42
28
26
30
22
25
19
19
15
176
147
142
117
92
87
79
75
74
27
15
19
18
17
14
13
13
16
618
821
13
14
8
13
8
13
12
14
835
808
800
757
569
555
607
These figures show a steadily declining total
volume of acceptance credit in use from December until September, when it began to
increase again following the seasonal growth
in the volume of the country's foreign trade,
which had reached its low point in June. The
September increase in acceptances, it will be
noted, occurred almost entirely in bills based
on imports and exports,, on dollar exchange, and
on goods in storage or in course of shipment
outside the United States. The volume of bills
based on domestic shipments or storage continued to decline during September. A con-
Acceptance council's survey,
Sept. 30
Volume
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
_.
San Francisco.
60,239
450,748
12,162
9,953
10,423
15,631
21, 608
1,167
1,847
2
3,098
20,148
Total...
607, 025
Per cent
of total
74.2
2.0
1.6
1.7
2.6
3.5
.2
.3
.5
3.3
100.0
Member bank condition statement,
Sept. 28
Volume
Per cent
of total
35,931
295,174
14,224
7,231
10, 314
14,931
21, 784
1,238
1,127
36
2,044
21,293
8.4
69.4
3.3
1.7
2.4
3.5
5.1
425,327 1
100.0
.5
5.0
The acceptance council's estimate includes
acceptances of nonmember banks and banking
corporations and indicates that the acceptance
business of these institutions is concentrated
even more closely in New York than that of
member banks. The council's figures are
more comprehensive also because they include
acceptances held by the accepting bank, while
member bank figures exclude such acceptances.
Methods of distribution to investors.—In distributing acceptances to investors bills may be
marketed by the drawers or their banks as
indorsed bills or they may be sold by the
875
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
acceptors as unindorsed bills, either directly to following table gives the distribution of dealers7
investors or to dealers who make a business of average weekly sales during 1923, 1924, and
distributing them. The extent of the business 1925:
of bill broking is indicated by the reports of
A V E R A G E V O L U M E OF B I L L S SOLD W E E K L Y BY
dealers in New York, Boston, and Chicago durACCEPTANCE DEALERS
ing the past three years. The turnover of bills
[Amounts in thousands of dollars]
reported by these dealers shows a gradual increase and has averaged over $200,000,000
New York
Boston
Chicago
monthly during 1925, about three-fourths of this
business being done in New York. Their purPer
Per
Amount Per Amount cent Amount cent
chases may be classified by classes of sellers as
cent
follows:
AVERAGE VOLUME OF BILLS PURCHASED
ACCEPTANCE D E A L E R S
W E E K L Y BY
[Amounts in thousands of dollars]
New York
Boston
Total
Chicago
Per
Per
Per
Amount cent Amount cent Amount cent
1923:
From acceptors
From indorsers
From others
Total
1924:
From acceptors
From indorsers
From others
Total
1925 (Jan.-Nov.):
From acceptors
From indorsers
From others
Total
17,628
7,505
8,335
_...
53
22
25
3,569
304
1,380
68
6
26
1,606
85
672
68
3
29
33,468
100
5,253
100
2,363
100
17,744
7,962
15,486
43
19
38
3,427
109
1,554
68
1
31
41,192
100
5,090
100
21,444
9,887
16, 741
45
20
35
4,092
321
1,331
71
6
23
48,072 ! 100
5,744
100
1,834
76
3
558 """"24
2,415
100
Dealers purchase a large part of their bills
from accepting banks, but this is less predominantly the case in New York than in Boston
and Chicago. A comparison of dealers' reports
in Chicago with certain figures reported by
accepting banks there indicates also that the
bulk of bills marketed by acceptors there are
disposed of through dealers. Indorsers are
more likely to sell bills directly to investors.
Distribution of acceptance holdings.—The
purchasers of bank bills are largely banks,
including the Federal reserve banks. With
regard to the distribution of acceptance holdings, data are available as to the monthly
sales of dealers, the holdings of member banks
at certain times, and the monthly purchases
and holdings of Federal reserve banks. The
70922—25t
4
1924:
To local banks
To outside banks...
To others
To Federal reserve
banks
Total
1925 (Jan.-Nov.):
To local banks
To outside banks . .
ToothersTo Federal reserve
banks
Total
13,415
8,968
2,418
41
27
7
1,441
637
638
44
19
20
592
920
519
23
36
20
8,023
25
570
17
521
21
32,824
100
3,286
100
2,552
100
22, 536
7,353
2,887
56
18
7
2,163
518
659
50
12
15
1,055
926
311
39
35
12
7,528
19
998
23
377
14
40,304
100
4,338
100
2,669
100
24, 710
9,661
3,434
52
20
7
1,824
428
724
35
8
14
885
1,021
393
31
35
14
9,779
21
2,215
43
584
20
100
5,191
100
2,883
100
47,584
100
1,804
85
1
320 "~~15~
2,125
1923:
To local banks
To outside banks. - To others
To Federal reserve
banks
Dealers in New York and Boston have sold
bills chiefly to local banks, but Chicago dealers, it will be noted, have distributed almost as
large a volume to out-of-town banks. Sales to
other investors, such as corporations and
trustees with temporarily idle funds, have been
a small percentage of the total in New York
and Boston, but in Chicago have formed a
variable and sometimes important element.
Since Federal reserve banks stand ready to
take, at definite minimum rates, any indorsed
bills offered them, they constitute an overflow
market for dealers and enable them to dispose
of bills in excess of the volume that they find it
profitable under prevailing money rate conditions to carry in their own portfolios. The
dealers' holdings of bills are financed through
their own or borrowed funds, and the profit on
this part of their business depends in part upon
the relation between bill rates and the rate at
which they can borrow in the call market—
usually one-half of 1 per cent below the call
876
FEDERAL RESERVE BULLETIN
rate on stock-exchange loans. Reported figures
show a rough correspondence between the average size of dealers' portfolios and the spread
between the rate earned by the bills and the
rate at which the dealers can borrow money.
Thus the portfolios of New York dealers as
reported at the middle of each month averaged $39,413,000 during 1923, when the stockexchange call rate was generally between 4%
and 5 per cent and the rate on 90-day bills
4 ^ per cent, and in 1924 averaged $63,650,000,
when the call rate was usually as low or
lower than the 90-day bill rate. During the
first 11 months of 1925, again when the call
rate was % to 13^ per cent higher than the
90-dav bill rate, the average size of these
dealers' portfolios fell to $40,323,000. In addition to outright sales to Federal reserve banks,
dealers seek their aid through sales subject to
agreement to repurchase at the end of 15 days.
These sales are not shown in the dealers' reports, but their importance is indicated by the
reserve banks' statistics of purchases discussed
below.
The total purchases of reserve banks are not
made wholly or even chiefly from dealers, however, but from banks, member and nonmember, and these purchased bills must bear the
indorsement of some bank other than the acceptor of the bill. The holdings of acceptances by member banks which are thus eligible
for purchase by the reserve banks and of acceptances not so eligible because held by the
accepting bank are shown in statistics of classified loans compiled for all member banks on
June 30 of each year from 1919 to 1924, inclusive. The following table gives these figures
in comparison with the totals of member-bank
acceptances outstanding on the same date:
A C C E P T A N C E S E X E C U T E D AND H E L D BY M E M B E R B A N K S
[Amounts in millions of dollars]
Member
bank acceptances
outstanding (including
those
held by
accepting
banks)
Acceptances held
by member banks
Per cent of acceptances held by
member banks to
t o t a l member
bank acceptances
outstanding
Own Others
Total Own Others Total
90.7
38.3
33.0
48.0
23.8
61.8
261.3
306.7
197.7
216.6
176.1
233.6
1
June 30—
1919 ._
1920
1921
1922
1923
1924
557.2
711.9
464.9
368.7
389.0
366.5
170.8
268.4
164.7
168.6
152.3
171.8
16.3
5.4
7.1
13.0
6.1
16.9
30.6
37.7
35.4
45.7
39.2
46.9
47
43
43
59
45
64
I
DECEMBER, 1925
From these figures, it appears that member
banks are large holders of bankers' acceptances in relation to the volume created by
them, although these assets form only from 1
to 2 per cent of their total loans. The geographical distribution of the holdings of acceptances by member banks is similar to the
distribution of their acceptance liabilities,
with an even closer concentration in the eastern cities, particularly New York, which was
more marked in 1924 than previously.
The next largest group of investors in bank
bills after member banks are the Federal reserve banks, which through their purchases
furnish credit to both member banks and to
others. The holdings of the system in relation to the volume of bills outstanding during
the past year is shown in the table below:
FEDERAL
RESERVE BANKS' HOLDINGS OF
ACCEPTANCES
Amounts
of holdings (in
thousands
of dollars)
1924, end of December
1925, end o—
f
January
February
March
April
.
May
June
July
-
August
September..
BANKERS
Per cent
of total
acceptances
outstanding (acceptance
council's
estimates)
386,873
47.1
312,734
314, 921
312, 369
260,851
287, 265
253,492
207, 284
211,199
267,040
37 5
39.0
39 0
34.5
42 2
41.1
36 4
38.0
44.0
These figures indicate that the bill holdings
of reserve banks have reflected in a general
way the fluctuations in the volume of acceptance credit in use during 1925, but they have
remained at a higher level relative to the total
volume of bills outstanding than in 1924.
From the above analysis of available statistics
as to the distribution of bankers' acceptances
it appears that the holdings of member banks
and of Federal reserve banks comprise the
bulk of acceptances outstanding. The latter
have amounted to nearly 40 per cent of the
total on the average during 1925 and those of
member banks have probably been as large
judging from the average June 30 figures for
recent years. Dealers' portfolios account for
some 6 per cent more, leaving approximately
15 per cent as the share of nonmember banks
and of other investors, including holdings of
their own bills by nonmember accepting banks.
877
FEDERAL RESERVE BULLETIN"
DECEMBER, 1925
COMMODITY CLASSIFICATION OF ACCEPTANCES
PRINCIPAL COMMODITIES UNDERLYING ACCEPTANCES PURCHASED BY FEDERAL RESERVE BANES DURING JANUARY
TO AUGUST, 1925
Commodity
Cotton..
Grain
Sugar
Coffee
Silk
Wool
Copper__
Hides and skins
Tobacco
Lard and meats
Rubber
Flour
Lumber
Wood pulp__
._.
Iron and steel
Nuts
Furs
Cotton manufactures.
Matches
Tin...
Copra
Coconut oil
__
Farm implements
Pulp wood
Miscellaneous
Unclassified
Total i
January
February
$40,822,413
13, 871,522
6,498,212
12,722, 551
5,374,416
5,727,812
2, 636,876
2,443,358
2,988,818
2,419,875
1,087,576
1,479,563
683,464
963,474
872,098
235,984
258,976
618,848
875, 000
207,964
555,780
322,383
3,864
45,000
15,800, 321
1,714,160
$53,350, 675
18,555,065
6,974,016
11,223,700
10,857,859
7,473,296
4,008,914
3,913,388
1,212, 643
2, 664,562
728,942
1,215,447
1,253,368
741,426
1,479,198
922, 915
615,849
393,174
188,075
559,750
291,084
527,940
175, 000
85,000
22,319,809
1,960, 572
March
April
$50,481,632 $24, 507,335
9,112,428
17,873,848
12,835,210
7,296,915
9,626,939 8,268, 092
5,129,069
10,072,867
7,829,309 3,610,381
4,501,834
2,234,708
3,957,332 3,462,367
1,883,669
2,396,294
2,865, 675 1,982,745
1,306, 810 1,746,979
2,750,671 2,514,072
1,373,854
513,367
1,305,889
756,122
821,840
710,153
397,851
800, 637
930,369
758,775
1,384,518
438,514
3,050
1,147,156
500,000
344,001
257,758
526,497
328,368
515,342
300,000
935,000
71,048
625,000
18,327,836 14,726,898
356,900
1,931, 748
121,230,308 153,691,667 157,065,322
May
June
August
Total
$44,151,641 $29,640,878 $15,848,241 $15,459,623 $274,262,438
9,476,888 4,271,541
12,943,501
9,573,298 95,678,091
9,928,297
16,095,732
8,083,405 11,079,841
78,791,628
8,278,830 6,822,860
7,059,761 12,932,740
76,935,473
9, 739,265 11,288,658 13,496,815 13,678,510
79,637,459
4,350,347
5,514,792
5,190,356
43,550,262
3,574,658 4,954,093
7,728,227
4,772,304
34,411,614
5,319,289 4,932,321
5,639,173
4,304,990
33,972,218
3,404,448 6,324,024 3,986,078 5,598,953
27,794,927
1,070,161 2,876,483
1,330,730 2,104,004
17,314,235
2,002,925
3,526,875
2,440,617 2,064,544
14,905,268
1,377,549
950,086
1,027,008 1,607,971
12,922,367
1,276,578 1,726,740
1,397,885 1,749,142
9,974,398
1,236,576
1,352,496
1,251,503 2,269,290
9,876,776
223,293
1,126,366
913,879
7,408,704
1,261,877
788,271
631,998
561,485
5,645,081
1,305,940
779,596
967,679
735,374
5,793,456
746,838
412,301
594,198
433,964
486,253
4,761,770
458,500
291,450
769,880
592,202
4,325,313
258,758
393,815
142,845
646,875
3,054,008
387,789
149,090
430,146
384,367
2,982,511
163,440
81,120
466,250
172,283
2,577,126
250,000
727,877
2,391,741
217,500
55,000
1,155, 748
57,200
27,548,773 26,461,167 25,639,672 30,994,095 181,818,571
877,209
8,516,329
312,849
200,117 1,162,774
92,270,350 154,095,137 126,619,528 104,952,919 130,632,281 1,040,457,512
i Figures do not include Dollar Exchange Bills or acceptances purchased under a repurchase agreement.
July
878
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
MEMBER BANK BORROWINGS FROM FEDERAL RESERVE BANKS, BY CLASS
OF BORROWING BANK
The following tables show for recent years banks (about 665 banks) located in 100 cities.
the amount of member bank borrowings from The borrowings of "all other77 member banks,
Federal reserve banks, distributed between as given in the table, represent that part of the
banks in leading cities and all other member total discounts of member banks with the
banks, and separately the amount of borrow- Federal reserve banks which is not represented
ings for member banks in New York City and by the borrowings of weekly reporting member
in other leading cities. The borrowings shown banks in 101 leading cities. The data are given
represent the total of discounts by Federal for the last weekly report date (last Wednesday)
reserve banks for all member banks. The in each month from January, 1922, to NovemNew York City members included are those ber, 1925, both for all Federal reserve districts
whose condition is reported weekly to the combined and for each district. Those given
Federal Reserve Board (about 60 banks) while for all districts combined are the ones which
the members in other leading cities include underlie the chart in the Review of the month,
all the rest of the weekly reporting member page 840.
MEMBER BANK BORROWINGS FROM FEDERAL RESERVE
BANKS
[In thousands of dollars]
ALL DISTRICTS
Discounts with Federal reserve banks
Weekly reporting member
banks
Last weekly report date (Wednesday)
in-
All
member
banks
Total
In New
York
City
In other
leading
cities
All
other
member
banks
Weekly reporting member
banks
All
j
member j
banks I
Total
1922
In New
York
City
In other
leading
cities
All
other
member
banks
1923
January...
February..
March
850,173
721, 283
635,952
409,293
321,187
267, 570
61, 851
43,472
22, 529
347,442
277, 715
245, 041
440, 880
400,096
597, 251
595, 760
700,019
379,394
385, 514
474,953
197, 747
150, 631
165, 552
181, 647
234, 883
309,401
217,857
210, 246
225,066
April _
May..
June..
500, 097
471, 490
469,101
159, 453
156, 782
164, 273
8,058
5,783
52, 579
151,395
150,999
111, 694
340, 644
314, 708
304, 828
636, 597
730,995
774,963
402, 476
459,131
491, 061
97, 301
106, 734
92,133
305,175
352,397
234,121
271,864
283,902
July
August
September..
379,981
404, 368
420, 180
97, 832
127,437
159,146
9,728
21, 082
23, 781
88,104
106, 355
135, 365
282,149
276,931
261, 034
760, 539
815, 518
862, 008
472,138
521, 253
573, 304
102,440
118,152
132,939
403,101
440,365
288,401
294,265
288, 704
469,399
650, 096
I 629,885
226, 569
381, 893
369, 575
57,150
81, 234
81,964
169, 419
300, 659
287, 611
242, 830
268, 203
260, 310
883, 800
794, 381
857,151
592, 882
129, 753
508, 244
56,282
574, 698 j 123, 251
463,129
451,962
451,447
290,918
286,137
282,453
45, 378
182,339
90,406
83,933
106,430
127,967
144, 381
145, 036
159, 268
October
November
December
1925
1924
January...
February..
March
522, 307
271, 557 I 58, 571
71, 327
531, 590
297,452
50, 014
482, 315 i 253, 286
212,986 I 250,750
273,692
129, 311
226,125 ! 234,138 I 433, 805 288, 769
203, 272 229, 029 377, 641 218, 373
April
May
June
447, 185
429, 600
350,131
204,253 I
181,461 I
106,144 j
4,333
18, 493
8,047
199,920 ! 242,932
162, 968 | 248,139
98,097 ; 243,987
399,985
413,999
455, 445
211, 094
218, 059
254, 749
46, 653
71, 228
72, 870
164,441
146,831
181,879
188,891
195,940
200,696
July
August
September.
293, 895
262, 560
259, 863
72, 387
58, 825
74, 641
5,714
9,600
66,673 | 221, 508
49,845 i 203, 735
65,041 | 185,222
468, 356
579, 675
633,188
259, 871
370, 075
443, 529
57, 728
135, 254
165,625
202,143
234,821
277,904
208,485
209,600
189, 659
October
November.
December.
222, 565
221, 405
314,128
65, 077
66, 219
154, 485
11,861
5,056
30, 975
53,216 ! 157,488
61,163
155,186
123, 510 i 159, 643
589,994
643,875
403,493
427, 594
84,942
116,361
318, 551
311,233
186,501
216,281
879
FEDEEAL RESERVE BULLETIN
DECEMBER, 1925
MEMBER BANK BORROWINGS FROM FEDERAL RESERVE BANKS-Continued
[In thousands of dollars]
BOSTON DISTRICT
Discounts with Federal reserve banks
.922
Last weekly report
date (Wednesday)
in—
1925
1924
1923
I Weekly
Weekly
Weekly
| reporting Allother!
reporting
reporting
All
other
I member member member member All m b e r m eAll e r member Allother
member banks in
mb
banks in member
banks in m ea n k s
banks
banks
banks
b
banks
leading b a n k s
leading
leading
cities
cities
cities
All
January
February
March
April
May
June
July
August
SeptemberOctober
November..
December. _.
Weekly
reporting
member Allother
member banks in member
banks
banks leading
cities
All
38,390 I
45,315 I
43,757 |
19,731
30,311
24,820
18,659
15,004
18,937
51,342
48,565
56, 760
32,685
30,643
37,682
18,657
17,922
19,078
36,927
35,168
22, 512
17,660
13, 279
6,978
19,267
21,889
15,534
20,586
26,678
27, 883
5,124
10,431
10,919
15,462
16,247/
16,964.
20,576 j
24,677 |
27,222 !
6,47©
12,298
12,723
14,106
12,379
14,499
34,145
56,842
48,342
17,801
35, 379
27, 757
16,344
21,463
20,585
22,333
20,381
15,783
8,323
4,299
1,991
14,010
16, 082
13,792
29, 277
33, 702
33, 770
13, 752
16, 550
16,424
15, 525
17,152
17,.346>
26,047
23,845
25,440
16,513
14,363
15,527
9,534
9,482
9,913
45,322
69, 959
53, 215
26,884
48,102
33,626
18,438
21,857
19,589
10,265
11,603
10,529
1,025
1,292
1,273
9,240
10,311
9,256
26, 609
35, 507
50,016
10, 225
19,953
30,999
16,384
15, 554
19,017
29,942
19,946
77,121 i 53,929
69,971 | 47,432
9,996
23,192
22, 539
40,481
70, 235
79, 262
21,931
47,483
55, 067
18,550
22,752
24,195
6,689
15,496
28,994
621
3,519
11, 236
6,068
11,977
17, 758
34, 871
38,961
18, 238
11, £88
16, 633
26, 973
NEW YORK DISTRICT
January
February. .
March
118, 295
100, 973
74,446
88,991
74, 221
48,883
29,304
26, 752
25, 563
251, 864
210,222
228,901
227,078
184,867
201,683
24,786
25,355 j
27,218
105, 246
123,416
93, 862
76,920
96,477
69, 595
28,326
26,939
24, 267
84,501
226, 927
136, 821
63r29@i
204, 632
108,294
21,211
22,295
28, 527
April
May
June
July
August
September.
October. __
November.
December.
47,092
43,156
87, 840
23,465
20, 795
65,008
23, 627
22,361
22,832
154,134
171,125
160,328
126,676
140,813
129, 236
27,458
30,312 !
31,092 ;
47,861
59,862
41,920
22,818
34,081
18,969
25,043
25,781
22,951
87, 698
110,446
120,885
62,157
84,075
93,879
25, 541
26,371
27, 006-
30, 610
44,821
46, 636
15,469
31, 636
33,462
15,141
13,185
13,174
167, 569
180,312
200,452
138,632
154,607
172,095
28,937 ;
25,705
28,357 ;
39,146
33,734
35, 222
20, 511
18,907
20, 764
18, 635
14,827
14,458
110, 630
192, 834
229,060
85,360
163,599
196,942
25 f 270
29,235
32r 11&
85,926
137, 022
144,810
70,793
110,556
115,915
15,133
26,466
28, 895
201, 803
131,843
204,956
168,974
97,337
165, 822
32,829 I
34,506
39,134 j
33,218
35,688
81, 322
18,144
20,175
58,400
15, 074
15, 513
22,922
I
156,255 1 122,178
187,759 ! 161, 322
34, 077
26,437
PHILADELPHIA DISTRICT
January
February. _.
March
April
May
June
July
August
September..
October
November..
December..
72, 316
73, 975
63, 815
34, 205
37,865
27,839
38, 111
36,110
35,976
51, 807
53,556
65, 555
28, 336
30,940
39, 759
23,471
22, 616
25, 796
43,333
44,353
38, 714
14, 013
18,026
13,412
29,320
26,327
25,302
25,357 i
27,843 I
41,108 !
3,310
6,455
16, 898
22,047
21, 388
24, 210
46,472
49,409
44, 715
13, 895
18, 213
17, 760
32, 577
31,196
26, 955
51, 691
70, 083
72, 380
26,493
40, 342
43,475
25,198
29, 741
28, 905
36, 053
33,191
27, 260
12,027
10, 494
7,519
24,026
22, 697
19, 741
37,108 I
41,633 f
37, 736 !
12, 689
14, 264
11,098
24,419
27, 369
26, 638
41,278
38,023
39,413
15, 737
13, 927
16, 365
25, 541
24,096
23,048
62, 447
62, 627
58, 995
35, 557
37, 227
34,451
26, 890
25, 400
24, 544
24, 356
19, 797
17, 524
5,874
4,466
3,761
18,482
15,331
13, 763
51,262 !
48,506 ;
43,948 j
22, 892
22, 330
20, 213
28, 370
26,176
23, 735
40,986
57,317
53,638
18, 669
30, 939
26, 918
22, 317
26, 378
26, 720
61, 820
55, 686
62,150
34, 903
25,442
29, 214
26, 917
30, 244
32,936
19, 284
23,395
36, 284
4,895
3,819
13,090
14, 389
19, 576
23,194
59,688
59,108
32,158
23, 948
27,530
35,160
January _._.
February. .
March
79,460
64,874
55, 001
55, 562
42,817
33, 010
23,898
22, 057
21, 991
20,223
23, 252
39, 741
8,031
10, 943
24,126
April
May
June
July...
August
September..
49, 540
49,405
36, 950
27,009
28, 927
17, 515
22, 531
20, 478
19,435
47,191
54, 714
64, 932
31, 302
38,469
48, 980
24, 967
26, 566
32, 519
7,700
10, 426
16, 937
17, 267
16,140
15, 582
54, 860
52,875
55, 359
40,317 !
38,187
39,089
October
November..
December..
37,429
54, 606
50, 681
21,111
34, 880
31, 718
16,318
19, 726
18, 963
63, 240
60, 267
68, 840
43,614
39,130 i
46,177
CLEVELAND DISTRICT
880
FEDERAL R E S E B V E BULLETIN
DECEMBER, 1925
MEMBER BANK BORROWINGS FROM FEDERAL RESERVE BANES-Continued
[In thousands of dollars]
RICHMOND DISTRICT
Discounts with Federal reserve banks
1922
Last weekly report
date (Wednesday)
1923
1924
1925
Weekly
Weekly
Weekly
Weekly
reporting Allother
reporting
reporting
reporting Allother
All
All
All
member member member member Allother member member All other
member member
member banks in
member
member member banks in
banks
banks
banks banks in banks
banks banks in banks
banks
banks
leading
leading
leading
leading
cities
cities
cities
cities
All
January...
February..
March
85,672
77,159
74,509
44,620
38,568
36,027
41,052
38,591
38,482
37,863
43,793
50, 366
20,164
25,802
31,200
17, 699
17, 991
19,166
45,525
52,379
55,775
26,471
32,437
32,743
19,054
19,942
23, 032
25, 639
28, 688
34,372
9,431
10,922
15,122
16> 208
17,766
19,250
April
May
June
59,407
47,672
40,244
25,054
16,282
11,098
34, 353
31,390
29,146
58,940
62,789
65,986
36,845
35,575
37,099
22,095
27, 214
28,887
59,980
50,033
54,305
31,488
20,730
20,651
28, 492
29,303
33, 654
49,463
46,354
22,481
16,919
17,564
26,982
29,435
30,919
July
August
September.
35,809
35,904
39, 693
8,064
10,445
14,508
27,745
25,459
25,185
67,598
69,741
77,380
38,078
38,784
44,569
29,520
30,957
32,811
40,698
34,220
38,414
13,418
8,934
11,439
27, 280
25, 286
26,975
49,282
51, 696
48,627
18,456
21,578
23,077
30,826
30,118
25,550
October- _.
November.
December.
41, 257
47, 217
56,837
17,671
25,738
34,982
23, 586
21,479
21, 855
71,434
54,839
55, 503
43,543
32,026
35,039
27,891
22,813
20, 464
34,531
28,926
33,548
11,531
8,336
14,844
23,000
20,590
18,704
45,105
37, 586
22,962
16, 723
22,143
20,863
ATLANTA DISTRICT
January...
FebruaryMarch
70,755
53,235
47,318
25,393
12, 501
11, 308
45,362
40,734
36,010
21, 303
18, 505
18, 635
7,558
4,824
4,515
13, 745
13,681
14,120
45,787
47,488
45,073
24,203
27,032
24,945
21,584
20,456
20,128
14, 266
11,745
15, 396
4,996
3,251
6,580
9,270
8,494
8,816
April
May
June
38,903
32,597
30,085
6,407
2,959
3,158
32,496
29,638
26,927
26,579
32,345
35,175
10,609
12,462
13,881
15,970
19,883
21,294
43,793
40,181
33, 573
23,974
18,966
12,059
19,819
21,215
21,514
22,495
18, 332
24,617
10,370
4,217
9,116
15, 501
July
August
September.
29,968
30,590
4,123
3,548
8,177
25,845
27,042
26, 261
40,788
48,152
67, 323
16, 493
19,025
35,938
24,295
29,127
31,385
30,397
29,883
25,596
6,424
7,111
6,719
23,973
22,772
18,877
22, 674
36,877
28,960
5,411
19,426
19,078
17, 263
17,451
October- _.
November.
December.
32,251
37,513
29,668
9,029
17,134
10,850
23,222
20,379
18,818
84, 459
87,067
69, 335
51,550 | 32,909 ! 24,034
57,683
29,384 I 23,257
45, 540
23,795 , 16,070
7,590
9,711
6,179
16,444
13,546
9,891
23,274 ! 15,194
31,154 ; 17,336
13, 818
12,125
14,115
CHICAGO DISTRICT
January..FebruaryMarch
97,827
95,054
56,804
27,290
33,677
79,884
70,537
61, 377
56,666
75,682
19,177
44,108
63,952
37,489
31, 574
33,034
59,449
55,413
59,827
17,754
20,338
25, 714
41, 695
35,075
34,113
37,721
26,285
43,598
16,328
6, 661
23,758
21, 393
19,624
19, 840
April
May
June
74,900
66,920
56,859
17,991
15,877
10,020
56,909
51, 043
89,746
80, 554
101, 347
54, 872
44,120
63, 243
34,874
36,434
38,104
55, 838
54, 642
44,813
20,011
18,039
8,241
35,827
36, 603
36, 572
57, 275
45,103
53,844
25,246
23,270
32,096
32,029
21,833
21,748
July
August
September
52,246
61,406
57,915
7,196
19, 665
17,443
45,050
41,741
40, 472
77,403
68, 635
87,122
41, 475
36,605
52,881
35,928
32,030
34, 241
37,156
31,811
3,873
3,571
3,235
33, 283
28,240
25, 662
62,845
57,896
63,166
38, 330
36,139
42,957
24, 515
21,757
20,209
October--.
November.
December.
70,371
93,109
88,100
25, 669
40,360
38, 244
44,702
52,749
49,856
118, 527
114,025
105,167
77,065
69,895
59,722
41, 462
44,130
45, 445
32,054
32,019
37, 824
5, 313
4,168
13, 097
28, 741
27, 851
24, 727
70, 702
82,190
45,911
44, 760
24,791
37,430
ST. LOUIS DISTRICT
Januarv
February
March
_ _ _ 35,250
27,568
23,228
14,377
9,332
23,439
20,873
18,236
15,804
21,199
26,431
5,586
11,198
15,077
10, 218
10,001
11,354
39,179
38, 561
34,025
21,046
22,031
17,047
18,133
16, 530
16,978
7,773
10, 758
9,824
406
3,447
1,756
7,367
7,311
8,068
23,728
29,832
19,587
7,372
15,569
5,827
16,356
14,263
13,760
31,592
33,980
40,687
17,621
18,654
25,203
13,971
15, 326
15,484
30,904
26,919
21, 670
12, 701
7,886
3,921
18,203
19,033
17, 749
16,130
20,615
18,980
5,771
8,262
5,889
10,359
12,353
13,091
16,027
16,460
25,501
2,495
1,940
10,465
13,532
14,520
15,036
46,073
56,918
71,704
27,897
38,116
49,155
18,176
18,802
22, 549
18, 763
18, 596
23,243
1,940
1,144
5,505
16,823
17,452
17, 738
23,527
31,031
35, 959
8,694
14,148
20,576
14,833
16,883
15,383
28,865
31,261
30,187
13,339
15,953
18, 703
15, 526
15,308
11,484
72, 501
66,424
62,209
47,324
44, 719
43, 588
25,177
21, 705
18, 621
19, 599
13, 764
10,130
4,662
2,868
1,716
14,937
10,896
8,414
30,848
24, 66C
18, 560
19,171
12,288
5,494
46,667
April
May
June
July
August
SeDtember
October
November
T) ecember
--
881
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
MEMBER BANK BORROWINGS FROM FEDERAL RESERVE BANKS—Continued
[In thousands of dollars]
MINNEAPOLIS DISTRICT
Discounts with Federal reserve banks
1922
Last weekly report
date (Wednesday)
in—
1924
1923
1925
Weekly
Weekly
Weekly
Weekly
reporting
reporting
reporting Allother
reporting
All
All
All
member member member member Allother member member Allother member member All other
member
member
member banks in
member
banks banks in banks
banks
banks I banks in banks
banks banks in banks
banks
leading
leading
leading
leading
!
cities
cities
cities
cities
All
January...
FebruaryMarch
42,298
37,173
27,700
6,179
3,874
2,304
36.119
33,299
25,396
18,909
16,022
19,758
2,668
1,360
5,907
16,241
14,662
13,851
16,213
14,771
12,824
2,040
1,950
1,122
14,173
12,821
11,702
4,051
4,122
4,092
46
876
35
4,005
3,246
4,057
April
May
June
26,913
25,978
26,691
2,507
2,849
2,850
24,406
23,129
23,841
21,723
25,951
8,242
11,225
12,332
13,481
14,726
16, 067
13,691
16, 274
14,317
872
2,982
1,064
12,819 |
13,292
13,253
6,727
5,692
4,691
2,237
731
371
4,490
4,961
4,320
July
August
September.
25,934
27,119
26,191
2,732
2,879
3,306
23,202
24,240
22,885
28,945
28,947
29, 711
10,453
9,648
13,828
18,492
19,299
15,883
15,333
13,884
11,154
1,554
449
293
13,779
13,435 I
10,861
6,755 I
7,433
5,944 !
1,376
2,169
2,152
5,379
5,264
3,792
October. _.
November.
December.
23,958
21,883
21, 079
3,838
3,520
3,719
20.120
18,363
17,360
21, 245
22, 831
12,536
7,776
9,631
14,313
13,469
13,200
6,868
5,313
4,452
563
140
50
5,817
6,065
1,967
1,926
3,850
4,139
6,305 i
5,173
4,402
KANSAS CITY DISTRICT
January...
FebruaryMarch
53,511
40,407
32, 757
29, 740
27,259
23,091
16, 609
17,851
22,818
4,066
5,690
11,649
12,543
12,161
11,169
36,197
27,459
20,900
19, 738
11,753
6,191
16,459
15, 706
14, 709
4,821
5, 241
4,287
132
658
439
4,689
4,583
3,848
April.
May_.
lay..
June-
30,411
24,206
21,114
21,269
19,636
17,957
31,144
46,404
49,484
19,616
32,279
33, 660
11, 528
14,125
15,824
25,394
24,405
19,992
10,666
9,251
4,772
14, 728
15,154
15,220
8,119
7,506
6,947
2,744
1,781
905
5,375
5,725
6,042
July
August
September-
18,205
18,551
22,359
15,951
15, 013
14, 763
44,068
39,656
46,818
28,768
24,973
32,212
15,300
14,683
14,606
14, 649
11,436
9,615
1,277
931
764
13,372
10,505
8,851
6,705
6,640
8,750
1,257
1,317
3,168
5,448
5,323
5,582
October
November..
December..
23,165
28, 858
30,436
I
13,874 | 56,993
14,352
59,492
13,402 I 49, 651
40,886
41, 772
33,199
16,107
17,720
16,452
6,968
6,542
4,976
452
627
102
6,516
5,915
4,874
16,258
21,518
7,849
13,396
8,409
8,122
DALLAS DISTRICT
January...
February-.
March
46,027
39,854
35,084
7,740
6,072
4,680
38, 287
33, 782
30,404
16,820
16,913
19,286
4,371
3,071
2,716
12,449
13, 842
16, 570
9.343 I
9,826 I
8,854 |
4,367
3,969
2,432
4,976
5,857
6,422
2,874
2,287 !
1,551 |
2,311
1,642
257
563
645
1,294
AprilMay..
June..
34, 514
31,331
32, 756
4,085
2,931
3,599
30,429
28,400
29,157
24, 526
29,422
33, 734
7,158
7,484
8,163
17,368
21, 938
25, 571
12,975 i
14,795 i
15,682 j
4,987
5,405
3,853
7,988
9,390
11,829
3,431 !
5,060 !
6,655 |
1,080
1,098
1,599
2,351
3,962
5,056
July
August
September..
33,856
37,179
30,144
3,943
4,222
5, 747
29,913
32,957
24, 397
43, 590
47,937
30,124
13, 768
16,412
8,292
29, 822
31, 525
21,832
20,990 i
22,896
12,787
6,984
7,738
2,030
14, 006
15,158
10, 757
9,143 !
11,500 !
7,648 ;
1,915
3,677
3,176
7,228
7,823
4,472
October
November..
December-.
19, 531
15,056
14, 200
5,033
3,666
2,690
14,498
11,390
11,510
21,305
15,019
12, 293
8,617
4,967
5,491
12,688
10,052
6,802
7,572
3.344 i
2,713 i
3,692
1,803
2.067
3,880
1,541
646
9,118 j
10,778 I
5, 851
7,790
3,267
2,988
SAN FRANCISCO DISTRICT
January
February...
March
60,094
55,241
58,943
23,069
20,143
26,024
37,025
35,098
32,919
38,041
50,200
54, 782
19,674
32,068
36,687
18, 367
18,132
18,095
53, 676
43,487
48, 606
35,149
27, 376
31,009
6,495
7,194
8,046
April
May
June
47,641
46,307
45,038
16,046
15, 512
11,858
31, 595
30, 795
33,180
65,186
66, 786
74,169
45, 241
42,329
48,032
19.945
24,457
26,137
53, 231
38,897
31,492
31,805
18, 898
12,082
10, 757
12,648
13,818
July.
August
September..
45,034
43, 904
39,931
11,606
10, 848
9,613
33,428
33,056
30, 318
81, 876
89, 759
83, 805
53, 816
59,567
57,168
28,060
30,192
26,637
21, 991
17,894
18,199
3,767 j
2,003 !
5,740 I
October....
November..
December..
35, 718
49,133
40, 278
12,180
30, 712
21,370
23,538
18,421
18,908
64, 388
58, 239
64,954
41,939
40,014
46.208
22,449
18,225
18,746
10,962
7,447
15, 742
3,043 ;
1,808 j
9,914
1
882
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
RULINGS OF THE FEDERAL RESERVE BOARD
Date of termination of membership of State bank
voluntarily withdrawing from the Federal reserve
system
after the six months' period has expired; so
that if the stock is not surrendered within
eight months from the date upon which notice
of intention to withdraw is received, the notice
becomes void and a new notice will be required
before a voluntary withdrawal will be permitted. If the circumstances are unusual and
seem to require a longer period for the withdrawal, the board will consider an extension
of time, provided that application for such
extension is received by the board within the
two months' limit.
The Federal Reserve Board has been requested to rule upon the question whether a
State member bank which has given six
months' notice of its intention to withdraw
from the system, but fails to withdraw immediately at the end of the six months' period, is
entitled to interest at the rate of one-half of
1 per cent per month from the date of the last
dividend to the date upon which its Federal
reserve bank stock is actually surrendered or
merely up to the date on which the six months'
Changes in State Bank Membership
period expired.
The following list shows changes affecting State bank
As the board has stated in connection with
the
ended November 21,
other rulings on similar questions, notice of membership during 1,459month institutions were mem1925, on which date
State
intention to withdraw is a prerequisite of bers of the system:
CHANGES
withdrawal from the system but is not any part
of the actual withdrawal itself. At the termiTotal renation of the six months' period following
Capital Surplus sources
notice of withdrawal a State member bank
does not automatically cease to be a member
District No. 1
of the Federal reserve system. A bank which Absorbed by State member: Manufachas given such notice but has not acted pur- turers National Bank, Cambridge, $200,000 $25,000 $2,868,714
_.
suant thereto, continues to be a member of Mass
District No. 2
the Federal reserve system for all purposes
withdrawal: Long Branch
and is entitled to the privileges and is subject Voluntary Co., Long Branch, N. J
Banking
150,000 100,000 i 2,458,474
to the obligations of membership in the system.
District No. 4
A. State member bank, therefore, which has Voluntary withdrawal: Farmers Bank
given notice of its intention to withdraw but & Trust Co., Georgetown. Ky
100,000 75,000 1,206, 756
does not consummate the withdrawal at the
District No. 5
termination of the six months' period by Voluntary withdrawals:
Continental Trust Co., Washingsurrendering its Federal reserve bank stock
ton, D. C
1,000,000 100,000 | 4,492,395
must continue to maintain the reserves reguBank of Morehead City, Morehead I
City, N. C
50,000
4,000
378, 290
larly required by the Federal reserve act, and
District No. 6
when it does withdraw from the system by
State
surrendering its Federal reserve bank stock Absorbed byAthens,member: Commer- 200,000 50,000 1,604,485
cial Bank,
Ga
it is entitled to interest at the rate of one-half Absorbed by nonmember: Farmers
State Bank, Huntsville, Ala
of 1 per cent per month from the date of the Converted into national bank: Bank of 100,000 25,000 i 611,806
Commerce, Tampa,
_. 200,000 40,000 I 1,977,049
last dividend, if earned, to the date on which Voluntary withdrawal:Fla
Volusia County
the. stock is surrendered and membership is Bank & Trust Co., De Land, Fla
200,000 40,000 2,648.197
terminated.
District No. 7
In order to be entirely accurate it should Closed: Sac County State Bank, Sac
25,000 1, 202,587
75,000
also be stated that the amount refunded is in City, Iowa.
District No. 8
no event to exceed the book value of the stock
at the time, but this requirement is of little Voluntary withdrawal: Corydon State.. 75,000 20,000 497,106
practical importance under present conditions. Bank, Corydon, Ind___
District No. 9
The board has heretofore held that a notice
City
of withdrawal does not remain effective Closed: Big StoneDak State Bank, Big
Stone City, S.
50,000
5,000
382, 975
indefinitely, but only for a reasonable time
District No. 11
after the expiration of the six months' period. Converted into national bank: Liberty
State Bank, Liberty, Tex...
478,317
In all cases of this kind arising hereafter the Consolidated with State m e m b e r : 35,000
board will consider two months as a reason- Farmers & Merchants State Bank,
25,000 1 12,500 | 145,756
able time for the consummation of withdrawal Maypearl, Tex
DECEMBER,
883
FEDERAL RESERVE BULLETIN
1925
Fiduciary Powers Granted to National Banks
Changes in National Bank Membership
During the month ended November 21, 1925, the The Comptroller of the Currency reports the followFederal Reserve Board approved applications of the ing increases and reductions in the number and capital
national banks listed below for permission to exercise of national banks during the period from October 24
one or more of the fiduciary powers named in section 11 to November 20, 1925, inclusive:
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4)
Num- Amount
registrar of stocks and bonds; (5) guardian of estates;
ber of
(6) assignee; (7) receiver; (8) committee of estates of
banks of capital
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
13
$2,915,000
which come into competition with national banks are New charters issued
0
0
Restored to solvency...
permitted to act under the laws of the State in which Increase of capital approved
1,180,000
10
the national bank is located.
District
No.
Location
Springvale, Me
Bethel, Vt
Perth Amboy, N. J..
Ramsey, N. J
Tenafly, N. J_.
New York, N. Y . _
Ossining, N. Y
Media, Pa
Lima, Ohio
__
Connersville, Ind
Marion, Ind . .
Aurora, 111
Sioux City, Iowa
Fordyce, Ark___
Van Buren, Ark
Bellingham, Wash...
1
1
2
2
2
2
2
3
4
7
7
7
8
8
12
Powers
granted
Name of bank
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Springvale National Bank
1 to 9
Total liquidations and reductions of capital..
National White River Bank
1 to 9
Perth Amboy National Bank.
1 to 9
First National Bank
1 to 9 Consolidations of national banks under act of Nov.
