Full text of Federal Reserve Bulletin : January 1926
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JANUARY, 1926
ISSUED BY THE
AT WASHINGTON
Trade, Industry, and Bank Credit in 1923
Business Condition® in the United States
Loans to Brokers and Dealers in Securities
WASHINGTON
GOVERNMENT PRINTING OFFICE
1926
FEDERAL RESERVE BOARD
Ex offleio members:
| D. R. CBISSINGEE, Governor.
IE D M U N D
A, W, MELLON,
Secretary of the Treasury, Chairman.
| ^D0LPH
PLATT
G
>
Vice
Governor.
' MILLEB.
| CHARLES S, HAMLIN.
I GEORGE It. JAMES.
J. W. MCINTOSH,
Comptroller of the Currency.
j EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
j WALTER WTATT, General Counsel*
3C
' -\™^Assistan\SecretarV>
\
Director, Division of Research and
E. M. MCCLELLAND, Assistant Secretary.
\
Statistics
W. M« IMLAY, Fiscal Agent
•
j e ^ e HERSON,
I E. A. GOLDENWEISEU, Assistant Director, Division of
Research and Statistics,
Chief\ Division of Examination, and Chief Federal
Reserve Exa?ninera
o L. SMEAD, Chieft Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON).
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District
District
District
District
District
District
District
District
District
u
No. 4 (CLEVELAND)
No. 5 (RICHMOND)
No. 6 (ATLANTA)
No. 7 (CHICAC4O) ._ „ „
No. 8 (ST. LOUIS)
No. 9 (MINNEAPLOIS)
NO. 10 (KANSAS CITY)
NO. 11 (DALLAS)
NO. 12 (SAN FRANCISCO)
CHAS. A. MOESS.
JAMES Sa ALEXANDER.
L. L. R U E .
_ GEORGE A. COULTON.
JOHN F. BRTJTON.
P. D. HOUSTON.
FRANK O. WETMORE.
BRECKINRIDGE JONES.
THEODORE WOLD.
P. W. GOEBEL.
B. A. MCKINNEY.
HENRY S. M C K E E .
TABLE OF CONTENTS
The month;
Page
Review of the month—Bank credit in 1925
.__,,«.; .
.
>_1
Business conditions in the United States..
.
..
8
Treasury finance
5
The London money market in 1925
„
40
Reserve bank credit, gold stock, money in circulation, and member bank reserve balances,.30
Loans and investments of national member banks, by class of bank..
_.
.
,.
„
31
Official:
Changes in State bank membership
„„.,.
.
32
Changes in national bank membership. . .
„
.
^„
32
Fiduciary powers granted to national banks
.„„„„..
...
32
Business statistics for the United States:
Industrial activity.
„--.
,
»
..
34
Commodity movements
„
»
37
Wholesale and retail trade
.
...
38
Final estimate of crop production
33
Foreign banking and business conditions:
Financial statistics for principal foreign countries „
„
.
„
42
Foreign trade of principal countries—-..--.
„
.
«.
45
Price movements in principal countriesFederal Reserve Board wholesale price indexes
46
Wholesale prices in principal countries
.
.
47
Retail prices and. cost of living in principal countries
..
49
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
.*. .
50
Federal reserve note account. . .
,
..
54
Holdings of earning assets .
.
,—
55
Discount and open-market opex*ations of Federal reserve banks
„
.
56
Gold settlement fund
,
„
65
Discount rates of Federal reserve banks-...
65
Member banks—
Condition of reporting member banks in leading cities . .
„
,
.
,
57
Banker's balances at reporting member banks in Federal reserve bank cities
58
Deposits of all member banks
.
..
„
59
Changes in membership in Federal reserve system
60
All stock banks in the United States—Condition on September 28, 1925
61
Bank debits
_
.
66
Member banks and nonmember banks on par list and not on par list_.
67
Money rates in principal cities
. ..
. ~»68
Money in circulation
„„„
.. _ — - - . . .
»
.....
67
Gold and silver imports and exports
„--.-.-.
„„-.„„.
69
Foreign exchange rates»
»
.-.---------.
.
70
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Boston
,„„•,„ ,New York.
Governor
Chairman
W. P. O* Harding
Benj. Strong
.._
Frederic K Curtiss
Pierre Jay—
Philadelphia
R. L. Austin™
W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison...
E. R. Kennel.
.._. Geo. W.Norris
Cleveland.,
— George DeCamp
Wm, W. Hozton
Oscar Newton
M. B. Wellborn
Chicago
Wm A. Heath
J. B. McDoogal
St. Louis
M inneapolis
Win. McC. Martin
John R. Mitchell
Kansas City..
Delias
M. L. MeClure
C. C. Walsh
Ssa Francisco
JohnPerrin
M. J. Fleming
Frank J. Zurlinden
C. A. Peple...
Geo. H . Ksess®*
R. H. BroaddiiS
,
John S. Waldos* Jr.a
J. L. Campbell
M, W. Bell.
Creed Taylor
C. R. McKay
„..._ We C. Bacbmao. 1
John H. Blair
K. C. Childs.s
J, H . Dillard.s
D . A. Jones.*
...
O. Jn Netterstrom.i
0 . M. Attebery.....
J. W, Whit®,
Gray Warren.
W. Bo Gcery..
Frank 0 . Doalop* 5
13 xr TUfncrn
Harry Yaeger *
C. A. Worthington
J. W. Helm.
R. Ro Gilbert.-..
Fred Harris.
George J. Seay
Atlanta
„ D. C. Biggs......
R. A. Young
..„„_ W.J. Bailey
Lvnn P. Talley.
W. N , Ambrose,
Wm. A. Day
Ir& Clerk
L. C. Pontious
„ J. U. Calkins..
s
* Controller.
W. WJJletto
L. H . Hendrkks. 1
A. W. GUbart.>
„ . J. W. Jones.*
' G. B. Chapin.i
Ray M . Oidjaej.
L. XL Rounds. 1
0 . A. MellfceEsay.
W. G. McCreedy.i
J, C. Nevln.
,
Wm. H. Hutt
E. R. Fancher
Richmond
Cash!®?
Deputy governor
«.„„
Assistant deputy governor,
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Beserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati braaeh
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 Bock branch
Managing director
W. W. Schneckenburger
L. W. Manning.
A. H. Dudley.
Marcos Walker.
Geo. B. DoSaussure.
A. E. Walker.
J, B. Fort, Jr.
W. R. Cation.
W. P. Klncheloe.
V. S. F-squa
A. F. Bailey.
!
Federal Reserve Bank o—
f
:
Managing dlresftor
I Mmaeapolis:
;
Helena branch
„._! B. E. Towle.
Kansas City:
•
Omaha branch
L. H. Earhart.
Denver branch.......
..: JF. E.Olson.
i
Oklahoma City branch..
i C. E. Daniel,
; Dallas:
Ei Paso branch...„„_
; M. Crump.
Houston branch
„
1 D. P. Reordasa.
;
San Francisco:
;
i
Los Angeles branch
..J B. B. Motherweli.
;
Portland branch
»...| B. B. West.
;
•
i
Salt Lake City branch
W. L. Partner.
Seattle branch
0 . R. Shaw.
Spokane branch
D. L. Davis,
i
r
\:
!
SUBSCRIPTION PE1CE OF BULLETIN
FEDERAL RESEBVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2«
Single copies will be sold at 20 cents. Outside of the United States, Canada,
Mexieo9 and the insular possessions, $2.60; single copies, 25 cents.
>
FEDERAL RESERVE
JANUARY, 1926
VOL. 12
BULLETIN
No. 1
In 1925; for the first time in five years, the
annual average of reserve bank credit in use
Banking developments in 1925 reflect a
was larger than for the preceding year, The
large increase in the volume of credit extended
average volume of bills and securities during
by member banks to finance
1925 was $1,140,000,000. compared with an
Bank credit in
the year's unusually active busi1925.
average of $950,000,000 in 1924. This higher
ness and the increased volume
level of reserve bank credit was due to the
of transactions in the security market. The
maintenance by member banks of a higher
volume of member bank credit in use duraverage of reserve balances, in keeping with
ing 192,5 was larger than in an}^ previous
the larger volume of their own deposit liabilities,
year, and the volume of reserve bank credit
and to the change in the direction of gold
outstanding was considerably above the level
movements, which during the preceding four
of 1924 and approximately at the average level
years had been an important factor in. reducing
of the two preceding years, With the inthe volume of reserve bank credit. Yearly
creased demand for bank credit from industry
averages of reserve bank holdings of bills and
and finance the member banks maintained
securities, which measure the total of reserve
their own investments in securities at the
bank credit in use, are shown below:
high level reached the year before, when
abundance of funds had caused these banks
R E S E R V E B A N K C R E D I T OUTSTANDING
greatly to increse their holdings of investments.
[Yearly averages in millions of dollars]
At the reserve banks the increase in the volume
of credit outstanding in December, 1925,
Bills and
! securities Change
from
compared with the closing month of the year
! held by
Year
i reserve previous
before was due to the withdrawal of gold for
banks
year
export, amounting to about $150,000,000 dur3,243
1920.
ing the year, and to a comparatively small 1921..
2,160
-1,083
1,187
1922...
-973
increase in the reserve balances of member 1923..
1,151
950
1924..
-201
banks from the high level reached at the end .1925. .
1,140
+190
of 1924. Domestic currency demand increased
somewhat during the year, owing to the active
While the increase in the average level of
condition of business, but this increased de- reserve bank credit during 1925, after a conmand was met through the use of American
tinuous decline for four years*
currency returned from abroad in sufficient
w a s c a u s e d h t h e l a r e r Yol
J
s
~
volume to meet the increase in domestic re- credit and gold
ume of reserve balances and by
stock.
quirements. In general, the year may be
gold withdrawals, the changes
characterized from the point of view of banking
from month to month during the year redevelopments as one during which member
banks financed a larger volume of domestic flected chiefly changes in the domestic demand
business out of their own resources and met a for currenc}?. The chart shows for the years
demand for gold for export by obtaining addi- 1922 to 1925 month-to-month changes in the
volume of reserve bank credit, in the volume
tional funds from the reserve banks.
of reserve bank credit combined with the
REVIEW OF THE MONTH
EEDEEAL BESEBVE BULLETIN"
country's stock of gold, in the volume of
money in circulation, and in reserve balances
held by member banks with the reserve banks,,
The figures on which the chart is based appear
on page 30 of this issue.
SCALE FOR 2 AND 4
MILLIONS OF DOLLARS
6000r
5500
3500 lv—v"-—
1922
j —
500
1323
1325
The reserve bank figures are daily averages and the gold stock and money
in circulation figures are averages of figures for the first of two consecutive months. The curves representing reserve bank credit and
member bank reserve balances are on a scale running from $500,000,000
to $3,000,000,000, and the curves of money in circulation and of reserve
bank credit plus gold stock on a scale running from $3,500,000,000 to
$6,000,000,000.
In the chart the curve representing reserve
bank credit shows changes from month to
month in the average volume of bills and
securities held by the reserve banks. To this
amount is added for every month the total of
gold stock in the country, and the combined
total is shown in the curve at the top of the
chart. Fluctuations in this curve, therefore,
represent monthly changes in the funds available to member banks at the reserve banks
resulting from changes in the stock of gold and
from increases or decreases in the volume of
reserve bank credit. The reason for combining
the stock of gold and the volume of reserve
bank credit into a single curve is that gold
received from abroad is immediately deposited
with the reserve banks and is first reflected in
an addition to the member bank reserve accounts, and that gold for export is obtained
by member banks from the reserve banks
JANUARY, 1926
and is charged directly to the member banks3
balances. During the years of net gold
imports the gold added to the reserve balances
of member banks was either used to reduce
indebtedness at the reserve banks or to meet
a demand for currency, or remained in the
balances and so increased the lending power
of the member banks in the same way as
borrowing. To which of these various possible
uses the reserve bank funds arising from
the imported gold was put by member banks
has depended upon credit and currency conditions prevailing at the time. Changes in
the two factors that determine the domestic
demand for reserve bank credit are shown in
the curves representing money in circulation
and reserve balances of member banks. When
member banks axe called upon to meet an increased demand for currency they are obliged
to use a corresponding amount of the funds
held to their credit at the reserve banks.
When, however, funds added to member banks'
balances through the deposit of imported gold
are not used in meeting a currency demand or
in repayment of borrowings at the reserve
banks, they remain on deposit as reserve
balances and form the basis of additional
lending power of the member banks.
The chart shows that in 1925 month-to
month fluctuations in reserve bank credit were
largely in response to changes in the demand
for currency, as changes in reserve balances were
relatively small, and that, while the volume of
reserve bank credit increased considerably during the year, the total reserve bank funds available to member banks, as represented by the
curve for reserve bank credit plus gold, changed
but little. This is in contrast to the other
years shown on the chart, in each of which
gold imports were more than sufficient to offset
the decrease in reserve bank credit, and the
total of reserve bank funds, as shown in the
upper curve, increased. In 1922 this increase
was used both in meeting a. growing demand
for currency and in supplying additional reserves to member banks; in 1923 the increase
in currency demand arising from an increased
volume of domestic trade and employment,
JANUARY, 1926
FEDEKAL BESEBVB BULLETIN
13 per cent, declined b y $226,000,000, and those
in banks outside of reserve cities, where only
a 7 per cent reserve is required, increased b y
$435,000,000., The decrease in net demand
deposits at the financial centers reflected
largely the decline in balances carried b y city
banks for their country correspondents, a de~
cline which was due chiefly to the employment
by these country banks of their idle balances
in making loans on securities. As a consequence of these changes the reserve balances of
member banks in central reserve cities declined
by $35,000,000 during the period, while those
for banks in reserve cities increased b y $17,000,000, and those for country banks b y
$43,000,000. The net result was an increase
of $26,000,000 in the total of member bank
reserves. As has been pointed out in earlier
reviews, the ratio of reserves of member banks
to deposits remains continuously at or near 10
per cent, when the calculation is based on the
net amount of deposits on which reserves are
computed, an amount in which time deposits
of member banK T> .
~ , ,
. _ . __",
are reduced to a net demand deposit basis.
Between October 10, 1924, When reserve balances are related to the comCTedit
and September 28, 1925, the
bined total of net demand and time deposits,
latest date for which a condition statement for
however, the two classes of deposits against
all member banks is available, loans and investments of these banks increased b y about which reserves are required, a decline in the
$2,000,000,000, or nearly 7 per cent, and ratio from 7,8 per cent to 7.5 per cent is shown
monthly figures for deposits indicate a further for the past year. While 7,5 per cent is the
growth in bank credit during the last quarter average ratio of reserves to deposits for all
of the year. This growth during 1925 in the member banks, the ratio is 11.3 per cent for
volume of credit extended b y member banks, banks in central reserve cities, 7.2 per cent
without corresponding increase in their reserve for banks in other reserve cities, and 5.3
balances with the reserve banks, is explained per cent for country banks. This variation in
chiefly b y changes in the character of the de- reserve ratios for the different classes of banks
posits and their distribution among banks sub- indicates that in New York and Chicago, the
ject to different legal reserve requirements. two central reserve cities, owing both to larger
Between October 10, 1924, and September 28, reserve requirements against demand deposits
1925, as is shown in the table below, time de- and the larger proportion of this class of deposits of member banks, against which only a 3 posits, deposits of member banks are only
per cent reserve is required, increased by about nine times as large as reserves,; while in
$870,000,000, while net demand deposits, country banks, with smaller reserve requirewhich carry a much larger reserve require- ments and a larger proportion of time deposits,
ment, increased b y only one-half this amount. total net demand and time deposits are nearly
Furthermore, net demand deposits in central twenty times as large as reserve balances.
reserve cities, where the required reserves are
together with a demand for American currency
from abroad, absorbed the entire growth in reserve bank funds; and in 1924, with currency
demand showing only seasonal variations and
only a slight increase for the year, and with
the level of reserve bank credit about the same
at the end of the year as at the beginning, the
increase in reserve bank funds arising from
gold imports was added in large part to member bank reserve balances, and constituted the
basis of a rapid growth in member bank credit.
In 1925, with little change in the demand for
currency and with gold exports absorbing the
growth in reserve bank credit, there was little
change for the year in the volume of member
bank reserve balances. The maintenance of
these balances at the high level reached the
year before, however, required the continuous
use of a larger amount of reserve bank funds.
With only a slight increase during 1925 in
member bank balances at the reserve banks,
the total of member bank
Basis of growth ^ ^ i n c r e a s e d considerably.
FEDEEAL RESERVE BULLETIN
DEPOSITS AND RESERVES OF MEMBER BANKS
[In millions of dollars]
i Oct. 10,
i 2924
Net demand deposits:
I:
Total
„
In central reserve city banks......|
In reserve city banks.,
._
In country banks
.....
Time deposits
|
Total net demand and time deposits
„„„.
Reserve balances
Ratio of reserve balances to net demand I
plus time deposits:
;
For all member banks
For banks in central reserve cities _.
For banks in reserve cities
'
For country banks..
j
Sept. 28,
1925
Change
17,780
6,299
5, 946
5,535
9,597
18,233
6,073
6,190
5,970
10,467
+453
-226
+244
+43.5
+870
27,377
2,122
28,700
2,147
+1,323
+26
7.8
11.5
7.6
5.4
7.5
11.3
7.2
5.3
Growth of time deposits has been a continuous
factor in the increase of deposit liabilities of
member banks since the organGrowth of time ization of the Federal reserve
.
deposits.
system, and the fact that they
have increased more rapidly than demand
deposits has been an influence toward decreasing the average ratio of reserves that member
banks have been required to carry against their
combined deposits. The volume of demand
deposits has fluctuated with changes in business
conditions, and after a rapid decline in 1921
and the early part of 1922 and a subsequent
recovery, their level in 1925 was considerably
higher than at the peak five years earlier.
Time deposits, on the other hand, increased
throughout the period of recession in 1921-22
and the later period of increased business
activity, and their level in September, 1925,
was $4,300,000,000 above that of November,
1920. While time deposits have increased at
banks in all classes of cities and while their rate
of growth in recent years has been even greater
at banks in financial centers than at country
banks, they constitute a much larger proportion
of total deposits in the smaller cities. In
September of the year just closed the proportion of time deposits to total deposits was 13
per cent in central reserve city banks, 33 per
cent in reserve city banks, and 46 per cent in
country banks.
JANUARY, 1926
The large volume of time deposits at country
banks has been a source of additional lending
power for these banks. Not
demand, time deposits are usually considered by the banks as available for
use in the purchase of long-term investments.
The large volume of time deposits at the
member banks, and particularly at member
banks in smaller towns and in country districts?
indicates that these banks are not only commercial banks engaged in making loans to
finance the current operations of trade and
industry and in carrying the proceeds of
these loans as deposits payable on demand,
but are also to a considerable extent serving
their customers as savings banks and investment institutions receiving time deposits and
investing them in Government and other
securities. The relation between time deposits
and investments for each of the different
classes of banks is brought out in the table:
TIME
DEPOSITS AND INVESTMENTS OP
BANKS, SEPTEMBER 28, 1925
MEMBER
[In millions of dollars]
Class of bank
All member banks
Member banks i n Central reserve cities
Other reserve cities
Country banks
j Time
1
deposits
'
j
.•
i
10,467
3,115
3,759 i
5,593 j
Investments
8,919
1,930
2,890
4,09S
For all member banks combined, time deposits on September 23, 1925, considerablyexceeded total investments, indicating that a
certain proportion of funds obtained through
time deposits has been used by member banks
in increasing their loan account. This has
been particularly true for country banks, whose
time deposits in 1925 exceeded their investments by about $1,500,000,000, while in
central reserve cities the banks' security holdings were larger than their time deposits.
, :L926
FEDERAL RESERVE BTJIAMTfE
The proportion of the member banks' funds
employed in different classes of loans and
Composition of investments also differs for the
member bank different classes of banks,. The
credit,
composition of member bank
earning assets, by classes of banks, at the close
of the last fiscal year is shown below:
drawal on demand whenever increased business activity in the interior of the country
causes a growth in local financial requirements,,
Under these circumstances city banks employ
the funds received from the interior chiefly
in making demand or short-term loans on
securities. During 1924 and 1925, with loanable funds throughout the country in excess of
LOANS
AND I N V E S T M E N T S O F M E M B E R
BANKS
ON
J U N E 30,
1925
local credit requirements, there has been a
[In millions of dollars]
rapid growth of collateral loans by member
banks.
I
; Member banks in—
This review indicates that the most importi All
i
Country
cm e
i m banksr '• Central
?
Other
banks
ant banking developments during the year
I
reserve
reserve
cities
1925 have been a continuous growth of member
cities
bank loans on securities, and a, considerable
2,857
2,275 |
3,586
Loans on securities..
I
6,718
5,191 |
G, 239 increase in the second half of the year in loans
2,651
All other loans
.." 14,081
Total loans
20,799
7,825 for agricultural and commercial purposes.
5, 508
7,460 !
4,008
2,014
2,866
Investments
j
8,888
Furthermore, owing to changes in the character
Total loans and invest- i
and geographic distribution of the deposits of
inents
.; 29,687
member banks, they were able to support the
Percentage distribution:
i
13.4
Loans on securities
22.6
All other loans
-!
47.4
52.7 increase in the total of their deposits without a
Total loans
.j
70.1
73.2
72.3
86.1 corresponding increase in their reserve balances.
33.9
Investments
_
20.9
26.8
27.7
At the reserve banks the increase in the volume
Total loans and investments...
100.0
100.0
100.0 !
100. 0 of credit outstanding reflected the influence of
gold exports, following upon four years of a
In central reserve and reserve city banks continuous inflow of gold from abroad.
loans constituted considerably more than 70
per cent of total earning assets of member
banks, and in country banks they were twoTREASURY FINANCE
thirds of the total. At member banks in the
financial centers, where the surplus funds December Unandng*
On December 7 the Treasury announced an
of the country are largely emplojT'ed, loans on
securities are larger than all other loans, offering at par through the "Federal reserve
banks of one-year Z% per cent Treasury cerwhile at country banks only 13 per cent of tificates, dated December 15, 1925, and maearning assets are employed in collateral loans. turing December 15, 1926, The offering was
Differences in banking practice may account for $450,000,000 or thereabouts, and it was
in part for the difference in the composition announced that the Treasury would accept in
of earning assets of banks in the financial payment for the new certificates outstanding
Treasury certificates and 4 ^ per cent Treascenters and outside, but these differences also ury notes maturing December 15, 1925. Prereflect the fact that banks throughout the ferred allotment would be given to subscripcountry, after using a large part of their tions for which payments were tendered in
funds to meet the financial requirements of these certificates and notes, of which the
trade and industry in their own localities, place amount outstanding was approximately $480,000,000. The offering was intended with
the funds not required locally on deposit with balances on hand and December tax receipts
city correspondents. Funds thus placed at the to cover the cash requirements of the Treasury
disposal of city banks are subject to with- until March, when further financing will be
75164—26f -2
FEDERAL. RESERVE BULLETIN
JANUARY, 1926
necessary. The same exemptions from taxation
Amount of payment
were provided as have been provided for other
Country
issues under the act of September 24; 1917,
Principal
Total
Interest
and the new certificates will be accepted at
par in payment of income and profits taxes
Total...
I $95,253,371.85 \ $26,057,018.00 | $69,196,353.85
payable at maturity of the certificates. SubGreat Britain
j 92,310,000.00 ! 24,000,000.00 i 68,310.000.00
scriptions for the now issue were closed at close Belgium
'
677,432.22 :
_„.;
077,432.22
Czechoslovakia
i 1,500,000.00 I 1,500,000.00 ;
„
of business on December 9 and amounted to Finland.
_J
180,650.00 j
47,000.00 I
133,650.00
$875,780,900, Subscriptions were allotted in Hungary
39,611.25 !
10,018.00 I
29,593.25
!
45,678.38 I
.._.._
_„
45,678.38
;
the amount of §452,749,000, of which 8167,- Lithuania
Poland.500,000.00 !
500,000.00 _„.
210,700 represented allotments on subscriptions for which maturing Treasury notes and
NOTES
certificates were tendered in payment. All
such subscriptions were allotted in full, allot- Agreement with Belgian National Bank.
ments on other subscriptions being made on a On December 10 the Federal Reserve Bank
graduated scale—on subscriptions in amounts of New York with the approval of the Fednot exceeding $100,000, 50 per cent but not less ' eral Reserve ;Board, made an agreement with
than $500 on any one subscription, and on subscriptions in larger amounts, 30 per cent but the Belgian National Bank to stand ready to
not less than $50,000 on any one subscription. purchase Belgian prime commercial bills, when
such purchases
Subscriptions and allotments in the several with the Belgianare desired. This agreement
Federal reserve districts were as shown in the of the system's central bank is in pursuance
policy of cooperating with
table following:
foreign countries in the reestablishment of the
gold standard. The statement issued by the
New York Federal Reserve Bank follows:
SubscripFederal reserve district
tions
Total._
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City. _.
Dallas
San Francisco...
._._
_
.__
_.
Allotments
_.| $875,780,900
I&152,7-10,000
____| 66,930,500
_ | 320,927,500
81,333,000
66,192,500
28,611,000
35.230,500
87,226,500
29,515,500
22,099, 500
17,292,400
33,015,500
87,370,500
30,055,000
171,995,000
44,997,000
29,165,000
12,830,500
17,744,500
44,4.04,000
16,988,500
14,219.500
12,040,000
17,622, 500
40,687,500
In his annual report for the fiscal year 1925,
the Secretary of the Treasury notes that " the
average rate of interest borne by certificates of
indebtedness offered in the fiscal year 1925 was
only 2o9 per cent/ ? the average rates for earlier
fiscal years being: For 1921, 5=7 per cent; for
1922, 4.5 per cent; for 1923, 4,1 per cent; and
for 1924, 3,9 per cent. In June the Treasury
issued at par one-year certificates bearing
interest at 3 per cent, and in September, nine"
months certificates at 3 3^ per cent.
As an aid to the plans which are in progress for improving the monetary position of Belgium, the Federal
Reserve Bank of New York, in association with other
Federal reserve banks, has indicated its readiness to
cooperate with the Belgian bank of issue, the Banque
Nationale de Belgique, if desired, by purchasing prime
commercial bills. It is understood that offers of cooperation have also been made by the Bank of England
and other European banks of issue.
Annual reports of Secretary of the Treasury and Comptroller of the Currency.
The text of the annual reports of the Secretary of the Treasury and of the Comptroller of
the Currency for the fiscal year ending June 30,
1925, were issued during December.
First annual report of the Agent General for Reparation Payments,
The first annual report of the agent general
for reparation payments, issued early in December, reviews the progress of the reparations
program and of Germany's economic recovery
under the Dawes plan., The report states:
"The plan realized during the year its first
essential preliminary objects; that is to say, a
Payments received from foreign governments.
balanced budget and a stable currency. * * *
On December 15, payments in the amounts Side by side with the achievement of these two
given below were received from foreign coun- objects, the output and distribution of goods,
tries on account of their funded indebtedness to according to available figures, have considerthe United States:
ably exceeded the experiences of the immediate-
FEDERAL BESERVE BULLETIN
JANUARY, 1926
ly preceding year and begun to resemble those
before the war. At the same time German
business and industry have found themselves
confronting the double problem of replenishing
the working capital and remolding their organization along lines that the changed condition require/ 7 The report states that the
initial annuity payments of 1,000,000,000 gold
marks for the year to September 1, 1925. were
made in full, chiefly in reichsmarks in Germany
for deliveries in kind. However, the operations of the plan for the year has been "not so
much a test of German capacity to pay as a
test of the ability of German economy to adjust
itself to a return to stable conditions."
The share of the United States in the first
annuity amounted to about 15,328,000 gold
marks. Up to the date of the report no part
of this had been utilized by the American Government, this sum remaining to the credit of
the United States on the books of the agent
general.
CLASS B DIRECTORS
A. C. Bowman, Boston (reeleeted),
Owen D. Young, New York (reelected).
Alba B. Johnson, Philadelphia (reelected).
R. P. Wright, Cleveland (reelected).
Edwin C. Graham, Richmond (reelected),
W. H. Hartford, Atlanta (reelected).
S. T. Crapo, Chicago (reelected),
W. B. Plunkett, St. Louis (reelected).
Paul N. Myers. Minneapolis.
John S. Owen, Minneapolis.1
J. Mo Bernardin, Kansas City (reelected).
J. EL Nail, Dallas (reelected),
E. EL Cox', San Francisco (reelected).
CLASS C DIRECTORS
Charles H. Manchester, Boston (reelected),
Pierre Jay, New York (reelected).
H. L. Cannon, Philadelphia (reelected).
L, B. Williams, Cleveland (reelected),
Robert Lassitcr, Richmond (reelected),.
W. H. Kettig, Atlanta (reelected).
F. C. Ball, Chicago (reelected).
C. P. J. Mooney, St. Louis (reelected).
George W. McCormick, Minneapolis (reelected),
W. S. Bulkley, Kansas City.
C. C. Walsh, Dallas (reelected).
William Sproule, San Francisco (reelected).
Appointment of Federal reserve agent at Cleveland.
Mr. George De Camp, manager of the Pitts- Appointment of chairmen and deputy chairmen.
The following have been designated as Fedburgh branch of the Federal Reserve Bank of
Cleveland since 1918, has been appointed as eral reserve agents and chairmen of the board
class C director of the Federal Reserve Bank of of directors of the Federal reserve banks for
Cleveland for the unexpired term of Mr. I). C. terms of one year, expiring December 31, 1926:
Wills, deceased, and designated Federal reserve
Boston—Frederic H. Curtiss.
New York—Pierre Jay.
agent and chairman of the board of directors
Philadelphia,-—Richard L. Austin,
of the Cleveland bank for the year 1926.
Cleveland—George DeCamp.
Appointment of assistant secretary and assistant
counsel.
Effective January 1, 1926, Mr. E. M. McClelland has been appointed assistant secretary
of the Federal Reserve Board and Mr, B. M.
Wingneld has been appointed assistant counsel.
Richmond—William W. Hoxton.
Atlanta—Oscar Newton.
Chicago—William A. Heath.
St. Louis—William McC. Martin.
Minneapolis—John R. Mitchell.
Kansas City—M. L. McClure.
Dallas—C. C. Walsh.
San Francisco—John Perrin.
The following have been designated as
deputy chairmen of the Federal reserve banks
The following directors of Federal reserve for terms of one year, expiring December 31,
banks have been elected for the three-year 1926:
term beginning January 1, 1926:
Election of directors.
CLASS A DIRECTORS
Frederick S. Chamberlain, Boston (reelected).
Jackson E. Reynolds, New York.
John C. Cosgrove, Philadelphia (reelected).
Chess Lambert on, Cleveland (reeiected).
J, C. Bras well. Richmond.
E. C. Melvin, Atlanta.
Charles H. McNider, Chicago (reelected).
John C. Martin, St. Louis (reelected).
Paul J. Leeman, Minneapolis.
Frank W. Sponable, Kansas City (reelected).
W. H. Patrick, Dallas (reelected).
C. K. Mclntosh, San Francisco (reelected).
Boston—Allen Hollis.
New York—William L. Saunders.
Philadelphia—Charles C. Harrison.
Cleveland—L. B. Williams.
Richmond—Frederic A. Delano,
Atlanta—Wo H. Kettig.
Chicago—James Simpson.
St. Louis—John W, Boehne.
Minneapolis—Homer P. Clark.
Kansas City—Heber Hord.
Dallas—C. E. Linz.
San Francisco—Walton N. Moore.
1
Elected for unexpired term, ending Dec. 31, 1927, of 5\ B, Hixon*
resigned.
8
, 1926
E B D E B A X J BE83SRVE B U L L E T I N
BUSINESS CONDITIONS IN THE UNITED STATES
Production of basic commodities in November continued in about the same volume as the
month before, and the general level of prices remained unchanged. Activity of wholesale and
retail trade was below the record level of October, but larger than in November of last year.
Production.—Output of basic industries included in the Federal Reserve Board's index of
production was at about the same rate in November as in October, but owing to a smaller
number of working days the index declined by about 1 per cent. Employment and pay rolls in
manufacturing industries Eihowed small increases in November as compared with October.
iimpioyment and workmen's earnings increased in the machinery industries, while in food
products and tobacco and in the clothing industry there were seasonal declines. Building contracts awarded were smaller in November than in October, but were large when compared
with the volume for November of previous years.
Final estimates by the Department of Agriculture in 1925 indicate that the acreage of all
crops harvested was slightly larger than in 1924, but that the aggregate production of crops
was in about the same volume. Yields of cotton, corn, and tobacco were considerably larger
than last year, while the production of wheat, oats, potatoes, and hay was smaller.
Trade.—Sales in leading lines of wholesale trade showed the usual decline in November
from the seasonally high levels in October, but continued larger than in the corresponding
month of any of the past five ^ears. Total volume of trade at department stores and mailorder houses was smaller than in October, owing largely to the smaller number of business
days in November. Compared with earlier years, however, department-store sales were the
largest on record for November and sales at mail-order houses were the largest for that month
in the past six years. Merchandise stocks at department stores showed considerably more
than the usual increase In November and were 4 per cent larger than in November of last year.
Distribution of commodities by railroads during November reached new high levels for the
month.
Prices.—Wholesale prices, according to the index of the Bureau of Labor Statistics, remained the same in November as in October. Prices of livestock, meats, and cotton goods
declined, but these decreases were offset in the general averages by advances in the price of
grains, fuel, lumber, and rubber. In the first three weeks of December prices of wheat, flour,
and hardwood lumber were slightly higher than in November, while quotations on cattle, cotton,
coke, copper, and. hides were lower.
1922
Index of 22 basic commodities^adjusted for seasonal variations*
<19I9=»100.) Latest figure, November, 115.
1925
Index of United States Bureau of Labor Statistics. (1913-100, bass
adopted by bureau.) Latest figure, November, 158.
JANUABY, £#26
9
FEDERAL RESERVE BULiLETIN
BILLIONS Or DOLLARS
BILLIONS OF DOLLARS
2
BILLIONS OF DOLLARS
B5LLIONS OF DOLLARS
2
10
FEDERAL RESERVE
SANK CREDIT
1922
1322
1925
1924-
1923
1925
Weekly figures for 12 Federal reserve banks,, Latest figures* Decem- Weekly figures for banks In 101 leading cities. Latest figures December, 23.
ber, 16,
Bank credit.—At member banks in leading cities the volume of credit outstanding on
December 9.was near the high level reached early in November. Loans for commercial and
agricultural purposes declined somewhat during the period, and there was also a decrease in
the banks7 security holdings; continued growth of loans on securities, however, was sufficient
to offset these reductions and the total of loans and investments remained practically unchanged.
At the reserve banks the seasonal demand for currency and credit resulted in an increase
of total bills and securities in December to the highest level in nearly four years. This increasein reserve bank credit in use has been in the form of discounts for member banks, as the volume
of purchased bills held changed but little between the middle of November and the middle of
December, and holdings of United States securities also remained constant, except for a temporary increase connected with Treasury financing on December 15. Money in circulation increased by $71,000,000 between November 1 and December 1 and the continued demand for
currency in December was reflected at the reserve banks both in increased Federal reserve note
circulation and in a decline in cash reserves.
During the latter part of November and the early part of December open-market rates
on commercial paper and acceptances remained substantially unchanged. Later in December
increased demand for credit and currency, largely seasonal in character, was reflected in firmer
money conditions.
BUSINESS INDEXES O F THE FEDERAL RESERVE BOARD
(Monthly average 1919*-100]
1
Yea? and month
1924
October
November.
December..
January
February._
March.....
April..
May
Jane
July
August
September.
October....
November.
1925
Department-store
sales i
Factory
employment-
.109
107
117
93
92
94
103
102
1G6
266
196
180
120
116
124
127
124
120
119
111
110
113
108
112
118
115
94
103
1.09
168
159
178 j
176 I
151 |
171
189 i
123
125
117
129
123
117
122
123
121
121
121
m
96
66
m
94
S3
94
95
97
S7
Department-store
stocks J
Unadjusted
Production in
basic
industries i
Unadjusted
Railroad-
no |
108
108 !
!
105
103 i
105 !
104 j
111
112 :
228 |
224 i
210
229
Adjusted
Adjusted
141
141
210
79
'!&
83
79
79
83
S3
87
94
101
87
124
126
131
148
148
1.24
132
132
133
108
101
121
136
128
128
95
98
122
165
145
124
131
121
133
124
126
128
125
134
145
12*
119
127
139
141
136
129
125
131
143
140
134
135
137
138
137
135
133
131
133
134
137
* T h e iodexes of production i n basic industries, building contracts, car loadings, a n d b a n k d e b i t s are adjusted t o allow for seasonal
the indexes of department-stores sales a n d stocks aro shown both w i t h a n d w i t h o u t seasonal a d j u s t m e n t s .
Bank
debits
outside
of New
York
City i
107
US
1.
21
120
122
119
122
125
120
m
12S
121
10
FEDERAL RESERVE BULLETIN
BANK CREDIT
Banking conditions during the past year are
discussed in detail in the review of the month,
which appears at the beginning of this issue,
with reference particularly to the relation between the volume of reserve bank credit and
the volume of member bank credit outstanding
and the relation of changes in member bank
reserves to the movement in their deposit liabilities. Statistics relating to all banks in the
United States (exclusive of mutual savings
banks and private banks not under State
supervision) have become available for September 28, 1925, and are presented on page 61,
together with data covering the past five years.
Loans of these banks showed an increase of
$827,000,000 between June 30 and September
28 and investments an increase of $58,000,000,
so that at the end of September the total
volume of loans and investments was nearly
$1,000,000,000 larger than three months earlier
and about $3,000,000,000 larger than on October 10, 1924. Deposits of these banks, exclusive of bank deposits, increased by about
$400,000,000 between the end of June and the
end of September, and at the end of the period
were about 83,500,000,000 larger than the
year before.
MONEY RATES
A tendency toward increasing firmness characterized the money market during 1925, and
toward the end of the year open-market commercial paper, 90-day bankers' acceptances,
and the yield on United States certificates of
indebtedness were at the highest levels since
April, 1924, while call money on stock-exchange
collateral averaged the highest since the closing
months of 1923. Rates on open-market commercial paper, which had receded to the lowest
point in recent years during the late summer
and early fall of 1924 when prime 4-6 months
paper was quoted at 3 to 3 ^ per cent, advanced
steadily thereafter, quotations opening the
year 1925 at 3J^-3M P e r cent and reaching
a high for the year during the last three months
t 4 3^/~4 J^ per cent. In general through the
ear, the commercial paper market found its
most active demand proceeding from interior
banks, in contrast to New York City, where the
higher rates offered by collateral loans made
commercial paper relatively less attractive to
the investing banks. As compared with the
summer of 1924, when New York rates on
90-day bankers' acceptances, call loans on
stock exchange collateral, and the yield on 4-6
JANCAEY, 1020
months United States certificates of indebtedness all reached low points of about 2 per cent,
the call renewal rate during 1925 averaged
Syi per cent in January and over 5 per cent in
December, 90-day bankers* acceptances were
3 per cent in January and 3J^> per cent in
December, and the yieled on 4-6 months United
States certificates of indebtedness was 2.61
per cent in January and over 3J^ per cent in
December. The yield on Liberty bonds, on
the other hand, did not fluctuate greatly
from 4 per cent during the year. During the
closing months of the year, with the exception
of call money, stability characterized the
money markets and December rates were
generally unchanged from the November
levels. The renewal rate on call money was
distinctly higher, however, the average during
the week ending December 26 reaching 5.88 per
cent, the highest weekly average since August,
1921. The table below shows the money rates
prevailing in the New York market during the
last three months.
In the London money market,1 the bank rate
was raised early in December from 4 to 5 per
cent and rates in the market quickly followed,
3-months bills being quoted at 5 per cent, the
highest since June, 1921, in the latter part of
December,
MONEY RATES IN NEW YORK
Prime
Average
commeron ccrtifi-j| yield on Renewal
±y
t
f
cial
!
rate on
paper,
indebted-'
t call loans
4-6
'
y
months 90 days : m o n t h s
months
bonds
3 3.00 \
2 3.33 /
*3.53
2
3. 65
3.51
3.98
4.62
4.02
4.04 ;
4.04
4.87
4.75
5.32
2 3. 65
2 3. 65
September, 192o_ _.
October, 1925
November, 1925. _.
December, 1925
Average for week
endingDec. 5
__..
Dec. 12
Dec. 19...
Dec. 26
4.02 !
4.02 ;
I
2 3.48
\
3 3.44 ./
3 3.54
4.05
4.06
5.0 0
5.0°
4.90
5.88
1 Issues maturing Dec. 15, 1925.
2
3 Issues maturing Mar. 15, 1926
Issues maturing June 15, 1926
ACCEPTANCES
An increased supply of bills was reported
from the New York acceptance market during
the four weeks ending December 16, and, with
relatively good demand, the market was active,
total turnover during the first week of December being near the high point for the year.
i An account of the London money market in 1925 appears on page 40«
JANUAKY, 1926
The increased supply; which appeared mainly
during the first part of the period accompanying firmer money conditions, was moved with
the aid of relatively heavy purchases for foreign
account, while during the closing days, when
money conditions turned temporarily easier,
fewer offerings were accompanied hj an even
greater decrease in demancl, with the result
that dealers7 portfolios reached the highest for
the yearo Offerings to the reserve bank were
somewhat in excess of the preceding period.
In Boston the supply of bills was light, but
during the first two weeks of the period in
excess of demand, with the result that offerings
to the reserve bank were substantial at that
time In both Philadelphia and Chicago the
bill market was reported quiet during the
period, supply being only fair but somewhat
in excess of demand. Rates remained unchanged in all markets. On December 16
they were quoted in New York as 3% per cent
bid and 3 j | per cent offered for 30-day bills,
33^ per cent bid and 3% per cent offered for
60-day bills, 3% per cent bid and 3}4 per cent
offered for 90~da}^ bills, 3% per cent bid and
3% per cent offered for 120-day bills, and 4 per
cent bid and 3% per cent offered for 150 and
180 day bills.
CAPITAL ISSUES
Total capital flotations in the United States
during 1925 will probably be found to exceed
the record totals of 1924. In October the
volume of new domestic security issues, according to the compilation of the Commercial
and Financial Chronicle, amounted to $33 7r
000,000, slightly less than the volume issued
in September, and nearly $100,000,000 less
than in October, 1924, which was one of the
high months of last year. Refunding issues
were unusuall}^ large, however, amounting
to $80,000,000, as compared with $20,000,000
in September. Municipal securities formed a
somewhat smaller and corporate securities a
larger proportion of the total than in September. Of the' latter, industrial and railroad
issues showed increases over the previous
month, while public utility issues declined.
The following table shows the domestic securities issued in October, 1925, as compared
with those of September, 1925, and of October,
1924.
Foreign flotations in this country were of
moderate volume in October, according to the
compilation of the New York Federal Reserve
Bank, the revised total amounting to
11
FEDERAL RESERVE BULLETIN
390,000. In November $182,525,000 of foreign
securities were issued in the United States, the
largest amount floated during any month of
1925. The kingdom of Italy loan of $100,000,000 chiefly accounted for this large total.
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
October,
1925
New
Total corporate
' 257.6
Long-term bonds and I
notes...
I 126.0
Short-term bonds and I
notes
j 15.8
Stocks
„„; 115.8
Farm loan issues
_| 8.3
Municipal
! 71.4
Total
I Refunding
1
September,
" 1925
October,
1924
: Re- !
Ncw I fund- . Now
ing
i 70.3 ! 263.0 | 16.4! 325.9;
•
j
|
iI
;
j 61.1 173.1 : 11.1 220.2 j
!
I
;
j
i 4.0
18.6 i 2.0 | 27.4
' 5.2
71.3 I 3.3 I 78=3 !
:
5.0 i 4.7.___ J 15.5 1
\ 4.9 I 109.8
3.3 ! 91.3 i
1337.3! 80.2! 377.5 j 19. 7 ! 432. 7 I
Refunding
56.5
46.5
10.0
.8
57.3
SECURITY PRICES
Rising prices for common stocks characterized the security markets during 1925, As
indicated by the weekly index of 232 representative common stocks computed by the
Standard Statistics Co., stock prices rose into
new high ground with fair continuity throughout the year, breaking sharply in March and
in early November, but subsequently recovering to higher levels than those preceding the
decline,, This general advance was shared
by both industrial and railroad stocks, but was
much more marked in the case of the former
up to August, The largest increase in the rail
prices has occurred since the prices of industrials were checked early in November, the
higher level of the general average in December
being attributable to new high levels reached
by representative railroad "stocks in that
month. Stock market activity during the final
three weeks of December, as measured by number of shares traded, fell off somewhat from the
record levels of October and November, but
was higher than during the preceding month.
Bond prices rose somewhat during the first
part of December to the highest levels since
June, 1925. The following table gives indexes
of stock prices computed by the Standard
Statistics Co. of New York, the average prices
of 40 bonds computed by Dow, Jones & Co,,
and the average number of shares of stock sold
12
, 1926
FEDERAL RESERVE BTJLLETIK
daily on the New York Stock Exchange for
the last six months:
INTERMEDIATE
CREDIT
[In thousands of dollars}
INDEX NUMBERS OF SECURITY PRICES
Dec. 12, Nov. 14, Dec. 13,
1925 ; 1924
1925
Price indexes of1-
Average
Aver- number
age of shares
!
201 in- i 31 rail- Total, price of stock
of 40 2 sold daily
232
dustrialj road
(000
stocks I stocks stocks bonds omitted)3
i
Average for—
December, 1924.. „
July, 1925
I
August, 1925
September, 1925.,
October, 1925
November, 1925..
December, 1925. .
Average for week ending— i
Dec. 7
i
Dec. 14...
|
Dec. 21_
I
Dec. 28
j
119.7 !
