Full text of Federal Reserve Bulletin : July 1925
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FEDERAL RESERVE
BULLETIN
JULY, 1925
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Course of Bank Credit
Business Conditions in the United States
Mid-Year Summary of Banking Statistics
WASHINGTON
GOVERNMENT PRINTING OFFICE
1925
FEDERAL RESERVE BOARD
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.
Ex officio members:
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. MCINTOSH,
Comptroller of the Currency.
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.
MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
WALTER W. STEWART, Director, Division of Research
and Statistics.
J. F. HERSON,
E. A. GOLDENWEISER, Assistant Director, Division of
Research and Statistics.
Chief, Division of Examination, arnd Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
CHAS. A. MORSS.
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
PAUL M. WARBURG, President.
L. L. R U E .
District
District
District
District
District
District
GEORGE A. COULTON.
JOHN M. MILLER, Jr.
OSCAR WELLS.
FRANK O. WETMORE.
BRECKINRIDGE JONES.
G. H. PRINCE.
No.
NO.
No.
No.
No.
No.
4
5
6
7
8
9
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
(ST. LOUIS)
(MINNEAPOLIS)
District NO. 10 (KANSAS CITY)
E. F. SWINNEY. Vice President.
District No. 11 (DALLAS)
District N O . 12 (SAN FRANCISCO)
W. M. MCGREGOR.
HENRY S. M C K E E .
II
OFFICERS C
Governor
Chairman
Federal Reserve Bank of—
___ Frederic H. Curtiss
Pierre Jay
Boston
New York
Philadelphia.
Cleveland
Richmond.,
:
R. L. Austin
D. C. Wills
W. W. Paddock...
J. H. Case..
L. F. Sailer
G. L. Harrison
E. R. Kenzel
Geo. W. Norris,.
E. R. Fancher...
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden..
C. A. Peple
R. H. Broaddus
J. L Campbell
Creed Taylor
C. R. McKay.
John H. Blair
M. B. Wellborn.
Os«ar N e w t o n . . .
Chicago
J. B. McDougal.
Wm. A. Heath...
St. Louis
Minneapolis..
Wm. McC. MartinJohn R. Mitchell . _ .
D. C. Biggs
R. A. Young
Kansas City.
Dallas
M. L. McClure.
C. C . W a l s h . . . .
Jobn Perrin.
W. J. Bailey
Lynn P . Talley..
San Francisco.
Deputy governor
W. P. G. Harding..
BenJ. Strong
.
George J. Seay...
Wm. W. Hoxton.
Atlanta
FEDERAL RESERVE BANKS
J. U. Calkins
Cashier
W. Wiliett.
L. H. Hendricks. 1
A. W. Gilbart.i
J. W. Jones.i
Q. E. Chapin.t
Ray M. Gidney.i
L. R. Rounds.*
C. A. Mcllhenny
J. O. Nevin.
Geo. H. Keesee.
John 8. Walden, Jr.»
M. W. Bell.
W. C. Bachman.i
K. O. Chllds.i
J. H. Dillard.i
D. A. Jones.i
O. J. Netterstrom.i
Clarke Washburne.»
J. W. White.
Gray Warren.
Frank C. Dunlop. 1
O . M . Attebery
Wf B Geery__
B. V. Moore J
Harry Yaeger
C. A. Worthington..
R.R.Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
L. C. Pontioua
..
J. W. Helm.
Fred Harris.
W. N. Ambrose.
'Assistant deputy governor.
Controller,
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
W. W. Schneckenburger.
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch __
Nashvifie branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheioe.
V. 8. Fuqua.
A. F . Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch.Dallas:
£1 Paso branch
Houston branchSan Francisco:
Los Angeles branch
!
Portland branch
i
Salt Lake City branch
|
Seattle branch.
8pokane branch
Managing director
R. E. Towle.
L. H. Ear hart.
J. E. Olson.
C. E. Daniel.
M. Crump.
D. P. Reordan.
R. B. Motherwell.
Frederick Greenwood.
W. L. Partner.
C. R. Shaw.
SUBSCRIPTION PRICE OF BULLETIN
is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regulai
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents. Outside of the United States, Canada,
Mexico, and the insular possessions, $2.60; single copies, 25 cents.
THE FEDERAL RESERVE BULLETIN
f
TABLE OF CONTENTS
The month:
Review of the month—Recent course of bank credit
Business conditions in the United States
Special articles:
Statistical work of the Federal Reserve Board in 1924-25
Development of department-store trade statistics in 192^25
Mid-year summary of banking statistics
Official:
Rulings of the Federal Reserve Board
Law department
Changes in State bank membership
Changes in national bank membership
Fiduciary powers granted to national banks
Business statistics for the United States:
Industrial activity
Commodity movements
Wholesale and retail trade
Estimate of crop production^
Foreign banking and business conditions:
French commercial banking in 1924
Annual report of the National Bank of Austria
Annual report of the National Bank of the Kingdom of Serbs, Croats, and Slovenes
Financial statistics for principal foreign countries
Foreign trade of principal countries
Price movements in principal countries—
Federal Reserve Board wholesale price indexes
Wholesale prices in principal countries
Retail prices and cost of living in principal countries
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets
Discount and open-market operations of Federal reserve banks
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of reporting member banks in leading cities
Bankers' balances at reporting member banks in Federal reserve bank cities
Deposits of all member banks
Changes in membership in the Federal reserve system
Condition of all incorporated stock banks in the United States on April 6, 1925
Bank debits
Member banks and nonmember banks on par list and not on par list
Money rates in principal cities
Money in circulation
Gold and silver imports and exports
Foreign exchange rates and index
IV
Page.
447
452
471
474
478
483
484
487
487
487
488
491
492
486
494
495
496
498
501
502
503
504
505
508
509
510
521
521
511
512
513
517
514
519
520
522
520
523
524
FEDERAL RESERVE
JULY, 1925
VOL. 11
REVIEW OF THE MONTH
Member bank credit, after an unusually
rapid increase during the latter half of 1924,
has remained at a relatively
Banking situa- c o n stant level since the open-
tion at mid-year. .
„ , .
k
.
n
ing of this year. An influence
affecting the recent course of bank credit has
been the outflow of gold, which during the past
seven months has amounted to about $175,000,000 and has caused member banks to increase their borrowings from the reserve banks.
This is in contrast to the conditions prevailing
during recent years, when member banks,
through the deposit of imported gold with the
reserve banks, obtained funds available for the
repayment of borrowings and as a basis of
increased extension of credit. For four years
prior to 1925 continuous inward gold movements had been the principal factor in the
large growth of member bank credit, accompanied by a decreased use of reserve bank
credit, but recently the direction of gold
movements has been reversed, and gold exports
have tended to check the growth of member
bank credit and to increase the demand for
reserve bank credit.
Following the usual custom at mid-year, the
present review discusses some >of the broader
phases of general banking developments during
the past 12 months, with reference to the
trends in preceding years. Charts and tables
showing the recent course of banking figures
are presented on pages 478-482, and a review
of the board's statistical work during the past
year appears on pages 471-474.
Total loans and investments of all member
banks, though showing little growth in 1925,
are now approximately $2,500,Course of 000,000, or 10 per cent, larger
member bank t h a n i n t he spring of last year.
For a period of two years this
total has been above the high point reached
BULLETIN
No. 7
in the autumn of 1920, and on April 6, 1925r
it was $3;000,000,000 larger than at the maximum of that year. The larger volume of
member bank credit compared with 1920,
when the commercial demand for bank credit
was unusually large, reflects almost entirely a
growth in the banks' investments, which now
stand at a record high level. Member bank
loans, after declining by $3,000,000,000 between the autumn of 1920 and the spring of
1922, increased continuously after that time
and are now slightly above the 1920 level.
While total member bank loans thus exceed
their earlier high point in 1920, loans for commercial purposes, as indicated by reports from
member banks in leading cities, are still considerably below their level at that time. The
volume of this class of loans, which had declined by more than $2,500,000,000 by the
middle of 1922, increased by $1,000,000,000
during the following year, and has remained
relatively constant since the autumn of 1923.
Thus it has not been primarily the growth in
commercial loans which has accounted for the
large increase in the total outstanding credit
of the reporting member banks. In fact, the
two recent periods of most rapid growth in total
loans and investments of these banks were in
1922 and in 1924, when the demand for credit
for commercial purposes was relatively inactive,
and of the growth of more than $4,000,000,000
in the total of their credit since the early part
of 1922 about three-fourths was an increase
in holdings of investments and of loans on
securities.
The explanation of the fact that member
bank credit in use has grown most rapidly
during periods when there was
Employment n 0 g&r o w t h in the demand for
of surplus funds.
.
commercial credit lies in the
practice of member banks to make full and
prompt use of their available reserves and in
447
448
FEDERAL RESERVE BULLETIN
the nature of thg factors that influence their
reserve position. By the middle of 1922
member banks, through the use of imported
gold and of currency returned from general
circulation, had reduced to a low level their
borrowings at the reserve banks, and additional
funds^ arising from subsequent gold imports
became available to meet increases in the
demand for currency or, in the absence of
growth in currency requirements, to serve as a
basis for additional credit extension by the
member banks. In 1922 and in 1924 there
was a relatively small demand for additional
currency, and, therefore, gold imports were in
large part available as a basis of growth of
member bank credit. The member banks, of
order^to employ these funds in|the absence of
an active demand for commercial credit, made
loans on securities and purchased investments.
In contrast with the rapid growth of loans and
investments of reporting member banks in
1922 and in 1924, the volume of their credit
in 1923 was relatively constant, notwithstanding the fact that gold imports in that year
were larger than in either of the two other
years. This was because in 1923 the increased
activity of business led to a growth in the demand for commercial credit and to a larger
demand for currency, which absorbed the funds
arising from gold imports. At no time during
the period did member banks carry excess
reserves at the reserve banks, and in 1925, in
order to meet the demand upon them for gold
for export, they were under the necessity of
increasing the volume of their accommodation
at the reserve banks.
The continuous employment by member
banks throughout this period of all their
_
. available funds, either in the
Reserve posi,
« ,, . ,
tion of member reduction ot their borrowings
banks and of t the reserve banks or as a
reserve banks. a, . «
. J, .
basis ior increasing their own
loans and investments, is brought out by the
fact that their reserves at the reserve banks
have at no time exceeded legal requirements
by more than a negligible amount. The table
below shows the actual and required reserves
JULY, 1925
and excess reserves of member banks and of
reserve banks at the peak of credit expansion
in 1920, at the end of the subsequent loan
liquidation in the spring of 1922, and on the
latest available date:
[In millions of dollars]
Federal reserve banks 1
All member banks
Call date
Nov. 15,1920...
Mar. 10,1922
Apr. 6, 1925
Actual Required Excess Actual Required
rerereserves reserves serves serves reserves
1,827
1,723
2,092
1,774
1,662
2,078
53
61
14
2,180
3,094
2,977
1,918
1,502
1,451
Excess
reserves
262
1,592
1,526
1 On report dates nearest to corresponding call dates
Keserve requirements of member banks
increased by about $300,000,000 between
November, 1920, and April of this year, as the
result of a growth of about $4,000,000,000 in
time deposits and of $2,000,000,000 in demand
deposits. During the same period the member
banks' lawful reserves with the reserve banks
increased by a slightly smaller amount, so that
this increase has been no more than sufficient
to meet the growth in reserve requirements.
The ratio of member bank reserves to their
deposit liabilities on which reserves are computed has consequently remained practically
constant—at about 10 per cent—throughout
the period of credit liquidation from 1920 to
1922, as well as the period of credit growth
from 1922 to 1924. This is in sharp contrast
to the situation at the reserve banks, where
between 1920 and 1925 the grcwth of about
$800,000,000 in reserves arising from gold
imports was accompanied by a net decline in
liabilities, with the consequence that required
reserves decreased by over $450,000,000 and
excess reserves increased by about $1,250,000,000. During this period the reserve ratio
of the reserve banks rose from 43.6 to 76.3 per
cent. Furthermore, the increase in excess
reserves would have been considerably larger
had the reserve banks not adopted the policy
of paying out gold into circulation. This
policy accounts for the fact that, notwithstanding the importation of $590,000,000 of gold
JULY, 1025
between March, 1922, and April, 1925, there
was a slight decrease in the reserves of the
Federal reserve banks.
It is with reference to the difference in the
reserve positions of the member banks and of
the Federal reserve banks that the effect of the
export of $175,000,000 of gold since last December should be considered. The gold withdrawn for export came out of the gold reserves
of the Federal reserve banks without having
an important effect on their reserve position
because of the large excess of their reserves
over legal requirements. This situation is in
contrast to that of 1919-20, the only other
period of gold exports since the organization
of the system, when the reserves were near the
legal minimum and gold exports wetre an important factor influencing the position of the
reserve banks. Member banks, on the other
hand, which have no excess reserves, were
obliged to replenish their reserves after meeting the recent demand for gold for export by
increasing their borrowings at the reserve
banks.
Increase in the volume of member bank
credit, with a decreased use of reserve bank
credit, has been the outstanding
Proportion fact in banking developments
between mem- during the past five years.
ber bank credit and reserve During this period total loans
bank credit.
and investments of member
banks increased by more than
$3,000,000,000, as shown by the table below,
while at the same time the volume of earning
assets of the reserve banks declined by about
$2,300,000,000. As a consequence, the proportion of reserve bank credit to member bank
credit in use was 3.7 per cent in April of this
year, in contrast with 12.8 per cent in 1920.
The decline in the volume of earning assets at
the reserve banks during the five-year period
represents a reduction in the volume of discounts for member banks, which now have
outstanding a larger volume of credit than at
any previous time, while the volume of reserve
bank credit has declined to less than one-third
of the amount in 1920.
449
FEDERAL RESERVE BULLETIN
[In millions of dollars]
Loans and
investments of
all member banks
Call date
Nov. 15,1920 . . .
Mar. 10, 1922._
Apr. 6, 1925
1
26,133
23,419
29,285
Earning
assets of
Federal
reserve
banks1
3,369
1,177
1,077
Percentage
reserve
bank
credit of
member
bank
credit
12.8
5.0
3.7
On report dates nearest to corresponding call dates.
Among the more important developments in
the member bank situation since the opening of
the year has been a considerable
Decline in decline in demand deposits.
bankers' balFor member banks in leading
ances.
cities this decline has amounted
to $600,000,000, of which $400,000,000 has been
at member banks in New York City. The
larger part of this decline in demand deposits
at New York City banks has reflected the
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
3000
3000
BANKERS' BALANCES
REPORTING MEMBER ^ANKS IN 12 F. R. BANK CITICS
2500
2500
r
Total /
\
A/
2000
Other
Reserve Bank ^ ^
1500
2000
1500
n
Cities - * / \ -
1000
1<DO0
^—->^York
City
500
50©
0
1923
192A-
1925
reduction in bankers' balances held for out-oftown correspondents, which, after increasing
rapidly in the last half of 1924, as shown by
the chart, have declined to about the level of
the middle of last year. This reduction in
bankers' balances has not represented a corresponding movement of funds to the interior,
but rather a conversion by correspondent
banks of portions of their New York balances
450
FEDERAL. RESERVE BULLETIN
into loans on securities in the New York market.
With the level of call-loan rates higher than a
year ago and considerably above the interest
rate paid on bankers7 balances, bankers in
the interior, who last year kept a larger part
of their New York funds on deposit with their
city correspondents, used them this year more
largely in loans on securities.
The following table shows changes in the
principal items for reporting member banks in
New York City and outside between the close
of last year and the middle of June, 1925,
separating banks in New York City and outside:
REPORTING M E M B E R
JULY, 1925
Volume of borrowing by member banks at
the reserve banks, after a period of seasonal
liquidation during the early
Of W e e k s
reserve °bLnks
° f t h e y ear > i n c r e a s e d
by $250,000,000 between the
latter part of January and of June. At the
present time the volume of borrowing at the
reserve banks is larger than a year ago, and the
proportion of their discounts for banks at financial centers is considerably larger than at that
time. This growth in discounts has furnished
the reserve banks with a broader and more
effective contact with the member banks than
at any time in more than a year.
BANKS
[In millions of dollars]
NOTE
New York City
Dec.
Outside
Dec.
Changes of personnel in the Dallas bank.
31,
1924
June
17,
1925
2,822
5,886
3,660
3,135
5,861
3,726
+313
-173
-58
6,018
-214
12,368
12,722
+354
5,053
-348
7,853
7,812
-41
31,
1924
June
17,
1925
Loans on securities..
All other loans
Investments
2,041
2,320
1,871
2,058
2,147
1,813
Total loans and
investments...
Net demand deposits
6,232
5,401
Change
+17
Change
-25
+66
Gov. B. A. McKinney, of the Federal
Reserve Bank of Dallas, resigned on May 15,
1925. Mr. Lynn P. Talley, who has served as
Federal reserve agent since early in 1923, was
appointed governor to succeed Mr. McKinney,
and Mr. C. C.Walsh was appointed chairman of
the board of directors and Federal reserve agent.
TREASURY FINANCE
Loans on securities, as brought out by the
table, changed but little at banks in New York
City during the six months, while at reporting
banks outside of New York City the volume of
these loans increased by more than $300,000,000.
Investment holdings of the reporting banks are
now slightly larger than at the beginning of the
year, a decline of $58,000,000 at banks in New
York City being more than offset by an increase of $66,000,000 at outside banks. Total
loans and investments of reporting member
banks throughout the country are now somewhat above their level at the opening of the
year and larger than at any previous time.
The relatively small increase in the volume of
member bank credit in 1925 has reflected a
considerable growth of loans and investments
in banks outside of New York City, together
with a decline in the outstanding volume of
credit at New York City banks.
ISSUE OF ONE-YEAR CERTIFICATES
Under the act approved September 24, 1917,
as amended, the Secretary of the Treasury
on June 8 offered for subscription at par
through the Federal reserve banks one-year
3 per cent Treasury certificates, dated June 15,
1925, and payable June 15, 1926. As in the
case of other recent issues, these certificates
will be accepted at maturity in payment of
income and profits taxes. Any qualified
depositary was permitted to make payment
by credit for certificates allotted to it for
itself and its customers. Treasury notes
maturing June 15 were accepted at par in
payment for the new issue. The offering
was for $125,000,000 or thereabouts. Subscriptions were closed on June 10 and totaled
$470,254,000. Allotments to the amount of
$124,247,000 were made, on subscriptions not
exceeding $1,000 in full and on subscriptions
in larger amounts according to a graduated
scale of reduction. By Federal reserve districts
subscriptions and allotments were as follows:
JULY, 1925
Federal reserve district
Boston.
__.
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
fit. Louis
Minneapolis. _.
Kansas City._
Dallas
San Francisco..
Total.
FEDERAL RESERVE BULLETIN"
Total subscriptions
received
Total subscriptions
allotted
$38,312,000
131,466, 000
48,436, 000
65,817,000
20,975,000
22,192,000
56,408, 500
11,410, 000
12,195,000
8, 226,500
17, 636, 000
37,180, 000
$10,054,000
18,437,000
15,100,000
18, 283,000
4, 820, 500
8, 375, 500
25,675, 500
4,305, 500
3,702,000
2,140, 500
4, 668,000
8, 685,500
470, 254,000
124, 247,000
PAYMENTS RECEIVED ON ACCOUNT OF FUNDED
INDEBTEDNESS OF FOREIGN GOVERNMENTS
On June 15, the Treasury received payments
from foreign Governments on account of their
funded indebtedness to the United States as
follows:
Great Britain, fifth semiannual payment of interest, made in obligations of the United States
$68, 310, 000. 00
Finland, fifth semiannual payment of
interest, made in cash
133, 650. 00
Hungary, third semiannual payment
of interest (except amount of interest to be funded), made in cash. 14, 905. 69
Lithuania, second semiannual payment of interest (except amount of
interest to be funded), $45,225, and
first annual installment of principal,
$30,000; total, made in cash
75,225.00
Poland, first payment, including
$135,465.68 received January 13 on
account of June 15 indebtedness,
made in cash
500, 000. 00
Obligations accepted in connection with the
British payment have been canceled, effecting a corresponding reduction of the public
debt.
RECEIPTS, EXPENDITURES, AND DEBT REDUCTION DURING THE FISCAL YEAR
Ordinary receipts of the Government in the
fiscal year ended June 30, according to a
statement issued by the Secretary of the
Treasury, amounted to $3,780,148,684.42 and
expenditures chargeable against these receipts
to $3,529,643,446.09, giving a surplus of
$250,505,238.33 on the years account as a
451
whole, which exceeds several times the estimate ($67,000,000) of last October.
Customs receipts, totaling $547,561,226.11
ran within one-half of 1 per cent of the estimated yield, and miscellaneous receipts, totaling $828,638,079.90, ran practically in the
amount of the estimate. Income-tax receipts
of $1,760,537,823.68 exceeded estimates by
$100,000,000, or 6 per cent. Other miscellaneous receipts, aggregating $643,411,567,
covered several items yielding increases over
estimates, including an increase of $34,000,000
in account with the railroads. Expenditures
fell short of the estimate by $4,440,361.91, or
by approximately $1.25 per $1,000 of estimated
expenditures.
During the year the public debt was reduced
by $734,619,101.59, leaving the amount of the
debt on June 30 at $20,516,193,887.90. This
reduction was effected (1) by sinking fund and
other debt retirements chargeable against
ordinary receipts to the amount of $466,538,113.83; (2) by application of the entire surplus
of $250,505,238.33; and (3) by a reduction of
$17,575,749.43 in the general fund balance at
the end of the year below the balance on June
30, 1924.
Regular maturities of the debt during the
year amounted to $2,307,041,400, and new
issues (exclusive of a small amount of Treasury
savings certificates) floated at par amounted
to $1,882,167,000. The average annual interest rate on the maturities was 4.446 per
cent and on the new issues 3.557 per cent, the
reduction in interest rate being equivalent to a
reduction in annual interest charges of
$16,730,000.
During the year $1,047,088,500 of 4 per
cent 20-30 year bonds
were issued. "This
long-time financing/7 according to a statement
by the Secretary of the Treasury, "removes the
pressure on tne refunding operations which
will be necessary in connection with the
maturity of the third liberty loan on September
15, 1928. As a result of this and other debt
charges in the fiscal year, the short-dated
debt (maturing within five years) on June 30,
1925, was $6,252,000,000, as against $8,074,000,000 on June 30, 1924."
452
FEDERAL RESERVE BULLETIN
JULY, 1925
BUSINESS CONDITIONS IN THE UNITED STATES
Production in basic industries and factory employment continued to decline in May and
there was a further recession in wholesale prices. Distribution of commodities was in greater
volume than at this time last year, but slightly less than in April.
Production.—The Federal Reserve Board's index of production in basic industries declined
6 per cent in May to a level 12 per cent below the high point in January. There were further
considerable decreases in the output of the iron and steel and woolen industries, and declines
also occurred in the mill consumption of cotton and in copper, sole leather, and newsprint
production. The number of automobiles manufactured during May fell slightly below the
record figure of April. Employment at industrial establishments was slightly less in May
than in the month before, with decreases, partly seasonal, in the clothing, boot and shoe, and
iron and steel industries and increases in the industries producing automobiles, tobacco products,
and certain building materials. Building contracts awarded during May were smaller in value
and in square feet than those for April, but were larger than for any other month on record.
Trade.—Department-store sales in May were smaller than in April, but somewhat larger
than a year ago, and mail-order sales were 5 per cent larger than in May, 1924. Departmentstore stocks declined in May and were at the same level as a year ago. Wholesale trade was
in about the same volume as the month before and about 3 per cent larger than a year ago,
increases over last year in sales of meats and dry goods offsetting decreases in sales of groceries,
shoes, hardware, and drugs. Wholesale stocks of groceries in dollar values were larger than a
year ago, while stocks of dry goods and shoes were substantially smaller. Car loadings of
miscellaneous products and merchandise decreased slightly during May, but were greater than
a year ago.
Prices.—Wholesale prices continued to decline in May, but the decrease was considerably
smaller than for the preceding month. All groups of prices represented in the Bureau of Labor
Statistics index declined except the house furnishings and miscellaneous groups. In the first
three weeks of June prices of wheat, corn, flour, cotton goods, and pig iron declined, while
quotations on sheep, nogs, gasoline, hides, and rubber advanced.
Bank credit.—Borrowing for commercial purposes at member banks in leading cities declined further between the middle of May and the middle of June to a level lower than at any
time this year, while loans on securities increased and reached a new high level in June. Investment holdings of these banks also increased, and total loans and investments at the middle
of June were at the high point for the year.
PER GENT
150
PER CENT
150
/
100
*
g
\
PER CENT
PERC
1200
200
\
-150
/
-100
-100
50
50
so
PRODUCTION IN
BASIC JNDUSTRIES
oi
1922
1S£3
19241925
Index of 22 basic commodities adjusted for seasonal variations.
100.) Latest figure, May, 111
-50
WHOLES/VLE PRICES
0
(1919=
0
I
1922
1923
19241925
Index of United States Bureau of Labor Statistics. (1913=100,
adopted by bureau.) Latest figure, May, 155.2
453
FEDERAL RESERVE BULLETIN
JULY, 1925
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
2
150
100
1922
1923
1924
1325
Weekly figures for 12 Federal reserve banks. Latest figures, June 24
1922
1923
192*11925
Index of sales of 359 stores. (1919= 100.) Latest figures, May
At the reserve banks there was an increase in member bank borrowing between May 20
and June 24, and on that date discounts for member banks were in larger volume than at anytime since the opening of the year. Further decreases in the holdings of acceptances and of
United States securities brought the volume of open-market holdings in June to the lowest
level since last summer.
Conditions in the mone}^ market remained relatively steady during the latter part of May
and first three weeks of June, notwithstanding the heavy Treasury operations in the middle
of June.
BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD
[Monthly average 1919=1003
Production in
basic
industries i
Year and month
1924
January
February
March
April
May
June
July...
August
September
October
Norember
December - . January
February
March
April
May
-
._..
-
Factory Factory Building Railroad- Wholesale
contracts1
ear
employ- pay
rolls awarded
trade
loadings1
ment
Unadjusted
Adjusted
Department-store
stocks 1
Unadjusted
Adjusted
Bank
debits
outside
of New
York
City*
121
121
117
114
104
94
95
94
103
109
107
117
100
101
108
114
170
163
110
102
126
128
164
150
129
125
121
133
150
166
196
180
115
131
123
120
123
118
131
124
126
131
116
127
139
141
136
127
123
126
137
148
148
124
132
135
137
136
136
134
131
126
128
132
132
133
105
109
113
111
106
100
92
96
99
103
101
106
118
125
115
121
117
103
111
111
117
120
116
124
80
78
101
99
96
93
89
90
91
93
93
94
127
124
120
119
111
95
96
96
96
95
103
109
110
108
108
168
159
178
176
151
123
125
117
129
123
79
76
83
79
79
108
101
121
136
128
124
131
121
133
124
119
127
139
140
135
134
135
137
136
135
120
121
120
122
119
1925
-.
Department-store
sales i
80
78
77
76
78
83
92
95
84
79
115
133
127
120
91
93
119
141
141
210
108
111
109
103
108
108
107
112
107
112
i The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations-;
the indexes ©f department-store sales and stocks are shown both with and without seasonal adjustments.
454
FEDERAL. RESERVE BULLETIN
BANK CREDIT
REPORTING MEMBER BANKS
Borrowing for commercial purposes at member banks in leading cities declined further
between the middle of May and the middle
of June. The decline was largely in New
York, although slight decreases were reported
in;the majority of the Federal reserve districts.
During the same period loans on securities
increased in most districts, and the total of
these loans for the country as a whole was at
a new high point on June 17. The banks
increased their holdings of security investments, and on June 17 total loans and investments were higher than at any previous
time—$1,869,000,000 above the total a year
earlier. A considerable decline in net demand
deposits during the last two weeks of May
was followed by a slightly larger increase in
the first three weeks of June, so that the total
showed a small increase for the period. The
following table shows the principal resources
and liabilities of member banks in leading
cities for each week between May 13 and June
17, as well as changes for the five weeks and
for the year ending June 17:
LOANS,
INVESTMENTS, AND DEPOSITS OF
BANKS IN LEADING CITIES
MEMBER
[In millions of dollars]
Deposits
Loans and investments
Date
Total
18, 614
May 13-_
18, 583
May 20
18, 593
May27__
18, 683
June 3
18,711
June 10
18,740
June 17
Increase (+) or decrease (—):
Five weeks ending June 17
+126
Year
ending
June 17
+1, 869
All
other
Loans loans,
on
securi- largely
comties
mercial
5,019
5,031
5,073
5,141
5,135
5,192
8,147
8,067
8,035
8,039
8,055
8,008
Investments
5,448
5,486
5,485
5,503
5, 521
5, 539
demand
12, 816
12, 694
12, 645
12, 791
12?818
12, 865
Time
5,134
5,158
5,169
5,153
5,162
5,188
+173
-139
+91
+49
+54
+956
+133
+780
+982
+809
JULY, 1925
country, reflect a somewhat less active state
of industry and trade in these months compared with the early part of the year. Funds
released by lessenea commercial requirements
have been employed by the banks in granting
loans on securities and to some extent in
purchasing investments. Loans on securities
increased during the period in all except the
Richmond, St. Louis, Kansas City, and Dallas
districts, and on June 17 the total was
$162,000,000 higher than three months earlier.
Total loans and investments showed little
change for the period.
CHANGES IN LOANS AND INVESTMENTS OF REPORTING
MEMBER BANKS BETWEEN MARCH 18 AND JUNE
17, 1925
[In millions of dollars]
Loans and investments
Loans
Federal reserve bank
Total
Commer- On secucial
rities
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
+13
+25
-2
-40
-20
-18
-25
+5
-6
-23
-28
-5
-18
-9
Total...
+ 10
-173
+18
+1
+7
+47
-22
-71
+7
+1
+8
Investments
+33
+39
+10
+34
+2
+57
+10
+52
-10
+ 10
+4
-20
-16
-7
-7
-20
-4
+8
+7
-3
+5
+162
+21
ALL INCORPORATED STOCK BANKS
UNITED STATES
IN THE
Figures as of April 6, 1925, for all banks in
the United States, excepting mutual savings
banks and private banks not under State
supervision, have become available and are
presented in detail on page 514 of this issue.
The figures show an increase from $40,202,000,000 to $40,813,000,000 in total loans and
investments of these banks since the end of
last year, the increase being much larger for
nonmember banks than for member banks.
There was a slight increase in individual deposits of these banks, as the growth of deposits at nonmember banks more than offset
the decline at member banks.
In the following table are shown, by districts,
changes in the loans and investments of
member banks in leading cities between the
middle of March and the middle of June.
As is not unusual at this season of the year,
FEDERAL RESERVE BANKS
commercial loans of these banks declined by
$173,000,000 during the three months, but
At the reserve banks, member bank boron June 17 were still $130,000,000 above the rowings, which declined during May, particulevel of last summer. These declines, which larly in the New York district, showed inwere general* throughout the larger part of the creases between May 20 and June 24 in all
455
FEDERAL. RESERVE BULLETIN
JULY, 1925
except the Minneapolis and Kansas City dis- average of the renewal rate on call loans contricts. The total for all districts was higher tinued to range between 3 ^ and 4 per cent,
at the end of the period than at any previous the limits within which it has fluctuated since
time this year. The reserve banks' holdings the first week in April. The table below shows
of acceptances and United States securities the rates prevailing in the New York market
declined during the period, bringing the total during the past three months:
of their open-market holdings in June to the
MONEY RATES IN N E W YORK
lowest level in nearly a year. Total earning
assets at $1,034,000,000 on June 24 were
$48,000,000 higher than at the beginning of the
Prime Prime
Renewperiod. There were further slight declines in
com- bankal rate
mercial ers'acon
per
total reserves held and in the volume of
paper, cept- debted- cent
call
4-6
ances, H£SS, Liberty loans
Federal reserve notes in circulation. The
months 90 days 4-6
bonds
principal resources and liabilities of the Fedmonths
eral reserve banks for the period between May
1925
!
4
3.96
3.86
*2.78
20 and June 24 and changes for this period April,
May, 1925....
i 3^-4
3.93
3.82
and since June 25, 1924, are shown in the fol- June,
1925
'
3.90
3.97
Average for week e n d i n g lowing table:
3.92
June 6, 1925
3.90
3M
June 13, 1925
June 20, 1925
June27, 1925
P R I N C I P A L R E S O U R C E S AND L I A B I L I T I E S OF F E D E R A L
RESERVE BANKS
1
Total cash reserv
Total deposits
Federal reserve note
circulation
[In millions of dollars]
2,981
2,982
2,958
2,965
2,968
2,959
2,176
2,202
2,222
2,226
2,245
2,210
1,656
1,671
1,675
1,660
1,643
1,634
Earning assets
o
May 20
May 27
June 3
-- -- June 10
June 17
_
June 24
Increase (+) or decrease
986
1,054
1,064
1,065
1,007
1,034
338
414
412
417
442
455
276
278
285
275
246
242
Government securities
i
Bills bought in
open market
Date
Bills discounted
8
358
349
3.54
360
306
325
5 weeks ending June
+48 +117 - 3 4 - 3 3 - 2 2 +34 - 2 2
24
Year ending June 24. _ +208 +105 +197 - 1 0 5 - 3 1 3 +102 -210
3%-i
1 3M~4
12.70
* 2.84
3.90
3.90
3.90
3.90
3.75
4.10
Issues maturing Sept. 15, 1925.
In the London money market the tendenc}r
toward higher rates which was noticeable after
the second week in April came to a peak at the
middle of May, when the average rate at which
Treasury bills were tendered was 4.673 as
compared with 4.167 during the second week in
April, while the rate on 3-month bank bills was
4fJ to 4% per cent as compared with 4J^ per
cent on the earlier date. Thereafter rates
eased off, Treasury bills being tendered at
4.317 during the final week oi May, while
quotations for 3-month bank bills were down
to 4 ^ during the first week of June.
ACCEPTANCES
An increased demand for acceptances of
i Including foreign loans on gold and all other earning assets.
longer maturities, together with a falling off in
the supply of new bills, followed the rise on
MONEY RATES
May 20 from 3J^ to 3M VGT c e n t i*1 kh°
Stability, coupled with relative ease, charac- offering rate on 60-90 day acceptances in
terized money conditions during the latter part Chicago and New York. The result of this
of May and the first three weeks of June. situation was that during the period from May
Prime commercial paper of 4-6 months ma- 21 to June 17 demand was on the whole more
turities continued to be quoted at 3 % to 4 nearly equal to supply and rates on 90-day
per cent, with banks outside New York pur- maturities remained unchanged. Short bills
chasing most of the offerings at the lower at the end of the period were somewhat easier
rate. The offering rate on 90-day bankers7 and longer maturities slightly firmer. The
acceptances, which had steadied at ZY% per stongest demand was for 90-day bills, an actual
cent for the previous four weeks, rose to 3 ^ scarcity of which was reported toward the end
per cent during the latter part of May and of the period, while 30-60 day bills remained in
remained at that figure during the first half of fair supply and composed the bulk of the
June. The yield on Government securities, dealers' portfolios. In the New York market,
both short-term and bonds, was steady through- after the rise in rate, the excess supply noted
out May and the first part of June, with a in May was gradually reduced, and at the end
slight tendency toward ease, while the weekly of the period dealers' portfolios were reduced
456
FEDERAL RESERVE BULLETIN
to a new low point for the year, and offerings
to the reserve bank were moderate. On June
12 in New York and on June 15 in Boston the
buying rate of the Federal reserve bank was
raised one-eighth of 1 per cent on 90-day bills.
In Boston the supply continued in excess of
demand through the first week in June,
accompanied by heavy offerings to the reserve
banks, a situation which was subsequently
relieved by the improved demand during the
latter part of the period. In Philadelphia the
market was reported as relatively inactive.
In Chicago the supply was moderate, while
demand showed considerable improvement
over the preceding period.
Rates in the New York market on June 17
were 33^s bid and 3 per cent offered on 30-day
bills, 334 bid and 33/g per cent offered on 60day bills, 3% bid and 334 per cent offered on
90-day bills, with 3 ^ to 3M bid and 3 ^ to
Z% per cent offered on the longest maturities.
CAPITAL ISSUES
According to the compilation of the Commercial and Financial Chronicle, about $475,000,000 of new domestic securities were issued
in the United States during April, 1925, an increase of over $100,000,000 as compared with
March, and the largest volume since January.
The flotation of $160,000,000 in securities to
cover transfer of the Dodge Bros.7 motor properties accounts for the increase, which was entirely in corporate securities, as both farm
loans and municipal security issues fell off.
Railroad flotations were in about the same volume as in the previous month, while public utility issues were smaller. The total volume of
refunding operations was slightly larger in April
than in March. The following table shows the
domestic securities issued in April, 1925, as compared with those of the previous month and
of April, 1924.
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
April, 1925
New
Total corporate
Long-term bonds
and notes
Short-term bonds
and notes
Stocks
Farm-loan issues
Municipal
Total
Refunding
March, 1925
New
Refunding
April, 1924
New
Refunding
377.0
68.6
248.0
70.3
248.9
25.8
219.4
65.6
153.2
70.3
171.2
16.4
20.0
137.6
6.4
90.9
.2
2.8
4.7
5.3
14.5
80.3
11.5
108.3
3.0
2.0
33.2
44.5
4.3
134.6
1.3
8.1
474.3
78.6
367.8
75.3
387.8
26.8
1.0
JULY,
1925
The total volume of foreign securities issued
in the United States during April amounted to
$67,240,000, according to the compilation of
the Federal Reserve Bank of New York. This
was at about the same rate as in March. In
May the volume of foreign securities floated
in the United States fell to $30,193,000, the
smallest monthly total since June of last year.
SECURITY PRICES
During the second week of June average
prices ot representative common stocks rose
slightly above the levels reached on the upward
movement which characterized April and May.
The price index of 232 stocks computed by the
Standard Statistics Co. reached a new high on
June 15—0.5 points above the previous high
of February 9 and 10.4 points above the 1925
low on March 30. This was due to the industrial rather than the railroad stocks, as the
average of the 31 rails included in the index was
1.6 points below its May high on June 15 and
4.8 points below the figures for the first week
in March. Despite the higher prices, which
were made largely in the oil, automobile,
utility, and tobacco groups, market activity
fell off during the first half of June, when the
average number of shares sold daily was 16 per
cent under the May average. Bond prices rose
to new high levels over the end of May. 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 daily on the New
York Stock Exchange for the last five months:
INDEX NUMBERS OF SECURITY PRICES
Price indexes of —l
Average
number
Average of
price of shares
stock
201 in- 31 rail- 232
of 40
daily
dustrial road stocks
bonds 2 sold
(000
omitstocks stocks
ted) 3
Average for—
January, 1925
February, 1925
March, 1925
April, 1925
May, 1925
June, 1925 __
June 1, 1925
June 8, 1925
June 15, 1925_
June 22, 1925
125.8
127.5
123.9
123.4
127.8
112.6
112.9
110.3
107.7
110.0
122.0
123.2
119.9
118.8
122.5
130.4
129.7
131.9
131.4
110.5
108.8
109.4
110.0
124.5
123.5
125.3
125.1
90.91
91.55
91.35
91.62
92.79
93.14
93.18
93.15
93.16
93.11
1,774
1,688
1,651
1,088
1,607
1,313
1,358
1,392
1,365
1,124
1
For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and low prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding Prices used are closing quotations on Monday.
2
Arithmetic average of daily peak and low prices, as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday,
preceding date given.
8
Saturdays omitted. Weekly averages are for five days ending with
Friday, preceding date given.
JULY, 1925
457
FEDERAL, RESERVE BULLETIN
AGRICULTURAL CREDIT BANKS
AGRICULTURE
During May, 1925, intermediate credit banks
closed direct loans aggregating $9,415,270 for
all districts; this amount was about 65 per
cent above the total for April. The new loans
were made largely in the Baltimore, Louisville,
and Berkeley farm-loan districts. Rediscounts
were closed in May amounting to $4,514,258,
an amount nearly 50 per cent below the total
for April. The total volume of direct loans
outstanding on May 31, at $27,718,266, showed
a decline of $1,388,893 from the total for the
end of April, while the volume of rediscounts
increased by $2,118,213 during the month to
an aggregate of $32,260,494 outstanding at the
end of May. The following table shows the
volume of direct loans outstanding on June 13,
the latest date available, compared with the
volume outstanding on May 16, classified by
commodities on which the loans were based.
It shows declines in loans secured by each of
the specified groups of commodities except
raisins, the largest decline occurring in loans
on cotton. A comparison of rediscounts for
the same date is also given, classified according
to the institution for which the rediscounting
was done. It will be noted that increases
occurred in the amount of rediscounts for agricultural credit corporations and for the livestock loan companies.
Late in May and early in June the 1925
harvesting season began in the winter-wheat
sections of the Kansas City and Dallas Federal
reserve districts and more definite information
became available as to the expected yield of all
the small-grain crops. Dry weatlier during
the autumn, followed by excessively low
temperatures during the winter, resulted in
one of the largest acreage abandonments of
winter wheat on record, and the total yield of
wheat is expected to be the smallest since 1917.
Early reports indicate that the condition of
the cotton crop on May 25 was the highest on
that date since 1918, and unofficial reports
indicate a somewhat larger acreage than last
year. In the principal livestock sections rains
m May were very beneficial to pastures and
ranges, and the condition of cattle and sheep
was higher than a month earlier and compared
favorably with that of last year.
Marketing of grains, fruits, and vegetables
increased in May, but livestock, cotton, and
tobacco were marketed in smaller volume than
in the preceding month. Exports of agricultural products were in smaller volume than
in April, but cotton and grains continued in
larger volume than last year. After reaching
a high point in March and April, farm prices
declined slightly, and in May the Department
of Agriculture's farm price index was 147, as
compared with 130 in May, 1924. The prices
of cotton and meat animals declined during
the month, while prices of grains and fruits
and vegetables advanced.
INTERMEDIATE CREDIT
BANKS
[In thousands of dollars]
June
13,1925
May
16,1925
Grain.
Direct loans outstanding on—
Cotton..
Tobacco
Raisins
Wheat..
_
Prunes
Canned fruit and vegetables
Peanuts „
_
Rice
Allother
_
Total
Rediscounts outstanding for—
Agricultural credit corporations
_
National banks
_
State banks .
Livestock loan companies
Savings banks and trust companies _
Total
Harvesting of the winter-wheat crop in the
Dallas and Kansas City Federal reserve districts began late in May and early in June,
and by the middle of the latter month the first
of the new crop reached the markets. Reports
by the Department of Agriculture as of June 1
28,594 indicate that there was a further decline in the
27,199
condition of winter wheat in May, and the esti21,476
20,533 mated yield was reduced to 407,000,000 bush6
S
678 els, the smallest crop since 1912.
667
The spring10,284
10, 561
50 wheat crop is expected to be smaller than last
25
year, and the total wheat production is esti31, 553
32, 735
mated at 661,000,000 bushels as compared with
873,000,000 bushels last year. In the MinneFederal land banks increased their mortgage apolis and Kansas City Federal reserve disloans during May by $6,051,729 to $968,713,- tricts, which produce more than one-half of the
291 and joint-stock land banks by $7,918,678 total wheat of the United States, the combined
yield of winter and spring wheat is estimated
to $494,165,230.
260
20,241
4,000
436
1,018
244
276
37
697
1,505
20,306
4,000
656
1,167
253
332
156
219
458
FEDERAL, RESERVE BULLETIN
at 358,600,000 bushels as compared with a
final harvest of 553,000,000 bushels in 1924.
Smaller yields of oats and rye than last year
are expected on the basis of early condition reports, but the indicated yield of barley is
slightly larger than in the previous year. Late
in May the corn crop was slightly damaged by
frost in sections of the Cleveland and Chicago
Federal reserve districts, but by the middle of
June the crop was generally in good condition
except in sections of the Cleveland district,
where the crop was suffering from dry weather.
Details as to the expected yields of the principal grain crops in the several Federal reserve
districts are given in the table on page 486.
Marketing of grain was in considerably
larger volume in May than in April, and exceeded that of a year ago. Receipts of wheat
at leading interior centers were 86 per cent
larger than in April and were 10 per cent larger
than in May last year.
Corn and oats were marketed in greater
volume than in the previous month, but receipts were smaller than last year. Increased
marketing of wheat in May was in response to
larger exports, which, with the exception of
March, exceeded the volume of any rnonth
since last December. As a result of more
definite information as to the reduction in the
yield of wheat and the continuation of the
large foreign demand, the price of both winter
and spring wheat advanced rapidly in May and
reached the highest level since March, and was
considerably higher than last year. Comparison of the prices of winter and spring wheat
during the first five months this year with
those during the same period in 1924 is shown
in the following table:
PRICE OF WINTER
1
AND SPRING
Winter wheat
1924
January..
February
March
April
May
1
2
$1.11
1.13
1.09
1.04
1.07
1925
$2.01
1.98
1.77
1.70
1.89
2
WHEAT
Spring wheat
1924
$1.15
1.18
1.15
1.23
1.16
1925
$1.82
1.79
1.63
1.47
1.61
No. 2, red winter, Chicago.
No. 1, northern spring, Minneapolis.
Cotton.
Early estimates by the Department of Agriculture indicated that the condition of the cotton crop on May 25 was the highest for that
date since 1918. The crop was planted about a
week earlier than usual in most sections of the
JULY, 1925
belt except Texas, where the dry weather
during the winter and spring months seriously
retarded farm work. In the Southeastern
States rains during the winter and spring added
considerable moisture to the soil and the crop
in those States has made good progress to date,
though boll weevils are more in evidence than
a year ago. Fertilizers are being used in larger
quantities than in 1924. In Texas many areas
are still suffering from a lack of moisture, and
the southern part of the State is estimated to
have received only about 9 inches of rainfall
since the first of last October, as against a
usual rainfall of about 20 inches for the same
period. Other sections in the central and
eastern parts of the State have suffered likewise, but the dryness thus far is reported not
to have been very injurious to the growing
crop.
Marketing of the old crop, as measured by
receipts at principal southern markets, spinners' takings, and exports showed further
seasonal declines in May. From the beginning
of the marketing season last August to the end
of May approximately 14,220,000 bales of
cotton were marketed through the leading
southern centers, as compared with 10,820,000
bales the year before. Exports for the same
period totaled 7,776,000 bales, as compared
with 5,329,000 bales in 1924. Consumption of
cotton by the American mills for the season to
date has been slightly larger than last year and
stocks at mills at the end of May were about
200,000 bales larger than a year earlier. A
greater volume of exports, with a slight increase in consumption and domestic mill stocks,
has practically accounted for the increase of
3,500,000 bales in the size of the crop, and the
supply of cotton that remains to come on the
market is estimated to be no larger than a
year ago.
Early in May the price of raw cotton declined
to less than 23 cents a pound, but a continuation of the unsatisfactory weather conditions in
the Southwest was a strengthening factor in
the market during the remaining weeks of the
month, and the price advanced to 24.6 cents a
pound during the first week of June. At the
close.of the third week in June it was 24.3 cents
a pound, as compared with 29.4 cents in 1924.
Livestock.