7, 1918
do
Ito9
Liberty National Bank
1 to 3, 5 to 9
Aggregate increased capital for period
First National Bank
1 to 9
do..
1 to 9 Reduction of capital owing to liquidations, etc
Old National City Bank
1 to 8
Net decrease
_
_..
First National Bank.
1 to 9
do
5 to 9
1 to 9
Aurora National Bank..
1 to 9
Toy National B ank.
5 to 9
First National Bank
Ito9
do. .
.
.
5 to 9
Bellingham National Bank
23
4,095,000
17
0
Liquidations
Reducing capital
4,650,000
0
17
4,650,000
0
0
4, 095,000
4,650,000
555,000
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
[On the basis of the November * estimates by the Department of Agriculture]
[In thousands of units]
C o r n (bushels)
Federal reserve district
Yield, 1924
Boston
New York
Philadelphia.._
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total
1
2
3
Potatoes (bushels)
12,310
28,956
50, 506
138,991
136,114
176,332
721,019
346, 256
268,121
452, 646
92, 819
12,443
'
Cotton (bales)
PrelimiPrelimiPrelimiForecast
nary esti- Yield, 1924 nary esti- Yield, 1924 nary esti- Yield, 1924 Nov. 14,1925
mate, 1925
mate, 1925
mate, 1925
13,740
37,056
75, 672
240,126
157,412
177, 514
1,108,867
419,434
286, 919
433,059
48,182
15,409
12,158
38, 802
59, 800
147, 384
488, 240
110, 326
39,248
338,335
2,200
4,020
13,118
40,077
57,400
143,942
530, 270
128,262
46,631
298,024
2 722
3,276
504
55,519
52, 581
29,223
21, 798
37,455
12,661
81, 801
20,930
76, 808
31,159
2,936
31,913
42,564
30, 747
25, 740
23^260
26,437
9,759
55, 269
13, 672
50, 758
26,473
5,988
35, 836
i 2, 436, 513
2,436,513
3,013, 390
1, 240, 513
1, 264, 226
454, 784
346, 503
Preliminary estimate for wheat, oats, and hay given last month.
Includes 17,000 bales grown in miscellaneous territory.
Includes 19,000 bales grown in miscellaneous territory.
Tobacco (pounds)
1,671
2,455
1,978
3,265
2 2,231
3 3, 296
1,442
5,654
175
1,480
5,064
215
13, 628
15, 298
884
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY
Industrial activity during October was at a
seasonally high level, which in general exceeded that of October, 1924. Employment
and earnings of factory workers, for example,
were greater than at any time since the spring
of 1924. The Federal Reserve Board's index
of manufacturing production, furthermore,
indicated a rate of output in October exceeding
that of any other month on record. A large
part of the recent rise in this index, from 121
m August to 141 in October, was caused by
the unusual increase in automobile production,
which was considerably curtailed in August
and in October exceeded all previous records.
The index of production in basic industries,
which is adjusted for seasonal changes, and
the index of mineral output increased in
October, but were both held down somewhat
by the negligible production of anthracite.
The marketing of agricultural products was at
a seasonal peak in October, bnt was not as
great as a year ago. Railroad car loadings in
October, despite the small shipments of anthracite apd oi grains, exceeded all previous
monthly records. Building continued active,
and new contracts awarded, although not showing the seasonal increase usually noted in
October, continued large.
In addition to the automobile industry,
notable increases in production have occurred
recently in the iron and steel, cotton, wool,
shoe, and paper industries, and activity in
silk, lumber, cement, and petroleum has
continued rather high. There was a seasonal
increase in the index of manufacturing in the
food products group to approximately the
same level as in October of the two preceding
years. The output of all the eight minerals
included in the board's index of mining increased during October, and in spite of the
small production of anthracite the total index
was greater than in all the months of the last
two years except January and October, 1924,
and January and August, 1925, Bituminous
coal production, according to current estimates,
w^as the largest for any month since 1920.
Receipts of cotton in October were the
largest on record, fruit and vegetable shipments were heavy, and tobacco sales and
shipments of dairy products compared favorably in volume witn those of October in previous years, but receipts of grains at principal
markets continued unusually small for this time
of the year. As a result the index of agricultural movements was smaller than in October,
1924, but greater than in earlier years.
INDEXES OF INDUSTRIAL ACTIVITY
PERCENT
175
( MONTHLY AVERAGE, 1919»100 )
PERCENT
175
150
150
/LA-A
125
100
A
A
125
, A
1
TOO
V
75
s /
1
5®
75
'/V
50
MANUFACTURING PR ODUCTION
MINERAL PRODUCT ION
25
25
0
0
1919
1920
1921
1922
1923
1924
1925
885
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
INDEX OF PRODUCTION IN BASIC INDUSTRIES 1
[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919=100]
Iron and steel
Year and month
General
index
Steel
ingots
5 iron
1924
September. _
October
November..
December..
1925
January
February...
March
April
May
._
June
July
August
September..
October
Sugar
meltings
Wheat
flour
Wool
80
93
97
119
100
104
109
134
93
109
105
111
91
100
102
102
110
97
84
82
127
124
120
119
111
110
113
2 109
134
143
136
128
113
107
105
102
106
113
151
150
147
128
121
115
110
117
123
130
115
114
110
121
103
98
99
91
103
111
100
99
95
92
91
88
87
90
95
94
103
94
90
88
102
122
2 94
2100
96
132
104
133
134
115
117
117
107
143
167
2 111
116
Cattle
Calves
Sheep
128
143
129
155
100
96
100
104
104
95
107
97
93
99
Anthracite
87
140
157
138
124
114
126
131
138
129
147
90
91
102
120
117
105
101
89
86
103
110
104
116
105
95
91
100
125
109
95
105
99
101
105
109
114
121
104
116
96
106
106
101
113
2 120
1
1
132
121
122
130
108
120
116
128
121
107
96
101
92
101
96
108
120
115
145
127
125
123
116
117
125
116
116
124
Tobacco products
Sole
leather
Copper
Hogs
91
Nonferrous metals
Bituminous
Lumber
Animals slaughtered
141
141
111
91
Coal
January
February
March
April
May
June.
July
August
September
October
Cotton
103
109
108
117
Year and month
September
October
November
December
Food products
Textiles
Newsprint
Cement
Petroleum
Manufactured
tobacco
Zinc
1924
104
108
108
121
107
110
104
103
186
183
187
182
191
185
183
182
128
119
131
124
127
117
121
122
121
129
131 I
133
140
136
106
108
110
115
112
110
108
105
111
115
243
193
199
199
193
197
215
206
204
198
193
191
187
194
212
210
204
206
208
198
1925
148
147
142
136
135
136
140
135
2
139
136
* 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
846, 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 pubished on pages 1414-1421 of the BULLETIN for December, 1922.
2 Revised.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i
[Monthly average, 1919=1001
Metals and
products
Year and month General
index
Group
index
Iron
and
steel
Textiles and products
Group Fabrics Prodindex
ucts
Lumber
products
RailPaper
road
Autoand
vehi- mobiles printcles
ing
Leather Stone,
and
clay,
prodand
ucts
glass
Tobacco
products
Chemicals
and
products
1924
September.
October
November .
December..
91.2
92.7
92.5
94.1
80.5
82.5
82.8
85.7
80.2
82.1
82.4
85.2
90.5
93.6
93.1
96.2
90.8
95.4
96.1
100.0
90.2
91.4
89.2
91.2
100.9
101.9
101.1
101.0
88.8
89.8
89.1
89.7
97.2
98.6
96.3
99.3
1925
January
February.March
April
May
-.
June
_
July
August
September .
October
94.4
95.8
96.4
95.9
94.9
94.2
93.1
93.9
95.1
97.0
87.5
89.6
90.1
89.2
88.0
86.9
85.6
86.1
87.4
89.4
87.1
89.1
89.5
88.7
87.5
86.3
84.9
85.4
86.6
88.4
97.4
99.9
100.0
98.9
96.4
95.4
93.3
94.0
94.1
96.9
100.6
101.4
101.0
100.8
99.1
97.5
93.1
93.6
93.3
97.7
93.4
97.9
98.6
96.5
92.9
92.8
93.4
94.5
95.1
95.8
99.8
100.4
99.6
100.6
99.8
100.1
99.3
99.9
102.2
102. 8
89.3
89.8
89.9
88.8
84.9
84.7
84.5
84.5
83.7
83.0
103.8
105.1
112.7
121.7
128.5
122.8
122.2
124.2
129.4
137.7
88.0
89.2
88.7
87.9
105.1
104.9
105.7
104.7
103.8
103.5
103.4
103.2
104.3
106.0
119.3
118.8
117.7
116.1
89.7
83.3
91.8
91.1
69.9
71.9
72.5
74.1
90.9
92.5
92.5
88.8
86.8
83.0
85.7
90.2
92.1
91.8
109.7
110.7
116.8
123.2
125.5
125.9
121.3
124.9
125.3
124.7
87.0
87.7
88.5
81.7
87.0
85.8
85.9
85.0
87.1
90.1
74.0
74.6
75.5
75.4
73.2
72.9
73.0
72.6
75.4
76.4
1
This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the
above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN for September,
1925, for certain revisions.
886
FEDERAL KESERVE BULLETIN
DECEMBER,
1925
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES 1
[Monthly average, 1919=100]
Metals and
products
Year and month General
index
Grou
P
index
ir>AaV
Iron
and
aI1(1
steel
Textiles and products
Lumber
and
products
Group Fabrics Products
index
Railroad
vehicles
Autobiles
Paper
and
printing
Foods Leather Stone,
and
and
clay,
prod- prod- and
ucts
ucts
glass
To-
Chemicals
^cts"
products
1924
September.
October
November.
December..
99.1
102.6
100.8
105.6
80.7
84.9
85.1
91.6
80.1
84.7
84.5
91.1
98.3
103.0
99.1
107.5
97.5
105.6
104.5
113.9
92.5
99.7
107.8
111.2
110.2
111.9
90.3
97.6
94.6
97.4
111.8
116.8
111.4
114.5
133.4
135.6
136.0
139.9
106.1
103.2
102.5
104.5
95.9
96.2
87.9
91.5
146.0
149.6
145.1
143.6
93.9
85.5
97.9
100.0
91.1
95.4
95.5
98.2
1925
January
February.March
April
May
June
July
August
September.
October
102.9
108.5
110.1
107.3
107.4
104.8
102.4
104.5
103.9
111.3
92.9
96.3
97.2
94.4
94.6
91.1
86.8
89.7
88.7
96.2
92.6
95.8
96.5
93.9
94.0
90.4
86.1
88.8
87.7
95.1
113.4
114.4
108.0
105.0
101.6
101.2
103.8
99.1
107.5
112.9
114.2
114.2
111.7
109.9
103.9
100.9
101.7
96.6
107.9
103.3
112.4
114.7
103.5
99.0
98.8
101.6
106.2
102.1
107.0
103.1
108.5
109. 7
107.9
108.6
109.7
105.9
108.0
111.8
117.2
91.5
100.0
100.2
95.4
91.6
90.4
86.7
88.0
84.9
89.2
99.9
132.1
142.9
156.2
163.9
151.2
150.0
146.1
155.3
178.0
138.2
137.5
139.4
137.1
136.7
135.5
133.8
133.7
135.8
142.3
100.4
99.8
98.8
94.0
97.2
100.0
98.9
99.1
100.0
104.5
95.3
99.7
100.0
91.5
90.3
85.1
89.0
98.9
94.8
95.8
128.8
136.4
143.4
149.9
154.6
154.3
145.9
155.7
151.6
156.8
93.5
87.0
88.3
74.2
90.9
90.3
89.0
90.0
90.0
97.1
97.0
99.7
101.6
97.6
98.4
95.7
95.6
93.1
94.9
101.1
•9.3
1
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 34 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. See also page 668 of BULLETIN for September,
1925, for certain revisions.
INDEXES OF INDUSTRIAL ACTIVITY i
[No seasonal adjustment. Monthly average, 1919=100]
Agricultural movements
Year and month
1924
September
October
November
December
1925
January
February
March
April
May
June
July
August
September
October
AniCot- VegeLive- mal
Total stock prod- Grains ton tables Fruits
ucts
152
160
143
_
_
.._
Mineral production
118
72
79
83
88
104
152
166
109
123
120
132
122
94
91
87
91
93
117
105
99
104
123
90
108
123
139
164
150
119
101
101
An-
thracite
coal
Bitu-
mi- Petro- P i g
nous leum iron
coal
Copper
Zinc
195
230
156
120
175
278
271
231
165
226
136
86
109
125
108
119 !
189
190
179
180
81
97
99
116
127
137
136
135
104 I
108 !
108
121
112
76
73
40
62
75
99
133
149
127
79
71
43
28
12
14
75
234
310
130
121
128
125
135
142
110
107
204
233
134 J
100
97
87
91 !
96 I
102 i
116;
121 j
137 I
171
191
194
216
212
214
212
206
204
132
126
140
128
115
105
105
106
107
119
148
137
149
140
140
139
136
135
134
140
128
119
131
124
127
117
121
122
121
129
Lead Silver
146
148
145
143
117
119
119
120
146
131
154
143
147
151
145
143
2 138
162
117
107
104
109
111
116
114
104
2 103
104
Manufacturing production
Year and month
September..
October
November
December
January
February
March
April
May
June
July
August
September
October
1
Iron
Total
and
Paper Leather
Cement Toand
and Petro- and
print- shoes leum brick bacco
ing
Food
products
steel
Lumber
112
114
108
117
Auto-
143
160
132
122
i
I
i
!
120
138
126
127
118
98
95
88
87
94
97
2 96
2 105
114
145
134
150
155
165
160
164
167
160
170
i
!
I
I
!
135
125
142
142
136
133
125
128
2 128
139
1924
113
124
113
117
96
108
108
125
178
178
140
125
127
120
134
132
129
125
126
121
2 126
141
145
132
147
128
121
112
109
118
120
134
142
169
223
260
250
239
239
153
193
270
!
!
I
I
98
113
105
111
90
101
84
90
180
186
185
196
157
169
199
186
204
201
212
216
222
222
2
209
111
107
136
168
196
184
186
148'
138
126
131
114
106
175
191
155
163
118
105
116
113
119
133
135
127
131
141
171
176
190
191
195
194
202
203
2 183
1925
121
114
122
119
109
105
107
104
107
118
j
i
I
;
!
I
i
I
3
84
82
85
94
95
101
For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.
3
2 Revised.
Preliminary.
* Less than one-half of 1 per cent.
Rubber
tires
DECEMBER,
1925
887
FEDERAL RESERVE BULLETIN
COMMODITY MOVEMENTS
With the March issue the publication in the
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.
October,
1925
BULLETIN
October,
1924
Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Flour (barrels)
34,696
11,997
19, 210
3,304
6,445
58,891
12,925
29,154
6,639
14,993
90, 609 135,309
Shipments at 14 interior centers (000omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
24, 783 28,510
7,750 7,859
15,233 20,005
1,303 2,495
4,744 10, 544
53, 813 69,413
4,869 4,270
75, 724
31,453 35, 719
1,270 3,976
57,332 56,670
8,989 7,147
4,600 4,856
103,644 1108,368
18,499 24,843
1,148 1,786
3,172 5,063
154 4,833
5,920 6,079
28, 893 42, 604
2,119 2,833
38,429 ! 55,353
5,041
197
2,027
301
3,519
11,084
13,165
5,531
367
2,887
235
3,825
12,844
12, 501
Tobacco sales at loose-leaf warehouses,
(pounds, 000 omitted):
Dark belt Virginia
_
Bright belt Virginia
10,197
North Carolina
_
82, 720
South Carolina
5,542
Burley
117
Western dark
75
72,000
19,469
138
74
Tobacco
October,
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
_
Ore
Merchandise 1 c 1
Miscellaneous
Total
208
191
224
146
305
186
841
61
743
50
862
44
319
190
316
222
1,218
1,923
302
247
1,137
1,820
1,161
1,850
4,981
4,670
4,917
1,028
904
249
1,118
Classified by geographical divisions1,107
Eastern
963
Allegheny
. __
264
Pocahontas
728
Southern
.
745
Northwestern
830
Central western
345
Southwestern
Total
75,652 122,602 178,271
3,322 2,824
3,149
Total grain and flour (bushels)..
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels)
Stocks at 11 interior centers at close of month
(000 omitted):
Wheat (bushels)
Corn (bushels)
_
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Heceipts at 9 seaboard centers (000 omitted):
Wheat (bushels)
Corn (bushels) __
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)..Total grain and flour (bushels)Stocks at 8 seaboard centers at close of month
(000 omitted):
Wheat (bushels)
_
Corn (bushels),.
Oats (bushels)
Rye (bushels) __
Barley (bushels)
Total grain (bushels)
_
Wheat flour production (barrels, 000 omitted).
89,533
19,007
39,726
17,708
12,296
September,
1925
4,981
696
731
736
326
947
236
693
742
821
360
4,670
4,917
BUILDING STATISTICS
192,440
Building permits issued in 168 cities, grouped
by Federal reserve districts:
Number of permits—
2,863
3,152
Boston (14 cities)
_..
_
11,375 11,688
New York (22 cities)
2,720 2,712
Philadelphia (14 cities)
5,943 6,204
Cleveland (12 cities).
127,405
3,971 3,468
Richmond (15 cities)
5,580 4,834
4,523
Atlanta (15 cities)
13, 517 14, 388
Chicago (19 cities)
147,760
2,670 2,618
St. Louis (5 cities)
2,116
1,929
Minneapolis (9 cities)
2,852 2,841
Kansas City (14 cities)
2,344 2,408
64, 012
Dallas (9 cities)
12,308 12,077
4,990
San Francisco (20 cities)
57, 986
11, 037
68,361 68,217
Total.
3,070
Value of permits (dollars, 000 omitted)141,095
14, 244 19,023
Boston (14 cities)
129, 313 105,946
New York (22 cities)
27, 424
22,299 14,656
Philadelphia (14 cities)
_.
1,295
24, 354 20,437
Cleveland (12 cities)
4,517
12,624 12,298
Richmond (15 cities)
4,526
18, 866 20,021
Atlanta (15 cities).-.
10,492
57,897 48,181
Chicago (19 cities)
7,909 9,180
St. Louis (5 cities)
48,254
4,422 5,691
Minneapolis (9 cities)
2,933
9,521 11,588
Kansas City (14 cities)..
13,252 7,734
61,453
Dallas (9 cities).
_
32,335 31,827
San Francisco (20 cities)
72,268
10,805
18,976
16,454
8,902
12,213
414
2,051
3,137
3,341
21,155
13,404
Total.
3,426
11,499
3,247
6,762
5,137
4,260
14, 581
3,125
2,071
3,458
2,639
12,193
72,398
11,284
77,444
18,335
21,949
12,307
8,571
51,278
13,815
5,187
9,287
8,431
31,652
347,036 306,582 269,540
Building 1 contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
Boston
_
37,269 45,499 29,759
New York
143,605 133,016 109, 518
Philadelphia
32, 239 31, 235 45, 230
Cleveland
71, 298 57,176 45,585
29, 780 25, 240 24,798
Richmond..
•
_
59, 822 71,167 42, 111
Atlanta
_
89, 942 116,918 63,765
Chicago...
30,994 41, 292 29, 557
fit. Louis
10, 251 12,460
8,571
Minneapolis.
11,631 12,417
Kansas City i_
_
9,175
2
13,423 19,780 13,819
Dallas
_
12, 645
67,987
Total (11 districts)
530,254 566,200 421,
1,959
270
1
227
Excluding Colorado.
888
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES
BY LINES
[Average monthly sales 1919 > 100]
=
Gen- GroDry
eral
Meat goods Shoes Hard- Drugs
ware
index ceries
1924
January
February .
March
April .
May
June
July.
.
August
September
October
November
December
80
78
80
78
77
76
78
83
92
95
84
79
80
77
80
79
81
66
63
62
61
64
64
67
68
71
78
69
66
97
98
90
81
72
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
CHANGE IN CONDITION OF WHOLESALE TRADE,BY LINES
AND DISTRICTS—Continued
Percentage change
in sales, October,
1925, compared
with—
Percentage change
in stocks at end of
October, 1925, compared with—
Septem- October, Septem- October,
ber, 1925
1924
ber, 1925
1924
Hardware:
United States...
8.7
10.6
-3.2
-2.8
New York district
...
7.0
13.2
-.5
-9.6
Philadelphia district
.4
17.2
-10.3
-12.7
Cleveland district
15.0
8.7
Richmond district
4.1
3.3
.7
-10.2
Atlanta district
19.7
25.1
77
_.
ChicagoMistrict
12.9
6.7
-2.9
-.1
St. LouisSdistrict
14.6
39.7
1.5
11.0
1925
Minneapolis district
-.9
11.2
43
89
116
80
82f
79
71
January
17.0
9.0
Kansas City'district
109
88
90
46
69
76
73
February
16.8
17.7
-2.3
2.5
Dallas^district
107
121
63
79
96
March
73
83
San Francisco district
1.6
4.0
115
65
107
75
85
79
68
April .
101
54
106 Drugs:
79
77
79
75
May
United States
10.4
3.2
.7
5.3
54
105
110
84
79
82
83
June _.
._ .
34.1
3.9
New York district
111
99
85
47
85
79
83
July
3.3
8.5
Philadelphia district
65
108
98
83
78
106
87
August.,
3.0
9.8
Cleveland district
72
120
92
109
82
112
94
September
—.4
8.1
Richmond district
132
122
77
118
101
98
89
October
__ .
0.2
15 8
Atlanta district
3.9
5.6
6.2
2.1
Chicago district
_
1
For description of the wholesale trade index see FEDERAL RESERVE
—2.3
St. Louis district
—3.6
BULLETIN for April, 1923.
4.2
44
Kansas City district.. .
34
—3 5
26
8 8
Dallas district
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
7.2
—.6
San Francisco district
AND DISTRICTS
Furniture:
Richmond district
3.9
2.9
12.4
24 8
Atlanta district
Percentage change Percentage change
St. Louis district...
6.2
19.2
-25.2
-9.7
in stocks at end of
in sales, October,
Kansas City district
0.2
.8
October, 1925, com1925, compared
15.2
9 9
San Francisco district
pared with—
with—
Agricultural implements:
United States 2
3 2
17.8
6.8
87.9
Atlanta district
Septem- October,
—40 9
Septem- October,
40
Minneapolis district
1924
ber, 1925
11.8
-6.1
1924
-15.2
ber, 1925
Dallas district
1.5
San Francisco district
—10.3
44.5
Stationery and paper:
New York district
17 7
7 5
Groceries:
Philadelphia district
8.0
—10.8
6.1
8.0
1.2
8.8
6.9
-2.0
United States
Atlanta district
—6.7
29.4
7.2
13.2
10.0
-5.5
Boston district
San Francisco district
-2.5
-11.0
16.1
11.8
.04
New York district
Automobile supplies:
4.4
.6
-11.6
Philadelphia district
San Francisco district
3.2
4.0
7.1
-5.2
Cleveland district
6.2
-2.1
4.8
Richmond district..
-4.9 Clothing: York district
New
57
—3 5
5.6
Atlanta district
6.6
St.
466.3
21.1
5.8
7.4
Chicago district
-6.3
- 3 . 9 Cotton Louis district
jobbers:
-1.4
8.8
St. Louis district
1.6
8.8
New York district
2.6
8.5
-13.2
-10.0
2.3
Minneapolis district
-2.0
Silk goods:
9.9
Kansas City district
3.8
New York district
-2.4
20.1
3 28.5
1.2
-8.8
9.5
Dallas district
-1.8
-3.7 Machine tools:
10.4
San Francisco district
3.4
New York district . . . .
2.4
51.0
Dry goods:
4.1
United States
-11.0
12.6
- 7 . 2 Diamonds:
New York district
20.1
—4.2
New York district
-1.2
17.0
Jewelry:
-7.4
Philadelphia district
20.2
.7
4.4
New York district
30.2
-4.3
4 -4.0
-4.0
Cleveland district
15.7
16.7
Philadelphia district
19.5
10.5
-4.9
1.5
Richmond district
3.8
-15.2
15.5
Electrical supplies:
Atlanta district
17.0
21.0
-7.5
Philadelphia district
39.9
9.7
-9.5
-16.9
C hicago district
23.0
-14.0
7.3
-11.1
Atlanta district
17.0
10.0
St. Louis district
-10.2
-2.1
.1
48.7
St. Louis district
15.0
22.3
-16.5
11.0
-4.0
Minneapolis district
_
8.1
San Francisco district
15.9
16 3
10.9
Kansas City district
2.6
Millinery:
-8.0
-11.8
Dallas district
4.0
3.9
Kansas City district
—43.1
—11.3
-1.2
San Francisco district
-1.2
Stoves:
Shoes:
St. Louis district
-20.6
15.3
23.0
-25.7
United States
6.2
-11.1
14.2
-20.5
Boston district
-9.0
4.1
23.5
-6.8
-8.8
New York district
19.9
2.6
6.3
1
-6.9
Philadelphia district
2.4
.9
-8.4
Changes in total stocks for the United States are weighted averages
Cleveland district
computed on the basis of firms which have reported regularly to the
19.8
15.5
-.8
Richmond district
11.2
1.2
- 2 0 . 1 Federal reserve system since January, 1923.
2
Atlanta district..
29.7
26.9
Sales of agricultural implements for the United States are compiled
C hicago district
-14.3
-33.4 by the Chicago Federal Reserve Bank from reports of leading manufac3.4
3.6
St. Louis district
-2.2
8.8
32.8 turers and include all of their domestic business.
-13.2
3
Minneapolis district
Stocks at 1st of month—quantity, not value.
-1.2
17.9
4
Includes diamonds.
San Francisco district
3.1
-11.3
83
83
83
93
100
89
83
70
79
102
116
104
88
889
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
RETAIL TRADE, BY REPORTING LINES '
[Average monthly sales 1919=100]
Sales without seasonal adjustment
Year and month
1924
July
August
September
October
November
December.-
Sales with seasonal adjustment
"53 "oS"
P
11
1
12
11
In
91
93
119
141
141
210
74
106
141
131
148
206
201
210
240
232
253
123
118
131
124
126
131
98
112
109
105
123
108
105
119
117
95
102
87
250
233
252
258
254
254
259
124
131
121
133
124
126
128
125
134
145
110
116
103
114
106
120
117
118
120
131
•a
Q
179
181
183
188
191
242 ! 198
147
151
147
156
154
153
129
141
137
137
139
142
123
138
129
122
134
142
97
102
110
102
181
179
192
194
195
188
249 207 161
243 209 161
233 185 159
255 208 164
254 201 166
257 I 203 170
269 i 201 164
255 205 171
255 206 172
306 | 219 175
141
140
135
139
140
137
137
145
142
145
141
149
127
152
129
142
134
153
135
145
112
120
116
126
116
125
140
143
136
117
193
207
186
210
202
197
185
202
204
209
214
211
221
234
230
1925
January
February
March
April...
May
June
July
August
September
October
108
101
121
136
128
126
95
98
122
165
89 ! 243
113 243
170 315
1
For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.
2 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]
Number
of reporting
firms
Federal reserve district
1924
1925
1924
1925
_ ..
Atlanta
Chicago
.
Minneapolis. . .
Dallas
San Francisco
__
Oct.
Sept.
Aug.
July
June
Oct.
Sept.
Oct.
Sept.
Aug.
July
June
Oct.
359
United States
Boston
New York
Philadelphia
Cleveland
Richmond
Sales with seasonal adjustment
Sales without seasonal adjustment
165
122
98
95
126
141
119
145
134
125
128
126
124
131
24
63
22
54
23
35
63
23
21
31
156
186
167
160
160
139
173
135
141
168
118
128
111
115
105
89
145
104
112
139
88
90
86
103
87
78
113
92
76
140
92
94
85
98
91
78
105
81
72
123
134
132
127
128
123
98
139
103
98
134
137
161
144
134
137
120
135
116
126
157
115
127
109
117
106
94
132
102
114
130
142
155
145
146
139
117
158
120
120
154
130
146
137
129
123
100
153
104
112
149
117
132
118
126
121
99
137
102
108
144
129
134
126
127
124
103
138
99
102
147
126
131
123
126
119
104
141
102
102
143
124
135
126
122
120
100
122
103
107
144
127
145
134
132
124
106
139
102
114
139
Sept.
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
Federal reserve district
Number
of reporting
firms
1924
1925
ct.
Oct.
Sept.
United States.
314
149
143
131 | 124
129
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
Minneapolis-.
Dallas
San Francisco.
24
63
13
52
19
22
51
22
19
29
132
148
210
141
138
124
168
122
135
147
125
140
195
137
135
121
159
120
134
140
114
113
124
120
179 i 164
120
126
119
118
103
113
140
149
106
111
111
123
129
133
112 | 135
128 i 146
174
171
129
146
123
143
126
107
170
143
121
109
133
114
147
128
Stocks with seasonal adjustment
Stocks without seasonal adjustment
1924
1925
Sept.
148 | 137
125
133
160
136
128
118
158
115
129
140
Oct.
Sept. I Aug.
July j June
134
133 | 131
133 ! 135
132
128
117
133
188
126
119
111
150
112
119
136
118 ]
131
181
128
122
111
148
115
119
133
122
130
176
127
127
110
150
112
120
135
120
131
153
130
124
112
152
111
118
136
118
124
148
126
116
108
148
110
114
133
120
128
182
126
120
114
143
113
117
132
: 118
i 134
!
i
!
I
1
180
132
131
112
152
114
120
135
Oct. I Sept.
890
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
FOREIGN BANKING AND BUSINESS CONDITIONS
THE NEW CENTRAL BANK OF CHILE
After a period of inconvertibility and exchange fluctuation dating back into the last
century, the Government of Chile has recently
promulgated legal measures providing for financial reorganization and the establishment of the
gold exchange standard. These measures,
which were prepared by a commission of financial advisors headed by Dr. E. W. Kemmerer,
contemplate the creation of a central bank of
issue and rediscount and the establishment of a
new par for the Chilean peso at 0.183057 grams
of fine gold, equal to 12 cents United States
currency, or about one-third the previous
theoretical par of 18 British pence.
Note issue.—The new bank, which will be
known as the Central Bank of Chile, will have a
monopoly of note issue in the country. Fiduciary circulation of subsidiary coin will continue
to be a function of the Treasury, but the volume
of such circulation will be subject to the approval of the officials of the new bank. The
existing note issue is to be redeemed or replaced by notes of the new bank, which assumes
complete liability for the paper currency now in
circulation. The bank will also act as fiscal
agent for the Government and as a clearing
house, and will be empowered to receive deposits without interest from the Government, the
public, and other banks. Deposits in current
account at the central bank from other banks
operating in Chile, both foreign and national,
will be counted as legal reserves. Reserve
requirements for ordinary commercial banks,
both foreign and national, will be 20 per cent
of demand deposits and 8 per cent of time deposits, to be carried in cash or as deposits at
the new bank, and reserve requirements for the
central bank will be 50 per cent of deposit and
note liabilities combined, to be carried in the
form of gold at home or earmarked abroad or of
deposits in recognized banks of high standing
abroad. In case the ratio of the central bank
falls below 50 per cent, a progressive deficiency
tax becomes operative and the discount rate
must be raised to at least 7 per cent plus a
rate equal to at least one-half the rate of the
deficiency tax. To maintain stability of exchange, notes of the bank will be redeemable on
demand of bearer, at the bank's option, in
gold coin or bars, or in foreign drafts payable
in gold, and, conversely, notes will be issued
against all tenders of gold and foreign exchange.
It is provided that in case of failure to redeem
its notes at par, the bank will be declared
"bankrupt on account of suspension of payments77 and liquidated forthwith.
Discounts and investments.—-Paper eligible
for discount and rediscount at the bank for
other banks and for the public is limited by
law to liquid commercial paper having not
more than 90 days to run, except in case of
agricultural paper, which may be rediscounted,
with certain limitations on volume, up to six
months. To be eligible for purchase by the
central bank, commercial paper must bear
two first-class signatures, with the exception
that collateral in the form of bills of lading
and warehouse receipts covering goods in
process of production, manufacture, transportation, or sale, may be substituted for one
signature. It is also provided that singlename drafts by member banks on foreign
banks of not more than 90 days maturity
may be purchased, and member banks are
further permitted to rediscount indorsed bills
and notes up to 90 days secured by high-grade
mortgage and corporation bonds, provided the
total amount of paper so secured does not
exceed 25 per cent of the member banks7
capital and surplus.
Investment of the central bank in Government securities is limited to 20 per cent of its
paid-up capital and surplus and requires the
approval of six out of the ten directors of the
bank. With the approval of not less than
eight directors, this limit can be raised to
30 per cent for a period not exceeding six
months. The bank is absolutely prohibited
from dealing in the stocks and bonds of private
corporations, in its own shares, in paper
secured by its own notes, or in real estate
other than such as may be necessary for its
own use, or may be received in satisfaction of
debts previously contracted. The bank is also
prohibited from discounting paper the proceeds of which have been or shall be used in
the purchase of corporation securities or for
speculative purposes, or paper to finance the
purchase of permanent investments such as
land, mines, buildings, furniture, machinery,
or automobiles.
Discount rates.—Rates of discount and
rediscount will be fixed by the directors of the
bank and may vary for different types and
maturities of paper, but must be the same for
comparable types of paper throughout the
DECEMBER, 1925
Republic. No member bank will be permitted to rediscount paper upon which it is
charging its customers more than 2J^ per
cent above the central bank discount rate for
the same type and maturity.
Capital.—The initial capital of the bank is
fixed at 150,000,000 pesos, of which 20,000,000
pesos will be furnished by the Government and
the remainder by the member banks and by
public subscription. All commercial banks
operating in Chile, foreign as well as domestic,
must become member banks and subscribe
to the capital of the bank an amount equal to
10 per cent of their combined capital and surplus. In case of foreign banks having branches
in Chile, the capital and surplus ascribed to the
Chilean branch will be computed at not less than
the ratio which the total assets of the Chilean
branch bear to the total assets of the bank.
Distribution of profits.—Of the profits, at
least 20 per cent must be added to surplus until
the surplus is equal to one-half of the paid-up
capital and thereafter 10 per cent until the
surplus equals the capital, though under certain
conditions larger proportions than the foregoing may be applied; 5 per 7 cent must be
applied to a special employees benefit fund,
and out of the balance cumulative dividends
will be paid to stockholders at a rate not to
exceed 8 per cent on the paid-up capital.
Out of any remaining profits additional dividends up to 12 per cent may be paid or a dividend
reserve maintained, but an amount equal to
that so used must be paid to the Government
as a franchise tax. If any profits still remain,
they will be divided 75 per cent to the Govern-
891
FEDERAL RESERVE BULLETIN
ment as franchise tax and 25 per cent to the
stockholders.
Administration.—The bank will be under
the control of a board of directors of 10 members, serving for three years each and eligible
for reappointment. Of the 10, three will be
appointed by the Government, two will be
elected by the national member banks, one
by the foreign member banks, and one by the
public stockholders. In the election of these
members, the basis will be one vote for each
share of stock. The other three members will
represent the agricultural, manufacturing, and
mining interests, and labor.
Sources of
gold reserve.—To
provide
a
sufficient gold reserve for the bank to inaugurate its activities, and in return for its assumption of liability on account of the existing
paper circulation, the Treasury will turn over
to the bank the pledges of nitrate, deposits in
the Banco Espanol, and gold holdings now held
in the office of issue and elsewhere as security
for the existing issue of notes and in addition
such proportion of the gold now held in the
conversion fund as will be necessary at the new
par to cover all obligations of the Government
on the "billetes fiscales" and "valores de
tesoreria" outstanding. The remainder of
gold in the conversion fund may be used by the
Government toward the subscription of its
share in the capital of the bank and toward
the retirement of existing bonds carrying the
privilege of circulation. Provision is made for
the cancelation by the Treasury of all bonds
bearing the circulation privilege, and a loan
to facilitate this exchange is authorized.
892
FEDERAL RESERVE BULLETIN
DECEMBER, 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]
GERMANY
ENGLAND
[Millions of pounds sterling]
[Millions of reichsmarks]
1924
1925
1925
OctoOctoSepber
tember August ber
Bank of England:
Issue departmentGold coin and bullion
Notes issued
Banking departmentGold and silver coin
Bank notes
...
Government securities _
Other securities
Public deposits
Other depositsRatio of gold and note reserve
to deposit liabilities (per
cent)
Bank notes in circulation *
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments
Total deposits
_
_
Total clearings
Government floating debt:
Total
Treasury bills
Temporary advances
Index of security prices (December,
1921=100) (per cent)
Index number of foreign exchange
value of the pound sterling (per
cent)
148
168
159
178
161
181
127
146
2
25
30
74
11
103
2
34
37
76
27
102
35
70
22
104
23
42
76
14
111
23.8
87
292
27.4
89
293
30.8
88
295
19.8
101
285
112
1,082
260
1,627
3,629
112
1,075
255
1,613
2,996
117
1,063
257
1,611
3,039
104
1,045
311
1,634
3,414
772
638
134
775
644
131
770
626
144
116.0
116.2
130.9
131.6
Reichsbank:
Gold fit homfi
Gold abroad
__
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits..
Reichsmarks in circulation
Rentenmarks in circulation
_.
Reichsbank clearings
6 Berlin banks:»
Cash
Bills
Due from other banks
Miscellaneous loans
Deposits
.
Index of security prices (Jan. 2,1925=
100) (Der cent)
Capital issues
126.6
1,080
126
348
1,630
682
618
2,803
1,816
4,650
116.2
126.5
OctoSepOctober
tember August ber
789
619
170
116.7
1924
1
1 076
' 99
319
1,717
460
620
2,649
1,833
4,382
1 045
93
357
1,765
471
701
2,595
1,834
4,433
454
240
231
2,340
952
709
1,781
1,980
2,974
122
1,013
583
2,333
4,140
66.16
70
70.35
31
70.97
37
61
Bimonthly statements.
ITALY
[Millions of lire]
1925
1924
September
August
July
1,133
2,006
10,457
12,407
7,067
2,452
1,132
2,007
10,412
12,363
7,068
2,538
1,132
1,988
9,755
12,208
7,068
2,685
1,132
1,832
6,941
10,413
7,348
2,842
963
I 2,100
1
211
4,560
504
13,222
2,100
229
1,007
8,814
4,621
499
13,375
2,100
234
912
8,374
3,938
397
12,458
2,400
231
September
1
Notes issued, less amounts held in banking department and in
currency note account.
FRANCE
[Millions of francs]
Bank of France: l
3,683
Gold reserve
310
Silver reserve
.__
War advances to the Government 29,950
46,679
Note circulation
Total deposits
_. 2,517
Three commercial banks:
Demand deposits
Bills
Other loans
Clearings, daily average of Paris
banks
46.15
Price of 3 per cent perpetual rente"
1
3,683
310
28,900
45,557
2,176
3,683
311
27, 750
44,702
2,429
3,680
303
22,700
40,529
1,968
18,164
17,147
11,924
4,730
14,854
10,706
4,262
971
45.40
909
49.85
951
47.70
Banks of issue: 1
Gold reserve .
Total reserveLoans and discounts .
Note circulation for commerce
Note circulation for the State
Total deposits...
Leading private banks:
Cash
Loans and discounts
Due from correspondents..
Participations
Total deposits
State note issue
-Index of security prices (per cent)
i Not including gold held abroad.
JAPAN
[Millions of yen]
Not including gold held abroad.
CANADA
1925
[Millions of dollars]
1925
September August
Chartered banks:
Gold coin and bullion *
Current loans and discounts
Money at call and short notice
Public and railway securities
Note circulation
Individual deposits
_
Gold reserve against Dominion notes.
Dominion note circulation
Bank clearings 2
Bank d e b i t s 3
1
54
1,128
371
564
170
2,209
102
200
1,332
2,196
Not including gold held abroad.
54
1,100
338
571
164
2,110
116
209
1,248
2,090
2
1924
July
OctoSepOctober tember August ber
September
54
1,100
330
576
158
2,090
116
209
1,331
2,248
Total for month.
54
1,142
254
566
163
2,031
98
210
1,364
2,198
1924
Bank of Japan:
Reserve for notes i
Loans and discounts
Advances on foreign bills..
Note circulation
Government deposits
Private deposits
Tokyo banks:
Cash on hand
Total loans
Total deposits
...
Total clearings
1
1,030
323
99
1,354
240
31
1,057
311
83
1,322
232
33
1,057
400
51
1,371
249
32
1,061
377
109
2,341
1,864
3,241
113
2,343
1,888
3,364
137
2,352
1,900
2,936
108
2,614
1,859
2,586
Gold abroad, gold coin and bullion in Japan.
230
38
893
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES
1924
1925
1925
Octo- Sep- August October tember
ber
Austrian National Bank (millions
of schillings):
Gold
Foreign bills (reserve)
Other foreign bills
Domestic bills, etc
Note circulation
Deposits
National Bank of Belgium (millions of francs):
Gold
Foreign bills and balances abroad.
Bills
Note circulation
Private deposits
National Bank of Bulgaria (millions of leva):
Metallic reserve
Foreign notes
Balances abroad and foreign bills.
Commercial bills
Commercial loans
Notes in circulation _
_
Deposits
Banking Office, Czechoslovakia
(millions of Czechoslovak crowns):
Gold and silver
Balances abroad and foreign currency .
Bills discounted
Advances on collateral
Note circulation
Deposits
Bank of Danzig (thousands of
Danzig gulden):
On deposit with Bank of England, foreign bills, etc
Loans and discounts
Notes and circulation
Deposits
National Bank of Denmark (millions of kroner):
Gold
Bills
Loans
Foreign bills and balances abroad.
Note circulation .
Deposits
_.
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 Finnish marks):
Gold
Balances abroad, etc Finnish and foreign government
securities
Domestic bills
Note circulation
DepositsPrivate
Treasury
National Bank of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securities.
Discounts and loans...
Note circulation
.
Private depositsSight...
Time
11
403
15
504
61
109
853
30
15
503
73
83
841
30
15
501
88
73
836
40
238
821
50
273
30
1,135
7,653
132
272
30
1,264
7,582
245
272
30
1,336
7,616
174
270
17
1,346
7,630
292
146
3
449
445
491
4,190
1,992
152
3
542
412
480
4,221
1,954
77
4
863
1,030
1,030
1,031
1,050
728
591
474
7,919
504
702
559
467
7,839
484
659
568
478
7,695
467
659
997
710
8,586
559
4,496
35,043
18,113
34,043
5,664
42,891
18, 522
35, 296
9,343
32,094
21,809
33,444
3,387
28,454
18, 270
27,060
13,101
209
68
19
134
454
61
209
71
21
124
430
61
209
76
23
144
442
75
210
250
59
26
495
76
48
242
1,735
2,758
2,250
2,637
1,621
76
228
1,693
3,066
2,250
2,613
1,584
43
1,341
43
1,165
43
1,065
43
520
395
331
1,271
395
363
1,279
395
365
1,268
494
781
1,258
74
255
87
220
33
158
30
124
2,724
3,794
3,333
5,548
2,531
3,793
3,304
5,303
2,399
3,978
2,407
4,754
1,942
993
2,106
1,004
1,669
1,070
2,250
1924
Octo- Sep- August October tember
ber
National Bank of Hungary (billions of Hungarian crowns):
Gold.