135. 0 i
136. 0 |
139.9 !
145.8 i
150.4 .
151.6
152.0
151.6
149.5
153. 2
i
•
!
'
111.3
111.0
114. 3
115. 8
116. 2
120.0
125.4
124.1
125. G
125. 0
127.4
117.2
128.1
129.7
132.9
137,, 2
141.6
1410
143.9
143. 9
142. 4
145.7
90.67
92.50
91.70
92.19
92,17
92.44
92.76
92. 57
92. 65
92. 86
92.96
1,783
1,353
1,458
1,711
2,302
2,397
1,883
Direct loans outstanding o n Cotton Tobacco
_
Wheat .
Canned fruits and vegetables
Raisins
Prunes..
Peanuts
Wool
Rice
All other..
.„.. .
Total
21,264
20,915
2,216
1,314
3,600
AGRICULTURAL CREDIT
During the month of November the intermediate credit banks closed direct loans
amounting to $15,758,000, which was $2,156,000 less than in October. Rediscounts
granted amounted to $6,154,000, or 74 per cent
more than in the preceding month. The banks
at Baltimore, Louisville, and Springfield extended more than two-thirds of the total direct
loans, chiefly on tobacco, while the bank at
Wichita loaned $1,560,000 on wheat and cotton
and the Berkeley bank nearly $1,340,000,
largely on fruits and vegetable products and
raisins. Notwithstanding the large volume of
rediscounts granted during the month, the net
amount outstanding on November was about
$240,000 less than a month earlier.
The following table shows the volume of
direct loans outstanding on December 12, the
latest available date, as compared with a month
and a year earlier, classified by commodities
on which the loans were based. Rediscounts
outstanding on the same dates are also given
and are classified by types of re-discounting
institutions.
145
1,580 •
67
101
13,014
19,746
3,07?
657
4, O G
O
1,500
341
43
304
187
50,930
__„ .._.
19,889
18,282
3,223 '•
1,763
2,250
171
1,044
265
141
Rediscounts outstanding for—
!
Agricultural credit corporations
i
National banks...
._
.J
State banks
1,903
Livestock loan companies
1,840
Savings banks and trust companies...
1, 918
1,582
Total..
1 For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and iow prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding. Prices used are closing quotations on Monday.
2
Arithmetic average of daily average closing prices, as published in
the Wall Street Journal. Weekly averages arc for week ending with
Saturday preceding date given.
8
Saturdays omitted. Weekly averages; ;?*re for five days ending with
Friday preceding date given.
BANKS
47,306 .
43,459
15,863
34
16,595
31
428
9,141
82
10,256
27
870
7,539
374
26 5 277;
18,866
394
9,886
26,259 i
Tine intermediate credit bank system has
made considerable growth, during the past year,
as is shown by the accompanying chart, giving
the changes that have occurred in direct loans
to cooperative marketing associations and rediscounts for financial institutions and the comWLLI0NS C - DOLLARS
C"
MILUQKS DF BOLLAPS
60
LOA^S OF INTERMEDIATE CREDIT BANKS
L
80
7C
1925
bined total. The seasonal differences in rediscount and direct loans are accounted for by the
fact that rediscounts are granted largely for
productive purposes and hence are largest in
the spring and summer, while direct loans are
made entirely for marketing purposes and are
largest in the fall and "winter. The table
printed above indicates that the system hasmade the largest advances to tobacco and cot-
13
FEDERAL RESERVE BULLETIN
JANUARY, 1926
ton cooperative associations, since, on December 12, 83 per cent of the outstanding direct
loans were made to such associations. Commercial banks this year have made less use of
the facilities of the intermediate credit banks
than was made last year, While the loans to
livestock loans companies were about a third
larger this year than in 1924, the greatest increase in the use of rediscounts was made by
agricultural credit corporations.
Below is given a table showing the outstanding volume of net mortgage loans granted by
the joint-stock land banks, by the 12 Federal
land banks, and by 41 life insurance companies
owning more than'82 per cent of the assets of all
life insurance companies.
N E T FARM-MORTGAGE LOANS OUTSTANDING
Farm, prices, as measured by Department of
Agriculture's index, averaged higher during
marketing season than in 1924, the most substantial increases being in the prices of fruits
and vegetables and livestock, as is shown in
the table below:
AVERAGE FARM PRICES^ JUNE THROUGH. NOVEMBER.
1924 AND 1925
[July, 1909-July, 1914-100]
1924
Grains
Fruits and vegetables
Meat animals
Dairy and poultry products...
Cotton and cottonseed
_._
Unclassified..
1925
337
126
113
132
198
101
135 !
Total.
174
171
143
144
175
91
147
Grains,
Developments in wheat production "have
been especially significant during the past
Nov. 30, Oct. 31, ! Nov. 30,
1925
1925 I 1924
year. In 1924 the world at large produced a
comparatively small crop, while the crop in the
Total all joint-stock land banks
• 534,134
526,042 ! 440, 046
In
Total 12 Federal land banks
j 999,415 995,207 I 919,188 United States was exceptionally large,
Life insurance companies
1,518,000 1,515,000 | 1,444,379
1925 the situation was reversed, Europe and
Canada producing much larger yields than
AGRICULTURE
in 1924, but the United States produced a very
In 1925 the aggregate production of all small crop and recent reports indicate that
crops, as measured by Federal Reserve Board's harvests in the Southern Hemisphere will be
annual index of crop production, was in ap~ smaller than a year ago. Final estimates by
• [In thousands of dollars]
Droximately the same volume as in 1924.
Yields of wheat, oats, rye, hay, white potatoes,
and apples were smaller than in the preceding
year, but the production of corn, cotton",
tobacco, and barley was larger. For the
country as a whole agricultural operations
were generally satisfactory, although in sections of the Southeastern States the prolonged
drought in the summer and early autumn
months resulted in considerable damage and
in crop failures in some counties. In certain.
areas of the Dallas Federal reserve district
the drought curtailed the production of cotton
and resulted in almost a complete failure of
feed crops. The total production of corn was
nearly 600.000,000 bushels larger than in
1924,"but the decline in the price resulted in a
•considerable reduction in the returns for the
•crop, especially in those counties where the
crop is sold rather than fed to livestock, The
acreage planted in cotton was the largest in
the history of the industry and total production exceeded 15,800,000 bales, the third largest
crop on record, Improvement in the livestock
industry, which began in the late summer of
1924, continued in 1925, and prices of livestock averaged considerably higher throughout 1925 than in 1924.
75164—26f
3
OJiTS PER 3US.HEL
220
6 0 Jvu/ws^-uwv.
JUL. AUG-Sti*!1. OCT. NOV. DEC JAM. FEB. MAS. APR. MAY JUH. JUL. AUG.SEFT. OCT. MOV. DEC.
60
1325
the Department of Agriculture in December
indicated the total wheat crop at 669,000,000
bushels, a reduction of 28,000,000 bushels from
the preliminary figures issued in November
and 22 per cent less than the 1924 crop.
Although a yield of 669,000,000 bushels practically places the United States on a domestic
basis, 55,000,000 bushels of wheat and flour
were exported during the first five months of
the crop year.
14
FEDERAL RESERVE BULLETIN
The yield of corn, indicated in the final
crop report, was 100,000,000 bushels less than
the preliminary estimates made in .November,
but was 25 per cent larger than in 1924.
Yields of oats and barley were larger than
indicated by the November figures, while the
yields of other grains were less. The following
table gives the December final estimates of the
principal grain crops:
[in thousands of bushels]
1924
All whcat_
Winter wheat
Spring wheat
Corn.....
Oats
Barley
Eye
Flaxseed
_
.__
_
__.
1925
!
862,027
609,305
398,486
!
589.032
270, 879
j
272,995
2, 900, 581
' 2,3.12,745
1, 501, 909
i 1,522,055
218,002
_.__!
178,322 i
48, 090
'
04,038 !
22,007
i
31,711 i
Prices of grains have fluctuated widely during
the past year, as is shown in the accompanying
chart. After the declines in the early months
of the year, prices of wheat followed tlie various
reports on the conditions and expected yield
of both the domestic and world crops. Reports of large crops in Europe and Canada and
the earlier reports of a large crop in the Argentine depressed prices in the early fall. By
mid-October, however, reports indicated that
the Russian surplus had been overestimated
and that crops in the Southern Hemisphere
were likely not to be as large as anticapated,
and a rapid rise in the price of wheat followed,
which was further augmented by the final estimates on crop yields reported in December.
The price of corn was steadily lowered by
forecasts of a large crop and since harvest by
the very poor quality caused by excessive
moisture content.
Early reports indicated that the acreage of
winter wheat would be increased about 9 per
cent, but unfavorable weather for plowing and
seeding prevented the fulfilling of these intentions, aiid the acreage is about 1 per cent less
than the area seeded last fall. The condition
of the crop, however, was slightly.higher than
in 1924, but was below the average condition
of the crop on December 1 for the past 10
years. The following table shows the acreage
and condition of wheat and rye as reported by
the Department of Agriculture for December 1:
Acreage sown
1925
Winter wheat.....
Eye
Condition Dec.l
1924
39,540,000 j 39,956,000 !
I 3,420,000 : 4,088,000 ;
1925 ! 1924
82. 7 :
83.8 I
81.0
87.3
JANUARY, 19 2 C
Cotton,
In 1925 the cotton-growing industry was
characterized by the largest acreage on record
and a total production that exceeded all previous
yields except in 1911 and 1914. Estimates by
the Department of Agriculture based on the condition of crop on December 1 indicated a yield
of 15,603,000 bales, as compared with a production of 16,250,000 bales in 1911 and 16,992,000 bales in 1914, the two largest yields on
record. Notwithstanding this large increase in
yield, harvesting has progressed as rapidly as
in other recent years, and 14,826,000 Dales
were ginned prior to the middle of December,
which was approximately 95 per cent of the
crop, as compared with 94 per cent prior to the
same date in 1924 and 1928. Increased production during the year occurred in all of the
cotton growing Federal reserve districts except
Dallas, the greatest increase being in the
Atlanta and St. Louis districts. Marketing,
as reflected by the movement of cotton from
farms and plantations to the interior markets
and ports, from the beginning of the season
through the middle of December, continued at
about the same rate as last year, despite the
lower price that has prevailed this year than
in the autumn season of 1924. Exports and
takings by American and Canadian spinners
have also exceeded those of last year, but they
have not increased sufficiently to absorb the
increased marketings, and stocks at public
warehouses are considerably larger than a year
ago.
With a large increase in yield the price of
cotton has declined gradually, but almost continuously since early in the autumn and has
averaged considerably lower than last year.
In addition to the effect of the increased yield
on prices, unfavorable weather during the harvesting season resulted in considerable damage
to the cotton that was open in the fields, and a
large proportion of the crop is of a lower
quality than in other recent years.
Tobacco.
Final estimates by the Department of Agriculture indicated a total production of tobacco
in 1925 of 1,349,660,000 pounds, as compared
with a yield of 1,242,456,000 pounds in 1924.
This increase in the aggregate output was due
principally to larger yields in the Richmond,
Cleveland, and Atlanta Federal reserve districts. In Kentucky, the largest tobaccogrowing State, the final output was approximately 3 per cent smaller than in 1924 and
was the smallest crop in recent years. ID.
15
FEDERAL RESERVE BULLETIN
JANCAKY, 1926
North Carolina, on the other hand? the second
largest producing State, the crop was 30 per
cent larger than in 1924; and the increase in
the total production for the country was due
largely to the increased yield in this State,
The quality of the crop is somewhat lower than
that of the previous year and prices at the
beginning of December averaged 18.3 cents a
pound, compared with 20.7 cents a pound a
year earlier. Marketing of the 1925 crop
continued to increase in November and sales
of nearly all types of tobacco were larger than
in November of last year. Sales early in
December of approximately 5,500,000 pounds
of re-dried 1923 and 1924 burley tobacco were
reported by the Burley Tobacco Growers
Association.
Production of tobacco products in November
declined from the large volume in October, and
the output of all products except cigarettes was
smaller than last year. For'the 11 months
ending with November, production of cigarettes continued to increase and exceeded the
volume of 1924, but the production of cigars
declined. The following table shows the total
output of tobacco products for the 11 months
ending with November, 1924, and 1925:
bage axe particularly high, the former being
two to four times as high as last year. The
accompanying chart shows the yield and prices
of white potatoes, by the crop year, for the
last several years. Prices have reflected crop
conditions and supply very closely. The final
report on the yield of potatoes indicated a total
crop of 23,000,000 bushels, or more than 6 per
PRODUCTION OF TOBACCO PRODUCTS
cent less than was shown in the preliminary
report in November. The figures of the final
report as given by the Department of Agriculture as to the size of the" principal fruit and
vegetable crops are presented in "the following
table:
[000 omitted]
Eleven months ending
November—
1924
Large cigars (number)
Small cigars (number)
Cigarettes (number)
Manufactured tobacco (pounds)
_'
._.._"•
__
_j
•
j
6, 147,130 I
498.888 '
65,-566,887 j
348,112
PRODUCTION AND PRICE OF POTATOES
Jo
•JULY
DEC.
1321-'22
JULY
DEC.
1322-23
JULY
DEC-
JULY
1923-'24-
DEC.
JULY
1924-25
DEC
JULY
1825-26
1925
6,023,410
420,287
73,308,092
340,704
FINAL, REPORT BY DEPARTMENT OF AGRICULTURE AS
TO SIZE OF THE PRINCIPAL FRUIT AND VEGETABLE
CROPS
Yield (000 omitted)
Fruits and vegetables*
Unit
.1925
1924
The marketing of late fruits and vegetables
in November declined to about one-half of the Fruits:
'•
Appios—
!
October volume. Early winter vegetables
" Total
_ I Bushels._ _ 164,616
171,250
Commercial
• Barrels
31,909
28,063
began to move during November from the
Poaches.-..
Bushels...
46,565
54,119
Pears
i
do
southern producing areas, and oranges began
18,863
19,820
Grapes..
i Tons
I
1,764
1, 967
to move in considerable quantities in both
Oranges (2 States)
,.__! Boxes
32,200
34,500
j
Florida and California, although in neither Vegetables:
PotatoesWhite...
' Bushels.... 323,243
State were shipments as large as in November
425,283
Sweet
'
do
62,494
54,564
a year agoa TotaJ car-lot shipments of all
Cabbage
...I Tons
869
962
Onions
.
j Bushels...
17,173
17,852
fruits and vegetables from the beginning of
Tomatoes
Tons
2,188
1,606
their respective seasons to the end of the first
week in December were 3 per cent larger in
1925 than in 1924. Prices on most produce Livestock.
have remained comparatively stable since
Conditions on the western ranges, according
October and as a whole are much higher than a to the December livestock and range report,
year ago. Prices of white potatoes and cab- continued very favorable. The snow which fell
16
FEDEEAL RESERVE BULLETIN
early in November in the mountain States of
the Kansas City and Minneapolis reserve districts had melted, and winter ranges were in
much better condition than a year ago. During
the past year ranges, except in the droughtstricken sections of the Southwest, have been
considerably better than a year ago, and even
in the Southwest early fall rains resulted in considerable improvement and good winter ranges
were assured. Cattle and sheep closely reflected the condition of the ranges and entered
the winter in much better shape than last year.
In November marketings of meat animals
followed the usual seasonal trend, cattle and
sheep declining from the peak in October, while
the receipts of hogs greatly increased. In all
cases, however, receipts were less than in
November of last year. For the 11 months
ending with November, receipts of livestock at
public stockyards were smaller than in the
same period in 1924. Receipts of cattle and
calves decreased 2 per cent, while those of hogs
were nearly one-fifth smaller, due partly to the
short corn crop in 1924.
Reports by the Department of Agriculture
indicate that, notwithstanding the low price
of corn, the numbers of sheep. Iambs, and cattle
on feed on December 1 in the corn belt States
were considerably less than a year earlier.
Sheep and lambs were 8 per cent less, duo
largely to the smaller lamb crop and to the
expansion of both farm and range flocks, while
cattle were 3 per cent less,
Prices of cattle and hogs showed slight declines in November from the October quotations, while prices of sheep increased slightly.
Prices on all classes of livestock continued
above corresponding prices of last year, and
one of the outstanding features of the livestock
situation this past year has been the much
higher range of prices paid for all classes of
livestock.
Dairy products.
Seasonal declines in production, decreased
marketings, and a reduction in stocks in storage v<rere the outstanding developments in the
butter situation during November, As compared with November of last }^ear, however,
production was larger, receipts at principal
markets increased considerably, but stocks as
reported for December 1 were 26 per cent
smaller than a year earlier. Cheese production
and movements followed the same general
trends, except that stocks in cold storage on
JANUARY, 192G
December 1 were 13 per cent larger as compared with the same date the previous year.
Prices of butter declined slightly during the
month and on December 18 reached the lowest point since the middle of September. Compared with last year, current quotations are
about 4 cents a pound lower.
The year 1924 was characterized by an exceedingly heavy production of all kinds of
dairy products, and exceptionally heavy stocks
of butter were in existence at the beginning
of 1925. Low prices stimulated consumption,
and these heavy stocks were reduced to a
minimum by the first of May. Production
of butter and cheese for the first II months
of 1925, as measured by receipts at principal
markets, was extraordinarily heavy, the 1925
receipts for butter being exceeded only by
those of last year, while receipts of butter
during October and November were the largest
on record for those months, and the marketing
of cheese for the year reached new high levels".
Prices, which at the beginning of the year
were the lowest since 1922, began to improve
after the season of heavy production, and in
the late fall months were about 9 cents per
pound higher than a year earlier. Consumption has continued to expand, and, notwithstanding the increased production during the
fall months stocks, though large, were considerably smaller than last year. Production of
other dairy products reflected the general decrease in milk production from the high levels
reached in 1924.
Coal and coke.
MINING
Stimulated by a high level of general industrial activity and, during the latter part of the
year, by the cessation of anthracite coal
production, total 1925 output of bituminous
coal exceeded that for 1924 by about 9 per cent.
As compared with previous years, it was also
high, the 1925 totals being surpassed only once
since 1920, when in 1923 export orders due to
the Ruhr stoppage accompanied large industrial demand in the United States. Despite
increased output, however, prices ruled generally lower during 1925, the Coal Age index
for spot prices for bituminous coal averaging
the lowest since its war peak. In comparison
with preceding years, monthly output during
1925 displayed the same mid-year slump
observable in 1921, 1922, and 1924, in contrast
to 1923, when a high level of production was
maintained throughout the year. The regular
JANUAKY,1926
FEDERAL BESERVB BULLETIN
fall increase in output in 19255. however, was
increased by demand for anthracite coal substitutes, with, the result that production for
the fourth quarter was close to that in the
corresponding period of 1920 and in excess of
output for the quarter in all intervening years,
including 1923. During the four weeks ending
December 12 average daily production reached
the highest levels since 1920, and on November
23 the Coal Age index of spot prices for bituminous coal touched $2.32* the highest since
October, 1923. During the first half of December, though output was maintained, the firmness of the market was affected by the closing
of the lake season and mild fall weather, with
the result that prices receded somewhat, the
index standing at $2.20 on December 14, as
compared with 32.30 four weeks earlier, Due to
the small number of working days in November,
total output for the month fell to 50,780,000
net tons, as compared with 53,203,000 net tons
in October. Average production per working
day was 2,150,000 net tons for the week
ending December 12, as compared with 2,~
135,000 net tons for the week ending November
14 and 1,947,000 net tons for the week ending
October 10. ' Up to December 12 total 1925
output of bituminous coal was 93,876,000 net
tons—8.5 per cent above the corresponding
figures for 1924.
Total production of anthracite coal for the
first eight months of 1925 was the highest for
that period in recent years with the exception of
1923," when output for the first eight months
ran about 9 per cent higher. The total
cessation of production attendant upon the
strike during the last four months of the year,
however, brought total 1.925 output below any
other recent year except 1922, when production
was also seriously impaired as a result of labor
difficulties.
Total output of coke during 1925 fell materially below the levels reached in 1923 but was
above any other year since 1.920, By-product
coke, however, established a new record in
total 1925 production, while output of beehive,,
though in excess of 1924, was well below the
totals established, in several previous years,
Total November production of coke was
4,770,000 short tons, the largest since July,
1923. Of this total, 3,557,000 short tons
represented by-product output, a new monthly
record for this type of coke, while the 1,213,000
short tons of beehive produced in November
was the largest since March, 1924=, Coke prices
17
during the first part of December continued to
recede from the high levels reached in early
November, Connellsville coke being quoted at
33.50 on December 11 and $4 on December 18.
as compared with $8 on November 6, 1925
Petroleum.
Production of crude petroleum, which began
to decline early in the summer, continued to
fall off in November, and the output in the
early weeks of December indicated further
curtailment. Although this decline in production has been practically continuous since
May, the total output for almost every month
this year exceeded that of the corresponding
period in 1924, and. for the 11 months ending
with November aggregate production was 5
per cent larger than in 1924. Consumption of
crude petroleum, has been considerably larger
than in 1924, and stocks east of the Rocky
Mountains were reduced from 318,438,000
barrels at the end of November last year to
296,690,000 barrels this year. In the first
three months of the year prices of crude petroleum reflected the usual seasonal increase, but
in the late spring and summer months, after
production began to decline, they advanced
slight!}7" and remained considerably above the
levels of the preceding year. In July, August,,
and September prices declined slightly, but in
November they" turned upward "and in the
middle o f December averaged, according to
_
the Oil, .Paint, and Drug Reporter's average
price for 10 fields, 34 per cent higher than a
year earlier.
The output of gasoline for the 10 months
ending with October was 21 per cent larger
than in 1924 and exceeded the output for
the corresponding period in any previous
year. Consumption of gasoline was also in
large volume during the year, but in view
of the increased production stocks did not
decline during the summer and early autumn
months as much as in 1924, and at the end
of October they 'were 33 per cent larger than
last year. Increases in gasoline stocks are
partly due to the conversion of large stocks
of petroleum at the beginning of the year
to gasoline, which has resulted in a reduction
of petroleum stocks and an increase in stocks
of gasoline. Production of other refined products also increased in 1925, and stocks of all
these products are larger than last year.
Prices of gasoline advanced rapidly during the
first six months of the year, but from. ^J
18
FEDERAL BESERVE BULLETIN
1926
through November they declined; throughout
Quotations for bar silver were fairly steady,
the year, however, they remained at a higher ranging from 69 to 69 34 during the last two
level than in 1924.
weeks of November and the first week of
December. In the second week of December
Nonferrous metals.
heavy sales from China depressed the market,
Both production and consumption of non- and on December 16 bar silver was quoted in
ferrous metals was high during 1925, while New York at 6834 cents, the lowest since June
prices ruled generally higher than in recent 5, and 4^g cents under the high for the year,
years. Notwithstanding the fact that pro- November deliveries of tin to the United
duction of copper, lead, and zinc in the United States were the lowest of the year, with the
States and imports of tin during the year were exception of May, and stocks in New York at
at the highest rate since the war and around the end of the month were also the lowest since
the war peaks, stocks of these commodities on May. Quotations for tin fell off somewhat in
hand at the end of the yeax were all at low the last two weeks of November and the first
levels. The average price of lead during the half of December. Straits tin being quoted
year was the highest since 1917 and close to the at 6134' cents on December 16, as compared
peak established in that year, tin was quoted with a high of 6 4 ^ cents on November 12.
higher on the average than in any year since
1919, and zinc since 1920; but copper, though
MANUFACTURING
above 1924, did not bring as much on the
Food products.
average as in 1923. Silver averaged higher in
price during 1925 than in any year since 1920,
Sugar meltings in November were 32 per
but output was the lowest since 1922.
cent less than in the previous month and were
While domestic consumption of copper considerably smaller than in November, 1924,
during the fall has continued high, export but the total meltings for the first 11 months
demand has fallen off, and the price of refined of the year were 6 per cent larger than for the
electrolytic copper delivered in New York similar period last year, reflecting the increase
dropped during November and the first part of the 1924-25 sugar crop. Throughout the
of December from 14J^ cents per pound on year, and especially during the fall, refiners
November 5 to 14 cents on December 8, the have carried stocks that exceeded those of last
lowest since July 8. At the middle of Decem- year, though the usual autumn declines have
ber it was quoted at 1 4 ^ cents, as compared occurred. The sugar market has reflected the
with 14J^ cents four weeks earlier. Produc- uncertainties caused by a record world crop
tion of copper in the United States during of sugar and more recently by the prospects
November was 135,794,000 pounds—6,000,000 of an even greater crop ixi 1925-26. Prices
pounds below October and the first month in have averaged lower throughout the year than
1925, when output was below the correspond- in 1924 and in October reached the lowest prices
ing month of the previous year. Stocks of since early in 1922e However, prices have rerefined metal at the end of the month were covered to some extent and were fairly stable
reported at another new postwar low, while by the middle of December,,
The meat-packing companies during the year
stocks of blister copper increased slightly,
total stocks being at about the low levels of to December 1 slaughtered considerably more
the year. Lead output in the United States cattle and calves than in the corresponding period
during- November was 7 per cent above the in 1924, while the number of sheep killed
corresponding month of 1924, but slightly showed practically no change, but hog slaughterunder the October peak. Quotations for lead ings, largely because of the short crop of corn in
in New York, which reached §% cents during 1924 and a large reduction in the number of hogs
the middle of November, receded subsequently on farms, were very much less than last year.
and stood at 9M cents the second week of During November the usual seasonal decline in
December. Though output of zinc during the slaughterings of sheep, cattle, and calves
November was the highest since March, it was occurred, while those of hogs greatly exceeded
exceeded by shipments, with the result that the number killed in October, but there was a
stocks of slab zinc in refineries at the end of smaller number of all classes of animals killed,
the month made another new low of 6,922 tons. except of calves, than in November a year ago.
Quotations for zinc at St. Louis fluctuated Although stocks of beef and mutton showed
between 8}4 and 8% cents during November some increases during the month, those of pork
and the first two weeks of December, closing and lard were smaller, and all stocks were below those of last year. Domestic demand conthe period at the lower price.
JANUARY, 1928
FEDEBAL BESEBVE BULLETIN
19
mills began to increase operations. Production
continued to increase slowly, but when it became evident that the new cotton crop would
be the largest since 1914 and when this crop
began to come on the market in great volume
in September, prices turned downward. The
Faircnild indexes, showing average prices of
raw cotton, cotton yarn, gray goods, and finished goods declined in October, were fairly
steady in November, and turned downward
again in December, finally falling to the lowest
levels since early in 1922. Although November
had two or three less working days than October, the consumption of raw cotton by mills
was practically the same in volume during both
months and has been exceeded in November
only in 1916, 1917, and 1922., In the Southern
States, particularly in the Carolinas where operations have been curtailed because of drought,
consumption and spindle activity was greater
in November than in October, whereas in the
other States there were decreases. Finishers of
cotton fabrics have reported during the year
conditions similar to those noted in the cottongoods industry—activity at the beginning of
the year, slight depression in the summer, and
improvement during the autumn.
Manufacturing in the woolen industry was
also rather active at the beginning of 1.925 and
decreased in the summer. In the autumn the
worsted branch of the industry improved, con™
Textiles.
siderably. The general level of employment
In textiles conditions during 1925 have varied and production during the year, however, has
among the different trades. In cotton manu- averaged somewhat less than in other recent
facturing prices averaged lower than in any years. Prices of raw wool, tops, yarns, and
year since 1922, while production was greater cloths at the beginning of 1925 were at the
than in 1924 and 1922," but slightly less than highest levels since 1920 or 1921. Quotations
in 1923, the year of greatest activity since 1917. on raw wool, particularly on the fine grades,
At the beginning of the year the woolen in- and on yarns declined precipitiousiy during the
dustry was moderately active and raw wool spring months, and in May tlie Fairchild
prices were at the highest level since 1920; indexes of raw wool and worsted yarn prices
since that time prices have declined consider- reached the lowest points since 1922, Prices
ably and production has averaged somewhat of suitings were maintained at high levels durless than in recent years. For the silk indus- ing the spring, but were reduced in the late
try 1925 has been a year of great prosperity, summer at openings of the spring, 1926, lines.
raw silk prices have been stable, demand has The feature of the year was the improvement
been large, and manufacturing operations ex- in the demand for worsted goods, which for
ceptionally active. The knit-goods industry 1 two years had been in relatively poor request.
was also more active than in 1924, and the The activity of worsted spindles increased convolume of output, as indicated bv employment siderably, while that of woolen spindles
and earnings of workers in the industry, has i changed but slightly. In October the perbeen greater than in 1923.
centage of active worsted spindle hours to
At the beginning of 1925 prices of cotton maximum single shift capacity was the largest
products were steady and manufacturing active* reported for any month in two years. Other
During the spring months prices declined and machinery, however, has been more active
production was reduced to a notable extent, upon several occasions than during the autumn
but late in the summer prices strengthened and months of 1925. Prices of worsted suitings
tinned active for lamb, pork, and pork prodnets, but was only fair for beef, and when
measured in dollar amounts was 10 per cent
greater than in November, 1924, Exports continued to decline and were less than a year ago
in physical volume, as they have been, most of
the year.
Flour milling in November was small, notonly because of seasonal inactivity, but was
adversely affected by the advance in wheat
prices during the month, and as a result production was 13 per cent less than in November,
1924. Milling activity has been considerably
curtailed this year in comparison to 1924 since
the foreign demand for American flours has
fallen off since the new crop of wheat began
to be ground. Exports during the first 11
months of the year were but 38 per cent smaller
than during the corresponding period last year.
Flour prices reflected the advance in wheat,
which began a year ago this fall, and as a consequence quotations on flour, especially during the spring, showed a large margin over
corresponding prices of the preceding year.
By the middle of December, However, following the decline in the price of wheat in the
autumn, flour quotations were reduced to $8.95
per barrel, a decline of 30 cents from the preceding month, and was slightly lower than a
year ago.
20
FEDERAL BESBBVE BULLETIN
were raised slightly about the 1st of December.
Taking the year as a whole, employment and
earnings of workers in the men's and women's
clothing industries was smaller than in 1924,
Sales of women's coats and suits by wholesalers in the New York Federal reserve district averaged less in 1925 than in 1923 and
1924. On the other hand, sales of men's
clothing at wholesale showed an increase during the year.
The past year has probably been the most
active year in the history of the silk industry.
Imports of silk into the country during the
first 11 months of 1925 exceeded totals for an}7
year on record, and deliveries to American
mills have been even greater, as stocks in
warehouses at the end of November were
much smaller than they were at the beginning
of the year—46,813 bales on November 30 as
compared with 61,533 bales on January 1.
Statistics of machinery activity indicate that
mills have consumed these large takings, and,
according to nonstatistical reports, the demand
for silk goods has been great enough to absorb
mill production. Sales of silk goods by wholesalers in the New York district and retail sales
of silk goods hj certain reporting department
stores have continued throughout the year
larger than in 1924. On the average, prices of
raw silk and of silk goods have risen only
slightly during this period of large demand and
active buying. Rayon markets have been
active, and imports throughout the year have
been enormouso
Demand for knit goods, particularly silk
hosiery, was large during 1925, Statistics of
employment and pay rolls and of production
and shipments generally show increases as
compared with 1924. The Federal Reserve
Board's index of pay rolls in the knit-goods
industry was at the highest level in November
than for any month since early 1920, and the
average for 1925 will exceed that of any previous year, November hosiery production,
largely because of fewer working days, was
smaller than the October output. Production
of both winter and summer underwear increased in October; shipments were especially
large, and unfilled orders were reduced.
Iron and steel.
In the iron and steel industry during 1925,
movements of production and prices were
similar to those of 1924, with production always at higher levels and prices at lower levels
than a year earlier. Buying was large at the
end of 1924 and also at the close of 1923, and
JANUAKY, 1926
both 1925 and. 1924 began with a growing
volume of unfilled orders, rising prices, and
increasing production, Production rapidly
reached large proportions, orders were promptly
filled, buying decreased, and early in the spring
prices began to decline and production schedules were curtailed. The recession in output
was considerable in 1924, and employment
and pay rolls in iron and steel industries declined to the lowest levels since early 1922.
The drop in 1925, however, was not so great,
nor was the recovery in the autumn months
as rapid. Prices of iron and stool products in
the summer ol 1925 reached low points, and
the averages for the year will be the lowest
since 1922. Despite the summer recession,
the total yearly production of steel ingots will
be the largest for any year on record. Owing
to the increasing use of scrap iron in the manufacture of steel, the production of pig iron has
not shown proportionate increases, and the
1925 output Vas exceeded in 1916, 1917, 1918,
and 1923. The year 1925 ends very much as
have the previous two years, with "increasing
orders and production and slightly higher
prices than during the summer.
Differences between 1924 and 1925 appear
in the sources of the demand for steel products.
In both }Tears new construction required large
quantities of steel, more in 1925 than in 1924,
The recession in 1924 was caused largely by
sharp declines in automobile production, a:o..d
the later increase was to a great extent due to
enhanced activity in this industry, which continued to be an important consumer of steel
throughout 1925, touring the past year the
railroads, generally the largest users of steel,
have required less than in previous years, and
the summer recession may be largely attributed
to their withdrawal from the market. Recently
they have commenced active buying again,
and during the last three months of the year
orders for rails, cars, and locomotives have
increased and inquiries preceding future orders
have been numerous, Can manufacturers have
taken a greater volume of steel this year than
in recent years, owing to the large pack of
canned goods. Buying of pipe and tank plate
by the petroleum industry was not as large
in 1925 as in 1924 and 1923,
Automobiles and tires.
Automobile production in 1925 exceeded
records for all previous years, and in the closing
months of the year output was exceptionally
large, The yea,r began with manufacturing
operations at a moderate rate, and during the
JANUARY, 1926
FEDERAL RESERVE BULLETIN
21
first few months the number of cars produced $1.20 ^a pound in July, 1925, fell to below 80
was less than in corresponding months of 1923 cents in August, and advanced again to over $1
or 1924, A higher rate of production than in in November. Recently the removal of import
the other years was maintained, however, restrictions has been announced for February
during the late spring and summer until August and the price has fallen some. Imports were
and September, when changes in Ford plants large throughout the year. Tire prices were
incidental to the introduction of new models advanced several times during 1925 and in some
caused a sharp reduction in actual output of cases as much as 70 per cent higher than at the
new cars. Much of the exceedingly large pro- beginning of the year.
duction in October and November was to make Lumber.
up the shortage caused by this previous curShipments and production of lumber ran in
tailment., The number of trucks produced,
nearly equal volume in November, with orders
during the year was also exceptionally large
well in excess of both production and shipand continued heavy in all the months.
Other characteristics of the year were the ments, but separate compilations for softwoods
widespread introduction of new and improved and hardwoods show production of softwoods
models by the majority of the manufacturers, running above and of hardwoods below shipthe increasing popularity of closed cars, and the ments. In the period of 50 weeks from Jangeneral and large price reductions. Most of uary 3 to December 12 production of softthe decreases in prices occurred during the woods, according to compilations of the
summer, but further reductions of importance National Lumber Manufacturers Association,
exceeded shipments by approximately 2 per
were scattered through the later,months.
cent.
November, for the
The great output of the manufacturers was August,Inorders for softwoods first time since
exceeded
apparently called for by the demands of auto- production and shipments. The demandboth,
for
mobile buyers, as, at least during the first half hardwoods has run above production by large
or three quarters of the year, distribution of margins for several months, shipments exceedcars equaled or exceeded production, and.
production in November by approximately
stocks Held by manufacturers and dealers were ing per cent. In the period of 25 weeks ended
kept small. In the later months, as is usual, 60
December 12, the period
production exceeded sales, and stocks were been separately compiled for which data have
for hardwoods, the
apparently being accumulated. The sales of excess of shipments over production amounted
the General Motors Corporation to dealers in
cent,, With hardwood shipSeptember, October, and November ' were nearly to 25^ per above production by these
ments running
larger than dealers' sales to users. Dealers arge margins, orders exceeded shipments in
reporting to the Federal reserve banks of Phila- November, and also in the 25-week period as a
delphia and Chicago showed smaller sales in whole _ by approximately 7 per cent. Mills of
November than in October. In the Chicago
Association redistrict both sales and stocks were larger than a I the West Coast Lumbermen's in November in
port production of Douglas fir
year ago,
mills of the
Production of automobile tires and. tubes excess of shipments, andshipments Southern
Pine Association report
during 1925 exceeded previous records; ship- pine for the month running above of southern
production.
ments were equally as great, and consequently
stocks were practically the same at the close as Hides, leather, and shoes.
Hide, leather, and shoe markets during 1925
at the beginning of the year. Late in 1924
and early in 1925 production was particularly j had few distinguishing features from earlier
heavy and stocks were increased to the largest I years, Production was slightly greater and
on record. Later, however, shipments in- stocks of leather were further recluced. Prices
creased and stocks were reduced, "in Novem- averaged somewhat higher than in 1924, but
ber shipments were smaller than in any month showed few significant changes during the
for a year and production was also at about year. Stocks of cattle hides were reduced
the same level as a year earlier. Crude-rubber during 1925 to the smallest on record (since
prices soared in 1925 to the highest lev-els in 1920), but supplies of skins, which were very
nearly a decade, influenced by the reduced light at the beginning of the year, were ine
supply resulting from export restrictions in creased. Prices of hides, which at the b™
producing countries under the Stevenson plan. ginning of 1925 were the highest in two years,
The price rose from a low point of 19 cents a fell slightly in the spring, advanced in the
pound in June, 1924, to a high point of about summer, and declined again during the autumn
75164—26t
4
22
FEDERAL. XtESERYE BULLETUST
months, and at the end of the year were slightly
lower than at the beginning.
Production of some types of upper leather
was greater in 1925 than in 1924, but in general
the total output of the industry showed little
if any increase, continuing at a relatively low
level of activity as compared with earlier
years. Stocks of sole leather increased slightly
during the summer, but later were reduced,
and at the close of the year were of practically
the same volume as at the end of 1924. Stock's
of upper leathers were further reduced, in
many cases to the smallest on record. Shoe
manufacturers held substantially larger stocks
of sole leather during 1925 than in earlier years,
but less of cattle and calf upper leather.
Leather prices, which rose rapidly in the last
half of 1924, reached a peak in March and later
declined rather steadily and were lower at the
end of 1925 than a year earlier.
Production of boots and shoes in 1925 was
slightly larger than in 1924, smaller than in
1923, and about the same as in 1922. The
month-to-month movements were in accord
with the usual seasonal variations noted in
previous years. Prices of shoes, according to
the index" of the Bureau of Labor Statistics,
were slightly higher during 1925 than at any
time since 1921. Sales of shoes at wholesale
increased during 1925 from a very low point
at the beginning of the year, and in the last
half of the year were greater than in the same
period of 1924. Sales of shoe chain stores
were a little larger in 1925 than in 1924a
JANUARY, 1926
1924, of aggregate values contracted for each
month from January to November, inclusive.
VALUE OF CONTRACTS AWARDED
Percentage excess. 1925
over 1924
January
February
March..
April..
May
June
!
!
_
..:
_|
!
—0.2
0.2
10.9
14.0
18.7
35.1
i Percent1
age ex«
; cess, 1925
I over 1924
July....
AugustSeptember
„
October
November
:
...
;
52.7
66.6
58.6
28.1
21.8
Although demand for new construction continued throughout November, as in earlier
months of this year, at record high level for the
month, it will be noted that the margin by
which aggregate dollar values covered under
awards of contracts this year have exceeded
values of awards in the corresponding months
of 1924 has decreased from month to month
since August, in January and February new
construction was brought under contract this
year in practically the same volume as in 1924.
For each succeeding month to August the percentage excess over 1924 increased from 10.9
per cent for March to 66.6 per cent for August,
and for each month since August the percentage excess has decreased—to 21.8 per cent for
November. This regular increase, followed by
an equally regular decrease from, month to
month, would seem to indicate peak activitv of
the construction industries in August, winch
was in fact the record high month for all time
BUILDING
in value construction brought under contract.
Among outstanding features of the present Too much importance should not, however, be
building situation may be noted a persistent attached to the appearance of regularity in the
continuance upon a very high level throughout development of a peak at this time, since the
the year to the end of November of demand margin shown from month to month is affected
for new construction under building and en- by the course of building in 1924 as well as in
gineering contracts, and a persistent stability 1925, the seasonal developments in these two
and resistance to speculative influences in years being somewhat irregular and disprices of building materials, indicative of extra- similar.
ordinary elasticity in the productive power of
Moreover, it would appear that the statistical
the building materials industries. In the 11 evidence of a major reaction from a peak level
months from January 1 to December 1 the of activity found in the October returns was
volume of building and engineering projects not consistently substantiated by developbrought under contract in 36 States, according ments in November. Values contracted for
to compilations of the F. W. Dodge Co., ex- fell off in November from the aggregate of the
ceeded the corresponding total for 1924 by preceding month, but this decline was very con28 per cent, and exceeded the total construc- siderably less than the usual seasonal Octobertion contracted for in the 12 months of 1924 November decrease. Adjusted for seasonal
by _ 19 per cent. In general, the course of variation, the Federal Reserve Board's index for
building and engineering construction during value of building contract awards rose from 210
1924 and 1925 is indicated in the following for October to 230 for November, taking value
table, showing the percentage excess, 1925 over in 1919 as 100. Thus, although the value of
FEDEBAL BESERVE BULLETIN
JANUARY, 1920
construction contracted for rose to a record
high level in August, the index adjusted for
seasonal variation reached its record high
point of 235 in September. It fell off in
October to 210? indicating that activity in
the construction industries failed to maintain
in October the high level of September.
In current discussion much has been made
of the fact that values contracted for fell off
in October, whereas the usual seasonal September-October trend is upward. November
figures, however, indicate a resumption of the
trend upward which has characterized building activities since early in 1921. This resumption of the general trend is apparent on
the accompanying chart showing the change
from month to month over this period in our
building-contracts index adjusted for seasonal
variation. On reference to the chart it will
be apparent that sharp declines in the
adjusted index have provided equally good
evidence of reaction on several occasions at
intervals since 1921, as, for example, in May
and again in December, 1924, and in July of
1923. In each case the decline has been followed by an equally sharp recovery to a point
in line with the trend of the period. And
that seems to have happened again in November of this year.
BUILDING CONTRACTS AWARDED
(1913 = 100)
Adjusted for Seasonal Variation
Unadjusted
1320
1921
192.2
1923
192**
192S
Although as nearly as it can be statistically
determined the building shortage brought forward from the war period has been already
largely covered, November reports to the
F. W. Dodge Co. of contemplated new construction work in 36 States, which account for
approximately seven-eighths of the total volume
oi building in the country, aggregated nearly
$700,000,000, which is 35 per cent above the
corresponding total for November of 1924.
In a review of the month by this corporation
23
it is noted, however, that "the strongest influence now holding the volume of building
up to record proportions is the big increase
in New York City activity, largely speculative in character.'J"
In New York City, as in other urban communities, the demand for new building appears
oo be in large measure a demand for more
modern and conveniently located structures
rather than merely for more space. More
than one-third of the contracts awarded in
November (34- per cent) were reported for
the New York Federal reserve district, reports
from this district representing principally building projects in the Metropolitan area of New
York City. New York's proportion of the
total volume of building increased over the
month from 28 per cent in October. In.
earlier months of 1924 the percentage ranged
from 20 to 35 per cent.
November reports covering the value of permits issued in the principal cities indicate
that generally in the larger cities, when allowance is made for seasonal variation, building
operations were continuing on the high level
of recent months and well above the level of
1924, although in the case of individual cities
decreases are reported., In 168 selected, cities
permits were issued in November covering an
estimated cost of construction aggregating
8293,857,094, running above the corresponding
value for' 1924 by §65,864,602, or 28.9 per cent.
In comparison with 1924, very large percentage gains are reported for cities of the
Atlanta district, among which may be noted
that for Jacksonville, 568 per cent; for Miami,
294; for Orlando, 375; for Pensacola, 84; for
Tampa, 280; for Lakeland, 486; for Augusta,
697; for Columbus, Ga., 323; for Macon, 224;
and for Knoxville, 63 per cent, Individual
cities in other sections of the country, also,
show large gains over November of 1924, the
gain for Indianapolis amounting to 67 per
cent, that for Grand Rapids to 113 per cent,
for Madison to 49 per cent, and for "Dallas to
74 per cent,
Compilations by S. W. Staus & Co. covering
the value of November permits issued in 402
cities show a net gain for these cities as a
group over 1924 of approximately 26 per cent,
the gain for the 25 leading cities of the country
being, however, relatively greater and amounting to 50 per cent.
In its issue of December 12, commenting on
November returns, Bradstreet's noted that the
building industry was continuing "one of the
wonders of the country's industrial develop-
24
FEDERAL RESERVE BULLETIN
ment, despite the fact that for two years past
some of the ablest authorities in that industry
have been setting varying periods to the
activity which has marked construction since
building7 emerged from war-retarded conditions/'
The Bureau of Labor Statistics wholesale
price index for building materials advanced in
November from. 173,9 to 175=6, reflecting an
advance in the price of lumber, Prices of
brick, structural steel, and other building materials continued through November practically
on the level of the preceding month.
TRANSPORTATION
Fast and regular movement of freight, continuous maintenance of an adequate supply
of cars for the orderly handling of seasonal peak
offerings of agricultural and other products,
general avoidance of congestion at market
terminals, and increasing economy of operation
have characterized the service rendered by
carriers during the past year.
It is recalled that the cost to the country of
freight congestion and car shortages in 1920, as
estimated by Secretary Hoover, amounted to a
billion dollars. Unquestionably the annual
saving on these counts in recent years, as the
capacity of the roads has been brought up
under large capital expenditures more nearly
to current requirements, has run into very
large aggregates.