Rains in May were very beneficial to the
pastures and ranges in the drought-stricken
areas of the Southwest, and there was considerable improvement in the condition of the
cattle and sheep in most of the States except
New Mexico. In view, however, of the long
FEDERAL RESERVE BULLETIN
JULY, 1925
drought last winter, many cattle were moved
in the spring from the grazing areas of New
Mexico, Arizona, and Texas to the grass pastures of Kansas and Oklahoma. Ranges and
pastures in the San Francisco Federal reserve
district are in considerably better condition
than last summer, and the condition of the
cattle and sheep is excellent. In fact, reports
from California indicate that the condition of
ranges is the best since 1915. Shearing of the
1925 wool crop was practically completed in
May and June and the lamb crop was good,
with comparatively light losses. Shipments of
lambs from California, both dressed and live,
reached a seasonal peak near the middle of
May, and to date the largest number of lambs
on record had been shipped from that State.
In May marketing of livestock usually increases, but this year the number of cattle and
calves marketed from the early grass pastures
was considerably smaller than in April, although the total volume of livestock that
reached the market was 1 per cent greater
than in the preceding month. The number
of hogs marketed was about the same as in
April, but sheep receipts were 10 per cent
larger. Hogs continued to reach the market
in about 25 per cent smaller volume than last
year, but the number of sheep marketed was
30 per cent larger than in May, 1924, and
receipts of cattle and calves amounted to
1,737,000 head in May, as compared with
1,800,000 head a year earlier. Prices of livestock were slightly lower in May than in either
April or March, but they continued about 30
per cent higher than in 1924. At the end of
the third week of June the price of hogs at
Chicago was $12.90 a hundred pounds, as
compared with $7.20 the year before. Prices
of beef cattle and sheep were also higher,
but the increase was greatest in the case of
hogs.
MINING
Coal and coke.
Despite a slight rise in output during the
last half of May and the first half of June, the
market for bituminous coal showed little change
from the apathy which characterized the preceding two months, and on June 15 the Coal
Age Index of spot prices for bituminous coal
declined slightly to a low of $1.94, as compared
with $1.95 on "April 13 and $2.01 during the
corresponding week of 1924. Output durin
May of 35,474,000 net tons, as compared wit"
32,248,000 net tons in May of last year, showed
a slight increase over April, but was below
any other month since July, 1924. Average
459
production per working day, which reached a
low for the year of 1,253,000 net tons during
the week ending April 18, rose subsequently
to 1,508,000 net tons at the end of May and
was 1,436,000 net tons for the week ending
June 13. This was the tenth consecutive week
in which the rate of current 1925 production
exceeded that of last year and brought total
1925 production to date to 214,706,000 net
tons, virtually the same as in the corresponding period of 1924.
The activity which characterized the anthracite markets during the previous month began
to subside somewhat after the middle of May.
Total output during May reached 8,134,000
net tons, as compared with 7,472,000 net tons
in April and 7,745,000 net tons in May of last
year. This is the highest monthly output since
October, 1923. Weekly production fell off materially after the middle of May, but rose again
during the week ending June 13 to 1,870,000
net tons, as compared with 2,036,000 net tons
for the week ending May 9. On June 1 company prices on domestic grades were raised.
Output of both beehive and by-product coke
continued to fall during May, ana the decline
was again more pronounced in the case of the
former. Total May production of both categories was the lowest - since November, but
about 10 per cent over May of last year.
After somewhat firmer prices during May,
quotations again declined after the first of
June. Weekly production of beehive was
136,000 tons for the week ending June 13, as
compared with 141,000 tons during the week
ending May 9.
Petroleum.
Increases in the output of crude petroleum
continued in May, and the total volume produced in that month was the largest on record,
amounting to approximately 70,000,000 barrels.
This rapid growth in production was due
mainly to the exceptionally heavy output at
the Smackover (Arkansas) field, which reached
a peak of 392,820 barrels on May 25. The
daily average production of crude for the entire United States exceeded all previous records
during the last week in May, but since that
time there has been a sharp decline in the
Smackover output, and for'the week ending
June 13 the daily average flow amounted to
2,260,000 barrels, as compared with 2,346,900
barrels the last week in May. Prices of crude
petroleum averaged slightly lower than in
April, though there was some improvement in
the early weeks of June following the slowing
down in production at Smackover.
460
FEDERAL RESERVE BULLETIN
Gasoline and fuel oils were produced in
record volume in April, the latest month for
which official data are available, and the output of lubricating oil was in the second largest
volume on record. The motoring season was
considerably earlier this year than in 1924,
and notwithstanding the increase in gasoline
production stocks were smaller at the end of
April than a month earlier and were 5 per
cent smaller than at the end of April last
year. The demand
for gasoline has been large
throughout the wint)er and spring months, and
as a result of this heavy demand stocks were
smaller at the end of April this year than in the
previous year. This is the first time in recent
years that stocks have fallen below the levels
of the preceding year. The rapid increase in
the number of automobiles in the past eight
years has been accompanied by a similar
growth in the production of gasoline, as is
shown in the accompanying chart. Consumption of gasoline during the past winter and
early spring was due partly to an increase in
MILLIONS OF BARRELS OF GASOLINE
MILLIONS OF MOTOR VEHICLES
25
1
250
1
PRODUCTION OF GASOLINE
AND MOTOR VEHICLE REGISTRATION
/
20
200
—
15 -
10
150
100
50
1918
1919
1920
1921
1923
JULY,
1925
earlier, while zinc, after rising over the end
of the month, was again down to the quotations
prevailing at the middle of May. During the
second week in June the price of refined electrolytic copper delivered at N^w York, which
had held at about 13% cents for the previous
six weeks after a low of 13J4 cents during the
third week of April, again fell off to 133^ cents.
Following the publication of statistics showing
materially reduced stocks of refined copper
on June 1 and some curtailment in May production, large orders were reported in the
market and quotations rose to 13% cents on
June 17, the highest since March 26. Output
of copper in tne United States for May is
estimated at 139,514,000 pounds. This is
larger than any month of last year but below
average daily production for any month of
this year. As compared with the high monthly
production of March, 1925, May output shows
a curtailment of 7 per cent, but at the same
time was 6 per cent above May, 1924. Quotations on lead displayed a rising tendency
throughout May, but receded slightly during
the first half of June. May production of
lead in the United States was 5 per cent in
excess of April and 10 per cent over May, 1924.
Zinc output during May was slightly in excess
of April, but at about the same daily rate,
while shipments of slab zinc from refineries
again fell off and were below any month since
September of last year, with the result that
stocks on hand at the end of the month increased further to over 21,000 tons.
With both China and India active in the
market, silver prices recovered sharply during
the period, and on June 16 quotations for bar
silver in New Yqrk reached 69J^ cents, but
the next day reacted to 68% cents. This was
the highest since January 31, when silver
reached 6934 cents, and is 2% cents above the
current low of April 23, and 2 cents above the
quotation for May 13. In contrast to the large
deliveries and stocks during the first quarter
of the year, deliveries of tin into the United
States during May were the lowest since last
December, and stocks in New York at the end
of the month declined to the lowest point since
November, 1923. Prices continued to rise,
quotation for straits tin being 56 cents on
June 17, as compared with 54J^ cents on May
13 and 50J^ cents on April 15.
the use of closed automobiles, which makes
winter motoring more comfortable.
In view of the heavy demand for gasoline
and the smaller stocks than last year, the
price has been strengthening and averaged at
three principal refineries 13.75 cents a gallon
nrMay, as compared with 13.12 cents in April.
Nonferrous metals.
Greater activity animated the nonferrous
MANUFACTURING
metal market during the last half of May and Food products.
the first half of June, and at the middle of
Production of wheat flour declined slightly
June prices for copper, tin, lead, and silver in May to 8,151,000 barrels from 8,183,000 in
were all on higher levels than four eeks April, which was at that time the smallest
JULY, 1925
FEDERAL RESERVE BULLETIN
monthly figure recorded since June, 1922.
Demand has been quiet for several weeks and
prices, after rising in May, declined during the
first three weeks of June, the quotation on
standard patents at Minneapolis falling from
$9.15 a barrel on May 29 to $8.50 on June 19,
the lowest figure recorded since early in April.
Flour exports in May totaled only 690,228
barrels, the smallest for any month in recent
years.
Sugar meltings during May were somewhat
smaller than the large meltings for March and
Aj>ril, but exceeded those of May, 1924.
Prices rose a little in June, but no considerable
advance above the level now maintained for
several weeks at about 4 ^ cents a pound for
raw sugar and 5}4 cents a pound for refined
was noted.
Little change was noted in the meat-packing
industry during May. The number of animals slaughtered was slightly larger than in
April, but the increase was no greater than
seasonal. Slightly more cattle, calves, and
sheep were slaughtered in the first five months
of this year than in the corresponding period
of last year, but the slaughter of hogs since
January has been considerably less than a year
ago. Prices of meat products have fluctuated
somewhat in recent weeks, but no material
change has been noted. Sales by meat packers
were larger during May than in April and the
highest recorded in any May of recent years.
Cold-storage holdings of meat products were
reduced during May and were smaller than a
year ago. Large reductions since last year
in stocks of pork and mutton more than offset
increases in those of lard.
Textiles.
Conditions in textile markets recently have
varied somewhat among the different branches
of the trade. Cotton and woolen goods have
continued rather dull, production has been
reduced, but raw material prices have been
somewhat stronger. Demand for silk and for
knit goods, however, has been fairly well
maintained, prices have been strong, and mill
operations active.
Since April cotton mills have curtailed
operations somewhat. Mill consumption of
cotton and spindle activity during May were
smaller than in any previous month of 1925,
although" still in excess of figures for all months
of 1924 except January. Decreases in May
occurred in all the important States. Unofficial reports indicate furtiier curtailment in
June. Shipments, orders, and billings of
finished cotton fabrics were also reduced in
461
May, while stocks increased somewhat. Since
the middle of May raw-cotton prices have
been stronger, and after June 6 yarn quotations, according to the Fairchild index, rose
slightly from the low point reached on that
date. General trading in cotton goods increased about the middle of June and business
in print cloths was rather large. Owing to
substantial reductions in sheetings, the Fairchild cotton goods price index declined considerably in June, falling to 14.692 in the week
of June 20, the lowest point since September,
1922. The high point of this year was 15.822
for the week of March 14.
Rather marked improvement was noted in
domestic raw-wool markets in June, buying
increased, and prices rose. Buyers have been
contracting for the new clip in Texas at prices
ranging from 41 to 48 cents a pound, depending upon quality and delivery date, which is
considered to be in line with quotations on the
Boston market. Active bidding in the middle
western wool areas, however, has caused prices
to rise to around 50 cents for the grower. The
western markets have not been so active.
The Fairchild index of domestic raw-wool
prices rose from a low point of 102.116 for
the week ending May 23 to 111.971 for the
week of June 20. Over half of this increase
occurred in the last week of the period. The
indexes for foreign raw wools, for worsted
yarns, and for tops reached low points in the
first half of June and later rose slightly. Hot
weather in June somewhat stimulated demand
for light-weight clothing, and manufacturers
of woolens and worsteds also shared in
the improvement. Fall buying, however, has
not been particularly active. Manufacturers
curtailed operations considerably in May,
employment and pay rolls were reduced, mill
consumption of raw wool was over 8 per cent
less than in April, and the percentages of loom
and spindle hours active have not been smaller
since last August. The Fairchild indexes of
prices of woolen and worsted goods were the
same on May 14 as a month earlier.
In the silk industry buying of finished goods
continued active in May and June, operations
were maintained at a rather high rate, and
prices were firm. The Yokohama raw-silk
market has been more active than the New
York market, but prices in the latter have
shown little change. In fact, quotations on
Kansai firsts have fluctuated at close to 6 cents
since last August. At this time a year ago
quotations were below 5 cents, the lowest
point for the postwar period. Imports of raw
silk in May were rather large for this season
462
FEDERAL RESERVE BULLETIN
of the year and exceeded those of all but two
months since 1922. Deliveries to mills were
somewhat smaller than the large figures for
March and April, but compared favorably
with those of previous months. Thrown and
broad silk mills in the Philadelphia district are
operating at close to 90 per cent of capacity
and report sufficient unfilled orders to insure
a maintenance of this rate for several weeks.
Warm weather in June brought about considerable activity in summer-weight underwear, which was felt by retailer, wholesaler,
and manufacturer. Markets for winter-weight
garments, however, have been rather dull. In
April production of winter underwear remained practically unchanged at the high
figures attained in March, and output of
women's summer garments increased. Orders
and shipments were somewhat smaller while
stocks increased. Hosiery has been in good
demand, and sales of full-fashioned hosiery for
women have been particularly large. In April
orders and production of this type of hosiery
made of silk showed a substantial increase as
compared with March. For the total of all
kinds of hosiery, production and shipments
decreased slightly in April while orders increased. Preliminary figures for May indicated
slight decreases in shipments and production
and increases in unfilled orders on hand.
Iron and steel.
Recessions in production and prices in the
iron and steel industry continued during May.
Buying of pig iron, however, increased somewhat, and reports indicated a check to the
decrease in production in early June, but
prices were in many instances reduced further.
The daily average production of pig iron in
May fell to 94,542 tons from 114,975 tons in
March, the maximum month since 1923.
This decline, however, was not as great as in
the same period last year, and the rate of output is well in excess of that of a year ago.
The number of furnaces in blast was reduced
by 24 in May, to 197, 49 per cent of the total
number of stacks in the country. This is the
smallest number recorded active since October
31, when 182 were in blast. The decline in
the daily average production of steel ingots
during May was only 3^2 per cent, as compared with decreases of 15 per cent in April
and 24 per cent in May, 1924. Reports indicate that steel output was at the rate of from
65 to 70 per cent of capacity on June 1 and
that little change has occurred since that date.
The industry was operating at below 50 per
cent in June, 1924. Unfilled orders of the
JULY, 1925
United States Steel Corporation declined further
in May to 4,049,800 tons, the smallest figure
since last November.
Some activity was noted in the pig-iron
market during May and early June, as large
consumers covered third-quarter requirements.
Contracts were made at a level of prices lower
than at any time since 1922. The Iron Age
composite pig-iron price for the week of June
23 was $19.13, the lowest figure since the
spring of 1922. Steel prices have also declined
further and the Iron Age composite of finished
steel quotations on June 23 was 2.424 cents,,
the lowest figure recorded since late in 1922.
Reflecting the great building activity, buying
of structural steel has been particularly heavy
in recent weeks. Awards in the second week
of June totaled about 59,000 tons, the largest
for any week this year. Automobile manufacturers during June placed some rather large
orders for sheets and strip steel. There have
been some substantial orders for rails, but in
general the railroads have not been active
factors in the market.
Automobiles and tires.
Production and distribution of automobiles^
although not as great as in April, continued
large during May. Production of passenger
cars in the United States and Canada for the
first five months of the past three years i&
shown in the following table:
January
February .
March
April
May
Total, 5 months
Total, calendar year
1925
1924
212 921
252,803
332 151
391,302
3S2,714
293,824
343,460
357,045
346,405
286,324
228,872
260,336
327,059
351,649
358,685
1 1,571,891
1,627,058
3, 262, 764
1, 526,601
3, 702,569
1
1
-j
i
- J
._-!
1923
!
Although production in both April and May
of this year exceeded that of any previousmonth on record, the output for the first five
months did not equal the corresponding total
for 1924. Production of trucks has been well
maintained and during the first five months of
this year exceeded totals for the corresponding
period of any previous year.
Shipments of automobiles from factories in
May were also less than during April, but
fairly large as compared with previous'months.
Shipments by boat were particularly heavy.
Sales by dealers to users of General Motors
Corporation cars during May exceeded division
sales to users. Both figures were slightly
smaller than in April, but much larger than a
,TULY, 1925
FEDERAL RESERVE BULLETIN
year ago. Sales of cars by wholesalers in the
Middle West, reporting to the Federal Reserve
Bank of Chicago, were larger than in May,
1924, while retail sales were slightly smaller.
Stocks of new cars on May 31 were smaller
than on April 30 and considerably less than a
year before. A few reductions have been announced in prices of automobiles in recent
weeks, but no general decline in prices has
occurred.
Crude rubber prices rose in June to new high
records, over three times as high as those prevailing a year ago. Imports increased in May
to 82,727,000 pounds, as compared with
72,813,000 pounds in April. The May figure
was the largest since last October. Shipments of pneumatic tires and tubes in May
were the largest on record. Production
changed little as compared with April, and
stocks were reduced considerably, although
ordinarily no substantial reduction in stocks is
made until June or July. On June 1 tire
manufacturers again increased prices, supplementing the increase made on May 1.
L»mber.
No important new developments were noted
in the lumber industry. Lumber cut in May,
as reported to the National Lumber Manufacturers' Association by 524 mills, totaled
1,455,000,000 feet, exceeding the April cut
by 135,000,000 feet, or 10 per cent. Shipments from these same mills in May totaled
1,395,000,000 feet, falling below April shipments by 119,000,000 feet and below production in May by 60,000,000 feet. Production in May was running below and shipments above 1924. Production during the
first five months of the year totaled 6,410,000,000 feet, exceeding shipments by 87,000,000 feet. In the corresponding period of 1924
production in somewhat larger volume exceeded shipments by 176,000,000 feet. Both
production and shipments of Douglas fir were
greater in May than in April, shipments exceeding production in both months. Shipments of southern pine were very nearly equal
to production in May as in April, totals for
May being somewhat below those for April
and for May of last year. Aggregate stocks in
southern pine mills increased slightly during
May.
Hides, leather, and shoes.
Hides and skins have been in fairly active
demand during recent weeks, while leather and
shoe markets have been passing through a period of seasonal quietness. The quality of
463
hides offered for sale improved during June,
and prices advanced on some hides to the
highest figures since February. Stocks of cattle hides decreased in April, but those of calf,
goat, and sheep skins rose to the highest figures
since last fall. Demand for heavy leather has
been rather quiet, but some types of upper
leather have been in request. Buying by shoe
manufacturers for fall demands has not yet
begun to any appreciable extent. Sole-leather
production declined in May as compared with
April, but was larger than a year ago. Tanners' finished stocks increased to the largest
figure since October 31, and stocks in process
have not been greater at any time since the
close of 1923. April figures, the latest available for the other principal kinds of leather,
show declines in production and increases in
tanners' finished stocks.
The shoe industry is now in the midst of its
dull season, and sales and production are small.
Preliminary figures indicate the usual seasonal
decline during May in shoe production in all
districts. The figure was greater than that of
May of 1922 and 1924 and less than that of
1923. Reports indicate that some rush orders
have been received for summer and sport shoes,
particularly white goods, but fall buying has
not commenced. Prices have shown no appreciable change. Sales and stocks of shoes for
May were reported by selected wholesalers to
be smaller than those of May, 1924. Shoe
chains also reported decreases in May sales as
compared with April and with May of last
year.
BUILDING
In the building industry, values and square
feet represented by May awards of contracts
were, as compared with the high aggregates for
April, in smaller volume. May contracts
awarded in 11 Federal reserve districts represented, according to compilations by the
F. W. Dodge Co., an aggregate value of
$509,000,000, which was $59,000,000, or 10
per cent, below the corresponding figure,
$568,000,000, for April, and May awards in
27 Northeastern States called for 69,000,000
square feet of construction, which fell short of
the April aggregate of 73,000,000 feet by
approximately 6 per cent. These declines are,
however, fairly covered within the irregular
ranges of seasonal variation from month to
month in the building industry, and they are
reckoned upon a very large volume of building
activities. In comparison with May of last
year, awards in the 11 districts this year
represented an aggregate value greater by
464
FEDERAL RESERVE BULLETIN
$63,000,000, or 14 per cent, and awards in the
27 Northeastern States called for an aggregate
of construction greater by 11,000,000 feet, or 19
per cent.
During the first five months of the year
awards in the 10 districts for which comparable figures are available totaled $2,100,000,000, exceeding the corresponding figure for
1924 by $187,000,000; but this net increase
covers a decrease for the New York district
of $157,000,000, the increase in the 9 remaining
districts combined amounting to $344,000,000.
Practically the whole of the decrease this year
in comparison with last for the New York
district developed during February, March,
and April, awards in May as in January running even with 1924. Over the five-month
period construction values represented by
contract awards in each district for which data
are available, excepting New York, have been
greater this year than last.
For residential construction, May awards in
the 11 Federal reserve districts amounted to
$237,000,000, or nearly 47 per cent of the total
value of awards in the districts for all classes
of construction, and exceeded last year's
May aggregate of $199,000,000 by $38,000,000,
or 19 per cent. In the 10 districts for which
1924 data are available awards calling for residential construction during the first five months
of the year totaled $968,000,000, or 46 per cent;
of contract values for all classes of construction,
and exceeded the 1924 total for these months
by $26,000,000, or approximately 3 per cent.
For each class of construction, excepting
"educational"
and "hospitals and institutions/ 7 the aggregate square feet contracted
for in 27 Northeastern States this year in May
exceeded the corresponding 1924 figure.
In May, as in April, the valuation of building permits issued in 168 selected cities exceeded last year's totals. May permits issued
in these cities covered construction values
totaling $341,000,000, which exceeds the 1924
figure by $48,000,000, or 16 per cent. In
each Federal reserve district, excepting the
Richmond and Minneapolis districts, the total
value of building covered by permits issued
during May this year in these cities exceeded
the corresponding figure for last year. Permits
issued in these cities during the first five
months of the year covered construction
values aggregating $1,553,000,000, which exceeds last year's total by $38,000,000.
Permit valuations in New York City for
May show a substantial gain over 1924, but
aggregate valuations for permits issued during
h e first five months of 1925 were, according
JULY, 1925
to compilations by the F. W. Dodge Co., 21
per cent below last year's aggregate. Cities
outside New York show for these months a gain
of 16 per cent. In comparison with 1924, May
permits issued in 208 cities covered larger values
in 131 cities and smaller values in 77 cities.
The Bureau of Labor Statistics index of
wholesale prices of building materials, which
declined from 182.8 in February to 179.8 in
March and to 174.4 in April, shifted slightly
downward in May to 173.6. The Lumber
Manufacturer and Dealer's Softwood index
declined from 31,032 at the end of April to
30,526 at the end of May and to 29,733 for the
week of June 12. Only slight changes are recorded for the hardwood index, which shifted
from 41,867 at the end of April to 41,116 at
the end of May and remained unchanged in
the opening weeks of June.
TRANSPORTATION
From the April record high point of 128.6,
the Federal Reserve Board's index of freightcar loadings, adjusted for seasonal variation,
fell off to 122.5 for May, although 132,000,
or approximately 3 per cent, more cars were
loaded in May than in April, and 183,000, or
nearly 5 per cent, more than in May a year
ago. Loadings in May of this year were somewhat under the 1923 figure, but were largely
in excess of the totals for the four earlier years.
For these earlier years May loadings averaged
under 3,400,000 cars, the corresponding average for the three years 1923-1925 being in
round numbers 4,200,000 cars. These averages indicate fairly the dimensions of May
shipments in the several years of the two
periods, although, of course, changes in volume
of traffic have been irregularly reflected in
the several classes of freight and in the geographical distribution of freight hauls.
By classes of freight fluctuations in volume
of traffic have been as follows: Miscellaneous
freight, including merchandise in less-than-carload lots, moved in nearly the same volume
in May as in the two preceding months of this
year, and in larger volume than in any May
of the five preceding years; forest products fell
off in May from the April total, but moved in
nearly the same volume this year as in 1924
and 1923; coal loadings also fell off in May,
but were in larger volume this year than last;
ore shipments, although they were exceptionally large in April, forcing the adjusted
index number for the month to 182.2, in May
exceeded loadings in any earlier year excepting 1923; coke shipments were below the
JULY, 1925
April, but above the 1924 figure; loadings of
livestock in May were below the total for any
month of the past three years, the adjusted
index for this class of freight being forced
down to 86.1, while shipments of grain and
grain products in May exceeded April but fell
below May, 1924, shipments.
The May increase in car loadings over April
and over May of last year was fairly evenly
distributed in the several districts. In each
district except the southern the roads loaded
more cars in May than in April, and in each
district except the central western they loaded
more cars in May this year than last.
In the week ended June 6 the roads loaded
84,081 more cars, and in the week of June 13
84,604 more cars than in the corresponding
weeks of 1924, aggregate loadings in these
weeks being close to the 1923 totals. In the
week of June 13 increases over 1924 are shown
for each class of commodity except grain and
grain products and livestock, each district
showing an increase over 1924 for all classes
of freight combined. Total loadings for the
year to June 6, according to compilations by
the Bureau of Railway Economics, exceeded
the 6-year average for this period by 15.7 per
cent for all classes of freight combined, the
excess over the 6-year average amounting,
for manufactured products, to 20.5 per cent
and for forest products to 24.9 per cent.
Net-ton miles for March totaled 35,334,617,000, the corresponding total for March of
last year being in excess of 36,000,000,000,
and for March of 1923 in excess of 39,000,000,000. Throughout May the roads maintained a freight-car surplus well in excess of
300,000 cars, and no car shortages developed
in any section of the country. In general this
has been the situation during the past year
and a half of very heavv traffic. On May 1
the roads reported a total of 190,000 bad-order
cars, which is above the number reported last
year but below the totals reported on this date
in each of the three preceding years. The percentage of freight cars serviceable on June 1
(91.6) and of locomotives (83) was somewhat
above the 6-year average for these percentages.
Rate of return on property investment
earned by the roads in the first four months of
the year was 4.38 per cent. Roads in the eastern district earned 5.10 per cent, southern
roads 5.66 per cent, and western roads 3.13 per
cent. The operating ratio (i. e., the ratio of
operating expenses to operating revenues) was
78.27 per cent for April and 78.28 per cent for
the four months ended April 30, the corre-
465
FEDERAL RESERVE BULLETIN
sponding percentages for 1924 being 79.50 and
79.23. *
Wholesale trade.
TRADE
Wholesale trade in May was in about the
same volume as in April and about 3 per cent
larger than a year ago, according to the combined index oi the Federal Reserve Board.
Wholesale sales of groceries and meats were
larger in May than in April, while sales of dry
goods, shoes, hardware, and drugs were smaller.
As compared with a year ago, sales of meats and
dry goods were larger and sales of groceries,
shoes, hardware, and drugs were smaller. The
principal increases in dry goods sales were in the
New York, Kansas City, St. Louis, and Atlanta
districts. Sales of meats, largely in consequence of higher prices, were in the largest
dollar volume for any month in the last five
years, except October, 1924. Sales of agricultural implements were 20 per cent larger
than last year, the largest increase for any
district being 42 per cent for the Atlanta
district.
Merchandise stocks carried by wholesale
grocery firms at the end of May, as measured in
dollar values, were larger than a year ago, but
smaller than at the end of April. Stocks of
dry goods, shoes, hardware, and drugs were
smaller than in April and smaller than a year
ago, the decrease as compared with last year
being greatest for dry goods and shoes. Accounts receivable outstanding at the end of
May were somewhat larger for groceries than
in April, but somewhat smaller for dry goods
and shoes, and for all three of these lines accounts receivable were smaller than a year ago.
Retail trade.
Sales at retail stores decreased in May, as
compared with April, and were somewhat
larger than during May of last year. Sales
at department stores were slightly larger than
last year, mail-order sales were about 5 per
cent larger, and chain-store sales were larger
for all lines except shoes and cigars.
Trade at department stores, as measured
by the Federal Reserve Board's index, was
about 5 per cent less than in April, which is
about the same decline as occurred between
these months last year. May sales were
smaller than April sales in all districts except
San Francisco, and, as compared with May of
last year, the principal increases were in the
Chicago and Dallas districts and the principal
decrease in the Boston district. Departments
selling silks and velvets, and more especially
musical instruments and radio equipment,
466
FEDERAL RESERVE BULLETIN
JULY, 1925
showed the largest increases over May, 1924, automobile industry is important, and in the
while sales by departments selling women's Mountain and Pacific States, where there was
suits, women's skirts, furs, waists and blouses, increased employment. Pay-roll increases were
and sweaters were substantially smaller.
also noted in those same areas and likewise in
Total value of stocks at department stores the Middle Atlantic and West North Central
was less at the end of May than at the end of sections.
April in all Federal reserve districts and was, Only in the automobile, tobacco, ice-cream,
for the whole country, about the same as in cement, and brick industries were there any
May last year. The decrease from April to appreciable increases in employment during
May in both years was about 3j/o per cent. May, but pay rolls showed substantial increases
Departments carrying ribbons, women's suits in these industries and, in addition, in hardand skirts, waists and blouses, sweaters, and ware, heating apparatus, silk, men's furnishgloves showed the largest declines in stocks ings, lumber, and bread and bakery products.
from last year, while stocks of handkerchiefs, As compared with a year ago, of the important
leather goods, and juniors' and girls' ready-to- groups of industries employment and pay rolls
wear were substantially larger.
are now greater in textile fabrics, leather, and
The rate of stock turnover was lower in automobiles and lower in clothing, railway
May than in April, this year as last year, but equipment, and building materials. Between
was somewhat higher than in May of last April and May the percentage of operations to
year. The rate of stock turnover for the year full capacity as measured by the force of emto date continued for all districts combined to ployees was reduced about 1 per cent, but as
be above that for a year ago, with every dis- measured by time of operations there was no
trict showing a more rapid turnover this year change for all industries taken as a whole.
than last year except the Boston, Philadel- No wage changes of importance were reported
phia, and Cleveland districts.
in May.
EMPLOYMENT
Factory employment declined slightly in
May in nearly all important industries and on
the whole was practically the same as a year
ago. Total pay rolls in corresponding establishments remained practically unchanged between April and May, but were a little larger
than a year ago. The Federal Reserve Board's
indexes of employment and pay rolls for recent
years are shown on the accompanying chart.
SAVINGS DEPOSITS
The aggregate savings deposits reported by
890 banks distributed throughout the United
States were $7,829,129,000 on June 1, compared with $7,790,730,000 on May 1 and
$7,311,316,000 on June 1, 1924. No significant changes occurred during May, all districts
showing small increases except the Minneapolis
district, which reported a slight decline. A
comparison of savings deposits on June 1, 1925,
with a month and a year previous is shown, by
Federal reserve districts, in the following table.
In the Boston and New York districts the
figures represent only deposits of mutual savings banks; in all other districts where there
are but few mutual savings banks, savings
deposits of other banks are included.
SAVINGS DEPOSITS, BY FEDERAL
RESERVE
DISTRICTS
[In thousands of dollars]
Number of
banks
1322
t923
1925
According to the statistics compiled by the
Bureau of Labor Statistics, from which these
are computed, the decrease of employment in
May occurred in all sections of the country
except the East North Central, where the
June 1,
1925
M a y 1,
1925
June 1,
1924
Boston
New York
Philadelphia..
Cleveland
Richmond
.
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
64
30
79
69
87
93
196
31
14
51
105
71
1,314,076
2,079,086
521,359
840,150
347,000
246,299
946,019
142,633
94,073
100, 769
100,8S0
1,096,785
1,310,741
2,077, 949
520, 618
830,990
344,482
242,350
935,085
142,115
94,723
100,057
99,950
1,091, 670
1, 249, 697
1,945,064
487, 460
780,451
309, 589
227, 512
911, 733
139, 369
87,185
97,216
92,948
983,092
Total...
890
7,829,129
7, 790, 730
7,311,316
PRICES
Wholesale prices declined further in May,
according to the index of the Bureau of Labor
Statistics, but the decrease was less than 1 per
cent in May as compared with a 3 per cent
decline in April. Prices of all groups except
house furnishings and miscellaneous commodities decreased slightly during the month.
Prices of house furnishings remained unchanged, while miscellaneous commodities advanced about 2 per cent, reflecting increases
in prices of cattle feed and rubber, which more
than offset the decline in leather prices.
Compared with May, 1924, prices have
advanced 5.7 per cent. Farm products, foods,
and miscellaneous commodities are considerably higher than a year ago; smaller increases
are shown for the cloths and clothing and chemicals and drugs groups, while fuel and lighting,
metals, and building materials are now below
the 1924 level.
When regrouped by stage of manufacture,
raw materials and consumers' goods both
show declines of 1 per cent. The decline in
raw materials reflects a 4.4 per cent fall in
prices of animal products, and slight declines
in forest and mineral products, while, on the
other hand, crops advanced nearly 2 per cent.
In the following table are shown index
numbers of wholesale prices in the United States
as grouped by the Bureau of Labor Statistics and as regrouped by the Federal Reserve
Board:
WHOLESALE PRICES IN THE UNITED STATES
[1913=100]
1925
May
All commodities
Bureau of Labor Statistics groups:
Farm products
Foods
Cloths and clothing
Fuel and lighting
._
Metals...
Building materials. _
Chemicals and drugs
House furnishings
Miscellaneous
_
Federal Reserve Board groups:
Raw materials
Crops
Animal products
Forest products
Mineral products
Producers' goods
Consumers' goods
May
April
March
152
153
188
168
127
174
133
170
131
153
154
390
169
129
174
134
170
129
161
159
191
174
134
180
134
170
125
130
137
187
177
134
180
127
173
112
160
176
134
186
167
131
164
161
173
141
187
168
131
166
169
183
148
196
173
135
168
152
167
115
195
171
133
150
155
In June price declines have occurred in hogs,
flour, cotton, coke, iron and steel, and lumber,
467
FEDEEAL RESERVE BULLETIN
JULY, 1925
while prices of sheep, wool, gasoline, rubber,
and hides have advanced.
Retail food prices, which have been declining
since January, increased one-half of 1 per cent
in May, as shown by the index of the Bureau
of Labor Statistics. Prices of onions, potatoes,
oranges, and eggs advanced, while price decreases occurred in sugar, butter, lard, pork
chops, corn meal, milk, and bacon.
According to the index of the National
Industrial Conference Board, the cost of living
increased in May. The average prices of
food and clothing advanced somewhat, while
fuel declined.
COMMERCIAL FAILURES AND BANK
SUSPENSIONS
During May there were 1,767 commercial
failures, involving liabilities of $37,026,552.
Although the number of insolvencies was
nearly 9 per cent lower than in April and somewhat lower than in May of last year, the liabilities were only slightly less than in April
and somewhat above the total for Ma}^, 1924.
Comparing April and May, the most marked
decline in the number of failures occurred in
the trading class, in which there were 1,286
insolvencies in May as against 1,427 the month
before; there was a corresponding reduction in
the total indebtedness involved in this class of
failures. In the manufacturing class of enterprise, while the number of failures was somewhat lower in May than in the month previous,
the indebtedness was considerably higher.
Failures were more numerous in May this year
than in that month last year in the trading
class and less numerous in the other two classes.
The liabilities were smaller than a year earlier
only for the group of agents and brokers. The
following table shows the number and liabilities of commercial failures, by classes of enterprise, as reported by R. G. Dun & Co.:
COMMERCIAL FAILURES, CLASSIFIED FOR MAY,
AND 1925
Number
All classes
Manufacturing.
Trading
Agents, brokers, etc
1924
Liabilities
1925
1924
1925
1924
1,767
1,816
$37,026,552
$36,590,907
400
1,286
81
507
1,215
94
18,183,856
15,819,957
3,022,739
17,756,977
15,346,023
3,487,907
468
FEDERAL RESERVE BULLETIN
JULY, 1925
Comparing May of this year and last, fail- many of the latter institutions may ultimately
ures were less numerous this year in 6 of the prove to be solvent:
12 Federal reserve districts—the New York,
BANKS CLOSED DURING MAY, 1925
Atlanta, Chicago, Minneapolis, Kansas City,
and Dallas districts. Liabilities were lower
Nonmember
All banks
Member
this year in all except the Boston, Eichmond,
St. Louis, Dallas, and San Francisco districts.
Num- Capital
Num- Capital
Num- Capital
Total liabilities in default were lower than in
and
and
and
ber
ber
ber
surplus
surplus
surplus
any month since June, 1923, in both the Philadelphia and Chicago districts. Comparative
44 $1,725,000
All districts...
56 $3,341,000 112 $1,616,000
data, by districts for the month of May, are
1
presented in the following table:
1
280,000
Philadelphia
280,000
FAILURES DURING
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
MAY
Liabilities
Number
1
13
2
6
3
12
6
12
254,000
582,000
78,000
668,000
48,000
411,000
430,000
590, 000
1
1
254,000
31,000
2
494,000
2
2
4
125,000
285,000
427,000
12
2
4
3
10
4
8
551,000
78,000
174,000
48,000
286,000
145,000
163, 000
Federal reserve district
1925
Boston .
__
New York
Philadelphia —
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
_ _ ._
--
1924
1925
234
215
$2,563,135
8,959,077
1,108,264
4,496,342
5, 752,331
1,418,655
2,896,011
1,369, 633
1,371,418
1,956,280
1,956, 651
3,178, 749
1,767
1,816
37,026,552
177
136
347
67
153
392
55
147
131
97
197
89
126
113
236
62
99
120
56
104
172
58
1924
$1,863,187
9,019,248
1,283, 641
4,514,298
3,682,106
1,717,606
5,369,806
174,163
3,254,555
2,528,904
720,652
2,462, 739
36,590,905
There were 56 banks, with capital and surplus of $3,341,000, reported to the Federal reserve banks as closed or declared insolvent
during May, as against 44 reported for the
preceding month and 82 for May, 1924. Of
the total, 44, with capital and surplus of
$1,725,000, were nonmember banks and 12,
with capital and surplus of $1,616,000, were
member banks, four of these being State member banks and the remaining eight national
banks. These figures represent a slight decrease in member bank suspensions from the
total of 15 reported for April, and an increase
in the number of nonmember bank suspensions from a total of 29 in that month. The
largest increases were in the Richmond and
Dallas districts. Four banks which had previously been closed were reported to have resumed operations during the month; one of
these was a national bank in the Atlanta district, one a nonmember bank in the Chicago
district, and two were nonmember banks in
the Minneapolis district. The figures for bank
failures represent, so 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_
1
Includes 2 State member banks with capital and surplus of $494,170
in the Chicago district and 2 State member banks with capital and
surplus of $92,350 in the Dallas district.
FOREIGN TRADE
Imports of merchandise during May were
$328,000,000, a decline of $21,000,000 compared with April, an increase of $25,000,000
compared with May, 1924, and the smallest
figure reported since last November. Exports
of merchandise during May were $370,000,000,
a decline of $29,000,000 compared with April,
an increase of $35,000,000 compared with May
of last year, and practically the same amount
as that shown for February, 1925. Net exports for May were $42,000,000, a decline of
$8,000,000 compared with April and an increase of $10,000,000 compared with last May.
MERCHANDISE TRADE BALANCE OF THE
STATES
UNITED
fin thousands of dollars]
Month
Imports
Exports
Excess of
imports
Excess of
exports
1924
January
February
March
April
May
June
July
August
September. _
October
November-..
December...
295,506
332,323
320,482
324,291
302,988
274, ©01
278,594
254,542
287,144
310,752
296,148
333,192
395,172
365,775
339, 755
346,936
335,099
306,989
276,649
330,659
427,460
527,172
493,573
445, 748
Year..
3,609,963
4,590,987
981,024
346,165
353,457
385,416
348,704
328,000
446,443
370,676
453,653
398,908
370,000
100,278
37,2i9
68,2 37
60,204
42,000
99,666
33,452
19,27S
22,645
32,111
32,988
1,945
76,117
140,316
216,420
197,425
112,556
1925
January
February
March
April
May
469
FEDERAL RESERVE BULLETIN
JULY, 1925
For the five months ended May, 1925, total May, being the first exports of gold to that
imports of merchandise rose by $166,000,000 country since November, 1924. Net exports
compared with the similar period of 1924; during May were $1,986,000, a decline of $10,while exports of merchandise rose by $257,000,- 748,000 as compared with April.
For the five months ended May, 1925, total
000. The total visible imports during the first
five months of 1925 declined by $1,000,000 gold imports were $36,252,000, compared with
compared with 1924, while total visible exports $201,061,000 in 1924, or about 18 per cent of
rose by $437,000,000, giving an increase of the amount shown for the earlier period. Total
$438,000,000 in the net balance on the export exports for the five months of 1925 were
side. Of this increase, $90,000,000 is due to $184,224,000, compared with $3,587,000 for the
increase in the net balance on account of mer- similar period of 1924. The largest amounts
chandise; but by far the most important factor to individual countries were $66,710,000 to
is the change in the movement of gold, which Germany, $56,199,000 to British India, and
during the 1924 period showed net imports of $26,925,000 to Australia. Net exports for the
$197,000,000, as against net exports of $148,- 1925 period were $147,972,000, compared with
000,000 for 1925.
;^gg net imports of $197,474,000 during the first
five months of 1924.
TRADE
BALANCE OF THE UNITED STATES FOR FIVE
MONTHS ENDED MAY, 1924 AND 1925
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
[In thousands of dollaTs]
Merchandise
Imports..
Exports..
1,575,590
1, 782, 737
Not imports (—)
exports (-f)
STATES
[In thousands of dollars]
Gold
Silver
Total
201,061
3,587
29,648
42,929
1,806,299
1,829, 253
+13,281
+22,954
36,252
184,224
27,263
41,993
1,805, 257
2,265,897
+297,938 +147,972
+14, 730
+460, 640
1, 741, 742
2, 039, 680
Net imports (—)
exports (H-)
GOLD MOVEMENTS
UNITED STATES
Total gold imports during May were $11,404,000, compared with $8,870,000 during
April, an increase of slightly more than $2,500,000. Imports from Great Britain rose
from a negligible amount to $1,736,000, and
imports from Canada rose from $2,054,000
during April to $2,750,000 during May. By
far the largest imports from any individual
country during May, as well as during April,
were from the Netherlands—$5,000,000 for
each of the two months under review. Total
gold exports during May were $13,390,000,
compared with $21,604,000 during April, a decline of $8,214,000. Exports to Germany declined from $15,130,000 to $6,450,000; to India
from $3,013,000 to $429,000; and to Venezuela
from $1,210,000 to $650,000, and there were no
exports to Australia as against about $1,000,000 in April. Exports to Canada rose from
$103,000 to $2,123,000, while exports to
Colombia of $2,000,000 were reported during
May
April
1925
1924
IMPORTS FROM—
+207,147 —197,474
1925
Imports..
Exports..
F i r e months ended
May—
1925
England
France
Germany
Netherlands
Canada
Mexico
Argentina
China..
All other...
5,043
2,750
246
13
6
2
5,041
2,054
816
4,814
559
2
10,085
13,114
2,487
75
1,071
25
913
120
5,071
97,256
9,345
4,810
32,118
23,805
2,419
4,513
1,826
24,969
11,404
8,870
36, 252
201,061
6,450
15,130
2,123
624
100
2,000
103
455
100
650
429
1
1,013
1,210
3,013
402
1,020
171
6,160
1,339
66,710
4,318
2,404
2,280
5,460
2,000
802
2,060
56,199
2,997
26,925
4,570
13,390
21,604
184, 224
1,736
483
Total
EXPORTS TO—
England
France
Germany .
Netherlands
Canada
Mexico
Argentina
Colombia
Uruguay
Venezuela
British India
Hongkong
Australia
All other
_-
Total....
Net imports Net exports
612
1,634
1,102
83
156
3,587
197,474
_
1,986
12,734
147,972
GREAT BRITAIN
Total gold imports into Great Britian during
April were £1,030,000, compared with £1,862,000 during March, a decline of £832,000, or of
45 per cent. Imports from the Transvaal declined from £1,537,000 to £715,000, or to less
than one-half as much as during the preceding
month. Imports from Rhodesia declined from
470
FEDERAL RESERVE BULLETIN
£176,000 to £158,000 and imports from th^
United States from £37,000 to £13,000. Imports from France rose by £27,000 and from
West Africa by £ 11,000. Total exports of gold
during April were £1,992,000, compared with
£3,015,000 during March, a decline of £1,023,000. Exports to British India declined from
£1,459,000 in March to £687,000, considerably
less than one-half the amount for the previous
month. There were no exports to the United
States in April, compared with £600,500 during
March. Increases were shown in exports to
Switzerland, which rose from £37 to £355,000;
to Netherlands, which rose from £141 to
£49,000; to Egypt, which rose from £42,000
to £60,000. Net exports declined from
£1,152,000 during March to £961,000 during
April;
GOLD
IMPORTS INTO
AND EXPORTS
BRITAIN
GREAT
Four months ended
April—
1925
April
FROM
March
1924
1925
IMPORTS FROM—
France
Netherlands
Rhodesia
Transvaal
United States
West Africa
Allother
Total
_
£28, 417
7,450
157,771
715,178
12,726
106,398
2,653
£1,088
12,371
175, 750
1, 536,989
37, 220
95, 373
3,690
£57,892
67,714
711, 604
4,058,962
4, 258, 795
379, 529
38,145
£300
56,463
769,435
13, 582,834
8,529
502,447
42, 666
..-
1,030, 593
1,862, 481
9, 572, 641
14, 962,
4,317
687,026
59, 711
4,345
48, 845
24, 507
11,065
354,772
4,915
792,110
8,892
1,459,490
41,895
24, 512
141
15,059
24, 726
37,323
600, 500
800
801, 322
101, 662
7,647,031
237,067
62,971
517,355
366, 618
45, 291
395, 595
600, 500
43,642
3, 610, 566
1,991,613
3,014, 660
961, 020
1,152,179
674
EXPORTS TO—
Belgium
British India
Egypt
France
Netherlands....
Russia
Straits Settlements
Switzerland
United States
West Africa
Allother
Total
Net exports..
__..
45, 446
3,317,124
1, 299,000
85,130
907, 811
161,916
132,384
17,995,148
8,825
464, 251
13,628,298 1 24,417,035
4, 055,
657
1925
the four months of 1924 to £13,628,000 for the
four months of 1925, a decline of £10,789,000,
or of 44 per cent. Exports to the United
States showed the greatest decrease—from
£17,995,000 to £600,500, or from 74 per cent
of the total exports to slightly more than 4.4
per cent of the total. Exports to Egypt declined by more than £1,000,000. Exports to
British India rose from £3,317,000 to £7,647,000, or to about two and one-third times as
much as the earlier figure. Net exports for
the 1925 period were £4,055,000, compared
with £9,454,000 for the corresponding period
in 1924.
FOREIGN EXCHANGE
Sterling exchange during June showed
very narrow fluctuations and averaged about
$4.86. French francs declined from 5.02 cents
per franc on June 1 to 4.51 on the 30th.
Belgian francs declined from 4.90 cents on the
1st to 4.48 cents on the 30th. Italian lire declined from 4.04 cents per lira on the 3d to 3.51
cents on the 30th. Danish kroner rose from
18.73 cents on June 2 to 20.16 on the 30th,
and Norwegian kroner during the same period
1
rose from 16.74 to 17.88 cents. Swedish kronor
fluctuated between 26.75 and26.80 cents. Swiss
francs continued above parity and fluctuated
between 19.35 and 19.42 cents. The Canadian
dollar maintained its level practically at par.
Argentine pesos declined from 92.17 cents
per peso on the 1st to 90.73 on the 10th, but
rallied to 91.78 on the 30th. Brazilian milreis
rose from 10.56 cents on June 1 to 11.14 cents
on the 18th, while Chilean pesos maintained a
level between 11.22 and 11.43 cents per peso.