Foreign exchange
..
Bills, etc.
Note circulation..
Deposits—
Public...
Private.Bank of Java (in thousands of
florins):
Gold
Foreign bills
Domestic bills
Loans
Note circulations
Bank of Latvia (thousands of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (thousands of
litas):
Gold
Foreign exchange reserve
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of
florins):
Gold.
Domestic bills _
Foreign bills
Loans
Note circulation..
Deposits
_
Bank of Norway (millions of
kroner):
Gold
Loans and discounts
Balances abroad- .
Note circulation
DepositsState
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 Rumania (millions of lei):
Gold.
Bills
Government loans
Note circulation. .
Deposits
738
2,531
1,685
5,440
631
2,334
1,734
5,103
631
2,171
1,564
4,991
2,094
235
2,048
152
1,817
131
132,086 132,310
29, 582 32,010
17,173 17, 627
107,102 86, 230
323, 632 315,127
503
1,657
1,872
4,635
148,784
17,685
34,326
105,509
276,063
23, 550
33,535
63,130
49, 749
29, 539
70,701
54, 818
23, 551
33,967
61,594
48,479
29,441
70,864
52,817
23, 538
32,801
60,906
47, 510
29,456
72,209
51, 306
23, 598
50,358
42 866
40,672
26,000
80,162
51, 332
32,158
29, 649
44,208
84, 653
14,852
33,648
24,768
41,735
81,091
13,451
33, 565
25,931
38,981
79, 590
16,434
28,932
58,903
33,828
86,919
33,995
418
90
244
126
881
34
418
83
243
128
879
34
414
90
243
116
863
26
489
138
54
165
957
23
147
310
66
366
147
309
66
372
147
308
61
378
140
417
37
386
19
71
19
65
66
4,000
817
2,245
6,160
849
4,030
953
1,929
6,067
788
4,044
968
1,808
6,030
762
4,126
713
1,366
5,520
599
132
61
290
382
132
72
292
397
132
63
285
440
101
242
245
504
12
89
12
93
2
43
4
48
9
287
181
1,680
69
9
239
182
1,665
67
9
212
187
1,631
54
9
305
162
1,747
61
566
8,462
11,774
20,494
7,952
566
8,339
10,787
20, 649
7,830
565
7,901
10, 787
20,153
7,966
45
52
894
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
1925
1924
1925
1924
OctoSepber tember August
October
SepOctober tember August
October
State Bank of Russia (note issuing
department; thousands of chervontsi):
18,484
Gold
Foreign currency
4,676
Loans and discounts
52,486
Banknotes
76,569
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
74
Gold
Foreign currency and balances
419
abroad
Bills
1,052
Note circulation. _
6,158
Deposits
492
South African Reserve Bank
(thousand of pounds sterling):
6,124
Gold coin and bullion
Gold certificates
1,708
Total bills discounted
7,079
Domestic bills
137
Foreign bills
4,586
Union Governmentitreasury bills. 1,470
British Government treasury
885
bills
Notes in circulation
9,126
Bankers' deposits
5,106
18,476
4,676
52,494
75,664
16,838
4,685
46,938
70,277
13,140
10,070
32,589
56,211
74
73
72
419
995
6,097
583
427
958
5,965
815
386
1,354
5,990
202
5,099
4,502
6,506
841
2,780
2,000
3,585
6,036
6,234
6
2,843
3,000
551
10,223
4,351
1,970
651
800
885
9,158
4,815
385
9,519
5,234
930
10,209
4,812
Bank of Spain (millions of pesetas):
Gold
Balances abroad
Bills discounted
.
Note circulation
Deposits
Bank of Sweden (millions of kronen-):
Gold....
Balances aboard and foreign
bills and securities
Domestic bills
Swedish Government securities..
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Domestic bills
Loans
Balances abroad and due from
correspondents
Note circulation
Deposits
2,537
28
814
4,459
959
2,537
28
695
4,376
965
2,537
28
753
4,297
978
2,535
3a
88a
4,529
231
232
233
240
201
204
13
523
102
204
229
13
551
107
185
244
13
511
144
106
312
14
536
123
465
293
45
491
290
42
511
291
42
505
285
76
54
841
77
45
845
87
48
819
134
73
882
117
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Rate
I n effect
since—
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark
England
9
7
10
S e p t . 3,1925
N o v . 30,1925
A u g . 31,1924
6H D e c .
9 Mar.
5V2 S e p t .
Dec.
5
1,1925
6,1925
8,1925
3,1925
Country
Esthonia
Finland
France
Germany
Greece
Hungary
India
Italy
Bate
10
7y2
6
9
10
7
6
7
In effect
since—
July
Oct.
July
Feb.
Aug.
Oct.
Dec.
June
1,1925
29,1925
9,1925
26,1925
18,1925
21,1925
3,1925
18,1925
Country
Japan
Java__
Latvia
Lithuania. _.
Netherlands
Norway
Peru..
Poland
Rate
7.3
6
8
7
VA
5
6
12
In effect
since—
Apr.
May
Feb.
Feb.
Oct.
Sept.
Apr.
Aug.
15,1925
3,1925
16,1924
8,1925
2,1925
14,1925
1,1923
12,1925
Country
Portugal
Rumania
Russia
South Africa
Spain
_
Sweden
Switzerland.
Yugoslavia. _
Rate
9
6
8
5H
5
4H
3H
6
In effect
since—
Sept. 12,1923
Sept. 4,1920
Apr. —1924
Nov. 21,1924
Mar. 23,1923
Oct. 9,1925
Oct. 22,1925
June 23,1922
Changes.—National Bank of Belgium, from 5M to 6M per cent on November 5, 1925, and from 6H to 7 per cent on November 30, 1925;
National Bank of Greece, from 8H to 10 per cent on August 18, 1925; Banking Office of Czechoslovakia, from 7 to 6H per cent on December 1,
1925; Imperial Bank of India, from 5 to 6 per cent on December 3, 1925; Bank of England, from 4 to 5 per cent on December 3,1925.
895
FEDEKAL RESERVE BULLETIN
DECEMBER, 1925
FOREIGN TRADE OF PRINCIPAL COUNTRIES
FOREIGN COUNTRIES
UNITED STATES
[Thousands of dollars]
12 months ended
October—
1925
12 months ended
October—
1925
October
September
1925
1924
IMPORTS
By classes of commodities:
Total
Crude materials
Foodstuffs, crude, and food
animals
_
_
Manufactured foodstuffs _ -.
Semimanufactures _
Finished manufactures
Miscellaneous
By countries:
Total Europe
France
Germany-.
Italy
United Kingdom
Total North America
Canada
_.
Total South America
Argentina
_.
Total Asia and Oceania
Japan
Total Africa
374,104
350,005 4,082,946
3, 560, 261
151,144
142,198 1,624,117
1,199, 470
44, 278
33,192
65,713
77, 224
2,553
45,247
33,110
58,021
65,370
6,059
478,388
432,311
741,229
782, 212
25, 261
422, 311
527, 773
638,742
747,820
24,144
115,834 100,370 1,212,970 1,074,070
15,675 12,843 155,922
145,411
15,703 15,067 151,851
141, 589
9,680
6,724 100,502
77,430
37,717 31,288 408,223
348, 082
81,987 76, 548 966,756
997, 035
47,115 37,356 440,480
401,807
38,789 44,321 513,966
452,095
4,003
77,185
5,603
72,348
133,989 123,239 1,300,153
968,395
39,079 47,970 375, 695
333,699
3,506
5,526
89,676
October September
France (million francs):
Imports
Exports...
Germany (million gold marks):
Imports
_
Exports
Italy (million lire):
Imports
Exports
_
_
United Kingdom (thousand £
sterling):
Imports
Exports
Reexports
Canada (thousand dollars):
Imports
Exports
_
Japan (million yen):
Imports
Exports...
South Africa (thousand £ sterling) :
Imports
Exports
4,317
3,850
41,493
44,067
39,669
40,008
1,119
851
1,104
780
13,890
8,620
7,487
6,242
1,856
1,800
1,719
1,589
25,826
17,963
18,449
13,826
108,839
67,082
13,377
97,925 1,324,613
783,799
60,735
150,607
10,526
1,240,445
787,789
136,338
80,800
144,520
78,663
865,240
109,574 1,210,684
818,896
1,089,105
165
227
164
233
5,699
8,735
4,940
7,351
August
Denmark (million kroner):
Imports
Exports
1,304,495 Finland (millionfinmarks):
Imports.
323,466
Exports
573,692 Netherlands (million guilders):
605,797
Imports
1, 575,317
Exports
6,521 Norway (million kroner) :
90,525
Imports
_
_
Exports
2,330,421 Russia (thousand rubles):
278,377
Imports
391,933
Exports
_
178,437
964, 820 Sweden (million kronor):
Imports.
1,084,409
209,659
131,579 1,453, 585
19, 312 34,179 374,884
51,474 52, 659 583,750
50,751 50,058 660,352
151, 070 143,470 1, 764,887
7,657
753
655
88,158
7,621
7,688
282,702 228,379 2,697, 642
34,051 20, 545 287,199
56,481 52,117 504,270
17,392 12, 793 217, 682
121,394 90,334 1,052,151
96,491 102,819 1,121,376
55, 798 63,338 638,109
31,135 29,006 380, 828
9,661
12,144
139, 373
73,421 53,107 650,882
33,170 18,012 229,055
6,861
7,008
82,440
623,016
300,960
111, 806
695, 882
265,094
68,139
Exports
._
Australia (thousand £ sterling)
Imports
Exports.
India (million rupees):
Imports
Exports
2,578
2,247
2,407
1,710
12 months ended
September—
1925
490, 609 420,319 4,933,179 4,479,813
1924
4,476
4,375
EXPORTS
By classes of commodities:
Total
Crude materials
Foodstuffs, crude, and food
animals
Manufactured foodstuffs...
Semimanufactures __
Finished manufactures
Miscellaneous
Reexports
_
By countries:
Total Europe
France...
Germany. _
Italy
United Kingdom
Total North America
Canada
Total South America
Argentina
Total Asia and Oceania
Japan
_
Total Africa....
1925
1925
1924
146
149 |
164
161
2,253
2,112
2,280
2,057
540 !
448
4,929
5,704
4,840
4,617
195
178
192
174
2,452
1,824
2,253
1,571
119 |
93 j
120
87
1,527
1,117
979
76.300 !
69,100
45,700
51,300
633,189
506,424
125
132
119
127
1,414
1,336
1,402
1,236
9,428
10.301
12,501
10,442
153,807
160,293
145,313
124,942
185
281
188
292
2,320
4,156
2,403
3,667
702 i
I
896
FEDEKAL RESERVE BULLETIN
DECEMBER, 1925
INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES
Statistics of industrial and commercial activity for Canada, England, France, and Germany for the third quarter of 1925 are presented below, continuing the series wnich
appeared on page 684 of the September
BULLETIN. In general there is no evidence of
marked change between conditions in the third
quarter of 1925 and the preceding three months.
In a number of cases it will be noted that the
figures, whether of production or trade, were
considerably larger in September than in
August, while such figures as are available for
October, including those of foreign trade, arewell above those of September.
The most noticeable changes indicated by
these data are found in the figures for Germany
for the third quarter of the current year compared with those of the same period in 1924.
Unemployment has diminished to one-third;
production of iron and steel has greatly increased; coal output shows little change, but
coal imports are smaller and exports considerably larger. A similar increase may be noted
in trade, both in the freight-car loadings and
in ship arrivals, and the principal items of exports and imports show decided improvement.
The statistics of foreign trade for the leading
commercial countries show that the international exchange of goods is noticeably
larger this year than last, almost all countries
reporting an increase both in imports and
exports. In every country included*in the list,
except Denmark and India, imports for the
current year are above those of last year;
for every country except England exports are
larger, and in England the decline in exports is
less than 1 per cent, while reexports have risen
by more than 10 per cent. For the Netherlands, Sweden, and Japan, both imports and
exports have increased, but the increase in
exports has exceeded the increase in imports,
thus reducing the import balance. This fact
is particularly true of Japan, where the import
balance of 697,000,000 yen for the L2 months
ended October, 1924, has fallen to 331,000,000
yen in the 12 months ended October of this
year, exports having increased by over 30
per cent.
ENGLAND
1925
September
Production:
Coal (thousand long tons)
_
Pig iron (thousand long tons)
Steel ingots and castings (thousand long tons)
2
Raw cotton, visible supply (thousand bales)
Foreign trade:
ExportsIron and steel and manufactures (thousand long
tons)
._
I
Cotton manufactures (million yards)
i
Coal (thousand long tons)
Imports—
I
Raw cotton (million pounds)
!
Raw wool (million pounds)
I
Raw hides, wet (thousand pounds)
I
Transportation:
Ships cleared with cargo 3 (thousand tons)
Freight-train receipts (thousand pounds sterling)
Freight-train traffic (million ton-miles)
Unemployment:
Among trade-unionists (per4cent)4
In insured trades (per cent)
Capital issues (thousand pounds sterling)
i Five weeks.
2
End-of-month and end-of-quarter figures.
August
Total for
third quarter,
1925
July
Total for
Total for
second
third quarter,
quarter, 1925
1924
17,207
449
640
i 20,174
445
477
680
18,908
493
590
784
56, 288
1,387
1,708
686
59,094
1,655
1,835
940
63,854
1,774
1,866
273
364
3,902
348
3,272
307
375
4,442
868
1,087
11,616
895
1,054
12, 746
905
1,129
15,661
80
29
11, 281
66
28
10,476
63
42
11,691
209
99
33,448
311
230
37,229
216
110
50,173
5,234
4,809
7, 588
1,339
5,645
9,284
1,665
15, 688
15,455
24, 938
4,356
17,164
26,363
4,692
11.4
12.0
33,664
11.4
12.1
2,650
11.2
11.2
18, 576
11.3
11.8
54,890
10.6
11.4
98, 921
8.0
10.4
31,005
J
Figures include Irish Free State.
4
Figures for quarters are averages.
DECEMBER, 1925
897
FEDERAL KESERVE BULLETIN
INDUSTRIAL STATISTICS FOR FOREIGN
COUNTRIES—Continued
FRANCE
1925
September
Production:
Coal»(thousand metric tons)...
Pig iron (thousand metric tons)
Crude steel (thousand metric tons)
Cotton stocks at Havre 2 (thousand bales)
Foreign trade:
ExportsTotal volume (thousand metric tons)
ImportsTotal volume (thousand metric tons)
Raw cotton for consumption (metric tons) _. _
Raw silk (metric tons)
_
Coal (thousand metric tons)
_
Transportation:
!
Ships cleared with cargo (thousand tons)
Railway receipts (thousand francs)
Freight-car loadings (average daily number)
Unemployment:
Number in Paris receiving aid 3
Demands 3 employment not filled (number men in
for
France)
_
August
Total for
Total for
Total for
second
third quarter,
third quarter,
quarter, 1925
1925
1924
July
5,189
717
632
73
713
617
73
4,509
724
625
106
14, 592
2,154
1,874
73
14,843
2, 095
1,783
148
14,957
1,933
1,745
67
2,667
2,293
2,442
7,402
7,304
7,591
4,651
18,477
538
1, 636
3,807
12, 254
473
1,481
3,709
16,827
400
1,366
12,169
47, 558
1,411
4,483
11,207
71, 688
1,297
4,067
14, 574
39, 985
2,327
6,438
« 1,038,267
64,107
3,224
788,189
60,143
3,620
* 938,393
58,037
10, 232
2,764,849
10, 290
2,331,414
59,191
2,374, 630
60,608
75
97
111
6,338
6,101
7,178
60, 796
1
3
i
Coal and lignite, including Lorraine and the Saar.
2
Bale of 50 kilos. End-of-month and end-of-quarter figures.
75
171 |
6,932
59
6,344
6,338
End-of-month and end-of-quarter figures.
Five weeks.
GERMANY
Total for
third quarter,
1925
Production:
Coal (thousand metric tons)
Lignite (thousand metric tons)
Pig iron (thousand metric tons)
Crude steel (thousand metric tons)
Foreign trade:
ExportsIron and its manufactures (metric tons)
Machinery and electrical supplies (metric tons).
Dyes and dyestuffs (metric tons)
Coal (metric tons)
_
Imports—
Raw wool (metric tons)
Silk, half manufactured (metric tons)
Cotton (metric tons)
Iron ore (metric tons)
Coal (metric tons)
Ship arrivals in Hamburg (thousand net reg. tons)
Freight-car loadings (thousand tons)
Unemployment:
Number receiving State aid*.
Among trade-unionists (per cent) 2
Business failures
1 End-of-month and end-of-quarter figures.
Figures for quarters are averages.
2
Total for
Total for
third quarter,
second
1924
quarter, 1925
1,031
33, 656
35, 062
2,387
2,810
30, 690
31 544
"% 798
3,288
33,467
30,307
2,097
2, 588
291,848
37, 852
11,309
1,319,332
264,433
38,225
13,439
1,350, 706
864,321
124, 975
35, 628
3, 913,806
765, 293
119, 581
34,631
3,395,326
398,566
94,433
24,415
474,333
5,560
838
17, 598
814, 823
558, 688
1,277
8,462
723
18,377
1, 860,420
230,130
1,431
4,958
11,327
680
19, 678
1, 262,951
380, 686
25,349
2,241
55,653
3,938,194
1,169,504
4,149
30, 779
2,038
81,567
3,465,122
2,256,169
4,382
13, 680
13,81&
1,211
33,454
539, 648
3,012,904
3,763
9, 607
266, 062
4.5
914
230, 727
4.3
751
197, 248
3.7
797
266, 062
4.2
2 462
195,099
3.8
2,260
513,496
11.8
2,87ft
11,355
11,949
735
308,040 j
10,880
1,243,768 j
11.061
11,463
766
900
11,240
11, 650
1,441
5,127
898
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES—Continued
CANADA
1925
September
Production:
Pig iron (thousand tons)
_.
Crude steel (thousand tons)
_
Railway receipts (thousand dollars)
___
Unemployment among trade-unionists (per cent) *
Business failures (number)*
_
Authorized capital of new companies (thousand dollars)2...
Bond sales (thousand dollars)
Receipts of wheat at Fort William and Port Arthur
(thousand bushels)
_
Receipts of livestock at stockyards in Toronto and Winnipeg:
Cattle (number)
_
Hogs (number)
Foreign trade:
ExportsPlanks and boards (million feet)
Preserved fish (thousand pounds)
_
Wood pulp (thousand pounds)
Wheat (thousand bushels)
ImportsCoal (thousand tons)
_
Raw cotton (thousand pounds)
_
Machinery (thousand dollars)
1 Figures for quarters are averages.
2
Average for weeks reported.
August
Total for
third quarter,
July
1925
Total for
Total for
second
third quarter,
quarter, 1925
1924
I
92
82
85
111,611
5.1
36
16, 616
186,622
169
252
90,961
7.3
42
19,893
87, 748
5.9
37
10,508
316,549
53,528
19,256
21,465
51,026
57,122
189,144
137,986
128,476
208,367
174,434
150,861
224,022
13,179
148,742
15,336
220,747
9,803
148,625
13,097
682,686
41,819
490,196
44,309
507,816
18,229
400,687
29,620
543,391
37,096
377,565
34, 587
1,807
4,343
2,882
1,519
4,159
2,745
4,921
14,248
8,330
3,412
23,221
7,371
4,113
10,464
5,837
35
37
40,922
5.7
41
16,472
106,105
27
25
35,685
4.4
30
19, 792
74,116
45, 688
1,178
73,233
38,041
64,885
42,823
237,917
18,837
192,829
15,876
1,595
5,746
2,703
21
22
35,004
5.2
38
13,584
6,401
899
FEDERAL RESERVE BULLETIN
DECEMBER, 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.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
(1913=-100)
ALL COMMODITIES
On paper currency basis
Year and month
England! France
1923, average.
1924, average.
Canada
Converted to gold basis
Japan
ice
Canada
170
176 I
188
200
159
160
124
121
147
145
183
166
180 i
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
178
178
175
171
166
164
163
161
158
157
January
February
March
April
__
May
June
July
._
August
September.
October
November.
December..
150
147
178 j
1924
394
446
456
457
463
460
467
483
490
491
482
481
156
158
153
148
149
147
148
150
146
146
208
204
197
191
189
195
195
197
197
194
175
175
171
168
166
164
163
161
158
157
127
125
124
124
125
119
119
119
118
110
156
157
153
148
149
147
148
150
146
146
160
168
162
160
159
161
161
162
161
159
1925
January
February...
March
April
May
June
July
August
September.
October
GROUPS OF COMMODITIES t
Grouped by stage of
manufacture
Year and month
UNITED STATES
1924—October
1925—May
June
July
AugustSeptember. _
October
ENGLAND
1924—October
1925—May
June__
July
August
September __
October
FRANCE
1924—October
1925—May
June
July-
All
cornmodi'
ties
Con- DoImRaw Pro- sum- mesported
ma- ducers' ers'
tie
terials goods goods goods goods
159
162
163
165
164
165
164
165
169
169
170
168
170
167
146
145
144
146
144
142
142
158
163
165
169
171
170
171
160
164
165
167
166
167
165
146
139
143
146
143
144
144
175
166
164
163
161
158
157
171
164
161
161
160
158
155
168
154
151
151
149
145
147
187
181
181
180
174
173
168
175
167
165
163
160
157
155
174
162
162
164
165
163
161
442
467
483
490
469
486
495
510
423
454
468
472
534
530
555
578
442
460
471
486
411
453
481
472
Grouped by stage of
manufacture
Grouped b y
origin
Export
goods
Year and month
FRANCE—contd.
167
1925—August
171
September. _
173
October
174 !
172
CANADA
171
162
1924—October
1925—May..
June
174
July
165
August
163
September . _
165
October
161
JAPAN
154
153
1924—October
454
462
483
513
1925—May
June.
July
August
September—
October
All
commodities
Grouped by
origin
Ex1
port
Con- DoImgoods
Raw- Pro- ! sum- mesma- ducers' ers'
tic ported
terials goods goods goods goods
491
482
481
506
499
492
487
485
488
480
463
469
473
461
458
580
584
593
515
5ie
528
148
149
147
148
150
146
146
137
137
137
134
136
129
128
151
152
151
150
149
149
149
161
164
161
167
171
170
172
147
148
147
147
150
145
144
157
154
154
154
154
154
159
160
171
166
162
166
152
147
206
189
195
195
197
197
194
211
205
206
202
205
206
199
212
188
196
201
204
203
198
202
181
189
189
190
190
190
208
189
195
195
197
198
196
200
188
196
195
196
196
184
204
189
197
202
202
208
206
i Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,
June,*192i, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922.
70922—25f
5
900
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
ALL COMMODITIES
[Pre-war=100]
Europe
Year and
month
1924
January
February
March
April .
May
.
June
July . .
August
September.
October
November
December
_
-
1925
January...
February
March.. .
April
May
_ _
June
July . .
August
September .
October
November
139
138
141
137
131
127
127
Finland
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
1,024
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
L, 078
,094
L, 095
1,090
,088
,085
,111
L, 117
,114
1,120
L, 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
559
567
577
575
3,275
3,309
3,272
3,244
3,177
3,225
3,041
2,870
2,834
1,045
1,048
1,034
1,020
1,006
998
1,009
993
996
989
977
234
234
230
220
216
21G
206
189
168
163
158
171
169
166
163
159
158
158
157
156
155
1,137
L, 141
,131
L, 133
L 122
514
515
514
513
520
543
557
558
556
572
138.2
136.5
134.4
131.0
131.9
133. 8
134.8
131.7
125. 9
i23.7
159
152
145
144
141
141
136
134
135
658
660
659
658
660
683
707
731
721
716
160
158
155
151
151
153
155
155
155
154
279
281
276
267
260
258
254
245
231
221
120
121
122
119
118
119
120
124
127
128
172
178
183
195
197
191
188
175
173
174
175
Belgium
Europe—Continued
Year and month
1924
January
February
March
April
May
June
July .
August
September
October.
November _
December
fanuary
February
March
April
May
June
July .
August
September
October
November
1925
Germany
(Federal
France Statistical
Bureau)
England
Bul- Czecho- Den- (Board
slo- mark^
garia vakia *
of
Trade)
580
642
625
555
557
565
566
547
550
555
569
566
Austria
(gold
basis)
M29
1,118
1,142
1,133
1,121
178
180
180
184
179
179
182
182
184
186
181
198
19i
192
193
190
191
187
188
184
185
187
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
154
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
^56
160
158
154
154
152
169
169
168
163
162
161
161
159
157
171
171
170
166
163
162
161
160
159
159
157
160
161
161
156
155
157
160
160
160
158
165
165
162
157
159
159
199
194
206
206
200
200
198
200
205
205
204
163
163
160
158
159
163
162
162
162
160
159
160
154
Africa
•
Aus- China Dutch India Japan New Egypt South
P3ast (Caltralia (Shang- Indies cutta) (Tokyo) Zealand (Cairo) Africa
hai)
161
162
162
161
160
158
157
160
163
167
167
168
158
160
157
157
NorItaly Nether- way Poland Russia»
lands (Oslo)
\sia and Oceania
j North and South America
United
States
Switzer- (Bureau Canada Peru
Spain Sweden land^ of Labor
Statistics)
Hungary
(gold
basis)
152
149
149
153
155
157
159
158
157
163
160
160
159
158
180
178
177
178
174
177
177
175
173
179
178
177
176
175
174
173
175
176
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
157
213
210
204
202
199
200
198
200
201
200
178
175
175
175
175
174
175
175
157
161
155
154
15 L
150
151
151
152
153
160
157
158
160
175
131
126
125
13.
130
130
127
* 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
*t 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, numbo r
of commodities, and period of the month to which thefiguresrefer may be found on page 48 of the January, 1924, issue of the BULLETIN.
DECEMBER,
901
FEDERAL RESERVE BULLETIN
1925
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
GROUPS OF COMMODITIES
U N I T E D STATES—BUREAU OF LABOR STATISTICS
[Pre-war=100]
Bureau of Labor Statistics groups
All
commodities
Federal Reserve Board groups
Raw materials
Cloths Fuel Metals Build- Chem- House MisPro- Conand
furFarm
and
and
ing
prod- Foods cloth- light- metal mate- icals nish- cellaMin- Total duc- sumAniand
ers'
ers'
prod- rials drugs ing neous Crops mal Forest eral raw goods goods
ucts
ing ucts
ing
goods
prod- prod- prod- mateucts
ucts
ucts
1923, average
1924, average
1924—October
November..
December... _
1925—January
February
March
AprilMay.
June
July
August
September..
October
141
143
149
150
157
163
162
161
153
152
155
162
163
160
155
154
150
152
153
157
160
161
161
156
155
157
160
160
160
158
144
144
152
154
158
160
157
159
154
153
155
157
159
160
158
200
191
188
190
191
191
191
191
190
188
188
189
190
189
190
185
170
162
163
165
168
178
174
169
168
173
172
170
169
172
144
135
127
129
133
136
136
134
129
127
126
126
127
127
128
189
175
171
172
175
179
183
180
174
174
171
170
172
174
174
131
130
132
134
135
135
135
134
134
133
133
133
135
136
135
183
173
171
172
172
173
173
170
170
170
170
169
169
168
168
ENGLAND—BOARD OF T R A D E
SepOcto- tem- Auber
ber gust
168
172
172
176
186
196
193
183
173
176
175
173
175
168
162
122
120
130
124
129
133
136
148
141
134
141
154
155
155
147
155
164
148
167
176
150
120
131
194
181
158
156
166
159
166
170
151
121
130
204
179
157
157
166
164
161
174
152
123
132
207
177
157
159
154
156
155
161
167
169
169
161
160
162
166
168
166
162
Groups
July June October
158
166
159
154
185
153
125
132
210
176
157
141
133
129
131
132
134
136
135
131
131
135
137
134
131
133
156
156
161
163
16T
169*
167
168*
166
164
165
167
168>
169
166
158
167
163
154
185
152
126
130
214
175
154
170
179
187
160
101
165
138
139
224
209
160
1924
1925
1924
All commodities
All commodities
_.
Total food
Cereals
_
Meat and fish
Other foods
Total, not food
Iron and steel
Other minerals and metals..
Cotton
Other textiles
Other articles
185
170
165
166
169
172
175
173
168
167
167
168
170
172
174
210
186
181
182
187
193
201
196
187
189
181
180
185
184
184
ITALY—CHAMBER OF C O M M E R C E
1925
Groups
123
117
120
123
129
127
125
125
129
131
138
143
138
135
138
rials
All foods
Vegetable foods __
Animal foods
All industrial products
__
Textiles
Chemicals
Minerals and metals
Building materials
Other vegetable products
Sundries
SepOcto- tem- Auber
ber gust
672
689
658
732
664
763
609
638
709
660
648
676
692
660
738
670
776
615
640
703
665
653
685
686
665
715
684
827
620
657
692
674
658
July
668
652
617
700
675
821
616
645
664
664
649
June October
634
622
594
661
639
759
581
609
642
673
611
563
563
519
627
563
677
518
547
560
520
548
CANADA—DOMINION BUREAU OF STATISTICS
FRANCE—STATISTICAL BUREAU
All commodities
All foodsAnimal foods
Vegetable foods
Sugar, coffee, cocoa
All industrial material
Minerals.._
Textiles.
Sundries
. .
572
491
485
496
480
637
585
830
578
556
492
486
490
495
607
522
807
564
558
501
500
496
500
604
519
812
557
557
508
499
520
486
597
506
804
554
543
497
466
535
465
580
495
784
535
497
455
452
456
447
531
435
744
488
All commodities
Vegetable products
Animal products
Textiles.
Wood products
Iron products
Nonferrous metals
Nonmetallic minerals
Chemicals
Raw materials, or partly manufactured
Manufactured, fully or chiefly _.
Producers' goods
Consumers' goods
160
173
138
193
159
149
107
178
158
158
170
135
195
• 159
151
105
177
158
159
174
133
194
159
152
103
177
158
157
169
132
193
157
155
97
180
155
157
161
156
156
155
159
155
154
156
160
158
153
154
159
154
149
GERMANY—FEDERAL STATISTICAL BUREAU
SWITZERLAND i-DR. J. LORENZ
All commodities
!
Total food products
Grains and potatoes
Fats, sugar, meat, and fish_.
Colonial goods, coffee, cocoa,
etc
_
Total industrial products..
Hides and leathers
Textiles
Metals and minerals
_.
Coal and iron
Domestic goods
Imported goods
124
118
103
146
126
121
106
150
132
130
120
147
135
134
129
136
134
133
129
134
131
129
120
147
181
134
123
192
131
120
115
166
181
135
125
189
132
121
118
165
175
135
123
190
134
121
125
165
179
136
126
191
131
123
129
166
175
135
122
188
129
123
128
162
165
135
125
197
120
122
125
161
1925
Groups
All commodities
C onsumers' goods
Agricultural products
Industrial products..
i First-of-month figures.
1924
No- Oc- Sep- Auvem- tober tem- gust
ber
ber
157
173
113
155
159
173
117
160
159
174
117
159
160
174
115
160
NoJuly vember.
161
176
119
159
169
181
127
170
902
FEDERAL. RESERVE BULLETIN
DECHMBBB, 1925
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war=1001
European countries
United
States
(51
Austria Bel- Bul- EngGer- Italy Nethcities) (Vienna)* gium' garia land* ! Francemany (Mier(Paris)
lan) lands
Other countries
Norway
Aus- India New South
Zeatralia (Bom- land Africa
bay)
Swit- CanRus- ! zer; land ada i
1924
January
February-March
April
May
June
July
August
September.
October
November..
December..
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
126
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
240
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
1925
January
February, _.
March
April
May
June
July
August
,
SeptemberOctober
November-.
151
148
148
148
149
152
157
157
156
158
27,168
27,065
26,796
26,448
27,037
27,031
26,550
25,739
25,294
25,186
140
137
134
127
122
127
130
135
140
3,131
3,163
3,128
3,100
3,032
3,083
2,906
2,744
2,710
178
176
176
170
167
166
167
168
170
172
172
408
410
415
409
418
422
421
423
431
433
137
U45
146
144
141
146
154
154
153
151
590
610
624
620
599
599
602
621
643
156
157
157
155
154
152
152
152
152
149
277
283
284
276
265
261
260
254
241
205
208
211
217
221
219
218
210
208
215
217
168
168
168
166
165
167
167
165
165
163
145
147
145
142
141
141
141
146
146
147
148
149 I
151
152
154
155
156
156
156
152
152
155
153
151
149
152
147
146
148
149
147
147
149
149
150
149
151
152
153
120
120
121
124
123
122
120
119
118
118
INDEX NUMBERS OF COST OF LIVING
[Pre-war=100]
Other countries
European countries
Massachu- Bel- Czech- Eng- Essetts gium oslo- land' thovakia
nia
1924
January
February
March
April
May
June
July
August
SeptemberOctober
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
1925
January
February.. .
March
April
May
June
July
August
SeptemberOctober
158
157
158
158
158
159
160
161
161
162
521
517
511
506
502
505
509
517
525
533
534
899
911
904
901
894
914
916
894
884
180
179
179
175
173
172
173
173
174
176
176
N o vGin her
875
1
95
94
98
104
108
109
113
110
114
112
111
112
114
NethSwitFin- France Ger- Hun- Italy er- Nor- PoSwe- zer- Can- Aus- India South
land (Paris) many gary (Mi- lands way land Spain den land ada » tra- (Bom- Africa
lan)
lia bay)
1,155
1,143
1.141
1,121
1,121
1,147
1,154
1,198
1,199
1,219
1,222
1,217
1,199
1,191
1,210
1,201
1,176
1,191
1,218
1,266
1,242
1,228
110
104
107
112
115
112
116
114
116
122
123
123
123
101
118
107
104
128
140
138
135
141
141
143
510
517
521
522
518
518
512
511
516
546
563
573
124
'136
136
137
136
390
138
143
145
145
401"
144
141
135
132
130
131
130
126
127
126
124
580
592
602
600
591
596
598
610
624
365
366
367
377
386
First of the month figures.
»1921-100.
179
236
173
244
176
258
181
266
179
271
179
259
179
248
121
127
126
127
126
124
127
135
141
150
152
153
178
176
190
180
195
i.73
180
186
182
171
180
189
185 ""l74"
175
190
169
168
168
166
166
168
169
166
166
169
170
170
150
149
148
145
143
143
143
145
146
146
147
147
150
151
151
149
147
148
152
151
152
155
188
189
192
191
188
190
190
190
190
168
168
167
165
165
165
166
164
165
163
149
150
148
147
146
146
146
148
148
149
178
"vn
176
"I75~
150
149
148
148
153
158
156
153
150
150
153
156
160
160
160
161
160
133
134
134
134
134
133
132
132
132
133
134
133
157
157
159
158
156
154
157
152
151
153
153
133
133
133
134
134
134
133
132
132
132
1
Revised index.
< January, 1921-100.
NOTB.—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.
DECEMBER, 1925
903
FEDERAL RESERVE BULLETIN'
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR OCTOBER AND SEPTEMBER, 1925
[Amounts in thousands of dollars]
Total bills and
securities
Total cash
reserves
Total deposits
Federal reserve notes
in circulation
Reserve percentages
Federal reserve bank
October
Boston
.__
New York
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City__.
Dallas
__..
San Francisco.
Total: 1925
1924
1923
1922
1921
1920
1
September
September i October
October
108,050
287,292
95,387
122,615
59,073
67,925
150,990
64,210
43,581
73,097
59,135
123,986
75,716
294,676
90,061
113,033
64,527
59,755
123,384
64,141
47,045
61, 038
50,193
120,329
1,163,898
930,965
1,123,472
1,113,343
1,740,474
3,329,481
2,867,444
3,124, 202
3,194,285
3,211,513
2, 905,727
2,162,178
215,163
309,026
87,540
164,216
365,695
60,050
76, 012
97,157
64,500
264,649
149, 624
857,189
135,902
180,532
70,239
83,064
329,671
82,556
54,523
90,417
63,321
169,404
2,872,807
3,156,623
3,187,000
3,192,420
2,836,396
2,139,280
2,266,442
2,208,309
1,919,312
1,876,362
1,728, 029
1,867,589
219,129
i 1,255,341
1,005,742
1,150,593
! 1,184,700
| 1,640,740
j 3,390,089
241,173
September
927,626
211,175
303,159
103, 791
169,368
345,427
65,493
83,457
83,116
59,849
262, 592
143,529
837,174
132,921
178,536
67,813
77,786
327,393
53,952
91,293
60,190
165,374
2,214,359J
2,188,401
1,908,193
1,866,300
1,716,162
1,912, 070
Octo- September
ber
September
October
163, 666
357,292
148,436
226,340
84,752
157,371
147,303
41,074
67,823
47,614
205,263
159,703
352,528
150,215
223,566
76,146
147,960
145,574
40,276
65,221
65,854
46,084
206, 501
79.1
74.3
74.5
67.0
70.4
72.4
53.0
68.2
52.9
53.9
70.1
79.5
78.0
76.0
76.9
60.8
72.7
77.3
50.6
63.8
61.8
60.7
71.2
1,713,723
1,769,354
2,276,388
2,309,013
2,456,121
3,336,768
1,679,628
1,750,498
2,264,090
2,225,457
2,493,910
3,275, 535
72.0
78.5
76.1
76.7
69.4
143.1
73.8
80.1
76.4
78.0
67.4
*43.3
Kansas
City
Dallas
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]
Total
Gold with Federal reserve
agents:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Gold redemption fund with
U. S. Treasury:
Oct.28
Nov. 4
Nov. 10
Nov. 18
Gold held exclusively against
Federal reserve notes:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Gold settlement fund with
Federal Reserve Board:
Oct. 28
Nov. 4
Nov. 10.
Nov. 18._
Gold and gold certificates held
b y banks:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total gold reserves:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Reserves other than gold:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Boston
1,377,127 111,395
1,332,277 108,613
1,356,016 86,466
1,355,579 82,581
47,770
49,994
50,732
62,443
5,000
7,105
8,571
11, 672
1,424,897 116,395
1,382,271 115,718
1,406,748 95,037
1,418,022 94,253
New
York
Phila- Clevedelphia | land
124,6081
122,560:
127,6811
127,248;
182,507
182,481
181,857
182,468
8,924! 8,034
7,814! 10,091!
6,690 11,006
10,389 13,447
3,820
2,642
1,974
2,087
345,431
345,431
370.347
370.348
354,355
353,245
377,037
380, 737j
132,642j
132,651
138,687!
140,695i
186,327
185,123
183,83]
184,555
Chicago
58,811 119,117 114,953
57,905 103,551 114,897
61,738 102, 776 114,846
72,083 86,558 114,846
2,247
2,357
2,680
1,331
3, 573
4,071
3,780
5,274
4,717
3,783
2,792
6,614
St.
Louis
15, 762
16,028
15,839
15,512;
Minneapolis
56.393
58,446
63,802
64,954
38,107:
31,125:
30,361
34, 594
1,283
2, 624
1,100
2,295
859 1,716
1,080! 2,191
3,136
3,779
4,255
2,562
22,527
18,863
18,322
19,848
1,717'
2,369!
2,448j»
2,211
San
Francisco
187,516
172,377
181,981
184,539
2,695
2,588
3,961
3,585
61,058 122,690 119,670
60,262 107,6221 118,680
64,418 106,556| 117,638
"~ " ' Ql.«32 121.4fiO
"
73,414 91,832 121,460
17,045
17,128
16,698
.16,592j
59,017
60,741
65,518
67,145
41.243
34,904
34,616'
37,1561
24,244
21,232
20,770
22,059
31,087
26,590
10,068 31,008
11,071
12,222 37,924
16, 791 45, 784
190, 211
174, 965
185, 942
188,124
116,102
129,031
135,798
136,550
20,365
20,880
26,027
18, 262
16,535
23,021
19,866
19,793
11,029
11,451
11,804
7,861
3,145
3,335
3,355
3,225
85,207
79,64:
80,257
80,515
12,327!
11,398
11,634i
11,574
7,639
7,446
7,452
7,072
206,175 1,007,933 198,493 294,442 103,174
204, 715
992,087 213,028 291,477 109, 764
186,083
995,879 209,720 294,904 103,076
178, 539 1,006,675 202,890 293,170 108, 865
152,657
141,795
140,952
124,908
320,979
327,353
333,693
338,525
49,737;
49,406
54,359
46,428]
83,191
91,208
92,836
-94,010
72,406
65,2641
70,3141
77,187!
44,102
44,237
45,081
49,168
249, 260
242, 229
252, 219
261,884
7,756
7,124
14, 924
14, 723
15,^96
16,968
_
10,224
10,294
11, 512,
1,679
1, 730
1,636
1,992
3,964|
3,651
4,143!
5,946
5,573
5,822
4,086,'
5,924
5,685
6,012
5,893
6,209
47,870
45,380
46,215
39,037
291,206
275,004
254,416
252,710
40,598!
59,558
52,425
42,698
58,338
55,936
64,059
60,306
641,063
637,040
634,530
639,245
41,910
43, 617
44,831
45, 249
362,372
363,838
364,426
373,228
25, 253
20,819j
18,608
19,4971
49, 777
50,418
47,014
48,309
110, 511
107, 718
111, 386
122,836
Atlanta
26,822
30,838
31,041
29,851
716,589
753,252
737,838
724,982
2,782, 549
2, 772,563
2,779,116
2,782,249
Richmond
15,874
15,186
17,14<
18,952
25,873
25,313
27,490
6,358
7,428
7,709
8,157
7,402
8,397
6,798
8,544
n
"
38,051
26,854
27, 590
nn
5,152
4,674
4,578
5,988
7,014
30,991
35,610
4,573
9,790
4,2711 11,934
4,707 12,089
4,421; 10,318
28,041
28,871
28, 353
27,976
904
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES-Continued
[In thousands of dollars]
Total reserves:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nonreserve cash:
Oct. 28
Nov. 4
Nov. 10
Nov. 18.
Bffls discounted:
Secured by U. S. Government obligations—
Oct. 28.
Nov. 4
Nov. 10
Nov. 18
Other bills discounted—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total bills discounted:
Oct. 28
Nov. 4
,
Nov. 10
,
Nov. 18
Bills bought in open'market:
Oct. 28
1
Nov. 4
Nov. 10
Nov. 18
U. S. Government securities:
Bonds—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Treasury notes—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Certificates of indebtedness—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total IJ. S. Government securities:
Oct. 28
Nov. 4
N*v. 10
Nov. 18
Other securities:
Oct. 28
Nov. 4
Nov. 10—
Nov. 18...