.'Ill evidence of increased economy of operation, the Railway Age notes that although
operating revenues during the first 10 months
of 1925 were $200,000,000 less than in the
corresponding period of 1923, net operating
income earned in 1925 was greater by
$108,000,000, the gain in income representing
the relatively greater reduction in operating
expenses as compared with the decrease in
revenue,
One important, consequence of improved
transportation service has been, it is contended,
a general and. very considerable reduction of
stock inventories in all lines of business. In
the lumber industry alone, it is estimated
"approximately $600,000,000 have been taken
out of the stock account since 1923/' the reduction in stock being "equivalent to 12J^ per
cent increase in the production of lumber/ 7
The reduction of stock inventories in all lines
within the past five years is estimated at several
billion dollars, and although the amount can
not be estimated with tmy near approach to
accuracy, the evidence seems conclusive thatliquid funds formerly tied up in inventories and
JANUARY, 1926
in goods in transit have in fact been released for
other employment in a large aggregate amount,
and that this release has been made possible
in large measure by improvement in the freight
delivery service of the railways.
In general, reports covering operations of
the carriers in November indicate a continuance
of freight distribution in large volume. Total
freight-car loadings fell off seasonally in
November, but in this month, as in earlier
months, ran above 1924. For each class of
commodity except coke a decrease in loadings
is shown over the month, In comparison
with November of 1924, loadings of grain and
grain products, of livestock, and of forest
products fell off and loadings of ore, coke, coal,
and of miscellaneous freight, including merchandise in less than carload lots, increased.
For all classes of freight combined decreases
over the month are shown in car loadings
reported from each of the seven transportation
districts for which data are separately compiled, but in each of these districts, excepting
the southwestern, loadings in November, i925?
exceeded the corresponding total for 1924.
In the 49 weeks, January 1 to December 5,
according to compilations by the Bureau of
Railway Economics, the carriers loaded 48,500,173 cars in 1925, the excess over 1924 for
this period amounting nearly to 2,500,000 cars,
an increase over 1924 being shown for each
general class of freight except grain and grain
products and livestock.
Operating revenues of the carriers in the 10
months, January 1 to November 1, amounting
to $5,129,774,465, exceeded .revenues earned in
these months of 1924 by $153,177,890, or 3.1
per cent; and operating expenses, amounting
to $3,809,091,395, ran above 1924 by $5,222,107,
or 0.1 per cent. Net railway operating income
in this period totaled $935,047,508, exceeding
the total for 1924 by $128,380,947, or 15.9 per
cent. The operating ratio, or percentage of
operation expenses to operating revenues in
these 10 months, was 74,25 per cent, the ratio for
this period of 1924 being 76.44 per cento The
rate of return earned by the carriers in the 10
months to November 1 was equivalent to 4.83
per cent on property investment as shown by
the carriers' books. Roads in the eastern
districts earned 5.21 per cent, those in the
southern district 6.06 per cent, and those in
the western district 4.07 per cent.
Freight-car surplus, which decreased to
104,000 cars on November 8, increased in each
succeeding quarter of November to 137,000
cars on November 30. Since March the
JAXUAHY, 1920
FEDERAL BESERVE BULLETIN
surplus of freight cars has fallen off from
month to month from an average of 310,000
cars in March to an average of 119,000 cars,
including 54,000 box and 39,000 coal cars in
November.
TRADE
Wholesale trade.
Wholesale trade in all leading lines declined
in November from the seasonal peak reached
in October, but the total volume of trade continued larger than a year ago... For the 11
months ending in November, the volume of
trade in the six leading lines included in the
Federal Reserve Board's index of wholesale
trade was approximately 4 per cent larger
than for the corresponding period in 1924.
Sales in all lines were larger than in 1924,
except groceries, which were in approximately
the same volume, the greatest increase being
in the sale of meats, due partly to the higher
level of prices prevailing" this year than in
1924.
Declines in aggregate sales in November
from the seasonally high levels in October,
when retailers purchased in large volume to
build up stocks for the Christmas trading
season, were about of the same extent as in
other recent yea,rs. Declines in the sales of
dry goods, slices, hardware, and drags were
larger than last year, while declines in sales of
groceries and meats were less.
As a result of the reduction in sales in November, stocks at wholesale firms, as measured
in dollar values, increased and at the end of
the month were slightly larger than a year
earlier. Stocks of groceries and drugs 'were
larger than in October, while those of meats,
dry goods, and shoes were smaller. Compared
with. November, 1924, inventories of groceries
and drugs were considerably larger in value,
but those of the other leading lines were smaller.
Accounts receivable at reporting wholesale
firms at the end of Movember were slightly
larger in the eastern Federal reserve districts
than a month earlier, b u t o were generally
smaller in the western districts from which
reports were received.
Retail trade.
Trade at retail stores declined in November
from the exceptionally large volume in October,
owing partly to fewer business days, but it
continued larger than in the corresponding
month of 1924. Department-store sales were
in the largest volume on record for that xnonth
and sales of mail-order houses exceeded those
of any November in the past six years.
25
Department-store sales, as measured by the
Federal Reserve Board's index, have exceeded
for each month those of the corresponding
month in 19.24, and for the 11 months ending
with November total sales at these stores
averaged more than 4 per cent larger than in the
corresponding period in 1924. Increases over
the corresponding 11 months of 1.924 varied
from 1 per cent in the Boston Federal reserve
, district to 7 per cent in the Chicago district.,
| Stores in nearly all cities in ail districts reported
| larger sales for the 11 months than in* 1924.
except those in certain cities near the anthracite
fields of the Philadelphia Federal reserve district. Analysis of sales, by separate departments, at stores in seven Federal reserve' districts indicates that sales of silks and. velvets,
linens, neckwear and veilings, ribbons, toilet
articles and drugs, women's "dresses, furniture,
china and glassware, toys and sporting goods,
luggage, books and stationery, and musical instruments and radios were more than 10 per
cent larger than in November, 1924. Sales were
substantially smaller than last year at departments carrying boys' wear, women's coats and
skirts, and waists "and blouses.
In view of the increase in the expected
volume of Christmas trading, departmentstore stocks increased considerably more than.
usual in November and at the end of the month
were 3.2 per cent larger than a year ago.
Departments carrying toilet articles and drugs,
men's furnishings, boys' wear, women's coats,
furs, women's and children's hose, knit underwear, infants'' wear, and luggage reported the
largest increases in stocks, and those selling
women's suits and skirts, waists, and blouses,
ciiina and glassware, and musical instruments
and radio supplies showed the greatest decreases.
The rate at which stocks were turned over
at department stores continued faster in November than in the preceding year, and for the
11 months ending with November stocks were
I turned over 2,82 times, as compared with 2.71
times during the corresponding period in 1924.
Compared with last year the largest increases
in stock turnover were in the Richmond, Atlanta, St. Louis, Dallas, and San Francisco
Federal reserve districts, amounting to more
than 5 per cent
EMPLOYMENT
Employment and earnings of factory workers
during 1925 were slightly greater than in 1924,
but less than in 1923. The increase in amount of'
pay rolls since 1924 has been greater than the
26
FEDERAL RESERVE BULLETIN
increase in number employed, and the decrease
since 1923 less, indicating growing earnings per
worker. The monthly changes in employment
and pay rolls during 1925 were similar in direction to those of 1924, but less pronounced.
In the late spring and early summer of each
year there were declines, which in 1924 in
some industries were of considerable importance. The low point of 1925 was above that of
1924, and the latest year ended with both employment and earnings at higher levels than at
the close of 1924, and the level of pay roils almost equaled that of December, 1923. The
accompanying chart shows the Federal Reserve Board's indexes of factory employment
and pay rolls for the past four years.
FACTORY EMPLOYMENT
PAYROLL
1922
1923
Few changes of importance were made in the
wages of factory workers during 1925, and no
definite general trend in the level of industrial
wages could be noted, although of those changes
reported decreases probably dominated. Widespread reductions occurred in the cotton-goods
industry during the latter part of 1924 and
early in 1925 and during 1925 scattered decreases were made in the woolen and worsted,
dyeing and finishing, iron and steel, boot and
shoe, lumber, and glass industries. A number
of small increases were reported, but few of
them affected a significant number of employees.
Statistics of building activity indicate that
employment in this phase of industry must have
been maintained at high levels throughout the
year. Road construction and crop harvesting
provided seasonal demands for a large number
of workers. Work in the bituminous coal-mining industry was limited during most of the
year, but since the anthracite strike began in
September activity in bituminous coal fields
has increased, a3id toward the end of the }^ear
the amount of coal mined, which is a fair indicator of the extent of employment, was as
great as at any time in the history of the industry. Railroads reported employment and
wage payments during the year at practically
the same level as in 1924,
SAVINGS DEPOSITS
1325
In some industries employment or pay rolls,
or both, reached higher levels during 1925 than
in any year since 1920, and in a few cases they
exceeded all years included in the index, 1919
to 1925. Examples of these more active industries are silk goods, textile dyeing and iimshing, knit goods, furniture, automobiles, paper
boxes, printing and publishing, clay products,
and glass. On the other hand, other industries
remained at relatively low levels or continued
to show downward tendencies evident in recent
years—some of these are the clothing industries,
particularly women's clothing, slaughtering and
meat packing, Hour milling, sugar refining,
leather tanning, and tobacco. Certain important basic industries showed movements
similar to and in fact determined the trend of
the indexes for all industries; these are notably
iron and steel, machinery, cotton, wool, paper
and pulp, and boots ^nd shoes. Those industries closely connected with building—
lumber, and stone, clay, and glass products—
reported relatively high levels of employment
and earnings.
JANUARY^ 1926
Savings deposits on December 1, as reported
to the Federal Reserve Board by 888 banks in
selected centers throughout the country,
totaled §8,003,303,000, an increase of nearly
$42,000,000 over the previous month and of
nearly $481,000,000 over the figure for December'of last year. Comparative figures for
savings deposits of the reporting banks are
given, by Federal reserve districts, in the following table for December 1, 1925, November
1, 1925, and December 1, 1924.
SAVINGS DEPOSITS, BY FEDERAL
RESERVE
DISTRICTS
[Amounts in thousands of dollars]
! Number
i of banks
Boston..
New York:
Philadelphia—.
Cleveland
_
Richmond.
Atlanta...
Ciiicago
St Louis.
Minneapolis
Kansas City
Dallas.San Francisco
Total
Dec. I,
1925
Nov. 1,
1925 .
Dec. 13
1924
i
.
64
30
78
68
86
93
184
31
26
52
96
7t)
1,335,978
2,113,380
523,646
854,964
350,245
265.919
960,338
142,838
109,007
106,663
103,988
1,130,337
1,332,605
2, 108,618
523,094
845,840
352,868
260,868
953,075
141.904
108,783
106,475
102,436
1,124,992
1,271,490
% 008,184
494,478
798. 916
324,357
239,495
921,174
140,938
101.395
103,459
93,198
1,027,404
888
8,003,303
7,961,556
7,522,488
:
;
;
•
27
FEDERAL RESERVE BULLETIN"
JANUARY., 1926
PRICES
The wholesale price index of the Bureau of
Labor Statistics for November stood at 158,
unchanged from October. None of the index
numbers of the several component groups
showed material changes, the decline m farm
products, cloth and clothing, and house furnishings being offset by advances in all the
other groups. The food index, at 160, is at the
figure of January of this year, which was the
highest since February, 1921. On the other
hand, house furnishings, which have been
steadily declining since January, fell in November to the lowest figure since March, 1919.
Since midsummer, while there has been only a
small movement in the general index, several
of the groups have shown sustained movements
in one direction or the other. From August to
November farm products have steadily fallen,
from 163 to 154, and smaller but continuous
declines have occurred in cloth and clothing
.and house furnishings. Fuels, metals, building
materials, and miscellaneous commodities have
had a steady advance, while for foods and chemicals there has been little net change, both
groups remaining at approximately the high
levels reached earlier in the year.
During December price movements were irregular, with the majority of changes in a downward direction. Wheat was higher, but beef
cattle, cotton, wool, and eggs were lower.
Among industrial products iron and steel were
firm, but copper and lead were rather lower and
coke and bituminous coal declined. Lower
•quotations were recorded for lumber, both
hard and soft, hides, rubber, and cottonseed
oil.
this year than last; in the trading class of enterprise, although the number of failures was
smaller this year, the indebtedness in default
was nearly 20 per cent higher, while among
agents, brokers, etc, both number and liabilities were smaller than in November last year.
In the following table commercial failures are
shown, by class of enterprise, for the month of
November:
COMMERCIAL FAILURES DURING NOVEMBER
Number
1925
All classes
Manufacturing.
nuacturng.
Tdi
Trading
Agents, brokers, etc
•
,
Liabilities
i
Class of enterprise
1924 j
1925
„ \ 1,672 i 1,653 | $35,922,421
442 i
361 !
j 1,146' 1,193
..!
84;
99
I
i
'
13,993,701
13.907,091
3,021,629
i
1924
$31,123,910
10,252,127
15.781,621
5,090,262
The number of failures was larger in November than, in the preceding month in all except
the Philadelphia, Cleveland, Richmond, and
St. Louis districts. Liabilities were higher in the
New York, Cleveland, Atlanta, Chicago, St.
Louis, Dallas, and San Francisco districts and
lower in the other five districts. Comparing
this year and last, the number of failures was
larger in the Boston, Cleveland; Chicago,
Minneapolis, Dallas, and San Francisco districts and smaller in the other six districts.,
while liabilities in default were higher in. all
except the Boston, New York, Philadelphia.,
Richmond, and Minneapolis districts. In the
San Francisco district the number of insolvencies and in the St. Louis district total defaulted
indebtedness were higher than for any previous
month since the district record has been mainCOMMERCIAL FAILURES AND BANK SUSPEN- tained. Comparative data, by districts, for the
SIONS
month of November are presented in the followThe number of commercial failures during ing table:
November, as well as the aggregate liabilities
COMMERCIAL FAILURES DURING NOVEMBER, BY
involved, were larger than in the preceding
DISTRICTS
month or in November of last year,, The number of failures for the month was reported by
Number
Liabilities
R. G. Dun & Co. as 1,672, about 1 per cent
Federal reserve district
higher than in November last year, and total
1925
1924
1924
liabilities as $35,922,421, about 15 per cent
above the figure for a year ago. The increase
$31,123,910
Total.
1,672 : 1,653
in total indebtedness in default was to a conBoston
5,368,846
158
141
2,118,334
siderable extent due to an increased number of New York
6.278.358
302
323
5,734,875
Philadelphia..
1,129; 368
49
02
1,011,228
large failures (each involving liabilities of Cleveland .„
2,441,042
165
133
3,428,114
$100,000 or more) and to a somewhat higher Richmond
1, 715,39S
91
111
1,631,370
3,604,013
74
113
2,005,090
average indebtedness for this class of ^failure, Atlanta
4,4291890
Chicago
218
211
7,065,391
1,039,945
74
102
5,173,004
but there were increases also in the number and St. Louis...
2.063', 142
90
65
963,797
average indebtedness of smaller insolvencies. Minneapolis
1,082,957
Kansas City....
100
123
1,153,488
904,820
Dallas
71
68
995,237
The number and total indebtedness of insolvent San Francisco..
3,066,133
280
201
4,582,493
manufacturing firms were larger in November
28
FEDERAL RESEBVE BULLETIN
During November 75 banks, with capital
and surplus of $3,295,910, were reported to
the federal reserve banks as having been closed
or declared insolvent. This was the largest
number of suspensions since January, and was
23 larger than the total for last month. The
increase resulted largely from increases in the
Chicago and Minneapolis districts, among nonmember banks; the number of member banks
suspending during the month was smaller than
for the month before. Of the suspensions in
November, 11 were member banks—10 with
capital and surplus of $712,500 were national
banks and 1 with capital and surplus of
$100,000 was a member State bank—and 84,
with capital and surplus of $2,483,410, were
lionmember banks. One bank in the St. Louis
district and 3 in the Minneapolis district,
which had previously been closed, were reported
to have resumed operations during the month.
The figures for closed banks represent, as far
as could be determined, banks which have
been declared insolvent or have been closed by
order of supervisory authorities, and it is not
known how many of the latter institutions may
ultimately prove to be solvent.
BANKS CLOSED DURING NOVEMBER,
All banks
Federal reserve
district
Number
All districts
Cleveland
Richmond
Chicago...
St. Louis
Minneapolis. _
Kansas City
Dallas
San Francisco
j
_
Member '-
Nonmcmber
I Capital ! N u m j Capital
v.,ir i
ana
and
surplus Dcr . surplus
Capita!
and
surpius
75 |$3,295,910 !
16, 500
565.140
825, 000
26,500
1,010,210
221,360
81,200
550,000
1925
•
I
:
j
I"
11 ! $812,500
75,250
429,500
;_.
5 ! 307,750
_i
..„!
;
J
..;
and 1925, and the trade balance, including imports and exports of gold and silver, for the
11 months ended November, 1924 and 1925;
are shown in the tables following:
MERCHANDISE
11 !
12 I
2:
26
7!
2:
3:
i Comprises 10 national banks with capita] find surplus of $712,500 and
one State member bank, in the Chicago district, with capital and surplus of $100,000.
Month
1924
January...
February
March..
April
May
__
June
July
August
September
October
November
December
Year
BALANCE
STATES
OF
THE
UNITED
Excess of
imports
Imports ! Exports
295,506
332,323 j
320,482 I
324,291 I
302,988 i
274,001 '
278, 594
254, 542
287,144
310, 752
290,148 i
333,192 i
_
_
„
„
_
395,172
305,782
339,755
340,936
335,089
306.989
276; 649
330,659
427,460
527,172
493,573
445,748
Excess of
exports
99,666
33,459
19,273
22. 645
32', 101
'_.
..
•_.
_
...
.
1,945
|_,
i.
j.
L
L
3,609,963 : 4,590,984
76,117
140,3If
216,420
197,425
112, 556
981,021
1925
January
February. _
March
April
May
June...
July
August—.
September
October.._
November
„_
346,165 :
333,457 :
385,379 I
346,091 !
327,519 !
325,216 I
325,648!
350,095
374,104
378, 000
446,443
370, 676
453, 653
398,255
370,945
339, 652
379,877
420, 319
490,610
448, GOO
100, 278
37,219
68,274
52,164
43,426
1,868 ;
14,004
39, 791
70, 224
116, 506
70,000
TRADE BALANCE OF THE UNITED STATES FOR
MONTHS ENDED NOVEMBER, 1924 AND 1925
11
[In thousands of dollars]
Merchandise
Gold
Silver
Total
1924
Imports.
Exports
309,447
21,974
68,081
98,611
3,654,299
4,265,821
•-I-868,465 -287,473
+30,530
+611,522
121, 057
266, 672
58,848
91,538
4,011,665
4,789,988
+610., 018 -4-135, 615
+32,690
+ 778,323
3,276, 771
4,145, 236
Net imports (—) or
exports (+)
-1925
FOREIGN TRADE
Total imports and exports of merchandise
during November, the merchandise trade balance of the United States by months in 1924
TRADE
[In thousands of dollars]
64 $2,483,410
36,500
489,890
395, 500
26, 500
702,460
221,360
81,200
550,000
JANUARY,1926
Imports
Exports...
Net imports (—) or
exports (+)
3,831,760
4,441, 778
29
FEDEEAL RESERVE BULLETIN
.TANUAKY, 1020
GOLD MOVEMENTS
the 11 months ended November, 1924 and
1925.
UNITED STATES
Total imports and exports of gold during
November and during the 11 months ending
with November, by" countries of origin or
destination, and comparative figures for the
corresponding month and period last year, are
shown in the following table:
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
[In thousands of dollars]
l i months ended
November—
1925
Country of origin or dc-;iiiuition
:
October
:i92o
192-1
-I
2, 579
1, 891 i
49, 294.
0,500
2
10,085
31,848
4.514
2
120
7,008
11, 594
130,898
21,423
4,82^
50,905
38,700
4,98(5
19, 590
5,022
2,85S .
370 :
3,451
535
3,000
3044
4,000 !
804 i
10, 450
Total
50,741 ! 125,057
:
i
i
i
!
i
:
:
32.975
309,417
I
EXPORTS TO—
England
—
France
Germany
_
Netherlands
Canada
Mexico
Argentina
Colombia
Uruguay _..
Venezuela
British Indiii
Hongkong
Australia
_. _ _
Allothcr
:
:
291
i
!
20,185
389
—.
1.004
238
22, 475
326
SI
6.160 ;
2,000
1J339 i
80
68,043 :
4,318 I
45.557 • 2,914
:
8,21.1 !
3,503
5,561 i
3-004 i
5
802 !
100
2,560!:
1,102
5,350
58,771
58771
11,858 •
4,103
26,925 j
!
13,558
2,09'
1925
Country of origin or
cleslirnUio:i
'•November
11 months ended
November-•-
October
1925
IMPORTS VROM —
France
Netherlands
Rhodesia
I{;ussia
Transvaal
United States
West Africa
! l t i '
No veinbcr
m P O U T S FKO.M-—
England-..-France
Germany
Netherlands..
Canada
Mexico
Argentina
China
..-Japan
All other
GOLD IMPORTS INTO AND EXPORTS FROM GREAT
BRITAIN
Total
Hclgium
British India
Egypt...France
Netherlands
Kiissia
Straits Settlements
Switzerland
United States
West Africa...
All other
Total.
Net exports.
:
;
i
£.1.23,983
£8,579
•
5.087.595
117, 953
£3,800
£170,040 \
i;920. 818 2, 235, 721
289,473
: 1,095,000 :
4,277,385
2,004,728
2,880,089 20, 048,003 "20.7)497300
4,275,013
201
._
144,094
93.858 1,132,670 1, 298, 984
98,298 ;
437,050
137,292 2,145, ] SI 2,404, 043
3,500,185 j 5.412,401
72,258
'. 273,080
56,430
!
05,380
'• 3,185,230
5,366
291,678
08, 098
102,821
1,401,37;)
121,258
j 297,891
1,247, 905
; 032,805
I 2,094,494 i 6, 444,429
!
575 |
! 904,074 j
432r 723
39,330,710
30,892, 287
202,183
12,702,081
583,152
434, 727
0, 085, 322
380, 048
1,224,109
4,981,901
JO, 095, 281
49, 189
7, 908,288
82, 031
10, 570, 224
1,359,360
385, 831
1, 047, 044
78, 027
240, (543
152,554
29, 906, 220
35,108
1,300, 691
8,5:12,283 j 10,175,254 • 45,300,941 45,230,3335,036,118! 4,702,853
5, 970, 231 j 14,338,04(5
FOREIGN EXCHANGE
During December the foreign exchange rates
were generally firm. The pound sterling rose
from $4.8441 on December 1 to $4.8521 on
400
the 30th, and Swiss francs stood at 19.35 cents
14
208
3, 459
on the 28th, both at the highest levels in three
1,476
months. Netherlands florins and Swedish
1,823
21, 360 | 28, 039 256,672 ! _21,974 crowns were strong, the latter being quoted
Total.
Fluctuations in
287, 473 slightly above dollar parity.
Net imports
!
: 22,702
135s6i5 i
Italian lire were nominal, the high for the month
Net exports
; 13,904 ;_.._
being 4.04 cents and the low 4,02, while on
Belgian francs the rate was virtually unchanged
GREAT BRITAIN
throughout the month at 4.53 cents, the level
Following is a table showing gold imports of November. French francs, on the other
into and gold exports from Great Britain for handj were weak, dropping from 3.91 cents
October and November. 1925, and also for on the 1st to 3.59 on the 15 th, but subsequently
75164—26t—5
30
FEDERAL RESERVE BULLETIN
recovering part of this loss. Fluctuations in
other European rates were small except in
Polish zlotc, which rose from 9.69 cents on the
2d to 12,76 on the 7th, but in the last half of
the month steadied about 10 J^ cents.
As a group, the South American rates were
somewhat heavy, the quotations on Argentina
and Brazil being slightly below the highest
figures reached in November, a fact also true
of the exchanges in Canada, Mexico, and Cuba.
Far Eastern exchanges were firm. Japanese
yen touched 43.70 cents, the highest figure
since March, 1924, and Indian rupees were also
strong at about the highest level of the year.
JANUARY, 1020
FOREIGN EXCHANGE
[In cents]
Exchange
Par
value •
December,
2G25
Low j High
RATES
November,
1924.
Aver- aver.High age
age
November, 1925
Low
"I"
Sterling
480.05; 484.411 485. 37| 48-139 4S4.70J
French franc
i 19.30 3.59' 3.01' 3.74
4.18!
German roichsmark." 23.82: 23.80: 23.81 23.80 23. 811
Italian lira
19.30! 4.02! 4.01; 3.94
4. 00;
Netheilards florin.-i: 40.20 40.10! 40.24: 40.19
Swedish krona
20.80 2o. 7f>:- 20,85' 26. 741 2(i'! 76
Swiss fi-nnc
10,30 19.27' 19.35j 10.20' 19. :^8
Canadian dollar
" 100.00 99.88:100.04' 99,98' 100. 10
Argentine peso
'•• 00. 4S 93.9i : 94.43 93.08: 94. 8J.
Shanghai tael
00.85 75.23 7(5.08 75.27i 70. 44
!
•184. 5P! 100.
23!8li
4. 001
40.23;
IS)! 27!
100. 08.
94. 44
75.82
80
5.72
23. 80
4, 33
40. 05
20. 81
19. 28
99. 99
85. 49
70. 30
RESERVE BANK CREDIT, GOLD STOCK, MONEY IN CIRCULATION, AND MEMBER
BANK RESERVE BALANCES
The following table gives the four series of holdings of bills and securities by all Federal
figures which underlie the chart in the review reserve banks, and the figures for member
of the month, page 2 of this issue of the BULLE- bank reserve balances are also the daily averTIN, and presents separately the series for gold ages for the month. The averages for gold
stock which appears on the chart only in com- stock and for money in circulation, however,
bination with one of the other series, i. e., the are based on the amounts reported for the first
one for reserve bank credit. All of the figures of the month and for the first of the following
are monthly averages. Those for reserve bank month, as given in the United States Treasury
credit give for each month the daily average Department circulation statements.
RESERVE BANK CREDIT, GOLD STOCK, MONEY IN CIRCULATION, AND MEMBER BANK RESE.HVE BALANCES
[In thousands of dollars]
Reserve
biink
crclit
Month
Gold
stock
Member
, Reserve
I bank
Money in
bank
• credit plus circulation \ reserve
balances
; ^old. stock
Reserve
bank
credit-
Gold
slock
" Reserve
•
i Member
: bank
Money in '
bank
1
credit plus circulation
reserve
! ,&old stock
I balances
1022
1923
January
Fe brim* y
March
], 304,103
1,215.220
1,191,013
3, 008, 930 : 4, 973.099
3, 700, b 19 : 4, 9if), 039
3, 735, (387 i 4, 82(5, 700
4,478,897
4,377,2f>2
4, 407, 558
\
1,707,286 I 1,191,191 | 3,935.519 ! 5,120,710
.1, 088, 037 i 1,152, 862 ! 3, 949, 259 i 5, 102,121
1,711,360: 1,178,919! 3,905,075 • 5,113.99-1
April
May
June
1,190.004
1,188.8:9
l,100?0J7
3,758,092 : 4,918,09(5
?:, 770. 018 • 4, 0/50, 407
3, 779,996 : i,9HJ,013
4.398. 990
4.377, 600
4,372.243
1,733, 250 I 1,164, 000 i
1.782, 5! 5 ! J,.173,194 :
1,820,254
I, 124,891 •
July
August.
Septern her
1, 127,888
1,053,008
1,113,813
3. 805,182 • 4, 933, 070
4, 350, 487
3,841,000 . 4,894,794 . 4,365,463
3,866,364
4,979,707
4,457,201
1,812,022
1,799,155
l,81J,036
1.119,787 4,064,061. \ 5, 183,818
1,078,201. 4,093.811 i 5.172,015
1, 123,4.72 4,122,259 j 5,215,73!
4,813, 914
1 m^,
, 761
1,834, 762
1,847, 503
October
November
December
1,184,700
1.2.10,120
i; 304, 433
3, 888, 010 : 5, 072, 719
:>,905,237
5, i! 5,303
3,921,017 . 5, 225,480
1,835,728
J,825,092
1, 840, 300
1, 150,593 ! 4, 151.779
1.147,765 ! 4, 188'863
1,200,351 • 4,228,418
4.842, 587
4.870, 200
'
J CfC,
4,937.
1,8(»4. 140
i.875. 291
1,881, 013
4,872,235
4.777.SV4
4,7<K);188
2,194, 270
2.158,810
2,137, 427
5, 459 C0<>
5,444 170
5, 453 763
4.750 679
7)9 752
7;:-* 274
2, 123,131
2,132,087
2,141,271.
5,450,002
0, 488,010
5, 563, 3.11
4. 721), $7 7
4,751,772
4,805,5.15 •
2, 1C0, 281.
2,151.478
2,16i,329
4, 803, 022
4, 930, 302
2.203,011
2,221,307
4,545, 588
4,593,395
4. 674, 704
3,975,487
5,140,093
4,0('2.5!5 i 5.175.709
4,030.402
5, K)i,2i;3
1924
January..
February.
March
1,000 6(58
921 58S
951, 774
A pril _
May..
June..
910. 493
839 571
842 963
July
August
September
!
;
October.
November
D eccin b er
. .1.005,742
! \\ 085,027
I 1,220, 700
4, 208, 247 ! 5,268,915
4,313,7.1., 235.299
i. 304^916
4,353,142
4,550, 716
4.5(51, 857
4 558, 737
J
1.918, 353
1, 000, 6G3
1,87;-;, 01 S
..
4.60!. 859 j
1. 868,5 5 i
1.873.
1,800, 020
OHO. 082
oi
b
', 051
!717,
4,712, 5 7 4
'
•
73(5, 8 3 8
•
1925
1.910,877 i 1,072,077 j 4,514.757 ! 5,580,834
4,816,397
4,744/743 ' 1,892,160 i 1,050,323 ! 4,452,855 i 5,503,178
4.810,320
1,915,420 ! 1,078,9.12: 4,414,383; 5,493,295
4,392,780 ' 5,333,273 ! 4,786,488 : 1.905,354 ! 1,060,066 ; 4,399, 540
4,438,792 I '». 278. 303 ' 4, 787, 758 • 1,922,012 ' 1,049,232 : 4,394. 938
4.475,449 j i, 31 M i 2 '' 4,785,402 2, GOO, 505 1,OGO, 667 • 4, 393, 096
825,999 I 4.50-1, 100
836,534 I 4.524, 317
930, 9(55 4,539, 408
5,302,372
5.330|f;28
5, 428; 709
4.621, 014 i
4.5.S9.882 '
4,(533, 156 •
>, 330. 099 4.710.29.:- 2.040,240 : 1,005,252 i 4,300,840
1, 002, 264 j 4,395, 74(5
.,300,851 • 4,719,533 . 2,071,875
.,470,433 ; 47 700,123 • 2,120, 210 . 1,163, 898 I 4,399,4.1.3
i,550,458 ! 4,843,030
j, 040,884 ! 4,930,632
"70,443 | 4; 993, 251
I
2,140.701
2,104,42s)
2,181,701
1,255,031 4,420,391 ;j 5,676.022
1,288,731 j 4,434,149
5,722,880
__.|
L-_'-
l-, 1026
31
FEDERAL RESERVE BULLETIN"
LOANS AND INVESTMENTS OF NATIONAL MEMBER BANKS, BY CLASS OF BANK
The following tables, derived from annual
reports of the Comptroller of the Currency,
give for the last seven years the loans and
investments of national member banks, with
loans so classified as to show separately the
volume of loans on securities and the volume
of all other loans. The information is given
separately for the national banks in New York
City, in the city of Chicago, in other reserve
cities, and for other national member banks.
The banks included for New York City and for
the city of Chicago include only those which
are subject to central reserve city reserve requirements. The banks included for other
reserve cities include, besides a few national
banks in New York City and in Chicago, which
are not subject to central reserve city reserve
requirements, all the national banks in other
reserve cities except a few banks which are
subject to so-called country bank reserve requirements. '' Other national member banks "
includes all national banks in the United
States that are subject to country bank reserve requirements.
.For the end of June, 1925, information corresponding to that given in the table is avail-
able for all member banks (8,066 national
members and 1,472 State members). At this
time the total loans (including overdrafts) and
investments of all member banks were $29,702,525,000, their investments were $8,888,345,000,
and their total loans (excluding overdrafts)
amounted to 820,798,714,000, of which 86,717,511,000 were loans on securities and 814,081,203,000 were other loans. The distribution
of each of these classes of loans, by class of
city, was published in the November BULLETIN.
LOANS
AXD
INVESTMENTS
OF
BANKS
NATIONAL
MEMBER
[In thousands of dollars]
i L o a n s on I
i
1911)
1920
192J
1022
J923
1924
1925
!
i
..._'
"
,
_„'
;
!
3,436,3-19
3,110,843
2,098,267
2,006,439
2,98.1,188
3,103,575
3,659,041
All other
loans
Total
loans
7, 570,568 II, 007,117
10,491,030 13,607,873
9,302,975 12,001,242
8,339, 625 11,246,064
8, 833, 841 11,815.029
8,871,569 ' 11,975,144
9,011.077 j 12,670,118
Total
loans and
investments
Investments
! 4,990,539
I 4,118,60(5
! 4,022,116
i 4,559,353
' 5,065,306
' 5,137,721
5, 725, 622
j
'
|
!
!
15,997, 656
17,726,479
16,023,358
15,805,417
16,880,335
17,112,865
18,395, 740
LOANS AND INVESTMENTS OF NATIONAL MEMBER BANKS, BY CLASS OF BANK
[In thousands of dollars]
National banks in the city of Chicago
National banks in New York City
End oi June
Loans on
securities
All other
loans
1,134,795
785,131 i
598,469
856,125
751,191
881,016
992,874 i
191.9.
1920.
1921.
1922.
1923.
1924.
1925.
Total loans
1.289,923
1, 959,113
1, 603, 796
1,206,088
1,075, 842
1,127, 484
1,091,431 j
2,424, 718
2, 744, 244
2. 202, 265
2,062, 213
1, 827,033
2,009,100
2,084,305
Investments
•Total loans
and investments
703. 096
593, 169
549. 636
812,614
773. £58
854,, 455
950,187
3,187,814
3,3H7,4J3 !
2, 75 L, 901
2,874,827 |
2,600.891 i
2, 803^ 555. i
3,034,492
i
Loans on
securities
164,283
177, 559
159,717
156,421
170,816
200, 495
252, 977
_
1, 230 878
1, 118, 750
949 930
955 479
1, 014 480
986,912
1, 259, 023
2, 339, 127
3, 203, 388
2, 734, 173
2,428, 695
2, 720, 303
2, 028, 059
2, 735, 023
3, 570.. 005
4,382; 144
3,084,103
3,384,174
3, 740, 783
3, 014,971
3,994 } 640
1,438,190
1,014,^:92
916,290
1,130,681
1,303,245
1. 238, <.-55
1,495,756
Total loans
368,812
554, 701
473,439
375,178 i
377, 549 :
394,169
357,040 !
533,095
732,200 |
633,156 !
531,599 j
548,365 !
594,664 !
610,617
Total loans
and investments
Investments
134,856
70. 615
49, 534
82,816
114, 750
127,998
109,349
667,951
802,875
082,090
014,415
063,115
722, 002
719,966
Other national memo
National banks in other reserve cities
1919
1920
1921
1922
1923
1924.
1925...
All other
loans
5,014,195
5,396, 536
4, 600,399
4, 514,855
5, 044, 028
4,853,426
5,490,402
900, 593
1,035,397
990,151
938,414
1,044,701
1.034, 552
1,154,167
3,572,706
4,71.3,828
4,491,567
4,329,064
4,054,147
4,721,857
4,826,383
!
j
I
i
!
i
;
4,473,299
5,749,225
5,481,718
5,263,078
5,098,848
5,756,409
5,980,550
2,054,397
.2,440,430
2,506,050
2,533,242
2,873,453
2,910,813
3,170,330
!
!
,
i
j
I
|
7,127, 090
8,189,055
7,988,308
7,801, 320
8, 572,301
8,673, 222
9,150,880
32
FEDERAL RESEBVE BtJLLETIN
JANUARY, 1920
Fiduciary Powers Granted to National Banks
Changes In State Bank Membership
The following list shows changes affecting State
During the month ended December 21, 1925, the
bank membership during the month ended December Federal Reserve Board approved applications of the
21, 1925, on which date 1,451 State institutions were national banks listed below for permission to exercise
one or more of thefiduciarypowers named in section 11
members of the system:
(k) of the Federal reserve act as amended, as follows:
ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates:
(6) assignee; (7) receiver; (8) committee of estates of
Capital : Surplus
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
District No. 2
permitted to act under the laws of the State in which
the national bank is located.
Manufacturers & Traders Bank,
Buffalo, N. Y
$2,000,000 $1,500,000 $61,935,189
_.
District No. 3
District
Location
Montgomery Trust Co., Norristown,
Pa...,,
250,000
6, G13,687
25,000
500,000 !
1,988,682
District No. 7
Boston, Mass
La Grange Trust & Savings Bank,
La Grange, 111
100,000
:
Portsmouth, N, H_.
Stamford, N. Y
CHANGES
District ^No-1
West Grove, Pa
!
j
Converted into national bank: I
Massachusetts Trust Co., Boston, I
Mass
:$1,000,COO
District No. 2
jj
Fidelity Trust Co., Buffalo, N. Y. J|
(merged with Manufacturers & I
Traders Bank under title of Man- ,
ufacturers & Traders Trust Co.) — 1 1,000,000
District No. 8
;
Voluntary withdrawal: V o 1 u s i a
County Bank & Trust Co., DeLand, Fla
— | 200,000
District No. 7
i
Voluntary withdrawal: Paw Paw j
40,000
Savings Bank, Paw Paw, Mich._J
Closed:
i
Sac County State Bank, Sac
75,000
City, Iowa
—
Commercial State Bank, Britt,
100,000
Iowa
District No. 8
The Wood & Huston Bank, Marshall, Mo., a member, has absorbed
the following nonmcinbor: Bank
of Alt. Leonard, Mt. Leonard, MoJ
10,030
District No. 11
Charleston, S. C - .
;
•
i
; $500,000 $24,078,258
40,000; 2,6-18,197
!
10,000 :
543,216
|
__
Massachusetts National
Bank.
New Hampshire National
Bank.
National Bank of Stamford.
National Bank of West
Grove.
Bank of Charleston, N. B.
A.
First National Bank
Irving Park National Bank
National Bank of Ionia..™.
Security National Bank..
Citizens National Bank...
American National Bank..
46,000
40,000 !
400 "
=
15,. 000 |
1, ,500 i
147,084
70, 705
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital..
Total liquidations and reductions of capital
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase
Change of title.—The Farmers Guaranty State Bank, North Zulch,
Tex., has changed iis title to Guaranty Bond State Bank.
11,000 |
283,007
1
1 to 9
I to 9
Ito9
Ito9
1 to 9
Amount
12 i $2,080,000
0 !
0
15 ; 3,215,000
27 |
5,295,000
22 !
2 i
3,265,000
50,000
24 I
3,315,000
i
_;
!
_...
'
__ .__!
5,295.000
3J 315,000
1,930,000
Consolidations of national banks under act of Nov.
7, 1918..
50,000 j
Ito9
banks;
New charters issued
Restored to solvency.
_...
Increase of capital approved..
3,300 •
Ito9
5 to 9
The Comptroller of the Currency reports the following increases and reductions in the"number and capital
of national banks during the period from November 21
to December 25, 1925, inclusive:
130,000 i l,458,90i
!
1 U>9
1 and 9
Changes in National Bank Membership
25,000 j 1,202,587
|
[
Insolvent: First State Bank, Mount !
Calm, Tex. (assets sold to non- I
member)..
...
Withdrawn: Farmers State Bank, :
Garvin, Okla_.
_
District No, 12
Consolidated with another State
member: Iron Commercial & Sav- '.
ings Bank, Cedar City, Utah
•
Clarksville, Term
Chicago, HI
Ionia, Mich_
Rockford, 111
Stevens Point, Wis
San Bernardino, Calif
•• 1,000,000 ; 35,251,000
1
Poweis
granted
Name of bank
! NO.
275,000
33
FEDEBAL RESERVE BULLETIN
.IAXUART, 1926
FINAL CROP EEFORT
[Estimates of the Department of Agriculture. In thousands of units]
Corn (bushels)
Total wheat
(bushels)
Winter wheat
(bushels)
Spring wheat
(bushels)
1924
1924
Oats (bushels)
Federal reserve district
1924
Boston..
New York
Philadelphia..
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas..
—
San Francisco.
United States.
1925
1924
1925
1925
9,312
10,400
26,640
30,602
43,121
65,074
129,509 I
227,875
120,755
140,291
156,149
159,448
721,792
1,092,525
326,285
404,167
269,978
288,582
425,705
430,317
74,722
40,050
8, 777
11,250
125
6, 786
17.293
37,722
23,522
3,688
67S 301
4.9,357
260,355
303,096
26,390
66,992
210
125
6,814
6,653 j
133
20,711
17,293
20,711 i.
37,630 ! 29,292 !
29,384
92
23,522
26,393
26,393 !.
_
5,214
3,688 |
5,214 L.
65,572 j 53,673 i 1,729
55,960
49.185 ; 49,073
49,277
172
16.601 I _7,486 • 243,754
209,459
294,409 ! 150,185 j 8,687
158,896
6,706
6.820 i 26.186 |
204
43,087
100I227 i
18,099
2, 900, 581
862,627
669,365
2,312, 745
H a y (tons)
!
589,632
210
148
92
% 287
204
201,973
8,711
114
57,140
Potatoes (bushels)
10,854
39,574
26,918
105, 554
24,000
14,389
588,113
63,577
415,105
159,468
15,451
38,906
1,522,685 ! 1,501,909
398,486 j 272,995 ! 270,879
Tobacco (pounds)
8,781
36,551
24.313
85| 686
21,775
10,067
605,795
59,403
444,270 j
149,966 |
51,712 i
24,347
,
Cotton (bales)
Federal reserve district
1924
Boston..
New York
Philadelphia..
Cleveland
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis....
Kansas C i t y Dallas.
San Francisco.
United States.
1
4,385
7,677 !
3,604
7,675
4,267
2,428
22, 509
8,788
18,356
18,911
1,661
12,535
112,796
1925
4,643
7,155
3,099 i
6,090 '
2,020
1,974
16,118
6, 537
17,305
16,612
1,157
16,805
99? 515
Includes 17,000 bales grown in. miscellaneous territory.
75164—26f-—6
1924
1925
12,457
41,683
57,500
154,419
12,819
41,701
57,400
160,958
582,795
127, 518
45,210
315,889
2,640
2, 730
113,493
38,453
329,485
2,143
3,685
1,242,456
2
1,349,660 j
1924
53,440
1925
25,592
18,455
35,702
10,933
74,119
16,294
76,263
31,270
2,256
32,566
42, 410
27,158
23,252
19,789
24,931
8,421
50,852
10,373
48S 995
29,402
2,117
35, 543
425,283
323,243
I 1924
1925
2,015
3,302
1,671
2,455
» 2,231
51
3,402
1,442
5,654
175
1,547
5,126
211
13,628
15,003
Includes 22,000 bales grown in miscellaneous territory*
34
FEDERAL RESERVE BULLETIN
JANUARY, 102(1
BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY IN 1925
According to statistics based upon records
of the first 11 months, the volume of manufacturing in 1925 was greater than in any
previous year. Production of minerals, owing
to the small production of bituminous coal
early in the year and the anthracite strike in
the autumn, averaged somewhat less than in
1923. Construction activity, as measured b}^
the volume of permits issued and of contracts
awarded, was far in excess of ail previous
records; and this was an important factor in
maintaining a high rate of production in many
an increasing rate of production per employee.
Although at a lower level relative to previous
years, the general trend of monthly fluctuations
in factory employment and earnings during
1925 was "comparable with that of manufacturing production. The indexes of employment
and pay rolls are shown on the chart on page 26.
Fluctuations in production during 1925 were
relatively stable throughout the year, with a
slight recession in the summer months, owing
to c declines in a few particular industries.
At all times, however, activity was greater
INDEXES OF INDUSTRIAL ACTIVITY
MANUFACTURING PRODUCTION
- - M I N E R A L PRODUCTION
25
1919
1920
1921
1922
industries. Distribution of commodities, according to statistics of railroad freight shipments and of retail and wholesale trade, has
been correspondingly large in volume.
Factory employment and pay rolls were
greater than in 1924, but were at a lower level
throughout the year than in 1923. According
to the Federal Reserve Board's indexes,
manufacturing production in 1925 was nearly
30 per cent greater than in 1919 and about 5
per cent greater than in 19235 while the number employed in factories in 1.925 was smaller
than in both 1919 and 1923, and their earnings
were less than in 1923 and only 7 per cent
greater than in 1919. These figures indicate
1923
1.924
1925
than in corresponding months of 1924. The
output of steel ingots during the year totaled
more than in any previous year, despite a
curtailment of production in iron and steel
industries during the summer. The automobile industry broke all previous records
daring 1925 in both monthly and annual
production, and output of gasoline and tires
was correspondingly large. The building materials industries—lumber, cement, and brick—
equaled or exceeded output of earlier years.
Cotton and woolen textiles were active early
in the year, but later became less so. The
silk industry, on the other hand, had a year of
maximum production.
35
FEDERAL KESERVE BULLETIN
JANUAUY, 1 0 2 6
Among the minerals, petroleum production
exceeded that of previous years, and more
copper and zinc were mined than in any year
since the war. Bituminous coal production
was low in the early months and at a maximum
rate of output at the end of the year. Owing to
the small wheat crop and reduced shipments of
livestock during 1925, movements of agricultural
commodities to market were smaller than in
1924, a year of exceptionally heavy marketings.