Of the Far Eastern exchanges, the Shanghai
tael rose from 74.84 cents per tael on the 1st
to 77.71 on the 27th. Indian rupees showed
little change. , Japanese yen declined from
41.58 cents on the 1st to * 40.30 on the 11th,
but rallied to 40.80 on the 18th.
9, 454,361
For the first four months of the year total
imports of gold were £9,573,000, compared
with £14,963,000 during the first four months
of the previous year, a decline of £5,390,000,
or of 36 per cent. Imports from the Transvaal
declined to less than one-third of the amount
shown for the 1924 period, or from 91 per cent
of the total imports to 42 per cent of the total.
Imports from the United States rose from
£9,000 to £4,259,000, or from 0.06 per cent of
the total imports to 44 per cent of the total.
Total exports declined from £24,417,000 for
JULY,
FOREIGN EXCHANGE RATES
[In cents]
June, 1925
Exchange
Par
value
486. 65
Sterling
19.30
French franc
German reichsmark 23. 82
19.30
Italian lira
Netherlands florin.. 40.20
26.80
Swedish krona
19.30
Swiss franc
Canadian dollar
100.00
96.48
Argentine peso
66.85
Shanghai tael
May, 1925
Low
High
Low
485. 74
4.51
23.80
3.51
40.05
26.75
19.35
99.99
90.73
74.84
486.21
5.02
23.80
4.04
40.18
26.80
19.42
100.01
92.17
77.77
484. 50
5.00
23.80
3.97
40.13
26.74
19.33
99.99
87.60
73.96
May,
1924,
averHigh Average age
486. 26
5.24
23. 80
4.12
40.21
26.77
19.38
100.02
92.45
74.69
485.47
5.16
23.80
4.07
40.18
26.75
19. 35
100.00
90.24
74.26
436.08
5.79
~4.~ 44
37.41
26.50
17.72
98.30
74.63
70.88
JULY,
1925
471
FEDERAL RESERVE BULLETIN
STATISTICAL WORK OF THE FEDERAL RESERVE BOARD IN 1924-1925
Principal developments during the year.—
During the year ending in June, 1925, the
principal developments in the statistical work
of the Federal Keserve Board have related
to the scope and character of the data collected and to methods of compilation and form
of presentation. Statistics "of bank failures
in the United States have been made more
complete by the inclusion of suspension data
for nonmember, as well as member banks.
There has been a considerable expansion
during the year of foreign banking statistics
published in the BULLETIN; statements of
condition for about 30 central banks are now
published, of which about 25 have been
added during the year, and more information
is published also about the condition of foreign
commercial banks and about other financial
developments abroad.
During the year the board's index of employment in manufacturing industries was
revised, particularly in the light of information
contained in the latest Census of Manufactures, as was explained in the May BULLETIN. In the same issue appears also the
board's newly constructed index of pay roll
in manufacturing industries, based on actual
figures reported to the Bureau of Labor
Statistics for more than 50 manufacturing
industries with nearly 3,000,000 employees
and a weekly pay roll of about $75,000,000.
The work of developing this index was done
by Woodlief Thomas.
In pursuance of the policy of limiting the
amount of space given in the BULLETIN to
data not directly related to banking and
financial conditions, especially those compiled
and published by other agencies and available
in other publications, the publication of
statistics regarding movements of commodities
was considerably reduced in March of this
year by discontinuing series readily accessible
elsewhere, and only data relating to a few
commodities compiled by the Federal reserve
system continue to appear monthly in the
BULLETIN.
For similar reasons the preparation and publication of the board's foreign
trade index has been discontinued, as well
as the publication of the ocean freight index.
With the return of the pound sterling to
parity and the increasing stability of other
ioreign currencies, computation of the board's
general index of foreign exchange has also
been discontinued.
Trade statistics, on the other hand, have
had considerable development during the
year, under the direction until December, 1924,
of L. B. Mann, and thereafter of W. J.
Carson. Wholesale firms reporting sales
monthly to the board now number about
1,400, representing 302 cities, and having an
annual business in excess of $2,000,000,000.
Monthly reports concerning stocks of goods
on hand, expressed in dollar amounts, have
been received from an increasing number of
firms, including firms in three districts not formerly represented—the New York, Cleveland,
and St. Louis districts. Beginning in the May
BULLETIN comparative data on wholesale
stocks have been published monthly in the
BULLETIN for 13 different lines, the lines for
which information is fullest being groceries,
dry goods, shoes, hardware, and drugs.
Retail trade statistics have also been further
developed during the year; the number of
department stores reporting monthly sales has
increased from about 550 to about 675, with a
smaller increase in the number of stores reporting stocks on hand expressed in dollar amounts;
department stores in seven districts have also
begun to report sales of merchandise for 45 different departments, and though these data have not
been published in the BULLETIN they have
been
released for publication since January.1 Since
January also a new report has been issued on
the 10th of each month giving the percentage
increase or decrease in department-store sales
for the preceding month as compared with the
same month of a year ago, based upon a
prompt sales report made early in each month
by about 520 stores. The method of representing the relation of monthly sales to stocks on
hand, in order to show the stock turnover, or
rate at which stocks of merchandise are sold and
replenished, has been changed during the year
in order to make the information more usable.
An account of this change, together with available figures showing the rate of turnover for
each year since 1919, was published in the
FEDERAL RESERVE BULLETIN for
May.
The
monthly turnover figures, though not published
in the BULLETIN, are included in the statement
released for publication by the board toward
the end of each month. Data covering sales by
chain stores (59 chains) represent the same
six lines as a year ago, and the same number
of chains, except for absorption of one chain
by another in a few cases, but the number of
stores represented has increased during the
year from about 23,800 to about 27,400. The
i For a detailed account of changes in the board's reporting service
relating to department stores see page 474 of this BULLETIN.
472
FEDERAL RESERVE BULLETIN
different Federal reserve banks, in their
summary statements mailed to reporting stores
and in their monthly reviews of business,
publish a considerable amount of detailed
data for retail trade city by city, giving separately, however, no cities for which reports from
less than three stores are available.
Scope of board's statistical work.—The
scope and character of the statistical work of
the board as at present conducted is indicated
by the following tables, with supplementary
information included in the accompanying
comment. They relate primarily to banking
statistics, domestic and foreign, wholesale
trade, retail trade, industrial production, and
factory employment and pay rolls. The
domestic banking statistics are compiled by
the board's Division of Bank Operations.
DOMESTIC BANKING
STATISTICS
[A, annual; M, monthly; Q, quarterly; S, semiannual; W, weekly]
Intervals at which designated items are
available
Group of banks
Bank- EarnPrinci- Principal ers'
bal- ingsex- Failpal re- liabiliures
ances and
sources ties
penses
All banks in the United A
States, i
All incorporated stock banks
Qg
in the United States.2
All member banks
w _
Reporting member banks
Federal reserve banks
w
A
A
M.
Q3
Q«— W
W _.
?vV-
w
S
M.
s
1
Excepting (1) Federal reserve banks, Federal land banks, and Federal
intermediate credit banks, and (2) a certain number of nonreporting
private banks, not under State supervision, which varies somewhat
from year to year, but which was reported by the comptroller to be
461 in June, 1924. Available in annual report of Comptroller of the
Currency.
2
Same exclusions as in note 1; and also mutual savings banks and
private banks not under State supervision.
3
4 Call dates.
Call dates. Total reserves of all member banks, however, are available weekly in the Federal reserve bank statements.
* Call dates. Total time deposits of all member banks are also available monthly. Also "net demand deposits against which reserves are
computed."
See pages 481 and 513 of this BULLETIN.
6
For reporting member banks in Federal reserve bank cities only.
JULY, 1925
as measured by their total loans and investments and in other ways, is indicated in the
mid-year summary of banking statistics on
pages 47S-482 of this issue of t i e BULLETIN. 2
Domestic banking and financial statistics
published in the BULLETIN, but not mentioned in the table, include debits to individual accounts as reported weekly by banks in
about 253 centers, by Federal reserve districts,
with a monthly summary, by districts, for banks
in 141 centers for which reports have been received since 1919, with debits for New York
City and for the other 140 cities given separately. At monthly intervals prevailing money
rates in each of the 34 Federal reserve bank
and branch cities are published.
The number of banks on par list and not on
par list, by States and by Federal reserve
districts, is published in the board's annual
report, and the publication of current data in
the BULLETIN has been resumed with the current issue of the BULLETIN.
Other financial data published regularly
relate to the volume of operations of the Federal
reserve banks, transactions through the gold
settlement fund, gold and silver exports and
imports, money in circulation, Federal reserve
notes in circulation and on hand, capital issues
during the month, the course of security
prices, and wholesale and retail price indexes
for the United States.
Analysis and research with reference to the
banking and other financial statistics which
have been described is to a considerable
extent the work of the entire staff of the
Division of Research and Statistics. Analysis
of statistics of member bank earnings and
expenses, changes in membership in the Federal
reserve system, and bank failures is primarily
the work of Walter It. Stark, and studies
of money rates and of the condition of the
money market are made by Dorothy Brown
Riefler and Winfield Riefler. Studies of branch
and chain banking and of the workings of State
guarantees of bank deposits are made by John
Cummings. Development of certain new
phases of banking statistics, especially in their
relation to organized security and commodity
markets, is pursued by Carl E. Parry, who also
participates in the editorial work of the FED-
All the information referred to in the foregoing table is given separately in the BULLETIN
for each district of the Federal reserve system,
except that for all banks in the United States.
The information for all incorporated stock
banks is also given
separately in the BULLETIN
for each State.1
The relative importance of the various ERAL RESERVE BULLETIN.
The following table, with the supplementary
groups of banks enumerated in the table,
comment which follows, indicates the scope of
1
For State member banks taken by themselves the information for
09,11 dates is published, by States, in the abstract of condition reports the foreign banking statistics assembled by the
of State bank and trust company members issued by the boa*d, and for
2
national banks it is given, by States, in the Comptroller's abstract of
For back figures for the principal series see pages 120-153, annual recondition reports of national banks.
port of the Federal Reserve Board for 1924.
JULY,
1925
board, principally from the published reports of
foreign banks, and regularly published in the
BULLETIN. The information for the six Berlin
banks is available every two months, while all
the rest is on a monthly basis, but the latest
month available is not the same for all the
banks. In the current issue of the BULLETIN
the information is given on pages 498-500.
FOREIGN BANKING STATISTICS
Published regularly in Federal
Reserve Bulletin since—
Bank or group of banks:
December, 1921
Bank of England
do
9 London clearing banks
do.
Bank of France.
3 French commercial banks __ August, 1924
German Reichsbank _
March, 1925.
._
6 Berlin commercial banks.. June, 1925..
December, 1921..Italian banks ®f issue
do
Italian commercial banks . . .
do.
Bank of Japan.
do.
Tokyo banks..
Chartered banks of Canada. February, 1923
|
Central banks in other countries:
|
Austrian National Bank
I March, 1925..
National Bank of Belgium
do
National Bank of Bulgaria.. May, 1925
Banking Office* Czechoslo- March, 1925.
vakia.
i
Bank of Dantzig
May, 1925...
National Bank of Denmark. J March, 1925.
Bank of Finland...do.
Nationa Bank of Greece
I
do.
National Bank of Hungary
do
Bank of Java
June, 1925.
Bank of Latvia
March, 1925.
Bank of Lithuania
do.
Netherlands Bank
do.
Bank of Norway
...do.
April, 1925
Reserve Bank of Peru
March, 1925
Bank of Poland
Bank of Portugal
.—.do
National Bank of Rumania. _
do
State Bank of Russia...
do
National Bank of the Kingdo
dom of Serbs, Croats, and
Slovenes.
South African Reserve Bank April, 1925...
Bank of Spain
March, 1925..
do
Bank of Sweden
do
Swiss National Bank
Covering period
since—
January, 1921.
Do.
Do.
June, 1923.
OctGber, 1924.
December, 1924.
January, 1921.
Do.
Do.
Do.
Do.
November, 1924.
Do.
January, 1925.
November, 1924.
January, 1925.
November, 1924.
Do.
October, 1924.
Do.
February, 1925.
November, 1924.
Do.
Do.
Do.
January, 1925.
October, 1924.
Do.
November, 1924.
Do.
Do.
December, 1924.
November, 1924.
Do.
Do.
The table shows that the number of central
banks covered by the board's statistics has
been increasing and that there has also been
some increase in the number of countries for
which data are published in the BULLETIN
with reference to commercial banks. Besides series specified in the table as running
back continuously in earlier issues of the
BULLETIN, in some cases to January, 1921,
there are figures for certain months in the
various articles on foreign banking developments that appeared in the BULLETIN at
473
FEDERAL RESERVE BULLETIN
intervals between December, 1917, and December, 1921, when monthly publication of
these data was started. At present, in addition to the banking data covered by the
table, the BULLETIN carries regularly certain
other items of foreign financial information,
covering note issues, bank clearings, and
security prices. Prevailing discount rates are
regularly published for the central banks of
about 30 countries, foreign exchange rates for
about 10 countries, index numbers showing
the percentage of parity for the currencies of
34 countries, and indexes of prices for 30
countries. The board's own wholesale price
indexes for five countries, including the United
States, prepared for the purpose of facilitating
international price comparisons, appear
monthly in the BULLETIN. The preparation,
analysis, and use of these statistics of foreign
banking, and other foreign financial statistics,
is in the immediate charge of R. B. Warren.
The following tables show the scope of the
board's reporting service on wholesale and
retail trade and of statistics used on production
and agricultural movements:
STATISTICS OF WHOLESALE TRADE
Number of establishments report- Number
ing on—
of cities
reporting i
Sales
Stocks
2
Groceries
Meat 2
2
Dry goods
Shoes 2
2
Hardware
. .
Drugs 2
Furniture
Agricultural implements
Stationery and paper
Automobile supplies . .
Clothing
Cotton jobbers
Silk goods
Machine tools
„
Diamonds
Jewelry and diamonds
Electrical supplies
Millinery
Stoves .
Total . . .
390
64
139
104
186
91
69
157
47
43
69
7
9
6
7
22
6
7
«1,444
94
217
66
38
47
17
10
7(5
51
117
61
26
16
9
9
6
3
2
(3)
10
8
(3)
3
12
3
2
294
1
Reports in all cases on sales, but not in all cases on stocks.
1
For each of these lines indexes for the United States as a whole are
prepared and published, and these are the lines included in the board's
general index of wholesale trade. For current figures see page 492 of this
BULLETIN, and for back figures for the general index see pages 163-165 of
the annual report of the Federal Reserve Board for 1924.
34 Less than 5 establishments.
Includes the 7 establishments reporting diamonds separately.
« Of these firms, 769 have reported sales, in dollar amounts, for each
month since 1919, and are accordingly included in the board's general
index of wholesale trade. About 160 establishments now report stocks in
dollar amounts.
474
FEDERAL RESERVE BULLETIN
STATISTICS OF RETAIL TRADE
Number
of reportingl
stores
Number of stores
included in—
index 2
Department stores, United States.
Federal reserve districts:
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago...
_
St. Louis
Minneapolis
Kansas City
Dallas
_
San Francisco
__
4 mail-order houses
27 grocery chains
5 five and ten cent chains.
9 drug chains
3 cigar chains
6 shoe chains ._
4 music chains
5 candy chains
-
Stocks
index 2
717
359
314
65
64
154
71
55
49
90
22
23
34
24
66
24
63
22
54
23
35
63
24
63
13
52
19
22
51
23
Group
Number reporting for May, 1925.
Indexes for department stores include only stores which have reported since 1919.
S T A T I S T I C S O F P R O D U C T I O N J ^ND AGRICULTURAL
MOVEMENTS
Production in
basic industries.
Principal
sources of data
Government
agencies, trade
associations,
and t r a d e
journals.
Late
Scope Period figures
(com- covered (July
modi- by index Bulleties)
tin)
122
1913-1925 ' p. 489
Manufacturing
production.
do
247
1919-1925
p. 490
Mineral production.
do
38
1919-1925
p. 490
Agricultural
movements.
do
<40
1919-1925
p. 490
. . .
Back
figures
Food and kindred products
Textiles and their products
Iron and steel and their p r o d u c t s . . .
Lumber and its products.
Leather and its products
Paper and printing
Chemicals and allied products
Stone, clay, and glass products
Metal products other than iron and
steel...
Tobacco products
Vehicles for land transportation
Miscellaneous industries
Total.
Report
ing establishments
1,054
1,787
1,551
1,067
359
804
251
616
Number
on
pay-roll
Amount
of
pay-roll
177, 807
586,930
613, 875
210, 533
121,071
152, 653
82,141
109, 327
$4, 362,697
11,558,466
17,922,313
4,589,460
2, 701, 616
4,911,312
2,302,346
2, 868, 595
42
194
920
394
15,203
40,390
490,109
234,452
372,569
618,508
15,964, 523
6, 591,920
9,039
2,835, 491
74, 764, 225
Annual
report,
pp. 163
-165;B
DEVELOPMENT OF DEPARTMENT STORE
TRADE STATISTICS IN 1924-25
Dec,
Since 1919 the Federal reserve system has
been collecting information from more than
300 department stores distributed throughout
the United States showing the volume of sales
each month and stocks on hand at the end of
the month. This information is reported by
the cooperating stores to the Federal reserve
banks in each of the 12 Federal reserve districts, which in turn send it to the Federal
Reserve Board, where a retail report covering
the entire United States is compiled and published. The value of this material to the reporting stores and to the Federal reserve system has been increasing, and in 1924 and 1925
efforts were made to secure the data more
promptly. Efforts also were made to increase
the number of cooperating stores and to
assemble the statistics of both sales and stocks
for each of the different departments maintained by department stores.
In order to assemble statistics on the volume
of sales as promptly as possible, each reporting
store makes a preliminary report to the Federal
reserve bank of its district by the 6th of each
month, giving sales during the current month
1922, p.
1414.
Annual
report,
pp. 163
-165.
Annual
report,
pp. 163
-165.
Annual
report,
pp. 163
-165.
1 Pig iron, steel ingots, cotton, wool, wheat flour, sugar meltings,
animals slaughtered (cattle, calves, sheep, hogs), lumber, bituminous
coal, anthracite coal, copper, zinc, sole leather, newsprint, cement,
petroleum, cigars, cigarettes, manufactured tobacco.
2 Included in 11 groups, as follows: Stone and clay products (3), metals
(3), vehicles (4), tobacco products (3), textiles (4), rubber products (2),
food products (7), lumber (2), paper and printing (7), leather and shoes
(3),
chemicals and allied products (4).
3
Anthracite coal, bituminous coal, crude petroleum, pig iron, copper,
zinc, lead, silver.
* Included in 8 groups, as follows: Livestock (4), animal products
(5), grains (6), cotton (2), vegetables (5), fruits (9), tobacco (6), miscellaneous (3).
A full description of the indexes of employment and pay rolls in manufacturing industries
appeared in the May BULLETIN, with the
latest revisions and back figures to 1919.
Current figures both for manufacturing as a
whole and for each of the principal industries
represented, appear on pages 489 and 490 of
the current issue of the BULLETIN. The basic
data, relating to 45 industries, are obtained
almost entirely from the United States Bureau
of Labor Statistics, which collects such data
for 52 industries, classified into 12 groups,
with more than 9,000 reporting establishments having over 2,800,000 employees and
pay rolls approximating $75,000,000 per week.
The following table, taken from a recent report
of the Bureau of Labor Statistics, gives by
groups of industries the number of reporting
establishments for April 15, 1925, with the
number of employees on pay roll and amount
of pay roll.
STATISTICS OF FACTORY EMPLOYMENT AND P A Y ROLLS
21,185
2,059
533
2,908
471
55
212
1
3
Index
JULY, 1925
and the same month in the previous year.
After assembling the reports from each store
in its district the Federal reserve bank telegraphs the total dollar sales for all stores to the
Federal Reserve Board, where the sales from
all reserve districts are totaled and percentage
changes from the same month of the previous
year are computed for each district and for the
entire country. This combined report for the
United States is telegraphed to each Federal
reserve bank on the 8th of the month and a
national report is prepared and sent to the reporting stores and published on the 10th of
the month.
In January, 1925, this report was prepared
for the first time on the basis of reports from
374 stores giving sales for the month of December. The number of stores cooperating
in the preparation of this report has increased
rapidly, and in June, 1925, reports were received from 523 firms with sales in May of
approximately $124,000,000. The form in
which this report is prepared is shown in the
following table, which is a copy of the report
issued giving sales in May, 1925:
Number of stores reporting
Districts
Total
Increase
Percentage of
increase
or decrease
compared
Decrease
with
May,
1924
-1.6
1.3
-3.3
-0.7
-1.3
-0.7
0.4
-0.5
6.4
2.5
3.0
2.6
Boston.-New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis __.
Kansas City. _.
Dallas
San Francisco.
United States
Mail-order houses
_
Five and ten cent chains.
523
216
306
0.2
9.4
7.8
Statistics of sales and stocks by departments.
—Prior to January, 1925, department stores
reported only total sales and stooks for the
entire store/but the value of more detailed
information as to sales and stocks by individual
departments was recognized,
and in cooperation with the Controllers7 Congress of the National Retail Dry Goods Association, which had
previously collected these data, the Federal
reserve system began to compile data showing
the volume of sales and stocks for 45 different
departments from stores located in the Boston,
475
FEDERAL RESERVE BULLETIN
JULY, 1925
New York, Philadelphia, Cleveland,1 Chicago,2
and San Francisco Federal reserve districts.
These statistics are reported by the cooperating
stores in dollar amounts and sent to the Federal
reserve banks, where the data for each department are totaled for all stores and the totals
sent to the Federal Reserve Board for publication in the national retail trade report. This
report gives for each department percentage
changes from the same month of the previous
year for each Federal reserve district and for the
total for all reporting districts. Approximately 250 department stores in the six districts mentioned above have reported sales by
departments, and a somewhat smaller number
of firms have reported stocks. The following
table, utilizing the data for May, shows the
different departments for which information is
available and the form in which changes in
sales and stocks are published each month:
Departments
Percentage change
in May, 1925,
from May, 1924,
in—
Sales,
6
districts
Silks and velvets
_.
Woolen dress goods
Cotton dress goods..
Linens.
_.
Domestics
Laces, trimmings, and embroideries..
Neckwear, veilings
Ribbons
Notions
_
Toilet articles, drugs
Handkerchiefs
Silverware, jewelry
Leather goods
_
Art goods, including needlework
_
Men's clothing
Men's furnishings, including hats and caps...
Boys' wear
Women's coats
Women's suits.
Women's skirts
Women's dresses
Misses' ready-to-wear
Furs
Juniors' and girls' ready-to-wear
_
Waists and blouses
Sweaters
Milline/y
Gloves.-.
Corsets and brassieres
Women's and children's hosiery
Knit underwear
Silk and muslin underwear, including petticoats
_
Infants' wear
Negligees, apron?, house dresses
_.
Women's and children's shoes
Men's and boys' shoes
Furniture, beds, mattresses, and springs
Draperies, lamps, shades
Floor coverings
China and glassware
House furnishings
Toys and sporting goods
Luggage
--.
_
Books and stationery
Musical instruments and radio
Stocks,
5
districts
18.6
-3.9
-9.8
-2.1
1.8
-11.9
-11.8
-12.3
-2.6
-3.7
1.8
-7.3
5.5
-5.2
-5.1
3.5
-0.5
-4.9
-26.7
-50.9
4.2
-3.4
-37.1
-0.7
-33.1
-26.0
2.0
-9.5
-8.2
2.4
-3.9
-0.5
1.8
-4.0
1.8
1.5
-3.4
-2.2
-18.0
-2.2
7.3
10.3
-0.7
9.0
0.4
4.1
1.6
6.3
5.8
-20.7
-31.4
-4.3
4.2
-5.6
11.2
-21.2
-14.9
0.5
-13.9
-5.3
1.0
-3.0
-9.4
-3.2
5.5
4.0
-4.7
3.9
3.2
-3.4
3.1
0.4
3.8
3.8
2.2
206.6
-2.2
7.7
-0.1
-1.5
-6.8
-0.4
-0.8
2.5
-9.5
-2.9
-1.5
-1.5
1.1
0.8
1
Only sales by departments i .ported from stores in the Cleveland
Federal
reserve district.
2
Plans for the collection of these data are in the process of development
:nong cooperating
stores in the Atlanta and Dallas Federal reserve
among
coopei
districts.
476
FEDERAL EESERVE BULLETIN
JULY, 1925
Statistics of turnover of stocks at depart- the sum of stocks at the beginning and at the
ment stores.—In view of the importance of
the relationship between stocks and sales at
department stores, the Federal Reserve Board,
in cooperation with the Federal reserve banks
and the Controllers' Congress of the National
Retail Dry Goods Association, decided early
in 1925 to add to the regular retail trade
reports data showing the rate of turnover
each month and the cumulative rate from the
beginning of the year through the current
month. The rate of turnover tor each month
is computed by dividing total sales by average
stocks during the month, and the rate for the
period from the beginning of the year through
the current month is calculated by dividing
total sales for the period by average stocks.
vStocks are reported at retail (selling) prices,
and average stocks for the month are one-half
end of the month. Average stocks for the
period from the beginning of the year through
the current month are computed by adding
stocks on December 31 and at the end of each
succeeding month of the period and dividing
the total by the number of periods included,
e. g., average stocks for the six months ending
June 30 are computed according to the following formulae:
Average stocks = Dec. 31+Jan. 31+Feb. 28 +
Mar. 31+Apr. 30+May 31+June 30-J-7
The nature of the national retail trade report is illustrated by the following statement
tor May from 667 stores, which gives the
information for the United States as a whole
for each Federal reserve district and for each
of 70 cities:
CONDITION OF RETAIL TRADE DURING MAY, 1925
Net sales, per cent
of increase or decrease compared
with—
Federal reserve district
May,
1924
District No. 1:
Boston __
All other
District (49 stores)
Providence
New Haven
District No. 2:
New York and Brooklyn
Bridgeport
Buffalo
Newark
Rochester..
_
Syracuse
All other
D istrict (64 stores)
District No. 3:
Philadelphia
Allentown1
Altoona
Chester
Harrisburg
_
Johnstown
Lancaster
Reading
Scranton _
_ .
Trenton
Wilkes-Barre
Williamsport
_Wilmington
York
Allother
District (154 stores)
District No. 4:
Cleveland
Akron
Canton
Cincinnati
Columbus
Dayton
New Castle
Pittsburgh
.'Includes Bethlehem and Easton.
._
.
Stocks at end of
month, per cent
of increase or decrease compared
with—
Jan. 31
Same
to May month
31, 1924 last year
Last
month
Percentage of sales
to average stocks
in May (stock
turnover for the
month)
1924
1925
Percentage of sales
to average stocks
from Jan. 1 to
date (stock turnover for year to
date)
1924
1925
Percentage of outstanding orders
at end of month
to purchases during calendar year
1924
April
May
-3.7
—2.3
—3.5
-3.5
-6.1
-3.1
-0.5
-2.6
1.6
0.5
—1.5
—0.8
—1.4
—0.5
0.9
—1.6
—1.8
—1.7
—1.5
-0.7
34.6
22.5
31.8
24.4
22.1
33.8
22.3
30.8
24.0
20.7
163.6
110.3
150.0
133.2
108.5
160.2
110.9
147.5
136.9
109.9
5.2
3.7
4.7
5.1
5.7
5.2
2.0
-5.2
4.6
0.3
5.6
—6.2
1.7
1.8
3.1
-0.8
2.8
4.2
6.2
—1.0
1.1
3.1
3.1
8.0
5.5
3.4
7.0
3.4
—2.9
3.2
-2.6
2.6
—4.6
-5.8
-4.2
—0.6
0.8
-2.8
33.8
24.6
26.5
31.7
28.5
29.4
18.1
31.2
33.7
21.9
26.5
30.3
27.8
26.5
19.2
30.9
164.8
125.3
125.6
156.8
138.6
134.4
85.7
151.8
164.6
117.8
129.4
153.1
138.3
130.2
92.1
152.0
5.1
5.0
-3.2
-2.8
-7.6
4.3
-0.6
-7.3
2.0
-8.3
-5.0
—9 6
-5.5
— 11.1
—7:1
-7.2
-8.3
-3.9
—2.4
— 1.0
-3.0
1.0
-0.3
—5.2
— 1.2
-3.2
-4.3
-5.8
-3.2
-5.7
0.8
-5.1
-2.3
-2.5
1.1
-2.2
—1.6
12.8
2.1
—16.7
4.7
-8.6
3.6
7.6
-2.7
-6.5
10.3
0.5
5.2
0.3
-5.2
-0.2
-3.8
— 1.3
—3. 3
— 1.1
0.1
-1.8
2.5
-0.5
-3.2
-2.8
-3.0
-3.9
-3.9
—4.0
31.0
20.5
22.7
29.7
20.2
22.0
155.3
106.4
109.8
150.0
105. 7
113.9
19.9
19.2
22.8
19.6
26.1
26.9
27.9
18.3
18.5
22.2
22.7
27.7
20.0
21.1
22.7
20.0
24.6
24.5
25.9
17.3
16.8
20.7
19.7
26.7
93.2
110.1
113.0
91.2
127.6
125.6
133.5
86.8
81.6
109.6
94.3
137.7
91.2
110.6
110.8
98.1
122.0
118.9
126.1
86.5
76.7
107.1
87.2
133.8
—1.7
4.3
-15.0
3.1
9.7
-3.1
-4.9
-2.5
—1.1
-3.1
-29.5
-4.0
5.0
-2.8
-2.8
-3.4
-21.3
-5.6
-2.1
0.2
28.0
25.7
15.1
25.0
27.9
23.1
27.3
27.7
15.0
27.2
30.2
23.1
145.0
123.0
71.3
118.7
133.3
121.1
141.5
132.3
64.4
129.2
139.5
119. 5
5.5
7.8
9.2
6.5
5.5
5.4
5.5
6.6
4.3
-2.5
26.2
25.8
134.2
127.9
4.9
6.2
-2.5
3.4
-18.3
5.0
4.7
-3.9
-10.1
-1.0
-0.6 1
4.7
4.7
7.0
5.2
6.7
4.3
6.8
3.4
5.8
5.2
5.2
53
1
JULY,
477
FEDERAL RESERVE BULLETIN
1925
CONDITION OF RETAIL TRADE DURING MAY, 1925—Continued
Net sales, per cent
of increase or decrease compared
with—
Federal reserve district
May,
1924
District No. 4.—Continued.
Toledo
Wheeling
Youngstown _
All other
District (71 stores) .
District No. 5:
Richmond
Baltimore
Washington. .
All other
District (29 stores)...
District No. 6:
Atlanta
Birmingham
Chattanooga
Jackson
Nashville
New Orleans..
Savannah
All other.
District (49 stores)
District No. 7:
Chicago
Detroit
Des Moines
Indianapolis
All other
District (90 stores)
District No. 8:
St. Louis
. .
Evansville
___
Little Rock . . .
Louisville
_ __
Memphis
Quincy
District (22 stores)
District No. 9:
Minneapolis (23 stores)
District No. 10:
Kansas City
Denver
Lincoln
Oklahoma City
Omaha
Wichita
All other
District (34 stores)
District No. 11:
Dallas . . .
.
Fort Worth
Houston
All other.
_
.
District (24 stores)
District No. 12:
San Francisco .
Los Angeles_..•.
Oakland..
.
Salt Lake City
>
Seattle
Spokane
..
District (58 stores)
United States (667 stores)
2.0
—6.1
-5.8
1.1
0.3
0.9
-12.6
1.9
-2.8
3.9
18.0
22.3
33.6
20.0
26.0
20.2
22.1
30.5
19.2
26.0
95.3
111.3
166 1
90.7
128.8
97.2
110.6
163.2
89.0
127.6
5.3
3.2
6.0
5.4
5.3
4.0
3.9
6.3
6.8
—1.5
-8.3
-6.7
-3.7
-3.1
—6.6
-3.6
-3.7
-5.0
26.2
26.5
24.9
20.4
25.1
25.0
25.8
28.1
21.0
25.8
127.5
131.2
121.2
91.2
122.0
129.2
130.6
134.5
100.9
127.9
4.2
4.8
3.5
5.5
4.3
4.4
4.8
3.4
5.1
4.3
-19.5
-6.3
-20.9
-3.1
-13.1
-4.2
—10.4
-2.6
-9.4
-5.4
-3.4
0.3
—2.5
-0.7
-2.7
-3.1
-2.0
—2.8
27.2
23.9
18.5
22.1
27.2
21.4
21.8
21.6
23.1
35.3
28.3
18.5
23.2
27.7
22.6
23.3
23.8
25.6
129.4
109.2
91.6
101.1
110.7
108.3
90.7
102.6
109.0
148.8
122.6
95.9
101.8
123.9
115.4
107.7
117.0
120.5
2.7
4.6
3.0
2.4
8.1
3.0
2.9
7.9
4.0
3.8
4.8
1.9
8.2
3.7
2.4
4.9
-1.2
—1.7
35.9
34.1
34.5
39.2
178.4
172.3
175.0
182.7
36.9
19.9
29.1
37.0
21.4
31.3
187.6
94.9
144.7
191.4
98.3
148.7
4.6
3.8
7.1
4.4
3.4
2.6
1.2
3.3
0.7
2.8
3.8
2.5
-21.0
—1.5
-4.3
0.9
6.2
4.3
-0.0
-3.0
1924
1925
1924
1925
April
May
12.3
4.0
9.1
0.5
0.1
—0.6
-0.3
1.8
4.7
-4.1
-1.3
—1.8
3.3
—2.3
-0.7
-3.7
-1.5
4.1
-2.3
-0.4
-5.4
-3.1
-5.2
0.7
-4.3
-1.2
25.3
16.0
23.4
25.4
18.8
20.3
23.8
24.6
15.1
23.9
27.6
21.1
20.1
24.1
133.1
78.2
102.5
124.2
90.3
92.7
120.9
137.4
81.4
109.0
136.5
97.2
114.7
127.1
7.4
2.8
1.6
3.4
5.2
4.7
1.5
1.02.4
4.3«
6.2
4. a
35.0
33.9
161.6
162.9
S.I
4,2?
2.9
7.2
3.6
6.0
2.1
9.0
4.4
6.3
3.0
6.5
&1
1.4
6.1
4.8
-0.3
-10.6
-2.3
-8.9
6.8
8.0
—5.0
-0.8
-1.9
3.7
2.2
-10.5
-4.5
-16.5
1.1
—4.3
— 1.4
-3.4
2.5
-0.1
-2.7
-6.4
-0.4
—0.7
-7.7
— 1.2
— 1.9
— 1.0
-4.7
-4.5
-4.3
—3 3
6.1
-3.0
4.5
2.0
6.2
6.0
7.5
26 7
28.8
6.0
2.5
9.6
1.6
63
—1.3
0.5
1.9
0.1
18.1
-0.9
0.5
0 7
3.6
0.9
8.6
5.5
7.2
7.1
7.4
0.3
0.0
-6.2
2.5
-0.2
-0.8
0.6
-2.2
-5.7
-2.3
18.5
17.5
21.9
23.7
20.4
19.5
16.4
24.0
22.5
20.6
92. T
81.1
103.9
103.1
95.8
103.6
83.4
115.3
110.8
104.3
7.3
5.5
7.9
4.7
6.3
7.9
5.8
7.5
3.9
6.7
5.0
4.1
5.5
3.1
3.4
4.9
5. 1
-0.8
-9.1
2. 1
-0.6
-4.9
0.4
11.0
-4.8
-5.7
-2.3
-6.8
-0.9
-3. 0
-4.6
-3.5
2.9
-3.7
25.3
24.8
21.2
18.9
25.6
17.0
24.1
26.6
27.4
22.5
17.7
26.8
16.0
25.4
116.5
116.3
104. 7
82.0
120.8
79.6
112.1
120.5
133.8
108.5
82.6
124.9
77.3
il9. 3
P. 6
7.1
6.8
6.3
6.7
5.3
7.5
8.5
8.0
2.9
6.2
7.4
5.4
7.(3
1.2
-1.0
-2.9
27.6
27.9
134.5
136. 2
5.7
6.7
—3.9
5.5
—1.7
_..
-1.2
—4.9
—10.0
-0.6
-3.1
3.5
8.1
17
..
-7.5
—5.2
1.4
2.6
-1.9
-0.9
3.5
_.. . .
-3.9
—6.9
—1.1
12.0
-19.0
Percentage of outstanding orders
at end of month
to purchases duting calendar year
1924
Last
month
3.8
—2.9
4.4
Percentage of sales
to average stocks
from Jan. 1 to
date (stock turnover for year to
date)
Same
month
last year
-1.1
—4.6
-0.5
Percentage of sales
to average stocks
in May (stock
turnover for the
month)
Jan. 31
to May
31, 1924
-0.8
3.4
Stocks at end of
month, per cent
of increase or decrease compared
with—
-2.2
-2.0
-12.2
3.1
0.1
478
JULY,
FEDERAL RESERVE BULLETIN
11)25
MID-YEAR SUMMARY OF BANKING STATISTICS
The following charts and tables present in
sumniary form a statistical record of recent
banking developments in the United States
such as usually appears in the mid-year issue
of the BULLETIN. The table on this page
enumerates the principal groupings of banks
for which comparable data are collected at
regular intervals, the most comprehensive
group being all banks in the United States,
for which only annual data are available.
The next group in order of comprehensiveness
differs from all banks chiefly by the noninclusion of mutual savings banks and private
banks not under government supervision.
This groap has been designated as all incorporated stock banks. Loans and investments of
this class of banks, for which figures are
available four times a year, are about 15 per
cent less than for all banks; that is, about
$7,000,000,000 less in 1924. Data for all
member banks of the Federal reserve system,
which hold about 60 per cent of total loans
and investments of all banks, are also available quarterly, while figures for about 730
member banks in 100 leading cities, which
hold about 38 per cent of loans and investments of all banks and about 63 per cent of
those of member banks, are reported weekly.
The table below brings out, by presenting
relative figures on a common base, that the
growth of bank loans and investments in
recent years is reflected in reports for all
classes of member and nonmember banks.
This is in contrast to the course of Federal
reserve bank credit, the volume of which has
remained relatively constant in recent years
at a comparatively low level.
In addition to the banking data, charts
are presented relating to two other matters
of particular importance in any general view
of banking developments, namely, the amount
of money in circulation and the amounts of
gold moving into and out of the country.
The banking items selected for presentation
in the charts are primarity those which are
considered to be most nearly representative of
the amount of bank credit outstanding from
time to time, of which total loans and investznents; or total earning assets, is for many
pumoses the item of most general significance.
Dat relating to deposit liabilities are also presented. The extent to which the information
afforded by the frequent reports of reporting
member banks in leading cities is representative of the situation for all member banks,
which report less frequently, is indicated by
the first two charts. They show that, in general, for all member banks the principal items
almost always move during any given time in
the same direction as' for reporting member
banks, but the extent of movement frequently
differs. The table which follows these charts
gives for selected dates the actual figures upon
which the charts are based, with corresponding figures for each Federal reserve district.
Since reporting member banks include no
banks in small cities and towns, statistical
information regarding the latter is available
only for dates of call, except to the extent that
information relating to deposits, which becomes
available monthly, is classified in such a way
as to show data by size of cities. A table
showing deposits of member banks by size of
city is here presented on the basis of monthly
reports, and it brings out the point that in the
smaller cities deposits have increased much
less, both absolutely and relatively, during the
past year than in the larger cities.
TOTAL LOANS AND INVESTMENTS FOR DIFFERENT GROUPS OF BANKS
T o t a l loans a n d i n v e s t m e n t s (in millions of dollars)
Percentages of June, 1919, amounts
inAll banks
All banks All
corpoin the
in the
rated
ReUnited
Federal
United
All
stock
porting
States
reserve
member member
States
banks banks 3 banks and inand in- banks
in
the
sular
possular pos-1 United
sessions 1
sessions States2
E n d of J u n e :
1919
1920
1921
1922
1923
1924—March 31 . .
J u n e 30
October 10
D e c e m b e r 31
1925—April 6
1
37, 319
42, 288
40,157
40, 306
43, 960
45, 577
_
. .
_
32,121
36, 813
34, 31S
34, 166
37, 359
37,937
38, 407
39, 610
40, 202
40, 813
22, 602
25,945 !
24,311 I
24, 358
26, 675
26, 832
27, 262
28, 451
29, 027
29, 285
14, 675
16, 935
15, 331
15,188
16, 543
16. 580
16, 969
18,151
18, 599
18, 621
100.0
113.3
107. 6
108.0
117.8
122.1
1,
5
1,
All incorporated
stock
banks
in the
United
States 2
All
member8
banks
100. 0
114.6
106. 8
106.4
116.3
118.1
119.6
123.3
125.2
127.1
100.0
114.8
107.6
107.8
118.0
118.7
120.6
125.9
128.4
129.6
Federal
reserve
banks
100.0
115.4
104.5
103.5
112.7
113.0
115.6
123.7
126.7
126.8
100.0
135.2
87.1
50.0
48.6
42.9
34.1
43.5
53.1
45.8
Does not include Federal reserve banks or a certain number of nonreporting private banks. Includes banks in insular possessions.
' Differs from all banks in that it excludes
mutual savings banks and private banks not
under State supervision. Does not include banks in
8
4
insular possessions.
Dates nearest to call dates.
Oct. 8.
* Apr 8.
JULY, 1925
479
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
25
25
20
20
15
15
10
10
1913
1920
1921
1922
1923
1924-
ALL REPORTING MEMBER BANKS
BILLIONS OF DOLLARS
1925
BJLLIOHS OF DOLLARS
20
20
18
18
16
12
12
10
10
Investments
Loans on Securities*
1919
T920
1921
1922
1923
NOTE.—Investments, " all other loans," and "total loans" prior to 1921 estimated.
1924
1925
480
FEDERAL RESERVE BULLETIN
JULY, 1925
ALL MEMBER BANKS AND REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS
[In millions of dollars]
Loans and
discounts
Investments
Demand
deposits 2
Loans and
investments
Time deposits
Accommodation
at Federal reserve banks
__
District and date l
All districts:
End of June—
1919
1920
1921
._.
1922
1923
Mar. 31,1924...
June 30,1924....
Oct. 10,1924....
Dec. 31, 1924....
Apr. 6, 1925
Boston:
Mar. 31,1924..
June 30,1924....
Oct. 10,1924.. _.
Dec. 31, 1924....
Apr. tf. 1925
New York:
M a r . 31. 1924...
June 30, 1924....
Oct. 10,1924....
Dec. 31, 1924....
Apr. 6, 1925
Philadelphia:
Mar 31,1924...
June 30,1924—.
Oct. 10, 1924....
Dec. 31,1924....
Apr. 6, 1925
Cleveland:
Mar. 31, 1924__.
June 30, 1924....
Oct. 10, 1924....
Dec. 31, 1924....
Apr 6, 1925
Richmond:
Mar. 31,1924..
J u n e 30,1924__.
Oct. 10, 1924...
Dec. 31,1924...
Apr. 6, 1925--.
Atlanta:
Mar. 31, 1924 ._
June 30,1924 _ _
Oct. 10, 1924...
Dec. 31, 1924...
Apr. 6, 1925
Chicago:
Mar. 31,1924 __
June 30, 1924..
Oct. 10, 1924...
Dec. 31, 1924...
Apr. 6, 1925—.
St. Louis:
Mar. 31,1924..
June 30, 1924..
Oct. 10, 1924...
Dec. 31,1924__.
Apr. 6, 1925_ __
Minneapolis:
Mar. 31, 1924 __
June 30,1924 __
Oct. 10, 1924...
Dec. 31,1924...
Apr. 6, 1925. _.
Kansas City:
Mar. 31, 1924..
June 30, 1924...
Oct. 10, 1924...
Dec. 31, 1924...
Apr. 6, 1925....
All
member
banks
Reporting
member
banks
[
All
member
banks
Reporting
member
banks
All
member
banks
Reporting
member
banks
All
member
banks
Reporting
member
banks
All
member
banks
Reporting
member
banks
All
member
banks
10,286 4,343
11,347 5,911
10,046 6,367
11,124 7,175
11,104 8,378
11,171 8,890
11,837 9,204
12,805 9,597
13, 254 9,805
12,635 10,127
1,757
2,692
2,933
3,380
4,000
4,235
4,414
4,696
4,849
5,055
1,818
2,432
1,751
461
837
482
350
266
314
391
22,602
25,945
24,311
24,358
26,675
26,832
27, 262
28,451
29,027
29,285
14,675
16,935
15,331
15,188
16, 543
16,580
16,969
293
325
337
321
315
2,026
2,060
2,172
2,172
2,207
1,149
1,175
1,263
1,263
1,274
1,195
1,255
1,296
1,328
1,254
780
820
875
892
847
633
657
703
686
733
289
297
330
317
350
22
16
7
29
37
2,414
2,669
2,929
2,949
2,867
1,774
2,019
2,275
2,276
2,191
7,693
8,121
8,554
8,849
8,638
6,104
6,492
6,957
7,168
6,931
5,607
6,102
5,778
6,738
5,828
4,824
5,360
5,710
5,957
5,487
1,745
1,786
1,978
2,012
2,082
942
988
1,106
1,157
1,182
94
42
75
81
129
70
19
64
58
93
638
645
681
673
715
774
792
852
292
313
354
375
370
1,994
2,033
2,139
2,170
2,232
930
958
1,035
1,048
1,085
1,030
1,063
1,094
1,083
660
693
739
753
766
706
743
774
783
129
134
159
182
172
39
27
17
36
33
13
7
5
13
11
1,864
1,877
1,900
1,903
1,978
1,136
1,145
1,156
1,148
1,209
935
962
1,041
1,031
1,030
531
556
656
647
647
2,799
2,840
2,941
2,934
3,007
1,667
1,701
1,811
1,795
1,856
1,330
1,352
1,374
1,367
1,383
883
911
993
973
984
1,172
1,233
1,252
1,247
1,299
628
674
693
680
723
41
29
20
42
37
22
11
4
25
14
954
959
960
979
469
468
472
476
492
257
244
261
268
270
122
115
130
136
137
1,216
1,197
1,220
1,228
1,250
591 .