Foreign loans on gold:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total bills and securities:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
D ue from foreign banks:
Oct. 28
Nov. 4_
Nov. 10
Nov. 18
Uncollected items:
Oct. 28
Nov. 4
Nov. 10.
Nov. 18_
St.
Louis
Minneapolis
335,903
342,076
348, 789
355,493
59,635
59,630
64,653
57,940
94,472 74,457
96,002 81,273
7,722
6,844
6,428
6,663
2,720
2,954
2,720
3,290
792
637
700
762
43,457
36,948
29,741
8,944
9,024
6,611
8,555
17,973
19, 608
17,965
21, 339
32,403
32,077
29,133
26,867
23,274
25, 797
22, 661
28,324
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
1,033,806
1,015,083
1,021,192
1,034,165
204,851
220,456
217,429
211,047
301,844
299,874
301,702
301,714
108,326
114,438
107,654
114,853
160,413
148,919
147,912
131,922
3,951
4,980
4,362
4,502
19,411
14,372
17,326
15,845
1,016
1,269
1,354
1,276
3,536
3,983
3,519
3,335
3,247
3,684
4,003
2,985
3,146
3,253
293,285
330,229
276,229
280,534
12,197
10,563
12,860
14,143
92, 559
127,955
90,582
89,476
32,923
28,741
27,912
31,904
47,959
39, 201
42,034
43,113
12,963
13,269
14,816
13,433
5,301
6,189
4,
296,709
306,109
288,431
285,832
22, 674
30,464
31,786
27,529
63,318
62, 554
58, 501
26, 765
21,206
17, 796
22,036
29,606
34,137
35,616
39, 423
32,142
29,940
27,880
26,296
564,660
566,366
34,871
41,027
44,646
41,672
156,255
191,273
153,136!
147,977
59,688
49,947
45, 708
53,940
77, 565
73,338
77, 650
82, 536
45,105
43,209
42,696
39, 729
328,717
342,453
352,687
354, 980
64,769
67,691
76,581
81,261
36,394
32,391
32,309
26,252
17,826
16,416
16,091
15,158
13,629
13,287
11,944
10, 612|
56,020
57,632
57,632
56,352
537
537
537
529
1,257
1,257
1,257
1,257
7,965
7,965
7,965
7,965
1,191
1,191
1,191
1,191
248,477
243,740
243,122
244,272
2,251
1,993
1,993
52,307
58,837
56,007
58,342
21,989
21,989
21, 989
21,989
4,253
4,252
4,253
4,253
33,254
32,655
5,932
5,952
5,452
1,555
1,320
5,190
4,115
1,026
1,026
1,026
1,026
324, 757
330,225
334,008
333,279
9,071
8,462
8,482
7,974
55,119
61,414
62,454
63,714
Total
Boston
New
York
2,893,060
2,880,281
2,890,502
2,905,085
222,049
219,901
203,227
197,491
52,932
46,901
47,167
49,546
20,260
3,220
3,220
3,720
3,150
252
281
355
422
1,250,087
1,316,036
1,259,874
1,263,476'
108,963
117,461
130,064
131,329
918
1,026
1,296
1,539
76,370
68,915
Dallas
San
Francisco
50,048
49,810
50,903
55,092
254,945
248,241
258,112
268,093
2,325
1,970
1,804
1,930
1,775
1,588
1,692
1,626
2,799
2,431
2,565
2,782
2,064
2,890
1,011
3,778
5,358
5,013
6,509
2,876
4,771
3,283
1,618
31,842
39,156
31,577
31,279
21,904
22,132
15,995
22,071
3,753
3,487
3,087
3,051
10,900
12,545
12,242
12, 680
6,242
6,534
6,058
7,010
28,651
30,661
28,319
19, 029
70,702
75, 534
66,081
56, 608
30,848
31,156
22,606
30,626
5,817
6,377
4,098
6,829
16,258
17, 558
16,141
19,189
9,118
11,305
9,341
8,628
60,493
69,817
4,724 39,848
5,043 50, 533
5,147 55,806
5,111 65,667
33,836
35,074
34,583
35,006
18,520 14,199
19,858 11,451
20, 585 9,286
23, 945 8,177j
29,873
30,620
28,367
24, 558
29,909
31,132
29,225
27, 529
25,190
28,957
32,763
31,704
860
842
842
845
19,9281
19,928|
19,928!
19,928|
1,422
1,521!
1, 521
1, 522
7,558!
7,558!
7,558|
7,5571
8,139
9,639
8,339
6,522
6,553
6,553
6,577
56
56
56
57
12,402 24,504
12,403 23,153
12,406 24,611
12,406 23,626)
18,8731
9, 020
9,020;
9,0201
9,020
22.980
22.981
23,482
23,282
22,528
22,529
22, 779
22,779
38,942
36,282
36,281
36,281
1,540
1,410
1,510
1,660
4,937
7,596
7,597
7,597
I
1,656
1,734
1,766
1,932
5,444
5,443
5,444
5,444
1, 732
14,918
14,979
15,014
15,183
45,554
43,775}
45,611J
45,286
18,873j
18,8731
18,873!
1,122^
694!
93
1,072 j
20,388
20,487
20,487
20,488
16,578,
16,578}
16,5781
16,5771
3,120
3,120
3,120
3,050
3,800
4,799
5,701
33,117
34,618
35,119
33,619
50,308
30,590 43,935
30,492 43,934
30,842 43.934
31,016 43.935
100
100
600
100
364
407
514
610
100,013! 122,538
286,104 88,899 S 118,012
249,195 84,428 121,088
239,482 91,741] 124,738
139
156
197
234
524 j
662|
7871
156
175
221
262
112
125
158
188
136
152
192
228
119
133
168
200
238
266
336
399
55,453 78,179
53,897 91,465
53,541 93,678
50,586 109,408
150,561'
154,907
146,9371
137,6871
69,912
71,676
63,899
75,321
36,706
34,531
30,120
31,771
79,484
83,048
80,419
77,694
69,736
73,062
69,576
67,373
129,856
142,974
136,929
126,346
82,606 34,838
86,6811 37,754
84,683! 40,057
99.677 1 43,737
15,756!
15,874
16,394
17,4251
43,252
44,179
43,673
48,281
28,142
28, 111
31,965
32,604
41,436
41,661
42,627
48,575
180
202
254
302
640
640
640
671
640
640
640
671
684,027
687,010
702,177
816,673
19,063 30,980
19,063 30,980
19, 063 30,980
19,063 30,
84,870
Kansas
City
60,503
66,907
65,146
73,641
152,799
148,293
162,239
187,307
61,018)
60,1231
60,276
72,834!
61,719
56,652
58,772
73,252
63,722 38,236
60,615 40,160
57,948 38,397
72,463 46,877
DECEMBER,
905
FEDERAL RESERVE BULLETIN
1925
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY W E E K S - C o n t i n u e d
RESOURCES—Continued
[In thousands of dollarsi
Total
Bank premises:
Oct. 28.
Nov. 4_
Nov. 10_
Nov. 18 _
All other resources:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total resources:
Oct. 28
Nov. 4
Nov. 10....
Nov. 18.
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
61,557
61,593
61,632
61,809
17,183
17,189
17,189
17,252
1,296
1,296
1,334
1,334
7,
7,948
7,948
7,948
2,446
2,446
2,446
2,446
2,780
2,780
2,780
2,780
18,120
18,282
18,089
18,108
_
4,190
4,190
4,190
4,190
148
133
139
181
4,014
4,329
4,300
4,243
325
258
273
277
343
344
367
376
556
601
463
385
2,204
2,195
2,192
2,173
399,804 1,476,539 368,519 497,291 234,022
413,572 1,486,010 372,301 486,366 235,332
407,128 1,472,081 365,094 491,700 225,299
411,334
378,509| 512,011 244,367
285,815
288,504
288,105
296,413
__J 4,960,423
5,010,743
I 4,980,081
i 5,115,368
Chi-
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
4,724
4,749
4,750
4,750
3,047
3,047
3,047
3,066
4,686
4,691
4,691
4,772
1,834
1,834
1,834
1,834
3,324
3,324
3,324
3,338
I
992i
1,065!
1,1831
1,290i
333
332
334
340
2,846
2,893
2,794
2,925
891
766
751
771
1,335
1,323
1,283
1,204
4,133
4,043
4,010
3,943
585,883!
599,6721
596,119'
608,909'
172,162
177,095
176,413
185,378
144,017
149,920
147,527
151,951
207,008
203,569
205,795
214,721
8,099J
152,870
155,728 442,674
157,253 447, 567
159,733 453,077
LIABILITIES
Federal reserve notes in actual
circulation:
Oct. 28
Nov. 4
Nov. 10.
Nov. 18
Deposits:
Member bank—reserve account—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Government—
Oct. 28__
Nov. 4.._.
Nov. 10
NOT. 18
Foreign bank—
Oct. 28
Nov 4
Nov. 10
Nov. 18
_.
Other deposits—
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total deposits:
Oct. 28-_
Nov. 4
_
Nov. 10
Nov. 18
Deferred availability items:
Oct. 28__
Nov. 4.
Nov. 10
Nov. 18
Capital paid In:
Oct.28._
Nov. 4
Nov. 10
Nov. 18...
Surplus:
Oct.28_.
Nov. 4
Nov. 10
Nov. 18
All other liabilities:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Total liabilities:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
1,694,771 164,806
1,713,422 168,290
1,711,275 169,034
1,708,050 168,351
354,789
361,153
353,995
356,779
143,723
145,741
144,973
142,744
224,713 84,534
223,445 86,828
225,180 88,007
222,410 88,456
2,227,212
2,245,629
2,232,173
2,260,822
145,124
152,526
146,578
143,223
868,831
858,537
857,179!
864,565j
133,695
133,377
131,556
135,689
78,827 316,641
178,235
171,912 70,267 83,336' 325,787
172,692 67,069 84,158! 324,156
184, 778 69,197 84,070 322,598
38,670
30,383
22,294
24,975
4,636
4,095
2,634
2,546
10,689
4, 566j
6,040!
4,132
3,210
1, 616
1,306
1,410
1,319
2,178
1,515
2,297
1,859
692
1,112
1,085
12,071
11,473
11,988
12,999
134
150
150
150
10,753!
10,509
11,520
168
188
188
188
193
217
217
217
107
107
107
19,311
27,515
22,288
23,103
162
2301
170
193
9,975
16,2971
12,265
11,458
222
572
252
473
1,001
1,042
2,297, 264
2,315,000
2,288,743
2,321,899
150, 056
157,001
149,532
146,112
900,248!
889,394
885,993
891, 675
137,295
135,753
133,302
137, 760
617,350
631,239
628,462
733,512
59,027
62,353
62,581
70,836
116,602
116,653
116,659
116,813
8,606
8,606
8,553
8,553
32,045
32,097
32,149
32,153
11,521
11,521
11,521
11,521
13,044
13,044
13,044
13,090
5,9811
5,979
5,979
5,978
4,646
4,648
4,647
4,657
15,624
15,624
15,624
15,718
5,121
5,122
5,127
5,127
217,837
217,837
217,837
217,837
16,382
16,382
16,382
16,382
58,749
58,749
58,749
58,749
20,059
20,059
20,059
20,059
22,462
22,462
22,462
22,462
11,701
11,701
11,701
11,701!
8,950
8,950
8,950
8,950
30,426
30,426!
30,4261
30,426|
16,599
16,592
17,105
17,257
927
940
1,046
1,100
4,033
3,922
4,057
4,105
629
671
686
703
1,37
1,343
1,401
1,422
1,041
1,055
1,045|
1,072!
1,119
1,193
1,246
1,328
4,960,423
5,010,743
4,980,081
5,115,368
399,804
413,572
407,128
411,334
1,476,539
1,486,010
1,472,081
1,498,965
368,519
372,301
365,094
378,509
497,291
486,366
491,700
512,011
234,022! 285,815
235,332 288,504
225,299 288,105
244,367' 296,413
155,734 145,873
156,222 146,799
156,695! 147,406
155,818 148,251
40,377 66,815 65,914 46,678
40,546 67,275 66,502 47,390
40,040 67,353 66,290 47,141
39,586 67,990 66,849 46,640
200,815
203,231
205,161
204,176
78,149 49,340 86,273
82, 597 54,310 83,260
79,808 51, 726 85,118
54,792
60,921
63,218
63,370
62,467
162,688
166, 502
168, 763
167,212
2,074
1,615
1,348
I""
1,855
1,889
1,133
2,761
4,781 2,269
3,583! 5,242
l,781j 2,091
2,159 1,821
1,599
2,031
1,470
2,231
1,838
1,699
839
1,478
2,541
1,177
1,025
1,286
74
249
280
280
280
83
60
67
67
67
72
81
81
81
126
142
142
142
5:
101
61
934
937
852
854
953
1,206
749
1,278
218
194
179
527
1,163
1,268
1,171
5,130
5,535
5,280
5,778
180,748
175,349
175,517
188, 626
70,522 83, 734
71,212 87,103
68,331
70,471 86,429
320, 093
332,246
327,379
325,553
80, 784
85, 927
82,120
86, 925
51,456
56,270
52,811
56,626
89, 413
85,681
87,492
91,446
126,675 55,292 54,952
140,695 58,556 50, 723
137,138 54,553 54,096
155,504 65,722 64,001
60,243 31,632
58,557 30,388
50,236 30,484
66,689 39,231
1^334
79
146
43
82
93
63,116
64,996
64,865
64,383
169, 799
174,068
175,318
175,893
13,978 37,681 30,162J
14,603 37,360 30,418
15,539 37,973 32,317
15,566 42,386 35,782
40,968
40,478
42,160
48,092
3,184
3,186
3,184
3,185|
4,264
4,263
4,262
4,262
4,331
4,332
4,337
4,337
8,235
8,231
8,232
8,232
9,971
9,971
9,971
9,971
7,497J
7,497
7,497
7,497
8,97
8,977
8,977
8,97^
7,592
7,592
7,592
7,592
15,071
15,071
15,071
15,071
2,157
2,117
2,189
2,101
879
881
865
926
1,0871
1,143
1,087
759
786
801
80:
991
1,000
1,001
999
1,605
1,595
1,625
1,613
585,883
599,672
596,119
608,909
172,162
177,095
176,413
185,378
144,017
149,920
147,527
151,951
207,008
203,569
205,79f
214, 72:
71,710 35,030
72,460 34,648
73,095 38,290
42,843
152,870 436,493
155,728 442,674
157,253 447,567
159,733) 453,077
906
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
FEDERAL RESERVE BANES—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
fin thousands of dollars]
Total
Boston
New
York
Richmond
Phila- Clevedelphia land
Atlanta
Chicago
Minneapolis
St.
Louis
Kansas
City
Dallas
San
Francisco
MEMORANDA
Ratio of total reserves to deposit and Federal reserve
note liabilities combined
(per cent):
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Contingent liability on bills
purchased for foreign correspondents:
Oct. 28.
Nov. 4
Nov. 10
Nov. 18
Own Federal reserve notes held
by Federal reserve b a n k :
Oct. 28
Nov. 4
Nov. 10...
Nov. 18
72.5
71.5
72.3
72.1
70.5
67.6
63.8
62.8
82.4
81.2
82.4
82.8
72.9
78.3
78.1
75.2
74.4
75.2
75.3
73.4
69.9
72.4
68.9
72.3
67.0
61.2
60.9
54.5
72.1
71.4
73.5
75.0
49.2
47.1
52.9
45.8
71.8
75.2
78.6
77.0
49.2
45.3
48.4
51.3
45.6
44.3
45.4
49.6
68.8
65.8
67.8
70.5
36,849
36,811
37,063
36,848
2,734
2,717
2,717
2,7171
9,882
10,012
10,264
10,049
3,435
3,414
3,414
3,414
3,952
3,928
3,928
3,928
1,958
1,946
1,946
1,946
1,515
1,505
1,605
1,505
5,098
5,066
5,066
5,066
1,699
1,689
1,
1,
1,219
1,211
1,211
1,211
1,478
1,468
1,468
1,468
1,293
1,285
1,285
1,285
2,586
2,570
2,570
2,570
312,301
298,889
315, 613
318,803
21,896;
19,030
19,139j
19,137
110,381
110,056
123, 226
116,621
34, 513
31, 846
33, 535
36,932
18,027
16, 668
16, 509
21,891
15,016
15,936
13, 590
14,846
24,333
22,069
21, 910
21,420
17,504
17,424
19,577
18,946
6,695
6,291
6,609
6,236
3,279
2,892
3,010
2,165
7,317|
7,027!
7,4751
7,648;
6,356
4,980
4,688
5,414
46,984
44, 670
46,345
47,647
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills'discounted:
Oct. 28
Nov. 4
m
f
Nov. 10._._
Nov. 18
_
_
Bills bought in open market:
Oct 28
Nov. 4
Nov. 10
__
Nov. 18
_
Certificates of indebtedness:
Oct 28
Nov. 4
Nov 10
Nov. 18
.
Within 15
days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to
6 months
589,994
636,338
564, 660
566,366
451,142
497,635
439,780
438, 585
37,471
38,974
35,232
36,883
62,859
62,158
56,540
55,854
30,389
28,832
23,663
25,107
7,675
8,458
9,134
9,627
328, 717
342, 453
352, 687
354,980
95,272
97, 943
105, 640
101,396
58,526
64,062
60, 529
64,868
88,301
86, 618
98,609
105,985
70,404
79,029
71,671
66, 519
16,214
14,801
16,238
16,212
20,260
28, 853
33, 254
32, 655
3,149
2,563
6,453
4,878
Over 6
months
517
2,346
1,860
1,870
1,380
4,689
6,145
4,689
4,689
458
281
311
310
10, 562
18,275
20,215
20,742
DECEMBER, 1925
907
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars}
I
Federal reserve notes received
from comptroller:
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Federal reserve notes held by
Federal reserve agent:
Oct. 28
Nov. 4
Nov. 10
,
Nov. 18
Federal reserve notes issued to
Federal reserve bank:
Oct. 28
Nov.4
Nov. 10
-._
Nov. 18
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Oct. 28.
Nov.4
Nov. 10
Nov. 18
Gold redemption fund—
Oct. 28
Nov.4....
Nov. 10
Nov. 18
„.
Gold fund, Federal Reserve
Board—
Oct. 28
_.
Nov.4
Nov. 10
Nov. 18
Eligible paper—
Oct. 28
Nov.4
Nov. 10
Nov. 18
Total collateral—
Oct. 28
Nov.4
Nov. 10
Nov. 18
70922—25t
San
Francisco
New
RichPhilaBoston York delphia Cleve- mond Atlanta Chiland
St.
Louis
2,928,964
2,924,912
2,931,570
2,923,655
262,282
259,500
257,353
253,468
748,750
747,269
748,981
745,060
71,772
71,537
72,349
71,522
89,054
88,107
87,463
87,775
98,264
98,362
98,798
99,530
70,816
70,152
69,611
69,136
310,799
310,901
314,306
315,423
921,8921
912, Q01
904,682
75,580
72,180
69,180
65,980
283,580
276,060
271,760
271,760
27,200
29,200
32,800
32,200
42,320
41,920
38,520
38,020
26,060
28,299
31,300
28,440
49,600
49,810
50,300
49,160
268,077!
266,877
262,407
262,207
24,700
24,700
25,700
25,700
18,960
17,940
17,100
17,620
25,033
24,833
25,033
25,033
17,782
17,782
17,782
17,082
63,000
63,000
62,800
63,600
2,007,072
2,012,311
2,026,888
2,026,853
186,702
187,320
188,173
187,488
465,170
471,209
477,221
473,300
178,236
177,587
178,508
179,676
242,740
240,113
241,689
244,301
99,550
102,764
101,597
103,302
180,067
178,291
178,605
177,238
163,377
164,223
166,983
167,197
47,072
46,837
46,649
45,822
70,094
70,167
70,3631
70,155
73,231
73,529
73,765
74,497
53,034
52,370
51,829
52,054
247,799
247,901
251,506
251,823
305,731
303,331
303,3301
305,301
35,300
35,300 186,698
35,300 186,697
35,300 186,698
4,800
4,400
4,400
4,400
8,780
8,780
8,780
8,780
10, 575
10,575
10, 575
10,575
13,052j
13,052
13,052!
13,052|
110,614
106,401
101,276
111,014
16,095
13,313
11,166
17,281
27,733
27,733
27,650
27,650
9,419
11,771
9,892
11,459
13,727
13,701
13,077
13,688
3,651
2,745
4,578
3,423
8,887
7,321
6,546
8,358
4,309
4,252
4,201
4,201
1,687
1,453
1,264
1,437
960,782
922,545
951,410
939,264
60,000
60,000
40,000
30,000
131,000
131,000
156,000
156,000
110,389
106,389
113,389
111, 389
160,000
160,000
160,000
160,000
34,000
34,000
36,000
47,500
100,000
86,000
86,000
68,000
110.644
110, 645
110.645
110,645
3,500
4,000
4,000
3,500
42,000
44,000
49,000
51,000
34,360
28,360
28,360
31,360
99,640 155,339 68,716 91,182 48,849
108,718 186,225 56,218 86,530 47,942
864,907 121,227 148,203 51,972 89,588 44,457
878,126 122,933 141,429 61,345 93,140 43,150
63,020
76,255
78,409
93,950
104,410
110,391
100,504
91,448
49,323
50,988
43,182
54,564
19, 586
17,274
12,786
14,418
46,050
48,074
44,226
43,661
2,247,810 211,035 500,770 "193,324 273,689 107,660
2,261,875 217,331 531,656 '178,778 269,011 105,847
2,220,923! 207,693 518,550 179,653 271,445 106,195
2,233,705 j 205,514
188,593 275,608 115,233
182,137
179,806
181,185
180,508
219,363
225,288
215,350
206, 294
65,085 75,979 84,157
67,016 75,720 79,199
59,021 76,588 74, 587
70,076 79,372 78,255
Total
205,436 285,060 125,610 229,667 431,454
206,787 282,033 131,063 228,101 431,100
211,308
132,897 228,905 429,390
429,404
211,876 282,321 131,742
21,160 10,230
21,160 10,230
21,160 10,230
21,160 10,200
870,683
6
Minne- Kansas Dallas
apolis
City
15,136
13,136
13,136
15,136
1,341
3,747
1,394 2,765
1,7501 2,001
902 3,234
2,891
3,227
3,212
17,127
16,726
16,465
16,169
4,500
2,500
2,500
1,500
170,389
155,651
165,516
168,370
38,990 85,578
42,403 98,580
38,536 91,817
36,132 81,956
61,517
61,266
56,858
55,980
273,094
270,957
273,798
266,495
908
FEDERAL! RESERVE BULLETIN
DECEMBER, 1925
FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, OCTOBER, 1925
[In thousands of dollars]
HOLDINGS ON OCTOBER
31,1925
Total bills and securities
Bills discounted for members
Bills bought in open market
United States securities
Other securities
Foreign loans on gold-.
1, 296,428
616,182
245, 753
159,132
28,344
57,440
346,894
326,892
3,220
3,240
119,923
74,964
13, 615
58, 225
47, 531
5,070
5,444
88,617 1159,139 72,559
25,280
32,416
48, 286 36, 258 19,613
14, 924 45,819 20,387
72,417
9,482
32,485
,341
142, 581
68,970
29,460
43,934
Bills Discounted
Re discounted bills:
Commercial and agricultural
paper, n. e. s
Trade acceptances, domestic.
Secured by U. S. Government obligations
Member bank collateral notes:
Secured by U. S. Government obligations
Otherwise secu red __
16, 512 i 28, 532
609 ! 749
6,119 ! 46,618
1,796 ! 665
25,280 I 76,593
Total discounted bills
9,650 3,373
4,771
32,416 j 7,009
15,170
Bills Bought
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
Exports
_
Domestic transactions
Dollar exchange.
All other
Trade acceptances—
Based on imports
DomesticBills payable in foreign currencies.
153,886
129,423
56,452
5,
354
30,193
22,479
16,407
755
10,170
11,885
4,875
688
5,445
7,546
4,917
187
20,951
22,050
4,125
1,160
Total purchased bills
16,852
11,844
6,681
527
354
10,114
6,379
8,149 15,060
3,979 14,296
48,286 '• 36,258 I 19,613
15,662
12,826
3,531
466
13,271 I 32,563
United States Securities
United States bonds
Treasury notes
Certificates of indebtedness
Total U. S. securities
56,022
244, 219
26, 651
537 1,257
2,147 53,918
6,180
2, 265
1,422 | 7,558
18,872 | 9,020 | 22,980
93 I
...I 1
20,387 | 16,578
33,118
DAILY AVERAGE HOLDINGS DURING OCTOBER
Total bills and securities 1
Bills discounted
Bills bought..
United States securities
Foreign loans on gold
EARNINGS DURING
OCTOBER
1, 255,341
622, 289
295, 549
327, 266
7,378
95,387 122, 615 59,073
53, 380 74, 071
,242
19, 515 17, 084 4,
19, 063
5,443
670
395
150,990
68, 754
36, 350
44, 856
1,030
64, 210 43,581 73,097 59,135 123,986
31,119 6,248 11,788 8,039 55,770
12, 515 20, 509 27,805 20, 502 23,747
20, 243 16,578 33,106 30,334 43,964
333
246
260
298
505
Total bills and securities
Bill discounted
Bills bought-_
United States securities
Foreign loans on gold
ANNUAL RATE OF
EARNINGS
Total bills and securities V
Bills discounted
Bills bought-United States securities
Foreign loans on gold
3.50
3.50
3.32
3.58
4.23
3.88
4.00
3.44
3.20
4.22
3.65
3.78 ! 3. 72 3.65
4. 00
4. 00 ! 4. 00
4. 00
3.40 I 3.36 1 3.39 3.35
3. 45 ! 3. 76
3. 49 3.88
4.23 i 4.22 4.24 i 4.24
3.59
4.00
3.37
3.62
4.22
3.46
3.50
3.37
3.46
4.23
1
Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $2,759,000; earnings, $8,695;
annual rate of earnings, 3.71 per cent; Kansas Oity, average daily holdings, $100,000; earnings, $331; annual rate of earnings, 3.89 per cent.
DECEMBER,
909
FEDERAL RESERVE BULLETIN
1925
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING OCTOBER, 1925
[Amounts in thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia land
Richmond Atlanta
Chicago
Total Volume of Operations- 13,741,617 275, 744 1,738,770 1243,762 307, 794 271, 231 108,342 245,499
Bills discounted for member
banks. _
_
Bills bought:
In open market. _
From other Federal reserve banks
U. S. securities bought in
open market
Foreign loans on gold
3,331,109 225, 675 1, 585, 782 228,964 302,919 268, 874 66,288 210,860
326, 219
47, 025
108, 292
8,627
4,731
2,288
71,747
97,132
16,275
73,639
13, 615 52,192
314, 683
17, 726 284,57
20, 742 23, 208
2,617
19,377
24,129
27,304
2,948
96
44, 345
351
3,000
121
r
139
69
1,066
53
225
60
43
126
52
8,737
46
2,713
91
4,043
2,400
9
4,791
116
49
2
13
8,576
2,696
202, 477
77,129
13,718
179
Bills Discounted
Rediscounted bills:
Cornel., agricultural, and
1,882 10, 278
5,409
13,913 7,327 16, 952 13,644 222,529 32, 541 23,119
livestock paper, n. e. s_ _ 156,428
1.55fi
20
97
4,192
3
Demand and sight drafts
84
' 713
244
620
2,900
50
650
96
385
Trade acceptances
Secured by U. S. Govern89
197
2
40
894
198
7
346
ment obligations
Member bank collateral notes:
Secured by U. S. Govern2,365, 873 75,110 1,348,120 127,140 191,863 124,136 30,131 173, 755 33, 703 10, 972 39,890
ment obligations. _
759 1,964
800,822 144,908 223, 364 94,401 93,105 130,761 12, 714 4,480 14, 541
Secured by eligible paper 3_
66,288 210,860
73, 639
13,615
52,192
4.00
4.00
4.00
4.00
4.00
4.00
3.50
2.58
51.26
605
7.73
57.33
502
11.79
60.51
1,407
10.24
45.52
628
12.53
75.74
841
4.31
65.88
1,037
11.20
44.79
857
7.22
63.85
744
314
36.4
251
41.5
126
25.1
476
33.8
219
34.9
110
13.1
207
20.0
73
8.5
157
21.1
8,663
8,530
1,188
8,621
10, 723
7,148
Total bills discounted.. 3,331,109 225,675 1,585,782 228,964 302,919 268,874
Averagerate (365-day basis)%.
Average maturity (in days):
Member bank collateral
notes _
Rediscounted bills
No. member banks Oct. 31
Number of member banks accommodated during month.
Per cent accommodated..
50,638
San
Francisco
3,056
3,056
76,883
1,300
37,879
Minne- Kansas
St.
Louis apolis City Dallas
3.69
3.50
3.50
3.50
3.50
4.00
5.70
55.68
9,532
6.69
50.27
419
4.29
62.53
877
7.83
57.56
752
7.18
49.41
863
2,796
29.3
169
40.3
343
39.1
351
46.7
17, 726 284, 575
Bills Bought in Open Market
From member banks.
From nonmember banks,
banking corporations, etc.:
With resale agreement
All other
90, 233
19, 693
1,597
4,774
3,383
50
15, 863
130,993
104,993
13, 711
13, 621
105,453
1,242
3,853
1,348
2,238
22, 016
1,708
10, 371 14, 678
1,429
10,756
13,406
10,121
10,035
Total bills bought
326, 219
47, 025
108, 292
8,627
4,731
2,288
37,879
20, 742 23, 208
2,617
19,377
24,129
27,304
100
13
179, 072
117,445
21, 074
2,400
4,596
7
1,512
3.43
37.83
9,228
26,863
9,174
740
906
7
7
3.46
79.14
107,867
95
17
136
177
2,496
5,674
457
1,283
2,955
330
522
1,551
115
100
13
13, 970
18, 781
2,432
3
1,175
9,365
8,208
1,874
1,265
30
9,272
11,929
1,056
1,409
857
351
7, 401 9,114
10, 592 12,870
953 1,715
34
51
396
380
7,667
18,099
1,164
56
318
3.30
16.63
3.41
59.48
3.45
72.08
3.56
54.55
1,505
3.48
62.04
3.44
55.13
3.45
63.77
3.42
55.70
3.43
61.21
3.43
60.55
3.43
57.61
13, 039
10,137
646
1,435
2,166
3, 564
877
2,850
18
469
14,960
14, 365
6,471
6,484
8,903
8,392
1,205
796
6,460
8,257
8,648
9,442
6,297
6,268
8,170
447
1,521
142
154
131
2,831
66
479
100
425
1,801
3,551
902
4,101
5,001
72
1,006
2,888
527
2,498
115
501
2, 067
150
2, 443
3,169
327
2,543
3,039
337
1,232
2, 288
37, 879 19,034
23,208
2,617
19, 377 24,129
17,183
124
237
2,520
5,980
2,710
126
8,737
2,713
Rates charged:
3 per cent zy& per cent
3J£ per cent- .
3H per cent
3 ^ P^r cent
ZY% per cent
__
3 ^ per cents ' per cent .
4 per cent
Average rate (365-day) basis % .
Average maturity (in days) 4 ..
Class of bills:
Bills payable in dollars*—
Bankers' acceptances
based on—
Imports
Exports
Domestic transactions
Dollar exchange.
Unclassified.,
Trade acceptances—
Domestic
Foreign
Total....
U. S. Securities Bought in
Open Market
United States bonds
Treasury notes
Certificates of indebtedness...
Total
69,690
72, 459
33, 253
3,082
16, 401
100
100
241
163
100
231
10
195, 226
33, 314
2,839
8,627
4,731
653
40,886
35, 344
1,011
1,937
28, 985
15,360
3,000
5
186
24
856
8,346
5,372
76, 883
2,948
44,345 j 3,000
5
1,066
13, 718
i Includes $3,050,000 Federal intermediate credit bank debentures.
1
Includes $1,100,000 discounted for the Federal intermediate credit bank of Columbia, S. C.
3
Includes bills taken under a resale contract.
* Exclusive of acceptances bought under a resale contract.
951
225
225
2
3
910
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Philadelphia
Boston
Number of r e p o r t i n g
banks:
Oct. 21
723
Oct. 28
723
Nov. 4
723
Nov. 11
723
Loans and discounts, gross:
Secured b y U. S. Government obligations—
Oct. 21
190,570
Oct. 28
171,139
Nov. 4
163,721
Nov. 1 1 . . . .
162,002
Secured by stocks and
bonds—
Oct. 21
5,263,386
Oct. 28
5,300,355
Nov. 4
5,292,041
Nov. 11
5,391,671
All'other loans and discounts—
Oct. 21
8,424,738
Oct. 28
8,429,917
Nov. 4
8,471,084
Nov. 11
_ . . . 8,468,569
Total loans and discounts—
Oct. 21
13,878,694
Oct. 28
13,901,411
Nov. 4
14,026,846
Nov. 11
•__.. 14,022,242
U. S/pre-war bonds:
Oct. 21
219,346
Oct. 28
219,999
Nov. 4
221,071
Nov. 11
220,975
U. S. Liberty bonds:
Oct. 21
1,394,740
Oct. 28
1,387,417
Nov. 4
1,398,361
Nov. 11
1,398,737
U. S. Treasury bonds:
Oct. 21
424,994
:
Oct. 28
427,998
Nov. 4
431,020
Nov. 11
__
428,743
U . S . Treasury Notes:
Oct. 21
373,214
Oct. 28
370,142
Nov. 4
363,332
Nov. 11
360,192
U7S. Treasury.certificates:
Oct. 2 1 . . . .
93,748
Oct. 28
92,071
Nov. 4
94,386
Nov. 11
88,341
Other bonds, stocks, and
securities:
Oct. 21
2,953,581
Oct. 28
2,945,497
Nov. 4
2,954,084
Nov. 11
2,952,521
Total investments:
Oct. 21
5,459,623
Oct. 28
5,443,124
Nov. 4.
5,462,254
Nov. 11
5,449,509
Total loans and investments:
Oct. 21
19,338,317
Oct. 28
19,344,535
Nov. 4
19,489,100
Nov. 11
19,471,751
Cleveland
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
100
100
100
100
102
102
102
102
San
Francisco
67
67
67
67
19,800
19,854
19,484
19,279
7,436
6,647
6,409
6,424
7,390
7,475
8,148
8,223
28,195
27,773
25,053
26,157
13,981
6,979
6,949
2,425
2,457
2,350
2,366
3,804
3,816
3,911
3,940
3,072
3,073
3,125
3,854
7,898
7,861
9,690
7,931
307,851 2,308,011
329, 558 2,321,605
334,956 2,378,577
334,384 2,344,982
375,110 507,588
372,168 501, 729
373,678 503,162
385,508 506,214
138, 727
139,002
141,272
145,435
99,236
98,002
99,746
101,621
838,188
845,543
856,613
861,383
184,689
184,131
185,800
189,616
63,578
65,540
68,825
68,310
104,179
106,668
108,980
110,160
80,940
78,337
78,852
77,722
255,289
258,072
261,580
266,336
,612,578
685,673 2,
196 2,604,403
689,96 2
586 ,
6 8 7 , 2,645,961
6
683,967 2,647,699
381,915
377,416
375,853
372,592
379,760
377,741
376,002
372,916
424,300 1,226,079
424,1601,227,591
422,607 1,227, 111
425,3161,236,396
316,229
320,754
315,154
312,549
180,123
179,000
181,522
179,898
325,424
320,274
319,488
322,078
229,670 889,151
230,452
234,109 911,230
233,627 912,049
1,005,053 4,992,841 769,813 1,301,224 525,923
1,030,332 4, 987,184762,030 1, 296, 619523,390
[,
.
,
1,033, 729 5,079,
"1,658 761,"" ', 297,107523,683
.
1,029,598 5, 046,141 770,272 1 294,975524,775
i, ""
.
,
530,926|2,092,462
529,637 2,100,907
530,5012,108,777
535,1602,123,936
514,899
511,868
507,933
509,114
246,126
246,997
252,697
250, 574
433,407
430,758
432,379
436,178
313,682 1 152,338
.,
311,862 1., 169,827
316,086 I,182,500
315,2031,186,316
12, 707
12, 707
12,707
12,742
6,911
7,021
7,232
7,343
9,010
9,003
9,183
9,207
17,115
17,215
17,198
17,198
23,974
23,973
24,079
24,086
22,778 26,039 48,145
22,724 25,649 48, 731
23,013 26,148 47,752
22,971 26,136 49,080
16,380
16,441
17,972
18,212
146,308
146,461
147,058
145, 779
11,529
11,578
11,187
11,247
72,252
61,176
55,120
53,460
12,788
,12,446
12, 265
12,172
9,612
9,612
9,612
9,637
40,041
40,272
40,226
40,221
9,489
9,489
9,489
9,489
103,121
91,305
91,913
95,943
593,849
594,288
601,358
599,020
49,972
50,211
50,199
49,412
19,501 195,034
19, 753 194,838
19,246 198,028
199,722
16,117
16,136
16,286
15,220
773,836
775,036
774,461
769,482
33,081
33,181
33,181
33,181
25, 513
25,713
25, 713
25,414
14,251
14,252
14,890
14,896
17,642
17,561
17, 561
17,561
29,160
171,112 28,965
170,978 29,001
171,514 29,037
14,577
14,637
14,709
14,632
174, 603
1.76,893
178,260
177,001
34,228
34,232
34,512
7,305
7,305
7,305
7,605
5,801
5,775
5,781
5,781
54, 027
53,290
53,329
52,875
10,948
10,952
10,642
10,640
12,277
12,277
12,097
12,102
16,192
15,081
16,138
14,435
7,132
7,162
7,162
6,526
47,329
51,216
50,644
50,080
4,r~
178,313
181,107
173,390
172,283
7,477
7,850
7,746
7f—
34,291
31,396
29,685
27,602
2,004
2,023
2,023
2,023
4,114
2,344
2,318
2,318
66,060
66,590
65,467
65,638
6,583
6,546
6,589
6,585
18,873
18,873
17,869
16,021
16,005
16,086
16,417
9,797
9,747
8,247
7,947
24,890
23,262
28,509
29,302
6,729
6,716
6,776
6,619
17,027
16,300
20,488
14,817
4,833
4,065
4,085
4,093
17,852
17,790
18,214
18,040
2,276
2,255
2,255
lr"~
3,772
4,591
4,665
4,572
7,524
7,544
7,117
7,158
2,938
2,975
2,837
2,837
1,821
1,821
1,821
1,821
4,193
4,241
3,728
3,864
4,105
3,816
3,737
3,752
20,678
19,957
18,663
18,845
205, 9881, 150,748
L,
205, 4861, 143,123
L,
205, 8381, 155,661
L,
207, 038 li 155,925
251,664
251,656
250,170
249,473
348,348
347,650
345,751
344,100
61,845 50,171 425,460
62,509 51,519 421,603
62,005 52,284 418,107
61,992 51,604 416,581
109,888
109,980
111, 704
111,922
43,244
43,199
43,235
43,473
79,515
79,180
78,328
78,045
25,947
25,201
25,528
25,629
200,763
204,391
205,473
206,739
349,746 2,175,012
337271 2169928
337,2 2,169,928
271
337,7 2,189,151
,784
342,524
3425 2,181,988
338,655
637,608
635,361
632,321
628,240
128,103 92,686 745,316 165,842 109,161 173,076 80,476
128,770 93,118 743,481 165,884 108,840 172,241 79,582
128,302 94,647 739,841 167,492 109,406 171,215 79,844
127,994 93,803 736,814 167,697 108,744 171,048 79,264
463,942
469,260
474,426
474,831
4,795
4,399
4,399
337,825
336,562
1,354,799 7, ',8531,108,4681,
,167,
654,026
.,
1,367,603 7, r, 1121,101, " : 931,980 652,160
,157,
,099,6211,, 929,428 651,985
,268,8091!. .
1,371,513 7, .
,
1,372,122 7,228,1291,106,834 I. 923,215 652,769
623,612 2,837,778
622,755 2,844,388
625,148 2,848,618
628,963 2,860,750
680,741
677,752
675,425
676,811
394, 1581 , 616,280
355,287
[
355,837 602,999 391, 4441;L, 639,087
362,103 603,594 395, 9301,L, 656,926
359,318 607,226 394, 4671L, 661,147
DECEMBER, 1925
911
FEDERAL RESERVE BULLETIN
PRINCIPAL R E S O U R C E S AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Boston
Reserve balances with
Federal reserve bank:
Oct. 21.
Oct. 28
Nov. 4
Nov. 11
_
Cash in vault:
Oct. 21.
Oct. 28
Nov. 4
Nov. 11..
Net demand deposits:
Oct. 2 1 . . .
Oct. 28
Nov. 4
Nov. 11
_.
Time deposits:
Oct. 21
Oct. 28
Nov. 4
Nov. 11._
Government deposits:
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Govt.
obligations—
Oct. 21
Oct. 28
Nov. 4
Nov. 11
All other—
Oct. 21
Oct. 28
Nov. 4
Nov. 11—.
1,642,759
1,664,607
1,672, 773
1,658,904
288,916
284,521
290,409
New
York
Philadelphia
Cleveland
Richmond Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
i San
Dallas I Francisco
96,883
100,574
97,590
740,425
776,507
767,954
766,075
82,755
82,971
82,427
81,690
125,078
126,040
116,721
116,508
39,904
42,024
43,529
41,930
42,637
43,404
46,409
46,404
254,084
238,170
245,389
242,115
45,146
45,474
49,923
47,224
25.878
22,135
26,878
23.879
50,503
52,173
48,982
51,038
30,346
29,841
32,299
31,620
20,014
19,718
19,334
19, 267
80,644
78,120
88,021
83,790
16,118
15,647
16,387
16,690
32,999
32,408
33,289
32,645
15,457
15,257
15,255
15,224
10,920
11,148
10,901
10,736
53,354
51,304
55,995
52,063
8,319
8,071
8,148
7,804
6,108
6,308
5,834
5,843
12,917
13,132
12,631
12,676
. ,
11,546
10,9741
11,635 i
107,917
108,985
111, 688
112,831
21,450
21,862
21,711
22,036
13,087,116
13,081,954
13,219,775
13,248,606
933,203 5,679,180
937,3615,715,305
921,568 5,815,935
934,098 5,788,895
770,106 1,026,964
766,4951,
~" "1,015,321
779,
1,715 1,014,931
1,
.
1,004,160
781,, 342 1
374,093
376,400
382,862
382,990|
366,48911,800,490
367,9801,776,065
370,920:1,795,960
374,876 1,805,620
387,908 224,624 464,295 284,191! 775,573
388,781 225,893 459,137 280,453| 772,763
394,667
449,685 284,834; 770,339
402,167 233,152 467,453 285,644 788,209
5,289, 811
5,296,231
5,348,312
5,344,2851
374,33l!l,183,642
373,3871,166,650
397,0241,160,944
391,8681,169,960
195,094
194,356
207,391
201,732
750,364
755,374
758, 388
758,856
199,757
201,727
201,314
201,244
213, 782 1,000,874
213,896 1,006,125
216,9691,011,716
216,2621,011,097
216,400
215,296
213,674
213,230
109,361
109,789
108,244
108,327
155,657
156,077
155,510
154,859
96,148j
96,361|
96,275
95,779
794,401
807,193820,863
821,071
955;
976,
976'
873
3,762
3,763
3,763
3,388
10,606
10,60©
10,606
9,549
5,651!