INDEX OF PRODUCTION IN BASIC INDUSTRIES 1
[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919=100]
Food products
g
meltings |
Animals slaughtered
Lumber
b
Gattle
j
Calves
|
gheep
120
116
128
192c
January,
February.
March.
April
May.
June.
July.
August
September.
October...
November
January
February.
March
April
May_
June
July
August
September.
October
November-
104
116
96
106
106
101
113
120
1
. 1
2
125
109
95
105
99
101
105
109
114
121
126
!
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
S, 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.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES *
[Monthly average, 1919=1001
Metals and •: T e x t i l e s and products
products
General
Year and month index
Group Iron 1 Group :
and
index
steel i index j
1924
October
Novembe"
December
1925
January.
February._
March
April
May
June
Jnly
August
September. _
October
November
Lumher
and
products
!
j
!
\
!
I
.
RailPaper ! F o o d • Leather,
road
Auto- i and 1 and ; and :
mobiles' print- , p r o d - j prod: vehicles
ing
ucts
ucts
j
Stone,
clay,
and
glass
Tobacco
products
89.2
118.8
83.3
88. 7
87.9
117.7
116.1
91.8
91.1
90.9
92. 5
92.5
88.8
86.8
83.0
8;5. 7
90. 2
92.1
91.8
109. 7
110.7
116.8
123.2
125.5
125.9
12 L. 3
124.8
125. 3
124.7
123.1
87. 0
87. 7
88. 5
81. 7
87.0
85.8 ;
85. 9 i
So. 0
87.1
90. i
89. 7
Chemicals
and
prod-
: UCtS
82.5
82.8
82.1 .
92. 7
92.5
94.1
...
1
Set 7
82.4 :
85.2
94.4
95.8
96.4
95. 9
94. 9
9-t. 2
93.1
93. 9
95.1
97. 0
\)7. 2
87. 5
89.6
90.1
89. 2
88.0
86. 9
85. 6
86.1
S7.4
89. 4
91. 0
87.1.
89.1
89. 5
88. 7
87. 5
86.3
84.9
85.4
SO. 6
88.4
89. 9
.
i
,
i
i
1
:
;
i
93.6 • 95.4
93.1 : 96.1
96.2
100.0
97.4 ,
99.9 i
100. 0
98.9
96.4
95.4 j
93.3
94.0
94.1
96.9 .
97.3 .
100.6 :
101.4
101.0 :
100.8
99.1 :
97.5
93. "i
93.6 :
93.3
97. 7
99. J
91.4
89.2
93.2
93.4
97.9
98. G
90, 5
92.9
92. 8
(
>3 4
94. 5
'Jo. 1
a.i>. 8
95. 0
101.9 '
101.1 :
301.0
89.8
98.6
104.5
89.1
89. 7
96.3
99.3
105. 2 •
105.9
92.2 <
90.6 !
91.1 ;
99.8 ;
100.4 i
99.6 i
100.6 •
99.8 !
100.1 .
• 99 3
' 99.9
102.2
102. 8
102. 0 ,
89.3
89.8
89.9
88.8
84.9
84, 7
84. 5
84. 5
83. 7
83. 0
82. 0
103.8 ,
105.1
112.7
121.7
128.5 "
122.8:
122.2 i
124.2
120.4
137.7
105.1 :
104.9
105. 7 1
104. 7
103. 8 .
103.5 :
103.4
103. 2 :
104.3
106.0
107.2
83.4 :
88.5 !
8fi.2 ;
S3.0 !
83.2 ;
Sfi.6 i
8;"'. 4 1
85.9 j
88.0 !
90.6 !
89.(3 ;
:
72.5
71.9
74.1
74. 0
74. 6
75. 5
75. 4
73.2
72.9
73.0
72. 6
75.4
76. -1
This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The
general index is a weighted average of relatives for 34 individual industries.. The method of construction was described in detail and indexes for the
above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN for September,
1925, for certain revisions.
36
FEDERAL RESERVE BULLETIN
JANUAEYJ
1926
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES *
[Monthly average, 1919««1QO]
Metals and
products
Luxnber
i
i
' and
Iron !
and I Group v, . • ^ Prod- prodsteel i index ,
ucts : ucts
Year and month .General!
! index Group
index
1924
October
November
December
i
. . . ; 102.6
! 100.8
I 105.6
1925
January
February
March...
Aprii
May...
June
July
August..
September
October......
November _ _
Railroad
vehicles
99.8 : 111. 2
92. 5 . 110.2
99.7
111.9
97.6
94.6
97.4
116.8
111.4
114.5
135.8 ; 103.2
136. 0 ! 102. 5
139.9 I 104.5
91.5
100.0
100.2
95.4
91.6
90.4
86.7
88,0
84.9
89.2
91.4
99.9
132.1
142.9
156. 2
163.9
151. 2
150.0
146.1
155.3
178.0
178.9
138.2
137.5
139.4
137.1
136.7
135.5
133.8
84.9
85.1
91.6
!
102.9
: 108. 5
! 110.1
l
107.3
; 107.4
i 104.8
I 102.4
i 104.5
j 103.9
...! 111.3
J 111.7
1
i Textiles and products
84. 7 I 103. 0 ; 105.6 ".
84.5
99.1 i 104.5
91.1
107.5 : 113.9
92.6 I
92.9
96.3
97.2
94.4
94.0
91.1
86.3
89.7
88.7
96.2
97.7
95.8 I
90. 5 j
93,. 9 i
94.. 0 !
90,4 i
86,1 !
88.8 j
87. 7 j
95.3 |
96. 3.
112. 9
114.2
114.2
111.7
109.9 ;
103.9
100.9
101.7
96.6 I
107.9 .!!
109.0
108.6
113.4
114.4
108.0
105.0
101.8
101,2
103.8
99.1
107.5
107.0
103.3
112.4
114.7 :
103.5
99.0
98.8
101.6
106.2 •
102.1
107. 0 ;
104. 5
103.1
108.5
109. 7
107.9
108.6
109. 7
105. 9
108.0
111. 8
117.2
116.7
Auto- Paper
and
mobiles printing
j Foods Leather! Stone, I To- Chem! and
and
clay, j bacco icals
and
prod- prodi prod- prod- i and
I ucts
i ucts
ucts ' "
ucts
J..
133.7
135.8
142.3
145.4
96.2
149.6
85.5
87.9 j 145.1 j 97.9
91.5
143.6 I 100.0
95.4
95.5
98.2
128.8
136.4
143.4
149.9
154. 6
154.3
145.9
155.7
151.6
156.8
155.4
97.0
99.7
101.6
97.6
98.4
95.7
95.6
93.1
94.9
101.3
103.6
95.3
99.7
100. 0
91.5
90.3 j
85.1
89.0 i
98.9 j
94.8 I
95.8 \
87.9 !
i 100.4
! 99.8
98.8
; 94.0
i 97.2
j 100.0
! 98,9
99.1
i
i 100.0
! 104.5
i 103.6
I
|
!
!
i
i
I
J
93.5
87.0
88.3
74.2
90.9
90.3
89.0
90.0
90.0
97.1
98.7
i
* This table contains for certain months index numbers of pay rolls, together with- group indexes for important industrial components. The
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the
above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. Seo also page 668 of BULLETIN for September,
1925, for certain revisions.
INDEXES OF INDUSTRIAL ACTIVITY i
[No seasonal adjustment. Monthly average, 1919** 100]
Agricultural movements
Mineral production
AnI AniYear and month i
Live- mal
Toi Total stock i prod- Grains Cot- jVege- Fruits bacco Total thracite
ton
tables
!
1
coal
ucts
j
1924
October
November..
December
1925
January
i
..;
I
123
120
132
!
I
118
122
94
91
88
87
86
104
152
168
159
91
117
105
Year and month
October
NovemberDecember. .
January
February...
March
April
May...
June
July
August
September.
October
November _
1
!
Petro- Pig I Cop- Zinc
nous leum iron per
coal
mi-
Lead
i
193
160
143
February
F b |
March
April. J. I—1.1May
June
July
August
September
October
November-
Bitu-
104
123
230
156
120
278 ,
271 i 136
231 ! 86
350
157
86
165
148
184
134
122
130
105
92
100
125
108
119
190
179
180
97
99
116
137
136
135
108
109
121
147
145
143
119
119
120
89
90
108
123
139
164
150
119
101
101
159
112
76
73
40
62
75
99
1.33
149
90
108
127
79
71
43
28
85
72
106
94
136
92
151
121
244
391
177
292
161
53
17
5
1
<*)
73
171
166
223
141
119
123
118
125
125
129
136
121
130
125
101
98
96
102
111
106
113
2117
1
1
2
134
100
97
87
91
96
102
116
121
137
131
180
171
191
194
216
212
214
212
206
204
197
148
132
137
126
149
140
140
128
140
115
139
105
136
105
135
106
107 i 134
119 i 3141
118 j 135
128
119
131
124
127
117
121
122
121
129
129
146
131
154
143
147
151
145
143
138
117
107
104
109
111
118
114
104
108
2 98
101
i 130
i 121
i 128
125
! 135
142
110
107
; 204
233
116
!
SI
75
234
310
277
tal
Iron
and
steel
a 164
155
Manufacturing production
Automobiles
as
Food
products
Lumber
Paper
and
printing
shoes
\ Petro- Cement Toand
brick bacco
1924
124
113
117
108
108
125
178
140
125
113
105
111
114
108
117
160
132
122
133
128
127
101 j
84 !
90 i
186
185
196
127
120
134
132
129
125
126
121
126
141
129
145
132
147
128
121
112
109
118
120
134
134
142
169
223
260
250
239
239
153
193
270
225
121
114
122
119
109
105
107
104
107
118
115
118
145
134
150
155
165
135
125
142
142
136
133
125
128
128
139
131
89
91
99
96
84
82
85
95
96
101
82
199
186
204
201
212
216
222
222
209
218 |
169
148
138
131
114
106
191
155
163
118
105
116
113
119
133
135
127
131
141
120
171
176
190
193
195
194
202
203
183
185
156
1925
95
88
87
94
97
98
105
114
98
ieo
164
167
ISO
172
138
I
i
i
;
I
!
i
For description and early figures see BXJLLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.
3
2 Revised.
Preliminary.
* Less than one-half of 1 per cent.
Rubber
tires
j
'
i
i
37
FEDEBAL BESBRVE BULLETIN
JANUARY,1020
COMMODITY MOVEMENTS
The following statistics are secured from various sources and compiled in the form given
below by the board's division of research and
statistics. Earlier figures (in most cases since
1919) can be obtained from previous issues of
Transportation
the BULLETIN or upon application to the divi- Revenue freight loaded and received from
sion of research and statistics. Federal Reserve connections (ears loaded, 000 omitted):
Classified by nature of p r o d u c t s Board.
Grain and grain products
Livestock
Coal
Coke....
Forest products
Ore.
Merchandise, 1. c. 1
Miscellaneous
146
208
391
4, 081
:
952 ' 1,107
840 :
963
264
727
745
830
345
041
797
202
631
531
G61
318
4,981
4,081
BUILDING STATISTICS
18,0-10
5, 7(i0
14,828 Building permits issued in 168 cities,, grouped
by Federal reserve districts:
5.045
Number of p e r m i t s 4,9-19
Boston (14 cities)
2,214
3,152
79, 228
9,288 -11,375
New York (22 citias)
4,395
2,005 • 2,720
"
Philadelphia (14 cities)
3.902 : 5, 943
Cleveland (] 2 cities)
99,008
3,363 • 3,971
Richmond (15 cities)
5, 580
Atlanta (lo cities)....
3,960
9,926 I13,517
Chicago (19 cities)
2,192 j 2,670
St. Louis (5 cities)
27,489 ! 31,453 j 0 , 350
1, 009 i 1.929
Min neapolis (9 cities)
2,002
1,270 i
/i, 148
Kansas City (14 cities)
2.068 : 2,852
50,140 : 57,332 ! 57, 573
Dallas (9 cities)
2; 033 i 2,344
10,089 ; 8,689 ! 13,449
10,248 ! 12,308
San 2Trancisco (20 clLies)
4, 08.2 I 4, COO i 3,292
:
2,010
8,659
2,241
4, 798
3,980
3,392
10, 799
2,254
1,455
2,443
2,166
9,608
Total..
77,330 I 75,652 ! 111,148
I 2,741 j 3,322
;
_
Classified by geographical divisionsEastern
Allegheny
Pocahontas
Southern
Northwestern
Central western
Southwestern
Receipts at 17 interior centers (000 omitted): i
Wheat (bushels)
_. _
. . 35,581 34,690 ; 59, 583
.15,914
Corn (bushels),_.„
' 19,764 11.9U7
Oats (bushels)
• 14,596 19,210 i 1 9,458
Rye (bushels)
_
__JL 2,598 3,3C4 : 8,932
0,445 ! 7. 258
Barley (bushels)—
4,791
Total
2, 698
_._
242
637 :
581 :
701
313 ;
| 4,265
;
. 89,666 j 90,600 [ 123,287
:
Shipments at 14 interior centers (000 omitted):
Wheat (bushels)
25,724 ; 24,783 !
Corn (bushels)
6,863 ' 7, 750 .
Oats (bushels)
„ • 13,234 ; 15,233 .
•
Rye (bushels)
1,071! i,303 '
Barley (bushels)
2,471 j 4.744.
Total grain (bushels)
49,304 I 53,813 ,
Flour (barrels) _ _
j 3,979 | 4,869 i
Total grain and flour (bushels)
67,208 " 75,724 j
Stocks at 11 interior centers at close of month
(000 omitted):
Wheat (bushels)..
Corn (bushels)
__.
_
Oats (bushels)..
Rye (bushels)
Barley (bushels)..
Total grain (bushels)
._
19,720
1,301
2,203
407
4,202
Total grain (bushels).
Flour (barrels.
27,893 , 28,893 j
1,917 :- 2, 119 !
37,034
2,191
! 36,519 ; 38, 423 ! 46, 892
__j 10,412
11/084 1 23,418
Wheat flour production (barrels, 000 omitted).| 10,809
13,165 j 11,615
Tobacco
Tobacco sales at loose-leaf
(pounds, 000 omitted):
Dark belt Virginia
Bright belt Virginia
North Carolina
South Carolina_..__
Burley
—-.
Western dark
Value of permits (dollars, 000 omitted)—
Boston (14 cities)
New York (22 cities)
_..
Philadelphia (14 cities)
Cleveland (12 cities)
Kichmond (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).....
__
'•• 18,499 ' 22, 409
578
: 1, -'48
2, 589
. 3, ;72 i
4,116
i
i54 i
7.281
• 5,920 :
Stocks at 8 seaboard centers at close of month !
(000 omitted):
:
5,040 ! 12,. 855
Wheat (bushels)...
......; 4,986
254
494
197
Corn (bushels)
!
Oats (bushels)....
J 1,550 : 2.027 i 2,442
4; 516
444 ' ' 301 !
'"
Rye (bushels)
:
3,111
3. 519 j
Barley (bushels)
i 3,177
Total grain (bushels)
Total.
100,708 103,644 I 143,817
Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels)..
Corn (bushels).
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain and flour (bushels)
229
166
762
42
288
78
4,265 ; 4r 981
Grain and Flour
Total grain and flour (bushels)
205 .
Moveinber,
1924
1, 024
1, 492
November,
1924
October.,
1925
I
Flour (barrels)
October,
1825
769 •
841
65 '
62
3.16
277 1
134 ;
222
1.079 ! 1, 218
1,590 ; 1, 923
November,
1925
Total grain (bushels)..
November,
1925
i
warehouses ;
;
; 5.659
I 20,079
„„_•: 86,139
!
355
J 383
3,304
10.197 j 16,892
82, 720 45,180
5,542 ,
117
405
75
72
Total
Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
Boston
..__
__
New York...
_
Philadelphia.
Cleveland
._.
Richmond
Atlanta
Chicago
_
St. L o u i s . . .
Minneapolis
Kansas City 1
Dallas
_.._,
rotal (11 districts)....
1
Excluding Colorado.
52,808 I 63,361
54,465
11.097 14,244
106} 967 129,313
J 8, 001 22, 299
10,174 24,354
15.005 12,624
14,451 18,866
58, 088 57,897
7,909
6, 758
4,422
7,192
9,521
6,237
5,343 13,252
27,884 32,335
11,981
60,569
11,907
16, 041
11,611
7,751
50,136
5,852
4,943
6,625
5,313
28,604
293,857 347,036 ! 227.993
37,269 ! 2-1,622
143,605 j 110,312
32,239 ! 24,906
71,298 i 55,357
29,780 21,970
59,822 26,429
89,942
70, 790
30,994
28,400
,
8, 176
10,251
7,139
11.631 11,810
13,423
474,793 1530,254 ;! 389,971
34,863
163, 523
24,994
37, 371
23,264
46,244
77,003
34,932
8,358
12,(581
11, 560
38
J A N u A.U Y,
FEDEKAL, RESERVE BULLETIN
1920
WHOLESALE AND RETAIL TRADE
BY LINES
CHANGI? IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued
Dry •. Shoes Hard- Drugs
ware
I Percentage change j Percentage chaDge
'• in sales, November, \ in stocks at end of
• 1925, compared | November, 1925,
j
with—
j compared with i—
WHOLESALE TRADE IN T H E UNITED STATES
[Average monthly sales 1919=100]
Gen- . Groera! i
ceries
index '.,
1924
80 !
78 '
80:
77 ;
70 ;
78 ;
83 :
92 '
95 '
84 :
October..
November-.
December..
May
.sane
July
August
September
October
N o vember
80 1
80 i
78 j
February.
March
April
May
June
July
August.
1G25
.7 a n u a r y
February--••
March
April
Meat . goods
79
j
j
--!
_!
i
;
!
i
|
,.j
J
:
77 '
79
8i ;
83 '
83 !
83 i
93
100 j
89 i
83 i
66 i
03 !
62 !
GI:
04 j
G4
07
68
71
78
69
68
!
i
i
i
i
97;
98;
90 j
72
70
79
102
116
104
88
77
'
;
!
:
•
•
,
i
80 !
73 !
7G '
75 '
79 !
79 :
70 !
83 .
79 •
79 i
S3 !
S3 !
84
8o i
S3 :
92 :
87
94 •
99
301 •
90 =
87 '
71 i
GG ;
73 j
68 j
75 I
79 i
79;
78 ,
82 !
87 i
78 j
82 |
88 ,
96 !
^ \
82 I
85
ICG
112
118
91 i
91
90
104
108
104
49
65
69
56
52
44
i
i
!
I
!
56 i
69
G7
57
57
j
'
!
!
«i
46
63
65
54
54
47
65
72
77
!
j
!
i
i
i
!
j
59 ;
•
!
I
I
i
;
93
93
106
110
98
99
4 9 ••
I
i
i
|
i
I
89
90
107
107
101
105
99
98
109
122
103
|
:
|
!
'
110
109
1 IS
114
110
105
110
107
117
128
109
109
116
109
121
115
106
110
111
108
120
133
110
' For description of the wholesale trade index see FEDERAL RESERVE
BULLETIN for April, 1923,
CHANGE IN C O N D I T I O N O F WHOLESALE T R A D E , BY L I N E S
AND D I S T R I C T S
Percentage change
in sales, November,
1925, compared :
with—
Percentage change
in stocks at end of
November, 1925,
compared with 1 —
! October, i Novem- October, ! Novem: 1925 ' I bcr, 1924
1925 ] bcr, 1924
Groceries:
U n i t e d Stales
•
:
Boston district
N e w York district
Philadelphia (jistrict
Cleveland district
R i c h m o n d district
"
A t l a n t a district
•
Chicago d is trict
St. Louis district
__.
Minneapolis district
„:
K a n s a s C i ty d istrict
'
Dallas district
San Francisco district
D r y goods:
United States
,
N e w York district
:
Philadelphia district
:
C leveland district..._
Richmond district.
A t l a n t a district
Chicago district.
St. Louis district
Minneapolis district..
K a n s a s C i t y district
Dallas district
San Francisco district
Shoes:
U n i t e d States
„
B oston district
N e w York district
Philadelphia district
Cleveland district
R i c h m o n d district
A t l a n t a d is trict
Chicago district.
St. Louis d i s t r i c t . .
Minneapolis district
San Francisco district
-8.6
—7. 5
-4.8
-!). 3
-12.2
-5.1)
-14.5
—K'.3 '
-G. 0
-1.0.7
— 12.1
-4. 8
i
I
I
|
-22.7!
-3.7 .
-21.1 !
-20. 9 \
-30.2 :
-3-i. 4 '
—23. i
-G. 2
-18.1
-29.0
—14. 0
:
i
'
.
;
:
22 8
—22°. o !
—18.0 i
-18.1 I
—20.' '
-28.7 i
1.0
-1. 5
.3
—0. 7
.4
4. 9
8.1
-(>. 1
-.8
2. 5
2 2
!i
3.3
3.7
25. 3
-{>. 0
-2.8
-3. 5
8.9
—3. G
-7. G
-Jo. 9
5.1
-1.5.0
10.2
4.5
1.3.9
13.2
13.3
-5.G
1.1
-27.0 ! 14.0 !
-29.2 j -17.3
-13. 8 ; -16. 8
-18.6
11.4
-18.0 I
8.3!
0.4
4.8
14. 7
—5. 9
.8
1.2
2 2
-o!o
.~c~
-1.9
-9. 3
-2. 6
-7. G
'
-8. 5
-0.2
-12.4
-3. i
3.8
-1G.4
--7. 8
-18.
-9.
34.
-.12.
~9.T
—17. 5
-3. 4
2. 0
-29.7
20.9
-1. 7
-2.9
7
5
3
7
Novem- ; October, ' November, 19241
1925 i ber, 1924
i October,
!
1925
Hardware:
United States
New York district
Philadelphia district
Cleveland district...
Richmond district. _
Atlanta district
:
Chicago district
St. Louis district
Minneapolis district
K a n s a s C i t y district
Dallas district.....
San Francisco district
Drugs:
United States
New York distrfct
Philadelphia district
Cleveland district
—i
Richmond district
!
Atlanta district....
;
Chicago district
j
St. Louis district
•
'
Kansas City district
j
Dallas district.
_..J
San Francisco district
:
;
Furniture:
Richmond district
'
Atlanta district
,_J
St. Louis district
:
Kansas City district
•
San Francisco district
!
Agricultural implements:
'
United States «
I
A t l a n t a district
'
Minneapolis district
.!
Dallas district
|
San Francisco district
.
Stationery and paper:
I
N e w York district
'
Philadelphia district
I
A t l a n t a disirict
...J
San Francisco district
:
Automobile? supplies:
;
San Francisco district
Clothing:
N e w York district
St. Louis d i s t r i c t . .
'
Cotton jobbers:
i
New York district
_. _,
Silk goods:
:
!
N e w York district
;
M a c h i n e tools:
:
New York district
Diamonds:
New York district
•Jewelry:
New York district
Philadelphia district
Electrical supplies:
Philadelphia district
A t l a n t a district_
St. Louis district
San Francisco district
Millinery:
Kansas C i t y district
Stoves:
St. Louis district
,
i
:
>
,
j
,
\
'
j
;
\
i
!
—15.1 i
-12.8!
-14.6 |
—19.0
-13. 3
—10. 2
i
5.9 i
5.8'
1.8 j
.81
1.0
27. 2
-20.9
—21.1
—7.2
—18.0
—19.3
-13. 9 .
'
I
'
_i
j
._..!
1.0
1.2
4.3
—4.1
2.3 :
8. 0 ;
;
—15.8
-27.5
-8.2
—I2.G
—10.0
-14.!.
-14.7
-3.8
-13.7
-L7.0.
— 1L. 9
—10.0
-iO.O
-17.0
-14.8 .
-.7
-3.7.
:
-4.5 ,
2.5
2.4
'
2. 1 '
!
\
__
0.0
2.7;
1.3,
7.4
-3.4 j
_..i
5. 5 ,
•
j
5. 6 •
_
2.1
'
7.2i
4.8:
—.0
9.4
8.4
1.0
-7.4;
2.4 ,
~9.~9
G. 0
:
1.2.5: -10.9 ,
21.0:
<{.{)••
'17.8:
-10. Z
-5.1 •
'
•
—13.7
14.6:
!
-22.5
20.5
—1.2
-15.3
-27. 5
'
22. 5 j
-22.2;
22.8 .
—8.1
—9.5:
-35.3
—7.8
:__
\
!
!
j
:
2.4-
—4.1
10. 9 :
3.7.
22.1 .
2. 8 :_
4.0
5.8 '
-G.9
:
—517
-32.4
-.9
-11.4
-35.2
;
-25. 0 •
:
— 5. 2
:
—17.5
-8.3
:
_!
2. 8 .
•
!
-9. 5
3 4G. 7
32. 2 __
i
-6.4 i
33.1!
;
—10.0-
30.8
'
3.0
-8.1 •
13.7
15.0
—8.0.
— 9. 7 •
13.2
G. 3 i
—(5.8 :
-4.1 :
66. 5 •
37. G .
14. 8
—6-1.8 ;
—.3
!
-33.4.
G.6
3.5!
^ 8. 5
-1.6
;
5.1.
-17.7
6.4
-21." 5
:
—21.4
1 Changes in total stocks for the United States are weighted averages
computed on the basis of firms which have reported regularly to the
Federal reserve system since January, 1923.,
2
Sales of agricultural implements for the United States are compiled
by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business.
3
Stocks at 1st of month—quantity, not value.
4
Includes diamonds.
JANUARY,
89
FEDERAL RESERVE BULLETIN
1.920
HETAJIL TEASE, BY REPORTING LINES I
[Average monthly sales 1919= 100]
Sales without seasonal adjustment;
Year and month
«¥ ' 32
^S-HTS 2 2-e-™.> cy:
August.
September...
October
November..
December..
January
February
March
\oril
May
June.._.
.July
August
Sept ember
October
November
1924
1925
93
119
341
141
210
...._
_..
Sales with seasonal adjustment
! 108
1 101
j 121
-...: 130
\ 128
.— I 125
i 95
I 93
' 122
' 16R
_; 145
pa
KM
O
74 ! 201 ' 1 7 2 • 152
106
210 • 109 : 145 :
203 j 159
141
24Q
131 . 232 ! lyQ : 345
3oo; 187 .
148 ' 253
108
105
119
3.17 :
95
102
87
39
113
170
144 •
2
op.' «:*
b> I (
i
^
138
137
144
13S
192
108
124
138
140
186
!
j 91
"
! 124
in
i 384
250 ; 151 ! 155 ' 122 i 107
233 ! 150 ( 140
3.39 : 100
252 : 377 ; 100 ! 3.31
J95 ! 159
258 •
134
177
254 ; 191 j 103
1 4 3 •• 149
254 : 187 ! 107
134
152 :
.130 i 122
259; 383 ! lfifi
142 ! 3 2 0 •
243 i 195 i 171
129 i
243 : 391 ! 109 ! 342
237 j 379
353
r>4 :
318
2 C 8 220 ! 107 , 136
130 j
92
99
105
307
90
09
104
A2S
336
141.
139
98 , 211
112 i 221 .
109 : 2154
5 0 5 • 230
212
123
ISO
118
•189 131
109 i 124
186
120
282 • 131
175
188
230
.195
184
J81
202
202
215
:
195 •
110
249
124
243
131 ! 110
1C3 :
121
134
133
:
124 : 306
120
257
32f,
317 ' 209
128
118 . 255
125
!
320
255
234
309
345
200
181
183
188
191
108
:
i
,
;
!
3 51 : 143 j 138 : 102 '
147 ; 137 I 129
110 i
150 j i37 j 122 : 302 i
1M
139 ! J34
153 ! K2
98
!
I i 161 141 I 141
112 ,
101 : 140 I 149
209
120 ;
159 : 135 ! 127 i 110 :
18.
20S
104 • 139 152 i 1213 .
203
1C0 [ 140 ! 3 29 j J.36 •
203
170 I 337 j 142 i 125
104 i 137
201
134
140 i
371 i 145 ! 153
205
143 i
200
172 ''142 i 135
136 !
219
175 ! 146 | 145
117 ;
211
177 ! 138
120
311
ITS
392
IS
•93
207
ifcO
2!0
202
197
202
204
209
205
i For description of the retail trade indexes see Federal "Reserve Bulletins for January and March, 1924.
s index of sales of grocery chains revised. Comparable indes numbers for all months since January, 3919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
DEPARTMENT STOKE SALES, BY FEDERAL ESSEEVS DISTRICTS
•Average inon-:hly sales 1919=100]
Federal reserve district
;
Number
of report- '•
ing :
firms : „
Sales without seasonal adjustment
Sales with seasonal adjustment
,
1925
1924
1925
3924
,-
!
: ]\OV.
•
Oct.
Aug.
Sept.
. J l ! Nov, Oct. ; Nov. ! Oct.
"uy
Sept. : Aug.
i
United States.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta.
Chicago
Minneapolis...
Dallas
San Francisco..
359 j
24 :
03
22 ;
54 I
23 !
35 !
03 !
23
21
31 i
'
!
July
;
N o v . j Oct.
i
145
165
122
98
95
141
Hlj
129 !
145
134 I
125 ;
128
143
358
108
133
140
122
153
105
115
158
156
186
107
100
160
118
128
88
90
8l
f
103
87
92
94
85
98
91
140
153
153
139
137
137 I
161 •
144 •
134 !
137
78
113
92
78
105
81
113
154
111
315
130 ;
137 j
130 '
123 ,
125
100 ;
138 !
98 !
142
155
145
346
139
1.17
358
320
120
154
130
146
137;
129 "
323 .
300
153
104 :
112 !
149
317
132
118
326
121
99
137
102
108
144
129
134
120
127
124
103
138
99
102
147
139
373
135
141
111
115
105
89
145
31)4
11?
108
<>:.•
139
72
123
136
120
157 !
144
i
•
:
,
j
!
!
i
320
I
!
128
132
118
! 128
i 317
j
!
;
j
j
;
OH
139
103
100
112
194
13/;
126
122
120
] 00
j 1'2
103
107
144
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
Federal reserve district
United States.
Boston
New York
PhiladelphiaCleveland...
Richmond
Atlanta
Chicago
Minneapolis...
Dallas
San Francisco..
Number
of reporting
firms
314
24
03
33
52
39
22 i
5i !
22 |
19
29
Stocks without seasonal adjustment
1925
.
!
Stocks with seasonal adjustment
1924
1925
Sept. j Aug. ' July j Nov. • Oct.
Nov.
Oct.
164
149
143 i
140
153
213
145
147
120
173
124
135
132
H8
210
141
138
124
108
122
135
347
125
140
195
337
135
12.1
159
320
334
140
|
I
I
j
!
'
!
•
•
.
131 :
3 2 4 ••
179 \
12f. ;
us •
l'l<J ;
111 •
m!
13S i
124 !
148
113
120
364
120
119
303
140
300
Hi
129
141
347
372
145
345
123
108
122
332
14S
i
:
:
;
"
.
;
I
Nov.
Oct. I Sept.
!
Aug. : July
148
:
i
!
I
|
i
:
;
137
134 |
133;
131 !
135 ;
34G :
171 \
140 !
343 i
120 |
370 '
121 I
133 !
347 j
121
385
192
321)
129
1.13
154
113
122
135
137 I
133 I
188 j
120 j
319 i
111 !
150 I
112 i
319 i
136 <
118
131
.181
328
122
311
J48
1.15
119
133
120 .
J28 j
1924
Nov. i Oct.
133 ;
132 i
332
122 .
130 :
.
i7o:
j
127 ;
:
120 j
327 :
114 i 110
: 343 •
150 :
: 313 ; 112
! 117
120 ;
; 132 ; 135 =
122 '
329 '
155 :
120 ;
127:
no i
1*19 i
112 '
US j
135 i
120
331
353
330
124
112
152
111
IIS
130
40
JANUAKY, 192 0
EEDEKAL BESERYE BULLETIN
FOREIGN BANKING AND BUSINESS CONDITIONS
THE LONDON MONEY MARKET IN 1925
The advance in the discount rate of the the bank's deposits practically unchanged,
Bank of England from 4 to 5 per cent on and there was no considerable change in
December 3 restored it to the level that pre- currency in circulation. This is brought out
vailed at the time of the resumption of the the following table:
by
gold standard last spring. The open-market
T H E BANK OF ENGLAND
bill rate also rose to about 5 per cent in the
[Millions of pounds]
middle of December, the highest level in over
1
1
!
four years, this advance being a continuation
!
' Govern- ••
Notes in
1
:
merit '
the reof the general upward trend which had preservo of
Total
vailed, except for a decline from July to Octoi G o l d | other
deposits banking
. sccuridepartber of this year, from the middle of 1923.
;
: ties
ment
At the opening of 1925 the London bill rate
stood at about 3 ^ per cent, a level well over A pr. 29, 1925.
122. 5
25.3
!
1C4.5 ! 101.7
36.1
121. 5
the New York market, whether on acceptances, Au?. 5, 1925. . . .
'• 4-8.8 i —11.3 - 1 . 0
Net change
call loans, or commercial paper. By the mid+10.8
dle of February, owing to a rise in the New
York rates, the differential between the London
It would seem, therefore, that the influx of
and New York money markets had practically gold was not accompanied by an increase in the
disappeared, but the rise in the London rale volume of credit actually employed in the
to about A.% per cent following the advance market, and the easing of money rates during
in the New York discount rate at the end of that period may be ascribed to a diminished
February restored the differential. Although demand for bank credit due to a slackening in
the Bank of England rate was raised from 4 business activity. Between January and Augto 5 per cent in the first week of March, the gust there had been a considerable decline in
bill rate developed an easier tendency, and commodity prices, a noticeable slackening in
by the end of April it stood, at about i}4 per certain kinds of production and in the export
cent and remained during May and June at
that level, which was more than 1 per cent
above the New York acceptance rate and
about one-half per cent above the call and
commercial paper rates.
After the end of June the London bill rate
began to decline until in the first week of
August it was 4 per cent, or 1 per cent below
the bank rate, and on August 5 the official
rate was reduced to 4}/o per cent. The downward movement of the market rate in July coincided with an influx of gold and was commonly attributed to it, but this explanation docs
not appear to agree with the facts. Since gold
is not at present used as money in circulation
in England and is not held as cash by the
commercial banks, an increase in the supply
of credit in the London market arising from
gold imports must be reflected in increases in
192*
1323
the deposits of the Bank of England, which are
a portion of the reserves of the j oint-stock banks, trade, increasing "unemployment, and a conor in a growth in currency in circulation. So siderable degree of uncertainty as to the
far as can be ascertained from the statements economic outlook, further complicated by
of the bank, the effects on the market of this possibilities of serious labor difficulties in the
influx of nearly £9,000,000 of gold were largely coal industry.
neutralized by an equivalent decline in securThese influences causing a decline in the
ity holdings of the Bank of England, leaving demand for credit, continued to be operative
.
'
li>i). 7 ''
113.1
•
Tj I92G
FEDERAL RESERVE BULLETIN
41
through August and September, and money demand for credit arising out of a. revival of
rates eased further, notwithstanding the fact trade and production, a decrease in unemploythat the direction of gold mo Yemen ts had ment, and considerable activity in the security
changed and exports on a considerable scale had markets. Furthermore, on November 5 the
begun, Between August 5 and early October embargo on foreign loans had been removed,,
the market rate had fallen below Z% per cent, All these factors contributed to the tightenand was again about I per cent below the bank ing of conditions in the London market in the
rate, and the official rate was reduced to 4 per autumn months, which preceded the advance
cent on October 1. In the market the in the Bank of England rate from 4 to 5 per
£4,000,000 of gold exports were more than cent on December 3.
offset by an increase of nearly £ll,000,0C0
That the changes from August 5, when the
in the security holdings of the bank, and its bank rate was reduced from. 5 per cent, to that
total deposits increased hj £9,000,000.
of the first week in .December, when the rate
The relation of money rates in London to was raised to 5 per cent, reflect an increased
those in the New York market had undergone demand for credit rather than a decrease in the
a fundamental change during this period. Up supply of credit is indicated by the following
to early August, the London bill rates had been taole:
above the Now York rates not only on accepTHE BANK OF ENGLAND
tances, but also on commercial paper and on
[In millions of pounds]
call loans. Since August it had been continuously below both the renewal rate and the
\
!
Notes in
commercial paper rate. In the first week o:
! Gold j Secur- Deposits banking
ities
depart:
October, when* the London bill rate stood at
!
ment
3% per cent, it was below the New York I
acceptance rate, nearly 1 per cent below the Apr. 30, 1925._.
155,7 '. 113.1
122.5
25.3
104,5 ! 101.7
SG 1
121 5
commercial paper rate, and almost^2 per cent Aug. 5, 1925 ._
Nov. 25, 1925
125.7
22.7
1*G 7 Ii 117.2
below the call-loan renewal rate. Under such
circumstances the retention in London of funds
which could bo put into the call or commercial
Between August 5 and November 25 the
paper market in New York became unprofit- loss of gold amounted to nearly £18,000,000,
able, and it is understood that there was a but this gold had been replaced bv securities
considerable movement of funds from London to the amount of over £15,000,000, and the
to New York, resulting in a low exchange rate total deposits were actually larger by about
attended by a further'loss of gold, not merely £4,000,000 on the latter "date. The stateto New York, but to Amsterdam and Zurich. ment of November 25 compared with that of
During the period of gold exports between April 29 shows that in the seven months folAugust and October, increases in the Bank of lowing the return to the gold standard the
England's security holdings had offset the bank lost £9,000,000 in gold, but as a result of
effect of the loss of gold on the money market. the increased holdings of securities the volume
In the first two weeks of October this situation of central bank deposits available to the comwas altered. In addition to a further loss in mercial banks was larger at the end than at
the fortnight of nearly £5,000.000 of gold, the the beginning of the period.
Since the beginning of December an addisecurity holdings of the bank declined"by over
£15,000,000 and total deposits consequently tional factor in tightening money conditions in
decreased by £18,000,000/ These movements London has been the seasonal increase in curwere accompanied by a sharp upturn in the rency demand for holiday trade and end-of-year
market rate, which rose to 3% per cent early settlements. The bill rate in London at the
in November and to 4 per cent by the end of end of November was about 4 per cent, but
that month. The last statement of Novem- in the two weeks which followed the advance
ber, however, showed that a further loss of in the bank rate to 5 per cent on December 8 the
£9,000,000 of gold during the preceding six market rate hardened rapidly to nearly the
weeks had been more than counterbalanced by same figure. This movement completely rethe increase of £20,000,000 of securities and versed the relation of the London and New
York markets which had prevailed between
the level of deposits had been restored.,
The drain on the London market through August and November. With the London
gold exports, which late in the year was in- bill rate at or near 5 per cent, it was almost
tensified by heavy demand from the East even with the New York renewal rate, and 1%
Indies, was accompanied by a growth in the per cent above the New York acceptance rate.
42
FEDERAL RESERVE BULLETIN"
^
192G
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
[Bank figures are for the last report date of month, except for London clearing banks, which are daily averages]
ENGLAND
[Millions of pounds sterling]
GERMANY
[Millions of reichsmarks]
1925
1925
NoSepOctober
tember vember
November
Bank of England:
Issue departmentGold coin and bullion.
Notes issued
Banking departmentGold and silver coin..
„
=
Banknotes
Government securities
Other securities
Public deposits..
Other deposits
Ratio of gold and note reserve
to deposit liabilities (per
cent)...
Bank notes in circulation *..
Currency notes and certificates..,,
Nine London clearing banks:
Money at call and short notice ...j
:
Discounts and advances
Investments
.._„'
Total deposits
,
Total clearings
j
Government floating debt:
!
Total
....'
Treasury bills
i
Temporary advances
Index of security prices (December, !
1921=100) (per cent)
i
Index number of foreign exchange :
value of the pound sterling (per
cent)
1924
.145
165
148
188
159
178
127
146
2
23
42
77
14
111
2
25
30
74
11
103
2
34
37
76
27
102
2
23
41
82
19
112
19.5
88
290
23.8
87
292
27.4
89
293
19.3
101
285
111
1,072
261
1,019
3,243
112
1,082
260
1,627
3,629
112
1,075
255
1,813
2,996
102
1,045
307
1,628
3,317
76'D
647
122
772
638
134
775
644
131
788
624
164
116,3
118.7
116.0
126.6
130.9
Xleichsbank:
Gold at home
_
Gold abroad
Reserves in foreign exchange
Bills of exchange and cheeks
Miscellaneous assets....
Deposits
._
Reichsmarks in circulation.
Rentenmarks in circulation
Reichsbank clearings
_
6 Berlin banks: l
Cash
Bills
Due from other banks.™
Miscellaneous loans
Deposits
Index of security Drices (Jan. 2,1925-™
100) (per cent).".
Capital issues
_
128.1
October
1,111
97
402
1,650
578
587
2,771
1,611
1,080
128
348
1,630
682
618
2,803
3,816
4,650
117,4
127.5
November
1924
Sep- Novemtember ber
1,076
99
319
1,717
460
620
2,649
1,833
4,382
455
240
232
2,290
1,655
704
1,863
1,980
2,994
70.35
31
75
111
1,142
635
2,391
4,330
61. 64
504
66.16
70
* Bimonthly statements.
ITALY
[Millions of lire]
1924
1925
October
August
October
1
Notes issued, less amounts held in banking department and in
currency note account.
FRANCE
[Millions of francs]
Bank of France:
3,683
Gold reserve*.
315
Silver reserve
War advances to the Government 31,950
48,085
Note circulation
3,022
Total deposits
Three commercial bp.nks:
Deinand deposits
...
Bills
Other loans..
Clearings, daily average of Paris
1,831
45.20
Price, of 3 per cent perpetual rente
3,683
310
28, 900
45, 557
2,176
304
22, 600
40,447
1,994
18, 295 18.164
12,184
4,880
15,376
11, 049
4,293
951
47.70
956
50. 00
| 3,CS3
j 310
I 29,950
40, 679
2,517 !
! 1,475
i 46.15
Banks of issue: l
\
Gold reserve
1,133
Total reserve
2,022*
Loans and discounts
10,576
Note circulation for commerce
i 12,412
Note circulation for the State
i 7,067
Total deposits.
_| 2,489
Leading private banks:
\
Cash
; 991
Loans and discounts= 8,765
Due from correspondents..
__.' 4,296
Participations
515
Total deposits
12,970
State note issue._..
i 2,100
Index of security prices (per cent)
! 214
963
8,659
4,560
5G4
13,222
2,100
229
977
8,370
4,088
399
12,424
2,400
241
i Not including gold held abroad.
CANADA
[Millions of dollars]
1925
1925
1
Total for month.
1924
i Sep- jNovemI tember j ber
1924
OctoSepOctober tomber August ber
J...
Chartered banks:
|
50
54
54
Gold coin and bullion 1
__!
55
Current loans a n d discounts
J 1, 184 1.128
1,170
1,100
355
M o n e y at call and short notice—I
269
37J
338
573
Public and railway securities
i
554
.564
571
Note
t c .
,
186
Note c i r o . u l a t i o n |
173
170
164
Individual d
! 2,222
i i d l deposits
1,708
2,209 2,110
Gold reserve against Dominion notes.j
112
123
102
116
Dominion note circulation
! 215
240
200
2C9
Bank clearings "
\ 1,710
1,772
1,332
1,248
Bank debits a
i 2,867 2,196
2, 721
2,090
1,132
1,829
7,603
10,774
7,297
2,810
JAPAN
[Millions of yen]
* Not including gold held abroad.
i Not including gold held abroad.
1,132
2,007
10,412
12,363
7,068
2, 538
Bank of Japan:
Reserve for notes l
Loans and discounts
Advances on foreign bills..
Note circulation
_.
Government deposits...
Private deposits..
Tokyo banks:
Cast on h a n d . . .
Total loans..
Total deposits
Total clearings
1,057
311
83
1,057 i 1,057
364 i
323
130
99
1,334
1,354
329
240
40
31
1,322
232
33
125
2,332
1,880
3,208
113 !
121
2,343 ; 2,620
1,888 ;; 1,845
3.364
2,808
* Gold abroad, gold coin and bullion in Japan.
109
2,341
1,864
3,241
1,061
390
118
1,364
288
37
J .1926
43
FEDERAL RESERVE BULLETIN
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES
1G24
1925
1925
Novera- Octo- I Sep NovemI tembar | ber
Austrian National Bank (millions
jNovem-j Octo- 'Septem-Novern*
ber i ber • ber
ber
National B a n k of Hungary (millions of pengos):
..;.
Foreign exchange.
Bills, etc
.__
Note circulation.™..
DepositsPublic
.
of schillings):
Gold.....'
Foreign bills (reserve)
Other foreign bills
Domestic bills, etc
Note circulation
Deposits-
59
205
"120 '
406 ;
50 |
50
202 | 187
135 I 139
435 ; 408
41
145
159
355
168 :
133
21
Private--
National Bank ©f Belgium (mil- j
f
lions of francs):
j
Gold
Foreign bills and balances abroad..
Bills
.....
,J
Note circulation
Private deposits—
of J a v a (in thousands of
florins):
Gold
Foreign bills
,
Domestic bills
,
Loans
Note circulation
...
National Barak of Bulgaria (millions of leva):
Metallic reserve., - „
Foreign notes
Balances abroad and foreign bills.
C o-mmercial bills
Gommorcial loans
Notes in circulation
Deposits
_..
femkiieg Offlce9 Czechoslovakia
(millions of Czechoslovak crowns):
Gold and silver-..
...
Balances abroad and foreign currency
Bills discounted
I
I _ 1'.
Advances on collateral
Not© circulation.~..
.„.