583 j
603
612
629
556
541
552
596
566
328
325
350
366
357
455
466
479
483
494
161
169
180
182
188
56
54
33
34
39
33
21
9
15
18
787
764
780
816
424
414
426
459
478
183
173
177
184
199
79
74
73
75
77
970
937
957
1,000
1,061
503
488
499
535
555
512
489
513
585
604
270
263
285
317
324
334
354
353
360
382
178
187
188
192
198
45
34
24
16
17
25
12
7
6
6
2,922
2,952
3,078
3,039
3,082
1,794
1,793
1,933
1,916
1,944
1,019
1,062
1,148
1,181
1,208
650
749
772
769
3,941
4,014
4,227
4,220
4,290
2,432
2,443
2,682
2,687
2,712
1,939
2,094
2,167
2,236
1,520
1,577
1,769
1,744
1,688
1,590
1,645
1,678
1,732
1,762
810
842
872
922
942
60
45
27
38
50
26
8
1
13
28
856
844
874
885
892
468
456
480
500
498
325
318
313
341
357
152
153
147
164
173
181
162
186
226
249
620
608
627
663
672
587
601
618
676
344
353
361
414
405
409
408
424
431
435
202
199
215
212
204
34
22
24
10
13
17
4
7
2
4
640
611
629
630
612
242
227
261
272
251
215
214
238
276
295
79
88
108
109
854
825
868
907
907
326
306
349
380
360
237
261
237
404
404
413
430
442
84
85
91
102
106
13
14
9
4
4
1
1
422
439
424
294
299
297
296
305
131
136
134
133
137
21
20
8
5
6
6
5
1
15, 534
19, 784
18, 206
17, 296
18,880
19,176
19, 264
19,820
20,181
20,390
11,885
10,783
11,850
12,065
12,142
12, 729
13, 068
13,137
7,068
6,161
6,105
7,062
7,795
7,656
7,998
8,631
8,845
8,895
3,447
4,405
4,693
4,515
4,827
5,422
5,531
5,484
1,458
1,450
1,536
1,543
1,581
856
849
926
941
958
568
610
636
630
627
5,278
5,452
5,625
5,901
5,771
4,330
4,472
4,682
4,892
4,740
1,220
1,241
1,287
1,289
1,352
13, 899
15,716
13,856
15,035
15,161
15,587
16,293
18,151 16,383
18, 599 17,766
18,621 16,607
2,167
236
416
124
059
540
695
409
240
404
125
040
528
708
403
264
413
150
060
563
745
464
280
436
155
081
591
780
483
305
447
169
117
615
490
772
-I
* For reporting member banks thefiguresare for report dates nearest to the designated date of call.
> For all member banks individual demand deposits, including certified and cashiers' checks, are shown; for
demand deposits.
Reporting
member
banks
823
800
795
801
812
1.351
1,946
1,215
165
491
253
106
104
154
215
•
7
2
11
20
3
reporting member banks, net
JULY,
481
FEDERAL RESERVE BULLETIN
1925
ALL MEMBER BANKS AND REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTSContinued
[In millions of dollars]
Loans and
discounts
District and date
All
member
banks
Investments
Loans and
investments
ReReReAll
All
portportportmemmeming
ing
ing
ber
ber
memmemmembanks ber
banks ber
ber
banks
banks
banks
Demand
deposits
All
member
banks
Time deposits
Accommodation
at Federal reserve banks
Dallas:
Mar. 31, 1924
June 30, 1924
Oct. 10, 1924
Dec. 31, 1924
Apr. 6, 1925..
San Francisco:
Mar. 31, 1924..
June 30, 1924
Oct. 10, 1924
Dec. 31, 1924...
Apr. 6, 1925
Reporting
member
banks
ReReAll
All
portportmemmeming
ing
ber
ber
memmembanks
banks ber
ber
banks
banks
o
629
597
626
645
651
279
263
277
305
304
148
136
142
145
163
68
60
63
67
79
111
733
767
791
814
347
323
340
372
383
556
517
590
638
617
232
212
240
289
280
150
153
155
151
164
88
88
90
89
93
9
16
8
3
1
4
2
2
1,740
1,722
1,731
1,769
1,818
1,013
1,006
1,022
1,050
1,101
582
578
630
680
694
358
358
400
435
448
2,322
2,300
2,360
2,449
2,513
1,371
1,364
1,422
1,485
1,549
1,238
1,208
1,265
1,289
1,249
713
727
782
805
770
1,024
1,093
1,122
1,203
1,246
593
615
638
681
760
48
31
14
16
25
31
12
4
10
17
ALL MEMBER BANKS—DEPOSITS, BY MONTHS AND BY SIZE OF CITIES AND TOWNS
[In thousands of dollars]
Net demand deposits
Time deposits
Banks in cities and towns having a population
of—
Date
Banks in cities and towns having a population
of—
Total
Total
Less than
5,000 to
5,000
I 14,999
15,000 to
99,999
100,000 and
Less than
5,000
5,000 to
14,999
15,000 to
99,999
100,000 and
1923
April
May
June
July
August
September..
October
November...
December...
15,800,089
15,892, 721
15,756,419
15, 708,401
15,528,823
15,626, 715
15,905,528
15,896,997
15,830,303
1,600,260
1,600,150
1,584, 610
1, 576,283
1,597,831
1, 651,366
1,685, 758
1,686,630
1, 666,021
1,064,974
1,071,369
1,064, 716
1,057,790
1,059,082
1,078,381
1,087,187
1,085,991
1,090,301
2,083,927
2,060,199
2,054,058
2,042,429
2,009,748
2,020,329
2,036,259
2,022,888
2,054,471
11,050,928
11,161,003
11,053,035
11,031,899
10,862,162
10,876,639
11,096,324
11,101,488
11,019, 510
8,251,449
8,291,044
8,388,238
8,342, 526
8,435,984
8,472,963
8,525,549
8, 567, 762
8, 585,263
1,471,697
1,479,695
1, 525, 672
1, 529,470
1, 538,023
., 545,446
., 548, 543
, 556,064
, 553,144
912,597
918, 983
928,862
942,937
951,382
953, 605
959,151
969,545
963,170
1,703,235
1, 705, 538
1, 716,627
1, 743,416
1, 760,116
1, 765,350
1, 782, 775
1, 789,448
1, 784, 735
4,163,920
4,186,828
4,217,077
4,126, 703
4,186,463
4,208, 562
4,235,080
4,252, 705
4,284,214
1924
January
February
March
April
_.
May
June
July
August
September..
October
November.. .
December...
15,942,846
15,846,284
15,814,628
15,943, 607
15, 980,053
16,394,382
16, 709, 765
17,040,218
17,360,107
17, 764,499
17, 946, 742
17,956,995
1, 626,219
1, 600, 616
1, 581,537
1, 554,996
1,523,980
1, 512,480
1, 513,044
1, 550,338
1,615,347
1, 678, 287
1, 698, 676
1, 689,928
1,073,144
1,055, 673
1,048,119
1,048, 671
1,018,428
1,021, 564
1,012,351
1,023, 543
1,044,404
1,066,959
1,076, 740
1,080,944
2,046,474
2,036,800
2.030,409
2,040, 730
2,021,309
2.004,410
2,016,896
2,034,430
2,052,893
2, 093,059
2,132,304
2,144,113
11.197,009
11,153,195
11,154,563
11,299,210
11,416,336
11,855,928
12,167,474
12,431,907
12, 647,463
12,926,194
13,039,022
13.042,010
8, 693, 793
8,805, 200
8,896,163
8,974, 591
9,041,246
9,148,320
9,268,975
9,368,116
9, 516,948
9, 674,581
9, 795,879
9, 727,132
I, 569,463
i, 574,568
, 581,069
:, 582,582
1,584, 618
1,588,443
"., 602, 515
, 616, 638
:, 623, 732
, 633,480
, 640,059
, 636,887
981,949
1,001,166
1,008,034
1,011,065
1,016,429
1,018,929
1,025,816
1,032,321
1,039, 513
1,045, 668
1,042,716
1,807, 711
1,829,464
1,846,822
1,863,827
1,877,262
1,890,041
1,911,831
1,935,459
1,940, 792
1, 958,130
1,967,007
1,957,014 I
4,334, 670
4,408,474
4,467,106
4, 520,148
4, 568,301
4, 653,407
4, 735, 700
4, 790,203
4, 920,103
5,043,458
5,143,145
5,090, 515
1925
January
February
March
April ___
17,927,179
17,887, 660
17, 503,151
17, 715,080
1, 673,199
1,681, 531
1, 663,485
1,637,884
1,081,342
1,087,366
2,170,162
2,211,432
2,225,264
2, 239, 760
13,002,476
9,878,624
12,907,331 10,005,660
12, 528,394 10,094,153
12, 749,388 10,186,622
1,678,232
1,684,816
1,691,055
1,062,598
1,072,914
1,079,743
1,081,730
1,990,335
2,021,190
2,048,373
2,044,266
5,157, 310
5, 233,324
5, 281,221
5,369, 571
1,'
482
FEDERAL RESERVE BULLETIN
JULY, 1925
ALL FEDERAL RESERVE BANKS
MILLIONS OF DOLLARS
3500
MILLIONS OF DOLLARS
3500
3000
3000
2500
2500
2000
2000
1500
1500
1000
10Q0
500
500
1920
1919
1922
1921
MONEY IN CIRCULATION
BILLIONS OF DOLLARS
1925
GOLD IMPORTS AND EXPORTS
BILLIOMS OF DOLLARS
7
7
1924
1923
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
120
100
80
20
60
80
80
1fil9
1920
1921
1922
1923
1924-
1925
1919
1920
1921
1922
1923
1924
1925
JULY, 1925
FEDEBAL RESERVE BULLETIN
483
RULINGS OF THE FEDERAL RESERVE BOARD
Right of member bank in computing its reserve to payable in dollars due from any part of that
deduct balances due from foreign branches of legal entity, regardless of where located, is
domestic banks from balances due to other banks.
The Federal Reserve Board has recently
been requested to rule on the question whether
balances due from foreign branches of banks
located in this country can be treated as a
part of the item "due from banks" to be deducted from the item "due to banks" in computing reserves of member banks under section
19 of the Federal reserve act.
- In a ruling published on page 963 of the
FEDERAL RESERVE BULLETIN for October,
1919, the Board ruled that balances due from
foreign banks could not be deducted by a
member bank in computing its reserve. In
accord with this position the board now rules
that a balance due from a foreign branch of a
domestic bank may not be deducted from
balances due to banks by a member bank in
computing its reserve when the balance due
from the foreign branch is payable in foreign
currency. The board believes that the phrase
"the net difference of amounts due to and
from other banks" contained in section 19 of
the act has reference only to balances payable
in dollars and does not include balances payable in foreign currency. If, however, the balance due from a foreign branch of a domestic
bank is payable in dollars instead of in foreign
currency, such balance may properly be deducted by a member bank from balances due
to other banks. The foreign branch of a domestic bank and the domestic bank itself constitute but one legal entity, and a balance
believed to be a proper deduction from balances due to other banks in computing reserves
under the provisions of section 19.
The board also considered another question
very closely related to that just discussed,
namely, whether a member bank in calculating
its own reserve requirements may deduct balances due from its own foreign branch. The
board has frequently held that a bank and its
branches constitute but one legal entity, and
since section 19 refers to balances due to and
from other banks the board rules that balances
due from a foreign branch of a member bank
to its home office are not properly deductible
from balances due to other banks in computing
the reserves of the member bank.
The board's rulings may be set out in brief
form as follows:
(1) Balances payable in foreign currency due
from a foreign branch of a domestic bank may
not be deducted by a member bank in computing its reserve from balances due to other
banks.
(2) Balances payable in dollars due from
a foreign branch of a domestic bank may
be deducted by a member bank in computing its reserve from balances due to other
banks.
(3) Balances payable either in dollars or in
foreign currency due to a member bank from
its own foreign branch may not be deducted
from balances due to other banks by a member
bank in computing its reserve.
484
FEDERAL RESERVE BULLETIN
JULY, 1925
LAW DEPARTMENT
Rights of a Federal reserve bank in action against the affirming a judgment for the Plaintiff below of the
maker of a promissory note held by the reserve bank District Court of the United States for the Northern
as collateral security for the indebtedness of a mem- District of Texas, in an action upon a promissory note.
Plaintiff in error, defendant below, a resident of
ber bank.
Texas, executed his promissory note payable to the
There is published below an opinion rendered order
of a national bank domiciled in Texas. The
recently by the Supreme Court of the United note was endorsed, before maturity, to defendant in
States, in the case of Sowell v. Federal Reserve error, also domiciled in Texas, as collateral security
Bank of Dallas, which involves certain points for an indebtedness owing by endorser to defendant in
in excess of the amount of the note. Three prinof interest to both the Federal reserve banks error,
cipal grounds of error are assigned: (1) That the Disand member banks.
trict Court was without jurisdiction as the plaintiff
Sowell, a resident of Texas, executed his below was an endorsee of the note sued upon and as its
promissory note payable to the order of a endorser could not have brought suit upon the note
the maker in that court (Judicial Code, sec. 24,
national bank domiciled in Texas. The note against
subdivision first (c); (2) that defendant in error as
was indorsed before maturity to the Federal holder of the note failed to present the note for payReserve Bank of Dallas^ also domiciled in ment at the endorser bank where it was payable and
Texas, as collateral security for an indebted- where the maker had funds on deposit sufficient to pay
(3) that the District Court refused to stay the suit
ness owing by the indorsing bank to the Fed- it;
until such time as the defendant should exhaust other
eral reserve bank in excess of the amount of collateral held by it as security for the indebtedness of
the note. The Federal reserve bank brought the endorser.
Suit being brought by a Federal reserve bank,
action against the maker of the note in the District Court of the United States for the Northern incorporated under the laws of the United States, it
a suit arising under the laws of the United States
District of Texas and recovered judgment is
(Judicial Code, section 24, first (a)). American
thereon. This judgment was affirmed by the Bank & Trust Co. v. Federal Reserve Bank of Atlanta,
United States Circuit Court of Appeals for the 256 U. S. 350. And as the defendant in error is not
Fifth Circuit and on May 25, 1925, by the Su- a national bank subject to the provisions of the
Code, sec. 24, subdivision sixteenth, the
preme Court of the United States. The following Judicial
District Court had jurisdiction of the suit unless
important points were decided by the United jurisdiction is excluded by the so-called " Assignee
States Supreme Court in rendering its decision: Clause," Judicial Code, sec. 24, subdivision first (c),
reads as follows:
(1) The so-called " assignee clause" of sec- which
"No District Court shall have cognizance of any
tion 24 of the Judicial Code is not to be applied suit (except upon foreign bills of exchange) to recover
to limit jurisdiction of suits arising under the upon any promissory note or other chose in action in
favor of any assignee, or of any subsequent holder if
laws of the United States.
such instrument be payable to bearer and be not
(2) A provision in a promissory note that made
by any corporation, unless such suit might
the maker waives protest, notice thereof, and have been prosecuted in such court to recover upon
diligence in collecting excuses the holder from said note or other chose in action if no assignment had
presenting the note for payment, even though been made, * * *"
It is unquestioned that where the sole ground of
the holder has knowledge of a deposit of the jurisdiction
is diversity of citizenship, such jurisdiction
'maker-with the payee bank sufficient to pay is excluded by the operation of this clause, and the
the note at maturity.
question now presented is whether the clause has a like
(3) A Federal reserve bank may enforce a effect where the sole ground of jurisdiction is that the
under the laws of the United States.
note held by it as collateral security to secure suitNoarises
inference as to the meaning of the assignee
the indebtedness of a member bank to it, with- clause can be drawn from its relative position in sec.
out waiting until it can be determined whether 24, and that of the clause giving jurisdiction of suits
the other collateral held by the Federal reserve arising under the laws of the United States. Judicial
sec. 295.
bank is sufficient to pay the indebtedness of the Code,
The history of the clause, however, shows clearly
member bank.
that its purpose and effect, at the time of its enactThe following is the opinion of the Supreme ment, were to prevent the conferring of jurisdiction
on the Federal courts, on grounds of diversity of citizenCourt:
ship, by assignment, in cases where it would not otherSUPREME COURT OF THE UNITED STATES wise exist, and not to deprive the Federal courts of
jurisdiction where it was conferred on grounds other
No. 367. OCTOBER TERM, 1924
D. S. Sowell, Plaintiff in Error,] In Error to the United than diversity of citizenship.
The assignee clause was incorporated in the judiciary
vs.
I States Circuit Court
Federal Reserve Bank of [ of Appeals for the act of 1789, sec. eleven, in substantially its present
form. Under that act, jurisdiction could be invoked
Dallas, Texas
J Fifth Circuit
only by the United States, aliens, and in cases of
[May 25, 1925]
diversity of citizenship. There was, therefore, no
Mr. Justice STONE delivered the opinion of the court. scope for its application in cases where jurisdiction deWrit of error to the United States Cirpuit Court of pended upon the subject matter of the suit. JurisdicAppeals for the Fifth Circuit to review its judgment. tion in cases arising under the laws of the United
JULY, 1925
FEDERAL RESERVE BULLETIN
485
the United States. (American Bank and Trust Co. v.
Federal Reserve Bank, supra, p. 356.) We hold that the
district court had jurisdiction over the cause.
The note sued on contained a provision that the
maker waived "protest, notice thereof and diligence
in collecting." The Negotiable Instruments Law in
force in Texas gives effect to stipulations waiving presentment, protest or notice of dishonor, contained in
diction. Commercial National Bank v. Simmons, 6 the body of the instrument, and provides that they
Federal cases 226, No. 3,062; Bank of United States v. are binding on all parties to it. (Revised Statutes,
Planters Bank of Georgia, 9 Wheatoh 904. In that Texas, sec. 82, Art. 6001-a(3), 109, 110, 111.) Plaincase, the court, in holding that the Bank of the United tiff in error was, therefore, bound by his waiver and
States might bring suit on a note endorsed to it by a the circumstance that defendant in error had knowlcitizen of the same State as that of the defendant edge of a deposit of the plaintiff in error with the
maker of the note, pointed out that the purpose of the payee bank sufficient to meet the note at maturity,
assignee clause was to prevent extending the jurisdic- did not, contrary to the express terms of the waiver,
tion of the court by the mere process of assignment impose a duty on defendant in error to present the note
and not to limit a jurisdiction conferred on other for payment. Defendant's rights were unimpaired by
its failure to make due presentation of the note or to
grounds. The court said, at page 909:
"It was apprehended that bonds and notes, given in give notice of its dishonor.
The contention of plaintiff in error that suit should
the usual course of business, by citizens of the same
State, to each other, might be assigned to the citizens have been stayed until defendant in error had exof another State, and thus render the maker liable to hausted its other collateral, is not founded upon any
a suit in the Federal courts. To remove this incon- special equities growing out of fraud, agreement among
venience, the act which gives jurisdiction to the courts the parties, or suretyship, or other special relationship,
of the Union over suits brought by the citizen of one giving rise to any equity in the maker of the note.
State against the citizen of another, restrains that The note was held by defendant in error, together with
jurisdiction, where the suit is brought by an assignee, other collateral as security for the debt of the payee
to cases where the suit might have been sustained, had who is insolvent and indebted to plaintiff in error in
no -assignment been made. But the bank does not an amount exceeding the note. In such a stiuatioa
sue in virtue of any right conferred by the judiciary there is no scope for the marshalling of the security
act, but in virtue of the right conferred by its charter. at the behest of the maker of the note. The equitable
It does not sue because the defendant is a citizen of a doctrine of marshalling rests upon the principle that
different State from any of its members, but because a creditor having two funds to satisfy his debt, may
its charter confers upon it the right of suing its debtors not by his application of them to his demand, defeat
another creditor, who may resort to only one of the funds.
in a circuit court of the United States."
Mr. Justice Story applied the same rule in the case The debtor may not ordinarily invoke the doctrine,
of a claim assigned to the United States holding that for by doing so he would disregard the express provithe assignee clause was not applicable, (United States sions of his contract on which the creditor is entitled
v. Green, 4 Mason 426),resting his decision both on the to rely. The plaintiff is bound to pay his obligation
meaning and effect of the assignee clause, and on the according to its tenor. He can not deny his own coneffect of the act of 1815, Chap. 253, conferring general tract merely because his creditor has acquired other
jurisdiction on the Federal courts over suits brought rights with which he may satisfy his debt and because
he wishes to avail himself of an equitable set-off
by the United States.
against the payee of the note. Had plaintiff set up
By the act of 1875 (18 Stat. 336), jurisdiction of the any
to the note, good as to the payee, such as
Federal courts was extended generally to all suits fraud,defense
failure of consideration, he might, under the
arising under the laws of the United States. Where law of orsome
jurisdictions, have urged such cases as
such is the ground of jurisdiction, the assignee clause McBride v. Potter,
169 Mass. 7, or Second National
appears to us to be inapplicable, just as it had been
T
Bank v. Magee, 241 S. W. (Texas) 287, or Van Winklet
held to be in cases in which the like jurisdiction w as etc.
Co. v. Citizens Bank, 89 Texas, 147, as a basis for
conferred by special corporate charter provisions or
claim that because of his special equities affecting
where jurisdiction was given generally over suits the
the inception of the note, the defendant in error should
brought by the United States.
exonerate him by resorting to the other collateral, if
The precise question seems not to have been ex- shown
to be sufficient to pay the note.
pressly passed upon by this court since the act of 1875.
But plaintiff shows only the obligation of his note,
It, however, was necessarily involved in Wyman v.
Wallace, 201 U. S. 230, in which the assignee clause presumptively valid both in the hands of the payee
would have defeated the jurisdiction attaching because and the defendant in error, and claims that since he
of diversity of citizenship, but in which the jurisdiction has an equitable setoff good against the payee of the
was, nevertheless, upheld because the case was one note, he should be relieved of his own obligation until
the collateral of the payee bank has first been applied
arising under a law of the United States.
We think that a reasonable interpretation of the to its satisfaction. But these circumstances, which
language of the clause in the light of its history, its do not in any way affect the validity of negotiable
obvious purpose at the time of its enactment, and paper as such, can afford no foundation for equitjudicial declarations as to its meaning and effect, and able relief to the maker or for depriving the creditor
the fact that the provision for jurisdiction generally of the full benefit of his security in accordance with
over suits arising under the laws of the United States his contract. To engraft upon the note the equity
was enacted later, and without any exceptions, lead to here asserted against an innocent holder would be
the conclusion that it should be so applied as not to to disregard its terms and impair its negotiability.
limit jurisdiction arising from the nature of the sub- Such authority as there is rejects it. Hamsley v.
ject matter of the suit, as is the case in suits brought National Park Bank, 147 Ga. 96; Hass v. Bank 6/
by or against corporations organized under the laws of Commerce, 41 Neb. 754; Citizens Bank v. Giddings,
States (except for a brief period under the act of February 13, 1801, (2 Stat. 92, 93) ) was not conferred
until the act of March 3, 1875, (18 Stat. 3, 470).
Before that date jurisdiction over suits brought by
Federal corporations was denied unless their charters
expressly authorized them to sue in the Federal courts.
Where such authority was granted, the assignee clause
was held to be inapplicable and not to defeat the juris-
486
FEDEBAL RESERVE BULLETIN
84 Northwestern (Nebraska) 78; Third National
Bank v. Harrison, 10 Fed. 243. And see Union
Bank of Georgetown v. Laird, 2 Wheaton 390; Myers v.
Kendall (La.), 76 So. 801. In any event, the other
debtor of defendant in error was not before the court,
and for that reason plaintiff was not entitled to the
relief sought. Dorr v. Shaw, 4 Johns, Ch. 17,18.
There is no error in the record and the judgment
of the Circuit Court of Appeals is affirmed.
Amendment to Tennessee law re branch banking.
There was published in the BULLETIN
for
March, 1925, a digest of State laws relating
to branch banking, prepared by the counsel's
office of the Federal Reserve fioard with the
assistance of the counsel to the various Federal
reserve banks. In this connection attention is
called to the following statute recently enacted
by the State of Tennessee restricting the establishment of branches by banks in that State:
An act to amend chapter 20 of the public acts of 1913,
being entitled "A general act relating to banks and
banking; creating a banking department of the
State of Tennessee, and through this department
regulating, examining, controlling, and supervising
banks and banking and liquidation of banks; providing means and agencies for carrying out the provisions hereof; and providing penalties for violations
of the act," so as to prohibit the maintenance or operation of branch banks, offices, or agencies by any
corporation, firm, or individual carrying on a banking
business in any place other than the county in which
such banking business is carried on.
SECTION 1. Be it enacted by the General Assembly of
the State of Tennessee, That chapter 20 of the public acts
of the General Assembly of the State of Tennessee of
1913, entitled "A general act relating to banks and
banking, creating a banking department of the State of
Tennessee, and through this department regulating,
examining, controlling, and supervising banks and bank-
JULY,1925
ing and liquidation of banks; providing means and
agencies for carrying out the provisions hereof; and
providing penalties for violation of the act," be
amended as follows:
SEC. 2. Be it further enacted, That this act shall not
appl}T to branch banks, offices, or agencies now maintained and operated by any corporation, firm, or individual doing or carrying on a banking business in the
State of Tennessee in places other than the county of
this State wherein such banking business is carried on.
SEC. 3. Be it further enacted, That no corporation,
firm, or individual now or hereafter doing or carrying
on a banking business in the State of Tennessee shall
have, maintain, create, or operate any branch bank,
office, or agency for the purpose of receiving deposits,
paying checks, making loans, or receiving or discounting
bills or notes in any place whatsoever other than the
county of this State wherein such banking business is
carried on.
SEC. 4. Be it further enacted, That this act take effect
from and after its passage, the public welfare requiring
it.
Passed and approved April 6, 1925.
Recent Connecticut statute concerning reserves ol
State member banks.
There is printed below a copy of a statute of
the State of Connecticut, which was approved
May 29, 1925, and becomes effective July 1,
1925, excepting from the reserve requirements
of State law banks and trust companies which
are members of the Federal reserve system:
An act concerning reserves and cash balances of State
banks and trust companies which are members of the
Federal reserve system.
Be it enacted by the senate and house of representatives
in general assembly convened: The provisions of the general statutes relating to reserves and cash balances of
State banks and trust companies shall not apply to any
bank or trust company which is a stockholder in any
Federal reserve bank.
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
On the basis of the June estimates by the leading crops in the different Federal reserve
Department of Agriculture, the following table districts. A more detailed report of crop conhas been prepared showing the production of ditions in each district is given on page 457.
[In thousands of units]
Total wheat
(bushels)
Winter wheat
(bushels)
Federal reserve district
Yield,
1924
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
_
Chicago.
_
St. Louis
_
Minneapolis. __
Kansas City...
Dallas
San Francisco .
Total
190
7,757
18,285
42, 545
Forecast
June 1,
1925
Yield,
1924
4,112
67,980
53, 394
257,976
295, 244
26,819
70,874
294
8,538
19,807
25,357
26,055
5,009
57,881
57,842
185,120
173,479
4,961
96, 542
7,505
18,147
42,513
27,497
4,112
65, 262
53, 203
14, 921
284,992
26, 513
45, 372
872,673
660,885
590,037
27, 497
Forecast
June 1,
1925
Spring wheat
(bushels)
Yield,
1924
Forecast
June 1,
1925
Oats (bushels)
Yield,
1924
Forecast
J u n e 1,
1925
190
252
138
32
294
292
144
34
5,009
54,430
57, 573
5,262
164,641
4,838
36,116
2,718
191
243, 055
10, 252
306
25, 502
3,451
269
179,858
407,156
282,636
253,729 1,541,900 1,295,456
8,246
19,663
25, 323
26,055
123
60,426
8, 326
36, 015
23, 414
81,572
22,643
12, 728
60,927
432,684
174,026
52,149
29,132
36,368
24,847
84,047
23,645
16,140
487, 274
58,656
320, 742
171,172
23,978
39,603
Hay (tons)
Yield,
1924
Forecast
June 1,
1925
4,443
7,789
3,516
7,526
4,258
2,927
22, 352
8,719
18, 527
17,655
1,429
13, 309
4,021
6,811
3,029
5,701
3,730
14,944
6,948
15, 762
15,200
1,523
15,279
112, 450
95,837
JULY,
487
FEDERAL RESERVE BULLETIN
1925
Changes in State Bank Membership
Fiduciary Powers Granted to National Banks
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal reserve system during the month ended June
21, 1925, on which date 1,493 State institutions were
members of the system; also other changes affecting
State bank membership.
During the month ended June 21, 1925, the Federal
Reserve Board approved applications of the national
banks listed below for permission to exercise one or
more of the fiduciary powers named in section 11 (k)
of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
ADMISSIONS
Capital | Surplus
District No. 10
j
Empire Trust Co., St. Joseph, Mo...l $200,000 !
Total
resources
$40,000 ! $2,706,843
CHANGES
District No. 2
I
Absorbed by Manufacturers Trust
Co., New York, N. Y., a member:
Fifth National Bank, New
York, N. Y
$1,200,000 !$l,300,000 $26,101,994
Gotham National Bank, New
York, N. Y . .
1,500,000
449,170 19, 479, 457
Converted into national bank:
Pacific Bank, New York, N. Y____ 1,000,000 1, 500,000 45, 658, 354
District No. 5
Absorbed by nonmember: Carolina
Bank & Trust Co., Henderson,
N. C
I
District No. 7
100,000 I
1
Insolvent: Farmers State Bank, La |
Fontaine, Ind
7,000
474, 777
\
35,000 |._
131, 709
District No. 8
Absorbed by national bank: Grand !
Avenue Bank, St. Louis, Mo
I 200,000
Voluntary withdrawals:
Columbia County Bank, Magnolia, Ark
__.'..|
50,000
Farmers Bank & Trust Co., I
Magnolia, Ark
j
50,000
100, 000
3,116,189
50,000
678,612
50,000
884,985
25,000
2, 500
211,018
30,000
20,000
170, 232
Location
1 DisI trict
No.
Palmer National Bank
Community-South Side National Bank.
National Mohawk River Bank
Genesee Valley National Bank
Pacific National Bank
First National Bank
Vineland National Bank
Ardmore National Bank
American-First National Bank _
Palmer, Mass.
Buffalo, N . Y_
Fonda, N. Y . . .
Geneseo, N . Y
New York, N . Y
Pearl River, N . Y
Vineland, N. J
Ardmore, Pa
Findlay, Ohio
Lexington, Va
I
Williamson, W. Va
|
Eldon, Iowa
.._;
Eldora, Iowa
_.!
Dyersburg, Tenn
|
Topeka, Kans
j
Lincoln, Nebr
Pocatello, Idaho._.
Aberdeen, Wash
I
Powers
granted
Name of bank
5
5
7
7
8
10
10
12
12
1to9.
1 to 9.
1 to 8.
1 to 9.
1 to 9
1 to 9.
1 to 9.
1 to 9.
1 to 7
and 9,
1 to 9.
First National Bank
1
to 9.
National Bank of Commerce._
1 to 9.
First National Bank
1
to
9,
.do.
First-Citizens National Bank.. 1 to 9.
1
to
9.
National Bank of Topeka
1 to 9.
First National Bank
1
to
9.
..._..do
Grays Harbor National Bank.. 1 to 9.
District No. 9
Closed: American Bank of Laurel,
Mont
Changes in National Bank Membership
District No. 11
Converted into national bank:
First State Bank, Emhouse, Tex.
First State Bank, Robstown,
Tex
.
Cameron Count v Bank, La
Feria, Tex
First State Bank, Kaufman, Tex.
First State Bank, Weatherford,
Tex
First State Bank, Santa Anna,
Tex
First State Bank, Lamesa, Tex__
Succeeded by a national bank: First
State Bank, Paducah, Tex
Closed: First State Bank, Teasue,
Tex
Voluntary withdrawal: McCurtain
County Bank, Broken Bow, Okla.
Absorbed by nonmember: Farmers
State Bank, Ganado, Tex
25,000
25,000
378, 701
35,000
100,000
5,000
SO, 000
454,140
611,674
125, COO
30,000
832, 989
35, COO
20, 000
30,000
538, 025
1, 382, 80S
eo,ooo
50,000
743,688
1, 086, 897
3, COO
250, 386
1, COO
103, 536
Number of
banks
New charters issued _ _
Restored to solvency
Increase of capital approved
25, 000
13,000
208,578
50,000
11,500
722,125
__
_.
Total liquidations and reductions of capital
_
38
5, 245, 000
14
4
1, 950, 000
270, 000
18
2,220,000
1
2, 500, 000
Consolidations of national banks under act of Nov.
7, 1918
Change of title.—Commercial Guaranty State Bank, Nacogdoches, Aggregate increased capital for period...
n
> ex., to Commercial State Bank; Guaranty State Bank & Trust Co., Reduction of capital owing to liquidations, etc
Kails, Tex., to Security State Bank & Trust Co.; Peoples Guaranty
State Bank, Tyler. Tex., to Peoples State Bank; Guaranty State Bank,
Net increase
Rockwall, Tex., to Security State Bank of Rockwall.
Correction.—-In the June BULLETIN, under "Admissions," the Mahanov Banking Trust Co., Mahanoy City, Pa., should read: Merchants
1 Includes one reduction in capital of $200,000 incident to a
Banking Trust Co., Mahanoy City, Pa.
tion tnder act of Nov. 7, 1918.
Amount
of capital
23 $2, 700,000
0
'0
15 2,545, 000
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital *
District No. 12
Voluntary withdrawal: The Farmers
Bank, Star, Idaho
_.
Convfcrtcd into national bank:
Standard Bank of Orange County,
Fulierton, Calif
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from May 23 to
June 19, 1925, inclusive:
5, 245,000
2,220,000
3, 025, 000
consolida-
488
FEDERAL RESERVE BULLETIN
JULY,1925
BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY
* Rather marked recessions in industrial activity were noted during May, although
increases commonly occur in that month.
One factor in the reductions as shown by available statistics was the smaller number of working days than usual in May of this year,
owing to the five Sundays in the month. The
unadjusted general manufacturing index, which
ordinarily shows an increase between April
and May, decreased this year from 132 to 128,
and the index of production in selected basic
industries, which is adjusted to allow for usual
seasonal changes, declined from 119 to 111.
Factory employment also declined slightly.
The mineral index and the index of agricultural movemerts showed seasonal increases.
Freight-car loadings did not increase as much
in May as usual. Retail trade declined, while
sales by wholesale firms remained practically
unchanged.
In manufacturing, nearly all industries were
less active in May than in April, with particularly heavy recessions in iron and steel,
cotton, and wool. The production of automobiles declined about 4 per pent from the
record-breaking figure for April Output of
rubber tires increased, and the building materials industries were seasonally more active.
In nearly all, except the food and tobacco
products industries, production was greater
in May of this year than it was a year ago.
The increases in the automobile, rubber tire,
and petroleum refining industries since last year
were particularly large. Textiles and iron and
steel were also more active than in May, 1924,
when operations were considerably curtailed.
Owing to seasonal increases in the output
of coal and a sharp increase in crude petroleum
production to the largest figure on record, the
index of mineral production rose from 118 in
April to 126 in May. Copper production
continued the decline noted in April, while
zinc output was slightly larger than in April.
The index continued above the level of a year
ago.
Marketing of agricultural products was
somewhat greater during May than in April,
but in general less than a year ago. A substantial increase over April was noted in receipts of grains at principal markets, and movements of animal products, vegetables, and
fruits were also larger. Cotton sight receipts
and tobacco sales showed seasonal declines.
As compared with last May, marketings of
all groups of commodities except vegetables
were smaller this year.
INDEXES OF INDUSTRIAL ACTIVJTY
PERCENT
PER CENT
175
( MONTHLY AVERAGE, 1919*100 )
175
1 RH
150
A
A
K
125
,
126
i
^
\
100
J
J
i
100
i
I
[
1
f
•
j
7 c
i/ V
r
50
50
MANUFACTURING PRODUCTION
MINERAL PRODUCTION
25
o
0
1919
1920
1921
1922
1923
1924-
1925
JULY, 1925
489
FEDEBAL EESERVE BULLETIN
INDEX OF PRODUCTION IN BASIC INDUSTRIES»
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919—100]
Iron and steel
Year and month
General
index
Food products
Textiles
Animals slaughtered
Steel
ingots
Pig iron
Cotton
Wheat
flour
Wool
Sugar
meltings
Cattle
Sheep
Calves
Lumber
Hogs
1924
April
May
June
July
August
September..
October
NovemberDecember. .
114
103
94
95
94
103
109
107
117
127
101
81
70
71
80
93
97
119
119
92
74
67
87
99
104
109
133
97
80
70
71
72
93
109
105
111
97
93
88
83
82
91
100
102
102
105
105
107
122
100
110
97
84
82
115
109
111
125
104
141
141
111
91
98
107
86
95
94
93
94
93
99
116
111
108
117
118
128
143
129
155
102
109
102
99
91
91
93
82
87
136
124
116
141
136
132
121
122
130
127
117
104
106
105
108
120
116
128
1925
January
February...
March
April
May
127
124
120
119
111
134
143
136
128
113
151
150
147
128
121
115
114
110
121
103
100
99
95
92
91
94
103
94
90
88
132
104
133
134
115
100
96
100
104
104
140
157
138
124
90
91
102
120
117
121
107
96
101
92
147
125
125
123
116
Coal
Year and month
Bituminous
A
114 i
Nonferrous metals
cit h e ra "
C
°PPer
Tobacco products
Sole
leather
Zinc
Newsprint
Cement
Petroleum
Cigarettes
Cigars
Manufactured
tobacco
1924
April
May
June
July
August
September
October
November
December
January
February
March
April....
May
94
90
85
89
87
103
110
104
116
97
101
100
106
95
105
95
91
100
127
125
124
133
132
130
133
140
137
114
121
111
109
106
104
108
108
121
111
116
103
102
101
107
110
104
103
169
172
173
193
190
186
183
187
182
189
192
187
185
190
191
185
183
182
88
95
91
98
95
100
97
96
92
157
173
163
155
157
162
158
145
170
91
96
94
97
93
98
99
89
94
125
109
95
105
99
104
116
96
106
106
148
147
142
136
133
128
119
131
124
127
106
108
110
116
112
243
193
199
199
193
192
191
187
194
212
91
88
86
87
88
188
171
170
178
175
105
97
89
95
96
1925
1
This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page
452, together with the series of relatives used in constructing the index. In making tha final index the relatives are adjusted to allow for seasonal
fluctuations and ar« weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES *
[Monthly average, 1919=100]
Metals and
products
General
index Group
index
1924
April
May
June
July
August
September
October
November
December
1925
January ..
February
March
April
May
...
Iron
and
steel
Textiles and products
Group Fabrics Products
index
Lumber
and
products
Rail
road
vehicles
Paper
Autoand
mobiles printing
Foods Leather Stone,
and
clay,
and
prod- prodand
ucts
glass
ucts
Tobacco
products
Chemicals
and
products
99.1
95.7
92.6
89.1
89.6
81.3
92.9
92.6
94.3
95.5
89.6
85.0
80.3
79.1
80.5
82.5
82.8
85.7
95.1
89.3
84.8
80.0
78.9
80.2
82.1
82.4
85.2
98.9
94.8
91.9
85.7
87.4
90.5
93.6
93.1
96.2
98.1
94.9
92.0
85.8
87.4
90.8
95.4
96.1
100.0
99.8
94.7
91.8
85.4
87.4
90.2
91.4
89.2
91.2
105.9
104.6
101.7
99.7
99.9
100.9
101.9
101.1
101.0
91.5
91.1
89.6
89.1
88.4
88.8
89.8
89.1
89.7
123.4
111.6
99.8
95.1
96.4
97.2
98.6
96.3
99.3
104.6
104.1
103.3
101.5
101.5
104.0
104.5
105.2
105.9
89.9
88.8
90.7
90.8
91.0
93.2
94.0
92.0
93.2
89.1
85.1
80.5
80.7
84.8
88.0
89.2
88.7
87.9
125.0
126.4
124.1
118.1
121.3
119.3
118.8
117.7
116.1
87.2
87.0
86.9
88.0
87.4
89.7
83.3
91.8
91.1
78.2
75.0
69.1
68 5
68.7
69 9
71.9
72.5
74.1
94.6
95.9
96.4
96.0
95.0
87.5
89.6
90.1
89.2
88.0
87.1
89.1
89.5
88.7
87.5
97.4
99.9
100.0
98.9
96.4
100.6
101.4
101.0
100.8
99.1
93.4
97.9
98.6
96. 5
92.9
99.8
100.4
99.6
100.6
99.8
89.3
89.8
89.9
88.8
84.9
103.8
105.1
112.7
121.7
128.5
105,1
104.9
105.7
104.7
103.8
90.2
89.6
86.8
83.7
83.8
90.9
92.5
92.5
88.8
86.8
109.7
110.7
116.8
123.2
125.5
87.0
87.7
88.5
81 7
87.0
74.0
74.6
75.5
75 4
73.2
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 33 individual industries. The method of construction was described in detail and indexes
for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925.
490
FEDERAL RESERVE BULLETIN
J U L Y , 1025
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i
[Monthly average, 1919=100]
Metals and
products
General
index
1924
April
May
June
July
August
September.
October
November.
December..
1925
January
February._
March
April
May
Textiles and products
Group
Prodindex Fabrics ucts
Lumber
and
products
Rail
road
vehicles
Paper
Autoand
mobiles printing
Foods Leather! Stone,
and
clay,
and
and
prod- products
glass
ucts
Tobacco
products
Chemicals
and
products
92.5
99.7
114.4
112.1
109.6
102.1
105.0
107.8
111.2
110.2
111.9
99.1
97.1
97.1
88.6
91.6
90.3
97.6
94.6
97.4
149.2
132.5
109.3
99.9
107.6
111.8
116.8
111.4
114.5
136.7
135.2
133.3
128.2
128.0
133.4
135.6
136.0
139.9
101.6
101.9
104.2
104. 8
102.6
107.8
105.5
105.1
107.2
90.9
86.1
81.7
80.7
91.0
95.9
96.2
87.9
91.5
156.3
158. 3
157.1
142.0
148.4
146.0
149.6
145.1
143.6
87.5
89.8
92.8
90.4
90.2
93.9
85.5
97.9
100.0
102.8
98.6
90.6
87.9
89.9
91.1
95.4
95.5
98.2
103.3
112.4
114.7
103.5
99.0
103.1
108.5
109.7
107.9
108.
91.5
100.0
100.2
95.4
91.6
132.1
142.9
156. 2
163.9
138.2
137.5
139.4
137.1
136.7
102.8
105.4
103.5
98.5
101.8
95.3
99.7
100.0
91.5
90.3
128.8
136.4
143.4
149.9
154.6
93.5
87.0
88.3
74.2
90.9
97.0
99.7
101.6
97.6
98.4
110.6
105.5
99.9
92.3
96.1
99.3
102.8
101.0
105.8
102.4
94.9
85.1
75.4
78.6
80.7
84.9
85.1
91.6
102.0
94.7
84.9
75.0
78.3
80.1
84.7
84.5
91.1
105.8
98.7
94.0
85.8
92.3
98.3
103.0
99.1
107.5
105.4
100.0
93.4
85.3
91.5
97.5
105.6
104.5
113.9
106.3
97.2
94.7
86.4
93.4
103.1
108.9
110.4
107.6
107.8
92.9
96.3
97.2
94.4
94.6
92.6
95.8
96.5
93.9
94.0
108.6
113.4
114.4
108.0
105.0
112.9
114.2
114.2
111.7
109.9
I
1
This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components.
The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes
for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925.
INDEXES OF INDUSTRIAL ACTIVITY i
[No seasonal adjustment.
Monthly average 1919«=100]
I
Agricultural movements
Year and month
1924
April
May
June
July
August.,
September
October
November
December
1925
January
February
March
April
May
AniLive- mal Grains
Total stock
products
.._
Mineral production
An-
Cot- Vege- Fruits To- Total
ton tables
bacco
thracite
coal
Bitumi- Petro- Pig
nous leum iron
coal
77
87
87
100
121
152
189
160
143
97
98
95
90
90
109
123
120
132
129
148
165
166
127
107
100
105
121
54
62
67
118
218
195
230
156
120
34
34
19
21
38
175
278
271
231
113
119
146
137
107
165
226
136
86
93
178
140
148
144
163
248
157
86
17
20
6
2
63
127
165
148
184
110
114
111
113
116
124
134
122
130
93
106
105
106
97
106
105
92
101
78
83
81
86
92
109
125
108
119
189 |
196
191
194
196 i
189
190
179
180
127
103
79
70
74
81
97
119
88
86
73
80
122
94
91
93
92
109
126
142
112
76
73
40
62
127
79
71
43
28
130
121
128
125
135
85
72
106
94
136
292
161
53
17
4
140
119
123
118
126
101
98
96
102
111
134
100
97
87
91
188
171
191
194
222
132
126
140
128
115
87
Lead
2
Silver
131
130
127
129
132
126
137
136
135
114
121
111
109
106
104
108
109
121
125 |
137 !
143 |
138 i
139 I
146 !
148 j
145 i
143-1
9?
123
111
95
104
117
119
119
120
148
137
149
140
138
128
119
131
124
127
146 |
131
154 j
143 !
151 I
117
107
104
109
115
Manufacturing production
Year and month
Total
1924
April
May
June
July
August..
September
October
November
December
January
February
March
April..
May
_.
1925
._
_
_
1
122
Iron
and
steel
Automobiles
Textiles
97
104
112
123
112
116
122
96
75
67
87
96
108
108
124
231
193
151
163
172
178
178
141
126
77
81
83
98
113
105
111
126
119
133
132
128
145
132
147
128
121
142
169
223
260
250
121
114
122
119
110
For description and early figures see BULLETIN for March, 1924.
Food
products
100
97
103
102
112
114
108
117
118
98 |
95
87 1
Leather Petro- Cement ToLum- Paper
and
and
and
ber printing
shoes leum brick bacco
Rubber
tires
149
162
139
136
142
143
160
132
122
126
120
113
102
107
109
126
116
117
89
83
76
75
84
90
101
84
90
181
171
176
176
182
180
186
185
196
154
167
156
154
166
157 I
169
148
138
106
122
123
127
123
126
132
114
106
152
144
126
125
158
175
191
155
145
134
150
155
164
122
114
130
130
125
89
92
99
97
87
199
186
204
201
111
107
136
168
196
118
105
116
113
119
171
176
190
191
193
Revised.
8
Preliminary.
JULY,
491
FEDERAL RESERVE BULLETIN
1925
COMMODITY MOVEMENTS
With the March issue the publication in
the BULLETIN of detailed statistics regarding
movements and stocks of commodities was
discontinued. Certain figures compiled by the
board's division of research and statistics are
still published in order that users of these
data may continue to have comparable series
of data. Information as to current figures for
any of the discontinued series will be furnished
upon request.
May,
1925
April,
1925
May,
1924
Tobacco
Tobacco sales at loose-leaf warehouses,
(pounds, 000 omitted):
Burley
Western dark
Transportation
Revenue freight loaded and received
from connections (cars loaded, 000
omitted) :
Classified by nature of products—
Grain and grain products
Livestock
Coal
Coke....
Forest products
Ore
Merchandise, 1. c. 1.
Miscellaneous
Total
Classified by geographical divisionsEastern
Allegheny
Pocahontas
Southern
_.
Northwestern
Central western
Southwestern
_.
Grain and Flour
Receipts at 17 interior
omitted):
Wheat (bushels)
Corn ( b u s h e l s ) . - .
Oats (bushels)
Rye (bushels)
Barley (bushels)
centers (000
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels).-.
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
•_
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
18, 666
12,828
14, 536
4, 554
2, 662
10,010
9^ 922
13, 614
1,506
2,038
16,899
16,356
15, 479
2,488
2,204
53, 246
2,114
37, 090
1,688
53,426
2,520
62,757
44, 687
64, 767
21, 567
9, 017
20,505
6,564
2,113
14,510
13, 069
20, 269
2, 065
1, 767
59, 766
2, 650
Total grain and flour (bushels).-.
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels).
