Full text of Federal Reserve Bulletin : February 1925
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FEDERAL RESERVE
BULLETIN
FEBRUARY, 1925
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Industry and Trade in 1924
Business Conditions in the United States
Decision in New Par Clearance Case
WASHINGTON
GOVERNMENT PRINTING OFFICE
1925
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGER, Governor
EDMUND PLATT, Vice Governor
A. W. MELLON,
ADOLPH C. MILLER.
Secretary of the Treasury, Chairman.
CHARLES S. HAMLIN.
J. W. MCINTOSH,
GEORGE R. JAMES.
Comptroller of the Currency.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART, Director, Division of Research
and Statistics.
E. A. GOLDENWEISER, Assistant Director, Division of
Research and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations
J. F. HERSON,
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
II
CHAS. A. MORSS.
PAUL M. WARBURG, President.
L. L. R U E .
GEORGE A. COULTON.
JOHN M. MILLER, Jr.
v
OSCAR WELLS.
FRANK O. WETMORE.
BRECKINRIDGE JONES.
G. H. PRINCE.
E. F. SWINNEY, Vice President.
W. M. MCGREGOR.
HENRY S. M C K E E .
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Chairman
Governor
Deputy governor
Boston
New York..
Frederic H. Curtiss
Pierre Jay
W. P. G. Harding.
Benj. Strong
W. W. Paddock_..
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
Philadelphia-_
Cleveland
R. L. Austin
D. C.Wills
Wm.W. Hoxton
Oscar Newton
Wm. A. Heath
Geo. W. NorrisE. R. Fancher..
Cashier
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden_.
C. A. Peple
R. H. Broaddus
J. L. Campbell
Creed Taylor
O. R. McKay
JohnH. Blair
Richmond
Atlanta
Chicago.-----
St. Louis
Minneapolis..
Wm. McC. Martin .
John R. Mitchell.
Kansas City...
Dallas
M. L. McClure
Lynn P. Talley
John Perrin.
San Francisco .
George J. Seay._
M. B. Wellborn.
J. B. McDougal.
D. C. Biggs..
R. A. Young
_ W.J. Bailey
B. A. McKinney.
J. U. Calkins
i Controller.
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.i
J. W. Jones.i 1
G. E. Chapin.
Ray M. Gidney.*
L. R. Rounds.*
W. A. Dyer.
J. C. Nevin.
Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.1
O. J. Netterstrom.i 1
Clarke Washburne.
J. W. White.
Gray Warren.
Frank C. Dunlop.1
O. M. Attebery
W. B Geery__
B.V.Moore 2
Harry Yaeger
C. A. Worthington..
R.R.Gilbert
Val. J. Grand
Wm. A. Day
Ira Clerk
L. C. Pontious
J. W. Helm.
R. B. Coleman.
W. N. Ambrose.
2 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.
1
Federal Reserve Bank o—
f
1 Minneapolis:
1
Helena branch
I Kansas City:
j
Omaha branch
Denver branch
1
Oklahoma City branch
Dallas:
El Paso branch.Houston branch.
! San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
D. P. Reordan.
Fred Harris.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN
is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents.
THE FEDERAL RESERVE BULLETIN
in
TABLE OF CONTENTS
The month:
Review of the month—Industry and trade in 1924
Business conditions in the United States
British banking in 1924
Official:
Law department—
Court decision in Atlanta par clearance case
The McFadden bill
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business statistics:
Industrial statistics in the United States
Wholesale and retail trade
Industrial statistics for foreign countries
Foreign trade of principal countries
Financial statistics for principal foreign countries
Price movements in principal countries:
Federal Reserve Board wholesale price indexes
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets
Discount and open-market operations of Federal reserve banks
,
Earnings and expenses of Federal reserve banks, year 1924
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of member banks in leading cities
Bankers' balances at reporting member banks in Federal reserve bank cities
Deposits of all member banks
Bank debits
Money rates in principal cities
Money in circulation
Gold and silver imports and exports
Foreign exchange rates and index
IV
Page
71
75
98
100
103
108
108
108
109
116
120
121
122
123
125
126
127
131
132
133
134
142
142
137
138
141
140
143
141
144
145
FEDERAL RESERVE BULLETIN
VOL. 11
FEBRUARY, 1925
REVIEW OF THE MONTH
Growth of business activity, which began
in the autumn of 1924, continued in recent
months. The rapid recovery,
Increase in » T1 .
,,
,
,
follo n
business activity.
^ g upon the abrupt recession of the first part of the
year, was shared in by most of the basic industries and carried their output to a level 25
per cent above the low point of midsummer
and higher than a year earlier. The volume
of trade, which continued at a relatively high
level throughout the year, also increased and
in December was larger than at the end of
1923. A growth in the buying power of consumers arose out of the increase in employment of factory workers and the larger
volume of farm products marketed at higher
prices. The level of wholesale prices, after
receding for more than a year, advanced
during the last half of 1924 to a level in December higher than at any time since the
spring of 1923. During the period when
prices were receding agricultural prices declined
less than other prices, and the advance in the
price level since June is largely the result of
increases in prices of agricultural products,
with the consequence that at the end of the
year the prices of these two groups of commodities were in closer adjustment. Taking the
year as a whole, industry, though more active
in recent months, had a smaller volume of
output marketed at lower prices than in 1923;
agriculture, on the contrary, had a somewhat
larger total production than in the previous
year, marketed at considerably higher prices.
At the end of 1924, as a result of these readjustments and of the improvement in the
world market for agricultural products, there
was a better balance between industry and
agriculture than at any time in more than
four years.
No. 2
The course of industrial activity from month
to month during 1924, as reflected in the output
of 22 basic industries, fluctuated
Course of inmore widely than in 1923, as
dustry in 1924.
is shown by the chart. The
recession in production between February
and June, following the brief and unsustained
recovery at the turn of the year, brought the
volume of production in these industries to
the lowest level in two years. After three
[1919=100]
PER CENT
PER CENT
14-0
14-0
PRO DUCTION IN BASIC IND JSTR1ES
130
130
j
192 3
120
110
120
\
I'
>
/
100
110
100)
192
90
90
80
80
J—
Jan. Fetx Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
months of activity at this low level output
increased at a rate almost equal to that of
the preceding decline and at the close of the
year was somewhat higher than at the end of
1923. These fluctuations in production were
accompanied by similar, though less pronounced, changes in the volume of factory
employment, which increased during the last
third of the year, but in December was still 6
per cent lower than a year earlier. These
abrupt changes in production and employment reflect chiefly the rapid adjustment of
output in primary industries to changes in
market conditions. Profitable operation in
those industries where unit costs are largely
71
72
determined by the volume of output requires
on a declining market a prompt curtailment
in order to avoid excessive accumulation of
stocks, and on a rising market a prompt increase in production in order to meet increased demand. At a time when manufacturers of finished products and distributors
are pursuing a policy of placing their orders
with reference to immediate demands upon
them, producers of primary materials must
either curtail production or assume the risk
involved in carrying larger inventories. The
wide and abrupt fluctuations in the output of
basic industries, which have characterized the
last two years, have been due to the endeavor
on the part of those industries to adjust their
production more closely to current demands
as influenced by the buying policies of business concerns, whose hesitancy about placing
large forward orders and tendency to limit
purchases to immediate requirements have been
favored by the promptness of deliveries made
by railroads. Thus, in the early months of
1924, when output was large and it became evident that the product was not moving promptly
into distribution, prices declined and basic industries limited production in order to dispose
of accumulated stocks. Consumption exceeded
current output during the second quarter, and
after the middle of the year production expanded
again to meet increased demands. In the steel
industry, for example, average daily production and unfilled orders both showed some
improvement as early as August and September, which became progressively greater during the remainder of the year. Buying of
steel products received a marked impetus in
September, when freight car awards, after
having been negligible from May to July and
less than 6,000 in August, increased to more
than 27,000, and for the final quarter of the
year exceeded those of a year ago. There
was also some increase in September and in
succeeding months in the unfilled orders for
locomotives. Building construction, which in
1924 was larger than in 1923, as measured in
square feet on the basis of contracts awarded,
began to increase in August, continued in
FEBRUARY, 1925
FEDERAL RESERVE BULLETIN
larger volume from month to month until
December, and was an important source of
the increased demand for iron and steel. At
the end of the year the steel industry was
operating on a large scale on the basis of
prices somewhat lower than a year ago.
One of the important factors bringing about
the reduction of stocks and the subsequent industrial recovery was the high
Volume of i e v e i of t r a ( je and distribution
trade.
_ ._
.
_ 1
_
which continued throughout
the year. In fact, the various indexes measuring the volume of distribution show that in
1924 trade was as active as the year before and
in considerably larger volume than in 1922.
The following table gives the annual figures
for the past three years for wholesale and retail
trade, railroad shipments, and the volume of
check payments, in comparison with production
in basic industries:
(1919=100)
Year
1922
1923
1924
Departmentstore
sales
Wholesale
trade
Check
payments i
112
124
125
74
83
82
95
107
108
Railroad Production in
shipbasic
ments industries
103
119
117
98
120
108
i Outside of New York City.
The comparison brings out the fact that,
taking the year as a whole, the recession in production was not accompanied by a decline in
distribution. The physical volume of production was about 10 per cent less than in 1923,
but the dollar volume of business transactions
settled by checks and of wholesale trade were
about the same as in 1923, notwithstanding the
lower level of wholesale prices during the year.
Railroad shipments of merchandise declined
only slightly and sales at department stores
were as large as the year before.
During the summer months sales at department stores continued in larger volume than
replacements, with the result
V o l u m e of that stocks of merchandise,
stocks.
which had reached an unusually high level in the spring of 1924, were rapidly reduced. By August stocks were at a lower
point than at any time since early in 1923, and
FEBBUABY. 1925
FEDERAL RESERVE BULLETIN
while the increase since that time has been more
than seasonal, stocks at the end of the year were
not appreciably larger than in December,
1923. Average stocks in the hands of wholesalers, as indicated by reports from five Federal
reserve districts, followed somewhat the same
course as stocks at department stores, declining during the summer months and increasing
again during the last quarter of the year.
Stocks of certain raw materials, particularly
bituminous coal, hides, and leather, are lower
than a year ago, and while increases have
occurred in stocks of some commodities, including certain building materials, there is in
general no evidence of an excessive accumulation of stocks.
Stocks of grain held on the farm at the end
of the year were a smaller percentage of the
year's crops than in either of
Marketing of the two preceding years. Durcrops.
ing the closing months of 1924
the aggregate volume of crops marketed was
the largest in the past six years, and the index
of the movement of agricultural products to
primary markets during the last six months
of the year was 12 per cent above the figure
for the corresponding period of 1923. Higher
prices for wheat and rye, together with larger
crops than in 1923, resulted in an unusually
rapid and large movement of these crops, a
larger percentage of the wheat crop being
marketed by December 31 than in 1923 or
1922. In the winter wheat areas of the
Kansas City district about 44 per cent of the
crop had passed through the four leading
markets in that territory by the end of December, as compared with 36 per cent of the crop
for the same period in 1923; in the Minneapolis district approximately 64 per cent
of the crop was marketed through the cities
of Minneapolis and Duluth by the end of
December, as against 59 per cent in the preceding year. Marketing of rye has also been
very rapid, the foreign demand for rye during
the last half of the year being almost three
times as large as for the same period in 1923.
A somewhat smaller percentage of the cotton
crop, however, has left the farm than in 1923 or
73
1922, though owing to the larger crop, the
total volume delivered at interior towns prior
to the end of December was about 2,000,000
bales larger than the year before. Marketing of
livestock was larger in 1924 than in 1923, particularly of sheep and also of beef cattle, while
the marketing of hogs was in about the same
volume as in the previous year. This rapid
marketing of crops at higher prices has improved the cash position of the grain farmer,
but the heavy marketing of livestock during
the year, though at somewhat higher prices in
recent months, has been the result chiefly of
unfavorable conditions in the industry.
Prices of agricultural products at wholesale
advanced on the average about 15 per cent
between June and December,
Prices of farm
while the average of nonproducts.
agricultural prices increased
only about 2 per cent. A considerable reduction in the world's grain crop and an increase in
foreign buying resulted in an advance of grain
prices during the last six months of 1924 to a
point about 47 per cent above the midsummer
level. In August exports of wheat from the
United States exceeded those of August, 1923,
in September they were double those of the
preceding year, and in October they were five
times as large and at the highest monthly level
in recent years. Total exports of wheat, including flour, during the last half of the year were 84
per cent larger than for the same period of 1923.
Cotton prices, under the influence of three successive short crops, stood at the beginning of
1924 at the highest level since the autumn of
1920. By midsummer, however, a substantial increase in the American cotton crop was
expected, and this prospective increase in the
crop, together with reduced consumption at
the mills, was reflected in a decline of prices.
In the last quarter of the year the large
volume of cotton exports, considerably in
excess of recent years, and an increase in the
consumption of cotton in this country, maintained the price at a comparatively steady
level. The general rise in the prices of agricultural products during the past six months
has brought them to a level more nearly
74
FEDERAL RESERVE B U L I J E T I N
FEBRUARY, 1925
in line with the prices of other products
An important factor in the recent business
than at any time in the past four years. recovery has been the increased buying by
European purchasers in the
The h e B u r e a u Of L a b 0 r S i n
two groups of commodities
iQ t
Factors in busi'
"
markets of this country arising
dex of wholesale prices which ness recovery.
in
in part from the unusually
reflect chiefly changes in the prices of agricul- large volume of foreign loans floated in the
tural products—farm products and food—were United States. The placing of these loans was
in December at the same level as the general facilitated by the prevailing ease in the money
average for all commodities. All the group market, reflected both in the abundance of
indexes, however, except fuel and lighting, show funds seeking investment and in low money
advances over the year's low point in June. rates, as well as by the increased confidence of
The table below shows the indexes, by groups; American investors in European securities, due
for December, 1924, the most recent figure to progress made in the settlement of reparaavailable, for June, the low point for 1924, tions and the restoration of sound monetary
and for April, 1923, when prices were at their conditions in Europe. In considerable part
the proceeds of these foreign loans, as indicated
recent peak.
by the large volume of exports, financed the
WHOLESALE PRICES, BY COMMODITY GROUPS
purchase of agricultural products and other
[Bureau of Labor Statistics, 1913=1001
materials in this country. The larger net
April,
DecemJune,
to a
1923
1924
ber, 1924 return to wheat farmers, due in part
good wheat crop at a time when the world
159
145
All commodities
crop was short, was another factor during
134
157
141
Farm products
158 the autumn months in the improvement of
Food
144
136
191
Cloths and clothing
_
_
205
187
165 business and credit conditions, particularly in
Fuel and lighting
___
200
175
133
Metals and metal products
154
132
175 agricultural districts, and in furnishing a larger
Building materials
204
173
135
Chemicals
136
127
172 domestic market for the products of industry.
House furnishings
187
172
129
Miscellaneous
126
111
Thus developments in Europe and the change
in the agricultural situation in the United
The level for all commodities in December
States, together with the industrial readjustwas 8 per cent above June, 1924, the advance
ment which took place in the earlier part of
during the last six months being nearly equal
1924, were the important influences in bringto the decline during the preceding year. While
ing about the recent growth in business activity.
the present level is only slightly below May,
1923, it reflects higher prices for farm products
and food and considerably lower prices for all
the other important commodity groups. The
NOTE
largest declines occurred in fuel and lighting,
building materials, and metals, which in Decem- Resignation of assistant counsel.
Mr. Edgar W. Freeman, who has been
ber were still 14 to 18 per cent below the April,
1923, level, though they advanced, as well as assistant counsel of the Federal Reserve Board
all other groups, in the closing months of the since August, 1921, resigned effective December
year.
31.
FEBBUAES-, 1925
FEDERAL RESERVE BULLETIN
75
BUSINESS CONDITIONS IN THE UNITED STATES
Production and employment in December continued the increase which began in the
autumn and wholesale prices advanced further to the highest level for the year. Railroad
shipments of goods continued in large volume, and trade, both at wholesale and retail, was
larger than a year ago.
Production.—The index of production in basic industries advanced about 9 per cent in
December to a point 25 per cent higher than last summer, but was still below the level of the
opening months of 1924. Practically all of the 22 industries included in the index shared in
the advance, and the increases were particularly large in iron and steel, cotton manufacturing,
coal mining, and meat packing. Among the industries not represented in the index the output of automobiles declined in December and was the smallest for any month in more than
two years. Increased industrial activity was accompanied by an advance of about 2 per cent
in factory employment, with larger increases in the metal and textile industries, and by a
growth of nearly 5 per cent in total factory pay rolls. Volume of building, as measured by
contracts awarded, was less in December than in November, but continued unusually large
for the season of the year.
Trade.—Distribution of goods was greater in December than in the same month of 1923,
as indicated by larger railroad shipments and an increase in the volume of wholesale and retail
trade. Christmas trade at department stores was greater than in the previous year, and sales by
mail-order houses and chain stores were the largest on record. Wholesale trade was seasonally
less than in November, but in practically all lines was larger than a year ago. Marketing of
agricultural products was greater than for the corresponding month of any recent year.
Prices.—A further advance of more than 2 per cent in the Bureau of Labor Statistics
index of wholesale prices carried the average in December 8 per cent above the low point of
June and to the highest level since April, 1923. Prices of all groups of commodities were higher,
the principal increases being in farm products and foods. In the first half of January prices
of grains, wool, coal, and metals increased further, while sugar, dairy products, coke, and
rubber declined.
Bank credit.—At the Federal reserve banks the rapid return flow of currency after the
holiday trade resulted, during the four weeks ending January 21, in a reduction of earning
assets about equal to that for the same season a year earlier. The net outflow of currency
from the reserve banks during the month preceding Christmas amounted to more than
$200,000,000, and the return flow after the Christmas peak, reflected both in the increase in
reserves and in the decline of Federal reserve note circulation, was in excess of $300,000,000.
Fluctuations in the earning assets of the reserve banks during the past two months have reflected
chiefly these seasonal changes in the demand for currency. The decline in discounts brought
their total on January 21 to a smaller volume than at any time in 1924, and acceptances also
showed a seasonal decrease. Holdings of United States securities, which have declined for
PER CENT
150
PER CENT
PER CENT
200
200
150
150
100
100
50
PRODUCTION IN
BASIC INDUSTRIES
1922
1323
1925
Index of 22 basic commodities adjusted for seasonal variations.
100.) Latest figure, December, 117
WHOLES/U.E PRICES
(1919=
1922
1925
1923
1924Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, December, 157
76
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
BILLIONS OF DOLLARS
BILUONS OF DOLLARS
2
1322
1923
192^
1925
Weekly figures for 12 Federal reserve banks. Latest figures for
January 21
1923
1922
Index of sales of 359 stores. (1919=100.)
December
1925
Latest figures,
more than two months, were about $175,000,000 below the level of last autumn and in about
the same amount as at the middle of 1924. Net exports of gold, which gave rise to a demand
for reserve bank credit, amounted to $30,000,000 in December and were in larger volume
during the first three weeks in January.
The growth of demand deposits at member banks in leading cities during the three weeks
ending in the middle of January, which has been greater than the increase in their total loans
and investments, has reflected the return of currency from circulation. In the same period
there was some increase in commercial loans and a continued growth in loans secured by stocks
and bonds. Holdings of investment securities have decreased somewhat since the middle of
November, particularly at the banks in New York City.
Firmer conditions in the money market in December and the first few days in January
were followed later in the month by declines in rates on commercial paper to S}4 per cent.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Production in
basic
industries i
1920 average
1921 average
1922 average
1923 average
1924 average
Factory Building
employ- contracts
ment
awarded i
Department store
sales l
Unadjusted
Adjusted
Department store
stocks l
Unadjusted
Adjusted
Bank
debits
outside of
New York
Cityi
105
80
98
120
108
104
83
90
101
93
99
90
123
136
155
120
110
112
124
125
121
120
114
118
116
110
101
101
101
101
100
99
112
112
128
151
167
172
89
100
113
148
142
202
119
128
124
130
126
126
119
129
139
146
149
123
128
130
130
131
133
132
105
105
101
105
105
105
120
120
116
114
103
94
94
94
103
109
107
117
98
99
99
97
93
90
87
87
90
91
91
93
170
163
164
150
129
125
121
133
150
166
196
180
109
102
115
133
127
120
91
93
119
141
141
210
125
127
115
130
123
120
122
119
131
124
126
131
115
127
138
140
135
127
122
126
137
147
147
124
131
135
137
136
135
133
130
126
128
132
131
133
105
110
109
112
109
103
108
108
107
112
107
112
115
91
95
107
108
133
115
116
129
132
1923
July
August
September
October
November
December
__
1924
January
February
March
April....
May
June
July
August
September
October
November
December
..
1
The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations.
The indexes of department store sales and stocks are shown both with and without seasonal adjustments.
77
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
At member banks the seasonal increase in
Changes in the condition of the Federal the demand for currency preceding Christmas
reserve banks in December and January were was reflected in a decline of net demand delargely influenced by seasonal changes in the posits, which during the last three months of
demana for currency, which prior to December the year had been considerably in excess of
24 increased considerably in response to the the banks' total loans, and were reduced by
requirements of holiday trade and declined December 24 to about the level of these loans.
rapidly after that date, as currency no longer With the return of money from circulation
needed in circulation was deposited at member after Christmas, demand deposits again inbanks and by them at the Federal reserve creased more rapidly than loans, and on January 14 these deposits were at a new high point.
banks.
For several weeks preceding Christmas in- The banks' commercial loans increased somecreased currency demand and a net outward what between December 17 and January 14,
movement of gold were reflected at the reserve and there was also a continued increase in
banks in a decline of reserves and nonreserve loans secured by stocks and bonds. Holdings
cash and an increase in Federal reserve note of investments, which have declined since the
circulation, accompanied by a corresponding middle of November, particularly in the New
growth of total earning assets. Following York district, showed a further decrease durChristmas, as the result of the return of cur- ing the period under review. The following
rency from circulation and notwithstanding table shows the principal resources and liabilicontinued gold withdrawals for export, total ties of member banks for each week between
reserves and nonreserve cash increased, Fed- December 17 and January 14, as well as changes
eral reserve note circulation declined, and for the four weeks and for the year ending
there was a considerable reduction in total January 14:
earning assets. During the four weeks ending
January 21 discounts declined by $193,000,000, L O A N S , I N V E S T M E N T S ,N AND I D E P OCSIITTIS S O F M E M B E R
BANKS I
LEAD NG
E
acceptances by $84,000,000, and United States
[In millions of dollars]
securities by $115,000,000. The total of these
securities, which in the autumn of 1924 was
Loans and investments
Deposits
about $600,000,000, had declined to $423,000,000 by January 21, 1925. The total
Secured
Date
decrease in earning assets since the peak in
Comby
Net
Total mer- stocks InvestdeDecember was $387,000,000, practically the
ments mand Time
and
cial
bondsi
same as a year ago. The principal resources
and liabilities of the Federal reserve banks for
1924
the period between December 24, 1924, and
18,582
5,593 13,169
8,191
17
4,816
4,798
January 21, 1925, and changes for this period Dec. 24
18,601 8,186
5,578 13,045 4,814
4,837
Dec.
18, 599 8,206 4,863
5,531 13,254
4,849
Dec. 31
and since January 23, 1924, are shown in the
1925
following table:
Jan. 7
4,849
5,555 13,280
18,661 8,222 4,884
BANK CREDIT
PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL
RESERVE BANKS
[In millions of dollars]
Earning assets
Date
1924
Dec. 24
Dec. 31
1925
Jan. 7
Jan.14
Jan.21
Increase (+) or decrease (—) for—
Four w e e k s
ending Jan.
21
Year ending
Jan. 21
Total
Federal
Pur- Gov- Total Total reserve
erndereDis- chased ment serves posits note
counts accept- securicirculation
ties
1,332
1,249
396
314
390
387
538
540 3,047
2,311
2,311
1,942
1,862
1,110
1,081
945
264
262
203
341
324
306
496 3,075 2,317
487 3,092 2,330
423 3,083 2,216
1,805
1,738
1,699
-387
-193
-84
+7
r338
+30 +302
-115
+85
-95
-243
-189
+188
-351
* Including foreign loans on gold and all other earning assets.
18,680
Jan. 14
__
Increase (+) or decrease (—) for—
Four weeks end+98
ing Jan. 14
Year ending Jan.
14,1925
+2,308
1
8,261
+70
+487
4,853
4,862
5,557
13,355
+64
-36
+186
+37
+759 +1,062 +2,047
+741
Including loans secured by United States Government obligations.
AGRICULTURE
Following the harvesting season in midsummer, marketing of agricultural products proceeded rapidly, and the aggregate volume of
all crops distributed during the last six months
of the year was the largest in the past six
years. In addition to the larger aggregate
production than in 1922 or 1923, a factor of
considerable importance in causing the crops
to move to market rapidly has been the increased foreign demand, which during the late
78
FEDERAL RESERVE BULLETIN
months of 1924 was the largest in recent years.
The table shows the index of agricultural
marketings and exports from July to December
for 1922, 1923, and 1924:
MARKETING AND EXPORTS OF AGRICULTURAL
PRODUCTS
Marketing (monthly
average 1919=100)
July
August
September.
October
November
December. _
_
99
109
137
160
139
131
1923
90
111
128
158
144
130
1924
Exports (monthly average 1910-1914=100)
100
120
152
189
160
142
1922
120
126
126
153
150
121
1923
73
89
132
135
127
139
MILLIONS OF BUSHELS
200
1924
67
92
158
204
194
161
Farm prices during the last months of the
year were higher than in 1923, and since this
improvement occurred during the heavy marketing season greater returns were received by
the producers than in either of the two preceding seasons.
In January the agricultural conference appointed by the President of the United States
to point out such steps as may be taken to put
agriculture upon a business basis made its
first report, which related to the livestock
industry and covered certain financial, transportation, tariff, and grazing problems of the
industry.
Grain.
Late in December and early in January
snows were general in the winter-wheat sections of the Kansas City and St. Louis Federal
reserve districts, and the crop was fairly well
covered and protected against excessive
damage. Some reports, however, indicated
that there was some damage from alternate
freezing and thawing, but the extent of such
losses are yet indeterminable. Marketing of
grains was smaller in December than in either
the preceding month or December, 1923. Receipts of wheat, rye, and oats continued in
good volume as compared with recent years,
but there was a perceptible decline in the
marketing of corn. In fact, the volume of
corn received at interior markets in December
was about 20 per cent smaller than for the
same month in either 1923 or 1922. Since the
beginning of the harvesting season the wheat
crop has been marketed rapidly. Total receipts of wheat at the principal interior markets
and seaports for the six months ending December 31 amounted to 532,000,000 bushels, or 61
per cent of the crop. For the same period in
1923 about 48 per cent of the crop passed
through the same centers and 52 per cent of
the crop in 1922. Exports of wheat and flour
since last July have been exceptionally large,
as is shown in the chart, and m view of this
MILLIONS OF BUSHELS
Month
1922
FEBRUARY, 1925
1919
1920
1921
1922
1923
192A-
increased demand the price of wheat has advanced rapidly and reached the highest levels
since 1920. For the week ending January 16,
the price at Chicago was $1.98 a bushel, as
compared with $1.12 a bushel a year earlier.
A short rye crop in Europe has given rise to a
large demand for the American crop, and exports for the six months ending December 31
were about three times as large as in 1923.
The price of rye has advanced more rapidly
than that for wheat and reached $1.53 a bushel
on January 16, as compared with 73 cents a
bushel on the same date in 1924.
Recent reports from Argentina indicate that
the yield of wheat there is 191,433,000 bushels,
as compared with an expected yield of 190,330,000 bushels earlier in the season.
Cotton.
A cotton crop amounting to more than
13,300,000 bales was indicated by ginning
reports for the period prior to January 16,
approximately 150,000 bales larger than early
estimates. The crop was picked and ginned
rapidly, but the rate of marketing has been less
rapid than in either of the last two seasons.
Owing to the larger crop, however, the total
volume marketed prior to January 16 was
2,500,000 bales more than last year and
2,600,000 bales more than two years ago.
From the beginning of the marketing season in
August until the end of the year the increased
demand for the crop came principally from
foreign purchasers. Buying and consumption
by American mills were considerably below
those of last year, although late in December
takings began to exceed those of the year
previous, and consumption for the month of
December was larger than in December, 1923.
As a result of the buying policy of domestic
mills, stocks at mills were smaller at the end of
December than on the corresponding day in
any other year, except 1920, since 1912, when
information relating to stocks first became
available. Stocks at public warehouses, on
the other hand, were 32 per cent larger than at
the end of 1923.
For the five months, August to December,
American mill consumption of cotton was
about 7 per cent smaller than for the same
period in 1923, but exports were 31 per cent
larger. It is significant to note, however, as
is shown in the following table, that while the
monthly mill consumption declined 6 per cent
from August to December in 1923, it increased
50 per cent for the same period in 1924.
CONSUMPTION AND
EXPORTS OF COTTON
Percentage
change from
1923
1923
_
.
_
Total
1924
Bales
Bales
492,483
485,665
543,260
532,702
463,789
357,455
435,216
532,629
492,233
532,047
Bales
-27.4
-10.4
-2.0
-7.6
14.7
2, 517,899
CONSUMPTION
August
September
October
November
December
2,349, 580
-6.7
244,415
689,435
774,320
767, 289
845, 731
277, 647
737,485
946, 506
1,306, 550
1,075,923
Total
3,321,190
4,344, 111
30.8
Owing to the smaller crop than last year,
marketing since the beginning of the season
has been in smaller volume, and in December
aggregate sales were 24 per cent less than in
1923.
Deliveries to cooperative marketing
associations in the growing sections also have
been smaller than in 1923, and reports late in
December indicated that substantial sales of
the old crop by one of the associations had been
made. Early offerings of the new crop at
several markets in the St. Louis district were
of poorer quality than had been expected, but
after the 1st of January deliveries were in
better condition than the preceding crop. As
a result of a smaller crop and the recent
improvement in quality the markets are active
and prices are higher than a year ago.
Activity in the manufactured tobacco industry was less in December than in November,
but the output of all products was larger than
in December, 1923. The demand for cigars
in the Philadelphia district early in January
was about the same as in December, but
somewhat larger than in January, 1924. Buying was particularly significant by jobbers and
retailers who were replenishing their stocks,
and manufacturers were operating at about
80 per cent of capacity. For the year 1924
production of all tobacco products except cigars
and snuff was greater than in 1923, as shown
in the table.
13.6
7.0
22.2
70.3
27.2
EXPORTS
August
September
October
November
December
79
FEDEEAL RESERVE BULLETIN
FEBRUARY, 1925
1923
Cigars
Little cigars
___
Cigarettes
Large cigarettes
Snuff (pounds)
M anufactured t o b a c c o
(barrels)
,
1924-
7, 002,584,594
7,378,883,488
544,930,059
522,296,761
64,452,977,113 71, 009,568,307
26,991, 575
19,360,779
38,973,286
39,449, 850
Percentage
change
-5.10
+4.33
+10.17
+39. 42
-1.21
Tobacco.
All types of tobacco were produced in smaller
374, 022, 207
+.37
372,651,410
quantities in 1924 than in 1923, but the greatest
reduction was in the output of chewing,
smoking, and export types, amounting to 19 Fruits and vegetables.
per cent. The yield of cigar types was only
which were general throughout
13 per cent smaller. The following table shows all Cold waves,the country during the last week
sections of
the yields of the principal types in 1923 and of December, resulted in considerable damage
1924:
to the winter fruit and vegetable crops. The
P R O D U C T I O N O F TOBACCO, BY T Y P E S
'eatest damage was reported from the Rio
[Thousands of pounds]
rande Valley, where some of the truck crops
were practically a total loss. Marketing of
Percentage
change
1923
1924
fruits and vegetables was seasonably smaller
from 1923
than in November, and fruits, owing principally
to reductions in the shipments of apples, were
169,641
Cigar types
-13
194,124
Chewing, smoking, snuff, and exdistributed in smaller volume than in Decem-19
1,320,986 1,072,982
port types
ber, 1923. As a result of the smaller crop of
310, 740
-5
326,518
Burley
440,920
592,699
-24
Flue cured..
apples in 1923 and a rapid movement from
321,322
401,769
-20
Other
storage in December, holdings at the beginning
1,515,110 1,242,623
-18
Total, all types
_
of the year were about 30 per cent smaller than
g
80
FEDERAL RESERVE BULLETIN
at the beginning of 1924. A smaller crop,
together with a reduction in the commercial
supply, resulted in an increase in price, which
at the beginning of the year was $3.50 a barrel
at New York, compared with $3 in 1924.
Although shipments of citrus fruit from Florida
for the month of December were slightly larger
than in 1923, the movement for the season
through December was smaller than last year.
The season is late and the growers are endeavoring to keep immature fruit from the market,
which was a serious factor in depressing prices
in 1924. In November and December white
potatoes were marketed in larger volume than
in 1923, and in view of the exceptionally large
crop the price was considerably lower than in
1923, and on January 16 the price at New York
was $3 a bushel as compared with $4.50 a year
earlier.
Livestock.
FEBRUARY, 1925
for the same months in 1923, and as a result of
this rapid increase in marketing near the close
of the year the number of cattle, excluding dairy
cows, on farms and ranges was 5 per cent smaller
on January 1 than in 1924. In the winter and
spring months of 1924 the marketing of hogs was
exceptionally heavy, the January, 1924, volume
being the largest on record up to that time.
From June through November sales were smaller
each month than in 1923, and the price of hogs
advanced considerably over the levels maintained in 1923. In December, however, in view
of the shortage of corn for feeding and high
prices, marketing increased rapidly and the total
number sold was the largest on record. But
average weights were lighter than in December,
1923, which indicated a tendency on the part
of producers to market the winter supply early
and without a large amount of feeding. Prices
in November and December were lower than in
the autumn, but early in January, with a diminution in the supply, quotations reached the
highest level since October.
The number of sheep marketed in 1924 was
about the same as in 1923, amounting to
21,787,000, as compared with 21,665,000 in the
previous year. For the first six months of the
year receipts were smaller than for the same
period in 1923 and prices were higher, but the
high prices of feed in the autumn caused increased marketing, and prices in those months
were lower than earlier in the year and also
lower than in the last months of 1923,
During the last two weeks in December and
the early weeks of January snows and cold
weather prevailed throughout the greater part
of the range territories of the Western States
and heavy feeding was necessary in many sections. .On the whole, however, there were relatively few losses, but considerable shrinkage
was reported in some of the northernmost
areas. As a result of droughts in the late summer and fall months, the condition of both
ranges and stock was decidedly lower at the
beginning of 1925 than a year earlier. A comparison of the average condition of the western
ranges, cattle, and sheep at the beginning of Dairy products.
1924 and 1925 is shown in the following table: In 1924 the dairy industry was characterized
by increases in the production of practically
all products, the larger outputs of butter being
CONDITION OF RANGES AND LIVESTOCK ON
particularly significant. For several years the
JANUARY 1.
industry has been expanding rapidly, and the
[100=normal]
quantity of products produced in 1924 was
the largest on record, but prices were less
1924
1925
satisfactory than in the past two years. In
91
77 the late summer and autumn months prices
Ranges
84 of many dairy feeds advanced, which nad a
93
Cattle
97
88
Sheep
further adverse effect on the position of the
producer. With a continuation of the seaAccompanying the deterioration in the ranges sonal reduction in the production and dissince midsummer the price of feed supplies has tribution of butter, although it was less than
been advancing, and as a result cattle were had been generally expected, and heavy
marketed in large volume directly from the withdrawals from shortage there was a conranges and a smaller supply has been shipped siderable decrease in cold-storage holdings on
into the Corn Belt for fattening. Receipts of January 1. The supply is still 116 per cent
cattle at leading markets for 1924 totaled larger than last year and continues to be a
23,230,000 head, compared with 22,784,000 in depressing factor on prices. From the middle
1923. In November and December alone the of October to the end of November the price
number marketed was 36 per cent larger than of butter at New York advanced from 39 J^
FEDERAL, RESERVE BULLETIN
FEBRUARY, 1925
cents to 47 cents, but by the middle of January
the quotation had receded to 393^ cents. At
the same time a year earlier it was 52 cents.
With exceptionally heavy supplies on hand
and with the period of increasing production
only a few weeks away prices were lowered,
but buyers continued cautious about placing
orders.
Early in January activity in the cheesemanufacturing industry was curtailed somewhat by weather conditions in the producing
areas, and as a result the movement to market
was smaller and heavy withdrawals from
storage were necessary to supply the increasing
demand. Prices for the week ending January
10 were higher than in the preceding week and
also higher than for the same week last year
MINING
Coal and coke.
81
Petroleum.
Gains in the daily average production of
crude petroleum, which began in the middle of
November, continued in December and in the
first weeks of January. The opening of the
Wortham, Tex., pool in December was one of
the principal factors contributing to the increased production rat^ in 1924 and in the
first weeks of this year. Notwithstanding this
increase in production, consumption continued
heavy and for the three months ending November
30 it was in excess of production. Stocks were
withdrawn to supply the demand and at the
end of December they were the smallest since
August. In view of the slowing down in production and a reduction in stocks, the market
became considerably firmer in November and
December and the average price of crude
)etroleum in December remained at the same
! evel as in the preceding month. Since April
the price of crude had been declining each
month and the low point was reached in
November.
In the refined-products industry developments during the closing month of the year
were more significant than in the crude petroleum industry. Mild weather throughout the
greater part of November and a greater use
of closed automobiles resulted in a continuation
of a large demand for gasoline, which was in
excess of production, and stocks at the end of
November were the smallest for the year and
were 32 per cent smaller than in May, when the
highest point on record was reached. The
accompanying table shows the output of
gasoline during the month and stocks at the
close of each month in 1924:
With colder weather and increased industrial activity, particularly in iron and steel,
the coal market manifested increasing firmness
during December and the first part of January.
The Coal Age index of spot prices of bituminous
coal on January 19 stood at $2.11, after a
temporary high of $2.12 the previous week,
as compared with $2.04 on December 15.
Estimated production of bituminous coal of
12,555,000 net tons during the week ending
January 10 was the largest in any week since
December, 1920, while average production per
working day for the ninth consecutive week
exceeded output for the corresponding period
a year ago. Despite the holidays, total
December production was only exceeded in
two months, January and October, during
1924, and was 14 per cent above December,
1923. December production of anthracite at
PRODUCTION AND STOCKS OF GASOLINE IN 1924
7,376,000 net tons was materially above
[Gallons]
November, but less than December, 1923,
and weekly production during the first part of
Stocks
Production
January continued under the levels of the
previous year.
695,323,000
1,200,288,000
Production of both beehive and by-product January...
February..
677,740, 000
1,383,384,000
March
743,248, 000
1, 587, 585, 000
coke increased during December and was April
754,773, 000
1, 625,869, 000
779,194, 000
1,649,954,000
larger than for any month since April, 1924. May
June.
737,081,000
1,598,858,000
Weekly production of beehive continued to July
741,975,000
1,470,923,000
August
755,780,000
1,311,021,000
rise rapidly during the first part of January, September.
750,264,000
1,229,606,000
October.._
760,647, 000
1,152,374, 000
output during the week ending January 10 November.
762, 046, 000 1,133,169,000
reaching 266,000 net tons, as compared with
192,000 net tons for the week ending December
13. Following increased production, prices,
In view of the reduction of stocks and of
which had risen sharply through December, the increased demand for gasoline, prices began
declined materially the middle of the following to advance in November, and in the second
month.
week of January refinery prices were advanced
82
FEDERAL RESERVE BULLETIN
from 13^ to 2 cents a gallon throughout the
eastern section of the United States and the
tank-wagon quotation in those areas rose to
17 cents a gallon.
Metals.
Despite the quieter tone in the nonferrous
metal markets which accompanied the holiday
and inventory season, prices of copper, lead,
zinc, and tin continued to advance during the
last part of December and the first half of
January, b u t reacted somewhat during the following week. The price of refined electrolytic
copper delivered at New York, which stood at
1 4 ^ cents on December 17, advanced Yi cent
during the following month and was \hy%
cents on January 14, b u t fell off somewhat subsequently in response to a reaction in the foreign market. Production of over 136,000,000
pounds in December was very close to the high
levels of the preceding two months and above
any other in the past six years, while production of 411,000,000 pounds for the last quarter
of 1924 and of 1,587,000,000 pounds for the
year were both greater than for any similar
period during that time. I n spite of increased
production, stocks of blister and refined copper
in North and South America on December 31,
1924, increased b y only 1 per cent over September 30, and at 374,190 tons were 9 per cent
under the last of 1923.
Prices of both zinc and lead ores in the Joplin
district advanced sharply during December
and closed at the highest point for the year, but,
owing to severe weather conditions, production
and shipments were curtailed somewhat during
the latter part of the month. Shipments of slab
zinc from refineries were above any other
month of 1924 except November, and again in
excess of production, while stored stocks
declined to 21,000 tons, the lowest figure since
July, 1923.
Production of silver in December, which
aggregated 5,794,245 ounces, was above any
month since May, 1923, with the single exception of February, 1924. Quotations for bar
silver declined during December, b u t recovered
most of the loss during the first half of January,
further sales b y China only partially offsetting
a renewed Indian demand. Tin was in active
demand and December closed with prices
highest for the year.
FEBRUARY, 1925
factors, b u t it is significant that production for
the month was the smallest since 1921. For
the year 1924 total production of wheat flour
amounted to 132,055,000 barrels, as compared
with 126,721,000 barrels in 1923 and 125,657,000 in 1922. Smaller production in December was reported from the Minneapolis and
Kansas City districts, b u t the output was
greater in the Chicago, St. Louis, and San
Francisco districts. Rapid advances in the
price of wheat have been accompanied by
rising flour prices, which were $9.50 a barrel at
Minneapolis on January 16 compared with
$6.40 in January, 1924. Buyers have been following recently a buying policy of supplying
their immediate needs instead of placing
orders for future deliveries on a large scale.
Contrary to the developments in the closing
months of 1923, when exports of flour were in
large volume and foreign purchases of wheat
small, exports each month from July to
December this year fell below the volume for
the corresponding months of 1923, and for the
six months they were 13 per cent less. Wheat,
on the other hand, has gone abroad in exceptionally large volume.
Large marketings of livestock in 1924
resulted in a heavy production of meat products, which according to most recent reports
equaled the heavy output in 1923. The table
shows the number of animals slaughtered under
Federal inspection during 1923 and 1924:
1923
Cattle.
Calves
Hogs..
Sheep.
9,162,516
. 4,500,333
53,333,623
11,528,550
1924
9, 586,020
4,933,230
52,872,634
11,990,829
In December the number of cattle slaughtered was smaller than in November, but
slaughtering of all other animals increased.
The number of hogs was the largest on record,
exceeding 6,600,000 head. Holdings of beef,
lamb, and mutton products at the beginning of
1925 were somewhat larger than at the beginning of 1924, but there was a perceptible
decline in the stocks of pork.