Deposits
tak of Danzig (thousands of
Danzig guidon):
On deposit with Bank of Eng33,679
land, foreign bills, etc
Loans and discounts
17,853
Notes and circulation
! 32,716
Deposits
.J 5,461
' 35,043
' 18,113
I 34,043
i 5,664
42,891 !
:.8, 622 j
35,298
9,343
24,490
20, 768
28,939
22,388
National Bank of Denmark (mil- !
lions of kroner):
!
Gold
!
Bills.
!
Loans..
_
_
Foreign bills and balances abroad.
Note circulation
Deposits..
&
of Estonia (millions
Estonian marks):
Cash in foreign currency
Loans on foreign currency.
Bills discounted.
Advances on current accounts.
Bank notes issued
Deposits of the exchequerDeposits
Stank of Finland (millions of Finnish marks):
43
43
Gold.
Balances abroad, etc.-.
1,428 1,341
Finnish and foreign government j
,
385
securities
305
!
Domestic bills
330 I 331
Note circulation...
J, 1,253 . 1,271
Deposits—
I
j
74
Private
_.j 110 ,
Treasury
; 322 ' 255
:
National Hank of Qrecce (millions i
~;
of drachms):
^
j
!
Gold and balances abroad...
Government loans and securities.I.
Discounts and loans
.j.
Note circulation
__-.
Private deposits—
I
Sight
L
Time
,.J.
43 :
1,165 :
43
621
395 !
3G3 ,
1,279 j
766
1,223
87j
220 ;
79
213
I
2,724 |
3,794 ;
8,333
5,548 !
2, 1S2
3,987
2, 528
1,942
993
1,779
1,066
1924
_'143,456
J 27,713
J 17,019
J 91,055
. 338, 570
164
12
132,086 134,037
| 29,582
17,056
1 17,173 34, 859
107,102 95, 768
;323, 632 276, 701
B a n k ®f Latvia (thousands of lats): |
Gold...
. . . 23,554 i 23,550 23, 551
30, 460 ' 33, 535 j 33, 967
Foreign exchange reserve
Bills..
„
' 63,449 = 63, lP>0 ! 61, 594
50,492 49,749 i 48,479
Loans
«...
29,183 i 29,539 ; 29,441
Note circulation
.._
72 136 ! 70', 701 70, 864
Government deposits
,
50,609 ! 54,818 52, 817
Other deposits
L i t h u a n i a (thousands of f
Iitas):
Gold
, 32,212 : 32,158 33,648
Foreign exchange reserve
.
: 30,428 : 29, 649 24, 768
Loans and discounts..
„.._! 48,015 • 44, 208 41,735
85,191 i 84, 653 81, 091
Note circulation...
Deposits
! 24,301 i 14,852 13,451
Netherlands Basak (millions of i
"
florins):
\
418
458 i
418
Gold
;
72 !
90
83
Domestic b i l l s . . .
. .!'
245 :
244
243
Foreign bills
136 I
126 |
128
Loans..
...I
900
879
881
Note circulation
__:
34
37
34
Deposits
'
B a n k of N o r w a y (millions of j"
kroner):
i
147
147 j 147
Gold
!
302 !
310 I
309
Loans and discounts
'
.58 i
66 i
66
B alances abroad
j
351 ; 366
372
Note circulation
'
Deposits—
16 i
19
"State....
;
73 i
65
Private.j
!
Reserve B a n k off Peru (millions of
libras):
Gold at home
i 4,124
Gold abroad
732
]
Bills
_
2,156
Notes in circulation
; 6,207
Deposits
__i 602
B a n k of FoSand (millions of zlote):
Gold..
Foreign exchange, etc
Bills
...,
Note circulation
Current accounts, etc.—
Treasury
,
...
PrivateB a n k of Portugal (millions of escudos):
Gold....
Balances abroad
._
i 314
Bills
„
: 171
Note circulation
.; 1,687
Deposits
•
78 ;
National Bank of Rumania (millions of lei):
Gold..
Bills
Government loans
Note circulation
Deposits-
_
:
....:
...|
;-...
i
;
| 5G6
I 8,462
I 11,774
_ i 20,494
| 7,952
48. 286
43; 289
44, 789
26, 000
78, 529
50, 211
30, 713
61, 241
38,097
89, 344
40,127
143
48
933
20
147
39
376
28
71
44
FEDEBAL BESEBVE BULLETIN
1925
JAITOABY, 1926
1924
1925
1924
•Novem- OctoSep- -November tember, her
! ber
Sep- jNovemtember, ber
B&iak of Spain (millions of pesetas):
Gold..!.
department; thousands of cher<
Balances abroad
..
vontsi):
i
;
Bills discounted,.,
,,
Gold
18,265 18,484 18, 476 13,140
Foreign currency ...
; 4,858 4, 076 4,676 , 10,139
Note circulation...
...
Deposits
Loans and discounts....
.! 52,322 f.2,486 52,494 ' 33,749
Bank notes
\ 78,650 76,569 75,064 , 57,719
:
B s a k of Sswsdesi (millions of kroNational Bank of t h e SO]s.gd©2& '
ner):
©f Serbs, Croats, and Slovenes |
Gold.,..
(millions of dinars):
Balances abroad and foreign bills
Gold
'
75
74 '
72
and securities
74
Foreign currency and balances
Domestic bills. _
_„
394
419
419 '
397
abroad..
„„_
Swedish Govermnanfc securities-1,092 1,052
995
1,316
Bills...
Note circulation
.„
6,017 6,158 6.097
6,034
Note circulation _
. _.
Deposits
420
492
'583
247
Deposits
Swiss National B&nk (millions of
South African Reserve Bank
francs):
(thousands of pounds sterling):
7P 341 R, 124 5,009
552
Gold
Gold coin and bullion
I
Domestic bills
Gold certificates
1,635 1,708 4,502 , 10, 223
Loans..
6,448 7,079 6, 500
5,406
Total bills discounted
„
Balances abroad and du© from
Domestic bills_„„„
20
137
841
2,013
correspondents
„
Foreign bills..
„ 4,293 4,686 2,780
1,183
Note circulation
Union Government treasury bills. I, 250 1,470 2,000 : 1,200
British Government treasury
1,010
885 ! 885
885
bills
11.132
8,949 9,126 i 9,158
Notes in circulation
< 954
5,106 ' 4,815
5, 618
Bankers'deposits
2,537
28
695 ;
4,376
2,535
30
SIS
4,474
921
230 i
231
232
239
196 j
197 |
522 !'
102
201
204
13
523
102
204
229
I
S
551
107
97
328
24
537
134
456
301
46
465
293
45
491
290
42
505
284
67
819
54
841
45
845
87
64
859
123
77
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig...
Denmark ..„„..
England.—
i Rate 1
1
In effect
since—
9 ! Sept. 3,1925
7 Nov. 30,1925
10 ! Aug. 3I?1924
•
&A Dec. 1,1925
9 i Mar. 8.1925
5}4 Sept. 8,1925
5 i Dec. 3.1925
Country
.: Estonia....
i Finland-...
| France
': Germany...
: Greece
•! Hungary..
;.! India
, Italy
!
Rate
In effect
since—
July
j Oct.
• July
1
Feb.
Aug.
Oct.
Dec.
June
1,1825
29,1825
9,1925
26,1925
18,1925
21,1925
3,1925
18,1925
Country
I,
!.
i
I'
'
i
!i
i
Japan
Java-...
Latvia
Lithuania...
Netherlands
Norway
Peru
,
Poland
| Kate
7.3 Apr.
6 j May
8 i Feb.
7 j Feb.
3A Oct.
5
Sept.
6
Apr.
12 j Aug.
Country
j Rate
15,1925 Portugal
!
3,1925 ;i Rumania™...;
10,1924 :i: Russia . . . . !
8,1925 , South Africa I
2,1925 i Spain...
,
14,1925 ! Sweden
1,1923 !; Switzerland12,1925 Yugoslavia..
9
6
8
5*>
6
4&
3>
8
In eSect
since—
Sept. 12,1923
Sept. 4,1920
Apr. —,1924
Nov. 21,1824
Mar. 23,1923
Oct. 9,1825
Oct. 22,1925
June 23,1922
45
FEDEBAI/ RESERVE BULLETIN
jANUABTj1926
FOREIGN TRADE OF PRINCIPAL COUNTRIES
ADDITIONAL FOREIGN TRADE STATISTICS
Beginning with the current issue, the foreign
trade statistics of the following countries are
added to those previously recorded in the Bui/LBTZX: Czechoslovakia, Estonia, Hungary, Poland, Switzerland, and Egypt-
FOREIGN COUNTRIES
i
1925
i 1 * 0 ^ " ! October
12 months ended
November—
1925
1924
:
France (million francs):
i
42,653 ;
39,925
Imports
._ .__; 4,574 ! 4,476
44,827 ,
40? 506
Exports
! 4,193 | 4,375
Germany (million gold marks): !
[Thousands of dollars]
13,711 i
8,501
Imports
i
894 j 1,119
8,774,
8,370
Exports
__i
797 !
851
Italy (million lire):
i
I
18,691
Imports
|..
| 1,856
.!
12 months
1925
14,176
Exports...
..:
j 1,800
i ended November
Switzerland (million francs): !
•
2,500
2,618"!
Imports
'•
239 i
269
2,043
2,055 ,
Exports
__i
153 j
170
I Novem- Qcto1925
United Kingdom (thousand £
,
ber
ber
sterling):
!
;
Imports
: 114,692 | 108,839 1,320,565 1 1,257,588
!
790,172
Exports
60,977 ' 67,082' 776,625
138,494
Reexports
j 13,538 '• 13,377 151,818
Canada (thousand dollars):
,:
!
By classes of commodities:
812,854
Imports
„
_ _ i 75,286 80,800 j 874,296
376, 665 374,104 4,163, 447 3, £.35, 076
Total.,...
.„_
Exports
'• 141,358 • 144,520 jl, 232,162 1,070,065
I
i
Crude materials
I 165,904 151,144 11,677,239 1,208,464 Japan (million yen):
2,444
2,573 •.
Imports
_J
183 !
168 i
Foodstuffs, crude, and food |
1,773
2,277 I
Exports.......I
213 ,
animals..
, 46,588 : 44,278 | 488,931
420,253 South Africa (thousand £ ster;
Manufactured foodstuffs - - -! 29,339 i 33,192 j 432, 530 ' 521,119
ling) :
62,223
65,713 ' 750. 539
Semimanufact ures
I
648,834
ImDorts
! 6,385 i
Finished manufactures
, 70,515 i 77,224 I 791,248
7-15,173
72,482
80,816 •
Exports.
_
'; 7,454
8) 735
25,390
2,553 ;
Miscellaneous
._
-..' 2,096
23, 232
By countries:
j
115.834 1,233,110 1.078,643
Total Europe
„_
! 118,231 '
12 months onded
' 146,384
France
j 14,492 i 15,675
156, 822
1925
October—
140,138
Germany
j 15.728 : 15, 703 155, 685
101,837
74, 716
Italy...
,,-i 9.323 :' 9,680
414,91.2
35C, 123
United Kingdom
, 42; 3-12 37,717
971, 552
993, 785
Total North America
• 75,868 • 81.987
i October leptem1925
1924
448, £76
398,514
C anada
; 43,233 i 47,115
ber
38, 789
515, ."SB
459,097
Total South America
I 43,319
•79,218
73, 260
Argentina „
j 6,714 •' 4,003
964,794 Denmark (million kroner):
Total Asia and Oceania
. 131,459 i 133,989 .1,350,550
384,533
37,242 . 39,079
333.2SG
Japan,
2,210
Imports _.._....
.i
156
146
93, 320
6S; 756
Total Africa......
... ,_.J 7,788 i 8,506
2,063
Experts
I
145
2,109
152
Czechoslovakia
(million
crowns):
I
15,072
17,152
Imports.,
i, 798
By classes of commodities:
Exports
_..
1,617
16,096
18,918
Total
, 447,59 6 I 490,609 4,887,153 4,571,902 Estonia
(million Estonian
i
marks):
Grade materials.
• 172,534 i 209,659 1,429,732 1, 340,522
8,105
9.432
Imports
„_„.
Foodstuff's, crude, and food I
6,867
9j 580
Exports-.. _„_
_
i
842
919
367,945 Hungary ( t h o u s a n d g o l d
animals
19,485 19.312 336, 223
7
Manufactured foodstuffs _ _ _ j 46,972 I 51,474 575,46S
crowns):
575, 858
659,757
Semimanufactures-., 50,036 ! 50,751
754,900
621,100
Imports.
77, 232 77,675
607,738
Finished manufactures
• 149,232 151,070 1. 788,891 1, 581,540
531,700
Exports
! 77,827 80,131 676,100
7,960
Miscellaneous
• 1,191
660
8,465 Finland (million finmarks):
89,185
Reexports
! 8,147
7S688
5,004
4,828
540
Imports
_
531
91,828
iJy countries:
\
70S
Exports
607
5,682
4,773
Total Europe
• 237,644 282,702 |2.629,735 2,417,386 Netherlands (million guilders):
283, 781
2,278
France.. _
J 29,560 34,051 279, 944
195
2,488
Imports
255
4.22,140
Germany
j 39,120 56,481 I 485,030
1,619
1,814
Exports
_.
163
178
!
183,071 Norway (million kroner):
Italy...
16,766 17,392
211, 585
United Kingdom
..J 107,247 121,394 1.033, 560
989,145
1,482
119
Imports...
_
97
Total North. America
j 93, 739 96,491 I) 122,004 1,092,690
1,022
1,096
Exports87
Canada
_ „ j 53,650 55,798 638,109
323,010 Poland (thousand ziote):
304,636
Total South America
! 34,991' 31,135 388, 813
imports
80,083 72,842 1,822,949 1,351,185
112,699
142, 590
Argen tina.
i 13,230 12,144
Exports
131,508 108,905 1,315,168 1,181,754
Total Asia and Oceania..... ! 72,854 73,421 060,346
Russia (thousand, rubles):
Japan
...
...j 29,861 33,170
227, 357
678,899
Imports
82,500 76.300
261, 611
86, 221
Totai Africa—
._•' 8,568
6,861
Exports
._...
76; 000 69,100
540,473
68,284 I
Sweden (million kronor):
i
125
1,392
Imports
131
1,416
1,351
Exports
J
137
132
1,241
Australia (thousand £ sterling):
9,428
144,992
153,314
Imports
12,195
128,741
160, 474
Exports
14,901 10.301
Egypt (thousand Egyptian ]
pounds):
I
57, 258
49,762
Imports
..! 6,117
5,370
65,764
2,493
84,905
Exports
7,076
India (million rupees):
185
2,308
2,405
Imports
__.i
198
279
4,147
Exports.,
....J
291
3,710
I
UNITED STATES
46
FEDEKALc BESEBYE BULLETIN
JANUABY,
1926
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
The tables below give the all-commodities j to a gold basis. The latter figure takes into
and group index numbers of wholesale prices in j account the depreciation of the foreign currency
the five countries included in the Federal Re- | in terms of the American dollar (or gold) and
serve Board's indexes. In the first table the ; the series indicates relative price levels in the
all-commodities index for each country is shown several countries when all prices are expressed
both in terms of paper currency and converted in dollars.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
(1918=100)
ALL COMMODITIES
]
i
On paper currency basis
! United i_. ... ._ ._. _ _
(
| s t a t e s • England France , Canada
Japan
Year and month
165
159 j
!
!
!
178
180
180
181
177
174
174
173
172
175
176
177
168 i
167:
168 ;
163 !
162 •
163 i
165 i
164 ,
165 :
164;
160 .
1924
170 ;
176 :
163 I
1923, average.
1924, average..
178
178
175
171
166
164
163
161
158
157
156
446 ,'
Converted to gold basis
England
!
France i Canada ' Japan
188
200
150
147;
159 i
160 I
205
200
200
201
200
1S9
191
196
198
206
210
156
160
158
162
158
155
156
160
158
181
167
171
163
160
158
156
154
156
158
156
159
160
165
!
I
I
!
|
i
,
1925
January
February....
March...
April
May
June..July
August
September..
October
November-
•
•
;
i
.
:
!
•
i
i
I
,
i
445 :
146 j
148 !
483
147
143
143
145
147
149
428
428
442
440
442
436
:
'
'
,
j
,
i
442!
.146
449
451 '
148
148
149
456 !
457 j
463 !
460 !
467 I
483 i
490 i
491 ,
482 :
482 !
498 j
156
158 !
153 ,
148 ,
149 :
1.47;
148 !
150 '
146 i
145 ,
152
160
168
.162
160
159
161
161
168
161
158-
127
125
124
i
January—
February..
March
April
April
£ay
May
June
_
July
August
SeptemberOctober
November.
December..
18E
166
156 '
157
153 i
148 I
3.49;
147 '
148 i
150 ,
146 ,
145 ;
152 ,
108
107
117
137
128
120
117
125
120
120
123
175
175
171
268
166
164
163
161
158
157
156
147 :
145 :
!
142
144
143 •
140 !
141 !
142 !
146 ,
149 ,
.145:
148
i4s:
119
124 •
121
204
197
191
189
195
195
197
197
194
187
1.26
1554
125
119
119
119
118
110
102
185
182'
172
166
181
158
158
16S
161
181
im
161
GROUPS OF COMMODITIES*
• Grouped by stag© G! . Grouped by
.
origin
manufacture
All
Year and month
ties
1
port
goods ,
ImHaw • Pro- g S " i Doma- dueerd'l ^ iv
P
terials goods ! g J o d g ;
goods I
UNITED STATES
1924—No vcmber...
1925—June
July..
.j
August
j
September...!
October
!
November..
160
163
165
164
165
184
166
165
169 :
170
1C8
17Q
167
167
147 i
144
146
144
142
142
143
162
165
169
171
170
171
176
:
j
;
i
;
!
161 I
165 ,
167 '
166
167
165
168
150
143
146
143
144
144 i
146 i
FRANCE—COIltd. I
169
173
1825—September...;
174 j
October
i
172
November ._i
171
CANADA
|
162
1924—November ._j
160
ENGLAND
1924—No vcmb er..
1925—June...
July
August
September. _
October
November..
176
164
163
161
158
157
156
174
161
161
160
158
155
154
449
478
435
510
506
169
151
151
149
145
147 I
146
187
181 i
180 :
174
173 .
168 !
167
176
165
163
160
167
155
154
178
162
164
165
163
161
159
I
'
I
!
!
I
424
481
472
430
468
472
473 !
541
565
578
530
!
j
!
I
178
163
165
161
154
153
151
FBANCE
1924—Novemb er. ..
1925—June. _
July
August
490
491
i
!
I
'
439
471
486
487
:
Grouped b y stage o£ Grouped by
origin
j
I
manuiactur©
i All
• port
Year sad month modicornConDoIm- . goods
Raw Pro- sum- mesported
ma- ducers' ers'
tic
terials goods goods goods goods i
461
513
615
1925—June
July...
August
September.
October
:
November.
482 i
482 ,
499
495
510
4S5
488
503 i
463
466
484
461
459
471
148 I
147 j
148
146 i
145
152 |
137
137
134
136
129
128
132 |
155 , 161
151
161
ISO '
167
149
171
149
170
149
172
150 j 183
147
147
147
150
145
144
150
210
195
195
197
197
194
187
217
206
202
205
206
199
191
150 I
584
592
626
510
522
554
160
154
154
157
164
161
166
182
166
152
147
155
202
196
195
198
196
184
175
213
197
202
202
208
208
199
.154
154.
JAPAK
1924—November.
1925—June
July
August
September
October......,
November •-!
|
i
i
i
|
;
,
!
i
I
!
!
I
!
216 !
196 i
201
204
203 ;
198 i
189
204 i
189:
189
190 !
190
190
184
212
195
195
197 !
198
196
iComplete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June 1920,
June, 192L, and May, 1922; England—February, 1922; France—August. 1922; Panada—July, 1922; Japan—September, 2922.
JANUARY,
47
FEDERAL RESERVE BULLETIN
1926
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
ALL COMMODITIES
[Pre-war^ 100]
Europe
1
Year and
month
Austria
(gold
1924
January
February-.
March
April
May
._
June
July
-_
August
September.
October
November.
December1925
January.
February
March...
i
April™
..„
May
._..]
June
|
July
__J
August
___!
September __„!
October
!
November
i
December.. ._..j.
I
Belgium
England
Bul- iCzecho- Den- (Board
I slo- mark "
garia i vakia i
of
Trade)
2,711
2,658
% 612
2,798
580
642
825
555
557
585
566
547
550
555
569
568
139
138
141
137
131
127
127
125
974
999
1,021
1,008
2,551 I 1,001
2,811
968 .
968
2,737
953 I
2,853
2,843
2,988
3,132
1,01.3 ,
3,181
1,024 !
559
551
546
533
537
552
559
567
577
575
3,275
3,272
3,244
3,177
3;225
3,041
2,870
2,834
2,823
1,045
1,043
1,034 j
1,020 :
1.008 .
998 !
1.009 i
993
996 .
989 !
977 i
210
223
227
228
225
219
220
233
231
234
231
232
165
18?
165
16.5
164
168
163
165
167
370
170
170
234
234
230
220
216
210
20fi
189
168
163
158
180
171
169
16G
163
159
158
158
157
156
155
154
GerI many
(Federal
s
i Statisi tical j
i Bureau)
Hungary
(g
(gold
b i )
basis)
494
544
499
45C
459
465
481
477
486
497
504
507
117.3
110.2 I
'120.7 i
~" "
124.1 !
122. 5
115.9
315.0
J20.4
126.9
131.2
128, 5
131.3
123
131
130
125
119
133
145
145
142
149
354
1C0
571
573
679
579
571
566
567
572
580
602
621
840
156
158
155
154
153
151
151
151
158
161
161
160
2B0
262
266
267
263
284
271
274
275
276
277
278
109
104
101
102
109
112
116
117
118
514
515
514
513
520
543
657
558
556
572
138. 2 !
3.36.5 !
134. 4 j
131.0 !
131.9 :
133. 8 !
134. 8 '
131.7 i
j 12;
• 13.7
121.1 ! .
_
159
152
145
144
141
141
13C
134
135
131
658
660 !
659 !
160
158
155
161
151
153
155
155
155
154
154
279
281
276
267
260
258
254
245
231
221
217
120 i
121 j
122 !
119
118;
110 i
120 :
124 '
127 !
128 !
1 3 7 '•
Finland
1,071
1,078
1,094
1,095
1,090
1,088
1,085
i; in
1,117
3,114
1.120
i; 139
1,137
1,141
1531
L133
. l\ 122
i 1,129
_,_.„_
I 1,118
! 1,14 2
11
j
.
!
i
'
:i
l f 'l21 i
j
i
j
!
|
Spain |Sweden
I
1924
January..
February
March.
April—
M ay....
June
July,....
August.
SeptemberOctober
November .
December..
178
180
J.80
184
179
}79
182
182
184
.
:
i
:
j
|
j
186 I
181 !
198 •
161
162
162
161
160
158
157
160
163
167
167
658 I
!
i
!
'
!
j
680 ;
683 !
707 :
731;
721 :
716 :
712 '
-j NOT- Poland
| (OsYc)
China Dutch
(Shang- East
Indies
hai)
156
100
158
154
154
352
152
149
149
153
lf:5
157
107
112
no
:
j
!
i
!
172
178
179
174
176
176
179
180
179
181
180
176
207
205
199
.195
200
206 j
213 !
214
213
175
180
180
178
.179
180
180
S81
181
180
181
181
213
210
204
202
•199
200
198
200
201
200
178
175
175
175
175
174
175
175
175
176
211 !
208 j
191
192
193
190
191
187
188
I
|
;
!
I
•
184 I
185 !
187;
16G
169
168
163
162
161
161
159
157
154
155
178 !
159
160
159
158
157
163
360
160
159
158
158
172
178
183
195
19?
191
388
175
173
174
176
179
I
i
I
I
131
136
134
335
131
132
143
177 I
176 !
175;
174 •
173 I
175 :
176 |
175:
171
172 !
168
169
164
157
160
157
158
160
164
126
Ub
156
158
183
157
161
155
154
151
ifiO
130
130
151
12?
1925
January
February...
March
April
May.._
June....
July
August
September..
October
November..
December...
j
I
j
I
!
i
169
187
193
181
175
168
169
175
173
164
164
188
I Japan ! New Egypt j South
i(Tokyo):Zealand (Cairo) I Africa
180
178
177
178
174
177
177
175
173
179
Russia *
Africa,
Asia and Oceania
Europe—Continued
Year1 and month
Nether
Italy
152
153
Mo
ra
I
* 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 ol the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 19 L3 base. Further information as to base periods, sources, numb or
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.
48
FEDERAL RESERVE BULLETIN
JANUARY,
1926
WHOLESALE PRICES IN PRINCIPAL COUNTRIES—Continued
GROUPS OF COMMODITIES
U N I T E D STATES—BUREAU OF LABOR STATISTICS
[Pre-war^ 100]
Bureau of Labor Statistics groups
All I
com*
Cloths Fuel a n d
mod- ] Farm •
and
; ities | prod- : I Foods cloth- and metal
j
• ucts
ing
ucts
Federal Reserve Board groups
Haw materials
ing
'
. jChem- 1 furi icals nish- :. Miscella' and
FroConAni- ! Forest Min- Total I duc- sumj ers'
ers'
mal
eral
raw
Crops prod- prod- prod- mate- i goods goods
: UCtS
rials
ucts
i
1823, average
1924, average
1924—-November _.
December...
1925—January
February. „
March.
April
May..
Jane
„„
July
August
September.
October
November.,
154
150
153
157
160
161
181
156
155
157
160
160
160
158
158
141
143
150
157
163
162
161
'
i
i
|
!
i
!
153
152 I
155 i
162
163 i
180 :
155
154 !
144
144
154
158
160
157
159
154
153
155
157
159
160
158
160
200 i 185 '
191 ' 170 j
190 i 163
165
191
191 : 168 I
191
178 i
174 i
191
169
190
168
188
173 i
188
172
189
170 I
180
169 j
189
172 '
190
175 j
188
144 !
135
129 :
133 !
136 !
136
134
129 !
127;
126 i
126 !
127 :
127
128 :
130
189 j
175 !
172 1
131 j
130 !
134
135
175
179 i 135 !
183 I 135 !
180 ! 134 !
174 :
134;
174 ; 1 3 3 •
171 ! 133 !
170 :
133 ,
172 i 135 !
174 , 13G ,
174 : 135
176 !
135 '
E N G L A N D — B O A R D OF T R A D E
1
154 i
165 i
152 I
167 !
175 ;
148 I
119 |
130 ;
182 I
181 !
158 |
S« - :
_..!
170 i
170
169
139
138
138
166 '
168
172
176
186
196
193
183
173
176
175
173
175
168
162
160
185
170
166
169
172
175
173
168
167
167
168
170 ;
172 1
174 !
176
!
159
154
155
161
167
169
169
161
160
162
166
168
166
162
160
I
141
133
131
132
134
136
135
131
131
135
137
134
131
133
135
1925
!
i
Qroups
! "N-0- '
No
No-
"
July vem-
ber
All commodities
156
166
159
166
170
151
121
13G
204
179
157
156
156
183
167
169
167
168
166
164
160
167
168
169
166
168
1924
torn-,| gust !j July | vcm£^;
ber !
bor
j.
All commodities
j
Total food
!
Cereals
i
Meat and iisb...
i
Other foods
.„„
j
Total, not food.._
!
Iron and steel
|
Other minerals and metals..m\
Cotton
Other textiles
Other articles
1
173
173
170
170
123
117
123
129
127
125
125
129
131
138
M3
138
135
138
142
I
210 I
186
182 j
187 !
193 !
201 ,
196 1
187 :
189
181 ,
180 !
185
184 !
185 '
187 !
! 1924 !
__..
i N(> |
I vein-;
j ber !
173
172
172!
122:
120 j
124
129 •
133 i
136 !
148;
141 j
134 I
141 '
154 ;
155 !
155 .
147 '
139 I
I T A L Y - C H A M B E R OF C O M M E R C E
1925
Groups
183 !
157 !
166 i
164 i
161 i
174 !
152 I
123 I
i 132 !
, 207 ;
177 !
! 157
!
'
!
:
'
i
158;
106 :
159 .
___ '
154
185 i
153 ,
125 I
132 j
210 !
176:
157 I
170
177
182
166
182
160
137
141
226
214
161
I All foods...
Vegetable foods
!
Animal foods
|
All industrial products
i
Textiles..:
;„__
Chemicals
!
Minerals and metals
j
Building materials..
Other vegetable produces
|
Sundries.
'
i
675
654
705
675
J 737
,„
633
704
! 664
!
.
I
i
I
672
689
658
732
664
763
609
638
709
600
1 676
692
j 660
738
' 670
, 776
i 615
j 640
i 703
j 665
653
668
652
617
700
675
821
616
645
664
664
649
! 685
: 686
665
' 715
i 684
| 827
620
657
692
674
658
:
578
584
547
638
576
693
534
555
573
544
549
CANADA—DOMINION B U R E A U OF S T A T I S T I C S
FRANCE—STATISTICAL BUREAU
All commodities
Ail foods.
„_„
Animal foods
Vegetable foods
Sugar, coffee, cocoa..
All industrial material _,
Minerals
Textiles
Sundries.
608
510
496
522
502
682
606
928
811
572 i 556 557
492 i 501
486 ! 500
491
485
498
480
490
495 ;
637 • 607
585 522 .
830 i 807 :
578 566 ;
496
500
603
518
808
557
557
508
499
520
4.86
596
506
801
551
I
Ail commodities
Vegetable products
Animal products
„..
504 i Textiles
„
4.58 ! Wood prc-ducts
459 ' Iron products
466 Nonfcrrous metals
426 Nonmctaliic minerals
541 Chemicals
448 Raw materials, or partly manufactured
_
763
489 Manufactured, fully or chiefly _.
Producers* goods
Consumers* goods._
„..
157
157
149
189
159
147
107
177
158
157
161
142
191
160
150
107
178
158
160
173
138
193
159
149
107
178
158
158
170
135
195
159
151
105
i 177
158
158
170
135
193
157
155
100
178
155
160 , 151
157 ; 157
149 ! 145
164 i 160
151
159
150
157
155
157
159
161
156 | 155
156 I 154
155
158
154
151
161
172
152
188 :
159
147
108 ,
177
157 ;
i
:
'
•
i
GERMANY—FEDERAL STATISTICAL BUREAU
S W I T Z E R L A N D i—DR. J. L O R E N Z
All commodities.
\
Total food products..
Grains and potatoes
Fats, sugar, meat, and fish..!
Colonial goods, coffee, cocoa, i
etc
•
Total industrial products
_ _,
Hides and leathers
J:
Textiles
Metals and minerals
,
Coal and iron
I
Domestic goods
Imported goods
129 !
124 I
121 '
115
99
142 ;
124
(18
103
16
4
128
121
106
150
132 .
130 !
120
147
129
136
113 i
143 [
181 ;
133 ;
120
188
130 i
120
113
164 ,
181
134
123
102
131
120
115
166
181
135
125
189
132
121
118
165
175
135
123
190
134
121
125
165
179
136
126 !
191 j
131
123
129
166
170 i
137 i
135
205
125
122
121
167
1925
Groups
All commodities
Consumers' goods
Agricultural products
Industrial products
1
First-cf-month figures.
1924
SepDe- Nocem- vem- Octo- tember ber
ber
ber
157
172
112
155
157
173
113
155
159
173
117
160
159
174
117
159
Au- Degust cember
160
174
115
160
170
183
127
172
49
FEDERAL RESERVE BULLETIN
J A N U A R Y , 1926
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war-100]
I
I
j United|
i States i
, Austria
Bel; (Vienna)4
1924
January.
February
March..
April
...J
May..
June
July...
August
September
October
November
December
•
146
22,941
126
144 " 23,336 ' 130
141
128
Other countries
! India i N e w South
i(Bom-l Zea- Africa
jb ^ ] Jaad
Bui- i Enggaria l a n d '
2,674
2,637 '
2,497 :
2,501
2,438 •
'
2,687 <
2, 626
2,727 :
2,723
140 3,131
27,168
143
27S 065
137 3,163
148
26,796
134 3,128
148
26,448
127 3,100
149
27,037
1 2 2 • 3,032
152
27,031
3,083
157
2,900
26; 550 | 130 .
157
2,
25,739 | 135 , 744
156
25,294
140 2,710 |
158
25,186 ; 144 2,698
164 ! 25,108
1925
January
February
March
April
May
June
July
August
September
October
.„
Moy ember __
December
2,994 .
3,040;
154
151
147
143
143
14?
151
356
156
156
.157
15G
152
152
155
153
151
149
152
147
148
J.4.8
149
138
138
140
140
141
144 j
146 j
147!
149
23,361 ,
23,797
24,267 I
23,499 !
25,0£Q
25,100 !
25,305 i
26,482 i
26,806 :
121
113
118
123
124
127
135
140
139
151
;
j
!
j
|
150
149
150
150
150
150
148
146
145
145
148
150
120
122
122
123
122
120
117
117
117
120
122
121
147 '
146 :
2.20
120
121
124
123
122
12C
118
118
119
1 4 9 '•
149 •
:
150
Me;
151
252 '
1S3
155 '
m
INDEX NUMBERS OF COST OF LIVING
[Pre-war«100]
European countries
Massachu*
setts
Es*
Bel- Czech- E n g gium oslo- l a n d » tovakia
nia
Other countries
Fin- France Ger- Hun- Italy !Neth- Nor- PoSwe- Swit- Can- Aus- Indis South
land (Paris) m a n y gary (Mi-| er- way land Spain den Eer- ada 1 tra- (Bom- Africa
lia bay)
Ian) !Sands
land
i
1924
January
February
March...
April
May
June
July
August
September...
October
November
December.1926
January
February- March
April
May
June
Julv
AugasL
September..
October
November.™
157
156
156
154
154
154
155
155
157
:-L57
'•57
158
480
495
510
498
485
492
493
498
503
513
520
521
917
917
SOS
907
916
923
909
897
908
916
922
928
177
179
178
173
171
169
170
171
172
176
180
181
J58
J57
158
158
521
537
899
911
904
901
894
914
916
894
884
875
180
179
179
175
173
172
173
173
174
176
176
177
358
15S
160
161
161
IQ'J
.162
511
506
502
505
508
517
525
633
534
534
95
94
98
104
108
109
113
110
114
112
111
112
114
112
1,155
1,143
1.141
1,121
1,121
1,147
1,154
1.198
1,199
1,219
1,222
1,217
1,199
1,191
1,210
1 201
1,176
1,191
ll266
1,242
1,228
1,227
110
104
123
101
510
517
.
521 . _
179
238
522
538
518 " " l 7 3 " ""244"
512
5U
516
258
176
546
563
573
266
181
1G7
112
115
112
116
J14
118
122
128
123
118
207
104
128
140
138
135
141
141
143
124
8 136
136
886
137
136
138
390
143
145
145
401
144
141
141
135
132
130
131
330
126
580
592
602
600
in
271
591
596
598
179
259
127
126
1?4
123
610
624
043
179
248
S65
"ice"
367
377
121
127
178
190
178
126
127
126
124
127
135
141
150
152
153
180
195
173~
180
186
182
171
180
189
185 "I74"
175
199
150
151
151
149
147
148
152
151
152
155
158
188
178
189
192
191 "177"
188
190
190
176
190
190
189
175
169
168
168
J66
168
368
169
166
166
169
170
170
150
149
148
145
143
143
14S
145
146
146
147
"149"
14.7
14S
168
168
167
165
165
165
186
164
165
163
163
149
150
148
147
146
146
146
148
148
149
152
150
148
loG
153
154~
158
166
153
150
ISO
153
156
160
160
160
161
160
133
134
.134
134
134
133
132
1B2
132
138
134
133
157
157
159
158
156
154
157
152
151
153
153
155
133
133
133
184
134
134
133
132
132
132
131
8
s First of the month
figures.
Revised index.
s 1921-100.
* January, 1921-100.
NOTE.—Information as to the number of foods and items included, tha original base periods, and sources may be found on page 276 of the April,
1925, issue of the BULLETIN. The original bases of the indexes have been shifted to Juiy 9 1914, wherever possible.
50
FEDEEAL RESERVE BULLETIN
JANUARY, 192 G
inarnci? A IT
AVERAGE DAILY CONDITION FOR NOVEMBER AND OCTOBER, 1925
[Amounts in thousands of dollars]
Total bills and
securities
Total cash reserves
j
Federal reserve notes j Reserve percentm circulation
i
ages
Total deposits
Federal reserve banks
November ! October
! November i October
November |
October
j November j
October
I Novem-
October
•
Boston.
New York
Philadelphia...
Cleveland...,
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o . I I
Total: 1925
• 1024..
1923
1922...
1921.
1920
_,
,
:
!
'
•
•
J
'
I.!
125,445 !
260,159 '
91,532 '
Ii8,632 '
52,983 !
99,329 '
151,220 j
71,874 '
31,708 !
79,357 '
69,351 >
137,141 i
: 1,288,731 ,
1,085,027 :
_ . 1,147,765 i
1,210,126 ''
1.520'. 283 j
3,375'. 395
206,861 !
108.050 I
287,292 I 1,009,204 j
214,219 j
95,387
304,701 i
122, 905
114,355 i
59,073
141,322 '
67,925
150.990 I 346,792 '
64,210 ;
57,168 '
43,581 ;
'
95,877 I
73,097 I
79,528 !
59,135 i
51,927 ;
123,980 ' 255,624 j
1,255,631 I
1,005.742
1,150,593 I
1.184,700 [
i; 040, 740
3, S90, 089
151,224 |
879,713 j
134,444 i
178,267 j
71,068 ;
84,214 !
328,459 ^
82,818 '
55,525 :
90,552 j
64,405 '
173,363 j
219,129
211,175
303,159
103,791
169,363
345,427
65,493
83,457
83,116
59, 849
262, 592
2,877,578 1 2,867,444 i
3,124,202 ;
3.131,153
3,199,810 : 3,194,285 i
Si 208, 752 , 3,211,513 j
i 2,964.419 : 2,905,727 :
2,182', 795 . 2,162,178 '
149,624 !
857,189 I
135,902 '
180,532 '
70,239 !
83,064 !
329,671 i
82.556 i
54; 523 !
•JO, 417 •
63,321 :
169,404
2,294,052 !
2,223,364 ,
1,938,964 !
1,890,022 !
1,732,504 !
1,830,011 '
169.715
360I21C
147,551
225,571
88,878
157,218
148,641
39,877
67,882
66,874
47,293
204,648
103,666 !
357; 292 !
148,436 i
223,340 '
84,752 I
157,371 i
147.303 j
4i;074 i
67,823 ,
86,789 :
47,614 '
205,263 ,
'
i
I
i
i
i
I
!
j
!
2.260,442 : 1,724,362 | 1,713,723 !
2,208,509 ! 1,836,189 I 1,769.354
1,919,312
2,256,777 j 2,276,388 :
i, 876,362 I 2,324,805 ! 2.309,013 !
1/728,029 i 2,402,442
2; 456,121 "
.
1,867,589 I 3. 327. 632
3,336,768 '
64.5
81.4
76.0 .
75.5
71.5
58.5
72.7
46.0
77.7
50. 5
48.5 !
67. 6
71.6
77.1 •
76.3
76.1
71.7
1 43. 7
69.9
79.1
74.3
74. 5
67.0
70.4
72.4
53,0
68.2
52.9
53.9
70.1
72.0
78. 5
76.1
76,7
69.4
1 43.1
- Calculated on basis of nat deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AN© LIABILITIES, 33Y WEEKS
RESOURCES
[In thousands of dollars]
Totcl
Gold v.'ith Federal reserve
agents:
"Nov. 25
Dec. 2
Dec. 9 . . . .
Dec. 16...
Gold redemption fund with
U. S. Treasury:
Nov. 25_.
Dee. 2
Dec. 9
Dec. 10.
Gold held exclusively against
Federal reserve notes:
Nov. 25
Dec. 2..
Dec. 9
Dee. 16
Gold settlement fund with
Federal Reserve Board:
Nov. 25
_.
Dec. 2.....
Dec. 9
Dec. 15
Gold and gold certificates held
by banks:
Nov. 25...
Dec. 2
Dec. 9
Dec. 16
Total gold reserves:
Nov. 25
Dec. 2
Dec. 9
Dec. 1 6 . . -
Richmond
I Boston
St.
Louis
San
Kansas
City Dallas Fran*
cisco
Minneapolis
1
I
84. 52582,845;
84,030i
84,540;
370,2411
370,2271
320,109,'
380,109!
.123,085
123,709'
129,187'
136,087
182,971
182, 755j
181,265
181) 704'
71,125
69,892
73:370
72; 147
87,614
85,8721
93; 452
92,895
114,796
114,787
114,7871
114,7361
15,407
15,227
14,945
14J988
50,004 I 8,948'
54,162; 10,084'
57, 705 i 8, 298'
54,5701 i 6.832-
9,139
8,257
12,244,'
10,876:
6,636
7,974.
10.969
14,080
2,280|
3.642:
4J041!
2,243!
l,296i
l, 8961
2,337J
2,616!
5,554!
4,8061
4,667!
4,928i
5,629'
4,837;
3,800:
2,589.
1,223|
1,002.'
1,320i
1,215!
1,4941,460
1,166,
3; 524
1,810!
2,228!
2,320|
2,5771
2,747
2,181'
3,166
4,069
4,012
3,618
l,405,467j! 93,473
1,397,586. 92,929!
1,365,2771/ 92,328
1,449,329;: 91,372!
379,380!
378,484,
332,353,
390,985!
120,721
131,683
140,156
150,167
185,251!
186,397
185,306!
183,947:
72,421 :
71,788'
75,707!
74,763;
93,168!
SO, 678,
98,119.
97,823 \
120.425: 16,6301
119J624! 18,229
118,587, 16,265
117,3251 16,203
63,618j
55,3751
55,033i
40,478;
48,157:
52,725
21,531.
22,178
21,651'20,926i
189,863
183,500
181,273
198,060
50,0131
44,242;
43,767,
43,752;
232,454;
24J.,377i
262,905'
186,168|
56,9551
55,371
58,259:
55,540:
66,689! 38,276." 30,546,' 128,608; 16, 089
67,298' 35,097! 32,140 133,465, 28,330
65,9631 36,261' 28,118' 135,830, 23,087
58,157] 30,602' 33,024 134.5411 18,871
21,108,
15,279,
19, 018:
22, 540!
3C,61l!
38,079!
35,441 ;
30,140:
13.2741
11,416!
8,7001
13,, 670i
33,406
26,908
35,823
37,894
45. 787i
49; 380:
47,9831
46,124|
354,276!
351,079,
348,740;
337,044!
18,015' 48,523'
18,009, 49,423'
17,345; 47,036,
17,229 46,827,
7,142,
7,075:
6,3881
6,556:
4,396'
4,007;
4,043!
4,238!
10,555'i
10,736!
10,774.
10,913.
29,562
30,907
32,147
32,845
1
189,273.
186,o5il
184, 058|
18.1,2481
966,110,
970,940!
943,998i
914,197;
I
77,772!
85,9721 82,564!
80, 7811 87,64lj
84,129! 37,1031
!
45,360!
44,3301
41,125!
45,509!
252,831
241,315
249,243
268.799
1,355,403
1,343,424
1,307,572! i
1.394,759 1
724,0291
729,002;
753,172:
684,899j
6o,909J 33,882! 19,211
62,124| 38,954 j 19,601 179,431
53,915:" 46,347 18,904 177,261
53,887! 50,499! 18,745 194,442
Ij
61G, 397!
616,023!
603,836;
5S7,358j
ii
I 2.745,893!!
! 2!742,61lii
I 2. 722, 2Sa!|
• 2,701,5861!
204,691.
205, 063i
215,760s
222,9361
300,463
303, llSi
298,305;
288,931!
5.354i
5,7911
5,9171
6,1581
3,579, 77,460'
3,639' 74,7151
3,679j 67,655.
3,611" 64,800|
11,748
11,262
12,149
11,013
1127,293'i320.493.r 44, 467
116,05] j
112,676'
117,8851
111,523,
J26,457i 327,804! 55,821
129,916 322.072i 51, 501
134,4581 31Cl 6661 46,087
51
FEDERAL RESERVE BULLETIlSr
JANUABY, 1926
FEDERAL R E S S R Y E BANKS—RESOURCES
AND LIABILITIES, BY
WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
I Total
Reserves ot'acr than gold:
i
Nov. 25
|
Dec, 2_
Dec. 9
:
Dec. 16
-.-.
—-1
Total reserves:
Nov. 25
„
Dec. 2
_
._
Dec. 9..
_.
Dec. 16—"Nonreserve cash:
Nov. 25
._
Doc. 2
Dec. 9
Doc. 16.
.Bills discounted;
Secured by U. S, Government obligations—
Nov. 25..
._.Deo. 2
Dec. 9
—
Dec. 16
—
Other bills discounted—
Nov. 25...
Dec. 2.
Dec. 9
Dec. 16
,
Total bills discounted:
;
Nov. 2:5
Doc. 2.
Dec. 9
_„..,
pec. 36
,
Bills bought in onsen market: !
Nov/25
I-....
..,.Dec. 2
:
Dec. 9.
Dec. 1 6 . . .
"U.S. Government securities: j
Bonds—
Nov,25
Dec. 2
Dec. 9..
.!
Doe, 16
Treasury n o t e s No v. 25
•
Dec. 2.....
-'
Dec. 9
_.,
!
Dec. 16
Certificates of indebtedness—
Nov. 25.
"
Dee, 2...
j
Dec. 9 . . .
J
Dec. 16
I
Total IT. S. Government se- |
eurities:
Nov. 25.
Dec. 2.