Corn (bushels)
Oats (bushels).
. Rye (bushels)
Barley (bushels)
Total.
BUILDING STATISTICS
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of permits—
17,187
Boston (14 cities)
16, 388
New York (22 cities)
15, 788
Philadelphia (14 cities)
4, 532
Cleveland (12 cities)
1,724
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)
3,892
12, 933
3,431
7,109
4,104
4,000
15, 201
3,020
2,516
3,272
- 2,277
11,056
3,959
14, 044
3,901
7,866
4,557
3,561
16, 202
3,478
3,020
3,591
2,584
12,095
4,158
12,190
4,283
7,483
5,422
3,716
16,403
3,090
2,601
3,319
2,397
10,956
| 72,811
78, 858
76,018
19, 774
98,273
21, 527
25.177
15, 065
14,169
74,971
9,543
5,494
10, 214
7,669
38,842
14,876
131,219
30,954
27, 697
18, 527
11,047
77,863
18, 527
10,331
12, 946
8,863
41, 594
14, 988
88,704
16,085
22, 865
17, 206
9,602
62, 661
8,415
6,033
8,366
6,023
31, 909
Total
! 340, 718
Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
43,639
Boston
112, 585
New York
37, 638
Philadelphia
52,084
Cleveland
35,450
Richmond.
50,694
Atlanta
97, 707
Chicago
35,041
St. Louis
16,876
Minneapolis
12,447
Kansas City l
14,541
Dallas...
402,444
292,857
37,934
135,159
50,292
70,495
43,299
32,255
111,470
37,684
13,141
13,440
22,398
112,287
34,494
47,538
26,640
42,014
68,008
23,000
12,368
12,800
29, 213
567, 567
445,451
Total
Value of permits (dollars,
omitted—
Boston (14 cities)..
New York (22 cities)
Philadelphia (14 cities).
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities).
San Francisco (20 cities)
Total grain (bushels)
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels)...
Stocks at 8 seaboard centers at close of
month (000 omitted) :
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)..
Total grain (bushels)
12,098
694
7,06'
8'
4,7
14, 634
396
3,423
3,404
2,074
22,483
1,526
2,979
1, 050
1,374
25, 39t
1,289
31,190
7,504
544
1,790
1,275
1,071
9,315
682
1,656
2,220
917
3,371
644
96C
541
1,363
12,184
14, 790
6,879
8,151
8,183
9,765
000
Total (11 districts)..
Wheat flour production (barrels, 000
omitted)
1
District No. 10, excluding Colorado.
508, 702
492
FEDERAL RESERVE BULLETIN
JULY, 1925
CHANGE IN CONDITION OP WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1
Percentage change Percentage change
in May, 1925,
in stocks at the
sales compared
end of May, 1925,
with—
compared with l —
Average monthly sales 1919-100]
Gen- Groeral
index ceries
Meat
HardDry
goods Shoes ware Drugs
1924
January
February
March
April
May
June.
.___.»
July
August
September
October
November
December
80
78
80
78
77
76
78
83
92
95
84
79
80
77
80
79
81
83
83
83
98
100
89
83
66
63
62
61
64
64
67
68
71
78
69
66
97
98
90
81
72
70
79
102
116
104
88
77
49
49
65
69
56
52
44
56
69
67
57
57
91
90
104
108
104
96
93
93
106
110
98
99
116
109
118
114
110
105
110
107
117
128
109
109
1925
January
February
March
April
May
_.
79
76
83
79
79
80
73
79
75
79
71
69
73
68
75
82
88
96
85
77
43
46
63
64
55
89
90
107
107
101
116
109
121
115
107
1
„—
._ .
For description of the wholesale trade index see FEDERAL RESERVE
BULLETIN for April, 1923.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS
Percentage change Percentage change
in stocks at the
in May, 1925,
end of May, 1925,
sales compared
compared with i—
with—
April,
1925
Groceries:
United States
"...
Boston district
New York district.
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district...St. Louis district—
.Minneapolis district
Kansas City district.
Dallas district
San Francisco district Dry goods:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Shoes:
United States
May,
1924
-5.1
-3.0
8.0
11.3
2.3
3.8
3.0
-2.9
4.3
1.6
5.1
3.6
0.3
3.9
-1.6
-0.4
-6.5
-3.4
0.5
-2.6
-6.6
0.6
-0.5
-3.7
-3.6
-1.3
-9.2
6.4
-8.7
0.2
-11.9
-14.6
-14.6
-10.9
7.3
-3.5
-7.5
-8.8
0.4
25.6
— 1.7
-1.5
-5.4
13 7
2.1
13.8
9.5
21.4
-14.1
-1.6
-15.1
-2.7
April,
1925
May,
1924
-4.5
6.9
—9. 4
-4.7
-6.1
-10.1
12.2
8.0
-1.0
-0.0
1.2
-5.1
-12. 1
12.1
-12.6
-6.5
2.6
-1.3
-13.6
-4.3
-29.9
-2.3
-16.8
-11.0
-19.6
-0.7
-2.8
-10.7
-8.2
-0.9
-13.4
-3.5
-12.6
April,
1925
Shoes—Continued.
Atlanta district
Chicago district
St. Louis district
Minneapolis district
San Francisco district
Hardware:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Pallas district
San Francisco district
Drugs:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Kansas City district
Dallas district
_
San Francisco district
Furniture:
Richmond district
Atlanta district
__
St. Louis district
Kansas City district
San Francisco district
Agricultural implements:
United States»
Atlanta district
Minneapolis district
Dallas district
_
San Francisco district
Stationery ana paper:
New York district._
Philadelphia district
Atlanta district
San Francisco district
Automobile supplies:
San Francisco district
Clothing:
New York district
St. T.oniscifstrict
Cotton jobbers:
New York district
Silk goods: *
New York district
Machine tools:
New York district
Diamonds:
New York district
Jewelry:
New York district
Philadelphia district
Electrical supplies:
Philadelphia district
Atlanta district
St. Louis district
Millinery:
Kansas City district
Stoves:
St. Louis district
6.6
-26.9
-14.0
-6.5
-6.2
May,
1924
21.0
-13.6
-5.3
33.8
-12.2
April,
1925
-7.6
-3.4
May,
1924
-24.3
-17.5
-5.6
-2.3
-4.2
-6.2
-5.8
-1.6
-0.8
-7.6
-5.0
-7.5
-1.2
-11.7
-6.6
-4.1
-0.3
-9.2
-2.3
-2.6
-13.8
6.0
-1.0
5.3
5.2
8.6
-4.5
-2.9
-11.9
-3.7
-1.8
-5.0
-13.2
-3.7
-24.1
-7.8
-7.1
-3.4
-8.2
-4.1
-8.0
-4.3
-3.9
-5.0
-5.3
-13.7
-3.1
-2.9
—8 6
—2 1
—0 4
-2.4
-0.8
-0.3
0.8
1.7
9.0
5.7
-1.8
1.6
4.8
1.1
6.2
9.2
-9.2
-10.2
-3.1
8.6
-3.3
0.2
-18.4
-10.8
-12.3
7.2
13.8
10.2
10.8
-3.3
4.0
18.8
-14.0
31.4
-0.9
0.9
-2.8
-1.8
5.0
-14.8
2.1
-4.9
20.0
-16.1
-13.9
54.1
4.2
42.1
35. 1
13.4
23.6
-8.8
-4.6
-6.3
-2.0
-5.2
5.5
0.6
0.4
1.4
5.3
-38.9
-32.6
46.9
28.5
0.9
—0.3
— 17 6
21.3
-11.3
5.9
36.8
17.0
-5.1
7.3
-4.0
12.6
14.8
1.8
-6.5
4.4
-14.5
3.5
24.5
-6.1
-5.5
-9.5
-6.4
6.0
17.1
-31.6
2.7
3.9
Boston district
- -14.2
4-0
-19.6
8.0
8.5
New York district
16.6
48.3
15.6
-2.0
-3.0
-27.4
-6.7
-7.5
Philadelphia district
-23.4
-16.5
-2.2
Cleveland district
-17.2
-20.8
2.3
Richmond district
J
Sales of agricultural implements for the United States are compiled
'Changes in total stocks f©r the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading imple
computed on the basis of firms which have reported regularly to the ment manufacturers and include all their domestic business.
Federal Reserve System since January, 1923.
s Stocks at first of month—quantity, not value.
493
FEDERAL RESERVE BULLETIN
JULY, 1925
RETAIL TRADE, BY REPORTING LINES 1
[Average monthly sales 1919=100]
Sales without seasonal adjustment
Sb<3
O CO
o
B-
fl
en
P
03 _
"Sin fl'Sa
gch
cha
B chaii
chain
gchai
chain
HI?
ircha
chain
«
is ! B-
Year and month
Sales with seasonal adjustment
ge
GO
"S »5
OS
| |
C
J§.S
o'oa
Q
1924
January
February
March
April
May
June
July
August.
September
October
November
December
_..
110
102
115
133
127
120
91
93
119
141
141
210
96
105
114
90
89
69
74
106
141
131
148
205
201
200
210
214
200
206
201
210
240
232
253
126
140
163
178
174
162
163
172
169
203
199
366
141
143
149
145
150
143
148
152
145
159
145
187
119
124
136
130
143
131
128
138
137
144
138
192
99
93
118
178
150
140
113
108
124
138
146
186
108
101
121
136
128
108
105
119
117
95
250
233
255
264
254
151
156
177
195
191
155
146
160
159
163
122
119
131
134
143
107
100
127
177
149
84
97
82
75
72
91
110
124
111
184
154
167
184
205
186
169
177
180
189
199
186
282
126
128
115
131
123
120
123
118
131
124
126
131
100
101
91
111
100
104
93
98
112
109
105
123
204
200
184
208
214
203
214
211
221
234
230
242
173
179
170
190
183
176
179
181
183
188
191
198
146
150
147
149
153
146
147
151
147
156
154
153
137
140
140
136
141
134
129
141
137
137
139
142
130
132
118
153
130
132
123
138
129
122
134
142
102
112
110
103
99
94
97
102
110
102
89
98
184
190
182
205
193
181
181
179
192
194
195
188
162
175
188
210
195
124
131
121
133
124
110
116
103
114
106
249
243
235
260
253
207
209
185
208
201
161
161
159
164
166
141
140
135
139
140
141
149
127
152
129
112
120
116
126
116
193
207
186
210
202
1925
January
February
March
April.
May
92
105
107
*1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.
Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Averago monthly sales 1919=100]
Number
of reporting
firms
Federal reserve district
United States.
359
Sales without seasonal adjustment
1925
May
128
Apr.
136 j
Sales with seasonal adjustment
1925
1924
Mar.
Feb.
121
101
Jan. i May I Apr
1924
May
Apr.
Mar.
Feb.
Jan.
May
Apr
108
127
133
124
133
121
131
124
123
131
110 i
120
105
107
93
83
112
92
92
128
132 !
132
124
133
116
104
134
109
105
146
137
137
136
145
128
107
145
115
101
139
120
129
117
126
116
99
135
106
107
143
129
136
122
139
129
106
145
110
116
153
110
122
135
123
115
100
127
99
101
143
126
140
125
137
120
111
136
115
114
149
122
132
120
123
113
102
132
107
106
145
125
128
120
128
115
99
128
107
104
141
130
134
124
141
125
104
143
111
106
145
I
Boston..
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
Minneapolis. _
Dallas
San Francisco.
24
63
22
54
23
35 |
63 i
23 {
21
31
128
136
132
140
121
134
132
142
117
132
104
109
142 ! 147
107 | 116
108 I 110
146
148
110
124
125
125
119
99
127
97
107
142
107
101
ioe
89
84
107
81
90
113
DEPARTMENT STOBE STOCKS, BY FEDERAL RESERVE DISTfi.'CTS
[Average monthly stocks 1919=100]
Stocks without seasonal adjustment
Number
of reporting
firms
Federal reserve district
United States .
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
Minneapolis
Dallas
San Francisco
.
._
.
..
Stock s with seasonal adjustment
1924
1925
1924
1925
May
Apr.
Mar.
Feb.
Jan.
May
Apr.
May
Apr.
Mar.
Feb.
Jan.
May
Apr.
314
135
140
139
127
119
136
141
135
136
137
135
134
136
136
24
63
13
52
19
22
51
22
19
29
125
134
172
136
124
109
150
115
123
135
127
139
186
140
132
114
155
116
126
140
126
135
185
137
131
113
156
117
125
136
115
123
167
125
118
107
145
106
113
126
112
118
147
112
109
99
137
99
103
123
126
131
152
138
130
121
154
113
120
141
128
136
162
141
134
124
162
112
125
148
124
134
176
135
126
112
152
111
122
134
124
134
183
135
128
112
149
112
126
135
127
132
182
136
125
112
158
112
124
134
123
132
177
134
126
111
156
109
120
131
124
132
164
133
129
110
154
111
119
134
126
130
156
137
132
124
156
109
119
141
125
131
159
136
130
122
156
108
125
143
494
FEDERAL RESERVE BULLETIN
JULY, 1925
FOREIGN BANKING AND BUSINESS CONDITIONS
FRENCH COMMERCIAL BANKING IN 1924
Active trade and industry in France during
1924, at a price level substantially above that
of preceding years, was reflected in an increased demand for credit from the commercial banks, as well as for currency from the
Bank of France. Changes in the position of
the Bank of France during the year were discussed in the April FEDERAL RESERVE BULLETIN, and additional information on the
credit situation of the country can be obtained
by a study of the movements of the more
important
items of three large commercial
banks,1 together with comments in the recently published annual reports of these banks,
whose combined resources constitute a considerable proportion of the total volume of
bank credit in France.
Demand for credit at commercial banks.—
Demand deposits of the three institutions
rose steadily from 12,875,000,000 francs at
the end of "1921 to 15,634,000,000 francs at
the end of August, 1924. From this peak
they fell off rapidly, and in December were
14,406,000,000 francs, the lowest figure for
the year. The principal assets corresponding
to deposit liabilities are bills, loans on current
account, and collateral loans. Of these, bills
are by far the most important, representing
about two-thirds of demand deposits. The
bills are short-term paper, which by reason of
its acceptability at the Bank of 1 ranee corresponds to the paper eligible in this country
for discount at the Federal reserve banks.
The proportion of bills to demand deposits is
about the same at present as in pre-war years,
but the composition of the portfolios has
materially changed, since they consist at present largely of treasury bills and of national
defense bills. The reports of the banks indicate that the proportion of commercial paper
to Government paper has been growing in
recent years.
Next to bills the principal form of credit at
the French banks are loans on current account,
advances on collateral having become less
important since 1913, although they have risen
substantially since the end of 1921. Loans on
1
Socie"te Gene" rale pour Favoriser le D6veloppement du Commerce et
de l'lndustrie en France, Le Comptoir National d'Escompte de Paris,
Le Credit Lyonnais. These are the largest commercial banks publishing monthly statements
current account represent largely current commercial borrowing, and changes in the volume
of these loans are a better indicator of general
credit conditions than changes in the volume
of bills, since these contain a large and varying
proportion of Government borrowings.2
The abrupt decline in deposits after August,
1924, mentioned above, was accompanied
between that date and the end of the year by a
reduction in bill holdings of nearly 1,800,000,000 francs, and a rise of about 350,000,000
francs in loans on current account, and of
150,000,000 in collateral loans, which may be
considered as an indication of a considerable
growth in the demand for longer commercial
credits. That a part of the funds loaned to
commercial borrowers was obtained by the
banks through the sale of treasury bills is suggested by the following statement from the
annual
report for 1924 of the Societe Generale:
u
On the 31st of last December we observed in
our bill portfolio by comparison with the preceding year a noteworthy increase in commercial bills, which, under the pressure of the needs
of our clientele, have gradually replaced a portion of the treasury bills which we formerly
held for our account."
The growth in the credit at the commercial
banks was accompanied by an increased demand for currency, which led to a larger volume
of borrowing from the Bank of France for the
purpose of meeting the public's currency requirements. Discounts of the Bank of France
and advances—exclusive of advances to the
Government—which at the end of September,
2
Commenting on the proportion of the floating debt held by the commercial banks, the annual report of the Credit Lyonnais for 1923 remarked
that although its portfolio at the end of that year contained more commercial paper than at the end of 1922, nevertheless, treasury bills and
national defense bills of less than three months maturity still formed
the major part of its portfolio.
The report continues that on the assumption that two-thirds of the
bill holdings of all the commercial banks represent treasury bills, this
would hardly account for more than about a quarter of the total of these
bills then outstanding, and it further adds that an increase in the offerings of commercial paper to the banks might further reduce this proportion.
Statements of the volume of outstanding treasury and national defense
bills are not currently available. The latest published detailed statement of the floating debt is that of the "inventory" of the Ministry of
Finance, giving its condition on July 31, 1924, as follows:
Francs
Ordinary treasury bills
_
5,213,047,000
National defense bills
56,287,000,000
Deposits of funds with the treasury
6,781,200,000
A dvances from the B ank of France
23,000,000,000
91, 281, 247,000
Of the 56,000,000,000 of national defense bills, 71 per cent were of the
12-month type, 19 per cent of the 6-month, 5 per cent of the 3-month, and
5 per cent of the 1-month type.
FEDERAL RESERVE BULLETIN
JULY, 1925
1923, were 4,640,000,000 francs, increased by
the end of November to over 6,000,000,000
francs, an increase of about 30 per cent in two
months. In January, 1924, the bank raised its
discount rate from 5 to 6 per cent and its rate
on advances from 6)^ to 7 per cent, but its
discounts and advances continued to increase
and were at the end of March 7,862,000,000
francs, an increase of 3,200,000,000 francs in six
months. During the same period the bank's
deposits increased by over 1,000,000,000 francs
and its note circulation hj about 2,300,000,000
francs. During the second quarter of the year
discounts and advances declined by 1,500,000,000 francs to 6,338,000,000 francs in June, being
reflected chiefly in a similar decline of deposits,
while the volume of notes outstanding remained
almost unchanged. During the second half of
the year discounts and advances and note
circulation of the bank continued to increase; in
September the rate on advances was raised
from 7 to 8 per cent and in December the discount rate was advanced from 6 to 7 per cent.
At the end of 1924 the discounts and advances
of the Bank of France at 8,171,000,000 francs
were at the highest month-end figure recorded
up to that date, representing an increase of
3,500,000,000 francs over September, 1923.
During the same period note circulation increased by 3,000,000,000 francs, while the
bank's deposits changed relatively little.
The following table shows selected items for
the three commercial banks and of the Bank
of France over a period of years and brings out
the extent to which the credit requirements
arising from the business expansion following
the depression of 1921-22 was met by borrowing at the Bank of France, principally in the
form of bank notes.
S E L E C T E D I T E M S OF T H R E E F R E N C H COMMERCIAL
B A N K S AND OF T H E B A N K OF F R A N C E
[In millions of francs]
Three commercial
banks
End of year
1913._
1918
1919
1920
1921
1922
1923
1924
1
Total
deposits i
Bills
5,427
6,921
11, 783
13,180
13, 095
13, 694
14, 714
14, 729
3,493
4,623
8,303
8,985
9,876
10, 574
10, 552
9,798
Includes time deposits.
Bank of France
Loans
on cur- Derent
posits
account
1,467
1,550
2, 566
3,095
2,354
2,107
2,791
3,240
979
2,478
3,204
3,575
2,743
2,309
2,384
1,973
DisWar
counts
adand
vances
adto
vances State
2,296
2, 250
2,721
5,511
4,745
4,483
6,060
8,171
17,150
25, 500
26, 600
24, 600
23, 600
23,300
22, 600
Note
circulation
5,714
30, 250
37, 275
37,902
36, 487
36, 359
37, 905
40, 604
495
Comparing the figures of December 31, 1924,
with those of the end of 1922, which may conveniently be taken as marking the end of the
depression, the three commercial banks showed
a growth of about 1,150,000,000 francs in
deposits,
against a decrease in bills of 78,000,000
francs,3 an increase of 1,133,000,000 francs
in loans on current account, and of 342,000,000
francs in loans against collateral security.
For the same period the discounts and advances
of the Bank of France increased by 3,700,000,000 francs, while its deposits declined by about
300,000,000 francs, and its note circulation
rose by 4,200,000,000 francs. Increased financial requirements of business were thus met
largely through the issue of notes by the Bank
of France, the deposits of customers at commercial banks showing a relatively small
increase.
Recent developments.—During the first part
of 1925 the circulation of the Bank of France
and its advances to the State increased, while
discounts and advances, after reaching a new
high point of 8,979,000,000 francs at the end of
April, declined to 7,584,000,000 francs at the
end of May, which is approximately the level
of last September. This contraction in the
bank's loans to trade and industry has not been
accompanied by a corresponding reduction in
note circulation, owing to the increase in
advances to the Government. In the third
week of June these advances to the Government stood at 25,250,000,000 francs, or 4,050,000,000 francs above the year's low figure
shown for the end of January, with note circulation about 3,000,000,000 francs higher.
The bank's discounts and advances, on the
other hand were about 2,000,000,000 francs
lower.
At the commercial banks demand deposits
rose by about 400,000,000 francs during the
first quarter of 1925, while loans on current
account and advances on collateral security
each declined by about 100,000,000 francs and
bill holdings rose by 680,000,000 francs.
ANNUAL REPORT OF THE NATIONAL BANK
OF AUSTRIA, 1924
The extraordinary economic and financial
improvements in Austria during the year 1923
raised expectations for their continuance which
3
This does not necessarily indicate a reduction in holdings of commercial bills. The report of the Societe Generale, whose statements
showed a decline in bill holdings from 3,441,000,000 francs in December,
1923, to 3,133,000,000 francs at the end of 1924, stated that their portfolio
contained a notable increase in commercial paper, and that for the first
time since the war the movement of commercial paper showed that the
number of such bills presented was above that of 1913, representing total
values three and one-half times as great.
496
FEDERAL. RESERVE BULLETIN
proved too high and failed to make allowances
for inevitable fluctuations. Taken as a whole,
however, the year 1924 was very favorable,
especially as regards budget and currency
policy. Improvement in the state revenues,
especially from the tobacco monopoly, customs, and the turnover tax on commodities,
made possible a series of tax reforms, including
the lowering of certain taxes which were hampering the economic life of the country.
At the close of 1924 there remained available
from the proceeds of the League of Nations
loan—and not including the 20,000,000 gold
crowns of the Swiss Government loan which
had not yet been realized—210,000,000 gold
crowns, which had not needed to be drawn on
during the entire year. This fortunate condition of affairs came about as a result of the
fact that, although the balance of trade, was
very unfavorable, the balance of payments was
vastly improved by the inflow of foreign capital.
The bank was able to meet the demands of private business and also the increasing demands
of the state for foreign exchange by using exchange bills resulting from private operations,
and in addition to increase its own holdings of
foreign exchange. The consequent maintenance of the stability of the exchanges and
the bank's increasing supply of foreign bills
made possible the adoption of the new currency,
the schilling, the resumption of gold coin
mintage, and other monetary reforms.
The most serious obstacle in the way of
economic recovery in Austria is the lack of
capital. While short-term credits are becoming more adequate, only long-term loans can
meet the imperative needs of many important
industries.
A grave financial crisis, aggravated by the
strike of bank employees, took place during
the first half of the year. The portfolio of
the National Bank rose from 1,759,000,000,000
paper crowns on April 15 to 3,328,000,000,000
on August 7, an increase of about 90 per cent
in 3 months. This excessive demand for credit
led to the raising of the bank rate from 9 to 12
per cent in June, and again to 15 per cent
in August. Thereafter discounts declined to
2,202,000,000,000 paper crowns by the beginning of November, and the bank rate was
lowered to 13 per cent. Toward the end of
the year the money market became considerably
easier.
Reserves in gold and in sterling and dollar
exchange increased during the year by 34,000,000 gold crowns to 339,000,000 gold crowns.
The item "loans and discounts" has been
JULY, 1925
revised to such an extent that comparable
figures for the end of 1923 are not available; at
the close of 1924 they amounted to 131,000,000
gold crowns. Note circulation increased by
88,000,000 to 582,000,000 gold crowns, while
deposits declined by 7,000,000 to 38,000,000
gold crowns.
ANNUAL REPORT OF THE NATIONAL BANK OF
THE KINGDOM OF SERBS, CROATS, AND
SLOVENES
The annual report states that relations
between the National Bank and the state during 1924 continued excellent. The state debt
to the bank was 4,656,000 dinars larger than
in 1923, but at no. time did the state exhaust
its whole credit with the bank and had at all
times an unused margin of over 33,000,000
dinars. The bank is no longer issuing notes
for the account of the state, and its issue on its
own account is now strictly limited. The
question of reducing the state debt to the bank
must be settled by determining whether state
finances can carry a sum for this purpose in the
budget, which would be slow but practicable;
or whether state debts should be consolidated,
which would be speedier but perhaps dangerous to the economic life of the country.
As in most other continental European
countries, money rates in Yugoslavia have
been very high. The National Sank last year
undertook to secure the cooperation of the
commercial banks in regulating the interest
paid on loans and charged on deposits. Following is the account of the bank's procedure
as given in the annual report:
The question of the discount rate was the subject of
very prolonged discussions in the chief executive committee last year. As is well known, it remained at 6
per cent, as it was before the war and after the war
until now. The interest rate on mortgage loans was
raised on October 24, last year, from 7 to 8 per cent.
In the report for 1922 it was mentioned that the bank
discount rate has no longer the same importance in the
bank's circulation policy as in ordinary circumstances,
when it affects the increase or decrease of the circulation. It has lost that importance now because there
is a great disparity between private and bank discount
rates, so that the increase or decrease of the bank's discount rate does not affect private capital, which is the
main credit reservoir. It is estimated that the total
volume of bank credit in the country amounts to about
12,000,000,000 dinars. The bank's share in this
amount is 1,500,000,000 dinars. The greater part of
the bank's credit (1,300,000,000 dinars) bears interest
at 6 per cent, and the rest at 8 per cent, while the credit
of the other banks amounting to 10,500,000,000 is lent
at much higher rates. Mortgages of the State Mortgage Bank pay 6 per cent on their loans of 88,000,000
JULY, 1925
FEDERAL RESERVE BULLETIN
dinars, 7 per cent on 433,477,000, and 10 per cent on
169,327,000 dinars.
Banks participate in this amount both as debtors
and creditors—as debtors for saving deposits and as
creditors for loans which they lend at discount.
Thus, there are two rates of interest charged by the
banks. The National Bank had to take an interest in
these two rates charged and paid by its clients, for
according to them the security of any bank and of its
business may be gauged with a fair degree of certainty.
By its rules of credit the bank must take notice of the
interest rates charged and paid by its clients, and
refuse or take back the credits of those charging or
paying too high rates. In order to enforce this rule, to
which all its clients agreed when obtaining credit from
the bank, it was necessary to ascertain what might be
considered the private rate on credits and deposits, and
the difference between those and the offiical rate had
to be fixed by the National Bank.
The inquiry which the bank conducted from the
books of its clients' banks led to unexpected results.
The rate of interest is charged and paid according to
the circumstances at the moment. The rate for
credits varies throughout the country from 18-30 per
cent—18 per cent being the exception and 24 per cent
the average rate. The rate for deposits fluctuates
between 6 and 18 per cent in the main, but 12 per cent
is normal. In the same towns and under practically
the same conditions there are all rates within the
limits mentioned. In cases where the bank participates also in the profit, the rate even exceeds 30 per
cent. Credits are also given privately and at a rate
higher than that of the dearest banks.
Hitherto the rate was to some extent tolerable, because it represented something of a premium of security against the fall of the dinar. Now that the dinar
has begun to rise, this exaggerated rate has become a
danger to users of credit, for, owing to the constant
improvement of the dinar, they both lose their former
gains from any fall of the dinar, and are even in danger
of absolute failure. The National Bank considers that
497
it has the right to refuse credit to those intermediaries
who, by the high rate of interest, prevent their clients
from prospering. At the bank's meeting, which discussed the whole question, 18 per cent was generally
considered as fair. But, in granting additional credit,
the bank had to know what was a fair rate of private
interest, in order to be able to inform the banks that
it would have to rescind their credits if the fair rate were
not adhered to, and give credit to individuals directly.
This intention of the bank seems to have been misunderstood by a number of banks and was interpreted
to mean that the bank intended to lay down the
rate of private interest. But this the bank neither
intended nor ought to do. It can and ought, however,
to refuse credit to those who do not convert the bank's
credits to ends which the bank both legally and naturally ought to further. It ought also to refuse credit
to those who abuse its credits and do not put them to
productive uses—trade, industry, craft, etc. Further,
the bank should not grant credit to those who exceed
the proper limits of their work, seeking for over-great
and unjustified gain, and who misuse their position as
creditors to ruin their debtors. It was quite justified
in wishing to know and desiring the banks to settle
among themselves the fair rate of interest which may
be charged by banks for their services. It regards an
exaggerated rate of.interest as unsound, and the work
on which it is charged as unsound also, and therefore is
of the opinion that its credit should not be granted
for use in unsound work. It knows very well that it
is impossible to decree one rate for the whole Kingdom,
but it knows that it has the right to demand of its
clients, the banks, that they should settle among themselves uniform conditions for payment and charging of
interest, just as they have always done and still do in
other business, such as the charging of commission.
This would avoid too great competition and put business on a sound footing. This is the aim with which the
bank invited its clients, the private banks, to come to
an understanding as to the methods of regulating the
private rate of interest.
498
FEDERAL RESERVE BULLETIN
JULY, 1925
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
(Bank figures are for the last report day of month, except for London clearing banks, which are daily averages)
GERMANY
ENGLAND
[Millions of pounds sterling]
[Millions of reichsmarks]
I
1925
1924
April I March | M a y
May
_|
Bank of England:
Issue departmentGold coin and bullion
• Notes issued. __.
Banking department—
Gold and silver coin
Bank notes
_
Government securities
Other securities
Public deposits
Other deposits
Ratio of gold and note reserve
to deposit liabilities (per
cent)..
_
Bank notes in circulation..
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments
Total deposits..
Total clearings..
_
Government floating debt:
Total
Treasury bills
Temporary advances
_.
Index of security prices (December,
1921=100) (per cent)
Index number of foreign exchange
value of the pound sterling (per
cent)
_
155
175
2
26
37
75
16
1 7
154
174
2
25
37
76
17
105
2
22
39
77
15
106
2
20
42
73
15
105
23.0
90
292
22.1
94
290
19.8
97
18.5
103
286
104
1,049
274
1,598
3,320
112
1, 039
278
1,606
3,295
108
1,043
283
1,605
3,453
101
1,024
327
1,618
3,410
737
581
156
728
563
165
742
576
166
742
570
172
115.1
116.5
116.9
115.3
127.1
126.3
127.3
124.4
127
147
126
146
FRANCE
[Millions of francs]
Bank of France: l
Gold reserve
Silver reserve
_
War advances to the Government
Note circulation
Total deposits.
Three commercial banks:
Demand deposits
Bills
Other loans
Price of 3 per cent perpetual rente
1
3,682
314
3,682
317
3,682
309
3, 679
299
23, 850
42, 703
2,176
23, 250
43,050
2,105
21, 800
40, 892
2,052
22, 700
39, 556
2,225
14,893
14,837
10,483
4,278
46.85
14,496
10, 597
4,072
52.00
44.60
45.00
Not including gold held abroad.
2
Not including gold held abroad.
Total for month.
959
56
March February
798
205
896
118
339
1,648
964
581
2,609
1,864
4,103
334
1,578
1,217
743
2,315
1,911
4,095
338
1,496
1,123
706
2,452
1,896
4,165
104
658
1,010
2,101
3,943
85
624
883
1,874
3,571
95.54
24
77.80
43
700
207
302
1,737
1,684
918
2,106
1,967
3,637
97.60
31
101.47
26
Figures for the six Berlin banks are for Dec. 31, 1924.
ITALY
[Millions of lire]
Banks of issue: 1
Gold reserve
,
Total reserve
Loans and discounts
Note circulation for commerce
Note circulation for the State
Total deposits
Leading private banks:
Cash
Loans and discounts
Due from correspondents
Participations
Total deposits
__
State note issue
Index of security prices (per cent)
Not including gold held abroad.
JAPAN
[Millions of yen]
1925
1
1
1
CANADA
[Millions of dollars]
Chartered banks:
Gold coin and bullion i
Current loans and discounts
Money at call and short notice
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes.
Dominion note 2circulation
Bank clearings
Bank debits 2
Reichsbank:
Gold at home
Gold abroad .
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits
Reichsmarks in circulation.
._
Rentenmarks in circulation
Reichbank clearings
. _
6 Berlin banks:
Cash
. . . .
Bills...
Due from other banks
Miscellaneous loans
_
Deposits
Index of security prices (Jan. 2,1925 =
100) (per cent)
Capital issues
April
1924
April
March
ary
57
1,120
349
564
151
2,145
116
206
1,279
2,229
52
1,140
316
569
158
2,147
120
207
1,195
2,005
52
1,131
330
570
158
2,136
125
218
1,110
1,915
1925
April
54
1,185
314
484
162
2,055
97
229
1,268
2,029
Bank of Japan:
Reserve for uotes *
Loans and discounts
Advances on foreign bills.
Note circulation
Government deposits
Private deposits
_.
Tokyo banks:
Cash on hand
Total loans
Total deposits
Total clearings
1924
May
April
March
1,059
212
40
1,209
219
41
1,059
275
61
1,272
249
47
1,059
339
62
1,289
301
45
137
343
2,412 ; 2,411
1,967 ! 1,932
2,977 •• 2,870
Gold abroad, gold coin and bullion in Japan.
May
1,062
449
83
1,287
411
45
135
128
2,392 | 2,556
1,896 | 1,888
2,843 j 2,636
499
FEDERAL RESERVE BULLETIN
J U L Y , 1925
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES
1924
April
May
Austrian National Bank (millions
of schillings):
Gold
Foreign bills (reserve)
Other foreign bills
Domestic bills, etc
Note circulation
Deposits
March
11
347
148
106
798
24
133
93
817
16
11
320
172
105
790
30
May
11
334
756
64
National Bank of Belgium (millions of francs):
Gold
272
Foreign bills and balances abroad.
30
Bills
..[ 1,223
Note circulation
i 7,
Private deposits
...|
221 j
272
30
1,374
7,665
224
272
30
1,318
7,458
276
2
759
311
449
4,171
1,950
68
2
838
315
523
4, 278
1, 759
1,031
1,030
1,030
551
737
501
7,437
625
566
735
527
7,526
748
544
822
537
7,681
584
I
National Bank of Bulgaria (mil- |
lions of leva):
Metallic reserve
!.
Foreign notes
.
Balances abroad and foreign bills.|.
Commercial bills
Commercial loans
__.
Notes in circulation
Deposits
Banking Office, Czechoslovakia
(millions of Czechoslovak crowns):
Gold and silver
Balances abroad and foreign currency
Bills discounted
Advances on collateral
Note circulation
Checking accounts
Bank of Danzig (thousands of
Danzig gulden):
On deposit with Bank of England, foreign bills, etc.
Loans and discounts
Notes in circulation
Total deposits
34, 043 27, 690 30, 201
22,417 16,829 16,459
30, 853 30, 095 31, 737
7,282 5,487 13, 750
National Bank of Denmark (mil-
lions of kroner):
Gold
.._.
Bills
Loans.
Foreign bills and balances abroad.
Note circulation..
Current accounts
209
182
40
38
467
35
Bank of Finland (millions of finmarks) :
Gold.
Balances abroad, etc
j 1, C
Finnish and foreign government
securities
407
Domestic bills
431
Note circulation
] 1,336 j
Current accounts—
|
Private
|
35 I
Treasury
|
256
209
198
41
38
465
30
43
1,133
43
862
405
532
1,382
474
645
1,384
84 i
245 I
National Bank of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securitiesDiscounts and loans
Note circulation
Private depositsSight
Time
National Bank of Hungary (billions of Hungarian crowns):
Gold...
Foreign exchange
Bills, etc
Note circulation
Current a c c o u n t s Public
Private
209
202
40
35
452
46
2,536
3,813
2,969
5, 222
1, 965
1,051
649
2,130
1,459
4,494
654
2,082
1,486
4,526
1,984
1,514
4,270
2,307
234
2,342
129
2,409
144
1925
270
18
1,299
7, 020
205
May
April March
Bank of Java (in thousands of
florins):
Gold
184,500 184,904
Foreign bills
18,152
Domestic bills
20,464
Loans.
40, 605
Note circulation...
283,000 276,499
Bank of Latvia (thousands of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (thousands of
litas):
94
Gold
1
Foreign exchange reserve
596
Loans and discounts
172
Note circulation
370
Deposits
_
5,055
1,196 Netherlands Bank (millions of
florins) :
Gold
Domestic bills
1,045
Foreign bills
Loans
__
660
Note circulation
625
Deposits
.
767
8,078 Bank of Norway (millions of
kroner):
Gold
Loans and discounts
Balances abroad
Note circulation—
23,945
Deposits:
16,062
State
18,414
Private
17,300
Reserve Bank of Peru (millions of
libras):
Gold at home
210
Gold abroad
_
255
Bills
55
Notes in circulation
22
Deposits
481
69 Bank of Poland (millions of zlote):
Gold
Foreign exchange, etc
Bills
43
Note circulation
540
Current accounts, etc.:
Treasury
501
Private.
_
916
1,361 Bank of Portugal (millions of escudos):
1
Gold
_
Balances abroad
128
Bills
Note circulation
_
Deposits
2, 823
4,004 National Bank of Rumania (mil1,806
lions of lei):
4,613
Gold
_
Bills
1,804
Government
loans
__
1, 063
Note circulation
Deposits
23, 513
33, 703
53,370
52,126
29,410
91, 806
44,092
May
133,922 147,686
17,949 15,311
21,427 35,488
48, 580 56, 739
271,153 253, 525
23,501
36,411
51, 700
53, 373
29,913
82,431
44,387
33,176 32,978
41,192 48,078
38,461 39,386
84,780 ! 88,702
26, 905 30,808
23, 532
41, 750
49, 640
52, 222
29, 730
84, 408
41,914
20,892
49,090
29,412
33,218
25,300
70, 685
37, 702
32, 862
56, 706
39, 589
94,033
31, 279
24,353
59,773
30, 956
70, 978
42,264
479
89
169
160
875
44
479
95
147
153
896
40
504
93
132
162
898
43
531
175
94
142
147 |
336
59
375
147
350
57
147
355
51
380
147
425
20
379
3,979
990
1,983
6,000
4,025
979
1,725
5,916
810
4,184
983
1,328
5,868
492
4,263
700
1,151
5,737
119
173
297
557
117
216
295
567
117
259
307
563
2
71
10
62
72
214
127
245
10
18
203
170
1,627
63
246
164
1,671
81
28
274
161
9
67
175
1,553
45
563
563
7,355 7,307
10, 787 10, 787
19, 089 19, 071
7,765 6,750
State Bank of Russia (note issuing
department; thousands of chervontsi):
Gold
16,798
5,100
Foreign currency...
38,307
Loans and discounts
B a n k notes
1924
| 61, 554
17, 994 16,188
4,689 6,828
36, 319 33,929
60,439 59,030
8,841
9,875
18,282
36,700
500
FEDERAL RESERVE BULLETIN
JULY,
1925
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
May
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
Foreign currency and balances
abroad
Bills
Note circulation
Current accounts
South African Reserve Bank
(thousands of pounds sterling):
Gold coin and bullion
Gold certificates
Total bills discounted
Domestic bills
Foreign bills
_
Notes in circulation
Bankers' deposits
Bank of Spain (millions of pesetas):
Gold
Balances abroad
Bills discounted
._ _
Note circulation
Current accounts
April
72
368
994
March
72
72
May
May
72
353
352
340
5,771
1,066
5 671
1,095
5,594
1,190
5,524
312
306
282
355
4,763 1,677
9,976 10,224
5,124
3,372
351
69
3,053 4,313
10,566 10,699
5,760 5,013
2,216
10,224
4,816
668
3,358
11,097
4,811
549
10,102
4,708
2,378
870
10,873
5,671
2,536
31
930
4,397
1,077
2,533
29
841
4,343
920
2,536
30
812
4,295
1,125
2,536
31
862
4,364
1,119
1924
1925
1924
1925
Bank of Sweden (millions of kronor):
Gold _
.
Balances abroad and foreign
bills i
Domestic bills
_
Government securities:
Swedish
- .
Foreign
.__
Note circulation
Deposits
.
Swiss National Bank (millions of
francs):
Gold
—
Domestic bills
Loans
__
Balances abroad and due from
correspondents
_
Note circulation
Deposits
-.
April
March
May
234
233
234
248
136
363
124
386
137
379
71
446
13
40
13
41
13
42
14
49
500
243
493
253
521
237
523
255
482
257
52
47
822
480
261
52
49
830
481
269
52
36
836
80
76
70
530
264
64
29
877
Rate
In effect
since—
89
i Includes foreign government securities.
DISCOUNT RATES OF 30 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark
England
Rate
In effect
since—
11 Apr. 25,1925
5 ^ Jan. 22,1923
10 Aug. 31,1924
7
9
7
5
Mar.
Mar.
Jan.
Mar.
25,1925
6,1925
17,1924
5,1925
Country
Esthonia
Finland
France
Germany
Greece
Hungary
India
Italy
Rate
9
9
7
9
m
In effect
since—
May
Mar.
Dec.
Feb.
Feb.
May
June
June
19,1924
6,1924
11,1924
26,1925
15,1925
27,1925
18.1925
18,192o
Country
Japan
Java
Latvia
Lithuania-._
Netherlands
Norway
Poland—
Portugal
Rate
7.3
6
8
7
4
6
10
9
In effect
since—
Apr.
May
Feb.
Feb.
Jan.
May
Nov.
Sept
15,1925
3,1925
16,1924
8,1925
16,1925
9,1925
28,1924
12,1923
Country
Rumania
Russia
South AfricaSpain
Sweden
Switzerland.
Yugoslavia..
6
8
5
5H
6
Sept.
Apr.
Nov.
Mar.
Nov.
July
June
4,1920
—,1924
—, 1924
23,1923
9,1923
14,1922
23,1922
9
5
7
Changes.—Bank of Italy, from 6}4 per cent to 7 per cent on June 18, 1925; Imperial Bank of India, from 6 per cent to 5 per cent on June 18,1925
501
FEDERAL RESERVE BULLETIN
JULY, 1925
FOREIGN TRADE OF PRINCIPAL COUNTRIES
FOREIGN
UNITED STATES
COUNTRIES
[Thousands of dollars]
1925
May
May
By classes of commodities:
Total
Crude materials
Foodstuffs, crude, and food
animals
Manufactured foodstuffs..
Semimanufactures
Finished manufactures....
Miscellaneous.
By countries:
Total Europe
France
Germany
_
Italy
United Kingdom
Total North America
Canada
__
Total South America
Argentina
Total Asia and Oceania...
Japan
Total Africa.
_.
328,000
135,737
34,168
39,896
56,206
60,892
517
April
348,704 3,773, 218
140, 540
36, 591
48,426
59,824
62,305
1,012
April
450,304
455, 366
690, 560
765, 697
22, 337
3,600,271
1,229,683
375,941
541, 769
672, 243
757, 077
23, 558
France (million francs):
Imports
i_.
2,969
3,051
39, 284
Exports
3,640
41, 211
3,557
Germany (million gold marks):
Imports.
1,081
Exports
672
United Kingdom (thousands £
sterling):
Imports
104,270 110,358 1,337, 059
Exports
64, 200
60, 877
802,685
Reexports.
14,490
12, 410
142,863
Canada (thousand dollars):
Imports
75, 895
59,105
799, 692
Exports
97,475
60, 709 1,084, 626
Japan (million yen):
204
Imports
258
2,447
168
Exports
170
1,946
South Africa (thousand £
sterling):
Imports.
.
5,900
.
4,326
E xports
1925
April
1
4,840,687 4,324,624
83,908 1,404, 578 1,308,354
36,192
209,681
476, 283
569,257
39,386
568,457
642,450
594,405
60,704
170,875 1,663, 267 1,609, 352
7,287
5,943
529
77,886
87, 633
7,454
2,658,158 2,200,063
278,765
22,017
305,010
379,277
459, 659
32,995
176,470
219,907
19,171
900,925
73,148 1,059, 538
1,057,885
92,723 1,130,865
616,306
635,456
49,315
280,303
35,899
355,079
108,798
12, 242 132,915
721, 687
54,667
628,575
290, 687
216, 269
12,751
64,687
76,159
7,679
Figures for Russia are for six months ending April, 1925. Prior to
1924 Russian foreign trade figures were computed on a 1913 price basis.
* Figures for November a n d December, 1924, a n d for t h e 12 months
ending December, 1924, and December, 1923.
1925
1924
90,097
98,006 1,161,952 1,074,976
10,405
11,816
152,125
146,518
9,514
11,506
144,355
151,249
8,514
9,986
86,975
82,866
31, 575 31,377
384,370
367,099
89,132
958, 744 1,018,191
93.352
37, 560 33,120
399,562
421,852
32,848
503,248
46,661
437,813
3,823
83,059
92,259
11.353
108, 585 100, 574 1,053,932 1,043,961
22, 567 23,891
346,902
333,553
81,032
4,753
76,913
10,105
By classes of commodities:
371,420
Total
65,640
Crude materials...
Foodstuffs, crude, and food
animals
41,161
Manufactured foodstuffs. _
58,938
Semimanufactured
163,057
Finished manufactures
335
Miscellaneous
8,663
Reexports
...
By countries:
175,785
Total Europe
20,531
France
_
28,727
Germany
14,022
Italy
62,990
United Kingdom
107,471
Total North America
66,817
Canada
_
35,690
Total South America
12,263
Argentina
44,912
Total Asia and Oceania.._
8,133
Japan
7,362
Total Africa
12 months ended
May—
12 months ended
May—
1925
Denmark (million kroner):
Imports
Exports
Italy (million lire):
Imports
Exports
Netherlands (million guilders):
Imports
Exports
_
Norway (million kroner):
Imports
Exports
Russia (thousand rubles) :l
Imports
Exports
Sweden (million kroner):
Imports
Exports
Brazil (million milreis) :2
Imports
Exports
Australia (thousand£ sterling)
Imports
Exports
India (million rupees):
Imports
Exports
37,332
37,124
1,158, 321
773,974
129,769
873,120
1,083, 216
2,376
1,510
12 months ended
April—
March
1925
1924
185
175
201
186
2,409
2,198
2,115
1,854
2,600
1,343
2,589
1,480
22,660
15,306
17,482
12,308
194
157
204
146
2,429
1,730
2,077
1,423
119
85
138
109
1,570
1,126
810
58, 223
29,725
54,946
32,879
264,560
218, 754
130
112
71
1,431
1,297
1,366
1,170
316
333
300
404
2,812
3,864
2,267
3,297
2,436
3,997
2,270
3,926
16, 699
18, 605
175
321
199
463
502
FEDERAL RESERVE BULLETIN
JULY,
1925
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's indexes. In the first table the
all-commodities index for each country is shown
both in terms of paper currency and converted
to a gold basis. The latter figure takes into
account the depreciation of the foreign currency
in terms of the American dollar (or gold) and the
series indicates relative price levels in the several
countries when all prices are expressed in dollars.