5, 651
5,652
5,085
26,600
26,600
26,600
23,956
8,047
7,648
7,648
6,940
12,467
12,497
12,467
11,220
1,878
1,878
1,868
1,962
4,643
4,643
4,752
4,288'
8,4481
8,448
8,4481
7,598!
2,224
2,224
2,224
2,032
1,388
1,388
1,254
4,200
2,410
2,185
2,275
82,829
71,034
107,644
65,278
12,685
13,195
9,170
8,215
32,929
35,092
25,866
28,309
7,312
6,381
244,379
186,623
7,987
8,574
4,195)
5,2971
3,867;
26,166
29,565
32,919
26,7051
4,449
4,220
4,582
2,974
3,475
1,212
3,187
300
3,900! 3,011
3,6231 1,876
3,0181 4,002
2,037! 2,646
32,608
36,166
40,223
36,030
199,891
194,524
207,671
191,038
11,231
15,828
24,027
26,066
48,542 19,736
51,144
18,963
51,394 i 12,625
49,967!
9,458
29,250
24,240
26,575
29,900
17,781
16,581
14,592
12,929
12,662!
10,999!
13,2571
12,200|
19,052
16,346
15,009
12,717
17,994
14,340
15,739
9,855
755
426
3,135; 2,189
4,226! 3,975
6,303! 4,761
5,559! 4,614
17,628
17,127
22,963
17,470
86,322
86,392
78,145
222,138
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:
Oct. 21.
Oct. 28
Nov. 4
Nov. 11
Due from banks:
Oct. 21
Oct. 28
Nov. 4
Nov. 11
2,217,794
2,181,456
2,372,961
2,304,577
640,072
"19,721
666,492
New
York
Philadelphia
Cleveland
Richmond
Atlan- Chicago
ta
St.
Louis
Minne- Kansas
apolis
City
130,954 1,085,524
123,5001,048,181
141,0801,158,100
131,727 1,104,504
177,909
173,727
190,675
185,784
27,517
43,311
44,203
46,372
36,289
35,498
38,510
38,154
26,553
26,417
27,687
25,863
356,806
348,123
375,437
373,393
81,849
81,727
83, 887
85,740
52,051
52,369
60,449
58,959
106,931
100,546
120,972
107,483
67,659
60,553
80,973
74,608
26,992
21,580
29,565
29,030
18,097
17,501
19,395
19,205
15,250
14,157
14,048
170,512
157,448
162,668
160,181
31,571
32,223
33,360
38,183
22,544
28,097
24,080
39,216
36,284
50,522
46,053
Dallas
San
Francisco
97,994!
105,049
100,541 43,970 104,092
103,078 45,389 104, 466
101,848 43,383 108, 850
60,167
62,840
64,440
63,229
27,141
31,136
30,240
30,261
53,992
47, 356
52, 225
53,379
912
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
REPORTING MEMBER BANES IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City of Chicago
N e w York City
Oct. 21
Number of reporting banks
_
Loans and discounts, gross:
Secured by United States Government obligations..
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts.
Oct. 28
Nov. 4
N o v . 11
Oct. 21
Oct. 28
Nov. 4
Nov. 11
61
61
61
61
46
46
46
46
66,800
2,060,683
2,297,830
55,821
2,074, 259
2,289,141
49,842
2,132,212
2,331,163
48,036
2,091,062
2,331,762
20,415
639,107
680,810
20,050
648,437
683,046
17,323
656,419
682,914
18,460
661,206
690,570
4,425,313
4,419, 221
4, 513, 217
4,470,860
1,340,332
1,351,533
1,356, 656
1,370,236
29,355
499,263
179, 565
166,762
13,696
850,243
29, 586
499,447
179, 558
169, 548
13,133
850,210
29, 540
506, 513
182,748
161, 831
17,901
850,875
29,535
505, 931
184,242
160, 582
13,130
857,149
1,916
99, 203
16,501
52,002
1,014
190,688
1,870
101,395
16,272
51,605
1,094
185,996
1,870
102,802
16,307
51,487
996
183,452
1,870
101,458
16,083
51,657
1,034
182, 629
United States pre-war bonds
_.
United States Liberty bonds
United States Treasury bonds...
United States Treasury notes
United States Treasury certificates
Other bonds, stocks, and securities
Total investments
1,738,884
Total loans and investments
Reserve balances with Federal reserve bank
Cash in vault
Net demand deposits.
Time deposits
Government deposits
_
Bills payable and rediscounts with Federal reserve
bank:
Secured by United States Government obligations.
Allother
T,otal borrowings from Federal reserve bank
1, 741,482
1,749,408
1,750, 569
361, 324
358, 232
356, 914
354,731
6,164,197
6,160,703
6, 262, 625
6, 221,429
1,701,656
1,709, 765
1,713, 570
1,724,967
683,204
64,515
5,125,249
791,908
21,546
720, 639
62,478
5,167,470
771,854
21,546
708,104
70, 389
5,252,314
765, 547
21,546
710,990
67,082
5,234,362
775,431
19,404
179,005
24,763
1,200, 559
484,888
3,353
163, 210
23,969
1,199,419
489,789
3,353
170,384
24,423
1, 206,635
493,820
3,353
167,744
23,953
1,210,856
492, 582
3,015
50,295
43,321
38, 795
46,147
73,585
46,184
32,845
42,874
14,281
3,895
6,180
3,582
5,415
3,285
8,155
3,722
93, 616
84,942
119, 769
75,719
18,176
9,762
8,700
11,877
ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY
[In thousands of dollars]
Time deposits
Net demand deposits
Federal reserve district
J u l y 29
Boston
„_
._ _ 1,368,029
_
6,302,126
New York
1,154,112
Philadelphia
1,517,902
Cleveland
566,353
Richmond
635,930
Atlanta
2,448,515
Chicago
693,094
St. Louis _
435, 645
Minneapolis
Kansas City . _
_ _ 864,546
581,038
Dallas
1,250,178
San Francisco
17,817,468
Total
Banks in cities and towns having a population o—
f
1,624,359
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
1924
1925
1924
1925
Aug. 26
Sept. 23
Oct. 29
Oct. 28
July 29
Aug. 26
Sept. 23
Oct. 28
Oct. 29
1,349,913
6,234,042
1,170,496
1,510,469
571,001
728, 625
2,469,803
684, 599
441, 593
884,027
590,664
1,271,397
1,370,418
6,222,943
1,175,162
1,499,245
591,505
734,046
2,465, 508
704, 765
458,587
867,688
632,784
1,282,628
1,445, 553
6, 464,101
1,185,676
1, 498,226
611, 548
762,792
2,471,086
717,386
455,964
837, 559
667,413
1, 315, 098
1,385,832
6,348,865
1,144,321
1,483,196
570,215
516,106
2,411,790
668,086
475,674
830,032
609,594
1,320,788
768,278
2,122,663
813,352
1,338, 749
510,498
403,184
1,820, 550
446,439
431,226
311,108
168,600
1, 278,465
771,237
2,158,054
824,826
1,342,131
509,526
416,629
1,824, 630
450,158
430,029
315.444
168,110
1,278, 928
764,554
2,161,364
825,637
1,341,591
512,045
414,260
1,835,341
451,391
433,357
311,337
169,415
1,282,689
778,410
2,164, 082
841,149
1,341,980
515,563
428,449
1,859,829
459,884
435,496
326,890
166,601
1,310,189
704,918
2,026,426
753,331
1,263,367
482,159
350,041
1,682,211
431,116
416,047
298,851
159,889
1,106,225
17,906,629 18,005,279 18,432,402 17, 764,499 10,413,112 10,489,702 10,502,981 10,628, 522
9,674,681
1,669,015 1,741,700 1,779,096 1,678,287
1,085,632 1,101,824 1,135, 747 1,159, 461 1,066,959
2,295,050 2,388,499 2,376,042 2, 392,981 2,093,059
12,812,427 12,747, 291 12, 751, 790 13,100,864 12,926,194
1,721,922
1,096,064
2,103,663
5,491,463
1,727, 734
1,105,035
2,142,079
5,514,854
1,736,100
1,112,762
2,126,395
5,527, 724
1,738,310
1,116,348
2,143,150
5,630,714
1,633,480
1,039,513
1,958,130
5,043,458
913
FEDERAL RESERVE BUiLLETIN
DECEMBER, 1925
MEMBER BANKS—CONDITION ON SEPTEMBER 28, 1925
ALL MEMBER BANKS (8,079 NATIONAL BANKS AND 1,460 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF
CONDITION REPORTS ON SEPTEMBER 28, 1925, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
District
No. 1
(420
banks)
District
No. 2
(874
banks)
District District District District District District District District District District
No. 9
No. 10 No. 11 No. 12
No. 3
No. 8
No. 5
No. 6
No. 7
No. 4
(854
(848 I (1,038
(1,406
(751
(629
(749
(606
(864
(500
banks) banks) banks) banks) banks) banks) banks) banks) banks) banks)
Total
United
States
(9,539
banks)
RESOURCES
Loans and discounts- 1,689,440 6,101,635 1,449,212 2,069,801 1,018,287 959,906 3,249,394 927,254 598,414 815,322
Overdrafts
2,741
1,074
469
712
1,955
2,659
2659
469 1194
1,194
1,020
2,740
3,375
U. S. Government
securities
232,661 1,204,333 226,785 423,264 131,374 108,315 500,294 132,822 140,944 178,223
Other bonds, stocks,
and securities
401,876 1,648,305 635,768 604,215 129,808 129,533 690,888 220,529 155,164 141,442
690,888
Total loans and
investments
2,321,689 8,956,933 2,312,234 3,093,474 1,280,4891,201,129 4,443, S16 1,28S, 346 895,596 1,436,942
Customers' liability
on account of
acceptances
35
269,028
13,039
32,894
1,221
1,127
6,843
10,043
8,521
19, 572
Banking house, fur25,088
43,157
172,348
66,022 126,031
niture, and fixtures
63,519
55,871
47,780 143,697
37,295
Other real estate
16,441
16,912
12, 550 10,683
owned
!
6,730
17,379
8,316
10,525
10,968
28,378
19, 510 30,126
105,572
38,932
Oash in vault
22,595
41,928
56,952
27,051 26,647
85,226
Reserve with Fed53,789 87,775
75,114
eral reserve banks. 141,645 801,882 129,518 176, 535 68,417
319,613
77,3:
.
Items with Federal
reserve banks in
irocess of collecpi
34,866
8,886
173,776
58,161
57,219
47,629
27,806
74,066 37,378
tion
Due from banks,
bankers, and trust
companies
178,142 109,112 161,947 104,110 215,141 334,589 126,163 112,913 197,240
87,157
Exchanges for clearing house, also
checks on other
banks in same
9,950
17,144
place
18,436
25,636
17,805:
43,603
37,013 912,179
31,596
97,931
Outside checks and
8,410
5,785
3,347!
20,315
4,158
5,177
3,237
£ other cash items. 8,147
3,171
13,2071
Redemption fund
and due from U.
1,838
1,488
4,190
2,375
2,969
4,212:
2,008
2,816
S. Treasurer
4,273
2,017
U. S. securities bor1
2,753
408
4,273
rowed 1
I
Other securities bor35
6o;_.
123
2,874
rowed »
8,135
18,907,
53,352
29,622! 267,330
4,842
3,466
•Other assets
_.
5,438
12,904
3,785;
Total.
1
661,64411,886,938 21,427,247
2, 501
2, 686
23,126
114,589
391,808 3,785,412
44,383
331,362 5,133,273
823,117.2,612, 794 30,369,058
2,168
19,382'
383,873
41,212
97,026
919, 046
13,526
25,564
19,333
44,489
171,741
524, 592
59,010
156,641 2,147,111
34,703
163,817
647,432
240,799 2,031,130
12,148
44,64
3,883
24, 532
1,268,087
103,369
2,177
2,487
32,850
111
25
11, 429
4,037
20
28,706
3,112
440, 524
2,828,849ill, 874, 244 2,800,949 3, 773,916; 1,634, 7451, 656, 772 5,624,206 1,620,9211,158,126 1,575,287 1,179, 7563,325,583 39,053,354
Exclusive of securities borrowed by national banks.
914
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
ALL MEMBER BANKS (8,079 NATIONAL BANKS AND 1,460 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF
CONDITION REPORTS ON SEPTEMBER 28, 1925, BY FEDERAL RESERVE DISTRICTS-Contfnued
[In thousands of dollars]
District
No. 1
(420
banks)
District
No. 2
(874
banks)
District District District District District District District District District District
No. 7
No. 6
No. 8
No. 9
No. 3
No. 4
No. 5
No. 10 No. 11 No. 12
(1,406
(500
(629
(848
(854
(749
(751
(864
(606
(1,038
banks) banks) banks) banks) banks) banks) banks) banks) banks) banks)
Total
United
States
(9,539
banks)
LIABILITIES
Capital stock paid in 150,827
Surplus fund
133,748
Undivided profits,
less expenses and
taxes paid
74,471
Reserved for taxes,
interest, etc., accrued
9,095
Due to Federal
reserve banks
4,389
Due
to banks,
bankers, and trust
companies
150,915
Certified and cashiers' and treasurers' checks outstanding
19,415
1,345,311
Demand deposits
762,858
Time deposits
U. S. deposits
I
19,656
2,302,544
Total deposits
Agreements to repurchase U. S.
Government or
other
securities
sold
499
Bills payable (including all obligations representing
money borrowed,
other than rediscounts)
20, 753
Notes and bills rediscounted
(including
acceptances of other
banks and foreign
bills of exchange
or drafts sold with
indorsement)
45, 578
Letters of credit and
travelers' checks
sold for cash and
outstanding
Acceptances
executed for cus33,871
tomers
Acceptances
executed by other
banks for account
2,060
of reporting banks.
National-bank notes
outstanding
46, 781
U.S. securities borrowed
131
Other securities bor27
rowed
7,576
Other liabilities
Total
144,164
239,497
213,490
222,326
113,135
85,293
94,416
58,858
297,478
221,832
111, 128
59,044
67,984
35, 648
94,433
44,067
96,341
42,933
79, 717
84,517
35,675
27,455
107,045
27,882
14,782
19,618
22,293
52, 659!
834,802
42,934
7,118
17,620
5,050
4,062
25,490
5,754
4,080
2,558
2,248
7,378
133,387
11,862
5,396
10,420
10,297
1,178
2,802
261
2,582
746|
1,320,837
200,426
235, 068
133, 313
570,157
189,341
524,007
530,554
243,0571
127,318,
251,312
10,146
13,794!
49,964
7,866
597, 542
16,518
17,450
12,706
15,7631
5,570, 253 1, 114,260 1,411,218 572,822 687,153 2, 247, 337; 642.983 413,603 779, 504
,
2,111,813 829,146 1, 342,045 507, 871 407, 425 1,837, 6421 452, 819! 433,906 309, 748
13,877
18,521!
31,319
10,168!
35,393
66,115
26,712
8,161
7,965
!,
,
9,678,422 2,, 192,458 3, 051, 594 1, 248, 326 1,371,128 4, 739,2211,303,438| 995,694 1,364,292
303
440
505J
535|
336
1,824;.
123
199,9161
44,855
51,277
34,058
15,176
37,081
20, 961
3, 224
3,402
153,1711
13,420
21,664
36,955
22,461!
35,847
27,786
4,442^
7,4
18,893j
585
270
40
3,108;
106
49
265,221
9,956
9,549!
14,043;
20,073
1,238
051!
39,666:
83, 573
7,067
185,506! 2,092,909
86,276| 1,760,076
158,139;
49,9
247,692! 3,827,575
11,541!
36,051
808,756
600, 54311,232; 469 16, 617,456
164, 640 1,307,324110, 467,237
13,917
26,407!
278,211
951,362 2,850,689 32,049,168
483!
5,081
10,124!
48,622
489,449
5,802|
12,593 i
387,213
89
147J
870J
36
2, 044|
20,844|
449!
40,334
29,139
36,418
42,991;
49,115!
648,719
25,643.
384,993
29,953|
4,268
164J
765
82,426
55,473
84,392|
58,839
1,816
1,587
10,843J
2,899
2, 5231
7,894J
4,493
238
887
1,261!
1,336
35,908
200
7,645
4921
7, 569i
3341
3,092|
2,006!
3,515i
2,916J
40,6011
83
17,278!
!
1, 719|
328
1, 542
1231
1,604[
479
8,7401
7,038
158, 634
so!
57, 753
|
76;.
1,711;.
39, S
!
2,828,849 11,874,244 2,800, 949 3, 773,9161, 634, 7451, 656, 7725, 624,206 1, 620,9211,158,1261, 575,287 1,179, 7563,325,583 39,053,354
DECEMBER,
915
FEDERAL, RESERVE BULLETIN
1925
ALL MEMBER BANES (8,079 NATIONAL BANKS AND 1,460 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF
CONDITION REPORTS ON SEPTEMBER 28, 1925, BY CLASSES OF BANKS
[In thousands of dollars].
Central reserve city banks
Total United States
Other
reserve
city banks
New York Chicago
Total
(550
(62 banks) (25 banks) (87 banks)
banks)
Sept. 28,
J u n e 30,
1925 (9,539 1925 (9,538
banks)
banks)
RESOURCES
Loans and discounts.
4,400,254 1,247,361 5,647,615
Overdrafts
2,075
323
2,398
United States Government securities
_.
865,220
1,017,
152,162
Other bonds, stocks, and securities
764, 206
912, 602
148, 396
Total loans and investments
_
6, 031, 755 1,548,342 7, 579, 997
Customers' liability on account of acceptances
266,138
284, 255
18,117
Banking house, furniture, and
fixtures
_
97,185
129,873
32, 688
Other real estate owned
__.
2,890
3,049
159
Cash in vault
_
56,332
17, 660
73, 992
Reserve with Federal reserve banks
648,904
161,965
810, 869
Items with Federal reserve banks in process of collection
123,400
29,527
152, 927
Due from banks, bankers, and trust companies
80, 770
135,519
216, 289
Exchanges for clearing house, also checks on other banks in
same place
_
895, 208
958, 536
63,328 I
Outside checks and other cash items.
15,385
4,177 j
19, 562
Redemption fund and due from United States Treasurer
.
1,450
47
1,497
United States securities borrowed
_
Other securities borrowed L
1
Other assets
254,696
41,134 ;
295, 830
Total
.__.
j 8,474,113 | 2,052,563
10,526,676
7, 745, 508 8,034,124
5,845
14,883
1,354,047 1,413,983
1, 535, 745 2, 684,926
10, 641,145 12,147, 916 j
21,427,247
23,126
3, 785,412
5,133, 273
30,369,058
383,873
919,046
171, 741
524,592
2,147, 111
647,432
2, 031,130
20,798,714
15,466
3,802,370
5,085,975
29, 702,525
375,163
904, 755
167,140
524, 343
2,190, 991
675, 356
2,017,454
1,268,087
103,369
32,850
5,517 !
11,429
2,341 I
3,112
39,046 !
440, 524
1,882, 318
137,148
33, 013
11, 636
1,925
481,258
14,889,531 j 39,053,354
39,105, 025
11, 035
358, 724
51,182
156, 269
719, 582
394, 741
802,829
430,
245,384
59,023
7,354
5,912
771
105, 648
13,637,147
449
117, 510
294, 331
616, 660
99, 764
1,012, 012
64,167
24, 784
LIABILITIES
Capital stock paid in
__
Surplus fund
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
_
-__
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits
._
__
Time deposits
United States deposits
Total deposits
Agreements to repurchase United States Government or
other securities sold
.
„
_
Bills payable (including all obligations representing money |
borrowed, other than rediscounts)
__|
Notes and bills rediseounted (including acceptances of other I
banks and foreign bills of exchange or drafts sold with in- i
dorsement)
j
Letters of credit and travelers' checks sold for cash and out- j
standing
i
Acceptances executed for customers
_
Acceptances executed by other banks for account of reporting
banks
_
'_,
National-bank notes outstanding___
United States securities borrowed..
Other securities borrowed
Other liabilities
Total .
Ratio of reserve with Federal reserve banks to net deposit
liability (per cent)
_
_
J Exclusive of securities borrowed by national banks.
360, 700
91,900
396,451
89, 330
206, 456
44,475
30, 792
15, 460
99
1,231, 538 "358," 542"
581,246
28,007
4,196, 530
968,508
743, 946
371,677
47, 013
9,775
6,800, 372 1, 736, 509
452, 600
702, 388
485, 781
599, 551
250, 931
244, 751
46,252
53,150
99
16, 280
1, 590, 080 1, 749,993
609, 253.
121,886
5,165, 038 5, 595, 991
1,115, 623 3, 758,800
56, 788
165, 269
8, 536, 881 11,408,219
150
146, 675
142,081
18,820
262, 612
29, 664
28,570
1,535
150
9, 940
156,615 |
7,303 !
i
2,821 S
18, 657
1,665
935
1,375
937, 921
674, 744
339.120
33,985
33, 554
487, 502
77, 617
5,856, 427
5,592, 814
56,154
133,387
49,933
3,827, 575
808,756
16, 617,456
10,467,237
278, 211
39,758
3,978,028
1,032,804
16,811, 751
10,381,486
176, 653
12,104,068
32,049,168
32,420,480
2,460
5,081
6,450
152,913
489,449
360,767
2,471
179,921 j
2,, 092,909
1,760, 076
2,085, 732
1, 750,815
853,433
149,384
122,355
115,474
387,213 ;
356,934
21,641
281, 269
3, 645
93, 728
357
9,996
25, 643
384,993
37,403
365,671
31, 329
29. 505
2, 910
1,336
474,038
15, 432
5,522
22,165
40,334
648,719
35,908
7,038
158, 634
42,144
647,994
33,320
5,455
138,427
14,889, 531
49, 235
32,193
81, 428
7,669
145,176
17, 566
1,516
55,041
8,474,113
2,052, 563
10, 526, 676
13, 637,147
12.7
13.2
12.8
7.4
39,053,354 | 39,105,025
10.0
916
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
ALL NATIONAL MEMBER BANKS—ABSTRACT O F CONDITION REPORTS ON SEPTEMBER 28, 1925, BY CLASSES OF BANKS
[In thousands of dollars]
Central reserve city banks
New York
(32 banks)
Chicago
(15 banks)
Total
,
(47 banks)
Other
reserve
city
banks
(366
banks)
Total United States
Country
banks
(7,666
banks)
Sept. 28,
1925 (8,079
banks)
J u n e 30,
1925 (8,066
banks)
EESOUECES
Loans and discounts (including rediscounts)
Overdrafts
U. S. Government securities, etc
Other bonds, stocks, securities, etc
_
_.
Total loans and Investments
_
_
Customers' liability account of acceptances
—
Banking house, furniture, and fixtures
Other real estate owned
Lawful reserve with Federal reserve banks
Items with Federal reserve banks in process of collection..
Cash in vault
_
Amount due from national banks
Amount due from State banks, bankers, and trust companies in the United States.
_
Exchanges for clearing house
Checks on other banks in the same place.
Outside checks and other cash items
_
Redemption fund and due from U. S. Treasurer
Other assets
_
_
Total
2,195,431
573
511, 657
403,345
3, 111, 906
123, 595
41, 756
214
338,069 i
^.75,230 i
127,859 !
1,14,290 |
629,962
122
56,952
49,332
736,368
6,429
16, 566
159
86,903
19,130
10,579
52, 729
2,825,393
695
|<16,561
526,569
24,429 I
5,191 |
1,450
125,036
6,136,772
11,362
1,176,555
2,064,781
9,389,470
6,842
345,988
93, 798
477,327
71,585
234,311
697,359
13,130,674
14,890
2,509, 205
3,240, 595
18,895,364
201, 083
592, 731
114,670
1,324,326
456,666
361,411
1,119,596
12,670,118
9,348
2,533,766
3,191,856
18,415,188
176,583
584,922
111,183
1,326,864
466,787
21,260
38,167
1,550
2,182
47
22,218
37,821
564, 736
25,979
7,373
1,497
147,254
207,650
142,045
11,164
27,258
7,354
51,347
147,825
27,035
21,127
19,458
23,999
20,731
393,296
733,816
58,270
54,089
32,850
219,332
403,046
988,294
80,496
69,492
33,013
! 4,431,255
-
452,677
t, 817,374
130,024
58,322
373
424,972
94,360
38,438
67,019
764,041
723,137
5,658,521
64,217
188,421
20,499
422, 027
290, 721
88,662
355,218
1,014,287
5,445,542
7,535,103
11,676,855
24,557, 500
24,338,831
182,850
239,675
113,802
16,307
28,570
50,950
34,055
17,876
6,110
935
233,800
273,730
131,678
22,417
29,505
289,399
108,415
397,814
397,932
306,715
142,041
24,840
145,176
7,121
552,373
742,477
544,330
269,650
22,530
474,038
24,699
118,232
1,374, 209
1,124,775
543,369
69,787
648,719
31,820
1,068,419
1,368,635
1,118,218
481, 542
60,068
647,994
30,740
1,028,166
510, 729
211,293
108, 509
2, 024, 512
318, 576
37,158
3,500,176
1,535
160,015
7,346
7,966
523, 547
66,566
2,805
876,660
1,375
670, 744
218,639
116,475
2,548,059
385,142
39,963
4,376,836
2,910
808,277
17,218
54,844
3,330,316
1,390,056
88,431
6,248,636
11,654
745
286,976
15,630
43,163
4,544,379
4,217,584
44,181
9,894,844
9,915
1, 765,997
251,487
214,482
10,422, 754
5,992, 782
172,575
19,920,316
24,479
3,181
3,926
1,826,301
224,082
336,039
10,425,272
5,922,976
106,257
19,899,833
21,684
3,530
150
1,465
2,442
4,057
4,168, 509
1,095,405
LIABILITIES
Capital stock paid in
Surplus f u n d . . .
Undivided profits less expenses, interest, a n d taxes p a i d . . .
Reserved for taxes, interest, etc., accrued
National-bank notes outstanding
A m o u n t due to Federal reserve banks
A m o u n t due to national b a n k s .
A m o u n t d u e t o State banks, bankers, a n d trust companies
in t h e United States a n d foreign countries
Certified checks outstanding
Cashier's checks outstanding
D e m a n d deposits
_
T i m e deposits (including postal-savings deposits)
United States deposits
—
Total deposits
1
U. S. Government securities borrowed
Bonds and securities other than United States borrowed..
Agreements to repurchase U. S. Government or other securities sold
Bills payable (including all obligations representing money
borrowed other than rediscounts)..
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts sold
with indorsement)
Letters of credit and travelers' checks sold for cash and
outstanding. _.
Acceptances executed for customers and to furnish dollar
exchange less those purchased or discounted
Acceptances executed by other banks
Liabilities other than those above stated
Total.
Ratio of reserve with Federal reserve banks to net deposit
liability (per cent)
150
3,413
117,650
7,440
125,090
82,419
109,118
316,627
71,680
5,947
77,627
82,787
85,123
245,537
6,260
2,552
244
9,056
12,122
3,570
2,690 |
245,107
233,874
114,233
19, 449
21, 608
6,963
1,665
1,621
121,196
21,114
23,229
64,767
6,137
17,237
5,910
1,291
11, 762
191,873
28,542
52,228
164,569
28,773
49,469
4,431,255
1,014,287
5,445,542
7,535,103
11,576,855
24,557,500
24,338,831
12.8
13.2
12.8
10.2
7.6
9.7
9.4
917
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON SEPTEMBER 28,1925, BY CLASSES
OF BANKS
[In thousands of dollars]
Total United States
Central reserve city banks
New York
(30 banks)
Chicago
(10 banks)
Total
(40 banks)
2,204,823
Loans and discounts
1,502
Overdrafts
353,563
United States Government securities
_
360,861
Other bonds, stocks, and securities
% 930, 749
T o t a l loans a n d investments
142, 543
Customers' liability on account of acceptances
55,429
Banking house, furniture, and fixtures
2,676
Other real estate owned
5,839
Gold and gold certificates
22,634
All other cash in v a u l t . . .
310,835
Reserve with Federal reserve banks
___
48,170
Items with Federal reserve banks in process of collection.. _
49,919
Due from banks, bankers, and trust companies
,
Exchanges for clearing house, also checks on other banks
344,210
in same place
_
10,194
Outside checks and other cash items
United States securities borrowed
Other securities borrowed
Other assets
129,660
617,399
201
95,210
99,064
811,874
11,688
16,122
2,822,222
1,703
448,773
459,925
3,733,623
154,231
71, 551
2,676
1,157
5,924
75,062
10,397
61,530
28,558
385,897
58,567
111, 449
23,611
1,995
367,821
12,189
Other reserve city
banks (184
banks)
Country
(1,236
Sept. 28,
1925 (1,460
banks)
3,576,999
3,012
590, 006
812, 608
4,983,635
24,366
170, 303
30,683
3,622
63,985
297, 555
104,020
239,961
1,897,352
3,521
237,428
620,145
3,758,446
4,193
84, 461
23, 712
6,697
53,323
139,333
28,179
166,828
8,296, 573
8,236
1,276, 207
1,892, 678
11,473, 694
182, 790
326,315
57,071
17,315
145,866
822, 785
190,766
518,238
8,128,596
6,118
1,268,604
1,894,119
11,397,437
16,005
5,326
5,517
2,341
18, 315
476, 001
49, 280
11,429
3,112
221,192
813,528
67,656
11,636
1,925
242, 298
June 30, J
1925 (1,472
banks)
RESOUBCES
319,833
55,957
17, 207
148,438
864,127
208, 569
519,003
18,916
148, 576
! 4,042,858
Total
92,175
31,765
5,912
771
54,301
1,038,276
5,081,134
6,102,044
3, 312,676 14,495, 854
14, 766,194
177,850
156,776
92,654
14,485
40,950
55, 275
26, 599
9,350
218,800
212,051
119,253
23,835
99
521, 522
274,139
2,616,979
730,481
16,825
4,160,645
304,456
292,836
102, 710
28,310
9,159
389,343
49,824
2,265,675
2,368,744
76,838
195,444
130,414
69,470
11,455
8,855
82,294
18,824
1,312, 048
1,375, 230
11,973
718,700
635,301
291,433
63,600
18,113
993,159
342,787
6,194,702
4,474,455
105,636
717,097
632,597
311,823
9,018
1,123,561
472,683
6,386,479
4,458,510
70,396
5,159,583
3,809,334
13,138,853
13,530,647
1,006
18
1,024
3,037
97,502
43, 795
172,822
115,660
LIABILITIES
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding..
Demand deposits
_
Time deposits
_
United States deposits.
Total deposits
_
Agreements to repurchase United States Government or
other securities sold
Bills payable (including all obligations representing money
borrowed, other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills or exchange or drafts sold
with indorsement)
Letters of credit and travelers' checks sold for cash and
outstanding
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
__
United States securities borrowed
Other securities borrowed
Other liabilities
_
Total .
Ratio of reserve with Federal reserve banks to net deposit
liability (per cent)
99
431,410
261,444
2,172,018
425,370
9,855
3, 300,196
90,112
12,695
444,961
305, 111
6,970
859,849
29,025
2,500
31, 525
70,401
1,356
71,757
39,568
30,351
141,676
123,060
15,250
148,379
131
11,694 j
15,381
160,073
1,093
28,961
113
4,086
45
5,517
2,341
10,403
16,587
193,120
25,281
201,102
11,792
11,429
3,112
106,406
13,371
11, 636
1,925
88,958
10,215 !
10,215
27, 627
30,572
58,199
1,532
5,912
771
37,804
4, 042,858
1,038, 276
5, 081,134
v 102,044
12.2
14.0
12.6
9.7
3,312,676 | 14,495,854 14, 766,194
7.3
10.2
£.10.5
918
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT NOVEMBER 30, 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 U . S .
Government
obligations
Bankers'
acceptances
Boston
New York
Philadelphia-_
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City__
Dallas
San Francisco.
Trade
acceptances
Agricultural1
and livestock
paper
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
1
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the month.—Boston, November 10, from V/i to 4 per cent; Philadelphia, November 20, from 3 ^ to 4 per cent; Cleveland, November 17, from V/% to 4 per cent; San Francisco, November 23, from tyfa to 4 per cent.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM OCTOBER 22 TO NOVEMBER 18, 1925, INCLUSIVE
[In thousands of dollars]
Daily settlements
Transfers
Federal reserve bank
Debits
Boston
New York...
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City_
Dallas.
San Francisco..
6,000
Credits
Debits
Credits
878, 606
2,736,998
728, 258
672, 605
576, 033
380, 526
1,176, 516
551,153
183,178
405, 555
301, 695
316,170
45,155
101,143
2,000
"I,"566
917,761
2,692, 627
716, 977
663,598
567,970
406, 486
1,177, 537
547, 577
169, 833
414,957
311, 251
320, 719
Total 4 weeks ending—
Nov. 18, 1925
25,500
25, 500
8,907, 293
8,907,293
Oct. 21, 1925-.,
Nov. 19, 1924..
Oct. 22, 1924...
47, 500
73,200
37,500
47,500
73,200
37,500
8, 893, 879
8,121, 219
7,719,193
8,893,879
8,121, 219
7,719,193
2,000
2,000
2,000
4,000
7,500
13,000
2,000
2,500
1,000 |
6,000 I
Changes in ownership
of gold
through
transfers and settle- Balance in
fund at
ments
close of
period
Decrease
Increase
57, 371
11, 281
9,507
6,063
29,960
8,521
3,576
13, 345
3,402
9,556
4,549
39,037
252. 710
42, 698
27, 590
29,851
136, 550
18, 263
19, 793
35,610
16, 791
45, 784
101,143
701,959
610,131
607,378
919
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
1925
Number
of centers
Federal reserve district
August
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 _
September
October
August
2,903,991
29,811,977
2,298,660
2,661,005
844, 702
1,429, 618
5,775,228
1,371,371
877,313
1,266,353
696, 715
2,992,897
1,989,773
21,556,426
1,748,702
1,979,554
674,370
848,971
4,469,357
959,857
596,031
1,083,918
449,553
2,335,307
September
2,137,700
24,018,796
1,926,109
2.246,826
724,344
1,052,912
4, 946,030
1,042, 537
701, 678
1.173,827
510, 924
2,631, 514
2,155,120
25,113,684
2,025,711
2,308, 524
757,569
1,250,762
5,118,833
1,191,608
848,355
1,154,720
602,466
2, 714,261
141
43,113,197
45,241,613
52,929,830
38,691,819 j 38,971,985
43,417,983
1
140
Total.
New York CityOther cities
1,974,984
21,387,861
1,794,021
1,996,688
648,670
959,071
4,435,346
1,003,066
773,680
1,097,173
566,180
2,335,245
October
2,357,435
23,242,131
1,968,134
2,300,487
733,682
1,129, 584
4,949,211
1,212,110
1,059,292
1,216,807
670,360
2,578,750
23,265,280
19,847,917
24,369,457
20,872,156
28,916,175
24,013,655
20,915,784
20,734,467
17,776,035 | 18,237,518
22,505,693
20,912,290
WEEKLY SUMMARY FOR BANKS IN 255 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Number
of
centers
1—Boston
2—New York
3—Philadelphia ___
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis...
10—Kansas City..
11—Dallas
12—San Francisco
Total
Oct. 28
692,927
6, 583,896
527,897
681, 938
301,847
303,590
1,227,900
313,137
188,339
290,475
173,769
664,420
254
1924, week ending—
1925, week ending—
11,950,135
Nov. 4
Nov. 11
Nov. 18
Oct. 29
Nov. 5
Nov. 12
Nov. 19
739,396
6,497,367
535,037
689,879
317, 766
340,641
1,382,194
334,652
224,670
311,644
182,912
724,798
695,811
7, 543,870
523,187
670,224
293,541
276, 729
1,118, 699
269,239
176, 774
255,729
152,017
585,361
739,171
7, 722,880
647,777
734,962
365,050
368,010
1.493, 560
385,133
248,486
375,402
213,960
838,177
548,720
5,174, 658
476, 204
578, 997
258, 852
252,669
1,084,444
283,506
243,291
282,063
168,820
561,312
651,116
5,663,080
453,837
582,060
275,906
257,106
1,094,921
285,265
237,611
279,453
171,416
538,173
616,914
6,266,487
480,041
290,691
242,525
1,113, 689
292,100
233,397
281, 702
167,665
575,149
612,783
6,376,691
561,934
614,207
313,435
289,359
1,296,602
353, 798
263,983
333,437
192,427
735,871
9,913,536 i 10,489,944 11,160,349
11,944, 527
12,280,956 j 12,561,181 14,132, 568
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No. 1—Boston
No. 2—New York
Buffalo.
No 3—Philadelphia
4—Cleveland
No.
Cincinnati
Pittsburgh
No, 5—Richmond
Baltimore
No. ,6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
No. 7—Chicago
Detroit
No. 8—St. Louis
Little Rock
Louisville
Memphis
No 9—Minneapolis
Helena...
No, 10—Kansas City. _.
Denver
Oklahoma City
Omaha
No, 11—Dallas
El Paso
_
Houston
No, 12—San Francisco..
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
I
490,393
I 6,261,""'
85,428
401,932
159,857
80,387
235,516
35,653
95,491
36,397
32,514
28,623
17,598
87,713
729,258
201,311
167,900
21, 626
40,685
94,827
1,725
39,593
18,524
57,649
7,950
34,848
249,466
150,788
40,892
17,296
43,388
11,989
509,251
6,167,089
83,211
401,668
166,444
89,047
235,148
40,363
85,599
40,419
34,370
32,763
20,444
105,224
862,749
199,834
185,600
21,972
42,556
47,895
109,472
2,439
88,108
45,580
22,256
46,748
59,333
9,520
41,452
255,565
190,038
39,262
18,101
50,279
13,728
488,514
7,187,358
100,634
392,443
160,253
83,662
225,990
34,375
84,796
41,332
26,370
22,823
16,714
78,641
603,251
205,342
147,700
18,277
34,108
34,088
83,324
2,015
77,284
35,051
19,307
37,863
46,883
8,336
• 30,524
190,716
157,208
33,548
15,098
39,643
11,363
509,066
7,339,651
98,015
487,619
175,975
90,923
253,391
45,986
120,417
46,180
37,260
34,740
22,161
921,312
222,812
218,100
25,042
49,266
49, 550
123,050
2,542
116,898
49,344
26,387
51,337
68,673
10,311
40,253
268,417
229,806
4§,400
21,731
59,802
16,721
362,321
4,900,825
354,782
129,122
66,914
206,015
28,157
79,939
34,660
31,054
13,938
16,681
81,198
674,224
144,333
154,519
22,033
36,142
38,322
114,601
2,526
84,003
38,359
20,503
44,929
50,512
6,733
35,724
180,654
157,643
37,795
14,358
39,615
10,373
442,157 | 426,777
5,389,851 i 5,962,598
67,944
77,115
337,767
358,501
145,971
143,200
77,230
68,682
182,718
198,921
29,892
33,005
93,900
77,200
31,408
35.377
30,754
32,127
13,079
13,837
18,597
16,605
72,491
76,030
660, 513
692,223
161,422
137,488
158,199
154,105
21,682
19,586
40,956
36,244
41,084
112,683
106,737
2,501
2,655
82,146
80,821
38,444
23,808
19,965
38,342
43,847
48,601
48,589
8,053
8,150
32,850
34,537
178,373
169,227
156,203
146,800
38,187
35,390
15,290
15.378
43,009
37,870
10,856
10,331
422,902
6,064,879
78,141
422,543
152,163
79,239
195,318
32,952
96,300
41,465
33,700
16,650
19,925
87,200
814,441
169,252
204,900
23,738
43,405
45,310
131,969
2,451
103,708
44,849
22,658
46,025
39,621
246,546
205,973
45,272
16,326
49,357
12,470
920
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF OCTOBER, 1925 AND 1924
Nonmember banks
Nomnember banks
Member
banks *
Member
1925
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
New England States:
Maine
New Hampshire
Massachusetts
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
banksi
Not on par
list*
On par list
]924
1925
1924
419
877
752
863
605
502
1,407
628
841
1,037
857
744
420
853
740
872
624
520
1,424
630
915
1,089
842
779
246
387
511
1,076
718
367
3,828
2,116
1,229
2,678
771
815
232
379
518 . . . . . .
1,078
6
11
745
726
696
379 1,101 1,108
3,967
195
248
2,244
325
402
1,569 1 063
784
2,758
204
204
877
183
145
855
60
57
9,532
9,708
14, 742
15,601
62
55
46
181
21
65
62
54
46
182
21
66
50
14
39
70
8
84
49
15
35
71
8
72
637
329
957
22
89
13
631
307
950
22
92
15
275
148
657
32
167
34
275
140
656
35
169
33
193
141
91
93
158
71
195
142
95
100
173
68
231
196
91
24
77
84
243
197
101
29
70
76
1925
1924
19^5
3,968
3,550
98
9
339
250
376
159
85
11
352
278
403
148
Southern States—Contd.
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
C ali fornia
Idaho
t
Utah
i
Arizona
Nevada
On par list
1924
1925
1924
N o t on par
list 2
1925
1924
146
118
125
45
122
46
782
147
122
129
44
127
47
753
436
224
27
24
254
36
716
446
267
37
26
286
47
819
22
233
200
275
112
169
99
12
203
187
270
73
181
441
263
588
290
185
337
428
198
448
269
583
287
187
366
450
191
660
827
1,293
512
621
529
1 226
1,316
662
832
1,304
536
657
688
1 306
1,376
9
20
92
186
515
42
36
18
17
75
152
367
27
32
162
124
182
267
116
34
137
33
389
175
133
188
266
136
40
144
37
431
212
228
744
1,005
105
54
186
28
374
300
294
768
1,031
116
64
188
36
377
286
164
174
4
10
11
6
3
5
205
13S
172
5
5
155
135
303
79
47
21
10
159
136
305
103
50
23
11
171
111
338
80
67
33
24
180
115
370
73
66
37
23
31
29
28
27
2
4
3
9,532
9,708
14, 742
15, 001
3,968
3,550
_.
Total
6
4
4
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 Oct. 31,1925, was 9,599.
8
Incorporated banks other than mutual savings banks.
MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]
Date
1914—July 1
1917—Apr. 1
1920—Nov. 1
1922—Aug. 1
1924—Nov. 1
Dec. 1
1925— Jan. 1
Feb. 1
Mar. 1.