Dee. 9
Dec. 16
Other securities:
Nov. 25.._
Dec. 2
Dec. 9._._
Dec. 13..
Foreign loans on gold:
Nov. 25
,
Dec. 2
„
Dec. 9
_
Dec. 16
_
_..
Total bills and securities:
Nov. 25
Dec. 2.
Dec. 9
Dec. 16
„
Due from foreign banks:
Nov. 25
Dec. 2
_.
Dec.&
Dec. 16-..—
;; Boston]
New
York
Philadelphia
I
114,642!
114,938|:
107,616;
108,358;;
!
16,932!
17, 773;
16,133j
16,961 j
27,148
25,883
25, 620
25, 642
2,860,535;'
2,857,549!:
2,829,901'
2,809,944'!
206,205!
204, 324;
2G0,191!
198, 209j
993, 258
996,823
969, 618
939,839
45, 268 i.
44, 389 f
45,663!!
4,054J
3, 965'
3, 9421
3,769!
14, 496
14,964
15,123
16. 594
1,034
913
809
951
346, 326 i 15,724;
314, 582i 15,406!
378,272
18,187!
3 4 3 , 1 2 1 j • 18,841
129, 493
96, 727
144,3891
103,177
33,113
35, 399
33, 388
34,056
278, 388Jj 16, 346
329, 293! 23, 555
301,102J1 28,027
275,946:: 15, 80J
63, ISO
91, 032!
67, G04j
43, 490".
7,851
6,591
5, 265
4,580
!
Cleveland
Richmond
Chicago
Atlanta
Minneapolis
St.
Louis
Kansas
Dallas
City
5,910
5,484
5, 552
5, 546
5,970
6,140
5,961
81,802;
86, 369
91, 46o!
90,824|
51, 270
49,814
46, 677
51,055
258,801
24.7, 455
255, 204
274, 495
654
6.19
823
659
1,864
1, 804!
2,031
1,897
I. 772
l', 420
2,662
3,104
2, 731
2, 484
9, 360,
8,852!
8, 2681
9, 76(5;
2,495 j
2,451i
l,S48i
2,610|
9,877!
6, 540;
8,853;
20, 202! 30,71i;
24, 472! 31, 034!
21, 228, 34, 379:
22,076! 42,405
21, 508'
15,813!
14,375|
12, 818!
3, 5631
3, 614
3,583 i
3,689!
13,452!
15, 209,
11,405;
116901
27,027i
31,154,
25,038'
27,793;
30,868i!
24,665
22,443!
99 P.US'
22,584;
6>
6, 2321
5,934
5,959
5, 525
4,7""
6,756
6,321
6,166
6,508
306,6951
310,944
304,009
296,773
121,985
118,635
J23, 410
116,231
134,049
132,778
136,082
140,966
344,357!
336,855!
331,373;
55, 405!
66, 433!
G2, 322,
36, 363|
96,975
87,963
82,952
86, 300
2,042!
2,823
1,9 6 0
1,9
3,190;
31
3, 384
3,627
3 43
3, 433
3154
3,1541
3,198
2,810
% 945
2,502j
5,80S1
6, 478!
6, 245 i
6,0961
2,89oi
2, 741
2,680
2, 705
44,090! 14,190
37,842i 12, 058;
50, 380:; 11, 6041
58,291 14, 682|
6,825!
6,682,
3,8>0i
5,715 :
42,252;
51,156i
55,767 !
55,089:
21,947j 33,873! 23, 759!
23,7091 38,081! 25, 528!
23, 750| 36,8811 2(3, 715;
22, 200j 43,850, 30,181.
55, 0G0 77, 963,
59,108| 75; 923 !
57,138' 87.2611
56, 256; 102; 1411
212, 542
211,654
221,025
227,516
:
14.995'
3^553
14.783
14,7071
I
I
341,488
10,938
10.612
10,82l|
10, 276
I
1,883
1, 991
2,171
2,171
I
30,361
30,428
31, 302
31,764
G, 701
0,706
7.033
53
58
58
467
22,424
22,674
22, 623
14,382
36, 281
36, 281
36,281
1,690
115
115'
4,815|
7,597
7,597
7,597
15,051
35,408 :
34,838
35,570
17 908
14, 570:
14,620 :
12, 743;
9,645'
9, 210-!
8, 243
4, 568!
3, 962.
3, 632!
3,350'
56,28556,269 j.
56,276' I
73,451 j;
529
529
52S
553
1P 257!
1.257i
I! 257!
16,419j
585!
585j
585!
604!
7,965 !
7,9651
7,965
8,104
1,101 j
1,191 :
1,191'
1,240,
8601
8361
839
981 :
19,928;
19,928'
39,928'
20, 252j
1,522:
1,522-1
3,521|
1 74G!
7,0081
7,558,
7, 5581
7,665;
244,439,:
254, 858 '
266,080!!
153,740M
1,993
2, 093!
1,993|
1.246|
57,127!
68,114 !
77,912'
32,286
11, 428! 21,989,
11,428! 21,989
11,428; 21,989=
3,507: 17,608;
4,253-'
4,253,
4,2c3 !
2,726!
12,406 \
12,406|
12,406,
7,873'
25,363!
24,445.
26,020!
17,8681
38,873,
18,873
18,873 i
11,849
9.0201
9; 020,
9,020!
5,6G2\
31,575!'
28,302i I
29,517,;
171,280 ! !
6,412
6,154|
6,154
9,350
3,000
l,710i
3,280!
91,182
7,050.
7.. 050!
?; 050i
14, 728;
|
...|
!
1,995!
332,299|
7,934
339, 429
8, 776
351,873
8, 676
398,4711 _ 11,149
61,384|
71,08.1!
82,449.
139,887i
i
892!
4,157:
12,565:
5,444!
5,444,
5,444?
4,858 :
15,261 j
15,237!
15,290!
13,011
47,005|
45,487:
46,157
50,685
93L
93:.
93!
4,196
20,488
20,488
20,487|
17,791 i
3.195JL.
481
614
614
651
1,326,121 i 126,477
1,352,4771' 128,069
I 1,412 292.1 135,934
i 1,382,223. 128,489
j
I
658';
771/.
,
I
861"
..
i
710;.
1,755
2,2411
2,241!
2,376!
8,1391
8,139'
8,139!
8,387!
I
IS, 5781
16,5781
17,078,
15,289,1
59,655
i
23, 282i
23,282
23,2S2
15,211
33,419|
33,4191
33 r 419|
32,970;
30,807 1 43,936
29,490! 43,936
29,444. 43,936
26, 230| 39,040
100
100.
1001
ioo' r ...
605
772
942
440:.
4401
466i
291,230i 92,34! 119,284
295, 919, 9GS 613! 116,451
331,453! 92,76f 126,822
306,8381 91, 71: 139,065!
48,305:
47,432!
47,835;
53,637'
658.'_
771L
861 j .
7.101-
?
500
3,050!
3,050]
3,050|
3,050
3,150::
3,150H..,
3,1951:
6,500i!
8.300!1
8,300 ! :
8,798i
19,063j 30,980
19,0631 30,430
19,063| 30,430|
18,839i 28.722'
|
1,714;
i ; n4:
209:
6,837 23, 000
8, 47S 28, 7GS
8, 679 24, 376
7, 562! 20,094
27, C95
29,961
33,843
33,321
85,992;
79, 718
79, 530
;. 1.995!
j 2,045!
655
400
822
274
20, 642.
23,425'
7,
18,1601
21, 583: 16,
27,741| 21,738! 16,83G!
32,408 20,491! 15,635!
359,458'i
357, 723 r
369, 550
352,6921:
l,026L.
476 1 ..
476!.,
3,010
36,
39.
4i;
30,
66,198
50,368
192, 683!
187,759!
211,1931
146, 667
05,986" 34, 451 j
66,55J-- 31,712,'
67, 556i 30, 836'
66.038. 29,721;
% 252
2,300
2, 469
1, 767
10, 778
31.14"
9,329|
32, 070i
38,961'
47,114!
34, 642i
72,903'
82,190"
90.146J
97, 5841
If
1, 662
6,058 j 23,329!
:
065' 21, 518
5,431| 17,945'
' """
6,299. 20.543,
624, 714 ji
643,875 1
679,374 i!
619G67J
37.949:
37, 6881
38,319
44,803 !
San
Francisco
260
340|
841;
3S0!
897j
1,145,
1,145!
1, 214;
108,640i 155,316
113,2821 160,534:
108,225! 108,284'
1 0 ^ 2 0 0 179,204;
i
„_:.
!
j
„
214!
274!
273i
290!
26o!
3321
332!
352!
228
291 :
29.1:
308;
455
581
581
616
75,080 30,165i
67,138, 39,897!
71,053! 44,545i
73,188| 42,414
77,75G
73,52Q!
68,632
69,600
382!
382
405
j
67,219;'
70,520
74,726!
69,188
134,407
143.113
142,017
121,788
52
FEDERAL RESERVE BULLETIN'
JANUARY, 1926
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued.
RESOUEOES—Oontinued.
[In thousands of dollars]
I
Total
Boston
New
York
i Phila- i! Cleve- I Rich- I Ati land ' mond : lanta
!
dcl
"
i phia
:
St.
Chicago | Louis
. San
Dallas | Frani Cisco
Mint
~jj}*f'
oiis
r~" "i
Uncollected items:
Nov. 25
i
Dec. 2
Dec. 9
Dee. 16
B a n k premises:
N o v . 25
Dec. 2
Dec. 9
Dec. 1G
All o t h e r resources:
N o v . 25
Dec. 2 _ . . _
Dec. 9
„_.
Dec. 1 6 . . .
„
1
_:
.__'
[
J
!
62,185
74.2; 551;
G92.811J1
952; 147;
!
61,817j
62,021:
61,552|
61,(307,
!
18,454;
18,166|
19.362."
17; 032!
60,175
90, 655|
149,786,
171,0801
148, 220
228,153'
61,179.
06,347 :
61,136|
86,611'
4,190
4,190j
4,190!
4,190j
17, 259':
17,2(51
17,261"
17, 261.
i, 334
1,3341,386
1,386.
139.
128!
131"
100i
4,515 :
4,456
4. 689
3| 235
62,812
63,937. 68,386
57,132 63,515
81, 946 77,653
41,918 83,359'
40,818 89,872
40,979 86,772
49,864 134,776
34,605
36, 685
36,100
45,475"
15,052i
16,048 !
15,862!
17,487:
I
3,066!
3,066
3,070
3,070
2,805
2,707!
2,622,
2, 670!
7,948
8, 281
7,681
7, 681
2,446:
2,446
2,446.
2, 446
2,781:
2, 790
2, 790
2,791
8,099:
4, 750:
4,611.
4,627
4, 627
281
388
296
380
312! 1,112
376 1,007
388
372
362
377,
2,157:
2, 149
2,149
2,125
1,506'
1,583
1,972;
1, 998
341
333
335
363
737
737;
710
541'
28,115;
30,927!
31,878!
34,703;
42,108
44,703
44,660
52,568
I
1,834'
l,S34i
1,834
1,834:
3,338
3,338
3,338
3,338
1,330i
1,198
1,201.
1,206'
42,731:
45,544'
46,382
62,266 i
I
4,772
4,77li
4,830.
4,884'
3,867
3,827
3,767
3,634
Total resources:
N o v . 25
Dec. 2
Dec. 9____
Dec. 16
_
_
„
4,997.881!
! 5,078,803
. _ . . " 5,0621168
! 5,2091.926 425,412, 1,512,630, 408,552j 529,662 253,398 305,448 661,546. 182', 721.
152,600- 220,002j 159,648! 458,307
LIABILITIES
Federal reserve notes in actual
circulation:
Nov. 25
1.731, 510".: 171,279.
Dec. 2
_
I', 742, 706!-j 171,143^
Dec. 9
„
1,765, 627 J 173.179:
Doc. 16
1,788, 230". I 176; 824
Deposits:
" Member bank—reserve account—
2,219,813;: 142,555
Nov. 25
Dee. 2...
2,235,787i!- 142,810:
Dec. 9
2,246,386.1 143,078
Dec. 16
2,264,797", 143,492'.
Government—
Nov., 25
...J
36,853.i 2,758'
Dec. 2
44,136"! 4,295'
Dec. 9
35,840
3,58l!
Dec. 16
...
...
5,954.1 280,
Foreign bank—
12,937j
150'.
Nov. 25.
13, 002 I
161
Dec. 2
Dec. 9
.„....."
11,884-i
161:
Dec. 16
8,398
161 i
Other deposits—
Nov. 25
,„
.
21.181
110:
Dec. 2
..._•
20; 074:
113=
Dec. 9
20,420
115.
I
23,356
133;
Dec. 16
Total deposits:
.
<
'
Nov. 25
_„.„' 2,290,784 145,573,
Dec. 2
__i 2,312,999 147,379
Dec. 9 . . .
„..„.,
2,314,530 146,935s
Dec. 16
. 2,300,505, :L44.066'
Deferred availability items:
Nov. 25
; 622,853 60,202,
Dec, 2
..J 670,132 64,165"
Dec. 9..
• 626,937; 58.180"
:
Dec.16827,072 78; 215.
Capital paid in:
i
,
Nov. 25
..„
116,844i. 8,611,
Dec. 2
116,871 8,61li
1
Dec. 9.
116,863 ,i 8,611:
Dec. 16...
116,964] 8,611;
Surplus:
••
:
N o v . 25
Dec. 2
Dec. 9
Dec.16
All other liabilities:
N o v . 25
Dec. 2 . . . .
Dec. 9
Dec.16...
362,455 148,167
361,533 149,597
362,979,156,730
389,551: 158,573.
89,261 157,233 150,0621! 39,143
89,763- 159,995 152,885 38,995
90,778 161,173 157,1511
~~ "
68,302'
69,221.
69,2I9 1
69,294
67.1031
68; ' " ~1971
~~
69,044 1
46,920
48,029.
48,327
47,931;
I
850,396
868,834
870,779
852,827
203,722
205,446
206,653
207,883
82,039
81,429
80,348
83,714
321,969
318,1861 82,394
323,530; 83,162
336,499| 81,042
52,954
52,480 ;
52,002:
54, 698
I
I
3, 252,
731'
2, 005:
13j
3,073
3,455
1,745
443
2,348! 1,594
12,205 j 2,397
3,251, 2,510
442! 1,121
1,525;
1,676
2,019
923
1,574!
860;
154'
1,628
3, 253
3,989
766
11,458
11,417
10, 298
6,813
188;
202!
202
202j
217
232.
232
232
107|
115
115
115,
83
89
89
89:
280;
2991
299:
299!
100
100
100
10, 516
9, 593
9,466
8,965
290j
370
234i
628:
1,285
1,211:
1,241
1,522;
90!
53
69|
163;
61
47
54
323
902!
934
1,031
1,251
844
798
94!
1,216
230
298
533
886,087
900,323
902,125
869,138
131,986!
133,4001
132,195;
137,265]
179,231.
180,054 :
178,750
189,002:
73,032
70,722 j
71,912
69,559:
85,256; 325,499!
85,020 331,624
82,236, 328,111!
84,569 338,491,
83,369
85, 687
86, 714
83,479
54,720
54,458
54,392
56,267
127,458
144,258
126,728
178,490
56,243J
61,747!
56,0481
80,190!
54,647
57,444;
51,011
70,632
58,257.
61,662"
59,536
72,501 !
35,183*
34,600!
34,691
42,707
71,738'
78,073'
74,472i
113,414;
34,500
37,348
35,610
44,123
32.131
32,132>
32.132
32,190
11,545 13,141.
n f 5G8; 13,141'
11, 568| 13,141
11,616; 13,141 i
5,978
5,978
5,979:
5,979
4,645
4. 6451
4,645
4, 646
15,721'
15, 718!
15, 718
15,722i
20,059 !
20,059!
20, 059
20, 059
22,4621
22.462
22; 462;
22,462
11,701
11,701!
11,701
11,701;
8,950
8,950.
8,950
8,950
1,511
1, 811:
1,893;
1,915'.
1,091!
1,074!
1,095!
1,095
1,376
1,417:
1,475
1,491
I
87,357 i
87, 276.
87,954!
89, 679
59,998!
62,104!
62,968;
61,859|
165,438
163,779
168,655
168,956
1,834
1,394i
1,479!
149
1,340|
937
l,04fl :
163i
2,861
1.740
i; 773
92S
81
87
87j
87
130,585 176,101. 69,583!
131,254' 175,358' 69,823
130.899 : 173,288 69,723'
13(>; 281 186,482 69,268
13,717
10.479
11,582
533
71
76
76,
76;
142
152
152
152
89!
79!
44 i
144!
5,G5S
o,758
6,081
5,578
90,430i
89,647
90,365!
90,8151
61,498 !
63,256i
64,3.34
62.242J
174,094
171,429
176,661
175,612
13,908
14,824
14,244
15,215
38,125,
40.840
40; 574i
45,379|
30,213!
31, 486",
32,510!
36,480,
42,37&
43,685
43,333
49,726
5,127j
5,127!
5,127!
5,1271
3,178
3,179
3,180
3,183
4, 2621
4,259|
4, 250
4,237.
4,
4,
4,
4,
277!
278!
278.
278,
8,228
8,235
8,234
8,234
30,426;
30,426,
30,426!
30,426
9,97l|
9,971
9,97l!
9,971!
7.497
7', 497
7,497
7,497
8,9771
8,977i
8,977;
8,9771
7,592 1
7, 592
7,592:,
7,592
15,071
15,071
15,071
15,071
2,220:
2,197!
2,349!
2,381:
961
793
850
881
1,103
1,121
1,342
1,144
819
834
841 i
830!
1,040
1,072
l,142i
l,125i
1,689
1,674
1,765
1,781
I, 158
890
S45j
j
217,837
217,837:
217,837
217.837,
,
__-:
..„!
_.
227,863.
227,904
231,549
232,510
16,382;
16,382|
16,382'
16,382
58,749
58,749.
58, 749
58, 749.
18,053!
18,258,
19,374'
19.318;i
1,203
1,200
1,276
1,314
4,322
4,279.
4, 512
4,512:
718|
786;
834!
849!
53
EEDEEAL liESEBVE BULLETIN
JANUARY, 1926
F E D E R A L E E S E E V E B A N K S - R E S O U R C E S A N D LIABILITIES.. BY W E E K S — C o n t i n u e d .
LIABILITIES—Continued,
[In thousands of dollars]
New
Total i Boston i York
Total liabilities:
N o v . 25.
Dee. 2
Dec. 9
Dec. 16.
; Phila- ! Clove- - Richi celphia! land ; mond
4,997,8811. 403,250; 1,471,202; 368, 713! 498,855!
1,501,274; 377,157; 502,816!
5,078,803;
5,061,168 404, 663i 1,487,225! 377,434| 498,800:
5,269,926'' 425,412; :
1,512,630 408,552i 529,6621
Atlanta
Chicago
Minne- .Kansas
apolis City
St.
Louis
239,320 &U£jUtOi 595,666' itOjlUJ.
OUUjUVU' 173,071
240,898 294,6271 610,923 177,921!
241,001 293,170! 608,227 177,117]
253,398 305,448! 661,546 182,721]
; San
Dallas | Fran! cisco
148,717
150,300
149,874
152,600
151,540!
155,7131
157,983;
159,6481
299.716
212|754|
214,0511
220,002!
XtOf IJ. t
445,183
445,540
451,717
458,307
MEMORANDA
Ratio of total reserves to deposit and Federal reserve
note liabilities combined
(per cent):
Nov. 25
Dec. 2
„ ._.
Dec. 9
_
_
Dec. 16
Contingent liability on bills
purchased for foreign correspondents:
Nov. 25.._
Dee. 2
Dec. 9..
Dee. 16.
Own Federal reserve notes
held by Federal reserve
bank:
Nov. 25
Dec. 2..
Dec. 9».
_. _Dec. 16
I
65.1|
64. l |
62. 5:
61.8i
79.6 !
79.01
76.6
75.9;
39,959'
40,101
45,4221
50,9671
2,946
2,95l!
3,2061
3,206:
10,990.
10,987
13,795'
19,340;
306,410.
310,131!
321,020!
325,9341
18,233
19,189!
24,638.
114,462
112,536'
118,, 647.
124,072!
71. l!
70.5
69.4
68.7,
75.9
74.8'
76.5|
76,9:
75.375.2
76.2
73.9!
74.1
75.9
70.4
71.7
i
55.3! 71. g!
45.2
54.21
71.11
53.3:
55.9.
69.4!
49.6;
56.9 ! 66.3 j
46.0'
78.8
71.1
67.5.
68.7
52.0
54.7;
57.4;
56.6
47.3j
44.8i
41.5!
68.5
65.7
66.6
71.8
I
5,494!
5, 504>
5,979i
5,979!
1,739"
1,835i
1,993
1,993'
1,314
1,316
1,430
1,430
1. 592
1J595
1,733
1,733'
1,393!
1,396
1, 516
1,516
2,787
2, 792
3.033
3; 033
19,760j 16,694
15,270, 19,7571 20,972!,
13,931 23,748i 19,981'
"" ""•"
14,892! 22,580: 19,483'
6,274:
6,442'
6,2101
6, 228j
2V 698
2,254".
2,887'
2,864j
7.583
7,061
9,240
9,472"
6,498!
5,278
5,834
5,570:
51,279
47.249
45; 372
42,803
I
3,702!
3,709!
4,029'
4.0291
4,260
4,267
4,636
30,946' 17,440
34,140s 19,983!
28,634 21,
29,841!
2,110
2,1141
2,296:
2,296!
1,632!
1,635i
I,776 :
1,776'
14,543 !
FEDERAL EESEEVE BANES—MATURITY DISTRIBUTION OP BILLS, MUNICIPAL WARRANTS, AND CERTIFICATES OF
INDEBTEDNESS
[In thousands of dollars]
Within Ifi ! 10 to 30
days
,
days
Total
days
91 days to
6 months
1.
56, 761
52,726!
49,636!
49, 247 ;
28,538
31,162 I
31,818 j
35,871
9,513
9,297
9,869
10,045
63,917
Over 8
months
•._
18,341
16, 098
14,560
15, 996
._...
Bills discounted;
Nov. 25
Dec. 2
Deo.9
Dee. Ifi
Bills bought in oren markrt:
Nov.'25
1
Dec, 2_.
Dee. 9
___
Dec. 16.
~
Certificates of indebtedness:
Nov. 2.5
Dec. 2 ..._..
Dec. 9 . . .
Dec. 18
.„
Municipal warrants:
Nov. 25__..
Dec, 2
Dee. 9......
Dec. 10...
.„.
61 to 90
days
31 to 60
i
624,714
643,875
679,374
619,067
...i
'
3£9,458
357,723
369,550
352,692
494,404 ,
5io,7i9:
549,433
483,252 '
104,633 I
307,875 ,
113,683
100,223 i
31, 575
28,302
29, .5.17
171,280
3,723 '
4,691 ; .
6,526 :_
92,730 .
45
45 '
35,177
39, 649
38, 278
40,275 I
65,345
61,183
64,550
70,338
I
I
i
•
107,422
111,115
108,277
99,096
1
'
'
i
50-85* i
67.039 !
2,424 J
.
4,689
4, 689
21,323
45
45
341
322
340
377
20,739
18; 922
18,302
57,227
54
FEDERAL RESERVE BULLETIN
JANUARY, 1926
FEI3E&AL RESERVE NOTES—FEDERAL HESSEVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
I
':
I
!
!
j Total ,' Boston | ^"ork
Federal reserve notes received
from comptroller:
Chicago
St. Minnie- Kansas
e
Louis I apolis j City
209,713!
214,737|
218,014'
223,214|
280,223
288,607
287.917
290,853
131,284,
132,510
132,188:
133,425
226,453'
225,592'
230,23!'
23Q,575|
429.963;
431,144i
431,369j
431,332
70,9171
70,7371
69,955
69, 748
88,230! 99,319
87, 44,'ii 99,091
90,196' 100.584.
90.33S 102; 136
68.50007,889=
67,193'
66,533."
I
30,6001
31,000i
33,200,
34,800,
34,920
40, 720
34,520
345020
27,480
27,479'
27,479i
25,970i
49,460j
45,840!
45,310'
44,910!
203,207
257,287
254,237
250,737
25,500
25,300
24,900
24,380i
17,230!
55.970'
18;090!
18,230!
24,633
23,833
22,300.
22,900
15,082!
14,582:' 551800
IS, 082 54,30C
13,032! 54,30C
476,917;
474.089,
481,6261
493,623,
179,113!
183.737'
185J 4141
188,414:
245,303
247,887
253,397
256,836
103,804'
105,031!
104,709!
107,4551
176,963
179,752,
184,921i
185,665'
166,756
173,857
177,132
180,595
45,417
45,437
45,055
45,388
71,000
71,475
72,106
72,158
74,686
75,258
78,284
79,236'
53,418
53,307
54,161
53,501
186,697i
186,698'
186,698:
186,698.'
4,400:
4,000'
3.6001
3,200.
8,780
8,780
8,780
8,780
10,575
10,575
10,575
10,325
13,052
13,052
13,052:,.
13,052i
27,544:
27,529,"
27,411:
27,411'
12,296;
10,320:
11,198i
11,998,
14,191
13,975
12,485
12,924
2, 465;.
4, 232;
2, 7101
4,487i
4,151
4,142i
4,142j
4.091i
1,152
870
1,663
1,857
1,072
863!
1,815
2.522
3; 594
156,000
156,000
106,000
186,000
106,389
109,389
114,389
120,889
160,000
110,3001
160,000,
160,000'
47,500,
44,500
49, 500!
46,500;
110,645;
110,645!
110,645'
110,645!
3,500;
3, SCO1
3,500'
3,000!
51,000,
48,000'
40,000!
39,000
81,360
33,360
43,360
46,360
202,587!
201, 524i
210, 6741
201,229,
313,801
308,495
306,325
304,986
255,001
252,695
252,025
250,686
I
118,062' 190,987
949,410. 118,6791 185,501
999.029!i. 126,644' 212,777
919,180 ji 116,689! 131,184
2,286,016!2,292,834'!
2, 306, 601 ii
2,313,939j
I
744,037'
741,189i
741,706
743,463!
I
i
267,1201
267,120;
260,080
249,840."
j
930,553M
....____
._.!
I
I
!
'
i
i
I
1 Atlanta:
!
!
N o v . 25
.... 2,912,652"= 250,412
Dec. 2
2,922,308i: 254,932
Dec. 9
! 2,930,395!i 254,117
Deo. .16
! 2,945,883!: 259,227
Federal reserve notes held b y ,
j!
Federal reserve agent:
i'
N o v . 25
874,732' 60,9001
Dec. 2 .
I 869.531=1 64,600!
!
Dec, 9
_
843,748 i 56,300i
Dec. 16
_
| 831,719; 58,600;
Federal reserve notes issued to ,
j
'
Federal reserve b a n k :
I
!
2,037, 920 i 189,512!
N o v . 25
_
_
Dec. 2__
! 2,052,837; 100,332!
Dec. 9
_.! 2,086,647'; 197,817
:
Dec. 1(5
_..! 2.114,184 : 200,627i
Collateral held as security for
Federal reserve notes issued to
.'
Federal reserve b a n k :
•
;
|;
Gold and gold certificates— |
N o v . 25
| 305,300ii 35,300
Dec. 2__
304,901 35,300i
Dec. 9_.._
_
304,501:; 35,300!
Dec. 16
303,8511 35,300
Gold redemption fund—
'!
N o v . 25
106,481-: 14,225:
Dec. 2
.i 102,8281! 12,545 !
Dec. 9__.._
! 108,645 j'1 18, 730
Dec. 16
i 108,101.' 14,240i
Gold fund, Federal Reserve
L
Board—
j1
N o v . 25043,682j. 35,000!
Dec. 2
935,695 ! 35,0001
Dec. 9
_._.
89'i,42Sij 30.000
35.0001
p e c . 16.
Eligible paper—
Nov. 25Doc. 2
Dec. 9 . . .
Dec. 16
Total collateral—
Nov. 25....
Dec. 2
Dec. 9
Dec. 16
Phila- | Cleve- Richdelphiaj land mond
561,228
555,728
532,886
511,293!
21,180! 10,200j_
21, ICOi 10,200'.,
21,160! 10,200'..
21,160! 10,200'.,,
I
I
57,650 87,578.
62,68Gi 84,778! 38,922i
56,354, 95,490: 40, 515;
53,398 109,388' 45,532,
180,735!
186,398:
185, 541!
189,485
270,549!
267,533:
270,755'
291,092,
110,051:
108,814'
113,885!
117,679,
7,4141
5,672!
9,252.'
7,695;
70,000
70,000
74,000
75,000
.„
15,136
15,136'
15,13615,136;....
2,575l
2,965;
2,768!
4,139
..„
15,90S
15,630
15,229
15,029
I 170,788
I
1,500'
1,5001
1,000:
1,000,
i
92,955 107,232 54,292j 12,820 43,904
97,841 113,739, 46,111' 22,476 39,619 36,164i
40,737'
92,532 120,807; 50,181'' 26,5471 34, 720!
93,764 127,106: 64,983! 26,297) 36,108! 44,987!
42,645!
180,569 222,028J 699699i 78,729J 77,786' 55,375.
183,513 228,526' 61,338j 84,600, 76, 573, GO, 338!
185,984 235,594! 65,128 80,482. 81,067. 63,891!
186,651 241,842; 69,971 j 80,164 86S 607! 61,390,
183,801
162,032
179,413
98,518
97,475
82,088
276,680
277,949
274,736
276,528
55
FEDEBAL RESEBVE BULLETIN
JANUARY, 1926
FEDERAL RESERVE BANKS—HOLDINGS OF RILLS AND SECURITIES AND EARNINGS THEREON, NOVEMBER, 1825
[In thousands of dollars]
i:
Total
New
Boston I York ! Pfcila- i Clovejdelpbiai land
I
Rich- ! Atinond ! lanta
Chicago
, San
St. ' Minne-1 Kansas
i
Louis j apclis j City Dallas ! Francisco
HOLDINGS ON NOVEMBER
SO,1825
Total bills and securities..
Bills discounted for members
Bills bought in open market
United States securities
Other seem ities
Foreign loans on gold
Bills Discounted
Jl.391,150 !l34,645 337,172 91,299 133,560 49,673 '100,116 168,147 ! 73,571 29,344 73,928
' 679,400 37,284 ;220,607 54.483 73.371 ! 39,907
88,306 I 30,434
0,093 . 21,015
8,871
3,882 I 64,449 32,521 i 22,268 j 6,399 I 19,060
„„! 358,835 87,974 43,115 13;931
"~ ""
341,818
5,444 ! 15,236 48,175 I 20,487 16,578 i 33,419
8,778 71,209 19,003 30,430
3y150
. 100
1
3,050
332
8,147
772
440 !
511 i 2.241
340
1,145
"T
I
-
•
-
-
-
—
•
-
-
-
-
2
9
o
e
i
Rediscounted bills:
Commercial and agriculture I
paper, n. e. s
>
Trade acceptances, domestic.
Secured by U. S. Government obligations
Member bank collateral notes:
Secured by IT, S. Government obligations
Otherwise secured
121,388
17S533 1133,905 ! 3Is107 ' 39,227
i 60,452 ! 12,667 j 11,676
Total discounted bills
579,400
37,284 1220,607 ; 54,483 \ 73,371 j 39,907 , 29,091
1G0,751
2,888
1,778
133 i
429
169 '
10 !
275
588
24
12,309 j 6,101 58,439 ! 8,930 . 2,451 j 6,940 ! 2,303
5,282 , 3,296 1,447 ! 3,197 !
211 i 2,113 | 1,600
Total purchased bills
358,635
41,593! !15,541 4,307
27,918 17,859
5,993
3,060
17,434 I 6,984
3,031 ' 1, 213
120
1,025 i 1,071 !
479 I_
846 :..
83 L
252 .
951
83
642
88,306 j 30,434 | 6,093 i 21,015 j 10,853 j 67,056
341,818
12,961 | 10,393
3,735 j 9,744 ! 12,135
12,394
12,547 j 8,686 ' 2,268
7,504. ! 11,367
10,768
6,209 i 2,867 ' 363 1,696 ! 3,099 | 5,349
554 ' 322 l
33 ! 116 I 377 i 676
250 '
28,604
28,186
6,929
730
87,974 j 43,115 : 13,931 j 3,871 j 3,882 j 64,449
I
264,781
30,790
123
5:35
3,524
529
2,093
6,154
8,776
!
I
I
I
:
i
i
I
32,521 j 22,208 | 6,399 j 19,060 ! 26,978 j 29,187
!
1,621
7,558 i
1,257 ; 585 1 7,965 I 1,191 ! 835 19,92:
67,619 I 11,428 ' 21,989 j 4,253 i 12,406 24,84; 18,873 9,020 i
83
..j
2,333 ' 7,050 j 476 j
i 1,995 1,40
71,209 | 19,063 30,430 j 5,444 j 15,236 46,175 j 20,487 1 16,578
j 30,430 j 5,444 \ 15,236 46,171
8,139 : 6,701 ;
58
23,282 ! 22,674 ; 36,281
1,998 j 3,690 i
7.597
I 33,419 | 31,065 j 43,9
i
DAILY AVER AGE HOLDINGS DURING NOVEMBER
I
161,220
1,288,731 125,445 1200,159 ! 91,532 -,118,1332 i 52,983 I 99,329
70,189
595.997 37,976 :167,O89 -. 53,. 39V , 76,010 ! 42.321 j 24,513
78,797 i 29,170 I 15J486 13,137 i ! 4,942 i 59.498 34,843
13,137 4,942
.98
352| 229 78,
-' "
8,2S5 '6.1,591 19,063 30,907 ' .--.-• 15,104 45,469
5,443
331,943
578
'277
377
1,409
214
719
5,260
EARNINGS DURING NOVEMBER
71,874
29,174
21,969
20,484
247
31,708
5,747
3,211
3211
16,578
172
218
:
98
39
25
53
1
3.68
4.00 :"
3.41 .
3.52 ;;
4.50
3.77
4.00
3,41
3.89
4.50
j 79,357 \ 69,351 137,141
! 18,524. ! 9,624 ! 60,533
,6
26,181 28722
! 26181 i 28,722 II 32,273
I 3-1,226 30,826 ! 43957
43,957
I 209
179 ;
378
i
3,821
1,819
20
ANNUAL RATE OF EAENINGS
Total bills and securities *.
Bills discounted
Bills bought
United States securities
Foreign loans on gold
43,350
19,447
105
United States Securities
Total bills and securities i .
Bills discounted
Bills bought
United States securities
Foreign loans on gold
5,032
124
I
155,519
130,389
59,298
5,024
729
Total bills and securities >
Bills discounted
Bills bought
United States securities
Foreign loans on gold
58:;.
j
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
.„.
Exports
Domestic transactions...
Dollar exchange
All o t h e r . . .
„„._
Trad9 acceptancesBased on imports
Domestic. _.. _
_
Bills payable in foreign currencies
Total U. S, securities
241
21,551 | 21,821 : 39,327 27,693 117,171
3,431 11,938
6,925 i
488 i 320 i 292
717 | 548 i........
!
18 |
19,513 26,027 10,522
55 ! 223 • 99
Bills Bought
United States bonds
Treasury notes
Certificates of indebtedness..
60,137 i 141,660
10,853 i 67,956
26,973 ! 29,187
31?065 ;
361
115
222
23
1
;
'
•
!
i
749
483
80
181
6
!
'
:
!
|
-
274 !
157 I
43
62
2
354
227
31
94
I
!
i
i
169
139
14
15
2 •
471 i
231 I
97
140
3!
291
80
167
43
1
96 :
62 ,
59 ,
I 238
! 61
I
73 j
i 102
II
202 I
32 j
80
89 !
1!
396
176
9C
126
I
I
3.81
3.71
3.40
3.62
4.50
3.50 !
3.68
3.43 !
3.32
4.50 j
3.50
3.50
3.32
3.58
4.50
!
i
'
I
,
3.64
3. 58
3.40
3.9:
4,50
8. 63
3. 03
3.43
3. 68
4.50
3.87 i
4,00 •
3.51 I
3. 20 [
4.50 I
3.79
4. 00
3.40
3.76
4.50
3.57
4.00
3.41
3.46
4.50
3.65
4.00
3.40
3.63
4.50
!
i
i
j
!
3.55
4.00
3.41
3.53
4.50
3.51
3.59
8.40
3.49
4.50
I
* Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $3,085,000; earnings, $10,313:;
annual rate of earnings, 4.06 per cent; Kansas City, average daily holdings, $216,667; earnings, $704; annual rate of earnings, 3.95 per cent.
56
FEDERAL, RESERVE BULLETIN
JANUARY,1926
FEDERAL RESERVE RANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING NOVEMBER, 1925
[In thousands of dollars]
Total
New
Boston i York
i
Chicago
Phila- i Cleve- Rich- i *tUr.ttl
delphia; land i mond A t l a n * a
St.
Louis
I
Total Volume of Operations..|i2,878,846 ;203, 775 1,159, 510 1203,400 J270,170 201,867 106, 500 ,245,724
Bills discounted for member i
b a n k ss . ank ..
.._
j 2,537,986 i 150,081 11,007,694
244,943
Bills b h t i open market..ill bought in
kt
244943 1 50, 009 | 92, 032
U. 8. securities bought in |
2,923 | 56,575
open market
3,159
Foreign loans on gold
j
762 !
! 193, 237 267,909 -1JS9.937
j 5, 679 1,705 ; I, 617
'
j 4,000
' 484
313
Rediscounted bills:
'
Commercial, agricultural, i
ana livestock paper, i
12,329 i 6,955 \ 15,919 | 12,717
3,712
n. e. s
! 143, 208
Demand and sight drafts—!
3,856
151";
B6"j 388~!
189"
Trade acceptances
'
1,643
Secured by U. S. Govern- i
_._
_.!
88 I
210 ! 104
62 •
ment obligations
i
1,161
Member bank collateral notes: |
Secured by U. S. Govern- :
ment obligations
....; 1,806,842 55,366 : 793,504 ; 122, 687 1192,715 1115,988 | 24,888
Secured b y eligible p a p e r s i 581,256 |, 90,893 I 201,710 j 63,457 i 58,677 i 70,939 ! 16,058
Total bill3 discounted--! 2,537,966 1,150,081 1,007,694 1193, 237 [287,909 ,199,937
Average rate (305-day basis)%|
Average maturity (in clays): |
Member bank collateral
notes...
i
Rediscounted bills
j
Number oi' mem.ber banks on 1
Nov. 30
!
Number of momber banks ae- \
cornmodated during month.!
Per cent accommodated
I
3.77 •; 3. 83
\\
ii
7.08 ii 8.65
54.05 i; 39.42
••]
9,521 i.
419
{.
2,876 /:
176
30.2 j 42.0
3.50 !
3.68 j
4.00
3.75
!
!
6. 51 I 8.70 I
60.56 i 52.10 ! 49.78
i
!
880 !
753 I
863
363 !
48.2 \
2.91
49.89
604
325
37.7
256
42.4
2,006 ; 1,705
362 I
41.1
250
Bills Bought in Open
Market
From member banks
From nonmeraber banks,
banking corporations, etc.:
With resale agreement
All other—
!
i
I
•
,
70,016 j; 22,401
,i
;•
104,611 1 5,455
'
70,316 i 22,153
87,624
1,298
3,673
1,367
Total bills bought. „...... j
244,943 \ • 50,009
92,082 ; 5,679 i 1,705
1,617
23
I 1,483 !
i 4,042 I 1,
219
i
154 •
358
1
105
727
640
250
Rates charged:
j
"" 1 per cent
!
per cont
„ .
per cent
„_ . . |
Ys per cent
j
3% per cent
...j
H per cent
;
4 per cent
....
Average rate (365-day basis) %. ••
Average maturity (in days) 3_ :
Class of bills:
Bills payable in dollars 3— ;
Bankers' acceptances ;
based on—
Imports...
J
Exports
.
'
Domestic trans- ;
actions
,
Dollar exchange,-!
Unclassified
1
Trade acceptances-- ,
Foreign
i
Bills payable in foreign i
currencies
'
Total
....I
:
141,928 , 8,425
74,846
20,045
3,868
2,286
31
1,939
3. 43
60.12
29,234
11,071
448
824
7
3.46
76.04
56,228 I 23,316
44,419 1 8,593
24,870 i 7,598
1,565 1
698
12,218 , 4,349
3,160
91,102
273
48
105
523
31
3.31 ! 3.41
19.03 ! 61.11
3.47
78.63
1,322 | 2,239 ;
1,873 1 2,373 :
207 I
5i
3.54
49. G8
308 ,
397 i
363
1,017 '• 627 j 1,254
50 !..
392 1
733 •
105
31
140,332
44,554
4,458 ; 5,679 ! 1,705 i 1,617
U. So Securities Bought In i
Open M a r k e t
\
United States bonds.
„•
Treasury notes
[
Certificates of indebtedness...1
Total-.
2,783 ,
52,256 !
31,966 j
150
2,773
41,452 1.
15,123 I 4,000 i . . .
87,005 I
2,923
56,575 I 4,000
.!.
.„„.
3 Includes $500,00 federal intermediate credit bank debentures.
* Includes bills takes under a resale v contract.
* Exclusive of acceptances bought under a resale contract.
JANUARY, .1926
57
FEDERAL RESERVE BULLETIN
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL BESOUBCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
New
York
Phila- i Clcvcdelphia! land
Number of reporting banks:
Rich- A t l a n t a Chicago
A+i-, «., r^v,- „„«
75
75
75
751
72
72
72
72|
11,98212,380 i
12,, 557i
12; 726'
19,028:
19,347!
.19.598!
20; 077|
6,652
7,107
6,3461
6,174!
380.830,
377; 268!
378,753i
388,553!
371,4001
377,866!
365,183 !
362,843
San
Francisco
j M i n n e -j! K a n s a s
apo]is
C i t y
S3!
33'
33!
24!
24:
2424!
7,950
7,637!
7,441
8,333
25,336; 7,039,
23,895
9,051-:
25,547= .11,096.
25,054
9,842,
2,433
2,413
2,429
2,432
494,008
496, 749
496,585
501,906
147,318! 99,316
140,7051 94,858
149,237, 92,568
147,073; 93,957
857,890 192,838,
843,296 196,978;
840,014 198,094'
842,185; 203,607!
67,293
66,410"
67,242
69,729."
776.3321
770J 626|
765,148:
759; 206.
!
371,824; 426, 03111,229,2811
r
373,0881 430,07-4 1. 208,898!
L.
936 L,
375,939; 429,9?' 1, 214,426;
7311.
376,2291 427,7 ..229,742'
308,598!
308,067,
309,697'
299,840
764,21S 1 1,289,368;
767,514 1, 286, 722
7 * « AG1} " 9521
!
756J 493.1, 281, 3'41
331
764,122.1,281,189
525,794;
520,900 !
KQ1 KOO:
531, 522<
529.476
33,081
9,483
40,3GSJ
Nov. 18
_
_..._. • 221,163
B3,083
9,48S
9.634
Nov. 2 5 . . .
____• 220,557
40,368!
:
9,483! 33,081
9,634;
Dec. 2
221,341
40,36733,083
9,483|
9, 634! 40,457i
Dec. 9
' 222,425
U. S. Liberty bonds:
85, SW 595, 1171 49,9111 170,420
Nov. 18
._• 1,380,786
85, 752 590,30G!
49,406! 169, 634
Nov. 25.,..
• 1,386,891
85, 755 604,360! 49, 762 168,938:
Dee. 21,396,429'49,923; 168,8141
Dee. 9
! 1,404,27211 85, 708, 612,117
i
U . S . Treasury bonds:
34,957
18.460. 198,987
16,279
Nov. 18.
; 428,598!
18,941 ! 199,037;
Nov. 25....
429,3041
16,406! 34,984
34,973:
18,689- 201,149,
Dec. 2
_., 431,377
16,448'
18,689. 204,302J
Dec. 9
' 434,5021
lC, 376; 34,849!
IT. S. Treasury notes:
•
I
7,753! 27,713!
4,942' lG7.34li
Nov. 18...*
.-.-! 349, 624j
4,399 ; 168,03]':
7,654 !
26,734 !
Nov. 25
...
— ! 354,9621
4i 392 166,3571
7, 675! 26, 637!
Dec. 2 .
., 350,5841
;
4,391 163,743
6,9C4! 25.691J
Dec. 9
...i
345,448
U. S. Treasury certificates:
;
6,5341
4, osa' Id, 469
15, 755i
Nov. 18..
1
86.071
6,594,
15. 733
15, 497:
4,070'
Nov. 25..
I
85; 030;
15' 712;
6, 503
16, 595
4,046 :
Dec. 2
I
84,155
G:, 541,
6., 568:
16,052
4,196 !
Doc. 9..
J
85,951!
i
Other bonds, stocks, and !
securities:
|
206,3081,138,472 249,543! 343,262'
Nov. 18
.. J 2,937,
!
Nov. 25...
i 2,927,9851 205,1731,132,456 249,151 343, 70ftDec. 2
.1 2,908,807. .203,7811,106,301 248, 263! 354,475
Dec. 9.
.! 2,924,475: 212,2193,106,716 249, 036 356-191'
Total investments:
1
I
Nov. IS
5,409.940' 331,247.2,150,040 337,007; 625,902
Nov. 25
_ 5,404, 729: 330,493 2,152,295 336,175! 623,870;
Dee. 2
l 5,392,693i 328, 754 2,135,129 335, 682' 633,810'
Dec. 9
i 5,417,073= 337,209*2,143.. 387 335,923 635,1871
Total loans and invest- j
ments:
!