The wholesale price index of the Bureau of
Labor Statistics for the United States, with
the group indexes shown by that bureau and
the regrouping made by the Federal Reserve
Board, appears on page 467 of this issue.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES'
On paper currency basis
Year and month
1923, average
1924, average
m
July
August
September..
October
November ._
United
States
.
England
France
Canada
394
165
159
170
176
159
159
163
163
163
163
168
164
165
166
171
177
391
391
404
163
163
160
158
156
154
156
158
156
159
160
165
178
180
180
181
177
174
174
173
172
175
176
177
445
469
483
428
168
167
169
164
163
178
178
175
171
166
446
Converted t o gold basis
Japan
England
France
Canada
150
147
188
200
159
160
124
121
147
145
183
166
151
150
149
147
145
144
183
179
191
196
199
205
158
154
154
154
154
159
119
115
123
125
119
116
147
146
145
145
142
140
179
176
186
192
193
193
146
148
147
143
143
145
147
149
146
148
148
149
205
200
200
201
200
189
191
196
198
206
210
209
156
160
158
162
158
155
156
160
158
161
167
171
108
107
117
137
128
120
117
125
120
120
123
126
142
144
143
140
141
142
146
149
145
148
148
149
185
182
172
165
161
156
158
163
161
161
162
151
156
158
153
148
149
208
204
197
188
175
175
171
168
166
127
125
124
124
125
156
157
153
148
149
160
168
162
157
1923
.
. .
_-
.
Dp.f^Tnhfir
404
416
427
1924
January
February. ._
March
AprilMay.
June
July
August
September
October
November
December
-
_ .
-
___
_
428
442
440
442
436
442
449
451
1925
January
February
March
April
"May
Japan
_ __„
-
-_
-
.
- ______
456
457
463
460
467
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i
Year and month
All
commodities
Grouped by stage of
manufacture
Grouped b y
origin
i
ConDoImRaw Pro- summa- ducers' ers'
terials goods goods goods goods
^fc"
Export
goods
163
171
176
177
180
171
171
151
151
151
153
152
148
145
151
165
167
163
166
163
163
158
166
170
169
172
166
165
133
149
147
147
146
141
139
183
171
175
178
180
174
172
177
177
178
17S
175
171
166
178
175
176
175
172
169
164
166
171
171
173
165
160
154
185
187
188
187
188
183
181
179
177
178
179
175
172
167
171
179
179
177
173
168
162
181
180
179
179
174
172
165
428
451
456
430
480
482
437
440
442
425
424
435
417
431
437
481
545
546
425
463
464
FRANCE
1924—May
December...
1925—January
o
Grouped by stage of
manufacture
Grouped b y
origin
ExConDoport
Raw Pro- sumIm- goods
mes- ported
ma- ducers' ers'
tic
terials goods goods goods
goods
FRANCE—COntd.
156
165
168
167
169
164
163
ENGLAND
1924—May
December
1925—January
February
March
April
May.
Year and month I
ties
UNITED STATES
1924—May-December. __
1925—January
February
March.
April
May
_
All
1925—February
March
April
May
457
463
460
467
482
480
477
485
445
459
460
460
438
449
445
453
439
447
444
454
547
540
541
530
467
475
470
461
143
149
156
158
153
148
149
127
139
149
151
142
134
137
160
153
152
152
153
153
152
162
163
168
168
169
169
164
141
148
157
158
152
147
148
159
159
159
161
161
158
154
132
164
179
180
171
161
171
200
209
208
204
197
188
214
216
222
223
214
196
199
218
217
208
201
189
193
201
196
193
185
182
197
210
208
204
196
186
216
202
204
205
203
194
192
214
215
213
200
169
CANADA
1924—May
December
!
1925—January
February
March
April
May
._..
JAPAN
1924—May
December
1925—January
February
March
April..
May
1
Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,
June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1822.
JULY,
503
FEDERAL RESERVE BULLETIN
1925
WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES
ALL-COMMODITIES INDEX NUMBERS
[Pre-war—100]
Europe
Year and
mouth
Austria
Belgium
GerEngmany
land
Czecho Den(Federal
(Board Finland France StatisSloof
vakia * mark i
tical
Trade
I Bureau)
Bulgaria
1923
July
August
September
October
November
December
1,789,300
1, 657,400
I, 779,400
1,759, 700
1,779.500
1, 818,100
504
529
514
515
531
545
2,408
2, 292
2,266
2,263
2,412
2,597
1924
January
February
March
April..,
May
June
July
August
September
October.
November
December
1, 874,800
1,915,800
1,912, 000
1,946, 500
1,946,500
1,828,200
1, 913, 300
2, 013, 600
1, 937, 300
2,008,600
2,076, 600
2, 075, 400
580
642
625
555
557
565
566
547
550
555
569
566
2,711
2,658
2,612
2,798
2,551
2,811
2,737
2,853
2,848
2,988
3,132
3,181
2,118,100
% 108,100
% 054,800
2,005,800
1,985,400
559
551
546
538
537
3,275
3,309
3,272
3,244
1925
January...
February..
March
April
May
June
_.
Europe—Continued
942
943
207
207
202
205
952
969
AU 1
1U1
210
163
974
999
1,021
1,008
1,001
968
953
986
982
999
1,013
1,024
210
223
227
228
225
219
220
233
231
234
231
232
1, 045
1.048
1,034
1,019
1,006
997
234
234
230
220
216
157 I
1,080
1,080
I. 089
1,077 |
1,070 |
1.096 I
407
413
424
421
443
459
88.8
85.8
101.7
117.9
139. 0
126.2
165
167
165
165
164
163
163
165
167
170
170
170
1,071
1,078
1,094
1,095
1,090
1,088
1,085
1,111
1,117
1,114
1,120
1,139
494
544
499
450
459
465
481
477
486
497
504
507
117.3
116.2
120.7
124. 1
122.5
115.9
115.0
120.4
126.9
131.2
128. 5
1<1. 3
171
169
166
163
159
1, 137
1,141
1, 131
1,133
514
515 I
514 !
138. 2 I.
l)d.5 I.
131.4 .
155 i
158 I
158
122
123
131
130
125
119
133
145
145 !
142
149
154
160
Nether- Norway Poland Russia^
lands (Oslo)
566
567
569
563
571
577
145
142
145
148
153
154
235
231
234
237
242
244
571
573
579
579
571
566
567
572
580
602
621
640
156
158
155
154
153
151
151
151
158
161
161
160
250
262
266
267
263
264
271
274
275
276
277
278
107
112
110
109
104
101
102
109
112
116
117
118
169
187
193
180
175
166
169
175
173
164
164
168
658 I
660 |
659 I
160
158
155
151
151
279
281
276
267
260
120
121
122
119
118
172
178
183
195
191
H l . O I.
135.5 I.
Asia and Ocenai;
United
States !
Sweden Switzerland
Italy
145
158
157
157
149
157
216 !.
j North and South America
Year and
month
Spain
i
Hungary
(gold
basis)
Canada
Australia
Peru
Statistics)
1923
July..
August
September. _.
October
November...
December.._
170
171
174
171
173
176
162
162
162
161 I
160 [
160 I
180
175
173
181
182
183
151
150
154
153
152
151
154
154
155
153
153
154
1924
January
February
March
April
May
June
July.
August
SeptemberOctober
November...
December...
178
180
180
1S4
179
179
182
182
184
186
181
198
161
162
162
161
160
158
157
160
163
167
167
183
183
180
181
180
178
173
171
170
169
169
170
151
152
150
148
147
145
147
150
149
152
153
157
157
157
154
151
151
152
153
157
154
157
158
161
1925
January
February
March
April
May
June..
191
192
193
190
169
169
168
163
162
171
171
170
166
160
161
161
156
155
165
165
157
159
!
I
;
I
China
(Shanghai)
Dutch
Kast
Indies
Africa
Egypt
Japan j New
(Tokyo)! Zealand (Cairo)
180
175
172
171
173
174
155 i
153
157
156
157
158
192
190
210
212
210
210
176
175
177
176
175
173
123
120
123
129
134
136
190
189
194
195
192
192
192
193
190
192
191
195
174
170
167
166
165
163
163
162
162
163
163
165
156
160
158
154
154
152
152
149
149
153
155
157
211
208
206
207
205
199
195
200
206
213
214
213
175
180
180
178
179
180
180
181
181
180
133
135
13fi
134
135
131
132
143
148
156
158
156
199
194
206
206
200
200
163
163
160 !
158 I
160
159
160
159
158
213
210
204
202
199
178
175
175
157
161
155
154
151
191
187
186
188
191
192
!
|
I
!
|
164 i
181
181
South
Africa
124
125
131
126
125
133
130
130
I
1
First of month figures.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number
of commodities and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
504
FEDERAL RESERVE BULLETIN
JULY, 1925
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war—100
European countries
United
States
(51
cities)
Other countries
I
Bel- Bul- EngAustria
(Vienna) gium* garia land*
NorFrance Ger- Italy Nether(Paris) many (Milan) lands way
t?J"
STi
1923
July
August
September,..
October
November...
December
144
143
146
147
148
147
1,291,100
1,233,500
1, 250,900
1,263, 600
1,264,700
1,286,000
103
109
115
117
121
124
2,361
2,247
2,221
2,219
2,365
2,547
162
165
168
172
173
176
102
109
102
106
104
107
321
328
339
349
355
365
1924
January
February
March
April
May.
June
July
August
September...
October
November
December
146
144
141
138
138
140
140
141
144
146
147
149
1,352,700
1,382,100
1,393,000
1,383,800
1,416,900
1,445,700
1,436,200
1,565,200
1,562,300
1,584,500
1,619,800
1,624,800
126
130
128
121
113
118
123
124
127
135
140
139
2,674
2,537
2,497
2,501
2,438
2,687
2,626
2,727
2,723
2,856
2,994
3,040
175
177
176
167
163
160
162
164
166
172
179
180
111
113
115
115
111
111
115
119
116
110
110
113
1925
January
February
March
April ,
May
June
151
148
148
148
149
1,644,600
1,661,800
1, 622,500
1,583,000
140
137
134
127
122
3,131
3,163
3,128
3.100
178
176
176
170
167
113
Switzerland
Canada i
Aus- India New
Zea- South
tralia (Bombay) land Africa
151
496
490
496
502
503
500
145
143
142
145
149
149
218
220
218
217
221
226
164
162
163
162
166
167
137
142
141
144
144
145
164
165
161
157
157
156
148
149
149
147
147
152
142
143
145
146
147
147
116
115
115
117
120
118
376
384
392
380
378
370
360
366
374
383
396
404
127
117
120
123
126
120
126
122
125
134
135
135
515
516
523
524
519
518
508
507
514
543
567
579
150
151
152
152
151
151
150
150
152
154
156
157
230
234
241
240
241
241
248
257
261
264
269
274
168
167
167
165
165
168
168
166
166
169
170
170
145
145
143
137
133
133
134
137
139
139
141
143
155
153
152
150
151
149
148
147
146
146
147
148
154
151
147
143
143
147
151
156
156
156
157
156
150
149
150
150
150
150
148
146
145
146
148
150
120
122
122
123
122
120
117
117
117
120
122
121
408
410
415
409
418
137
»145
146
144
590
610
624
620
156
157
157
155
154
277
283
284
276
265
168
168
168
166
165
145
147
145
142
141
148
149
151
152
152
152
155
153
151
149
147
146
150
120
120
121
124
INDEX NUMBERS OF COST OF LIVING
[Pre-war-=100]
European countries
Massachusetts
Austria
(Vienna)
CzechBel- oslo- Eng-1
gium vakia
land
Finland
1923
July
August
September. .
October
November..
December—.
157
156
157
158
157
158
1,090.300
1,049,600
1,084,100
1,102, 700
1,114,900
1,124,900
429
439
453
458
463
470
921
892
903
901
898
909
169
171
173
175
175
177
,111
,163
1,172
L, 193
1,190
1,170
1924
January
February. . .
March
April
May
June
July
August
September..
October
November..
December...
157
156
156
154
154
154
155
155
157
157
157
158
1,174,000
1.194.000
, 199, 600
, 197,300
,220,900
, 244, 200
, 239,100
L, 314, 200
,316,200
. 380. 700
1, 357,400
1,365, 000
480
495
510
498
485
492
493
498
503
513
520
521
917
917
908
907
916
923
909
897
908
916
922
928
177
179
178
173
171
169
170
171
172
176
180
181
1,155
,143
,141
,121
,121
,147
L, 154
1,198
1,199
1,219
.222
1,217
158
157
158
158
158
1, 376, 200
1,389,500
1,366,000
1,343,200
521
517
511
506
502
506
931
929
923
180
179
179
175
173
1,199
1,191
1,210
1,201
1,176
1925
January
February
March
April
May..
June
Other countries
Swit- Can- Aus- India South
France Ger- Italy Nether- Nor- Po- Spain Swezer- ada » tra- (Bom- Africa
(Paris) many (Miden land
lan) lands way land
lia bay)
331
345
365
3G6
367
377
388
45
54
64
61
126
125
487
483
487
502
502
499
110
104
107
112
115
112
116
114
116
122
123
123
510
517
521
522
618
518
512
511
516
546
563
573
124
3 136
136
137
132
580
592
602
600
173
230
178
231
179
236
173
244
176
258
181
266
179
271
63
72
83
47
55
80
172
174
178
178
174 " l 7 7 "
177
182
166
164
164
164
167
168
146
148
148 " l 5 6 ~
149
150
150 " l 5 2 "
153
154
154
152
1.53
157
130
130
131
132
133
133
121
127
126
127
126
124
127
135
141
150
152
153
178 176
190
180
195 "I73"
180
186
182 "In"
180
189
185 "In"
175
190
169
168
168
166
166
168
169
166
166
169
170
170
150
149
148
145
143
143
143
145
146
146
147
147
158
156
153
150
150
153
156
160
160
160
161
160
133
134
134
134
134
133
132
132
132
133
134
133
150
151
151
151
147
188
189
190
189
168
168
167
165
165
149
150
148
147
146
157
157
159
158
156
154
13a
178
"177"
"l50"
"l49"
~~I48~
""148"
133
133
134
134,
'First of the month figures.
51921-100.
'New index.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the
April, 1925, issue of the BULLETIN. The original bases of the indexes have been} hifted to July, 1914, wherever possible.
JULY, 1925
505
FEDERAL RESERVE BULLETIN
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR MAY AND APRIL, 1925
[Amounts in thousands of dollars]
Total earning assets
Total cash reserves
Federal reserve notes
in circulation
Total deposits
Reserve percentages
Federal reserve bank
May
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.Kansas City
Dallas
an Francisco
Total: 1925
1924
1923
1922
1921
1920
1
_ . .-
—
April
May
April
May
April
May
April
May
April
75, Oil
271,401
85,655
98,638
63,563
41,951
137,716
52,072
37,135
54,125
38, 673
93,292
92,616
292,980
88,762
109,223
56,932
36,349
142,385
36,085
34,025
45,837
31,370
93,502
282,833
944,354
223,379
298,970
83, 635
165, 655
367,275
81,114
82,048
99,156
71,806
277,127
267,326
925,022
218,492
284,312
92,186
172,706
355,783
100,512
89,381
111,332
84,064
277,512
137,639
844,384
131,199
175,310
66,248
71,207
322,326
80,454
52,558
87,955
60,803
161,271
135,812
837,302
129, 784
175,871
65,925
70,117
313,067
80,531
55,238
90,320
63,198
163,835
207,150
337,745
154,867
200,543
72,803
139,182
160,148
47,241
62,346
63,293
41,981
197,577
209,881
347, 792
154,902
196,465
75,471
141,775
164,373
49,283
64,922
64,725
43,573
195,367
82.0
79.9
78.1
79.5
60.1
78.7
76.1
63.5
71.4
85.6
69.9
77.2
77.3
78.1
76.7
76.4
65.2
81.5
74.5
77.4
74.4
71.8
78.7
77.3
1,049,232
839, 571
l f 173,194
1,188,849
2,353,794
3,255,859
1,060,066
940,493
1,164, 606
1,190,004
2, 527,253
3,191,945
2,977,352
3,221,809
3,180,433
3,126, 773
2,541,640
2,078,822
2,978,628
3,201,763
3,176,630
3,114,928
2,485,079
2,084,077
2,191,354
1,980,210
1,948,878
1,877,269
1, 717,423
1,987, 323
2,181,000
2,004,391
1,944,805
1,822,788
1, 749,568
1,998,732
1, 684,876
1,915,449
2,243,195
2,153,053
2, 787,379
3,089, 737
1,708,529
1,971,184
2,236,378
2,190,447
2,870,645
3,071,754
76.8
82.7
75.9
77.6
56.4
142.4
76.6
80.5
76.0
77.6
53.8
143.0
Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollarsl
Gold with Federal reserve agents:
M a y 27
June 3__
June 10
June 17
Gold redemption fund with U . S .
Treasury:
M a y 27.
June 3
June 10
_._
June 17
_
Gold held exclusively against
Federal reserve notes:
M a y 27.
June 3 - .
-.
June 10
*
•_
June 17
Gold settlement fund with Federal Reserve Board:
May 27..-.
June 3
June 10
June 17
_.
Gold and gold certificates held b y
banks:
M a y 27
June 3
June 10
June 17
Total gold reserves:
M a y 27.
June 3
_
June 10.
,
June 17.
Reserves other t h a n gold:
M a y 27
June 3
_
June 10
June 17
Total reserves:
M a y 27
June 3
June 10
June 17
Phil
adel- , Cleveland
phia |
_L
Richmond
San
Francisco
Total
Boston
New
York
1,521,237
1, 504,694
1, 516, 627
1, 500,333
191,895
189,174
184,948
181,190
356, 278
356, 243
356, 243
356,159
134,088
135,831
140, 202
142,450
170,405
170,039
180, 330
179,964
37,315
36,156
34, 701
33,006
123,185
120,398
116, 266
109,612
135,444
135,429
135,429
135, 384
25,061
18,382
23, 738
24,081
54,375
54,252
53,949
53,362
52,405
51,828
55,332
54,126
34,974
32,952
33, 231
26,871
205,812
204,010
202,258
204,128
62,460
62,312
65,861
38,062
11, 602
13, 681
17, 240
5,225
9,874
9,046
7,906
6,610
14, 280
16,134
18,343
4,977
2,684
3,940
4,523
3,687
5,440
2,280
2,736
3,357
1,717
1,575
1,659
6,696
5,574
4,504
3,453
1,510
2,207
2,368
1,819
1,124
1,018
l,f "
1,406
3,473
3,679
1,816
2,596
2,122
1,673
1,775
1,644
1,757
1,363
1,979
1,629
1, 583, 697
1, 567,006
1, 582,488
1, 538, 395
203,497
202,855
202,188
186,415
366,152
365, 289
364,149
362, 766
148,368
151, 965
158, 545
147,427
173,089 42, 755
173,979 38.436
184,853 37.437
183, 651
125,083
122,115
117,841
111,271
142,140
141,003
139,933
138,837
26,571
20, 589
26,106
25,900
55,499
55, 270
55,045
54,768
55,878
55,507
57,148
56, 722
37,096
34, 625
35,006
28,515
651, 8S5
657,496
637, '<
678,157
35, 733
37, 974
44,143
40, 376
258, 468
241,154
217, 314
257, 668
47,899
49,143
42, 770
50, 537
87,108
93, 543
81, 705
65, 704
13, 584
12,899
22,070
11,875
14,081
17, 787
16, 796
17, 540
99,096 12,700
106, 501 9,415
115,817
7,640
129,392 15,386
20,103
12, 753
13,840
14,880
25,852
7,543 29, 718
29, 752 12, 570 34, 005
33,710
7, 579 34, 515
33,800 12,813 28,186
602,429
593, 638
600, 706
604, 515
22,401
21,195
21,834
24,452
331,170
327, 823
331,448
333,481
20, 650
21,455
21,843
22,171
36, 674
37,463
38,094
38, 717
21,814
21, 741
22,099
22, 307
4,437
4,076
4,290
4,142
107,830 10,091
103, 786 9,840
104,219 10,438
103,013 10,521
7,159
7,302
7,225
7,211
3,443
3,144
3,355
3,240
7,890
7,774
7,758
8,762
28, 870
28,039
28,103
26,498
2,838,011
2,818,140
2,821,093
2,821,067
261,631
262,024
268,165
251,243
955,790
934,266
912,911
953,918
216,917
222,563
223,158
220,135
296,871
304,985
304,652
288,072
78,153
73,076
81,606
70,545
143,601
143,978
138,927
132,953
349,066
351,290
359,969
371,242
49,362
39,844
44,184
51,807
82,761
75,325
76,110
76,859
85,173
88,403
94,213
93, 762
52,529
54,969
50,343
50,090
266,157
267,417
266,855
260,441
143,814
139,397
144,159
146,659
14,450
12,852
12,701
12, 753
31,570
31,789
35,094
35,870
7,280
7,832
7,673
7,771
8,534
8,404
7,824
9,617
4,397
4,905
5,148
5,226
16,323
14,926
16,147
16,034
17,718
17,367
18,673
18,186
20,295
19,031
19,350
20,449
1,523
1,253
1,312
1,318
4,812
4,344
4,557
4,387
10,624
10,110
9,611
9,426
6,288
6,584
6,069
5,622
2,981,825
2,957,537
2,965,252
2,967,726
276,081]
274,876
280,866
263,996
987,360;
966,055'
948,005
989,788!
224,197
230,395
230,831
227,906
305,405
313,389
312,476
297,689
82,550
77,981
86,754
75,771
159,924
158,904
155,074
148,987
366,784
368,657
378,642
389,428
69,657
58,875
63,534
72,256
84,284
76,578
77,422
78,177
89,985
92,747
98,770
63,153
65,079
59,954
59, 516
272,445
274,001
272,924
266,063
Atlanta
St.
Chicago Louis
Minne- Kansas
apolis
City Dallas
207,
205,
204,
205,
569
373
237
757
506
FEDERAL RESERVE BULLETIN
JULY, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Nonreserve cash:
May 27
June 3
June 10
- June 17 _
Bills discounted:
Secured by U. S. Government
obligationsMay 27
June 3
- - June 10
June 17
Other bills discounted—
May 27
June 3
' June 10
June 17
Total bills discounted:
May 27
June 3
New
York
15,844
14,241
18,083
17,658
Philadelphia
Cleveland
Richmond
Atlanta
St.
Minne- Kansas Dallas
Chicago Louis
City
apolis
906
2,455
2,150
2,554
2,381
3,057
2,810
2,883
2,838
8,327
9,229
6,059
4,325
588
685
413
879
1,406
1,945
1,240
1,291
310
435
542
1,004
11,944
13,144
14,872
20,675
19,112
19,045
20,440
18,108
12,288
16,470
11,885
11,698
5,104
4,729
4,555
4,167
6,100
5,774
5,924
6,137
4,750
4,855
5,378
5,478
20,044
16,926
17, 984
18, 613
18, 332 45,103
22, 255 43,254
19, 834 47,289
23, 894 56, 586
20,615
25, 699
17,944
16,023
5,692
5,414
4,968
5,046
7,506
7,719
7,164
7,428
5,060
5,290
5,920
6,482
31, 988
30, 070
32,856
39,288
3,538
3,072
3,126
3,103
4,605
3,771
4,644
3,968
6,163
5,804
6,570
6,646
3,788
3,977
4,220
4,121
1,098
14,863
16,586
11, 753
12, 574
76,443 28,107 33,382
74,225 20,720 29,203
98, 222 23,006 28,336
89,035 26, 543 32,583
12,888
13, 910
12,171
16,101
1,758
3,467
1,345
4,634
25,991
24,209
26,849
38,478
197,992
204,584
194,326
193,842
18,839
22,531
19.753
15,051
34,003
30,281
27,4oO
29, 222
33,466
34,999
34,014
36,384
16,574
18,788
18,489
19, 260
413,999
412, 342
417,134
441,964
33,702
39,117
31,506
27, 625
5,884
5,154
5,575
5,246
216,007
207,758!
222,808|
248,122
1,590
1,699
1,488
1,869
13,526
15,085
12,813
12,598
110,446 41, 633
104, 506 35,805
123, 682 35,819
118,257 39,141
14,186
15,101
15,631
17,126
47, 568 46, 354
44,304 48,909
43, 967 46,185
49, 709 52, 485
San
Francisco
2,075
2,070
2,125
2,156
2,353
2,995
2,617
3,721
52,450
48, 557
54, 963
54,613
June 17
Bills bought in open market:
278.413
Mav27
284,954
June 3
June 10
- 274,952
246,083
June 17
U. S. Government securities:
Bonds85, 012
May 27
- 84,338
June 3
83,900
June 10
83,366
June 17
Treasury notes241, 904
Ma v 27
248, 200
June 3
254,030
June 10
191,151
June 17
Certificates of indebtedness—
22, 298
May 27
21, 567
June 3
21, 918
June 10
.
31, 882
June 17
Total CJ. S. Government securities:
349, 214
May 27
354,105
June 3
359, 848
June 10 _
306, 399
June 17
Foreign loans on gold:
10,500
May 3.
27
10, 500
June
-.
10, 500
June 1010, 500
June 17
All other earning assets:
2,250
May 27
2,250
June 3
2,250
June 10
2,250
June 17..
..Total earning assets:
1,054, 376
May 27
1, 064,151
June 3
1,064, 684
JurielO. _._
_ ...
1,007,196
June 17
Uncollected items:
584,282
May 27
683, 820
June 3
June 10._.
_ 618, 656
811,856
June 17
Bank premises:
59,867
May 27
59,874
June 3
_.
59,976
June 10-.
_
60,162
June 17
AH other resources:
23, 792
May 27
23,518
June 3 _ __
__
23,949
June 10
21,136
June 17
Total resources:
4,756, 592
May 27
4,837,457
June 3
June 10
_. . 4, 787,480
4,922,689
June 17
Boston
814
1,078
37,422
37,127
34,087
34, 685
66, 675
64,522
64,881
30, 858
21, 610
21,781
19,929
18, 849
24, 872
25, 764
24, 207
22, 072
10, 794
10,905
9,933
9,903
10,172
10,453
13, 833
18, 654
39,095
38,994
34, 537
29, 841
12,136
12,077
11,475
11,144
10, 674
18, 907
20, 221
19, 718
15, 452
14, 097
11, 702
16,178
8,719
8,885
8,416
13,063
20, 792
21,442
21, 731
21,118
584
584
583
584
8,542
8,542
8,542
8,542
637
637
637
637
9,520
9,520
9,520
9,521
1,779
1,780
1,780
1,780
3,183
3,148
3,089
3,141
20,325
20,336
20, 398
20,608
4,766
4,766
4,766
4,766
8,736
8,736
8,736
8,737
12, 259
11,459
10,958
10, 259
9,834
9,983
10,044
9, 943
4,847
4,847
4, 847
4,848
673
561
863
756
51,957
58, 457
60,200
40, 452
1, 276
1,276
1,456
9,276
17, 236
17, 236
17, 244
17,151
12, 724
12, 724
12, 982
9,916
4,344
4,343
4,441
3,394
12,425
12, 426
12, 706
9,503
20, 735
20, 735
21, 217
16,038
29, 607
29, 514
30, 202
22,828
8,403
8,403
8,599
6,499
22, 790
22, 790
23, 253
16, 330
22,124 38, 886
22,125 38, 886
22, 640 39, 683
17,152 31,132
60
60
60
60
5,409
5,409
5,409
6,109
103
102
102
102
1,203
1,233
1,233
1, 232
1, 945
1,308
2,004
726
819
819
819
206
207
206
206
2,381
2,381
2,381
2, 931
61, 775
68, 275
70,198
58, 270
2,835
2,835
2,835
2,835
17,933 27, 653
17, 933 27, 653
17, 941 27, 911
17, 848 25, 546
6,226
6,225
6,323
5,276
16, 811
16, 807
17,02S
13, 876
43,005
42, 052
42, 923
38,650
35,099
35, 099
35, 787
28, 413
1,124
1,124
1,124
1,124
557
557
557
557
430
430
430
430
1,449
1,449
1,449
1,449
483
483
483
483
3,079
3,030
3,034
3,123
4,336
4,175
4,480
4,463
777
777
777
777
976
976
976
976
981
2,250
2,250
2, 250
2,250
544
703
544
654
5,366
5,366
5,366
5,366
17, 345 37, 430 32, 502
17, 346 36, 630 32. 811
17, 541 36, 592 33, 228
15, 442 29,520 27, 749
49, 099
49, 099
49, 896
41, 346
346
346
346
346
420
420
420
420
36S
368
368
368
735
735
735
735
„...-.,)
76, 237
81,196
70,850
67, 550
241, 731 84,402 101,217
240,138 78,74c 98,845
261,596 76,915 97, 209
210,220 79,064 98,451
53,238
60, 705
53,327
79, 781
134,493
172,727
137,955
204,762
58,101
66,622
57,961
77,654
4,190
4,190
4,190
4,190
16,872
16,873
16,885
16,890
1,122
1,122
1,139
1,139
7, 573
7,573
7, 573
7,573
2,446
2,446
2,446
2,446
2,780
2,780
2,780
2,780
8,099
8,099
8,099
8,099
4,351
4,357
4,364
4,545
3,049
3,0-19
3,049
3,049
55
46
138
67
7,424
7,397
8,042
5,878
421
434
446
153
298
275
290
288
717
687
676
667
2,798
2,752
2,721
2,677
1,410
1,376
1,374
1,361
330
326
327
320
415, 685 1,403,724
426,167 1,417,431
414,946 1,390,566
420,830 1,445,196
369,833
379,017
368,780
387, 785
471, 589
484,722
474,856
483,492
202,653
202,838
208, 582
216,055
244,928 587,049
245, 514 597,824
249, 538; 598,641
250,661 638,145
174,860
179, 506
172,164
175,867
63,931 45, 745 128,652
66, 596 49,945 125, 749
62,998 51,125 126,198
68,221 56,854 126, 526
68,333
73,358
65,689
56,063
34,057
42,013
43,076
40, 552
60,808
58,866
55,878
53,546
46, 649
47, 354
47,932
47,662
102,614
101,346
105,218
102,487
54,743 49,471 29,076 75,941
61, 615 52,05f> 27,362 88,139
54, 691 52, 582 33,194 77,758
75, 770 65,847 35, 395 106,085
28,401
38, 613
34,030
38,562
12, 749 34,109
14,183 41, 723
14,693 37,756
15, 655 41, 793
20,987
24,646
25,141
27,468
32,973
35, 399
39,568
43,084
4,275
4,275
4,339
4,339
1,833
1,833
1,833
1,833
3,277
3,277
3,279
3,279
3,383
3,204
2,889
2,855
594
627
615
470
1, 585
1,624
1, 651
1,627
4,777
4,770
4,780
4,773
138,620
139,841
142, 207
141,194
191,846
200,308
199,483
200,453
136,662
142,686
139,065
140,487
419,143
421,603
428,652
422, 524
JUL.Y,
507
FEDERAL RESERVE BULLETIN
1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES
[In thousands of dollars]
Federal reserve notes in actual circulation:
May 27
June 3-__
June 10
June 17
Deposits:
Member bank reserve accountMay 27
June 3
June 10
June 17
GovernmentMay 27
June3
June 10
June 17
Other deposits—
May27
June3
June 10
June 17
Total deposits:
May27
June 3
June 10
June 17
Deferred availability items:
May 27
June 3
June 10
June 17
Capital paid in:
May27
June 3
June 10
June 17
Surplus:
May 27
June3.__
June 10
June 17
All other liabilities:
May27.___
_..
June3.
June 10
June 17
Total liabilities:
May 27
June 3
June 10
June 17
Philadelphia
Cleve- Richland mond
Atlanta
St.
Chicago Louis
332,023
334, 243
327, 287
327, 221
156,923
156,370
156, 249
155, 323
204,923
202,998
206,938
201,069
70,693
71,111
70, 814
70,461
136,452
136,425
136, 702
135, 970
158, 521
158, 511
157,884
156,876
46,459
46,371
45,139
45,093
61,607
62, 056
62, 271
62, 287
62, 262
63, 211
63,136
62, 850
40,843
40,975
39,988
39, 259
196,320
200.144
198, 645
197.145
790
626
723
627
842, 707
832,881
830, 593
851,090
125,978
130,342
127,913
131,465
174,651
182,056
175,091
176, 532
63, 290
61,995
64,768
64,496
68,325
71,831
70,003
69, 296
304,166
305,000
316,469
341,134
79, 371
76,115
75,920
76, 763
52, 313
51, 797
53,395
52,661
82, 761
83, 637
86, 656
85,426
56,848
61, 397
57, 746
58, 201
155, 974
153, 244
158, 813
155, 081
I, 1
1,701
4,254
133
5,365
7,607
8,451
217
1,593
1,."""
2,905
4,294
6,434
344
2,756
2,347
4,619
179
4,333
2,499
3,807
925
6,421
10, 045
5,856
3,599
2,086
2,300
641
1,159
1,384
939
1,844
2,134
1,650
27
2,791
1,237
1,583
690
3,486
2,105
2,943
312
25,076
36,192
25,112
26,466
923
290
345
15,281
17,241
14,164
13,894
510
1,007
1,249
3,576
1,176
163
1,538
202
333
136
133
207
210
1,109
2,447
1,337
2,044
962
2,147
1,392
258
316
304
400
441
1,410
466
646
164
185
175
340
4, 597
4,888
4,889
4,964
,201,874
r 222,145
, 225, 606
, 244, 602
134,073
139, 250
143, 267
151,105
863, 353
857, 729
853, 208
865, 201
128, 376
133,323
129, 991
132, 641
537,025
593, 749
554, 517
687,156
52,459
59,143
51, 540
54,100
114,469
131, 692
116,143
158,907
52, 694
57, 506
50, 702
67, 995
8,478
8,486
8,486
8,486
31, 555
31, 555
31, 555
31, 570
217,837
217,837
217,837
217,83'
16,382
16, 382
16, 382
16, 382
13, 696
13, 501
14,320
14, 504
684
635
651
1,264
Total
New
Boston York
670,635
674, 686
659, 673
643,047
203,609
202, 271
194,620
189, 493
131,
136,
138,
150,
, 138,174
, 146,921
, 156,090
, 212, 772
38,624
39,032
44,404
5,364
115,
115,
115,
115,
525
539
527
543
4, 756,592
4, 837, 457
4, 787, 480
4,922,689
ir~
San
Minne- Kansas Dallas Franapolis City
cisco
66,209
65, r
69, 589
65,008
72,794
74,463
74, 017
70, 431
311, 696
317,492
323, 662
344,117
83,932
80,348
79,612
78,289
53, 730
53,497
54, 638
53,849
85, 046
87,181
88, 772
86, 099
803
819
504
231
164,057
160, 237
166, 645
160,357
51,168
55,119
48,490
67, 434
47, 225
47,307
49, 598
62,002
21, 397
20,316
24,474
29, 903
69,032
74,020
69, 223
89, 301
28,844
37,157
31, 781
36,833
11, 532
12, 529
13, 216
13, 297
30,1
23, 425
36,075
33, 712 26, 950
37, 647 29,364
34, 091
36, 596
38, 688
40,373
11,216
11,216
11,212
11,217
12, 968
12, 968
12,968
12,977
5,993
5,995
4,614
4,623
4,623
4,618
15, 548
15, 547
15, 547
15, 550
5,104
5,100
5,097
5,096
3,244
3,237
3,236
3,235
4,338
4,326
4,326
4,323
4,286
4,295
4,297
4, 293
8,181
8,193
8,187
8,183
58,749
58, 749
58, 749
58, 749
20,059
20, 059
20, 059
20,059
22,462
22, 462
22, 462
22,462
11,701
11,701
11,701
11, 701
8,950
8,950
8, 950
8,950
30,426
30,426
30,426
30, 426
9,971
9, 971
9,971
9,971
7,497
7,497
7,497
7,497
8,977
8,977
8,977
8,977
7,592
7, 592
7,592
7,592
15,071
15, 071
15, 071
15,071
3, 575
3,463
3,624
3,548
565
543
567
550
1,263
1,249
1,297
1,276
832
846
887
888
721
737
772
789
1,826
1,828
1,899
1,875
550
559
564
585
1,010
1,025
1, 349
1,029
534
538
560
557
713
716
734
748
1,423
1,362
1,416
1,395
415,685 1,403,724
426,167 1,417,431
, ,
414,946 1,390,566
420,8301,445,196
369,833
379, o r
368, 780
387,785
471,589
484, 722
474,856
483,492
202,653
202,838
208,582
216,055
244,928
245,514
249,538
250,661
587,049
597,824
598,641
638,145
174,860
179, 508
172,164
175,86^
138, 620
139,841
142, 207
141,194
191,846
200, 308
199,483
200,453
178,805
189, 926
182, 701
178, 274
V"
V
59,
62,
59,
59,
136,662
142, 686
139,065
140,487
419,143
421,603
428,652
422,524
MEMORANDA
Ratio of total reserves to deposit
and Federal reserve note liabilities combined (per cent):
May 27
June 3
June 10
June 17
Contingent liability on bills purchased for foreign correspondents:
May 27
June 3
June 10...
June 17
Own Federal reserve notes held
by Federal reserve bank:
May 27
June 3
June 10
June 17
75.
76.3
76.3
81.8
80.5
83.1
77.5
82.6
81.0
80.3
83.0
78.6
79.5
80.6
79.1
79.6
79.8
80.2
78.5
60.3
56.9
61.8
55.9
76.4
75.3
73.6
72.
78.0
77.4
78.6
77.
53.
46.5
50.9
58.6
73.1
66.3
66.2
67.3
61.1
61.7
65.0
65.9
60.3
60.4
75.6
76.0
74.7
74.4
35, 780;
35, 069
34,034
33,482
2,775
2,61"
2,530
2,530
8,410
9,250
9,080
8,528
3,487
3,289
3,179
3,179
4,011
3,784
3,658
3,658
1,987
1,875
1,812
1,812
1,537
1,450
1,402
1,402
5,174
4,881
4,717
4,717
1,725
1,627
1,572
1,572
1,237
1,167
1,128
1,128
1,500
1,415
1,367
1,367
1,312
1, 238
1,1961
1,196!
2, 625
2,476
2, 393
2, 393
302,458
288,952
310,135
312,261
38,073
29, 290
29,095
25,264
122, 503
118, 560
127, 71
129,852
30,993
32,189
33, 781
35,254
14,094
17,354
19, 704
22, 508
15,346
13, 769'
15,351
14,509
5,712
5,421
6,009
5,697
3,338
2, 851
3,034'
3,270!
8,93'
8,110
8, 389
5, 372 35, 456
4, 918 32, 790
5,285 38, 798
5,603 38,767
13, 759 8, 875'
13,079 10, 621!
12,620 10,352
13,228 10,240'
62.
508
FEDERAL RESERVE BULLETIN
JULY, 1025
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Within
15 days
Total
Bills discounted:
May 27
June 3
_
.
June 10
June 17
Bills bought in open market:
May 327
June
June 10
June 17
United States certificates of indebtedness:
May 27
June 3
_. .
June 10
June 17
413,999
412,342
417,134
441,964
_
_.
- .
-.-.
-
278,413
284,954
274,952
246,083
22, 298
21, 567
21,918
31,882
•
16 to 30
days
31 to 60
days
61 to 90
days
From 91
days to 6
months
302,955
295,716
303,262
330,730
22,653
27,948
26,274
23,860
37,938
37,611
35,885
34,825
23,386
23,093
22,580
23,488
24,523
26,512
27,911
28,381
105,406
101,805
106,694
86,923
56,877
61,614
50,124
45,275
64,199
63,887
65, 730
65,788
48,181
50,804
44,696
41,417
3,750
6,844
7,708
6,680
10,805
16,231
15,395
15, 257
5,865
50
1
184
8,094
Over 6
months
2,544
1,462
1,222
680
6,017
6,171
6,477
7,118
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars.]
Total
Boston
New
York
Net amount of Federal Reserve
notes received from Comptroller
of Currency:
2, 958, 665 306,032 769,466
May 27....
2,955,645 303,311 767.743
June 3
2,974,405 302,085 766.744
June 10
-..
2,963,134 301, 327 765,213
June 17
Federal reserve notes on hand:
985, 572 64,350 314,940
May 27
992,007 71,750 314,940
June 3
June 10
1,004,597 78,370 311, 740
1,007,826 86, 570 308,140
June 17
Federal reserve notes outstanding:
1,973,093 241, 682 454, 526
May 27
1,963,638 231, 561 452,803
June 3
1,969,808 223,715 455,004
June 10
1,955,308 214,757 457,073
June 17
_
Collateral security for Federal
reserve notes outstanding:
Gold and gold certificates—
31,050
May 27
287,666 31,050
June 3-_.
287,666 31,050
June 10
June 17
__.
_. 286,016 31,050
Gold redemption fund—
105,154
May 27
11,845 28, 580
June 3.
9,124 28,545
110,983 14,898 28,545
June 10
June 17
__ 104,643 11,140 28,461
Gold fund—Federal Reserve
BoardMay 27
1,127, 517 149,000 141,000
June 3
1,118,996 149,000 141,000
June 10
_. 1,117,978 139,000 141,000
1,109,674 139,000 141,000
June 17
Eligible paper—
Amount requiredMay 27
451,856 49, 787 98,248
June3
458,944 42, 387 96, 560
June 10
453,181 38,767 98,761
June 17
454,975 33,567 100,914
Excess amount held—
May 27
216,494 21,337 67,392
June 3
216,828 33,857 60,955
June 10
. 218,457 26,826 77,949
June 17
204,420 28,743 31,387
Philadelphia
ChiCleve- Richland mond Atlanta cago
223,316
230,559
227,430
224,577
259,217
258, 652
279,642
277,377
35,400
42,000
37,400
34,000
187,916
188,559
190,030
190,577
108,614
107,455
110,960
109,764
218,465
217,678
216, 546
215,892
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
436,203
434,439
431, 743
432,623
77, 531
76, 752
76,108
75,750
88,336 98,722
87,713 99,344
87,411 99,348
87,823 98,342
69,387 303,376
68,254 268,807
68,174 265,307
67,224 263, 507
265,507
25,360
24,960
24,960
24,960
23,391
22,806
22,106
22,266
27,523
28,023
27,823
27,423
23,172 71,600
22,972 70,200
22,872 70,800
22,872 70,800
150,211 167,396 52,171
219,017
220,352 84,880 149,504 169,132 51,792
226,642 86,165 149,322 168,236 51,148
223, 577 84,970 149,198 167,116 50,790
64,945
64,907
65,305
65, 557
71,199
71,321
71, 525
70,919
46,215
45,893
45, 273
44,862
40,200 22, 575
38,300 22, 575
53,000 24, 795
53,800 24,794
6,000
6,000
6,000
5,600
8,780
8,780
8,780
8,780
2,000
2,000
2,000
2,000
9,000
9,000
9,000
9,000
13,699
10,942
12,813
9,961
11,625
11,259
11,550
11,184
3,020
1,861
3,406
4,711
8,266
7,612
114, 389 150,000
118,889 150,000
121,389 160,000
160,000
13,975
13,075
13,075
12,775
13,052
13,052
13,052
13,052
4,799
4,784
4,784
4,740
2,086
1,307
1,663
1,306
1,323
1,200
1,897
1,310
32,295 109,000 130,645
32,295 107,000 130,645
29,295 99,000 130,645
26,295 93,000 130,644
303,134
8,145 308,243
67,734 306,712
231, 776
232,934
237,443
235,912
18,011
18,011
18,011
17,061
3,045
4,468
3,972
4,766
2,963
3,441
2,720
3,310
16,984
16,703
16, 469
16,142
9,000
4,000
9,000
10,000
40,000 49,360
40,000 47,360
39,000 51,360
39,000 49,360
14,000
11,500
12,500
6,500
188,828
187, 307
185, 789
187,986
53,828
52,728
49,828
48,127
48,612
50,313
46,312
43, 613
48,724
48,724
51,464
51,964
27,026
29,106
33,056
39, 586
31,952
33, 703
32,807
31, 732
27,110
33,410
27,410
26, 709
10, 570
10,655
11,356
12,195
18,794
19,493
16,193
16, 793
11,241
12,941
12,042
17,991
25,964
28,924
35,185
31,784
975
540
1,150
971
22,983
17, 577
20,736
27,714
8,245
871
3,187
332
2,822
51, 962
48,320
48,823
54,408
4,610
3,542
1,585
284
5,655
13, 507
13, 713
12,417
3,989
2,151
2,480
6,668
2,514
1,195
2,278
1,535
25,961
22,014
18, 305
28,030
4,280
9,441
509
FEDERAL RESERVE BULLETIN
JULY, 1925
FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, MAY, 1925
[In thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia land
Richmond Atlanta
Chicago
Minne- Kansas Dallas
apolis
City
St.
Louis
San
Francisco
HOLDINGS ON MAY 31, 1925
Total earning assets
Bills discounted for membersBills bought in open market
United States securities
Foreign loans on gold
All other earning assets
Bills Discounted
Rediscounted bills:
Commercial and agricultural
paper, n. e. s
Trade acceptances, domestic.
Secured by U. S.
Government obligation53
Member bank collateral notes:
Secured by U. S. Government obligations
Otherwise secured
Total discounted bills
1,100,098
84,559 248,886
89,101
99,141
52,286 139,631
71,055
33,778
62,389
46,925 104,627
451,273
287,960
348,115
10,500
2,250
42,686 108,494
36,814 75,782
4,282 61,775
777
2,835
46,282
21, 660
17,933
976
2,250
44,736 50,274
25, 628 10,664
27,653 6,225
1,124
557
24,886
10,181
16.789
'430
57,294
39,022
41,866
1,449
23,492
11,981
35,099
483
5,422
10,664
17, 346
346
9,416
15,423
37,430
420
5,220
8,719
32,618
368
33,371
21,428
49,099
735
162,612
3,067
24,205
206
9,646
834
30,064
545
18, 039
293
21,852
732
16,906
151
4,702
5,851
3,455
10,068
18
1 087
199
351
330
123
28
7
227,157
57, 350
18,076
72,961
25,753
27,399
10,551
31,533
2, 372
13,867
5,468
5,422
1,009
34,158
524
6,211
217
608
112
3,168
80
422
1,343
13, 332
9,921
451, 273
42, 686 108,494
46,282
44,736
50, 274
24,886
57,294
23,492
5,422
9,116
5,220
33, 371
128, 672
109,028
43,127
3,205
3 233
15,910
12,064
8,800
40
36,050
25, 262
9,444
1,098
3,233
8,115
8,891
4,264
390
12, 254
9,198
3,908
268
5,367
2,666
2,551
80
3,794
5,439
908
40
14,089
17, 207
7,096
630
5,952
4,809
1,095
125
5,021
4,631
958
54
6,282
7,856
1.120
' 165
4,126
4,023
500
70
11,712
6,982
2,48*
245
287,960
36,814
75,782
21,660
25, 628 10, 664
10,181
39,022
11,981
10,664
15,423
8,719
21,422
85,073
241.797
21, 245
583
658
3,041
8,542
51,957
1,276
637
17, 236
60
9,520
12,724
5,409
1,779
4,344
102
3,131 20, 325 4,766
12, 425 20, 735 29,514
1,233
819
806
8,736
8,403
207
12, 258
22,790
2,382
9,950
22,124
544
4,846
38,887
5, 366
348,115
4,282
61,775
17,933
27,653
6,225
16,789
17,346
37,430
32,618
49,099
85,655 98, 638
37,625 39,619
24,028 24,182
21, 273 33,713
1,124
976
63, 563
47,695
10,578
4,733
557
41,951
20, 538
10,977
10,006
430
137, 716 52,072 37,135 54,125 38,673
4,298
6,167
7,740
49,590 18,500
38,481 10,727 13, 275 13, 556 7,724
48,196 22, 362 17, 346 32,288 26,284
420
347
1,449
367
483
93,292
32,620
17,889
42,048
735
9,617
163
8,207
125
67,720
32
17
Bills Bought
Bankers' acceptances based on—
Imports
--Exports
Domestic transactions
Dollar exchange bills
All other
Trade acceptances based on imports
695
695
Total purchased bills..