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Total
3, 402,015
14,100,591
5,628, 428
4,337, 418
4,879,694
4,993,570
4,992,931
4, 751, 538
4, 804, 209
4,776,167
4,725,191
4, 774, 313
4,734, 236
4,719,519
4, 784,025
4,827,005
4,900,839
1
Gold
Standard
coin and Gold cersilver
bullion tificates
dollars
611,545
641,794
495,353
416, 282
436,160
437,971
458,206
455,169
462,925
469, 448
453, 211
437, 612
428,102
428, 248
416, 348
413,973
429,985
1,026,149
1,348,818
231, 404
171,985
904,861
933, 688
970, 564
929, 650
913,900
914,968
918,862
972, 438
1,003, 285
1,014,311
1,036, 243
1, 050,057
1,067,963
70, 300
70,863
89,725
58,378
55,185
55, 606
57,384
55, 533
55, 264
54, 666
54, 398
53,908
54, 294
54,165
54,173
.54, 693
54,769
Silver Treasury
certifi- notes of
cates
1890
478,602
459,680
60,385
268,802
389, 201
389,113
388, 540
360,808
366, 024
371, 229
376,442
380, 681
379,796
388,016
396,700
394, 069
390,089
2,428
1,997
1,628
1,508
1,410
1,407
1,405
1,401
1,398
1,396
1,392
1,390
1,387
1,384
1,381
1,379
1,376
Subsidiary silver
159,966
191,351
261, 556
229,956
259, 710
263,102
266, 298
256, 898
256, 509
257, 559
258,446
259,894
262, 607
261,750
264, 450
267,768
269,439
United
States
notes
337,845
330,353
277,736
284, 343
305, 840
304, 418
295, 233
283, 598
288, 668
285,780
281,043
284, 799
279, 943
284,806
298, 493
303, 597
306, 575
Federal
reserve
notes
356, 448
3,310, 225
2,115, 350
1, 784, 046
1, 862,055
1,841, 621
1,688,662
1, 734, 606
1,702, 212
1, 676,078
1, 679,833
1, 636,192
1,601,884
1, 629,927
1, 670,658
1,706, 622
Total
Federal National- circulareserve
bank
tion per
bank
notes capita (in
notes
dollars)
3,170
209,877
65,032
8,710
8,471
8,238
7,987
7, 756
7,506
7, 299
7,109
6,921
6,777
5,580
6,460
6,314
715,180
697,160
715. 023
725,782
734,571
737,739
705, 442
711,832
717,159
711, 403
698,020
696, 649
681, 709
678,178
680,730
664, 351
667,707
34.35
39.54
52.36
39.47
43.12
44.08
44.03
41.86
42.28
41.99
41.50
41.89
41.49
41.31
41.84
42.17
42.77
'The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.
MONEY RATES PRE\ AILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
tween 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.
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
afe not averages but are those rates at which the bulk of paper of each
class is handled by reporting banks. Where it appears from the reports
that no one rate clearly covers the bulk of the paper handled, a range of
the rates most commonly charged is given. In making comparison be-
[Rates prevailing during week ending with the 15th day of the month]
Loans secured by stocks and bonds
Customers' prime commercial paper
Loans secured by
Liberty bonds
Interbank loans
District and city
30-90 days
4-6 months
Loans secured by
warehouse receipts
Time
Demand
Cattle loans
Nov.,' Oct., Nov., Nov., Oct., Nov., Nov.. Oct., Nov., Nov., Oct., Nov., Nov., Oct., Nov., Nov., Oct., Nov., Nov., Oct., Nov., Nov., Oct., Nov.,
1925 I 1925 1924 I 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 ! 1925 1924
No. 1—Boston
No. 2—New York.
Buffalo
No. 3—Philadelphia
No. 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
Baltimore
No 6—Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago
Detroit
No. 8—St. Louis
Louisville
Little Rock
No. 9—Minneaplois
Helena
No. 10—Kansas City
Omaha
Denver
Oklahoma City
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco
Portland
_
Seattle
Spokane
Salt Lake City
Los Angeles
4 -5 4-4* H5
44-5 3*-5
| 5 -6 5 -6 5 -6 4J-5
5
5 4-4|,
5 -6 i 5*-i
5*-6
5 -6
6J
6
6
6 5 -6
5
5 -6 5*-6 5 -5
6
! 4*-5*| 4 H
4*-5*
j 4*-6 5 -6" 4*-6 5-6
|
6
6 j 5 -6
5 -8
j 5 -8 6 -8
I 5-6 5 -6 5 -6 5 -7
6
I 5|-6 5*-6
4 -5
4*-5
5 -6 5 -6 4*-6
4f-5 44-5 3*-5 4*-5
j 6
6
6 5 -6
4*-5
4* 4*-5
4*
8
8
8
8
5 5 -6
I 5 I 5
4 -6
6
I 6
5
6
I
6!
6 5 -6
—7 6 -7
| 5 -7 I 5 -7
! 4*-6 4J-6 I 5 -i 4*-6
! 6-8 4*-8 I 6 - 8 6 -8
| 5 -6 5 - 6 5 -6 5 -6
I 5 -5* 4*-54i 5 -5* 44-5*
6
6
| 6-7 6"-7
j 6
I 5 -7 5 -7 6 -7
6
j 5 -6 5 -6
6 6 -7
! 6
4 -41
4*-5
41-5 I
4
41-5 I 3f-5
5
5*-6
6
6
5 -6
44-54
5 -6
6
4 -8
5 -7
5
44-6*
4*-6
4*-5
5*-6
6
6
5 -7
4|-6
44-8
5 -6
4!
5 -6
5
5 5
4-4*
4*-5
5 14-4*
5
5 -6
5 !i 5 5 -6 5 -6
5
6
5 -6
6 5 -6
6
5*
5 -6 5 -5*
5*1 5 -6
5
5 -5 4|-5 - -5*
5 5 -6 5*-6
44-5} 4*-5ii 4*-5
4*-6 5 -6 5-6 5-6 4J-6 I 4*-6
5 -7 5 -6 5-6 5-6
6 !
6
3*-8 5 -6 5-6 5-7 4 -8 4 -8
5 -6 5 6 5 -6 j 4*-6 5 -6 5 - 6
6
5*-6 ! 6
44-5 5^6*1 5 -5* 4*-5 *
44-6 5-5*1
5 5 -5* fi -6 5 -6
34-5 5 -5* 5 -541 5 -5* 5 -5* 5-5*
6
5{
5 i
5
5
6
5 -6
6 5*-6
4* #1-5*
5*
5*
~ . 6 - 8 6 -8 7 -8
5
6
6
6 5 -6 5 -6
4*-6
6
5*-6 5 -6
5 6 -7 6 -6 6-7 5 -6
6 5 -6
6 -7 6 -7 6 -7 6 -7
5 -6 5 -6 5 -6 4 -6 5 -6 5 -6
6 -8 6 -7 6 -7 6 -7
7 -8
5 -6 5 -6
6
5 4*-5
5 -5* 5 -6 4*-6 5 -6 5 -6 5 -6
6
6 I 6 6-7 6 -7
5 -6 5 -6*! 6 - 6 |
6
6-8 6 - 7
6
6 -7
6
6 -7 6-7 6-7
6
6-7
H
r
I
4J-5 4*-5
5 -6 5 -6
54-6 I 5*-6
tft
I
4*-6
5 -6
6
6 -7
4 -6
6-8
6
5 -6
6 -7
6
6
6
6 -7
3
2-41
5 -6
3*-4
5*-6
5 -6
6*
5|6
|
5 -6
6
5 -8
5 -6
5*-6
4 -5
5|-6
4 -5
6
6
4*
5 -6 5*-6
5 -5* 5 -5*
5 -6 5 -6
6
6
5 -8 4*-8
5 -6 5 -6
5|-6 5*-6
4*-5
5 -6
41-5* 4 -6
6
54
6
6
4*-5
4*-5
5 -6
5 -6
5 -6
6
5 -6
5 -6
6
5 -6
4f-6
5 -6
6 -6*
6
7 -8
5 -7 6 -7
6 -7 6 -7
6~-7~
5 -6
6 -7
6
8
6 -7
6 -7
5 -6
5
3f-4J 41-5 4*-5
6
6
6
5
5 3*-4
5 |
5
5*-6 5 -6 ', 5*-6
5*-6 5*-6
6
6
6
6 5 -6
6
6
5*
i
*
5 -6 5*-6
6
5*-5f| 5|-5! 4|-5|
5 -6 5 -7 5 -6 5 -6 5 -6
6
6 6 -7
6
6
5 -8 4*-8 6 -8 4*-8 4*-8
5-6* 5 -6 5 -6
5- 6
5*-6
54-6 ! 5*-6
*
4*-5 4*-5 4 -5 5 -5* 4*-5
*
56
56
5-6 5-6 51-6 5 -6 5 -6
5 -5* 4*-5 4 -5 4*-5* 44-6*
6
6
6
6
6 6 -7
4*-4i| 4*-5*
4*16-816-8
5-6 1 6
6 ! 5 -6 5 -6
6
(5 6 -7
5 -6 I 5-6 5 -6
6 -7 ! 6 -7 6 -7 6 -7 | 6 -7
6 -7 ! 5 -6 5 -8 5 -6 5 -6
6 -8 | 6 -8 6 -8 6 -8
8
5 -6 j 5 -6 6 -7 5 -6 5 -6
5 -6
6 5 -6
6
6
, 6 -7 6 -7 6 -7 6 -7
i
6 6 -7
7
I 6-8
7 6 -7 7 -8
[ 6 -7 6 -7
7
S - 7 6-7 6 - 7
7
4f-5 4F5
5
4i-5
5 -6 5 -6
6
41-5
6
4-5*
5 -6
6
6 -7
CD
1
5 -6 !
6
6 -8
5 -'
5*H
5*-6
44-541 54-6 5 - 5 * 5 -54
4
5*-G
5*G
I
5-5* 5 - 6 ;j 5 - 6
6
-7 I 6 -7
6
I
5 -6 6 -7
6 6 -7
6 -8 6-7
7 -8 6-8
5 -8
8
5 -7 I
6 -7
7
6 -7
6 -8
7 -8
8
6 -8
6
7
6
7
7
6 -7 16 -el 6 -el!
6-7 i
6 -7
7
7
fef
!
6*-7 I
7
7-87-8
7 i
7
7
6
' 6
-7
-8
-7
-8
-8
8
-8
-6|
6
-7
T-7*
3
922
FEDERAL RESERVE BULLETIN
DECEMBER,
1925
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
October
Country of origin or destination
10 months ended October
Exports
1924
Exports
Imports
1925
1924
1925
1924
$19,701,640
$50,740,649
$15,284,478
Imports
1925
1924
1
1925
GOLD
All countries
France...
Germany
Italy
—
Netherlands
__.
Poland and Danzig..
Spain
Sweden
England
Canada
Central America
Mexico
--West Indies
Argentina
Chile
Colombia
Ecuador
Peru
Uruguay
--Venezuela
British India
Straits Settlements..
China
Dutch East Indies...
Hongkong
Japan
—
Philippine Islands, _ British Oceania
Egypt...
Portuguese Africa
Allother
_—|
$4,125,268
$28,039,190
1,339,208
67,757,675
1,050,000
4,318,343
1,103,948
392,431
1,002,628
6,159,602
25,371,655
800,000
7,822,126
176,125
5,561,000
2,446
15,000
1,999,878
15,000
65,407
238,149
2,563
13,198,375
9,340
40, 000
235,000
41,890,643
3,451,477
116,110
534,527
7,574
2,649,100
1,000
3,148,052
331,279
1, 287,336
348,485
50,000
22,474,883
50, 000
326,479
1,125
51, 000
2,446 ;
2,364,643
133,664
25,005
2, 000,000
1,761
173,105
67,363
205,401
$232,311,992 $289,584,485
67,580
1,248
5,682
117, 859
82,734
802,290
2,160,010
58,770,886
4,517,013
801,650
1,051,030
11,590,396
~92~834"
206,100
510, 000
13, 910
663,278
501,236
220, 010
3,458, 950
800, 000
5,000
104, 900
35,170 |
776, 001
1,101,600
4,466,896
395,240
129,207
154,565
213,100
2,365,840
170, 041
70,165
4,000,000
171,184
26,975
800, 000
30,000
26,925,176
498,240
4,966
4,125
69,616
6,966
153,457
5,828,572
5,601,851
10, 705,626
4,822,116
2, 735, 792
47,699,522
53,413
6,522,838
130,892,628
35,922,220
1,790,437
4,648,342
327,005
18,189,465
339,540
1,888,253
721,445
2,459,156
7,836
247,559
4,997,791
1,831,800
2,500,000
$110,601,053
6,584,797
1,628
6,923
10,084,799
77,958
220
46,714,565
28,990,037
1,359, 784
4,144,158
492,315
2,466
355,130
1,326,285
625,449
1,308,726
267,044
13,950
119,558
1,792,134
295,682
4,521,565
2,606,431
1,455,008
526,216
1,173,481
4,008,049
1,472,513
229,300
15,233
546,691
61,341
89,209,997 j 83,420,022
61,599,594
54,799,427
61,841
1,221,035
191,173
5,875
104,665
301,164
6,058,320
1,742,153
37,347,519
60,514
32,304
243,037
1,245,082
136,580
11,946,276
2,314
17,634
744,154
141,449
99,466
7,055,434
1,366,716
35,156,905
160,064
5,244
67,119
1,399,037
63,082
7,966,101
5,105
55,968
4,183
782,167
123,263
211,739
109,653
164,686
SILVER
All countries . . .
France
Germany
Poland and DanzigSpain
England
Canada
Central America
Mexico
West Indies
Argentina
Bolivia
Chile
Colombia
Peru
Venezuela
British India
China
_...
Dutch East Indies..
Hongkong
Japan
Portuguese Africa...
All other
9,465,023
8, 783,376
2,325
543,183
212, 884
2,483,598
194, 037
500
111,483
863
213, 666
189,482
79, 700
91, 596
1,000
8,155
28,700
4,372,468
1, 947,338
4,432,576
3,193,340
433,126
193,198
3,726,561
3,407
17,376
1,709
649, 084
132,040
4,195,598
11,212
864
• 64,322
47,814
23,603
1,270,571
55
103,965
1,555
367,029
227
881
49,831
151,858
758,616
212,884
4,705,027
887,500
20,580,759
1,358,303
34,775
1,662,058
49,501
2,300
7,406,701
1,564,414
380,040
1,599,720
82,166
10,455
14,608
900,000
655,340
45,457,509
15,250,860
6,536
404,900
90,314
37,828,221
27,507,511
842,634
1,275,970
141,852
1,978
7,315
7,888
11,770
16,783
962,381
2,022
74,450
923
FEDERAL RESERVE BULLETIN
DECEMBER, 1925
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
November, 1925
Countries
Monetary unit
Par
of exchange
Average
Low
High
Low
High
Rate
Austria
Schilling
Belgium
Franc
Bulgaria
Lev...
C zechoslo vakia
Crown
Denmark
__ Krone
Finland
Markka
France.
__
Franc
Germany
Reichsmark
Great Britain
Pound
Greece
Drachma
Hungary.
Krone
Italy
Lira
Netherlands
_
Florin
Norway
Krone.
Poland
Zloty..
Portugal
Escudo
Rumania.-Leu
Spain
._
Peseta
.._
Sweden.
Krona
Switzerland
Franc
-..
Yugoslavia
Dinar
Canada
_. Dollar
Cuba
Peso
Mexico
J
do
Argentina
Peso (gold)
___
Brazil
__ Milreis
Chile
Peso (paper)
Uruguay
Peso
China
Mexican dollar
Do
I Shanghai tael
Hongkong
| Dollar
India
! Rupee..
Japan
! Yen
Straits Settlements
: 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
i 19. 53
103. 42
i 48.11
i 66. 85
1 47. 77
48.66
49.85
56.78
October, 1924
October, 1925
14. 0470 14.0810 14. 0630
4. 5200
4. 5300 j 4.4700
.7300 | . 7256
.7247
2. 9619 2.9607
2. 9608
24. 5700 25. 0100 I 24.0000
2. 5238 | 2.5216
2. 5212
4.1800 ! 4.0900
3.7400
23. 8100 i 23.8000
23. 8000
484. 3900 484. 7600 1483. 9S00
1. 3730 | 1.2938
1.3255
.0014 i .0014
.0014
3. 9400 4. 0600 ! 3.9200
40.1900 40. 2500 : 40.1800
19. 9700 20. 4600 I 19.5800
13. 4700 16.6700 i 16.5500
5.1300 I 5.0600
5.1000
.4748 I .4740
.4482
14.1700 14. 3200 14.3000
26. 7400 26. 7600 26. 7500
19. 2600 19. 2800 19.2600
1. 7686 1. 7736 1.7700
100.1563 99. 9944
99.9922 99. 8177
48. 6767 49.0750 49.0667
93. 6800 94.8100 92. 2400
14. 0100 15. 0500 14.0500
12. 0900 12. 3000 12. 0200
102.1300 102. 8900 99. 6100
55.1000 56.6800 57.0600
75. 2700 76. 4400 76. 9400
57. 5200 58. 4800 58. 9300
36. 5800 36. 7000 36. 5700
41. 6600 43.1500 40. 8100
56.5800 56. 9200 56. 3300
Average
Per
cent
of par
Low
High
Per
cent
of par
Rate
14.0880 14.0728 100.021
4. 5600
4. 5258 23.45
4.7500 4. 8500
4.8042
.7319
.7294
. 7272
.7368
.7320
3.78
2.9617
2. 9773 2. 9870 2. 9814
2.9622
25.1300 24. 5769 91. 70 17.0900 17. 6100 17.3331
2.5226
2. 5236
13.07" 2. 5105 2. 5144 2.5125
4. 7300
4. 4312 22. 96'< 5.1500
5. 3100 5. 2292
23. 8100 23. 8031 99.93"
484. 7900 484. 2800 99.51 445. 6300 452.3100 448. 7004
1. 3554
7.02,
1.4473
1. 7170 1. 7452
1. 7356
.0014
.0014
. 0013
.0013
.0013
3. 9915
4.3504
4.0500
4.3000 , 4.3800
40. 2500 40. 2004 20.68 38. 6500 ! 39.4000 39.1027
20. 6100 20. 2042 100.00 14.1000 ! 14.3500 14.. 2646
16.7200 16. 6558 75.39 19.1900 19.2400 19.2181
5. 0888 86.30
3. 4900 I 4.2100 3. 9315
5.1100
4.71
.4774
.5156 ! . 5718
.5459
.4812
2.47 13.2700 i 13.4800 13.4015
14. 4100 14.3523
26. 8500 26. 7900 74.36 26. 6000 26.6300 26.6123
19.3000 19. 2742 99.96 19. 0500 19. 2400 19.1827
1. 7771 1. 7733 99.87
1.4245
1.3613 1.4570
9.19 99. 9555 100. 0078 99. 9743
100.1500 100.0914
99. 9938 99. 9209 100.09 99.9297 99.9621 99. 9459
49. 2833 49.1664 99.92 48. 7917 48. 9583 48. 8575
98. 63 81. 7100 85.3000 83.5458
93.9600 93.3565
15.1500 14. 8131 96.76 10. 5400 11. 5800 11.2215
12.1100 12.0565 45.66 10. 9000 11. 2100 11.0485
61.73 85.2200 90.8300 88. 5946
101. 9500 101.1273
97.78 54.0800 55. 9800 55.0792
57. 8300 57.4269
119.37 75.9200 78.3600 76. 9792
78. 3800 77. 9004
59. 6500 59.3369 116. 53 53. 6600 54. 9600 54.3600
36. 6300 36. 5973 124. 21 33.0100 34.1000 33.6922
75.21 37.9400 39. 9700 38. 7942
41.4200 40.9723
56. 6900 56. 5127 82.19 51.2500 52. 5600 51. 8312
99.53
i
.or
24.89
3.79
64.68
13.02
27.09
92.20
8.99
.01
22.54
97.27
53.19
99.68
3.64
2.83
69.44
99.30
99.39
7.38
99.97
99.95
98.01
86.59
34.59
56.57
85.66
114.49
115.15
133.80
69.24
77.82
91.28
i 1913 average.
SILVER
[Average price per fine ounce]
i November
London (converted at average rate of exchange)..
N e w York
$0. 70125
.69558
October
$0. 71924
.71421
INDEX TO VOLUME 11
Page
Page
Agricultural prices, discussion of.
73, 297, 559, 712
Abstract of condition reports of member banks:
December 31, 1924
215-218 Agricul ral produ ts:
Acceptances based on
528
April 6, 1925
436-439
Exports
297
June 30, 1925
698-701
Chart showing
156, 789
September 28, 1925
913-917
Marketing, discussion of
73,300,711
Abstract of earnings and dividends reports of
Prices of
73, 297, 559, 712
290, 832
t State bank members
Chart showing
12, 307, 534, 712, 736, 853
Acceptances:
Alabama laws relating to branch banking
182
Bankers'—
Commodity classification of
528, Allotments of Treasury certificates of indebtedness
7, 235, 451, 714
559-565, 877
Growth in, discussion of
180, 526, 874 Animal products, index of movements._ 37, 111, 191,
Rates in New York and London
780
263, 336, 412, 490, 570, 673, 742, 807, 886
Volume and distribution
874 Animals slaughtered
16, 82, 161,
Banks granted authority to accept up to
246, 312, 390, 461, 539, 616, 726, 793, 857
100 per cent of capital and surplus
409
Index of
36,110, 190,
Based on agricultural products
528
262,335,411, 489, 569, 672, 741, 806, 885
Classification, by commodities, of acceptAnnual reports:
ances purchased by Federal reserve banks 528,
Austrian National Bank
495
559-565, 877
Bank of Danzig
344
Dealers in, purchases of
875
Bank of Finland
343
Discount rates
66, 142,
Bank of France
258
225, 292, 363, 441, 521, 595, 704, 772, 831, 918
Bank of Japan
341
Discounted by Federal reserve banks
56, 133,
Bank of Lithuania
344
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Bank of Poland
343
Growth of acceptance holdings
180, 526, 874
Bank of Spain
343
Held by Federal reserve banks__ 55, 132, 210, 282,
Belgian National Bank
416
357, 431, 509, 587, 693, 759, 826, 876, 908
Czechoslovakia Banking Office
417
IVlarket for
22 90
Federal Reserve Board, extract from, relative to gold exports
148
154, 239, 305, 382", "465, "532", ~ ~ ~ " ~719, ~786,' 850
6 0 8,
French commercial banks, 1924
494
Discussion of
527, 528
Purchased in open market by Federal reGerman Reichsbank
340
serve banks
56, 133,
Netherlands Bank
811
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Secretary of Treasury, extract from, on
Act:
debt payment program
6
Gold standard for Great Britain
375
Serbs, Croats, and Slovenes, National
Discussion of
369
Bank of
496
McFadden bill defining branch banking
103
South African Reserve Bank
678
(See also Laws.)
Swedish Riksbank
341
Administrator. (See Fiduciary powers.)
Swiss National Bank
341
Admissions of State banks into Federal reserve
Apple crop, 1923-24
14
system. (See State banks.)
Appointment of Federal reserve agents
8,450
Agent general for reparation payments, report of_ 550 Argentina:
Agricultural conditions, monthly reports
12, 77,
Foreign exchange rates
69, 145,
156, 241, 306, 384, 457, 534, 611, 721, 788, 852 L •;
V•
S 229> 2?6> 367, 445, 524, 598, 707, 775, 837, 923
(See also Crops.)
Gold and silver exports to United States 68, 144,
Agricultural credit, discussion of
711, 714 Ul
C 228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Agricultural credit banks, loans of
156,
Gold imports
233
241, 306, 384, 457, 534, 610, 720, 787, 851
Gold reserves
268
Agricultural implements, wholesale trade
41, 117, Arizona laws relating to branch banking
182
193, 265, 338, 414, 492, 572, 675, 744, 809, 888 Arkansas laws relating to branch banking
182
Agricultural movements, index of
37, 111, Armenia, debt of, to United States
845
191, 263, 336, 412, 490, 570, 673, 742, 807, 886 Assessments on Federal reserve banks for expenses of Federal Reserve Board
135, 592
Revision of
739
Agricultural paper:
Assets and liabilities. (See Resources and
Discount rates
.66, 142,
liabilities.)
225, 292, 363, 441, 521, 595, 704, 772, 831, 918 Assignee. (See Fiduciary powers.)
Discounted by Federal reserve banks
56, 133, Australia:
Cost of living and food prices
49,126,204,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
276, 351, 425, 504, 581, 688, 754, 820, 902
Held by Federal reserve banks
55, 132,
Description of index
277
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
i
II
INDEX TO VOLUME 11
Australia—Continued.
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold imports.
233
Gold reserves
268
Gold js tandar d, restoration of
373
Gold and silver imports from United
States
295, 366, 444, 523, 597
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Austria:
Cost of living and retail food prices. _ 49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Debt of, to United States
845
Discount rates
45, 122,199,
272, 421, 500, 577, 682, 749, 781, 815, 894
Changes in
347, 577, 749, 781
Specified dates
781
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
National Bank of—
Annual report, 1924
495
Condition of
199
271, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Reserve requirements.>
267, 269
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Automobile supplies, wholesale trade
41, 117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Automobile tires, monthly reports on the indust r y . 18, 85, 163, 248, 314, 462, 541, 618, 728, 795, 859
Automobiles:
Employment and pay rolls in manufacturing plants, chart snowing
392
Monthly review of the industry
18, 85,
163, 248, 314, 392, 462, 541, 618, 727, 795, 859
Production—
Chart showing
85, 859
Discussion of
298, 601
Index of
37, 112, 191,
263, 336, 412, 490, 570, 673, 742, 807, 886
Registration, chart showing
460
Balance of payments of United States and England in 1924
406
Balances, bankers', of member banks in Federal
reserve bank cities
58, 138,
213, 285, 360, 434, 512, 590, 696, 762, 829, 911
Chart showing
449
Decline in
449
Balances due from foreign branches of domestic
banks, deduction of, from balances due to
other banks in computing reserves of member
banks
483
Bank clearings. (See Clearings.)
Bank credit:
Crop mpving
711
Discussion of
1,
3, 147, 300, 447, 449, 525, 592, 602, 711, 839
Effect of gold exports on
147
European countries
324
Federal reserve bank, chart showing
10,
76, 152, 302, 530, 605, 784
Federal Reserve Bank of New York to
Great B r i t a i n Discussion of
372
Federal Advisory Council on
373, 374
Great Britain
98
Member bank, chart showing
152,
237, 303, 380, 717, 784, 842, 847
Monthly review
11, 77, 153,
238, 304, 381, 454, 531, 607, 718, 785, 848
Bank debits:
Canada
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
United S t a t e s Chart showing check payments
299
Weekly
64, 140, 224,
291, 362, 440, 519, 593, 702, 770, 833, 919
Bank deposits:
Federal reserve banks, monthly
50,, 127
205, 278, 352, 426, 505, 582, 689, 755, 821, 903
Guaranty of, State laws relating to
626-668
Savings—
France
45, 122
United States
23, 91, 167,
252, 318, 396, 466, 545, 621, 731, 799, 864
Time, loans on real estate by national
banks having no
28
Time and demand of member banks—
April, 1923-April, 1924
481
Monthly
65, 141,214,286,
361, 435, 513, 591, 697, 763, 830, 912
Bank failures
24,
92, 168, 254, 319, 398, 468, 547, 623, 732, 800, 865
During year 1924
93
Bank notes, Federal reserve:
Circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Taxes on
135, 592
Bank of England:
Condition of
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Chart showing
99
Discount rates, changes in __ 199, 682, 781, 815, 894
Gold reserves
268, 781
(See also Great Britain)
Bank of Finland:
Annual report
343
Condition of
199,
271, 346, 420, 499, 576, 681, 748, 814, 893
Discount rates, changes in
682,781,815
Gold reseves
268
(See also Finland.)
Bank of France:
Annual report
258
Condition of—
Monthly
45,122, 197, 270,
345, 419, 498, 575, 680, 747, 813, 892
Year 1924
257-259
Chart showing
258
Discount rates, changes in
45, 577, 781
Gold reserves
268
(See also France.)
Bank of Japan:
Annual report
341
Condition of
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Discount rates, changes in
347
(See also Japan.)
Bank of Java. (See Java.)
Bank of Latvia. (See Latvia.)
Bank of Lithuania. (See Lithuania.)
Bank of Netherlands:
Annual report
811, 812
Condition of
191,
272, 346, 420, 499, 576, 681, 784, 814, 893
Discount rates, changes in
45, 122, 781, 815
Gold reserves
232, 268, 781
(See also Netherlands.)
Bank of Norway:
Condition of
198,
272, 346, 420, 499, 576, 681, 748, 814, 893
Discount rates, changes in
421, 682, 749, 815
INDEX TO VOLUME 11
Bank of Norway—Continued.
Gold reserves
268
(See also Norway.)
Bank of Poland. (See Poland.)
Bank of Portugal. (See Portugal.)
Bankers' acceptances:
Commodity classification of
559-565, 877
Growth in, discussion of____
180, 526, 874
Rates in New York and London
780
Volume and distribution
874
Bankers' balances of member banks in Federal
reserve bank cities
58, 138,
213, 285, 360, 434, 512, 590, 696, 762, 829, 911
Chart showing
449
Decline in
449
Bankers Trust Co^, New York City, foreign
branches of
407
Banking, branch. (See Branch banking.)
Banking laws:
Gold standard for Great Britain
375
Discussion of
369
McFadden bill defining branch banking
103
South African Reserve Bank, suggested
changes in
179
State, relating to branch banking. __ 182-187, 486
State, relating to the guaranty of bank deposits
626-668
Wisconsin statute relating to reserves of
State member banks
737
Banking position at close of 1924, review of
1-6
Bankruptcies. (See Failures.)
Banks, condition of. (See Condition of banks.)
Banks granted authority to accept up to 100
* per cent of capital and surplus
*
409
Banks of issue:
Annual reports for 1924. (See Annual reports.)
Central Bank of Chile, organization of
890
Condition of foreign banks. (See Condition of banks.)
Discount rates. (See Discount rates.)
Organized since 1919
232, 269
Reserves
267,268,781
Barley receipts, shipments, and stocks
37, 112, 192,
264, 337, 413, 491, 571, 674, 743, 808, 887
Belgium:
Cost of living and retail food prices
49, 126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Debt to United S t a t e s Funding agreement
603
Payment on
845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
894
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121
Gold and silver exports to United States. _ 295,
366, 444, 523, 597
National Bank of—
Annual report of, 1924
416
Condition of
.
198,
271, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Wholesale prices
48, 125, 203, 275,
350, 424, 503, 580, 687, 752, 818, 900
Bell, Henry, member transfer committee, German reparations
551
Bills discounted and bought. (See Discount
and open-market operations; Earning assets.)
Bolivia, gold and silver exports to United
States
295, 366, 444, 523, 597, 706, 774, 836, 922
III
Page
Bond sales, Canada
43, 120, 201, 685, 898
Bonds, United States:
Held by Federal reserve banks. _ 55, 132, 210, 282,
357, 431, 509, 587, 693, 759, 826, 908
Purchased in open market by Federal reserve banks
56,133,211,283,
358, 432, 510, 588, 694, 760, 827, 909
Borrowings from Federal reserve banks
878
Chart showing
840
Bradbury, John, member of British gold-standard committee
375
Branch banking:
McFadden bill denning
103
State laws relating to
182-187, 486
Branches, foreign, of American banks
407
Brazil:
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44,
121, 200, 273, 348, 422, 501, 578, 750, 816, 895
Gold reserves
268
Brick production, index of
37, 112,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
British India, gold and silver imports from
•
United States
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
British Oceania, gold and silver exports to
United States
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Bruins, G. W. J.y commissioner of the Reichsbank,, reparation payments
551
Budget, German, under Dawes plan
557
Building:
Discussion of activity
298, 601
Monthly reports on the industry
19, 86,
164, 249, 315, 393, 463, 542, 619, 729, 796, 861
Permits and contracts awarded
40, 116,
192, 264, 337, 413, 491, 571, 674, 743, 808, 879
Bulgaria:
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
National Bank of—
Condition of
346,
420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Retail food prices
49, 126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Bureau of Labor Statistics, wholesale price index. 48,
125, 166, 253, 319, 397, 467, 546, 622, 753, 819,
901.
Business and financial conditions:
Abroad
45, 122, 197,.
270, 345, 419, 498, 575, 677, 747, 813, 890
Twenty European central banks added
to statistics
195
Europe, review of, in 1924
323
United S t a t e s Discussion of
71, 297, 599-603
In 1924, review of
71
Monthly review
9, 75, 151,
236, 302, 379, 452, 529, 605, 716, 783, 846
Business failures:
Canada
43, 120, 201, 685, 898
Germany
43, 120, 201, 685, 897
United States
23, 91, 168,
253, 319, 397, 467, 546, 622, 731, 799, 865
During year 1924
71
INDEX TO VOLUME 11
IV
Page
Business indexes of the Federal Reserve Board. _
10,
76, 152, 237, 303, 380, 453, 531, 606, 717, 784, 847
Butter:
Production
14,
80, 159, 244, 309, 387, 537, 614, 724, 791, 855
Stocks and prices, chart showing.
614
California laws relating to branch banking
182
Canada:
Bank debits
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Bond sales
43, 120, 201, 685, 898
Capital issues
43, 120, 201, 685, 898
Chartered banks, condition of
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Clearings, b a n k . . . —
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Coal imports
43, 120, 201, 685, 898
Cost of living
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Cotton, raw, imports
43, 120, 201, 685, 898
Currency circulation
45, 122,
197, 270, 345, 419, 498, 575, 680, >747, 813, 892
• Failures, business
43, 120, 201, 685, 898
Financial statistics
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Fish, preserved, exports
43, 120, 201, 685, 898
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold and silver imports and exports..__ 68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold reserves
45,122,197,
270, 345, 419, 498, 575, 680, 747, 813,
1913-1924
268
Iron and steel production..- 43, 120, 201, 685, 898
Livestock receipts
43, 120, 201, 685, 898
Lumber exports
43, 120, 201, 685, 898
Machinery imports
43, 120, 201, 685, 898
Prices, security...
43, 120, 201, 685, 898
Production.
43,120,201,685,898
Railway receipts
43, 120, 201, 685, 898
Retail food prices
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Security prices
43, 120, 201, 685, 898
Unemployment
43, 120, 201, 685, 898
Wheat receipts and exports. 43, 120, 201, 685, 898
Wholesale prices—
Comparison with other countries 48, 125, 203,
275, 350, 424, 503, 580, 687, 752, 818, 900
Dominion Bureau of Statistics index. _ 753,
819, 901
Federal Reserve Board index.— 47, 124, 202,
274, 349, 423, 502, 579, 686, 751, 817, 899
Wood pulp exports
43, 120, 201, 685, 898
Candy chain stores, retail trade index
42, 117,
Capital- 1 9 4 ' 2 6 6 ' 3 3 9 ' 4 1 5 ) 4 9 3 ' 5 7 3 ' 6 7 6 ' 7 4 5 ' 8 1 0 ' 8 8 9
Federal reserve banks
52, 129,
207, 280, 354, 428, 507, 584, 691, 757, 824, 905
National banks, increase and decrease. __ 33, 108,
188, 260, 333, 408, 487, 567, 670, 738, 804, 883
State banks admitted to system
33, 108,
187, 260, 333, 408, 487, 567, 669, 738, 803, 882
Capital issues:
Canada
— 43, 120, 201, 685, 898
England
43, 120, 201, 684, 886
Germany
43,120,
201, 270, 345, 419, 498, 575, 680, 747, 813, 897
United States..
155,
240, 305, 383, 456, 533, 609, 720, 786, 850
Pft e
Cars, railway:
£
Freight car shortage, surplus, and loadings. 20, 88,
164, 250, 316, 394, 464, 543, 619, 729, 797, 862
Chart showing
87,299
Carson, W. J., statistical work performed by__
471
Cattle:
Monthly reports on the industry
14, 80,
158, 244, 309, 387, 459, 537, 613, 723, 790, 855
Prices
736
Charts showing
387, 613, 736
Receipts, Canada
43, 120, 201, 685, 898
Slaughtered, index of
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Cement production, index of
36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Central America, gold and silver imports
68,144,
228, 295, 366, 444, 523, 597, 706,774, 836, 922
Central banks of issue:
Annual reports for 1924
340-344
Central Bank of Chile, organization of
890
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Organized since 1919
232,269
Reserves
267,268, 781
Certificates of indebtedness, Treasury:
Held by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Issues of
7,235,451,714
Maturities of
53, 130,
208, 281, 355, 429, 508, 585, 692, 758, 825, 906
Purchased by Federal reserve banks
56, 133,
211, 283, 358, 432, 510, 588. 694, 760, 827, 909
Ceylon, gold imports from United States
68,
144, 228, 597
892
Chain stores, retail trade:
Index
.
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Monthly reports
21,
88, 166, 252, 317, 465, 544, 620, 730, 798, 863
Chairman of board of directors of Federal reserve banks. (See Federal reserve agent.)
Chamberlain, Austen, chairman of British gold
standard committee
375
Changes in discount rates:
Central banks of issue. (See Discount
rates.)
Federal reserve banks—
Boston
842, 918
Cleveland
842, 918
New York
150, 225
Philadelphia
842, 918
San Francisco
842,918
Changes in membership in Federal reserve system
59, 218, 517, 764
1919-1924
218
(See also State banks admitted.)
Changes in name, State bank members
33,
108, 188,260, 333, 408, 487, 567, 669, 738
Changes in weekly statement of Federal reserve
banks
782
Charters issued to national banks
33, 108,
188, 260,333, 408, 487, 567, 670, 738, 804, 883
Charts:
Agricultural products—
Exports
156, 789
Marketing
711
Automobile manufacturing, pay roll and
employment
392
Automobile production
85, 859
Automobile registration
460
Bank of England, condition of
99
Bank of France, condition of
258
INDEX TO VOLUME 11
Charts—Continued.
Bankers' balances of member banks in Federal reserve bank cities
449
Borrowings from Federal reserve banks
840
Butter prices and stocks
614
Car loadings, shortage, and surplus
87, 299
Cattle prices
387,613,736
Check payments
299
Cigars and cigarettes, production of
386
Coal, bituminous, production and stocks.- 538
Corn prices
12
Cotton—
Consumption
247
Manufacturing
83
Prices
12, 712
Crops, value of
12
Currency in circulation
482
Department store sales
76, 299, 453, 606, 863
Discount rates of central banks
324
Earnings and expenses of member banks.- 870
Employment, factory
10,
237, 380, 466, 530, 621, 717
Employment and pay rolls in factories. __
325,
326, 466, 621, 847
Farm implements, sales of
620
Farm prices
12, 307, 534, 712, 736, 853
Federal reserve bank credit
10,
76, 152,303, 453, 530, 605, 784
Federal reserve banks, condition of
482
Federal reserve note circulation
482
Freight-car loadings, surplus, and shortage.
87
Gasoline production
460
Gold imports and exports
482
Hay prices
12
Hogs, receipts, and prices
387, 537, 736, 855
Industrial activity, United States
35, 109,
189, 261, 334, 410, 488, 568, 671, 740, 805, 884
Leather production and stocks
728
Livestock prices
387, 537, 613, 712, 736, 855
London clearing banks, condition of
98
Lumber cut, shipments, and orders
249
Mail-order houses, sales of
251
Marketing of farm products
711
Meat, sales of
544
Member bank credit..
152,
237, 303, 380, 717, 784, 842, 847
In New York city and outside
842
Member banks—
Condition of
479
Earnings and expenses
870
Loans and investments
849
Profits and costs
871
Money in circulation
482
Money rates
5
New York and London markets
99, 780
Oklahoma, number of banks in; deposits
631
Pay rolls in factories.- 300, 325, 326, 466, 621, 847
Petroleum production, consumption, imports, and exports
389
Pork and lard in cold storage
793
Pork production, consumption, and exports
246
Potatoes, prices of
12
Prices on farms
. 12, 307, 534, 712, 736
Production in basic industries
9, 75, 151,
236, 302, 379, 452, 529, 605, 716, 783, 846
1923-1925
71, 600
Profits and costs, member banks
871
Sheep prices
387, 736
Shoe production
860
Silk prices
727
Charts—Continued.
Sterling exchange in New York market
371
Tobacco prices
12
Wheat and flour exports
__
78
Wheat prices
12
Wholesale prices—
England
677, 678
United States
9, 75, 151, 236,
302, 452, 379, 529, 605, 716, 783, 846
Agricultural and nonagricultural.. 599
Federal Reserve Board index
46, 123
Wholesale trade
299, 863
Wool prices
390
Wool stocks, consumption, and imports
617
Woolen industry, prices in
17
Chase National Bank, New York City, foreign
branches of.
407
Check clearing. (See Clearing and collection.)
Cheese production
14,
80, 159, 244, 310, 537, 614, 724, 791, 856
Chicago, member banks in, condition of
58, 139,
214, 286, 361, 435, 513, 591, 697, 763, 830, 912
Chile:
Central Bank, organization of
890
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold reserves, 1913-1924
268
China:
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Cigar chain stores, retail trade
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Cigars and cigarettes:
Monthly reports on the industry
14, 79, 158,
243, 308, 386, 536, 612, 723, 790, 854
Production—
Chart showing
386
Index of
36, 111, 190,
262, 335, 411, 489, 569, 672, 741, 806, 885
Circulation, currency. (See Currency.)
Classification, by commodities, of acceptances
purchased bv Federal reserve banks
528,
559-565, 877
Classification of loans and investments of member banks
831
Clayton Act:
New permit necessary where director has
resigned from and again is elected to
serve same institution
28
Permit of director of consolidated State
bank
28
Clearance of ships. (See Ships.)
Clearing and collection:
Chart showing check payments
299
Gold settlement fund transactions.__ 66, 142, 226,
293, 364, 442, 521 595, 704, 772, 832, 918
Opinion of United States Circuit Court of
Appeals in case of City of Douglas, Tex.
v. Federal Reserve Bank of Dallas
30
Opinion of United States District Court in
case of Pascagoula National Bank v.