Textiles.
Textile markets during December and January continued fairly active when due allowMANUFACTURING
ances are made for seasonal factors, such as
Food products.
inventory taking and the approach of openings.
A reduction in the output of wheat flour Buying, although considered in good volume,
amounting to 5 per cent was noted in December, was not at the same rate as a month or two
a large part of which was due to seasonal earlier and rapid price advances were checked,
FEBRUARY, 1925
but manufacturing operations were either
well maintained or increased.
Cotton-mill activity during December was
at the highest rate recorded since last January.
Although the total mill consumption of raw
cotton was no greater than in October, the
rate of consumption was more when allowance
is made for the usual closing period in December, and, furthermore, the number of active
spindle hours increased from 7,593,000,000 in
October to 7,817,000,000 in December, which
was well above any figure recorded since last
January. The greatest improvement in the
industry recently has been in the New England
States. Although as compared with a year ago
operations have shown a somewhat smaller
rate of improvement in New England than in
cotton-growing States, in recent months the
Northern States have shown more rapid
recovery; for example, the increase in spindle
hours active since July, the low month of
1924, amounted to 72 per cent in New England
and only 40 per cent in the South. The
recovery has been particularly great in Maine,
New Hampshire, Rhode Island, and New
York. Buying of cotton goods was only
fairly active during January, but a large
volume of trading is not usual in that month.
Markets continued strong and prices were
firm. The Fairchild cotton goods and yarn
indexes have fluctuated within narrow ranges
since early in November, in general following
the movements of the raw cotton market.
Cotton finishers reported rather substantial
increases in business during December. The
number of yards billed and shipments were
the largest since the first of the year, and
orders have been exceeded since January only
by the October figure. The accompanying
chart shows corresponding monthly fluctuations since 1921 in mill consumption of raw
cotton and the number of finished yards billed
by finishers of cotton fabrics. In recent
weeks cotton mills' in most of the important
New England centers have announced general
reductions of 10 per cent in wages of textile
operatives. Most of these were put into
effect about the middle of January. Some
strikes have occurred but there was no general
walkout by the workers.
Woolen and worsted markets were generally
inactive during January, awaiting openings of
fall goods expected around the first of February. The Fairchild index of woolen and
worsted goods prices showed a further slight
increase between the middle of December and
83
FEDERAL, RESERVE BULLETIN
the middle of January. Manufacturing operations were slightly improved between November and December, active machinery hours
showing an increase. The increase in consumption may be largely accounted for by the
larger number of working days in December.
Reported consumption, however, was larger
than in December, 1928, and was exceeded
during 1924 only in January and October.
Clothing manufacturers report a good volume
of business, and employment in those industries increased during December.
Raw wool markets have continued strong,
but the rapid price rise noted during the last
half of 1924 was apparently checked in January. Prices at London auctions were some
MILLIONS OT YARDS
THOUSANDS OF BALES
700
600
500
400
300
200
100
1321
1922
1923
1924-
5 to 10 per cent lower than in December.
Fairchild's index of domestic wools in the
week ending January 17 fell from 144.920 to
144.772, the first decline noted since last
June. The foreign-wool index remained unchanged from December 20 to January 17.
Raw wool imports in December totaled 31,872,959 pounds, as compared with 11,797,032
pounds a year ago. The total for 1924,
however, was the smallest since 1920. Dealers'
stocks of wool in Boston, as reported by the
Boston Wool Trade Association, at the end
of 1924, were the smallest reported in five
years. The following table gives the data for
the last three years. Practically all of the
decrease in the past year was in domestic
84
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
stocks, which were rather large a year agjo, requirements, and, after these were largely
but supplies of foreign wool continued to be provided for, buying slackened somewhat in
January, and a perceptible check in purchases
unusually small.
[Pounds, 000 omitted]
was reported after the middle of the month.
The extensive ordering in December was
1922
1921
1924
1923
reflected in the increase in the unfilled orders of
the United States Steel Corporation of 784,707
27,107
24,361
47,739
22,085
Domestic wool
64,231
34,435 tons, the largest monthly increase noted since
Foreign wool
24,898
26,053
January, 1920. At the same time there was a
63,542
49,259
Total
73,792
86,316
substantial enlargement of production in the
steel industry. The output of steel ingots
Raw-silk markets have been comparatively totaled more than in any month since last
quiet recently. Prices rose slightly throughout March and equaled 90 per cent more than
December, but gradually fell during January, during last%July and only 15 per cent less than
affected somewhat by the large warehouse the high record of March. Pig-iron production
stocks reported at the end of December. Im- was also much greater in December than in
ports during December totaled 6,412,934 previous months, and the daily output averaged
pounds, which figure has not been exceeded 65 per cent more than the low record of last
since September, 1919. Warehouse stocks in- July. About 56 per cent of all blast furnaces
creased during the month from 55,516 bales to were in operation on December 31. Since that
61,533 bales, the largest figure recorded in the date more furnaces have been blown in and
past five years. Deliveries to American mills steel-mill activity has been further increased.
m December were 33,961 bales, which com- In fact, many mills are operating at capacity,
pares favorably with previous months, but was although the average is probably between 85
not in line with the large imports. Silk-goods and 90 per cent.
markets were somewhat more active in January
Prices of
steel products continued
and mills were reported to have increased pro- the advanceiron and in November throughout
begun
duction. Employment in the silk industry December and,
remained practically unchanged between Octo- into January. at a somewhat slackened rate,
The Iron Age composite pigber 15 ana December 15.
iron price at $22.50 the middle of January comBuying of knit goods has improved con- pares with $19.21, the low point of last Novemsiderably since last summer and continued ber, and $22.88, the 1924 high point attained
active during December and January. Hosiery last February. The steel composite has risen
manufacturers have recently booked a great from 2.460 cents to 2.560 cents since Novemmany orders on wool products and underwear ber, but is well below the figure for a year ago,
producers report a good demand for fall goods. which was 2.789 cents. The pause in buying
Mills in general have enough business booked noted about the middle of January did not
to insure operations for several weeks. Prices weaken steel prices, but apparently checked
in recent weeks have remained practically un- the advance in pig iron, and quotations on
changed. Preliminary statistics for Decem- scrap were reduced.
ber show an increase in the production of
Building and railroad demands were the
hosiery as compared with November. New most important factors in the market during
orders, however, were smaller, and un- December and October. Bookings of fabrifilled orders declined in the Atlanta district, cated structural steel in both November and
but were larger in the Philadelphia district. December were larger than in any month since
November statistics for underwear, the latest March, 1923, and unofficial weekly figures
available, show a continuation of the steady indicate that the January total will also be
increase in orders, which began early in the fall. large. Orders for freight cars equaled 18,475
Production of summer garments were slightly in December, the third highest monthly figure
greater and of winter garments much smaller for 1924, making the yearly total 144,425, as
than in October.
compared with 103,487 in 1923. Railroads
Iron and steel.
have bought on a smaller scale since the first
Activity in the iron and steel industry was of the year. Output and unfilled orders for
at a high rate during December and January. locomotives increased in December, but the
Buying was large, production increased, and latter continued rather small as compared with
prices rose. In December a large volume previous months. Automobile manufacturers
of orders were placed to cover first quarter are in some cases making inquiries but have
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
not recently been active buyers in the market.
Producers of merchant pig iron are making
deliveries on past orders, but new sales are
small. Foreign competition has recently become more of a factor in the pig-iron market.
Automobiles and tires.
In contrast to recovery in many other lines,
the automobile industry continues to operate
at a low rate, and recently several large price
reductions have been made. Production of
passenger cars in December totaled only
178,570, the smallest figure recorded for any
month since March, 1922. The accompanying chart shows the output of passenger cars,
THOUSANDS OF CARS
THOUSANDS OF CARS
400
)MOBILE PRODUC"noN
( PASSCNCtR CARS )
/
300
300
1924
\
^ * \
/
200
J922
— —v
^ ^
200
1921
100
/
y
/
0
Jan. Fetx Mar. Apr.. May June July Aug. Sept. Oct. Nov. Dec.
by months, for the last four years. The high
rate of production throughout 1923 and during
the first four months of 1924 is clearly shown.
Undoubtedly consumer demand was considerably overestimated at that time, and the
reduced output since then was at first to permit the disposal of accumulated stocks and
in more recent months to avoid the same mistake made in the previous year. For this
reason, manufacturers are endeavoring to keep
stocks down and also are as a rule supplying
dealers with cars only so fast as the dealers can
sell them.
Dealers' sales to users have likewise been
smaller than a year ago. Statistics compiled
by the Federal Reserve Bank of Chicago from
certain middle western dealers show that the
number of cars sold by wholesalers and retailers
in December were, respectively, 15 and 13 per
cent less than in December, 1923. Stocks of
new cars held by dealers were over 40 per cent
smaller. The General Motors Co. reported
that their dealers' sales to users in December
were practically the same as in both November
and December a year ago. Sales by the company to dealers, however, were the smallest
m over two years. Many of the important
producers have made substantial price reductions in the last two months, ranging from $5
to $840 per car. Most of the decreases have
been on closed cars.
Production of tires and tubes was slightly
larger in December than in November, but
shipments showed seasonal declines, and stocks
increased to the largest figures recorded since
early last summer. All three items were considerably greater than a year ago. Rubber
prices rose in December to a high level of 40
cents a pound, but in the first two weeks of
January quotations dropped sharply to 36
cents a pound. Despite high prices, December imports were the smallest since August.
Lumber.
192:
/
85
Production of lumber fell off in December
to 1,018,000 feet reported by 541 mills from
the November total of 1,126,000 feet reported
by 545 mills. Reports to the National Lumber
Manufacturers Association from seven regional
associations show aggregate shipments continuing in excess of production throughout
December as in November, and by a larger
percentage in December. As in November,
also, orders in December continued in excess
of shipments. In the week ended January 10,
however, production exceeded both shipments
and orders. These associations report for the
year as a whole a total production of 12,047,000,000 feet, shipments of 12,078,000,000 feet,
and orders of 11,964,000,000 feet. It is estimated that their " total disposals " of lumber—
allowing a small percentage for local sales,
lumber burned, and other disposals not covered under reported shipments—exceeded production during the year by 390,000,000 feet,
and that shipments exceeded orders by
115,000,000 feet. Including the production
and shipments of one association which does
not report orders, eight regional associations
reported for the year a production of 13,196,000,000 feet and shipments of 12,968,000,000
feet. Their reported production in 1924 fell
short of their 1923 output by 726,000,000 feet,
and their shipments fell short of the previous
year by 410,000,000 feet. Car loadings of
forest products fell off to 3,650,000 cars in 1924
from the record total of 3,745,000 cars in 1923.
During December and the first half of January the price indexes, both the softwood and
the hardwood index, have registered only
slight changes from week to week, indicating
rather stability within narrow limits than any
86
FEDERAL RESERVE BULLETIN
marked tendency to move away from the level
of recent weeks. On January 16 both indexes
were practically at the point reached a year
ago—the softwood index being 31.58 on January 16 and 31.99 a year ago, and the hardwood
index 43.47 as compared with 43.80, with a
maximum range of fluctuation in 1924 of from
29.05 to 33.14 for the softwood and of from
41.03 to 45.30 for the hardwood index.
Hides, leather, and shoes.
In the leather industry, the greater activity
noted since last summer continued to be
evident during December and January. No
very large increase in buying or in manufacturing operations has occurred, but conditions
in the industry have definitely improved.
Hide markets were active in January, and,
despite the decline, usual at this season of the
year, in quality of products coming on the
market, prices on the Chicago packer-hide
market have strengthened, and most of the
loss which occurred in December has been
recovered. Tanners have been buying much
of the available supply of calf, sheep, and goat
skins, and quotations on these have also risen.
Stocks of cattle hides increased in November,
but those of skins were further reduced.
Supplies disposed of were generally greater
than a year ago.
Leather markets have likewise been characterized by greater activity and rising prices.
Employment in the tanning industry has
steadily increased since last summer, and
production is much higher, although November
figures indicated a decline because of fewer
working days than in October. Finished stocks
held by tanners at the end of November were
much smaller than during the early months of
the year. Stocks in process have in most cases
increased in recent months but were still considerably less than a year ago. On the other
hand, supplies held by shoe manufacturers
were generally larger than at the end of
November, 1923. Preliminary December data
show sole-leather production to have been
1,379,000 backs, bends, and sides, compared
with 1,371,829 in October, the high point
since last January. Tanners' finished stocks
were 5,399,000 and stocks in process 5,065,000
on December 31, as compared, respectively,
with 9,107,000 and 5,510,000 at the end of
1923.
Considering that December and January are
usually quiet months, the shoe trade has had
a satisfactory volume of business recently.
Toward the end of the period after successful
style shows in the various centers, ordering
FEBRUARY, 10i!.>
for spring needs began. Prices are firm or
rising. Preliminary statistics indicate that the
total production of shoes was practically the
same in December as in November, but the
daily average was seasonably less. Small
decreases in the total were noted in the Boston
and St. Louis districts, offset by increases in
the New York, Philadelphia, and Chicago districts. Men's and boys' shoes were produced
in somewhat greater volume, while the output
of women's shoes was smaller. Sales of shoes,
at both wholesale and retail, in December
exceeded those of December, 1923.
BUILDING
Value of building contracts awarded during
December in 11 Federal reserve districts,
embracing all except the far Western States,
totaled, according to compilations of the F. W.
Dodge Co., $339,489,000, showing a decrease
of $50,000,000, or 12.9 per cent in December as
compared with November. Increases over
November are reported for the Boston, Richmond, Atlanta, and Dallas districts, and
decreases ranging from 2 to 30 per cent in other
districts. For 10 of these districts, which
reported $326,527,000 in December, data' are
available covering the months of 1923, and in
this area, which does not embrace the Dallas
and San Francisco districts, an increase of
$23,942,000, or 7.9 per cent is shown for
December, 1924, over December, 1923. For a
more restricted area of 27 Northeastern States
embraced in 7 districts, which reported
$269,279,000 in December last, data are ava;^able by months covering the years 1919-1924,
and in this territory the value of building contracts awarded in each month of 1924, excepting May, July, and August, exceeded that of
the corresponding month in any preceding
year.
The Federal Reserve Board index figure
covering, with seasonal fluctuations eliminated,
the value of contracts awarded in these 27
States declined from the peak figure of 196 in
November to 180 in December, 1919 values
being taken as 100. Since December of 1920,
when it declined to 63, the index has with wide
fluctuations each year ranged generally into
higher values.
Contracts awarded in these States in December, 1924, called for construction of 46,800,000
square feet, which is 4.5 per cent below the
November total and 2.2 per cent below that of
December, 1923. Measured in square feet,
contracts for industrial construction increased
in December over November, the trend for
87
FEDERAL. RESERVE BULLETIN
FEBRUARY, 1925
other classes of construction being generally
downward.
During December building permits issued in
168 cities represented a valuation of
$246,715,000, which is approximately 8 per
cent above the November valuation and 1 per
cent above that of December, 1923, although
the number of permits (41,519) issued in
December, 1924, was below the number issued
in either of the months with which comparison
is made (54,618 in November, 1924, and 44,107
in December, 1923). For cities of nine out of
the twelve districts value of permits issued
increased in December over November coincidently with decreases in number of permits.
During the 12 months of 1924, in the 10
districts for which data covering the entire
year are available, contracts were awarded to
the aggregate value of $4,459,000,000, an
amount $500,000,000 in excess of the corresponding value reported for the same territory
in 1923. More than half of this increase is
credited to the New York district, but only two
of the 10 districts—Minneapolis and Kansas
City—reported in 1924 values for contracts
awarded under their 1923 total. Contract
awards in 27 Northeastern States in 1924 called
for 605,125,000 square feet of construction,
which exceeds the corresponding figure for 1923
by 13,500,000, or 2.2 per cent. This net increase
covers a decrease of 21,000,000 feet for industrial construction (from 62,000,000 to
41,000,000 feet), and increases for each other
class of construction.
A survey of building demands in a large
number of cities conducted by the National
Association of Real Estate Boards, it is
reported, indicates that shortages for each
class of construction were materially reduced
during 1924.
tinuing above the level of a year ago in the
opening weeks of the new year, rising in the
weeks ended January 10, 17, and 24 to a level
above that of the corresponding week in any
other year and more than 17 per cent above
the five-year averages as computed b}^ the
Bureau of Railway Economics.
In 1924, as in the other recent years excepting
only 1919 (in which year loadings ran abnormally on account of the strike of bituminous
coal miners), the roads loaded fewer cars in
December than in November. Also, as in
other recent years without exception, they
loaded fewer cars in November than in October, which has been in each of these years the
peak month for car loadings. The net decrease of 147,000 cars in December loadings as
compared with loadings in November covered
increases for livestock, coal, coke, and merchandise, and decreases for grain and grain
products, forest products, ore, and miscellaneous freight.
SURPLUS AND SHORTAGE
IN THOUSANDS OF CARS
MILLIONS OF C A H S t-GADEO
600
TRANSPORTATION
For all classes of freight combined December
car loadings in 1924, totaling 3,931,000 cars,
exceeded December loadings in each of the five
preceding years by several hundred thousand
cars, In this month the roads loaded 344,000
more cars than they loaded in December of
1923, 332,000 more than in December of 1922,
nearly 900,000 more than in December of 1921,
and some 450,000 more than in the corresponding months of 1920 and 1919. During September and October also car loadings in 1924
exceeded loadings in 1923, following a long
period from the middle of March to the end
3f August, during which 1924 ran regularly
from week to week below 1923. Volume of
traffic, measured in car loadings, was con-
1920
1921
Summary reviews of railway performance
in 1924 very generally conclude that on the
whole record for this year in comparison with
other years the roads were in many respects
operating at "peak efficiency" achieved in any
year. This conclusion is substantiated largely
by data showing that with a volume of traffic,
measured in car loadings, exceeding that of
any other year, excepting only the record year
1923, no serious shortage of cars or congestion
of traffic developed anywhere in consequence
of inability or failure on the part of the roads
to provide facilities. It is noted, on the contrary, that during the fall period of seasonally
heavy traffic "when million-car weeks became
88
FEDERAL RESERVE BULLETIN
the rule," surpluses ranging from 100,000 to
250,000 fit cars were maintained, and reserves
of from 5,000 to 7,000 serviceable engines. As
revealed by the accompanying chart, car
shortages, which reached a maximum in October of 1922, were rapidly reduced in the spring
of 1923, were held at very low figures in the
second half of that year of record freight movement, were entirely eliminated in November,
and have been since that date practically nonexistant throughout 1924. The minimum surlus for the year was 94,153 cars reported for
October 23. For the first 8 dajrs of January,
1925, an average daily surplus is reported of
over 280,000^cars (131,000 box and 107,000
coal cars), which is 19 per cent above the 5-year
average for this period, and an average shortage
of only 139 cars.
Car loadings for the year 1924 aggregated
48,800,000 cars, falling short of the aggregate
for 1923 by 1,100,000 cars, but exceeding the
aggregate for 1922 by more than 5,000,000
and that for 1921 by more than 9,000,000 cars.
Loadings of grain and grain products in 1924
ran above 1923 totals by nearly 300,000 cars,
and loadings of merchandise ran over 1923 by
more than 350,000 cars; but these increases
were more than offset by decreases in loadings
of coal which fell short of the 1923 figure by
935,000 cars, of coke which fell off by 196,000
cars, and of ore which fell off by 661,000 cars.
In 1924 the roads produced a net ton mileage of approximately 430 billion, an aggregate
which is less than that of 1923 by some 26
billion, and one which has been exceeded also in
two other years—1920 and 1918. It has been
noted that this aggregate, expressed in terms
of population, means that the railroads have
been in recent years moving an average of
close to 4,000 tons of freight one mile per
capita of population. The decrease in net ton
mileage in 1924 as compared with 1923 is
accounted for principally by decrease in coal
and ore loadings.
Net operating income in 1924 is estimated to
be equivalent to a 4.30 per cent rate of return
on book investment, which is less than the rate
earned in the preceding year—4.47 per cent.
Class I roads report operating revenues in
1924 of approximately $5,920,000,000, showing
a decrease of 7 per cent from the 1923 total.
Operating expenses were reduced in nearly
the same amount as revenues, the reduction
being equivalent to 9 per cent. This relatively
greater decrease in expenses reduced the
operating ratio, or percentage of operating
S
FEBRUARY, 1925
expenses to revenues, from 77.77 per cent for
1923 to about 76 per cent for 1924.
TRADE
Wholesale trade.
Aggregate dollar value of wholesale trade in
1924 was slightly smaller than in 1923. The
most marked declines were in the distribution
of shoes and dry goods, which were 15 per cent
and 6 per cent smaller, respectively. Sales
of groceries, hardware, meat, and drugs were
larger than in 1923, although the increases in
each of these lines were small. In December
the volume of business, as measured by the
Federal Reserve Board's index, was 6 per cent
less than in November, but the decline was
smaller than usual for that month. Sales of
hardware, machine tools, diamonds, jewelry,
and electrical supplies were larger than in
November. Total sales were about 10 per
cent larger than in December, 1923, and the
increases in practically all lines were distributed
throughout all Federal reserve districts, except
the San Francisco district, where distribution
of dry goods, shoes, hardware, furniture, and
agricultural implements was less than in
December, 1923.
Stocks of merchandise at wholesale establishments at the end of December were smaller
than at the beginning of the month and stocks
of shoes, dry goods, and hardware were smaller
than at the beginning of 1924, while grocery
stocks were larger. The greatest reductions as
compared with the beginning of 1924 were in
the stocks of dry goods and shoes.
Retail trade.
Volume of trade at retail stores was larger in
1924 than for any previous year. Sales were
in record volume at all reporting stores except
music chains, where distribution was smaller
than in 1920 and 1923. The volume of Christmas trading at department stores in December
was heavier than for that month in any previous
year and was well distributed throughout all
sections of the country. Sales at mail-order
houses were exceptionally large in December
and reflected a continuation of the heavy rural
buying which began in October. Trade at all
chain stores in December was seasonally larger
than in November and, with the exception of
cigar and music chains, distribution was larger
than in December, 1923.
Department-store trade was approximately
4 per cent greater than in December, 1923, but
this increase was due in part to one more
trading day than in the same month a year
earlier. Increases occurred in all Federal reserve districts, but the greatest improvement
was noted in the New York, Richmond, and
Dallas districts. Sales of dry goods, woman's
and misses' ready-to-wear, men's furnishings
and boys' wear in the Philadelphia Federal
reserve district were larger than in December,
1923. Departments selling shoes, men's clothing, and house furnishings, on the other hand,
reported smaller sales than a year ago.
Heavy trading at department stores in
December resulted in a reduction in the size
of merchandise stocks, which at the end of
December were 16 per cent smaller than at the
end of November. As compared with a year
earlier, however, inventories were larger for the
country as a whole, although they were smaller
in the Boston, Atlanta, Minneapolis, and
Dallas Federal reserve districts. In the Cleveland Federal reserve district the value of the
stocks on hand was about the same as at the
end of December, 1923. Outstanding orders of
department stores with wholesale dealers were
reduced during November in nearly all sections
of the country.
PRICES
Wholesale prices rose 2.8 per cent in December,* as shown by the index of the Bureau of
Labor Statistics. The advance in prices of
farm products was reflected in the 4.8 pex cent
increase in the index for that group. The
foods, metals, and building materials groups
were considerably higher than in November,
while the other groups showed comparatively
small increases.
Regrouping of this index by stage of manufacture ot commodities shows a sharp rise in
raw materials, which was due mainly to the
increases in crops and animal products. Forest
and mineral products advanced also.
In January the gerlera! level of prices continued to advance. Farm products increased,
while, on the other hand, foods declined
slightly. Such commodities as grain, livestock, flour, bituminous coal, metals, and
lumber advanced, while the prices of potatoes,
butter, and eggs declined.
The following statement shows the index for
all commodities and for the commodity groups
distinguished by the Federal Reserve Board for
January, 1922, the lowest point in recent years,
for April, 1923, the subsequent high point, and
for the latest available date.
89
FEDEKAL RESERVE BULLETIN
FEBRUARY, 1925
INDEX OF WHOLESALE PRICES
[1913=100]
January,
1922
All commodities
Baw materials
Crops
Animal products.
Forest productsMineral products
Producers' goods
Consumers' goods...
138
139
130
109
167
178
123
146
April,
1923
159
166
172
123
232
198
150
157
December, 1924
157
161
186
129
187
169
132
167
Since the beginning of 1922 considerable
price advances have occurred in all groups
except mineral products, which, after a substantial further advance, declined to a lower
level than three years ago. The principal factor in the 16 per cent rise in prices of raw materials has been the advance in crops, reflecting
chiefly the rise in prices of all grains, particularly of wheat, corn, and rye. This group has
increased by 43 per cent since January, 1922,
and now stands at the highest point since
October, 1920. Compared with the spring of
1923 the average of all prices at the close of
last year was only slightly lower, increases in
consumers' goods being nearly sufficient to
balance the declines in raw materials and producers' goods. Within the raw materials
groups a considerable advance in crops and a
smaller rise in animal products is shown, while
prices of forest products and mineral products
were much lower than in April, 1923.
COST OF LIVING
Retail prices increased 0.5 per cent in December as compared with November. Foods rose
1.3 per cent, while the other advances were of
little importance. The general level of the
cost of living is now 0.7 per cent higher than
a year ago.
The retail-food index of the Bureau of Labor
Statistics shows an increase of 1 per cent,
which reflects an advance in prices of butter,
potatoes, flour, coffee, and eggs.
EMPLOYMENT
Factory employment in December resumed
the slow increase which began last summer and
was partially checked in November. The
Federal• Reserve Board's employment index
advanced from 91 to 93. The general volume
of employment, however, is still some 6 per
cent less than it was during the early months
90
FEDEKAL RESERVE BULLETIN
of 1923, and onfy in building materials, the
paper and printing, and the food and tobacco
industries are the indexes comparable with that
period. Corresponding recessions were noted
m total earnings of factory workers, but in
recent months pay-roll payments have increased more rapidly than the number employed because of more extensive operations.
Pay rolls totaled nearly 5 per cent more in
December than in November, according to
data compiled by the Bureau of Labor Statistics. Average weekly earnings have consequently increased. Reporting establishments
indicated that operations in December were at
an average rate of 92 per cent of full time as
compared with 91 per cent in November.
Tne only wage changes of importance were
reductions of from 10 to 1 2 ^ per cent in
wages in cotton mills, affecting 17,821 workers,
or 9 per cent of the total number in reporting
establishments. Many more reductions in this
industry were reported during January, and
practically all cotton mills in New England
have lowered wages in the past few months.
Despite these reductions average weekly earnings of individual operatives in the cotton industry have steadily increased since last
summer, owing to the substantial enlargement
of operating time.
By sections of the country, New England
showed the greatest percentage increase in
number employed in December, and only in
the mountain and Pacific districts were there
general decreases. By groups of industries the
greatest improvement was in iron and steel
and textiles. Building materials showed seasonal recessions, and in the other industrial
groups changes were too small to be particularly significant. The indexes for most of the
textile-Fabrics industries rose to the highest
levels since last spring, and in dyeing and
finishing textiles employment was greater than
at any time since July, 1923. Women's
clothing showed a slight increase, contrary to
precedent for the season. The automobile
index was slightly larger than for November,
but 16 per cent below that of last December.
Leather tanning continued to show slow improvement, but the boot and shoe industry is
still operating with much smaller working
forces than a year ago.
FEBRUARY, 1925
conditions in January as money came in from
the interior. The rate on commercial paper
increased to Z% per cent at the beginning of
January and then declined to 3 ^ per cent, a
rate slightly lower than that prevailing in
December. The bill market was easier in January, but rates were unchanged, with the
offering rate on 90-day prime acceptances continuing at 3 per cent. Yields offered on shortterm Government securities, which had been
depressed in the middle of December by the
privilege of exchanging certificates for the new
Treasury bond issue, recovered their decline
in the beginning of January but sagged off
later. The certificates maturing next June
gave an average yield of 2.59 per cent the third
and fourth weeks in January, as compared
with 2.76 per cent the last week in November.
The call rate rose sharply at the end of the
year, as is usual, and then declined to the
levels of early December. The table below
shows the rates prevailing in the New York
market during the past three months.
[Per cent]
Prime
commercial
paper,
4-6
months
November, 1924. ,
December, 1924
Average for week ending—
Dec. 27,1924
Jan. 3,1925
_
Jan. 10,1925..Jan. 17,1925
Jan. 24, 1925
Yield
on cerPrime tificates Aver
age
bank- of in- yield on
debted 4M
ers'
accept- ness
cent
ances, matur- Liberty
90 days ing
bonds
June 15,
1925
3J4-3M 2H-2X
2M3
Renewal rate
on call
loans
2.58
2.57
3.98
4.05
2.42
3.49
2.55
2.72
2.66
2.59
2.59
4.08
4.07
4.05
4.05
4.03
3.88
4.75
3.20
3.20
3.05
In the London market money rates showed
the usual increase toward the end of December, and although they declined again following the turn of the yearf by the second week
in January they were higher than before the
rise. Three months7 bank bills reached 3 %
per cent the week ending December 27, the
highest weekly rate since 1921, and were
quoted at 3yf per cent the week ending
January 9, when Treasury bills were tendered
at 3.81 per cent.
ACCEPTANCE MARKET
MONEY RATES
The supply of bills in the market was moder-
Year-end requirements resulted in a tem- ately good throughout the last half of Decemporary hardening of money rates in the New ber and the first three weeks of January.
York market, which was followed by easier Firmer conditions in the money market and
FEBRUARY, 1925
FEDERAL RESERVE BULLETIN
91
uncertainty as to bill rates in the middle of SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS
December diminished the demand, and on De[In thousands o dollars]
f
cember 18 dealers' rates were advanced generally from 2% to 3 per cent on 90-day bills.
NumJan. 1,
Jan. 1,
Dec. 1,
ber of
1924
1924
On December 22 the buying rates of the New Federal reserve district banks 1925
York Federal Reserve Bank were raised oneeighth of 1 per cent on all maturities and the Boston
$1,217,267
64 $1,282,074 $1,271,490
1,923,763
2,056,333
30
2,006,184
_.
Federal reserve bank's purchases during the New York
512,550
480,131
79
Philadelphia
496,567
764,902
week ending December 24 were considerably Cleveland
825,020
69
_
_
813, 255
327,741
293,193
90
324,357
Richmond
larger than previously. Toward the end of Atlanta
237,804
223,664
94
233,538
936,562
903,402
197
921,654
Chicago
the year the supply of bills offered to the New
140,326
134,823
31
140,938
St. Louis
York market waj increased by sales of accept- Minneapolis
90,774
88,556
14
88,965
106,498
105,011
66
105,620
Kansas City
ances by banks from their own portfolios, but Dallas
98,738
92,769
106
98,786
1,045,482
957,238
71
1,017,135
the effect of these sales on the market was San Francisco
offset by an additional demand from the cor7,184, 719
Total
7,659,902
7,518,489
901
respondents of foreign clients. With easier
money conditions after the close of the year,
local demand increased generally, savings banks COMMERCIAL FAILURES AND BANK SUSPENtook a larger volume of bills, and out-of-town
SIONS
sales improved. The supply diminished toward
the close of the reporting period ending
Commercial failures, excluding bank susJanuary 21, ana dealers7 portfolios on that date pensions and personal bankruptcies, were
were reduced to the lowest volume reported more numerous in every month of 1924, except
since September 10. Rates in New York on January and November, than in the same
January 21 ranged from 3 per cent bid and 2% months of the year before, and the total of
per cent offered for 30-day bills to 3% per cent 20,615 for the year, as reported by R. G. Dun
bid and 3-^ to 3% per cent offered for 180-day & Co., was 10 per cent higher than the total
bills.
for 1923. The amount of liabilities involved
in each of these insolvencies was, on the
SAVINGS DEPOSITS
average, considerably lower in 1924 than in
The total of savings deposits reported by the preceding year. In the month of March
901 banks distributed throughout the United the total indebtedness in default was the highStates was $7,659,902,000 on January 1, 1925, est for any month on record, but the aggregate
as compared with $7,518,489,000 on December liabilities involved in the year's insolvencies,
1, 1924, and $7,184,719,000 or January 1, 1924. at $543,225,449, were only slightly above the
This represents an increase of 6.6 per cent total for 1923.
between January, 1924, and January, 1925,
Although both the total number and liabiliand of 1.9 per cent between December 1, 1924, ties of commercial failures were only slightly
and January 1, 1925. The large increase higher in 1924 than for the year previous, both
during December, 1924, is to be partly attrib- were considerably above the level of most
uted to the crediting of interest to savings ac- years prior to 1920. In fact, insolvencies were
counts during the month. Deposits increased more numerous during 1924 than in any other
over the month in all district; except St. Louis year except 1915 and 1922. The total for the
and Dallas, and the increases amounted to latter year was 23,676, the highest number
over 1 per cent in nine out of the twelve dis- recorded for any year, compared with 20,615
tricts. The highest rate of increase was shown for the year just ended and with 6,451 for 1919,
in Philadelphia—3.2 per cent. A comparison the lowest total on record. The 1924 aggreof savings deposits on January 1, 1925, with a gate of indebtedness in default has been exmonth and a year previous is shown, by Fed- ceeded only in 1921, when the record level of
eral reserve districts, in the following table. $627,402,000 was reached, and in 1922. Total
In the Boston and New York districts the fig- liabilities in default during the last four years
ures represent only deposits of mutual savings have averaged nearly $600,000,000 annually,
banks; in all other districts, where there are whereas during the 25 years prior to 1921 there
few mutual savings banks, savings deposits were only three years with annual totals much
of other banks are included.
over $200,000,000.
92
FEDEKAL KESEEVE BULLETIN
FEBRUARY, 1925
The advance in defaulted indebtedness to than in the third quarter, and in only four out
comparatively high levels in recent years of the past 40 years has the aggregate inreflects partly an increase in the number of debtedness for the last quarter been the lowest
failures, but to a greater extent an increased for the year. Quarterly figures for commercial
average amount of indebtedness involved in failures in 1923 and 1924 follow:
each failure, resulting chiefly from the occurrence of a relatively large number of large
COMMERCIAL FAILURES, BY QUARTERS, 1923-24
failures. The average amount of indebtedness
[Amounts in thousands of dollars]
involved in each insolvency in 1924 was
$26,351, the same as in 1922; the figure,
Number
Liabilities
although considerably above the average for
years prior to 1920, is the lowest since that
InI Increase
crease
year.
1924
1923 j (per
1924
(per
|
Annual data relative to commercial failures
cent)
| cent)
...
.
for a number of years are shown in the table
5,655 5,316
First
6.4 $184,866 $138,232
33.7
below, including the proportion of the annual Secondquarter...
quarter.
5,130 4,408
16.4 | 119,594 121,192
1 1.3
4,441
3,776
17.6 126,263 98,755
totals for each year represented by large in- Third quarter..
27.9
Fourth quarter.
5,218
3.3 112,502 181,208 137.9
solvencies, and the liabilities involved in such
10.1 543,225 539,387
0.7
20,615 18, 718
insolvencies. I t will be seen from this table
that while in 1924 3.2 per cent of the insolvencies, each with $100,000 or more of liabili- * Decrease.
ties (classified as "large")* accounted for 55.3
In the table below is shown the distribution
per cent of the aggregate indebtedness for the
of failures for 1923 and 1924 among the Federal
year. In the four years immediately preceding, the proportion of large failures to the reserve districts. I t is seen from this table
total was considerably higher. A lower pro- that in 1924 failures were most numerous and
portion of such failures in the years preceding involved the largest aggregate liabilities in the
1920 explains in part the lower average New York district, that district accounting for
amount of indebtedness involved in each about one-fifth of the total number for the
country and about one-quaxter of the total
failure for those years.
indebtedness. The proportions were lowest
in the Dallas district, where both the number
COMMERCIAL FAILURES, 1915-1924
and liabilities were less than 3 per cent of the
total for the country. In this and in the MinFailures
neapolis district both totals were the lowest in
PercentAverage Percent- age of liaAlso, the liabilities were lower
Percent- Liabili- liabilities age of bilities of several years.
ties
age of
of each large fail- large fail- than they have been for several years in the
(thouYear
ures to ures to
total
failure
total
total liaBoston, Philadelphia, Atlanta, and St. Louis
Number number sands of (dollars)
number * bilities in
of com- dollars)
districts; they were the highest since the disdefault i
mercial
concerns
trict record has been kept in the Richmond and
Kansas City districts.
1915.....
1916
1917
1918
1919
1920
1921
1922
1923
1924
22,156
16,993
13,855
9,982
6.451
8,881
19,652
23,676
18,718
20,615
1.32
.99
.80
.58
.38
.49
1.02
1.19
.94
1.01
302,28C
196,212
182,441
163,020
113,291
295,122
627,402
623,896
539,387
543.225
13,644
11.547
13,168
16,331
17,561
33,230
31,926
26,351
28,816
26,351
1.5
1.3
1.8
2.3
3.0
5.1
4.4
3.7
4.0
3.2
40.6
33.9
44.9
.50.3
49.4
65.0
59.8
51.9
59.5
55.3
i All failures involving $100,000 or more each are classified as "large."
There were 5,389 insolvencies in the fourth
quarter of 1924, and although this number
was larger than for the preceding quarter or
the last quarter of 1923, the total indebtedness
was smaller than in either of those quarters,
being in fact the lowest for the year. In past
years insolvencies usually have involved a
iarger aggregate indebtedness in the fourth
FAILURES, BY FEDERAL RESERVE DISTRICTS, 1923-24
Number
Liabilities
District
1924
No. 1—Boston
No. 2—New York
No. 3—Philadelphia....
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas City...
No. 11—Dallas
No. 12—San Francisco.
Total
1923
1,750
4,080
907
1,795
1,440
1,334
2,817
1,069
961
1,478
655
2,329
1,592
3,840
860
1,492
1,206
1,299
2,414
948
975
933
1,181
1,978
i 20,615
18,718
1924
1923
$37, 213, 665 $48,370,317
145,798,195 144,103,773
20,484,740 38,476, 590
56,949,160 57,912,242
73,303,170 36,403,775
26,376,262 31,370,900
84,008,125 65,112,510
16,862,959 17, 043,433
17,343,017 21,139,616
27,575,805
17,520,042
9,346,761 34,315,380
27,963,590 27,618,228
543,225,449
539,386,806
93
FEDERAL RESERVE BULLETIN
FKKRUABY, 1925
Of the 20,615 commercial failures in 1924, these, or 79 per cent, were nonmember banks
5,208 were manufacturing failures, 14,393 trad- and 163, or 21 per cent, were member banks,
ing, and 1,014 other commercial failures (agents, of which 129 were national banks and 34 were
brokers, etc.). Each of these classes showed State banks or trust companies. The capital
increases over 1923. Of the indebtedness in and surplus of those banks for which the infordefault, amounting to $543,225,449 for the year, mation could be gotten (all but 4 of the non$286,770,260 was involved in manufactuing member banks) aggregated $46,642,985. Of
failures, this being the largest total on record this total $29,624,975, or 64 per cent, was the
for such failures. Trading insolvencies in- capital and surplus of nonmember banks;
volved $203,190,115, somewhat less than last the capital and surplus of closed national
year, and other commercial failures $53,265,074. banks amounted to $13,713,380 and that of
nonnational member banks amounted to $3,304,630. There were 38 banks, previously
FAILURES IN DECEMBER
closed, which reopened during the year.
During December, 1924, there were 2,040
Suspensions occurred in all except the Cleveeommercial failures reported, with liabilities land district, although there were only seven
amounting to $45,279,281. The number of in the Boston, New York, and Philadelphia
insolvencies was nearly 25 per cent higher than districts together, the greater proportion of
in November and the liabilities nearly 50 per the total for the year occurring in the Chicago,
cent above the total for the same month. The Minneapolis, and Kansas City districts, in
number of failures was larger also than in which there were altogether 537 suspensions.
December, 1923, but the liabilities showed a The largest number occurring in any one disconsiderable decrease over the same period.
trict was 299 in the Minneapolis district.
Failures were more numerous in December, Bank suspensions for the year are shown, by
1924, than in the same month of the preceding districts and by class of banks, in the following
year in all except the Philadelphia and Dallas table :
districts. However, the aggregate indebtedBANKS CLOSED DURING 1924
ness in default was lower for December, 1924,
than for that month of the previous year in half
All banks
Member banks
of the districts—the New York, Philadelphia,
Richmond, Minneapolis, Dallas, and San FranNonCapital
eisco districts. In the Kansas City district
member
District
1
and
Non1
Number surplus National national banks
the total indebtedness was the highest since
(000
the district record has been kept. Comparaomitted)
tive data by districts for the month of December are presented in the following table :
594
34
129
All districts....
757
$46,643
FAILURES IN DECEMBER, BY FEDERAL RESERVE D I S -
TRICTS, 1923-1924
Number
Liabilities
District
1924
No. 1—Boston
No. 2—New York
No. 3—Philadelphia
No. 4—Cleveland
No. 6—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas City
No. 11—Dallas
No. 12—San Francisco
182
450
99
173
152
123
304
100
94
111
52
200
1923
157
382
109
155
98
94
234
96
93
96
148
179
1924
$4,847,858
8,107,914
1,812,308
3,678,704
2,771,624
2,445,897
7,962,883
2,133,944
2,032,300
6,667,478
368,159
2,450,212
1923
$2,140,587
18,710,337
2,272,823
3,006,938
7,413,606
1,370,250
5,148,003
1,954,500
2,842,381
2,199,495
2,046,743
2,500,067
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
5
1
250
7,354
79
34
44
104
55
299
134
52
28
1,817
2,670
6,461
2,600
12,925
6,877
3,908
1,702
I
1
3
4
6
1
50
32
19
10
8
1
9
9
2
9
2
2
30
31
89
52
240
100
31
18
i Includes three nonmember banks in the Chicago district and one
in the Richmond district for which no information regarding capital
and surplus is available.
In the table wjiich follows the banks closed
during 1924 (for which capital could be ascertained) were classified according to the amount
of their capital. I t shows that 490, or 65 per
1,841
51,614,730
45,279,281
2,040
Total.
cent of the 753 banks closed, had capital of
$25,000 or less, and that 676 banks, or 90 per
cent of the total, had capital of less than
BANE FAILURES IN 1924
$100,000, leaving only 77 banks with capital
During 1924 there were 757 bank suspensions of $100,000 or more, or 10 per cent of the total
reported to the Federal reserve banks; 594 of number of banks closed.
94
FEDERAL RESERVE BULLETIN
BANKS CLOSED DURING 1924, CLASSIFIED
TO AMOUNT OF CAPITAL
ACCORDING
Districts
To- !
tal '
Capital
16 |26
3 j 6
7 5
2
$25,000 and less i
$25,001 to $49,999
$50,000 t o $74,999 2
$75,000 t o $99,9993.
$100,000 to $124,999.