United States Securities
United States bonds
Treasury notes
Certificates of indebtedness
-
Total U. S. securities
41,866
35,099
DAILY AVERAGE HOLDINGS
DURING MAY
Total earning assets l .
Bills discounted
Bills bought
United States securities
Foreign loans on gold..
1,049, 232
398,413
277,523
360,922
_10, 500
75,011 271,401
28,703 105, 318
32,124 73,982
13, 407 89, 266
2, 835
777
EARNINGS DURING MAY
Total earning assets *
Bills discounted
Bills bought
United States securities
Foreign loans on gold..
3,121
1,249
210
86
786
313
256
112
286
118
205
162
128
68
427
169
159
63
114
21
165
26
116
14
269
97
742
86
36
196
268
9
65
71
3
65
100
3
28
13
29
30
1
103
151
29
6f
1
35
57
1
36
102
21
80
1
49
121
2
3.30
3.50
3.16
3.18
3.50
3.41
3.49
3.13
3.54
3.50
3.51
3.50
3.17
3.92
3.50
3.41
3.50
3.17
3.48
3.50
3.80
4.00
3.18
3.14
3.50
3.69
4.00
3.21
3.58
3.50
3.65
4.00
3.15
3.68
3.50
3.58
4.00
3.15
3.45
3.50
3.62
4.00
3.15
3.84
3.50
3.60
4.00
3.13
3.70
3. 50
3.55
4.00
3.16
3.59
3.49
3.39
3.50
3.24
3.37
3.50
1,095
30
ANNUAL RATE OF EARNINGS
Total earning assets l
Bills discounted
Bills bought
United States securities
Foreign loans on gold
3.50
3.69
3.16
3.57
3.50
i Includes average daily holdings of Federal intermediate credit bank debentures, earnings, and annual rate of earnings thereon, as follows:
Philadelphia, $1,753,1)00, $4,930, and 3.31 per cent; Kansas City, $121,000, $364, and 3.54 per cent.
510
FEDERAL. RESERVE BULLETIN
JULY, 1925
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MAY, 1925
[Amounts in thousands of dollars]
i
Total
Volume of Operations
Total (all classes)
Boston
New
York
Philadelphia
Cleveland
Richmond
2,427, 991 159, 772 1,190, 648 140, 651 159,423 187,795
Atlanta
St.
Minne- Kansas Dallas
Louis apolis
City
Chicago
56,631 201,030
Bills discounted for member
1,980, 725 122, 516 1, 002,188 128, 755 142, 225 177, 578 36,397 164, 614
banks
9,719 15,182
7,214
6,618 25, 278
296, 237 33, 745 147,106
Bills bought in open market
Bills bought from other Federal
6
6
reserve banks
U. S. securities bought in open
2,016
41, 348
577
163
713 11,138
70, 274
3,511
market
U . S . securities bought from
79,149
2,840 12, 903
other Federal reserve banks...
Bills Discounted
Rediscounted bills:
Commercial, agricultural,
and livestock paper, n. e. s.
5,896
120, 208
Demand and sight drafts
633
1,783
Trade acceptances
175
Secured by U. S. Govern481
16
ment obligations
Member bank collateral notes:
Secured by U. S. Govern1,493,924 116,429
ment obligations .
363, 696
Secured by eligible paper 3__Total bills discounted
Average rate (365-day basis)—
percent
Average maturity (in days):
Member3 bank collateral
notes
Rediscounted bills
Number of member banks on
May 31
Number of banks accommodated
during the month
Per cent accommodated
Bills Bought in Open Market
From—
Member banks
Nonmember banks, banking corporations, etc.—
With resale agreement
Allother
Total bills b o u g h t . . . .
Rates charged:
3 per cent
3^8 P^r cent
Zx/i per cent...
3 % per cent
V/i per cent
4 per cent
Average rate (365-day basis)—
per cent
Average maturity (in days) *
Class of bills:*
Bankers' acceptancesBased on imports
Based on exports
Based
on
domestic
transactions
Dollar exchange
Unclassified ._
Trade acceptances—foreignTotal
United States Securities
Bought in Open Market
United States bonds
Treasury notes
Certificates of indebtedness
Total United States securities bought
1
2
3
4
8,423
5,424
8,194
117
66
569
172
16, 735 2 17, 939 19, 281
84
227
154
370
212
64
9,993
40,826
25,845 169,686
50, 863
8,335
4,811
4,399
12,009
12,120
6,485 132,284
5,506 21,015
741
783
25, 752
25,415
375
70
2,447
5,889
1,348
2 047
10, 808
12, 506
14,340
2,818
2,231
95
5,405
79
35
2
6
92, 728 109, 501 119,982
30, 537 23, 789 40,279
16,605 142, 924
2,250
1,478
24,005
992
2,116
248
8,878
311
1,980, 725 122, 516 1,002,188 128, 755 142, 225 177, 578
36, 397 164,614
50, 863
4,811
12, 009
4
1,845
2,314
83,807
42,954
6,485 132, 284
3.71
3.50
3.50
3.50
3.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.50
6.58
58.10
7.35
45.16
5.46
40.78
9.19
55.31
7.19
53.28
3.40
58.66
12.77
48.80
13.05
55.92
9.09
57.42
10.96
96.50
6.64
102. 27
9.68
102.14
6 62
92.57
9,550
420
866
746
866
607
501
1,406
626
862
1,050
848
752
3,209
33.6
189
45.0
387
44.9
378
5,0.7
313
36.1
325
53.5
237
47.3
497
35.3
204
32.6
145
16.8
155
14.8
149
17.6
230
30.6
72,155
12,304
17,985
3,853
6,991
2,817
2,661
8,912
3, 317
1,818
4,176
2,395
4,926
140, 402
83, 680
13, 491
7,950
112, 823
16, 298
5,866
8,191
4,397
3,957
6,151
10, 215
5,018
2,581
7,944
3,111
7,937
8,152
296, 237
33, 745
147,106
9,719
15,182
7,214
6,618
25, 278
8,335
4,399
12,120
5,506
21, 015
175, 660
94,871
23, 258
1 149
766
533
6,226
21,875
4,966
588
90
130, 022
14,861
1,477
97
649
1,238
7,904
377
200
5,470
8,946
746
2,631
3,286
1,297
2,726
3,053
306
7,208
12,835
5,020
215
3,243
4,883
202
2,052
2,291
7,264
4,631
225
1,852
3,548
106
5,728
6,758
8,529
3.15
50.67
3.17
64.04
3.10
44.38
3.25
58.95
3.16
52.60
3.17
48.52
3.23
47.96
3.19
53.20
3.15
49.52
3.15
47.59
3.13
40.81
3.15
52.36
3.18
47.18
54, 298
51, 764
7,368
4,795
11,593
10,992
3,586
3,475
4,682
5,825
2,568
2,353
2,209
2,874
6,247
6,086
2,195
3,726
1,556
1,779
3,887
4,238
1,994
2,249
6,413
3,372
25, 589
1, 841
21,875
468
4,585
35
3,471
5,103
608
5,519
468
2,583
2,951
168
1,556
1,447
70
776
685
40
810
3,605
285
2,904
1,081
50
1,283
590
474
896
165
• 2,934
424
21
818
1,639
324
1,330
155, 835
20, 254
34, 283
9,719
15,182
7,214
6,618
19,127
8,335
4,399
12,120
5,506
13, 078
5,477
54,865
9,932
3,426
85
40,216
1,132
577
2,016
163
444
89
180
2,804
8, 334
690
51
783
4,741
998
150
287
1,061
5
2,042
70, 274
3,511
41,348
577
2,016
163
713
11,138
741
783
5,889
1,348
2,047
20
7
49
533
Includes $1,600,000 Federal intermediate credit bank debentures.
Includes $250,000 discounted for the Federal intermediate credit bank of Columbia, S. C.
Including bills taken under a resale agreement.
Exclusive of acceptances bought under a resale contract.
85,691
5
775,104
218, 544
San
Francisco
511
FEDERAL RESERVE BULLETIN
JULY, 1925
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Richmond
Boston
Number
of
reporting
banks:
May 20
May 27
June 3
June 10
Loans and discounts, gross:
Secured by U. S.
Government obligationsMay 20
May 27
June 3
June 10
Secured by stocks and
bondsMay 20
May 27
June 3
June 10
All other loans and
discounts—
May 20
May 27
June 3
June 10
Total loans and discounts—
May 20
734
7331
8,905
7,685
8,031
7,912
66,909
66, 257i
65,133
67,476
St. Minne- Kansas
Louis apolis City Dallas
100
100
100
100
13,061
13, 244
13, 585
13,174
18,504
18, 588
18,502
18,256
6,193
6,333
6,204
6,225
7,779
8,965
7,678
7,903
82, 260
87, 581
85, 709
87,043
San
Francisco
70
70
70
70
31.951 10, 253
27, 362 10, 212
26.952 10,127
27,900 10, 285
2,720
2,697
2,862
2,856
3,763
3,748
3,718
3
2,999
3,332
3,:""
3,235
10,070
9,740
9, 715
9,625
53, 874
53,993
59, 111
68,894
107,107
103, 624
105, 063
102,996
71, 276
71, 420
69,992
70,149
227, 579
225, 227
229, 805
229,957
859, 567
857, 652
855, 341
860, 345
4, 847,438
4,894, 846
4,965,001
4,956,034
292,135 2,173,009 330,491
300, 942 2,196, 278 331, 357
325, 760 2, 216,025 333, 782
322,1312,!, 196, 309 339,909
459, 250
470, 53,
471, 516
470,998
128, 934
128,037
127, 752
129,016
8,066, 563
8, 034, 921
8, 039, 395
8, 054, 849
6,694
636, 548 2, 506,
(
639, T " \ 504, 864
632,
VS^M, V374
-». ^j
2,;O i l y OOO
739,978
736,005
742,806
747,279
348, 239
351, 469
351, 940
352, 627
380, 360 1,, 223, 063302, 888
378, 037 l, 204, 067298,173
375, 288 1, 212, 917294,658
375, 988 i;, 218, 308295, 977
171,539 317,375 214, 793
172,845 318,459 212, 511
174, 2721 318, 943 212,808
174,627 318,659 213, 384
, 217, 732483, 366
, 225,128 485,839
, 232, 824485,896
, 236, 533
470, 399 2,004, 775 484,903
474, 583 1 986, 728 478,938
468, 675 2, 012, 818 472, 322
' -», 827 475, 275
470, 934 2,015;
228,133
229,535
236,245
246,377
428,245
425,831
427,724
425,538
6,811
9,333
9,333
9,357
9,358
18, 212
17, 679
17, 980
17,982
24, 264
24,112
24,162
24,061
25, 641 46,457
24, 987 47,486
24,971
25,060 48,822
18,101
18, 229
18,104
17,952
137, 503
134, 292
137,436
138, 099
13, 097,108
May 27
Jl3,107,
June 3.
13,180,172
June 10
13,189, 613
U. S. pre-war bonds:
220, 201
May 20
218, 674
May 27
218, 740
June 3 . . .
218,355
June 10
U. S. Liberty bonds:
May 20
1,378,812
May 27
1,352,943
June 3
1, 366,190
1, 378, 873
June 10
U. S. Treasury bonds:
446, 437
May 20
449, 741
M a y 27
445, 574
June3
441, 761
June 10
U. S. Treasury notes:
425,425
May20
426, 327
May27
432, 574
June 3
438, 902
June 10
U. S. Treasury certificates
108, 670
May20
106,162
May 27
113,103
June3
June 10
112,722
Other bonds, stocks, and
securities:
May 20
. . _ . . 2,906, 566
2,931,498
May 27
2, 927,063
June 3
2, 930, 546
June 10
Total investments:
5,486,111
May 20
5,485,345
May 27
5, 503, 244
June 3
5, 521,159
June 10
Total loans and investments:
18, 583, 219
May 20
18, 593, 275
May 27
18, 683,416
June 3
18, 710, 772
June 10
Reserve balances with
Federal reserve banks:
1,591,110
May 20
1,608,346
May 27
1,611,039
June 3
1,619,400
June 10
Chicago
106
106
104
103
736!
7361
183,107
178,163'
175, 776|
178, 730!
Atlanta
365, 519
360,854
356, 690
638, 429 2, 498, 564 360, 662
937, 588! 4, 746, 612
948, 612 4, 767, 399
966,165J4, 792, 516
968, 472 4, 762,349
709, 071
705,455
704, 057
713, 745
749,761 171,762
755,299 170,553
772,949; 167,537
769,619', 169,013
24,838
25,:"""
25,188
25, 213
14,954
14, 893
14, 894
14,890
17,866
17, 794
17, 644
17, 644
12, 708
12, 708
12, 707
12,707
158,183 34, 263
160,875 33, 758
158, 719 33,826
164, 501
14,185
14, 547
12, 512
12,368
175,045
174, 619
170, 509
170, 579
35,061
34, 535
33,081
32, 968
12,204
11, 407
11, 384
10,134
5,843
5,584
6,090
5, 563
61, 959
63,491
65, 385
62, 551
12,300
12, 770
12, 650
12,093
42,822
40,658
38, 507
41, 758
1,526
1,423
1,424
1,488
3,287
3,172
2,666
3,177
85,485
84, 520
84, 740
85,269
40, 570
23,351
21, 367
22, 076
14,077
13, 986
14, 239
13,194
9,217
11,055
11, 521
11, 907
56,439
55,679
62, 669
64,104
6,177
6,053
6,053
6,057
7,419
7,453
7,461
7,532
457
1,957
1, 583
1, 589;
1,5411
1, 542
199,070 1,132,441
200,1651,131,183
197, 5561,138, 477
198,2641,135,495
258,490
261,971
260, 381
262,002
355,536
358,822
352,3061
350,087
62,837
61,887
62, 711
62, 603
317,090:2,199,995
318,472 2,192, C96
315,820 2,232,834
315, 724 2,240, 673
363, 237
367,486
365,727
363,888
630,824
633,149
620, 879
627, 651
136,156
134,220
136, 490
138, 215
., 848, 556
254,678 6,946,607 1,072,308 1,
1,858, 277
267, 084 6,959,495 1,072,9411
1
281,985 7,025, 350 1,
1 069, 7841,853, 703
284,196 7, 003,
1 077,6331,864,184
, 022 ,
619, 522
620, 059
622, 386
626, 083
9,665
9,691
9,691
9,791
39,854
39,879
39, 822
39,473
9,808
9,595
9,594
9,620
76,101
76, 304
76,399
77, 225
597, 658
588, 674
607, 818
612, 663
55,105
55,821
56,181
52, 720
22,100
22,153
22, 076
20, 996
179, 639
178, 652
178,107
181,414
21, 357
21, 276
20,868
21, 396
7,223
7,227
7,224
7,575
193,964
198, 029
205, 941
207, 524
2,931
2,932!
2,874i
1,873
91,455
87,796
90,197
93,461
734,938
757,123
747, 764
745,379
82,502
78,190
80,147
79,038
31, 803
30,806
30, 805
30,805
119,746
123, 286
128, 761
122, 254
V
38, 263
38,263
38,131
39, 387
11,228
11, 740
11, 920
11, 920
18,455
18,17
18, 273
17, 529
8,758
9,288
8,944
8,409
55, 756
59,450
55, 207
55, 687
18.357
18.358
18,358
18,360
16,169
14, 547
14, 913
15,161
9,058
9,001
9,022
26, 017
25,636
25, 629
25, 568
3,098
3,904
3,019
2,983
2,860
2,726
2,726
2,571
14,141
13, 688
13,332
12,977
75,411
76,099
75, 755
76,848
19,694
19, 774
19,653
19,458
187,741
190, 225
190,963
196,059
168,923 76,683
169, 548 76, 628
169, 665
170, 701 75,394
445, 422
447,403
446, 729
452, 451
8,409
6,727
6,726
6, 443
2,273
2,202
1^919
2,852
2,752
2,752
2,752
47,203
44, 421
44,047
43, 937
418,984
421,040
428, 217
430, 792
108,554
124,838
115,891
113,899
40,605
41,073
41,106
41,102
87,055
84,206
81,750
81,477
767,748
768,191
773,221
773, 278
187, 399
188,140
177, 718
175, 702
105, 579
105,806
106,003
106,005
557,454 2, 772, 523 672, 302 333, 712
558,789 2, 754,
:,919
" "667,078 335,341
„.,„,
550,425
_ _2,, 786,
,v,J,039 650,040 342, 248
552,411 2, 789,105 650,977 352, 382
235,555 44,214
40,885 223,556! 49,766
43, 227 226,710! 44,242
40,977 237,082! 44,597
289.068 1,, 097, 216
287, 263 1, 092, 619
286.069 1, 094,861
286; 768 1, 099,927
597,168
595,37"
597, 389
596, 239
22,926 50,556
25,405 50,446
24,632 51,147
25,850 54,354
365, 7511, 542, 638
363,891 1,540,022
362,477 1,, 541, 590
362,162 1, 552, 378
27,383
28, 238
33,061
28,989
104,584
105,392
103,020
108,032
512
FEDERAL RESERVE BULLETIN
Jur,Y, 1925
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Total
Boston
Cash in vault:
May 20
.._.
May 27
_..
June 3
June 10
Net demand deposits:
May 20
May 27
June 3
June 10
Time deposits:
May 20
May 27
June3
June 10
Government deposits:
May20
May 27
June3
June 10
Bills payable and rediscounts with Federal reserve banks:
Secured by U. S. Government o b l i g a tionsMay 20
May 27
June 3
June 10
All otherMay 20.
May 27
June3
June 10
275,694
284,987
277,619
286,025
12,694,068
12,644, 776
12, 791,315
12,818,319
5,158,152
5,169,061|
5,153,317
5,161,930
20,869
20,986
20, 610
21,648
Netfr
York
Philadelphia
77,106
82,188
77,493
80,228
861,609 5, 558,676
856,881 5,549,665
— , 2 6 4 5,627,049
862,264
874, ,"284
• 5,585,690
350,
354,
357,
359,
2801.,211,027
474 1., 212,333
5691, ., 197,585
2 4 5 1L, 196,067
16, 586
16, 759
15,872
16, 392
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
Cleveland
29,993
30,925
30,258
31, 921
13,665
14, 758
14,832
14,382
347,039
773,307
346,496
763,425
767, 9361
— ; ., 005,104350,100
771, 0281., 009,399357,711
10,926
10,497
10,071
10, 979
50,524
49,297
51,144
51,540
6,971
7,552
7,718
7,380
Francisco
5,487
5,968
5,527
5,947
12,083
12, 781
11,941
12,807
10,559
10,867
10,550
10, 722
20,925
22,409
21,603
22,079
325,574 1 745,277
331, 216 1,721,958
329,1,476 1,756,070
334,:, 642 I770,010
389,278
383, 504
382,166
388,024
209,154
217,112
222,944
234, 304
467,957
468,175
474,163
474,639
260,803
258,407
264,659
259,247
758,908
754,038
749, 384
759,341
204,737
205,468
206,069
205,859
103,403
103,328
102, 660
102, 600
135,708
138,570
136,010
138,257
92,895
93,292
93,223
94,544
762,984
763,488
766,454
770,557
4,933
4,932
4,933
4,439
11,775
11,775
11,775
10, 598
174,892
173, 705
180,588
180,325
733,035
735, 503
730,356
731,405
197,898
197,988
199,336
197,420
205,351
204,808
200,318
199,875
985,942
986,104
983,149
985,776
137,973
139, 667
138,296
125,007
9,047
9,032
9,031
8,130
31,002
31,002
31,002
28,354
16,951
18,299
17,078
15,375
19,169
1ft
91O
19,312
19,247
17,379
6, 638
a <->C\Q
6,798
6,638
5,981
6,222
6,222
6,222
5,598
19,309
19,309
19,291
17,466
8,009
8,006
7,'"
7,
84,809
129,303
123,918
150,869
2,485
2,850
6,300
2,895
25,870
59,090
58,595
83,080
5,148
9,718
3,546
5,563
11,853
21,147
14,932
16,540
3,757
3,443
4,647
4,541
2,586
985
2,607
582
17,910
20,265
17,575
20,254
1,296
1,856
1,361
1,186
330
105
25
1,109
714
1,176
551
75
252
12,465
9,235
12,999
15,400
68,315
88,756
90,695
78,509
11,395
13,700
15,908
12,834
12,057
24,985
20,372
17,860
3,160
4,546
6,117
4,517
4,754
6,405
7,969
8,494
12,992
13,471
14,272
12,843
6,159
3,232
4,894
4,677
2,709
3,005
2,633
4,577
6,206
6,406
12,108
5,994
1,263
731
416
361
1,025
1,067
671
70S
1,249
1,098
1,166
1,115
5,346
10,105
4,169
4,529
1, 676! 3, 242
1,676
3,304
1, 676| 3,304
1,507 2,972
R E P O R T I N G M E M B E R B A N K S I N 12 FEDERAL R E S E R V E B A N K C I T I E S — B A N K E R S ' BALANCES
[In thousands of dollars]
Federal reserve bank city
Total
12 cities)
Boston
Due to banks:
May 20
May 27
June 3
June 10
Due from banks:
May 20
May 27
June 3
June 10
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Minne- Kansas
Louis apolis City
2,183,160
2,129,422
2,298, 244
2,249,570
127,r, 876 1,024,944
1
1
119,>, 974 1,003,927
128,464 11,082,096
126,262 1,078,105
174,591
173,112
188,167
177,800
50,824
50,046
52,330
49,673
31, 039
28,4171
30,573}
30,253
398,326
385,726
419,050
403,779
84,898
85, 521
93,373
86,814
48,856
49,309
55,280i
53,657
634,989
615,115
658,406
632,820
40,346 110, 780
43,900 106,747
47,423 104,308
43,532 105,536
59,486
59,007
74,966
63,380
29,946
25,270
29,192
26,493
16,694 15,115 197,750
12,753 17,095 188, 548
15,381 13,164 196,452
14,919 12,843 189,314
30,150
31,618
32,717
33,973
19,629
17,466
25,568
25,317
16,696
13,632
20,325
18,980
Dallas
99,729 29,182
100,445 26,123
104,254 29,050
101,795 26,248
41,010
45,805
46,113
44,730
25,637
23,384
28, 260
26, 598
San
Francisco
96,199
93,190
95,282
96,204
48,446
43, 522
44,862
46,185
JUDY,
513
FEDERAL RESERVE BULLETIN
1925
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City of Chicago
New York City
M a y 20
Number of reporting banks
Loans and discounts, gross:
Secured by U. S. Government obligations Secured by stocks and bonds
All other loans and discounts
Total loans and discounts..
United States pre-war bonds
United States Liberty bonds
United States Treasury bonds
United States Treasury notes...
United States Treasury certificates Other bonds, stocks, and securities.
M a y 27
June 3
J u n e 10
65
65
63
62
61, 396
1,934, 277
2, 205, 848
60, 890
1,955, 583
2, 203,185
60, 033
1,978, 235
2, 208, 378
62, 079
1,955, 553
2,193,835
4,201,521
4, 219, 658
4, 246, 646
29,127
503, 564
163, 201
179,927
54, 851
847,459
29,127
494. 660
162,254
183, 992
54,091
846, 361
29,095
515,883
161,660
191,955
61,081
855, 517
May 20
May 27
June 3
June 10
46
46
46
24,709
558,942
694,409
20, 253
569,954
685,600
19,910
583,455
685,984
20,807
581,0?6
689,964
4,211,467
1, 278,060
1, 275, 807
1, 289, 349
1, 291,847
28,746
521,793
166,146
193,538
61,466
850, 983
1,933
84,161
25,958
60,165
3, 685
195, 594
1,933
84,191
26, 384
60,015
2,171
196,454
1,933
84, 377
27,895
60,033
1, 848
204, 889
1,933
84,719
25,961
60,455
2,102
205, 260
Total investments
1, 778,129
1, 770, 485
1, 815,191
1,822,672
371, 496
371,148
380, 975
380, 430
Total loans and investments..
5, 979, 650
5,990,143
6, 061, 837
6, 034,139
1, 649, 556
1, 646,955
1, 670, 324
1, 672, 277
679, 280
62,122
4, 997, 676
845, 759
24,114
698, 306
66,097
4, 986, 571
846,184
24,114
689, 541
61, 826
5, 070,105
822, 917
24,114
688, 236
64, 335
5,029, 378
817, 442
21, 701
159,147
25, 067
1,141,693
484, 754
10, 618
153, 674
23, 768
1,134, 008
484, 541
10, 618
155, 509
24,001
1,160, 648
477, 963
10, 712
157, 002
24,839
1,166, 223
480,067
9,646
13,000
10, 005
48, 325
22,903
50,175
18, 461
75, 515
17, 519
1,260
730
4,455
990
2,415
2,290
750
23, 005
71, 228
68, 636
93,034
1,990
5,445
2,695
3,040
Reserve balances with Federal reserve bank...
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with Federal
reserve bank:
Secured by U. S. Government obligations.
All other
Total borrowings from Federal reserve
bank
ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY
[In thousands of dollars]
T i m e deposits
Net d e m a n d deposits
Federal reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago-St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
_
—_
1925
Feb. 25
M a r . 25
Apr. 22
1,311,144
6, 289, 886
1,134, 689
1,482,289
588,437
613,945
2,414, 286
729,176
482,015
871,625
680,428
1, 289, 740
1,270,144
6,109,736
1,127,880
1,456, 781
569, 755
616,226
2,382,909
722,922
475, 267
872,756
662,862
1, 235,913
1,298,704
6, 334,929
1,155, 613
1,469, 584
565,450
620,420
2,384, 717
708,335
451,891
838,824
635, 576
1,251,037
17,887,660 17,503,151 17,715, C
Banks in cities and towns having a population of—
Less than 5,000
_.. 1,681,531 1,663,485
1,087,366 1,086,008
5,000 to 14,999
2, 211, 432 2, 225,264
15,000 to 99,999
100,000 and over
_. 12,907,331 12, 528,394
1,637,884
1,088,048
2, 239,760
12,749,388
1925
1924
May
27
May
28
1,313,510
1,228,359
6, 236, 627
1,159,071
1,463,643
560,248
646, 362
2, 391,294
700, 591
439,619
824,391
605,626
1, 230, 203
5, 623, 334
1,053,662
1, 371, 543
544,002
486,031
2,192,644
634,033
397,771
714, 321
522,820
1, 211, 533
Feb. 25
M a r . 25
718,442
2,063,112
789,945
1, 292, 515
494,941
374,021
1,743,459
438,871
436,459
302,798
1.66,895
1,184,202
721,631
2,063, 332
783,880
1,299,175
492,908
386,835
1,762, 222
432,651
441, 252
305,752
163,780
1, 240,735
Apr. 22
1924
May 27
729,635
745,103
2,121,020 2,154,206
786,676
796, 502
1,300,882 1,314,938
501,893
501,137
388,125
407, 256
1,767,731 1,814,574
437,801
435,041
435,891
439,950
309,873
307,175
166,006
165, 531
1,242,963 1, 251,953
May
28
646,626
1,781,915
688,508
1,200,514
459,585
346,620
1,619,885
411,730
395,669
296,659
154,085
1,039,450
17,571,185 15,980,053 10,005,660 10,094,153 10,186,622 10,335, 240 9,041,246
1,613,945
1,078,411
2, 266,800
12, 612,029
1,523,980
1,018,428
2,021,309
11,416,336
1,678,232
1,072,914
2,021,190
5, 233,324
1,684,816
1,079,743
2,048,373
5,281,221
1,691,055
1,081,730
2,044,266
5,369, 571
1,584,618
1, 082, 783 1,011,065
2,086, 284 1,877,262
5,473,253 4, 568,301
514
FEDERAL RESERVE BULLETIN
JULY, 1925
ALL INCORPORATED STOCK BANKS IN THE UNITED STATES—CONDITION ON
APRIL 6, 1925
1
—CONDITION ON
Comparative figures showing the condition of ALL INCORPORATED STOCK BANKS
APRIL 6, 1925 2
all banks in the United States, other than mu[Amounts in millions of dollars]
tual savings banks and private banks not under
State supervision, which have been compiled
by the board and are presented in the accomLoans and investments Total
Numdepospanying tables, indicate that on April 6, 1925,
its, exber of
loans and investments reached a new record
clusive
reporting
Invest of bank
total of $40,813,000,000, an increase of $611,banks Total Loans ments deposits
000,000 over the amount reported on December 31, 1924, and an increase of $2,876,000,000
over the total for March 31, 1924. Of the All banks:
1920
28,715 36,813 28,177 8,636 32,642
increase of $611,000,000 since the December • June,
June, 1921
29,477 34,318 25,857 8,461
31,134
call, $490,000,000 was in loans and discounts
29,092 34,166 24,647 9,519
31,944
June, 1922
29.342 37,359 26,793 10,566 34, 512
June, 1923
and $121,000,000 in investments. Total de28', 980 37,439 27,011 10,428 35, 834
December, 1923__
28, 669 37,937 27,288 10,649 35, 682
March, ]924 3____
posits, exclusive of bank deposits, were $46,.28,451 38,407 27,222 11,185 36,841
June, 1924 3
000,000 higher than on December 31, and $3,28,385 39, 610 27,958 11, 652 37, 587
October, 1924 3___
28, 266 40, 202 28, 243 11,959 39,066
December, 1924 3.
430,000,000 higher than at the end of March,
28,107 40, 813 28, 733 12,080 39,112
April, 1925
1924.
Borrowings from the Federal reserve Member banks:
9,399 25,945 19, 784 6,161 21,887
June, 1920
and other banks increased by $86,000,000 since
9,745 24, 311 18, 206 6,105 21, 612
June, 1921
9,892 24,358 17, 296 7,062 22,366
June, 1922
the end of last year, but were $154,000,000
9,856 26, 675
June, 1923
7,795 23,837
9,774 26, 738 19,052 7,686 24,974
lower than a year ago.
December, 1923. _
9,681 26, 832 19,176 7,656 24, 768
March, 1924
9,650 27, 262 19,264 7,998 25, 675
The following table shows in summary form
June, 1924
9,635 28,451 19, 820 8,631 26, 282
October, 1924
the amounts of loans, investments, and depos9,587 29,027 20,182 8,845 27, 814
December, 1924..
9,531 29, 285 20,390 8,895 27,145
April, 1925
its of the banks for recent dates for which Nonmember
banks:
figures are available.
19,316 10, 868 8,393 2,475 10, 755
June, 1920
19,732 10,007 7,651 2,356
9,522
Juhe, 1921
There are also given herewith figures rep19, 200 9,808 7,351 2,457
9,578
June, 1922
19,486 10, 684 7,913 2,771
June, 1923
10,675
resenting the principal resources and liabilities
19, 206 10, 701 7,959 2,742 10, 860
December, 1923..
of these banks arranged by Federal reserve
18,988 11,105 8,112 2,993 10,914
March, 1924 3
18,801 11,145 7,958 3,187 11,166
June, 1924 3
districts and by States.
18, 750 11,159 8,138 3,021 11,305
October, 1924 3...
18,679 11,175 8,061 3,114 11, 252
December, 1924 3_
Calls for condition reports by the banking
18, 576 11,528 8,343 3,185 11,967
April, 1925..
departments of several of the States were not
made as of April 6, and in compiling the figures * All banks in the United States except mutual savings banks and
banks not under State supervision.
the latest available data were used for such private
2
Or dates nearest thereto for which figures are available.
3
States.
Revised figures.
ALL INCORPORATED STOCK BANKS i -PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON
APRIL 6, 1925 2
[Amounts in thousands of dollars]
Federal reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, Apr. 6, 1925._.
Total, Dec. 31, 1924 3.
1
2
3
Number
of reporting
banks
Loans and
discounts,
including
overdrafts
Investments
Total
Total loans
deposits,
and
exclusive
of
investments bank deposits
680
1,331
1,272 !
1,968 !
2,034
1,980
5,181
3,172
3,173
3,958
1,703
1,655
1,988,831
6,697,371
2,044,947
2,813, 602
1, 726,424
1,369,841
4,621,096
1,476, 562
1,099, 647
1,429, 686
852,389
2, 612,866
871,641
3,370,878
1,180, 774
1,407,560
439, 599
277,814
2,068,654
471,743
414,082
387, 665
192,049
697,066
2,860,472
10,068,249
3,225,721
4,221,162
2,166,023
1,647, 655
6,689, 750
1,948,305
1,513, 729
1,817,351
1,044,438
3, 609,932
2,645,598
9,570,219
2,871,178
3,927,435
1,943,631
1,670,023
6,461,629
1,860, 676
1, 552,898
1,884,821
1,078,266
3, 645,914
84,078
234,775
58,887
65,441
86,096
43,695
120,740
34,688
19,384
16,344
7,250
39,839
28,107 :
28,266
28, 733, 262
28,242,794
12,079, 525
11,958,899
40,812, 787
40,201,693
39,112,288
39,066,190
811,217
725,073
All banks in the United States except mutual savings banks and private banks not under State supervision.
Or dates nearest thereto for whichfiguresare available.
Revised figures.
Rediscounts
and bills
payable
515
FEDERAL RESERVE BULLETIN
JUL,Y, 1925
ALL INCORPORATED STOCK BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31,1924, AND APRIL 6, 1925 2
[Amounts in thousands of dollars]
State
Number of
reporting
banks
Dec.
Maine
New Hampshire.
Vermont
Massachusetts. _.
Rhode Island
Connecticut
New York
New Jersey. _.
Delaware
Pennsylvania.
Ohio 3
112
Loans and discounts,
including overdrafts
Apr,
112
252
31
144
251
31
150
466
45
473
45
1,645
1,100
If1
1,104
Dec.
140,266
Apr.
143,430
Investments
Dec.
Apr.
119,945
125, 798
40,121
86,317
85,382
40, 111
393,41
1, 285,945 1, 317, 529
166,922 131,497 132, 335
162, 567
263,396 194, 509 198,833
253,936
5,975,445 5,917,906 2,905,703 2,800,619
945,204 620,876 622, 781
914,651
34,857
54,161
36,325
49,763
2, 569,965 2,686,681 1,782,129 1, 784,439
1,708,640
597,862
1,644,992
608,615
Total loans and
investments
Dec.
260,211
Apr.
269, 228
Total deposits, exclu- Rediscounts
paysive of bank deposits and bills
able
Dec.
247, 520
Apr.
248,468
126,438
125,493
111, 986
113,905
1,684, 573 1, 710,944 1,602, 793 1, 578, 740
294, 064
299, 257
283, 240
284,690
448,445
462, 229
431, 025
437, 212
Dec.
5,301
Apr
6,097
3,006 3,840
70,378 66, 552
1,055
803
5,692
5,931
8,881,148
1, 535, 527
86, 088
4,352, 094
2, 242,854
8,718, 585
1, 567,985
89,018
4,471,120
2, 317,255
8, 520, 771
1, 534, 651
76, 392
3,869,460
2,162, 411
527, 269
510, 067
369, 551
369, 217
219,226
218,339
543, 366
518,145
361,467
383, 942
218,432
211, 702
496,618
421, 249
328,891
351, 873
213,955
217,934
498,108
417,132
330,871
344, 444
206,605
359, 076
387, 593
247,887
188,218
323, 367
256, 918
200, 678
322, 540 18,101 17,375
472, 217
1,402
249, 586 4,164 4,945
204, 349 4,735 4,577
8, 267,835 139,679 216,226
1, 504,159 22, 255 31,809
74,694
328
589
3,965, 517 87,196 58,669
2, 231, 458 45,332 * 43,124
District of Columbia.-_
Maryland
Virginia
West Virginia
North Carolina..
South Carolina
44
231
520
348
542i
408
44
231
518
345
534
403
148,162
345,926
437, 227
310, 015
331,067
185, 555
153,857
356,496
445, 73"
301.439
342, 525
187,834
61, 734
181,343
72,840
59, 536
38,150
33, 671
64, 482
186,870
72,408
60,028
Georgia
Florida
Alabama
Mississippi-
639
316
354
35'
314,199
320.440
294,384
202,960
148, 765
36, 586
354
357
38,636
93,209
44,927
39,453
1,899
727
985
1,558
2, 358,126
632, 483
571, 297
800, 203
550
479
319,471
163,919
924, 245
322,860
167, 756
45, 315
25,816
291,308
761,
744, 262
17,366
,
3,306,71: 3,128,459 3,127,895 28,824 53.622
860, 727 3, 263, 392 1, 524, 741 1,465,336 1, 519, 325 22,840 20.623
207,979 1,450,166
807, 250
775,405
798, 304 8,932 8,797
772, 694
103, 250
892,182
888,671 28,136 23,667
890, 536
46,919
364, 786
369,779
362, 030
365,905 15,166 7,185
27,113
189, 735
194,869
207, 385
202, 068 3,342 4,519
1,215, 553
1,115,817
12, 578
196,855
143, 762
577, 275
45,668
36, 052
184, 21!
2, 391, 548 905, 266
664, 014 817,683
599, 271 201, 397
794,813
90, 333
41,41
30, 598
350,785
242, 523
179,814
2,156 2,318
10, 726 9,115
24, 594 28, 230
21,931 13,923
15, 740 26, 567
8,228 8,601
Indiana
Illinois
Michigan. _
Wisconsin..
Iowa
1,103
Tennessee..
Arkansas..
Missouri...
Kentucky..
558
480
1,588
Minnesota
North Dakota.
South Dakota.
Montana
1,404 1,388
678
669
552
539
245
237
661, 590
117,365
143,231
75,400
633,522
117,36C
139,54r
76,31-
235,175
30, 596
21, 513
37,80£
243,774
37,346
26,064
39,281
896, 765
147,961
164, 74'•
113,208
877,296
154,706
165,607
115,595
857, 798
173,324
185,995
132,589
858,163
170,689
186,855
128,229
7,419
5,342
7,121
1,484
6,781
4,380
5,386
1,450
Nebraska. .
Kansas
OklahomaColorado. .
Wyoming..
1,101 1,100
1,297 1,285
787
780
338
335
104
99
366,738
321,233
230,128
181,805
38,444
370,873
324,31
237, We
182,17C
37,96;
47,865
67, 76;
79,21
91,01
55,593
73,391
89,095
92,203
426,466
397, 706
326, 258
274,373
48,05C
419,805
442, 559
380,228
294,442
58,080
435, 743
417, 693
380,371
296,485
52, 111
6,603
3,202
1,579
1,995
403
6,074
2,837
2,303
io —
414, 600
388,998
309,346
272,821
48,342
Louisiana
Texas
New Mexico..
249
1,505
73
245
325,139
746,384
22, 583
329,82£
749,99£
22,832
50,222
149,592
5,31'
50,471
171,070
6,014
375,36:
895,976
27,902
380,296
921,069
28,84
383,955
934,717
33,190
Arizona..
Utah-,..
Idaho
Nevada..
58
116
172
34
5',
114
163
33
46,088
97,969
50,565
23,704
45,306
100,316
12,18
30,24
18,80C
6,94C
13,134
30,408
17,983
7,338
58,27i
128,21*
69, 365
30,644
58,44C
130, 72'
66,81?
31,59.
69,917
122,495
79,110
33, 791
364,350 10,996 14,913
944, 601 7,828 5,547
31,487
432
408
70,110 1, 569 1,716
117,886 1,109 2,125
71,723 3,
2,423
32,703
California
Oregon
Washington _
672
279
366
664
279
364
1,969,322
158,762
213,872
2,022,31!
160,46
225, 77!
713, 763
79, 62*
116,40C
730,224
82, 683
120, 725
2, 683,0SI
238,391
330,27:
2,752,54:
243,14346,498
28, 242, 794 28, 733,26! 11,958,89£ 12,079,525 40,201, 69;
40,812,78:
Total..
1
722
984
1,582
28,266 28,10'
48,83f
24, 251/
915,164
2, 744,377 2, 761,754 17,122
255,063
252,575 2,548
362,84C
353,082
1,85'
1,778
582
24,783
6,756
2,336
39,066,190 39,112,288 725,071 811,217
All banks in the United States except mutual savings banks and private banks not under State supervision.
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 Dec. 31, 1924, and Apr. 6, 1925, respectively.
516
STATE
FEDERAL RESERVE BULLETIN
BANKS
AND
TRUST
COMPANIES»—PRINCIPAL RESOURCES
APRIL 6, 1925 2
AND
JUDY, 1925
LIABILITIES
ON
DECEMBER
31, 1924,
AND
[Amounts in thousands of dollars]
Number of re- Loans and discounts,
porting banks including overdrafts
State
Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut
December April December
54
54
40
95
14
82
April
Investments
December
April
Total loans and investments
December
April
Total deposits, exclu- Rediscounts and
sive of bank deposits bills payable
December
80, 346
64,305
68,868
143,493
149,214
139, 586
139,431
3,153
4,031
54,966
548, 986
126,032
116,371
17,317
130,476
106,169
124,968
17,379
133, 662
106, 265
130,318
71,804
664,797
228, 229
236,401
72,345
682, 648
232, 297
69,045
662, 565
229, 250
230, 606
68, 562
666, 544
230, 733
240,159
1,680
16,363
200
2,024
22,161
4, 761,928 4, 662, 222 4, 618,812
864,242
881,477
877,176
66, 647
68, 979
59,301
2, 017, 592 2,102, 460 1, 860,408
1, 528, 293 1, 577,399 1, 542, 784
4, 753,112
853,011
58,471
1,925, 506
1, 588, 349
17, 293
8,728
168
35,105
21,004
53,295
16,165
163
22,825
18,810
107,646
300, 539
155,806
186, 525
219,330
113,456
924
3,186
11,601
10, 613
9,338
4,362
590
4,966
11,077
8,041
15,716
5,480
185,
278,
123,
141,
14, 527
13,532
1,240
2,880
2,848
448
215
27
779
743
District of Columbia. __
Maryland
Virginia
West Virginia
North Carolina
South Carolina
31
147
338
224
458
329
31
147
336
222
450
329
76,105
204, 401
172, 255
176, 476
206, 547
102, 665
79, 779
210, 542
173, 341
173,160
213,683
106,112
27, 770
102, 428
17, 795
23, 824
18, 252
14, 053
29, 028
105, 753
17, 903
24, 036
20, 556
12, 664
103, 875
306, 829
190, 050
200, 300
224, 799
116,718
108, 807
316, 295
191, 244
197,196
234, 239
118, 776
103,188
299,422
156, 998
186,147
224,453
117,041
Georgia
Florida
Alabama. _ .
Mississippi.
559
548
260
252
321
190, 461
191,693
168,419
103, 259
103, 915
17,081
16, 700
36, 354
12,079
20, 845
207,542
11,922
20,394
208,393
204, 773
115,338
124, 760
* 127, 591
140, 795
81,962
578, 074
691,468
110, 682
23,432
590, 245
730, 007
115, 548
27,391
856
1,400
600
828
1,238
Tennessee.
Arkansas..
Missouri...
Kentucky.
452
393
1,457
827
1,217
445
392
3,286, 389 3, 292,458 1,475, 539 1,369, 764
318,379
543,626
563,098 320,616
25, 385
39, 551
43, 594
27, 096
1, 219, 532 1, 300,144 798,060 802, 316
1,174, 642 1,218,454 353, 651 358, 945
98,301
99, 536
361,252
1,455, 464 1,462, 646
372,174
393, 400
335, 734
344, 583
561, 571
550,011
175, 740
110,966
555,193
177,173
113, 520
17,051
10, 222
188,171
18,013
10,297
110, 223
119, 930
192, 791
121,188
743, 364
1,074
513
438
154
1,061
508
426
152
284.063
64,128
94,394
36,428
277,379
63,966
91, 697
36,678
80, 655
7,401
4,686
18, 301
81,732
9,963
7,843
18, 776
364,718
71, 529
Nebraska...
Kansas
Oklahoma..
Colorado...
Wyoming..
928
1,040
380
198
72
928
1,029
379
198
67
221,792
197,693
42,828
48,324
16,048
223,015
198,540
43, 782
49,125
15,442
14,888
25, 094
12, 451
15,954
1,867
17,751
27,529
13,371
15,486
1,956
Louisiana
Texas
New Mexico..
216
933
40
212
910
249,418
217,738
7,080
253, 658
213,480
6,977
37,015
23,138
1,172
26,131
1,380
Arizona
Utah
Idaho
Nevada
California
Oregon
Washington.
39
95
105
23
409
181
255
39
93
106
23
401
180
253
30,876
30,297
68,120
69, 431
18,725
19,578
14,974
15,478
1,436,055 1, 477,895
68,918
69,077
69,774
72, 594
7,811
17,882
6,673
2,553
511,176
26,000
36,568
8,648
18, 764
2^617
526,376
27,265
37,154
188, 788
443,214
452,845
2, 033, 538 2, 052,891 2, 047,016
1,063, 642 1,123,407 1,070, 217
446,416
460,131 4 461, 278
585, 003
577,402
617,519
Minnesota
North Dakota..
South Dakota..
Montana
Total.
April
79,188
451
213
27
780
746
Indiana. __
Illinois
Michigan..
Wisconsin.
Iowa
December
54,487
534,321
122, 060
111,433
New York
New Jersey
Delaware
Pennsylvania..
Ohio
252
321
April
195,186
123, 817
213, 561
136, 030
738,439
4
967
721
221
932
2, 043,891
1,118, 569
476, 312
4
603, 223
215, 544
129, 979
3,348
2,562
2,804
13,831
20, 222
17,026
18,173
9,755
2,348
11,478
19, 724
18,276
3,958
16,479
4,310
54, 729
359, 111
73, 929
99,540
55,454
384,471
87,547
118,745
64,385
387,680
85,403
119,147
62, 971
5,508
4,595
5,222
998
4,693
3,791
3, 776
940
236,680
222, 787
55, 279
64,278
17,915
240, 766
226,069
57,153
64,611
17,398
262,183
270,635
79,395
77,462
21,224
275,181
249,766
73,560
77,162
19,302
3,861
2,448
877
407
231
2,962
2,250
1,075
666
480
286,433
240,876
8, 252
290,586
239,611
8,357
297,168
* 303, 584
9,354
282,016
297,721
8,952
8,681 10,271
2,939 2,898
257
264
4
4
* 46,123
38,945
46,316 « 1,138 « 1,395
86,002
81,747
88,195
1,557
78,988 1,097
31,102
25,398
27,460
1,185
31,297 1,092
20,683
17, 527
19,931
18,095
1,947,231 2,004,271 2,047,801 2,067,025 11,807 16,405
102,690
94,918
103,048 1,875
96,342
3,112
114,703
117,307 1,015
106,342
109,748
1,336
e20, 223 720, 097 915,916,946 ' 16,256,667 «6,300, 632
76,331,017 622,217,578 22,587,684^22,377,973 22,755,752 326,373 365,422
12 Exclusive of mutual savings banks and private banks not under State supervision.
Or dates nearest thereto for which figures are available.