Federal Reserve Bank of Atlanta
100
Action of Supreme Court
843
Par list, number of banks on
520,
594, 703, 771, 834, 920
VI
INDEX TO VOLUME 11
Page Condition of banks:
All incorporated stock banks in the United
Clearing-house bank debits
*
64, 140,
States—
224, 291, 362, 440, 519, 593, 702, 770, 833, 919
October 10, 1924
61,63
Chart
299
December 31, 1924
287,288
Clearings, bank:
April 6, 1925
514,515
Canada, England, and France
45, 122,
June 30, 1925
766, 767
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
All member banks—
Germany
270, 345,
December 31, 1924
215,216
419, 498, 575, 680, 747, 813, 892
April 6, 1925
436,437
Closed banks:
State bank members
33,
June 30, 1925
698,699
September 28, 1925
913-917
108, 188, 260, 333, 408, 487, 738, 803, 882
Chart showing.479
During year 1924
93, 94
Mid-year summary
478
Clothing, wholesale trade
41, 117, 193,
All State banks and trust companies—
265, 338, 414, 492, 572, 675, 744, 809, 888
October 10, 1924
62
Coal and coke:
December 31, 1924
289
Canada, imports
43, 120, 201, 685, 898
April 6, 1925
516
France, production and imports
43,
June 30, 1925
768
H
120, 201, 684, 897
Austria National Bank, annual report
495
Germany, imports and exports
43,
(See also Austria.)
d
120, 201, 685,897
Bank of England
45, 122, 197,
Great Britain, production and exports
43,
270, 345, 419, 498, 575, 680, 747, 813, 892
120, 201, 684, 896
Chart showing
99
United States—
Belgian National Bank, annual report
416
Chart showing production and stocks
(See also Belgium.)
of bituminous
538
Candian chartered banks
45, 122, 197,
Monthly reports on the industry. 15, 81, 159,
270, 345, 419, 498, 575, 680, 747, 813, 892
244, 310, 388, 459, 538, 614^ 724, 791, 856
Czechoslovakia Banking Office
417
Production, index of
36, 111, 190,
Federal reserve banks—
262, 335, 411, 489, 569, 672, 741, 806, 885
Change in weekly statement
782
Coin circulation
65, 141, 225,
Mid-year summary
478-482
292, 363, 441, 520, 594, 703, 771, 834, 920
Weekly
50, 127, 205,
(See also Currency.)
278, 352, 426, 505, 582, 689, 755, 821, 903
Collateral notes:
Foreign banks of issue, monthly
198,
Discounted by Federal reserve banks
56, 133,
271, 346, 420, 499, 576, 681, 748, 814, 893
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
France—
Holdings by Federal reserve banks._ 55, 132, 210,
Bank of
45, 122, 197, 270,
282, 357, 431, 509, 587, 693, 759, 826, 908
345, 419, 498, 575, 680, 747, 813, 892
Collection, check. (See Clearing and collecYear 1924
257-259
tion.)
Chart showing
258
Colombia, gold and silver imports and exports. 68, 144,
Commercial banks in 1924
494
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
German Reichsbank
270,345,
Colorado laws relating to branch banking
182
419, 498, 575, 680, 747, 813, 892
Commercial failures:
Annual report
340
Canada
43, 120, 201, 685, 898
Hungarian National Bank, 1924
746
Germany
43, 120, 201, 685, 897
(See also Hungary.)
United States
23, 91, 168, 253,
Italy, banks of issue and private banks. _ 45, 122,
319, 397, 467, 546? 622, 731, 799, 865
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
During year 1924
'_
91
Japan, Bank of, and Tokyo banks. _ 45, 122, 197,
Commercial paper:
271, 345, 419, 498, 575, 680, 747, 813, 892
Discount rates
66, 142,
Annual report
341
225, 292, 363, 441, 521, 595, 704, 772, 831, 918
Member banks in leading cities—
Discounted by Federal reserve banks
56, 133,
Chicago and New York City reporting
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
banks
58, 139,214,
Held by Federal reserve banks
55,132,
286, 361, 435, 513, 591, 697, 763, 830, 912
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Weekly reporting
57,137,212.
Commission of Gold and Silver Inquiry, U. S.
284, 359, 433, 511, 589, 695, 761, 828, 910
Senate
150
Mutual savings banks on June 30, 1924
769
Commission on gold standard, report of:
Netherlands Bank, annual report
811, 812
Great Britain
375
(See also Netherlands.)
Discussion of
369
Nonmember banks
61,287,514,766
South Africa
172
Serbs, Croats, and Slovenes, National Bank
Commodity classification of acceptances purof
496
^ chased by Federal reserve banks. 528, 559-565, 877
South African Reserve Bank, annual report.
678
Commodity movements
37,112,
(See also South Africa.)
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
State bank members—
Publication of detailed statistics disconDecember 31, 1 9 2 4 . . . .
217, 218
F\
tinued
413
April 6, 1925
438,439
Comptroller of the Currency:
June 30, 1925
700, 701
Dawes, Henry M., resignation of
8
Sept. 28, 1925
917
Mclntosh, J. W., appointed
8
INDEX TO VOLUME 11
vn
Credit, bank—Continued.
Page
Conferences:
Effect of gold exports on
147
Federal Advisory Council
150, 374, 714, 842
European countries
324
Governors of Federal reserve banks
301, 842
Federal reserve bank, chart showing
10,
Expenses of
135, 592
76, 152, 302, 530, 605, 784
Connecticut laws:
Federal Reserve Bank of New York to
Branch banking
182
Great Britain—
Reserves of State member banks
486
Consolidations:
Discussion of
372
National banks
33, 108, 188,
Federal Advisory Council on
373, 374
Great Britain
98
260, 333, 408, 487, 567, 670, 738, 804, 883
State bank members
33, 108,
Monthly review
11, 77,
188, 260. 333, 498, 487, 567, 669, 803, 882
153, 238, 304, 381, 454, 531, 607, 718, 785, 848
Contracts, building. (See Building.)
Member bank, chart showing
152,
Copper production:
237, 303, 380, 717, 784, 842, 847
Index of
36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885 Crissinger, D. R., reappointed governor of
Federal Reserve Board
374
Monthly reports
16, 82,
160, 245, 311, 389, 460, 539, 615, 725, 792, 857 Crops:
Chart showing value of
12
Corn:
Condition and marketing
12, 78,
Chart showing value of crop
12
157, 241, 307, 385, 457, 534, 611, 721, 789, 852
Crop estimate
34, 566, 670, 739, 804, 883
Discussion of
73, 299, 711, 559
Receipts, shipments, and stocks
37, 112,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
Cost of living:
Principal countries
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
United States
21,
89, 167, 253, 397, 467, 546, 622, 733
Cotton:
Consumption, chart showing
247
Crop estimate
34, 739, 804, 883
Exports, discussion of
297
Imports, Canada
43, 120, 201, 685, 898
Imports, Germany
43, 120, 201, 685, 897
Imports and visible supply, England
43, 120,
201, 684, 896
Index of movements
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Manufactures—
Chart
83
Great Britain, exports.. 43, 120, 201, 684, 896
Index of production
36, 110, 190,
262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports
17, 83, 161,
246, 312, 390, 461, 540, 616, 726, 793, 858
Monthly review of crop condition and marketing
13, 78,
157, 242, 307, 385, 458, 535, 611, 722, 789, 853
Prices, chart showing
12, 712
Stocks at Havre, France; imports
43,
120, 201, 684, 897
Cottonseed as a readily marketable staple,
ruling on
737
Court opinions:
United States Circuit Court of Appeals in
case of city of Douglas, Tex., v. Federal
Reserve Bank of Dallas; check collection transaction
30
United States District Court in case of
Pascagoula National Bank v. Federal
Reserve Bank of Atlanta; check collection transaction
100
Action of Supreme Court
843
United States Supreme Court in case of
So well v. Federal Reserve Bank of
Dallas; action against maker of promissory note held as collateral security for
indebtedness of a member bank
484
Credit, bank:
Crop moving.._
711
Discussion of
,_ __ _
1,
3, 147, 300, 447, 449, 525, 599, 602, 711, 839
70922—25f
7
Estimates by Department of Agriculture
33,
486, 566, 670, 739, 804, 883
Financing the movement of
711
Marketing of
73, 711
Prices, discussion of
73, 712
Cuba:
Debt payment to United States
845
Foreign exchange rates
69, 145, 229,
296, 367, 445, 524, 598, 707, 775, 837, 923
Cummings, John, statistical work performed by^
472
Currency:
Circulation—
Canada
45, 122, 197,
270, 345, 419, 498, 575, 680, 747, 813, 892
Chart showing
482
Dawes plan
558
Discussion of
1, 147, 448
England
45, 122, 197,
270, 345, 419, 498, 575, 680, 747, 813, 892
France
45, 122, 197,
270, 345, 419, 498, 575, 680, 747, 813, 892
Germany
270,
345, 419, 498, 575, 680, 747, 813, 892
Under Dawes plan
558
Italy
45, 122, 197,
271, 345, 419, 498, 575, 680, 747, 813, 892
Reserves against, foreign banks of
issue
232, 269
United States
65, 141,225,
292, 363, 441, 520, 594, 703, 771, 834, 920
Cost of Federal Reserve
135, 592
Par value, foreign countries
69, 145, 229,
296, 367, 445, 524, 598, 707, 775, 837, 923
New banks of issue
270
Stabilization in Germany
558
Customers' paper secured by Government obligations :
Discounted by Federal reserve banks
56,
133,211,283
Held by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Czechoslovakia:
Banking Office of the Ministry of Finance—
Annual report, 1924
417
Condition of
..-_
199,
271, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Cost of living
> _ _ . , 49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index—-_--^-.__
277
VIII
INDEX TO VOLUME 11
Czechoslovakia—Continued.
Debt to United States—
Funding agreement
843
Interest payment
845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
272, 894
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Reserve requirements
232, 269
Wholesale prices
48, 125,203,
275, 350, 424, 503, 580, 687, 752, 818, 900
Dairy products
14,
80, 159, 244, 309, 387, 537, 614, 724, 791, 855
Danzig:
Bank of—
Annual report
344
Condition of
346,
420, 499, 576, 681, 748, 814, 893
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Reserve requirements
232, 269
Date of termination of membership of State
bank voluntarily withdrawing from system. „ 882
Dawes, Henry M., resignation of, as Comptroller of the Currency
8
Dawes plan:
Germany's ability to meet obligations under. ._
604
Report of agent general under
550-559
Debits to individual account:
Chart showing check payments
299
Weekly
64, 140,
224, 291, 362, 440, 519, 593, 702, 770, 833, 919
Debt:
Floating, Great Britain
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Foreign countries to United States—
Armenia
845
Austria
845
Belgium—
Funding agreement
603
Payment on
845
Cuba
845
Czechoslovakia—
Funding agreement
843
Interest payment
845
Esthonia—
Funding agreement
843
Interest payment
845
Finland, payment on
7, 451, 845
France, payment on
845
Great Britain, payment on
7, 451, 845
Greece, payment on
845
Hungary, payment on
7, 451, 845
ItalyFunding agreement
844
Payment on
845
Latvia—
Funding agreement
714
Payment on
845
Liberia
845
Lithuania—
Funding agreement
7
Payment on
451, 845
Nicaragua
845
PolandFunding agreement
7
Payment on
451, 845
Rumania—
Funding agreement
845
Payment on
845
Debt—Continued.
Foreign countries to United States—Con.
Russia
845
Yugoslavia
845
Germany
558
Payments on debt to United States
7, 451, 845
United S t a t e s 6
Review in Secretary's annual report...
451
Reduction in
Decisions of courts:
United States Circuit Court of Appeals in
case of city of Douglas, Tex., v. Federal
Reserve Bank of Dallas; check collection
30
transaction
United States District Court in case of Pascagoula National Bank v. Federal Reserve
Bank of Atlanta; check clearing transaction
100
Action of Supreme Court -_
843
United States Supreme Court in case of
So well v. Federal Reserve Bank of Dallas;
action against maker of promissory note
held as collateral security for indebted484
ness of a member bank
Decisions of the FederaJ Reserve Board. (See
Rulings.)
Deficient reserves, penalties for
135, 592
Delacroix, Leon, Belgian trustee for German
railway bonds
551
Delaware laws relating to branch banking
183
Demand deposits of member banks:
April, 1923-April, 1925
481
Monthly
65, 141, 214,
286, 361, 435, 513, 591, 697, 763, 830, 912
Denmark:
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
682, 749, 781
Specified dates
781
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold exports to United States
68, 144, 228
National bank of—
%
Condition of
198,
271, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Department of Agriculture, crop estimates
33,
486, 566, 670, 739, 804, 883
Department stores:
Chart showing sales
76, 299, 453, 606, 863
Development of trade statistics, 1924-25_.
474
Discussion of trade
72, 299, 601
Method of obtaining trade statistics
474-476
Sales and stocks—
Index
42, 118, 119, 194,
266, 339, 415, 493, 573, 676, 745, 810, 889
Method of obtaining data
475
Stocks, discussion of
72, 601
Trade, monthly reports
21, 88,
166, 252, 317, 396, 466, 544, 620, 730, 798, 863
Turnover of stocks
331, 332, 476
Deposits:
Federal reserve bank, monthly
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903
Guaranty of, State laws relating to
626-668
Savings—
i,?M
France—
45, 122
United States
23, 91, 167,
252, 318, 396, 466, 545, 621, 731, 799, 864
INDEX TO VOLUME 11
Deposits—Continued
Time, loans on real estate by national banks
having no
28
Time and demand of member banks—
April, 1923-April, 1925
481
Monthly
65, 141, 214,
286, 361, 435, 513, 591, 697, 763, 830, 912
Deputy chairman, Federal reserve banks,
appointment of
8
Description of indexes:
Cost of living
276
Department store sales and stocks
474-476
Factory employment and pay rolls
324-330
Retail food prices
.
276
Diamonds, wholesale trade
41,
117, 193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Digest of State laws relating to branch banking..
182-187, 486
Director under Clayton Act:
New permit necessary where director has
resigned from and again is elected to
serve same institution
28
Permit under consolidated State bank
28
Directors of Federal reserve banks:
Election of, annual
8
Expenses of
135, 592
Talley, Lynn P., formerly agent at Dallas,
appointed governor
450
Walsh, C. C , appointed chairman at
Dallas
450
Wills, D. C , death of
782
Discount and open-market operations of FedC^eral reserve banks
56,
133, 211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Discount rates:
Central banks of issue—
Chart showing
324
Monthly
45, 122,
199, 272, 347, 509, 577, 682, 749, 815, 894
Specified dates
781
Changes in—
Austria
347, 577, 749, 781
Bank of Belgium
894
Bank of Denmark
682, 749, 781
Bank of England
199, 682, 781, 815, 894
Bank of Esthonia
577
Bank of Finland
682, 781, 815
Bank of France
45, 577, 781
Bank of Hungary
272, 421, 781, 815
Bank of India
122, 421, 500, 577, 749, 894
Bank of Italy
272, 421, 500, 781
Bank of Japan
347
Bank of Netherlands
45, 122, 781, 815
Bank of Norway
421, 682, 749, 781
Bank of Poland
682
Bank of Sweden
577, 781, 815
Central banks, specified dates
781
Czechoslovakia Banking OflSce
272, 894
Federal Reserve Bank of Boston
842, 918
Federal Reserve Bank of Cleveland- 842, 918
Federal Reserve Bank of New York. 150, 225
Federal Reserve Bank of Philadelphia.
842, 918
Federal Reserve Bank of San Francisco
842, 918
German Reichsbank
- - - 199, 781
National Bank of Greece
- - - 272, 894
South African Reserve Bank
122
Swiss National Bank
815
IX
Discount rates—Continued
Federal reserve banks—
In effect each month
66, 142, 225,
292, 363, 441, 521, 595, 704, 772, 831, 918
Changes in—
Boston
842, 918
Cleveland
842, 918
New York_
150, 225
Philadelphia
842, 918
San Francisco
842, 918
Prevailing in leading cities
67,143,
227, 294, 365, 443, 522, 596, 705, 773, 835, 921
Dividends:
Federal reserve banks
136, 592
All member banks
402, 404, 872
State bank and trust company members. 290, 832
Dollar, silver, circulation
65,141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Dollar exchange bills:
Held by Federal reserve banks
55, 132,210,
282, 357, 431, 509, 587, 693, 759, 826, 908
Purchased by Federal reserve banks
559, 565
Drafts discounted by Federal reserve banks. _ 56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Drug chain stores, retail trade of__ 42, 117, 194,266,
339, 415, 493, 573, 676, 745, 810, 889
Drugs, wholesale trade
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Dry goods, wholesale trade
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Due to and from banks and bankers, Federal
reserve bank cities
58, 138, 213,
285, 360, 434, 512, 590, 696, 762, 829, 911
Dutch East Indies:
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold standard, restoration of
373
Wholesale prices
48,125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Dyes and dyestuffs, Germany, exports
43, 120
201, 685, 897
Earmarked gold
234
Earning assets of Federal reserve banks:
Discussion of
3, 525
Holdings of, by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Earning assets, cash reserves, deposits, note circulation, and reserve percentages of Federal
reserve banks
50,127,
205, 278, 352, 426, 505, 582, 689, 755, 821, 903
Earnings and dividends of State bank members
290,832
Earnings and expenses of Federal reserve
banks
134-136, 592
Earnings and expenses of member banks
402404, 869-873
Chart showing
870
Earnings of Federal reserve banks from each
class of earning assets
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Economic conditions. (See Business conditions.)
Egypt:
Gold and silver exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold reserves
268
Wholesale prices
48, 125
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Election, annual, of directors of Federal reserve
banks
*
8
INDEX TO VOLUME 11
Electrical supplies:
Exports, Germany
43, 120, 201, 685, 897
Wholesale trade
41, 117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Employment:
Automobile manufacturing, chart showing. 392
Ri3tory, chart showing
10, 237,
380, 466, 530, 621, 717, 847
Index of
36, 110, 190,
262, 324, 411, 489, 569, 672, 741, 806, 885
Revision of
324, 668
Monthly review
21, 89,
167, 252, 317, 396, 466, 545, 621, 731, 798, 864
Pay rolls in factories, chart showing
325,
326, 466, 621, 847
England. (See Great Britain.)
Equitable Eastern Banking Corporation, New
York City, foreign branches of
407
Equitable Trust Co., New York City, foreign
branches of
407
Esthonia:
Bank of, condition of
576, 681
Debt to United States—
Funding agreement
843
Interest payment
845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
577
Reserve requirements
232, 269
Retail food prices.—..
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Exchange charges. (See Clearing and collection.)
Exchange, foreign. (See Foreign exchange.)
Executor. (See Fiduciary powers.)
Expenditures, reimbursable, of fiscal agency department of Federal reserve banks
134, 592
Expenses:
Federal reserve banks
134, 592
Member banks
402
Exports. (See Imports and exports.)
Expressage, Federal reserve banks, cost of
135, 592
Factory pay rolls:
Chart showing
325, 326, 466, 621, 847
Index of
324, 412, 489, 570, 673, 742, 807, 886
Construction of
324
Revision of
668
Failures:
Bank
24, 92, 168
254, 319, 398, 468, 547, 623, 732, 800, 865
During year 1924
93
Business—
Canada
43, 120, 201, 685, 898
Germany
43, 120, 201, 625, 897
United States
23, 91, 168,
253, 319, 397, 467, 546, 622, 731, 799, 865
During year 1924
91, 93
Farm implements, sales of, chart showing
620
Farm lands, loans on, by national banks having
no time deposits
28
Farm products, prices of
73, 297, 559, 712
Charts showing
12, 307, 534, 712, 736, 853
(See also Agricultural products; Crops.)
Farmers Loan & Trust Co., New York City,
foreign branches of
407
Farrer, Gaspard, member of British gold standard committee
375
Federal Advisory Council:
Comments on gold standard for Great
Britain
373, 374
Expenses of
135, 592
Meetings of
150, 374, 714, 842
Page
Federal land banks, loans of
156,
241, 306, 384, 457, 534, 610, 720, 787, 852
Federal reserve act, index-digest of
150
Federal reserve agents:
Appointment of.
8, 450
Meeting of
842
Federal reserve note account
54,131
209, 281, 356, 430, 508, 586, 692, 758, 825, 907
Talley, Lynn P., formerly agent at Dallas,
appointed governor
450
Walsh, C. C, appointed agent at Dallas
450
Wills, D. C, death of
782
Federal reserve bank notes:
Circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Taxes on
135, 592
Federal Reserve Bank of Atlanta, Pascagoula
National Bank v.; check collection transaction; opinion of United States District Court- 10G
Federal Reserve Bank of Dallas:
City of Douglas, Tex., v.; check collection
transaction; opinion of United States
Circuit Court of Appeals
30
So well v.; action against maker of promissory held as collateral security for indebtedness of a member bank; opinion
of United States Supreme Court
484
Federal reserve banks:
Borrowings from
878
Chart showing
840
Condition of—
Chart showing
482
Mid-year summary
478-482
Weekly
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903
Directors of. (See Directors.)
Discount rates—
Changes in
225, 842, 918
Monthly
66, 142, 225,
292, 363, 441, 521, 595, 704, 772, 831, 918
Dividends paid to member banks
136, 592
Earning assets, holdings of
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Earnings and expenses
134-136, 592
Expressage, cost of
135, 592
Federal reserve agents' conferences, expenses of
135, 592
Fiscal agency expenses
136, 592
Franchise tax paid to United States Government
136
Governors—
McKinney, B. A., resignation of, at
Dallas
450
Meetings of
301,843
Expenses of
135, 592
Talley, Lynn P., appointed at Dallas. _ 450
Insurance, cost of
135, 592
Light, heat, and power, cost of
135, 592
Postage, cost of
135, 592
Printing and stationery, cost of
135, 592
Profit and loss account
136
Reimbursable expenditures of fiscal agency
department
136, 592
Rent
135, 592
Reserves, discussion of
330, 448
Reserves, deposits, and note circulation. _ 50, 127,
205, 278, 352, 426, 505, 582, 689, 755, 821, 903
Resources and liabilities—
Changes in weekly statement
782
Weekly
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903.
Salaries
135, 592
INDEX TO VOLUME 11
Federal reserve banks—Continued.
Surplus account
136
Talley, Lynn P., appointed governor at
Dallas
450
Taxes
135, 592
Telephone and telegraph expenses
135, 592
Traveling expenses
135, 592
Weekly statement of condition, changes in.
782
Federal Reserve Board:
Assessment for expenses of
135, 592
Conference—
Federal Advisory Council.. 150, 374, 714, 842
Governors of Federal reserve banks. 301, 843
Crissinger, D. R., reappointed governor
374
Freeman, Edgar W., resignation as assistant counsel
74
Platt, Edmund, reappointed vice governor.
714
Statistical work, review of
471-474
Federal reserve clearing system. (See Clearing
and collection.)
Federal reserve notes:
Circulation—
Chart showing
482
Monthly
50,127,205,278,
352, 426, 505, 582, 689, 755, 821, 903
1914-1925
65, 141, 225, 292,
363, 441, 520, 94, 703, 771, 834, 920
Cost of
135, 592
Federal reserve agents' accounts
54, 131,
209, 281, 356, 430, 508, 586, 692, 758, 825, 907
Fiduciary powers granted to national banks. _ 33, 108,
188, 260, 333, 408, 487, 567, 669, 738, 804, 883
Financing the movement of crops
711
Financing, Treasury
6, 234, 450, 714
Finland:
Bank of—
Annual report
343
Condition of
199,271,
346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
;.
268
Cost of living
49, 126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Debt to United S t a t e s Payments on
7, 451, 845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
682, 781, 815
Specified dates
781
Foreign exchange rates
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580> 687, 852, 818, 900
First National Bank, Boston, Mass., foreign
branches of
407
Fiscal agency expenses of Federal reserve banks- 136,
592
Fish, preserved, exports, Canada- 43, 120, 201, 685, 898
Five-and-10-cent chain stores, retail trade
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Florida laws relating to branch banking
183
Flour:
Exports, chart showing
78
Index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports on the industry
16, 82,
161, 246, 311, 389, 460, 539, 615, 725, 792, 857
Receipts, shipments, and stocks
37, 112,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
XI
Page
Food prices, retail, in principal countries
49, 126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Food products:
Index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Manufacturing
16, 82,
161, 246, 311, 389, 460, 539, 615, 725, 792, 857
Foreign banks, acceptances of, held by Federal
reserve banks
55, 132, 210, 282, 357
Foreign banks of issue:
Annual reports for 1924. (See Annual
reports.)
Central Bank of Chile, organization of
890
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Organized since 1919____
232,269
Reserves
267, 268, 781
Foreign branches of American banks
407
Foreign Debt Commission, World War, debt
funding agreements
7, 603, 714, 843
(See also Debt.)
Foreign exchange:
Course of sterling exchange
371
Pound sterling, value of
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Rates, monthly
69, 145, 229,
296, 367, 445, 524, 598, 707, 775, 837, 923
Summary
26, 96, 171,
25632, 2, 400, 470, 549, 625, 735, 803, 868
Foreign loans placed in the United States. 74, 782, 831
Foreign securities purchased by member banks.782, 831
Foreign trade:
Balance of payments for United States and
England, 1924
406
Europe, 1924
323
Merchandise trade balance of United
States
25, 94, 169,
255, 320, 399, 468, 547, 624, 733, 801, 866
Principal countries
44,121,200,
273, 348, 422, 501, 578, 683, 750, 816, 895
United States
44,121,200,
273, 348, 422, 501, 578, 683, 750, 816, 885
Monthly summary
24,94,168,
254, 320, 398, 468, 547, 624, 733, 801, 866
France:
Bank of—
Annual report
258
Condition of
45,122,197,270,
345, 419, 498,575, 680, 747, 813, 892
Year 1924
257-259
Chart showing
258
Gold reserves
268
Clearings, Paris banks
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Coal production and imports
43,
120, 201, 684, 897
Commercial bank loans'andj deposits
45, 122,
197, 270, 345, 419,~498, 575, 680, 747, 813, 892
Commercial banking in 1924
494
Cost of living
49, 126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Cotton stocks and imports.. 43, 120, 201, 684, 897
Debt to United States, payment on
845
Discount rates
45,122,199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
45, 577, 781
XII
INDEX TO VOLUME 11
France—Continued.
Exports
43, 120, 201, 684, 897
Financial statistics
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Freight-car loadings
43, 120, 201, 684, 897
Gold and silver imports and exports
68,144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Pig-iron production
43, 120, 201, 684, 897
Rente, price of
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Retail food prices
49,126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Savings deposits
45, 122
Silk, raw, imports
43, 120, 201, 684, 897
Steel production
43, 120, 201, 684, 897
Transportation
43, 120, 201, 684, 897
Wholesale prices—
Comparison with other countries. 48,125,203,
275, 350, 424, 503, 580, 687, 752, 818, 900
Federal Reserve Board index
47, 124, 202,
274, 349, 423, 502, 579, 686, 751, 817, 899
Statistical Bureau index
753, 819, 901
Franchise tax paid to Government by Federal
reserve banks
136
Freeman, Edgar W., resignation of, as assistant
counsel of Federal Reserve Board
74
Freight cars:
England, receipts and traffic. 43, 120, 201, 684, 896
France, loadings
43, 120, 201, 684, 897
Loadings, surplus, and orders
20, 88, 164,
250, 316, 394, 464, 543, 619, 729, 797, 862
Chart showing
87
Loadings and received from connections. _ 40, 115,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
Freight rates, ocean
44, 121, 200, 273, 348
Publication of rates in Bulletin discontinued
422
Fruits:
Index of movements
37, 111, 191,
263, 336, 412, 490, 570, 673, 742, 807, 886
Monthly review of crop condition and
marketing.
14, 79,
158, 243, 309, 386, 536, 612, 723, 790, 854
Furniture, wholesale trade
41, 117, 193,
265, 338, 414, 492, 572, 675, 744, 809, 888
Gasoline production
15, 81,
160, 245, 311, 389, 460, 538, 615, 725, 792, 856
Chart showing
460
Georgia laws relating to branch banking
183
Germany:
Budget
557
Capital issues
43, 120,
201, 270, 345, 419, 498, 575, 680, 747, 813, 892
Clearings, bank
270,
345, 419, 498, 575, 680, 747, 813, 892
Coal imports and exports. _ 43, 120, 201, 685, 897
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Cotton imports
43, 120, 201, 685, 897
Currency circulation
270,
345, 419, 498, 575, 680, 747, 813, 892
Dawes plan—
Ability to meet obligations under
604
Report of agent general under
550-559
Germany—Continued.
Debt
558
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
199, 781
Dyes and dyestuffs, exports.
43y
120, 201, 685, 897
Electrical supplies, exports
43,
120, 201, 685, 897
Failures, business
43, 120, 201, 685, 897
Foreign exchange rates
69,145,
229,296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Iron imports and exports. __ 43, 120, 201, 685, 897
Loan, external
551
Machinery exports
43, 120, 201, 685, 897
Reichsbank—
Annual report
340
Condition of
270,
345, 419, 498, 575, 680, 747, 813, 892
Currency circulation under Dawes
plan
558
Gold reserves
. . . 268, 781
Reserve requirements
232, 270
Reserves, growth in
231
Reparations, report of agent general
550-559
Retailfood prices
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Security prices
43, 120,201
Ship arrivals at Hamburg
43,
120, 201, 685, 897
Silk imports
43, 120, 201, 685, 897
Stabilization of currency
558
Transfer committee, reparation payments _ 553
Unemployment
43, 120, 201, 685, 897
Wholesale prices—
Comparison with other countries
48, 125,
203,275,350,424,503,580,687,752,818,900
Federal Statistical Bureau index
753,
819, 901
Wool imports
43, 120, 201
Gilbert, S. Parker, agent general for reparation
payments
551
Gold:
Coin and certificates, circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Earmarked
234
Imports and exports—
Chart showing
482
Comparison, 1919 and 1925
233
Discussion o f . . . 2, 27, 147, 231, 232, 447, 779
During 1924
27
Effect on bank credit
147
Effect on reserves of foreign banks
231
Extract from annual report of Federal
Reserve Board on
148
Great Britain
25, 96, 170,
256, 321, 400, 469, 548, 625, 734, 802, 867
India
170
United States
68, 144, 228,295,
366, 444, 523, 597, 706, 774, 836, 922
Monthly summary
25, 95, 169, 255,
320, 399, 469, 548, 624, 734, 801, 866
Reserves of principal foreign countries,
1913-1924
267, 268
Gold and silver commission, report of
150
INDEX TO VOLUME 11
Page
Gold settlement fund transactions
66, 142, 226,
293, 364, 442, 521, 595, 704, 772, 832, 918
Gold standard:
Great Britain—
Act passed by British Parliament
375
Discussion of
369
Federal Advisory Council comments
on
.
373, 374
Report of committee
375
Restoration of, in certain countries
373
South Africa
172, 232
Government obligations, paper secured by:
Discounted by Federal reserve banks
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Held by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Governors of Federal reserve banks:
Conferences of
301, 842
Expenses of
135, 592
McKinney, B. A., resignation of, at Dallas__
450
Talley, Lynn P., appointed at Dallas
450
Governor of Federal Reserve Board, Crissinger,
D. R., reappointed
374
Grain:
Index of movements
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Monthly review of crop conditions and
marketing
12, 78,
157, 242, 307, 385, 457, 535, 611, 721, 789, 853
Receipts, shipments, and stocks
37, 112,
192, 244, 337, 413, 491, 571, 674, 743, 808, 887
Great Britain:
Balance of payments, 1924
406
Bank credit
98
Bank notes in circulation
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Bank of England—
Condition of
45, 122, 197, 270,
345, 419, 498, 575, 680, 747, 813, 892
Chart showing
99
Gold reserves
268,781
Banking in 1924, review of
98
Capital issues
43, 120, 201, 684, 896
Clearings, bank
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Coal production and exports
43,
120, 201, 684, 896
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Cotton and cotton manufactures, exports
and visible supply
43, 120, 201, 684, 896
Credit of $200,000,000 to, by Federal Reserve Bank of New York
373, 374
Debt,
floating
45,122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Debt to United States, payment on
7, 451, 845
Discount rates
45,122,199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
199, 682, 781, 815, 894
Specified dates.
781
Financial statistics
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Foreign exchange—
Pound sterling, value of
45,122,197,
270, 345, 419, 498, 575, 680, 747, 813, 892
Rates, monthly
69, 145, 229,
296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44,121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Great Britain—Continued.
Freight-train receipts and traffi c
xin
43,
120, 201, 684, 896
Gold and silver imports and exports. „ 68, 144, 228
295, 366, 444, 523, 597, 706, 774, 836, 922
Monthly summary
25, 96, 170
256, 321, 400, 470, 548, 625, 734, 802, 867
Gold standard—
Act
375
Discussion of
369
Federal Advisory Council comments
on
373,374
Report of committee
375
Hides, imports of
43, 120, 201, 684, 896
Iron and steel production and exports
43,
120, 201, 684, 896
London clearing banlqs, condition of. 45,98,122,197
270, 345, 419, 498, 575, 680, 747, 813, 892
Chart showing
98
Money rates
99
Chart showing
99
Pig-iron production
43, 120, 201, 684, 896
Retail food prices
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Security prices
197,
270, 345, 419, 498, 575, 680, 747, 813, 892
Ships cleared
43, 120, 201, 684, 896
Steel production
43, 120, 201, 684, 896
Transportation
43, 120, 201, 684, 896
Unemployment
43, 120, 201, 684, 896
Wholesale prices—
Board of Trade index
753, 819, 901
Comparison with other countries. 48, 125, 203
275, 350, 424, 503, 580, 687, 752, 818, 900
Federal Reserve Board index... 47, 124, 202,
274, 349, 423, 502, 579, 686, 751, 817, 899
Wool imports
„•
43, 120, 201, 684, 896
Greece:
Debt to United States, interest payment on_
845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
272,894
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
National Bank of—
Condition of
199,
271, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Groceries, wholesale trade
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Grocery chain stores, retail trade
42,117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Guaranty of bank deposits, State laws relating
to
626-668
Guaranty Trust Co., New York City, foreign
branches of
407
Guardian of estates. (See Fiduciary powers.)
Hardware, wholesale trade
41,116,
193r 265J, 338, 414, 492, 572, 675, 744, 809, 888
Hay:
Chart showing value of crop
12
CroD: estimates
i 34, 486, 566, 670, 739, 804
Hides:
Imports, Great Britain
43, 120, 201, 684, 896
Monthly reports on the industry
19,86,
163, 249, 314, [393, 463, 542, 618, 728, 795, 860
Hogs:
Monthly reports on marketing
14, 80,
159, 244, 309, 387, 459, 537, 613, 724, 790, 855
XIV
INDEX TO VOLUME 11
Index numbers—Continued.
Hogs—Continued.
Cost of living in principal countries. . 49, 126, 204
Prices of
736
276, 351, 425, 504, 581, 688, 754, 820, 902
Chart showing
387, 537, 736, 855
Receipts, Canada
43,120,201, 685, 898
Description of
276
Slaughtered, index of
36, 110,
Department store sales and stocks
42,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
118, 119, 194, 266, 339, 415,493, 573, 676, 745,
Hongkong:
810, 881.
Method of obtaining data
475
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Employment
36, 110, 190,
262, 324, 411, 489, 569, 672, 741, 806, 885
Gold°and silver imports and exports. _ 68, 144, 228,
Revision of index
324, 668
PJ295, 366, 444, 523, 597, 706, 774, 836, 922
Federal Reserve Board's international price
Hosiery, monthly reports on the industry.. 18, 84, 162,
index—United States, England, France,
247, 313, 391, 462, 540, 617, 727, 794, 858
Canada, and Japan
47, 124,
Hungary:
202, 274, 394, 423, 502, 579, 686, 751, 817, 899
Cost of living
581, 688, 754, 820, 902
Foreign trade
44, 121, 200, 273, 348
Debt to United States, payment on
7, 451, 845
Publication in Bulletin discontinued. _ 422
Discount rates
45,122,199,
Industrial activity
37, 111,
272, 347, 421, 500, 577, 682, 749, 815, 894
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Changes in
272, 421, 781, 815
Manufacturing production
37, 112,
Specified dates
781
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Foreign exchange
69, 145,
Revision of
568
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Mineral production
37, 111,
National Bank of—
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Condition of
199,271,
Ocean freight rates
44, 121, 200, 273, 348
346, 420, 499, 576, 681, 748, 814, 893
Publication in Bulletin discontinued
422
Year 1924
746
Pay rolls in factories
324,
Gold reserves
268
412, 489, 570, 673, 742, 807, 886
Reserve requirements
232, 269
Construction of index
324
Wholesale prices
48,125,
Revision of
668
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Production in basic industries
36, 110,
Idaho^laws relating to branch banking
183
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Illinois laws relating to branch banking
183
Retail food prices
49, 126, 204,
Imports and exports*.
276, 351, 425, 504, 581, 688, 754, 820, 902
Acceptances based on—
Description of
276
Classification of
528, 559-565, 874
Retail trade
42, 117,
Held by Federal reserve banks. . 55, 132, 210,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
282, 357, 431, 509, 587, 693, 759, 826, 908
Securities prices
156,
Agricultural products, chart showing exports. 156,
240, 306, 384, 456, 533, 610, 720, 787, 851
789
Wholesale prices—
Gold and silver—
Bureau of Labor Statistics index
48, 125,
Chart showing
482
166, 253, 319, 397, 467, 546, 622, 753.
Discussion of
2, 27, 147, 231, 447, 779
819, 901.
Great Britain
25, 96, 170, 256,
Comparative, in principal countries. _ 48, 125,
321, 400, 469, 548, 625, 734, 802, 867
203, 275, 350, 424, 503, 580, 687, 752,
United States
68, 144, 228, 295
818, 900.
366, 444, 523, 597, 706, 774, 836, 922
Federal Reserve Board's index—
Monthly summary
25, 95,169, 255,
United States, England, France,
320, 399, 469, 548, 624, 734, 802, 866
Canada, and Japan
47, 124,
Increase in exports
297
203, 274, 349, 423, 502, 579, 686, 751,
Merchandise—
817, 899.
United States
24,94, 169,
International comparisons, discussion
255, 320, 399, 468, 547, 624, 733, 801, 866
of
195, 196
United States and England, 1924
406
Wholesale trade
41, 116,
Wheat and flour, chart showing
78
(See also Agricultural products; Coal; Cot193, 265, 338, 414, 492, 572, 675, 744, 809, 888
ton; Dyes; Electrical supplies; Fish;
India:
Flour; Foreign trade; Hides; Iron and
Cost of living
49, 126,204,
steel; Lumber; Machinery; SUk; Wheat;
276, 351, 425, 504, 581, 688, 754, 820, 902
Wood pulp; Wool.)
Description of index
277
Indebtedness, foreign countries to United States.
Discount rates
45, 122, 199,
(See Debt.)
272, 347, 421, 500, 577, 682, 749, 815, 894
Index-digest of Federal reserve act
150
Changes in
122, 421, 500, 577, 749, 894
Index numbers:
Foreign exchange
69,145,
Agricultural movements
37, 111, 191,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
263, 336, 412, 490, 570, 673, 742, 807, 886
Foreign trade
44, 121,
Revision of
739
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Bureau of Labor Statistics wholesale price
Gold imports and exports
170, 233
index
48, 125,
Gold reserves
268
166, 253, 319, 397, 467, 546, 622, 753, 819, 901
Retail food prices
49, 126, 204,
Business in the United States
10, 76,
276, 351, 425, 504, 581, 688, 754, 820, 902
152, 237, 303, 380, 453, 531, 606, 717, 784, 847
Description of index
277
INDEX TO VOLUME 11
India—Continued.
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Indiana laws relating to branch banking
183
Industrial activity:
Chart showing
35, 109,
189, 261, 334, 410, 488, 568, 671, 740, 805, 884
Discussion of
600
European countries, 1924
323
Industrial statistics:
England, France, Germany, and Canada. _
43,
120, 201, 684, 896
United States
35, 109,
189, 261, 334, 410, 488, 568, 671, 740, 805, 884
Insolvencies, member banks
&221, 487
Insurance companies, life, mortgages held by__ 610,
721, 788, 852
Insurance, Federal reserve banks, cost of
135, 592
Interest on Federal reserve bank stock paid to
State bank member which voluntarily withdraws from system
882
Interest payments on debt of foreign countries
to United States
451, 845
(See also Debt.)
Interest rates:
Acceptances
23, 90,
154, 239, 305, 382, 456, 532, 608, 719, 786, 850
New York and London markets
99, 780
Monthly
22, 90, 154,
239, 305, 382, 455, 532, 608, 719, 786, 850
Chart showing
99, 780
Prevailing in leading cities
67, 143,
227, 294, 365, 443, 522, 596, 705, 773, 835, 921
(See also Discount rates; Money rates.)
Interlocking bank directorates under Clayton
Act:
New permit necessary where director has
resigned from and again is elected to
serve same institution
28
Permit under consolidated State bank
28
Intermediate credit banks, loans%by
156,
241, 306, 384, 457, 534, 610, 720,^787, 851
International Banking Corporation, New York
v
3]City> foreign branches of
407
International wholesale price index
47, 124,
203, 274, 349, 423, 502, 579, 686, 751, 817, 899
Investment holdings of banks, discussion of
4, 150
Investments of member banks, classification of831
Iowa laws relating to branch banking
183
Iron and steel:
Canada, production
43,120,201,685,898
Germany, imports and exports
43,
120, 201, 685, 897
Great Britain, production and exports
43,
120, 201, 684, 896
Index of
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports
18, 84,
162, 247, 313, 391, 462, 541, 617, 727, 794, 859
Italy:
Banks of issue and private banks, condition
of
45,122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Cost of living
49, 126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Debt to United States—
Funding agreement
844
Payment on
845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
272, 421, 500, 781
Specified dates
781
XV
Italy—Continued.
Financial statistics
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
1
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold andfsilver exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold reserves
268
Note issue
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Retail food prices
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Security prices
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Wholesale prices—
Chamber of Commerce index. . 753, 819, 901
Comparative, with other countries.. 48, 125,
203,275,350,424,503,580,687,752,818,900
Jannaccone, Pasquale, member transfer committee, German reparations
551
Janssen, Albert E., member transfer committee,
German reparations
551
Japan:
Bank of—
Annual report
341
Condition of
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
347
Foreign exchange
69, 145,
224, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold reserves
268
Silver imports fromiUnited States
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Tokyo banks, condition of
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
Wholesale prices—
Comparison with other countries
48,
125, 275, 350, 424, 503, 580, 687, 752, 818, 901
Federal Reserve Board index
47, 124,
202, 274, 349, 423, 502, 579, 686, 751, 817, 899
Java:
Bank of—
Condition of. 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Discount rates___ 421, 500, 577, 682, 749, 815, 894
Jewelry, wholesale trade
41, 117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Joint~stock land banks, loans by
241,
306, 384, 457, 534, 610, 720, 788, 852
Kansas laws:
Branch banking
183
Guaranty of bank deposits
636, 643
Kemmerer, E. W., member of commission on
gold standard for South Africa
172
Kentucky laws relating to branch banking
183
Knit goods, monthly reports on the industry. _ 18, 84,
162, 247, 313, 391, 462, 540, 617, 727, 794, 858
Labor. (See Employment; Unemployment.)
Lard in' cold storage, chart showing
793
Latvia:
Bank of, condition of
198,
271, 346, 420, 499, 576, 681, 748, 814, 893
Debt to United States—
Funding agreement
714
Payment on
845
XVI
INDEX TO VOLUME 11
Latvia—Continued.
Page
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Reserve requirements
232, 269
Law department. (See Rulings.)