$125,000 to $199,999...
$200,000 to $499,999...
$500,000 to $1,000,000.
Over $1,000,000. __
Total-
22
58
10
10 I 1
14 ; . . .
3 ...
2 ...
753
. . . 3 3 44
1
134 52
55
28
1
Banks with
2
Banks with
8
capital of $25,000 and less comprise 65 per cent of the total.
less than $75,000 capital comprise 88 per cent of the total.
Banks with less than $100,000 capital comprise 90 per cent of the total.
* Banks with capital of $100,000 or more comprise 10 per cent of the total.
According to reports to the reserve banks 59
banks, with capital and surplus of $4,454,000,
were closed during December. Of these 44,
with capital of $3,051,000, were nonmember
banks*and 15, with capital and surplus of
$1,403,000, were member banks; 7 of the latter
were nonnational institutions and 8 were
national banks. The total number of closed
banks reported for the preceding month was
49,7 and their 7
aggregate capital and surplus
was $2,401,000. In December, 10 banks previously closed were reported reopened—one in
the Atlanta district and nine in the Minneapolis
district. Although the figures for bank failures
represent, so far as could be determined, banks
which were closed by order of supervisory authorities, it is not known how many of these institutions ma}^ ultimately prove to be solvent.
BANKS
CLOSED DURING DECEMBER,
1924
[Amounts in thousands of dollars]
Districts
h er
D
All districts,.I
Richmond
j
Atlanta
j
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
"
Capital
and
I surplus
4,454
10
3
15
5
13
9 i
2 I
2!
569
282
2,178
366
410
315
58
276
Nonmember
Member
All banks
Number
1
15
2
1
s5
2
63
surplus
surplus i
1,403 !
391
58
1,722
186
255
105
58
276
10
6
2
2
i
i
I
!
Eight national banks, capital and surplus $585,150, and seven nonnational, members with capital and surplus of $818,500.
2
One nonnational member with capital and surplus of $224,000.
3 Three nonnational member with capital and surplus of $219,500.
4
One nonnational member with capital and surplus of $180,000
6
One nonnational member with capital and surplus of $75,000.
6
One nonnational member with capital and surplus of $120,000
7
Revised to include one national bank in the Atlanta district which
had not been reported previously.
FOREIGN TRADE
Foreign trade was exceptionally heavy in
December, both imports and exports exceeding the figures for the same month for several
years. Imports into the United States in
December amounted to $334,000,000, an increase of $38,000,000 over November, and
exceeding the figure of December, 1923, by
$46,000,000. December imports were the
largest for any month since May, 1923, and
the largest December imports ever recorded
except for 1919, when they amounted to
$380,710,323. Exports totaled $445,000,000,
a decline of $49,000,000 from November, but
an increase of $18,000,000 over December,
1923. With the exception of October and
November, 1924, these exports were the largest
for any month since February, 1921. Net
merchandise exports totaled $111,000,000, as
compared with $197,000,000 in November and
$138,000,000 in December, 1923.
For the calendar year 1924, merchandise
imports showed a decline of $181,000,000, from
$3,792,000,000 in 1923 to $3,611,000,000 in
1924, while exports gained $423,000,000, from
$4,167,000,000 in 1923 to $4,590,000,000 in
1924, raising the excess of merchandise exports
from $375,000,000 in 1923 to $980,000,000 in
1924. The import total has been exceeded
only three times—in 1923, 1920, and 1919.
Gold imports were nearly the same in both
years, but the increase of over $30,000,000 in
gold exports in 1924 reduced net gold imports
to $258,000,000 in that year, compared with
$294,000,000 in 1923. Silver exports (net) in
1924 amounted to $36,000,000, as compared
with net silver imports in 1923 of nearly
$2,000,000. The total1 visible balance of trade
for the calendar year 1924 showed an excess
of exports of $757,000,000, or nearly ten times
the figure of 1923. In 1924 about 78 per cent
of our merchandise exports were covered by
merchandise imports, compared with over 90
per cent in 1923 and about 72 per cent in 1913.
MERCHANDISE TRADE BALANCE OF THE UNITED STATES
[In thousands of dollars]
3, 051
178 !
224
456 i
180 I
155
210 i
FEBRUARY, 1925
Imports
Month
Exports
Excess of
imports
Excess of
exports
1923
Januarv
February
March
April
.
May
June. _
Julv
August
September
October
November
December..
Year
_
329,254
303,407
397,928
364,252
372, 545
320,234
287,434
275,438
253,645
308,291
291,333
288,305
335,417
306,957
341,377
325,492
316,359
319,957
302,186
310,966
381,434
399,199
401,484
426,665
3,792,066
4,167,493
6,163
3,550
56,551
38,760
56,186
277
14,752
35,528
127,789
90,908
110,151
138,360
375,427
MERCHANDISE TRADE BALANCE OF THE UNITED
STATES—Continued
[In thousands of dollars]
Month
Imports
1924
January
February
March
April.
—
May
June
July
August..
September
October
November
December.
Exports
295,506
332,323
320,482
324,291
302,988
274,001
278,594
254,542
287,144
310,802
296,350
333,562
Excess of
imports
395,172
365,775
339,755
346,936
335,099
306,989
276,649
330,659
427,460
527,232
493, 597
444,880
3,610,553
Year
4,590,147
Excess of
exports
99,666
3.3,452
19,273
22,645
32, 111
32,988
1,945
76,117
140,316
216,430
197,247
111,318
979,594
TRADE BALANCE OF THE UNITED STATES FOR 12 MONTHS
ENDING DECEMBER, 1923 AND 1924
[In thousands of dollars]
Merchandise
Imports
Exports
1923
Net imports (—) or
exports (+)
322,716
28,643
74,454
72,469
4,189,236
4,
+375,427 -294,073
-1,985
+79,369
3, 610,553
4,590,147
1924
-_.
Gold
3,792,066
4,167,493
__.
Net imports (—) or
exports (+)
Imports
Exports
95
FEDERAL. RESERVE BULLETIN
FEBRUARY, 1925
319,721
61,648
73,945
109,891
4,004,219
4,761,686
+979, 594 -258,073
+35,946
+757,467
Silver
Total
from the United States of $15,000,000 in 1924,
but was the only European country with
which the United States had a considerable
gold export balance. British India took $11,000,000, nearly $4,000,000 less than the year
before. The greatest net imports received
from any one country were $119,000,000 from
England", but this amount was $30,000,000 less
than in 1923. Almost $50,000,000 net were imported from the Netherlands, as against only
$13,000,000 the year before, while France
sent $24,000,000, compared with about $16,400,000 in 1923. Over $38,000,000 net came
from Canada, against $47,000,000 the year
before, and net imports from Argentina were
$17,000,000 greater than in 1923. Sweden,
which had neither imported nor exported gold
from the United States in 1923, sent $6,500,000
in 1924, but in the last two months of 1924
drew back $2,000,000. In the aggregate, gross
imports of gold in 1924 were almost exactly
equal to those of 1923, the decline in shipments
from England, Germany, and Canada being
roughly offset by imports from the Netherlands, Argentina, Sweden, and France. The
$36,000,000 reduction in net imports was,
therefore, mainly due to the $30,000,000 net
exports in the final month of the year.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
GOLD MOVEMENTS
[In thousands of dollars]
Decem- November, 1924 ber, 1924
UNITED STATES
Gold imports into the United States in December, 1924, were $10,274,049, and exports
totaled $39,674,653, with the result that there England
was an outward movement of gold of $29,400,- France
Germany
604, the first net export reported for any Netherlands.
month since August, 1920. The principal Sweden
Canada
Mexico
source of December imports was France, Argentina
which sent $3,000,000, and about $2,700,000, Colombia
each, was received from Canada and Argen- Peru...
China
tina. Of the exports, $20,000,000 were sent Hongkong-...
All other
to Germany and represent the withdrawal in
Total .
gold of a portion of the recent loan to that
country. Over $10,000,000 was sent to England and nearly $6,000,000 to British India. England
Sweden added another $1,000,000 to the mil- France
Germany
lion taken in November. It is understood Sweden
Canada
that some of the gold sent to England may Mexico
Venezuela
have been for reshipment to the Continent.
British India-.
For the 12 months ending December, 1924, Hongkong
net gold imports were $258,073,000, or $36,- Allother
Total
000,000 less than in 1923, but about $30,000,000
more than in 1922. Germany, which sent Net imports (+)
$50,000,000 in 1923, was a net importer of gold
11
3,036
12 months 12 months
ended
ended
Decem- December, 1924 ber, 1923
993
924
130,909
24,460
4,829
50,965
6,523
41,496
5,459
22,305
2,289
2,710
5,022
2,500
20, 254
10,274
19,862
319,721
322, 716
10,264
34
20,000
1,001
188
466
2,000
15
12,264
114
20,000
2,001
3,102
4,029
1,102
11,025
4,383
138
2,660
2,730
473
2,715
269
40
10,718
2,844
337
1,400
132
211
24
1,000
265
415
5,674
220
1,828
1,797
314
39,675
6,689
149,672
19,036
49,552
13,292
5
49,375
6,581
5,338
4,452
2, 070
5,588
319
17,436
1,705
4,706
14,637
2,378
2,419
61,648
28,643
+13,173 +258,073
+294,073
or exports
-29,401
96
FEDERAL RESERVE BULLETIN
GREAT BRITAIN
FEBRUARY, 1925
GOLD IMPORTS INTO AND EXPORTS FROM GREAT
BRITAIN
Gold imports into Great Britain in November were about £170,000 larger than in October,
11 months 11 months
October,
Novemended
ended
amounting to £1,670,697 as against £1,499,414,
ber, 1924
1924
NovemNovember, 1923
ber, 1924
but were only slightly more than one-half
the figure of £3,091,252 for November, 1923.
Shipments from the gold-producing areas were
somewhat larger in November than in October; Sweden
£132,900
£29,600
£8,217
£173,100
3,360
4,684
63,471
117,953
imports from the Transvaal increasing Netherlands...
2,564
102,540
United States.
2,654,877
144,094
10,525
57,678
£132,000, those from Rhodesia declining nearly Egypt
189,447
2, 235, 721 2,076,964
Rhodesia
245,423
£56,000, and. those from West Africa about Transvaal
1,085,176
953,160 26,649,300 35,228,966
114,095
157,032
1,298, 984 1,220,491
£43,000. Imports from the United States de- West Africa...
143,155
6,975
All other
262, 610
207,811
clined by nearly £100,000, from £102,540 in
1,670,697 1,499,414 30,892, 287 41,518,475
TotaL
October to £2,564 in November. On the other
EXPORTS
hand, a large* shipment was reported from
724
4,100
82,631
78, 91$
Sweden, amounting to £132,900 for the single Belgium
6,070
20,056
385, 831
67,740
France
month as compared with only £40,200 for the Netherlands
30,592
62,821
1,047,044
1,192,902
33,447
44,580
78,027
Russia
entire first 10 months of the year. This ship- Sweden
149,000
136,500
56,687
601,590
3,700
111,290
152, 554
ment from Sweden represents a cross-movement, Switzerland
United States
_._.!
29,188
29,906,220 31,067,782
for a sum almost exactly equal, namely British India
! 1,421,754
695,216 10, 576,224 18,788,419
17,916
238,407
48,194
£136,500, was exported to Sweden in Novem- Java Settlements
Straits
34,208
"I3,~7l3
278,072
240, 643
;
25,385
1, 775,500
1,359,360
ber, in addition to £149,000 exported in Egypt
~~10~622
All other
54,325
752,015
837,734
October.
Total
1,833,471
960,446 45,230,333 54,493,443
The total exports for November were £ 1,833,Net imports..
538,968
471, about twice those of October (£960,446), Net exports..
162,774
14,338,046 12, 974, 966
but only about one-fifth of the exports of
£9,197,675 for November, 1923. The principal
destination was British India, which took
FOREIGN EXCHANGE
£1,421,754, compared with £695,216 in October,
The month of January was marked by notFor the 11 months ending November, 1924,
total imports were £30,892,287, as compared able strength in sterling and continued firmness
with £41,518,475 for the corresponding period of most other rates at about the averages of
of 1923—a decline of nearly £11,000,000, due December. Sterling opened the year 1925 at
chiefly to a reduction of about £8,600,000 in $4.7499, up over a cent from the best figure of
receipts from the Transvaal and of about 1924 reached on the last day of that year.
£2,500,000 in imports from the United States, From this figure it rose to $4.7924 on the 9th,
7
although there were notably larger imports which was nearly 3 cents above the "pegged'
figure of war years. After a reaction to $4.7719
from Sweden and the Netherlands.
Exports for the 11-month period showed a on the 16th, it rose to $4.8037 on the 23d, at
reduction somewhat smaller than the decline which figure it was within 1.3 per cent of dollar
in imports, dropping about £9,000,000 from parity. French francs were steady above 5.30
£54,493,443 in 1923 to £45,230,333 in 1924. cents, while Belgian francs rose from 5 cents to
x
Exports to the United States showed a reduc- about 5 /i. The Italian lira, however,was rather
tion of about £1,000,000, from £31,067,782 to weak early in the month, dropping from 4.24
£29,906,220, and shipments to India a decrease cents on the 3d to 4.03 on the 15th; the lowest
of about £8,000,000, from £18,788,419 to figure since October, 1922, from which figure
£10,576,224. This decrease in exports from it rallied to 4.18 on the 17th. The Swedish
England to India, like the decline in imports krona and the Netherlands florin remained
into England from the Transvaal, are not in- slightly above dollar parity. The latter, which
dicative either of a lessened demand for gold in had touched a high of 40.51 cents in December
India as compared with last year, or a reduc- and 40.61 cents on January 9, nearly one-half
tion in the output of the South African mines, a cent above dollar parity, declined to somewhich was actually greater in 1924 than in 1923. what lower levels later in the month. Swiss
It is primarily a reflection of the direct move- francs reacted somewhat from the December
ment of gold from South Africa to India which average, closing slightly above par. The Polish
zloty was steady just under par. Other Eurobegan about the middle of 1924.
FEBRUARY, 1925
FEDERAL. RESERVE
BULLETIN
97
pean rates were generally firm, the rates on
The Far Eastern rates showed little change.
Denmark, Norway, Spain, and Yugoslavia The Japanese yen was steady at about tne
being notably strong. The Hungarian crown, average of December, while the rupee made a
which last June was stabilized on sterling, rose new high at 35.77 cents on the 9th, at which
with the latter until it stands now virtually at figure it is about 10 per cent above its pre-war
parity with the Austrian crown, which, since dollar parity. Shanghai taels averaged about
September, 1922, has been stabilized on the the same as in December.
dollar. The Canadian dollar has been steady
just below par.
December, 1924
January, 1925
Dec.,
South American exchanges were firm. The
1923,
Par
Exchange
avervalue
Argentine peso on January 23 touched 91.39
Low High Low High Aver- age
age
cents, compared with a December high of 91.08;
Brazilian milreis touched 11.99 cents on the
486.65 474.99 480.37 463.97 473.44 469.58 436.01
11th, compared with a December high of 11.68; Sterlingfranc
5.25
5.40
5.33
5.51
5.30
French
19.30
5.43
while the Chilean peso on the 10th equaled its German r e i c h s - 23.82 23.80 23.80 23.80 23.81 23.80
mark
December high of 11.54 cents. The Uruguayan Italian lira
4.30
4.34
4.35
4.22
4.03
19.30
4.24
Netherlands florin. 40.20 40.30 40.61 40.28 40.51 40.42
38.04
peso touched 99.56 cents on the 23d, slightly Swedish krona
26.33
26.80 26.92 26.96 26.92 26.98 26.95
19.30 19.2«> 19.50 19.32 19.48 19.38
17.45
under the best figure of December. The Ar- Swiss franc
Candian dollar
99.53
99.29
gentinian peso is only about 5 ^ per cent below Argentine peso 100.00 90.46 99.96 86.59 99.95 99.65 97.59
91.08 88.32
96.48
91.39
72.33
Shanghai tael
66.85 74.32 75.96 74.09 76.50 75.47
72.25
par and the Uruguayan about 4 per cent.
t»<*i
98
FEDERAL RESERVE
BULLETIN
FEBRUARY, 1925
BRITISH BANKING IN 1924
London clearing banks.—Increased activity bills outstanding declined from £716,000,000 in
of industry and trade in Great Britain during September, 1922, to £633,000,000 at the end of
the year just ended was reflected in a growth 1924, and it is therefore probable that the
of advances at the nine London clearing banks proportion of these bills in the total bill holdfrom £757,000,000 in December, 1923, toings of the clearing banks is now smaller than
£811,000,000 in November, 1924. This in- 28 months earlier, and that a correspondingly
creased use of bank credit to finance current larger proportion represents commercial boroperations of British domestic business has rowing. The combined volume of advances,
been fairly continuous since the autumn of discounts, and investments of these banks has
1922, and the funds required for meeting this changed relatively little for two years, and
demand have been obtained by the London the net change in the volume of their deposits
banks largely through the reduction of their has also been comparatively small. Thus it is
holdings of investment securities and of dis- evident that the increased demand for credit
counted Treasury bills. Between September, for commercial purposes arising from the im1922, and November, 1924, investments of the provement in JBritish industry and trade
clearing banks declined from £382,000,000 to since the autumn of 1922 has been met by the
£307,000,000, and their discounts, in which London clearing banks without an increase in
discounted Treasury bills are included, de- their total credit outstanding largely through
creased from £296,000,000 to £234,000,000. the sale of investments and the use of funds
That Treasury bills are an important element released by the Treasury through the reduction
in the discounts of British banks is indicated of the short-term public debt.
by the fact that the volume of discounts has
The average holdings of cash, including
declined sharply during the first quarter of deposits with the Bank of England, have
each year, a period when considerable amounts shown a very small decline over the past
of Treasury bills have been retired by thethree years, but this has been nearly offset by
Government. The total volume of Treasury an increase in " balances with and checks in
NINE LONDON CLEARING BANKS
MILLIONS OF POUNDS
1OOO
MILLIONS OF POUNDS
2000
900
1900
800
1600
700
600
1500
500
Discounts, Advances
and Investments
4OO
1400
300
1300
200
1200
1100
1000
1921
1922
1923
1924
1921
1922
1923
1924
99
FEDEKAL RESERVE BULLETIN
FEBRUARY, 1925
course of collection on other banks in Great
Britain and Ireland/' The course of the
principal items in the monthly statement of
the nine London clearing banks for the years
1921 to 1924 (November) is shown in the chart.
Bank of England.—At the Bank of England,
as at the commercial banks, the tendency
during the period since the autumn of 1922
has been toward a smaller use of credit by
the Government, as reflected by a downward
trend of Government securities and public
deposits, and toward an increased volume of
accommodation to business concerns, indicated by a gradual growth, with fluctuations,
in the volume of other securities and of other
deposits.
The total volume of circulation, including
both bank and currency notes, was slightly
MILLIONS OF POUNDS
MILLIOMS OF POUNire
160
160
140
120
out the year had averaged above 1923, practically to its legal maximum and necessitated
the transfer of £4,500,000 from the banking
department to the currency note reserve.
This permitted the issue ot an equivalent
amount of currency notes of smaller denominations without aiiy increase in the total circulation figures, but it reduced the amount of
notes in the banking department's reserve to
£18,190,075 on December 31, and, combined
with the usual year-end rise in deposits,
brought the reserve ratio down to 11.5 per
cent, the lowest in three years. The chart
shows the principal items in the Bank of England statement for the period, 1921-1924.
Money rates.—As a result of the increased
demand for bank credit for commercial purposes, interest rates in the London money
market advanced during 1924, the rate on 90day bills rising in midsummer from 3 per
cent to Z% per cent. Bank rate, however,
remained unchanged at 4 per cent since July
4, 1923. The upward movement of money
rates in London at a time when interest rates
in the United States were declining made the
level of rates in England higher than in the
100
MONEY RATES IN NEW YORK AND LONDON
1921
1922
1923
1924
greater in 1924 than in 1923, and there is
reason to believe that the amount in effective
use was further augmented by a return flow of
British currency from the Continent. The
total issue of bank notes increased during the
year by about £500,000, accompanied by a
similar gain in gold holdings. Between July
and the middle of November, however, nearly
£6,000,000 was added to the notes of the banking department, raising this from £18,392,235
on July 2 to £24,182,915 on November 19.
The requirements of Christmas trading
carried the currency note issue, which through-
1921
1922
1923
1924
United States, as is shown by the chart. This
differential led to a flow of funds from New
York to London and was an influence in
diverting a large volume of foreign borrowing
from the London to the New York market.
100
FEDERAL KESERVE BULLETIN
FEBRUARY, 1925
LAW DEPARTMENT
Decision in new par clearance case.
As announced in the January issue of the
FEDERAL RESERVE BULLETIN, the United
States District Court for the Northern District
of Georgia, on December 29, rendered an
opinion in the case of Pascagoula National
Bank v. Federal Reserve Bank of Atlanta,
et al., dismissing the bill of complaint filed
against the Federal reserve bank and the Federal reserve agent and upholding all of defendants' contentions.
This suit differs from the former par clearance cases in that it involves a national bank,
rather than a nonmember bank, and also raises
certain questions dealing with check collection
transactions which have not been adjudicated
before. On August 9, 1924, the Pascagoula
National Bank of Moss Point, Miss., filed a
bill of complaint in the United States District
Court for the Northern District of Georgia
against the Federal Reserve Bank of Atlanta,
Joseph A. Me Cord as Federal reserve agent,
and the Federal Reserve Board. In general,
the bill charged the several defendants with
having ignored and violated various provisions
of the Federal reserve act and prayed for an
injunction against the Federal Reserve Bank
of Atlanta which, if granted, would in effect:
(1) 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) Permit the plaintiff to charge exchange on
checks drawn upon it and presented for payment by or through the Federal reserve bank;
(3) 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 bill also asked that the Federal Reserve
Board and Joseph A. Me Cord be enjoined
from promulgating and enforcing the provisions of the board's Regulation J, and further
asked for an accounting and recovery from the
Federal reserve bank of the amounts of exchange charges and interest of which the plaintiff alleged it had been illegally deprived.
At a hearing held on October 2 and 3 a preliminary injunction was denied and the Federal Reserve Board was dismissed from the
suit on the ground that under the terms of
section 51 of the Judicial Code it could not be
sued in the Northern District of Georgia without its consent.
On December 15 the case was argued on its
merits and on December 29 the court rendered
a decision dismissing the bill and holding in
effect that:
(1) The Federal reserve banks are not required to give depositing member banks immediate credit and availablity for checks and
drafts drawn on other member banks in the
Atlanta district and are justified in refusing to
permit the amount of said checks to be counted
as reserves or to be withdrawn by check or
otherwise until they actually have been collected;
(2) Under the terms of the so-called " Hardwick amendment" to section 13 of the Federal
reserve act, member banks have not the right
to make an "exchange charge" for remitting
payment to a Federal reserve bank for checks
drawn on themselves, although such checks
are not the property of the Federal reserve
bank, but are handled for collection;
(3) That, under the terms of section 13 of
the Federal reserve act, the authority of a Federal reserve bank to collect checks is not limited to checks sent to it by its own members
and checks payable within the district of such
Federal reserve bank; and, therefore, a Federal reserve bank may collect checks on its own
member banks and nonmember clearing banks
which come to it from other districts, and may
handle checks payable on presentation sent to
it by its member banks or nonmember clearing
banks whether payable within its own district
or not; and
(4) That the provision in the "Hardwick
amendment" which has the effect of requiring
member banks to pay without deduction checks
drawn on them when presented by Federal
reserve banks, whether paid over the counter
or by the more convenient means of checks on
their deposits elsewhere, does not deprive member banks of property without due process of
law and, therefore, is not contrary to the fifth
amendment to the Constitution.
The following is the opinion of the court:
In the District Court of the United States for the
Northern District of Georgia
Pascagoula National Bank, plaintiff, v. Federal Reserve
Bank of Atlanta et al., defendants. No. 295. In
Equity.
The handling of checks between Federal reserve
banks and nonmember banks of the reserve system
FEBRUARY, 1925
FEDERAL, RESERVE BULLETIN
101
was dealt with in American Trust & Banking Co. v. act only as agent of the bank from which it receives
Federal Reserve Bank of Atlanta, 256 U. S. 350; 262 such checks, and will assume no liability except for its
U. S. 643, and in Farmers & Merchants Bank of Mon- own negligence and its guaranty of prior indorsements."
roe v. Federal Reserve Bank of Richmond, 262 U. S. A check so received and handled is really received for
649. The present case involves the handling of checks collection and not on deposit in the common sense of
between the Federal reserve bank and one of its mem- the word, meaning general deposit in which arises the
bers under Regulation J of the Federal Reserve Board. relation of debtor and creditor, not that of principal
That regulation, adopted to execute the collection and and agent. Webster's International Dictionary:
clearing house powers granted in section 13 and sec- "Deposit." In a general deposit the check on indorsetion 16 of the Federal reserve act, requires that each ment and delivery to the banker becomes at once the
Federal reserve bank shall exercise the function of a property of the banker, who owes the depositor the
clearing house and collect checks on terms and condi- face of the check, or other agreed sum, and becomes
tions particularly set forth, whose effect, so far as here bound to honor the depositor's checks therefor. New
material, is that such reserve bank will receive at par, York v. Massey, 192 U. S. 138, 145; McGregor,
checks which can be collected at par, and only such Receiver, v. Battle, 128 Ga. 577. The depositor's
whether they be sent by its own member and affiliated only relation to the check, thereafter, is his liability
banks, or by, or for the account of, other reserve banks, under his indorsement in case of nonpayment, a liability
and whether the checks are drawn on its own member usually enforced by "charging the check back" to him.
banks or nonmember banks, and that the checks sent Usually the depositor may check immediately, but this
each reserve bank will be counted as reserve or become is not of the essence of a general deposit. The parties
available for withdrawal by the bank sending them may agree otherwise, and it is not uncommon in
(subject to final payment) only in accordance with a banking practice, where large checks, payable at a distime schedule based on experience of the average tance, are taken at par, to delay availability on the
time required to collect checks drawn on the different checking account so that the banker may not, by honorpoints. The observance of this regulation by the ing checks in advance of collection, be lending his
Reserve Bank of Atlanta results in a refusal by it to money without interest. The inclusion of the time
permit the complainant, one of its members, to deduct schedule only in the terms upon which the reserve
the previously charged "exchange" or compensation bank will receive deposits would be ordinary prudent
for remitting payment for checks drawn on complain- banking, considering the enormous volume of the
ant, and prevents complainant getting immediate aggregate reserve bank "float," as the mass of checks
credit for checks sent by it to the reserve bank when in transit is called. It may be noted that, by section
drawn on points at a distance from Atlanta, whereby 13, nonmember clearing banks are required to protect
it loses the use of the credit during the period of delay. their deposited checks in transit by maintaining a
The complainant contends, first, that by the provision balance sufficient to offset them, which is another way
of section 16 of the reserve act, it is entitled to imme- of saying that the checks are not available credits
diate credit, at par, for checks drawn on any of the while in transit. It must be remembered also that these
depositors in the Reserve Bank of Atlanta, no matter deposit accounts of the member banks in the reserve
at what distance from Atlanta the drawee may fc>e. bank, though subject to check, constitute their reserve
Second, that under the Hardwick amendment of section required under section 19. By amendment of this
13, it has the right to make a charge for remitting pay- section this reserve must be "an actual net balance."
ment to the Reserve Bank of Atlanta of checks drawn on "Net" means that all proper charges and deductions
itself when these are not the property of the reserve have been made from the account; "actual" excludes
bank, but are handled for collection. Third, that un- what is merely fictitious or supposed. Uncollected
der section 13 the Reserve Bank of Atlanta has no right checks, though supposed to be drawn against actual,
to have or collect any checks drawn on complainant available deposits, may not be, and if so they may
which come to the reserve bank from a source outside nevertheless be defeated of payment by many circumof the Sixth Reserve District. Fourth, that if the stances, such as death or countermand of the drawer,
reserve act authorizes this deprivation of complain- or offset by the banker upon the drawer's insolvency.
ant's right to charge for remittance, it takes its property An immediate credit of them must be largely on the
without due process of law, contrary to the Constitu- faith of the depositor's indorsement, but the mere
obligation of the member bank is not the actual
tion. We consider these contentions in order.
Moreover, the
1. The provision of section 16, which is claimed to reserve intended by the law. itself maintain a requirement that the reserve bank
reserve
require the immediate credit of checks is: "Every in gold or lawful currency of 35 per cent of its deposits
Federal reserve bank shall receive on deposit at par is involved if the "float" is to be counted as present
from member banks or from Federal reserve banks, deposits. The time schedule by which credit is deferred
checks and drafts drawn upon any of its depositors." until checks would ordinarily be collected minimizes
Complainant, being a member bank, claims immediate
of accumulated disappointments in colleccredit, at par, for all the checks and drafts on the de- the chancethe amount of merely supposed balance in
and
positors of the Reserve Bank of Atlanta, who are tion,reserves of members, and seems a very reasonable
either member banks of the Sixth Reserve District, the
of the
of
16, that
the United States or other reserve banks. Regulation reconciliation received requirement thesection account,
be
on deposit
reserve
J allows immediate credit for Government checks and the checks of section 19, that thein
reserves be actual net
vouchers, and for items payable in the city where the with that
reserve bank is located. When payable at a distant balances.
point the item is deferred for the number of days indiThe additional stipulation that the reserve bank will
cated on the time schedule, and then credited without act only as agent makes greater difficulty. It probably
any deduction (subject to final payment) whether means that the checks are at first received only for colreturns have been actually received or not. Are these lection, Ward v. Smith, 7 Wai. 447. "Deposits for
latter items "received on deposit at par"? Section 5 collection" are spoken of in section 13, but "on deof Regulation J states the terms on which checks sent posit" in section 16 does not mean for mere collection.
to a reserve bank "for deposit or collection" will be Since, however, credit is to be given at the expiration
handled, the first being: "A Federal reserve bank will of the period fixed by the time schedule, whether re-
102
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
turns from the check have actually been received or to savethe reserve banks from an expense in collectnot, at that time certainly the agency is to cease and ing their own checks. To forbid remittance charges
the check is to become and does become the property against reserve banks means no more than that reof the reserve bank and the transaction ripens into a mittances to them shall not be diminished by such
general deposit. The check is then "received on de- charges, without any inquiry, if that would be practicable, into the real ownership of the items remitted
posit at par," j as required by section 16.
2. The next contention relates to charges not for for. The reserve banks can not recognize as proper
collecting checks on others, but for remitting to the such charges made against them, and in this sense are
reserve bank payment of checks drawn on the member forbidden to pay them.
bank itself. Section 16 provides: "Nothing herein
3. The contention that the Reserve Bank of Atlanta
contained shall be construed as prohibiting a member can not handle for collection or deposit checks on combank from charging actual expenses incurred in col- plainant coming to it from sources outside the Sixth Relecting and remitting funds or for exchange sold to its serve District is erroneous. The evidence is that the
patrons. The Federal Reserve Board shall, by rule, reserve bank handles no such checks on its members
fix the charges to be collected by the member banks except those sent it by another reserve bank or by
from its patrons whose checks are cleared through the the members of another reserve bank by the latter's
Federal reserve bank and the charge which may be authority and for its account. Section 13 declares that
imposed for the service of clearing or collection rend- any Federal reserve bank may "solely for the purposes
ered by the Federal reserve bank." Whether the of exchange or collection, receive from other reserve
right established in the first clause quoted, of a member banks . . . checks and drafts payable upon presentabank to charge actual expenses for collecting and re- tion within its district." These other reserve banks
mitting, would include a remittance in payment of may receive from their members and nonmembers mainchecks drawn on it and presented by the reserve bank; taining clearing balances "checks and drafts payable
or whether the term "its patrons" in the second sen- upon presentation" at any place. So checks drawn
tence refers to those sending checks to the reserve bank upon complainant coming to member banks or nonand implies that all expense of clearance of their checks member clearing banks in another reserve district may
is to be charged back to them, are questions that need be sent by them to the reserve bank of their district
not be decided. For the later legislation, known as and by it sent for collection or exchange to the reserve
the "Hardwick amendment" of section 13 is directly bank of complainant's district without going beyond
applicable and controls. It provides that "nothing the permissions of section 13. A check sent by a memin this or any other section of this act shall be construed ber bank by the authority and for the account of its
as prohibiting member or nonmember bank from reserve bank is in effect received from the latter.
making reasonable charges, to be determined and reguact,
lated by the Federal Reserve Board, but in no case to so 4. The result of these provisions of the reserve pay
construed is to require a member bank to
exceed 10 cents per $100 or fraction thereof, based on without deduction checks drawn on it when presented
the total of checks and drafts presented at any one by its reserve bank, whether paid over its counter or
time for collection or payment and remission therefor by the more convenient means of a check on its own
by exchange or otherwise; but no such charges shall deposits elsewhere. This takes none of the property
be made against the Federal reserve banks." The or property rights of complainant without due process
complainant argues that the last clause is in the of law. Complainant may refuse to pay otherwise
nature of a proviso or exception wholly repugnant to
in cash over
the
the pain enactment preceding it, and therefore void, than law, as, on theits counter, according to bank common
other hand,
leaving the grant of the right to make reasonable insist on that sort df payment. the reserve lost ismay
What
the
charges unrestrained by the exception. Or, if the last right to agree on a compensation for is more cona
clause is to be treated as a part of the main enactment venient payment by draft on more accessible reserves
equally with what precedes, that the two parts are so
willing
inconsistent as to render the whole legislation abor- when both parties areover the so to agree. That the
State, having power
State banker and his
tive, and leave section 16 to control. As pointed out
regulate
and
in Farmers & Merchants Bank of Monroe v. Federal business, may deposits, his method of receiving Merout his
was ruled in Farmers &
Reserve Bank of Richmond, 262 U. S. 649, 666, there paying Bank of Monroe v. Reserve Bank of Richmond,
is no such repugnance in the Hardwick amendment as chants S. 649. A similar power must be recognized in
262 U.
to cause either consequence. The right to make the the United States to regulate the banking in the Fedcharge is established as to checks sent for collection or eral Reserve System. Complainant being a national
payment by other member banks or nonmember banks, bank, chartered to do its business under the Federal
but it can not be made against reserve banks. We
complain that those laws are
therefore come to consider the contention that the laws, can notsuch as it would prefer. It isnot, or do
not remain,
not
charge is not made against a reserve bank unless such pelled to do anything without compensation. comIt
bank is the lawful owner of the checks dealt with, and simply told that if it does the thing in question is
it
that if it is handling them only as the agent of another, must be done without compensation. Noble State
for collection, the charge is against the true owner and Bank v. Haskell, 219 U. S. 575.
to be passed back by the reserve bank to that owner.
The evidence offered by the defendants as to the
The proceedings of Congress in adopting the amendment show that par clearance through the reserve actual conduct of their business is pertinent and adbanks was the issue dealt with. The intent of the missible. The remainder, relating mainly to matters
original amendment was to destroy such clearance as either irrelevant or to be judicially known, is excluded.
Nothing unlawful appearing in any of the acts of the
a reserve bank policy. The addition of the clause
under discussion was made with the intent, and has the defendants complained of, a decree may be taken
the effect, to firmly establish it and give to the reserve dismissing the bill. This December 29, 1924.
system and to the public whatever advantage in clearing
(Signed)
SAM H. SIBLET,
and collecting checks may follow therefrom, as well as
U. S. Judge.
FBBEUAEY, 1925
FEDERAL RESERVE BULLETIN
103
the same extent as was held and enjoyed by such
State bank or trust company so consolidated with such
On January 14 the House passed the follow- national banking association: And provided further,
ing bill, commonly known as the McFadden That when such consolidation shall have been effected
bill, defining branch banking privileges of na- and approved by the comptroller any shareholder of
association or
bank or
tional and State member banks and amending either theso consolidated, of the State voted for trust
company
who has not
such
Federal banking laws in other respects. The consolidation, may give notice to the directors of the
bill was sent to the Senate on January 15 and consolidated association within twenty days from the
referred to the Committee on Banking and date of the certificate of approval of the comptroller
that he dissents from the plan of consolidation as
Currency.
adopted and approved, whereupon he shall be entitled
to receive the value of the shares so held by him, to
[Sixty-eighth Congress, second session, H. R. 8887.]
AN^ACT To amend an Act entitled " A n Act to provide for the con- be ascertained by an appraisal made by a committee
solidation of national banking associations," approved November 7, of three persons, one to be selected by the shareholder,
1918; to amend section 5136 as amended, section 5137, section 5138 as
amended, section 5142, section 5150, section 5155, section 5190, section one by the directors of the consolidated association,
5200 as amended, section 5202 as amended, section 5208 as amended, and the third by the two so chosen; and in case the
section 5211 as amended, of the Revised Statutes of the United States; value so fixed shall not be satisfactory to such shareand to amend section 9, section 13, section 22, and section 24 of the holder he may within five days after being notified of
Federal Reserve Act, and for other purposes
the appraisal appeal to the Comptroller of the CurBe it enacted by the Senate and House of Representa- rency, who shall cause a reappraisal to be made, which
tives of the United States of America in Congress assem- shall be final and binding; and the consolidated assobled, That the Act entitled " An Act to provide for the ciation shall pay the expenses of reappraisal, and the
consolidation of national banking associations," ap- value as ascertained by such appraisal or reappraisal
proved November 7, 1918, be amended by adding at shall be deemed to be a debt due and shall be forthwith paid to said shareholder by said consolidated
the end thereof a new section to read as follows:
"SEC. 3. That any bank or trust company incorpo- association, and the shares so paid for shall be surrated under the laws of any State, or any bank or trust rendered and, after due notice, sold at public auction
company incorporated in the District of Columbia, may within 30 days after the final appraisement provided
be consolidated with a national banking association for in this act; and if the shares so sold at public auction
located in the same county, city, town* or village under shall be sold at a price greater than the final appraised
the charter of such national banking association on value, the excess in such sale price shall be paid to the
suchlterms and conditions as may be lawfully agreed said shareholder; and the consolidated association shall
upon by a majority of the board of directors of each have the right to purchase such shares at public
association, bank, or trust company proposing to con- auction, if it is the highest bidder therefor, for the
solidate, and which agreement shall be ratified and purpose of reselling such shares within thirty days thereconfirmed by the affirmative vote of the shareholders after to such person or persons and at such price as its
of«each such association, bank, or trust company board of directors by resolution may determine: And
owning at least two-thirds of its capital stock out- provided further, That the liquidation of such shares of
standing, or by a greater proportion of such capital stock in any State bank or trust company shall be destock in the case of such State bank or trust company termined in the manner prescribed by the law of the
if the laws of the State where the same is organized so State in such cases if such provision is made in the
require, at a meeting to be held on the call of the State law; otherwise as hereinbefore provided: And
directors after publishing notice of the time, place, and provided further, That no such consolidation shall be in
object of the meeting for four consecutive weeks in contravention of the law of the State under which such
some newspaper of general circulation published in the bank or trust company is incorporated: And provided
place where the said association, bank, or trust com- further, That, except as to branches in foreign countries
pany is located, and if no newspaper is published in or dependencies or insular possessions of the United
the place, then in a paper of general circulation pub- States, it shall be unlawful for any such consolidated
lished nearest thereto, unless such notice of meeting is association to retain in operation any branches which
waived in writing by all stockholders of any such may have been established beyond the corporate limits
association, bank, or trust company and after sending of the city, town, or village in which such consolidated
such notice to each shareholder of record by registered association is located, and it shall be unlawful for any
mail at least 10 days prior to said meeting, but any such consolidated association to retain in operation
additional notice shall be given to the shareholders of any branches which may have been established
such State bank or trust company which may be re- subsequent to the approval of this act within the corporquired by the laws of the State where the same is ate limits of the city, town, or village in which such
organized: Provided, That the capital stock of such consolidated association is located, in any State which
consolidated association shall not be less than that at the time of the approval of this act did not, by law or
required under existing law for the organization of a regulation, permit State banks or trust companies
national banking association in the place in which such created by or existing under the laws of such State to
consolidated association is located; and all the rights, have such branches."
franchises, and interests of such State bank or trust
SEC. 2. That section 5136 of the Revised Statutes of
company so consolidated with a national banking the United States, subsection "Second" thereof as
association in and to every species of property, real, amended, be amended to read as follows:
personal, and mixed, and choses in action thereto
"Second. To have succession from the date of the
belonging, shall be deemed to be transferred to and approval of this act, or from the date of its organization
vested in such national banking association into which if organized after such date of approval until such time
it is consolidated without any deed or other transfer, as it be dissolved by the act of its shareholders owning
and the said consolidated national banking association two-thirds of its stock, or until its franchise becomes
shall hold and enjoy the same and all rights of property, forfeited by reason of violation of law, or until terfranchises, and interests in the same manner and to minated by either a general or a special act of Congress
The McFadden Bill.
104
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
or until its affairs be placed in the hands of a receiver in operation its branches, or such one or more of them
and finally wound up oy him."
as it may elect to retain: Provided, That no such State
SEC. 3. That section 5137 of the Revised Statutes of bank haying branches in operation outside of the corthe United States, subsection "First" thereof, be porate limits or other such boundaries of the city,
amended to read as follows:
town, or village in which such State bank is located,
" First. Such as shall be necessary for its accommoda- but not including any branch established in a foreign
tion in the transaction of its business."
country or dependency or insular possession of the
SEC. 4. That section 5138 of the Revised Statutes of United States, shall, upon conversion into a national
the United States, as amended, be amended to read as banking association, retain or keep in operation such
follows:
branches: And provided\ further, That it shall be lawful
"SEC. 5138. No association shall be organized with for any national banking association having, prior to
a less capital than $100,000, except that banks with a the approval of this act, acquired branches by virtue
capital of not less than $50,000 may, with the approval of having elected to retain such branches after having
of the Secretary of the Treasury, be organized in any been converted from a State bank with branches into a
place the population of which does not exceed six thou- national banking association, or through consolidation
sand inhabitants, and except that banks with a capital with such an association having such branches, to conof not less than $25,000 may, with the sanction of the tinue to operate any such branches, but it shall be unSecretary of the Treasury, be organized in any place the lawful for any national banking association having
population of which does not exceed three thousand been converted into such association under the proinhabitants. No association shall be organized in visions of section 5154 of the Revised Statutes to rea city the population of which exceeds fifty thousand tain in operation any branch, wherever located, which
persons with a capital of less than $200,000, except that may have been established subsequent to the approval
in the outlying districts of such a city banks now of this act, in any State which did not by law or reguorganized|or hereafter organized may, with the approval lation, at the time of the approval of this act, permit
of the Comptrollerjpf the Currency, have a capital of not State banks or trust companies created by or existing
less than $100,000."
under the laws of such State to have branches."