Nov. 18
19,425,056: 1,366,2827,208,168^ 101,285:1,915,270'
Nov. 25..
lie, 363,941! 1, 330,9367,190,250 1, 103, 6891,910, 592i
Dec. 2...
119,398,629, 1, 346,088 7,202,042 1, 092,175!l,91£,147i
Dec. 9..,..
119,468,797; 1,355; 464:7, 225,3081. 100,045J1, Oie, 356'
Reserve balances with
\
Federal Reserve bank:
!
84,255! ISO., 760'
96,225" 776,085
Nov. 18
1,694,454!
95,241 i 760,422
81,200! 12S.836.
Nov. 25.
- . 1,655,647:
95,574; 775,184
79,5321 123,536,
Dec. 2...
1,668,229!
95,939! 789,945
78,602! 121", 213 :
Bee, 8
l,683,188i
25,563;
25, 563;
25, 564 25,564!
14,898
14,335
13,987
14,881
29.263 i
29, 283!
29,165"
29,336j
H, 699
15,19,14,712
14,937
7, 655|
7,605
7,605'
7,669:
5,78?
5, 78J
5,782
5,771
52,947
53,272
53,077
53,151
10,64o|
10,653
10,640J
10,693 i
12,28212,282
12,277,
12,277-
14,129!
13, 778;
14,047
14, .175
6,186'
6S 349;
6,239|
50,375
60,378
50,341
SO, 311
2,0241
2,0241
2,0G3i
2,155j
2,344
2,344
1,975
1,975
59,747
65, 524
65; 775
64,608
6,584!
6,803!
6,591
16,077
16,114
16,054:
15,4531
7,508!
83 338!,
6,338'
6,539
30,361
30,340
30,175
6S 587!
17,1701
16,057:
16,552.
17,304
1, 923;
1,923i
1, G23i
1,923,
4,317
4.318!
4; 3021
4,135
7,291
7,] 18
6,955
7,118
2, 719
2,267;
2,269!
2,295j
2,520
3, 643
3, 643
4.643:
3,832
3,825
3,712:
3,837
3 f 382j
3,382
1,813]
1, S13|
17,236
16, 662
16, 682
16,830
63,0761"j
62,827
63,007;
62,932'
50,303'
50,858:
49, 579!
49,522'
422,7121
437,142,
419,219!
425,374'
112.019;
H i ; 0581
110,348!
HO) 355j
43,350
43,248
43,300'
43,226=
76,982"
77,836: 24, 723i
77,46s 1 23,974;
76,809; 23,826:
206,010
209f 807
209,037
129.504:
129; 225!
129,387,
129,579
92,342 1
92,831'
90.337!
91J2211
736,879'
739.6501
742,260;
747,260|
167,827!
166,473!
165,913!
166,0361
109,122
109,258'
109,544'
111.077
169,050' 78,64fi! 476,315
169,365; 77,591! 477,503
169,075' 74,236 ! 47S, 560
168,537 : 74,325' 477,352
625,639 2,849,3861
625,400 2,815,739|
620,282 2,822,247,
621,242 2,844,241!
676,302 !
680,569'
684,800;
679,325 :
360.503
359,80i ;
360,728'
364,832
607,998;
614,163!
611,178!
617,786j
51,107|
48,285|
50,327!
50,608'
27,20l!
25S 348!
24,937
24,283'
54,928;
63,082|
52,951:
53,6141
102;
Nov. 1 8 . ;
722!
102
Nov. 25
„..
722;
102!
Doc. 2
722;
102!
Dec. 9
._
722;
Loans and discounts, gross:
Secured b y TJ. S.
Government obligations—
59,863'
10,830
Nov. 18
| 166,202
55,119!
11, 750
Nov. 25__..
-i
163,635'
55,1251
Dec. 2
|
167,126
11,897
64,558
Dec. 9..
175,892!
11,480
Secured b y stocks and
bonds—
j
!
351,865 2,373,185
Nov. 1 8 . . . .
5,419,724
335,89812,394,728!
Nov. 25......
......I 5,417,924
Dec. 2
„_„_; 5,415,508! 337,429 j2,394,253 i
Dee. 9
, 5,440,124 342,05l!2,388,693
All other loans and \
discounts—
i
Nov. IS
_ 8,429,190 672, 3402, 619, 07
Nov. 25__.
..i 8.377,653 652,797-2,588,108;
Dec. 2
_..
_: Si423,302 668,008 : 2, 617,535!
Dec. 9.....
.: 8,435,708 664,724 2, 623, 670!
Total leans and discounts—
Nov, 18
-14,015,1161 1,035,0355,052,126!
N o v . 25
13,9;7J, 212||1,000,443 5,037, 955i
Dec. 2
...114,005,936 1,017,334-5, 066, 913j
Dec. 9.....
...14,051,724; .1,018,255-5,081, 921!
54;
54!
54!
54!
St.
Louig
U. S. pre-war bonds:
j
655,288'
gge, 125J
660,909;
659,0551
41,737!
41,628-'
43,030!
41,697i
100-"
IOO!
100
100
3,165
7,898
7,815
7,942
8,040
109,094! 78,092'
112,683! 77,452
111,6311 77,563
115,136' 77,202
267,995
274,901
272,139
270,032
181,655,
181,720s
181,513;
181,594
325,829!
328,206!
326,495!
330,082!
233,7991
239, 5301
241,762:
239S 738|
913.017
9I8| 673
927,660
935.309
508,475'
514,096,
.
JVItt £ « 7
518,887
513.289
251,381
250,543
.
0 ^ 1 1K4I
251,184!
253,755!
438,948j
444,, 798j
AAO i(\1
442,101
449,229
315.057,1,.188,910
,
320,194J1,
320,19411,201,389
1OO J Q C : 1
322,498:1, 207, 741
320,1051,213,381
12, 707;
12,7071
12,957
12,957
7,096
7,036!
7,171 !
7,1711
9,178
9.183!
9; 1831
9,183
17,208
17, 208
17,958!
17,958'
24,381
24,392
24,392
24,392
176, 6211 23,158! 26, 704' 48,852
179,0321
26, 992. 48, 629
179, 675| 23, lOSi 26, 601 i 48, fllOj
179,350 23,149; 26,456;
18,720|
17,754
17,804!
17,950|
147,952
533,297 2,112,507
532,569 12,076,089
.
.
K9Q OAK' ) fV70 O5J7
529,945,2,079,987!
530,02112,096,981!
4«,304|
45,731!
44,703 !
43.468 :
17.561
17.562
17, 559
17,659
243,707
243,695
239,585
245,451
4,025
3,909
3,975
4,011
3,166
3,212
3, .173
6,106J
147,933
147,452
303,702:1,665,225
397,785=1,678,892
396.734J1,686,3Q1
3941430,3,690,733
30,45l!
28,572;
80,440"
80,5711
111,634
110,597
110,380
115,787
FEDERAL RESERVE BULLETIN
58
JANUAKY, 1926
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Total
New
York
Boston
Cash in vault:
|
•
N o v . 18
| 288,5711
N o v . 25
...,
I 299,213i
Dec. 2
j 293,534;!
Dec. 9
J
313,407;
N e t demand deposits:
I
N o v . 18
'l3,247,076 :
N o v . 25
._
'13,025,048
Dec. 2 . .
13,099,512
Dec. 9 . . .
_ 113,154,207,;
T i m e deposits:
j
N o v . 18
J 5,320,800.
N o v . 25_._.
.._! 5,359,673.
Dee. 2...
.! 5,347,552.
Dec, 9
! 5,342,727
Government deposits:
;
50,412
N o v . 18
j
Nov. 25
._
"I 45,244.
45,146,
Dec. 2
Dec. 9
38, 566'
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Gov- j
!
ernment obligations—!
Nov. 18
I 202,247,:
.
Nov. 25..
....| 253,066
Dec. 2
1 224,258:!
Dec, 9.
284,5G6 !
All other—
ji
Nov. 18...
185,273! I
Nov. 25..
174,628!
Dec.2._.
226,592'1
Dec. 9 . . .
81, 722
91,0171
81.872j
89,168
:i9,617!
18,674!
20,225!
22,009;
16,
18,
17,
19,
650
630
633
57~
51,418
52,363
53,557
53,911
8,254'
8,1391
7,095
8,5851
5,710!
5,997!
5,781!
6,1311
12,278
12,513"
12,4031
13,144j
11,157.
11,179.
10,817'
11,208;
22,304
22,451
23,393
24,201
373,9341,802,185
366,8681,755,518
362,7301,742,943
365,756:1,763,421:
399, 465!
401,284'
418,328'
421,684
235, 606'
233,124'
235,544;
237.919
483,437!
476,054:
478,561 i
487,142!
282,817;
282,264'
285,791|
286,680;
801,739
790,055
792,221
798,453
107,94.1 i 137,994;
109,848 144,200
107,793 144,451
108,804! 143,949:
95,734'
96,408'
96,528
96,541!
821.650
S24i 018
827,428
822,812
809\
724
724
574!
513!
513!
437!
2,202
1,983!
1,982:
1,684:
6,206
5,585
5,585
4, 745
2,900'!
1,600!
i,6oo!
1,000
4,473!
7,816;
4,258,
4,670,
1,506
2.059
11928
2,289
37, 636
39,396
42,857
45,522
326
526
845
6,037[
5,580
8,179|
4,582
6,354
5,731
7,615!
7,743
6,692
14,440
19,477
14,760
32,613i 15,410; 11,438
32,341, 15,411; 10,5011
34,556; 15,270' 10,932*
37,530 16,064; 11.879'
922,600:5,763,804
904,285'5,670,209
899,87li5,719,198
897,67415,726,765
772,2051,022,210
764,939: 997,720i
760,4601,012,732!
768,0241,009,741
300,614 1,163,624
387,332 1,184,890
3S6,53411,171,953
4C4,55111,169,727
198,964) 756,307 202,154 217.692'l.014,272 ! 213,854:
199,936| 755,510; 205,353 217,504ii;020,866 213,808
201,482! 751,927i 203,126 217,0761,020,626 208,628
200,368| 743,569i 202,480 217,1561,027,704- 205,066:
i
;
4,471!
7,298i 1,089
2,780;!
4,814' 1,298'
4,026'
6,553!
981
2,505
4,131, 1.173'
4,026!
6,542!
979
2,505;
4; 131!
1,173'
3,374!
5,420:
834 2,1421
3,770.
995
3,310!
2,979'
2,980i
2,531!
15,561
14,006
14,006
11,910
2,970'
2,4961
3,720!
3,650!
71,319
108,062
73,902
119,891
20,023;!
9, 492
16,013'
21,449!
49,182
53, 260
80,918
56,836
San
Francisco
St.
j Atlanta1' Chicago Louis Minne- I Kansas!
apolis City 1
!
!
387,074
382,728
391,133
390,948
11,770;
11,981!
14,695!
12,190 j
30,101, 7,925
29,938 7,721
22,375 6,646
35,937; 5,802
12,737!
11,967!
12,888]
12,109
31,148
25,460
29,622
27,662
11,684
9,002
11,585
13,174
6,055
5,230'
15. 512
12'. 1061
17; 155i
14,033;
21,872'
32,653 !
42, 270
46,852:
3,720i
4,114!
4,028-!
9,7871 16.117'..
12,107'. 15; 057:
12,237; 10,37716,360! 9,283.
REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS
BALANCES
[In thousands of dollars]
Federal reserve bank city
; Total I
I (12 cities)
Cleveland
Boston
Due to banks:
N o v . 18
N o v . 25
Dec. 2
._
Dec. 9
D u e from b a n k s :
N o v . 18
N o v . 25
Dec. 2
Dec. 9
;
i
St. j Minne-! Kansas
Louis I apolis ! City Dallas
San
Francisco
i
!
2,215,437
2,132,809
2,276,766
2,241,303 ,
*
i!
! 635,072 |i
i 608,979 j |
__.! 649,109 ||
; 604,927 |i
I
Rich- * t l n T 1 *J
mond ; A t l a n i - a
1,039,357
1,018,778
1,109,602
1,082,863
38,162
40,076
45,292
37,714
180, 764 1
170,527 1
180, 526 j
171,700 !
110,101 I 69,040
101,840 59,655
107,142 73,613
99,114 62,430
43,613 38,526 .. 25,474 j 352,693 84,148 ! 56,276 1101,390 i
An
42,294 ' 37172 i 26,395 337,316 ' 81,157 | 55,704 | 95,849
™*
43,804
17 ; 24,650 • 355,657 •• 87,370 i 57,982 101,337
42,930
08 1 26,134 355,149 i 86,991 j 6C, 106 102,633
42,013
40, 111
42, 997
39,958
121,637
107,276
106, 409
108, 819
24, 609
27,106
23,545
24,118
32.387
29,264
32,112
29,572
55,033
52,173
49, 503
48, 555
20,098 I 15,245 156,455 ! 36,075 23,436 54, 431
21,695 13,379 ! 151,168 ' 37,635 25.40749,581
53,017
20,729 ! 14,109 j 164,006 1 36,511 j 2Q, 530
19,755 I 14,194 j 146,038 : 37,369 j 29,236 56,832
59
FEDERAL RESERVE BULLETIN
JANUARY, 1926
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHIC A GO—PRINCIPAL RESOURCES AND LIABILITIES, BY
WEEKS
[In thousands of dollars]
New York City
Nov. 18
Number of reporting banks
-, -.
Loans and discounts, gross:
Secured by United States Government
obligations..
Secured by stocks and bonds
All othor loans and discounts
-.
!
Nov. 25
City of Chicago
Dec. 2
Dec. 9
61
Nov. 18
Nov. 25
46
46
16, 405
638, 251
670.138
17,968
633,932
670, 705
17,571
637,610
685,118
61
54, 656
2,122,987
2, 298,897
50,288 :
49,790
2,146, 548 i 2,145,119
2, 208, 624 i 2, 295, 759
59, 630
2,130, 033
2,309,009
4, 476, 540 I 4, 455, 460 I 4, 490, 668
4, 498, 672
1, 354, 327
1, 324,794
29, 771
521,104
188,822
156,770
33,465
809, G88
1, 870
100, 304
16, 176
45,850
1,163
189, 324
1,871
102,464
16,339
51,615
1,001
185, 273
29, 68.1
513. 358
185, 669
159, 424
14,008 !
809,579
29, 682
503, 870
183, 507
159,7""
.13,168
837, 071
Dec. 9
46
46
61
Total loans and discounts...
United States pro-war bonds
United States Liberty bonds. —
United States Treasury bonds
United States Treasury notes
United States Treasury certificatesOther stocks and securities
Dec. 2
18.055 i
656,140 i
680,122 !
1, 727, 000 1, 728, .155 i 1, 711, 719 j 1, 719,620 354, 687
Total investments
6, 203, 546 6,193, 615 ! 6, 202., 387 j 6, 218, 292 I 1, 709, 014 j
Total loans and investments..
7175 509
724,911
166,439
703,111 !
714,170 i
Reserve balances with Federal reserve bank..
64,859
71,119
23,880 i
74,101
64,791 '
Cash in vault
5,165, 865
5,166,027 I 1,199, 516 !
5, 209,172 : 5,131, 22S
Net demand deposits
787,515
785,260 !
496, 342
796,192
776, 112 •
Time deposits
11, 347
1,842
11, S47
32,606 j
Government deposits.:
Bills payable and rediscounts with Federal
reserve bank:
!
Secured by United States Government !,
33, 895
83, 795 !
5,105
36, 670 i
67, 565
obligations
76,917
53,123 !
4,112
42,996 '
48,790
All other
--;
Total borrcwings from Federal reserve :|
110,812
136,918 !
79, 666
116,361
9, 217
bank
—
-..
1,322,605 I
1,869
103,174
16.133
51,836
931
187,487
i
i
i
i
j
;
1,340,299
1,968
103, 494
16, 211
50, 659
945
193, 903
358, 563
361,430 |
367,180
1, 683, 357
1,684,035 |
1,707,479
167, 701
21,955
1,171, 744
499,316
1,453
165, 628
24 152
1,163, 607
499 130
1 453
168,
25,
1,188,
502,
1,
- •
13,115
4,975
14,176 i
4,723
604
223
504
302
497
17,125
3,883
21,008
ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY
[In thousands of dollars]
Time deposits
Net demand deposits
1925
1924
1925
Federal reserve district
1924
Aug. 26
Sept. 23
Oct. 28
Nov., 25
Nov. 26
Aug. 26
Sept. 23
Oct. 28
Nov. 25
1,349,913
6,234,042
1,170,496
1,510,469
571,001
728, 625
2,469,803
684,599
441,593
884,027
£90,664
1,271,397
1,370,418
6,222,943
3,175,162
1,499,245
591, 505
734,046
2, 465,508
704,765
458,587
867,688
632,784
1,282,628
1,445,553
6,464,101
1,185, 676
1,498,226
611,548
762,792
2, 471, 08C
717,386
455, 964
837,559
667,413
1,315,098
1,395,241
6,408,22S
1,181,937
1,475,121
626, 963
769,008
2, 449, 631
728,045
466,660
84=7,480
674, 507
2,339,345
1,327,141
6,496,559
1,151,727
1,486,119
585,396
540,472
2, 352, 603
690,224
503,546
848,388
641, 603
1,322,964
771,237
2,158,054
824,826
1.342,131
' 509,526
416,629
1,824, 630
450,158
430,029
315,444
168,110
1,278,928
764,554
2,161,364
825, 637
1,341,591
512,045
414,260
1,835,341
451,391
433,357
311,337
169,415
1,282,689
778,410
2,164,082
841,149
1,341, 980
535,563
428,449
1, 859, 829
459,884
435,496
326,890
186, 601
1,310,189
794,772
2,183, 450
843,884
1,342,997
516, 547
431,355
1,877, 294
459,517
433, 519
313,791
166,821
1,328,098
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
17,906,629
18,005,279
IS, 432,402 18,362,766
17,946, 742
10,489,702
10,502,981
10, 628,522 10,692,045
9,795,879
Banks in cities and
towns having a population o—
f
Less than 5,000.
1,669,015
5,000 to 14,999-.—„ 1,101,824
15,000 to 99,999
2,388.499
100,000 and over
12, 747; 291
1,741,700
1,135,747
2,376,042
12,751,790
1,779,096 1,773,720
1,159,461 1,158*411
2,392,981 2,407,394
13,100,864 13,023,241
1, 698,67C
1,076, 740
2,132,304
13,039,022
1,727,734
1,105,035
2,142,079
5,514,854
1,736,100
1,112,762
2,126,395
5,527, 724
1,734,527
1,118,658
2,149,836
5,689,024
1,640.059
1,045; 668
1,967,007
5,143,145
Boston
New York
Philadelphia ...
Cleveland...
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
_
Totals.
_
1.738,310
i; 116,348
2,143,150
5, 630, 714
Nov. 26
60
FEDERAL RESERVE BULLETIN
JANDABY, 1926
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, JUNE 30, 1925, TO
SEPTEMBER 28, 1925
Between June 30 and September 28 the
The increase of 12 in the number of national
number of national bank members of the banks was the net result of 45 additions and
Federal reserve system increased by 13 and 32 losses. Of the additions to national bank
their total resources by $218,669,000, while membership, 13 were former State banks—2 of
the number of member State banks showed them already members of the Federal reserve
a decrease of 12 and their total resources system—which obtained national bank charters,
a decline of $270,340,000. As a consequence, and 31 were banks newly organized under
total membership in the system increased by national bank charters; 1 bank, in the Cleveone, and the aggregate resources of all member land district, which had previously been closed,
banks showed a decline of $51,671,.000. At resumed operations. Of the 13" State banks
the end of September active membership, as converting into national banks, 7 were in the
indicated by the banks7 reports of condition, Dallas district, where there were 60 such
comprised 8,079 national banks and 1,460 changes in status during the preceding quarter;
State banks and trust companies, a total of 3 were in the St. Louis district, and 1
9,539 banks, with combined resources amount- each in the Cleveland, Chicago, and San Franing to $39,053,354,000. The changes for the cisco districts. There were newly organized
third quarter of the year were somewhat smaller national banks in ail except the Boston and
than those for the preceding quarter when Cleveland districts. Of the losses, 11 were
there was an increase of 56 in the number of the result of mergers between national banks,
national banks and a decrease of 49 in the 1 was the result of a merger between a national
number of member State banks, and increases and a member State bank, and 9 were due to
of more than 8500,000,000 in the resources both mergers or successions between national banks
of national and of State member banks. Gains and nonmember banks., There was 1 volunand losses in membership during the third tary liquidation * during the period, and 10
quarter are classified in the following table:
suspensions—5 in the Minneapolis district, 4 in
the" Kansas City district, and 1 in the .RichCHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL mond district.
RESERVE SYSTEM J U N E 30 TO SEPT. 28. 1925
The decline in State bank membership was
the net result of 12 additions and 24 losses.
Member banks
The additions to .membership all represented
State banks, formerly nonmembers, which
Number
Suspensions
Resources were admitted to the system.
(in thou- accounted for 2 of the losses (1 in the Atlanta
sands of
Nfctional State Total of dollars) district and 1 in the Chicago district), as
against 8 during the preceding quarter. Of the
:
39.105,025 other losses, 1 was due to consolidation beActive membership, June 30,1925
8,066 j 1,472 ! 9,538
tween national and State member banks, 2
Additions to membership;
.
I
I
I
Primary organization of national
2,743 were due to the conversion of State into
banks
—
7, 788 national banks, and A. were the result of mergConversion of nonmember banks
12
21, 273 ers with nonmember banks.
. to national
-•
There were 15
199
1
Admission of State banks
(5C6) member State banks which availed themselves
Resumotion following suspension.
12
Conversion within the system
12
32,003 of their option of withdrawal upon advance
Total additions..
notice, 7 of them in the Minneapolis district,
Losses to membership:
2 in the San Francisco district, and 1 each
Merger of member banks—
11 : (61,893)
Intraclass..
.!. :
2 3 (40, 630) in the Cleveland, Richmond, Atlanta-, Chicago,
Interclass. --St. Louis, and Pallas districts,
Absorption of member banks by
nonmember banks (or succesIn the following table are shown, by districts,
31,885
13
sion)
1
244
for the period between June 30 and September
Voluntary liquidation (terminal)...
15
] 1,795
15
Withdrawal
_
12 •
7,694 28, 1925, those changes in membership which
2
ID
Suspension or insolvency
(566)
12
Conversion within the system
represent the interchange between members of
54 ;
31,618 the Federal reserve system and nonmember
Total losses—
+13
—12 i + 1 • -5.1,671 banks operating under State law.
The addiNet change
: 8,079 1,460 i 9,539 39,053,354
Active membership, Sept. 28,1925
tions to" membership in the Federal reserve
2
2
j
:
2
;
!
3
:
* Changes not affecting number of banks in the system.
* Changes not affecting total resources of member banks.
5
Includes changes in resources due to reorganization, growth, contraction, etc., in addition to changes enumerated,
i Instances in which, as far as could be determined, voluntary liquidation resulted in some other outcome than the final termination of the
institution were classified according to the ultimate status of the bank.
JANUARY* 1926
61
FEDERAL BES31RVE
system from among nonmember banks (exclusive of nonmember banks that were absorbed
by member baiiks) represent former nonmember banks which either voluntarily obtained
charters as national banks, or, upon application to the Federal Reserve Board, were
admitted to the system as member State
banks. The losses represent either Stats
banks which, upon advance notice, withdrew
from the system, or national banks which,
went into voluntary liquidation to be succeeded
by banks organized under State law as nonmember banks. The table shows that for ths
system as a whole additions by these changes
in status slightly exceeded losses; in the Boston, New York, Philadelphia, Chicago. St.,
Louis, and Dallas districts a net addition to
membership resulted, and in the Cleveland
and Atlanta, districts additions and losses offset each other, whereas in the Richmond,
Minneapolis, Kansas City, and San Francisco
districts, t h e losses exceeded t h e a d d i t i o n s .
INTKRMOVEMSNT OF MEMBER AND NONMEMBER
BANKS, JUNE 30, 1925 TO SEPTEMBER 28,
1925
Nonmmeber banks
joining the system 1
Fedorai reserve
district
Total
All districts
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta—..
Chicago
St. Louis
Minneapolis .. _
Kansas City
•Dallas
San Francisco
23
_
1
1
2
1
1
3
Member banks leaving
the system i
Con- !
version!
Withof non-' Admisdrawal
mem- | sion of
of member i State Total
ber
banks 1 banks
State
to na» j
banks
tional !
banks
11 !
J
1 :
..
1 .
3 ;
20
12
5;
i
Succession of
national
banks
by nonmember
banks
15
5
l
l
2
__
2
4
1
0
1
[
i
1
1
1
1
I
7
3
1
4
1 i.
I :
1
....
i
7
1
2
!
3
..
2
i Exclusive of mergers between member and nonmember banks.
> There were no successions of member State banks by nonmember
banks during the period.
ALL STOCK BANKS IN THE UNITED STATES—CONDITION ON SEPTEMBER 28, 1925
Consolidated figures showing the condition of ALL STOCK DITI0N 0N THE UNITED STATES 1—-CONBANKS IN
DATES
ail banks in the United States, other than
SPBCIPIBD »
[Amount in mim QS ofdollarsl
mutual savings banks and private banks not
°
Total
under State supervision, as of September 28
Num- Loans and investments
deber of
posits,
indicate t h a t new record totals have again
exclureport: Inbeen reached in loans and investments and
sive of
ing
bank
banks Total Loans i vestdeposits. Loans and discounts totaled $30,! nients deposits
292,000,00u, an increase of $828,000,000 over
the June 30 figure and of $2,334,000,000 since All banks:1920
32,642
8,636
28,715 36,813 28,177
June,
29,477 34,318 25,857
31,134
8,461
June, 1921
„
October 10, 1924. Investments show an in29,092 34,166 24,647
31,944
9,519
June, 1922
crease of $58,000,000 since June 30 ; 1925, and
29,342 | 37,359 26, 793 10,566
34,512
June, 1923
28,451 I 38,407 27, 222 11.185 ! 36,841
June, 1924
of $503,000,000 since October 10, 1924. while
28,385 ! 39,610 . 27,958 Ill 652 ! 37,587
October, 1924...
28,266 ' 40,202 28,2431 11,959 I 39,066
total deposits, exclusive of bank deposits,
December, 1924_
28,073 40,813 28,775i 12,038 I 39,112
April, 1925
amounted to $41,008,000,000 on September 28,
27,921 i 41,561 i 29,464 I 12,097 ! 40,591
June, 1925
27,948 | 42,447 30,291 i 12,155
41,008
.
September, 1925.
or $417,000,000 more than on June 30 and .'Member banks:
9,399 25,945 19,784 I 6,161
21,887
Juno, 1920
$3,421,000,000 than a year ago. Borrowings
9,745 24,311 i 18,206 : j 6,105
21,012
June, 1921
from Federal reserve and other banks went u p
9,892 | 24,358 j 17,296
22,366
7,062
June, 1922
9,856 jI 20,675 i 18,880
7, 795 23,837
June, 1923.
$155,000,000 between June 30 and September
.
9,650 27,282 j 19,264
7,998 25,675
Juno,, 1924.
8,631 26,282
October, 1924
I 9,035 ! 28,451 i 19,820
28 ? and $412,000,000 between October 15, 1924,
8,845 27,814
~
'
' 9,587 i 29,027 " 20,182
" """
I
December, 1924.
and September 28, 1925.
8,895 27,145
9,531 ; 29,285 20,390
April, 192-5
28,403
9.538 '' 29,702 j 20,814
June, 1925...
The table below shows in summary form t h e
21, 450 8, 919 28,172
9.539 |
September, 1925.
amounts of loans, investments, and deposits of Nonmember banks:
19,316 !10,868 ! 8,393 2,475 10,755
June, 1920
all stock banks in the United States for report
19, 732 !
10,007 j 7,651
2,356
9 522
June, 1921..._
19,200 ! 9,808 J 7,351
2,457
9,578
June, 1922..
_
dates since June, 1920. There are also pre19,486 i 10,684 7,913
2, 771 10,675
June, 1923
18,801 j11.145 7,958 3,187 11,166
sented on subsequent pages tables giving the
June, 1924
„_
18,750 11,159 ! 8,138
3,021
11,305
October, 1924..
principal resources and liabilities of these banks
18,679 11,175 8,061
3,114 11,252
December, 1924. _
18,542 11, 528 8,385 3,143
11,967
April, 1925...
arranged b y Federal reserve districts and by
18,383 11,859 8,650 3,209 12,188
Juno, 1925. __
18,409 12,077 8,841
3,236 12,838
States. A table is also included giving tlie
September, 1925.
principal resources of all State banks and trust 1 Includes all banks in the T7nited?Statos except (1) a certain number of
nonreporting private banks, not under State supervision, and (2) all
companies, b y States.
mutual savings banks, figures for which are available only for June
;
:
;
S
calls. Three mutual savings banks in Ohio, however, and one in California, are included because the figures for these banks are included in
the totals reported for all State banks by the State authorities and are
not available separately except for June calls,
2 Orbdates nearest thereto for which figures are available.
62
FEDERAL RESERVE BULLETIN
JAXUAEY, 1926
ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON SEPTEMBER.
28, 1925 2
[Amounts in thousands of dollars]
Federal reserve district3
Boston.
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis. ._
Minneapolis.....
Kansas City.-.
Dallas _ ._.
San Francisco Total, Sept. 28, 1925..
Total, June 30, 1925—
Number
of
reporting
banks
678
1,346
1,274
1,964
2,059
1,972
5,177
3,122
3,117
3.897
i, 702
1, 640
| Loans
| and
| discounts,
i including
i overdrafts
!
i
,
:
I
I
I
i
j
i
!
!
2,100,133
7,201,342
2,209,331
2,954,576
1,793,802
1,561. ] 81
4,816,277
1, 541,899
1, 098, 344
1, 439,818
848,862
2, 726.152
Investments
Total
loans
and
investments
Total
deposits,
exclusive
of bank
deposits
888,334 2,988,467 j 2, 777, 080
3,327,667 10,529,009 • 10,375,414
3,365,842 ! 2,967, 091
!
1,156,511
4, 050, 090
4,356,834
1,402,258
2,238,546 ! 1,973. 020
'
424,744
1,884,659 ' 1,902', 600
323,478
6,909,282 I 6,720,470
2,093,005
1,951,811
2,036,230
494,331
430; 710 I) 529, 054 : ''• 1, 569,888
1, 933, 394
1,845,159
405,341
1,032,410 I 1,022, 577
183,548
3,750,993
1,024,841
3, 764,360
27,948 I 30,291,717 12,154, 768 42,446,485
27,941 i 29,464,128 12,096,751 41,560,879
41,007, 7G6
40, 591, 421
75,028
313,026
85,049
91, 703
118,778
68,816
109,422
72,907
25,786
22,600
22,011
70,123
1.075,247
' 920,600
1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) all
mutual savings banks,figuresfor which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,
are included because the figures for these banks are included in the totals reported for all State banks by tho State authorities and are not available
separately except for June cails.
2
Or dates nearest thereto for whichfiguresare available.
s Figures for State banks and trust companies of Indiana, Michigan, Kentucky, Tennessee, Missouri, Mississippi, and Louisiana were not
reported by Federal reserve districts and accordingly were prorated on the basis of such data as were available.
68
FEDERAL: B1S&KVE BULLETIN
JANUARY, 1926
ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30 AND SEPTEMBER 28, 1925 »
[Amounts in thousands of dollars]
Loans and discounts, including
overdrafts
Number of
reporting
banks
State
June
Maine
New Hampshire..
Vermont.Massachusetts
Rhode Island
Connecticut
;
!
1
Sep- |
tern- Juno
ber
1 1 1 ••
80
86
2f>l
31
150
:
I Septem- :
I ber
.Tuns
j SeptemI ber
112 • 147,425
154,759 . 1? 8,875 '•
.._!
61,414
86 ; 89,874
89,806 • 4.-0,343 !
249 .1,352,435 1.405,687 •• S98,804 j
31 ! 109,285
150,591 | 1&C,O27 j
150 j 272,183
287,019 ! 200,418 i
j June
June
109,516
267,300
264,275
247,632
104, 547
89,766
130, 017
130,841 . 117,050
_.,
41,235
396,332 1,751,239 1,802,019 !1,663,786
155,298
311,889 ; 288,994
.
305,312
205,148 . 472,601 ; 492,167 ! 450,044
<
...__!
i
N e w York
„
N e w Jersey
Delaware
Pennsylvania.-Ohio
.„
„_
District of Columiba..
Maryland
Virginia.._
West Virginia
North Carolina
South Carolina
981 . 985 16,102,209
482 ' 486 ,1,019,184
45 ! 54,950
45 .
„_._•' 1,642 1,643 "2,711,805
• l,0D9 ! 1,099 jl P 758,i78
;
„„.!
,
!
!
Georgia
Florida
Tennessee...
Arkansas
Missouri
Kentucky
354
336 '
_
!
j
!
!
!
!
157,891
374,141
447,127
301,481
344,887
184.354
_.
_.
482
1,558
205,980 . ..'. ....
338 ' 152,600 ! 172,041
—_ ; 1,087 ; 1,083 '
1,279 • 1,274 1
"
j 773 j 767
I 334 • 329
96 !
96
Louisiana
Texas.
.
New Mexico
247
1,488
66
•
.__
Washington...
Total
;
____.
i
:
57
115 !
161 '
34
602 :
279 I
360 !
i
;8,973,480 9,06S, 854 ,9,094,295 18,978,584 203,175
1, 637,304 .1,694,595 13,607,260 1,616,082 i 28,107
88,780 . 89.617 i 75,570 ; 78,742 " 1,168
;
•4. 551.372 .4, 607; 184 j4, 010, 605
^042,324 91,948
2,359,870 2,430)457 2,305,782 •2,343,446 37,693
61,274
170,837
71,004 :
59,406 .
38,927 ,
32,883 :
3,535 !
12,920 !
30,816 !
17,831 i
43,217 '
14,192 !
286,871
36, 512
695
98, 777
58,974
215,704 i
520,557 '
418,435 ,
324,652 ;
323,873
196,390
215.100
519; 229
434,281
324,714
346,044
203, 526
312,474
530,178
236,285
190,594
I 23,649 !
682,391 1 1,353 I
.! 11,103 '
220,990 | 12.566
"14355
758,422
783,014
__j 18,513
874,117 -3,354,199 i3,412,240 3,273,075 3,265,910 ! 38,764
918,367 1,598,458 1.628,808 1,610, 844 1, 623, 256 i 34, 936
218,179 I 807,963 ! ' 818, 541 800,519
803,303 I 10,520
102,048 (
! 878,544 .
874,520 j
34,477
27,920
11,863
20,539
41,118 i.
10.1,413 I 127,806
«X, 784 .
40,137
39,243 ;
133,033
370,911
851,832
203, 518
! 244,407 • 7,507 I 7,446
!
! 2,581 !
I 118,447 ; 4,032 |
"~2,~851
•1, 676,553 ' 63,199 ! 56,761
I 298,002 j
772
304
! 461,284 • 6,230
6,117
219,096 i
559,020 .
"
516,836
3 61,240
381,026 ,
215,416 :
222,220
566, 341
539,344
360,735
392,626
214,144
361,260 ]
436,624 J 560,570
248,764
192,737
211, 284
4,965
14,600
35.108
16; 840
39,223
11,114
1,003
551
; 342,574 '.._
...
• 46,607 :
j 389,181 J
378,375 i
j
24.304 ; 201,398 ! 215,083 | 195.765
222,921 ! 10,857 I 21,045
487 | 175,426
190,779
2:3.970
1,565 . 901,312 ; 925,759 i 317; 417 j 322)094 jl, 218,729 1,217,853 jl, 155,984 1,182, 210 I 25,006 ' 19,704
_„_„, . . . i .
„.!.,
..
.L
1,370 ! .1,309 i 624, 490 I 631, 766
"'•
658
653 ' 117.784 ' 120,953
526 j 526 . 136; 942 I 134. 54::
235 ! 233
78,823 ! 79.628
Nebraska.....
Kansas.—
Oklahoma.
Colorado..
Wyoming
% 739,726
! 641,682
I 32,723
11,753,344
| 608,917
160.94C
c:.,405
389J504 i 18<:, 879 !
468,250 ! 60.709 j
301,329
f)ii',759 !
353,699 I 36,139 j
181,261 , 31,062
!
1,092
599,981 I
. . . . 1.900 1,898 :,2.483,288 : 2,538,123
' 7 2 9 : 710 '746,626 ! 710,441 •
983 : 983 \ 599,445 600,362
_
_ 1,548
: 776,496 .
Minnesota
North Dakota..
South Dakota..
Montana.. _.
Arizona
Utah
Idaho
Nevada
California_w.
Oregon.
44
229
521
345
587
373
:2.8] 1,271
• '6LSI20
3.';, 830
;•
l,8.'i&567
;: 60J,692
•• 632 _.
..' 320,142
318 : 322 :, 335,211 , 432.764
-
Alabama
Mississippi
Indiana
Illinois
Michigan
Wisconsin...
Iowa
44 '
229 :
517
345 .
524 '
373 ;
6, 329.128
1,052; 933
56,894
2,853.840
|l, 821,640
Total deposits, ox- ! Rediscounts
elusive of bank j ; ud bills paydeposits
!
able
Total loans and
investments
Investments
247
1,491
63
57
114
162
34
653
278
361
367, 581
325.938
247) 388
178.202 !
38,152 !
367,609
324, 430
257.. 227
1781456
38!, 713
250,981 j
35,166 :
20,546 !
30,364 \
56,908 !
75,659 !
88,527 ;
92,915
10,990
257,721 j 875,471 i 889,487
35,472 I 152,950 ! 156,425
24,769
303.488 ! 159,33.0
40,078 | 118,187 ; 119,706
58,168 i
80,717
92, 399
92,354
13,637
424.489 !
401, t)97 :
335,915 I
271,177 !
49,142 !
872,147
162,196
180, 487
129,881
871,012
173,003
183, 717
133,783
;
j
!
:
7,818
4,930
5, 957
2,094
12,869
4,175
4,995
1,680
425,777
405,147
349,626
270,810
50. 350
441, 762
418, 948
384, 559
294, 263
53,062
431,209
443,303
389,228 '
291,822
56,038
4, 214
5,082
5,801
2,977
684
6,197
3,632
7,332
2,444
302, 297
877,992
29,176
377,783
883,202
27,936
321,614 ! 342,94:1
734,158 1 740,747
21,449
20,699
50, 209
358,282
5, 763
55,898 j .371,883 : 3S8,839
902,779
162,032 I 892,440
6,020 : 27,212
26,719
. 45,631
45,300
! 100,530
103,220
50,418
50,120
25,179
25, 697
2,310,002
2,071; ISO
• 161,964
167,920
, 227,466
233, 024
33,990
28, G28
29, Ml
6, 967
729. 738
81. 385
U8. 185
59,434
67, 571
14,134 I 59.621
69,020
28,050 ; 129,158
117,087
131,876
134,187
19,370
77,894
69, 559
69.496
73,097
7,001
32,140
34,633
35,298
32) 758
703, 439 2,800,913 2.879, 501 2,831,270 2, 885,168
82, 424
243,349 ' 250,350
255,959
263, 751
345, 651
135,518
359,930
360.841
348,542
!
10,792 !j 20,216
15.897
18,346
'81.0 '
795
2,490 ,
3,265 j
3,734 ;
3,017
2,494
2,300
78
31,521 ! 53. 332
5,612 1 5, 237
6,345 ; 4,830
27,921 '27,948 29,404,128 30,291,717 '12,096,751 12,154,768 •11,560,879 J42,446,485 140,591,421 J43,007,796 920,600 1,075.247
1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) all
mutual savings banks,figuresfor which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,
are included because the figures for theso banks are included in the totals reported for all State banks by the State authorities and are not available
separately except for June calls.
2
Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banks
as of dates other than June 30,1925, and September 28, 1925, respectively..
64
FEDERAL RESERVE BULLETIN
JANUARY,
1926
STATE BANK AND TBUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30 AND SEPTEMBER 28,1925 a
[Amounts in thousands of dollars]
Number of
reporting
banks
Loans and discounts,
including overdrafts
Total loans and
investments
Total deposits, ex- • Bediscounts
elusive of bank de- j and bills payposits
i
able
State
June
Maine..
New Hampshire.
Vermont.
82,9111
24, 265
57,
567,865j
127,649;
122,211
Rhode Island
Connecticut
New York...
New JerseyDelaware
Pennsylvania...
Ohio
63, 530
18, 066
17,401
138,421
108,847
132, 700
17,634i
141,309;
130,203 j
134, 595;
3,458,183' 3,505,207! 1,380,987 1,330,351 j
612,3791
328,728!
i,131i
312,491
23,700!
43,857!
44,896!
24,377
783,627
1,312.402] 1,402, 5611
870,390
365,8911
1,269; 561 i 1,305,924'
359,8261
District of Columbia.
Maryland
Virginia
West Virginia
North Carolina
„
South Carolina
31
145
336
221
441
Georgia
Florida
Alabama
I
!
'
543
261
252
300
„'
846
1,399
603
826
Mississippi! IIIIIIIIIIII j
Indiana
Illinois.
Michigan..
Wisconsin
Iowa
56,575,
596, 987;
110,9131
131, 296!
79,979;
221, 907!
177,999,
172, 748|
214,9701
103,447,
146,441
42,331
74,532
706,286
236,496
254,911
74,209
738,2961
241,116
265,891
4,839,370 4,835,558
924,870
954,859
68, 234
68, 596
2,182, 792 2,186,188
1,629,387 1,671,815
105,147
323, 703
195, 0J 7
196,987
231, 657
116, 217
110,237
331, 0981
200,195
196, 549|
24.0,700:
113, 256
212,386
232,681
117,919
128,148
308,325
28,534J
100,016j
17,1511
23,9631
19, 289,
13, 040!
196, 293 L.
193,851!
"257,7461
106,214;.
106,163:
120,089,
29,158!
101, 796,
17,018
24, 239!
16, 687s
12,770
I
16,093.
38,830j
11, 705 1 .
21.985
373,944'.
I
1,394! 1,524,947; 1, 558,157:
425,207
455,902;
584!
351,104;
348,994=
541,689;
l,209L._
83,962.
557, 740:
709,921 i
114, 746
...i
457,908!.
563,014; 2, 082,687J 2,121,171
780,998! 1,165,823 1,206,205
120, 676!
463,740;
471, 780
25,507!.
567,196
31
145:
340'
221!
505!
297|
265
301
81, 703:
231,082!
183, 044i
172, 586;
221,411!
100, 216
50, 579;
20,792;
140,881
I * £ « " • ! June | ta£
138,008 !
38,360|_,
71,181
694,853
233,839i
246,404
5,167,1601
916, 634
58,3901
1,950, 040]
1, 654, 687
106,518
334,436
156, 662
183,9311
2059!
104,883
179,869
316,988
•116,629
130,088
466, 798
% 146, 680
1,180, 9S4
478,747
ber
128,174!
5,130
6,377
70,9311
1,891
714, SISj 20,616
240,695'..
253,020;
1,207
16,915
5,226,373 j
914,1531
61, 064.
1,957, 063i
1,675,206;
106,, 4421 1,010
316; 9041
161, 050i 15,006
181,931i 10,2131
221,924; 24,906i
110,090!
9,906;
423,244!
"l52," 164.
3,170
50,938 79,284
14,411 21,951
385
620
40, 253! 41,117
17,735 35,215
1,180
6,496
13,430
9,426
23,432
7,135
18,163L
1,162!
813
7,096|_
8,549| "l 6," 156
13,812!2,135,390! 18,707! 16,306
1,206,987 16, 822! 18,774
7,451
483, 664
5,348!
8 598,758.
I 12,873
445;..
'~118,~346|
400!
563,214;
1,430;
1S4,382;
127,551]
577,416!
I
10,035!
207,902:
17t3Oo|.
9,225
216,180
128,381
771,116
201,691
136, 776
793,596
124,275
800,240
220,4021
8,892;
148,464!
823, 705j 21,910,
10,564
16,460
16,153
. . ,
495
414!
149|
279.278J
65,47l!
90,223J
38,466;
282.117!
67| 241,
88,443;
38,168:
87,046:
9,637
8,394,
18,995;
93,173
9,732
5,147
19, 526]
366,324
75,108j
98,617
57,461
375,290
76,973
93,590
57,694
391,545
82,441
114,480
64,009
399.766
87; 795.
116,525:
64,977]
5,326]
4.079!
4,350'
1,210|
9,064
3,350
3,616
956
915
1,021
380
197
64
913:
1,015'
381;
194!
221,455!
196,744
48,396
48,902
15,566|
222, 718
196,067
50,597;
45,620|
15, 563
21,498
28,399
14,457
16,327
2,492
240,929
224,299
62,481:
64,96017, 710;
244,216
224,466
65.054
61,947
18.055
276,881
238.966
77,753
76,366
19,454
274,003;
263,888'
78, 808!
73,512
20,605 !
2,844J
3,593:
2,099!
984!
599!
3,007
2,842
2,311
686
420
Louisiana
Texas.
New Mexico-
214
846
35
2141
247, 545!
193,199
6,166
260,829 :
179,106;
5,488 ;
19,474:
27,555!
14,085'
15,998
2,144:
i
36,926!
20,271 i
!
1,129
42,207
20,102
1,035
284,471 j
213,470!
7,295j
303,036
199, 208
6,523
281,547
232,146
7,570
217,521!
8,2851
7,159
3701
15,090
6,969
370
Arizona
Utah
_.
Idaho
Nevada
California....
Oregon
Washington „
39
94
104
24
394
180
248
30,424 j
30,479
39!
70, 748]
74,486,
94
19.929!
106!
20,676 :
24
15', 651 j
16,157j
382! 1, .507,622| 1,537,080;
58,802'
71, 563
179,
76,480,
74,155
248!