3 Includes 3 mutual savings banks.
4
Includes
amounts due to banks.
8
Includes other liabilities.
6
Includes June 30,1924, figures for New Hampshire, Florida, and Kentucky.
7 Includes Jufle 30,1924, figures for New Hampshire and Kentucky; Dec. 31, 1924, figures for Indiana and Missouri.
NOTE.—All figures used in the December column are for Dec. 31, except as follows: New York, Nov. 15.1924; Tennessee, Nov. 12,1924; South
Dakota, Nov. 25,1924; Kansas, Dec. 26,1924; and Oklahoma, Dec. 23,1924. All figures used in the April column are for Apr. 6, except as follows:
Maine, Maryland, and Nebraska, Mar. 31, 1925; Rhode Island, Feb. 26, 1925; New York, Mar. 25, 1925; Pennsylvania, Apr. 9, 1925; Ohio, Mar.
30, 1925; Florida, Apr. 18, 1925; Iowa, May 1, 1925; North Dakota, Mar. 14, 1925; Minnesota, Mar. 20, 1925; Kansas, Mar. 23, 1925; Louisiana,
Apr. 3,1925; and Utah, Mar. 27,1925.
JULY, 1925
FEDERAL RESERVE BULLETIN
517
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, DECEMBER 31, 1924,
TO APRIL 6, 1925
On April 6, 1925, there were 9,531 member
banks of the Federal reserve system in active
operation, as indicated by the reports of condition submitted as of that date. Of this number 8,010 were national banks and 1,521 were
State banks and trust companies. There was
a net reduction of 33 national banks and 23
State member banks since the end of 1924, a
total decline of 56.
^ T h e decrease of 56 banks was the net result
of 55 additions to membership and 111 losses,
excluding from these such changes as were involved in the movement of banks between the
two classes of members, which have no effect
on total membership in the system. These
gains and losses in membership are classified
for the first three months of the year in the
following table:
and 8 converted into national banks. Two
banks previously suspended, 1 a State and 1
a national bank, were reopened.
Of the losses to membership, 27 were the
result of mergers between member banks.
These mergers occurred either between member
banks of the same class, as in the case of 16
national banks which were consolidated with
other national banks, or between members of
different classes, as in the case of 6 national
banks which were consolidated with State
member banks. It will be noted in addition
that 7 national banks were succeeded by State
banks which became members of the system,
without effect on total membership. As
against 6 national banks merged with State
member banks, 2 out of the total of 27 mergers
were State banks which were absorbed by
national banks.
CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL
Eight vState member banks withdrew from
RESERVE SYSTEM, DECEMBER 31, 1924, TO APRIL 6,
the system during the priod. Seven of these
1925
withdrawals were voluntary, the banks availing
Member banks
themselves of their option to discontinue
membership upon advance notice to the Federal
Number
Reserve Board, and 1 was compulsory. In
Resources
(in'thouaddition 1 State member bank and 14 national
sands of
Nabanks
were absorbed by or succeeded by
dollars)
Total
State
tional
nonmember banks.
Suspension or insolvency accounted for
1,544
9,587
38, 986,867
Active membership Dec. 31,1924 _ 8,043
the loss of 58 member banks between the end
Additions to membership:
Primary organization of na37
6,408 of 1924 and April 6, 1925, as against 33 for
37
tional banks
Conversion of nonmember
the previous quarter and 78 for the same
2,856
8
banks to national
16,818 quarter last year.
Of the total for the more
8
Admission of State banks..
S
Resumption following susrecent period, 47 were national banks and 11
2
1,797
1
1
pension
Conversion within the sysState member banks; in all of the Federal
(70, 518)
7
tem i
reserve
districts excepting the Boston, New
27,879
55
9
53
Total additions
York, and Philadelphia districts there were
Losses to membership:
Merger of member banks—
member banks that suspended operations.
19
(112, 573)
3
16
Intraclass
(11, 277)
2
8
6
Interclass
The largest number was in the Minneapolis
Absorption or succession of
district, where there were 15 such banks; but
member banks by non15
10,475
1
14
member
-there were 9 in the Dallas district, 8 in the
Voluntary liquidation (ter2,406
3
3
minal)
.
.
Chicago district, and 7 each in the Richmond,
7,790
8
Withdrawal
8
11
35,054 Atlanta, and San Francisco districts.
58
47
Suspension or insolvency
Conversion within the sysThe three remaining losses to membership
(70,518)
7
tem *
of voluntary liquidation*
55, 725 were the result
111
32
86
Total losses
_
._
- 5 6 -l,037,602 which terminated the existance of the institu-23
—33
Net change
37,949, 265
1,521
9,531
Active membership Apr. 6,1925.. 8,010
tions.
In the following table are shown in detail
1
Compensating items.
2
Includes changes in resources due to reorganization, growth, or con- the changes in membership in the Federal
traction, etc., in addition to changes enumerated.
reserve system, by districts, between December
Of the 55 additions, 37 represent newly 31, 1924, and April 6, 1925:
organized national banks and 16 were State 1 In all cases in which voluntary liquidation resulted, as far as could
be determined, in some other outcome than the final termination of the
banks which joined the system, 8 of these institution,
the change was classified^according to the ultimate status
having been admitted as State institutions of the bank.
2
518
FEDERAL, RESERVE BULLETIN
JULY, 1925
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, DECEMBER 31,
1924, TO APRIL 6, 1925
Resources
all districts
(in thousands of
dollars)
Total membership:
Dec. 31, 1924
Apr. 6, 1925 . . .
.
. _.
Number
New
York
38,986, 867
37,949, 265
9,587
9, 531
419
420
855
857
738
740
871
869
617
608
1-1,037,602
-56
+1
+2
+2
-2
-9
24,368,991
23, 820,192
8,043
8,010
383
382
711
714
666
667
752
751
555
549
382
381
i -548,799
-33
-1
+3
+1
-1
-6
-1
+1
14, 617, 876
14,129,073
1, 544
1,521
38
38
144
143
72
73
119
118
62
59
128
124
353
351
i - 4 8 8 , 803
—23
-1-2
-1
+1
-1
o
=4
_2
81, 649
6,408
53
37
1
1
Net increase (+) or decrease
State bank membership:
Dec. 31, 1924
\ p r . 6,1925
Net increase (-(-) or decrease
Changes in national bank membership:
Total additions
Primary organization
Conversion of State member banks
Conversion of nonmember
banks
Absorption 2 of State member bank
Resumption following suspension _
Total losses __
_
Voluntary liquidation (terminal)
Suspension or insolvency..
Merger 3between national
banks
. _ _
Absorption by State member banks
Succession by State member banks
Absorption or succession
by nonmember banks. Change in State bank membership:
Total additions
_._
Admission of State banks..
Succession to national
banks
Absorption
of national
banks 2
Absorption of nonmember
banks
Resumption following suspension
70, 518
7
2,856
8
375
(2)
1,492
1
51, 684
86
2, 406
3
28,909
47
(77, 409)
3
1
1
1
3
4
.
3
30,006
16, 818
9
8
2
2
492
492
132
132
828
824
-13
-10
-4
785
772
1.033
1,023
645
649
584
574
-13
-10
+4
-10
100
100
33
33
183
175
182
175
-8
-7
2
2
7
7
ft
5
(7)
(1)
9
5
2
8
6
5
6
5
3
4
1
1
(1)
18
11
8
15
15
1
3
6
1
5
4 2
4
2
3
3
1
3
1
1
1
1 ___ _
1
5
(2)
2
1
1
1
1
1
3
3
1
1
1
1
(3)
(1)
(2)
(1)
1
1
4
3
1
11
1
2
2
1
3
1
2 —
2
1
8
12
3
5
3
7
1
1
766
749
-17
2
(3)
1
1,055
1,056
1,066
1,056
2
3
1
1
32
i
885
872
1
1
14
305
4
3
624
624
1
9,467
5
2
1
1, 408
1,407
KanSan
sas Dallas FranCity
cisco
1
2
6
1,059
5
5
Chicago
(1)
10,902
11, 824
6
5
510
505
5
1
* 16
Total losses
85, 836
Voluntary liquidation (terminal)
Suspension or insolvency. _ , -v| 6,145
i . .
Merger between3
State
member banks
a. (35,164)
Absorption by national
banks
375
Conversion to national
banks
70, 518
Absorption or succession
by nonmember b a n k s . . .
1,008
Withdrawal
7,790
1
MinSt.
neLouis apolis
Boston
Net increase (+) or decrease
National bank membership:
Dec. 31, 1924
Apr. 6, 1925
Phila- Cleve- Rich- Atdelphia l a n d m o n d lanta
All
districts
1
9
8
3
2
1
1
1
1
1
1
4
1
1
3
1
1
1
1
1
Includes changes in resources due to reorganization, growth or contraction, etc. in addition to changes enumerated.
-~_-—-,
.fere succeeded by a single national bank.
^Includes one bank in the St. Louis district which was included among national bank decreases of previous quarter (as voluntary liquidation—
full information not then available).
JULY,
519
FEDERAL RESERVE BULLETIN
1925
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
1925
March
No,
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1924
Number
of centers
Federal reserve district
1—Boston.
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago,
8—St. Louis
9—Minneapolis...
10—Kansas City..
11—Dallas
12—San Francisco
Total
New York City
Other cities
April
March
May
April
May
2,279,817
27,165,007
2,105,710
2,284,925
739,378
1,120,908
5,451,905
1,160,242
748,603
1,169,701
612,140
2,762,696
2,326,857
24,721,153
2,024, 253
2,407,075
2,147,057
22,227,152
1,873,812
2,173,881
699,209
987, 094
4,807,897
1,062, 671
584, 754
1,020,873
492,894
2,662,187
2,118,054
21, 356, 913
1,942,356
2,275, 246
672,896
970, 084
4, 643,076
1, 033, 484
552,910
1,012,890
483, 944
2,456,815
2,052,772
22,124,834
1,894, 928
2,122,402
665, 057
916,882
4,746, 250
1,057,603
596,115
1,000,236
466, 066
2,401,209
141
47,601,032
44,536,713 j 46,576,267 | 40,739,481
39, 518, 668
40,044,354
1
140
26,382,213
21,218,819
23,944,580
20,592,133
20, 653,978
18,864,690
21,405, 560
18, 638,794
747,785
1,060,994
5,131,296
1,177, 677
697,614
1,110,810
527,025
2,604,174
2, 273,167
26,976, 549
2,071,159
2,240,047
718,890
1,096,908
5,248,800
1,141,405
694,973
1,089,204
506,060
2, 519,105
26,179,393
20,396,874
21, 546,482
19,192, 999
WEEKLY SUMMARY FOR BANKS IN 253 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
I—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City..
11—Dallas
12—San Francisco
Total
Number
of centers
1924, week ending-
1925, week ending—
June 10
June 17
May 28
539,010
5,861, 620
483,387
603,812
297,449
281,163
1,133,379
282,216
187, 550
289,416
156,424
599,284
562,776
6,770,093
623,628
711,835
331,681
271,463
1,387,083
314,225
200, 263
310,434
151,284
678,883
471,994
4,898, 543
463,256
553,874
240,765
197,402
1,068,061
238,428
128,812
234,094
112, 523
543,057
253 11, 051,695 11, 629,135 10, 714,710 12,313, 648
9,150,809
May 27
June 3
541,024
6,162,106
527, 603
591,416
6, 547,230
552,082
606,823
286, 545
275,381
236, 562
240,211
1, 259, 527 1,302,407
325, 586
283,068
185,790
164,189
296,981
274, 556
121,053
124,838
576, 660
590, 556
June 11
June 18
486, 772
4,833, 529
434,199
539, 282
250,359
204, 640
1,023,281
280,802
151,328
239, 507
108, 254
525,623
489,491
5,051,988
450, 215
567, 591
265,113
219, 730
1,024, 966
256, 573
148,286
239,055
124, 715
547,178
526, 055
6,018, 540
548, 536
616, 262
293, 222
223, 787
1,167,080
275,609
163,742
254,350
127,646
625,581
9,077, 576
9, 384, 901
10,840,410
June 4
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 R o c k . . . .
Louisville
Memphis
9—Minneapolis _ _.
Helena
10—Kansas C i t y . . .
Denver
Oklahoma City
Omaha
11—Dallas
El Paso
Houston
12—San Francisco. _
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
368,314
5,858, 704
83,637
399,485
142,827
75,837
197,601
25, 619
88,713
30,164
27, 282
19,110
16, 332
74,137
734, 587
228, 552
168,100
12, 593
42,905
24,105
84,029
1,872
72,851
38,048
23,680
45,438
36,033
6,752
25, 685
193, 557
170,835
35,163
14,154
42,498
9,780
407, 353
6, 222,083
78, 553
430, 605
161,401
73, 577
190,108
25,299
99,305
28,136
24,782
17,024
15, 391
75, 299
843,138
173,415
215,400
12,781
39, 825
25, 229
89, 516
1,801
82, 627
46,062
18,791
46,115
33,020
6,305
23, 588
193, 504
162, 384
30, 595
15,166
44, 667
11,923
355,406
361,989
5, 546, 330 6,413, 519
72,933
88,073
354, 843
478, 033
142,889
197,415
76,737
90,163
186,026
208,161
31,497
34,852
92, 526
113,427
36,615
38,158
30,988
31,980
23,431
20,665
19,132
19, 950
80, 217
75,736
672, 792
845,859
155,876
227,492
159,000
177,800
15,204
15,003
40,108
56,102
32, 274
29,362
89,243
98,746
2,372
1,918
78,997
86,684
38,901
40,413
19,201
21,157
47,676
50,428
46, 726
47,405
8,337
7,184
29,948
31, 366
194, 216
229, 990
169,346
186, 989
37,956
44,371
13,807
15, 293
43, 511
52, 371
11, 995
12,898
311,515
4,623,301
67,919
350,294
130,457
66,625
189,676
23,361
77,940
27,811
21,145
11,902
14,605
58,118
651, 543
151,030
141,448
12,338
33,364
23,684
62,047
1,527
65,628
32, 525
14,999
38,987
31,700
7,019
22,450
175,495
166,958
31,536
12,433
36,485
8,792
326, 296
4, 540, 627
65, 694
323, 246
129, 689
66,068
183,646
25,466
79,470
27,063
22, 726
12, 279
14, 883
61,853
634,987
131, 245
187,113
11, 612
32,153
23, 772
68,108
2,151
65,639
34,197
17, 252
34, 848
29, 713
7,822
21,057
180, 637
141, 281
31, 544
13,138
39,994
10, 779
324,493
4, 769,462
64, 783
326, 225
139,001
63, 514
181,667
28, 221
80,425
29,631
24, 270
13,937
17, 790
62,848
603, 972
136,045
153,400
12,074
34,626
27,497
69, 555
1,989
63, 223
34,337
15, 750
39,811
34, 228
8,640
23,370
165, 526
158,877
34, 813
14,876
44,826
11, 254
348,094
5, 703, 293
76,257
419, 960
156,101
75,050
191,197
27,681
94, 600
30, 512
25, 743
15, 839
18, 509
62,027
704,802
167,387
165,800
12,990
" 39,914
28,324
76,814
1,897
71,476
35, 535
15, 784
43, 797
37, 074
8,505
26, 055
201, 987
179,949
38,188
14, 644
50,337
11,217
520
FEDERAL, RESERVE BULLETIN
JULY, 1925
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT THE END OF MAY, 1925 AND 1924
Nonmember banks
Member1
banks
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
.
New England States:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
C onnecticut
Eastern States:
New York
New Jersey
Pennsylvania
D elaware
Maryland
.. . _
District of Columbia
Southern States:
Virginia
West Virginia
North Carolina
South Carolina
Florida
Not on par
list 2
On par list
1925
1924
420
421
244
866
746
850
731
866
874
607
501
1,406
626
627
532
1,433
633
862
945
385
515
1,080
714
370
3,877
2,154
1,311
2,712
780
1925
1924
Nonmember banks
1925
1924
232
669
1,113
174
280
1,050
848
1,105
846
362
516
11
1,078
704
824
383 1,106
4,009
235
2,300
370
997
1,730
208
2,779
905
178
60
51
9,550
9,785 14,970 15,981 3,869
3,240
752
788
828
49
863
63
55
46
182
21
65
55
46
182
20
66
14
39
70
8
83
633
320
951
22
89
628
306
942
22
93
276
145
658
33
167
263
133
653
35
169
15
15
32
36
193
195
140
92
93
159
142
96
101
182
70
67
5
632
195
121
49
62
14
35
71
9
72
229
268
95
64
196
93
24
77
206
142
30
72
10
341
4
319
282
407
149
80
Member
banks *
75
258
160
1925
Southern States—Con.
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana.
Texas
Middle Western States:
Ohio
Indiana
Illinois
._ -_
Michigan
Wisconsin
Minnesota..
1924
147
147
117
125
122
132
44
..
MissouriWestern States:
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma,
Pacific States:
Washington
Oregon
California
Idaho
Utah
Arizona
Nevada
. -._
Total.
43
124
46
128
49
772
752
445
450
On par list
Not on par
list 2
1925
1925
1924
1924
439
240
31
24
257
37
727
451
290
36
27
301
47
847
19
222
201
274
100
169
95
g
185
187
269
59
181
36
267
583
289
186
347
433
191
271
590
287
187
374
452
193
663
828
1,300
515
631
564
1,257
1,335
663
829
1,311
541
678
766
1,332
1,389
8
19
93
175
479
34
34
g
15
66
132
303
27
25
165
125
184
265
120
34
140
35
399
181
137
190
270
147
44
146
41
435
231
251
760
1,014
106
55
188
32
375
355
313
780
1,023
115
70
195
36
382
268
159
176
4
10
12
6
3
5
137
124
163
5
5
10
6
5
5
160
173
114
351
77
66
33
23
189
116
362
74
66
41
24
32
27
25
25
1
4
3
9,785 14,970 15,981 3,869
3, 240
157
135
136
301
84
49
22
307
109
51
23
10
11
9,550
1
Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capitalstock
records of the Federal reserve bank. The number shown by the capital-stock records on May 31, 1925, was 9,650.
2
Incorporated banks other than mutual savings banks.
MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]
Date
1914 July l
£v<i*
Total
3,402,015
»4,100,591
15,628,428
4,337,418
4,815,401
4,755,403
- 4,665,187
4,773,878
4,806,367
4,879,694
4,993,570
4,992,931
4,751,538
4,804,209
4,776,167
4,725,191
4,774,313
VVI4J A • • <• •• •• ~
1917—Apr.
1920—Nov. 11
1922—Aug. 1
1924—June 1
July 1
Aug. 1
Sept. 1
Oct. 1
NQV. 1
Dec.l
1925—Jan. 1
Feb.l
Mar. 1
Apr. 1
Mayl
Junel
Gold
cer- Standard
coin and Gold
silver
bullion tificates
dollars
Silver
certificates
1,026,149
1,348,818
231,404
171,980
779,169
801,381
800,124
872,807
898,165
904,861
933,688
970,564
929,650
913,900
914,968
918,862
972,438
478,602
459,680
60,385
268,802
373,381
364,414
372,683
385,499
388,574
389,201
389,113
388,540
360,808
366,024
371,229
376,442
380,681
611,545
641, 794
495,353
416,282
402,122
396,415
398,499
461,794
427,970
436,160
437,971
458,206
455,169
462,925
469,448
453,211
437,612
70,300
70,863
89,725
58,378
54,078
54,017
53,644
53,915
54,60S
55,185
55,606
57,384
55,533
55,264
54,666
54,398
53,908
United
Treasury
notes of bUDSlal- States
1890
ary silver notes
2,428
1,997
1,628
1,608
1,425
1,423
1,420
1,417
1,412
1,410
1,407
1,405
1,401
1,398
1,396
1,392
1,390
159,966
191,351
261,556
229,956
252,557
252,971
252,407
253, 732
256,467
259,710
263,102
266,298
256,898
256,509
257,559
258,446
259,894
Federal
reserve
notes
337,845
330,353
356,448
277,736 3,310,225
284,343 2,115,350
305,966 1,897,636
297,790 1,843.091
301,667 1,745,820
308, 111 1,746,230
304,345 1,729,301
305,840 1,784,046
304,418 1,862,055
295,233 1,841,621
283,598 1,688,662
288,668 1,734,606
285,780 1,702,212
281,043 1,676,078
284,799 1,679,833
Federal
reserve
bank
notes
3,170
209,877
65,032
10,438
10,066
9,635
9,229
9,030
8,710
8,471
8,238
7,987
7,756
7,506
7,299
7,109
Total
National- circulabank
tion per
notes capita (in
dollars)
715,180
697,160
715,023
725,782
738,629
733,835
729,288
741,144
736,500
734,571
737,739
705,442
711,832
717,159
711,403
698,020
696,649
34.35
39.54
52.36
39.47
42.78
42.20
41.36
42.28
42.52
43.12
14.08
44.03
41.86
42.28
41.99
41.50
41.89
> The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.
521
FEDERAL. RESERVE BULLETIN
JDLY, 1925
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 30, 1925
Paper maturing—
After 90 days but
within 9 months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Secured by
United States
Government
obligations
Bankers'
acceptances
Trade
acceptances
Agricultural 1
and livestock
paper
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the montfi—None.
GOLD SETTLEMENT FUND
INTER-BANK TRANSACTIONS FROM MAY 21, 1925, TO JUNE 17, 1925, INCLUSIVE
[In thousands of dollars]
Daily settlements
Transfers
Federal reserve bank
Debits
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta....
Chicago. _
St. Louis
Minneapolis
Kansas City
Dallas
-.
San Francisco
Total four weeks e n d i n g June 17,1925
May 20,1925
June 18,1924
May 21,1924
21,500
13,400
15,000
21,000
14, 000
9,000
22, 000
2,000
2, 000
2,000
1,000
11,000
133,900
26, 000
76, 000
66, 500
Credits
Changes in ownership
of gold through trans- Balance in
fers and settlements
fund at
close of
period
Decrease
Increase
Debits
Credits
660, 275
2, 420,932
18,933
656,406
491, 791
298,127
1,205,205
519,824
169,913
380, 642
232,130
287,055
3,127
6,966
6,816
2,700
3,000
7,700
3,000
2,000
657,708
2,485, 004
675, 202
638, 533
488, 257
299,943
1,157, 586
522,747
173, 672
380,130
240,751
295,129
133,900
26, 000
76, 000
66, 500
8, 014, 662
8, 001,726
7, 235,418
7,376, 282
8,014, 662
8,001, 726
7, 235,418
7,376,282
107, 000
1,000
3,500
4,000
29, 528
3,160
25, 619
2,223
2,759
6,621
17,074
64, 519
64, 519
40,376
257, 668
50, 536
65,704
11, 875
17, 540
129,392
15,387
14,880
33,799
12,814
28,186
678.157
654.158
574,152
595, 676
Cn
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. In making
comparison between the rates charged since February, 1924, and rates
charged at earlier periods, it should be borne in mind that the earlier
rates refer to an entire month, while the later figures cover only a
week. Attention is also called to the fact that the method of reporting the rates has been somewhat modified and that slight changes in
the rates may reflect these modifications.
to
to
[Rates prevailing during week ending with the 15th day of the month]
Loans secured by stocks and bonds
Customers' prime commercial paper
Interbank loans
4-6 months
30-90 days
District and city
Loans secured by
Liberty bonds
Loans secured by
warehouse receipts
Time
Demand
Cattle lc
June, May, June, June, May, June, June, May, June, June, May, June, June, Mav, June, June, May, June, June, May, June, June, May, June
1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924
No 1—Boston
No 2—New York
Buffalo
No 3—Philadelphia
No. 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago
Detroit
No. 8—St Louis
Louisville
Little Rock
No 9—Minneapolis
Helena
No. 10—Kansas Citv
Omaha ._
Denver
Oklahoma City.
No. 11—Dallas
El Paso . . .
Houston
No. 12—San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
4
4
4 -5 4 -5 4*-5 4 -5 4 -5 4*-5
4 -5 41-5 4*-5 4 -5 4 -5
4-4* 4-4*
6
6 5 -6
6
6
5
5
6
4 -4f 41-4* 4*-5
5*-6
5 -6
5 -6
5
. . _ __
4*-5*
5 -6
6
3*-8
5 -5i
5*-6
4*-5
4*-6
5 -6
5 -6
5 -6
4 -5
4f-5*
5-6
6
3J-7
5 -6
5*-6
4*-5
5 -6
4-5* 4 -5
6
6
5 -6 5 -6
4*-5l 4i
g
5 -6 5 -6
41-6 4 -6
6
5 -7 5 -7
5 -6 5 -6
6 -8
8
5 -6 5 -6
5 -5* 5 -5*
6
6
6
6
5 -7 5 -7
6
6
6 -7 6 -7
f
.
-
5 -6
6
6
5 -5*
4
4-4*
5*-6
5 -6
5*-6
5 -6
4*-5*
5 -6
6
3*-8
5 -6
4*-6
5 -6
6
5 -6
5
5*-6
4*-5 4*-5
5 -6 5 -6
5 4-5*
6
6
6 5 -6
5i
f6
8*
5 -6
5 -6 41-6
6 4 -6
-7
V7 55 -6
6 -8
5 -6 5 -6
4*-6 5 -5*
6
6
6
6
6 3|-7
6
6
6 6 -7
41-4* 4*-5 4 -5 4-4*
5 5 -6
5 -6 5 -6
5 -6
6 5 -6 5 -6
5*-6
6 5 -5* 5 -5*
5*-6 4*-5 4*-5
42-5* 5 -5* 4*-6 4*-6
5 -6 4*-6 5 -6 5 -6
6 5 -6 5 -6 5 -6
3f-7
6 5 -6 5 -6
5 7 5*-6 5 -6 5 -6
5
6 5*-6 5*-6
5
5
4*-5
5 5 -5*
5 -6 53-6
4 -5 5 -51 5 -5* 5 -5*
5
6
6
5
6 5 -6 5 -6
5 -6
51-5*
5*
5*
8 6 -8 6 -8
8
6
6 5 -6
5 -6
6
6
4 -6 5 -6
6
6 6 -6*
5*
5 -7
6 6 -7 6 -7
5 -6 4f-6 5 -6 5 -6
8 6 -7 6 -8
8
5
5
5 -6 5 -6
5 -5* 4*-6 4*-6 5 -6
6
6
6
6
6
6 5 -6* 5 -6*
6 6 -7 6 -7
4 -7
6 6 -7 6 -7
5 -6
6
6
6
6 -7
41 4 5
4-4f
5 5*-6
4 -5
5 -6
6 5 -6
6 5 -5*
5
5
4f
4f-5l
5 -6 5 -8
6
5 -6
6 5 -8
5 -6 5 -6
5*-6 5*-6
5 -5* 4*-5*
5 -5* 5 6
51-5*
5
5
6
6 5 -6
5f-6
7
6 4*-6
5*-6 5 -6
6 -7 5 -6
6 -7 5*-6
5 -6 5 -6
6 -7 6 -8
4*-5* 5 -6
5 -6 5 -6
6 6 -7
6
6
6 6 -7
6
6
6 6 -7
4*-4i
4-41
5
4
5*-6 5 -6 5*-64
4-4*
4
4*
5 -6 5 -6 5*-6
5 -6
6 5 -6
5 -5*
5 -6
4*-6
5 -6
5
51-5*
5*-6 5 -6 5 -6
6
6
6
5 -6
6 4 -8
5 -6 5 -6
5*-6 5 -6 5*-62
4*-5 4*-5* 4*-5
5 -6 5 -6 5*-6
5 5 -5* 4 -5
6
5
6
n
6
6
6
4* 3 -3* 4 -5
3|-5
5 -6
4
5*-6
5 -6
4*-5*
3 5
5*-6
6
5 -8
5 -6
5*-6
4*-5
5*-6
4 -5
6
6
4£-5* 41-5
5 -6
5 -6
6
5*-6
5 -6
8
5 -8
5 -6
6 -7
6
6
6
6-7
6
6
5 -6
6
6
5 -8
8
5 -6
5 -6
6
6
7
6
6 -7
6
-6
6
-6
8
-6
-6
-7
6
7
6
-7
5
5
5
5
6
6
5 -6
3*-6
5*
6
6 -7
8
5 -6
5 -6
6 -7
6
6 -8
6
6 -7
2 -5
5 -6
4*
5*-6
6
6
5*-6
5 -5*
5 -7
6
6
5*-6
54-6
4*-5
4|-6
5 -5*
6
6
51-5*
6
4*-5
3|-5
6
41-4*
5*-6
5 -6
4*-5*
5
5 -5*
5 -6
6
41-8
5 -6
5*-6 5*-6
4*-5 4*-5
5 -6 5 -6
4 - 5 * 4 -5
6
6
5*-6
4 -5
5*-6
5 -6
5*
5 -6
5 -5*
5 -6
6
4*-8
6
6
5
5 -5*
5*-6
4*-5
5*-6
6
6
5*-6
51-5*
5 -7
6
6
5*-6
5*-6
4*-5*
5 -6
5 -5*
6
6
41-5* 51-5*
6*-8* 6 -8
6
6
6
6
5*
6 -7 6 -7
6 -7 5 -7
8 6 -8
5 -6 5 -6
5*-6 5*-6
6 -7 6 -7
6
6
8 6 -7
7 6 -7
6 -7 6-7
6
6
6
5
6
6
6
6
5*
-7
-7
8
-6
6
-7
6
-7
6
-7
4*-5
5 -6
4-5*
5 -6
6
6 -7
5
51
5
6
4*-8
4*-5*
5 -6
4 -5*
5 -6
6
5*-7
5
5!
5 -6
6
4*-6
5 -6
5*-6
4*-5*
5 -6
5 -5*
6
5*-6
4*-5*
5 -6
5 -5*
6
6 -7 6 - 7
6 5 -6
6
6
6 6 -7
6 -7 6 -7
6 -8 5 -8
8 6 -8
5 -6 5 -6
6
5*-6
7
6 -7
7
6 -7
7 -8 6 -7
7 6 -7
6 -7 6 -7
6
6
5
5
6
6
6
7
-7
-8
8
-6
6
7
7
-8
6
-7
5 -5*
6
5*-6
6
6
41-6
5|-6
6
6
6
6
5*-6
5 5 -6
5*-6
5*-6 5 -6
6
teJ
w
W
5 -5*
5*
5 -6
6
6
6
7
8
8
6 -7
6 5*-8
6 -7 6 -7
6 -8 6 -8
7 -8
6 -7
7
6
6 -8
6 -8
8
6 -8
8
7
6-7
6
8
6
6
6 -7 6 -6-i- 6 -7
6 -7
7
6*-8 6 -7
7 7 -8 7 -8
7
5*-6
6 -7
6 -7
7 -8
7
8
7 -8
6
6
7
7*
f
i
3
523
FEDEEAL RESERVE BULLETIN
JULY, 1925
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
Silver
Gold
Country
Five months ended May
May
1925
1924
1925
1924
Five months ended May
May
1925
1924
1924
1925
IMPORTS
Belgium .
France
Germany
Italy. . . .
Netherlands ..
Spain
_
Sweden
England
Canada
Central America..
Mexico. - .
West Indies
Argentina
Bolivia.
Chile
Colombia
Ecuador . . . _
482, 586
85,948
1,899,645
5,043,435
5,055,110
14,383
6,084,414
20, 992,852
2,479,020
267,493
426, 791
4,618
21,906
1, 736,216
2, 750,311
145,151
246,239
38,314
559,357
1,628
4,360
10,084,799
33,903
220
4,814,123
13,114,204
696,864
2,486,927
177,040
402
138,192
716,302
209,494
512,788
187,077
8,681
151,882
1,117
110,464
59,314
116,128
82,970
251, 558
Paraguay
Uruguay
Venezuela
China
Dutch East Indies
Hongkong
18, 329
74,612
309, 921
Philippine Islands
British Oceania
Egypt
150,193
23,875
13, 591
753,484
277, 016
1,900 000
120, 792
81, 247
Portuguese Africa
Allother
109,446
3,279
76,921
8,449
740, 902
149,704
8,891
335, 670
43,349
11,404,051
41,073, 650
36,251, 583
143,147
1,339,208
66, 710,283
4,318,343
1,103,948
162,331
1,232, 728
6,159, 602
2,403,916
750,000
2,280,121
151,500
5, 460, 000
20,000
1,999,878
15,000
Peru
Total
114, 384
119, 518
1, 001,485
9,344,854
4,810,467
2,367,142
32,118,052
42,401
6,126,348
97, 256,132
23,804,788
988,469
2,419,112
249,759
4, 513,219
163
183,719
991.357
417,353
1, 279,159
4,654
20,191
27,644
8,900
172,211
1,627
11,180
69,994
1,768
77, 454
3,386,100
662,494
17,468,892
77,159
38,246
1,221,027
82,797
143
50,201
2,384,326
669,096
17,245,854
43,470
26,471
67,043
513,930
49,276
21,437
6, 646, 550
20, 771
945, 514
153,342
1,929,585
12, 567
27,279
433, 677
34, 526
3, 272,005
3,103
5,711
47,062
5,262
4
159,030
38,185
1,528
4,300
1, 622,352
10,988
793,097
34,304
12,811
2,641,338
1, 263, 244
111,801
1,826,107
1,108,538
1,900,000
3,686,176
2,234,654
1,449,906
188,969
1, 642,524
41
55
83,704
23
3,567
112, 502
222
4,183
364,014
6,467
2,025
15, 589
430, 694
1,598
1,451
13,973
14,616
11, 621
18,319
10,138
145
595
72,095
118, 259
9,749
2,093
183
52,986
68,775
201,061,169
3,390,180
5, 639, 582
27, 263, 212
29, 648,428
EXPORTS
France
Germany
Netherlands
Poland and Danzig
Spain
Sweden
England
_
Canada _
Central America
Mexico
West Indies
Argentina
Bolivia
Colombia
Ecuador
Peru
TJnieuav
Venezuela
British India
China
.
Dutch East Indies
Australia
Hongkong
Philippine Islands
Japan..
Egypt _ . . .
All other
Total
6,450,127
50,000
2,122,995
750,000
624,105
500
100,000
446,143
1, 999 878
107,000
146,000
140,000
611,717
1,000
1,633, 982
802, 290
2,060,010
56,199,025
90,000
1,000
20, GOO
4,000
102,062
13,339,967
593, 290
177,500
26,925,176
2, 997,105
25,000
136, 790
165,083
2,970
144, 216
2,387
3,415, 700
109,954
3,100
279,449
1,265
700
5, 725,307
603,178
30,375
899,977
44,248
7,166
36,000
28,000
75,600
878,000
3,241, 578
2, 342, 239
4,104,184
1, 571, 725
20, 761,457
8,179,204
655,340
22 087,388
10,086,674
68,498
64,340
892,433
1,101,600
83,010
107,000
65,202
7,193,035
697,145
12,520
915, 596
77,664
1,100
!
650,000
429,300
2, 764,423
34, 551
388, 200
250,000
461,616
1,275,970
498,240
432, 775
15, 750
184,223,979
3,587,059
700
6, 535,761
9,686,517
714
41,992, 542
700
42,928,841
524
FEDERAL RESERVE BULLETIN
JDLY, 1925
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
June, 1925
Countries
Monetary unit
Par
of exchange
M a y , 1925
M a y , 1924
Average
Low
High
Low
High
Rate
Austria..
Belgium.
Bulgaria
Czechoslovakia.
Denmark
Finland........
France
Germany
Great Britain..
Greece..
Hungary
Italy-.
Netherlands...
Norway.
Poland
_
Portugal
Kumania
Spain
Sweden
Switzerland.
Yugoslavia..
Canada
Cuba
_.
Mexico
Argentina
Brazil
Chile
Uruguay
China
China..
Hongkong-..
India....
Japan.
Straits Settlements..
1
Schilling
Franc
Lev
Crown.
Krone.
Markka
Franc
__
Reichsmark.
Pound...
Drachma
Krone
Lira
FlorinKrone..
Zloty
Escudo
Leu
Pesta
Krona
Franc
Dinar
Dollar...
Peso
.....do.
do (gold)
Milreis
Peso (paper)
do
Mexican dollar..
Shanghai tael
Dollar
Rupee-_
Yen..
Singapore dollar
14,07
19.30
19.30
26.80
19.30
19.30
23.82
486.65
19.30
20.26
19.30
40.20
26.80
19.30
108.05
19.30
19.30
26.80
19.30
19.30
100.00
100.00
49.85
96.48
32.44
i 19. 53
103.42
* 48.11
i 66.85
i 47. 77
48.66
49.85
56.78
14.0470
4.4800
.7286
2.9615
18.7300
2. 5207
4.5100
23.8000
485. 7400
1. 5812
.0014
3. 5100
40.0500
16. 7400
19.1700
5.0300
.4596
14.5200
26.7500
19.3500
1.6463
99.9932
99. 9375
49.1417
90.7300
10.5600
11.2200
96.3900
54.7700
74. 8400
54.8900
36.3800
40.3000
56. 3800
14.0620
4.9000
.7372
2.9633
20.1600
2. 5230
5.0200
23.8000
486.2100
1.7069
.0014
4.0400
40.1800
17.8800
19. 2100
5.1100
.4758
14.6400
26.8000
19.4200
1. 7571
100.0127
100.0000
49.9000
92.1700
11.1400
11.4300
98.0000
57.9000
77. 7100
58.1300
36.6000
41.5800
56. 7200
14.0450
4.9000
.7289
2.9623
18.7100
2. 5205
14.0720
5.0800
.7350
2.9641
18,9500
2. 5230
5.0000 5. 2400
23.8000 23.8000
484.5000 486. 2600
1. 7056 1.8800
.0014
.0014
3.9700 4.1200
40.1300 40. 2100
16. 6300 17.0200
19.1600 19. 22O0
4.9600 5.0600
.4532
.4887
14.4200 14.7000
26.7400 26. 7700
19. 3300 19.3800
1.6122 1.6788
100.0167
100.0260
49. 7063 49. 9583
87.6000 92. 4500
9.9600 10. 6300
11.2800 11. 5400
94. 2000 97. 9400
53.8500 54.5500
73.9600 74.6900
54.4600 54.8400
36.0100 36.3800
41. 6900 42.0700
56. 2100 56.5000
14.0599
5.0225
.7318
2.9632
18. 8076
2. 5218
5.1632
23. 8000
485.4720
1. 7926
.0014
4.0672
40.1848
16. 8196
19.1872
5.0024
.4722
14.5332
26. 7532
19. 3464
1. 6268
99. 9975
99. 9974
49. 8962
90. 2444
10. 3080
11. 3972
96.0228
54. 2324
74. 2588
54.6240
36. 2324
41.9136
56. 3680
Per cent
of par
99.93
26.02
3.79
Average
Low
High
Rate
4.4300
.7178
2. 9279
16.7900
2.5009
5.1100
5.3900
.7309
2.9576
17.0400
2. 5109
6.5000
4.8646
.7231
2. 9392
16. 9242
2. 5067
5. 7919
70.18
13.07
26.75
99.92
99.76 430. 9200 438. 6400 436.0808
9.29
1.8571
2.1679
2.0091
.01
.0011
.0013
.0012
21.07
4.3400
4.4900
4.4396
99.96 37. 3300 37. 5000 37.4058
62.76 13.6900 14.0300 13.8662
99.42
4.63
2.9400
3.1200
3.0373
2.45
.4236
.5219
.4902
75.30 13. 6100 13. 8800 13. 7962
99.83 26. 3700 26. 5600 26.5000
100.24 17. 6100 17. 8100 17. 7246
8.43
1.2236
1. 2479
1. 2353
100.00 98.1948 98. 5077 98.3048
100.00 100.0094 100.0625 100. 0375
100.09 48.1458 48.3125 48.2265
93.54 74. 2000 75. 3300 74. 6308
31.78 10.4900 11.4100 11.0458
58.36 10.5900 11.1400 10.9719
92.85 77. 5700 78. 3400 78.0273
112.73 50.6800 51.9600 51.3058
111.08 69. 7700 71.9200 70. 8777
114. 35 51.4500 52.3600 51.7965
74.46 30.3200 30. 7200 30. 5796
84.08 39. 8400 40.3700 40.1865
99.27 50.0000 50. 7500 50. 5312
Percent
of par
25.21
3.75
63.15
12.99
30.01
89.61
10.41
.01
23.00
93.05
51.74
2.81
2.54
71.48
98.88
91.84
6.40
100.04
96.74
77.35
34.05
56.18
75.45
106.64
106.02
108.43
62.84
80.61
88. 99
1913 average.
SILVER
[Average price perfineounce]
May
London (converted at average rate of exchange).
New York
.
. 67915
INDEX
Acceptances:
Page
Held and purchased by Federal reserve banks
510,519
Market for
_
_
455
Agricultural movements, index of..
.._
490
Agriculural credit banks, loans of—
_._
457
Agriculture, monthly statistics
457
Annual report:
National Bank of Austria
_
__
495
National Bank of the Kingdom of Serbs, Croats, and Slovenes. 496
Automobile industry
_
462
Bank credit.
" 447,454
Bank debits...
_
_ 519
Bank suspensions
_
468
Bankers' balances in Federal reserve bank cities
_
449,512
Branch banking, amendment to Tennessee law relating to.
__ 486
Building statistics...
463,491
Business and financial statistics:
Abroad...
494
United States
452-470,488-491
Business failures._
_
467
Business indexes of the Federal Reserve Board
453
Canada:
Cost of living and retail food prices
50*4
Financial statistics
498
Foreign trade
_. 501
Wholesale prices
_
502
Capital issues
_ 456
Chain stores, retail trade of
_. 493
Changes in membership in Federal reserve system
517,518
Charters issued to national banks
487
Coal and coke production
459
Commercial failures
467
Commodity movements
491
Condition statements:
All banks in the United States on April 6,1925..
514
All State banks and trust companies on April 6,1925
_ 516
Federal reserve banks
505-507
Member banks
480,511-513
Cost of living in principal countries...
_
504
Cotton:
Raw
458
Manufacturing.
461
Crops:
Condition
_
457
Estimate of production by Department of Agriculture...
486
Currency in circulation..
_.
520
Debits to individual account
519
Department-store business
465,493
Review of
_
474
Deposits:
Savings
466
Time and demand of Federal reserve banks.
513
Time and demand of member banks
481
Deposits, note circulation, and reserves of Federal reserve banks. 505
Discount and open-market operations of Federal reserve banks.. 510
Discount rates:
Central banks of issue.
500
Federal reserve banks
521
Prevailing in various centers
522
Earning assets of Federal reserve banks.
509
Employment, United States..
466,489
England. (See Great Britain.)
Factory employment and pay rolls, index of
490
Federal reserve note account
508
Fiduciary powers granted to national banks
487
Financial statistics for principal foreign countries
„ 498-500
Food manufacturing __
460
Food prices in foreign countries
504
Foreign branches of domestic banks, balances due from, right of
member banks to deduct from balances due to other banks
483
Foreign exchange
470,524
Foreign trade:
Principal foreign countries
501
United States
468,501
France:
Commercial banking in 1924
_
_
__ 494
Cost of living and retail food prices
_. 504
Financial statistics
. . . . 498
Foreign trade.
„
_
501
Wholesale prices
502
Germany:
Cost of living and retail food prices.
504
Financial statistics
498
Foreign trade.
501
Wholesale prices
503
Gold imports and exports
469,523
Chart showing
•
482
Gold settlement fund transactions.
521
Grain, crop and marketing
457,491
Great Britain:
Financial statistics
498
Foreign trade..
_
501
Gold imports and exports
_
469
Retail food prices and cost of living
_
504
Wholesale prices
,
,.,__
,
,
_,
502
Imports and exports:
Page
Gold and silver
469,523
Merchandise
_
..468
Industrial statistics
_
_
488
Interest rates prevailing in various centers
_
622
Iron and steel
_
462
Italy:
Financial statistics
_
498
Foreign trade
501
Retail food prices and cost of living
_ 504
Wholesale prices
503
Japan:
Financial statistics
498
Foreign trade
501
Wholesale prices
502
Law department:
Amendment to Tennessee law relative to branch banking
486
Connecticut statute concerning reserves of State member
banks
_.
_ 486
Decision of United States Supreme Court in case of Sowell v.
Federal Reserve Bank of Dallas—Rights of a Federal
reserve bank in action against the maker of a promissory
note held by the reserve bank as collateral security for the
indebtedness of a member bank
484
Leather industry
463
Livestock industry
458
Lumber industry
463
Mail-order houses, retail trade of
493
Manufacturing:
Condition, by industries
460
Index of production
490
Member banks:
Condition of
480,511-513
Number discounting
510
Number in each district..
510
State banks admitted to membership
487
Membership in Federal reserve system, changes in
517,518
Mid-year review of banking statistics
478
Mineral products, index of
490
Metals
460
Mining
459
Money in circulation
520
Chart showing
482
Money rates
455,522
Par list, number of banks on
520
Pay rolls in factories, index of
490
Petroleum industry
459
Prices:
Food, in principal countries
504
Security
._. 456
Wholesale_
452,467,502,503
Production in basic industries._
452,489
Reserve ratio of Federal reserve banks
448,505
Reserves:
Recent Connecticut statute concerning reserves of State
member banks
486
Right of member banks in computing reserves to deduct
balances due from foreign brancnes of domestic banks from
balances due to other banks.
483
Resources and liabilities:
All banks in the United States
514-516
Federal reserve banks
505-507
Member banks
480,511
Retail food prices
504
Retail trade
476,493
Review of banking statistics, mid-year
478
Review of department-store trade statistics
474
Review of statistical work of the Federal Reserve Board
471
Rulings of the Federal Reserve Board:
Right of member banks in computing reserves to deduct balances due from foreign branches of domestic banks fiom
balances due to other banks
483
Savings deposits
466
Security prices
_.
456
Serbs, Croats, and Slovenes, Kingdom of, annual report of
496
Shoe industry
__
463
Silver:
Imports and exports
523
Prices of
524
State banks:
Admitted to Federal reserve system
487
Condition of all banks on Apr. 6,1925
516
Statistical work of the Federal Reserve Board, review of
471
Stocks at department stores
493
Supreme Court of United States, decision of, in case of Sowell v.
Federal Reserve Bank of Dallas.
484
Textile industry
_
461
Time deposits
481,513
Trade:
Foreign
468,501
Retail
465,493
Wholesale
452,465,492
Transportation...
464,491
Treasury
financing
450
Wholesale prices
452,467
Wholesale trade
452,465,492
Wool and woolen industry
461
FEDERAL RESERVE DISTRICTS
i
'BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
@FedFRASER