SEC. 5. That section 5142 of the Revised Statutes of
SEC. 8.
the Revised Statutes
the United States, as amended, be amended to read as the UnitedThat section 5190 of to read as follows: of
States be amended
follows:
"SEC. 5190. The general business of each national
"SEC. 5142. Any national banking association may,
with the approval of the Comptroller of the Currency, banking association shall be transacted at only one
and by a vote of shareholders owning two-thirds of the office or banking house, which shall be located in the
stock of such associations, increase its capital stock to place specified in its organization certificate, and no
any sum approved by the said comptroller, but no such association shall own, establish, maintain, or operincrease in capital shall be valid until the whole amount ate any branch or branches in any State which does not
of such increase is paid in and notice thereof, duly at the time of the approval of this act by law or regulaacknowledged before a notary public by the president* tion authorize banks created by or existing under the
vice president, or cashier of said association, has been laws of such State to own, establish, maintain, and
transmitted to the Comptroller of the Currency and his operate such branches, and no such association in any
certificate obtained specifying the amount of such State whatsoever shall own, establish, maintain, or
increase in capital stock and his approval thereof, and operate any branch or branches beyond the corporate
that it has been duly paid in as part of the capital of limits of the municipality wherein such association is
located, but any such association in any State which
such association: Provided, howevery That a national
banking association may, with the approval of the by law or regulation at the time of the approval of this
Comptroller of the Currency, and by the vote of act authorizes banks created by or existing under the
shareholders owning two-thirds of the stock of such laws of such State to own, establish, maintain, and
association, increase its capital stock by the declaration operate such branches may, upon application to the
of a stock dividend, provided that the surplus of said Comptroller of the Currency and upon approval by
association, after the approval of the increase, shall be him, be permitted to establish and operate a branch or
at least equal to 20 per centum of the capital stock as branches within the corporate limits of the municiincreased. Such increase shall not be effective until pality wherein such association is located, but it shall
a certificate certifying to such declaration of dividend, be unlawful for any such association to maintain in
signed by the president, vice president, or cashier of operation any branch within the corporate limits of
said assocation and duly acknowledged before a notary such a municipality where the population by the last
public, shall have been forwarded to the Comptroller of decennial census is less than twenty-five thousand and
the Currency and his certificate obtained specifying the not more than one such branch where such populaamount of such increase of capital stock by stock tion is not less that twenty-five thousand and not
more than fifty thousand, and not more than two
dividend, and his approval thereof."
SEC. 6. That section 5150 of the Revised Statutes oi such branches where such population is not less than
fifty thousand and not more than one hundred thouthe United States be amended to read as follows:
these restrictions as to number shall not be
"SEC. 5150. The president of the bank shall be a sand, but to require the relinquishment of any branches
construed
member of the board and shall be the chairman thereof, acquired prior to the approval of this act: Provided,
but the board may designate a director in lieu of the however. That all such branches of such associations
president to be chairman of the board, who shall
be subject
perform such duties as may be designated by the shall Comptroller to the general supervisory powers of
the
of the Currency and shall operate
board."
under such regulations as he may prescribe:
SEC. 7. That section 5155 of the Revised Statutes of vided further, That it shall be unlawful for And proany such
the United States be amended to read as follows:
establish a branch in any
"SEC. 5155. It shall be lawful for any bank or bank- association torepeal or revocation by such State subsequent
State of the
ing association organized under State laws and having law orto the
the authority of
branches to become a.national banking association in mission regulation under banks created by which perwas granted to
or existing
conformity with existing laws, and to retain and keep
FEBRUARY, 1925
FEDERAL. RESERVE BULLETIN
105
under the laws of such State to engage in branch
"SEC. 5200. The total obligations to any national
banking.
banking association of any person, copartnership,
"The term 'branch' or 'branches' as used in this association, or corporation shall at no time exceed 10
section shall be held to include any branch bank, per centum of the amount of the capital stock of such
branch office, branch agency, additional office, or any association actually paid in and unimpaired and 10
branch place of business located in any State or Ter- per centum of its unimpaired surplus fund. The term
ritory of the United States or in the District of Colum- 'obligations' shall mean the direct liability of the
bia at which deposits are received or checks cashed or maker or acceptor of paper discounted with or sold to
such association and the liability of the indorser,
money loaned."
"This section shall not be construed to amend or drawer, or guarantor who obtains a loan from or
repeal section 25 of the Federal reserve act, as amended, discounts paper with or sells paper under his guaranty
authorizing the establishment by national banking to such association and shall include in the case of
associations of branches in foreign countries or de- obligations of a copartnership or association the
pendencies or insular possessions of the United States." obligations of the several members thereof. Such
SEC. 9. That the first paragraph of section 9 of the limitation of 10 per centum shall be subject to the
Federal reserve act be amended by adding at the end following exceptions:
thereof two provisions and a new paragraph to read
"(1) Obligations in the form of drafts or bills of
as 11
follows:
exchange drawn in good faith against actually existing
Provided, That on and after the approval of thisvalues shall not be subject under this section to any
act the board shall not permit any such applying bank limitation based upon such capital and surplus.
to become a stockholder of such Federal reserve bank
" (2) Obligations arising out of the discount of comexcept upon condition that such applying bank mercial or business paper actually owned by the person,
relinquish any branches which it may have in oper- copartnership, association, or corporation negotiating
ation beyond the corporate limits of the municipality in the same shall not be subject under this section to any
which the parent bank is located, and it shall be unlaw- limitation based upon such capital and surplus.
ful for any such applying bank in any State which
" (3) Obligations drawn in good faith against actually
does not by law or regulation, at the time of the ap- existing values and secured by goods or commodities
proval of this act, permit State banks or trust com- in process of shipment shall not be subject under this
panies created by or existing under the laws of such section to any limitation based upon such capital and
State, to have branches within the limits of munici- surplus.
palities in such State, to become such a stockholder
" (4) Obligations as indorser or guarantor of notes,
of such Federal reserve bank except upon condition other than commercial or business paper excepted
that such applying bank relinquish any branches under (2) hereof, having a maturity of not more than
which it may have established subsequent to the six months, and owned by the person, corporation,
approval of this act: Provided further, That it shall be association, or copartnership indorsing and negotiating
unlawful for any member bank after the approval of the same, shall be subject under this section to a
this act to establish a branch beyond the corporate limitation of 15 per centum of such capital and surplus
limits of the municipality in which such bank is in addition to such 10 per centum of such capital and
located, and it shall be unlawful for any such member surplus.
bank to maintain in operation any branch within the
" (5) Obligations in the form of bankers* acceptances
corporate limits of such a municipality where the of other banks of the kind described in section 13 of the
population by the last decennial census is less than Federal reserve act shall not be subject under this
25,000 and not more than one such branch where section to any limitation based upon such capital and
such population is not less than 25,000 and not more surplus.
than 50,000 and not more than two such branches
"(6) Obligations of any
where such population is not less than 50,000 and association, or corporation, inperson, copartnership,
the form
notes or
not more than 100,000, but these restrictions as to drafts secured by shipping documents, ofwarehouse
number shall not be construed to require the relin- receipts or other such documents transferring or
quishment of any branches acquired prior to the securing title covering
nonperishapproval of this act: And provided further. That the able staples when such readily marketable covered by
property
fully
establishment of any branch by a member bank shall insurance shall be subject underisthis section to a
not require the approval of the Federal Reserve Board: limitation of 15 per centum of such capital and surplus
And provided further, That it shall be unlawful for
such 10 per centum of
any such member bank to establish a branch within in addition tothe market value of suchsuch capital and
surplus when
staples
the limits of the municipality where such bank is such obligation is not at any time less than securing
located, in any State which does not by law or regula- centum of the face amount of such obligation, 115 per
and to
tion, at the time of the approval of this act, permit an additional increase of limitation of 5 per centum
State banks or trust companies created by or existing of such capital and surplus in addition to such 25 per
under the laws of such State to have branches within centum of such capital and surplus when the market
the limits of such municipalities in such State.
value of such staples securing such additional obliga"The term 'branch or branches' as used in this tion is not at any time less than 120 per centum of the
section shall be held to include any branch bank, face amount of such additional obligation, and to a
branch office, branch agency, additional office, or further additional increase of limitation of 5 per
any branch place of business located in any State or centum of such capital and surplus in addition to such
Territory of the United States or in the District of 30 per centum of such capital and surplus when the
Columbia at which deposits are received or checks market value of such staples securing such additional
cashed or money loaned, but shall not include any obligation is not at any time less than 125 per centum
branch established in a foreign country or dependency of the face amount of such additional obligation, and
or insular possession of the United States."
to a further additional increase of limitation of 5 per
SEC. 10. That section 5200 of the Revised Statutes centum of such capital and surplus in addition to such
of the United States, as amended, be amended to read 35 per centum of such capital and surplus when the
market value of such staples securing such additional
as follows:
106
FEDERAL RESERVE BULLETIN
FBBRUABY, 1925
obligation is not at any time less than 130 per centum
"SEC. 5208. It shall be unlawful for any officer,
of the face amount of such additional obligation, and director, agent, or employee of any Federal reserve
to a further additional increase of limitation of 5 per bank, or any member bank as defined in the act of
centum of such capital and surplus in addition to such December 23, 1913, known as the Federal reserve
40 per centum of such capital and surplus when the act, to certify any check drawn upon such Federal
market value of such staples securing such additional reserve bank or member bank unless the person, firm,
obligation is not at any time less than 135 per centum or corporation drawing the check has on deposit with
of the face amount of such additional obligation, and such Federal reserve bank or member bank, at the
to a further additional increase of limitation of 5 per time such check is certified, an amount of money not
cent of such capital and surplus in addition to such less than the amount specified in such check. Any
45 per centum of such capital and surplus when the check so certified by a duly authorized officer, director,
market value of such staples securing such additional agent, or employee shall be a good and valid obligaobligation is not at any time less than 140 per centum tion against such Federal reserve bank or member
of the face amount of such additional obligation, but bank; but the act of any officer, director, agent, or
this exception shall not apply to obligations of any one employee of any such Federal reserve bank or member
person, copartnership, association, or corporation bank in violation of this section shall, in the discretion
arising from the same transactions and secured upon of the Federal Reserve Board, subject such Federal
the identical staples for more than ten months.
reserve bank to the penalties imposed by section 11,
"(7) Obligations of any person, copartnership, subsection (h) of the Federal reserve act, and shall
association, or corporation in the form of notes or drafts subject such member bank, if a national bank, to the
secured by shipping documents or instruments trans- liabilities and proceedings on the part of the Compferring or securing title covering livestock or giving a troller of the Currency provided for in section 5234,
lien on livestock when the market value of the livestock Revised Statutes, and shall, in the discretion of the
securing the obligation is not at any time less than 115 Federal Reserve Board, subject any other member
per centum of the face amount of the notes covered by bank to the penalties imposed by section 9 of said
such documents shall be subject under this section to Federal reserve act for the violation of any of the
a limitation of 15 per centum of such capital and surplus provisions of said act. Any officer, director, agent, or
in addition to such 10 per centum of such capital and employee of any Federal reserve bank or member
bank who shall willfully violate the provisions of this
surplus.
shall resort to any device, or receive
"(8) Obligations of any person, copartnership, asso- section, or whoobligation, directly or collaterally, in
ciation, or corporation in the form of notes secured any fictitious the provisions thereof, or who shall
order
evade
by not less than a like amount of bonds or notes of certify to check before the amount thereof shall have
a
the United States issued since April 24, 1917, or cer- been regularly deposited in the bank by the drawer
tificates of indebtedness of the United States, shall thereof, shall be deemed guilty of a misdemeanor and
(except to the extent permitted by rules and regula- shall, on conviction
in
court
tions prescribed by the Comptroller of the Currency, the United States, bethereof not any district$5,000, of
fined
more than
with the approval of the Secretary of the Treasury) shall be imprisoned for not more than five years, or
or
be subject under this section to a limitation of 15 per both, in the discretion of the court."
centum of such capital and surplus in addition to such
10 per centum of such capital and surplus.
SEC. 13. That section 5211 of the Revised Statutes
(9) Obligations of the kind described in section 24 of the United States as amended be amended to read as
(b) of the Federal reserve act as amended shall be follows:
"SEC. 5211. Every association shall make to the
subject to a limitation of 15 per centum of such capital
and surplus in addition to such 10 per centum of such Comptroller of the Currency not less than three reports
capital and surplus; except that obligations of the during each year, according to the form which may be
United States or general obligations of any State or prescribed by him, verified by the oath or affirmation
of any political subdivision thereof, or obligations of the president, or of the cashier, or of a vice president,
issued under authority of the Federal farm loan act, or of an assistant cashier of the association designated
shall not be subject under this section to any limitation by its board of directors to verify such reports in the
based on such capital and surplus: Provided, That pur- absence of the president and cashier, taken before a
chases completed before the passage of this act shall notary public properly authorized and commissioned
not be subject to the limitation imposed by this sub- by the State in which such notary resides and the
association is located, or any other officer having an
division until the 31st day of December, 1925."
SEC. 11. That section 5202 of the Revised Statutes official seal, authorized in such State to administer
of the United States as amended be amended by oaths, and attested by the signature of at least three
adding at the end thereof a new paragraph to read as of the directors. Each such report shall exhibit, in
detail and under appropriate heads, the resources and
follows:
"Eighth. Liabilities incurred under the provisions liabilities of the association at the close of business on
of section 202 of Title II of the Federal farm loan act, any past day by him specified, and shall be transmitted
approved July 17, 1916, as amended by the agricul- to the comptroller within five days after the receipt
of a request or requisition therefor from him, and the
tural credits act of 1923."
SEC. 12. That section 5208 of the Revised Statutes of statement of resources and liabilities, together with
the United States as amended be amended by striking acknowledgment and attestation in the same form in
out the words "or who shall certify a check before which it is made to the comptroller, shall be published
the amount thereof shall have been regularly entered in a newspaper published in the place where such assoto the credit of the drawer upon the books of the ciation is established, or if there is no newspaper in
bank," and in lieu thereof inserting the following: the place, then in the one published nearest thereto in
"or who shall certify a check before the amount the same county, at the expense of the association;
thereof shall have been regularly deposited in the and such proof of publication shall be furnished as may
bank by the drawer thereof," so that the section as be required by the comptroller. The comptroller shall
also have power to call for special reports from any
amended shall read as follows:
F&BEUABY, 1925
FEDERAL BESERVE BULLETIN
107
particular association whenever in his judgment the thereof in any district court of the United States, be
same are necessary in order to obtain a full and com- imprisoned for not exceeding one year, or fined not
more than $5,000, or both, and may be fined a further
plete knowledge of its condition."
SEC. 14. That the fourth paragraph of section 13 of sum equal to the money so loaned, gratuity given, or
the Federal reserve act be amended to read as follows: property stolen, and shall forever thereafter be dis"No Federal reserve bank shall discount for any qualified from holding office as a national bank
member bank notes, drafts, or bills of exchange of any examiner."
SEC. 17. That section 24 of the Federal reserve act
one borrower in an amount greater than may be borrowed lawfully from any national banking association be amended to read as follows:
"SEC. 24. (a) Any national banking association
under the terms of section 5200 of the Revised Statutes,
may make loans secured by first lien upon improved
as amended: Provided, however, That nothing in this
paragraph shall be construed to change the character real estate, including improved farm land, situated
or classes of paper now eligible for discount by Federal within its Federal reserve district or within a radius of
one hundred miles of the place in which such bank is
reserve banks."
SEC. 15. That section 13 of the Federal reserve act located, irrespective of district lines. A loan secured
be amended by adding at the end thereof a new para- by real estate within the meaning of this section shall
be in the form of an obligation or obligations secured
graph to read as follows:
"That in addition to the powers now vested by law by mortgage, trust deed, or other such instrument
in national banking associations organized under the upon real estate when the entire amount of such oblilaws of the United States, any such association may gation or obligations is made or is sold to such assoengage in the business commonly known as safe deposit ciation. The amount of any such loan shall not exceed
business either by leasing receptacles on its premises 50 per centum of the actual value of the real estate
or by owning stock in a corporation organized under offered for security, and such loan shall not run for a
the law of any State to conduct a safe deposit business longer term than five years. Any such bank may
located on or adjacent to the premises of such asso- make such loans only when the aggregate amount of
such loans held by it or on which it is liable as indorser
ciation: Provided, however. That the amount invested in
the capital stock of any such safe deposit corporation or guarantor or otherwise does not exceed a sum equal
by such association shall not exceed 15 per centum of to 25 per centum of the amount of the capital stock of
the capital stock of such association actually paid in such association actually paid in and unimpaired and
and unimpaired and 15 per centum of its unimpaired 25 per centum of its unimpaired surplus fund, or to
one-thM of its time deposits, at the election of the
surplus."
SEC. 16. That section 22 of the Federal reserve act, association, subject to the general limitation contained
subsection (a), paragraph 2 thereof, be amended to in section 5200 of the Revised Statutes of the United
States. Such banks may continue hereafter as hereread as follows:
"(a) No member bank and no officer, director, or tofore to receive time deposits and to pay interest on
employee thereof shall hereafter make any loan or the same, but the rate of interest which such banks may
grant any gratuity to any bank examiner. Any bank pay upon such time deposits or upon savings or other
officer, director, or employee violating this provision deposits shall not exceed the maximum rate authorized
shall be deemed guilty of a misdemeanor and shall be to be paid upon such deposits by State banks or trust
imprisoned not exceeding one year, or fined not more companies organized under the laws of the State
than $5,000, or both, and may be fined a further sum wherein such national banking association is located;
equal to the money so loaned or gratuity given.
"(b) Any national banking association may, subject
"Any examiner or assistant examiner who shall to the limitations contained in section 5200 (9) of the
accept a loan or gratuity from any bank examined by Revised Statutes of the United States, engage in the
him, or from an officer, director, or employee thereof, business of purchasing and selling without recourse
or who shall steal, or unlawfully take, or unlawfully obligations evidencing indebtedness of any person,
conceal any money, note, draft, bond, or security or copartnership, association, or corporation in the form
any other property of value in the possession of any of bonds, notes, debentures, and the like commonly
member bank or frpm any safe deposit box in or known as investment securities."
Passed the House of Representatives January
adjacent to the premises of such bank, shall be deemed
guilty of a misdemeanor and shall, upon conviction 14, 1925.
108
FEDERAL RESERVE
State Banks and Trust Companies
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal reserve system during the month ended January 21, 1925, on which date 1,557 State institutions
were members of the system:
ADMISSIONS
Capital
Total
Surplus resources
BULLETIN
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section
11 (k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6)
assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State
banks, trust companies, or other corporations which
come into competition with national banks are permitted to act under the laws of the State in which the
national bank is located.
Place
District No. 1
B. M. C. Durfee Trust Co., Fall River,
Mass
$400,000
District No. 4
$300,000
$50,000 $3,230,778
District No. 5
Farmers Commercial Bank, Benson,
N. C. (converted into national bank).
Farmers Bank, St. George, S. C.
(closed)
100,000
26,800
563,094
25,000
9,000
304,428
District No. 6
Southern Exchange Bank, Dublin, Ga.
(closed)
Oglethorpe County Bank, Lexington,
Ga. (closed)
100,000
5,000
25,000
246,087
Northfield, Vt
Newark, N. J
Saranac Lake, N. Y
Millville, N. J
Bradford, Ohio
Cincinnati, Ohio..
Wheeling, W. Va
Wilmington, N. C
Lovingston, Va
Gadsden, Ala
Tampa, Fla
Knoxville, Tenn
Jackson, Miss__
Kalamazoo, Mich
Mulberry, Ind
Harlan, Iowa
North Little Kock, Ark.
Stewartville, Minn
1
2
2
3
4
4
4
5
5
Northfield National B a n k Ito9
Forest Hill National Bank_.
1 to 9
Adirondack National Bank _
ltod
Mechanics National Bank..
Ito9
1 to 7 & 9
First National Bank
Lincoln National Bank
Ito9
National Exchange Bank...
Ito9
Murchison National Bank__
Ito9
First National Bank of NelIto9
son County.
6 Gadsden National Bank
Ito8
6 Exchange National Bank._.
Ito9
4
6 Holston National Bank
6 First National Bank
Ito9
Ito9
* 7 Kalamazoo National Bank
7 Citizens National Bank
Ito9
7 Harlan National Bank
Ito8
8 First National Bank
Ito9
1
9 First National Bank
50,000
30,000
849,772
250,000
50,000
2,057,133
100,000
5,200
675,100
300,000
100,000
100,000
New National Bank Charters
3,205,790
200,000
Correction.~-In the January BULLETIN the First National BankWinslow, Ariz., was listed as having powers 1 to 9. Power No. 1 only
should have been hown.
2,844,459
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from December 20,
1924, to January 23, 1925, inclusive:
Number of
banks
District No. 11
Citizens Guaranty State Bank, Lufkin,
Tex. (closed)
Farmers State Bank, Piano, Tex. (converted into national bank) _ .
Coleman State Bank, Coleman, Okla.
(withdrawal)
75,000
487,462
New charters issued
Restored to solvency
Increase of capital approved-
$2,435,000
40,000
548,902
25,000
500
246,599
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capitalTotal liquidations and reductions of capital._
2,155,000
Consolidations of national banks under act of Nov.
7,1918
5,400,000
25,000
1,500
101,314
50,000
10,000
282,218
Change of title.—The Commercial Bank, Trust & Title Co., Miami,
Fla., has changed its title to '* Commercial Bank & Trust Co."
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc.
Fiduciary Powers Granted to National Banks
Net increase -
During the month ended January 21, 1925, the i Includes one reduction in capital of $100,000 incident
Federal Reserve Board approved applications of the tion under act of Nov. 7,1918.
Amount
of capital
60,000
District No. 12
The Kuna State Bank, Kuna, Idaho
(voluntary withdrawal)
Farmers & Merchants Bank, Rexburg,
Idaho (closed)
Powers
granted
Name of bank
818,336
25,000
District No. 7
State Bank of New Hampton, New
Hampton, Iowa (closed)
Waterloo Bank & Trust Co., Waterloo,
Iowa (closed)
Webster County Trust & Savings
Bank, Fort Dodge, Iowa (closed)
Commercial Savings Bank, Grand
Rapids, Mich, (absorbed by State
member)
Peoples Savings Bank, Grand Rapids,
Mich, (absorbed by State member)..
District
No.
$400,000 $5,091,713
CHANGES
Guaranty Bank & Trust Co., Lexington, Ky. (voluntary withdrawal)
FEBRUARY, 1925
4,437,500
6,872,5001,715,000
440,000
6,872,600
2,155,000
4,717,500
to a consolida-
109
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
BUSINESS STATISTICS
INDUSTRIAL STATISTICS IN THE UNITED STATES
Available statistics indicate a continuation
during December of the industrial recovery
which began last September, and many indexes
of industrial activity reached the highest levels
since the early months of the year. The
index of production in basic industries, which
is adjusted for seasonal variations, rose to 117,
compared with 109 in October, 94 during the
summer, and 120 in February. The manufacturing and mining indexes, which are unadjusted, were greater than in November, but
seasonably less than in October. Substantial
improvement has been shown in these since
summer. Building contracts awarded were
smaller than in November, but unusually
large for this season of the year, and the
adjusted index was 180, compared with 172 a
year ago. The adjusted index of freight-car
loadings at 124 has been exceeded since the
spring of 1923 only by the figure for last
February. Agricultural movements showed
the usual seasonal decline, but were the largest
for any December in the past six years.
Annual data for 1924 indicate that the distribution of commodities continued at close to
the high level reached in 1923, whereas the
physical volume of production, except in the
case of farm products, was somewhat smaller.
The following table shows annual averages of
certain index numbers for the past three years.
The declines in production and employment
indexes were rather general among the more
important industries—iron and steel, coal,
automobiles, textiles, and leather. The railroad equipment industries also reduced operations. On the other hand, the output of
building materials, food and tobacco products,
rubber tires, petroleum, and nonferrous metals
was well maintained in 1924, many reaching
new high records. Building activity was in
excess of previous years. The large marketings
of grain and cotton are reflected in botn
agricultural movements and freight-car loadings. Wholesale and retail trade were apparently about the same in both years.
[1919 average-100]
Annual average
Indexes
1924
Production:
Production in basic industries
Manufacturing production
Mining production....
Crop production
Building contracts awarded
Employment:
Factory employment
Factory pay rolls
Distribution:
Freight-car loadings
Wholesale trade.
Department store sales
Mail order sales
Agricultural movements
1922
1923
108
114
121
114
155
120
124
132
112
136
98
103
95
113
123
93
98
117
101
107
00
85
119
83
124
99
108
103
74
112
78
110
•82
125
105
116
INDEXES OF" INDUSTRIAL ACTIVITY
MONTHLY AVERAGE, 1S19 • 1OO )
PER CENT
PER CENT
175
175
MANUFACTURING PRODUCTION
• MINERAL PRODUCTION
t e n
4
A
100
I -r*
\r
A
*
•\
I
A / i
/ \ /A j
V
V
A
A/
125
\
\
J
\
75
A A,
1
f
1
1
/7
1OO
75
V
50
O
25
It
0
0
1919
1920
1921
1922
1923
1924
110
FEDERAL RESERVE BULLETIN
FEBRUARY,
1925
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES»
[Not adjusted for seasonal variations. Monthly average, 1919-100]
Metals and
products
General
index
Year and month
Group
index
Iron
and
steel
Textiles and products
LumCar
ber
Motor build- Paper
and
and
vehiing
cles and re- printGroup Fabrics Prod- products
pairing ing
index
ucts
110
101
99
101
96
96
103
100
92
83
89
91
81
103
96
99
105
104
86
99
110
110
.98
95
91
85
76
73
79
73
98
98
97
97
98
104
104
103
102
101
105
104
104
105
106
103
104
106
109
110
87
91
90
90
89
114
115
114
114
111
87
84
90
90
92
97
94
107
108
86
109
92
77
78
78
79
78
78
118
123
124
103
105
107
86
89
87
85
85
85
105
104
103
101
101
87
105
106
110
123
119
117
113
114
101
90
81
76
78
106
106
106
104
102
101
94
89
86
79
82
90
89
89
88
87
85
98
97
99
99
98
82
79
73
74
78
115
117
115
111
110
83
82
83
82
82
86
87
85
88
115
114
114
112
80
81
80
82
86
88
88
*88
103
104
105
105
101
102
102
103
81
82
81
79
108
109
109
108
86
81
87
104
110
110
100
98
103
96
83
90
101
93
67
76
93
83
67
75
93
83
96
96
102
89
97
93
103
89
94
101
101
90
81
107
120
117
62
77
98
89
1923
July
August
September
October
November
.... _
December
101
101
101
101
100
95
94
93
92
91
95
93
93
92
91
99
98
99
100
98
100
98
99
99
100
97
98
100
100
96
121
121
119
120
119
99
90
89
98
100
96
118
98
99
99
89
91
92
89
90
91
97
98
97
96
97
94
98
100
100
92
87
85
79
81
89
86
85
78
81
85
89
88
92
85
90
91
94
.. w -
97
93
90
87
87
. .
90
85
80
76
75
91
85
80
76
76
77
90
91
91
93
76
78
79
82
79
80
83
To- Chemicals
bacco and
prod- products
ucts
78
76
101
87
1920 average
1921 average
1922 average
1923 average
1924 average
1924
January
.
February
March. . . .
April
May
June
July..
AugustSeptember
October
November
December
Foods Leather Stone,
and
and
clay,
prod- prod- and
ucts
ucts
glass
102
107
87
87
78
78
78
77
74
70
67
68
71
71
72
74
1
This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components/
The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes
for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923.
a
Preliminary.
INDEX OF PRODUCTION IN BASIC INDUSTRIES l
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919-100]
Textiles
Iron and steel
General
index
Year and month
Animals slaughtered
Pig iron
Steel
ingots
1920 average - .
1921 average,. .
1922 average
1923 average
1924 average
98
120
108
88
131
102
102
128
109
1923
July.....
August-. _.
September
October
November
December. _
121
144
114
118
116
110
120
130
1924
January
February
MarchApril....
May
June
July .
August .
September
October .
November
December..
1
105
80
Food products
119
55
118
58
Cotton
98
92
Wool
89
98
Wheat
flour
84
92
103
110
93
98
110
95
95
96
100
126
95
112
122
127
100
Sugar
meltings
90
97
132
111
Cattle
86
76
86
91
95
Calves
103
97
106
114
126
Sheep
86
103
Lumber
Hogs
91
95
101
87
92
95
106
131
127
75
102
124
118
105
91
136
115
99
103
111
113
97
105
106
104
100
96
91
84
88
87
89
82
81
127
103
126
122
121
82
107
165
138
98
78
95
79
87
157
127
120
120
116
114
120
132
«132
127
131
146
146
119
112
102
92
97
99
100
101
97
89
100
107
105
97
127
115
115
95
94
90
98
133
137
112
116
98
93
90
102
119
116
132
136
136
130
124
127
103
>94
_
68
72
90
118
119
109
107
106
102
121
118
111
117
101
81
92
74
80
70
93
88
105
107
109
111
107
86
124
116
117
104
94
94
103
109
107
117
70
71
80
93
67
87
99
104
71
72
93
109
97
119
109
133
105
111
83
82
91
100
« 102
102
118
99
111
98
85
82
125
104
141
141
111
149
150
141
116
111
108
109
102
95
94
93
94
117
118
128
143
99
91
91
93
141
136
132
121
93
129
155
82
122
130
99
87
121
134
137
129
106
105
108
120
128
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 75,
together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal
fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
* Revised
111
FEDERAL RESERVE BULLETIN
FEBEUABT, 1925
INDEX OP PRODUCTION IN BASIC INDUSTRIES—Continued
Coal
Year and month
1920 average
1921 average
1922 average.
1923 average
1924 average.July
August
September
October
November
December. .
January
February
March
April
May.
June
Nonferrous metals
Bitumi- Anthranous
cite
.. .
Copper
Zinc
Tobacco products
Sole
leather
Newsprint
Cement
Petroleum
Cigars
Manufactured
tobacco
Cigarettes
127
121
139
174
188
117
124
146
191
187
114
98
100
99
05
100
113
119
144
158
93
9a
74
84
66
110
89
105
108
106
110
106
100
107
113
118
91
93
79
80
80
72
112
115
101
104
107
101
173
163
168
165
180
174
198
203
208
207
210
189
96
101
98
106
104
88
137
145
143
153
145
138
or
126
112
122
114
121
111
109
106
104
108
108
121
73
a 74
66
62
57
54
63
62
68
71
71
76
a 107
a 108
103
111
116
103
102
101
107
110
104
103
239
192
187
169
172
173
193
190
186
183
187
182
183
189
186
189
192
187
185
190
191
185
*183
182
98
94
90
88
95
91
98
95
100
97
96
02
176
140
143
157
173
163
155
157
162
158
145
na
122
89
87
118
100
102
103
62
109
102
105
39
82
122
131
102
46
79
113
114
82
120
119
112
112
106
100
113
118
40
108
103
a 105
129
131
127
128
131
130
122
123
101
92
87
83
86
84
100
107
101
115
111
118
111
97
101
100
106
95
105
95
91
100
132
134
123
127
125
124
a 133
132
130
133
140
137
81
08
06
oe
1923
1924
._ _
July...
August
September
October
November
December
_
.
.
170
90
05
98
85
98
01
91
96
94
9T
03
08
99
80
04
a Revised.
INDEXES OF INDUSTRIAL ACTIVITY»
[No seasonal adjustment.
Monthly average 1919=100]
Mineral production
Agricultural movements
Year and month
Anthracite
coal
Bituminous
coal
117
92
95
132
121
102
103
60
109
103
122
89
88
117
101
1
71
133
161
199
242
136
142
125
142
130
123
113
121
40
119
105
105
238
133
75
17
20
6
2
63
127
165
148
184
136
128
126
109
113
109
112
114
123
132
a 120
131
108
104
110
93
106
105
106
97
106
105
92
101
Animal
Cot- VegeToprod- Grains ton tables Fruits bacco Total
ucts
Total
Livestock
91
105
110
108
116
92
85
94
104
105
85
101
115
119
121
92
128
131
111
128
86
95
90
87
105
103
122
139
129
135
117
122
135
152
137
90
104
88
98
98
July....
August
September
October
November
December
91
111
128
158
144
130
98
102
106
135
121
114
137
113
100
97
109
124
111
175
130
119
126
126
24
50
144
233
201
154
93
105
182
225
129
80
120
117
235
396
227
95
1924
January..
February
March
April
May
June
July
August
September
October
November
December
104
95
80
77
86
86
100
120
a 152
a 189
160
142
121
99
93
94
96
92
94
89
109
123
120
130
98
101
90
129
148
165
166
127
107
100
105
121
91
120
87
54
62
67
118
218
a 195
2 230
> 156
120
83
41
33
34
34
19
21
38
175
278
271
232
120
123
138
113
119
146
137
107
165
226
136
86
90
102
92
93
178
140
148
144
163
248
157
86
1920 a v e r a g e
1921.
1922
1923.
1924
.
1923
i For description'and'early figures see BULLETIN for March, 1924.
a Revised.
Petro- Pig
leum iron
Copper
Zinc
117
124
146
191
188
119
54
88
131
102
105
39
82
122
131
102
46
79
113
114
88
97
115
136
93
08
115
112
116
126
119
127
111
103
207
210
204
210
206
187
144
135
123
124
114
115
124
130
124
132
126
128
110
106
100
107
113
118
122
117
109
105
116
115
114
112
106
115
104
101
131
118
103
76
81
78
83
90
106
121
105
118
179
176
189
189
196
191
194
196
a 189
190
a 179
180
118
121
136
127
103
79
70
74
81
97
99
116
132
130
129
131
130
127
129
132
126
137
136
126
112
122
114
121
111
109
106
104
108
109
121
114
124
134
125
137
143
138
139
146
148
145
146
111
115
121
07
123
111
05
104
116
119
119
123
135
Lead Silver
112
FEDERAL KESEBVE BULLETIN
FEBRUARY, 1925
INDEXES OF INDUSTRIAL ACTIVITY—Continued
Manufacturing production
Iron
and
steel
Total
1920 average
1921 average 1922 average
1923 average 1924 average
-
SeDtember
October
November
..
m
- - .
__ _
1924
January
February
March
April
May
-
July
August
SeDtember
December
- -
---
---
.
.
Food
products
Textiles
Lum- Paper Leather Petro- Cement Tobacand
and
and
leum
ber printing shoes
co
brick
Rubber
tires
102
180
103
124
114
1923
July
Automobiles
..
118
57
99
129
107
112
87
133
204
183
92
94
107
111
98
86
89
98
102
106
102
80
114
142
140
113
88
111
115
117
91
84
97
105
89
117
117
136
158
179
120
97
126
146
149
106
102
106
114
116
27
86
121
136
156
118
126
117
128
118
109
130
132
119
126
112
104
203
213
203
226
194
188
99
105
99
107
105
94
96
103
102
115
112
112
140
161
148
161
144
113
101
111
103
115
111
109
97
110
98
•105
96
85
160
159
157
163
161
170
157
163
149
162
145
129
119
122
117
134
119
94
95
116
101
118
117
117
122
123
127
122
112
97
97
104
112
123
112
115
126
131
145
122
96
75
67
87
96
108
108
124
196
228
237
231
193
151
163
172
178
178
116
106
100
98
89
77
81
83
98
113
1G5
110
109
105
105
98
100
97
103
102
112
114
108
117
128
132
141
149
162
139
136
142
143
160
132
122
122
117
120
126
120
113
102
107
»109
126
116
118
98
96
94
89
83
76
75
84
90
172
166
180
181
171
176
176
182
180
186
185
118
123
140
154
167
156
154
166
157
169
148
134
118
103
109
106
122
123
127
123
126
132
114
106
152
154
162
152
144
126
125
158
175
191
126
»84
i Revised.
COMMODITY MOVEMENTS
COMMODITY
MOVEMENTS—Continued
December, November, December,
1924
1923
1924
December, November, December,
1924
1924
1923
Grain and Floor
Grain a n d Flour—Continued
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
... ... .. ..
Shipments at 14 interior centers
(000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Stocks at 11 interior centers at close
of month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Total visible supply of grain east
of the Rocky Mountains at close
of month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
32,542.
29,694
21,132
3,802
5,405
59,586
15,914
19,458
8,932
7,258
30,188
37,271
22,497
2,036
5,830
92,575
2,358
111, 148
2,698
97,822
2,013
103,188
123,287
106,882
28,846
8,289
12,135
7,449
3,632
48,040
5,766
14,828
5,645
4,949
15,847
18,013
14,907
1,186
2,392
60,350
3,682
79,228
4,395
52,344
5,340
76,921
99,008
76,372
55,772
14,361
61,038
9,290
3,424
143,886
64,356
5,148
67,573
13,449
3,292
143,817
65,502
7,114
16,287
15,521
2,595
107,020
99,331
17,360
75,491
105,533
8,072
71,997
79,470
9,683
21,350
27,785
904
1,912
6,116
4,591
22,469
578
2,589
4,116
7,281
22,650
2,222
4,190
1,363
1,894
41,308
2,028
37,034
2,191
32,328
3,106
Total grain and flour (bushels)
50,436
46,892
46,298
Stocks at 8 seaboard centers a t
close of month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
14,202
719
2,215
9,242
3,197
12,855
494
2,442
4,516
3,111
8,116
711
1,156
1,028
2,454
29,575
23,418
13,465
11,007
11,615
11,778
2,041
6,445
1,589
40
10,115
2,314
4,770
1,849
46
8,979
1,778
5,687
1,506
46
9,017
803
2,213
738
39
3,793
1,080
1,716
1,134
42
3,972
776
1,859
678
45
3,358
Total grain (bushels)
Flour (barrels)
Total grain (bushels)
Wheat flour production (barrels,
000 omitted)
Livestock
Receipts at 57 principal markets
(head, 000 omitted):
Cattle and calves
Hogs
.„_
Sheep
Horses and mules (43 markets).
Total
Shipments at 52 principal markets
(head, 000 omitted):
Cattle and calves
Hogs . . . . .
. ........
Sheep
.
Horses and mules (48 markets) Total
COMMODITY MOVEMENTS—Continued
COMMODITY MOVEMENTS—Continued
December, November, December,
December, November, December,
1923
1924
1924
Livestock—Continued
Shipments of stockers and feeders
from 33 markets (head, 000
omitted):
Cattle and calves
Hogs
Sheep
*
Total..
Slaughter at principal markets
under Federal inspection (head,
000 omitted):
Cattle....
Calves
TotalMeats, cold-storage holdings, first
of following month (pounds, 000
omitted):
Beef
Pork products
Lamb and mutton
Exports of certain meat products
(pounds, 000 omitted):
BeefCanned
Fresh
Pickled or other cured
Hog products—
Bacon
Hams and shoulders
Lard
Pork, pickled
Dairy Products
Receipts at 5 principal markets
(000 omitted):
Butter (pounds)
Cheese (pounds)
Poultry (pounds)
Cold-storage holdingsfirstof follow
ing month (000 omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Poultry (pounds)
Other Agricultural Products
Cottonseed (tons):
Received at mills
Crushed
Stocks at mills at close of
month
Cottonseed oil (pounds, 000
omitted):
Production
Stocks
Oleomargarine c o n s u m p t i o n
(pounds, 000 omitted)
Tobacco sales at loose-leaf warehouses, (pounds, 000 omitted):
Dark belt Virginia
Bright belt yirginia
North Carolina
Burley
Western dark
Sale of revenue stamps for manufacture of tobacco, excluding
Porto Rico and Philippine
Islands (000 omitted):
Cigars (large)
Cigars (small)
Cigarettes (small)
Manufactured t o b a c c o
(pounds)
Fruit shipments (carloads):
Grapefruit
Oranges
Lemons..
_
Apples
113
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
302
34
199
535
36
559
348
43
152
535
1,130
544
416
6,600
972
952
392
4,641
950
756
324
5,904
978
8,914
6,935
7,961
1924
Other Agricultural ProductsContinued j
Vegetable shipments:
White potatoes (carloads)
Onions (carloads)
Rice (pounds, 000 omitted)
Sugar, all ports (long tons):
Receipts
Meltings..
Raw stocks at close of month..
Fishery Products
Fishrlanded by American fishing
vessels, total catch (pounds, 000
omitted)
Cold-storage holdings, frozen and
cured fish, on 15th of month
(pounds, 000 omitted)
Forest Products
Lumber:
Number of millsNational Lumber Manufacturers' Association
Southern Pine Association.
West Coast Lumbermen's
Association
Production (feet, 000,000
omitted)—
National Lumber Manufacturers' Association
Southern Pine Association.
West Coast Lumbermen's
Association
Shipments (feet, 000,000
omitted)—
National Lumber Manufacturers' Association
Southern Pine Association.
West Coast Lumbermen's
Association
Naval stores at three southern
ports:
Spirits of turpentine (casks)—
Receipts
Stocks at close of month...
Rosin (barrels)—
Receipts
Stoeks at close of month...
Fuel and Power
Coal and coke (short ton, 000
omitted):
Bituminous coal production...
Anthracite coal production
CokeB eehive coke production...
By-product coke production
Petroleum, crude (barrels, 000
omitted):
Production
Stocks at close of month
Producing oil wells completed
(number)
Oil refineries:
Production (000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons) _.
Kerosene (gallons)
Gas and fuel oil (gallons)..
Lubricating oil (gallons).-Stocks (000 omitted) *
—
Crude-oil run (barrels)
Gasoline (gallons) __
Kerososene (gallons)
Gas and fuel oils (gallons)..
Lubricating oils (gallons)..
Electric power produced by public
utility plants (kilowatt hours,
000,000 omitted):
Produced by water power
Produced by fuels
Total..
1924
1923
20,191
2,876
130,078
11,403
1,683
81,965
168,569
217,000
554,456
168,000
491,640
14,141
12,891
91,628
96,855i
84,133
541
180
545
1761
562
179
112
113
124
1,018
357
1,126
363
1,027
336
12,757
1—
• *
142,862
120,607
2,432
100,336
462,534
3,432
105,655
756,818
2,508
67
280
1,520
91
209
1,868
103
210
1,460
14,130
15,391
76,803
1,577
13,555
19,393
49,120
2,441
47,131
29,132
98.578
2,725
39,118
14,745
508
77,309
36,766
14,910
467
62,029
41,881
14,299
587
75,576
65,657
49,182
1,509
133,509
100,743
58,718
3,101
87,975
30,282
49,560
1,926
93,675
729,055
689,996
1,099,328
768,903
368,676
429,234
1,223,863
1,184,803
741,949
209,471
105,520
231,359
106,795
126,668
140,981
19,997
17,115
20,748
7,088
12,075
29,327
14,324
8,862
3,304
16,892
45,180
405
73
5,338
12,238
45,314
15,722
15,162
511,277
32,042
5,441,526
601,413
39,184
6,356,074
491,359
31,427
4,428,119
25,910
27,416
23,272
1,777
8,831
579
6,068
2,819
7,884
604
19,045
1,661
8,508
504
7,747
1
331
359
1,137
359
1,195
413
1,025
342
337
332
321
26,189
61,379
24,924
51,489
27,986
50,318
119,216
256,482
105,007
228,673
119,011
346,220
45,780
7,376
40,734
6,776
40,165
7,700
900
630
1,063
3,067
2,929
2,999
56,617
352,896
56,309
359,658
59,546
334, 774
994
1,007
887
55,029
762,046
233,621
1,134,147
94,948
55,779
760,647
232,666
1,160,683
97,223
50,364
617,558
220,811
1,057,932
96,120
40,404
1,133,169
337,448
1,641,090
242,246
40,319
1,152,374
308,125
1,611,586
247,998
33,012
985,046
239,114
1,499,926
231,335
1,735
3,772
5,507
1,558
3,492
5,051
1,681
3,275
4,956
Figures for November and October, 1924, and November, 1923.