J_
9,509 1
17, 510:
8,456;
2,477 •
527,032 !
25,805.
34,658 !
9,465
17,681
Tennessee.,
Arkansas. _
Missouri..„
Kentucky.,
396
1,427
Minnesota
North Dakota..
South DakotaMontana
„„.
1,050
498]
415!
150!
Nebraska....
Kansas
Oklahoma..
Colorado.....
Wyoming...
Total
6i
\
1
2,449
554,638
22, 752
34,152
3
45,925
39,9881!
39,889
77,676
88, 258
92,167
31,488
28,385!
29,305
21,168
18,606
18,128
2,034,654 2,091,718 2,116,745
103, 754
81, 554
97,368
117,364
110,632
108,813
3 45,530 < 3,633,
2,098!
81,324:
1,789!
34,076
21,191 .. ___ j
2,134,635 22,436
87,999 i
3,194
116,678|
2,4111
«],654
2,237
1,154
35,224
1,923
1,776
j 19,855 19,869, 16,784,662 17,146,153! 6,371,129! 6,404.968 23,155,791! 23,551,121 23,576,795! 23,953,716! 441,619; 513,083
} Includes ail banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and
(2) "all mutual .^savings .banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one
in California, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities
and 2are not available separately except for June calls.
Or dates nearest thereto for -which figures are available.
3
Includes amounts due to banks.
i
Includes"other liabilities.
NOTE.—All figures used;in3the]June^column are for June 30, except as follows: Alabama, June 23,1925; Iowa, May 1,1925; Tennessee, April 69
1925; Kentucky, June 30,1924; %nd Kansas, June 2,1925. Allfiguresused in the September column are for September 28, except as follows: Maine,
Sept. 26,1925; Rhode Island, Sept. 8,1925; New York, Sept. 30,1925; Maryland, Sept. 2, 1925; Georgia, June 30, 1925; Alabama, June 23, 1925;
New Hampshire, June 30, 1925; Indiana, June 30, 1925; Iowa, Sept. 8, 1925; Tennessee, Oct. 26, 1925; Kentucky, June 30, 1924; Minnesota, Nov.
2, 1925; North Dakota, Oct. 15, 1925; Kansas, Aug. 20, 1925; and Utah,, Oct. 5, 1925.
65
FEDEBAIi BESEKVE BULLETIN
JANUAEY, 1926
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 31, 1925
Paper maturing—
After 90 days but
within 0 months
Within 90 days
Federal reserve bank
Commercials
agricultural,
and livestock
paper, K. e. s.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis^.
Kansas City_.
Dallas
San Francisco
= S-Bcured by U. S,
Government
obligations
Bankers'
acceptances
Trade
acceptances
Agricultural
and livestock 1
paper
4
334'
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
* Including bankers' acceptances drawn for an agricultural purpose end secured by warehouse receipts, etc.
Changes during the month.—None.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM NOVEMBER 19 TO" DECEMBER 16, 1925, INCLUSIVE
[In thousands of dollars!
i
• Changes in ownership
of gold through trans- Balance in
fers and settlements
fund at
Daily settlements
Transfers
Federal reserve bank
close of
period
Debits
Boston
Now York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City....
Dallas
San Francisco _
Total four weeks endingDec. 16, 1925
..__
Nov. 18, 1925
Doc. 17, 1924,..
Nov. 19, 1924
9,000
10. 200
% 000
5, 000
3,000
6.000
1,000
1,000
2, 00C
4,00C
1, 003
Credits
Debits
900,698
2,824, 292
729, 510
648,317
040,364
4,000
393,499
1,177, 488
2,000
583, 720
6,000
189,472
406, 2(50
2,ooo ; 311,281
1.200 '
351,276
2,000 :
24,000
3, 000
Decrease ' Increase
Credits
920,413
2, 787, 708
748,350
653, 668
639, 940
410, 716
1,168,479
580,129
183, 218
414, 290
306, 960 i
348,306 i
4,715
22,784 ,
19,840
351
576
11,217
!
!
I
:
8,009
1,4
8,254 j
6,030 !
4,121 '
970 I
43,752
186,168
55, 540
58,158
30, 602
33, 024
134, 541
18,872
22,539
30,140
13,669
37,895
T
44, 200
25, 500
107,000
73,200
44,200
25, 500
167,000
73,200
!
;
i
'
!
9,102,177
8,907, 293
8,298,614
8,121,219
9,162,177
8,907, 293
8,298,614
8,121, 219
44,138 ,
44,138 '
664, 900
724, 983
589,390
610,131
66
1926
FEDERAL RESERVE BULLETIN
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CITIES
[In thousands of dollars]
i
.
I Number '
I of centers|
Federal reserve district
i September •
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 -
1924
1925
__
November
October
141 i
New York City.
Other cities
1 i
140 ;
48,342,720
38,971,985
43,417,983 j
41,892,997
27,009,433
21,333,287
20,734,467 "
18,237,518 i
22,505,093 :
20,912,290
23, C46, 934
18, 846, 063
2,644,630 .
27,771,583
2,007,971
2,341,146
769,680
1,206.911
5,086; 050
1,223,51©
783,325
1,128,082
629,002
2,750,830
:
52,929,830
28,916,175 j
24,013,055
24,369,457
20,872,156 j
! November
2,357,435
23,242,131
1,968,134
2,300,487 •
733, 682
1,129, 584
4,949,211
1,212,110 i
1,059,292 '
1,216,807 •
670,360 .
2,578,750 |
2,903,991
29,811,977
2,298,660
2,661,005
844,702
1,429,618
5,775,228
1,371,371
' 877,313
1,266,353
696, 715
2,992,897
45,241,613
October
1,974,984
21,387,861 j
1,794,021
1,996,688 I
648,670 !
959,071 i
4,435,340 |
1,003,068
773,680 !
1,097,173 i
566,180 !
2, 335,245
2,155,120
25,113,884 ,
2,025,711 ,
2,308,524 ,
757, 569
1,250,762 :
5,118,833 i
1,191.608 :
848', 355
1,154, 720 ,
602,406 ,
2,714,261
Total.
September
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
W E E K L Y S U M M A R Y F O R B A N K S I N 256 C E N T E R S
[In thousands of dollars]
1924, week ending—
1925, week endingj Number j
... _.... _ _
.
: of centers'
i
Dec. 9
i
I Nov. 25 ' Dec. 2
Federal reserve district
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 C i t y No. 11—Dallas...
No. 12—San Francisco..
668,517 •
634,944 I
Dec. 16 ' Nov. 26
624,436
693,593
7,621,780
685,955
724,185
359S 863
335.475
1,461,926
350.476
224,991
327,392
183,926
854,022
14 | 6,800,563 I 6,223,192 i 6,930,123
544,748
533,155
532,196
18
695,176 !
650,259 !
22
338,158 I
345,147
23 I 325,284 ;
14
17
29
16
284,766
1,303,466 ,
308,282 !
213,155 !
300,910
181, 014
694,340
256 i 12,203,711
Total.
309,151
1,218,988
354, 352
208,218
300, 582
18.1, 542
685,266
11,094,317
299,332
1,236, 654
329,246
222,062
313.468
180,657
706, 584
12,369,880 ! 13,829,584
i
Dec. 3
' Dec. 10
Dec. 17
556,185 I
598,392 •
547,188 !
639,106
5,841,288 • 5,881,803 i 6,267.719 i 6,892, 383
530,742 i
494,748 .
510,683 i
555,089
586,063 j
583,633
602,319 I
672,867
304,876 .
280,378 "
•
308,547 I
320,277
261,150 !
238,179 •.
264,877 '
283, 262
1,148,011 i 1,129,737 ! 1,328? 085
1,181,431
284,714 j
260,679 ;
301,631 !
230,449 !
235,049
213,166
224, 572
285,700 1
290,520
285,094
307,795
171,907 !
175,441
179, 337
187,341
633,581 |
595,939
592,365 I
675,908
10, 775, 677
10,875,181 j 11,202,663 I 12,417,067
I
I
i
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No.
No.
No.
No.
No.
No.
No.
No.
No..
No.
No.
No.
1—Boston
2—New York....
..._
Buffalo
3—Philadelphia
4—Cleveland
Cincinnati
Pittsburgh
5—Richmond
Baltimore
6—Atlanta
Birmingham
Jacksonville
Nashville.
New Orleans
_.._
7—Chicago..,..
Detroit
8—St. Louis
Little Rock
Louisville
Memphis,_
9—Minneapolis
Helena
10—Kansas City
Denver
Oklahoma City
Omaha..
11—Dallas
El P a s o . . .
_
Ilouston
12—San Francisco
Los Angeles
Portland
_
Salt Lake City
Seattle
Spokane
..._.,
_
i
\
_.!
_,j
j
:
I
__..
j
..„[
•
j
j
I
j
_
,
j
..'
'
.,
472,704
445,092 '
423, 545
6,473, 855
5,902,889 : 0,585,130
84. 632
74,802
78,470
409, 795
397,039
399, 739
146, 367
174,428 . 140, 880
81,121
80, 371
78,457 '
229, 809
254,220
221,715
38,81.1
38, 892
•12,361 •
107,379
108,889 i
109,358
31, 930
38, 234
36,030
30,900 :
20, 940
31,910 .
32. 209
30,434
28,570 '
17, 212
18,090
17,437 •
74,465
.100,421 .
84,808
728,037
730, 711
772,913
189,246
239,543
182,684
15-1,300
213. GOO
178,000
19,352
21',774
21,018
50, 312
39,472
47, 891
40,814
43, 230
42, 300
104,171
104,081
113.430
2,045
2, 478
2, 451
92,142
80, 932
83, 802
41, 799
40, 900
44, 219
19, 440
20,425
23,157
40.570 I
41, 952
45, 022
57,823
53, 583
55, 424
8,537 !
9, 210
10, 204
37,420 i
36,004
33,138
229,530 I
2L7,379
223,218
191,928 j
189,017
179, 031
41,410
37, M l
41,013
19,804
22, 755
19, 220
52,457
45,323
45,116
10. 303
12, 022
13, 509
381,214 j 372, 022
474,570 i 421,080
5, 585, 40 i | 5, 050, (578
7,205,201 i 5, 551,384
73, 070
77, 033
70,378 I
8-1,096 i
384, 017
371,227 : 390,085 I
537,879 i
138, 208
142,480 ;
141,903 i
177,395 ;
77, 336
71,833 :
70,490 i
89,000 i
203.488
208,307 i
190,489 |
230,394 !
31,908
32,320
32,538 j
45,401 i
89,900
101,000 i
84,700 ;
113,594 i
!
32,080
30,730 '
34,479 .
40,613
31,94.0
32, 549
31.971
35.210 !
15, 050
14,871
10,024 !
35,834 .
16,358
16,931
10,710;
22,505 !
89,274
8S, 368
65, 930
96.211 !
739.455 . 721,722 ;
090,357
899,013 !
180,394 '
147, 611
221,210 i
146,119
127,000
157, 900
199, 800
358,000 I
20, 014
20, 029 j
23,182 i
18,532 i
40,905
38, ,109 "
36,422 i
4.7,053 !
45, 295
41,107 i
4.1,801 :
41,668 .
107.489
105, 524
11.1,287 i 116.170
2,522
2,781 •
2,492 .
2,844 !
80,425 '
80,980 ;
79, 724
93,581 !
38,971 !
40,403
40,041 !
40,230 i
19,026 I
22,616
19, 202
23,395 !
40,842 I
43,346
45,402 i
40,744 .
49,200
52,230
51,030 |
59,319 I
8,890 •
10, 621
7,489 i
9,064. i
32,982
38,982 '• 34,512 :
35,424 I
195,305 I
170,164
334,093 " 180,289 :
192,427 i
171,149
203,718 i
180.746 !
33,174
36,890
38; 538 j
44,164
20, 256
19,173
20,045 i
16,309 !
38,902 I
39,999
40, 602 •
02,920 !
11,213 i
10, 254
14,778 i
10,490
i
i
. 439,721
6, 544,278
77, 625
415,790
IOC, 970
89,180 .
214,389
35,387
90,200
38,158
33,731
1(5, 6S0
18,817
00, 574
819,281
180,133
187, 600
20,117
41, 799
43,092
109, 413
2,447
89, 520
41,108
21, 514
45,835
54, 392
8,301
38,429
229,203
189, 012
39, 594
10, 515
46,148
12, 540
67
FEDERAL BEBlItYE BULLETIN
JANUARY,1928
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF NOVEMBER, 1925 AND 1924
Nonmember banks
Member
banksl
; 1925
419
880
753
863
604
498
1,402
628
835
1,034
858
747
420
858
742
871
624
518
.,423
631
907
.,088
840
778
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta..,..
Chicago
St. Louis..
Minneapolis
Kansas City....
Dallas
_.
San Francisco
Total
_.._..
|
I
i
'
i
j
Not on par
list ^
On par list
1924
i
1G25
246
j
I
390
!
512
| 1,075
717
!
!
366
3,822
j
2,116
I 1,209
i 2,60S
i
771
80S
'
1924
1925
234
379
519
11 i
686 •
!
1.080
'742
373 1,104 !
3,952
2,236
1,535
2,750
872
852
255 i
403
1,063
205
180
61
• 9,521 [ 9,700 j 14,701 j
'
NewJEngland States: ;
Maine
j
New Hampshire
1
Vermont
\
Massachusetts
I
Rhode Island
!
Connecticut
—I
Eastern States:
New York
New Jersey... »..
Pennsylvania
Delaware
Maryland
District of ColumbiaSouthern States:
Virginia
__West Virginia
North Carolina
South Carolina
Georgia
Florida
62
55
46
181
21
65
:
:
j
;
|
|
54
46
182 !
21 |
637
332
958
22
89
i
i
i
!
i
is;
193
141
91
92
156
70
',
!
i
•
!
i
Nonmember banks
Member ;'r
banks *
50
14
39
70
8
84
49 !
15
35 l
71 •
633 j
310
952
22
91
15
276
151
657
32
167
275 :
140
659
35
369 i
33
196
142
95
100
172
231
196
90
24
76
85
241:
198:
99
29 ,
88 '
76 i
8 •
'
74 :
98
9
339
240
376
159
1924
1925
Southern States—Contd.
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
1,125
Louisiana
203
Texas
328
Middle Western States:
810
Ohio
207
Indiana
146
Illinois
56
Michigan.
Wisconsin
3,612
Minnesota
Iowa
_
Missouri
Western States:
North Dakota
South Dakota
Nebraska
Kansas
Montana
o
W
Wyoming
Co
Colorado
New Mexico
Oklahoma..
Pacific States:
Washington
Oregon
California
Idaho
S3
Utah..
_
_
10
Arizona
352
274
Nevada—
404
159
Total..
1924
N o t on par
ls
i
19.24
1925
1925
1924
146
118
124
45
122
46
783
147
121
128
44
127
47
751
445
269
33
27
283
44
814
22
235
201
276
112
170
95
18
207
196
2"73
75
170
64
441
263
588
290
185
334
423
198
447
268
584
287
187
365
449
192
663
833
1,299
531
651
677
1,304
1,370
8
20
92
187
516
49
36
8
18
79
157
381
26
33
163
121
182
266
115
34
137
33
387
175
132
188
266
130 .
39
144 !
37 !
431 :
287
288
760
1,031
113
62
187
36
376
282
166
176
3
11
11
6
3
5
217
139
174
5
7
10
7
3
4
156
135
305
159 !
:
136 :
304 i
103 i
50 ,
23
178
114
373
73
66
34
23
32
29
28
27
1
SO
46
21
10
9,521
9 s 700
15,524
4
a
3,908 3,612
1
Figures for 1925 represent the number of member banks in actual, operation; those for 1924 represent the number shown by the capital-stock
records of the Federal reserve bank. The number shown by the capital-stock records on November 30, 1925, was 9,590,
2
Incorporated banks other than mutual savings banks.
MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]
Date
Total
1914-Ju!y 1____. .: 3,402,015
1917—Apr- 1
••14,100,591
1920—Nov. !.„.. ^ 5,628, 428
1922—Aug. .!.„__ 1 4.837,418
1924—Dec. 1 „ . • < 993,570
..
1925—Jan. ;.
4,992,931
Feb. !-_„ ! 4,751,538
Mar. !.„.„ : 4,804,209
Apr. 1_._ ; 4.776,107
May 1
< 725,191
June 1
4,774, 313
July 1
4. 734, 236
Aug. 1
A, 719,519
4,784,025
Sept. 1
4,827,005
Oct. 1
Nov. I
4,900,839
Dec, 1
4,971,765
Gold,;
coin and
bullion '
! Standard 1 Silver j Treasury •
\ silver : j eortifinotes of
j dollars
cates
1890
611,545 • 1,020,149 ;
641,794 i 1,348,818 !
495, 353 . 231,404 i
416,282 . 171.985 :i
437,971
933', 688
458,206 i 9/0,664 !
455,169 : 929,650 |
462,925
913,900 :
469,448 I 914,968 1
453,211
918,862 :
437, 012
972,438 '
428,102: ,1,003,285 i
428,248 1,014,311 ;
416,34R 1,036,243 ;
413,973 i 1,050,057 !
429,985 1,067,963 i
425,853 : 1,108,743 i
70, 300
70,863
89,725
53, 378
55, 606
57,384
55,533
55,264
54, 666
54,398
53,908
54, 294
54,105
54,173
54,693
54,769
54.685
1
478,602 459, 680 ;
60,385 !
268, 802 '
339,113 !
388,540 j
360,808 •
366, Z9A i
371, 229 :
370, 442 i
380, 0B1 :
379,796 I
388, 016 j
396.700 :
294)069 I
390,089 I
SS8,012 :
2,428
159.960 :
1,997 : 191,351 '
1,628
261.556 I
1,508
229', 956 ;
1,407 , 263,102 I
1,405 : 266,238 ,
1,401
1,398
256,509 :
1,396 . 257,559 !
1,392 ' 253,446 :
1, 390 ; 259,894 ;
1,387 . 202,607 !
1,384 : 281,750 ;
1,381 : 264,450 I
1.379
267! 768 j
1,376
209,439 ,
1,375 • 272,217 '
Total
United j Federal ! ™ ™ !i National- circulabank
tion per
States I reserve | tank
notes ; notes , n o t e Q | notes capita (in
dollars)
337,845
330, 353
277,736
284,343
304,418
295, 233
283,598
285.780
281,043
284,799
279,943
284.806
303, 597
306, 575
356,448 .
3,310,225 !
2,115,350
1,802,055 :
1.841.621 i
1.688; 662 .
I) 734, 006 ]
1,702, 212 i
1, 676,078
1,679,833 i
1,636,192 i
1,601,884 ;
1,629,927 :
1,670,658
1.706.622 ;
1,741,965 !
3,170 :
209,877 i
65,032 !
8,471
8,238 i
7,987 I
7,756 i
7, 506 :
7,299 !
7,109 1
6,921 j
6,777 '
5,580 !
6,460 i
6,314 i
6,185 ,
I
715,180
697,160
715,023
725, 782
737,739
705, 442 I
711,832
717,159 !
7^403 1
696,649
681,709
6?8,178
680,730 !
664,351 I
867,707
*^6744
34.35
39.54
52.36
39.47
44.08
44.03
41.86
42.28
41.99
41. 50
41.89
41.49
41.31
41.84
42.17
42.77
43.35
J
The ISgures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the customary rates charged on loans and
discounts in the various cities in which Federal reserve banks and their
branches are located, as reported by representative banks. These rates
are not averages but are those rates at which the bulk of paper of each
class is handled by reporting banks. Where it appears from the reports
that no one rate clearly covers the bulk of the paper handled, a range of
the rates most commonly charged is given.
[Rates prevailing during week ending with the 15th day of the month]
Customer's prime commercial paper
Loans secured by !
Interbank loans
30-90 days
"District and city
4-6 months
Loans secured by stocks and bonds ;
| Loans secured by
j warehouse receipts
Demand
Time
Cattle loans
1
Dec., Nov.,1 Dec, > Dec, Nov.,! Dec.,D e c , ' Nov., 1 D e c , !! D e c , 1 Nov.,Dec, Dec, Nov ;; D e c , i D o c . \ Nov.,! D e c , j D o c , Nov.,
Dec, Doc, j Nov., Dec,
1925 j 1925 ! 1924 1925 3925 i 1924 1925 ! 1925 ! 1924 I 1925 ! 1925 J.9'24 1925 1925 1924 i 1925 . 1925 j 1924 • 1925 ! 1925 1924 1925 I 1925 1924
No, 1—Boston
No. 2—New York
Buiialo
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 C i t y . . .
Omaha
Denver
Oklahoma City
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco..
Portland..
Seattle—
Spokane
Salt Lake City
Los Angeles
I
4 : 4 -4i-i
5
4 i
4s-5 I 4-1-5
0
4J-5
41
!
44-5 I 4 -41. 44-5
4 -41 44-5 4-l - 5 " ! 4 4 ! 41-5 I •• " 3i-4i 5-51 44-5 34-5 i
5 ! 51-6
6
--I 5 - 6 5 -6 5'—G
6 5-6:5-6!
oi-u 54-0 ! 5 -G 5 - 6 5 -G ,
5 j
5 i 4 -4-1 44-5 4|-5
5
4 j
5
5 4 "-41
5
5
I
41-5
4
5 j
5 ,'
5!
5 5"-6 5 -G 5 -G 51-6 54-6 54-0 54-0 i
\ 5 - 6 5-J-6 5 - 6 5 - 6 54-6 . 5 -6
G
6 ,
6 i 5 -6 ,
6
5 -0 !
6 • 5 -6
6 5 -(i :
i
6
6
6 5 -6 ,
6 I
6 !
6
6 54-6 5 -5-J:. 5 - o l i 5-54
6 5-6
6
6 54-6 J 6
I
51
51; 5-5£i
5 -6 5 - 6 , 4i-G i 5 - 6 1 5 -G 5 -G 5 - 6 I
i 6 c 5 -G
5 -51
6 ,
4^-5 i 5 -51 5 -51 42-54
44-51 4 W J 41-53 44—5{J-;
j
!
3
!
i:
i
• 52-6* 44~6 5*-6 5 -e' 5 -6 o -6 5 -6 ' 5 -6 j
4j4 41-6 ! 44-6 i 5 -6 j 5 -6 ' 5 -G 5H>£ i
5 -6
6 5 -7 5 -G ' 5 -6 i 5 - 6 j
6i
G . 6;
6 5 -G i
:
6
6
6
6 "
,
4 - 8 I 5 -8 : 5 - 8 : 5-8 5 -8
---' 5 -8 5 -8 4 -8 : 5 -8 i 5 -8 4-8 5 -6 !' 5 -6 15 - 6 !
1
8 j
! 5 -6 5 -6 5 -6 j 5 -7 ! 5 -7 5 -6 5 -6 5 -6 , 3 - 6 ! 5 - 6 I 5 -6 ! 5 - 6 ; 5 - 8 5 -6 5 -6 5 - 6 ,
5 41-6 i
6 " 51-6 I
'
5 -G '
6 I
5" 5
!
6
I 54-6 51-6 54-6 '
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4 -5 '
4 -5 ! 4l-5i; 41-51 41-5 5 -51' 5 -51: 6 !
4 -5
---, 4|-5
5 , 5 -54 41-5 I 5 - 6 15 -G 5 -G ' 5 - 6 ' 5 - 6 5 -54 44-51'
4 ^ 6 5 -6 5 -6 i 41-6 : 5 -6 . 5 -G
5 -6 i
' 4H>1 44-5
31-5 5 -51, 5 -511 5 -611 5 - 6 5 -51-i 5 - 8 41-6 j 41i51 34-54 44-6 i
5 ,
5 !
51:
5
G G
i
6 I
6:
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6
51
6
!
6 !
6 !
6 I G !5 - 6
6 ! C
6
6
.._•
6 j
6 1 6
6
i
6
441 42-54- 41-5
511.
;
41; 5 -51' 5^-51,
41-51 44-5 34-44 44-52
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6 - 8 , 6 - 8 7 - 8 I.
6 -8 I
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5-6i5-6.5-6
;
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5 -6
!
6 j 51-6 I 5 - 6 i 5 -G
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4 - 6 I 4£-6 !
6 41-6 • 6 !
34-6
6 ! 5 - 6 5 -6
6!
0
51:
6 :I 6
"5
j
5 : 6 -61i 6 -7 I 6 ! 5 - 6 1 5 - 6
5 - 7 i 5 -7
5 -7 ; 6 -7
G
6
6 i
6 ! 5 -7 6 -7
6
6
6
6
-7
6
G 6-8
i 4HS , 4-1-6 4 - 6 i 44-6 i 41-6 6 -6 ! , 4 -6 i 5 -6 5 -6 I 5 - 6 ! 5 - 0 5 - 6 1 5 - 6
4
n -8 i G -8 6 - 8 : 5 - 8 6 - 8
6-7i6-7
6-815-8
6 -8 !
8
8
8
8
'
:
5 -6 i
6 5 -6
4f-6! 5 -6 5 -6
; 5 -6 i 5 -6 5 - 6 i 5 - 6 ! 5 - 6 8 -8 41-6 ! 5 -6
5 - 6 ! 51-6 5 -6 j 5 -6 5-1-6
: 5 -54. 5 -5 5 —541 5 - 6 ' 4^—5- 5 -6 ; 5 -54! 5 -6 5 - 6
6 1
6 1
6 5 -54
6 '
6
6 ; 6-7 ! 6 - 7 6 - 7 ! 6 - 7 6 -61: 6 -7 6 - 7
; 6 - 7 j 6-7
6
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6 1
6
C
6!
6
8 i
6 5 -61! 5 -6J| 6 -61-!
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8 i
.-!
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6
6 6 - 7 • 7-8 7 - 8 I
S 6-7 !
j 5 - 7 5 -7 5 -7 i 4 K 1 41-7 6 -6-1 6 - 7 1 6 - 8 6-7 ! 6 -7 i
6
6 I
6
8 I 6 -7
6 i
6 i
. 5 - 6 5 -6
7 5 ~7 ! 7
I
6 ,
6
6 -7
6 6 - 7 6 - 7 6 - 7 ! 6-7 6 - 7 j 6 -7 6-7
6 |
_.|
6 I
;
a4'
r
its I
44
in
i
6-7 ,
42-5 1
44-5,
5 -6 5 - 6
b
5 '
4 ; 5 -8
54-6 ! 51-G I 5 -6
G i 5 -6 j
6
6 i 5 -6 ' 6 -7
5 -G ; 5 -6 ! 5-1-6
54-51 42-5*i
6
s - o i 5 -G 5 -6
6 -7
6i
5 - 8 ! 5 -8 44-8
5 - 6 j 5 -G j 5 - 6
41-5
6
44-5
6
5
5 -6
G
8
i___
|
4-51!
51-6 |
5 -6 i
_
6 -7 !
5 I
51-6
' 6
oli
5 - 6 5 - 6 I...
6 6 -8
41-8 4 4 - 8 !
5 -6 5 - 7 ;
5*-G •• 5^-6 j 54-6 1 05-0 51-6 ' •
o-^-o
44-5 ! 44-5 i 5 - 6 ! 5 -54j 4-2-51! 5 - 6
5 -6 54-6 j' 54-6 ! 5 - 6 51-6 ;'
5 -54!
44-6 I 4^-5;
5 -G
5 -6
1 I
I
8i !
6 I
6
6 | 6 - 7 6-7
41-42;; 41-iii
6-8
5-6 5 -6 !I 5 -6 5 -6
3|-G
6
6
5
!
6
6
I
6 -7 i 6 -7 6 - 7 6 -7
5-6
6 - 7 j 6 -8 !
6 -8 ' fi -8 ! 7 -8 6 -8
5 -G ! 5 -6 ! 5 -7 5 -6
5 - 6 ! 5 -6 I 6
6
8 I 8 -7 , 6-7 6-7
6 I 6 jj
7
6-7 I
6-7
7i?1
6 - 7 I 6~7j
7
Pi
5 - 6 , 6 -7
6 j 6 -7
1
7 6-7
7 - 8 ) 6 -8
5 -7 I 6 -8
8i6-9
5 -6 j
8
6
6 -8
6 -7
6 -7 6 -8
7 7 -8
7
7
6
6
6
6
6
! 5 -5|
i 5h®
"
.
6
!
-7 6 -7
-7 ! 6 -8
-7 J '' 6
-8 7 -8
-8 i 6 -7
8 ; 8
8 ! 6-8
6 -611 6 -8-4
'
•
6
64-7 : 6 -7
7 ~8 !
7 •
69
FEDERAL RESERVE
JANUARY, 1926
GOLD AND SILVER I M J P O R T S AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
11 months ending November
November
1924
!
j
14,950 j
.J
.J.
I
._
—
-
.„_
1924
_.!
-
J
J.
•
'
..:.
.._.!
..-:
'•
—'..
!.
-..j
__;.
_J
_.
_| 10,717,761 i:
290,590
U~
1925
1924
5,077
80,357 i
3,265, 772 i
... .
999,927
2,000.334
265J 034 i 20,184,998
_ ..__..!
700,000
414,595 I
389,063
!
1,500
10,000 j
235,000
I
999,927 j
5,737 ' 2,579,490 j 2,000,334
2,843,665 ! 2,857,524 2,914,134 !
•
1,000 I
130,193 :
779, 770
337,411 !
i
369,812 | 3,562, 647 j
10,061
90,016 j_
1.400,000: ;
77,580 j
10,755
32," 637
131,881 : 154,415
4,896 i
~~2,~450"."" 1 ~004," 035"
157,997
!
3,914
15,000 !
30, 235
100,000 |
100,000 i
1,101, 600 '
71,273
400,000 i
48,231
5,350, 258
883,362
30,750
30,000
957,276 L.
!
24,125
243,100
369,521
162,896
115,000 j
30,000
4,162, 940
268,400 !
1, 797,100
j 3,000,000
144,3G9 ;
164,037
800,000
187,641 !
141,430
45,265
9,401.406 j 8,118,093
All countries .
France
Germany
Poland and Danzig.,
Spain..
England
Canada
....
Central America
Mexico
West Indies
Argentina
Bolivia
Chile
..,
Columbia
„
PeruVenezuela.—.
British India.....
China
Dutch East Indies....
Honkong
Japan
Portuguese Africa-....
All other
1925
Imports
1925
1924
1925
i
J $6,689,182 j$24l360,071 |$19,862,384 $10,456,115 $21,973,660 ; $256,672,063 $309,446,869 $121,057,168
All countries
Franco
Germany
.
„..„
ItalyNetherlands
.
Poland and Danzig..
Spain-..
Sweden
,
England
Canada
Central America
Mexico.West Indies
Argentina
Chile
Columbia
Ecuador
Peru...
Uruguay
Venezuela
British India...
Straits Settlements...
China
Dutch East Indies_
Hongkong
.
Japan. _
Philippine Islands.
British Oceania....
Egypt
Portuguese Africa.
Allother
...„.„
Exports
Imports
Exports
Country of origin or destination
12,553 L...
2,897
8,381
6,481,416 ! 4,049,035
98,611.403 !
91,538,115 j 68,081,010
58,848,462
26,091
265
151,858 L
1.145,072 i
'212,884 i
68, 230
1,224,391
217,264
6P140
6,389 ;
3,356
386,456 j
291,137 '
27,002 j
2,806,767
162,227
2,250
69, 793
720
„._
.._
„.„
895,556
184,907
2,900
89,180
775
2, Ifio
!._
.
! 2,776,689 4,546,384=
j 3,126,001 ! 1,982,495
..!
U
.J
• 70,500
69,258
;
„
..!..
!
1,375
1,339,208 ! 21,423,387 | 6,589,874
68,048,265 I 4,822,116
1,628
1,050,000 j 2,735,792
6,923
4.318,343 50, 965, 294 10,084,799
l'f 103,948
392,431
65,966
77,958
1, 002, 628 6,522, 838
220
6,159, 602 130,898, 365 49,294,055
45,556,653 38, 7(55,885 31,847,561
1, 500,000 1, 920, 630 2,139,554
8, 211,189 4,985, 753
4,513,970
177'. 625
337,060
582,361
56i; 000 19, 589,4G5
2,466
350,295
387, 767
3,003,913 2,020,134
1,480, 700
18,944
721,445
783,446
2, 670. 556
1,338, 961
802,290
7,836
2,560,010
295, 790
338,317
58, 770,886
5,474,289
13.950
801,650 5,021,916
119, 558
1,166,030 2, 201, 321
1,955,030
11,858, 796 2, 500; 000
7.008,049
30,000 4,6G5,964
1, 636,550
26,925,176 2, 794, 072
229,300
498,240 1,455,008
15,233
528,113
540,691
340,947 1,181,862
62, 247
20, 434 23,387,520 !
7,154
702, 656 1,520,530
361,079
156,565 : 153,794
37,025 j
3.932,748 I 2, 726,549 1,731,851 |
109
50,221 ;
2,300 !
238, 708
5,810
1,074, 292
111
281,065
5,247
21, 249
.178
155
1505 404
96,402
3,923
13, 611
900,000
655,3-10
48, 234,198
18,376,864
913,134
1,275} 970
14,125
2,022
5,048,125
887,500
131,667
141,449
8,302,257
308,318
119,900
1,749,321 6,919,399
7,758.090
382.940 1,898, 718
1, 520, 510
1, 688; 900 41,280,267 37,883,454
82,911
60,623
161,044
12,620
32,304
5,244
243,037
67,119
1,483, 790
1,680,102
6, 536
142, 390
404,900 13,020, 568
7, 987,350
2,425
42,374.605
55.968
:
29,490,006
17, 789
4,183
894,558:
878, 569
1,031, 639
75," 825
127,186
225,350 I
109, 653
178,811
70
FEDERAL RESEEVE BULLETIN
JANUABY, 1928
FOREIGN EXCHANGE RATES
[Noon buying rated for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
December. 1025
Countries
Monetary unit
Parof
e xehange!
November, 1925
Average
Low
Low
High
High
Rate
L
.... _
Austria
Belgium
Bulgaria.
C zechosiovaida- Denmark
Finland
France
Germany.....
...
Great Britain
Greece
Hungary
Italy.....
Netherlands. „
Norway—..
Poland.
Portugal—
i
Rumania
!
Spain....
.'
:
Sweden
Switzerland
'
Yugoslavia..
_.
Canada
i
Cuba
Mexico
j
Argentina—.,
Brazil
i
Chile
_.._.„!
Uruguay—.
J
China
j
China
'
Hongkong
!
India
j
Japan...
|
Straits Settlements....!
Schilling
___:
Franc
j
Lev.
I
Crown
I
Krone..
_.|
Markka
___i
Franc
.....I
Reichsmark
__r
Pound
__.|
Drachma
|
Krone..
___
Lira
Florin
Krone
Zloty
Escudo
Leu_
Peseta
Krona
Franc
Dinar
Dollar
Peso
Peso..
Peso (gold)
Milreis
Peso (paper) „_..
Peso.
„_.
Mexican dollar
Shanghai tael
Dollar
......
Rupee
,
_
Yen
Singapore dollar...
November, 1924
14.07 14.0500 . 14.0750
19.30 i 4.5200 . 4.5300
19.30 i .7268 i . 7308
!
14.0470
4.5200
i Per
i cent of
; par
14.0810 : 14.0624
4. 5300 ' 4.5270
' . 7279
1
2.9615
: 24.8561
: 2.5221
1
3.9622
1
23.8061
484.5861 !
: 1.3375 !
; ,.0014 •
: 4., 0048 i
! 40. 2265 ,
; 20.3126 !
I 15.7400 :
i 5.1130 i
.7247
.7300
2.9608 ' 2.9621 . 2.9608 2.9619
26.80 : 24.7000 ! 25.0000 i 24. 5700 25.0100
2. 5202 : 2.5225 i 2.5212
19.30
2. 5238
19.30 : 3.5900 . 3.9J00 i 3.7400
4.1800
23.82 : 23.8000 1 23.8100 i 23.8000 23.8100
486.65 484.4100 485,3700 .484. 3900 '484. 7600
1. 2503 , 1.3292 . 1.3255 1. 3730
19.30
.0014 .0014
20.26 : .0014 • .0014 .
19.30 , 4.0200 ! 4.0400 i 3.9400
4.0000
40.20 : 40.1600 i 40.2400 I 40.1900 40. 2500
26.80 20.1900 20.3800 ; 19.9700 20. 4600
19.30 • 9.6900 12. 7600 j 13.4700 16.6700
5.1400 I 5.1000
108.05 ; o.iooo
5.1300
. 4667 i . 4482
19.30 !- . 4517
.4748
19.30 , 14.. 1200 14. 3000 ! 14.1700 14.3200
26.80 : 26., 7500 26.8500 i 26.7400 26. 7600
19.30 : 19.2700 19.3500 ! 19.2600 19. 2800
1.7722 I 1.7686
19.30 ! 1.7694
1. 7736
100. 00 I 99.8823 100.0404 i 99.9844 100.1563
i 99.8844 99. 9750 I 99.8672 99.9922
100. 00
49.85 48. 6167 48.8500 48. 6767 49. 0750
96.48 93.9100 94.4300 93. 6800 94. 8100
32.44 13. 9300 14. 8100 14.0100 15. 0500
» 19. 53 11. 9500 12. 2900 12.0900 12.3000
103.42 :100. 5500 102. 5300 102.1300 102.8900
» 48.11 1 54.8300 55. 6500 55,1.000 56,6800
1
86.85 i 75.2300 76.0800 75.27Q0 76.4400
i 47,77 ! 57.3500 58. 2500 57. 5200 58.4.800
48.66 • 36.6000 36.7000 36.5800 36.7000
49.85 i 42.8800 43. 7000 41.6600 43.1500
!
56.78 • 56.5400 | 56.7500 56. 5800 56.9200
99.95
23.46
3.77
92. 75
13.07
20.53
99.94
99. 58
6.93
.01
20.75
100.07
75. 79
81.55
4.73
2.40
!
•
.4032 •
73,85
! 14.2526
I 26.7517 i 99.82
j 19.2713 i 99.85
I 1.7704 •
9.17
J100.0788 i 100. 08
99.9385 ! 99. 94
48.7879 I 97.87
! 94.4391 ! 97. 88
1
14.6126 I 45. 05
| 12.1913 !62.42
102.4778
99.18
j 55,7704 !
115.92
! 75.8161 :
113.41
I 57.8143 j121.03
' 36.6187 i 75.25
i 42.3252 j 84.91
! 50. 6265 |
99.73
j
Low
High
Rate
i Per
; cent of
! par
4. 8900 4.8326 : 25.04
4.8000
. 7375
. 7300
.7331 I 3.80
3. 0135 ; 2.9890 '
2.9799
17.3300 17.6500 1 17. 5483 j 65.48
2. 5133 ! 2.5222 ! 2.5184 ; 13.05
5. 2200 ! 5.3900 ! 5. 2757 ! 27.34
1
23. 7900 j 23.8100 ! 23.7983 ! 99.91
454.3100 463.8400 ;460.96S7 | 94.72
1. 7538 i 1.7998 1 1.7808 i 9.23
i
. 0013 | . 0013 .0013 •
.01
4. 3000 : 4.3600 4.3335! 22,45
39.6200 40.4000 40.0513 I 99.63
14. 3600 14.8600 • 14.7152 ! 54.91
19.1900 19.2400 19.2074 | 99.52
4.1700 4.7400 . 4.5104 ! 4.17
. 5138
. 5641
.5393 i 2.79
13. 4800 13.7800 ; 13.5961 ! 70.45
26. 6100 26.9100 i 26.8135 j 100.05
19. 2500 19. 3100 : 19.2765 : 99.88
1.4452
1. 4528 •• 1.4490 i 7.51
99. 9521 100. 0414 ! 99.9866 ! 99.99
99. 9375 99.9781 1 99.9530 I 99.95
48. 7083 48. 8333 : 48.7777 | 97.85
83. 3800 86. 7400 1 85.4865 ! 88,61
11. 0600 i 11.7600 11.4709 i 35.36
11. 0800 ! 11.4100 11.2730 ! 57.72
90.6800 i 99.2800 i 95.4626 ! 92.31
54. 8300 i 55.8800 • 55. 3100 ,! 114.97
76.0000 j 7G.7900 ; 76/3009 ! 114.14
54.4100 I 55.2400 54.8587 : 114.84
33.9700 | 34.8000 1 34.3922
70.68
38.2800 i 38.6600 38.5183
77.27
52. 5000 i 53.5000 : 53.1065 | 93.53
I
11913 average.
SILVER
[Average price per fine ouncel
December
London (converted at average rate of exchange)
New York
_
..„_
______
„
!
,
$0.69547
.69236
November
$0.70125
.69558
INDEX
Acceptances:
' age
Held and purchased by Federal reserve banks
£5,56
Market for
10
Agent general for reparations payments, annual report of
6
Agricultural credit banks, loan of
12
Agricultural movements, index of..
36
Agriculture, monthly statistics
13
Automobile industry
20
Be.nk credit, growth in
1-5
Bank debits..
66
Bank suspensions
28
Bankers' balances in Federal reserve bank cities
58
Belgian National Bank, agreement with, to purchase prime 30mmercial bills
6
Building statistics
122,37
Business and financial conditions:
Abroad
40
United States
8-30, 34-39
Business failures
27
Canada:
Cost of living and retail food prices
49
Financial statistics
_
42
Foreign trade
45
Wholesale Drices
46
Capital issues
31
Chain stores, retail trade of
39
Changes in membership in Federal reserve system
60
Charters issued to national banks
32
Coal and coke production
16
Commercial failures.
27
Commodity movements
37
Comptroller of the Currency, annual report of.
6
Condition statements:
All reporting stock banks in the United States
61-64
Federal reserve banks
50
Member banks in leading cities
57
Cost of living in principal countries
49
Cotton:
Raw
14
Manufacturing
19
Crops:
Condition
13
Estimate of production
33
Currency in circulation
30,67
Dairy products
16
Debits to individual accounts
66
Debt payments to United States
6
De Camp, George, appointed Federal reserve agent at Cleveland7
Department-store business
25,39
Deposits:
Savings
26
Time, growth in
4
Time and demand of member banks
59
Deposits, note circulation, and reserves of Federal reserve b a n k s . .
50
Deputy chairman of Federal reserve banks, appointment of, for
year 1926
7
Discount and open-market operations of Federal reserve b a n k s . . .
56
Discount rates:
Central banks of issue
44
Federal reserve banks
65
London market, 1925
40
Prevailing in various centers
68
Earning assets of Federal reserve banks
55
Election of directors of Federal reserve banks
7
Employment, United States
25
Index of
35
England. (Sec Great Britain.)
Factory employment and pay rolls, index of.
36
Failures, commercial and bank
27
Federal reserve agents:
Appointment of, for year 1926
7
De Camp, George, appointed at Cleveland...
7
Federal reserve bank credit, gold stock, money in circulation, and
member bank reserve balances
30
Federal reserve banks:
Condition of
50
Discount and open-market operations of
56
Federal reserve note account
—
54
Fiduciary powers granted to national banks
32
Financial statistics for principal foreign countries
42
Food manufacturing
—
18
Food prices in foreign countries
49
Foreign exchange
29,70
Foreign trade:
Principal foreign countries
45
United States
28.45
France:
Cost of living and retail food prices
49
Financial statistics
42
Foreign trade
45
Wholesale prices
46
Fruits and vegetables
15
Page
Germany:
Cost of living and retail food prices
49
Financial statistics
42
Foreign trade
45
Wholesale prices
47
Gold imports and exports
29,69
Gold settlement fund transactions
65
Gold stock in the United States
30
Grain and flour
13,37
Great Britain:
Financial statistics
42
Foreign trade
45
Gold imports and exports
29,69
London money market in 1925
40
Retail food prices and cost of living
49
Wholesale prices
46
Imports and exports:
Gold and silver
29,69
Merchandise
_
28
Industrial activity, index of
36
Interest rates prevailing in various centers
68
Investments and loans of national banks
31
Iron and steel manufacturing
20
Italy:
Financial statistics
42
Foreign trade
45
Retail food prices and cost of living
49
Wholesale prices
47
Japan:
Financial statistics
42
Foreign trade
45
Wholesale prices
46
Leather industry
21
Livestock industry
15
Loans and investments of national banks
31
Lumber industry
21
Mail-order houses, retail trade of
39
Manufacturing:
Condition by industries
18
Index of production
36
McClelland, E. M., appointed assistant secretary of Federal
Reserve Board
7
Member banks:
Condition of
57
Number discounting
56
Number in each district
56
State banks admitted to membership
32
Membership in Federal reserve system, changes in
60
Mineral production, index of
36
Metals
18
Mining
16
Money in circulation
30,67
Money rates
10,68
In London during 1925
40
National banks:
Charters issued to
32
Fiduciary powers granted to
32
Loans and investments of
31
Par list, number of banks on
67
Pay rolls in factories, index of
36
Petroleum industry
17
Prices:
Food, in principal countries
49
Security
11
Wholesale
27,46
Production in basic industries
8,35
Reserve ratio of Federal reserve banks
60
Resources and liabilities:
Federal reserve banks
60
Member banks in leading cities
67
Retail food prices
49
Retail trade
25,39
Savings deposits
26
Secretary of the Treasury, annual report of
6
Security prices
11
Shoe industry
21
Silver:
Imports and exports
69
Price of
70
State banks admitted to Federal reserve system
32
Stocks at department stores
39
Textile indusuy
19
Time deposits of member banks
69
Tobacco industry
14,37
Trade:
Foreign
28,46
Retail
25,39
Wholesale
25,38
Transportation
24,37
Treasury
finance
6
Wholesale prices
27,46
Wholesale trade
25,38
Wingfield, B . M., appointed assistant counsel of Federal Reserve
Board
7
Wool and woolen industry
19
I
@FedFRASER