Laws:
Gold standard for Great Britain
375
Discussion of
369
McFadden bill defining branch banking
103
South African Reserve Bank, suggested
changes in
179
State, relating to branch banking—_ 182-187, 486
State, relating to the guaranty of bank
deposits
626-668
Wisconsin statute relating to reserves of
State member banks
737
Lead production:
Index of
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Monthly review
16, 82,
160, 245, 311, 389, 460, 539, 615, 725, 792, 857
Leather:
Chart showing production and stocks
728
Index of production
36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports on the industry
19, 86,
163, 249, 314, 393, 463, 542, 618, 728, 795, 860
Legal fees, Federal reserve banks
135, 592
Leverve, Gaston, French commissioner of German railways, reparation payments
551
Liberia, debt of, to United States
845
Life insurance companies, mortgages held by
610,
721, 788, 852
Light, heat, and power, Federal reserve banks,
cost of
135, 592
Liquidations:
National banks
33, 108,
188, 260, 333, 408, 487, 567, 670, 738, 804, 883
State bank members
333, 803
(See also Closed banks.)
Lithuania:
Bank of—
Annual report
344
Condition of
198,
271, 420, 499, 576, 681, 748, 814, 893
Debt to United States—
Funding agreement
7
Payment on
451, 845
Discount rates
272,
347, 421, 500, 577, 682, 749, 815, 894
Reserve requirements
232, 269
Livestock:
Canada, receipts
43, 120, 201, 685, 898
Index of movements
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Monthly reports on the industry
14, 80,
158, 244, 309, 387, 458, 537, 613, 723, 790, 855
Prices
712, 735, 736
Charts showing... 387, 537, 613, 712, 736, 855
Livestock paper:
Discount rates
66, 142,
225, 292, 363, 441, 521, 595, 704, 772, 831, 918
Discounted by Federal reserve banks
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Held by Federal reserve banks
55, 132, 210
Loans and investments of member banks:
Chart showing
849
Classification of
831
Loans, foreign, placed in the United States
74,
782, 831
Loans on real estate and farm lands by national
banks having no time deposits
28
London clearing banks. (See Great Britain.)
Page
Louisiana laws relating to branch banking
183
Lumber:
Chart showing cut, shipments, and orders.
249
Exports, Canada
43, 120, 201, 685, 898
Index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports on the industry
19, 85,
163, 248, 314, 392, 463, 542, 618, 728, 795, 860
Machine tools, wholesale trade
41, 117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Machinery:
Exports, Germany
43, 120, 201, 685, 897
Imports, Canada
43, 120, 201, 685, 898
Mail-order houses:
Chart showing sales
251
Retail trade
42, 117, 194,
266, 339, 415, 493, 573, 676, 745, 810, 889
Monthly reports
21, 88, 166,
251, 317, 396, 465, 544, 620, 730, 798, 863
Sales of
299
Maine laws relating to branch banking
184
Manufacturing:
Index of production
37, 112, 191,
263, 336, 412, 490, 570, 673, 742, 807, 886
Revision of index
568
Chart showing
35, 109, 189,
261, 334, 410, 488, 568, 671, 740, 805, 884
Monthly review
16, 82,
161,246, 311, 389, 460, 539, 615, 725, 792, 857
Maps. (See Charts.)
Mark, German, stabilization of
558
Marketing of agricultural products, discussion
of
73,300,711
Maryland laws relating to branch banking
184
Massachusetts laws relating to branch banking _ 184
Maturities:
Bills discounted and purchased by Federal
reserve banks
56, 133,
211,283, 358, 432, 510, 588, 694, 760, 827, 909
Distribution of bills, municipal warrants,
and certificates of indebtedness held by
Federal reserve banks
53, 130,
208, 281, 355, 429, 508, 585, 692, 758, 825, 906
McFadden bill defining branch banking
103
McFadyean, Andrew, British commissioner of
controlled revenues, reparation payments
551
Mclntosh, J. W., appointed Comptroller of the
Currency
8
McKinney, B. A., resignation of, as governor
of Federal Reserve Bank of Dallas
450
Meats and meat products:
Monthly reports on the industry
16, 82,
161, 246, 312, 390, 461, 539, 616, 726, 793, 857
Pork and lard in cold storage, chart showing
793
Sales, chart showing
544
Wholesale trade
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Member bank credit, chart showing
152,
237, 303, 380, 717, 784, 842, 847
(See also Credit.)
Member banks:
Bankers' balances in Federal reserve bank
cities
58, 138,
213, 285, 360, 434, 512, 590, 696, 762, 829, 911
Borrowings from Federal reserve banks
878
Chart showing
840
Capital. (See Resources and liabilities.)
Changes in membership
59, 218, 517, 764
1919-1924
218
(See also State banks admitted.)
Classification of loans and investments
31
INDEX TO VOLUME 11
Member banks—Continued.
Condition of—
All banks
215,
216, 436, 437, 698, 699, 913, 915
Chart showing
479
Chicago weekly reporting banks
58,
139, 214, 286, 361, 435, 513, 591, 697, 763,
830, 912.
Mid-year summary
478-482
New York City weekly reporting banks
58,
139, 214, 286, 361, 435, 513, 591, 697, 763,
830, 912.
State banks.. 217, 218, 438, 439, 700, 701, 917
Weekly
57, 137, 212,
284, 359, 433, 511, 589, 695, 761, 828, 911
Costs and profits, chart showing
871
Deposits, time and demand—
April, 1923-April, 1925
481
Monthly
65, 141, 214,
286, 361, 435, 513, 591, 697, 763, 830, 912
Earnings and expenses of
402-404, 869-873
Chart showing
870
Earnings and dividends of State bank
members
290, 832
Loans and investments—
Chart showing
849
Classification of
831
Membership in Federal reserve system—
Changes in
59, 218, 517, 764
1919-1924
218
Withdrawals from, by State bank,
date of termination
882
(See also State banks admitted.)
Number accommodated through discount
operations
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Number in each district
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Number in system
60, 220, 517, 765
1919-1924
219
Number on par list and not on par list
520,
594, 703, 771, 834, 920
Reserves—
Connecticut statute concerning
486
Decision of
2, 149, 448
Right to deduct balances due from foreign branches from balances due to
other banks in computing
483
Resources and liabilities—
All banks
215, 436, 698
Week]y
57, 137, 212,
284, 359, 433, 511, 589, 695, 761, 828, 910
Specified dates
480
State banks and trust companies admitted
to system
33, 108,
187, 260, 333, 408, 487, 567, 669, 738, 803
Withdrawal of State bank, date of termination of membership
882
Merchandise trade balance:
United States
24, 94,
169, 255, 320, 399, 468, 547, 624, 733, 801, 866
United States and England, 1924
406
Metals:
Index of production
„ 36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports on the industry
16, 82,
160, 245, 311, 389, 460, 539, 615, 725, 792, 857
Mexico:
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
XVII
Michigan laws relating to branch banking
184
Mid-year summary of banking statistics
478-482
Millinery, wholesale trade
41,117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Mineral production, index of
37, 111,
191, 236, 336, 412, 490, 570, 673, 742, 807, 886
Chart showing
35, 109,
189, 261, 334, 410, 488, 568, 671, 740, 805, 884
Mining industry
15, 81,
159, 244, 310, 388, 459, 538, 614, 724, 791, 856
Minnesota laws relating to branch banking
184
Mississippi laws:
Branch banking
184
Guaranty of bank deposits
638, 657
Missouri laws relating to branch banking
185
Money in circulation:
Canada
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Chart showing
482
Discussion of
1
England
45, 122,
197, 270, 345, 419, 498, 575, 680, 747, 813, 892
Germany
270,
345, 419, 498, 575, 680, 747, 813, 892
Under Dawes plan
558
Italy
45, 122,
197, 271, 345, 419, 498, 575, 680, 747, 813, 892
United States
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
(See also Currency.)
Money rates:
Acceptances
23, 90,
154, 239, 305, 382, 456, 532, 608, 719, 786, 850
Discussion of
5, 150
New York and London markets
99, 780
Charts showing
5, 99, 780
Monthly
22, 90, 154,
239, 304, 382, 455, 532, 608, 719, 786, 850
Prevailing in leading cities
67, 143,
227, 294, 365, 443, 522, 596, 705, 773, 835, 921
(See also Discount rates.)
Montana laws relating to branch banking
185
Mortgage loans:
Federal land banks
156,
241, 306, 384, 457, 534, 610, 720, 788, 852
Life insurance companies
610, 721, 788, 852
On real estate by national banks having no
time deposits
28
Municipal warrants:
Held by Federal reserve banks
55, 210, 357
Maturities of
130, 208, 281, 355, 429, 508
Music chain stores, retail trade
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Mutual savings banks, condition of
769
Names, changes in, State bank members
33,
108, 188, 260, 333, 408, 487, 567, 669, 738
National-bank notes, circulation
65, 141, 225,
292, 363, 441, 520, 594, 703, 771, 834, 920
National Bank of Austria. (See Austria.)
National Bank of Belgium. (See Belgium.)
National Bank of Bulgaria. (See Bulgaria.)
National Bank of Denmark. (See Denmark.)
National Bank of Greece. (See Greece.)
National Bank of Hungary. (See Hungary.)
National Bank of Rumania. (See Rumania.)
National Bank of Switzerland. (See Switzerland.)
National banks:
Acceptances of, held by Federal reserve
banks
55, 132, 210, 282, 357
Branches, foreign
407
XVIII
INDEX TO VOLUME 11
Page
National banks—Continued.
Charters issued to___
33, 108, North Carolina laws relating to branch bank188, 260, 333, 408, 487, 567, 670, 738, 804, 883
185
ing..
Condition of
916 North Dakota laws:
rth
Fiduciary powers granted to
33, 108,
Branch banking
186
188, 260, 333, 408, 487, 567, 669, 738, 804, 883
Guaranty of bank deposits
639, 661
Membership in Federal reserve system,
Norway:
changes in
60, 220, 517, 765
Bank of—
1919-1924
223
Condition of
198,
Number
60, 219, 517, 765
272, 346, 420, 499, 576, 681, 748, 814, 893
National City Bank, New York City, foreign
Gold reserves
268
branches of
407
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Nebraska laws:
Description of index
277
Branch banking
185
Discount rates
45, 122, 199,
Guaranty of bank deposits
637, 646
272, 347, 421, 500, 577, 682, 749, 815, 894
Netherlands:
Changes in
421, 682, 749, 781
Bank of—
Specified dates
781
Annual report
811, 812
Foreign exchange
69, 145, 229,
Condition of
198,
296, 367, 445, 524, 598, 707, 775, 837, 923
272, 346, 420, 499, 576, 681, 748, 814, 893
Foreign trade
44, 121,200,
Gold reserves-_._
232, 268, 781
273, 348, 422, 501, 578, 683, 750, 816, 895
Cost of living
49, 126, 204,
Retail food prices
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Description of index
277
Discount rates
45, 122, 199,
Wholesale prices
48, 125, 203,
272, 347, 421, 500, 577, 682, 749, 815, 894
275, 350,
Changes in
45, 122, 781, 815 Notes. (See Currency 424, 503, 580, 687, 752, 818, 900
circulation; Federal reSpecified dates
781
serve notes; Federal reserve bank notes; NaForeign exchange
69, 145,
tional
229, 296, 367, 445, 524, 598, 707, 775, 837, 923 Oats: bank notes; Treasury notes.)
Foreign trade
44, 121,
Crop estimate
34, 486, 566, 670, 739, 804
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Receipts, shipments, and stocks
37, 112, 192,
Gold and silver imports and exports
68, 144,
264,
743, 808, 887
228, 295, 366, 444, 523, 597, 706, 774, 836, 922 Ocean freight rates 337, 413, 491, 571, 674, 200, 273, 348
44, 121,
Gold standard, restoration of
373
Publication of index in Bulletin disconRetail food prices
49, 126, 204,
422
276, 351, 425, 504, 581, 688, 754, 820, 902 Officerstinued
of Federal reserve banks, election of
8
Description of index
277 Ohio laws relating to branch banking
186
Wholesale prices
48, 125, Oil, crude, production
15, 81,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
160, 245, 310, 388, 459, 538, 615, 725, 792, 856
Nevada laws relating to branch banking
185 Oklahoma:
New Hampshire laws relating to branch banking. 185
Branch banking, laws relating to
186
New Jersey laws relating to branch banking
185
Chart showing number of banks and deNew Mexico laws relating to branch banking
185
posits
631
New York City, member banks in, condition
Guaranty of bank deposits, law relating t o . 629,
of
58, 139,
636, 641
214, 286, 361, 435, 513, 591, 697, 763, 830, 913
Repeal of
New York laws relating to branch banking.
185 Open-market operations of Federal reserve 643
New Zealand:
banks
56, 133,
Gold reserves
268
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
Gold standard, restoration of
373 Opinions of courts:
Retail food prices
49, 126, 204,
United States Circuit Court of Appeals, in
276, 351, 425, 504, 581, 688, 754, 820, 902
case of City of Douglas, Tex., v. Federal
Description of index
277
Reserve Bank of Dallas; check collecWholesale prices
48,125,
tion transaction
30
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
United States district court in case of PasNewsprint production
36, 111,
cagoula National Bank v. Federal Re190, 262, 335, 411, 489, 569, 672, 741, 806, 885
serve Bank of Atlanta; check collection
Nicaragua, debt of, to United^States
845
transaction
100
Niemeyer, O. E., member British gold standard
Action of Supreme Court
843
committee
3 75
United States Supreme Court in case of SoNogara, Bernardino, Italian trustee for Gerwell v. Federal Reserve Bank of Dallas;
man industrial debentures, reparation payaction against maker of promissory note
ments
551
held as collateral security for indebtedNonferrous metals, index of production
36, 111,
ness of a member bank-.*
484
190,262, 335, 411, 489, 569, 762, 741, 806, 885 Oregon laws relating to branch banking
186
Paper production, index of
1
37, 112,
Nonmember^banks:
191, 236, 336, 412, 490, 570, 673, 742, 807, 878
Acceptances of, held by Federal reserve
banks
55, 132, 210, 282, 357 Par clearance litigation. {See Clearing and collection.)
Deposits of
61, 287, 514, 766 Par list, number of bank on. 520, 594, 703, 771, 834, 920
Loans and investments of
. 61, 287, 514, 766 Paraguay, gold and silver imports from United
States
366, 444, 523, 597
Number on par l i s t . . . 520, 594, 703, 771, 834, 920
INDEX TO VOLUME 11
Page
Parmentier, Jean, member transfer committee,
German reparations
551
Parry, Carl E., statistical work performed by
472
Pascagoula National Bank v. Federal Reserve
Bank of Atlanta; check collection transaction;
opinion of United States district court
100
Action of Supreme Court
843
Payments on debt, foreign countries to United
States. (See Debt.)
Pay rolls in factories:
Automobile manufacturing, chart|showing_!W 392
Charts showing
300, 325, 326, 466, 621, 847
Index of
324, 412, 489, 570, 673, 742, 807, 886
Construction of
324
Revision of
668
Penalties for deficient reserves
135, 592
Pennsylvania laws relating to branch banking
186
Per capita circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Permits:
Building, issued
40, 116,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
Under Clayton Act—Director resigning from and again
elected to serve same institution
28
Director of consolidated State bank
28
Peru:
Discount rates._.
___ 577, 682, 749, 815, 894
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Reserve Bank of, condition of
272,
346, 420, 499, 576, 681, 748, 814, 893
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Petroleum:
Chart showing production, consumption,
imports, and exports
389
Index of production
36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
M onthly reports on the industry
15,81,
160, 245, 310, 388, 459, 538, 615, 725, 792, 856
Philippine Islands, gold and silver imports and
exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Pig-iron production:
France
43, 120, 201, 684, 897
Great Britain
43, 120, 201, 684, 896
United S t a t e s Index of
36, 110, 190,
262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports
18, 84, 162,
248, 313, 391, 462, 617, 727, 794, 859
Pigou, A. C , member British gold standard
committee
375
Platt, Edmund, reappointed governor of Federal
Reserve Board
714
Poland:
Bank of—
Annual report
343
Condition of
198,
272, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Cost of living
49,126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Debt to United S t a t e s Funding agreement
7
Payment on
451, 845
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
682
XIX
Poland—Continued.
Page
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver imports to United States
295,
366, 444, 523, 597, 706, 774, 836, 922
Reserve requirements
232, 269
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Pork in cold storage, chart showing
793
Pork production, consumption, and exports,
chart showing
246
Portugal:
Bank of—
Condition of
198,
272, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Discount rates
45,122,199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Foreign exchange
69,145,229,
296, 367, 445, 524, 598, 707, 775, 837, 923
Postage, Federal reserve banks, cost of
135, 592
Potatoes:
Chart showing value of crop
12
Crop estimate
34, 566, 670, 739, 804, 883
Size and value of crop, 1923-1925
712
Pound sterling:
Relation of, to South African pound
172
Value of
45, 122, 197,
270, 345, 419, 498, 575, 680, 747, 813, 892
Prices:
Agricultural, discussion of
73, 297, 599, 712
Discussion of
71, 297, 599, 712, 735
Food, in principal countries
49, 126,204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Livestock, in 1924 and 1925
735, 736
On farms, chart showing
12,
307, 534, 712, 736, 853
Retail, United States
21,
89, 167, 253, 319, 397, 467, 546, 622, 733
Security—
Canada
43, 120, 201, 685, 898
England
43, 120, 197, 201,
270, 345, 419, 498, 575, 680, 747, 813, 892
Germany
43, 120,201,
270, 345, 419, 498, 575, 680, 747, 813, 892
Italy
45, 122, 197,
271, 345, 419, 498, 575, 680, 747, 813, 892
United States
155,
240, 306, 383, 456, 533, 609, 720, 787, 851
Silver, London and New York
69, 145, 229,
296, 367, 445, 524, 595, 707, 775, 837, 923
Wholesale—
Bureau of Labor Statistics index
48,
125, 166, 253, 319, 397, 467, 546, 622,
753, 819, 901.
IQ
Approximate weights used in
r
calculating
622
By groups of commodities-_ 753, 819, 901
Chart showing
9,75,151,
236, 302, 379, 452, 529, 605, 716, 783, 846
Great Britain
677, 678
Comparison of indexes, European
countries with United States
195, 196
Discussion of
71, 297, 599
European countries, review of
677
Foreign countries
48,125,203,
275, 350, 424, 503, 580, 687, 752, 818, 900
Federal Reserve Board index—United
States, England, France, Canada,
and Japan
47,124,202,274,
349, 423, 502, 579, 686, 751, 817, 899
Chart showing
46, 123
XX
INDEX TO VOLUME 11
Prices—Continued.
Page
Wholesale—Continued.
International comparisons, discussion
of
195, 196
Monthly reports
21,89, 166,
253, 318, 397, 467, 545, 622, 732, 799, 864
Review of, in European countries
677
Printing and stationery, Federal reserve banks,
r cost of
135, 592
Production in basic industries:
Canada
43, 120, 201, 685, 898
Charts showing
9, 71, 75, 151, 236,
302, 379, 452, 529, 600, 605, 716, 783, 846
Discussion of
71, 297, 600
Great Britain
43, 120, 201, 684, 896
Index of
36, 110, 190, 262,
335, 411, 489, 569, 672, 741, 806, 885
Year 1924
71
Profit and loss account of Federal reserve banks
136
Profits of member banks
. . . 402-404, 870
Chart showing
871
Promissory note held as security for indebtedness of a member bank to a Federal reserve
bank; case of Sowell v. Federal Reserve Bank
of Dallas; opinion of Supreme Court
484
Railway statistics:
Canada
43, 120, 201, 685, 898
England
43, 120, 201, 684, 896
France
. . 43, 120, 201, 684, 897
United States—
Equipment, purchase of
18, 84, 162, 248,
313, 392, 462, 541, 618, 727, 794, 859
Freight loaded and received from connections
40, 115, 192, 264,
337, 413, 491, 571, 674, 743, 808, 887
Operating revenues and expenses
20,
88, 165, 251, 316, 395, 465, 543, 619, 730,
797, 862.
Rates:
Bills discounted by Federal reserve banks.
56,
133, 211, 283, 358, 432, 510, 588, 694, 760, 827,
909.
Discount. (See Discount rates.)
Earnings of Federal reserve banks on each
class of earning assets
55, 132, 210, 282.
357, 431, 509, 587, 693, 759, 826, 908
Money. (See Money rates.)
Open-market purchases by Federal reserve
banks
56, 133, 211, 283,
358, 432, 510, 588, 694, 760, 827, 909
Readily marketable staple, conttonseed as a,
ruling on
737
Real estate loans by national banks having no
time deposits
28
Receiver. (See Fiduciary powers.)
Registrar of stocks and bonds. (See Fiduciary
powers.)
Reichsbank, German:
Annual report
340
Condition of
270,
345, 419, 498, 575, 680, 747, 813, 892
Currency circulation under Dawes plan
558
Gold reserves
- - 268, 781
Reserve requirements
232, 270
Reserves, growth in
•__
_
—
231
(See also Germany.)
Rent, Federal reserve banks
- 135, 592
Rente, France, price of
. . 45,122,197, 270,
345, 419, 498, 575, 680, 747, 813, 892
Repairs, Federal reserve bank buildings, cost of _ 135, 592
Reparations, German:
Payments under Dawes plan
553
Report of agent general
550-559
Report of agent general for reparation payments
550-559
Report of committee on gold standard for Great
Britain
375
Discussion of
369
Report of commission of gold and silver inquiry.
150
Report of commission on gold standard for
South Africa
172
Reserve Bank of South Africa, annual report of.
678
(See also South Africa.)
Reserve ratio:
Central banks of issue..
781
Federal reserve banks
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903
Reserves:
Central banks of issue—.,
232, 269, 781
Connecticut statute concerning reserves of
State member banks
486
Deficiencies in, penalties for
135, 592
German Reichsbank, discussion of
231
Federal reserve banks—
Discussion of
330, 448
Monthly
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903
Gold, principal countries, 1913-1924
232,
267, 268
Gold exports, effect of, on reserves of foreign
banks
231
Member bank, discussion of
2, 149, 448
Penalties for deficient
135, 592
Right of member bank to deduct balances
due from foreign branches from balances
due to other banks in computing reserves.
483
Wisconsin statute concerning reserves of
State member banks
737
Resources and liabilities:
All incorporated stock banks in the United
States
61, 63, 287, 288, 514, 515, 766, 767
All member banks
215,
216, 436, 437, 698, 699, 913-917
All State banks and trust companies
62,
289, 516, 768, 917
Federal reserve banks—
Changes in weekly statement
782
Weekly
50, 127, 205,
278, 352, 426, 505, 582, 689, 755, 821, 903
Member banks in leading cities—•
Specified dates
480
Weekly reporting
57, 137, 212,
284, 359, 433, 511, 589, 695, 761, 828, 910
National banks
916
Nonmember banks
61, 287, 514, 766
State bank members
217,
218, 438, 439, 700, 701, 917
Retail food prices in principal countries
49, 126,
204, 276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Retail trade:
Chain stores
42, 117,
Hi » 194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Department stores
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Development of trade statistics, 1924-25.476
Index of
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
INDEX TO VOLUME 11
XXI
Rulings of the Federal Reserve Board; law deRetail trade—Continued.
partment—Continued.
Mail-order houses
42, 117,
Deposits, bank, State laws relating to
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Monthly reports
20, 188,
guaranty of
641-668
165,152, 317, 396, 465, 544, 620, 730, 798, 863
Digest of State laws relating to branch
Review:
banking
182-187, 486
Banking position at close of 1924
1-6
Director under Clayton Act—
Bankers' acceptances, 1923-24
180, 874
Consolidated State bank, permits unBritish banking in 1924
98
der
28
Business and banking conditions in Europe. 323
New application necessary where diBusiness conditions in the United States. _ 71,
rector has resigned from and again
599-603
is elected to serve same institution __
28
Gold movements in 1924
27
Farm lands, loans on, by national banks
Gold standard for Great Britain
369
having no time deposits
28
Mid-year, of banking statistics
478-482
Guaranty of bank deposits, State laws reStatistical work of the Federal Reserve
lating to
641-668
Board
471-474
Interest on Federal reserve bank stock,
Wholesale prices in European countries
677
State bank withdrawing from system
882
Review of the month
1, 71,
Laws, State—
147, 231, 297, 369, 447, 525, 599, 711, 779, 839
Branch banking
182-187, 486
Revision of indexes:
Guaranty of bank deposits
641-668
Agricultural movements
739
Loans on real estate and farm lands by
Employment
324-330, 668
national banks having no time deposits. _
28
Manufacturing
568
Pascagoula National Bank v. Federal RePay roll
324-330, 668
serve Bank of Atlanta; check collection
Rhode island laws relating to branch banking. _ 186
transaction; decision of United States
Riefler, Winfield and Dorothy B., statistical
District Court
100
work performed by
472
Action of Supreme Court
843
Rubber, crude, production and prices
19, 85,
Real estate, loans on, by national banks
163, 248, 314, 392, 463, 541, 618, 728, 795, 860
having no time deposits
28
Rulings of the Federal Reserve Board; law deReserves—
partment :
Connecticut statute concerning reserves
Balances due from foreign branches of doof State member banks
486
mestic banks, deduction of, from balRight of member banks in computing
ances due to other banks in computing
reserves to deduct balances due from
reserves of member banks
483
foreign branches of domestic banks
Branch banking, State laws relating to
182from balances due to other banks. _ 483
State member banks—
187, 486
Check clearing and collection—
Connecticut statute regarding
486
Opinion of United States Circuit Court
Wisconsin statute regarding
737
of Appeals in case of city of Douglas,
Resignation of director from and again
Tex., v. Federal Reserve Bank of
elected to serve same institution, new perDallas
30
mit necessary under Clayton Act
28
Opinion of United States District
Right of member bank in computing reCourt in case of Pascagoula National
serves to deduct balances due from forBank v. Federal Reserve Bank of
eign branches of domestic banks from
Atlanta
100
balances due to other banks
483
Action of Supreme Court
843
State banks—
Clayton Act permits—
Connecticut statute concerning reDirector of consolidated State bank..
28
serves of members
486
Necessity for new application where
Consolidation of, effect on permits to
director has resigned from and again
serve as director under Clayton Act28
is elected to serve same institution. _
28
Date of termination of membership,
Connecticut statute concerning reserves of
after giving notice of withdrawal
882
State member banks
486
Wisconsin statute relating to reserves
Cottonseed as a readily marketable staple- 737
of members
737
Court opinions—
State laws—
United States Circuit Court of Appeals
Branch banking
182-187, 486
in case of city of Douglas, Tex., v.
Guaranty of bank deposits
641-668
Federal Reserve Bank of Dallas;
Reserves of member banks—
check collection transaction
30
Connecticut
486
United States District Court in case of
Wisconsin
737
Pascagoula National Bank v. Federal
Reserve Bank of Atlanta; check colTime deposits, loans on real estate by
lection transaction
100
national banks having no
28
United States Supreme Court in case of
United States Circuit Court of Appeals,
Sowell v. Federal Reserve Bank of
opinion of, in case of city of Douglas,
Dallas; action against maker of
Tex., v. Federal Reserve Bank of Dallas;
promissory note held as security for
check collection transaction
30
indebtedness of a member bank
484
United States District Court, opinion of,
Date of termination of membership of State
in case of Pascagoula National Bank v.
bank voluntarily withdrawing from sysFederal Reserve Bank of Atlanta; check
tem
882
collection transaction
100
xxn
INDEX TO VOLUME 11
Rulings of the Federal Reserve Board; law department—Continued.
United States Supreme Court, opinion of,
in case of So well v. Federal Reserve Bank
of Dallas; action against maker of
promissory note held as security for
indebtedness of a member bank
484
Wisconsin statute concerning reserves of
State member banks
737
Withdrawal of State bank from system,
date of termination of membership
882
Rumania:
Debt to United States—
Funding agreement
845
Payment on
845
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Foreign exchange
"
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
National Bank of—
Annual report
343
Condition of
198,
272, 346, 420, 499, 576, 681, 748, 814, 893
Gold reserves
268
Russia:
Debt to United States
845
Discount rates
421, 500, 577, 749, 815, 894
Foreign trade
816, 895
Reserve requirements
232, 269
Retail food prices
581, 688, 754, 820, 902
State Bank of—
Condition of
198,
272, 346, 420, 499, 577, 682, 749, 815, 894
Gold reserves
268
Wholesale prices
203,
275, 350, 424, 503, 580, 687, 752, 818, 900
Rye, receipts, shipments, and stocks
37, 112,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
Salaries, Federal reserve banks
135, 592
Savings banks, mutual, condition of
769
Savings deposits:
France
45, 122
United States
23,91,
167, 252, 318, 396, 466, 545, 621, 731, 799, 864
Scotland, gold exports to United S t a t e s . . 68, 144, 228
Securities prices. (See Prices.)
Serbs, Croats, and Slovenes, Bank of:
Annual report
496
Condition of
347,
420, 500, 577, 682, 749, 815, 894
ghee .
Monthly reports on the industry
14, 80,
159, 244, 309, 387, 459, 537, 613, 723, 790, 855
Prices of
736
Chart showing
387,736
Slaughtered, index of
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Ship arrivals at Hamburg, Germany
43,
Ships cleared:
120,201,685,897
England
43, 120, 201, 684, 896
France
43, 120, 201, 684, 897
Shoe chain stores, retail trade
42, 117,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Shoes:
Monthly reports on the industry
19,86,
163, 249, 314, 393, 463, 542, 618, 728, 796, 860
Production—
Chart showing
860
Index of
37, 112, 191,
263, 336, 412, 490, 570, 673, 742, 807, 886
Wholesale trade
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Silk:
Page
Imports, Germany
43, 120, 201, 685, 897
Monthly reports on the industry
17,84,
162, 247, 313, 391, 461, 540, 617, 727, 794, 858
Raw—
Imports, France
43, 120, 201; 684, 897
Prices, chart showing
727
Silver:
Coin and certificates, circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
Imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Price of, London and New York
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Production, index of
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Production and prices, monthly review
16, 82,
160, 245, 311, 389, 460, 539, 615, 725, 792, 857
South Africa:
Cost of living
49, 126, 204, 276,
351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Discount rates
45, 122,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
122
Foreign trade
*44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold^reserves
232, 268
Goldjstandard in
172, 232
Reserve Bank—
Annual report of
678
Condition of
272,
346, 420, 500, 577, 682, 749, 815, 894
Suggested changes in law
179
Retail food prices
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
SouthfCarolina laws relating to branch banking.
186
South|Dakota laws:
Branch banking
186
Guaranty of bank deposits
638, 658
So well v. Federal Reserve Bank of Dallas; action
against maker of promissory note held as
security for indebtedness of a member bank;
opinion of United States Supreme Court
484
Spain:
Bank of—
Annual report
343
Condition of
199,
272, 347, 420, 500, 577, 682, 749, 815, 894
Gold reserves
268
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 894
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Wholesale prices
48,125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Stark, Walter R., statistical work performed by.
472
State banks and trust companies:
Admissions to system
33, 108,
187, 260, 333, 408, 487, 567, 669, 738, 803, 882
Capital. (See Resources and liabilities.
Capital, surplus, and resources of banks admitted to system
33, 108,
187, 260, 333, 408, 487, 567, 669, 738, 803, 882
INDEX TO VOLUME 11
Pa e
State banks and trust companies—Continued.
s
Changes in membership in Federal reserve
system
•__ 60, 220, 517, 765
1919-1924
223
Change of name
33,
108, 188, 260, 333, 408, 487, 567, 669, 738
Closed banks
33,
108, 188, 260, 333, 408, 487, 738, 803, 882
Condition of—
All State banks in the United States-62,
289, 516, 768
Member banks
217,
218, 438, 439, 700, 701, 917
Abstract of
215-218,
436-439, 698-701, 913-917
Consolidations
33,
108, 188, 260, 333, 408, 487, 567, 669, 803, 882
Converted into national banks
108,
188, 260, 333, 408, 487, 567, 882
Earnings and dividends
290, 832
Insolvencies
221, 487
Liquidations
333, 803
Number in system
33, 60, 108, 188, 219, 260,
333, 408, 487, 517, 567, 669, 765, 803, 882
1919-1924
219
Reserves—
Connecticut statute concerning
486
Wisconsin statute concerning
737
Withdrawals from system
33, 108, 188,
260, 333, 408, 487, 567, 669, 738, 803, 882
Date of termination of membership
882
State laws:
Branch banking
182-187, 486
Guaranty of bank deposits
626-668
Reserves of member banks in Connecticut
and Wisconsin___.
486, 737
Stationery, wholesale trade
41,
117, 193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Statistical work of the Federal Reserve Board,
review of
471-474
Steel:
Monthly review of the industry
18, 84,
162, 247, 313, 391, 462, 541, 617, 727, 794, 859
Production—
France
43, 120, 201, 684, 897
Great Britain
43, 120, 201, 684, 896
Index of
36, 110, 190,
262, 335, 411, 489, 569, 672, 741, 806, 885
Sterling exchange in New York market, chart
showing
371
Sterrett, Joseph E., member transfer committee,
German reparation
551
Stocks at department stores
42, 118, 119,
194, 266, 339, 415, 493, 573, 676, 745, 810, 889
Discussion of
72, 601
Rate of turnover
331, 332, 476
Stocks, common, index of prices.
155,
240, 306, 383, 456, 533, 609, 720, 787, 851
Stores. (See Chain stores; Department stores.)
Stoves, wholesale trade
41, 117,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Straits Settlements:
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold and silver imports
706, 774, 836, 922
Sugar:
Manufacturing
16,
161, 246, 312, 389, 461, 539, 616, 726, 793, 857
Meltings, index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
70922—25t
S
XXIII
Supreme Court of United States, opinion of, in Page
case of Sowell v. Federal Reserve Bank of
Dallas; action against maker of promissory
note held as security for indebtedness of a
member bank
484
Surplus, Federal reserve banks
52, 129,
207, 280, 354, 428, 507, 584, 691, 757, 824, 905
Deficit paid out of
136
Surplus, State banks admitted to system
33, 108,
187, 260, 333, 408, 487, 567, 669, 738, 803, 882
Sweden:
Bank of, condition of
199,
272, 347, 420, 500, 577, 682, 749, 815, 894
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
577, 781, 815
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Foreign trade
44, 121,
200, 273, 348, 422, 501, 578, 683, 750, 816, 895
Gold and silver imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Riksbank—
Annual report
341
Gold reserves
232, 268, 781
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Switzerland:
Cost of living
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Discount rates
45, 122, 199,
272, 347, 421, 500, 577, 682, 749, 815, 894
Changes in
781, 815
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold imports
_•
68, 144, 228, 295, 597
Retail food prices
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
277
Swiss National Bank—•
Annual report
341
Condition of
199,
272, 347, 420, 500, 577, 682, 749, 815, 894
Gold reserves
268, 781
Wholesale prices
48, 125,
203, 275, 350, 424, 503, 580, 687, 752, 818, 900
Talley, Lynn P., appointed governor of Dallas
Federal Reserve Bank
450
Taxes :
Federal reserve bank buildings
135, 592
Federal reserve note currency
135, 592
Franchise, paid by Federal reserve banks to
Government
136
Telephone and telegraph, Federal reserve banks,
cost of
135, 592
Tennessee law relating to branch banking
186, 486
Texas laws:
Branch banking
'.
186
Guaranty of bank deposits
637, 652
Textiles:
Index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly reports on the industry
16, 82,
161, 246, 312, 390, 461, 540, 616, 726, 793, 857
xxrv
INDEX TO VOLUME 11
Thomas, Woodlief, statistical work performed
by
471
Time deposits:
Loans on real estate by national banks having no
28
Member banks—
April, 1923-April, 1925
481
Monthly
65, 141, 214,
286, 361, 435, 513, 591, 697, 763, 830, 912
Tires, automobile:
Monthly reports on the industry
18, 85,
163, 248, 314, 392, 462, 541, 618, 728, 795, 859
Production, index of
37, 112,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Tobacco:
Chart showing value of crop
12
Crop estimate
34, 566, 670, 739, 804, 883
Index of movements
37, 111, 191,
263, 336, 412, 490, 570, 673, 742, 807, 886
Manufactures, index of production
36,111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly review of crop conditions and
marketing
13, 79,
158, 243, 308, 386, 536, 612, 722, 789, 854
Sales at loose-leaf warehouse
37, 113, 192,
264, 337, 413, 491, 671, 674, 743, 808, 887
Trade. (See Foreign trade; Retail trade; Wholesale trade.)
Trade acceptances:
Based on imports and exports, classification
of
„
565
Held by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Transfer committee, German reparation
551
Transportation:
England
43, 120, 201, 684, 896
France
43, 120, 201, 684, 897
Monthly reports
20, 87, 164,
250, 316, 394, 464, 543, 619, 729, 797, 862
Traveling expenses, Federal reserve banks
135, 592
Treasury certificates of indebtedness. (See Certificates of indebtedness.)
Treasury
financing
6, 234, 450, 714
Treasury bonds, issue of
7, 235
Treasury notes:
Circulation
65, 141,225,
292, 363, 441, 520, 594, 703, 771, 834, 920
Held by Federal reserve banks
55, 132, 210,
282, 357, 431, 509, 587, 693, 759, 826, 908
Purchased by Federal reserve banks. 56, 133, 211,
283, 358, 432, 510, 588, 694, 760, 827, 909
Trust companies. (See State banks and trust
companies.)
Trust powers of national banks. (See Fiduciary
powers.)
Trustee. (See Fiduciary powers.)
Unemployment:
Canada
43, 120, 201, 685, 898
England
43, 120, 201, 684, 896
France
43, 120, 201, 684, 897
Germany
43, 120, 201, 685, 897
(See also Employment.)
United States:
Balance of payments, 1924
406
Business conditions—
Discussion of
71, 599-603
In 1924, review of
71
Monthly review
9,75,151,236,
302, 379, 452, 529, 605, 716, 783, 846
Cost of living
49, 126, 204, 276,
351, 425, 504, 581, 688, 754, 820, 902
Description of
276
United States—Continued.
Debt of—
Review in Treasury annual report
6
Reduction in
451
Foreign loans placed in
74, 782, 831
Foreign trade. (See Foreign trade.)
Gold and silver imports and exports. (See
Gold and silver.)
Retail food prices
49, 126, 204,
276, 351, 425, 504, 581, 688, 754, 820, 902
Description of index
276
Wholesale prices...47, 124, 202,
274, 349, 423, 502, 579, 686, 751, 817, 901
United States bonds:
Held by Federal reserve banks
55, 132, 210,
282, 357, 431,509, 587, 693, 759, 826, 908
Purchased by Federal reserve banks
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
United States Circuit Court of Appeals, decision
of, in case of City of Douglas, Tex., v. Federal
Reserve Bank of Dallas; check collection
transaction
30
United States District Court, decision of, in case
of Pascagoula National Bank v. Federal Reserve Bank of Atlanta; check collection
transaction
100
United States notes, circulation
65, 141,
225, 292, 363, 441, 520, 594, 703, 771, 834, 920
United States securities:
Held by Federal reserve banks
55, 132,
210, 282, 357, 431, 509, 587, 693, 759, 826, 908
Purchased by Federal reserve banks
56, 133,
211, 283, 358, 432, 510, 588, 694, 760, 827, 909
United States Supreme Court, opinion of, in case
of Sowell v. Federal Reserve Bank of Dallas;
action against maker of promissory note held
as security for indebtedness of a member bank
484
United States World War Foreign Debt Commission, debt funding agreements. __ 7, 603, 714, 843
Uruguay:
Foreign exchange
69,145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold imports from United States
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Gold reserves
268
Utah laws relating to branch banking
186
Vegetables:
Index of movements
37, 111,
191, 263, 336, 412, 490, 570, 673, 742, 807, 886
Monthly review of crop conditions and marketing
14,
79, 158, 243, 309, 386, 536, 612, 723, 790, 854
Venezuela, gold and silver imports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
Vermont laws relating to branch banking
187
Vice governor of Federal Reserve Board, Edmund Platt reappointed
714
Virginia laws relating to branch banking
187
Vissering, G., member of commission on gold
standard for South Africa
172
Wages in factories:
Index of
324, 412, 489, 570, 673, 742, 807, 886
Construction of
324
Revision of
668
(See also Employment; Pay rolls.)
Walsh, C. C , appointed Federal reserve agent
at Dallas
450
Warrants, municipal:
Held by Federal reserve banks
55, 210, 357
Maturities of
130, 208, 281, 355, 429, 508
Warren, R. B., statistical work performed by--473
INDEX TO VOLUME 11
Washington laws:
"Page
Branch banking
187
Guaranty of bank deposits
639, 665
Weekly statement of Federal reserve banks,
changes in
782
(See also Condition of banks.)
West Indies, gold imports and exports
68, 144,
228, 295, 366, 444, 523, 597, 706, 774, 836, 922
West Virginia laws relating to branch banking. _ 187
Wheat:
Crop estimate
34, 486, 566, 670, 739, 804
Exports, chart showing
78
Prices, chart showing
12
Receipts and exports, Canada.
43,
120, 201, 685, 898
Receipts, shipments, and stocks
37, 112,
192, 264, 337, 413, 491, 571, 674, 743, 808, 887
Value of, 1922-1924, chart showing
12
Wholesale prices. (See Prices.)
Wholesale trade:
Chart showing
299, 859
Condition of
41, 116,
193, 265, 338, 414, 492, 572, 675, 744, 809, 888
Discussion of
72, 298, 601
Monthly review
20, 88,
165, 251, 316, 395, 465, 544, 620, 730, 797, 862
Wills, D. C , Federal reserve agent at Cleveland,
death of
782
Wisconsin laws:
Branch banking
187
Reserves of State member banks
737
Withdrawals from Federal reserve system
33, 108,
188, 260, 333, 408, 487, 567, 669, 738, 803, 882
Date of termination of membership of
State bank
882
XX\
Page
Wood-pulp exports, Canada
43, 120, 201, 685, 898
Wool:
Manufactures, index of production
36, 110,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
RawImports, Germany
43, 120, 201, 685, 898
Imports, Great Britain. 43, 120, 201, 684, 896
Prices, chart showing
390
Stocks, consumption, and imports, chart
showing
.
617
Wool and woolen manufacturing:
Monthly reports on the industry
17, 83,
161, 246, 312, 390, 461, 540, 616, 726, 793, 858
Prices, chart showing
17
World War Foreign Debt Commission, debtfunding agreements
7, 603, 714, 843
(See also Debt.)
Wyoming laws relating to branch banking
187
Young, Owen D., agent general for reparation
payments ad interim
550
Yugoslavia:
Debt to United States
845
Discount rates
45, 122,
199, 272, 347, 421, 500, 577, 682, 749, 815, 89
Financial statistics
199, 272
Foreign exchange
69, 145,
229, 296, 367, 445, 524, 598, 707, 775, 837, 923
Gold reserves
268
Reserve requirements
232, 269
Zinc production:
Index of
36, 111,
190, 262, 335, 411, 489, 569, 672, 741, 806, 885
Monthly review
16, 82,
160, 245, 311, 389, 460, 539, 615, 725, 792, 857
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