114
FEDERAL RESERVE BULLETIN
COMMODITY MOVEMENTS—Continued
COMMODITY MOVEMENTS—Continued
De cember, November, December,
1924
1924
1923
Metals
Iron and steel:
Iron ore shipments at Lake Superior Gong tons, 000 omitted)
Pig iron production (long tons,
(OOOJomitted)
Steel!ingot production (long
tons, (000 omitted)
Unfilled orders, United States
Steel Corporation (long tons,
000 omitted)
Fabricated structural steel
orders (tonnage)
...
Steel castings booking (net
tons)
Silver production (troy ounces,
000 omitted)
Copper production (pounds, 000
omitted)
Zinc (pounds, 000 omitted):
Production
Stocks at close of month
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories
Stocks at close of month
December, November, December,
1924
1924
1923
Hides, Leather, and Shoes
2,065
2,962
2,510
3,552
3,107
4,817
4,032
232,000
240,700
74,220
5,794
5,522
136, 244
136,626
95,422
42,416
106,830
85, 266
53,824
108,346
9,150
6,371
12,970
4,679
Textiles
Cotton (bales, 000 omitted):
Sight receipts
Americon spinners' takings
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month
(000 omitted)
Spindle hours active during
month (000,000 omitted)
Finished cotton fabrics:
Finished yards billed (yards,
000 o m i t t e d ) . — .
Orders received (yards, 000
omitted)
Shipments (cases)
Finished stocks (cases)
Wool:
Consumption (pounds, 000
omitted)
Percentage of active machinery
to total reported—
Looms wider than 50-inch
reed space
Looms 50-inch reed space
or less
Sets of cards
Combs
Spinning spindles, woolen.
Spinning spindles, worsted.
Percentage of active hours to
total reportedLooms wider than 50-inch
reed space.*.
Looms 50-inch reed space
or less
Sets of cards
Combs
Spinning spindles, woolen.
Spinning spindles, worsted
Men's and boys' garments cut:
Men's suits, wholly or partly
wool
Men's suits, all other materials.
Men*s separate trousers, wholly
or partly wool
Men's trousers, all other materials
Men's overcoats..,
Boys' suits and separate pants.
Boys' overcoats and reefers
Raw silk:
Consumption (bales)
__.
Stocks at close of month (bales)
Imports (pounds, 000 omitted).
Hosiery (dozen pairs, 000 omitted) :J
Total, all classes
Men's
Women's
» Figures for November and October
FEBRUARY, 1925-
2,478
1,128
1,319
4,624
4,805
532
32,662
7,817
2,767
964
1,047
4,914
4,346
492
31, 790
7,124
Raw hides and skins (000 omitted):
Stocks at close of m o n t h Cattle hides
10
Calf and kip skins
Goat and kid skins
2,863
Sheep and lamb skins
Stocks disposed of during
month—i
4,445
Cattle hides
Calf and kip skins
225,150
Goat and kid skins
.
Sheep and lamb skins
41,014 Sole leather, cattle (backs, bends,
and sides) (number, 000 omit4,748
ted):
Production
129,354
Stocks in process
Tanners' finished stocks
92,970 Upper leather:
73,156
Cattle (sides)—*
81,622
Production
Stocks in process
10, 774
Total finished stocks
3,700
Calf and kip skins—a
Production
Stocks in process
Total finished stocks
Goat and kid skins—2
1,707
Production
1,007
Stocks in process
1,628
Total finished stocks
3,513
Sheep and lamb skins—>
Production
464
Stocks in process
Total finished stocks..
34,050
Boots and shoes, output (pairs,
000 omitted):'
7,139
Men's
Women's
94,824
All other
_
91,686
75,822
84,652
46,531
42,163
81, 689
39,052
41, 516
81,041
46,586
49,506
51,098
48,380
45,452
76.4
75.6
73.1
74.0
84.3
78.1
84.0
75.3
78.0
84.2
80.3
83.0
77.3
79.1
83.4
75.1
80.6
76.9
77.8
76.8
71.2
70.0
92.3
92.4
92.1
77.5
71.6
92.1
95.8
89.5
76.1
65.9
87.4
83.3
80.7
74.2
964,727
181,318
795,520
102,693
579,698
96,125
431,719
695,586
849,238
44,455
90,312
424,394
99,369
504,898
16,057
33,961
61,533
6,413
32,939
55, 516
5,351
23,274
40,959
4,048
4,137
1,664
1,654
4,431
1,848
1,717
3,885
1,660
1,463
292,259
391,702
1924, and November, 1923.
Total..
4,261
2,901
6,713
6,019
4,055
3,015
7,675
6,359
5,228
3,14a
9,921
783&
1,668
1,101
1,284
2,772
1,940
1,279
1,257
3,246
1,496
1,041
1,286
2,870
1,379
5,065
5,399
1,218
5,172
5,499
1,312
5,510
9,010
990
2,439
4,373
1,185
2,355
4,747
1,434
2,637
6,036
1,390
3,646
6,557
1,494
3,829
6,403
l,43fr
4,102
7,377
2,568
5,073
19,815
3,014
4,587
20,810
7,380
21,418
1,343
2,343
5,247
1,798
2,374
4,951
1,612
2,386
6,872
6,992
8,456
9,709
8,333
11,108
11,385
8,065
7,957
10,92&
25,157
30,826
3,238
Building Materials
Brick (number, 000 omitted):
Clay fire brick—
56,485
Production
53,657
Shipments
236,451
Stocks at close of month.__
62,074
New orders
_
Unfilled orders, close of
67,823
month
Face brick—
32,436
Production
19,366
Shipments
92,717
Stocks in sheds
Unfilled orders, close of
30,558
month
Silica brick—
17,568
Production
16,046
Shipments
36,512
Stocks at close of month
Paving brick—
26,429
Production
11,353
Shipments
102,993
Stocks at close of m o n t h . . .
14,585
Orders received
Unfilled orders, close of
49,190
month.
Cement (barrels, 000 omitted):
10,435
Production
5,506
Shipments
13,857
Stocks, close of month
Oak flooring (feet, 000 omitted):
36,975
Production
34.642
Shipments
39,887
Orders booked
43,823
Stocks at close of month
53,295
Unfilled orders
Maple flooring (feet, 000 omitted):
10,034
Production
6,935
Shipments
10,662
Orders booked
25,992
Stocks at close of month
12,735
Unfilled orders
> Figures for November and October, 1924, and
51,830
48,403
234,835
51,865
46,873
48,131
183,009
47,188
58,581
59,142
32,677
26,967
77,976
30,42a
19,158
77,832
32,807
36,672
12,679
11,830
34,990
5,980
8,492
41,259
31,869
26,791
87,347
15,524
26,691
16,70$
111, 192
19,390
50,141
71,152
13,141
10,289
8,925
9,997
6,408
10,900
37,064
35,721
46,103
41,795
47,883
26,032
27,435
37,851
41,140
47,700
11,633
7,946
8,876
7,284
10,381
8,366
24,239
22,931
15,375
8,859
November, 1920.
COMMODITY MOVEMENTS—Continued
COMMODITY MOVEMENTS—Continued
December, November, December,
1924
1924
Miscellaneous ManufacturesContinued
67,141
94,358
96,742
68,482
81,813
68,519
79,909
36,165
93, 614
77,086
173,274
112,029
79,567
153,395
75,771
108, 569
71,835
113,022
92,874
232,203
117,453
83,076
213,448
83,390
114,560
79,894
129,620
39,507
152,196
54,126
42,524
130,493
40,437
02,332
46,327
58,860
Miscellaneous Manufactures
Chemicals:
Acetate of lime (pounds, 000
omitted)
_._
Methanol (gallons)
Wood pulp (short tons):
Production
Consumption
Shipments
Stocks at close of month
Paper (short tons):
Newsprint—
Production
Shipments
Stocks at close of month...
Book paper—
Production
Stocks at close of month..
Paper b o a r d Production
Stocks at close of m o n t h . .
Wrapping p a p e r Production
Stocks at close of m o n t h . .
Fine p a p e r Production
Stocks at close of month...
Advertising (agate lines, 000
omitted):
Magazines
Newspapers
*
Rubber (pounds, 000 omitted):
Imports (pounds, 000 omitted)
Consumption by tire manufacturers
—
Tires and tubes (number, 000
omitted):
Pneumatic tires—2
Production
Shipments, domestic
Stocks at close of month...
Inner tubes—
Production
Shipments, domestic
Stocks at close of month..
Solid tires—
Production
Shipments, domestic
Stocks at close of month..
Automobiles:
Production (number)—
Passenger cars..
Trucks.._
Shipments—
By railway (car loads)
Driveways (number)
By boat (machines)
* Preliminary.
December, November, December#
1924
1923
1924
1923
Building Materials—Continued
Enameled ware (number):
BathsShipments
_
—
Stocks at close of month
New orders
Lavatories—
Shipments...
...
Stock at close of month
New orders
SinksShipments
Stocks at close of month...
New orders...
Miscellaneous w a r e Shipments
Stocks at close of month...
New orders
_.
115
FEDERAL RESERVE BULLETIN
FEBRUARY, 1 9 2 5
Locomotives (number):
Domestic shipped
Foreign completed
Total
132
10
123
10
305
24
142
133
329
Unfilled ordersDomestic
Foreign
358
73
331
66
365
22
Total
431
397
387
77
15,167
53
12, 650
176
38,880
43,110
770
27.3
38,159
701
27.0
212
169
812
54
282
44
1,044
1,316
229
166
758
42
288
78
1,024
1,493
196
155
703
48
256
45
976
1,207
3,931
4,078
3,587
912
789
194
628
470
625
312
941
798
202
631
531
652
324
880
749
148
527
458
573
252
3,931
4,078
3,587
232, 233
94,934
101,318
153,013
53, 215
76, 599
240,936
94, 679
120,115
196
114
31
449
188
219
340
73
135
189,140
158,175
2,073
2,812
2,633
3,066
2,237
2,727
4,885
5,699
4,964
42,5
46.1
45.1
Vessels built in United States and
officially numbered by the
Bureau of Navigation:
Number . .
Gross tonnage
Transportation
Freight carried by Class I railways:
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per t r a i n . .
Net tons per loaded car
10,306
560, 904
11,814
624,433
179,572
162,959
18,063
143,839
178,358
165,321
, 17,958
145,389
120, 262
121, 357
23,838
116, 603
119, 584
24, 774
86,801
39,398
85,957
37,762
112,341
42,534
113,470
36,487
190,148
153, 204
16, 555 Revenue freight loaded and re92, 627
ceived from connections (cars
loaded, 000 omitted):
Classified by nature of prod117,790
ucts116,826
Grain and grain products..
23,669
Livestock
_
Coal
60,812
Coke
27,485
Forest products
Ore
88,339
Merchandise, 1. c. 1
34,257
Miscellaneous
50,222
64,760
47, 627
62,464
42, 576
58,134
24,454
41, 714
23,955
41,218
20,921
39,530
1,537
102,667
2,121
102, 662
1,746
102,475
75,468
66, 597
39,812
24,772
59,152
3,380
2,936
5,623
3,190
3,273
5,207
2,427
2,604
4,329
4,620
3,907
8,218
4,602
4,679
7,668
3,289
3,549
6,318
53
40
179
42
41
149
32
56
149
178, 570
25, 333
201, 652
26,246
275,121
27,275
31,852
20,814
900
27, 365
19, 939
4, 755
34,984
27, 608
4,000
Total
Classified by geographical divisions—
Eastern
Allegheny
_
Pocahontas
Southern
_.
Northwestern
Central western
Southwestern
Total
Freight car surplus (number):
Total
.- . .
Box...
Coal
Freight car shortage (number):
Total
Box.
Coal
Bad-order cars (total) condition
first of following month
Vessels cleared in foreign trade
(tons, 000 omitted) :
American
Foreign .
Total .
Percentage of American to
total . .
116
FEDERAL RESERVE BULLETIN
COMMODITY MOVEMENTS—Continued
December, November, December,
1924
1923
1924
FDBBUARY, 1925
WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES
WHOLESALE
TRADE IN T H E UNITED
STATES, BY
LINES
[Average monthly sales 1919—100]
Transportation—Continued
Commerce of canals at Sault Ste.
Marie (tons, 000 omitted) :
Eastbound
.Westbound
4,807
1,812
6,619
1,758
192
BUILDING STATISTICS
Building permits issued in 168
cities, grouped by Federal reserve districts:
Number of p e r m i t s Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities).
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)-..
Total
Value of permits (dollars, 000
omitted)—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)....
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)...
Total...
Building contracts awarded:
By Federal reserve districts
(dollars, 000 omitted)—
Boston
New York
Philadelphia
Cleveland
_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
GroDry
Hard- Drugs
ceries Meat goods Shoes
1,567
1,679
Total
1,400
279
1920 average
1921 average
1922 average
1923 average
1924 average
112
73
74
83
82
115
83
83
95
90
116
82
112
97
100
111
113
1923
1,877
6,963
1,629
2,968
3,023
2,763
7,793
1,690
726
1,555
1,633
8,909
!
j
i
i
2,629
8,659
2,241
4,798
3,980
3,392
10,799
2,254
1,455
2,577
2,166
9,668
1,883
8,189
1,734
3,471
2,283
2,337
8,307
1,555
1,244
1,473
1,519
10,112
41, 519
54,618
44,107
9,991
84,679
12,666
20,080
13,740
10,187
39,168
8,607
3,404
7,490
5,794
30,909
12,704
66,569
11,967
16,641
11,611
7,751
50,134
5,852
4,844
6,622
5,313
28,604
9,359
83,918
8,796
21,472
10,116
6,794
40,537
7,025
7,997
6,742
4,871
36,656
246,715
228,612
24,622
110,312
24,906
55,357
21,970
26,429
70,790
28,460
8,176
3 7,139
11,810
24,835
111,421
15,960
28,175
22,452
18,501
40,436
20,851
13,397
6,557
74 I
73 i
80
80 I
81
88
81
85
101
95
108
109
112
118
114
100
106
106
117
102
90
115
112
112
92
113
107
121
106
107
107
106
111
115
129
111
99
1924
January
February...
March.
April
May
June
July
August
September..
October
November..
December..
244,283
25,920
101,127
17,899
44,123
23,299
27,471
51,198
22,794
5,713
3 6,983
12,962
January
February...
March
April
May.
June
July..
August
September..
October
NovemberDecember. .
80
77
80
79
81
83
83
83
93
100
89
83
97
98
90
81
72
70
79
102
116
104
88
77
49
49
65
69
56
52
44
56
69
67
57
56
91
90
104
108
104
106
111
100
116
110
118
114
110
105
110
108
117
128
109
109
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS
Groceries:
United States
Boston district
New York district
Philadelphia district...
Cleveland district
Richmond district
339,489
389,971
<302,585
Total (11 districts).
Atlanta district
Chicago district
St. Louis district
By classes of construction
Minneapolis district....
(square feet, 000 omitted)—
Kansas City d i s t r i c t 29,728 !
Residential buildings
31,553
30,501
Dallas district
4,102
3,040
4,591
Industrial
San Francisco district..
7,426
7,206
8,957
Business
Dry goods:
2,485
2,536
3,464
Educational
United States
1,232
305
322
Hospitals and institutions.
New York district
1,245
1,426
710
Social and recreational
Philadelphia district...
481
450
520
Religious and memorial..
Cleveland district
260
366
381
Public
Richmond district
Atlanta district
47,845
46,800
49,002
Total (27 States)»
Chicago district
St. Louis district
8
Minneapolis district...
District No. 10, excluding Colorado.
Kansas City district—
* Total 10 districts. No figures available for Dallas district.
Dallas district
«Includes miscellaneous building contracts as well as groups shown.
San Francisco district.
113
77
76
83
84
Percentage change
in
December,
1924, sales as com*
pared with—
Novem- December, 1924 ber, 1923
-6.5
0.1
-9.7
-2.1
-3.2
-1.7
4.1
-6.0
-4.7
-15.4
-15.1
-3.9
-12.4
10.2
4.4
2.2
7.6
2.5
5.9
17.0
10.2
13.3
6.5
19.1
14.3
-14.2
10.5
-10.9
4.6
-27.3
-25.5
-18.0
-33.2
-17.9
-26.0
-48.5
-17.0
14.7
24.2
11.7
11.9
4.1
19.4
21.8
4.7
6.2
12.6
18.6
-6.5
FEBRUARY,
117
FEDERAL RESERVE BULLETIN
1925
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued
Percentage change
in D e c e m b e r ,
1924, sales as compared with—
Percentage change
in D e c e m b e r ,
1924, sales as compared with—
December, 1923
NovemDecember, 1924 ber, 1923
November, 1924
Shoes:
United States
Boston district.. . .
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St Louis district
IVtinneapolis district
San Francisco district
Hardware:
United States
New York district
Philadelphia district
Cleveland district
Richmond district-- _ __ .
Atlanta district
Chicago district
_
St Louis district
Minneapolis district
Dallas district
San Francisco district
Drugs*
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago*district
St. Louis district
Kansas City district
Dallas district
San Francisco district...
-1.1
22.6
10 3
28.1
2.2
-19.2 i
-26.7
-3.3 !
-41.5
—14.1
-23.0
.
.- _
0.7
2.1
7.5
-6.0
-4.1
5.1
-1.5
-7.6
-4.4
5 4
-
4.1
3.1
0.5
5.4
t
1
11.7
5.4
-2.3
-1.0
—1.5
-2.8
-3.5
-1.1
-3.6
i
!.
!
|
!
Furniture:
Richmond district
10.2
Atlanta district
41.5
18 7
St. Louis district
Kansas City district12.0
27.2
San Francisco district
-4.6 Agricultural implements:
18.2
United States
24.2
Atlanta district
26.4
Minneapolis district,—7.3
Dallas district
18.8
San Francisco district
Stationery:
9.2
New York district __
—0.1
Philadelphia district
7.5
Atlanta district
16.6
San Francisco district
3.4 Automobile supplies:
12.5
San Francisco district
12.8 Clothing:
7.3
New York district..
11.5
St. Louis district
24.6 Machine tools:
27.1
New York district
-6.4 Diamonds:
New York district
9.7
Jewelry:
15.9
New York district
18.1
Philadelphia district
Electrical supplies:
5.3
14.5
Philadelphia district...
2.2
Atlanta district
4.1
St. Louis district
- 6 . 1 Millinery:
15.2
Kansas City district 21.3 Stoves:
20.5
St. Louis district
—18.7
18 1
20.6
23 0
17.1
—23 4
1.6
—9 3
-8.7
-4.8
—15.4
—12.7
60 3
—18.8
9a
31.8
20 3
82
13 8
—1.3
13 2
—0.4
—14 3
24 1
—11 3
9.0
-
_-
. .
8.9
0.6
-8.4
-12.2
21.3
-49.6
55.1
12.8
-8.2
8.6
41.0
._..
26.7
0.9
-6.8
75.8
1.8
38.6
23.5
28.4
6.0
1.8
25.2
8.4
-32.9
2.6
2.5
RETAIL TRADE BY REPORTING ONES
[Average monthly sales 1919=100]
Sales without seasonal adjustment
o
1920 average
1921 average
1922 a1
1923
1924 average
109
86
101
113
101
95
88
96
99
100
97
82
103
102
136
149
214
132
132
187
159
170
176
176
179
176
185
174
261
116
117
124
117
124
126
119
128
124
130
126
126
91
92
97
100
109
101
100
97
97
104
98
98
170
176
189
177
188
186
184
187
191
193
200
192
January
February
March.
April
May.
June.
July
August
September.
October.
November.
December
84
97
99
88
82
75
72
91
110
124
111
184
154
165
181
208
189
176
184
184
185
202
184
276
125
127
115
130
123
120
122
119
131
124
126
131
100
101
91
111
100
104
93
98
112
109
105
123
202
198
182
205
211
200
211
208
218
230
227
239
sic chai
chains]
cha
hain
HI
M
138
142
147
176
191
January
February.
March
April
May.
June.
July
August
September.
October.
November.
December.
•g-s-i
g chain
chains
Grocery
chains
chains)
lw
Mail-orde
houses
11
chai
ains]
Sales with seasonal adjustment
158
156
169
151
162
168
157
161
162
166
168
179
134 133
138 130
143 139
139 130
144 134
151 140
139 129
145 138
145 140
149 132
150 135
152 143
113
107
145
107
124
135
112
121
133
123
121
130
173
179
170
190
183
176
179
\ 181
183
188
191
146 137
150 140
147 140
149 136
153 141
146 134
147 129
151 141
147 137
156 137
154 139
153 142
130 ! 102 183
132 I 112 188
118 i 110 179
208
153
196
130
188
132
188
123
184
138
188
129
197
122
193
134
187
142
I
!
I
j
115
106
106
116
120
122
111
115
102
113
119
113
157
157
185
159
176
188
180
179
178
181
183
178
118
FEDERAL RESERVE
FEBRUARY, 1925
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
W I T H O U T SEASONAL A D J U S T M E N T
[Average monthly sales 1919=100]
District District District District
District No. 2— No. 3— No. 4— No. 5— District
No. 6—
PhilaCleveRichNo. 1—
New
Atlanta
Boston
York
delphia
mond [35 stores)
land
(24 stores) (63 stores) (22 stores) (54 stores) (23 stores)
1920 average
1921 average
1922 average
1923 average
1924 average
January
February
March
April
May
June....
July
August
September
October
November
December
January
February. _
March
April
May
June
July
August
September
October
November
December..-
<
.
116
114
119
127
126
120
115
118
127
132
118
112
114
127
125
127
112
112
130
128
113
107
104
111
117
119
101
94
104
101
123
110
114
132
133
112
103
99
105
104
120
99
92
99
102
121
116
122
139
143
120
110
112
124
125
108
92
127
128
133
136
90
99
116
144
146
210
110
89
125
123
130
130
86
90
113
161
153
215
107
101
133
115
128
133
82
93
104
154
169
203
101
96
136
128
138
137
96
112
118
151
141
204
87
76
120
104
115
118
80
80
93
136
130
195
78
105
101
109
102
77
81
92
132
119
168
104
96
129
132
136
138
96
120
128
154
148
209
88
74
103
111
109
105
79
96
103
125
112
156
82
74
100
90
107
93
68
70
102
126
114
158
115
102
134
124
147
128
116
136
126
160
146
236
101
90
124
119
128
126
89
100
113
148
142
202
120
101
113
137
132
131
89
86
115
137
140
215
120
103
118
137
132
127
93
83
127
161
153
226
110
111
120
136
124
123
82
85
109
144
153
208
109
112
120
145
133
126
94
101
117
134
139
207
94
88
109
128
116
118
85
78
106
137
137
214
85
83
94
107
104
95
73
72
94
120
113
170
112
112
123
145
135
125
99
108
133
136
154
219
88
77
94
115
109
99
81
89
102
116
111
162
85
82
94
101
105
95
71
70
114
126
115
171
132
121
134
139
146
125
116
136
130
157
144
238
109
102
115
133
127
121
90
93
119
141
141
94
94
95
94
106 1
96 |
99 I
102
108
99
97
129
134
136
130
142
136
139
140
135
147
145
150
117
124
117
124
126
119
128
124
130
126
126
106
104
100
101
99
114
107
100
105
149
152
,135
145
141
133
139
139
139
144
142
151
125
127
115
130
123
120
122
119
131
124
126
131
1923
_
_.
__
1924
_
District
District District District No. 12—
Index
No. 9—
No. 7- Minnea- No. 11—
U.S.
San
Chicago
Dallas Francisco
(359
(63 stores) (23polis (21 stores) (31 stores) stores)
stores)
2
W I T H SEASONAL A D J U S T M E N T
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
1923
119
124
126
122
126
128
126
131
128
130
133
132
120
117
124
120
127
129
123
132
129
134
132
131
121
125
144
105
124
129
121
128
128
135
131
130
116
123
134
125
132
135
124
136
132
137
130
129
105
103
116
102
114
115
109
112
109
119
112
113
101
103
107
99
104
108
101
103
103
110
104
103
123
121
128
130
130
139
126
145
135
140
134
134
103
105
106
107
107
104
96
106
103
111
104
106
133
130
112
130
125
123
124
114
127
124
128
135
132
129
116
134
128
127
133
122
145
135
132
138
125
132
129
124
120
119
122
117
134
126
118
133
125
138
119
141
128
124
122
122
132
122
128
131
114
113
105
125
115
114
116
109
124
120
117
124
104
104
95
104
99
100
96
92
106
100
99
104
132
136
122
143
129
126
130
130
139
123
139
140
103
105
97
111
107
98
98
98
102
103
104
110
98]
1924
119
FEDERAL RESERVE BULLETIN
IfEBRUARY, 1 9 2 5
DEPARTMENT STORE STOCKS. BY FEDERAL RESERVE DISTRICTS
WITHOUT SEASONABLE A D J U S T M E N T
[Monthly average 1919=100]
District District I District District District
No. 1— No. 2— | No. 3— No. 4— No. 5—
CleveNew
PhilaRichBoston
York
delphia
mond
(24 stores) (63 stores)'(13 stores) ;52land
stores) (19 stores)
1920average~
1921 average..
1922 average..
1923 average..
1924 average..
District
No. 6—
Atlanta
(22 stores)
District
No. 7—
Chicago
(51 stores)
District District District District
No. 9— No. 11— No. 12—
Index
MinneDallas San Fran- U.S.
apolis ;i9 stores) cisco
(314
(22 stores)
(29 stores) stores)
126
108
116
122
123
137
116
117
125
128
120
118
131
150
154
137
116
111
125
131
133
105
109
121
126
134
114
112
119
116
136
123
123
147
152
123
105
103
110
109
143
117
109
116
107
132
116
118
130
137
133
115
116
129
132
107
111
120
125
124
116
109
115
129
142
145
123
108
112
124
129
128
119
113
121
134
145
147
123
118
135
148
153
148
143
137
152
166
176
176
145
100
114
124
130
127
120
119
124
135
144
147
120
113
124
126
122
115
113
114
130
141
142
112
105
112
119
121
121
113
111
120
130
134
133
106
115
137
149
150
145
137
135
158
162
164
171
140
96
105
115
113
112
106
103
108
115
121
121
104
97
107
115
119
117
110
107
121
128
131
130
109
110
121
128
135
130
125
124
131
138
143
147
123
107
118
129
132
129
122
119
129
139
146
149
123
111
115
128
128
126
119
116
113
125
135
141
120
113
119
130
135
130
122
115
120
133
146
147
125
132
152
162
162
152
146
141
144
160
171
172
151
110
126
137
141
138
128
119
123
136
146
145
120
104
121
134
134
130
122
113
116
128
143
145
118
109
123
125
124
121
113
109
109
118
126
123
128
144
162
161
153
145
142
149
159
169
167
141
97
106
114
112
113
106
102
106
115
121
107
118
126
125
120
113
110
121
129
133
131
104
125
131
143
148
141
134
132
131
140
147
148
124
115
127
138
140
135
127
122
126
137
147
147
124
1923
January
February. _
March
April
May
June
__
July.--....
August
September.
October
November.
December..
1924
January
February. _
March
April
May
June
_
July
August
September.
October
November.
December..
J
|
S
i
|
1
!
i
'
i
!
|
!
!
!
96 I
WITH SEASONAL ADJUSTMENT
1923
118
119
121
122
124
122
118
121
122
126
125
126
January
February. _
March
April
May
June
July.
August
September.
October
November.
December-.
121
121
121
124
127
125
123
125
126
130
129
129
I
!
j
!
j
|
123
123
129
125
126
125
126
119
118
120
122
123
127 i
127 !i
127
130
129 j
128 I
125 !
124 !
124 i
131 I
129 !
132 i
132
143
145
151
151
148
147
154
154
157
158
150
119
122
123
125
126
124
125
124
125
128
130
129
118
121
119
123
123
123
129
125
118
122
125
125
116 ;
115 i
118
119
124
119 !
148
162
161
159
156
151
151
146
148
153
155
157
131
135
136
136
137
131
125
123
126
130
128
129
124
129
128
130
132
130
120
118
116
124
127
131
121 !
127
124
122
124
119
116
109 i
108 '
112
119
120
119
119
119
119
I
I
i
!
I
l
130
147
150
144
146
145
144
152
152
146
152
150
I
108 i
108
111
110
108
111
109
110
110
111
111
114
113
114
115
119
116
115
115
115
113
115
117
127
!
i
j
|
i
|
i
i
!
i
i
i
120
125
126
131
130
131
130
130
131
132
135
135
121
126
127
128
130
128
128
130
130
131
133
132
144
155
164
155
155
153
152
144
149
150
148
152
110 j
109 i
110
108
109
111
108
107
110 |
111
112
108
124
126
125
125
119
119
118
115
114
118
118
122
i
I
;
I
137 !
137
140 !
143 i
141 !
141 i
138 I
130
133 |
136 !
135
135
131
135
137
136
135
133
130
126
128
132
131
133
1924
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
no ;
107
i
|
I
120
FEDERAL RESERVE BULLETIN
FEBRUARY, 1 9 2 5
INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES
ENGLAND
GERMANY
1924
» Five weeks.
5
End-of-month figures.
Septem- NovemNovemOctober
ber
ber
ber
December
Production:
19,743 26,024 20,451
Coal (thousand long tons)
584
Pig iron (thousand long tons)
586
580
Steel ingots and castings (thou551
sand long tons)
679
673
Raw cotton, visible supply 2
701
(thousand bales)
1,067
Exports :j x~m
Iron and steel and manufactures
312
309
303
(thousand long tons)
Cotton manufactures (million
413
333
368
yards)
5,168
4,759
Coal (thousand long tons).
4,933
Imports:
277
207
192
Raw cotton (million pounds)
Raw wool (million pounds)
37
32
68
Raw hides, wet (thousand
8,910
6,957
pounds)
6,565
Transportation:
Ships cleared with cargo 3 (thousand tons)
_
5,495
5,861
5,174
Freight-train receipts ( t h o u sand pounds sterling)
9,661
Freight-train traffic (million ton1,689
miles)
Wnemployment:
A m o n g trade-unionists (per
9.2
8.6
8.7
cent)
In insured trades (per cent)
11.0
11.1
10.9
Index of security prices, Dec. 1921=
117.4
117.5
116.2
100
Capital issues (thousand pounds
27,711 22,122 34,972
sterling)
_
i
1923
1923
Decem- Novem
ber
ber
26,643
627
653
1,011
355
326
5,874
241
57
Exports:
Iron 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)
._
278,049
8,230
9.7
10.7
122,06£
29,380
32,309-
7,479
339,370
7,078
174,112
8,900
103,744
3,147
2,373
4,379
5,056 |
614
25,020
,023,593
,180,907
280
434
18,014
24,018
11,307
165,614
172,060 231,149
979,779 1,099, 783 1,864,69a
434
Decem- NovemOctober
ber
ber
Ship arrivals in Hamburg
(thousand net reg. tons)
Unemployment:
Applicants for every 100
positions—
1,511
135, 546
29,763
11,243
637,795
12,011
5,512
189, 676
32,793
1,462
_
Number receiving State aid.
Business failures.
Capital issues (billion marks).
Index of security prices: 1
25 domestic stocks, Jan. 4,
1924=-100
1,378
338
535,654
616
299
436,690
621
*74.9
4,176
1
2
3
Figures include Irish Free State.
941
435, 321 1, 533,495'
IT
752
2
Ml. 2
56. 8
63.2
82.6
Last week of month figures.
In millions of gold marks.
Excludes 24.5 million gold mark stable value loans.
CANADA
1924
1924
Production:
Coal 1 (thousand metric tons)
Pig iron (thousand metric tons)..
Crude steelLXtnousand metric
tons)..Cotton stocks at Havre a (thousand bales)
177,788
Exports:
Total volume (thousand metric
tons)
_
2,512
Imports:
Total volume (thousandlmetric
tons)
4,731
Raw cotton for consumption
(metric tons)
Raw silk (metric tons)
Coal (thousand metric tons)
Transportation:
Ships cleared with cargo (thousand tons)
2,522
Railway receipts ( t h o u s a n d
francs)
Freight-car loadings (average
daily number)
64,875
Unemployment:
Number in Paris receiving aid f.
278
Demands for employment not3
filled (number men in France) . 6,452
•3,675
634
Decem- November
ber
1923
Decem- Novem- October December
ber
5,304
660
4,303
565
558
609
526
123,345
76, 537
135,306
2,949
2,683
2,819
4,360
4,660
5,180
34,817
493
2,030
30,208
732
2,071
39,744
1,044
2,784
2,607
2,953
681,005 714,372
722,335
Production:
Pig iron (thousand tons)..
Crude steel
_
Railway receipts (thousand dollars)
Unemployment among tradeunionists (per cent)
Business failures (number) l
Authorized capital of new companies (thousand dollars) i
Bond sales (thousand dollars)
Security prices, average market
prices, 20 industrial stocks
Receipts of wheat at Fort William
and Port Arthur (thousand
bushels).
Receipts of livestock at stockyards
in Toronto and Winnipeg:
Cattle (number)
Hogs (number)
_
2,534
64,256
65,471
57,995
118
59
238
7,829
7,053
4,914
* Coal and lignite, includingfLorraine and the Saar.
Bale of 50 kilos. End-of-month figures.
End-of-month figures.
* Five weeks.
« Excluding the Saar district.
1,348-
112.8
FRANCE
2
3
1,485
December
29
20
60
41
38, 856
42,058
41,391
54
9.7
49
6.8
48
7.2
56
17,168
43,808
13,602
28, 514
6,970
6,947
13,876
16,803.
102.0
99.9
94.9
96.5
42, 660
40,891
51,910
78,533
79,237
69, 505
65,782
46,246
64,856
Exports:
Planks and boards (million
feet)
189,508
Preserved fish ( t h o u s a n d
pounds)
._. 17,252
Wood pulp (thousand pounds). 177,780
26,982
Wheat (thousand bushels)
Imports:
1,408
Coal (thousand tons)
Raw cotton (thousand pounds) 15,765
2,023
Machinery (thousand dollars).
Average for weeks reported.
Octo- December
ber
23
23
November
1
1923
October
Septem- November
ber
220,255
184,799
213,028
20,136
152,812
14, 288
18,390
145,992
10,268
15,967
146,005
64,197
1,416
7,920
2,009
1,316
4,326
1,915
1,599
12,213
2,445
121
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
FOREIGN TRADE OF PRINCIPAL COUNTRIES
UNITED STATES
[Thousands of dollars]
FOREIGN COUNTRIES
1923
Accumu- Accumulative
lative
Decem- Novem- through through
last
last
ber
ber
month
month
noted
noted
1924
By classes of commodities:
I
Total
i
Crude materials for manu- !
facturing
Foodstuffs in crude condition__
_
Foodstuffs partly or wholly
manufactured
Manufactures for use in
manufacturing
Manufactures ready for consumption
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
333,562
296,350 3,610,553 3,792,066
131,701
112,843 1,237,161
1,385,983
40,098 j 38,074
424,916
363,032
27,896
29,091
522,013
530,208
52,931
654,923
720,729
61,463
1,948
749,376
22,164
771,300
20,814
68,990
2,185
110,721 ; 97,949 1,096,356 1,157,056
14,436
149,613
13,596 147,637
161,193
12,793
11,894 139,258
92,268
9,084
75,004
7,986
404,072
39,349 35,669 366,477
69,136 71,362 995,075 1,001,518
36,489 35,144 399,068
416,005
44,524 41,925 466,471
467,421
6,294
115,276
75,298
4,582
98,017 80,959 980,305 1,079,011
39,626 28,347 340,061
346,940
11,165
87,061
72,345
4,156
By classes of commodities;
Total
Crude materials for manufacturing
Foodstuffs in crude condition
_
Foodstuffs partly or whollyj
manufactured
Manufactures for use in
manufacturing
Manufactures ready for
consumption
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
444,880
493,597 4,590,147 4,167,493
168,273
196,385 1,326,286
1,202,044
39,516
58,599
392,135
257,478
54,388
54,800
574,037
583,292
610,554
563,718
53,704
50,872
122,093 124,939 1,588,183 1,477,759
6,424
888
676
6,555
76,778
7,114
6,230
92,397
273,342 305, 551 2,444,490 2,093,415
27,862 36, 765 281, 664
272,132
50,671 58,441 440,538
316,837
23,914 22,863 187,040
167,532
115,884 125,835 982,035
882,321
76,398 93,105 1,089,188 1,086,168
38,]23 53,110 623,166
651,921
29,752 26,994 315,065
269,318
10,702 10,013 116,998
112,782
58,362 63,159 671,110
657,921
26,451 31,559 250,320
264,228
4,787
7,026
70,294
60,671
France (million francs):*
Imports
Exports
Germany (million gold marks):
Imports
Exports
United Kingdom (thousand £ |
sterling):
Imports
Exports
Reexports
—
Canada (thousands of dollars):
Imports
Exports
Japan (million yen):
Imports
Exports
4,118
4,042
3,415
3,433
40,132
40,845
32,688
739
1,048
643
9,317
6,567
6,081
6,07»
131,610
69,308
12,052
118,740 1,279,845
68,151
795,365
12,327
140,149
1,096,226
767,258
118,544
60,946
125,462
66, 250
808,128
119,876 1, 070, 522
903,031
1,028, 530
2,448
1,802
1,981
1,447
1,783
1,287
14,685
11,350
10,120
6,976
200
204
2,136
1,964
1,846
1,531
1,458
1,347
15,246
11,120
13,978
218
159
218
173
2,144
1,524
1,834
1,175
144
103
142
108
1,409
969
763
129
123
130
122
1,282
1,128
1,23a
1,011
261
357
260 !
1,716
2,156
185
180
! November
Belgium and Luxembourg (million francs):
Imports
Exports
Denmark (million kroner):
Imports
Exports
Italy (million lire):
Imports.
Exports
Netherlands (million guilders):
Imports
i
Exports
I
Norway (million kroner):
j
Imports
S
Exports
j
Sweden (million kroner):
Imports
!
Exports
j
Brazil (million milreis): 1
Imports
Exports
Australia (thousand £ sterling): J
Imports
!.
Exports
!.
India (million rupees):
|
Imports
Exports
South Africa (thousand £ sterling):
Imports
^ Exports
191
181
October
211
188
12,688
14,720
120,799
103,018
1,415
1,886
112,080
84,967
208
298
2,265
3,463
2,115
3,106
6,490 I
6,798 |
60,395
65,894
51,073
66,270
225
4,741
7,028
* Figures for July and August and cumulative through July, 1924, and
1923.
The following table presents the Federal Reserve Board's index numbers of the monthly volume of foreign
trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country
and principal European trade regions. For methods of construction of these indexes reference may be made
to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921.
INDEX OF OCEAN FREIGHT RATES
FOREIGN TRADE INDEX
[1913=100]
[January, 1920=100]
1924
1923
Imports:
Total
Raw materials
Producers' goods
Consumers' goods
Exports:
Total
Raw materials..
Producers' goods
Consumers' goods
__
194.7
185.4
226.3
153.2
186.7
150.8
258.0
138.0
198.5
133.7
308.0
152.2
177.5
133.0
2612
120.8
175.1
1210
241.4
182.0
136.7
135.3
186.0
117.4
155.6
166.6
184.9
104.7-
157.8
164.4
174.7
127.8
135.7
129.8
206.7
120.5
114.8
103.9
150.0
133.7
1924
1925
NoOctoSepDeDetember cember
cember vember ber
January
United States Atlantic ports
toUnited Kingdom
French Atlantic
Netherlands and Bel•
gium.
Scandinavia
_
Mediterranean
All Europe
_.
NoOctoDecember vember ber
January
i
29.8
27.6
25.6
23.5
23.8
26.9
29.7
27.8
25.3
23.5
23.5
26.7
32.2
28. 8
27. 5
23.5
22. 9
28.1
31. 9
i 28. 4
i 28. 4
I 23. 5
1 22. 7
j 28.1
27.5
25.4
24.5
22.6
20.2
219
122
FEDERAL RESERVE BULLETIN
FEBRUARY,
1925
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
(Bank figures are for end of month, except for London clearing banks, which are daily averages.)
ENGLAND
FRANCE
[Millions of francsj
[Millions of pounds sterling]
1924
1924
1923
Decem- Novem- October Decem ber
ber
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 deposits
Ratio of gold and note reserve to deposit liabilities..
Bank notes in circulation
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice.
Discounts and advances
Investments. _
Total deposits
Total clearings
Government floating debt:
Total.Treasury bills
Temporary advances
Index number of foreign exchange
value of the pounds sterling
127
146
127
146
2
23
41
82
104
9
166
126
146
23
42
76
14
111
127
146
18
50
81
16
117
1923
Decem- Novem- October December
ber
ber
Bank of France: x
Gold reserve
Silver reserve __
War advances to the Government
Note circulation
Total deposits
Commercial bank loans
Commercial bank deposit?
Clearings, daily average of Paris
banks
Savings banks, excess of deposits
(40 withdrawals (—)
Price of 3 per cent perpetual rente.
3,681
306
3,680
304
3,680
303
3,676
297
22,600
40,604
1,973
22,600
40,447
1,994
15,342
15,376
22,700
40,529
1,968
14,968
14.854
23,300
37,905
2,384
14,380
14,538
1,043
956
909
935
-21
50.00
-24
50.00
-16
49.85
4-2
53.60
Not including gold held abroad.
11.5
101
296
19.3
101
285
19.8
101
285
14.9
106
299
3,448
102
1,045
307
1,628
3,317
104
1,045
311
1,634
3,414
111
1.033
340
1,673
2,914
846 !
626 I
220 I
128.7 I
789
•619
170 !
788 |
624
164 !
128.1
860
652
208
126.6
ITALY
[Millions of lire]
1923
1924
CANADA
[Millions of dollars]
1924
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 2circulation
Bank clearings
Bank debits
54
1,139
309
497 I
177 i
2,108 |
55
1,170
269
554
173
1,708
54
1,142
254
566
163
2,031 i
138 I
244 |
1,647 I
2,829
* Not including gold held abroad.
123
240
1,772
2,963
210
1,364
2,198
2
1
1,132
1,832
6,941
10,413
7,348
2,661
1,130
1,857
10,813
9,292
7,756
2,544
912
8,374
3,938
397
12,458
2,400
230. 90
1,011
8,075
3,357
280
11,273
2,428
169.08
1923
Decem- NovemOctober December
ber
ber
Bank of Japan:
Reserve for notes *
Loans and discounts
Advances on foreign bills
Note circulation..
Government deposits
Private deposits
Tokyo banks:
Cash on hand
Total loans
Total deposits
Total clearings
1
Not including gold held abroad.
109
241
1,910
Total for month.
1924
Banks of issue:
1,132
1,132
Gold reserve
1,831
1,829
Total reserve
...
7,584
7,603
Loans and discounts
10,774
Note circulation for commerce. 10,646
7,248
7,297
Note circulation for the State i.
2,684
2,8!0
Total deposits
Leading private banks:
977
Cash
8,370
Loans anddiscounts
4,088
Due from correspondents
Participations
399
12,424
Total deposits..
"I'iooj 2.400
State note issue
Index of security prices
i 249.16 I 240.90
54
1,190
325
410
181
2,030
JAPAN
[Millions of yen]
November
NovemOctober
ber
1923
Sep- November
ber 1 October tember
1, 059
j
1,061
573
188
390
118
1,694
1, 694
193
52
1,061377
83
1,363
230
38
108
2, 614
1.859
2,586
1,364
286
37
108
121
2,375
1,854
3,561
2.620
1,845
2, 808
1,057
654
207
1.697
360
63
133
2,381
1,879
2,418
Gold abroad, gold coin and bullion in Japan.
DISCOUNT RATES OF CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Rate
In effect
since—
Country
Rate
Country
Rate
In effect
since—
P.ct.
P.ct.
4 July 5,1923 India
Jan. 22,1925
7
9 May 19,1924 Italy
A July 11,1922
9 Mar. 6,1924 Japan
Nov. 18,1919
7 Dec. 11,1924 Latvia.. ... 8.03 Feb. 16,1924
8
Jan. 15,1925
M a y 28,1924
6
10 Dec. 29,1923 Netherlands 4
Nov. 26,1924
10
Sept. 11,1924
7H Jan. 14,192S Norway
Nov. 28,1924
7
Jan. 17,1924
Sept. 17,1924 Poland
12H
Changes for the month.—Bank of Netherlands, Jan. 15, 1925, from 4H to 4 per cent; Bank of India, Jan. 2,
African Reserve Bank, from 6 to 5H per cent
P. ct.
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark
Nov. 6,1924
h A Jan. 22,1923
Aug. —,1924
10
13
x
England
Esthonia
Finland
France
Germany. _.
Greece
Hungary
Country
Portugal. . .
Rumania
South Africa
Spain
__
Sweden
.
Switzerland.
Yugoslavia. _
Rate
P.ct.
9
6
5H
5
4
6
In effect
since—
Sept.
Sept.
Jan.,
Mar.
Nov.
July
June
12,1923
4,1920
1925
23,1923
9,1923
14,1923
23,1922
1925, from 6 to 7 per cent; South
123
FEDERAL* RESERVE BULLETIN
FEBRUARY, 1925
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
Wholesale prices increased in December in
the United States by 2.8 per cent, in England
by 0.7 per cent, in France by 0.3 per cent, and
in Canada by 0.8 per cent, according to the
Federal Reserve Board's index numbers compiled for purposes of international comparison.
When these indexes are converted to a gold
basis, by making allowance for the depreciation of the foreign currencies in terms of the
dollar, price advances of 2.5 per cent are indicated for England and France and of 0.6 per
cent for Canada. The larger increases in
gold prices in France and England reflected
the continued advances in the exchange values
of the pound sterling and the franc, not accompanied by corresponding price declines.
In the United States advances occurred in
grains, metals, cattle, hogs, sheep, wool, coke,
and in all foods. These price changes were
reflected in the 3 per cent rise in domestic
goods, 3.6 per cent lise in raw materials, and
the 2.7 per cent rise in producers' goods.
Goods imported declined 0.8 per cent as the
result of the decrease in sugar, silk, and burlap.
In England prices are now on the same level
as a year ago, all groups rising slightly over
November. The principal commodities showing advances were wool, wheat, flour, sheep,
nonferrous metals, cotton yarns, mutton, and
beef. The largest group increase occurred in
export goods, which rose 1.5 per cent.
In France the group increases were generally small. Among the groups, by stage of
manufacture, the largest increase, 0.5 per cent,
w^as in raw materials.
In Canada, under the grouping by stage of
manufacture, raw materials and consumers'
goods rose, while producers7 goods declined 1.3
per cent. Export goods rose 2 per cent.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
1913 = 100
ON PAPER CURRENCY BASIS
1920
1921
1922
1923
CONVERTED TO GOLD BASIS
1924
1920
1921
1922
1923
1924
124
FEDERAL RESERVE BULLETIN
The tables below give the all-commodities
and group index numbers of wholesale prices in
the live 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
FEBRUARY,
1925
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 FOR ALL COMMODITIES
Converted to gold basis
On paper currency basis
Year and month
United
States
England i France
United
States
Japan
England
France
100
211
239
149
158
165
159
100
219
233
156
150
159
160
183
179
191
196
199
205
159
159
163
163
163
163
205
200
200
201
200
189
191
196
198
206
210
163
163
160
158
156
154
156
158
156
159
160
165
100
211
239
149
158
165
159
100
241
310
198
165
170
176
512
344
319
394
446
100
207
250
167
149
150
147
100
235
240
181
182
188
159
159
163
163
163
163
1913, average..
1919, average..
1920, average..
1921, average..
1922, average..
1923, average..
1924, average-
100
Canada
168
164
165
166
171
177
391
391
404
404
416
427
151
150
149
147
145
144
178
180
180
181
177
174
174
173
172
175
176
177
445
469
483
428
428
442
440
442
436
442
449
451
146
148
147
143
143
145
147
149
146
148
148
149
!
i
I
I
i
Japan
100
198
223
150
147
147
145
100
241
242
175
175
183
158
154
154
154
154
159
100 !
I
187
133 !
136
124
121 !
:
119 |
115
123
125
119
116 !
147
146
145
145
142
140
179
176
186
192
193
193
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
1923
July
August
September..
October
November..
December..
Canada
1924
January
February...
March
April
May
June
July
August
September..
October
November..
December..
163
163
160
158
156
154
156
158
156
159
160
165
i
I
I
!
i
!
!
j
i
j
!
|
|
!
|
!
I
I
i
I
I
I
i
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i
Grouped by stage of | Grouped by
manufacture
origin
Year and|month
All
commodities
ConRaw- Pro- summa- ducers' ers'
terials goods goods
Export
goods
Do-
goids
Grouped by j
origin
i
__! Ex! Do- Im- port
j mes- ported goods
tc
i
| goods goods I
'
!
FKANCE—contd.
UNITED STATES
1923—December...
1924—July
August
September-October
November...
December...
163
156
158
156
159
160
165
1923—December..
1924—July...
August
September _
October
November..
December..
177
174
173
172
175
176
177
I
|
i
i
167
163
164
161
165
165
171
179
171
171
168
171
174
175
157
147
149
148
146
147
151
168
163
165
166
168
169
171
162
154
156
156
158
162
165
183
188
184
183
187
187
188
165
148
159
132
160
139
143
158
146
160
161 ! 150
166 | 149
175
175
173
173
175
176
177
184
171
174
169
174
178
179
199
180
177
163
167
169
171
187
177
176
172
174
178
180
FRANCE
1923—December..
1924—July
August
Year and month
i Grouped by stage of
I
manufacture
All |
comConmodi- Raw
Proties
ma- ducers' sumers'
terials goods goods
427
440
442
442
447
456
456
450
455
395
430
419
410
427
427
509
.503
511
460
451
451
1924—September. .
October
November...
December.._
436
442
449
451
441
442
439
440
402
411
424
424
420
423
430
431
516 I
534 I
478
480
541 j
544 i
443
454
461
462
144
147
149
146
148
148
149
126
133
134
133
137
137
139
168
153
153
153
151
155
153
161
163
169
162
161
161
163
141
146
148
145
147
147
148
165
156
157
155
157
160
159
131
148
152
150
160
161
164
205
191
196
198
206
210
213
198
206
198
211
217
201
186
194
202
212
216
201
188
192
196
202
204
205
187
194
200
208
212
205
208
207
189
200
202
CANADA
1923—December...
1924—July
August
September-.
October
November...
December...
JAPAN
1923—December...
1924—July
August
September..
October
November..
Decembei...
i
i
I
I
211
178
194
200
204
213
1
Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,
June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922.
125
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
WHOLESALE PRICES IN THE UNITED STATES
INDEX OF THE BUREAU OF LABOR STATISTICS
[1913-100]
Bureau of Labor Statistics groups
Federal Reserve Board groups
Metals Build- ChemAll
Fuel
and
icals
com- Farm Foods Cloths and metal ing
proand
and
mod- ducts
lightclothpro- mate- drugs
rials
ing
ities
ing
ducts
1922'average..
1923 average..
1924 average..
1923—December...
1924—July
August
September..
October
November..
December...
149
154
150
151
147
150
149
152
153
157
133
141
143
145
141
145
143
149
150
157
138
144
144
146
139
144
148
152
154
158
181
200
191
203
188
190
186
188
190
191
122
144
135
142
130
130
128
127
129
133
218
185
170
162
173
170
168
162
163
165
124
131
130
130
126
130
131
132
134
135
168
189
175
178
169
169
171
171
172
175
Raw materials
MisHouse cellaPro- Confur- neous
Ani- Forest Min- Total duc- sumnishers'
ers'
raw goods goods
eral
ing
mal
Crops prod- progoods
prod- mateucts ducts ucts rials
176
183
173
176
171
171
171
171
172
172
145
168
172
181
176
175
164
172
176
186
117
123
117
116
112
115
116
120
123
129
185
210
186
191
175
175
180
181
182
187
125
122
120
115
114
123
123
130
124
129
158
159
154
153
152
154
152
156
155
161
207
185
170
165
167
166
166
165
166
169
128
141
133
136
130
131
130
129
131
132
151
156
156
158
153
156
158
161
163
167
WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES
ALL-COMMODITIES INDEX NUMBERS
[Pre-war-100]
Europe
England
Year and
month
Austria
1923
December.. .....i
1924
January
June
July.
August
September..
October
November..
December...
1925
January
Belgium
1,818,100
545
2,597
1,874,800
1,828,200
1,913,300
2,013,600
1,937,300
2,008, 600
2, 076, 600
2,075,400
580
565
566
547
550
555
569
566
2,711
2,811
2,737
2,853
2,848
2,988
3,132
3,181
161
160
163
162
166
172
171
173
459
157
Year and
month
Spain
071
088
085
111
117
114
120
North and
South America
Europe—Continued
1923
December..
1924
January
June
July
August
September..
October
November..
December..
1925
January
Germany;
Federal HunFinland France Statis- gary
Statist
tical
Bureau
Bulgaria
United
States
(Bureau
Sweden Switzer- of Labor C<inada
land i
Statistics)
176
160
183
151
161
158
157
160
163
167
167
168
183
178
173
171
170
169
169
170 |
151
145
147
150
149
152
153
157
157
152
153
157
154
157
158
161
494
465
481
477
486
497
503
507
Gold
basis
122
117.3
115.9
115.0
120.4
126.9
131.2
128.5
131.3
123
133
145
145
142
149
577
154
244
571
566
567
572
580
602
621
640
156
151
151
151
158
161
162
250
264
271
274
275
276
277
278
China
(Shanghai)
Peru
Dutch
East
Indies
174
163
163
162
162
163
163
156
152
152
149
149
153
155
157
180
178
174
177
177
175
Japan
(Tokyo)
New
Zealand
Egypt
(Cairo)
179
158
190
192
192
193
190
192
191
195
India
(Calcutta)
j
I
I
!
I
I
I
101
102
109
112
116
117
118
Africa
Asia and Oceania
154
178
179
182
182
184
186
181
126.2
NorItaly Nether- way Poland
lands (Oslo)
210
173
136
172
176
179
180
179
181
180
176
211
199
195
200
206
213
214
213
175
180
180
181
181
180
181
133
131
132
143
148
156
158
156
South
Africa
131
125
"133
1
First of month figures.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of
commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
126
FllDEKAL RESERVE BULLETIN
FEBRUARY, 1925-
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war=100]
United
States
(51
Austria
cities) (Vienna) I Beljgium'
1923
September..
October
November..
December...
1924
January
February...
March
April
May
June
July
August
September.
October
November..
December...
1925
January
146
147
148
147
1,250,900
1,263,600
1, 264, 700
1, 286,000
146
144
141
138
138
140
140
141
144
146
147
149
352, 700
382,100
393,000
383,800
416,900
445,700
436, 200
565,200
562,300
584,500
619,800
624,800
115
117
121
124
European countries
EsBui- j P:ngthogaria land 1
2,221
2,219
2,365
2,547
168
172
173
176
126 I 2,674
130 2,537
128 2,497
121 2,501
113 2,438
118 2,687
123 2,626
124 2,727
127 2,723
135 2,856 j
140 2,994 !
139 3,040 !
102
106
104
107
175
177
176
167
163
160
162
164
166
172
179
180
111
113
115
115
111
111
115
119
116
110
France Ger(Paris)
i
339 |
_
349
355
365 | 151
376
384
392
380
378
370
360
366
374
383
396
404
127
117
120
123
126
120
126
122
125
134
135
135
Other countries
Italy Neth- Nor- Swit(Mi- er- way zerland
lan) lands
Canada i
Australia
India N e w South
(Bom- Zea- Africa
bay) land
496
502
503
142 | 218
145
217
149 I 221
149 • 226
!
163
162
166
167
141
144
144
145
161
157
157
156
149
147
147
152
145
146
147
147
115
117
120
118
515
516
523
524
519
518
508
507
514
543
567
150
151
152
152
151
151
150
150
152
154
156
168
167
167
165
165
168
168
166
166
169
170
170
145
145
143
137
133
133
134
137
139
139
141
143
145
153
152
150
151
149
148
147
146
146
147
154
151
147
143
143
147
151
156
156
156
157
156
150
149
150
150
150
150
148
146
145
146
148
120
122
122
123
122
120
117
117
117
120
122
121
230
234
241
240
241
241
248
257
261
264
152
1,644,600
INDEX NUMBERS OF COST OF LIVING
European countries
Other countries
South
1,174, 000
1,194,000
,199, 600
,197,
,220,
, 244,200
, 239,100
,314,200
,316,200
, 330, 700
, 357,400
, 365,000
1925
January
1
First of the month figures.
21921-100.
Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office, The
original bases of the indexes have been shifted to July, 1914, wherever possible.
FEDERAL RESERVE
FEBRUARY, 1925
BULLETIN
BANKING AND FINANCIAL STATISTICS
CONDITION
OF FEDERAL RESERVE
BANKS
EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR DECEMBER AND NOVEMBER, 1924
[Daily averages.
Total cash reserves
] Total earning assets
Federal reserve bank
Amounts in thousands of dollars]
i
Total deposits
Federal reserve notes
Reserve percentin circulation
I
ages
i
I December November
DeNovember December i November December j November | cember
December
November
I
112,368
365, 813
88,304
136, 643
34, 518
33, 829
150, 874
44,934
31, 328
54,679
51,711
115, 705
85,341
314, 549
72,358
115, 040
35,809
33,897
147, 778
44,513
33, 723
53, 350
46,786
101, 883
245,869
941, 996
236, 295
270,314
131, 744
174, 400
383,465
100,680
103, 740
109, 201
76, 554
282, 451
265,365
958, 622
240,401
294,045
124,394
165, 801
396,198
103,476
100, 563
109,060
80,958
292, 270
138,686
899,828
128,863
177,483
68,159
64,731
315, 770
80,503
59,355
90, 243
63, 498
168, 227
140,681
870,855
130,175
177, 792
67,049
61, 790
314, 515
79,704
59,395
90,261
62,153
168,994
207,709
382, 558
173,893
209, 295
89,592
143,811
199, 720
57,972
72,599
73,299
57,383
216,487
1,220, 706
1, 200, 351
1,304,433
1, 517,194
3, 313, 502
3, 034, 224
1, 085, 027
1,147, 765
1, 210,126
1,520, 283
3, 375, 395
2,907, 803
3, 056,709
3,168,984
3,166, 019
2,994,982
2, 221, 573
2,149, 653
3,131,153
3,199,810
3, 208, 752
2,964,419
2,182, 795
2, 185,149
2,255,346
1,931,408
1, 891,457
1,755, 226
1, 821, 746
1,990, 221
2,223, 364
1,938, 964
1,890,022
1,732, 504
1,830,011
2,013, 944
1, 884, 318
2, 292,306
2, 415, 515
2, 416, 096
3, 342, 520
2,955, 476
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City_Dallas
San Francisco
Total
1
1924.
1923.
1922.
1921.
1920.
1919.
71.0
73.5
78.0
69.9
83.5
83.6
74.4
72.7
78.6
66.8
63.3
73.4
78.3
77.1
82.7
75.9
82.4
82.9
76.6
75.5
76.5
67.3
67.5
76.8
1,836,189 I
2,256,777 j
2,324,865 !
2,402,442
3,327, 632
2, 812, 247
i
!
i
j
I
i
198,300
372,347 i
160,561
209,783
83,879 I
138,255 I
202,755 i
57,267 I
72,118 !
71, 772 I
57,754
211,398
73.8
75.0
73.5
71.8
77.1
76.3
76.1
71.7
*43.7
1
46.8
144.7
*45. 7
Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TO JANUARY
21, 1925
RESOURCES
[In thousands of dollars]
Total
Gold with Federal
reserve agents:
!
Dec. 24
|l,747,218
Dec. 31
1,702,306
Jan. 7
1,729,267
Jan. 14
!l, 744,250
Jan. 21
11,744,722
-Gold
redemption i
fund with U. S. !
Treasury:
Dec. 24
! 45,756
Dec. 31
41,245
Jan. 7
45,854
Jan. 14—
45,703
Jan. 21
50,590
•Gold held exclusively against Federal
reserve notes:
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
-Gold
settlement
fund with Federal
Reserve Board:
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Boston |
New
York
167,370
164, 365
165,036
159,872
153, 703
384,374
384, 307
424,263
424,200
444,115
170,262
168,237
168, 592
166,063
163, 287
10,700
5,038
3,622
7,953
13,036
7,744
11,557
10,316
8,533
6,725
7,762
4,480
5,384
3,880
6,522
1,792,974
1,743,551
1,775,121
1,789,953
1,795 312
178,070
169,403
168,658
167, 825
166, 739
637,240
679,464
637,330
603,544
592,394
36,481
32,275
37,310
37,788
48,900
i Philadelphia
392,118 178,024
395,864 172, 717
434,579 173,976
432,733 169,943
450,840 169,809
273,031
286,475
262,372
243,139
207,937
22,227
31,137
27,061
31,674
28, 388
Cleveland
Richmond
172,090
165,466
157,144
170,157
169, 552
Kansas
City
Dallas
San
Francisco
73,854
73, 528
73,654
74,001
73, 662
62,040
63,475
62,446
61, 723
60, 338
40,794
37,186
36,351
35,639
34, 795
203,548
200, 753
197,818
208,115
199, 805
351
908
556
955
1,035
4,448
2,626
3,283
3,537
4,501
1,908
1,978
2,315
2,371
2,131
2,003
2,438
3,216
2,802
2,611
59,322
59,864
60,447
58,962
58,510
74,205
74,436
74,210
74,956
74,697
66,101
65,729
65,260
64,839
42, 702
39,164
38,666
38,010
36,926
205,551
203,191
201,034
I 210,917
! 202,416
16,575
23,834
20,523
19,178
18, 454
17, 719
19,569
21,513
16,565
20,023
32,210
40,920
35, 771
36,393
42,774
10,203
18,033
15,399
14,742
20,864
38,106
44,387
46.210
33,472
43,860
Atlanta
Chicago
St.
Louis
80,115
79,184
78,077
81,523
79,854
|145,082
I 143, 306
1 142, 899
i 141, 562
145, 288
190,922
165,909
165, 862
165, 846
165, 804
56,767
56,590
57,125
55, 549
54, 519
1,971
1,377
•1, 849 i 2,107
2,401
2,912
3, 305
1,085
1,695
2,207
1,673
2, 492
1,804
2,022
1,132
3,264
2,498
6, 723
5.847
5,004
146,755
145,798
144, 703
143,584
146, 420
194,186
168,407
172,585
171, 693
170, 808
16,697 83,081
12,963 110,989
9,707 100,008
9,480 95,978
9,269 91,669
173,467
167,315
160,056
173,462
171, 759
82,086
81, 291
80,478
82,608
81,549
63,419
40,158
47,251
50,792
47,971
27,491
18,724
14,205
14,343
12, 285
2, 555
3,274 I
3,322 !
3,413 I
3,991 |
Minneapolis
128
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TO
JANUARY 21, 1925—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Gold and gold certificates held bybanks :
Dec. 24
482,605
Dec. 31
513,518
Jan. 7
538,493
Jan. 14
559, 538
Jan. 21
557,014
Total gold reserves:
Dec. 24
2,912,819
Dec. 31
2,936,533
Jan. 7
2,950,944
Jan.14
2,953,035
Jan. 21
2,944, 720
Reserves other than
gold:
Dec. 24
84,694
Dec. 31
110,521
Jan. 7
124,397
Jan.14
138,664
Jan.21
138, 715
Total reserves:
Dec. 24...
2,997, 513
Dec. 31
3,047,054
Jan. 7
... 3,075,341
Jan. 14.
3,091,699
Jan. 21
3,083,435
Nonreserve cash:
Dec. 24
37,668
Dec. 31
62,567
Jan. 7
73,479
Jan. 14
78,642
Jan. 21
77,322
Bills discounted:
Secured by U.S.
Government
obligationsDec. 24.
239,230
Dec. 31
186,840
Jan. 7
146,698
Jan. 14
141,281
Jan. 21
101,946
Other bills discounted—
Dec. 24
157,199
Dec. 31
127,288
Jan. 7
117,710
Jan. 14
120,478
Jan. 21
100,811
Total bills discounted:
396,429
Dec. 24
Dec. 31
314,128
Jan. 7
264,408
Jan. 14
261,759
Jan. 21
202, 757
Bills bought in open
market:
389,574
Dec. 24
Dec. 31
387,100
340,978
Jan. 7
Jan. 14
323,901
Jan. 21.
306,176
U. S. Government
securities:
Bonds74,756
Dec. 24
Dec. 31
75, 265
Jan. 7
75,505
Jan. 14....
78,540
Jan. 21
74,947
Treasury notes342,552
Dec. 24
Dec. 31
349,354
Jan.7
342,533
Jan. 14..
332,168
Jan. 21
292,307
Certificates of
indebtedness120, 571
Dec. 24
Dec. 31
115,541
Jan.7
77,991
Jan. 14
76,214
Jan. 21....
56,210
San
Francisco
Boston
New
York
Philadelphia
Cleveland
Richmond
17,938
18,422
19,355
19,415
19,339
265,781
277,263
289, 645
294,146
287,981
24,817
27,713
28,173
27,131
27,034
18,394
21,407
23,284
23,398
24,746
18,954
19,662
20,424
20,994
21,393
7,928
8,390
8,583
9,218
9,667
76,923
87,980
95,624
110,839
111, 821
7,784
8,165
8,621
8,589
9,259
5,644
5,867
5,657
6,205
6,197
2,712
2.898
3,969
4,126
4,383
8.845
9,065
9,292
9,586
9,794
26,885
26,686
25,866
25,891
25,400
232,489
220,100
225,323
225,028
234, 978
930,930
959,602
986,596
970,018
946, 758
225,068
231,567
229,210
228,748
225,231
255,280 128,531
228,880 119,677
230, 591 115,107
247,652 117,945
244,476 115,227
171,380
167,151
162,993
162,282
165,356
354,190
367, 376
368,217
378,510
374,298
83,681
91,863
89,591
86,729
86,223
97,568
99,872
101,380
97,726
100,917
101,410
109,919
105 469
105,779
111, 996
61,750
66,262
63,357
62,338
67,584
270,542
274,264
273,110
270,280
271, 676
9,553
13,740
14,627
14,344
12,948
18,600
21,868
24,635
29,642
30,926
3,316
4,994
5,677
5,681
5,647
6,856
9,365
10,535
11,243
11,450
3,508
5,809
6,443
7,021
6,865
6,617
9,167
9,923
11,909
12,472
10,689
15,576
17,073
19,413
18,971
9,220
11,700
15,211
17,694
17,963
1,320
1,608
1,928
2,327
2,158
3,249
3,964
4,142
4,580
4,282
8,222
8,948
9,289
9,723
9,702
3,544
3,782
4,914
5,087
5,331
242,042
949,530
233,840
981,470
239, 950 1,011,231
239,372
999,660
247,926
977,684
228,384
236,561
234,887
234,429
230,878
262,136
238,245
241,126
258,895
255,926
132,039
125,486
121,550
124,966
122,092
177,997
176,318
172,916
174,191
177,828
364,879
382,952
385,290
397,923
393,269
92,901
103,563
104,802
104,423
104,186
98,888
101,480
103,308
100,053
103,075
104,659
113,883
109,611
110,359
116,278
69,972
75,210
72,646
72,061
77,286
274,086
278,046
278,024
275,367
277,007
588
839
2,033
2,722
3,174
3,045
2,899
1,453
2,508
2,591
3,025
2,795
2,865
3,733
3,801
3,855
4,393
7,715
7,058
7,845
St.
Atlanta Chicago Louis
Minne- Kansas Dallas
City
apolis
3,375
5,543
6,200
5,701
4,124
11,545
18,517
23,032
24,784
27,881
1,038
1,731
1,980
2,165
2,131
2,006
5,934
5,901
6,337
6,049
1,680
3,498
4,943
5,092
4,164
2,643
4,701
5,780
6,255
5,319
6,135
9,266
11,082
12,640
12,097
2,307
3,387
4,043
4,529
4,631
18,723
15,217
12,172
11,471
10,829
103,105
68,745
44,442
63,299
30,039
37,601
27,411
17,846
18,153
17,465
27,579
29,248
31,001
16,962
13,137
11,474
11,948
8,149
6,464
5,256
1,666
1,329
2,490
2,476
1,124
24,456
19,379
16,156
16,071
15,592
5,361
5,303
4,565
4,011
4,293
202
229
695
530
110
881
727
992
839
968
467
246
345
218
198
2,935
11,207
13,777
7,463
7,135
4,960
31,052
12,577
8,915
24,408
9,640
9,746
8,873
5,776
5,461
5,227
18,454
12,825
14,764
12,460
11,805
21,910
21,600
21,836
19,276
18,546
18,149
14,741
15,984
12,832
12,211
20,705
18,445
19,639
17,528
16,741
6,506
4,827
4,359
3,959
3,966
4,173
4,223
4,039
3,753
4,086
4,623
4,249
4,160
4,138
4,199
3,480
2,467
3,085
2,701
2,797
7,194
8,684
7,690
6,827
6,633
29,930
28,994
19,635
18,606
15,789
134,157
81,322
53,357
87,707
39,679
47,347
36,284
23,622
23,614
22,692
46,033
42,073
45,765
29,422
24,942
33,384
33.548
29,985
25,740
23,802
19,815
16,070
18,474
15,308
13,335
45,161
37,824
35, 795
33,599
32,333
11,867
10,130
8,924
7,970
8,259
4,375
4,452
4,734
4,283
4,196
5,504
4,976
5,152
4,977
5,167
3,947
2,713
3,430
2,919
2,995
14,909
15,742
15,535
7,614
9,568
59,655
63,889
55,976
49,095
44,031
104,743
101,823
66, 567
71,848
62,279
18, 722
18,276
18,130
16,468
16,887
41,668
41,217
41,314
39, 750
39,313
1,361
1,486
1,297
1,313
1,025
9,978
9,202
8,306
7,184
5,476
35, 760
33,882
32, 662
28,987
31,509
21,078
21,391
21,124
20,095
20,509
15
8
8
8
8
16,165
15,661
15,448
14, 081
13,243
26,083
26,197
25,838
24,324
22,313
54,346
54,068
54,308
50,748
49,583
2,472
2,472
2,472
2,472
2,472
12,385
12,440
12,440
12,440
12,440
1,345
1,345
1,345
1,345
1,345
11,126
11,126
11,126
11,126
11,126
1,340
1,340
1,340
1,340
1,340
1,584
1,564
19,022
19,494
19,461
19,461
19,461
1,264
1,264
1,263
1,263
1,264
8,918
8,856
8,913
10,997
9,073
8,903
8,911
9,512
9,517
7,925
3,220
3,273
3,718
3,718
3,718
3,177
3,180
3,180
3,183
3,184
22,360
23,727
22,272
22,627
18,688
117,793
120,495
117,716
114,858
98,709
23,988
24,127
24,016
23,597
22,607
33,357
33,858
33,469
32,007
28,451
2,427
2,464
2,434
2,322
2,057
1,335
1,349
1,299
1,196
45,852
46,556
45,992
43,878
38,875
11,006
11,171
11,039
10, 544
9,372
12,993
13,145
13,013
12,397
10,957
17,935
18,182
17,990
17,304
15,561
16,734
16,998
16,787
15,993
14,116
36,772
37,282
36,874
35,342
31,718
10,577
10,461
7,595
7,247
6,021
39,166
36,963
23,189
22,846
14,940
4,556
4,417
3,385
3,248
2,768
15, 567
15,066
11,359
10,867
9,137
844
807
531
494
365
886
872
529
755
708
15,024
14,320
9,105
9,823
6,123
2,818
2,653
1,432
1,270
3,988
3,787
2,292
2,093
1,396
6,534
6,288
4,472
4,231
3,384
5,420
5,226
3,199
2,939
2,027
15,191
14,681
10,903
10,401
8,640
735
1,678
1,599
931
701
1,027
952
1,214
787
RESOURCES
129
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER
JANUARY 2 1 , 1925—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Boston
New
York
St.
Louis
24, 1924, TO
Atlanta
Chicago
San
Francisco
4,611
4,611
4,305
4,156
3,762
3,805
3,785
2,195
3,732
3,503
79,898
80,370
74,558
73,162
64,459
342
342
342
342
603
264
264
264
264
462
894
894
894
894
1,564
Minneapolis
Kansas
City
15,088
15,088
13, 734
13, 077
11,337
25,899
25, 788
24, 218
25,487
21, 426
33,372
33,381
31, 974
31, 052
26,870
25,374
25,497
23,704
22, 650
19,861
55,140
55,143
50,957
48,926
43, 542
294
294
294
294
519
216
216
216
216
374
276
276
276
276
474
228
228
228
228
399
456
456
456
456
798
9
9
Richmond
Cleveland
Philadelphia
500
500
500
500
500
Dallas
i
Total U. S. Government securities:
Dec. 24
Dec. 31
Jan. 7
Jan. 14. __
Jan. 21
Foreign loans on gold:
Dec. 24
Dee. 31
Jan. 7
Jan.14
Jan.21.
All other earning
assets:
Dec. 2 4 . . .
Dec. 31
Jan.7___
Jan.14
Jan. 21
Total earning assets:
Dec. 2 4 . . . .
Dec. 31
Jan. 7
Jan.14.
Jan. 21
Wncollected items:
Dec. 24
_.
Dec. 31
Jan. 7
Jan. 14
. . ._
Jan. 21
Bank premises:
Dec. 2 4 . . .
Dec. 31
Jan. 7
Jan.14.-.
Jan. 21
All other resources:
Dec. 24..
Dec. 3 1 . . .
Jan. 7
Jan.14
Jan.21
Total resources:
Dec. 24
Dec. 31
Jan. 7.
Jan. 14
Jan. 21
537,879
540,160
496,029
486,922
423,464
6,000
6,000
6,000
6,000
10,500
169,344
169,898
153,345
150,144
126,089
i
60, 050
60,050
55,954 j
54,000
48, 714
29,889
29,889
28, 746
28,190
26, 720
1,746
1,746
1,746
1,746
3,055
35,409
36,660
32,339
32, 346
27,181
582
582
582
582
1,032
2,050
2,050
2,550
2,559
2,559
702
702
702
702
1,220
1,550
1,550
2,050
2,050
2,050
1,331,932
1,249,438
1,109,965
1,081,141
945,456
124,994
129,543
107,950
100,047
87,001
409,990
354, 789
275,015
311,445
231,102
98,090
86, 581
73,130
70,904
69,381
148,453
144,042
143,735
123,874
114,189
39,698
39,987
35,929
31,551
29,192
33,862
29,321
29,239
26,488
22,776
161,713
152,970
143,909
136,642
129,865
48,327
46,903
44,076
41,436
40,624
30,505
30,464
29,176
30,003
26,013
55,817
54, 794
53,350
50,886
46,254
55,632
54,635
53,200
50,121
45,568
124,851
125,409=
121,256
107, 744
103,491
674, 514
656,197
702,909
697,611
626,914
55,467
60, 635
60,259
66, 053
56,986
146,322
156,377
162,464
168,686
140,900
58,967
59,473
62,113
62, 727
58, 524
62,173
56,127
59, 642
59,709
57,372
57,595
54,296
59,787
57,677
52,099
32,227
27,950
35,204
31,847
29,768
88,884
81,588
84,050
83,275
77,044
42,304
35,994
41,407
37,241
35,218
16,252
13,942
15,046
14,025
13, 651
44,085
42,975
44,370
40, 594
39, 756
30,965
30,999
35,961
33,455
28,996
39,273
35,841
42,606
42,322
36,600
61,819
57,598
57,595
57,669
57,902
4,312
4,190
4,190
4,190
4,190
17,452
16,243
16,243
16,234
16, 250
1,114
1,114
1,114
1,114
1,114
9,129
7,573
7,573
7,573
7,573
2,528
2,446
2,446
2,446
2,446
2,875
2,780
2,780
2,780
2,780
8,264
8,099
8,099
8,099
8,099
3,170
3,176
3,182
3,186
3,384
3,206
2,901
2,901
2,967
2,981
4,597
3,968
3,968
3,982
3,988
1,912
1,833
1,833
1,833
1,833
3,260
3,275
3,266
3,265
3,264
23,827
23, 526
24,049
25,010
24,604
201
180
231
191
186
8,462
8,657
8,646
8,716
8,132
226
203
254
280
289
358
333
371
380
393
355
353
394
446
598
2,252
1,775
1,768
2,043
2,118
1,272
1,556
1,858
2,006
2,065
333
306
314
316
317
3,586
3,495
3,499
3,506
3,404
769
733
703
696
675
1,836
1,793
1,859
1,818
1,846
4,177
4,142
4,152
4,612
4,581
5,127,273
5,096,380
5,043, 338
5,031, 772
4,815,633
430,391
433,931
418,780
415,554
400,413
1,543,301
1,536,053
1,496,631
1,529, 525
1,401,949
387,819
385,663
373,478
371,619
362,317
484,255
452, 254
458,348
456, 768
441, 502
233,895
226,066
225,049
222,178
210,591
251,856
242,845
247,687
243,604
240,589
631,147
636,431
634,288
640,585
622,439
189,342
193,329
197,824
191,131
188,360
153,025
153,309
154,882
151,768
149,963
211,960
219,075
215,176
209,562
209,850
161,770
166,978
168,090
162,313
158,324
448,512
450,446
453,105
437,165
429,336
„
Federal reserve notes
in actual circulation:
Dec. 24
Dec. 31
Jan. 7
._..;.
Jan. 14
Jan. 21
Deposits:
Member
bank
r e s e r v e accountDec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
GovernmentDec. 24
Dec. 31
Jan.7
Jan.14.__.
Jan. 2 1 . . . .
Other depositsDec. 24
Dec. 31
Jan. 7
Jan.14.._
Jan.21.._
1,941,747
1,862,062
1,805,383
1, 737,977
1, " " "
215,824
207,389
197 298
186^ 437
394,825
387,353
374,478
350,073
342,054
2, 222,870
2,220,436
2,247,745
2,256,491
2,140,611
137,028
140,102
139,462
138,669
136,636
5,641
3,856
1,451
1,604
772
16,609
16,904
9,069
8,962
12,538
30,243
39,035
42, 748
43,286
44,339
210
84
358
216
157
20,712
28,195
30,951
32, 033
32, 344
217,541
198,515
193,460
189,398
180,497
94,058
87,579
83, 721
79,924
78,272
147,823
142,879
140,314
137,912
138,887
201,598
196, 529
192,163
188,750
186,460
59,113
57,813
56,637
55,624
54,640
73,574
71,761
70,622
58,625
67,636
74,681
72,836
71,536
69,344
68,281
58,357
55,641
54,020
51,729
50,181
222,038
215,030
211,867
204,278
199,395
175,196
163,019
176,633!
173,740
170,215
65,060
66,295
66,860
67,430
65,645
65,620
62,897
67,683
66,789
66,895
315,207
312,395
321,704
326,195
316,088
76,857
80,511
83,659
81,106
80,217
53,591
55,967
57,812
56,989
56,553
89,373
92,692
90,120
86,785
88,536
59,795
65,828
65,222
62, 238
63,890
159,096
167,192
170,708
159,863
160,027
3,320
2,152
1,187
2,259
1,659
5,561
4,203
1,104
2,198
538
5,448
2,455
760
2,543
1,002
5,169
3,757
1,605
1,746
2,103
5,390
6,173
2,633
1,735
1,991
3,288
2,468
2,039
1,687
2,128
1,232
1,636
1,202
1,111
1,372
879
2,291
1,805
2,319
2,022
2,601
1,665
855
1,468
1,929
2,933
3,637
2,330
2,931
3,092
310
806
322
649
767
859
1,123
1,474
1,220
1,311
152
340
129
185
303
119
124
148
169
261
1,149
1,615
1,791
1,287
1,504
624
671
1,354
1,349
775
444
422
508
438
443
1,034
614
670
778
1,120
209
224
173
165
239
4,421
4,817
4,870
4,797
5,115
903,165
58,071
51,197
26.040
30,563
31,146
LIABILITIES
182,315
168, 737
159,267
155,883
148,427
122,882
129, 677
878,284 129,598
909, 271 127,416
807,726 128,183
130
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
^RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TO
JANUARY 21, 1925—Continued
LI ABILITIES—Continued
fin thousands of dollars!
Total
Total deposits:
Dec. 24...
Dec. 31..
Jan. 7
Jan. 14
Jan. 21
Deferred availability
items:
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Capital paid in:
Dec. 24
Dec. 31
Jan. 7_
Jan.14
Jan. 21....
: Surplus:
Dec. 24____
Dec. 31
Jan. 7
Jan. 14
Jan. 21
All other liabilities:
Dec. 24
Dec. 31.
Jan. 7
.__
Jan. 14
Jan. 21
_
Total liabilities:
Dec. 24
Dec. 3 1 Jan. 7
Jan. 14
Jan.21
2,311,184
2,310, 668
2,316,533
2,330,340
2, 216, 096
I
526,992
584, 716
581, 799
623, 681
561,045
| 112,026
i 112,038
112, 228
112,193
112,187
220,915
217,837
217,837
217,837
217,837
Philadelphia
Cleveland
Richmond
126,512
132, 635
918,304 131,107
950, 266 130,324
852, 608 130,609
Boston !
181,616
168,345
179,211
177,158
172,064
70,660
69,090
67, 749
70,158
66,950
70,908
66, 778
69,436
68,704
69, 259
50, 710
51,205
55,356
53, 912
47,168
18, 250
19,023
23, 754
22, 807
18, 301
New
York
Atlanta Chicago
San
Francisco
62,605
67, 717
66, 250
63,871
66, 058
166,450
175, 646
177,908
167, 591
168, 234
33, 725
36,377
38, 633
75, 390 j 35,885
69,150 i 35,133
12,013
11,883
13,084
12,938
12,288
i 31, 509
j 36,916
I 37,300
! 36, 607
| 36,140
28,180
31, 219
35,371
34, 237
29,638
35,302
35,296
38,810
40,822
37,163
15,186
15,172
15, 358
15, 358
15, 358
5,129
5,129
5,129
5,090
5,090
3,270
3,270
3,270
3, 271
3,272
4,338
4,338
4,333
4, 333
4,332
4,130
4,131
4,131
4,131
4,128
8,106
8,113
8,106
8,107
8,103
8,950
8,950
8,950
8,950
8,950
30,426
30,426
30,426
30,426
30,426
10,072
9,971
9,971
9,971
9,971
7,484
7,497
7,497
7,497
7,497
9, 496
8,977 !
8,977 !
8,977 '
8,977
7, 577
7,592
7,592
7, 592
7,592
15,301
15,071
15,071
15, 071
15,071
895
591
622
583
599
1,361
651
671
655
616
1,874
1,335
1,409
1,444
1,462
940,486
46,717
57,905
55,574
63,964
54,306
115,109
129,055
113,094
! 138, 273
i 116,364
47,964
53,501
52,360
54,709
52,526
47,196
49,460
49, 659
54,137
52,868
30,149
30,167
30,167
30,167
30,167
10, 518
10, 518
10, 522
10, 510
10, 510
12,
12,
12,
12,
12,
756
756
746
746
746
5,900
5,900
5,900
5,900
5,901
4,564
4,564
4,562
4,576
4,576
59,929
58, 749
58,749
58, 749
58, 749
19,927
20,059
20,059
20,059
20,059
23,691
22,462
22,462
22,462
22,462
11, 672
11, 701
11, 701
11, 701
11, 701
2,803
1,769
1,839
1,997
2,007
583
123
163
134
186
1,455
716
810
867
865
7,980 |
7,980 i
8,004 !
8,004 I
8,004 1
I
16, 390
16,382
16,382
16,382
16,382
Minne- j Kansas Dallas
apolis
City j
55,267 91,286
58,025 ! 95, 597
59,522 92, 595
58,538 89,882
58,368 91, 678
142,879
144,042
141,271
140,489
137, 565
i
j
St.
Louis
321, 746
320,183
326,128
329, 217
319,583 i
80, 769
83, 650
87,052
84,142
83,120
60,317
72, 786
534
1.417
389
'873
402 !
887
419
899
406
902
14,409
9,059
9,558
9,744
9,840
601
233
251
278
258
5,127,273
5, 096,380
5, 043,338
5,031, 772
4, 815,633
430,391
433,931
418,780
415, 554
400, 413
1,543,301
1,536,053
1,496,631
1, 529,525
1,401,949
387,819
385,663
373,478
371,619
362, 317
484,255
452,254
458,348
456, 768
441, 502
233,895
226, 066
225, 049
222,178
210, 591
251,856
242,845
247,687
243,604
240, 589
631,147
636,431
634,288
640, 585
622,439
189, 342
193,329
197,824
191,131
188, 360
153, 025
153,309
154,882
151, 768
149, 963
67.5
66.5
70.9
73.2
77. 1
71.1
74.6
78.2
76.9
81.8
74.0
78.5
80.9
81.9
82.7
65.7
64.9
64.7
70.6
72.6
80.2
80.1
80.2
83.3
84.1
81.4
84.1
82.4
84.3
85.4
69.7
74.1
74.3
76.8
77.7
66.4
73.2
72.9
74.7
75.6
78.2
79.4
78.7
81.8
12,426
12,421
13,042
14,557
13,804
4,144
4,140
4,468
4,973
4,729
4,999
4,994
5,138
5,719
5,438
2,435
2,433
2,591
2,884
2,743
916
1,878
1,966
2,188
2,081
6 366
,
6 360
,
6 657
,
7,410
7,046
2,094
2,091
2,234
2,487
2,364
650
411
435
419
442
1,538
1,537
1,564
1,741
1,655
921
678
726
753
727
1,315
1,290
1,343
1,296
1,370
211,960 ! 161,770
219,075 I 166,978
215,176 I 168, 090
209, 562 162, 313
209,850 158,324
448, 512
450,446
453,105
437,165
429,336
63.1
67.6
66.8
69.3
72.7
57.8
61.0
60.4
62.3
66.5
70.6
71.2
71.3
74.0
75.3
1,965
1,963
1,966
2,188
2,081
1,624
1,622
1,698
1,890
1,797
3,247
3,244
3,396
3,780
3,594
MEMORANDA
Ratio of total reserves to deposit
and Federal reserve note liabilities combined (per
cent):
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
•Contingent liability
on bills purchased
for foreign correspondents:
Dec. 24
Dec.31
Jan. 7.
__
Jan. 14
Jan. 21
MATURITY DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS, AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED
From 91
16 to 30
31 to 60
Within 15
61 to 90
Over 6
days to 6
Total
days
days
months
days
days
months
Bills discounted:
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Bills bought in open market:
Dec. 24
Dec. 31
Jan. 7
Jan. 14
_
Jan. 21
United States certificates of indebtedness:
Dec. 24
Dec. 31
,....
Jan. 7
Jan. 14
Jan. 21
Municipal warrants:
Jan. 14
Jan. 21
396,429
314,128
264,408
261,759
202, 757
313,715
241,603
185,841
188,207
133,962
22,988
18, 335
20,220
18,385
16,734
389,574
387,100
340,978
323,901
306,176
101, 937
117,576
88,656
100,717
92,896
70,548
75,192
76,288 J
64,478 I
66,104 I
120,571
115,541
77,991
76,214
56,210.
1,485
114,184
111,099
114,313
116, 636
108,240
302
62
18,989
17,343
18, 789
16,501
14,931
9,841
9,541
9,420
9,276
9,138
90,046
71, 576
51,830
33,237
31,355
12,859
11, 657
9,891
8,833
7,581
18, 012
13,012
2,772
341
240
30,116 I
26,413 |
29,211 !
28,381
3,022
3.022
3.023
3,023
3,022
240
780
893
927
1,009
1,143
I
j
;
i
!
i
99,196
99,267
72,196
71,404
52,886
131
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
FEDERAL RESERVE NOTES
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, DECEMBER
24, 1924, TO
JANUARY 21, 1925
[In thousands of dollars]
Total
Net amount of Federal reserve notes
received from
Comptroller of
Currency:
3,195, 722
Dec. 24
Dec. 31._
--. 3,181,478
3,165,660
Jan. 7
3,131, 216
Jan. 14
3,113,354
Jan. 21
Federal reserve notes
on hand:
942,488
Dec. 24
936, 517
Dec. 31.
963, 658
Jan. 7
986, 504
Jan. 14
1,013, 392
Jan. 21
Federal reserve notes
outstanding:
2,253,234
Dec. 24
2, 244,961
Dec. 31
2, 202,002
Jan. 7
2,144, 712
Jan. 14
2, 099,962
Jan. 21
Collateral security
for Federal reserve
notes outstanding:
Gold and gold
certificatesDec. 24
278,494
279,494
Dec. 31
280,494
Jan.7
281,449
Jan.14
Jan. 21
_. 281,449
Gold redemption fundDec. 24.
116,771
114,918
Dec. 31
117, 533
Jan. 7
107, 875
Jan.14.
107,196
Jan. 21
Gold fund—Federal Reserve
BoardDec. 24
1,351,953
1, 307,894
Dec. 31
1,331, 240
Jan. 7
1,354, 926
Jan. 14
1, 356, 077
Jan. 21
Eligible paperAmount required—
Dec. 24.. 506, 016
Dec. 31.. 542, 655
Jan. 7___ 472, 735
Jan. 14.- 402, 596
Jan. 21.. 357, 552
Excess
amount
held—
Dec. 24_.
Dec. 31..
Jan. 7—
Jan. 14..
Jan. 21.-
236,849
126,138
111, 484
164,140
127,936
New
Dallas
San
Francisco
107,956
108,392
107,363
106, 640
105,255
79,483
78,874
78, 039
77,373
76, 529
322,893
323,136
326,403
322,939
319,669
13,049
14,993
15,725
16,935
17,113
26,953
26,753
26, 753
28,913
28,913
15,152
15,152
16,802
17,422
18,322
62,300
60,200
65,200
65,200
65,200
65,936
64,600
64,135
63, 559
62,528
76,927
74,836
73,730
71,867
71,350
81,003
81,639
80,610
77,727
76,342
64,331
63,722
61,237
59,951
58, 207
260, 593
262,936
261,203
257, 739
254,469
8,775
9,775
10, 775
11, 775
11, 775
13,052
13,052
13,052
13,052
13,052
5,278
5,265
5,217
5,202
5,159
3,992
2,815
3,350
3,774
3,744
1,302
976
1,102
1,449
1,110
3,680
5,115
4,086
3,363
3,978
4,738
4,130
3,295
3,628
3,784
16,783
16, 547
16,267
15, 877
15,417
132, 000
131, 500
132, 500
132, 500
137, 500
185,644
160,644
160,645
160,644
160,645
44,000
44,000
43,000
40,000
39,000
59, 500
59,500
59,500
59, 500
59, 500
58,360
58,360
58,360
58,360
56, 360
21, 500
18, 500
18,500
17, 500
16,500
186, 765
184, 206
181, 551
192, 238
184,388
18,963
18,164
18,164
16,004
16, 004
23, 537
26,536
57,045
62,183
63,385
49,624
54,664
2,650
2,412
2,384
2,995
2,335
6,278
2,182
4,253
2,807
1,794
Boston
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. ! Minne- Kansas
Louis
apolis
City
289,256
286,252
282, 922
277, 759
271, 590
864, 734
860,058
855,253
845, 515
843,121
249,690
247, 664
246,020
241,490
243, 715
281,403
279, 779
277,457
273,470
270,865
127,133
127,102
125, 996
124,442
122, 772
224, 702
223,425
222,419
221,082
223, 608
467,060
466,707
464,538
462,485
459, 579
91,436
90, 260
89, 795
89, 219
88,188
89,976
89,829
89,455
88,802
88,463
49, 750
45,150
49,350
62,600
69,050
334,940
331,940
331,940
331,940
329, 540
32,000
32,000
41,400
41,400
46,800
48,270
49,170
56, 650
57,750
66,600
24,984
25,884
23,095
23,095
25,444
57, 570
56, 595
57,045
58,452
62, 213
252,020
253,020
254, 038
257,137
258, 537
25,500
25, 660
25, 660
25, 660
25, 660
239, 506
241,102
233, 572
215,159
202, 540
529, 794
528,118
523,313
513, 575
513, 581
217, 690
215, 664
204, 620
200,090
196, 915
233,133
230,609
220,807
215, 720
204,265
102,149
101, 218
102,901
101,347
97, 328
167,132
166,830
165, 374
162, 630
161,395
215,040
213, 687
210, 500
205, 348
201,042
35, 300
35,300
35,300
35, 300
35, 300
188, 531
188, 531
188, 531
188, 531
188, 531
6,000
6,000
6,000
6,000
6,000
8,780
8,780
8,780
8,780
8,780
14, 070
11, 065
17,736
12, 572
16,403
29,843
29,776
29,732
29,669
29, 584
11,873
14,848
13, 203
13, 674
9,898
13, 310
11,686
13,364
11,377
10, 772
2,320
4,389
3,282
1,728
3,059
9,582
8,306
6,899
5,562
4,288
118,000 ! 166,000
118,000 166,000
112,000 l! 206,000
112,000 206,000
102,000 ! 226,000
152,389
147,389
149, 389
146,389
147,389
150, 000
145,000
135,000
150, 000
150,000
77,795
74, 795
74, 795
79, 795
76,795
3,500
3,500
3,500
3,500
3,500
72,136
76, 737
68, 536
55, 287
145,420
143, 811
99, 050
89,375
69,466
47,428
47,427
36,028
34,027
33, 628
61,043
65,143
63, 663
45, 563
34, 713
22, 034
22,034
24, 824
19, 824
17,474
22, 050
23, 524
22,475
21,068
16,107
24,118
47, 778
44,638
39, 502
35, 238
9,169
8,010
7,010
8,010
8,009
3,073
1,308
76
17,449
16,146
7,075
12,414
10,983
75, 607
16, 040
9,498
59, 817
18,145
3,168
5,471
1,545
576
1,065
20,323
15, 763
21,933
22, 513
27, 271
10,986
9,688
3,982
7,028
7,097
7,580
1,581
4,157
1,277
2,482
56, 556
23,657
23, 608
22,842
28, 331
23, 745
23,484
22,987
19,963
20, 600
501
2,342
3,921
3,621
3,649
14, 556
14,556
14,556
14, 511
14, 511
24,312
23,412
12,006
7,372
6,141
8,287
4,184
132
EARNING
FEDERAL RESERVE BULLETIN
ASSETS
HELD
FEBRUARY,1925
BY THE FEDERAL RESERVE BANKS
THEREON, DECEMBER, 1924
AND EARNINGS
[Amounts in thousands of dollars]
Total
San
Francisco
Phila- Clevedelphia land
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
129, 543 354,789
86,581 144,042
39,987
29,321 152,970
46,903
30,464
54,794
54,635 125,409
28,994 81, 322
63,889 01,823
36, 660 169,898
1,746
42, 073
41,217
60, 050
702
33,548
1,486
4,611
342
16,070
9,202
3,785
264
37,824
33,882
80, 370
894
10,130
21,391
15,088
294
4,452
8
25,788
216
4,976
15, 661
33, 381
276
500
2,713
26,197
25,497
228
15,742
54,068
55,143
456
504
262
70
14
170
24
45
7
28,744
2,196
8,913
822
176
718
11, 686
3,341
14, 234
3,542
21
462
1,259
1,253
10,712
2,358
22
396
19, 365
61
8,719
9,041
229
214
355
3,464
190
703
572
1,797
1,880
201
649
1,401
268
144
5
7,051
4,459
2,286
1,246
467
226
Boston
New
York
HOLDINGS ON DEC. 31,1924
1,249,438
Total earnings assets
314,128
Bills discounted for members
Bills bought in open market
387,100
United States securities
540,160
6,000
Foreign loans on gold
..
2,050
All other earning assets
Bills Discounted
Customers' paper secured by
Government obligations
1,276
Member bank collateral notes:
Secured by Government obli185, 565
gations
21,848
Otherwise secured
72,915
Commercial paper, n. e. s
26,097
Agricultural paper
3,074
Livestock paper
3,353
Trade acceptances—domestic
314,128
Total discounted bills
Bills Bought
Bankers acceptances based on—
Imports
Exports
Domestic transactions
Dollar exchange
All other
Trade acceptances—foreign, imports
Total purchased bills
_.
Purchased Bankers' Acceptances,
by Classes of Acceptors
National banks
Other member banks.
Nonmember banks and banking
corporations
Private banks
Foreign banks and their branches
and agencies
United States securities
United States bonds .
Treasury notes
_
Certiflcates of indebtedness.
Total U. S. securities
DAILY AVERAGE HOLDINGS
DURING DECEMBER
Total earnings assets *
Bills discounted
Bills bought
United States securities
EARNINGS DURING DECEMBER
Total earnings assets l
.
Bills discounted
Bills bought
United States securities...
_.
ANNUAL RATE OF EARNINGS
Total earnings assets 1
Bills discounted
Bills bought
United States securities
1
136,839
147,781
94,556
6,882
815
160
20
15 057
68,725
5,651
6,368
400
36,284
18, 276
29,889
582
1,550
158
27,411
4,022
4,203
549
18
81
624
5,] 34
2
2,388
1,657
155
624
28,994
81,322
36, 284
42,073
33,548
16,070
37,824
10,130
4,452
4,976
2,713
15,742
23,542
20,394
19,510
443
30, 244
39,944
27, 517
3,076
815
5,322
8,349
4,369
236
20, 570
13,987
6,284
376
25
201
1, 260
547
6,590
2,065
10,489
10,484
12,204
705
7,284
9,168
4,492
447
8
5,501
7,152
2,830
178
9,430
10, 302
5,955
510
23,877
21,210
8,070
911
18, 276
41,217
1,486
9,202
33,882
21, 391
8
15, 661
26,197
54, 068
2,450
3,428
14,968
17,090
8,079
8,988
8
4,348
6,121
7,657
8,973
16,543
17,316
3,225
46
1,490
270
1,980
545
2,293
1,353
3,860
3,610
7,619
7,815
53
64
1,799
1,546
2,097
4,775
12,764
953
1
59
227
227
387,100
63,889 101,823
134,291
123,495
27, 379
14,673
34, 620
30,485
7,777
5,250
10,445
11,163
25
60, 978
39,908
14,100
5,902
15,109
10,977
3,253
1,506
6,588
7,884
1,461
28, 201
1,835
10,405
490
5,137
75, 265
349,354
115, 541
2,472 12,440
23, 727 120,495
10,461 36,963
1,345
24,127
4,417
11,126
33,858
15, 066
1,340
2,464
807
1,564
1,349
872
19,494
46, 556
14,320
1,264
11,171
2,653
8,856
13,145
3,787
8,911
18,182
6,288
3,273
16,998
5,226
3,180
37, 282
14, 681
540,160
36, 660 169,898
29, 889
60, 050
4,611
3,785
80,370
15,088
25,788
33,381
25,497
55,143
88,304 136, 643
36,751 40,262
19, 586 36,175
29,830 59, 527
34,518
28,819
784
4,595
33,829 150,874
20,898 39,892
8,826 30, 220
3,858 79, 868
44,934
12,048
17,659
14,952
31,328
5, 075
114
25,930
54, 679
5,715
14,745
33,477
51,711 115,705
3,637 11, 733
22, 611 48,440
25, 250 55,091
131
12
47
71
290
35
101
153
2.99
4.01
2.45
3.30
2.95
3.51
2.46
3.26
1,220,706 112,368 365,813
301, 716 21,391 75,495
356, 613 55, 576 101,877
554, 587
35,401 186,808
3,285
919
744
1,600
280
64
114
102
929
193
215
517
255
109
39
101
366
120
75
169
113
98
2
12
106
73
21
11
442
136
63
241
120
41
37
41
100
18
81
153
20
30
101
3.17
3.59
2.46
3.39
2.94
3.51
2.42
3.40
2.99
3.00
2.49
3.26
3.40
3.50
2.36
3.97
3.15
3.50
2.46
3.34
3.87
4.00
3.04
3.25
3.58
4.00
2.69
3.34
3.45
4.00
2.45
3.56
3.16
4.02
2.47
3.27
3.76
4.27
2.28
3.67
3.30
4.01
2.43
3.57
Includes foreign loans on gold, and Federal intermediate credit bank debentures.
2 Less than $500.
133
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
FOR DECEMBER, 1924
[Amounts in thousands of dollars]
Total
Volume of Operations
Total discount and open market
operations
Boston
New
York
Phila- Clevedelphia land
,335,466 160,916 1,200,430 172,913 243,822
Bills discounted for member
banks
1,483,126 100,865! 657,687 163,518! 201,567
Bills bought in open market
5,341 24,944
360,979 44,236 162,709
U. S. securities bought in open
market
485,111
15, 815 378,288
3,472! 16, 609
Foreign loans on gold
__
1,746
702
6,000
582!
Bills Discounted
Customers' paper secured by
Government obligations
103;
1,008
Member bank collateral notes:
Secured by Government
obligations
1,075,589 64,2271
Otherwise secured
274,413
Commercial paper, n. e. s
110,555 ~35,~976i
Agricultural paper
13,242
475i
Livestock paper
1,531
6,
Demand and sight drafts (based
on agricultural products)
4,328!
Trade acceptances—domestic._.
2,460 j
78
Total bills discounted
1,483,126 100,865
Average rate (365-day basis)—
per cent
3.50
3.56
Average maturity (in days)
10.05
9.71
Total reduced to a common
maturity basis (exclusive of
demand and sight drafts)
1,478,797 104,438
Per cent, of total. __
100.0
7.1
Number of member banks on
December 31
420
9,680
Number of banks accommodated during the month
2,783
180
28.8
42.9
Per cent accommodated
Bills Bought in Open Market
Bankers' acceptances:
Foreign
Domestic
Dollar exchange
Trade acceptances—foreign
Total bills bought
Distribution, b y rates charged
(360-day basis):
2Ys per cent
2\i per cent
2% per cent
2lA per cent
2Y% per cent
2J4 per cent
3 per cent.
dSi per cent
V/i per cent
3 ^ per cent
3/^2 per cent
3& per cent
3% per cent
3i£ per cent
4 per cent
Average rate (365-day basis)—
per cent._
Average m a t u r i t y (in days)
Total, reduced to a common
m a t u r i t y basis
Per cent of total
United States Securities Bought
in Open Market
United States bonds
Treasury notes
Certificates of indebtedness
Total United States securities bought
1
20
495,931 132,272 133,405
152,384 27,167 57,389
3, 642
9,199
8,906
340 i
260
313
62
3.00
5.90
54,856
91,703
1,486
30,497 113,355
7,073 27,218
34,700
15,967
5,365
9,798
10,576
8,090
18,403
65,981
43,026
22, 594
894
3, 895
294
11, 649
216
11,292
276
7,281
228
12,056
456
1,281
264
163
56
67, 554
11,070
10,614
2,058
6
168
4,089 102,336
4,536
343
19,727
5,720
1,457
4,861
17
18,105
675
12,412
975
37
45
3,465
330
472
986
7,834
111!
1,019
1,101
2,641
2,104
43
60
45,270
17,878
1,488
538
210
2,096
330
586
5,365j
9,7981
8,090
129
146
65, 9
4.00
16.29
4.00
28.36
4.00
46.59
4.00
31.25
4.00
27.80
3.50
10.13
399,949 158, 852 157, 559 105, 798 122,619 190,234
7.2
12.9
27.0
10.
8.3
10.
25,755
1.7j
31,552
2.1
17,166
1.2
i8,733
4.6
906
1,086
838
771
100
11.01
113
10.4
37
4.4
124
16.1
8,492
1,954
130
14,894
3,290
219
33,169
9,362
495
10, 576 18,403
43, 026
852
1,275
697
1,251
12,198
1,276
844
10
1,225
2,424
1,385
3,139
24,451
3,168
7,131
3.50
9.43
3.50
7.59
4.00
11.20
4.00
39.38
872
624
516
1,419
96,142
6.5
628
369
43.0
356
48.0
318
36.5
246
39.4
218
42.2
525
37.0
19
31.4
111,327
48, 611
2,713
58
162, 709
3, 704
1,507
130
20,39'
4,462
226
1,260
5,568
1,505
13, 630
13, 033
555
11,487
4,130
350
1,486
7,073
27, 218 15,967
214
415
593
250
2,812
500
1,231
840
1,720
2,735
12,249
1,763
5,226
1,369
30, 785
13,411
40
30
13,041
15, 714
45,973
17, 658
161, 730
15, 538
86,140
1,853
680
9
85
80
21
138
2,289
30
1,090
4,334
10,350
805
12,243
3,242
11,880
137
72
3
50
5,792
3,421
29,414
5,087
62, 741
1,004
54, 705
34
237
2.79
40.45
2.71
53.34
360,979
100.0
8J
5, 341 24, 944
617
921
477
827
6,849
264
621
970
552
455
755
11, 639
494
1,102
3
32
190
2,837
544
1,514
155
66
1,050
1,529
850
2,619
13, 711
3,283
1,631
148
123
2.77
21.95
2.91
62.70
2.79
64.39
3.04
51.59
3.18
45.11
2.84
68.39
2.78
56.02
2.74
52.00
2.76
51.06
2.78
48.55
58,328
16.2
88,293
24.5
8,278
2.3
39, 705
11.0
.5
7,888
2.2
6,016
12.7
22,113
6.1
13, 595
3.8
23,229
6.4
51,639
14.3
37,318
95,892
351,901
1,442
5,704
8,669
7,537
62,457
308, 294
601
1,353
1,518
6,011
5,173
5,425
150
361
368
629
175
477
3,695
6,839
12,060
664
1,600
1,631
6,475
2,391
2,426
1,583
2,565
3,133
2,057
4,953
5,046
485, 111
15,815
378,288
3,472
16,609
879
1,281
22, 594
3,895
11, 649 11, 292
7,281
12,056
1,486
97
85
35
80
21
138
2,289
Includes $250,000 Federal intermediate credit bank debentures.
34,002 121, 519
39,115 164,061
879
342
17,230 132,192
San
Fran-
94,410
1,799
29
275
529
807
238
340
133
94
657, 68 163, 518 201, 567 91, 703 30,497 113,355 34,700
253, 679
102, 525
4,71
58
360, 979
44, 236
416
RichSt. Minne- Kansas Dallas
City
mond Atlanta Chicago Louis apolis
6,474
2,321
2,854
134
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
Gross earnings of the Federal reserve banks
for 1924 amounted to $38,340,000, or about 25
per cent less than for 1923 or 1922. The
decrease results from a decline of about onefifth in the daily average holdings of earning
assets and a decrease in the annual rate of
return on these assets from 4.33 per cent in
1923 to 3.83 per cent in 1924. The average
daily holdings of each class of earning assets,
earnings thereon, and annual rates of earnings
in 1924 as compared with the two preceding
years are shown in the following table:
HOLDINGS OF EARNING ASSETS, EARNINGS T H E R E FROM, AND ANNUAL RATES OF EARNINGS
[Amounts in thousands of dollars]
Bills
United
bought States
Bills
in the Govern- Other
discounted open
ment
market securities
Daily average holdings:
1922
573,247
1923
738,114
1924
374,834
Earnings:
1922
._
26,523
1923
32,956
15,943
1924
Average rates of earnings (per cent):
1922
4.63
1923
4.46
4.25
1924 . . -
'Total
159,207
226,548
172,428
454,750
185,823
401,365
66
85
1,690
1,187,270
1,150,570
950,317
5,629
9,371
5,710
16,682
7,444
14, 712
4
4
61
i 48,838
i 49,775
i 36,426
3.54
4.14
3.31
3.67
4.01
3.67
5.40
4.50
3.61
4.11
4.33
3.83
i Exclusive of miscellaneous earnings amounting to $1,653,000 in 1922.
$934,000 in 1923, and $1,914,000 in 1924.
Total current expenses in 1924, exclusive of
those fiscal agency department expenses which
are reimbursable by the Treasury Department,
amounted to $28,432,000, a reduction from the
total for 1923 of about $1,340,000, or 43^ per
cent. Salaries paid to the clerical staff, which
make up the largest single operating expense,
amounted to $13,289,000 for the year, as
against $14,026,000 for the year before. As a
consequence of the larger decline in gross earnings than in operating expenses, current net
earnings declined by more than one-half and
amounted to $9,908,000 in 1924 as against
$20,938,000 in 1923. Net deductions from
current net earnings aggregated $6,190,000 and
were made chiefly for depreciation allowances
on bank premises, for furniture and equipment,
and for reserves against probable losses on
paper held under discount for member banks.
Net earnings available for dividends, surplus,
and franchise taxes amounted to $3,718,000 for
the year as against $12,711,000 for 1923.
Earnings of two of the reserve banks, Cleveland
and Kansas City, were not sufficient to cover
current expenses, depreciation charges, reserves, etc., or any part of the dividends
accrued during the year, while earnings of four
other banks, Boston, New York, St. Louis, and
San Francisco, though in excess of current
expenses, depreciation charges, reserves, etc.,
were not sufficient to meet the full amount of
dividend requirements, and as a result these
six banks withdrew $3,266,000 from their surplus accounts built up in prior years. Of the
six Federal reserve banks whose earnings were
sufficient to cover current expenses, depreciation charges, reserves, and dividends, only four
had an excess of earnings remaining after such
charges. Of these, Philadelphia, Richmond,
and Dallas transferred all of such balance,
aggregating $175,732, to surplus account, while
the Minneapolis bank transferred $12,628 to
surplus account and paid $113,646 to the
United States Government as a franchise tax.
Total dividend payments of all Federal reserve
banks aggregated $6,682,496. The full statement of earnings and expenses of the Federal
reserve banks for the year 1924 is given in the
following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1924
EARNINGS
Total
Discounted bills
Purchased bills
United States securities. - .
Deficient reserve penalties
M i scellaneous
$15, 942,845
5, 709,809
14, 712, 593
381,619
1, 593,583
Total earnings
38, 340,449
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
$783,450 $2, 613, 566 $1,290,080 $1,361,771 $1,905,118 $1, 532, 222 $2,044,407 $1,140,622
141, 778
599,172 1, 446,693
47, 787
234,196
705, 723
408,409
670,338
352,652
1,049,841 4,165,856 1,136,303 1, 581, 943
164, 559
85, 388 2,121,708
27,441
4,576
65,026
40,720
24,974
39,910
7,839
16,669
25, 650
121,977
27,750
14, 595
290,421
318, 261
73, 215
139,968
2, 559,016
8, 569, 350
2, 915,846
3, 770,689
2, 210, 240
Minneapolis
Kansas
City
Dallas
$578,447
84, 269
848,070
40,175
58,109
$859,534
158, 580
947, 929
36, 380
260,487
$531, 356 $1,302,272
630,682
582,182
781,838 1,476, 506
52, 548
25,361
161, 540
101, 610
San
Francisco
1, 907,121
5,202,169
1, 688,143
1, 609,070
2,262,910
2,157,964
3,487,931
$161,144
743,286
75,182
153,548
613
267
442
26, 276
14,473
$142,120
580,902
36,817
102,323
746
345
1,047
5,607
28,156
$256,013
1,458,193
82,825
147,200
1,028
778
2,600
23,681
CURRENT EXPENSES
Salaries:
Bank officers
$2,524,709
Clerical staff
13, 288, 720
Special officers and watchmen
800,150
All other
1, 671, 718
Governors' conferences
5,882
Federal reserve agents' conferences
3,474
Federal Advisory Council
10, 550
Directors' meetings
158, 709
Traveling expenses i
313,625
Assessments for Federal Reserve Board
expenses
663, 240
Legal fees
90, 798
Insurance (other than on currency and |
security shipments)
400,199
Insurance on currency and security shipments
561,971
Taxes on banking house
840, 761
Light, heat, and power
277,826
Repairs and alterations, banking house
157,464
Rent.
657,624
492, 952
Office and other supplies
585, 506
Printing and stationery
200,436
Telephone
_
*
574,120
Telegraph
1, 727,581
Postage
379,435
Expressage
Federal reserve currency:
Original cost, including shipping
charges
1,180,952
Cost of redemption, including shipping charges
251,899
Taxes on Federal reserve bank-note circulation
815
All other expenses
610,822
Total current expenses
1
28,431,938
$122,000
894,000
31,504
90, 512
288
276
452
6,235
6,416
$479, 542
3, 412,141
166,462
371, 699
504
98
550
21,460
27,660
$129,833
980, 591
59, 595
91,117
267
123
343
7,565
12,875
$225,000
1,105,384
100,178
231, 662
425
189
745
7,669
22,434
$169,190
718,163
43, 628
68, 987
310
66
322
7,541
21, 684
$206, 719
431,430
37,188
34,906
280
405
848
25,290
20, 821
$347,478
1,818, 716
102,906
271,471
383
302
914
8,441
26, 222
$164,320
716,421
41,145
472
379
1,200
9,892
31, 741
$121,350
429,493
25, 576
67,148
566
246
1,087
9,052
52,454
48,634
2,014
179, 201
7,115
59, 978
5,462
72,332
13, 526
35,009
26, 897
9,019
91,183
4,711
30, 213
1,221
21,867
23,463
27,972
9,348
23,485
2,717
46,469
10,614
26, 590
58, 602
35,062
44, 345
72, 749
105, 593
20,489
2,492
3,913
21,485
47,828
19, 609
8,086
172,851
37,005
115,656
116,643
47, 284
4,640
268, 687
111,227
78,258
51,346
65,413
270,178
91,464
87,077
22, 538
21,922
15,167
2,774
44,127
51,077
25, 741
20, 087
153, 517
51,836
66,154
163,226
38, 536
14, 657
47,064
48,047
63,870
14,126
35,802
151, 674
25,992
164,946
195,550
196,149
99, 618
27, 818
53,328
37, 567
26,351
1,588
19, 742
39, 714
18,178
29,600
36, 655
25, 539
42,505
28,459
47,667
13,402
9,070
14, 695
23,848
29, 518
5,045
79,427
98,924
21,169
58,859
230,166
41,240
17,941
48,142
76,924
81,128
26,675
59,305
213, 546
50, 584
17,311
2,112
3,182
7,562
78,849
21, 622
30,310
6,454
43,409
118,221
12, 328
16,175
1,580
1,468
426
43,399
20,891
38,063
7,310
23,998
74, 683
10,093
17,394
73,662
42,093
69,300
22,986
26,305
34,867
7,760
67,709
140,975
9,531
22,567
32,792
24,892
9,765
1,393
21,404
23,049
11,709
50, 062
88,134
21,171
3,115
13, 524
1,575
118,922
50,820
70,875
19,281
81,933
124,494
20, 359
54,606
28,409
225,985
5,295
6,796
43,596
34,215
125, 787
19, 532
3,892
36, 556
8,785
1,738
8,643
5,769
21,920
50, 501
2,853, 384
23, 667
29,887
41, 667
9,794
4,869
6,800
26,252
36,663
5,380
38,889
120,384
27, 903
156,113
41,446
45, 844
25, 053
29,942
66,944
32,437
36,645
52,060
815
34,121
1,973, 501 6,350,821
2,153, 836
2, 664, 850
1, 537,834
1, 247, 012
3,946,436
1,441, 348
1, 065,167
1,866,087
1, 331, 662
!9, 716
e
w
Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
CO
CO
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1924—Continued
PROFIT AND LOSS ACCOUNT
Total
Earnings
_. $38,340,449
28,431,938
Current expenses
9,908, 511
Current net earnings
Additions to current net earnings:
Withdrawn from reserve for depre224,795
ciation on U. S. bonds
Appreciation in foreign exchange on
173,056
balances held abroad
175,357
All other
Total additions
- ..
Deductions from current net earnings:
Depreciation allowances on bank
premises _. . _ _
.
Reserve for probable losses
Reserve for self-insurance on U. S.
Reserve for depreciation
bonds
Furniture and equipment
All other
Total deductions
Net deductions from current net earnings.
Net earnings available for dividends, surplus, and franchise tax
_ _
Dividends paid
Transferred to surplus account
Franchise tax paid U. S. Government..
Deficit in earnings after payment of dividends, charged to surplus account
1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
$2, 559,016 $8, 569,350 $2,915,846 $3, 770,689 $2, 210,240 $1,907,121 $5,202,169 $1,688,143 $1,609,070 $2,262,910 $2,157,964 $3,487,931
1,973,501 6,350,821 2,153, 836 2, 664, 850 1, 537,834 1, 247,012 3,946,436 1,441,348 1,065,167 1,866,087 1, 331,662 2, 853,384
2, 218, 529
15,870
4,686
173,056
3,184
573,208
20, 556
176,240
4,034,782
1,067, 259
105,197
122,048
762,010
1,105,839
20, 433
585, 515
21, 612
910,440
672, 406
660,109
246,795
1, 255, 733
396,823
826, 302
143,469
2,067
543, 903
168
21,176
634, 547
1,698
18,385
2,006
12, 231
40,679
16, 264
27,101
22, 524
26,063
536
22,131
39, 997
2,006
14, 298
40,679
16, 264
170, 570
22,692
47,239
536
1, 509,445
82,114
100,000
50,000
94, 934
285, 585
165,197
181, 674
4,400
310, 862
628,468
79,119
500,000
127, 755
25, 927
28, 795
48,938
25, 571
36,408
7,821
9,385
20,013
197, 776
59,036
59,122
385,371
672,697
608, 517
384, 567
42,858
214,801
650,005
561,278
384,031
55,197
12,822
1,074, 591
468,888
11,650
1,951
536, 776
275, 504
23, 307
13, 742
102, 466
7,078
52,819
9,688
17,321
3,911
12,822
11,818
15, 778
6, 763, 539
135,649
1, 777, 917
37,049
1, 618, 989
294, 621
401, 751
387, 289
6,190,331
115,093
1, 601, 677
14, 918
1, 578, 992
292, 615
387,453
346, 610
3, 718,180
470, 422
616,852
747,092
i 473,153
379, 791
272, 656
909,123
203, 937
329,102
i 253,182
265,024
250, 516
6,682, 496
188, 360
113, 646
477, 798
1, 796, 530
615,135
131, 957
756,152
351, 251
28, 540
272, 656
909,123
304, 976
202,828
12,628
113, 646
265, 697
249,789
15,235
480, 561
3, 266,322
7, 376
1
1,179, 678
'
101,039
1, 229, 305
518, 879
230,045
Deficit in earnings before payment of dividends.
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Expenditures during 1924:
Salaries
All other
.
Amounts reimbursable Jan. 1,1924
...
Total
Reimbursements received during 1924
Balance reimbursable J a n . 1, 1925_.
$376,742
67,125
126,650
$16, 543
2,775
4,149
$38, 424
10,045
18,198
$19,439
1,712
4,713
$48,121
11,848
19, 743
$22,854
3,100
6,260
$24,175
3,630
7,690
$54,472
7,354
22, 655
$28,348
4,531
8,104
$41,060
10,171
11,453
$37,430
2,498
8,416
$22, 674
3,516
4,068
$23,202
6,145
11, 201
570, 717
544,890
23,467
22, 564
66,667
64, 205
25,864
24, 676
79, 712
77,117
32,214
29, 969
35,495
33, 476
84,481
82,316
40,983
39,442
62, 684
59, 448
48, 344
44,815
30, 258
28,336
40, 548
38, 526
25,827
903
2,462
1,188
2,595
2,245
2,019
2,165
1,541
3,236
3,529
1,922
2,022
137
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES A N D LIABILITIES OF ALL REPORTING MEMBER BANKS I N EACH FEDERAL RESERVE DISTRICT
O N WEDNESDAYS FROM DECEMBER 17, 1924, TO JANUARY 14, 1925
[In thousands of dollars]
Total
N u m b e r of reporting b a n k s :
Dec. 17
739
Dec. 24
738
Dec. 31
737!
Jan. 7
736|
J a n . 14
736i
Loans a n d discounts gross:
I
Secured b y U . S. Gove r n m e n t obligations—
|
Dec. 17
191,4491
Dec. 2 4 . .
196,273!
Dec. 31
194,974J
Jan. 7
186,332!
J a n . 14
_
175,619;
Secured b y stocks a n d
!
bonds—
{
Dec. 17
4,606,869!
Dec. 24
4,641,014
Dec. 31
4,667,760
Jan. 7
..
4,697,914
J a n . 14
4,686,310
All other loans a n d discounts:
Dec. 17
8,190,603
Dec. 24
8,185,530
Dec. 31
8,205,684
Jan. 7
8,222,019
J a n . 14
8,260,685
Total loans and discounts:
Dec. 17
12,988,921
Dec. 24
13,022,817
Dec. 31
13,068,418
Jan. 7
13,106,265
J a n . 14
13,122,614
U . S. pre-war bonds:
Dec. 17
262,571
Dec. 24
261,492
Dec. 31
261,319
Jan. 7
261,463
Jan. 1 4 . .
260,311
U . S. Liberty bonds:
Dec. 17
1,413,935
Dec. 24
1,411,933
Dec. 31
1,387,597
Jan. 7
1,402,505
J a n . 14
1,403,891
U . S. Treasury bonds:
Dec. 17
364,475
Dec. 2 4 . . .
369,737
Dec. 31
361,515
Jan. 7
372,931
J a n . 14
378,424
U . S. Treasury notes:
Dec. 17
517,454
Dec. 24
523,186
Dec. 31
501,588
Jan. 7
514,136
J a n . 14.
_.
_.
528,900
U . S . Treasury certificates:
Dec. 17
154,058
Dec. 24
_.
133,390
Dec. 3 1 .
133,296
Jan. 7
142,227
J a n . 14
138,006
Other bonds, stocks, a n d
securities:
Dec. 17
2,880,512
Dec. 24
2,878,369
Dec. 31
2,885,541
Jan. 7
2,861,501
J a n . 14
._ 2,847,550
Total investments:
Dec. 17
5,593,005
Dec. 24
5,578,107
Dec. 31
5,530,856
Jan. 7
5,554,763
J a n . 14
J 5,557,082
Boston
New
York
Philadelphia
Cleveland
Richmond
108
108
108
108
108
9,947
10,098
10,396
9,915
9,062
73,606
77,622
71, 719
65,642
61,338
269, 681 , 156, 368
272,924 2,189,109
291,
"",485 2,200,809
299,413
"12,214,821
287, 585 ",176,107
AtSt. Minne- Kansas
lanta Chicago Louis apolis City
36
101
100
100
100
100
Dallas
San
Francisco
501
66
66
66
33
6,346
9,020
7,725
7,692
7,599
7,552
31,514
32, 017
30,421
33, 232
30, 206
10,649
10,880
11,806
11, 646
10, 802
2,899
3,105
3,839
3,904
2,857
4,396
4,387
4,461
4,357
4,250
3,521
3,620
3,870
3,380
3,335
10,161
9,920
9,834
9,445
9,333
306, 395 407, 349
308,203 409,185
306,818 410,397
404, 265
317,301 415, 658
122, 253
122, 004
122,282
124,371
126,884
64, 777
66, 021
66,489
69, 232
70, 024
676,143
671, 977
666,132
671,592
174, 532
176,245
177, 592
178,161
181,210
59, 546
56,783
54,961
54,057
54,037
92,931
95,250
93,928
67, 346|
66,454
67, 397
67, 786
65, 966
209, 548
206,859
209,470
209, 451
211,830
721, 968
721, 205
715,446
716, 387
725,356
343, 782
345, 013
346,383
348, 661
343,079
383,197 1., 215,896 316,749
380,169 1, 207, 628 310, 533
384, r - - 1,219,403 310, 315
,218,150 307,941
379,1
,228, 286 309,078
371,425 1,
216,357
213,885
213,114
213,492
214, 581
332, 207
336,540
337,976
332, 586
333,359
228,296
232, 070
233,834
232,677
230,116
829,324
830,314
821,993
819, 504
147,507 472,833
149,304 473,852
148, 289475,889
140, 024479,960
476,309
.
456,994 1 , 923,553 501, 930
453,!, 915 1, 911,622 497,658
459,), 134 1, 915,956 499, 713
.
455,i, 881 1, 922,974 497, 748
449, 001 1, 940,761 501, 090
278,802
273, 773
271,914
271,453
271,475
429, 534
436,177
436,365
435,039
435, 048
299,163
302,144
305,101
303,843
299,417
,048,395
, 046,103
, 049, 618
, 040,889
, 040,667
10, 748
11,150
11, 266
10, 912
10, 572
i
648.455 2, 588,279 366, 731
"
642, 797 ", 601,871 364,495
>
639.456 2, 619,329 355,161
, 438 2,654, 747 356, 897
687, 653 2, 639, 556 358,692
18,190
18, 914
22,446
19, 372
19,966
928, 083 4,818,253 683,874 1,
925,819 4,868, 602 683,848 1,
941,337 4, 891,857 673,"" ,
t
,
948, 766 4, 935,210674,
[,
,
984,300 4,877; 0 1 686, 565 1
"^0
6,798
6,835
7,224
97,439
13,458
13,458
13,446
13,446
13,446
51,925
52,528
52, 526
52,527
52,875
10, 675
10,675
10,672
10.671
10, 671
45, 53!
45,179
45,101
45,450
45,425
25,983
25,938
25, 733
25, 733
24, 715
15, 041
15,041
15,001
15,002
14,898
22,207
21,832
21,837
21,693
21,697
14,357
14,357
14,341
14,341
14,341
8,486
8,486
8,481
8,481
8,481
11,217
10,632
10,432
10,419
10,059
18, 552
18,814
81,248
81,167
88,217
86,333
81,036
643,171
646,000
634, 613
632,449
640,822
53, 570
52.672
52, 733
52,831
50,990
192,272
192, 534
175,557
185, 712
185,399
35,418
36,243
36,916
36,373
37,004
10,453
10, 519
10,191
11,548
11,170
168,748
164, 930
162,616
162,835
165,057
25,951
27, 751
27, 207
26,504
27,455
26,897
27,146
27,094
27,011
26, 580
40,046
39,896
38, 641
43,583
41,973
13,615
13,478
13,014
13,468
14,021
122,546
119, 597
120, 798
123,858
122,384
20,992
18, 332
12,417
13,424
17,656
182,038
179,316
177,464
174, 633
173, 967
26,230
27,04"
27,016
27,179
27,806
22,239
25, 336
20, 585
24,086
25, 306
4,580
4,342
5,005
4,213
4,055
2,563
1,112
2,368
2,364
2,378
41, 689
41,496
40,100
45,530
47, 387
5,885
5,744
5,782
5,564
6,284
9,941
9,860
9,353
9,414
9,410
3,599
3,997
6,402
10, 247
13,126
4,553
4,570
4,327
5,120
5,185
40,166
48, 585
50, 696
51,157
45,864
9,759
9,994
9,661
8,0081
8,432|
219,234
230, 548
209, 673
234,461
248,129
20, 532
20, 712
20, 501
20, 584
20, 578
58, 414
58,177
55,183
55,841
55, 670
2,734
2,655
2,734
2,643
2,337
3,762
2,158
2,078
2,590
112, 356
105,600
111,380
102,225
101, 600
12,210
10,956
10,965
11, 768
12,098
19,025
19,009
19,474
18.972
18.973
24,694
24,74f
23, 389
20, 518
20,415
8,175
8,731
8,069
8,615
9,457
27,849
28, 221
28,480
28,332
28, 315
3,887
1,786
2,281
1,771
1,766
65,919
59, 519
65,349
69,803
68, 684
7,669
7,481
7,526
7,522
7,452
12,968
9,219
6,714
8,173
8,102
431
364
400
432
432
2,192
2,144
2,144
3,144
2,037
18,975
19,177
17, 511
2,768
2,279
2,025
2,183
1,872
6,584
6,578
6,520
6,320
6,320
4,470
3,168
3,17
2,732
3,408
4,279
3,195
2,286
3,243
3,302
23,916
18,480
18, 663
18,095
17,120
197, 868 1,138,091 254,199 344,574
195,353 1,125,003 255, 784 344, 739
195,2801,136,153 256, 720 343,992
194, 230 1,116, 885 255, 544 347, 586
193, 056 1,110, 253 253, 306 345, 706
64,860
64,937
64,874
64,984
62,050
42,079
41, 940
43,463
42,20f
41, 513
422, 724
427,495
419,300
415,630
417, 746
101, 585
102,905
103,409
105,024
103,400
37,041
37,098
37,163
36,784
36,880
71,
72,908
72, 945
73,469
73, 582
19,328
20,375
20, 599
20, 230
20, 722
186,228
189,832
191,643
134,141
134, 558
135, 583
134,469
130, 899
74, 665
74,518
75,325
76,341
74,586
780,530
771,444
766,722
770,998
162,756
163,992
163,729
165,384
165,450
107,974
108,177
108,085
106,982
106,644
155,961
155,343
154,986
160,968
162, 563
68, 502
69,163
66,993
69,324
71,385
425,843
429,267
435,331
435,424
428,024
327, 212 2,300,378
320,090'2,292,914
321,302 2,275, 778
317, 212 2,280, 758
315, 392 2,294, 730
372,875
374,371
375,168
374,331
370, 803
675,999
675,184
647,132
666,848
665, 608
16,211
18,809
18,648
25,138
24, 552
25, 051
25,052
25,005
189,336
138
FEDERAL RESERVE BULLETIN
FEBRUARY,1925
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM DECEMBER 17, 1924, TO JANUARY 14, 1925—Continued
[In thousands of dollars
Boston
Total
New
York
Philadelphia
Cleveland
Richmond
Total loans and investments:
18,581,926 1,255,295 7,118,6311,056, 749 1,823,506 606,974
Dec. 17
Dec. 24
18,600,924 1,245,909 7,161,516 1,058,219 1, 824,488 608,410
Dec. 31
18,599,274 1,262,639 7,167,635 1,048,413 1, 795,421 611,472
Jan. 7
18,661,028 1,265,978 7,215,968 1,048, 809 1, 806,872 614,429
Jan. 14
18,679,696 1,299,6927,171,7311,057,368 1,826,588 607,208
Reserve balances with
Federal reserve banks:
91,104 807,336
Dec. 17
1,694,009
78,912 131,551 38,360
93,110 824, 381 77,141 123,757 39, 627
Dec. 24
1,700,338
95,500 803,192
Dec. 31
1, 679,777
79,400 108,773 38,102
1, 702, 232 93,092 794,994
79,685 123,897 39, 574
Jan.7__
95,237 827,614
1,720,270
79,542 119,451 41,246
Jan. 14__
Cash in vault:
39,306 16,441
24,978 100,749
20,778
Dec. 17
338,421
25,386 103,133
19, 786 34,338 15,162
Dec. 24
_
333,491
33,389 15, 566
24,257
19,792
Dec. 31
323, 849
93,460
23,807
17, 754 35,634 15, 461
327,373
94.586
Jan.7__
32, 540 14, 597
21, 639 85, 605 17,739
Jan. 14__
305,585
Net demand deposits:
.
13,169,492 873,4615,903,078 750,527 1 , 018,983 360,939
Dec. 17
"" ,
Dec. 24
13,044,529 860,092 5,878,338 739,2311,004t 180 355,444
—
13,254,328 891,936 5,957,157 753,070 972,457 366.155
Dec. 31
364, 201
13,279, 650 884,940 5,980,366 758,294
Jan. 7
Jan.14
13,355,190 913,168 5,944,123 770,4311,017,938 370, 612
Time deposits:
4,816,408 315,330 1,151,164 173,195 684,740 177, 774
Dec. 17
Dec. 24
4, 814,435 315,396 1,143,206 173, 788 681,972 177,578
Dec.31
4,848,846 316,587i 1,156,537 182,331 680,065 181, 577
Jan. 7
4,849,399 325,2481,143,923 179, 702 693,049 181, 578
Jan. 14-_-_.
4,852,867 325,0461,146,355 173,351 699, 709 180,651
Government deposits:
20,555
19, 631 5,456
Dec. 17
30, 717 40,495
180,305
18,199
4,799
Dec. 24
29,471
37, 893 18,745
169,195
15,307
4,792
Dec.31
18,748
165,903
29, 476 37,314
4,325
159,934
Jan. 7.-28,477
35, 767 17, 291 17,026
3,151
135,566
Jan.14_
26,080
30, 676 13, 811 14,281
Bills payable and rediscounts with Federal reserve banks:
Secured by U. S. Government obligationsDec. 17
6,229
3,218
9,935 22,029
29,126
90, 739
14,274
5,756
18,191
84,774
Dec. 24
155,364
17,025
5,999
2,782
10,030
54,797
Dec. 31
114,059
19,301
3,805
2,132
1,420
30, 635
Jan. 7
76, 593
6,116
2,475
2,908
2,470
46,041
Jan. 14
72, 618
All other2,744
6,752
Dec. 17
3,338
10,081
5,093
42,125
5,643
9,027
Dec. 24
12,304
24,084
68,893
2,935
8,454
6,765 8,845
3,603
Dec.31
40, 426
3,060
2,538
8,734 9,445
3,116
Jan. 7
300
3,188
6,639 7,090
22,944
Jan. 14
151
50,545
Atlanta
Chicago
531, 659 2, 710,252
528,433 2,692,152
534459 2, 687, 400
,,689,696
523,587 2,711,759
St.
Minne- Kansas
Louis apolis City
661,650
663,442
663,132
666,540
386,776
381,950
379,999
378,435
378,119
585,495
591,520
591,351
596,007
597,611
Dallas
San
Francisco
367,, 665. 474,238
,
'
1,
371, 307. 475,370
.
,
,
1
372,0941,
,484,949
373; 167 1,476,313
370,802 1,468,691
38,914
40,558
36,119
40,472
235,545
238,367
245,027
249,589
50,772
47,113
49, 601
52,005
49, 730
30,333
25,294
26,921
28,970
28,385
52, 782
55,559
57,094
55,586
52,353
30,038
28,878
32,785
32,134
30,256
108,362
105,032
113,923
116,796
105,971
11,907
11,581
13, 216
12, 434
12,366
60,939
61,087
60, 566
62,510
58,074
9,136
9,136
9,390
8,561
8,663
6,147
6,749
6,553
7,121
6,661
13,179
13,402
13,185
13,342
12,858
11,642
10,896
11,581
11,766
11, 517
23,219
22,835
22,894
24,397
23,326
309,701 1,724,191 405,309
.,705,082 395,532
308,884 I!
.
317, 287 1, 744,237 414,041
',
.
1,2581, 745,336 412, 824
320,
.
321, 157 1, 775,687 410,464
,
266,782
258,758
260,896
260.104
258,900
476,186
476,019
483,386
483, 785
484,850
276,353
281,459
288,585
285,320
279, 636
803,982
781,510
805,121
795,024
808,224
134,773
138,238
133,412
136, 542
135, 690
91,125
90, 255
89,330
91, 707
92,743
665,905
671,526
681,132
678,411
680,070
1,825
1,597
1,474
1,322
3,278
2,979
2,979
2,742
2,170
15,995
14,545
14,539
13,352
10, 276
182
107
102
275
102
394
2,910
7,500
8,600
7,300
50
189,087
188,694
191,956
188,414
188, 649
917,042
920,354
922,018
917,041
916,336
213,349
211,902
212,287
211, 739
211,870
102,924
101,526
101,614
102,045
102,397
5,226
4,819
4,804
4,479
3,711
27,090
26,423
26,539
25,515
21,276
7,904
7,669
7,814
7,652
7,286
2,133
2,056
2,117
687
870
668
1,873
1,913
14,624
16,174
12,925
9,309
10,395
1,405
1,151
1,000
6,626
6,372
5,511
7,092
4,746
1,402
1,726
172
2,022
1,129
2,311
2,078
716
505
575
l'85O
298
148
318
50
131
245
2,873
2,814
1,936
2,660
2,242
905
1,592
1,314
2,227
1,841
BANKERS' BALANCES IN FEDERAL RESERVE BANK CITIES
Due to banks:
Dec. 17
Dec. 24
Dec.31
Jan. 7
Jan. 14
Due from banks:
Dec. 17
Dec. 24
Dec. 31
Jan. 7
Jan.14
2,487,133
2,397,811
2,635,368
2, 700,989
2, 648, 745
699,351
656,697
661,794
693,851
718,342
125,001 1,173, 602
122,001 1,122,599
139,011 1,304,858
143,871 1,322,382
143,319 1,259, 556
39,882
41,308
45,494
53,878
43,750
92, 718
77,813
91,943
92,664
95,774
195,445
184,648
192,884
206,698
202, 225
47,388
43,629
61, 798
49,963
54,020
40,071
36,141
33, 643
37,564
39, 559
17,819
18, 705
17,980
19,830
20,809
405, 250
385,976
407,915
427, 284
436, 749
92, 720
100,377
98,409
108, 525
113, 553
74,125
71,781
69,183
72,880
71, 623
135,044
137,464
132,811
134,418
131, 721
49,174
47,940
52,340
49, 337
47,011
131,494
126, 550
124,536
128,237
128,600
66,878
60,322
69, 793
76,687
82,149
24,004
20,458
24, 676
26,387
28, 267
21,370
17,356
17,358
20, 536
17, 619
16,352
21,004
16, 752
17, 674
24,453
177, 542
162,171
169, 274
168, 534
167.330
49,939
50, 203
40, 326
51, 539
55. 566
22, 331
26,171
22,987
21, 515
23,355
66, 780
70,543
61,098
58,416
51,156
39,943
32, 495
33, 236
36,426
35, 513
81,612
76,853
68,857
69, 595
93,410
139
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO
[In thousands of dollars]
Banks in New York City
Dec. 17
Jan. 14
Dec. 17
D e c . 24
Dec. 31
67
47
46
46
46
46
Loans and discounts, gross:
Secured by U. S. Government ob69,347
ligations
73,363
67, 447
56,814
61,393
1,933,953 1,970,909 1,973,919 2,001,709 1,951,704
Secured by stocks and bonds
2,293,265 2,305,487 2,320,390 2, 358,765 2,345,772
All other loans and discounts
24,229
514,664
713,847
24,686 I 23,212
509,117 i 500,625
712,462
718,744
26,083
504, 592
722,480
23,153
514,850
728,037
Total loans and discounts
Dec. 31
67
Number of reporting banks
Dec. 24
67
67
Jan. 7
B a n k s in city of Chicago
67
Jan. 7
Jan. 14
_.. 4,296,565 4,349,759 4,361, 756 4,421,867 4,354, 290 1, 252,740 1,246,265 1,242,581 1, 253,155 1,266,040
U. S. pre-war bonds.
U. S. Liberty bonds
U. S. Treasury •
bonds.
•
U. S. Treasury notes
U. S. Treasury certificates
Other bonds, stocks, and securities
I 41,348
I 547,503
42,001
553, 768
161,312
212,548
57, 781
859,839
42,348
547,355
156, 606
230, 342
67, 071
843,946
4,104
83,991
26,061
82,343
12,265
206,108
4,088
82, 510
23, 261
77,674
12,941
211,206
4,088
81,575
22,642
83,449
10,559
203,985
4,087
81,131
27,932
74, 220
12, 856
200, 065
4,094
82,133
28,169
73,231
11,912
202,739
Total investments
jl, 891,746 1, 887,249 1,870, 543 1, 875, 682 1,887,668
414,872
411,6
406, 298
400, 291
402,278
Total loans and investments
6,188,311 6,237,008 6,232,299 6,297,549 6,241,958 1,667,612 1,657,945 1,648,879 1, 653,446 1,668,318
164,753
_.
199,723
63,678
874,741
41,999
541, 957
159,918
191,923
63, 611
871,135
42,000
540, 288
156, 560
216, 710
68,065
852,059
Reserve balance with Federal reserve
178,647
bank
769,414
754,025
749,050
166,991
169,161 173,014 170,618
736,897
767, 078
30,412
Cash in vault
33,652
82,503
85,868
77,754
32,264
34, 202
31,917
77,032
70,011
1, 208,192
Net demand deposits
5,355,109 5,345, 202 5,401,345 5,437,323 5,396,681 1,166,455 1,163,120 1,180,418 1,184, 246
450,164
812,534
Time deposits
.__
804,230
817,004
451,207
449,412 452,678 450, 778
801,368
800,146
16,096
Government deposits
26,457
16,555
25,878
17,069
17,183
24,700
20,499
17, 585
Bills payable and rediscounts with
Federal reserve bank:
Secured by U. S. Government ob635
ligations
925
665
9,635
29, 540
4,055
18,940
33, 830
4,430
320
2,581
420
Allother
20, 626
1,435
21,193
150
617
Total borrowings from
reserve banks
Federal
12,216
89,316
30,975
19, 529
55,023
4,916
4,672
1,075
1,085
955
140
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
Number
of
centers
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston.
2—New York
3—Philadelphia4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis . . .
10—Kansas City._
11—Dallas..
_
12—San Francisco
Total
1924
October
1923
November
December
1
140
2, 252,717
23,708,849
1,820,722
1,980,486
675,127
973,154
4,500, 225
1,081, 663
891,171
1,062,890
586, 644
2,359,349
December
41,892, 997
49,157,166
22, 505, 693
20, 912, 290
2,154,617
19,846, 052
1,922,569
2, 241,154
746, 504
1, 020,357
4,660,972
1,184,854
700,333
1,159,741
629, 517
2, 633, 571
23, 046,934
18, 846, 063
2,150,666
20,632,112
1, 738,336
1,996,108
710,408
991,989
4,428,485
1,094,428
664,498
1, 053,147
583,636
2,460,057
2, 287,912
22,801, 386
1,999, 728
2,331,503
804,167
1,124,910
4,886,123
1,194,752
660,760
1,082,885
620,979
2,652,946
38,503,870
2,467, 796
28,106,044
2,242,478
2,466,903
795, 584
1,154,408
5,326,098
1, 259, 637
849,622
1,189,358
664, 938
2, 634,300
43,417, S
..
November
42,448,051
19,982,927
18, 520,943
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
New York City
Other cities
October
22,081,149
20, 366,902
WEEKLY SUMMARY FOR BANKS IN 247 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
.
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas
12—San Francisco
Total
Number of
centers
16
13
18
22
23
24
35
14
17
25
14
26
1924
Week ending—
Dec. 24
587,880
6,239,018
584,701
654, 439
298,480
278, 012
1, 254, 068
302, 740
185, 661
261, 295
150, 580
581, 735
Dec. 31
1923
Week
ending-
1925
Week ending—
Jan. 7
558, 075
684,636
5,843, 343 6, 524,721
514,941
549,960
707, 571
792,668
271,698
322,486
232,916
330,427
1,155, 778 1, 361, 008
273,953
364, 041
172, 807
183, 659
273,413
292,176
151, 269
180,674
526, 016
634,365
Jan. 14
615,081
6,633, 249
533,468
657,378
296,877
289,012
1, 266, 070
313,822
' 191,194
288,845
150,136
640, 508
Jan. 21
Dec. 26
709,682
466,961
6,618,979 4,370,968
552,622
443, 843
639,748
572,895
306,195
264,088
271,500
229,833
1,327,289 1, 048,665
315,085
247,917
180,223
140,398
296,126
224,443
162,599
131, 203
658,058
524, 666
1924
Week e n d i n g Jan. 2
Jan. 9
570,402
5, 562,682
552,977
760,127
281, 685
269,213
1, 238, 080
304, 279
157, 814
250, 076
150, 576
600,065
581, 880
5,447,157
529,801
682,326
309,155
281, 219
1,148,162
315,489
159,338
256, 593
156,109
650,786
Jan. 16
Jan. 23
547,145
535,634
5, 575,955 5,163,563
480, 871 456,596
615, 312
582,837
293,411
267,797
271,188
235,264
1,173,331 1,128, 248
294,422
269,211
152,647
136,073
250,391
239,302
137,609
139,012
646, 255
605,837
247 11, 378, 609 10,681, 780 12,220,821 11,875,640 12,038,106 8,665,880 10, 697,976 10, 518, 015 10, 438, 537 9,759, 374
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No. 1—Boston.,
No. 2—New York
Buffalo-No. 3—Philadelphia
No. 4—Cleveland
Cincinnati
Pittsburgh
No. 5—Richmond
_
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
No. 7—Chicago
Detroit-No. 8—St. Louis
Little Rock
Louisville
Memphis
No. 9—Minneapolis
Helena
No. 10—Kansas C i t y - . .
Denver
Oklahoma City
Omaha
N o 11—Dallas
El Paso
Houston
No. 12—San Francisco..
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
476,695
427,999 !
388,252
401, 761
5,924,284 5, 550, 743 6,167,737 6,300,850 |
90,346
87,938 !
66, 546
68,041
412,896
396,367 |
389, 738
444,178
197,886
165,033
210,230
150, 501
103,431
82, 586
101,283
87,164
248,464
211,265
223, 764
233, 518
32, 634
32,977
26, 066
31, 736
97, 531
90, 665
87,400
88, 500
39, 072
36,015
46, 292
32,177
42, 766
35, 258
27,116
29, 558
16,988
16, 050
16, 919
14,545
19,108
21,983
18,057
15, 767
120,279
92, 565
79,838
70, 513
837,889
794,176
801,873
761,911
174,811
157, 974
170,489
141, 558
215, 778
170,265
164,400
155,200
18,407
18,396
19,647
17,893
43,733
49,356
40,886
34,753
49,024
39, 565
42,896
36,453
02,906
99, 502
94, 306
93, 735
3,417
2,086
1,802
2,219
82,346
84,496
81, 781
80,039
43,211
41,889
39,236
35, 727
20, 691
20, 718
19,737
22,936
45,881
47,722
39,039
38, 537
62,555
47,651
54, 757
57,868
8,861
7,052
7,238
6,770
31,344
33,413
32,059
32, 536
187,870
202, 509
184,917
177,929
182,744
186, 077
175, 557
150,289
35,220
37, 665
35,959
31,104
19,046
16,409
17,915
19,804
38,977
43,712
42,268
35,018
12,482
12, 548
11,256
7,130
312,023
507,136
292,279 4,123,674
64,443
80,200
322,621
420,864
128,056
148,753
67,423
85,854
203,292
203,678
29,993
31,210
76,900
93,440
31,977
35,506
24, 703
31,934
14, 631
17,483
14, 581
18,470
71, 992
86,662
628, 597
824,100
180,537
170, 780
179,000
137,180
17,323
14,240
46,836
32,425
37,285
34,159
95,919 ' 64,062
2,213
1,857
86,983
67,431
40,364
32,865
19,499
13,832
50,455
34, 576
55,646
45,311
7,651
8,015
35,592
25,966
216,811
154,288
189, 637
160,030
32,182
33,253
19,443
17, 450
53,460
33, 395
13,296
10, 757
388,412
377,276
351,818
361,694
5,226,846 5,124,359 5,273,476 4,891,066
87,458
76,150
79,453
68,901
393,109
421,792
356,452
340,442
168,448
229,286
148,424
129,248
79,540
119,078
81, 507
74,656
219,067
208,402
189,030
199,864
34,468
30,066
31,116
28,436
94,600
90,500
88,700
83,000
37,368
36,383
34, 564
33,948
32,377
28,735
29,862
23,391
16,859
14,161
13,404
13,404
19,752
17,433
18,295
16, 568
85, 795
93,057
93,665
72,786
708,218
808, 634
711,998
671,007
139,582
151, 624
166,277
186,113
175,028
181,883
160,841
150,174
16,837
14,126
15,858
14,314
40, 729
35,019
41,962
39,183
45,387
41,820
41,372
35,905
76, 702
84,265
74, 535
61,753
2,154
2,026
2,006
2,263
76, 566
74,231
69,341
38,512
35,065
34,847
18,086
15, 525
16,194
15, 792
39,040
39,798
40,857
43,102
53, 531
54,109
44,885
46, 632
7,673
6,710
6,865
6,860
31,030
27, 716
28,441
30,203
192, 759
186, 774
196,954
181,213
191,440
173,730
185,809
182,380
38,006
35,433
38,360
35,012
15,721
18, 708
18,238
15, 594
42,052
40,019
44, 555
41,179
11,935
10,098
12, 542
10,112
141
FEDERAL RESERVE BULLETIN
FEBRUAKY, 1925
DEPOSITS OF ALL MEMBER BANKS
NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
[In thousands of dollars]
Time deposits
Net demand deposits
1924
Federal reserve district
Sept. 24
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis. _.
Kansas City
Dallas
San Francisco
_
.__
___
_.
_.
Total
1,312,039
6,306,369
1,124,642
1,469,391
555,070
496,371
2,394,725
650,141
424,319
786,470
562,283
1, 278,287
17,360,107
Oct. 29
1923
1924
1923
Oct. 29
Nov. 26
Dec. 24
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
694,406
2,066,104
765,488
1, 269,256
483,033
350,961
1,723,047
436,085
420,176
300,293
158, 722
1,128,308
685,226
2,018,700
759,663
1,245,613
478,845
348,636
1,729,770
429,809
425,748
296,288
158,107
1,150,727
594,898
1, 668,525
637,018
1,129, 520
449,549
323,279
1,560,338
385,981
409,185
291,136
144,711
991,123
17,764, 499 17, 946, 742 17,956,995 | 15,830,303 9, 516,948 9,674, 581 9,795,879 9,727,132
8, 585,263
Sept. 24
Nov. 26
1,385,832
6,348,865
1,144,321
1,483,196
570,215
516,106
2, 411,790
475,674
830,032
609, 594
1,320, 788
Dec. 24
Dec. 26
1,327,141
6,496,559
1,151,727
1,486,119
585,396
540,472
2,352,603
690,224
503,546
1,299,657
6,527,806
1,129,471
1,468,404
581,375
561,575
2,344,909
710,319
493,540
858, 629
670,487
1,310,823
1,221,773
702,771
5, 302,558 1,965,839
1, 060,282
1,353,828 1, 255, 257
581, 215
480,381
508,481
351,089
2, 091,863 1,662,370
642,151
417,352
407, 224
409,905
747,800
299,667
160,260
1,266,437 1,075,075
641, 603
1,322,964
Banks in cities and towns
having a population o—
f
Less than 5,000
1, 6*5,347 1, 678,287 1, 698, 676 1,
5.000 to 14,999
1,044,404
1,066,959
1,076, 740 1,080,944
15;000 to 99,999
2,052,893
2,093,059
2,132,304
2,144,113
12,647,463 12,926,194 13,039,022 13,042,010
100",000 and over._.
1, 666,021
1,090,301
2,054, 471
11,019, 510
1, 623,732
1,032,321
1,940,792
4, 920,103
1, 633, 480
1,039, 513
1,958,130
5,043, 458
1, 640,059
1,045, 668
1,967,007
5,143,145
Dec. 26
1, 636, 887 1, 553,144
963,170
1,042,716
1,784, 735
1,957,014
5,090, 515 4, 284,214
MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]
Gold
Total
1914—July 1
1917—Apr. 1
1920—Nov. 1
1922—Aug. 1
1924—Jan. 1
Feb.1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1925—Jan. 1
3,402,015
1
4,100, 591
^,628,428
4, 337,418
4,951,085
4,681, 708
4,807, 778
4,812,861
4, 760,114
4,815,401
4, 755,403
4,665,187
4, 773,878
4,806,367
4,879,694
4,993, 570
4, 992,931
coin and Ltoici certificates
bullion
611,545
641, 794
495,353
416,282
415,319
405, 573
416, 047
408,062
403,649
402,122
396,415
398,499
401, 794
427,970
436,160
437,971
458, 206
1, 026,149
1,348,818
231,404
171,985
582,029
571,381
633, 253
687, 252
726,179
779,169
801, 381
800,124
872,807
898,165
904,861
933,688
970, 564
Standard
silver
dollars
70,300
70,863
89, 725
58,378
58, 704
56,496
55,910
55, 202
54, 823
54, 078
54, 017
53, 644
53,915
54,603
55,185
55,606
57,384
Silver
certificates
478,602
459, 680
60, 385
268,802
375, 365
357,177
368, 750
367,113
370, 093
373, 381
364,414
372, 683
385,499
388, 574
389,201
389,113
388, 540
Treasury
United
notes of oUDSlQl- States
1890
ary silver notes
2,428
1,997
1,628
1,508
1,443
1,440
1,437
1,433
1,428
1,425
1,423
1,420
1,417
1,412
1,410
1,407
1,405
159,966
191, 351
261, 556
229,956
260, 627
252, 511
251, 537
251, 639
252, 702
252, 557
252, 971
252, 407
253, 732
256,467
259, 710
263,102
266, 298
337,845
330, 353
277, 736
284, 343
306,823
294,470
302,404
304,846
301,110
305, 966
297, 790
301, 667
308, 111
304,345
305,840
304,418
295, 233
Federal
reserve
notes
356,448
3,310,225
2,115,350
2,223, 674
2, 008, 877
2, 030,818
1, 988, 585
1,909,143
1,897, 636
1, 843, 091
1, 745,820
1, 746, 230
1,729,301
1, 784, 046
1,862, 055
1,841, 621
Total
Federal National- circulareserve
bank
tion per
bank
notes capita (in
notes
dollars)
3,170
209,877
65, 032
13,611
12, 729
12, 091
11, 588
11, 025
10,438
10>066
9,635
9,229
9,030
8,710
8,471
8,238
715,180
697,160
715, 023
725, 782
713, 490
721,054
735, 531
737,141
729, 962
738, 629
733,835
729,288
741,144
736, 500
734,571
737,739
705,442
34.35
39.54
52.36
39.47
44.22
41.77
42.85
42.85
42.33
42.78
42.20
41.36
42.28
42.52
43.12
44.08
44.03
1
Thefiguresfor the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.
142
FEDERAL RESERVE BULLETIN
FEBRUARY, 1925
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JANUARY 31, 1925
Paper maturing—
After 90 days b u t
within 9 months
Within 90 days
Federal reserve bank
Secured by
United States
Government
obligations
Commercial,
agricultural,
and livestock
paper, n. e. s.
Boston
_____
j
1
3
3J>
3^
4
4
4
4
4
4
4
31
Trade
acceptances
Agricultural *
and livestock
paper
3 J
j
j
j
|
I
!
|
j
j
I
I
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas. __
San Francisco
Bankers'
acceptances
3
sy2
sy2
3}
4
4
4
4
4
4
4
4
4
4
4
4
4
4
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the month—None.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM DECEMBER 18, 1924, TO JANUARY 21, 1925
[In thousands of dollars]
Daily settlements
Transfers
Federal reserve bank
Changes in ownership
of gold t h r o u g h
transfers and settlements
Balance
in fund at
close of
period
Debits
Boston
New York...
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis _
Kansas City.
Dallas.
San Francisco..
Total five weeks endingJanuary 21,1925
December 17,1924
January 23,1924
December 20,1923
Credits
12,500
18,500
9,000
12, 500
4,000
4,000
26,000
41, 500
2,000
2,000
8,000
6,000
2,000
13,500
3,000
7,500
2,000
6,000
3,666
91,
189,
24,
121,
500
500
500
500
91,
189,
24,
121,
500
500
500
500
Debits
Credits
953,873
3,216,003
924, 594
802,750
613,050
381,385
1,451, 514
716, 590
193, 524
490, 501
364,168
408,713
966,915
3,257,626
928,970
10, 516, 665
10, 638, 768
8, 850,247
9, 349,318
10, 516, 665
10, 638, 768
8,850,247
9,349,318
598,310
380,566
1,462,015
696,049
189,699
482,996
360,263
Decrease
Increase
542
64,623
2, 624
9, 582
10, 740
48,900
207,936
28,388
47,971
12,285
1,181
15,499
7,041
825
2,005
1,905
16,125
91, 669
18,454
20,024
42,774
20,864
43,859
66, 346
592,392
589,390
587,324
546, 514
MONEY RATES PREVAILING IN LEADING CITIES, JANUARY 15, 1925
comparison between the rates charged during 1924 and rates charged
at earlier periods, it should be borne in mind that the earlier rates refer
to an entire month, while the latest 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 are not averages but are those rates at which the bulk of paper of
each class is handled by reporting banks. Where it appears from the
reports that no one rate clearly covers the bulk of the paper handled,
a range of the rates most commonly charged is given. In making
Customers ' prime commercial paper
Loans secured by stocks and bonds
Interbank loans
30-90 days
District and city
No 1—Boston
No. 2—New York
Buffalo
No. 3—Philadelphia .
No. 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago
Detroit
...
No. 8—St. Louis
Louisville
Little Rock
No. 9—Minneapolis
,
Helena __
No. 10—Kansas City
Omaha
Denver
Oklahoma City....
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco
Portland
Seattle
Spokane
Salt Lake
Los Angeles
4-6 months
Loans secured by
Liberty bonds
]Demand
Loans secured by
warehouse receipts
Time
Cattle lo
Week
Week
Week
Week
Week
Week
WTeek
Week
ending— Month ending- Month ending— Month ending— Month ending— Month ending—• Month e n d i n g - Month e n d i n g - Month
ending
ending
ending
ending
ending
ending
ending
ending
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan. Dec. 15,
Jan. Dec. 15,
Jan. Dec. 15, Jan. Dec. 15,
Jan. Dec. 15,
Jan. Dec. 15,
Jan. Dec. 15,
Jan. Dec. 15,
15,
15.
15,
15,
1924 15,
15,
1924
15,
15,
15,
1924
15,
15,
15,
1924
15,
1924
15,
15,
1924
1924
1924
15,
1925 1924
1925 1924
1925 1924
1925 1924
1925 1924
1925 1924
1925 1924
1925 1924
f
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5 -6 54-6
4 -44
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5 -6 5 -6
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6
6
4f-5
6
5 -8
5 -6
54-6
44-5
5-6
5 -6 5 -6
5
54
5-7"
6
44-6 5 -6
5
5-6
6
54-6
6
6
5 -6 5 -6
6 -8 6 -8
5 -6 5 -6
5 -6 5 -6
6 -7 6 -7
6
6
6
6
6 -7
6 -7
4
5
5
5
5
4
-6
-6
-6
-6
54-6
5 -6
5 -6
5 -6
1*1* ff
5 -6
6
7 5 -8
54 5 -6
(C 54-6
5 -6
6 44-6
4-5
6
6 6 -7
5
8
6 5-6
6 24-6
6 5-6
6
6
6
6
8
8
6 5 -6
54-6 5 -6
6
5*
7
6
61
4*
4*
4 -5 44-5
5 -6 5 -6
8
54-6
6
5 -8
5 -6
54-6
4~-5
5 -54
34-54
6
6
34-44
5 -6
34-6
5
5
6
6
6
6
8
-6
-6
-7
6
8
7
-7
4
6
6
54
6
6
7
5
5
5
5
-6
-6
-6
-6
5-5|
5-6
6
5 -8
5 -6
7* 54-6
A
7
4
5
4
6
K
-5
-6
-5
6
-7
6 -8*
6 5 -6
6
6
6 5-6
6 -7
6
6 6 -8
8 6 -8
7 5 -6
54-G 54-6
6-7
6
6
6 -64
7
6
7
61 6 -7
8
54
5 - 5 | 41-5
6
4 -51
54-6
6 5 -6
6 -7 6 -7
6
5
54
54
5 -6 5 -6
6 6 -8
6
6 -7
5 -8
7 44-8 44-8
5 -6
61 5 -6 5 -7
7 54-6
5 -6 4-54
6 5-6
51-6
44-54 44-54
4 -54
6
6
6
6
6
7 6 -7
* 82
5 -6
34-6
5
6 -7
6 -8
6 -8
5 -6
5 -6
6 -7
6
7
7
6 -7
6
8
6
6
6 -8
6 -7
8
7
54-6
7
54-6 5 -6
6
6
6 -7
7
6 -7 6 -8
5 -6 5 -7
8
8
5 -6 5 -6
6
6
6 -7 6 -8
6 -7 6 -7
!
6
6
6
5|-6
6
6
7
61
w
cj
6
54-6
6
s
5 -04 5 - 5 | 54-6
54-6
6
6
7
6
6
5 -6
8
8
8
6 -7 6 -7
54-8 6 -8
6
6 -7
6
8
6 -8
8
6 -7 6 -7 6 -7
8
8-10
7 -8 6 -8
6
7 6-64 6 -6*
6
7
6
t
6
7
6 | 6 -7
7
7
g
1
44-5
4
54-6
5 -6
5 -6
5 -6
d
7
61
8
7
6
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3
6 -64
8
6 -7
8
6 -64
7 -8"
7 -8
8
7 -8
g4
6
7
7
CO
144
FEDERAL RESERVE BULLETIN
FEBRUARY,
GOLD AND SILVER IMPORTS AND
1025
EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
Gold
Twelve months ended
December—
December—
Countries
1923
Silver
1924
1923
1924
Twelve months ended,
December—
December—
1923
1924
1923
1924
$226,285
116,434
83,463
1,791
67,446
1,783
233,003
$69,583
1,232,756
4,300
512
131, 667
9,027
351,141
6,502,986
1,730,679
50,049,047
150, 241
86,031
1,306,751
144, 542
37, 559
11, 701,251
4,417
11,145
937,718
7,198,853
2,020,004
45,827, 722
60,712
32,707
1, 731,092
154,098
49,123
13,416,145
2,464
17,789
998,693
33,117
2,925
292
153,668
446,512
73,944,902
IMPORTS
Denmark
France
Germany
Italy
Netherlands
Spain
Sweden
England
Scotland
Canada _
Central America
Mexico
West Indies
Argentina
Chile
Colombia
Ecuador.Peru
Venezuela
China
Dutch East Indies
Hongkong
Philippine Islands
British Oceania
Egypt
. .
Portuguese Africa
All other
Total
.. .
__
1,881,161
220,848
628,909
21,360
5,205, 783
22,645
208,173
82,507
178,304
38,390
771,546
170,626
2,729,944
209,982
472,804
34,564
2, 715,292
80,603
268,932
175,151
39,942
21,097
156,008
100, 214
148,423
76,157
211,341
21, 667
81,867
10,808
$3,561,829
19,036,301
49,551,586
77,625
13,291,819
35,839
5,357
147, 111, 958
2, 560,382
49,374,549
2,443,620
6,581,439
547,624
5,337,914
245,556
4,451, 579
705,569
2,069,820
686,129
5, 588,015
2,330,112
318,640
1,571,860
1,656,563
1,736,664
932,302
905,161
10,274,049
322, 715,812
319, 720,918
33,500
20,000,000
1,324,123
130,000
1,000,652
2, 660,000
55,000
141,168
10,263,690
187,602
1,379, 957
138,249
1,704, 605
466,344
10,000
98,500
4,706,475
15
48,600
700,000
113,857
20,000,000
1,324,123
365,000
2,000,579
43,200
12,264,024
3,101,736
1,000
4,028,991
10,000
176,080
4,896
$5,208,526
$3,036,153
6,510
937
2,375,250
2,492
15,135,476
__.
32, 641, 226
10,614
154,269
$1,353
8,365
2,059
$24,459, 540
4,828,626
2,736,729
50,965,294
65,966
6, 522,838
130,908,979
$19,548
1,995
41,495,829
2,130,612
5,458,557
371, 630
22,304,757
430,898
2, 289,066
896,596
2, 710,498
316,887
5,021,916
2,355,590
2,500,000
4,814,387
2,870,229
1,455,008
609,980
1,200, 506
681,290
55,899
6, 534,249
33,765
8,162
125,458
11,812
4,006
518,981
55
328
65,515
279,454
121,286
4, 547,455
89
403
247,302
11,708
9,855
395,577
39
2,402
231
7,324
102
19,117
50,537
26,482
58,081
23,135
2,541
15,619
112,948
906,715
8,172,301
5,863,892
74,453, 530
1,783
37,168
42,823
104,135
EXPORTS
France
Germany
Netherlands
Spain
Sweden
.
Switzerland
England
Canada
Central America
Mexico.
West Indies ._
. _ .
Argentina
Colombia
Peru
Uruguay
Venezuela
British India
. .
Ceylon
China
Dutch East Indies
Hongkong
Japan
Philippine Islands
All other
Total
90,000
500
67,493
525
1,500
151,858
1, 212,565
700
699,000
330,061
5,674,442
20,000
14,637, 246
130,000
1,101,600
11,024,700
225,000
80,000
220,000
110,005
60,010
2,377,915
323,100
4,382,940
30,000
174,300
1,350
622
23,420,526
1,667,275
37,025
1,887,031
99,221
2,300
14,608
900,000
650
212,485
154,082
3,000
81,960
33,000
146,745
155,180
49,000
6,319,433
1,579,223
76,844
1,665,090
53,635
2,225
11,000
135,800
29,840
28, 643,417
61,648,313
23,720,929
655,340
54,118,562
4,943,153
35,893,216
23,320,017
2,417,702
37,428
2,039
913,134
1,275,970
72,468,789
109,891,033
32,711
800,000
227,487
39,674,653
5,884,364
5, 772,600
711,529
3,264,245
45
9,521,083
11,279,630
212,929
145
FEDERAL RESERVE BULLETIN
FEBKUAEY, 1925
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX
January, 1925
Monetary unit
Par
of exchange
December, 1924
Sweden
Switzerland
Canada
Argentina
Brazil
Chile
China
India
Japan
Franc...
Krone, .
Franc.
Pound.
Lira....
Florin..
Krone
Peseta
Krona
Franc
Dollar
Peso (gold)
Milreis
Peso (paper). _
Shanghai tael.
Rupee
Yen
Low
High
Low
19.30
4.9700
26.80 17.6700
19.30
5.3000
486.65 474.9900
19.30
4.0300
40.20 40.3000
26.80 15.1100
19.30 13.9900
26.80 26.9200
19.30 19.2500
100.00 99.5313
90.4600
32.44 11.5700
119. 53 10.8100
i 66. 85 74.3200
48.66 35.4900
49.85 38. 3500
5.2200
17.9200
5.4300
480. 3700
4.2400
40.6100
15.3300
14.3200
26.9600
19.5000
99. 9568
91.3900
11.9900
11.5400
75.9600
35.8900
38. 5300
4.9100
17.4900
5.3300
463.9700
4.2200
40.2800
14. 8200
13.7300
26.9200
19. 3200
99.2904
86. 5900
11.3600
11.1000
74.0900
34. 8500
38.3700
OTHER
Austria
Bulgaria
. .
Czechoslovakia
Finland
Germany
Greece
Hungary
Poland
Portugal
Rumania .
Yugoslavia
Cuba
. .
Mexico
Uruguay
China
Hongkong
Straits Settlements .
Krone
Lev..
Crown
Markka . _. _ _
Reichsmark
Drachma _ _ _
Krone
Zloty
Escudo
Leu
Dinar
Peso
do
. . do
Mexican dollar. .
Dollar
Singapore dollar.
20.26
19.30
Average
Average
High
Rate
General index.
Belgium
Denmark
France
Great Britain. __
Italy
Netherlands
Norway
December, 1923
0.0014
.7286
2.9727
2.5179
19.30
23.82 23.8000
19.30
1.6933
20.26
.0013
19.30 19.1700
108 05 4.8200
19.30
.5133
19.30
1. 5524
100.00 99.9427
49 85 48.8000
103.42 97.6600
i 48.11 54.7500
i 47. 77 54. 9600
56.78 54.0000
0.0014
.7371
3.0171
2.5225
23.8000
1.8167
.0014
19.2000
4.9200
.5288
1.7788
99.9777
48.9833
99.5600
55.9600
55.8800
56. 2500
5.0300
17. 7600
5.5100
473.4400
4.3500
40. 5100
15.2100
14.2000
26.9800
19. 4800
99.9490
91.0800
11. 6800
11. 5400
76. 5000
35. 7500
38. 6300
4.9650
17. 6362
5. 3988
469. 5838
4. 3019
40. 4162
15.0635
13.9558
26. 9531
19. 3781
99. 6543
88. 3177
11. 5058
11.3327
75. 4669
35. 2888
38.4400
Per
cent of
par
Low
High
Per
cent of
par
Rate
62.00
25.73
4.4800
65.81 17.7100
27.97
5.0000
96.49 432.3300
22.29
4.3100
100. 54 37. 8600
56.21 14. 6200
72.31 12.9100
100. 57 26.2600
100.40 17.4200
99.65 97. 3963
91.54 70.8100
35.47
8.8800
58.03 10.5600
112. 89 71.0000
72.52 30.8400
77.11 46.1800
60.00
23.73
66.49
27.20
89.60
22.47
94.62
55.65
67.55
98.26
90.42
97.59
74.97
28.80
54.58
108.07
63.72
94.30
4.6900
18.0000
5.4300
438. 8900
4.3600
38. 2400
15.0400
13.0900
26.4700
17.5100
97. 9361
73.1600
9.9500
10.9000
73.7000
31.1700
48.0500
4. 5816
17.8208
5. 2496
436.0148
4. 3372
38.0392
14.9140
13.0368
26.3332
17.4524
97. 5920
72.3308
9. 3436
10. 6592
72.2480
31. 0052
47.0104
0. 0014
.7283
2.9107
2.4581
2.0153
1.6700
.0052
0.0014
.8817
2. 9328
2. 5525
2.0249
2.1889
.0053
0. 0014
.8162
2. 9248
2. 4755
2.0227
1. 8952
.0052
12.83
3 3600
.5089
1.1335
99. 9113
48.3542
74.1200
50.6100
50.4300
50. 6900
3.7100
.5247
1.1397
99. 9750
48. 6250
78. 2200
52.0300
51. 2300
51. 0400
3. 5635
.5153
1.1358
99.9530
48.4994
77.2416
51.3356
50.8648
50. 8476
3.30
2.67
5.89
99.95
97.29
74.69
106.70
106.48
89.55
COUNTRIES
0. 0014
.7283
3. 0039
2. 5163
23.8000
1.7873
.0013
19.1800
4. 6500
.4905
1. 4516
99.9219
48. 6458
95.3100
54.5000
54. 8100
53. 4600
0.0014
.7381
3.0312
2. 5232
23.8100
1.8309
.0014
19. 2400
4. 8700
.5191
1. 5454
99.9766
48.9833
99. 5900
55.7300
55. 6100
54.3800
0.0014
.7339
3.0204
2. 5202
23. 8031
1.8140
.0013
19. 2035
4. 7977
.5079
1. 4962
99.9586
48.8114
97. 7408
55.2112
55. 2481
53.9905
0.01
3.80
13.06
99.93
9.40
.01
99.50
4.44
2.63
7.75
99.96
97.92
94.51
114.76
115. 65
95.09
0.01
4.23
9.82
.03
SILVER
[Average price per fine ounce]
December
London (converted at average rate of exchang
New York
_
_
U923 average.
2 Per billion paper marks.
$0.68970
.68459
FEDERAL RESERVE DISTRICTS
! \/
>-.; \ r
.'
I
\—
-BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
@FedFRASER